/raid1/www/Hosts/bankrupt/TCRAP_Public/210929.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, September 29, 2021, Vol. 24, No. 189

                           Headlines



A U S T R A L I A

CRUMPLER PTY: Second Creditors' Meeting Set for Oct. 6
QANTAS AIRWAYS: Egan-Jones Cuts Senior Unsecured Ratings to BB-


C H I N A

CHINA EVERGRANDE: HK Asks Banks to Report Exposure to Developer
DALIAN WANDA: Moody's Affirms Ba1 CFR, Outlook Remains Stable
FANTASIA HOLDINGS: Moody's Cuts CFR to B3, On Review for Downgrade
HNA GROUP: To Receive US$5.9 Billion Investment Post-Restructuring
MIANYANG INVESTMENT: Fitch Affirms 'BB' LT IDRs, Outlook Stable

WISDOM EDUCATION: Fitch Affirms 'BB-' LT FC IDR, Outlook Negative
YINCHENG INT'L: Moody's Cuts CFR to B3, Outlook Remains Negative


H O N G   K O N G

ORIENT OVERSEAS: Egan-Jones Hikes Senior Unsecured Ratings to B+


I N D I A

AB INFRABUILD LIMITED: Insolvency Resolution Process Case Summary
AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
AMIT POLYPIPES: ICRA Keeps B Debt Ratings in Not Cooperating
BACON VANIJYA: Insolvency Resolution Process Case Summary
BANGALORE METALLURGICALS: ICRA Keeps B+ Rating in Not Cooperating

BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating
DEV BHOOMI: ICRA Keeps B Debt Ratings in Not Cooperating Category
GINNI GOLD: ICRA Keeps D Debt Ratings in Not Cooperating
GREENEARTH INFRAVENTURES: ICRA Keeps B+ Rating in Not Cooperating
HIRA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating

KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
KSC EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHE EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
OCL IRON AND STEEL: Insolvency Resolution Process Case Summary

OSHIYA STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
PADMAVATHI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
PERFECT ALUMINIUM: ICRA Keeps B+ Debt Rating in Not Cooperating
RAIGARH FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
RAJASTHAN TUBE: ICRA Keeps C Debt Ratings in Not Cooperating

RAVINDRA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
RD T.M.T STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
S.K. AGROS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAANJ AUR: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SAINI ALLOYS: ICRA Keeps B+ Debt Rating in Not Cooperating

SAMTEX DESINZ: Insolvency Resolution Process Case Summary
SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
SHIV NARESH: ICRA Withdraws B+/A4 Rating on INR15cr Loans
SIDDARTH ORGANISATION: ICRA Keeps B+ Ratings in Not Cooperating
SLN RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

SPICEJET LTD: To Resume Boeing 737 MAX Flights from October 5
STERLING & WILSON: ICRA Lowers Rating on INR7cr Loan to B+
UTTARAYAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
VIKAS COT: ICRA Keeps B+ Debt Ratings in Not Cooperating
WANAPARTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating



J A P A N

FURUKAWA ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
JAPAN AIRLINES: Egan-Jones Keeps B- Senior Unsecured Ratings
MITSUI E&S: Egan-Jones Cuts Senior Unsecured Ratings to CCC-
RICOH COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings


M A L A Y S I A

AIRASIA X: Posts US$5.9BB Loss in Qtr Ended June 30


P H I L I P P I N E S

PHILIPPINE AIRLINES: Operator to Raise Authorized Capital


S I N G A P O R E

BOWATER ASIA: Creditors' Proofs of Debt Due on Oct. 29
GREATEARTH CONSTRUCTION: Wound Up With at Least SGD70MM Debt
HARDWARESUPPLIES PTE: Court Enters Wind-Up Order
ITSUPPLIER PTE: Court Enters Wind-Up Order
K & C HAN: Commences Wind-Up Proceedings



S O U T H   K O R E A

SSANGYONG MOTOR: To Select Preferred Bidder Next Month
[*] SOUTH KOREA: Corporate Bankruptcies Up 14.8% in 2020

                           - - - - -


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

CRUMPLER PTY: Second Creditors' Meeting Set for Oct. 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Crumpler Pty
Ltd, Crumpler Tm Pty Ltd and Cashmere Blazer Co Pty Ltd has been
set for Oct. 6, 2021, at 10:30 a.m. via telephone conference.

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. 5, 2021, at 4:00 p.m.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Crumpler Pty et al. on Aug. 31,
2021.


QANTAS AIRWAYS: Egan-Jones Cuts Senior Unsecured Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Qantas Airways Limited to BB- from BB.

Headquartered in Mascot, Australia, Qantas Airways Limited provides
airline services.




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

CHINA EVERGRANDE: HK Asks Banks to Report Exposure to Developer
---------------------------------------------------------------
Bloomberg News reports that Hong Kong's central bank asked lenders
to report their exposure to debt-laden China Evergrande Group on
concern over potential systemic risks to the region's financial
system, according to people familiar with the matter.

According to Bloomberg, the Hong Kong Monetary Authority queried
lenders in the city last week, giving them 24 hours to respond on
their financial commitments to China's most indebted developer,
both in terms of lending and derivatives, one of the people said,
asking not to be named because of confidentiality.

It's at least the second time in recent months the authority took
an interest in how banks are exposed to Evergrande as financial
markets are bracing for a potential collapse of the developer,
which is buckling under more than $300 billion in liabilities, the
report says. The company is China's largest issuer of high-yield
dollar-denominated bonds, and bills are coming due to an array of
banks and suppliers.

In July, the HKMA asked banks to explain their decision to halt
mortgages on Evergrande's unfinished property projects, Bloomberg
recalls.

Bloomberg says Evergrande missed interest payments due last week to
at least two of its largest bank creditors, people familiar with
the matter have said.

So far, lenders in the region have downplayed any danger.

HSBC Holdings Plc, the biggest bank in Hong Kong, had yet to see
any direct impact from the escalating problems at Evergrande, Chief
Executive Officer Noel Quinn said at a conference last week,
according to Bloomberg.

Bloomberg adds that China's publicly-traded banks have also sought
to assuage investors about risks from the deepening crisis. At
least 10 lenders told investors earlier this month that they have
sufficient collateral for loans to the developer and that risks are
under control. China Minsheng Banking Corp., which topped the list
of Evergrande's principal banks at the end of last year, said its
exposure to the firm has dropped about 15% from June last year and
most of the loans have land, properties or projects under
construction as collateral.

Singapore's largest lender, DBS Group Holdings Ltd., which operates
in Hong Kong and the mainland, has no exposure to Evergrande and
doesn't see the crisis as a systemic risk to the region's banking
industry, Chief Executive Officer Piyush Gupta said in a Bloomberg
Television interview on Sept. 27.

                       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.


DALIAN WANDA: Moody's Affirms Ba1 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the following ratings:

Dalian Wanda Commercial Management Group Co., Ltd.'s (DWCM) Ba1
corporate family rating (CFR);

Wanda Commercial Properties (HK) Co. Limited's (Wanda HK) Ba3 CFR;
and

The Ba3 senior unsecured ratings on the bonds issued by Wanda
Properties Overseas Limited and Wanda Properties International Co.
Limited.

Wanda Properties Overseas and Wanda Properties International are
wholly owned subsidiaries of Wanda HK. The rated bonds are
guaranteed by Wanda HK and supported by deeds of equity interest
purchase undertakings and keepwell deeds between DWCM, Wanda HK and
the bond trustee.

All the outlooks of the companies remain stable.

"The rating affirmation reflects DWCM's resilient performance under
the challenging operating environment. It also reflects our
expectation that its liquidity is strong enough to withstand the
tight funding condition towards the China property sector," says
Kaven Tsang, a Moody's Senior Vice President.

RATINGS RATIONALE

DWCM's Ba1 CFR reflects its strong brand and track record of
developing and operating commercial properties in China. The rating
also takes into consideration the company's good liquidity and
sizable recurring leasing and management income from its investment
property portfolio, which provides the company with stable and
recurring cash flow.

On the other hand, DWCM's Ba1 CFR is constrained by its high gross
debt level, exposure to lower-tier cities and execution risks
related to its expansion plan amid evolving business conditions, as
well as its private company status. However, corporate governance
risk is partly tempered by the presence of independent directors
and reputable shareholders, such as Tencent Holdings Limited (A1
stable) and other investors, who appoint their representatives to
the board of directors to balance the interests of the
shareholders, creditors and other stakeholders.

DWCM's operations have recovered from the disruption of COVID-19 in
the first half (H1) 2020. The company's total revenue grew 32% to
RMB22.8 billion in H1 2021 from RMB17.3 billion in H1 2020. As a
result, its net debt/EBITDA improved to 5.5x in the 12 months ended
June 2021, from 6.4x in 2020. Similarly, its EBITDA/interest
coverage strengthened to 2.8x from 2.4x over the same period.

Moody's forecasts DWCM's adjusted net debt/EBITDA and
EBITDA/interest coverage will improve further to 3.9x-4.2x and
2.8x-3.2x, respectively, over the next 12-18 months, as the company
will maintain moderate growth in rental income and reduce its debt
by using part of the $6 billion (around RMB39 billion) proceeds
from the pre-IPO exercise of its commercial property management
business.

These projected ratios continue to support DWCM's CFR at the Ba1
level.

DWCM's liquidity is good, underpinned by its solid cash holding of
RMB30 billion (including restricted cash of RMB2.5 billion) as of
June 30, 2021, stable rental income of around RMB40 billion-RMB45
billion per annum, and the proceeds raised from the pre-IPO
exercise of its commercial property management business. Moody's
expects these cash resources to be sufficient to cover DWCM's
maturing debt and committed capital expenditure (capex) for its
portfolio of shopping malls over the next 12-18 months.

The affirmation of Wanda HK's Ba3 CFR reflects the company's
standalone credit profile plus a two-notch uplift based on Moody's
expectation that the company will receive support from its parent
DWCM in times of need.

Moody's expectation of support considers DWCM's 100% ownership of
Wanda HK, the parent's full control over the company, and Wanda
HK's role as the primary platform for DWCM's offshore funding and
investment.

Moody's also expects DWCM to maintain its ability to provide
support to Wanda HK, if needed, as reflected by its Ba1 CFR and its
track record of providing timely funding support.

Wanda HK's standalone credit profile is constrained by its small
operating scale, exposure to the seasonality and volatile operating
conditions of its hotel business, weak credit metrics and thin
equity base. These weaknesses are mitigated by its adequate
liquidity and the parent's close control over the company.

The recent termination of hotel management contracts with Sunac
China Holdings Limited (Ba3 positive) will reduce the company's
revenue moderately over the next 1-2 years. However, the impact
would be largely offset by the RMB133 million compensation
arrangement.

Wanda HK's liquidity is adequate. Moody's expects Wanda HK's cash
and operating cash flow to be sufficient to cover its maturing debt
over the next 12-18 months. Moody's also expects DWCM will provide
funding support to Wanda HK, if needed.

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

The stable rating outlook on DWCM reflects Moody's expectation that
DWCM will maintain solid financial metrics support its Ba1 CFR, and
have sufficient cash resources to cover its operating and
refinancing needs over the next 12-18 months.

The stable rating outlook on Wanda HK primarily reflects Moody's
expectation that DWCM will continue to provide financial support to
the company in times of stress, given the close linkages between
the two companies.

DWCM's Ba1 CFR could be upgraded if the company strengthens its
corporate governance and disclosure standards consistent with
publicly listed companies, and achieves its business growth plan
and improves its financial metrics, with adjusted net debt/EBITDA
falling below 4.0x-4.5x and EBITDA/interest coverage increasing
above 3.0x-3.5x on a sustained basis.

On the other hand, DWCM's Ba1 CFR could be downgraded if the
company's liquidity weakens, growth in leasing and management
income is slower than expected or credit metrics deteriorate.

Credit metrics that would be indicative of negative rating pressure
include adjusted net debt/EBITDA rising above 6.0x-6.5x and
EBITDA/interest coverage falling below 2.0x on a sustained basis.

Additionally, any significant leakage of funds from DWCM or a
substantial deterioration in the company's corporate governance and
transparency could strain its rating.

Upward pressure on Wanda HK's CFR could develop if Wanda HK's
standalone credit profile strengthens, DWCM's CFR is upgraded and
Wanda HK's strategic and economic importance to the parent
increases.

On the other hand, a downgrade of DWCM's CFR will result in a
downgrade of Wanda HK's CFR and the ratings of its guaranteed
bonds.

Furthermore, Wanda HK's rating could face downward pressure if its
standalone credit profile deteriorates, there is a reduction in the
level of ownership by DWCM or the strategic and economic importance
of the company to DWCM reduces.

The principal methodology used in rating Dalian Wanda Commercial
Management Grp Co., Ltd. was REITs and Other Commercial Real Estate
Firms Methodology published in July 2021.

Dalian Wanda Commercial Management Group Co., Ltd. (DWCM) develops
and operates commercial properties in China. As of the end of June
2021, the company operated 382 retail malls across more than 160
cities in China.

As of December 31, 2020, the company was 44.99% owned by Dalian
Wanda Group Co., Ltd. (Dalian Wanda Group). The chairman of Dalian
Wanda Group, Wang Jianlin, also directly and indirectly owned
52.04% stake in the company as of the same date. Additionally, an
investment consortium led by Tencent and comprising JD.com, Inc.
(Baa1 stable), Sunac China Holdings Limited (Sunac, Ba3 positive)
and Suning Commerce Group Co., Ltd. (Suning) owned a 14.2% stake in
the company.

Wanda Commercial Properties (HK) Co. Limited (Ba3 stable) is the
primary offshore funding and investment platform for DWCM. The
company's main assets include a 65.04% equity interest in Hong
Kong-listed Wanda Hotel Development Company Limited, as well as
investments in one overseas properties and hotel project in the US.

FANTASIA HOLDINGS: Moody's Cuts CFR to B3, On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Fantasia Holdings Group Co., Limited to B3 from B2.

Moody's has also downgraded Fantasia's senior unsecured bond rating
to Caa1 from B3.

At the same time, Moody's has placed all the ratings under review
for further downgrade.

The outlook on the ratings was negative before the review for
further downgrade.

"The downgrade of Fantasia's CFR to B3 reflects the company's
increased refinancing risks because of its weakened funding access
and sizable amount of maturing debt," says Celine Yang, a Moody's
Senior Analyst.

"The review for downgrade reflects the uncertainty over the
company's ability to generate enough operating cash flow to repay
all of its offshore debt maturity in the coming 12-18 months, given
the challenging operating and funding environments," adds Yang.

RATINGS RATIONALE

Fantasia's B3 CFR reflects the company's long track record in
property development in the Chengdu-Chongqing Metropolitan Area,
and its diversified income streams from its property management
business.

Meanwhile, Fantasia's B3 CFR is constrained by its high refinancing
risk, weakened liquidity and funding access, as well as its weak
credit metrics.

Moody's expects Fantasia to continue focusing on generating
internal cash to repay its maturing debts and fund its operations
over the next 12-18 months. The company's contracted sales grew by
36% to RMB37.3 billion in the first eight months of 2021. However,
Moody's expects Fantasia's sales growth to significantly decline
and its cash collection cycle to be prolonged given tight credit
conditions.

Fantasia has significantly scaled back land acquisitions and plans
to dispose certain assets to preserve liquidity. However, such
potential asset sales are highly uncertain under the current
challenging environment.

Meanwhile, Moody's expects Fantasia's EBIT interest coverage to
stay weak at around 1.1x over the next 12-18 months, similar to
1.1x for the 12 months ended June 2021. The weak interest coverage
reflects the likelihood that the company's moderate EBIT growth
will be offset by higher average funding costs.

Fantasia's Caa1 senior unsecured debt rating is one notch lower
than the company's B3 CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of
Fantasia's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

In terms of governance considerations, Moody's has considered the
company's concentrated ownership in Zeng Jie Baby, who has a 57.43%
stake in the company as of the end of 2020. Moody's has also
considered the company's established internal governance, which
ensures the disclosure of material related-party transactions as
required by companies listed on the Hong Kong Stock Exchange. In
addition, the company's audit, remuneration and nomination
committees are dominated by independent non-executive directors.

Moody's has also considered (1) the fact that independent directors
chair the company's audit, remuneration and nomination committees;
(2) the low level of related-party transactions and dividend
payouts; (3) the presence of other internal governance structures
and standards as required by the Shanghai Stock Exchange; and (4)
the company's financial policy to pursue expansion, which has
resulted in its elevated leverage.

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

Moody's review will focus on Fantasia's refinancing progress and
liquidity risks, and in particular, its ability to address its
maturing debt in a timely manner.

Fantasia's rating could be further downgraded if its liquidity
weakens further or it defaults.

An upgrade of the rating is unlikely given the review for
downgrade. However, positive rating momentum could develop if the
company improves its liquidity substantially and maintains its
cash/short term debt ratio above 1.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Fantasia Holdings Group Co., Limited is a property developer in
China (A1 stable). Established in 1996, the company listed on the
Hong Kong Stock Exchange in November 2009. In addition to property
development, Fantasia is engaged in providing property operation
services, property agency services and hotel services for its own
properties and properties of third parties.

HNA GROUP: To Receive US$5.9 Billion Investment Post-Restructuring
------------------------------------------------------------------
Reuters reports that HNA Group will receive strategic investment of
CNY38 billion ($5.88 billion) after its restructuring, which will
go to eleven of its entities including its flagship carrier Hainan
Airlines, two sources told Reuters on Sept. 27.

Gu Gang, the group's party secretary and leader of the
government-led working group addressing HNA's liquidity issues,
disclosed the investment at a meeting of its creditors, the two
sources who were familiar with the meeting's discussions said,
Reuters relays.

He did not elaborate on where the investment was coming from but
said about CNY25 billion of the strategic investment would go to
Hainan Airlines to replenish its cashflow, they said, asking not to
be named because they were not authorised to speak to the press.

Reuters reported earlier that the meeting was planned for Sept. 27
and that HNA would reorganise the 11 entities as one group.

According to Reutres, Hainan Airlines said in a separate statement
on Sept. 28 that it would use funds from strategic investors and
future operating income to repay the debts of the airline and of
the other 10 entities.

In the 2010s, HNA used a $50 billion global acquisition spree,
mainly fuelled by debt, to build an empire with stakes in
businesses from Deutsche Bank to Hilton Worldwide, Reuters
recalls.

But its spending drew scrutiny from the Chinese government and
overseas regulators. As concerns grew over its mounting debts, it
sold assets such as airport services company Swissport and
electronics distributors Ingram Micro to focus on its airline and
tourism businesses.

HNA was placed in bankruptcy administration in February and a
working group created by the government of its home province of
Hainan has been addressing the company's liquidity problems.

Late on Sept. 24, the company said its chairman and chief executive
had been detained by Chinese police over suspected criminal
offences, Reuters relays.

Reuters relates that Gu also told the meeting that Hainan Airlines
had worked out a debt restructuring plan with major domestic and
overseas aircraft lessors, which had given substantial exemptions
on its debts, the sources said.

Hainan Airlines' interest-bearing liabilities will fall to CNY60
billion after the reorganisation, its total assets will stand at
CNY170 billion and its debt ratio will lower to 81% after the debts
are cleared, they said.

A document detailing HNA's restructuring plan had said that
creditors of the 11 entities have reported that they are owed
CNY397.2 billion ($61.43 billion) of unpaid debt, Reuters
discloses. Only CNY161.29 billion of this has been recognised by
the court and will enter the restructuring process.

Unsecured creditors that are owed no more than CNY100,000
($15,465.01) in principal debt will be repaid in full. Any debt
above that level will be paid partly by HNA and other parties, and
partly in Hainan Airlines' shares, according to a document seen by
Reuters.

The creditors' committee still must approve the plan, the document
said.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.

On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.

HNA Group was designated as administrator of the merger, and
creditors will hold their first meeting June 4, according to a
statement issued March 15 by the Hainan High People's Court. The
320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.


MIANYANG INVESTMENT: Fitch Affirms 'BB' LT IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based Mianyang Investment Holding
(Group) Co., Ltd.'s (MIHC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB'. The Outlook is Stable. Fitch
has also affirmed MIHC's US-dollar senior unsecured bonds at 'BB'.
The bonds are directly issued by MIHC.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: MIHC is directly owned
and fully controlled by the Mianyang government, which appoints its
senior management, approves its annual budget and investment plans,
and performs annual assessments. This signals a 'Very Strong'
likelihood of support should MIHC face financial difficulty.

'Strong' Support Record: Fitch expects continued government support
for MIHC, considering the company's important functional role in
urban development. The local government has provided regular
operating subsidies, debt swaps and share injections to MIHC, which
is important for the company to breakeven and strengthen its
capital structure. The average operating subsidy during 2018-2020
was around CNY700 million a year, which was equivalent to about 10%
of revenue a year in the same period.

'Moderate' Socio-Political Implications of Default: MIHC is the key
platform for urban infrastructure and primary-land development in
the city's downtown area. Fitch assesses the socio-political
implications of a default as 'Moderate', because there are other
local government-related entities (GRE) that can partially
undertake MIHC's functions without causing severe service
disruption.

'Moderate' Financial Implications of Default: MIHC was one of the
city's largest GREs by total assets at end-2020. Fitch believes
that its default would damage the local government's reputation and
constrain the financing capability of other GREs. However, the
existence of other local GREs with a similar scale constrains the
attribute at 'Moderate'.

Standalone Credit Profile of 'b': Fitch assesses the company's
revenue defensibility as 'Midrange', because it has the leading
market share in local urban infrastructure projects. However,
operating risk is 'Weaker', considering MIHC's investment in
commercially driven industrial projects. The investment has not
been fully repaid and MIHC plans to exit the investment by selling
shares. Fitch assesses the financial profile as 'Weaker', with a
net adjusted debt/EBITDA ratio of 23x at end-2020, and average of
26x during 2021-2025 in Fitch scenario.

Potential State-Owned Entity Injection: MIHC's sponsor, Mianyang
State-owned Assets Supervision and Administration Commission,
announced in May 2021 that it plans to inject a 62% share of a
local urban developer - Mianyang Technology City Development and
Investment (Group) Co., Ltd. (MTCD, unrated) - into MIHC. The
transaction would see MIHC become MTCD's largest shareholder,
should it proceed.

However, the plan is not finalised and there is no timetable for
execution. Fitch will evaluate how the transaction may affect
MICH's rating once Fitch has greater clarity on the final corporate
structure, post-merger operating model and any changes to existing
offshore bond terms and conditions.

DERIVATION SUMMARY

Fitch assesses MIHC's ratings under Fitch's GRE Rating Criteria,
reflecting Mianyang city's strong control and historical support of
the company. Fitch also factors in the importance of MIHC to the
city as a major urban developer. MIHC has a Standalone Credit
Profile of 'b' under Fitch's Public Sector, Revenue-Supported
Entities Rating Criteria, but its IDR is driven by the rating
factors in the GRE criteria.

RATING SENSITIVITIES

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

-- An upward revision in Fitch's credit view of Mianyang
    municipality's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations;

-- A stronger assessment of the socio-political or financial
    implications of an MIHC default, enhancing the government's
    incentive to provide legitimate support.

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

-- A lowering of Fitch's credit view of Mianyang municipality's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations;

-- A significant weakening of the socio-political or financial
    implications of an MIHC default, Fitch's assessment of the
    government's support record or a dilution of the government's
    shareholding or weaker control.

Rating action on MIHC would lead to similar action on its US-dollar
notes.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

MIHC is the major urban developer for infrastructure construction
and primary-land development in Mianyang municipality of Sichuan
province.

ESG CONSIDERATIONS

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

WISDOM EDUCATION: Fitch Affirms 'BB-' LT FC IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Wisdom Education International Holdings
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) and senior unsecured rating at 'BB-'. The Outlook on the IDR
remains Negative. Fitch has also withdrawn the senior unsecured
rating.

The affirmation reflects Fitch's expectation that funds from
operations (FFO) adjusted net leverage will trend towards 3x by the
financial year ending August 2023 (FY23) as there are limited
expansion opportunities due to regulatory headwinds. Fitch expects
the company to reduce its capex while cash flow from its existing
K-12 business will remain stable, which will narrow negative free
cash flow.

The Negative Outlook reflects uncertainty about the company's pace
of expansion due to evolving regulations. Rating headroom is
limited and faster expansion could result in higher capex than
Fitch's expectations, leading to negative rating action. Fitch
expects the company to delay its expansion into higher education,
with work on the two colleges in Bazhong and Dongguan pending
approval of licences from the government.

The Negative Outlook also captures increasing regulatory risks for
China's operators of schools that cover kindergarten to 12th grade
(K-12) due to the tighter regulation of compulsory education to
prohibit related-party transactions and the control of K-9 schools
via contractual agreements and M&A.

The rating on Wisdom, a leading private-education company in China,
is supported by stable and recurring cash flow from existing
schools, but it is constrained by the company's limited operational
scale, geographical concentration and moderate leverage.

Fitch is withdrawing the senior unsecured rating of Wisdom as it is
no longer considered to be relevant to the agency's coverage
because there is no debt outstanding at the senior unsecured
level.

KEY RATING DRIVERS

Lower Capex, Moderate Expansion: Fitch forecasts capex to be lower
than in previous years due to tighter regulatory approvals for new
K-9 schools and school capacity expansions. Capex intensity will
decrease due to the slower pace of expansion and stable revenue
growth. Fitch expects Wisdom to focus on existing schools and its
unutilised capacity of 15% as of September 2021 will drive revenue
growth. The company may explore expanding in high schools and
higher education in the future, but these forays will be at a more
controlled pace given the uncertainty in the regulatory
environment.

Stable Existing School Operations: Wisdom's ratings are supported
by steady cash flow from its mature schools, which have been
operating for more than five years. Fitch thinks the company's
reputation and recognised education quality, particularly in
Guangdong province, will support continued high student enrolment
in its older schools and help the ramp-up of newer schools. Fitch
expects the EBITDA margin to stay around 40% as newer schools'
lower profitability is offset by enrolment ramp-up in existing
schools.

Impact from Special Dividend: Wisdom declared a special dividend of
around CNY230 million on 15 September 2021. The special dividend
and its interim dividend amount to over 70% of FY20 net income
compared with a historical 40% dividend payout ratio. The special
dividend will widen negative free cash flow in FY22 and exacerbate
already-limited leverage headroom. Fitch considers the special
dividend to be one-off and expect the company to return to its
regular dividend policy, but any further shareholder friendly
activity may prompt negative rating action.

Regulatory Risks: The Law for Promoting Private Education may
undermine K-9 school operators' business models by making it
difficult for companies listed offshore to access cash flow of
onshore compulsory education schools through related-party
transactions. The variable interest entity (VIE) structure to
control K-9 schools may be disallowed for schools that open after
the new rules take effect on 1 September 2021.

The impact on Wisdom's financial profile from the education reforms
is uncertain for now. However, under the worst-case scenario and
the strictest interpretation of the rules, schools that provide
compulsory education may be separated from their listed companies.
Interpretation of the new rules remains uncertain, which may lead
to local governments implementing the measures at a different
pace.

DERIVATION SUMMARY

Wisdom has a slightly larger EBITDA scale than Bright Scholar
Education Holdings Limited (BB-/Negative). Wisdom is less
diversified than Bright Scholar in terms of school locations and
educational formats, but its revenue visibility is higher and its
cash flow generation is more stable due to lack of overseas
exposure. Wisdom has a weaker financial profile with negative free
cash flow and higher leverage compared with Bright Scholar. This is
mainly due to Wisdom's model of building its own schools versus
Bright Scholar's asset-light model. However, Wisdom has a much
stronger EBITDA margin.

KEY ASSUMPTIONS

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

-- Double-digit growth in revenue in FY21, driven by increases in
    student enrolment and tuition fees, moderating to high single
    digit growth in FY24;

-- EBITDA margin of 39%-40% in FY21-FY24;

-- Capex of CNY0.8 billion-CNY1 billion per year in FY21-FY24;

-- Payout of a special dividend of around CNY230 million in FY22
    and resume regular dividend payout of 40% of prior year's net
    income.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if further clarity on the
    implementation of the rules on related-party transactions and
    VIE structure indicates that they will have a limited impact
    on the company's operations and/or financial profile.

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

-- FFO adjusted net leverage sustained above 3.0x as a result of
    deterioration in operating performance or sustained negative
    FCF due to, for instance, further shareholder friendly actions
    or higher capex than Fitch's expectation;

-- Implementation of the rules on related-party transactions and
    VIE structure results in material deterioration in the
    company's operations and/or financial profile.

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: The company had CNY653 million in cash and
CNY77 million in short-term wealth-management products as of 28
February 2021 - more than enough to cover its short-term borrowings
of CNY561 million. The company raised CNY550 million from an equity
placement in August 2020.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action which is different than the original rating committee
outcome.

ISSUER PROFILE

Wisdom Education is a private education group operating 13 primary
and secondary schools in China, with over 70,000 students as of
end-February 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch uses the multiple approach to capitalise leases for Wisdom
and assesses leverage on an adjusted basis. Fitch thinks the
multiple approach is more appropriate for education-service
companies, including Wisdom, under the generic navigator because
the move to lease or buy key operating assets, such as schools and
facility premises, is a core financial decision among peers. A
multiple of 8x was used as the company is based in China.

Wisdom typically collects tuition and fees at the beginning of the
semester and there are usually large "contract liabilities" on its
balance sheet. Fitch has classified part of its cash that is not
expected to generate EBITDA (contract liabilities * (1-EBITDA
margin)) as "not readily available", and this amount is excluded
from net debt calculations.

ESG CONSIDERATIONS

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

YINCHENG INT'L: Moody's Cuts CFR to B3, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded Yincheng International
Holding Co., Ltd.'s corporate family rating to B3 from B2.

The outlook on the rating remains negative.

"The downgrade reflects our expectation that Yincheng's key credit
metrics will be weaker than that of its B2-rated Chinese property
peers over the next 12-18 months, driven by its elevated debt
leverage and weak profitability ," says Daniel Zhou, a Moody's
Analyst.

"The negative outlook reflects our expectation that the company's
liquidity will weaken over the next 12-18 months as tight funding
conditions will constrain its sales and cash flow generation, as
well as its ability to raise new debt for refinancing," adds Zhou.

RATINGS RATIONALE

Yincheng's B3 CFR reflects the company's 1) long track record of
developing properties in Nanjing, Jiangsu Province, and 2) quality
land bank in the Yangtze River Delta.

However, the CFR is constrained by its high geographic
concentration, weak liquidity and credit metrics, narrow funding
access and rising exposure to joint ventures.

Moody's projects Yincheng's leverage, as measured by
revenue/adjusted debt, will stay at 50%-55% over the next 12-18
months, as the company increases debt to fund its growth. This
level is similar to 54% it recorded for the 12 months ended June
30, 2021 but will be lower than 63% in 2020.

Similarly, Yincheng's EBIT interest coverage will remain weak at
1.3x-1.4x over the next 12-18 months, comparable to 1.32x for the
12 months ended June but down from 1.5x in 2020. This weakening
reflects Yincheng's low gross profit margin and rising borrowing
costs amid a tighter credit environment.

Moody's also expects Yincheng's liquidity to weaken over the next
12-18 months as tight funding conditions will constrain its sales
and cash flow generation, as well as its ability to raise new debt
for refinancing.

Yincheng's contracted sales grew a strong 170% during first six
months of 2021. However, Moody's forecasts the growth rate will
moderate to around 7% in 2021, on the tight funding conditions and
challenging operating environments, including disruption caused by
COVID, in some of Yincheng's core markets in July and August 2021.

Also, the company's increased use of joint ventures (JVs) to grow
its business will reduce its flexibility to deploy cash flow
generated from property sales in the JVs.

Meanwhile, the company will have high refinancing needs over the
next 12-18 months, as reflected by its low level of unrestricted
cash to short-term debt ratio of 68% as of the end of June 2021.

Yincheng will have USD475 million of offshore bonds maturing from
September 1, 2021 to December 31, 2022. While the company issued
USD110 million of 364-day bonds to refinance USD200 million bonds
due in October 2021, the reliance of short-term financing will
expose the company's liquidity profile to market risks.

The company's limited funding access will also restrict its ability
to raise alternative sources of funds for refinancing if onshore
credit conditions remain tight over the next 12-18 months.

With regard to governance factors, Moody's has taken into account
— in assessing Yincheng's CFR — the risk of its relatively
concentrated ownership by Yincheng's key shareholder, Mr. Qingping
Huang, the company's largest shareholder, who owned about 37.26%
equity interest in the company as of December 31, 2020. In
addition, the company's increased use of JVs will weaken corporate
transparency.

In terms of dividend payments, Yincheng maintained a largely stable
payout ratio at 20% of attributable net income in 2019-20.

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

Given the negative outlook, a rating upgrade is unlikely. However,
the outlook could return to stable if the company (1) improves its
liquidity, with its unrestricted cash/short-term debt rising above
1.0x on a sustained basis; and (2) improves its credit metrics,
with EBIT/interest coverage above 1.5x-1.75x and revenue/adjusted
debt above 65% on a sustained basis.

Downgrade rating pressure could arise if the company's (1)
liquidity deteriorates, with signs of weakening in its funding
access or an ability to refinance maturing debt; (2) contracted
sales or operating cash flow declines materially; or (3)
EBIT/Interest coverage drops under 1.0x on a sustained basis.

Any signs of an inability to refinance its maturing debt would also
be negative to the company's rating.

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

Yincheng International Holding Co., Ltd. is a Nanjing-based
residential property developer. As of June 30, 2021, its land
reserves totaled 7.6 million square meters in gross floor area. Its
key operating cities include Nanjing, Wuxi, Hangzhou and Suzhou. As
of December 31, 2020, Yincheng was 37.26% owned by its chairman,
Mr. Qingping Huang.



=================
H O N G   K O N G
=================

ORIENT OVERSEAS: Egan-Jones Hikes Senior Unsecured Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 17, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Orient Overseas International Ltd to B+ from B.

Headquartered in Hong Kong, Orient Overseas International Ltd,
through its subsidiaries, owns and leases ships, operates
terminals, and provides freight forwarding and container
transportation services.




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

AB INFRABUILD LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: AB Infrabuild Limited
        104, Shubhagan CHS Ltd
        Jawahar Nagar
        Near Railway Crossing
        Goregaon (W)
        Mumbai 400062

Insolvency Commencement Date: August 26, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 22, 2022

Insolvency professional: Vasudev Ganesh Nayak Udupi

Interim Resolution
Professional:            Vasudev Ganesh Nayak Udupi
                         303/305, Rajamata CHS Ltd
                         Near RTO, Four Bungalows
                         Andheri-West, Mumbai 400053
                         E-mail: uvnayak2004@yahoo.co.in
                                 irp.abinfra@gmail.com

Last date for
submission of claims:    October 3, 2021


AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Akshar
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         0.03      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–        10.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated         1.39      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Continues to remain under the
                                 '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 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm is owned and managed by three partners
Mr. Ashokbhai Dudhagara, Mr. Hashmukhbhai Pansuriya and Mr.
Narendrabhai Virani. ACI is engaged in ginning and pressing of raw
cotton. ACI's manufacturing facility is located at Kalavad in
Jamnagar District of Gujarat. It is equipped with 18 double roller
ginning machines and one pressing machine to produce cotton bales
and cottonseeds.


AMIT POLYPIPES: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Amit
Polypipes 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-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

   Long Term-          0.42        [ICRA]B(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         4.00        [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.

APPL, established in 1987, is engaged in the manufacturing of
permanently lubricated high density polyethylene (PLB HdPE) pipes,
which are used for electrical and communication applications. The
company was incorporated as a proprietorship firm in 1987 under the
name – 'Amit Udyog' by Mr. Mukti Prasad Bansal. The firm was
converted to private limited company in 2009. APPL has an installed
capacity of 10,000 metric tonnes per annum (MTPA) of manufacturing
different grades of pipes at its manufacturing units located at
Jaipur, Rajasthan.


BACON VANIJYA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bacon Vanijya Private Limited
        Godoun 9, S.G. Road
        P.O. Kankrol
        Taluka: Himatnagar
        Sabarkantha
        Gujarat 383001
        India

Insolvency Commencement Date: September 20, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 21, 2022

Insolvency professional: Amrish Navinchandra Gandhi

Interim Resolution
Professional:            Amrish Navinchandra Gandhi
                         504, Shivalik Abaise
                         Opp. Shell Petrol Pump
                         Near AnandNagar Bus Stand
                         Satellite, Ahmedabad
                         Gujarat 380015
                         E-mail: amrishgandhi72@gmail.com

Last date for
submission of claims:    October 6, 2021


BANGALORE METALLURGICALS: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bangalore
Metallurgicals 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-          6.00        [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
   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.

Established in 1960, BMPL is engaged in manufacturing of metal
casts. BMPL was originally set up in 1960 as a partnership firm by
Mr. Maddaiah Ramaiah and his family members; subsequently, the firm
was reconstituted as a private limited company in 1987. The company
manufactures grey and ductile steel castings ranging from 0.5 kg to
3000 kg for its customers across industries such as electric
motors, textiles, earth moving equipment, machine tools and wind
turbine sectors. The foundry has ISO 9001 and ISO 14001 & 18001
certifications through TUV Rheinland Private Limited. The company's
facility was earlier located in Rajaji Nagar in Bangalore. However,
the company upgraded its machinery and shifted to a new unit in
Hoskote (40 km from Bangalore) in the year 2000. The current
capacity of the foundry stands at 6000 MT per annum and the
management plans to expand into heavy castings and reach a capacity
of 12000 MT over the near-to-long term. While the capacity
utilization of the plant stood at nearly 80% till 2011-12, the same
has decreased to about 40-50% from 2012-13 on account of the
company's change in focus to high-margin hand-molded castings as
against the earlier focus on low-margin machine-molded castings.


BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Baraka Overseas Traders
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   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.

Baraka Overseas Traders was established as a partnership firm in
1979. The firm is involved in exports of frozen seafood with the
United States, Mauritius, France, and the UK as key export
destinations. Major varieties of seafood exported by the firm
include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid,
among others. The firm's processing facility is in Ullal, Mangalore
district of Karnataka. The firm reported an operating income of
INR62.25 crore and a net profit of INR0.76 crore in FY2018 as
against an operating income of INR50.98 crore and a net profit of
INR0.94 crore in FY2017.


DEV BHOOMI: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dev Bhoomi
Frozen Food Products in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          2.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          6.00        [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.

Established in 2014, DBFF is engaged in the processing of fruits
and vegetables through Individual Quick Freezing (IQF) technology
for preservation. Its day-to-day operations are looked after by Mr
Yogesh Jain and Mr Vinesh Jain, having profit sharing of 50% each.
Both the partners were earlier engaged in trading of frozen
vegetables and fruits, and packaged food. The firm has a production
capacity of 5,300 Metric Tonnes Per Annum (MTPA) at its unit
located at Kashipur (Uttarakhand). The major products that can be
processed by the firm include green peas, cauliflower, bean,
carrot, okra, litchi, mango.

GINNI GOLD: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ginni Gold
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         75.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         15.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   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.

GGL is a manufacturer, wholesaler and trader of gold, diamonds and
silver ornaments/jewellery. GGL has a presence largely in gold
jewellery, which contributes more than 90% of revenues. The company
was incorporated in the year 2007. The company procures gold under
the Metal Loan Scheme from Bank of Nova Scotia. It gets the
jewellery manufactured on a job-work basis  from the vendors based
in Mumbai and sells it to its customers after charging a margin
over cost. GGL's customers primarily consist of wholesalers and
retailers based in the New Delhi area.

GREENEARTH INFRAVENTURES: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Greenearth
Infraventures Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          6.40        [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.

Greenearth Infraventures Pvt Ltd (GIPL) is part of the
Chattisgarh-based K. N. Group, which has interests across several
fields (mainly agriculture-related industries) including soya bean
processing, flour milling, international agro-trade and wind power
generation. The Group was established by industrialist and social
worker, Late Nemichand Shishrimal, in 1930. One of the interests of
the Group is in real estate development. Greenearth City, which is
the first project of the Group, is a township spread over 42 acres
of land in association with the IBD Group of Madhya Pradesh, which
has executed several projects in the state. Greenearth City is
located in Amleshwar near Mahadeo Ghat on the Raipur Patan Road.
This township offers, 2 BHK/3  BHK flats in four-storied buildings
(Phase-1), independent row houses (Phase-2), commercial center
shops and offices (Phase3) and residential plots (Phase-4).


HIRA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hira
Cotton Fibers in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          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.

HCF, a partnership firm promoted by Khandelwal family of Sendhwa,
is engaged in cotton ginning and pressing. HCF's ginning unit based
at Chopda in District Jalgaon (Maharashtra) is equipped with 30
ginning machines and a bale pressing machine, whereby it
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce cotton bales. Cotton seed, which is by-product
of ginning operation, is sold to oil extraction units.


KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term Issuer Rating of Kalwakurthy
Municipality in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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 KKM, being a ULB, provides civic services to the Kalwakurthy
town. The town is located in Nagarkurnool district of Telangana and
is at a distance of around 80 km from the state capital, Hyderabad.
The major economic activity in the region is agriculture, which
primarily includes rice, fruits and vegetables. According to Census
2011, Kalwakurthy covers an area of 9.00 sq. km. and has a
population base of 28,060 of which 65% is accounted by slum
dwellers. The ULB is governed by the provisions of the Telangana
State Municipalities Act, (TSM Act) 1965. The major functions of
the KKM involve water supply, solid waste management, repair and
maintenance of roads, street lighting and amenities such as
shopping stalls, community hall, playgrounds, parks/gardens, among
other civic amenities. The council of the KKM, comprising 20 Ward
Councillors, is headed by a Chairperson. The executive wing is
headed by a Municipal Commissioner, who is appointed by the GoTS
and is supported by the head of various departments.

KSC EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KSC
Educational Society in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         150.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.32       [ICRA]B+ (Stable) 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.

K.S.C Educational Society is promoted by the Chadha Group with the
objective of providing technical and non-technical education. The
Society has set up an international school (from Nursery to Class
XII) by the name of 'Genesis Global School' in Sector 132 of Noida,
Uttar Pradesh. The school commenced operations from April 2010.


MAHE EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahe
Educational and Charitable NRI Trust 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-          5.40        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

   Short Term-         3.60        [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Continues to
                                   Remain under the '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.

Mahe Educational and Charitable NRI Trust was established in the
year 2006 at Mahe, Pondicherry. The Trust manages Mahe Institute of
Dental Sciences and Hospital (MINDS), which started operations in
2009.


MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maini
Group of Educational Society in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.50        [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.

Established in 2011, MGES operates the Cambridge International
School in Nawashahr, Punjab. The school commenced operations in
April 2013 and had ~1100 students in Academic Year 2016-17. The
society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini
who have other business interests, including filling stations and
brick kilns.

OCL IRON AND STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: OCL Iron and Steel Limited

        Registered Office & Plant:
        Village, Lamloi
        PO. Garvana, Rajgangpur
        Orissa 770017

        Works at:
        120, Ground Floor
        South Court Mall
        Delhi 110017

        Begumpur Khatola
        Distt. Gurgaon
        Haryana

        A-285, Chopanki Industrial Area
        Chopanki, Bhiwadi
        District-Alwar
        Rajasthan 301019

        Plot No. SP-256
        Industrial Area, Kaharani
        Bhiwadi Extn.
        Rajasthan 301019

        Vill. Gopalpur
        P.O. Badaposi Tehsil &
        P.S. Keonjhar, Orissa

        Ardhgram Coal Mines
        Mouza-Gopalpur
        Mejia, Bankura
        West Bengal 722142

Insolvency Commencement Date: September 20, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 18, 2022

Insolvency professional: Shiv Nandan Sharma

Interim Resolution
Professional:            Shiv Nandan Sharma
                         Navjeevan Vihar, Ground Floor
                         New Delhi 110017
                         E-mail: sharmasn@gmail.com

                            - and -

                         LSI Resolution Private Limited
                         1205, 12th Floor
                         Chiranjiv Tower 43
                         Nehru Place
                         New Delhi 110019
                         E-mail: cirp.ocl@gmail.com

Last date for
submission of claims:    October 4, 2021


OSHIYA STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Oshiya Strips Impex Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       21.00       [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.

Incorporated in April 2010, SOSIPL is primarily involved in the
trading of various iron and steel products such as hot-rolled (HR)
coils, mild steel (MS) sheets, steel plates/rods, cold-rolled (CR)
coils, sheets, bars, galvanized pipes, beams and ferrous metal
scrap. The company started its trading operations in February 2011.
The company is a part of the Shree Oshiya Group of industries which
refers to a consortium of companies promoted and managed by the
Ranka family.

PADMAVATHI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Padmavathi
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         4.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–         6.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     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.

Padmavathi Cotton Industries, located at Chintapally Mandal in
Nalgonda district of Telangana, is a partnership firm established
in March 2015 and started its operations on 28th January 2016. The
firm is engaged in cotton ginning. The ginning facility includes 48
double roller gins, auto pressing and an auto feeder. The installed
capacity of the ginning and pressing unit is 351000 Quintals of
kappas per annum.


PERFECT ALUMINIUM: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Perfect
Aluminium Alloys 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-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                      to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–        (8.00)       [ICRA]A4; ISSUER NOT
   Interchangeable                 COOPERATING Rating Continues
                                   to remain under the '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.

Perfect Aluminium Alloys was established in 2005 as a partnership
firm to manufacture Aluminium Ingots of various grades and
specifications confirming to British, India, Japanese and other
standards which are subsequently sold to customers involved in
casting, engineering and precision industries.The firm is currently
run by its partners Mr. S. Venkatesan, Mr. S.  Elangovan and Mr. R.
Jayaprakash, each having vast experience in the scrap trading and
ingot industry spanning over two decades. The firm initially had a
facility at Chinavedampatty, Coimbatore (Tamil Nadu) with an
installed capacity of 4800 MTPA till 2013, after which it shifted
to an expanded manufacturing facility at Sulur, Coimbatore (Tamil
Nadu) with an installed capacity of 8400 MTPA.

RAIGARH FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Raigarh
Foods & Hotel Business Private 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-        7.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Limit                         Rating Continues to remain under
                                 Category

   Non-fund-          6.00       [ICRA]D; ISSUER NOT COOPERATING;
   based limit                   Rating Continues to remain under
   Bank Guarantee                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.

RFHBPL was incorporated as a private limited company in 1996 by Mr.
Subhash Agarwal based in Raigarh, Chhattisgarh. The company is
primarily engaged in the milling of raw and par-boiled rice.

RAJASTHAN TUBE: ICRA Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rajasthan
Tube Manufacturing Company Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C/[ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         20.00      [ICRA]C ISSUER NOT COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term–        12.25      [ICRA]A4; ISSUER NOT
   Non fund Based                COOPERATING Rating Continues
                                 to remain under the '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.

RTL was incorporated in 1985 and became a public limited company in
1995. The main products of the company include ERW (Electric
resistance welding) steel pipes, with size ranging from 15 mm to
250 mm. The company's manufacturing facility is located at Jaipur
(Rajasthan) and has an annual capacity of 45,000 Metric Tonnes Per
Annum (MTPA). The pipes manufactured by the company have varied
applications in water, gas and sewage pipes, structural purposes,
idlers/conveyors, water wells (casing pipes) etc.

RAVINDRA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ravindra
Rice & General Mills in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         16.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      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.

RRGM is a partnership firm promoted by Mr. Ravindra and his family
members. The firm is primarily involved in milling of Basmati rice.
It is also involved in converting semi-processed rice into
parboiled Basmati rice. RRGM's milling unit is based out of
Jalalabad district, Ferozpur in close proximity to the local grain
market.


RD T.M.T STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of RD T.M.T Steels (India)
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-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-
   Unallocated         6.00        [ICRA]B+(Stable); ISSUER NOT
                                   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.

RDTMT Steels India Pvt Ltd (Erstwhile Laxmi Rocks and Stones India
Pvt Ltd) is promoted by Mr. Sanjay Agarwal, Mr. Rajesh Kumar
Agarwal and Mr. Pradeep Agarwal, who has experience in granite
business mainly in Bangalore, Karnataka since 2003.


S.K. AGROS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.K. Agros
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.50        [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.

S.K. Agros is a partnership firm, engaged in the business of
milling, processing and selling of basmati rice, and has a fully
automated plant at Fazilka (Punjab) which has a milling capacity of
4 tonnes per hour. The by-products of basmati rice viz husk, rice
bran and 'phak' are sold in the domestic market.


SAANJ AUR: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Saanj Aur
Savera Educational and Welfare Trust in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable):
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.30        [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.

SAS was formed in 2003 and runs the Delhi Public School in Pinjore
(Haryana), which commenced operations in AY 200405. The trust is
managed by a four-member committee, headed by Dr. D. R. Arora. In
addition to the senior secondary school under SAS, the trustees
have also set up pre-schools (under the name Shemrock) and senior
secondary schools (under the name Shemford) across the country,
which are primarily managed by franchisees.

SAINI ALLOYS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Saini
Alloys 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-         24.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                      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.

Saini Alloys Private Limited is engaged in the manufacturing of
steel pipes and trading of HR coils. The company was promoted by
Mr. Ratan Singh Saini and Mr. Ram Niwas Saini in 1999. The
company's manufacturing facility is located in Sikandrabad (Uttar
Pradesh) with an installed capacity of 36,000 MT per annum
(increased from 10,000 MT per annum) of steel tubes and
pipes.

SAMTEX DESINZ: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Samtex Desinz Private Limited
        Unit No. 125, First Floor Block-11
        Tribhuwan Complex, Ishwar Nagar
        New Delhi DL 110065
        IN

Insolvency Commencement Date: September 2, 2021

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: March 7, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Vimal Kumar

Interim Resolution
Professional:            Mr. Vimal Kumar
                         V 1104, The Hyde Pak Sector 78
                         Noida 201301
                         E-mail: maidvimal1@rediffmail.com

                            - and -

                         Virtuoso IPE Pvt Ltd
                         815, Antriksh Bhawan
                         22, KG Marg
                         New Delhi 110001
                         E-mail: cirp.samtex@gmail.com

Last date for
submission of claims:    September 22, 2021


SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term rating of Shadnagar Municipality in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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 SNM, being an ULB, provides civic services to the Shadnagar
town, which is located in Rangareddy district of Telangana, around
55 km from the state capital, Hyderabad. The major economic
activity in the region is agriculture. According to Census 2011,
Shadnagar covers an area of 40 sq km and has a population of
54,432, of which 53% are slum dwellers. The ULB is governed by the
provisions of the Telangana State Municipalities Act, (TSM Act)
1965. The major functions of the SNM include  water supply, solid
waste management, repair and maintenance of roads, street lighting
and amenities like shopping stalls, community hall, playgrounds,
parks/gardens. The council of the municipality comprises 23 Ward
Councillors headed by a chairperson. The executive wing is headed
by a Municipal Commissioner, who is appointed by the GoT and is
supported by the heads of various departments.

SHIV NARESH: ICRA Withdraws B+/A4 Rating on INR15cr Loans
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shiv Naresh Sports Pvt. Ltd. at the request of the company and
based on the No Objection Certificate received from its banker.
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 indicators have not been captured as the rated
instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         3.50       [ICRA]B+ (Stable)/[ICRA]A4;
   Limits                        ISSUER NOT COOPERATING;
                                 Withdrawn

   Non Fund Based    11.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Limits/Letter                 ISSUER NOT COOPERATING;
   Of Credit                     Withdrawn

   Unallocated        0.50       [ICRA]B+ (Stable)/[ICRA]A4;
                                 ISSUER NOT COOPERATING;
                                 Withdrawn

Based in New Delhi, SNSPL was incorporated in 1998 and is promoted
by Mr. Shiv Prakash Singh and his family. SNSPL manufactures
sportswear such as tracksuits, jackets, and t-shirts. The company
has a single manufacturing facility in Badali, New Delhi. Apart
from manufacturing sportswear, the company also undertakes
contracts for execution of sports infrastructure projects such as
construction of running tracks and hockey fields.


SIDDARTH ORGANISATION: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Siddarth
Organisation 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-          2.16        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          7.84        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Continues to remain under
                                   the '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.

Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies garments, kids
garments, scarfs and fashion accessories. Siddarth Group comprises
of three Independent units producing Ladies and Children Garments
namely Siddarth Organisation, Siddarth Organisation Limited and
Siddarth Intercraft Private Limited. The factory is geared up to
deliver 2 million Garments annually. The company is engaged in
manufacturing and trading of garments primarily for women (such as
kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants,
leggings & salwar kameez).

SLN RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SLN Rice
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-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           1.00        [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.

SLN Rice Industries was incorporated in the year 2003 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. The firm is promoted by Mr. K. Umesh Babu and
Mr. K.Natesh Babu and the rice mill is located at Tumkur,
Karnataka. The installed capacity of the plant is 5 tons per hour.

SPICEJET LTD: To Resume Boeing 737 MAX Flights from October 5
-------------------------------------------------------------
The Economic Times reports that Boeing's 737 MAX jetliner is set to
fly again in India after two-and-a-half years, with SpiceJet
planning to resume operations of the aircraft from October 5.

ET say the no-frills airline's pilots are currently being retrained
on these planes, which were banned for flying by several countries,
including India, in 2019 following two crashes blamed on computer
glitches. Regulators have now started allowing resumption of
operations with the narrow-body aircraft.

"The first batch of 20 SpiceJet pilots are doing their training now
and will complete it by 30 September 2021," ET quotes a senior
airline executive as saying. "The training was held at the SpiceJet
Training Academy in Gurgaon and at the Boeing Simulator facility in
Noida in Uttar Pradesh."

SpiceJet had more than 350 pilots who were trained or qualified on
the MAX at the time the aircraft was grounded. The pilots are being
retrained at a full flight simulator set by Boeing for the 737 MAX
in Noida and at a MAX Fixed Base Simulator at the SpiceJet Training
Academy.

According to ET, India had grounded these planes in March 2019
after a second Boeing 737 MAX, operated by Ethiopian Airlines,
crashed due to a faulty computer system, but gave the go-ahead last
month to fly these planes. American and European aviation
authorities have already allowed airlines to operate these planes
after the computer systems were rectified and after fresh training
of the pilots.

SpiceJet is the only Indian carrier which has the Boeing MAX in its
fleet, ET notes. In 2017, the airline had placed an order for 205
Boeing aircraft, including a large number of the 737 MAX. Jet
Airways was the other Indian airline that had ordered the MAX, but
the carrier is not operational and is going through a bankruptcy
process.

ET had reported on September 20 that SpiceJet has received a waiver
of lease rentals of about Rs 300 crore for four Boeing MAX aircraft
for the period beginning March 2019, and that the airline expects
to negotiate a waiver of about Rs 700 crore in lease rentals for
the other nine MAX aircraft it currently has in the fleet.

The airline is also seeking discounts on future aircraft deliveries
from Boeing, the aircraft maker, ET adds.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
16, 2021, SpiceJet said that it has deferred payments to various
parties, including lessors and other vendors and its dues to
statutory authorities. The defaults were on account of its
operational and financial position, and the impact of the ongoing
Covid-19 pandemic, the airline said in a regulatory filing on
Aug. 13, according to Livemint.com.


STERLING & WILSON: ICRA Lowers Rating on INR7cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sterling
& Wilson Energy System Private Limited (SWESPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/            7.00        [ICRA]B+ (Stable) ISSUER NOT
   Shortterm–                        COOPERATING/[ICRA]A4;
ISSUER
   Non-fund based                    NOT COOPERATING Rating
                                     downgraded from
                                     [ICRA]BB+(Stable)/[ICRA]A4+
                                     and continues to remain
                                     under issuer non-cooperating
                                     category

Rationale

The rating downgrade is because of lack of adequate information
regarding Sterling & Wilson Energy Systems Private Limited
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.

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.

Sterling & Wilson Energy System Private Limited (SWESPL) is
incorporated in April 2008. It was engaged in the marketing,
installation and after sales service of diesel generator sets
manufactured by SGPL in few states. The company was established to
avail state-specific indirect tax benefits, however, after GST
implementation the company has stopped operations. The Group is in
the process of amalgamating all three entities to improve synergies
and cost structure.

UTTARAYAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Uttarayan Steel Private Limited (USPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-         8.50        [ICRA]D ISSUER NOT COOPERATING;
   Fund-based-                    Rating downgraded from [ICRA]B
   Cash Credit                    (Stable) and continues to     
                                  remain in the 'Issuer Not
                                  Cooperating' Category

   Long Term-         0.50        [ICRA]D ISSUER NOT COOPERATING;
   Fund-based-                    Rating downgraded from [ICRA]B
   Unallocated                    (Stable) and continues to     
                                  remain in the 'Issuer Not
                                  Cooperating' Category

Material event

There is a public announcement by Insolvency and Bankruptcy Board
of India (IBBI) on August 28, 2021. Shree Padmavati Steel Traders
has made an application in IBBI against Uttarayan Steel Private
Limited. The IBBI has mentioned February 20, 2022 as the estimated
date closure of insolvency resolution process.

Impact of material event

The amount and nature of claim made by Shree Padmavati Steel
Traders is uncertain.

Rationale

The rating is based on limited information on the entity's
performance since the time it was last rated on July 2021. 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.

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.

Uttarayan Steel Private Limited (USPL) manufactures mild steel
ingots, which are subsequently rolled into long steel products such
as thermo mechanically treated (TMT) bars, channels and angles. The
company was acquired by members of the Goel and the Singhal family
in 2006. Its manufacturing facility is located in Roorkee
(Uttrakhand) and has an installed capacity of 22,000 Metric Tonnes
Per Annum (MTPA).

VIKAS COT: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vikas Cot
Fiber 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-          0.68        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         18.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.32        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Unallocated                     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.

Vikas Cot Fiber Private Limited was incorporated in May 2008 by
Khandelwal Family in Sendhwa, Madhya Pradesh. The company is
engaged in cotton ginning and pressing. VCF is also involved in
cotton trading. The company manufactures lint from kapas (raw
cotton) and undertakes pressing operation to produce bales. Cotton
seed is the by-product of ginning operation which the company sells
to oil extraction units.


WANAPARTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term Issuer Rating of Wanaparthy
Municipality in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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 WPM, being an ULB, provides civic services to the Wanaparthy
town. The town is the headquarter of the recentlyformed Wanaparthy
district of Telangana and is located at a distance of around 150 km
from the state capital, Hyderabad. The major economic activity in
the region is agriculture, which primarily includes sugar, rice,
fruits and vegetables. According to Census 2011, Wanaparthy covers
an area of 27.34 sq km and has a population of 61,170, of which 48%
are slum dwellers. The ULB is  governed by the provisions of the
Telangana State Municipalities Act, (TSM Act) 1965. The major
functions of the WPM include water supply, solid waste management,
repair and maintenance of roads, street lighting and amenities like
shopping stalls, community hall, playgrounds, parks/gardens. The
council of the WPM comprises 26 Ward Councillors headed by a
chairperson. The executive wing is headed by a Municipal
Commissioner, who is appointed by the GoTS and is supported by the
head of various departments.



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

FURUKAWA ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Furukawa Electric Co., Ltd.

Headquartered in Chiyoda City, Tokyo, Japan, Furukawa Electric Co.,
Ltd. manufactures wires, cables, and metal products.


JAPAN AIRLINES: Egan-Jones Keeps B- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on September 10, 2021, maintained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by Japan Airlines Co. Ltd. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Shinagawa City, Tokyo, Japan, Japan Airlines Co.
Ltd. provides air transportation services.


MITSUI E&S: Egan-Jones Cuts Senior Unsecured Ratings to CCC-
------------------------------------------------------------
Egan-Jones Ratings Company, on September 13, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui E&S Holdings Co., Ltd. to CCC- from CC.

Headquartered in Chuo City, Tokyo, Japan, Mitsui E&S Holdings Co.,
Ltd. offers shipbuilding services. The Company mainly builds and
repairs ships.


RICOH COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on September 9, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Ricoh Company, Ltd.

Headquartered in Ota City, Tokyo, Japan, Ricoh Company, Ltd.
manufactures and markets office automation equipment, electronic
devices, and photographic instruments.




===============
M A L A Y S I A
===============

AIRASIA X: Posts US$5.9BB Loss in Qtr Ended June 30
---------------------------------------------------
Reuters reports that AirAsia X on Sept. 27 posted a record
quarterly loss of US$5.9 billion, eight times more than a year ago,
as a multi-billion-dollar provision to cover debts drove operating
costs higher.

It was the ninth loss in succession for the airline, an affiliate
of AirAsia Group Bhd, Reuters notes.

The net loss for the April-June period widened to MYR24.6 billion
from a MYR305.2 million loss a year ago, Reuters discloses. The
airline said it made an accounting provision of MYR23.8 billion to
its creditors during the quarter as it is in default under the
contract terms. Revenue dropped 20.9 per cent to MYR72.3 million,
versus MYR91.4 million.

In a stock exchange filing, it said the impact of the provision
should be temporary. "The contractual liabilities for which the
provision is made will be waived upon a successful completion of
the proposed debt restructuring exercise," it said, Reuters
relays.

To reduce costs, the airline group plans to operate a reduced fleet
and return excess aircraft to the lessors. It said it has returned
one aircraft and is in discussions with other aircraft lessors "to
achieve the optimal fleet size".

Reuters says discussions to reduce future lease rental rates are
ongoing, as are talks with other service providers to reduce
maintenance costs.

According to Reuters, the airline, which is looking to convene
meetings with creditors to propose a restructuring scheme by the
end of October, proposed last October to restructure its MYR64.15
billion debt into a principal amount of MYR200 million. It said it
is making good progress in negotiations.

The implementation of a fund-raising exercise involving a rights
issue and a share subscription for new investors to raise MYR500
million will start provided the upcoming creditors'meeting approves
it, it said, Reuters relates.

AirAsia X also plans to apply for a government guaranteed loan of
up to MYR500 million, it said.

The group at the end of last year changed its financial year-end
from Dec. 31 last year to June 30 this year, adds Reuters.

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.




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

PHILIPPINE AIRLINES: Operator to Raise Authorized Capital
---------------------------------------------------------
The Philippine Star reports that PAL Holdings Inc., the listed
operator of flag carrier Philippine Airlines, is preparing to raise
funds as it seeks to more than double its capital base.

In a stock exchange filing, PAL Holdings said that its board
approved an increase in the company's authorized capital stock to
PHP30 billion from PHP13.5 billion, the report relates.

The increase is expected to support the future fund raising
activities of the company.

PAL Holdings reported a net loss of PHP16.56 billion in the first
half, a 20 percent reduction from the PHP20.75 billion net loss
incurred in the same period last year, The Philippine Star
discloses.

Recognizing other comprehensive loss amounting to PHP1.48 billion
mainly due to unfavorable effect of foreign exchange translation,
its total comprehensive loss during the six-month period stood at
PHP18.04 billion, down 18 percent from last year's PHP22.02
billion.

The Philippine Star says consolidated revenues of the company
during the period plunged by 51 percent to PHP18.04 billion from
PHP36.82 billion on the back of the continuing impact of the
pandemic to passenger operations.

PAL Holdings, a publicly listed company, is not included in the
Chapter 11 filing of Philippine Airlines Inc. last Sept. 3 in the
US.

Last year, Philippine Airlines Inc. also increased its authorized
capital stock from PHP13 billion to PHP30 billion, a move which was
then made to raise funds as part of the flag carrier's
transformation to sustainable profitability and a higher level of
competitiveness, the report recalls.

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

BOWATER ASIA: Creditors' Proofs of Debt Due on Oct. 29
------------------------------------------------------
Creditors of Bowater Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 29,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 28, 2021.

The company's liquidator is:

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


GREATEARTH CONSTRUCTION: Wound Up With at Least SGD70MM Debt
------------------------------------------------------------
The Straits Times reports that several hundred creditors are owed
at least SGD70 million by beleaguered building firm Greatearth
Construction, which together with Greatearth Corporation, was wound
up on Sept. 27 because they were unable to continue doing business
due to their liabilities.

This SGD70 million debt figure does not include anticipated
liabilities from the construction projects that could not be
completed by Greatearth, which include two public projects, as well
as five Build-To-Order (BTO) housing projects comprising a total of
2,982 units, The Straits Times relates.

Greatearth Pte Ltd is an integrated building services company based
in Singapore.


HARDWARESUPPLIES PTE: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Sept. 24, 2021, to
wind up the operations of Hardwaresupplies Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


ITSUPPLIER PTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Sept. 24, 2021, to
wind up the operations of Itsupplier Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


K & C HAN: Commences Wind-Up Proceedings
----------------------------------------
Members of K & C Han Sing Travel Pte Ltd, on Sept. 22, 2021, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

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




=====================
S O U T H   K O R E A
=====================

SSANGYONG MOTOR: To Select Preferred Bidder Next Month
------------------------------------------------------
Yonhap News Agency reports that SsangYong Motor Co. and its lead
manager said Sept. 28 they will select a preferred bidder and a
secondary preferred bidder for the financially troubled carmaker by
mid-October.

According to Yonhap, SsangYong Motor, the South Korean unit of
Indian carmaker Mahindra & Mahindra Ltd., and the bankruptcy
court-appointed lead manager EY Hanyoung accounting firm were
originally planning to pick the preferred and secondary bidders by
the end of this month.

"We are planning to announce the selection of a preferred bidder
for SsangYong around Oct. 12 after thoroughly reviewing the (four)
bidders' funding plans to acquire SsangYong," an EY Hanyoung
official said over the phone, Yonhap relays.

Three bidders -- the Edison Motors Co.-led consortium, another
local consortium led by EV firm Electrical Life Business and
Technology (EL B&T), and Los Angeles-based EV maker INDI EV, Inc.
-- joined the auction to acquire SsangYong.

Yonhap relates that the Edison consortium said it will set up a
special purpose company to raise KRW800 billion to KRW1 trillion
(US$684 million-$855 million) to acquire SsangYong and starting
next year, increase capital by issuing new shares to achieve a
turnaround within three to five years.

The electric bus and truck maker said it aims to transform the
SUV-focused SsangYong into an EV-focused carmaker in the next
decade in line with changes in the automobile market.

It plans to produce 10 new EV models, including the Smart S, by
2022, 20 by 2025 and 30 by 2030.

Once the preferred bidder is selected, SsangYong and EY Hanyoung
plan to conduct a two-week due diligence on the bidders in October
and sign a deal in November, Yonhap says.

It is estimated that up to KRW1 trillion is needed to take over the
debt-laden SsangYong, Yonhap adds.

According to Yonhap, KPMG Samjong Accounting Corp., the auditor of
SsangYong, declined to give its opinion on the carmaker's annual
financial statements for the year 2020.

SsangYong could be delisted if its accounting firm again refuses to
offer an opinion on the company's annual performance for the
following year after the one-year period.

In the January-August period, its sales fell 14 percent to 55,904
vehicles from 64,873 units a year earlier. Its lineup consists of
the Tivoli, Korando, Rexton and Rexton Sports SUVs, Yonhap
discloses.

In self-help measures, SsangYong's 4,700 employees began to take
two-year unpaid leave in rotation on July 12 while accepting an
extension of a cut in wages and suspended welfare benefits until
June 2023, Yonhap notes.

The company also plans to sell its current Pyeongtaek plant, 70
kilometers south of Seoul, in three to five years and build a new
factory to focus on electric vehicles in the same city.

                       About SsangYong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra acquired a 70% stake in SsangYong for KRW523 billion in
2011 and now holds a 74.65% stake in the carmaker.

SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

Under court receivership, SsangYong's survival depends on whether
there will be a new investor to acquire a streamlined SsangYong
after debt settlement and other restructuring efforts, Yonhap
said.

[*] SOUTH KOREA: Corporate Bankruptcies Up 14.8% in 2020
--------------------------------------------------------
The Korea Herald reports that personal and corporate bankruptcies
in South Korea increased by more than 10 percent last year, data
showed on Sept. 27, reflecting the economic impact of COVID-19 on
both businesses and households.  The number of corporate
bankruptcies filed last year also increased to 1,069 cases, rising
14.8 percent, or 138 cases, from the previous year.

According to the report released by the National Court
Administration, the number of personal bankruptcies filed in 2020
rose by 10.4 percent from the previous year, from 45,654 cases to
50,379 cases. Last year's tally was the biggest figure since 2015,
the Korea Herald discloses.

After hitting a record high of 150,439 cases in 2007, bankruptcy
filings were on a downward trend for more than 10 years until 2018.
They rebounded in 2019 and increased again last year.

According to the Korea Herald, the report also noted that the
number of corporate bankruptcies filed last year increased to 1,069
cases, rising 14.8 percent, or 138 cases, from the previous year.
It is the first time the figure has exceeded 1,000 since
record-keeping began in 2004.

Last year's steep increases in personal and corporate bankruptcies
may have been caused by COVID-19 and the associated economic
contraction, the Korea Herald notes. During the same period,
requests for bankruptcy discharges rose 10.28 percent, or 4,614
cases, to 49,467 cases. Courts granted discharges in 38,390 of
those cases.

A bankruptcy discharge releases a debtor from personal liability
for certain specified types of debts in the event of an unavoidable
hardship such as a natural disaster or economic fluctuation.

The Korea Herald adds that the report said the number of
applications for individual rehabilitation procedures, in which
some debt forgiveness is offered to those who faithfully fulfill
their obligations, decreased 6.5 percent from the previous year, or
6,034 cases, to 86,553 cases last year.

The number of applications for real estate auctions decreased 9.8
percent, or 8,005 cases, to 73,403 cases due to higher property
prices. When the real estate market is booming, there are usually
fewer auctions because sales are mostly concluded in the market.



                           *********


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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thereof are US$25 each.  For subscription information, contact
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