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

                     A S I A   P A C I F I C

          Friday, October 1, 2021, Vol. 24, No. 191

                           Headlines



A U S T R A L I A

INFRABUILD AUSTRALIA: Fitch Lowers LT IDR to 'B', On Watch Neg.
LGM NSW: Second Creditors' Meeting Set for Oct. 8
MORTGAGE HOUSE 2019-1: S&P Raises Class F Notes Rating to BB (sf)
PURE STRATEGY: Second Creditors' Meeting Set for Oct. 8
SAI GLOBAL: S&P Discontinues 'CCC' Long-Term Issuer Credit Rating

SPECIALISED REMEDIATION: First Creditors' Meeting Set for Oct. 11
TASMAN BUILDING: First Creditors' Meeting Set for Oct. 12


C H I N A

BLUEFOCUS INTELLIGENT: Moody's Affirms 'B1' CFR, Outlook Stable
CBAK ENERGY: Guosheng Wang Quits as Director
CHINA EVERGRANDE: Supplier Sells Porsche and Home to Save Business
FANTASIA HOLDINGS: S&P Lowers LT Issuer Credit Rating to 'CCC'
HENAN ZHONGYUAN: Fitch Affirms 'BB+' LT IDRs, Outlook Stable

HNA GROUP: Strategic Investors to Offer Cash, Shares to Repay Debt
SUNAC CHINA: Unit Struggles to Collect US$619MM in Sales Proceeds


I N D I A

AIREN METALS: CARE Keeps D Debt Ratings in Not Cooperating
AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
ASSOCIATE BUILDERS: CARE Lowers Rating on INR7.15cr LT Loan to C
BYREDDY VISHNUVARDHAN: CARE Keeps B- Rating in Not Cooperating

DROPADI INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
EMERALD HEIGHTS: CARE Lowers Rating on INR23.39cr LT Loan to B+
FIVE CORE: CARE Keeps D Debt Ratings in Not Cooperating
G3S BUILDERS: CARE Keeps C Debt Rating in Not Cooperating Category
GATI INFRASTRUCTURE PVT: CARE Keeps D Rating in Not Cooperating

GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
GREEN MIRROR: CARE Keeps D Debt Rating in Not Cooperating Category
IND-BARATH ENERGY: CARE Keeps D Debt Rating in Not Cooperating
IND-BARATH POWER MADRAS: CARE Keeps D Rating in Not Cooperating
IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating

IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating
INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category
JANANI EXPORTS: CARE Lowers Rating on INR15cr LT Loan to B
KRISHNA EDUCATIONAL: CARE Lowers Rating on INR15cr LT Loan to C
KSK ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category

KSK WATER: CARE Keeps D Debt Rating in Not Cooperating Category
MAHATMA JYOTIBA: CARE Keeps C Debt Ratings in Not Cooperating
PINK CITY: CARE Keeps D Debt Rating in Not Cooperating Category
POLYBLEND COLOUR: CARE Lowers Rating on INR5.25cr LT Loan to B-
PRITHVI PUMPS: CARE Keeps C Debt Rating in Not Cooperating

RAJALAKSHMI EDUCATIONAL: CARE Cuts Rating on LT Debt to B+
RAJNIGANDHA MARBLES: CARE Keeps B Debt Rating in Not Cooperating
RATNAPRIYA IMPEX: CARE Lowers Rating on INR3cr LT Loan to D
RLJ INFRACEMENT: CARE Keeps D Debt Rating in Not Cooperating
RMG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating



N E W   Z E A L A N D

TRADE ME: S&P Affirms 'B-' ICR on Dividend Recapitalization


S I N G A P O R E

ASIA ENVIRO: Foo Kon Tan Appointed as Provisional Liquidators
CHINA FISHERY: Unsecured Creditors to Recover 8.75% in PAIH Plan
KITCHEN CULTURE: To Unwind Unapproved Payment
REIT JAPAN: Members' Final Meeting Set for November 1


S O U T H   K O R E A

DAEWOO SHIPBUILDING: Deadline for DSME Deal Moved for Fifth Time


S R I   L A N K A

AMANA BANK: Fitch Affirms 'BB+(lka)' National LT Rating
HOUSING DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating
SANASA DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating

                           - - - - -


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

INFRABUILD AUSTRALIA: Fitch Lowers LT IDR to 'B', On Watch Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded Australia-based InfraBuild Australia
Pty Ltd.'s Long-Term Issuer Default Rating (IDR) to 'B' from 'BB-'
and maintained the Rating Watch Negative (RWN). At the same time,
Fitch has downgraded the rating on its senior secured notes to
'BB-' from 'BB.' The Recovery Rating is 'RR2'. Fitch has removed
all the ratings from Under Criteria Observation (UCO).

InfraBuild's operating performance in financial year ended June
2021 (FY21) has been solid, with improved EBITDA and cash
generation. However, the negative rating action reflects Fitch's
view of refinancing risks at Infrabuild. Fitch believes this is due
to contagion, from the uncertainties faced by GFG Alliance after
the collapse of Greensill Capital, and as a result InfraBuild's
access to traditional banks may be reduced. Greensill Capital had
provided financing to GFG Alliance, the collection of companies,
including InfraBuild, which is ultimately owned by Sanjeev Gupta
and his family. Fitch notes that InfraBuild did not have any
funding from Greensill Capital.

At the same time, InfraBuild's related-party transactions have
increased. While these are permitted under the company's financing
arrangements, Fitch believes that the transactions reduce the
company's liquidity buffer, which may compromise their liquidity
and financial flexibility should InfraBuild fail to refinance its
AUD250 million syndicated asset-based lending (ABL) facility. The
company said that it is undertaking working-capital initiatives to
improve its cash conversion and liquidity profile and is in
negotiation to refinance the ABL prior to its maturity.

The RWN reflects refinancing risks with the upcoming ABL maturity
in October 2022 and associated demands on liquidity.

KEY RATING DRIVERS

Contagion Risk Affects Funding Access: Fitch believes GFG
Alliance's significant refinancing needs have affected InfraBuild's
financial flexibility, which could have a knock-on effect on its
ability to refinance the ABL facility when it matures. Fitch
believes that InfraBuild's reduced access to funding from
traditional banks will probably increase its funding cost due to
lenders' reduced appetite and perceived higher risks associated
with entities related to GFG Alliance. InfraBuild's other
financing, aside from senior secured notes and the ABL, includes
bank guarantee and a cash-backed facility with Australia and New
Zealand Banking Group Limited.

The company said that InfraBuild is in negotiations to refinance
the ABL facility ahead of its maturity. The company believes it
will have the necessary cash and cashflow from its planned
working-capital initiatives to repay the ABL, if required.

Increased Related-Party Transactions: InfraBuild reduced its
payable days and provided prepayments to Liberty Primary Metals
Australia Pty Ltd (LPMA), another GFG Alliance entity that operates
Whyalla Steel works, FY20 in exchange for market-based pricing
discounts. InfraBuild also acquired affiliates over the last six
months. All these actions are permitted under its financing
arrangements. The interest rate on its related-party loans has also
increased as a result of rise in cost of funding in LPMA.

However, cash outflows to related parties may increase further, to
the extent permitted under the loan documents, on the back of
InfraBuild's strong trading performance. While these payments are
permitted under the financing, Fitch believes they may reduce its
liquidity buffer, especially if the company is unable to refinance
its ABL facility.

Strong Performance: Fitch estimates InfraBuild's revenue and EBITDA
improved significantly in FY21 due to strong construction demand
across Australia on government stimulus, especially in the detached
housing sector, and redirected spending into housing from overseas
travel. Fitch expects the momentum to continue, at least until
end-2021, due to a strong work pipeline, which may be extended if
more infrastructure projects come online. Fitch expects
InfraBuild's Fitch-adjusted debt to EBITDA to be around 2.5x over
the next two years.

Market Leadership: InfraBuild is Australia's sole electric arc
furnace steel long-product manufacturer and operates the country's
second-largest ferrous and non-ferrous recycling business. It has
maintained a large volume share of domestic steel long products
over the last decade, despite stiff competition from imports. This
is helped by its flexible operations, reliable supply and broad
product offerings compared with imports.

Recovery Rating Criteria Update: The downgrade of the senior
secured instruments by one notch, instead of the IDR's two notches,
reflects Fitch's application of the agency's updated Corporates
Recovery Ratings and Instrument Ratings Criteria. The ratings were
placed on UCO following the publication of the updated criteria on
9 April 2021. InfraBuild's senior secured notes are considered
category 2 first-lien debt, which translates into a two-notch
uplift from the IDR of 'B', based on Fitch's recovery calculation
of 'RR2'.

ESG - Governance Structure: InfraBuild has an ESG Relevance Score
of '5' for Governance Structure due to concentrated ownership,
transactions with related parties and affiliates, and private
company status with two independent board members out of seven.

InfraBuild is a separate legal entity that is ringfenced and
independently financed from LPMA and the US dollar senior secured
notes include a covenant package that contains a list of restricted
payments. However, Fitch believes the share pledge granted to
Greensill Capital (UK) Limited, a creditor of LPMA, using
InfraBuild's Australian holding company, Liberty Holdings Australia
Ltd, links the interests of the two entities and incentivises the
ultimate shareholder to support LPMA.

DERIVATION SUMMARY

InfraBuild's financial and business profiles are comparable with
that of its peers in the 'BB' rating category, such as Commercial
Metals Company (BB+/Stable). However, InfraBuild's ratings are
constrained by its reduced ability to access external funding and
higher refinancing risk.

KEY ASSUMPTIONS

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

-- Strong improvement in steel volume and prices due to
    government stimulus and buoyant construction sector;

-- Fitch-adjusted EBITDA margin improving to around 6% due to
    cost-cutting initiatives;

-- Capex and investments of around 2% of revenue.

KEY RECOVERY RATING ASSUMPTIONS

Recovery analysis for InfraBuild is on a going-concern (GC) basis
in case of bankruptcy and assumes that the company would be
reorganised and not liquidated. Fitch has assumed a 10% discount to
the enterprise value (EV) to account for bankruptcy-related
administrative claims.

GC Approach

The GC EBITDA estimate of AUD200 million, excluding AASB 16's
impact, reflects Fitch's view of a sustainable, post-reorganisation
EBITDA upon which Fitch bases the EV. The GC EBITDA is based on
FY19 performance and includes the benefits of the company's
transformation initiatives since 2019.

An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation EV. The choice of this multiple
takes into consideration the EV/EBITDA multiple used in M&A
transactions in the sector through the cycle, as well as
InfraBuild's strategic value and strong market position.

The assumptions result in a recovery rate corresponding to the
'RR2' Recovery Rating for InfraBuild's senior secured US dollar
notes.

RATING SENSITIVITIES

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

-- Failure to secure financing to refinance the ABL facility
    within the next six months.

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

-- Refinances ABL facility within six months;

-- Improving liquidity on a sustained basis.

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

Modest Liquidity: Fitch expects the company to have modest
liquidity from its undrawn ABL facility and cash on the balance
sheet of above AUD200 million to meet short-term requirements over
the next 12 months. InfraBuild's next significant debt maturity is
the ABL facility in October 2022.

InfraBuild's liquidity and refinancing risks may increase if
broader funding issue with GFG Alliance exacerbates, the results of
an investigation by the UK's Serious Fraud Office are unfavourable
for GFG Alliance, and the cash outflows to GFG Alliance-related
entities increases, to the extent that is permissible under the
company's financing arrangements.

ISSUER PROFILE

Infrabuild comprises the manufacturing, product mill, distribution
and recycling assets of the former Arrium Group that were taken
over by GFG Alliance in 2018. It is Australia's sole vertically
integrated manufacturer, processor, and distributor of steel long
products, including reinforcing steel, supplying over 15,000 active
customers nationally.

ESG CONSIDERATIONS

InfraBuild has an ESG Relevance Score of '5' for Governance
Structure due to the share pledge, Mr Gupta's concentrated
ownership, its transactions with related parties and affiliates,
and private company status with two independent board members out
of seven. These have a negative impact on the credit profile, and
are highly relevant to the rating, resulting in the downgrade.

InfraBuild has an ESG Relevance Score of '4' for Group Structure as
it is part of the complicated GFG Alliance, conducts a large number
of related-party transactions and has a complex group structure.
This has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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

LGM NSW: Second Creditors' Meeting Set for Oct. 8
-------------------------------------------------
A second meeting of creditors in the proceedings of LGM NSW Pty
Ltd, formely Trading as PMG Stone, has been set for Oct. 8, 2021,
at 10:00 a.m. via Zoom teleconferencing.

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. 7, 2021, at 4:00 p.m.

Daniel Frisken of O'Brien Palmer was appointed as administrators of
LGM NSW Pty on Sept. 2, 2021.


MORTGAGE HOUSE 2019-1: S&P Raises Class F Notes Rating to BB (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House
Capital Mortgage Trust No.1 - Mortgage House RMBS Series 2019-1. At
the same time, S&P affirmed its ratings on three classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 47% as of Aug. 31, 2021.
Loans more than 30 days in arrears make up 1.5% of the current
balance, and there have been no losses to date. Furthermore, the
portfolio has strengthened, with a weighted-average current
loan-to-value ratio of 57.1% and weighted-average seasoning of 48.9
months.

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

Under the pro rata payment structure, the class G allocated
principal is paid to the class F notes until the class F notes are
fully repaid, followed by the remaining subordinated notes once the
class F notes have fully repaid. Therefore, the class F notes have
and will continue to benefit from an increase in the percentage of
credit support provided as the pool amortizes under a pro rata
structure, while for the remaining rated notes the percentage of
credit support will remain static. As of Aug. 31, the outstanding
balance of the class F notes has amortized to approximately
$345,000.

A constraining factor on the degree of upgrades is the increasing
risk of borrower concentration as the pool continues to amortize.
The largest 10 borrowers comprise 7.5% of the pool. S&P views that
the lower-rated notes are more susceptible to this increasing
borrower concentration risk.

S&P said, "We believe the various mechanisms to support liquidity
within the transaction, including a liquidity facility equal to
1.2% of the outstanding balance of the notes, principal draws and a
loss reserve that builds from excess spread, are sufficient under
our stress assumptions to ensure timely payment of interest."

  Ratings Raised

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS
Series 2019-1

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

  Ratings Affirmed

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS
Series 2019-1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


PURE STRATEGY: Second Creditors' Meeting Set for Oct. 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of Pure Strategy
Pty Ltd, trading as Pure Advice and Pure Planning, has been set for
Oct. 8, 2021, at 10:00 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. 6, 2021, at 5:00 p.m.

David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were
appointed as administrators of Rodgers Reidy on Sept. 6, 2021.


SAI GLOBAL: S&P Discontinues 'CCC' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings discontinued its 'CCC' long-term issuer credit
rating on SAI Global Holdings I (Australia) Pty Ltd. and its
subsidiaries SAI GLOBAL CIS US GP and SAI Global GP, 'CCC' issue
rating on the company's first-lien debt, and 'CC' issue rating on
its second-lien debt.

The company completed the sale of SAI Global Assurance, its
Standards and Assurance Services division, to Intertek Group on
Sept. 7, 2021, following regulatory approvals. The group used the
sale proceeds to fully repay all of its rated senior secured
first-lien and second-lien term loans.





SPECIALISED REMEDIATION: First Creditors' Meeting Set for Oct. 11
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Specialised
Remediation Services Pty Ltd will be held on Oct. 11, 2021, at
11:00 a.m. via virtual meeting technology.

Steve Naidenov and Ian Niccol of Aston Chace were appointed as
administrators of Specialised Remediation on Sept. 28, 2021.


TASMAN BUILDING: First Creditors' Meeting Set for Oct. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tasman
Building Pty. Limited will be held on Oct. 12, 2021, at 3:00 p.m.
via virtual meeting only.

Cameron Gray of DW Advisory was appointed as administrator of
Tasman Building on Sept. 29, 2021.




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

BLUEFOCUS INTELLIGENT: Moody's Affirms 'B1' CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed BlueFocus Intelligent Comm
Group Co., Ltd.'s B1 corporate family rating.

The outlook on the rating remains stable.

"The affirmation reflects BlueFocus' leading market position in
China's public relations (PR) and advertising industry, a track
record of deleveraging over the past three years and its
well-managed liquidity," says Ying Wang, a Moody's Vice President
and Senior Analyst.

"Although increased regulatory uncertainty affects some of the
company's addressable markets, including the internet-related
sectors, we expect BlueFocus' revenue to continue growing at a
healthy pace, supported by its diversified customer base and
growing contribution from helping Chinese companies market
overseas," adds Wang.

RATINGS RATIONALE

BlueFocus' B1 CFR incorporates the company's long track record and
leading industry position in China; proven capabilities in the
high-growth sectors of mobile and digital advertising; and
diversified blue-chip customer base, with a growing global
footprint.

The rating also takes into consideration the intense competition
and inherent cyclicality of the PR and advertising industry, and
the company's expected trend of margin contraction because of its
expansion into digital advertising.

BlueFocus has remained one of the 10 largest PR firms worldwide for
six consecutive years, according to the industry intelligence group
Provoke Media, previously known as Holmes Report. BlueFocus was the
only ranked PR firm from China in the group's top 10 PR agency
ranking for 2021.

Benefiting from the company's improved working capital and a
slowdown in business acquisitions, BlueFocus' leverage has declined
to 2.1x in 2020 from 3.3x in 2018 and 5.1x in 2017. Its liquidity
and cash position also improved during this period.

Moody's forecasts BlueFocus' total revenue will increase 10%-15%
annually in the coming 12-18 months, reflecting the company's
diversified customer base and well-accepted marketing solutions on
major digital platforms.

Moody's expects recent regulatory developments will lower
advertising budgets for companies in the e-commerce and other
internet-related sectors. However, the company's diversified client
base, which also includes other conventional industries like
consumer products and automobiles, and its growing outbound
marketing business will continue to support growth.

Moody's expects the company's adjusted EBITDA margin to stabilize
at about 2% in 2022 and 2023, after declining from a projected 2.8%
in 2021. The potential recovery in the company's domestic marketing
business, which has a relatively higher gross margin, will support
its stabilizing profitability after 2022.

BlueFocus' leverage, as measured by adjusted debt/EBITDA, will
trend below 2.0x in the coming 12-18 months, underpinned by the
company's steady cash flow generation and conservative spending.
This leverage level is strong for the company's B1 CFR.

Nonetheless, the rating also considers the highly competitive
landscape in China's PR and advertising industry, and the
sensitivity of its customers' advertising budgets to economic
cycles. Therefore, the company's low profitability will leave it
vulnerable to market volatility and future investment needs.

The company's liquidity is very good. As of June 30, 2021, its cash
and cash equivalents totaled RMB2.2 billion. This, together with
BlueFocus' expected cash flow from operations over the next 12
months and proceeds from overseas business divestments, are more
than sufficient to cover its short-term debt, capital spending and
dividend payments for the next 12 months. BlueFocus in
mid-September received US$224 million in cash from a 65% equity
sale of four subsidiaries that provide PR and marketing services in
the overseas markets including the US, Canada and Europe.

BlueFocus' rating also considers the following environmental,
social and governance (ESG) factors.

While BlueFocus has proactively deleveraged from a debt-funded
acquisition strategy prior to 2019, its ability to maintain a low
leverage will be limited by intense industry competition and its
subsequent low profitability.

Moody's also notes BlueFocus' relatively diversified shareholding
profile.

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

The stable outlook reflects Moody's expectation that BlueFocus will
maintain its strong position in China's PR and advertising market,
and balance its growth strategy without jeopardizing its liquidity
and financial profile.

The company's low profit margins provide limited financial buffer
for any business volatility. Upward rating pressure could arise if
BlueFocus (1) increases its profitability and grows its absolute
scale to demonstrate business stability, and (2) maintains its low
leverage and good liquidity through growth in free cash flow
generation, and maintains solid access to different funding
channels.

An upgrade would also require a consistent commitment to
conservative financial policies in terms of acquisitions,
investments and dividends.

Downward rating pressure could arise if BlueFocus' (1) liquidity
deteriorates, (2) profitability continues to weaken, (3) adjusted
debt/EBITDA rises above 4.5x, or (4) operating cash flow turns
negative, all on a sustained basis. Significant debt-funded
acquisitions, investments or dividends could also result in
negative rating actions.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Established in 1996 and headquartered in Beijing, BlueFocus
Intelligent Comm Group Co., Ltd. provides one-stop end-to-end brand
management and marketing services, mainly to large corporations. It
listed on the Shenzhen Stock Exchange in 2010.

CBAK ENERGY: Guosheng Wang Quits as Director
--------------------------------------------
Guosheng Wang resigned as a member of the Board of Directors of
CBAK Energy Technology, Inc., effective Sept. 24, 2021.  

CBAK said Mr. Wang's decision to resign was due to personal reasons
and not because of any disagreement with the company on any matter
relating to its operations, policies or practices.

On Sept. 24, 2021, the Board elected Ms. Xiangyu Pei as a new
director of the company, effective immediately.  Ms. Pei will be
subject to reelection at the company's next annual meeting of
stockholders.

Ms. Pei has served as the interim chief financial officer of CBAK
since August 2019.

Like other employee directors of CBAK, Ms. Pei will not receive
compensation for serving as a director of the company, but she is
entitled to reimbursements for reasonable expenses incurred in
connection with attending the company's board meetings.

There is no family relationship that exists between Ms. Pei and any
directors or executive officers of the company.  

Also on Sept. 24, 2021, Mr. Wang resigned as a manager of Dalian
CBAK Power Battery Co., Ltd., a wholly owned PRC subsidiary of
CBAK.  Mr. Wang has agreed to act as a consultant to CBAK. Mr.
Wang's resignation is not the result of any disagreement with
management, the company or its operations, policies or practices.

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$192.17 million in total assets, $90.34 million in total
liabilities, and $101.84 million in total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020.  All these factors raise substantial
doubt about its ability to continue as a going concern.


CHINA EVERGRANDE: Supplier Sells Porsche and Home to Save Business
------------------------------------------------------------------
Reuters reports that Mr. Guo Hui, whose cleaning business is owed
CNY20 million China Evergrande Group, is counting on the government
to fix a crisis that has left his own company on the brink of
bankruptcy.

In the meantime, the 50-year-old, known by friends and colleagues
as "Brother Hui", has sold his Porsche Cayenne and put his
apartment on the market in a scramble to raise cash to pay debts
and wages, Reuters relates.

"We've reached out to those in charge but they either say they have
no money or don't know when they can settle the payments," Reuters
quotes Mr. Guo as saying from his office at the back of a building
in a street in Guangzhou's Tianhe district .

His case is typical of countless suppliers left on the hook by
China Evergrande, based in nearby Shenzhen, which was the country's
top-selling property developer before running short of cash this
summer under the weight of US$305 billion in debt, Reuters says.

Originally from Sichuan province, Mr Guo founded his cleaning
business, called Feiyun, more than two decades ago.  Like many
self-made entrepreneurs of his generation, Mr Guo sees his as a
rags-to-riches story that went hand in hand with the economic rise
of China.

He said he has been working since 2017 with Evergrande, which
accounted for 90% of his business when he started to face problems
in June, when payments on commercial paper issued by the company
stopped.

Feiyun provides cleaning and repair services for Evergrande
apartments in Guangdong province, ensuring that new buildings are
clean before being shown to prospective buyers.

Beijing has been largely quiet on the Evergrande situation, which
has rattled global markets and left investors as well as hundreds
of thousands of buyers of unfinished apartments facing uncertainty,
triggering protests at Evergrande offices this month.

"We can only wait for Evergrande to sort itself out or for the
government to help," the report quotes Mr. Guo as saying. "No
matter what, I still believe in the government. This must have a
conclusion."

                       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 Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

S&P Global Ratings' rating for China Evergrande Group (Evergrande)
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. was lowered to 'CC' from 'CCC' last September 15,
2021. 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-'.



FANTASIA HOLDINGS: S&P Lowers LT Issuer Credit Rating to 'CCC'
--------------------------------------------------------------
On Sept. 29, 2021, S&P Global Ratings lowered its long-term issuer
credit rating and issue rating on Fantasia Holdings Group Co. Ltd.
to 'CCC' from 'B'. S&P also placed the ratings on CreditWatch with
negative implications.

The CreditWatch placement indicates the elevated risk that Fantasia
may not be able to implement a concrete repayment plan over the
next several weeks for its upcoming maturities.

S&P said, "We downgraded Fantasia because the company failed to
communicate a concrete repayment plan.The company has not delivered
a clear and consistent message to stakeholders and we have
difficulty verifying the progress of the repayment plan and the
timing of fund remittance. Fantasia originally planned to use
offshore cash to repay its US$210 million senior notes due Oct. 8,
2021. The company said it had about Chinese renminbi (RMB) 1.5
billion of cash offshore as of June 30, 2021, out of its
unrestricted cash balance of over RMB27.1 billion. However, due to
the tight liquidity facing the company, the offshore cash balance
may have been put to other use. It also planned to source equity
financing for its Beijing and Qingdao projects, part of which would
fund the bond repayment in December. However, we have not seen
substantial progress on raising cash from these so far. As such, we
placed the rating on CreditWatch to reflect heightened execution
risk given the looming major maturities.

"We revised downward our assessment of Fantasia's management and
governance due to the company's lack of adequate risk management
control.We made this assessment partly because Fantasia has not
been able to effectively communicate its repayment plans to
stakeholders. The company has generally had insufficient
transparency and delivered an inconsistent message on its current
situation, in our view. Fantasia has announced that it had no
liquidity risk issues amid elevated investor concerns but has not
provided any further details of the progress or evidence of its
repayment plans.

"We believe there is low visibility on Fantasia's access to cash or
on its ability to sell assets to generate sufficient
liquidity.Fantasia's cash could be substantially trapped at the
project levels, given its involvement in joint ventures. Partners,
trust companies, or other creditors may put hurdles on the company
to extract cash, in our view. We believe banks could also limit the
transfer of funds away from projects as they increase their focus
on ensuring project completion and loan repayment."

Fantasia had about RMB10 billion of cash at the holding company
level as of June 2021, which was readily accessible according to
the management. But using this money for debt repayment would hurt
operations and liquidity. The maturities of other debt will add to
the company's commitments and tighten its cash position, given the
repayment needs.

Project sales are in general becoming more difficult as developers
face tight liquidity and become more cautious in making large-scale
acquisitions. There is an increasing risk that execution and
receipt of sufficient sales considerations may not be conducted in
time to cover the imminent maturities. The sale of the commercial
property management business under Colour Life Services Group Co.
Ltd. (Colour Life) would provide partial relief, but execution
barrier exists to use the cash proceeds to pay down Fantasia's
debt.

Fantasia will need to address a further US$1.15 billion of offshore
maturities in 2022 even it repays those due in 2021.The lack of
repayment plan executed in advance could further dent investors'
confidence in how Fantasia will manage its upcoming sizable
maturities next year. Yields on its bonds have been at heightened
levels since July 2021 and rose further in the past week. This will
hinder Fantasia's ability to issue new bonds, for refinancing. Bond
maturities in 2022 are concentrated in the second half. Its
refinancing prospects hinge on material asset disposals in the next
six to 12 months.

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

-- Risk management and internal controls
-- Transparency

S&P said, "We aim to resolve the CreditWatch over the next few
weeks once we have more information on Fantasia's ability and
willingness to repay its offshore maturity.

"We could lower the rating by one or more notches to 'CCC-' or
below if Fantasia fails to take solid actions to repay its debt due
over the next six months, including the US$210 million senior notes
due in October and US$550 million in December.

"We could also lower the rating to 'SD' (selective default) if the
company undertakes any exchange offer that we view as distressed.

"We would consider revising our outlook to stable if Fantasia
demonstrates an ability to make solid progress to settle its
maturities in the next six months."


HENAN ZHONGYUAN: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed China-based Henan Zhongyuan Financial
Holding Co., Ltd.'s (HZFH) Long-Term Foreign- and Local-Currency
Issuer Default Ratings at 'BB+'. The Outlook is Stable.

The affirmation is based on Fitch's unchanged rating approach.
Fitch sees HZFH as a government-related entity (GRE) with a public
mission and have rated it using a bottom-up approach.

KEY RATING DRIVERS

'Midrange' Revenue Defensibility: Around 33% of HZFH's outstanding
projects by asset value was government-led or policy driven as of
June 2021. Fitch considers the financial strength of project
counterparties to be 'Midrange'. Demand for HZFH's projects will
fluctuate in line with the economic development of Henan province,
given the company's mass-market exposure in key business segments,
in Fitch's view. Cash flow for some projects, such as shantytown
redevelopments, is from the fiscal budgets of various local
governments in Henan province.

'Midrange' Operating Risk: Finance costs comprise the largest
component of HZFH's operating costs. The company's major funding
channels are bank loans and bonds. Funding costs have been stable
in the previous few years.

Standalone Credit Profile (SCP) of 'b+': Fitch assesses HZFH's SCP
at 'b+', based on its 'Midrange' revenue defensibility, 'Midrange'
operational risk and 'Weaker' financial profile, with a net
debt/EBITDA ratio of 7.5x at end-2020. Fitch expects its net
leverage will be largely stable over the next two to three years.

'Moderate' Status, Ownership and Control: The finance bureau of the
Zhengzhou municipal government indirectly holds 40% of HZFH via its
fully owned subsidiary, Zhengzhou Development and Investment Group
Co. Ltd. (ZDIG), and an agency under the Zhengdong New District
government. The company's board of directors is composed of five
members, two are appointed by ZDIG and the Zhengzhou New District
government. Zhengzhou municipal government also appoints two of the
three members of the board of supervision.

'Moderate' Support Record: HZFH does not receive frequent
government subsidies. Its two main shareholders, which are
controlled by the Zhengzhou municipal government, contributed
initial capital of CNY900 million in 2016. HZFH plans to increase
paid in capital from CNY2.3 billion to CNY5.0 billion over the next
few years. Nevertheless, the diversified shareholding structure
could slow any fund raising. Fitch will continue to monitor the
capital injection progress.

'Moderate' Socio-Political Implications of Default: HZFH is the
Zhengzhou municipality's first GRE engaged in financial investment.
It resolves financial risk, promotes industrial development,
provides restructuring services to rural credit cooperatives and
secures funding for shantytown redevelopment.

Nevertheless, some asset-management companies at the provincial
level and China's big-four state-owned asset-management companies
could take over some of HZFH's functions, if needed, leading to
'Moderate' socio-political implications should HZFH default.

'Moderate' Financial Implications of Default: HZFH's funding is
provided to finance its policy role. Fitch believes a failure by
the municipal government to provide timely support, if needed,
could damage the reputation of Zhengzhou and, to some extent,
financing availability for some government-led projects. Even so,
the company's small operation in terms of asset size and short
history in financial investment could limit the impact.

DERIVATION SUMMARY

Fitch rates HZFH under its Public Sector, Revenue-Supported
Entities Rating Criteria and takes into account the company's
revenue defensibility, operating risk and financial profile. Fitch
applies a three-notch uplift to HZFH's SCP to reflect the
application of the GRE Rating Criteria and Fitch's assessment of
the strength of state linkages and the state's incentive to provide
support.

RATING SENSITIVITIES

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

-- A sustainable improvement in the net debt/EBITDA ratio along
    with an better liquidity and debt structure or stronger
    revenue defensibility;

-- Increased government incentive to provide support or
    government ownership, as well as stronger socio-political and
    financial implications of default, may also trigger positive
    rating action.

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

-- Weakening revenue defensibility or operating risk as well as a
    deterioration of HZFH's SCP, including measures on liquidity,
    operating revenue generation ability, leverage, debt structure
    and repayments.

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

HZFH implements the Zhengzhou municipal government's financial
industry development strategy and resolves financial risk. It
focuses on investment in project finance, finance leasing,
commercial factoring and entrusted loans. Assets were CNY12.8
billion at end-2019 (2016: CNY3.6 billion). Asset growth in 2020
slowed due to Covid-19.

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.

HNA GROUP: Strategic Investors to Offer Cash, Shares to Repay Debt
------------------------------------------------------------------
Reuters reports that China's Liaoning Fangda Group and Hainan
Development Holdings will offer cash and equity to settle debt owed
to retail investors in HNA Group, four sources told Reuters, in the
latest step to restructure the bankrupt company.

Reuters relates that the details were disclosed by a Chinese
government team that is carrying out HNA's restructuring at a
meeting organised for creditors, two of the sources said.

During the meeting, retail investors were told that Hainan
Development Holdings, owned by the provincial government of Hainan
where HNA is headquartered, will offer CNY200 million in cash to
settle the debt, the two sources said, notes the report. It will
also offer 500 million shares of HNA Infrastructure Investment
Group that it holds to settle the debt, they added.

According to Reuters, the team did not verbally provide details of
Fangda's investment during the meeting, but three of the four
sources said the Chinese industrial conglomerate will provide CNY3
billion in cash towards resolving the retail investors' debts,
citing details HNA had shared with other investors.

Reuters relates that the sources also said HNA Group itself will
give CNY1.7 billion in cash. The remaining debts will be repaid by
shares of Hainan Airlines, HNA Infrastructure Investment Group and
CCOOP Group, they said.

All four sources declined to be identified due to the sensitivity
of the issue, the report notes.

HNA, Hainan and Fangda did not immediately reply to requests for
comment.

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

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, Reuters relays.

After creditors filed a petition, a Hainan court placed the once
highly acquisitive HNA in bankruptcy administration in February and
in March it gave the go-ahead for 321 related companies to be
merged as part of the conglomerate's restructuring.

Under the latest restructuring plan, HNA will receive strategic
investment of 38 billion yuan after its restructuring, which will
go to eleven of its entities including its flagship carrier Hainan
Airlines, Reuters has reported.

Hainan Airlines said in September that Fangda will become a
strategic investor and possibly its controlling shareholder. It did
not disclose how much Fangda was investing at the time, Reuters
notes.

                          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.


SUNAC CHINA: Unit Struggles to Collect US$619MM in Sales Proceeds
-----------------------------------------------------------------
South China Morning Post reports that a local subsidiary of Sunac
China Holdings, one of China's most heavily indebted property
developers, has come under liquidity pressure, as it was prevented
from collecting sales revenues by the government's market-cooling
measures.

Sunac's unit in the Zhejiang provincial city of Shaoxing has had to
wait for local authorities to register the titles of its
apartments, preventing the developer from collecting more than CNY4
billion (US$619 million) in sales proceeds.

An executive of the Shaoxing unit wrote to local authorities to ask
for remedy, adding that Sunac has sold 600 homes in the city,
involving the release of about CNY1 billion in mortgage loans,
according to a source familiar with the matter, citing an internal
letter by the company, the Post relays.

Sunac has never asked for help from the Chinese authorities, the
developer said in a statement a day later via its official WeChat
account. Sunac's shares jumped by as much as 20 per cent on the
Hong Kong exchange to as much as HK$15.58, their biggest intraday
leap ever, reversing two days of declines.

"The person responsible for the Shaoxing project had accidentally
leaked the wording of a draft document seeking support for the
online registration," Sunac said, adding that the company "never
had, and does not have any need" to submit such a request to local
authorities.

Under mainland China's regulations, sales contracts must be
registered on the city government's online platform before a buyer
can get a mortgage from a bank. But the Shaoxing government
recently suspended registrations in a move designed to keep home
prices in check, according to one of the sources, who did not wish
to be identified, according to the report.

He said the local authorities would wait for more low-price homes
to be sold to bring down the city's average selling price and avert
pressure from the central government to contain the market.

According to the Post, Sunac said demand for its huge, CNY7.7
billion Town of Shaoxing Wine project, which combines tourism,
commercial and residential elements, has taken a hit as a result.
Sales have been tepid as buyers fear they might encounter problems
obtaining mortgages.

The Post relates that the developer said it has collected only
CNY200 million from presale proceeds since it was launched in
August.

In the draft letter, which was leaked to the media on Sept. 24, the
Tianjin-based developer urged the Shaoxing government to resume and
speed up the online registration process, and said it hoped
business could soon return to normal.

In 2017, Sunac was one of China's biggest asset buyers, going on a
CNY100 billion (US$14.9 billion) debt-fuelled shopping spree for
theme parks, a video streaming company and a carmaker.

The developer, chaired by Sun Hongbin, poured in CNY15 billion in
January 2017 to bail out fellow Shanxi entrepreneur Jia Yueting and
his LeEco group of companies, which had run up huge debts funding a
business that stretched from video streaming and movies to making
an electric car.

Six months later, Sunac again stepped in as the white knight to
another heavily indebted Chinese property magnate, paying CNY43.8
billion for 13 tourism-related projects including theme parks from
the Chinese tycoon Wang Jianlin, when Dalian Wanda Group was
subject to the Chinese government ‘s scrutiny.

In August of this year, the developer saw its sales drop 30 per
cent to CNY45.06 billion from 2020, according to its filing to the
Hong Kong stock exchange, add the Post.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- is principally engaged in the sales of
properties in the People's Republic of China. The Company operates
its business through two segments: Property Development and
Property Management and Others. The Company's subsidiaries include
Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate
Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings
Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on July
14, 2021, Fitch Ratings has assigned Sunac China Holdings Limited's
(BB/Positive) proposed US-dollar senior notes a 'BB' rating. The
proposed notes are rated at the same level as Sunac's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations.




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

AIREN METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Airen
Metals Private Limited (AMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.86      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     274.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 12, 2020, placed the
rating(s) of AMPL under the 'issuer non-cooperating' category as
AMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 28, 2021, July 8, 2021, July 18, 2021.

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

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

Incorporated in 1995 by Mr. Sudhir Agarwal at Jaipur, Rajasthan,
AMPL commenced commercial operations in 1998.  AMPL is engaged in
the business of manufacturing paper-insulated strips, over-head
contact wires/conductors, bus bars, sheets and tubes from
non-ferrous metals, mainly copper and aluminum. AMPL has its
manufacturing facility situated at Jaipur and Reengus, Rajasthan
with an installed manufacturing capacity of 12,600 Metric Tonne Per
Annum (MTPA) as of December 31, 2019.


AMIT CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amit
Construction-Mumbai (AC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 11, 2020, placed
the rating(s) of AC under the 'issuer non-cooperating' category as
AC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 28, 2021, August 7, 2021, August 17, 2021.

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

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

Amit Constructions, a proprietorship firm, was established in the
year 1999 by Mr. Roman Felix Philip Dsouza. The firm is engaged
into civil construction where it undertakes construction projects
for building of hospital, schools, offices, stadium, footpath,
water tanks, etc. The entity is Class-I A category contractor and
generally takes tender based contracts for its projects where it
majorly caters to Navi Mumbai Municipal Corporation and CIDCO. The
firm procures raw materials like cement material, ready mix
concrete, steel and plumbing material, etc. from established
vendors such as Ultratech Cement, etc.

AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amul Feed
Private Limited (AFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2020, placed
the rating(s) of AFPL under the 'issuer non-cooperating' category
as AFPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2021, August 26, 2021, September 5, 2021.

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

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

Amul Feed Private Limited. (AFPL) incorporated in September 1997 as
Ahmad Vyapar Pvt Ltd, (AVPL) to setup a trading business near Patna
and remained dormant thereafter. During December 2003, present
promoters took over the business of AVPL and rechristened as AFPL
and initiated a hatchery business. In recent past, the company has
completed a poultry feed production unit at Ranipur Chak- Patna
with an installed capacity of 43200 MTPA. The unit has started
operation from January 2015. This apart the hatchery has a
production capacity of 2,60,000 unit of eggs per month. The
day-to-day affairs of the company are looked after by Mr. Ashok
Kumar Singh (Director) with adequate support from other three
directors and a team of experienced personnel.


ASSOCIATE BUILDERS: CARE Lowers Rating on INR7.15cr LT Loan to C
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Associate
Builders and Traders (ABT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.15      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

   Short Term Bank       1.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 20, 2020, placed the
rating(s) of ABT under the 'issuer non-cooperating' category as ABT
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ABT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 6, 2021, July 16, 2021, July 26, 2021.

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

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

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

Associate Builders & Traders (ABT) was established as a partnership
firm in 1996. The current partners of the firm are Mr. Atal Bihari
Tripathi and Mr. Santosh Kumar Tripathi having equal profit loss
sharing ratio. The firm is engaged construction of roads, flyovers,
civil construction etc. mainly in Uttar Pradesh region. The
majority of the contracts are obtained from Public Works Department
(PWD) and Municipal Corporation through competitive bidding
process. The realization happens on the basis of completion of
milestones and also on the monthly billing basis.

BYREDDY VISHNUVARDHAN: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Byreddy
Vishnuvardhan Reddy (BVR) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 23, 2017, placed the
rating(s) of BVR under the 'issuer non-cooperating' category as BVR
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BVR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2021, August 3, 2021, and August 13, 2021.

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

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

Kurnool-based Byreddy Vishnu Vardhan Reddy (BVR) was established by
an engineering graduate, Mr. Byreddy Vishnu Vardhan Reddy in the
year 1996 as a proprietorship concern. The firm is engaged in civil
construction works such as laying roads and irrigation works for
government organizations covering Road & Buildings Department (R&B)
and Panchayat Raj which are procured through tenders. Mr. Byreddy
Vishnu Vardhan Reddy is a Class – I contractor and has experience
of more than two decades in civil contract works. The firm has
executed several contracts since its inception and currently has an
order book worth around INR 30 crore as on March 26, 2019.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 4, 2020, placed
the rating(s) of DI under the 'issuer non-cooperating' category as
DI had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021, August 10, 2021.

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

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

Dropadi Industries (DI) was established in the year 1984 by Mr.
Anil Kejriwal with his father and brother as partners. Presently
Mr. Anil Kejriwal, Mr. Archit Kejriwal and Mr. Akshat Kejriwal are
managing the firm as partners. The firm is engaged in trading and
processing of wheat to manufacture different forms of flour such as
Maida, Rawa, Suji, and wheat flour (atta) with an installed
capacity of 80 tons per day at its plant located at Vasai,
Maharashtra. The firm operates in the domestic market under the
brand name of 'Trishul' and caters to bakeries and wholesale
traders across Maharashtra and Gujarat. DI procures raw material
i.e. wheat from various states like Gujarat, Madhya Pradesh, Uttar
Pradesh, Rajasthan, Delhi and Punjab through brokers.


EMERALD HEIGHTS: CARE Lowers Rating on INR23.39cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Emerald Heights Academy & Realty Private Limited (EHARPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.39       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 12, 2020, placed the
rating(s) of EHARPL under the 'issuer non-cooperating' category as
EHARPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EHARPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 28, 2021, July 8, 2021, July 18, 2021.

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

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

The ratings assigned to the bank facilities of EHARPL have been
revised on account of non-availability of requisite information.

Indore (Madhya Pradesh) based Emerald Heights Academy and Realty
Private Limited (EHARPL) was incorporated in January 1991 by Mr.
Muktesh Singh Girnar along with his family members with an
objective to provide educational support activities to Emerald
Heights School Samitee (EHSS) which runs a senior secondary day-cum
boarding co-educational school since 1982 under the name of Emerald
Heights International School (EHIS). EHAR has given two academic
buildings on lease to EHSS and also provide 700 bed hostel
facilities, catering, housekeeping and other service as well as
school training and coaching facility to EHSS. Further, the company
is also operating a pre-primary school.


FIVE CORE: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Five Core
Electronics Limited (FCEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      44.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of FCEL under the 'issuer non-cooperating' category as
FCEL had failed to provide information for monitoring of the
rating. FCEL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated June 28, 2021, June 18, 2021 and June 8, 2021.

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

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

The rating takes into account non-availability of information due
to non-cooperation by Five Core Electronics Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk.

Detailed description of the key rating drivers

At the time of last rating on July 23, 2020, the following were the
rating weaknesses and strengths:

CARE has not received any information from the company. However,
the company is under corporate insolvency resolution process in
NCLT.

FCEL was incorporated on April 11, 2002 by Mr. Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loudspeakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in April 2002 and its manufacturing
facility is located in Bhiwadi based, Rajasthan. FCEL belongs to
the 5 core group, based in New Delhi. The 5 core group was
established in 1983 and apart from FCEL, the group has six other
companies namely, Indian Acoustics Private Limited, 5 Core
Acoustics Private Limited, Visual & Acoustics Corporation LLP, EMS
& Exports, Happy Acoustics Private Limited and Digi Export Venture
Private Limited which are all involved in the same line of
business.


G3S BUILDERS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G3S
Builders Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 26, 2020, placed the
rating(s) of G3S under the 'issuer non-cooperating' category as G3S
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. G3S continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2021, July 22, 2021 and August 1, 2021.

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

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

G3S Builders Private Limited (G3S) was incorporated in 2013 as a
private limited company by Mr. Gulzar Singh and his family members.
G3S is engaged in civil construction work for private players in
Punjab, Uttarakhand and Haryana which includes infrastructure
development, construction of hospitals, educational institutes,
residential projects etc. The orders undertaken by the company are
secured through the competitive bidding process. The company also
executes subcontracts for other civil contractor players.


GATI INFRASTRUCTURE PVT: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Private Limited (GIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      229.23      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 25, 2020, placed the
rating(s) of GIPL under the 'issuer non-cooperating' category as
GIPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 11, 2021, July 21, 2021, and July 31, 2021.

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

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

Gati Infrastructure Pvt Ltd. (GIPL) is a special purpose vehicle
(SPV) promoted by Mr. M K Agarwal & associates along with his group
company – Amrit Jal Ventures P Ltd. (AJVPL) to set up a 110 MW
run-of-the-river, Chuzachen hydro-electric project (HEP) in the
state of Sikkim. The project is located on the tributaries of
Teesta River - Rangpo and Rangli, in east Sikkim. The project was
awarded to GIPL under an implementation agreement entered into
between Government of Sikkim (GoS), Sikkim Power Development
Company (SPDC) for a period of 35 years from commercial operating
date (COD).


GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited (GIBPPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      285.34      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2020, placed the
rating(s) of GIBPPL under the 'issuer non-cooperating' category as
GIBPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GIBPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 14, 2021, July 24, 2021, and August 03, 2021.

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

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

Gati Infrastructure Bhasmey Power Private Limited is a Special
purpose vehicle (SPV) promoted by Mr. M K Agarwal and an associate
company; Amrit Jal Ventures Pvt Ltd. (AJVPL) for setting up a 54 MW
(2 X 27 MW) (which was later revised to 62 MW) Run of the River,
Bhasmey Hydro Electric Power Project (BHEPP). The project is
located on the river Rangpo, a major tributary of Teesta River in
the East District of Sikkim. The project was awarded by Government
of Sikkim (GoS) and Sikkim Power Development Company (SPDC) on
Build, Own, Operate and Transfer (BOOT) basis for a period of 35
years from the scheduled Commercial Operations Date (COD). The
project was scheduled to be commissioned in March 2014.


GREEN MIRROR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green
Mirror Buildcon Private Limited (GMBPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 23, 2017, placed the
rating(s) of GMBPL under the 'issuer non-cooperating' category as
GMBPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GMBPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 23, 2021, July 3, 2021, July 13, 2021.

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

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

Incorporated in September 2013, Ahmedabad (Gujarat)-based GMBPL is
promoted by two promoters namely Mr. Suresh Badgujar and Mr.
Jitendra Badgujar. GMBPL is undertaking a greenfield project to
manufacture Autoclaved Aerated Concrete (AAC) blocks/bricks with
proposed installed capacity of 1,00,000 Cubic Meters per Annum
(CMPA) at its plant located at Kheda district of Gujarat.

IND-BARATH ENERGY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IND-Barath
Energy (Utkal) Limited (IEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      2,833       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated, placed the rating(s) of IEL
under the 'issuer noncooperating' category as IEL had failed to
provide information for monitoring of the rating and had not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. IEL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 6, 2021, June 16, 2021,
and June 26, 2021.

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

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

Ind-Barath Energy (Utkal) Limited (IEL) belongs to Ind-Barath group
and is a subsidiary (99.99%) of Ind- Barath Thermotek Private
Limited. IEL incorporated in April 2008 with the objective of
setting up a 700 MW (2*350 MW) coal based thermal power plant at
Sahajbahal, Jharsuguda District in Orissa. The project was earlier
envisaged to achieve Commercial Operations Date (COD) on March 31,
2015. The Company completed the trial runs for Unit I as on Mar.31,
2016 and obtained necessary regulatory approvals required to
commence commercial operations.


IND-BARATH POWER MADRAS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Power (Madras) Limited (IPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2,655      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of IPL under the 'issuer non-cooperating' category as IPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. IPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, and June 26, 2021.

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

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

Ind-Barath Power (Madras) Limited (IBP-Madras) belongs to
Ind-Barath group and is an SPV incorporated for implementation of a
coal-based thermal power plant with a capacity of 660 MW in
Tuticorin, Tamil Nadu. The project was earlier envisaged to achieve
COD in December 2013 which got revised to June 2016. However, due
to delay in civil works and due to laying of transmission lines and
grid connectivity issues the project construction got delayed and
revised the COD to June 30, 2016 but the project could not start.

IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of InD-Barath
Power Gencom Limited (IPGL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      228.38      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      96.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 20, 2015, placed
the rating(s) of IPGL under the 'issuer non-cooperating' category
as IPGL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IPGL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, and June 26, 2021.

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

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

Ind-Barath Power Gencom Limited (IPGL) belongs to Ind-Barath Group
and is a subsidiary (70.74%) of IndBarath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on 25th
July 2005, IPGL has set up a coastal coal based Thermal Power
Project of capacity 189 (3x63) MW power plant in Thoothukudi
District in Tamil Nadu. IPGL has Fuel Supply Agreement (FSA) in
place with the group's coal mine in Indonesia. Government of
Indonesia mining development could not start. The company has been
referred to Corporate Insolvency Resolution Process under Indian
Bankruptcy Code (IBC), 2016.


IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Thermal Power Limited (ITPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      940.56      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     75.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of ITPL under the 'issuer non-cooperating' category as
ITPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ITPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, and June 26, 2021.

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

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

Ind-Barath Thermal Power Limited (ITPL) is a special purpose
vehicle (70.26%) of Ind-Barath Power Infra Limited (IBPIL). It was
incorporated in January 2007 as IndBarath Power (Karwar) Limited
with the objective of setting up of a 300 MW (150 imported coal
based power plant at Hankon Village in Uttara Kannada district of
Karnataka. However, despite getting all statutory clearances
including Environment Clearance and Consent for Establishment,
commencement of construction activities at project site was held up
on account of protests from local political & environmental groups.
Hence, the company shifted the project to alternate location to
Tuticorin in Tamil Nadu. Consequent to the change in location, the
name of the company was changed to the current nomenclature. ITPL
commenced commercial operations on February 07, 2013 of Unit 1 and
in November 2013 of Unit 2. The company has been referred to
corporate insolvency resolution process (under IBC 2016).

INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indiamco
(I) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      14.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 9, 2020, placed
the rating(s) of Indiamco (I) under the 'issuer noncooperating'
category as I had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. I continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2021, August 5, 2021, August 15, 2021.

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

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

Established in 1972, Indiamco is engaged in trading of rough and
polished diamonds, antique and precious stones. The entity is
currently not a DTC sight holder and procures rough and
semi-finished diamonds locally from Surat and also imported (from
USA) around 94.47% in FY15 (vis-a-vis around 57.90% of total
purchases in FY14) of its requirements. During FY15, Indiamco
earned majority of its revenue by exports contributing around
97.82% of total income (vis-à-vis 79.78% in FY14) with exports to
USA and Hong Kong and the balance from the domestic market.


JANANI EXPORTS: CARE Lowers Rating on INR15cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Janani Exports (JE), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 4, 2020, placed
the rating(s) of JE under the 'issuer non-cooperating' category as
JE had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. JE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021, August 10, 2021.

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

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

The ratings assigned to the bank facilities of JE have been revised
on account of non-availability of requisite information.

Janani Exports was established as partnership in 2002, is engaged
in processing and trading of rough, cut and polished diamonds
ranging from 1 cent to 10 carat. JE has its processing plant
located at Surat and registered office in Bandra, Mumbai. JE is
primarily an export unit. JE purchases rough and semi-finished
diamonds from Belgium, Dubai and Israel.


KRISHNA EDUCATIONAL: CARE Lowers Rating on INR15cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Krishna Educational Trust (SKET), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 4, 2020, placed
the rating(s) of SKET under the 'issuer non-cooperating' category
as SKET had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKET continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021 and August 10, 2021.

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

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

Gurgaon-Haryana-based Shree Krishna Educational Trust (SKET) is a
non-profit trust incorporated in October 2007 by Mr. Vijay Gupta
and family members. The trust is currently running educational
institute named as 'Gurgaon College of Engineering for Women' in
Bilaspur-Tauru Road, near Manesar (district–Gurgaon), Haryana. In
Feb 2015, trust has entered into an agreement with Great Lakes
Institutes of Management (GLIM) for giving entire college premises
on lease for 30 years (i.e. till Jan 2046).

KSK ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ksk Energy
Limited (KEL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      195.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2020, placed the
rating(s) of KEL under the 'issuer noncooperating' category as KEL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 14, 2021, July 24, 2021, and August 3, 2021.

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

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

The KSK group has been promoted by Mr. Sethuraman Kishore and Mr.
K. A. Sastry and it is involved in consulting and developing power
projects since 1998. KSK Power Venture Plc (KSKPV), incorporated in
Isle of Man, is the holding company of KSK Group and is listed in
the London Stock Exchange (LSE). KEL, Mauritius, incorporated in
2005, is a wholly-owned subsidiary of KSKPV. KEL, through its two
subsidiaries KSK Energy Company Private Limited (KECPL) and KSK
Energy Ventures Limited (KEVL), is engaged in development of
various infrastructure (power and non-power) projects. KECPL via
its separate Special Purpose Vehicles (SPVs) provides services like
coal transportation, water supply and other infrastructure
activities to the power plants, while KEVL's core business is power
generation. KEL also undertook development of 250 MW solar project
under different SPVs of KSK group (125 MW in Tamil Nadu and 125 MW
in Rajasthan).


KSK WATER: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KSK Water
Infrastructures Private Limited (KWIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      636.73      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 28, 2020, placed the
rating(s) of KWIPL under the 'issuer non-cooperating' category as
KWIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KWIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 14, 2021, July 24, 2021, and August 3, 2021.

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

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

KSK Water Infrastructures Private Limited (KWIPL) is a Special
Purpose Vehicle (SPV) promoted by KSK group to supply water to its
3600 MW (600 MW X 6 units) under construction thermal power plant;
KSK Mahanadi Power Company Limited (KMPCL) at District Janjgir
Champa in the State of Chhattisgarh. KWIPL is setting up 3600 MW (6
x 600 MW) domestic coal based power project at Nariyara village,
Janjgir-Champa District of Chhattisgarh. There are three separate
SPV companies for water transportation (under KWIPL), mining of
coal and rail transportation infrastructure to support the
operations of KMPCL. There is proposal to merge the three SPVs with
KMPCL and the same is under process.


MAHATMA JYOTIBA: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahatma
Jyotiba Fule Vidhyapeeth Samiti (MJFVS) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.49       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           1.50       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of MJFVS under the 'issuer non-cooperating' category as
MJFVS had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MJFVS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021, July 30, 2021.

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

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

MJVS was established on 1994 under the Rajasthan Society
Registration Act, 1958, with an objective to provide education
services. The society is running various institutions under the
brand name "Mahatma Jyotiba Fule" (MJF) The society is currently
managed by Mrs Hansha Saini as its Chairman. The society under its
different institutions provides graduates/diploma courses in
Nursing Midwifery, Veterinary Science & Animal Husbandry,
Compounder diploma course, Bachelor of Ayurveda, Medicine and
Surgery (BAMS) and Bachelor of Education. The course being offered
is approved by Veterinary Council of India, while the nursing
courses are approved by Indian Nursing Council. The society also
runs two schools in the name of MJF Vidyapeeth Senior Secondary
School (Hindi-medium school) and Oasis Public School
(English-medium school).

PINK CITY: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pink City
Expressway Private Limited (PCEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,790.55     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 2, 2020, placed
the rating(s) of PCEPL under the 'issuer non-cooperating' category
as PCEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PCEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 19, 2021, July 29, 2021, August 8, 2021.

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

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

Pink City Expressway Private Limited (PCEPL) is an SPV formed by
ETA Group of Dubai and KMC Group of Hyderabad (51:49 JV). IKSHU
Infrastructure Pvt Ltd was inducted in FY13 with 13% stake dilution
by each of the sponsors. The company was incorporated on April 2,
2008 to undertake the improvement, operation and maintenance
including strengthening and widening of the existing 4-lane road to
6-lane highway with service lane on either side from 42.7 km to 273
km (a length of 225.6 km) in states of Haryana and Rajasthan on
NH-8 (Gurgaon-Kotputli-Jaipur Section) on BOT basis. The project
was awarded to a consortium led by ETA group of Dubai and KMC
Constructions Ltd. of Hyderabad on a competitive bidding process,
wherein the ETA-KMC consortium quoted the highest revenue share
(from toll collections) of 48.06% with NHAI which is expected to
increase 1% every year. The concession period is for 12 years till
April 2, 2021 (including original construction period of 30
months).


POLYBLEND COLOUR: CARE Lowers Rating on INR5.25cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Polyblend Colour Concentrate (PCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 4, 2020, placed
the rating(s) of PCC under the 'issuer non-cooperating' category as
PCC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PCC continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021, August 10, 2021.

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

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

The ratings assigned to the bank facilities of PCC have been
revised on account of non-availability of requisite information.

Polyblend Colours Concentrate (PCC) was established in 1996 as
partnership firm by Parmar family and is engaged in manufacturing
of Master batches, Pre- Dispersed Pigments, Mono Concentrates,
Paint & Ink Dispersion and Pre-Colored One Pack Stabilizer. The
firm is ISO 9001: 2000 certified entity. The products include
various types of master batches like opaque, transparent,
fluorescent, glow in dark, glitter, heat stable, pearl & metallic,
granite & marble, white & black, special master batches for fiber
extrusion, film extrusion, etc. PCC supplies pan India to various
industries viz. FMCG, Household products industry, Packaging
material industry, Furniture, etc. and procures raw material viz.
polymer, pigments, etc. majorly from Mumbai and Gujarat. The
registered office is located at Goregoan, Mumbai and manufacturing
unit is located at Dabhel, Daman.

PRITHVI PUMPS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prithvi
Pumps (PP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.46      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of PP under the 'issuer noncooperating' category as PP
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 10,
2021, July 20, 2021, July 30, 2021.

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

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

Rajkot (Gujarat) based, PP was established in the year 2005 as a
partnership firm. PP is promoted by Mr. Bhaveshkumar Bhandari, Mr.
Piyushkumar Gondaliya and Mr. Ketanbhai Vaghasiya. PP is engaged in
the manufacturing of submersible pumps and it is an ISO 9001: 2008
certified entity.

RAJALAKSHMI EDUCATIONAL: CARE Cuts Rating on LT Debt to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajalakshmi Educational Trust (RET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      246.36      CARE B+; Stable; Revised from
   Facilities                      CARE D; Stable outlook assigned

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of RET
takes into account the regularization of debt servicing for more
than 90 days.

The rating is constrained by RET's stretched liquidity profile
arising out of timing differences in cash flows with elongation in
collection period over the last three years, relatively moderate
size of operation with exposure to a single revenue stream,
moderately leveraged capital structure, exposure to group companies
and risks involved in the highly regulated educational sector.

The rating continues to derive strength from the established track
record and brand image of Rajalakshmi Engineering College (REC)
operated by the trust, vast experience of the trustees in running
educational institutions, healthy enrollment levels over the
years.

Rating sensitivities

Positive Factors – Factors that could lead to positive rating
action/upgrade

* Improvement in liquidity position with moderation of receivables
and sustained higher enrollment levels.

* Improvement in capital structure marked by improvement in overall
gearing

* Reduction in exposure to the group companies

Negative Factors –– Factors that could lead to negative rating
action/downgrade

* Delay in receipt of fee leading to worsening of liquidity
profile

* Any large debt funded capex leading to deterioration in capital
structure or debt coverage parameters.

* Drop in enrollment levels and further exposure to group
companies.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate-size of operations of the trust with single revenue
stream: The trust has been in operation for more than two decades
and the scale of operations continues to remain moderate with major
dependence on one institute (REC) for its revenue stream.
Rajalakshmi Engineering College (REC's) fee receipts contributed to
above 90% to the trust's total income with remaining from
Rajalakshmi School of Architecture (RSA). Nevertheless, the risk is
mitigated to an extent by the favourable brand image and
consistently high student enrolment levels at REC.

* Moderate Financial risk profile, however high exposure to group
companies: RET's has stable operating income, operating profit
margins and stable cash accruals, however it is largely
overshadowed by its high repayment obligations in the forthcoming
years and exposure to group companies. The total debt to GCA has
however improved from 6.37x in FY20 to 4.57x in FY21(P) owing to
higher student fee income and lower operating expenses in FY21(P)
due to Covid lockdown.

* Intermittent cash flow mismatch associated with educational
institutes: The cash flow management practice adopted by RET
assumes significance in light of the intermittent nature of cash
inflows as nearly 80% of the fee receipts are collected during the
months of June to August (in every academic year) while the trust
incurs regular stream of payments for meeting staff salary,
maintenance activities, interest expenses, term loan repayments,
etc. The intermittent cash flow mismatches faced by the trust
throughout the year are bridged by working capital facilities in
the form of overdraft facility and unsecured loans from the
trustees. The trust had been facing delays in fee collections,
primarily attributed to the COVID related disturbances which has
affected the liquidity position.

* Exposure to group companies: RET has invested a sum of INR24.2
crore during FY2016 in group entity Rajalakshmi Medical Education
and Research Foundation (RMEF) in a bid to acquire a Medical
College. The trust is likely to infuse additional amounts in
forthcoming years of FY22 & FY23 to complete its acquisition,
thereby increasing the overall exposure to the group entities which
is likely to impose strain on the leverage and liquidity position
of the trust. Apart from this the trust also has group exposure in
the nature of loans and other advances for maintenance of hostel,
canteen and other amenities.

* Highly regulated nature of industry: The outlook of educational
sector remains bright in light of rising population with growing
middle-class proportion, increase in income levels, and consequent
private spend on education, increase in variety of courses offered
by colleges and universities, growing emphasis of government on
developing Indian education, etc. Higher education sector is one of
the highly regulated sectors with both state and central government
regulating the industry directly and/or indirectly through various
bodies including UGC (University Grants Commission) and AICTE (All
India Council for Technical Education). The operating and financial
flexibility of the higher education sector are limited, as
regulations govern almost all aspects of operations, including fee
structure, number of seats, changes in curriculum and
infrastructure requirements.

Key Rating Strengths

* Experienced promoters with long track record in the industry:
Mr. S Meganathan, Chairman and Founder of Rajalakshmi Group of
Institutions, is an engineering graduate and has more than three
decades of experience in the education industry. His wife Dr.
Thangam Meganathan, Managing Trustee of Rajalakshmi Education
Trust, holds M.A., M.Phil., Ph.D. degrees and has nearly two
decades of experience in the education sector. Rajalakshmi Group of
Institutions encompasses seven institutions with interests in
engineering, management, nursing, architecture, teacher training
and a school, managed by different trusts. They are assisted by
their sons Mr. Abhay Shankar and Mr. Haree Shankar, the other
trustees of RET.

* Long standing operations of the institute with established brand
name and healthy students' enrolment level: Rajalakshmi Engineering
College (REC) is the flagship institute of the Rajalakshmi group of
educational institutions. REC has been operational since 1997 in
Chennai, with affiliation to Anna University. In AY2017-18, the
college attained autonomous status from UGC. This allows the
college to formulate new courses/programmes or restructure the
existing courses/programmes, with complete administrative autonomy.
REC garners above 90% students' enrolment level every year driven
by its established brand name and track record for campus
placements. For the past five academic batches ended AY2020-21,
RECs first year students' enrolment level for UG courses have been
in the range of 90%-97%.

* Stable income and cash accruals: In FY21(P), RET recorded a
PBILDT margin of 58.97% as against 47.9% in FY20 driven by revision
in fee structure for students under management quota and lower
operating expenses due to the lockdown. The enrolment ratio in
engineering courses has remained above 90% in the past five years.
The Trust generated GCA of INR43.05 crore in FY21(P) as against
INR35.03 crore in FY20.

Liquidity – Stretched

The trust has sanctioned overdraft (OD) facility of INR64 crore to
meet the working capital requirements. In every academic year,
majority of the fee collection happens in the months of June and
August. The cash flow mismatches faced by the Trust is bridged by
working capital facilities in the form of secured overdraft
facility and unsecured loans from the trustees. Due to the subdued
collection in FY21 on account of Covid, the collection days stood
at 89 days in FY21(P) against 64 days in FY20 thereby stretching
the operating cycle and the trust had to rely on temporary
overdraft limit on top of the sanctioned limits. Utilisation of
their OD limits on an average over the last 12 months remained
close to 100% with instances of overdrawals. Over the last 90 days
as well, the company has had instances of overdrawals, though it
has not exceeded 30 days. The Trust had a cash and bank balance of
INR4.62 crore as on March 31, 2021.

Rajalakshmi Educational Trust (RET) is a minority charitable trust
established in November 1995 by Dr. Thangam Meganathan, the
Chairperson & Managing Trustee. RET operates two colleges near
Chennai, Tamil Nadu - Rajalakshmi Engineering College (REC) and
Rajalakshmi School of Architecture (RSA). REC is an autonomous
institution, affiliated to Anna University, Chennai and offers
undergraduate (UG), post-graduate (PG) and doctoral (Ph.D)
programmes in the engineering domain.

RAJNIGANDHA MARBLES: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajnigandha
Marbles Private Limited (RMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.85       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 10, 2020, placed the
rating(s) of RMPL under the 'issuer non-cooperating' category as
RMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2021, July 6, 2021, July 16, 2021.

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

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

RMPL was incorporated in 1995 as a private limited company by
Agarwal family. RMPL is engaged in the processing and trading of
marble and granite slabs with an installed capacity of 5 lakh
square metre Per Annum for marble and 2 lakh square metre per annum
for granite and it sells its products both in domestic and export
market and mainly to Turkey, Egypt, Nepal and Bhutan.


RATNAPRIYA IMPEX: CARE Lowers Rating on INR3cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ratnapriya Impex Pvt. Ltd. (RIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE D; Revised from CARE BB-
   Facilities                      and removed from Credit watch
                                   with Negative Implications

   Short Term Bank
   Facilities           60.00      CARE D; Revised from CARE A4
                                   and removed from Credit watch
                                   with Negative Implications

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of RIPL
factors in overdrawal in the Cash Credit (CC) account following
devolvement of multiple letters of credit (LC) for more than 30
days attributable delay in realization from its customers. The
ratings are further constrained by low profitability margins owing
to trading nature of business, weak financial risk profile marked
by high gearing and weak debt coverage indicators, liquidity
constraints owing to stretched receivables which led to LC
devolvement, commodity price fluctuation and foreign exchange
fluctuation risk.  However, the ratings derive strength from
experience of promoters in trading of various commodities.

Rating Sensitivities

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

* Improved liquidity supported by increase in scale of operations
(above INR400 crore) and stable cash accruals of INR2.00 crore on
sustained basis.

* Improvement in PBILDT interest coverage ratio to more than 2.00x
on sustained basis.

* Improvement in collection period below 60 days.

Key Rating Weaknesses

* Stretched liquidity: Disrupted business operations owing to
outbreak of second wave of Covid-19 pandemic and stretched
receivables has further aggravated the liquidity woes of the
company. The delays in the realizations from customers led to
multiple LC devolvement and eventually overdrawal in the CC account
for more than 30 days. After applying for a One Time Restructuring
of its bank facilities under the Reserve Bank of India's (RBI)
guidelines issued on August 6, 2020, the same was invoked by the
lenders before December 31, 2020. Post restructuring, the company
was meeting its debt obligations until recently, however, there was
cash flow mismatch due to delay in realization from most of its
customers which resulted in multiple LC's being devolved and the
delays are ongoing since July 31, 2021.

* Low profit margins: On account of trading nature of RIPL and
intense market competition due to limited entry barriers and highly
fragmented nature of industry, company's PAT and PBILDT margin has
traditionally remained low. PBILDT margin of company has decreased
to 1.66% in FY20 (P.Y. 2.42%) on account of increase in cost of
procuring crude palm oil. Along with that, PAT margin has also
decreased to 0.09% for FY20 as against 0.38% for FY19 pertaining to
the increase in interest cost in line with increase in loan from
body corporates and higher utilization of working capital limits.

* Weak financial risk profile: RIPL has a leveraged capital
structure marked by high overall gearing and high total debt to GCA
ratio. The company's total debt to GCA has increased
disproportionately to 189.32x as on March 31, 2020 (P.Y. 52.54x)
which deteriorated due to low profitability and cash accruals in
FY20. The interest expense increased from INR3.50 crore in FY19 to
Rs.4.86 crore in FY20 on account of increase in unsecured
promoters' loan in FY20 and increase non-fund-based utilization.
The overall gearing deteriorated to 4.55x as on March 31, 2020 as
against 3.49x as on March 31, 2019.

* Commodity price fluctuation risk: The prices of oil seeds are
highly fluctuating as most regions dependent on monsoon rainfall.
Along with that as India imports 70% of its oil requirements from
imports thus fluctuations in international market also impacts the
prices of commodity in India. Palm oil prices are majorly
influenced by demand and supply situation in Indonesia and Malaysia
and regulation in those countries.

* Working Capital intensive nature of operations: The total debt
comprises of 95% non-fund based limits and 5% fund based limits and
no long term borrowing. The operating cycle has remained at similar
levels of 14 days (P.Y. 15 days). The company used to procure crude
palm oil against LC. The average utilization of non-fund based
working capital limits of RIPL stood high at around 99% during
trailing twelve months ending October, 2020. The company sells
goods on a credit period of 60-90 days to its customers. Liquidity
of the company remains stretched with current ratio of 1.16x as on
March 31, 2020 (PY: 1.08x).

Key Rating Strengths

* Experience of promoters in trading business: Mr. Vikas Gupta, the
Chairman, has more than 11 years of experience in sourcing of
commodities from international market and selling in domestic
market. He holds a bachelor degree from University of Sydney and is
supported by Mr. Pradeep Kumar Jain who recently joined the company
as a director. Mr. Pradeep Kumar Jain has an experience of over 41
years in the banking industry and looks after the finance
department of the company.

Ratnapriya Impex Pvt. Ltd. (RIPL), incorporated in June 2009, was
promoted by Mr. Rajan Jain and Mr. Gian Chand Jain with the purpose
of carrying trading business in commodities like edible oils,
oilseeds, metal scrap, etc. The company commenced operations from
June 2010. RIPL has depots/godowns in the major cities of Punjab,
Haryana and Himachal Pradesh. Presently, the company is managed by
Mr. Vikas Gupta, the director of the company who looks after the
overall functioning with support from Mr. Pradeep Kumar Jain who
recently joined the company as a director. In FY13, RIPL
discontinued trading of metal scrap. Presently, the company is
engaged in trading of crude palm oil (imported from Singapore,
Malaysia), Vanaspati, rice etc.


RLJ INFRACEMENT: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RLJ
Infracement Private Limited (RIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 26, 2020, placed the
rating(s) of RIPL under the 'issuer non-cooperating' category as
RIPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2021, July 22, 2021, August 1, 2021.

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

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

West Bengal-based RLJ Infracement Pvt Ltd (RLJIPL) was incorporated
in March 2008 as RLJ Steel Plant Private Limited. Thereafter, it
changed its name to RLJ Infracement Private Limited in November
2013. Its commercial operations commenced in September 2014. It is
managed by Mr. Manmohan Agarwal, Mr. Rameshwar Singh and Mr. Sneh
Jain. The company is engaged in the manufacturing and trading of
cement. The grinding unit for manufacturing Portland Pozzolana
Cement (PPC) is located in Chunar, Mirzapur, Uttar Pradesh. The
company procures packaging material from its group company "RLJ
Woven Sacks Private Limited" based in Kolkata. The company mainly
sells its products in the regions of Bihar and Uttar Pradesh under
the brand 'RLJ Captain King Cement'.

RMG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RMG
Developers Private Limited (RDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      50.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 30, 2020, placed the
rating of RDPL under the 'issuer non-cooperating' category as RDPL
had failed to provide information for monitoring of the rating.
RDPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 17, 2021;
August 27, 2021 and September 06, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on October 1, 2020 the following were
the rating strengths and weaknesses (updated for the information
available from registrar of companies):

Key Rating Weakness

* Delay in servicing of debt obligation: There have been delays in
the servicing of interest obligation by the company due on
September 30, 2020 as informed by the debenture trustee.

RDPL incorporated in June, 2006 is into real estate development. It
is part of Ninex Group engaged in diverse sectors such as real
estate, hospitality, manufacturing and education sector. The group
has successfully executed a number of projects including
residential buildings, malls, office complex, hotels etc.in Delhi
NCR with a total salable area of 27.82 lsf. Ongoing projects of the
group include 4 residential projects, two commercial and three
Hotels with a total salable area of 26.91 lsf.



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

TRADE ME: S&P Affirms 'B-' ICR on Dividend Recapitalization
-----------------------------------------------------------
On Sept. 29, 2021, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on New Zealand-based online classifieds
company Trade Me Group Ltd. and the 'B-' issue rating on its
first-lien debt. S&P also assigned its 'B-' issue ratings on the
new proposed first-lien term loan B issuance.

S&P said, "The stable outlook reflects our view that Trade Me will
maintain its leading market position in the online classifieds and
online marketplace in New Zealand over the next 12 months,
underpinning its revenues and cash flow as the country's economy
recovers.

"We affirmed the ratings on New Zealand-based online classifieds
company Titan AcquisitionCo New Zealand Ltd. (Trade Me) to reflect
the company's ability to undertake a refinancing of its capital
structure. This affirmation also takes into account the
distribution of approximately NZ$137 million cash dividend to the
company's financial-sponsor owner, APAX Partners LLP, which we view
as a credit negative. However, Trade Me's solid market position
across its key online segments coupled with good revenue visibility
can absorb the increased leverage and associated interest expense,
in our assessment."

Trade Me is raising about NZ$1.55 billion of secured term loans via
a first-lien US$775 million (NZ$1.09 billion equivalent) and a
second-lien NZ$465 million term loan facility. The company will use
the proceeds to refinance its existing first-and second-lien loans
as well as its NZ$388 million payment-in-kind (PIK) shareholder
loan. At the same time, it is proposing to distribute a NZ$137
million dividend to its shareholder, APAX Partners LLP. S&P notes
that the revolving credit facility (RCF) is undrawn and will remain
available after this transaction.

S&P said, "We forecast a S&P Global Ratings-adjusted debt-to-EBITDA
ratio of about 7.8x post-transaction, before deleveraging into the
mid-7.0x range during fiscal 2023. We also forecast Trade Me to
record an EBITDA interest coverage ratio of above 2.0x over fiscals
2022 and 2023." That said, the company's highly leveraged capital
structure exposes it to a sudden exogenous earnings shock and could
limit its ability to reduce debt.

S&P said, "The redemption of the group's existing PIK 5.4%
shareholder loan eliminates an escalating debt obligation for the
group, in our view. The proposed first-lien and second-lien term
loan B issuance with mandatory 1% amortization and 50% excess
cash-to-debt repayment sweep should, coupled with our forecast of
earnings growth, support deleveraging over the medium term.

"Given our forecast of positive FOCF generation, Trade Me should
gradually deleverage over the next two to three years."

This is supported by the company's good market position, high brand
awareness and strong customer loyalty across its online business
lines. The company's high EBITDA margins coupled with modest
capital expenditure levels (at about 10% of group revenues), should
support improving FOCF generation over the next 12 months. New
Zealand's recovery from the pandemic amid vaccine rollouts is
likely to support earnings growth across the company's online
segments, including Property, Motors, Jobs and Marketplace
classifieds.

S&P believes Trade Me can appropriately navigate through the
COVID-19 restrictions in New Zealand. The company's online
classifieds and marketplace businesses continue to operate under
Alert Level 2 restrictions in New Zealand, with marketplace
audience and listings remaining strong. In Auckland, Trade Me's
online businesses have reduced trade due to Alert Level 3
restrictions, however, the company is seeing solid listing volumes
under its Property and Jobs divisions. New Zealand was placed under
full Alert Level 4 restrictions on Aug. 17, 2021, that restricted
movement and trade to only the provision of essential services,
weighing on the company's earnings. Further, management has
responded to the current challenging operating environment after
reducing the company's cost base in June 2020, with a view to
improving and sustaining operating efficiencies.

S&P said, "Trade Me's fiscal 2021 results were much better than we
expected and revealed a strong recovery in operating and trading
conditions across the group's segments after the government eased
pandemic-related restrictions. In particular, the company's
Property and Marketplace divisions posted good revenue growth of
30% and 21%, respectively, for the third quarter of fiscal 2021.
This was because consumers took advantage of low interest rates and
high household savings to acquire and sell assets. That said, we
believe Trade Me remains exposed to fickle patterns of
discretionary consumer spending, which should pick up as the
economy gradually returns to normalized levels across 2022 and
2023.

"In our view, Trade Me has limited geographic diversity, a
relatively small user base by global standards and exposure to a
competitive and fast-moving technology-driven environment."

Offsetting these weaknesses, are Trade Me's leading market
positions and New Zealand-based incumbency in the online classified
and online marketplace segments. The company benefits from a highly
regarded brand in the New Zealand market with a high level of
customer loyalty and revenue visibility across its business
segments.

S&P's analysis does not incorporate parental support from the
financial sponsor owner during periods of financial stress.

S&P said, "Our rating analysis focuses on the ongoing
sustainability of the stand-alone business, which is burdened by a
highly leveraged balance sheet. Given that we treat APAX Partners
as a financial sponsor, we expect Trade Me's financial policy will
continue to exhibit a highly leveraged financial position.

"The stable outlook reflects our expectation that Trade Me will
maintain its leading market position in online classifieds and its
online marketplace in New Zealand over the next 12 months,
underpinning its revenue and cash generation as the New Zealand
economy recovers from pandemic-related disruptions.

"We also expect the company to delever over the next two years,
supported by satisfactory FOCF generation and mandatory
amortization on the company's term loan issuances.

"We could upgrade Trade Me if the company can successfully navigate
the ongoing operating challenges associated with COVID-19 and
sustainably strengthen its balance sheet. In this regard,
management would need to sustainably grow earnings and limit
capital management activity to support positive free cash flow
generation and allow its ratio of S&P Global Ratings-adjusted debt
to EBITDA to be sustained comfortably below 7.5x."

Downside scenario

S&P could lower the rating if Trade Me generated sustained negative
FOCF that results in heightened liquidity pressures, or undermines
the sustainability of the group's capital structure. This could
occur in the event of:

-- A material acceleration in customer churn or reduction in new
sales due to increasing competition that erodes the company's
market position and cash flow; or

-- Prolonged reinstatement of COVID-19 restrictions that limit
consumer activity and impairs Trade Me's earnings and cash
generation.

Established in 1999, Trade Me operates and manages New Zealand's
leading online classifieds across jobs, property, and autos, and an
online marketplace platform. The company also provides ancillary
services through payment processing, and general advertisements.
The company reported revenues of about NZ$299 million and EBITDA of
about NZ$197 million in the year ended June 30, 2021.



=================
S I N G A P O R E
=================

ASIA ENVIRO: Foo Kon Tan Appointed as Provisional Liquidators
-------------------------------------------------------------
Kon Yin Tong and Aw Eng Hai of Foo Kon Tan LLP on Sept. 21, 2021,
were appointed as provisional liquidators of Asia Enviro Holdings
Pte Ltd.

The provisional liquidators may be reached at:

         Kon Yin Tong
         Aw Eng Hai
         Foo Kon Tan LLP
         24 Raffles Place
         #07-03 Clifford Centre
         Singapore 048621


CHINA FISHERY: Unsecured Creditors to Recover 8.75% in PAIH Plan
----------------------------------------------------------------
Pacific Andes International Holdings Limited (Bermuda) and Certain
of its Affiliated Debtors submitted a Disclosure Statement in
connection with the First Amended Chapter 11 Plan of Reorganization
(the "PAIH Plan") dated September 27, 2021.

The Plan Debtors include Pacific Andes International Holdings
Limited (Bermuda) ("PAIH"), Pacific Andes International Holdings
(BVI) Limited ("PAIH BVI"), Nouvelle Foods International Ltd. (BVI)
("Nouvelle"), N.S. Hong Investment (BVI) Limited ("N.S. Hong"),
Clamford Holding Limited (BVI) ("Clamford"), and Pacific Andes
Enterprises (Hong Kong) Limited ("PAE (HK)").

The Debtors' chapter 11 cases have been consolidated for procedural
purposes only and are being administered under the caption China
Fishery Group Limited (Cayman), Case No. 16-11895 (JLG).

On September [27], 2021, certain members of the PAIH Group entered
into those certain Sale Transactions SAs, subject to Bankruptcy
Court approval.

Due to the corporate structure, the business organization and the
companies' operations, the restructuring of the Debtors will be
implemented through three separate chapter 11 Plans: (i) the CFG
Peru Plan, which was proposed by the Creditor Plan Proponents and
previously confirmed by the Bankruptcy Court by the CFG Peru
Confirmation Order dated June 10, 2021, through which, inter alia,
the interests in CFGI were or will be distributed to holders of the
Club Facility Claims and Senior Note Claims in full satisfaction
and payment of the funded debt of the CFG Debtors; (ii) a Joint
Debtor Plan, which addresses and satisfies the claims of the
certain Debtors within the CFGL Group and PARD Group; and (iii) the
PAIH Plan which addresses and satisfies the claims of the creditors
within the PAIH Group.

The PAIH Plan authorizes and approves the sale of certain non
Debtor subsidiaries' real estate holdings and/or Interests in such
entities in exchange for the Sale Transactions Proceeds pursuant
to, inter alia, Bankruptcy Code Sections 1123(a)(5) and 1141.
Specifically, the PAIH Plan provides for the sale of Interests in 6
Property Owning Companies, which hold Real Property in Hong Kong
and Japan, and the sale of Real Property held by PAE (HK).

The Sale Transactions Proceeds, along with all other residual
assets inclusive of the proceeds of the release of the Maybank
Share Pledge, shall be distributed (i) to satisfy and pay the
Allowed Administrative Expense Claims (including those of certain
related parties that advanced sums to fund operations and
professional expenses during the course of the Chapter 11 cases)
and other priority claims; (ii) to satisfy and pay the Maybank
Secured Facility Claim through an aggregate payment of $4.0
million; (iii) to satisfy and pay allowed unsecured claims of the
creditors of PAIH and PAIH (BVI) an amount equal to approximately
8.75% of their Allowed General Unsecured Claims; (vi) to satisfy
and pay the Allowed PAE HK Loan Claim in an amount equal to 60% of
the Allowed claim amount; and (v) to satisfy and pay allowed
unsecured claims of Teh Hong Eng from any Residual Assets.

All Intercompany Claims (except for Intercompany Claims that become
Allowed Administrative Claims or Allowed general unsecured claims),
shall be deemed satisfied and extinguished under the PAIH Plan.
Further, the Qingdao Related-Plant Facilities Claims, which consist
of claims arising from guarantees or expired guarantees of loans
secured by property in the People's Republic of China (excluding
Hong Kong SAR), shall be satisfied in full through their secured
interests in the Qingdao Related-Plant and through actions
previously taken by these creditors in the PRC.

The PAIH Plan contemplates the appointment of a Plan Administrator
to administer the wind down of the Plan Debtors and their non
Debtor affiliates in the PAIH Group. Upon confirmation of the PAIH
Plan, the Plan Administrator shall be authorized to take all
corporate actions necessary consistent with applicable non-United
States law to wind down and liquidate the Plan Debtors.

The PAIH Plan intends to satisfy the claims of the creditors of the
Plan Debtors through, among other things, (i) payment of cash from
the Sale Transactions Proceeds and liquidation of other residual
assets (including any preserved claims and causes of action),
and/or (ii) distribution of property interests held to secure
certain claims.

Attorneys for Plan Debtors:

     KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP
     Tracy L. Klestadt
     John E. Jureller
     Brendan M. Scott
     200 West 41st Street, 17th Floor
     New York, New York 10036
     Telephone: (212) 972-3000
     Facsimile: (212) 972-2245

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore). Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors. The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent. Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


KITCHEN CULTURE: To Unwind Unapproved Payment
---------------------------------------------
The Business Times reports that embattled household furniture and
accessories distributor Kitchen Culture Holdings on Sept. 29
announced that it is unwinding the transfer of US$480,010 by
subsidiary KC Technologies to participate in a scheme to provide
support to e-commerce merchants.

BT relates that Kitchen Culture is also unwinding two transactions:
an agreement between KC Technologies and Sino Allied (HK) Limited
dated June 1, and an undated agreement between the subsidiary and
Wisechain Fintech (HK) Limited.

According to the report, Kitchen Culture had transferred the amount
to Sino Allied on June 25.

However, Kitchen Culture disclosed in a bourse filing on Sept. 29
that "formal board approval was not obtained before execution of
the transactions and the transfer".

"With the benefit of legal advice, the board has deliberated the
circumstances surrounding the transactions and the transfer and
have resolved to procure KC Technologies to take steps to unwind
the transactions and the transfer," the group said, notes the
report.

Further, the board of Kitchen Culture revealed that a report had
been lodged with the Commercial Affairs Department (CAD) on Aug. 6
against interim chief executive officer Lincoln Teo Choong Han, BT
notes.

                       About Kitchen Culture

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

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

REIT JAPAN: Members' Final Meeting Set for November 1
-----------------------------------------------------
Members of Reit Japan Investments Holdings Pte. Ltd will hold their
final meeting on Nov. 1, 2021, at 10:00 a.m., at 80 Robinson Road,
#02-00, in Singapore 068898.

At the meeting, the company's liquidator, will give a report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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




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

DAEWOO SHIPBUILDING: Deadline for DSME Deal Moved for Fifth Time
----------------------------------------------------------------
Yonhap News Agency reports that Korea Shipbuilding & Offshore
Engineering Co. (KSOE) said Sept. 30 that it has agreed with the
state-run lender Korea Development Bank (KDB) to push back the
deadline for finalizing a deal to buy Daewoo Shipbuilding & Marine
Engineering Co. (DSME) by three months to the end of the year.

KSOE and KDB, the main creditor of DSME, delayed the deal for the
fifth time since March 2019, when the two companies signed a deal
for KSOE's acquisition of a 55.72 percent stake in DSME, which had
been stuck in a severe cash shortage since 1999, KSOE said in a
regulatory filing, Yonhap relays.

In a bid to finalize the deal, KSOE has to get approval from South
Korea, China, Singapore, Kazakhstan, Japan and the European Union,
but only three countries -- China, Kazakhstan and Singapore -- have
given the green light, the report notes.

Yonhap says the approval by the EU has been considered crucial for
the combination of KSOE and DSME.

The deal could create the world's biggest shipbuilder with a 21
percent market share, Yonhap states.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding & Marine
Engineering Co. -- http://www.dsme.co.kr/-- is engaged in building
ships and offshore structures.  Its product portfolio includes
commercial ships, such as liquefied natural gas (LNG) carriers, oil
tankers, containerships, liquefied petroleum gas (LPG) carriers,
pure car carriers; offshore structures, such as FPSO vessels,
drilling rigs, drillships and fixed platforms, and naval vessels,
including submarines, destroyers, rescue ships and patrol boats.




=================
S R I   L A N K A
=================

AMANA BANK: Fitch Affirms 'BB+(lka)' National LT Rating
-------------------------------------------------------
Fitch Ratings has affirmed Amana Bank PLC's National Long-Term
Rating at 'BB+(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

Amana's National Long-Term Rating, which is driven by its intrinsic
financial strength, is highly influenced by the challenging
operating environment and its asset quality. Its rating also
compares its small and developing franchise against peers, and
considers its high-risk appetite stemming from its large exposure
to retail and SME customers, which are more susceptible to
deteriorating economic conditions.

Sri Lanka's real GDP contracted by 3.6% in 2020 as key economic
sectors were severely disrupted by the coronavirus pandemic and the
lockdowns to control the spread of the virus. Fitch expects
economic growth to rebound by 3.8% in 2021 and 3.9% in 2022, but
this will depend largely on the containment of new Covid-19 cases
in the country. The outlook on the operating environment assessment
is maintained at negative to reflect the potential for further
deterioration in the sovereign credit profile or pressure on
domestic operating conditions beyond Fitch's expectations
independent of changes in the sovereign rating (CCC).

Amana's high risk appetite is reflected in its significant exposure
to the retail and SME segments (63% of its total loans at end-2020,
2019: 69%) and high growth. The bank's loan book expanded by 11%
yoy in 1H21, after expanding by less than 10% for 2019 and 2020
amid operating environment challenges, although medium-term loan
growth is likely to be higher than the sector.

Fitch expects Amana's asset-quality metrics to remain under
pressure in the near to medium term as relief measures are
gradually phased out, although the deterioration could be masked by
planned high loan growth. Amana's stage 3 loan ratio deteriorated
to 4.4% of total gross loans by end-2020 from 3.8% at end-2019
driven by defaults in the SME segment. Fitch expects the increase
in impaired loans to outpace loan book expansion in the near to
medium term resulting in a higher impaired-loan ratio for 2021 and
2022, although it would likely remain below 5%.

Fitch expects faster loan growth - particularly in the
high-yielding retail segments - to boost Amana's profitability,
although this could bring with it higher credit costs. Amana's
operating profit/risk-weighted assets improved to 1.7% in 1H21
(2020: 1.6%, 2019: 2.0%), similar to peers, as loan growth picked
up, having declined since end-2018 due to subdued credit growth and
thinner net interest margins. Credit costs remained substantial
accounting for 28% of pre-impairment operating profit (2020: 31%,
2019: 17%).

Fitch estimates that Amana has a capital shortfall of around LKR8
billion to meet the enhanced regulatory minimum capital of LKR20
billion by the extended deadline of end-2022 based on its current
capital position. Fitch believes earnings retention alone is
unlikely to be sufficient to make up the shortfall, and will need
an equity injection. Amana last raised equity capital of LKR4.6
billion in July 2017 mostly via strategic investors to reach
regulatory capital requirement then of LKR10 billion. The bank's
common equity Tier 1 ratio declined to 13.5% by end-1H21 from 15.6%
at end-2020 alongside loan growth.

Fitch expects Amana's loan-to-deposit ratio (LDR) to increase in
the medium term to over 80% as the bank uses excess liquidity built
up in recent years to fund loan growth. The bank's LDR declined to
77% by end-2020 (2017 -2019 average: 85%), the lowest among the
peers, due to muted loan growth and healthy deposit flows, but
picked up slightly in 1H21 to 78% as lending resumed. Amana
continues to maintain liquidity through cash and placements in the
absence of sharia-compliant instruments locally.

RATING SENSITIVITIES

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

-- Enhancement of Amana's franchise together with a sustained
    improvement in its financial profile leading to an improved
    intrinsic credit profile relative to the universe of Sri
    Lankan entities rated on the National Rating scale could
    support an upgrade.

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

-- A material deterioration in loss-absorption buffers through
    excessive growth, weaker earnings or a greater share of
    unprovided stage 3 loans, beyond Fitch's expectations could
    result in a downgrade.

HOUSING DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating
----------------------------------------------------------------
Fitch Ratings (Lanka) Limited has affirmed the National Long-Term
Rating of Housing Development Finance Corporation Bank of Sri
Lanka's (HDFC) at 'BB+(lka)'. The Outlook is Stable. The bank's Sri
Lankan rupee senior unsecured debt has also been affirmed at
'BB+(lka)'.

KEY RATING DRIVERS

HDFC's rating is driven by its standalone credit profile, which in
turn is highly influenced by Fitch's assessment of the operating
environment and asset quality, reflecting the bank's high-risk
appetite. Its weaker-than-average asset quality stems from its
large exposure to low- and middle-income customers, who are more
susceptible to economic and interest-rate cycles. The rating also
captures HDFC's limited access to capital markets and small
franchise in the domestic banking sector.

An increasingly challenging operating environment is likely to
affect the performance of Sri Lankan banks, including HDFC. Sri
Lanka's real GDP contracted by 3.6% in 2020 as key economic sectors
were severely disrupted by the Covid-19 pandemic and the lockdowns
that followed. Fitch expects economic growth to rebound to 3.8% in
2021 and 3.9% in 2022, but this forecast is subject to high
uncertainty that depends on the path of the pandemic.

HDFC's asset-quality risks are likely to extend into 2022, similar
to Fitch's view on the sector, due to the prolonged economic
disruption from the measures to curb the spread of the virus.
HDFC's impaired loan ratio - based on stage III loans of 33.4% at
end-2020 (2019: 25.2%), which include loans backed by the Employee
Provident Fund (EPF) that are in arrears - was the highest amongst
Fitch-rated local banks (median: 8.8%). The Central Bank of Sri
Lanka reimburses HDFC annually for EPF-backed loans in arrears for
more than three months, and as such there have been no losses so
far.

Nonetheless, the bank's asset-quality metrics excluding EPF-backed
loans are higher than peers' as reflected in HDFC's high regulatory
non-performing loans excluding EPF loans in arrears (three-months
past due) of 22.7% by end-1H21 (2020: 20.2%), which is
substantially higher than the sector's 5.0%. This reflects HDFC's
concentration of credit risk in the low- and middle-income
housing-finance market. Loan loss coverage was low and only
adequate to cover around 10% of impaired loans in 2018-2020,
reflecting high collateralisation due to HDFC's large share of EPF
and residential housing-backed lending (56% of total loans at
end-1H21).

Fitch expects HDFC's profitability to remain under pressure in 2021
due to high credit costs, but this should improve in 2022 through
increasing business volumes, despite still high, albeit declining,
credit costs. HDFC's operating profit/risk weighted assets (RWA)
ratio remained flat at 4.7% at end-2020, before the ratio declined
to 4.3% at end-1H21 with increased loan-impairment charges. Despite
that, HDFC's profitability continued to be higher than that of
peers, benefiting from lower risk density due to EPF-backed loans
and mortgage-backed housing loans, which are risk weighted at 0%
and 50%, respectively (peer median operating profits/RWA: 2.9% at
end-1H21).

Our assessment of HDFC's capitalisation captures its relatively
small capital base (LKR6 billion at end-1H21), and its limited
access to capital due to state's weakened ability to participate in
the bank's capital through rights issues. This has exposed HDFC's
capitalisation to profitability and asset-quality shocks more than
its peers. Nonetheless, HDFC's regulatory capital ratios remained
higher than peers with common equity Tier 1 ratio of 21.2% at
end-1H20 (peer median 13.5%), underpinned by its low risk density
(RWA / total assets of 43% at 1H21). Fitch estimates that
additional capital of around LKR1.3 billion would be needed for
HDFC to meet the enhanced regulatory capital threshold of LKR7.5
billion by the extended deadline of end-2022, for which the bank
may require additional external capital as internal capital
generation may not be enough to meet the capital shortfall.

HDFC is more prone than peers to liquidity risk in the medium term
due to its high asset and liability mismatches, reflecting its
longer-tenor loan book and short-tenor deposit base, and high
deposit concentration. However, its near-term liquidity pressure
has eased due to muted loan growth, as reflected in the decline in
its loans/deposits ratio to 86.9% by end-1H21 from 88.9% at
end-2020. The bank's liquidity coverage ratio dropped to 101% by
end-1H21 from 138% at end-2020, due to change in tenor of a
financial investment, but this remained higher than the regulatory
minimum of 90%.

HDFC is a small state-owned Licensed Specialised Bank that mainly
engages in housing financing as part of its quasi-development role
to supports the state's national housing policy. The bank accounted
for 0.4% of sector assets at end-June 2021 and operates with 39
branches.

SENIOR DEBT

HDFC's outstanding senior unsecured debentures are rated at the
same level as its National Long-Term Rating in accordance with
Fitch's criteria. This is because the issue ranks equally with the
claims of the bank's other senior unsecured creditors.

RATING SENSITIVITIES

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

-- An upgrade is contingent on a sustained improvement in HDFC's
    credit profile relative to the universe of Sri Lankan entities
    rated on the National Rating scale. Stabilisation of the
    operating environment and improvement in the bank's asset
    quality and market share, while maintaining adequate capital
    buffers commensurate with a high-risk appetite, would be
    consistent with positive rating action.

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

-- HDFC's rating could be downgraded if capital buffers were to
    be substantially eroded due to weakening asset quality, higher
    unprovisioned impaired loans or prolonged rapid growth in the
    more vulnerable customer segments.

-- The ratings of the senior unsecured debentures will move in
    tandem with HDFC Bank's National Long-Term Ratings.

SANASA DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating
---------------------------------------------------------------
Fitch Ratings (Lanka) Limited has affirmed the National Long-Term
Rating of SANASA Development Bank PLC (SDB) at 'BB+(lka)'. The
Outlook is Stable.

KEY RATING DRIVERS

SDB's rating is highly influenced by Fitch's assessment of the
operating environment and its high risk appetite as reflected in
the bank's larger-than-peer exposure to SMEs, which are highly
susceptible to interest rate cycles, as a product of its business
model. Fitch's assessment of the high risk appetite also captures
SDB's aggressive loan growth, which was at 19.5% in 2020 relative
to the sector's 11.9% and the peer median of 8.9%.

The operating environment for Sri Lankan banks remains challenging.
Real GDP contracted by 3.6% in 2020 as key economic sectors were
severely disrupted by the Covid-19 pandemic and the lockdowns that
followed. Fitch expects economic growth to rebound to 3.8% in 2021
and 3.9% in 2022, but this forecast is highly uncertain and depends
on the path of the pandemic.

Fitch estimates SDB's common equity Tier 1 ratio (CET1) was around
13.4% at end-August 2021 (including the profit for the period)
after a LKR3.6 billion capital infusion through a secondary public
offering. The bank also raised LKR1.5 billion in equity capital in
December 2020, which lifted its CET1 ratio to 9.9% from 8.2%. The
capital infusions were prompted by the need to replenish the bank's
capital buffers. SDB's capital consumption is high compared with
its peers due to loan growth that has outpaced internal capital
generation, which, together with its exposure to more vulnerable
customer segments, could exert pressure on capital buffers.

That said, Fitch believes SDB's capital buffers are likely to
remain adequate to absorb credit cost shocks in the near term,
supported by its gradually improving profitability through
increasing operating scale, which will likely benefit its income
generation and cost efficiency.

Fitch expects SDB's profitability to improve in the medium term,
underpinned by better income generation and cost efficiency. SDB
has increased its reliance on digital channels to increase its
penetration into its customer segments, which should help the bank
to reduce its high cost-to-income ratio, which fell to around 63%
by end-June 2021 from 69% at end-2019. SDB's operating
profit/risk-weighted assets increased to 2.1% in 2020 from 1.6% at
end-2019 due to low impairment charges, underpinned by regulatory
forbearance on bad-loan classification. The ratio dropped to 1.9%
by end-1H21 as the bank increased its provisioning amid a
re-imposition of lockdown measures.

SDB's asset-quality risk is likely to persist, similar to its
peers, stemming from Fitch's assessment of the operating
environment. Continuing regulatory relief from the extended
moratorium by the Central Bank of Sri Lanka could push the
recognition of impairment into 2022. This will be exacerbated by
SDB's fast loan growth, particular to SMEs, which may lead to a
significant increase in impaired loans as the portfolio seasons.
SDB's stage 3 impaired loan-to-gross loan ratio fell to 6.4% by
end-2020 from 7.0% at end-2019 due to loan growth that exceeded the
absolute increase in impaired loans. Loan-loss allowance covered
around 48.8% of stage 3 loans at end-2020 (2019: 46.8%), which
compared well with the peer median of 42%, reflecting SDB's
collateral-backed lending.

Fitch does not expect near-term pressure on SDB's liquidity as the
bank has not fully utilised the proceeds from the recent fund
raising.

Its loan/deposit ratio remained flat at 113.4% at end-1H21 (2020:
113.6%), which is higher than its peer median of 89.4%, reflecting
SDB's lower-than-peer deposit share in the funding mix (1H20: SDB
79% versus peer median 89%). Nonetheless, the share of deposits
from Sanasa societies and co-operatives of around 31% was
significant as of end-2020. These deposits are likely to remain a
stable source of funding for SDB. The bank has accessed funding
from foreign development-finance agencies to support its business
model of serving the rural and underbanked communities in Sri
Lanka.

RATING SENSITIVITIES

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

-- An upgrade of SDB's rating is contingent on a sustained
    improvement in its credit profile relative to the universe of
    Sri Lankan rated entities. Sustained improvement in SDB's
    capital buffers commensurate with its high-risk appetite,
    particularly through improved internal capital generation,
    alongside an enhanced market share, would lead to positive
    rating action. Moderation in SDB's risk appetite, particularly
    through a slowdown in loan expansion into highly vulnerable
    market segments, would also be positive for the rating.

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

-- SDB's rating could be downgraded if capital buffers were to be
    substantially eroded due to weakening asset quality, higher
    under-provisioned impaired loans or prolonged rapid loan
    growth in the more vulnerable customer segments, which
    indicates a significantly higher risk appetite.

ISSUER PROFILE

SDB, established in 1997, is a small licensed specialised bank
accounting for 0.9% of banking sector assets at end-1H21. The bank
mainly caters to the retail, SME and cooperative segments in Sri
Lanka and operates with 94 branches as of end-2020.


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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.

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