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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

          Monday, October 4, 2021, Vol. 24, No. 192

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2021-1: Moody's Gives B2 Rating to AUD2.6MM F Notes
BRISBANE VALLEY: Second Creditors' Meeting Set for Oct. 11
FLEXICOMMERCIAL ABS 2021-2: Moody's Gives (P)B2 Rating to F Notes
GEROBIN FINANCES: Chapter 15 Case Summary
GREENSILL CAPITAL: Bluestone Said to Offer $300M to Credit Suisse

KIKKI.K: Gets Last Minute Reprieve from Liquidation
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class E Notes to Ba1
POWERARK SOLAR: Second Creditors' Meeting Set for Oct. 11
PURE STRATEGY: ASIC Cancels Australian Financial Services Licence


C H I N A

CHINA EVERGRANDE: Makes Partial Repayment to Onshore Investors
CHINA EVERGRANDE: Misses Second Offshore Bond Payment
ENN NATURAL: Moody's Affirms Ba1 CFR, Outlook Remains Stable
LIONBRIDGE FINANCING: Moody's Assigns First Time 'Ba3' CFR


I N D I A

AIR INDIA: Government May Announce Winning Bid by Mid-October
APAR CHARITABLE: ICRA Keeps B Debt Rating in Not Cooperating
AZURE POWER: Fitch Assigns Final BB+ Rating on USD414MM Notes
CAMELLIA INFRA: ICRA Keeps B+ Issuer Rating in Not Cooperating
CORE GREEN: ICRA Moves D Debt Ratings to Not Cooperating

ERODE TEXTILE: ICRA Keeps B- Debt Rating in Not Cooperating
EXPERT EDUCATIONAL: ICRA Cuts Rating on INR50cr LT Loan to B+
FUTURE GROUP: Reliance Extends Deadline to Conclude Buyout Deal
GEEKAY STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

KIARA JEWELLERY: ICRA Keeps B Debt Rating in Not Cooperating
LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating
MAK CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
MAX PROPERTIES: ICRA Keeps D Debt Rating in Not Cooperating
MID WEST BUILDERS: ICRA Keeps B Debt Rating in Not Cooperating

MIRAYA REALTY: ICRA Lowers Rating on INR37.50cr NCD to D
NEELSON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
OSHIYA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
PRAGYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating

RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
S.V. PATEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAI-TECH PHARMACEUTICALS: Insolvency Resolution Case Summary
SHARADHA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating
SOMA NUTRITION: ICRA Keeps D Debt Ratings in Not Cooperating

SUNIL INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUNNY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
TRIMURTHI HITECH: ICRA Keeps C+ Debt Rating in Not Cooperating
UNIQUE GEMSIN: ICRA Keeps B+ Debt Rating in Not Cooperating
VADIM INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating

VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
WOODIND: ICRA Keeps D Debt Ratings in Not Cooperating
YASHASHREE TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
ZENITH AUTOMOTIVE: Insolvency Resolution Process Case Summary


I N D O N E S I A

BAYAN RESOURCES: Moody's Ups CFR to Ba2 & Alters Outlook to Stable


N E W   Z E A L A N D

TITAN ACQUISITIONCO: Moody's Affirms B2 CFR, Alters Outlook to Neg.


P H I L I P P I N E S

PHILIPPINE AIRLINES: Gets Court's OK to Access $505MM DIP Funding


S I N G A P O R E

REEBONZ: Building to go on Sale to Pay Debts as Company Winds Up

                           - - - - -


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A U S T R A L I A
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ALLIED CREDIT 2021-1: Moody's Gives B2 Rating to AUD2.6MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by AMAL Trustees Pty Ltd (the Trustee)
as trustee of Allied Credit ABS Trust 2021-1.

Issuer: Allied Credit ABS Trust 2021-1

AUD152 million Class A Notes, Assigned Aaa (sf)

AUD13.8 million Class B Notes, Assigned Aa2 (sf)

AUD11.4 million Class C Notes, Assigned A2 (sf)

AUD7 million Class D Notes, Assigned Baa2 (sf)

AUD9.8 million Class E Notes, Assigned Ba2 (sf)

AUD2.6 million Class F Notes, Assigned B2 (sf)

AUD3.4 million Class G Notes are not rated by Moody's

Allied Credit ABS Trust 2021-1 is the second term securitisation of
loans backed by motor vehicle, motorcycle, marine and other assets
by Allied Credit Pty Ltd (Allied Credit, unrated).

The securitised loans are predominantly consumer loans, backed by
motor vehicles (57.0%), motorcycles (26.6%), marine assets (14.6%)
and other assets (1.7%). The loans were originated by entities
either 100% owned by Allied Credit or 50% owned by Allied Credit
together with a joint venture partner. All receivables were
underwritten by Allied Credit. The receivables are serviced by
Allied Retail Finance Pty Ltd (ARF, unrated), a wholly owned
subsidiary of Allied Credit.

Allied Credit, a privately owned company, was established in 2010
with a primary focus on financing of motorcycle and marine consumer
loans. In 2019, Allied expanded into financing of auto loans.
Allied Credit's total loan book was around AUD520 million as of
July 31, 2021.

RATINGS RATIONALE

The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 2.00% of the
rated notes balance, the legal structure, and the experience of
Allied Credit as servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical performance data available for auto loans. With just
over two years of performance data available, future performance of
auto loans could be subject to greater variability than the current
data indicates.

Key transactional features are as follows:

Once step-down conditions are satisfied, all notes, excluding
Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 30% subordination to
the Class A notes and no unreimbursed charge-offs.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming certain
prepayments.

AMAL Asset Management Limited is a back-up servicer. If ARF is
terminated as servicer, AMAL will take over the servicing role in
accordance with the standby servicing deed and its back-up
servicing plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 29%. Moody's mean default for
this transaction is 5.9%. The assumed recovery rate is 27%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

The assumed default rate and PCE are higher than for Allied
Credit's previous securitisation, Allied Credit ABS Trust 2020-1
(default rate of 5.2% and PCE of 27.5%), reflecting the stresses
applied to the auto sub-portfolio due to short period of available
historical data.

Key pool features are as follows:

The pool consists of 88.6% consumer loans and 11.4% of commercial
loans.

Interest rates in the portfolio range from 2.90% to 17.95%, with a
weighted average interest rate of 10.3%.

The weighted average seasoning of the portfolio is 12.2 months,
while the weighted average remaining term of the portfolio is 52.9
months.

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

BRISBANE VALLEY: Second Creditors' Meeting Set for Oct. 11
----------------------------------------------------------
A second meeting of creditors in the proceedings of Brisbane Valley
Civil Pty Ltd has been set for Oct. 11, 2021, at 3:00 p.m. via
teleconference facilities.

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. 8, 2021, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Brisbane Valley on Sept. 3, 2021.


FLEXICOMMERCIAL ABS 2021-2: Moody's Gives (P)B2 Rating to F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2021-2.

Issuer: flexicommercial ABS Trust 2021-2

AUD201.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD31.80 million Class B Notes, Assigned (P)Aa2 (sf)

AUD15.60 million Class C Notes, Assigned (P)A2 (sf)

AUD10.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD16.50 million Class E Notes, Assigned (P)Ba2 (sf)

AUD6.60 million Class F Notes, Assigned (P)B2 (sf)

The AUD18.00 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. flexicommercial Pty Ltd will act as servicer of the
transaction. This is flexicommercial's second auto and equipment
asset backed securities transaction for 2021.

Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanner, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its focus towards commercial lending
via broker distribution predominantly via broker originated
transactions that fund larger ticket "primary" assets such as
trucks, trailers and construction equipment, which form the
majority of the portfolio.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

There is a limited performance history for flexicommercial's
broker originated "primary" asset receivables that constitute most
of this portfolio. Although flexicommercial have been originating
commercial equipment loans and leases for over 20 years they
shifted focus from point-of-sale originated "tertiary" assets to
broker originated larger ticket "primary" assets in early 2018.

The evaluation of the underlying receivables and their expected
performance;

The fact that approximately 80% of the receivables were extended to
the obligors on a no-income verification basis, referred to as
"Matrix". The Matrix product allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;

The interest rate swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)).

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 33.00%, 22.40%, 17.20%, 13.70%, 8.20%
and 6.00% of note subordination, respectively.

The notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A Notes is at least 45%. Should the
Class A Notes credit enhancement exceeds 45% the Class A to Class F
Notes will be paid pro-rata and senior to the Class G Notes until
such point that the Class G Notes subordination equals or exceeds
12%. At that point Class A to Class G Notes will be paid pro-rata.
The notes will however be paid on a sequential basis should there
be any unreimbursed charge-offs or the payment date is on or after
the call option date. The call option date is the earlier of the
date the aggregate invested amounts of the notes is equal to or
less than 10% of the initial invested amount of the notes or the
payment date in October 2025.

Key model and portfolio assumptions:

Moody's base case assumptions are a portfolio loss rate of 8.00%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 38.00%.

To address the limited historical loss data on flexicommercial's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
Moody's default and PCE assumptions.

Key portfolio features are as follows:

The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.3%.

The portfolio has a high yield of 9.0% which provides excess
spread to cure portfolio losses.

Approximately 80% of receivables were extended to obligors on a
no-income-verification basis referred to as "Matrix" lending.

The Matrix (no-income-verification) product offering has been
originated for almost twelve years in the Australian auto and
equipment loan space. However, through-the-cycle historical data on
the performance of this product is limited. To address this risk
and the fact that the portfolio has a very high proportion of
Matrix (approximately 80.0%), Moody's have applied further
qualitative stresses in Moody's analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (AUD250,000 for primary assets and AUD150,000 for
non-primary assets) and the nature of the assets (used assets
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in August
2021.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

GEROBIN FINANCES: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor:      Gerobin Finances Pty Ltd (in Liquidation)
                        26 Flinders Street
                        Adelaide, South Australia 05000

Type of Business:       Other (Business and Personal) Services

Foreign Proceeding:     Sheahan and Lock as Liquidators of Milgerd
                        Nominees Pty Ltd (In Liq.) et ors., case
                        no. 2018/00365045 (Sup. Ct. of NSW)

Chapter 15
Petition Date:          September 30, 2021
  
Court:                  United States Bankruptcy Court
                        Southern District of New York

Case No.:               21-11699

Judge:                  Hon. Michael E. Wiles

Foreign Representative: John Sheahan
                        26 Flinders Street
                        Adelaide, South Australia 05000

Foreign
Representative's
Counsel:                Robert N.H. Christmas, Esq.
                        Christopher J. Fong, Esq.
                        NIXON PEABODY LLP
                        55 West 46th St.
                        New York, NY 10022
                        Tel: (212) 940-3103
                        E-mail: rchristmas@nixonpeabody.com

Estimated Assets: Unknown

Estimated Debt: Unknown

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

https://www.pacermonitor.com/view/GLTMYFQ/Gerobin_Finances_Pty_Ltd_in_Liquidation__nysbke-21-11699__0001.0.pdf?mcid=tGE4TAMA


GREENSILL CAPITAL: Bluestone Said to Offer $300M to Credit Suisse
-----------------------------------------------------------------
Julie Steinberg of The Wall Street Journal reports that West
Virginia Gov. Jim Justice has offered a $300 million payment and
half the value of his family coal businesses to settle loans from
the now-defunct Greensill Capital, according to people familiar
with the deliberations.

The proposal is part of talks between the governor's family
business, Bluestone Resources Inc., and Credit Suisse Group AG,
which manages investment funds that were Greensill's main source of
cash for its lending business.

Mr. Justice's heavily indebted family businesses were thrown into
turmoil by Greensill's collapse.  He and his family borrowed $850
million from Greensill and he said in June the outstanding loans
were "a burden on our family beyond belief."  Mr. Justice and his
family members personally guaranteed the loans.

The second-term Republican governor and his family control a
sprawling collection of mining, agricultural and real-estate
assets, including West Virginia's famed Greenbrier Resort -- host
to past PGA Tour events -- a casino and medical clinic.

He has had to juggle managing the state's response to the Covid-19
pandemic with his family's debt woes.  Earlier this month, Mr.
Justice settled a long-running dispute with another lender, Carter
Bank & Trust, in which the two sides agreed to restructure $368
million in loans.

At a news conference on Sept. 27, Mr. Justice said Credit Suisse
and his family members led by his son, Jay Justice, Bluestone's
chief executive, are "working together really really well."

Mr. Justice said the coal business is "doing fantastic" and his
"family finances are great."  Coal prices have risen in recent
months.

Mr. Justice has said his family used the Greensill loans to rebuild
Bluestone after buying it back in 2015 from a Russian mining
company.

In the talks with Credit Suisse, Mr. Justice's companies have
offered to pay Credit Suisse $300 million, the people said.  It
would source the money by refinancing a chunk of the existing loans
with a third-party lender.  It couldn't be learned who the lender
for the transaction would be.

Mr. Justice would also pledge to pay half of the proceeds to Credit
Suisse of a sale or initial public offering of Bluestone, the
family company that operates coal mines and that took the loans.
Any sale would have to take into account the company's debt load,
the people said.

Credit Suisse has said in notices to investors that Bluestone owes
it nearly $700 million.  The Wall Street Journal has reported that
Bluestone owes the remainder of what it borrowed from Greensill to
creditors of Greensill's banking unit in Bremen, Germany. Bluestone
in a lawsuit filed against Greensill in March said the company
already paid around $108 million in fees to access the $850 million
in financing.

"Credit Suisse Asset Management is doing everything we can to
maximize recovery for our fund investors," said a Credit Suisse
spokesperson.  "If outstanding debtors put proposals to us, we will
of course look at them."

Greensill sold the majority of the Bluestone loans to investment
funds managed by Credit Suisse.  The $10 billion supply-chain
finance funds extended financing to a range of borrowers, but the
bank froze the funds in March when Greensill lost a key type of
insurance that backed up its loans. Greensill shortly after tumbled
into bankruptcy.

Credit Suisse said Sept. 27 the funds will have returned $6.3
billion to investors by this week and had another roughly $700
million in cash. Besides Bluestone, the bank earlier this 2021
identified metals magnate Sanjeev Gupta's GFG Alliance and failed
construction startup Katerra as problematic borrowers.

It isn't clear how much Bluestone would be worth in a sale.  Mr.
Justice sold the company in 2009 to Russian metals and mining
company Mechel in a cash-and-stock deal worth more than $400
million.  Mechel also assumed around $132 million in net debt,
according to an announcement at the time.

In 2015, the Justice family bought Bluestone back in a deal that
included a cash payment of $5 million plus royalty payments on
future coal sales.  It also owes Mechel 10% of the proceeds of any
sale of the company.

                       About Greensill Capital

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

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

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

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

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

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

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


KIKKI.K: Gets Last Minute Reprieve from Liquidation
---------------------------------------------------
Australian Financial Review reports that administrators of
collapsed stationery chain Kikki.K are still hoping to find buyers
despite recommending the retailer, which went into administration
in August for the second time in 17 months, be wound up.

In a report to creditors, administrators Quentin Olde and Liam
Healy of Ankura Group recommended the Swedish-inspired stationery
chain go into liquidation as no rescue plan through a deed of
company arrangement had been proposed by directors or potential
buyers, AFR relates.

Kikki.K, which collapsed in August for the second time in 17
months, has received a last-minute reprieve as administrators
continue talks with buyers, according to AFR.

"As no DOCA proposal has been received by the administrators, it is
the administrators' opinion that it is in the best interest of
creditors of the company to place the company into the liquidation
as there are no other options available," the report said.

However, Mr Olde told The Australian Financial Review on Sept. 30
the administrators had received nine indicative offers, were in
talks with several potential buyers and were hopeful of doing a
deal.

"We have a number of parties into a second round of due diligence
and we're awaiting those final proposals so we can consider them
and present them at the right time," AFR quotes Mr. Olde as
saying.

Creditors met to vote on the recommendation on Sept. 30, but the
meeting was adjourned for 45 business days to allow the
negotiations to continue, AFR says.

"We're very hopeful, by the time we get to the second meeting, that
recommendation will change," Mr. Olde said, notes the report.
"We've adjourned it to give us time to work through with these
buyers."

According to AFR, the administrators estimated Kikki.K's assets
were worth AUD6.6 million but creditors were owed about AUD15
million, including employees (up to AUD2.2 million), unsecured
creditors (up to AUD12.7 million) and statutory creditors such as
the Tax Office AUD45,577.

Related parties are owed AUD8.5 million, mainly due to an AUD8
million loan from US stationery group EC Design, which bought
Kikki.K out of administration in June last year through a deed of
company arrangement and reopened about 20 stores, AFR discloses.

The administrators estimated unsecured creditors would receive a
return of between 12 cents and 37 cents in the dollar if Kikki.K
were liquidated, but employee creditors would be paid in full.

Mr. Olde and Liam Healey were appointed administrators on August 26
after lockdowns in Victoria and NSW forced Kikki.K to close almost
half its 36 stores, decimating sales at a time when EC Design was
attempting to reduce high central overhead costs.

Between July and December last year, Kikki.K made a net profit of
about AUD770,000 but between January and August this year, the
company lost about AUD7 million.

AFR notes that kikki.K co-founder Kristina Karlsson is heartbroken
over the collapse of the stationery chain for the second time in 17
months.

EC Design, which had been deep in discussions with a potential
retail investor to provide funding to secure the future of the
company, refused to provide further financial support and
administrators were appointed.

AFR relates that the administrators have subsequently closed all
the stores in Australia, laid off staff and disclaimed leases after
landlords refused to provide rent relief. However, they are in
negotiations with landlords with the aim of reopening several
stores to sell remaining stock.

At its peak, Kikki.K, founded 20 years ago by Kristina Karlsson and
Paul Lacy, operated more than 80 stores in Australia, New Zealand
and Singapore.

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


LIBERTY SERIES 2020-1: Moody's Ups Rating on Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by Liberty Series 2020-1 Auto.

Issuer: Liberty Series 2020-1 Auto

Class D Notes, Upgraded to Baa1 (sf); previously on Feb 7, 2020
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Feb 7, 2020
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

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

The deal has been making pro-rata principal repayments among the
rated notes since March 2021. The unrated Class G Notes will only
receive principal payments after all classes of notes senior to
them have been fully repaid. As such, note subordination will
continue to build up for the rated notes.

Following the August 2021 payment date, the note subordination
available for the Class D and Class E Notes has increased to 13.7%
and 6.7% respectively, from 9.3% and 4.5% at closing.

As of end-August 2021, 4.5% of the outstanding pool was 30-plus day
delinquent and 3% was 90-plus day delinquent. The portfolio has
incurred 0.5% (as a percentage of the original note balance) of
losses to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 6.75% of the
current note balance (equivalent to 4.8% of the original note
balance) compared with 7.3% at closing.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans, secured by motor vehicles, originated by
Liberty Financial Pty Ltd.

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

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

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

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

POWERARK SOLAR: Second Creditors' Meeting Set for Oct. 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Powerark Solar
Pty Ltd has been set for Oct. 11, 2021, at 10:30 a.m. via telephone
conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2021, at 4:00 p.m.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Powerark Solar on July 2, 2021.

PURE STRATEGY: ASIC Cancels Australian Financial Services Licence
-----------------------------------------------------------------
The Australian Securities and Investment Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of Pure
Strategy Pty Ltd, effective Sept. 16, 2021. This was due to Pure
Strategy's failure to comply with its general obligations.

ASIC found that Pure Strategy failed to have adequate resources to
carry out a financial services business, failed to maintain
competence to provide the financial services under its licence, and
failed to ensure its representatives complied with financial
services laws. Pure Strategy also failed to comply with its licence
condition to have a 'key person'.

Under the terms of the cancellation, Pure Strategy's licence will
remain in effect for 12 months for the purposes of maintaining its
membership of the Australian Financial Complaints Authority and its
obligation to hold professional indemnity insurance cover

Pure Strategy has the right to seek a review of ASIC's decision by
the Administrative Appeals Tribunal.

Pure Strategy held an AFS licence since 2011 (licence number
403524). An external administrator was appointed to Pure Strategy
Pty Ltd on September 2021.



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

CHINA EVERGRANDE: Makes Partial Repayment to Onshore Investors
--------------------------------------------------------------
South China Morning Post reports that China Evergrande Group has
managed to appease some onshore investors by making a partial
repayment on money owed to investors who bought its high-yielding
investment products, after failing to redeem them amid a liquidity
crunch.

The debt-stricken developer is said to have made the first
installment to mostly retail investors since suspending repayments
last month, according to some who spoke to the South China Morning
Post on condition of anonymity. They confirmed receiving 10 per
cent of what they were due on Sept. 30.

It was the first repayment on the so-called wealth management
products (WMPs) since the most indebted property company in the
world halted payments on the instruments on September 8, the Post
notes.

"I've received the 10 per cent, but I do not think it will last.
You never know when the instalment payment will just end quietly
and when is the last time you receive it," said Xi in Shenzhen, who
declined to give her last name, the Post relays. She and her
husband invested CNY150,000 (US$23,207) in instruments expiring
this month.

The Post relates that the move may allow Evergrande to "kick the
can" and assuage angry investors who besieged its Shenzhen office
in southern Guangdong province as soon as its crisis became
headline news. Founder Hui Ka-yan appears to be speeding up asset
sales to repay even bigger creditors at home and abroad to save his
empire from collapsing under more than US$305 billion of
liabilities.

According to the Post, the developer dispatched its managers across
several Chinese cities earlier in the month to cool revolting
investors, promising they would receive 10 per cent of their
capital - both principal and interest - for all products due by the
end of September.

Chinese authorities are keeping watch of the crisis by injecting
liquidity in the banking system while seeking to prevent any social
unrest. Investors said the first repayment was a good start but no
guarantee of further payments due.

"The most disappointing part is that Evergrande has never really
talked to us and asked us whether we are happy with their
solutions. I will not give up my right to get my money back," Xi
added, notes the report.

Evergrande Wealth Management and its property unit raised around
CNY200 billion in five years through shell companies, some
investors told the Post, citing legal papers handed to the police
in September. The firm paused redemptions on more than 40 billion
yuan involving almost 200,000 individuals, they added.

The cash raised from the WMPs was channelled into Evergrande's
property unit and its regional subsidiaries, the new-energy vehicle
arm of the group and other businesses, they added, citing the
police complaint.

Like most shadow-banking investment products, the WMPs are
high-risk instrument promising higher returns than bank deposits,
the report notes. For example, the developer sold a 413-day product
named Hengjie Muyue promising a 10.5 per cent interest. Some others
offered a 9.5 per cent return if the principal amount was above
CNY10 million, according to one brochure seen by the Post.

Amid its liquidity crunch, Evergrande has come up with three
repayment options for investors. They can choose instalments,
meaning that after the first 10 per cent payment at the end of the
first month of maturity, they would receive another 10 per cent
every subsequent quarter after the maturity date, until payment is
complete.

The Post says the second option would allow investors to be paid
with Evergrande's assets - mainly properties and parking spaces.
The final option is to swap the payment due for the remaining
transaction value of any Evergrande properties bought by the
investor or any other homebuyer.

Investors have been complaining about the proposals. The first one,
they point out, comes with no guarantee and without interest after
the maturity date.

To make matters worse, some local authorities are placing curbs on
the implementation of the two other proposals.

In a notice seen by the Post, the Housing and Urban-Rural
Development Bureau of Xiangyin county in Hunan province on
September 19 prohibited Hunan Jinyun Properties Company - an
Evergrande project company - from using its project as payment on
any debt held by construction companies or individuals that had not
bought any units at the development.

It also ordered Hunan Jinyun to terminate any such agreements
already signed.

"[Using] the units at Evergrande Xishang Taohuayuan project for
debt payment should be approved by our bureau, otherwise we will
not acknowledge it," said the housing bureau, the Post relays.

A Xiangyin county government official, who declined to be named,
confirmed the notice and the ban. The county had established a
working group across several departments to provide guidance on
issues relating to Evergrande projects, the official told the
Post.

                       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-'.


CHINA EVERGRANDE: Misses Second Offshore Bond Payment
-----------------------------------------------------
Reuters reports that China Evergrande Group missed paying bond
interest due on Sept. 29, two bondholders said, its second unpaid
offshore debt obligation in a week, although the cash-strapped
company on Sept. 30 made a partial payment to some of its onshore
investors.

Reuters relates that the company, reeling under a debt pile of $305
billion, was due on Sept. 29 to make a $47.5 million bond interest
payment on its 9.5% March 2024 dollar bond, after having missed
$83.5 million in coupon payments on Sept. 30.

With liabilities equal to 2% of China's GDP, Evergrande has sparked
concerns its woes could spread through the financial system and
reverberate around the world, though worries have eased somewhat
after the central bank vowed to protect homebuyers' interests,
according to Reuters.

The central bank on Sept. 29 urged financial institutions to
cooperate with relevant departments and local governments to
maintain the "stable and healthy" development of the real estate
market and safeguard housing consumers' interests.

Reuters says Evergrande's silence on its offshore payment
obligations has, however, left global investors wondering if they
will have to swallow large losses when 30-day grace periods end for
coupons that were due on Sept. 23 and Sept. 29.

Some offshore Evergrande bondholders had neither received interest
payments nor any communication by the end of Sept. 29 New York
time, said the people familiar with the matter, who declined to be
identified due to sensitivity of the issue, Reuters relays.

Reuters was unable to determine whether Evergrande has told
bondholders what it plans to do regarding the coupon payment due on
Sept. 29.

The developer's treatment of offshore investors, however, contrasts
with the way the company is managing its onshore liabilities.

According to Reuters, Evergrande said on Sept. 30 that its wealth
management unit has made a 10% repayment of wealth management
products (WMPs), which are largely owned by onshore retail
investors, that are due by Sept. 30.

The payment was made on Sept. 30 and relevant funds have been
issued to investors' accounts, Evergrande said in a notice posted
on its website. It did not specify how much money was paid.

Reuters notes that the two missed offshore payments come as the
company, which has nearly $20 billion in offshore debt, faces
deadlines on dollar bond coupon payments totalling $162.38 million
in the next month.

Once China's top-selling developer, Evergrande is now expected to
be one of the largest-ever restructurings in the country, Reuters
notes. It has been prioritising its onshore liabilities amid
concerns that its troubles could trigger social unrest.

"I can't see there being much willingness to give a fairer outcome
to offshore bondholders rather than onshore banks, let alone house
buyers and people who have lent onshore through the personal loan
structures," Reuters quotes Alexander Aitken, a partner at Herbert
Smith Freehills in Hong Kong, as saying.  "Of course legally there
is also structural subordination from being offshore, which means
lenders to Evergrande's onshore subsidiaries get paid before
lenders to the parent company or any offshore debt issuer."

                       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-'.

ENN NATURAL: Moody's Affirms Ba1 CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of ENN Natural Gas Co., Ltd. (ENN Ecological), as well as
the Ba1 rating on the backed senior unsecured notes issued by ENN
Clean Energy International Investment Ltd and guaranteed by ENN
Natural Gas.

The ratings outlook remains stable.

RATINGS RATIONALE

"The affirmation reflects our expectation that ENN Natural Gas'
credit profile is still appropriately positioned at the current
rating level, despite an improvement on its city gas and
non-utilities businesses," says Boris Kan, a Moody's Vice President
and Senior Credit Officer.

ENN Natural Gas' city gas business, through its 32.68% equity stake
in ENN Energy Holdings Limited (ENN Energy, Baa2 positive),
benefits from improved city gas sales driven by the Chinese
government's push for clean energy use as part of its long-term
plan to achieve carbon neutrality. Specifically, Moody's projects
that the company's annual retail gas sales volume growth will stay
above 15% over the next two years.

At the same time, the recovery in coal and methanol prices this
year will provide solid support to the company's non-utilities
businesses.

As a result, Moody's projects that the company's retained cash flow
(RCF) to debt ratio will improve to about 18%-19% in 2021-22, from
17% in 2020. However, these credit metrics still fall short of the
20% upgrade trigger.

In addition, the company's exposure to non-utilities businesses
remains significant. In 2020, these businesses contributed about
31% and 19% to the company's adjusted funds from operations (FFO)
and gross profit, respectively, under pro rata consolidation. These
businesses entail higher volatility and business risk than the city
gas business. Barring any further divestments in the future,
Moody's expects that exposure to such businesses will remain a
challenge to the company's credit profile.

Given, Moody's believes that the company is still appropriately
positioned at the current CFR of Ba1, despite an expected
improvement in its operating performance over the next 12-18
months.

ENN Natural Gas' CFR, through its 32.68% equity stake in ENN Energy
Holdings Limited, reflects (1) the company's established position
in the piped-gas sector, with geographically diversified
operations, (2) its large market share that often involves
monopolistic positions in gas distribution, backed by long-term
concessionary agreements, and (3) favorable industry trends and
supportive government policies that offer good growth potential.

However, these strengths are counterbalanced by (1) the risks
associated with China's evolving regulatory framework for the city
gas sector, (2) the company's lack of majority control over ENN
Energy, (3) its weak liquidity and moderate financial profile, and
(4) the challenges associated with its exposure to non-utilities
businesses, which entail higher volatility and business risk.

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

ENN Natural Gas faces moderate carbon transition risk, given its
coal and methanol operations. However, the company has to date not
experienced any major compliance violations related to water
discharge or waste disposal. Its increased exposure to its
environmentally friendly city gas business following its
acquisition of ENN Energy mitigates this environmental risk
exposure.

ENN Natural Gas' operations are also exposed to worker health and
safety risks related to its construction and operation of city gas,
methanol and coal mine projects. Nevertheless, the company's long
track record and management's experience mitigate these risks.

The rating also considers the company's concentrated ownership,
with its chairman Mr. Wang Yusuo, his wife Zhao Baoju and his
controlling entities owning a combined 69.95% equity stake as of
the end of June 2021. ENN Natural Gas' lack of majority ownership
in ENN Energy is another important consideration, as the former's
credit profile incorporates its significant control of the latter
and its stable cash flows from its city gas business. Lastly, the
company's financial policy is characterized by weak liquidity.

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

The stable outlook reflects Moody's expectation that, over the next
12-18 months, ENN Natural Gas will (1) generate most of its cash
flows from its downstream city gas operations and manage its
exposure to its non-utilities operations, which entail higher
volatility and business risks, (2) demonstrate conservative
financial and investment policies to maintain stable leverage and
liquidity, and (3) retain control on and continue to integrate with
ENN Energy.

Moody's could upgrade ENN Natural Gas' CFR if the company (1)
establishes a track record of business stability by increasing its
cash flow contributions from its stable regulated downstream city
gas operations, potentially through divesting a part of its
non-utilities operations, (2) further increases its control over
and creates synergies with ENN Energy, (3) strengthens its
operating performance such that its financial metrics improve
materially, or (4) demonstrates conservative financial and
investment policies to further enhance its liquidity position.

Moody's assessment of leverage incorporates a pro rata
consolidation of ENN Energy, which is 32.68%-owned by ENN Natural
Gas.

Key financial metrics that Moody's would consider for an upgrade
include RCF/debt (with pro rata consolidation of ENN Energy) likely
exceeding 20% and/or FFO interest coverage likely exceeding 5.0x on
a sustained basis.

Downward pressure on ENN Natural Gas' CFR may arise if (1) the
company's reduces its control on ENN Energy, (2) unfavorable
regulatory changes significantly reduce the company's ability to
pass through upstream gas costs for its city gas business, (3) the
company's liquidity or credit metrics weaken because of aggressive
debt-funded investments, or its non-utilities businesses encounter
greater volatility than historically observed, or (4) the company
further expands its non-utilities operations, potentially through
acquisitions, resulting in higher business risk.

Key financial metrics that Moody's would consider for an downgrade
include RCF/debt (with pro rata consolidation of ENN Energy) likely
falling below 13% and/or FFO interest coverage likely falling below
3.5x on a sustained basis.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

Founded in 1992 and headquartered in Hebei, ENN Natural Gas Co.,
Ltd. is a diversified energy company mainly engaged in (1) city gas
distribution, (2) chemical production and trading, (3) energy
construction services, (4) coal mining and trading, and (5)
liquefied natural gas production.

Its major asset is its 32.68% equity stake in ENN Energy Holdings
Limited, one of the largest city gas distributors in China, with
235 city gas concessions in 22 provinces as of the end of 2020. ENN
Natural Gas is the single-largest shareholder in ENN Energy. In
2020, ENN Energy contributed 69% of ENN Natural Gas' adjusted FFO
under pro rata consolidation.

ENN Natural Gas was listed on the Shanghai Stock Exchange in 1994.
Mr. Wang Yusuo, his wife Zhao Baoju and his controlling entities
owned 69.95% of the company as of the end of April 2021.

LIONBRIDGE FINANCING: Moody's Assigns First Time 'Ba3' CFR
----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating and B1 foreign-currency and local-currency issuer ratings to
Lionbridge Financing Leasing (China) Co., Ltd (Lionbridge
Leasing).

The outlook on Lionbridge Leasing is stable.

This is the first time that Moody's has assigned ratings to
Lionbridge Leasing.

RATINGS RATIONALE

Lionbridge Leasing's Ba3 CFR is at the same level as the CFR of its
parent Lionbridge Capital Co., Limited (Lionbridge Capital, Ba3
stable), because Lionbridge Leasing is the core onshore operating
entity of Lionbridge Capital, a Hong Kong SAR-based holding
company. Lionbridge Leasing accounts for 97% of Lionbridge
Capital's total assets as of the end of 2020.

Lionbridge Leasing's Ba3 CFR also reflects (1) the company's
leading franchise in the niche truck leasing market in China; (2)
its high-quality underlying leasing assets; (3) its low duration
mismatch; and (4) CCB Trust Co. Ltd.'s (CCBT) 32% stake in the
company, which further enhances Lionbridge Leasing's market
position and financial flexibility.

These credit strengths are offset by its concentrated business
model, rapid asset growth in recent years with a minimal track
record, high reliance on wholesale secured funding and relatively
low coverage of debt maturities.

The stable outlook reflects Moody's expectation that CCBT will
remain as a key shareholder in the company at least over the next
12-18 months, and that Lionbridge Leasing and its parent Lionbridge
Capital will maintain their key credit metrics.

Given that Lionbridge Leasing represents the majority of Lionbridge
Capital's balance sheet and business operations, Lionbridge
Leasing's financial profile is similar to Lionbridge Capital's. But
there are some key differences, which include:

1) Lionbridge Capital's offshore USD borrowings, which means that
Lionbridge Leasing is unaffected by any gains or losses on foreign
exchange conversions;

2) The fact that most of the funds raised from the USD borrowings
are for refinancing offshore but temporarily remitted to Lionbridge
Leasing to enhance efficiency through programs such as "offshore
deposit/guarantee for onshore bank loans" -- which rank pari passu
with Lionbridge Leasing's other senior unsecured obligations;

3) Lionbridge Capital's slightly larger lease receivables,
following the transfer of controlling ownership in Lionbridge
Financial Leasing (Shanghai) Co., Ltd (Lionbridge Shanghai) from
Lionbridge Leasing to Lionbridge Capital in 2020. Lionbridge
Shanghai is a relatively small operating subsidiary that holds
legacy leasing assets such as medical equipment.

These differences do not result in a material differentiation in
Lionbridge Leasing and Lionbridge Capital's financial profiles.

Moody's regards CCBT's shareholding in Lionbridge Leasing as a
strength for its governance practices under Moody's environmental,
social and governance (ESG) framework, given the implications for
Lionbridge Leasing and Lionbridge Capital's financial strategy and
risk management. Today's rating action considers the impact of the
company's governance practices on its credit profile.

Structural considerations

Moody's CFR reflects the likelihood of a default on a corporate
family's contractually promised payments and the expected financial
loss suffered in the event of default. A CFR is assigned to a
corporate family as if it had a single class of debt and a single
consolidated legal entity structure. Moody's issuer rating reflects
the ability of entities to honor senior unsecured financial
counterparty obligations and contracts.

The one-notch difference between Lionbridge Leasing's Ba3 CFR and
B1 issuer rating reflects the fact that a large proportion of
Lionbridge Leasing's assets are encumbered for secured borrowings.
Lionbridge Leasing's senior unsecured debt is structurally
subordinated to Lionbridge Leasing's secured debt.

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

Lionbridge Leasing's CFR could be upgraded if Lionbridge Leasing
(1) further strengthens its capital adequacy, with its tangible
common equity/tangible managed assets ratio sustained above 20%;
(2) further improves its financial flexibility through diversifying
funding channels and increasing debt maturities coverage; and (3)
maintains its solid profitability and asset quality metrics.

The issuer rating could be upgraded if (1) Lionbridge Leasing's CFR
is upgraded; or (2) its proportion of structurally senior secured
debt in total liabilities decreases to under 50%.

Lionbridge Leasing's CFR could be downgraded if Lionbridge
Leasing's (1) franchise in China's truck leasing sector weakens
materially; (2) financial flexibility deteriorates, with its debt
maturities coverage ratio decreasing and secured debt/gross
tangible assets ratio increasing for consecutive periods; or (3)
capital adequacy, as measured by tangible common equity/tangible
managed assets, remains below 8%.

The issuer rating could be downgraded if (1) the CFR is downgraded;
or (2) the company's secured debt increases materially.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Based in mainland China, Lionbridge Financing Leasing (China) Co.,
Ltd reported assets of RMB23.6 billion (or USD3.7 billion) at the
end of June 2021.



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

AIR INDIA: Government May Announce Winning Bid by Mid-October
-------------------------------------------------------------
Business Standard reports that India's Central government proposes
to wrap up the divestment of Air India by the middle of next month
with the announcement of winning bid for the national carrier.

Sources indicated that tentatively October 15 has been kept the
date for announcing the winning bid for Air India while the
financial bids received for the carrier may be opened anytime this
week, Business Standard relates.

According to Business Standard, Centre on September 15 received
multiple financial bids for divestment of Air India. Accordingly,
Tata Sons and industrialist Ajay Singh in his personal capacity are
believed to have submitted financial bids for Air India.

Business Standard relates that sources indicated while Tatas are
front runners to get hold of the carrier, all bids would be
evaluated on various parameters and the winning bidder would be
announced after approval of the group of ministers (GoM) headed by
the home minister.

Taking to Twitter, DIPAM Secretary, Tuhin Kanta Pandey had earlier
said that the disinvestment process has moved to the concluding
stage.

"Financial bids for Air India disinvestment received by Transaction
Adviser. Process now moves to the concluding stage," he had posted
earlier this month.

Business Standard says the Tatas bid was much-anticipated as its
name had been doing the rounds for some time now.

According to Business Standard, the government has of late taken
several steps to fast-track the much-delayed privatisation of the
national carrier.

Recently, the government decided to waive taxes on the transfer of
assets from the national carrier to Air India Assets Holding Ltd, a
special purpose vehicle (SPV).

During the Budget speech for FY22, Finance Minister Nirmala
Sitharaman had said that all the proposed privatisation process
would be completed by the end of the fiscal, including the
much-delayed strategic disinvestment of Air India.

Earlier, few interested parties, including the Tatas were selected
for the bidding round.

This is the second attempt of the current Central government to
divest its stake in the airline, Business Standard notes.

In the pre-pandemic era, the airline, on a standalone basis,
operated over 50 domestic and more than 40 international
destinations.  Besides, it operated over 120 aircraft prior to the
Covid pandemic.  During that period, the airline had over 9,000
permanent and 4,000 contractual employees.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2014, The Times of India said Air India got a breather in the
form of INR1,000-crore equity infusion from the government on March
26, 2014.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in equity to the
tune of INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to The
Economic Times.


APAR CHARITABLE: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Apar
Charitable Trust For Education And Research in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2010, APAR is a two-asset trust operating two
colleges, Arya Institute of Engineering, Technology and Management
(AIETM) and Arya Perfect Graduate College (APGC), in Jaipur,
Rajasthan. AIETM commenced operations in FY2014 and at present
offers B.Tech courses in five streams (Civil, Mechanical,
Electrical and Computer Science Engineering) with a total capacity
of 1,200 students. APGC commenced operations in 2017 and offers
four courses (BA., BBA, B.Sc. and B.Com.). The colleges are a part
of the Arya Group of Colleges offering courses related to
Engineering (B.Tech and M.Tech),  Management and Pharmacy through
its four constituent colleges based out of Jaipur, Rajasthan. The
Group started operations in 1999 and enrolled more than 9,000
students in FY2017. 3 In FY2018, the trust reported a net loss of
INR0.39 crore on operating income (OI) of INR6.79 crore compared
with a net profit of INR0.52 crore on OI of INR8.23 crore in the
previous year.

AZURE POWER: Fitch Assigns Final BB+ Rating on USD414MM Notes
-------------------------------------------------------------
Fitch Ratings has assigned Azure Power Energy Ltd.'s (APEL) USD414
million 3.575% notes due 2026 a final rating of 'BB+'. The Outlook
is Stable. APEL is a subsidiary of Azure Power Global Limited
(APGL).

RATING RATIONALE

The note rating reflects the credit profile of 16 entities that are
indirectly owned by APGL, and each entity houses an operating solar
asset. The operating entities, together with APEL, form the
restricted group (Azure RG1). APEL is a secured holder of
rupee-denominated debt issued or borrowed by the operating entities
in the restricted group.

The rating is underpinned by the stable revenue stream generated by
the operating solar assets, which have a total capacity of 611MW
and a capacity-weighted average record of five years. Azure RG1
benefits from a diversified off-taker mix under fixed-price power
purchase agreements (PPA), with 34% of capacity contracted with
India's sovereign-owned Solar Energy Corporation of India (SECI)
and NTPC Limited (BBB-/Negative). The rest is contracted with 10
state-owned distribution companies (discoms).

Fitch regards generation volatility as low due to the use of proven
technology and geographical diversification across eight Indian
states. The operating history shows moderate variation, with
overall power generation largely tracking one-year P90 estimates.
The financing profiles, measured by the average annual debt-service
coverage ratio (DSCR) during the refinancing period, coupled with
the debt structure, are commensurate with a 'BB+' rating.

Fitch does not rate the state discoms that purchase power from some
of Azure RG1's projects. The counterparties have weak credit
profiles and a varying history of payment delays, exposure to
multiple counterparties mitigates the risk. Fitch believes it is
prudent for such projects to meet a higher threshold to achieve the
same rating as other projects with strong counterparties, all else
being equal. Hence, Fitch uses indicative DSCR thresholds that
apply to merchant projects, rather than fully contracted projects,
for the revenue received from the state discoms, while cash flow is
evaluated on the contracted price.

On the other hand, Fitch regards exposure to SECI and NTPC as
systemic, and therefore base the revenue received on the indicative
DSCR thresholds that apply to fully contracted projects.

This results in Fitch's rating case adopting blended thresholds
weighted by revenue from state discoms and that from SECI and
NTPC.

KEY RATING DRIVERS

Low Forecast Variation: Revenue Risk (Volume) - Midrange

The energy yield forecast produced by third-party experts indicates
an overall P50 and one-year P90 spread of about 9%, leading to a
'Midrange' assessment for volume risk. The portfolio has a
capacity-weighted average record of five years, as all assets have
been operating for more than three years. The actual load factors
recorded by the portfolio between the financial year ended March
2019 and 2021 were moderately volatile, with portfolio-level
performance tracking the one-year P90 forecast. Curtailment risk is
limited in India due to the "must-run" status of renewable
projects.

Long-Term Fixed Priced PPAs: Revenue Risk (Price) - Midrange

Azure RG1 contracts 66% of its capacity with state discoms and the
balance with SECI and NTPC under long-term fixed-price PPAs. These
protect the portfolio from merchant price volatility and have a
capacity-weighted residual life of about 20 years. The only PPA
with a shorter tenor of 12 years and a remaining life of about six
years is a 10MW project signed with the Uttar Pradesh state discom.
However, management has assumed a conservative rate of INR2/kWh
beyond the PPA tenor. Such merchant exposure constrains Fitch's
assessment to 'Midrange', despite being limited.

Proven Technology, Experienced Team: Operation Risk - Midrange

The technology deployed is proven and has a long history of
commercial use. All solar modules were supplied by reputable
manufacturers and operation and maintenance is carried out by
experienced in-house engineers. Azure RG1 does not have a
maintenance reserve account, which Fitch does not regard as a risk.
The operating cost forecast is based on historical data and
favourably benchmarks with peers, although it is not validated by
an independent technical advisor. The lack of cost validation and
the absence of fixed-price operation and maintenance contracts
constrain operation risk to 'Midrange'.

Protective Covenants, Manageable Refinance Risk: Debt Structure -
Midrange

Noteholders are protected by a ringfenced structure and covenants
and benefit from a standard cash distribution waterfall and a
lock-up test at a backward-looking 1.3x DSCR for distribution. The
notes will pay a fixed interest rate and will be partially
amortising at 12.9% via scheduled amortisation and 18.5% via a
mandatory cash sweep, with a 68.6% principal repayment at the end.
Azure RG1 will not maintain a debt-service reserve account, which
is a weakness. Refinancing risk is mitigated by the solar assets'
easy access to funds and a reasonable balance tenor of the PPAs
beyond the maturity of the notes.

The issuer has substantially hedged the foreign-currency exposure
by using a combination of coupon-only swaps, principal-only swaps
and call spreads for 4.5 years. The issuer expects to roll over the
hedge for the last 0.5 years if the notes are not prepaid prior to
maturity.

PEER GROUP

Fitch regards Azure RG1 as most comparable with Azure Power Solar
Energy Private Limited's restricted group of 10 entities (Azure
RG2, senior secured notes: BB/Stable). Both restricted groups are
pure solar portfolios and benefit from long-term fixed-price PPAs.
Azure RG1 has a stronger off-taker mix, with 34% of its capacity
contracted with sovereign-backed off-takers, while Azure RG2 only
contracts 15% of its capacity with sovereign-backed off-takers.
Azure RG1 has slightly longer operating history, but neither
validate operating cost forecasts by independent engineers.

Both restricted groups issue debt under a two-tier structure; Azure
RG1's debt is partially amortising via scheduled amortisation and a
cash sweep, while Azure RG2 has bullet repayments at maturity.
Azure RG2 has a rating-case average and minimum DSCR of 1.42x,
while Azure RG1's more robust DSCRs against its relevant thresholds
justify its one-notch higher rating than Azure RG2.

Azure RG1 also compares well with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured rating: BB+/Stable)
and Adani Green Energy Limited Restricted Group 2 (AGEL RG2, senior
secured rating: BBB-/Negative). All three restricted groups are
solar-only portfolios and benefit from long-term fixed-price PPAs
and proven technology. They also have limited operating records and
operating-cost forecasts that lack independent validation.

AGEL RG1 and AGEL RG2 have stronger off-taker profiles, with
capacity of 57% and 61%, respectively, contracted with SECI,
against Azure RG1's 34%. This results in a lower metric threshold
for rating determination. AGEL RG1 and AGEL RG2 also have strong
debt structures, with superior noteholder protection features.
These include stronger distribution lock-up tests, debt-service
reserve accounts and capex reserve accounts. AGEL RG2 is the least
exposed to refinance risk, as 76% of its principal is amortised
across 20 years, while the remainder is bullet debt.

AGEL RG1 has a rating-case average DSCR of 1.35x, with a minimum
DSCR of 1.15x, while AGEL RG2 has a rating-case average DSCR of
1.45x, with a minimum DSCR of 1.38x. The qualitative strengths of
AGEL RG2 and its financial metrics against relevant thresholds
support its higher ratings.

RATING SENSITIVITIES

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

Average annual DSCR during refinance period dropping below 1.40x
persistently, which could be a result of:

-- Energy production underperforming long-term projections due to
    low solar resources or operational issues; or

-- Working-capital issues due to off-takers' payment delays.

-- Less favourable refinancing terms and structure than the
    assumptions made in Fitch's financial analysis.

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

Fitch does not expect a rating upgrade due to:

-- The suspension of some major covenants, which will weaken the
    debt structure if the rating is upgraded to an investment
    grade; and

-- Residual exposure to depreciation due to the use of hedging
    instrument with a tenor shorter than the bond as well as
    repayment through a mandatory cash sweep, which Fitch does not
    regard as structurally robust compared with scheduled
    amortisation.

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.

FINANCIAL ANALYSIS

Fitch assumes outstanding debt at the end of the bond's life will
be refinanced by fully amortising debt across the remaining PPA
terms at a refinancing interest rate of 11%, given the partially
amortising nature of the notes. Fitch's base case adopts a P50
energy production assumption, 6% production haircut to reflect a
moderate variability operating record and wider P50/one-year P90
spread. The base case also escalates operating and maintenance
costs in line with historical rates by 3% annually and adopts a
higher refinancing rate. Fitch's base case generates an average
annual DSCR of 1.64x during the refinancing period.

Fitch's rating case takes a more conservative stance by using a
one-year P90 energy yield, 6% production haircut, 0.7% annual solar
degradation, and 10% stress on operating expenses with a higher
annual escalation of 4%. The Fitch rating case generates an average
annual DSCR of 1.43x. The achieved coverage ratios in Fitch's
rating case, coupled with the debt structure put in place, are in
line with a 'BB+' rating.

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.

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

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

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

Camellia Infrastructures was established in 2009 as a partnership
firm. It is a professionally managed property developer and is
based in Bangalore. Camellia Infrastructures has executed one
project in the past in Marathahalli, which was completed in 2010,
encompassing 92,000 sq. ft. of built-up area. The promoter of the
firm, Mr. Sridhar Reddy, has executed three other projects through
other entities, namely Mid-town Structures and SSVR Constructions.
Currently, the firm is carrying out one project, namely Camellia
Pride, which has a built-up area of 1,63,000 sq. ft. and comprises
100 units, out of which Camellia's share is 60 units.

CORE GREEN: ICRA Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Core Green
Sugar & Fuels Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–       342.49      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund Based–       117.11      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating moved to the 'Issuer Not
                                 Cooperating' category
  
   Non-fund           21.00      [ICRA]D ISSUER NOT COOPERATING;
   Based–Working                 Rating moved to the 'Issuer Not
   Capital                       Cooperating' category
   Facilities         
            
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

CGSFPL operates an integrated sugar plant at the Yadgir district of
Karnataka, which was commissioned in April 2011. The plant has a
5000-TCD crushing unit, a 24-MW cogeneration unit and a 50-KLPD
distillery unit. The company is promoted by the Sreeramaneni family
of Andhra Pradesh, which holds the entire equity stake in the
company. In FY2019, the company reported a net loss of INR58.2
crore on an operating income of INR321.2 crore compared to a net
loss of INR6.4 crore on an operating income of INR141.4 crore in
the previous year.


ERODE TEXTILE: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Erode
Textile Mall Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

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

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

Incorporated in FY2009, Erode Textile Mall Private Limited is a SPV
that was formulated to set up a textile market complex at Erode,
approved under Comprehensive Power-loom Cluster Development Scheme
(CPCDS) of the Ministry of Textiles. The textile market complex is
being developed under the name of Texvalley and is located near
Erode, Tamil Nadu. On full completion, the project envisages the
textile market complex to contain 1,600 marts, 940 weekly market
spaces, exposition
hall, warehouse, communication centre, etc. Texvalley is designed
to be the one-stop destination for the entire range of wholesale
textile goods.

Mr. P. Periyaswamy of the Lotus Group is the Chairman of the
company and is involved in business activities including
transportation business, TVS auto dealership, commercial
bus-transportation service, financial services etc. Mr. C.
Devarajan (Managing Director of URC Construction Ltd.) is the Vice
Chairman of the company And Mr. P. Raajasekhar of the Lotus Group
is the Managing Director.


EXPERT EDUCATIONAL: ICRA Cuts Rating on INR50cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Expert
Educational and Charitable Foundation (EECF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          50.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   'Issuer Non-Cooperating'
                                   Category

Rationale

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

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

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

Expert Educational and Charitable Foundation (EECF) was formed on
26th July 2004 and operates Expert PU Science College, which
provides regular board classes along with coaching for engineering
and medicine entrance examinations in Mangalore, Karnataka. The
trust derives operational support from other Expert group
institutions founded by the chairman of the
foundation Mr. Narendra L Nayak. The group primarily provides PU
board education and coaching facilities for various university
entrance examinations through Expert Coaching Classes and Expert
Computer System. It also provides allied facilities like hostel and
mess facilities to the students. With its long presence in the
field of education, the group enjoys a strong reputation in
Mangalore and its neighboring areas.

FUTURE GROUP: Reliance Extends Deadline to Conclude Buyout Deal
---------------------------------------------------------------
Livemint.com reports that Reliance Retail Ventures Ltd, a
subsidiary of Reliance Industries Ltd (RIL), has extended the
long-stop date for completion of its INR24,713 crore deal with
Kishore Biyani's Future Group by another six months to March 2022.
This comes as Future Group remains locked in a legal battle with
Amazon.

Long stop refers to the timeframe in which all conditions precedent
for deal are met for the transaction to conclude. The deal was
originally expected to be complete by March 31, 2021, the report
says.

"Reliance Retail Ventures Limited (RRVL) has in exercise of the
right provided thereunder, extended the timeline for Long Stop Date
from September 30, 2021 to March 31, 2022 which has been duly
acknowledged by Reliance Retail and Fashion Lifestyle Limited,
wholly owned subsidiary of RRVL," Future Enterprises said in a
statement to the BSE, Livemint.com relays.

According to Livemint.com, the scheme of arrangement between Future
and Reliance Retail entails consolidation of Future Group's retail,
wholesale, logistics and warehousing assets into one entity --
Future Enterprises Ltd -- which would then be transferred to
Reliance Retail on a slump sale basis.

In August last year, Reliance Retail agreed to buy assets of Future
Group for INR24,713 crore. The deal was contested by Amazon, an
investor in Future Coupons, which is a shareholder of Future Retail
Ltd.

In August 2019, Amazon had bought a 49% stake in Future Coupons,
which owns 7.3% equity in Future Retail through convertible
warrants), with the right to buy into the flagship Future Retail
after a period of 3-10 years.

After Reliance announced the deal, Amazon dragged Future to the
Singapore International Arbitration Centre (SIAC), which passed an
interim award barring Future Retail from moving ahead with the
deal.

Amazon and Future are now fighting a legal battle in the Supreme
Court, which recently ruled in favor of Amazon by holding that the
award from SIAC was valid and enforceable under Indian laws.

                          About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
10, 2021, Fortune India said Future Group is fighting its final
battle for existence.  Supreme Court's ruling that upheld Singapore
Emergency Arbitrator's award against Reliance Retail's INR24,713
crore takeover of Future group companies may have a bigger impact
on Kishore Biyani's retail chain as it is on the verge of
bankruptcy.  

The cash-strapped group companies jointly owe around INR19,000
crore to banks, besides the INR6,000 crore dues to the vendors, the
report notes.  Future Retail Limited alone owes INR6,278 crore debt
with 28 banks, including SBI, Union Bank, Bank of India, Bank of
Baroda, Axis Bank, and IDBI Bank, among others.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          15.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Geekay Steel Corporation (GSC) was founded in the year 2016 by Mr.
Gopal Kishan Agarwal as a sole proprietorship concern. The firm is
involved in the trading of steel products including iron rods,
flats, angles, scrap, etc. These products are majorly used in
fabrication, cement, infrastructure and machine manufacturing
industry.


K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of K. Madana
Mohana Rao And Company in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

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

K. Madana Mohana Rao and Company (KMMRC) was incorporated in 2007
as a proprietorship entity and started operations in February 2015.
The entity's unit is located at Guntur, Andhra Pradesh and is
engaged in cotton ginning, pressing and trading of cotton bales,
seeds and cotton lint and is equipped with 36 ginning machines
capable of producing 40,500 bales annually. The proprietor has more
than four decades of experience in the cotton business.

KIARA JEWELLERY: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kiara
Jewellery Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         8.00        [ICRA]B (Stable)/[ICRA]A4;
   Pre shipment                    ISSUER NOT COOPERATING;
   Limit                           Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Fund based-        6.00         [ICRA]B (Stable)/[ICRA]A4;
   Post shipment                   ISSUER NOT COOPERATING;
   Limit                           Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Incorporated in 2004, KJPL is a joint venture between Shrenuj &
Company Limited and Saphir Products NA (an associate of the Dalloz
Group). The company manufactures diamond and stone-studded gold and
platinum jewelry, specifically for the French market. The product
portfolio includes rings, bracelets and pendants made from 9, 10,
14 and 18-carat gold and platinum. The manufacturing unit and
registered office is located at Santacruz Electronics Export
Processing Zone (SEEPZ), Andheri, Mumbai. The promoters have
experience of more than three decades in the gems and jewelry
business.

LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lalita
Foamex Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Limit Cash                    Rating Continues to remain under
   Credit                        'Issuer Not Cooperating'
                                 Category

   Fund Based-        4.75       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Lalita Foamex Private Limited (LFPL) incorporated in April 2013 by
Mr. Bibekanada Pati and Mr. Aditya Pati in Bolangir, Odisha is
involved in manufacturing and sales of general purpose polystyrene
(GPPS) disposable products such as bowls, plates and dinnerware.
The manufacturing facility of the company commenced on 28th June
2014 and has an annual installed capacity of 600 metric tonnes.


MAK CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mak
Constructions in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and Mrs.
R. Mekhala as partners. This firm undertakes small-scale
infrastructure projects and is primarily focused on the laying and
maintenance of roads (national highways, state highways and private
roads) and bridges. MAK undertakes projects within a 100 km radius
of Madurai, Tamil Nadu. The managing partner, Mr. S.R. Chandra
Mohan, has been involved in the construction segment as a
proprietor since 1989; while his partner, Mr. R.T. Venkatesh Kumar,
began his career as a construction contractor in 1995.


MAX PROPERTIES: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Max
Properties Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         7.70       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Facilities                    'Issuer Not Cooperating'
                                 Category

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

Max Properties Private Limited is a Madurai-based real estate
developer/construction company. It was established in 2009 by Mr.
Elango Packiaraj who was earlier executing several government
contracts in his personal capacity. Such executed projects include
construction of staff quarters in Tier II and Tier III cities for
Tamil Nadu Electricity Board, BSNL Telephones, TWAD Board and Tamil
Nadu Police Housing Corporation. MPPL undertakes developing or
codeveloping on joint venture (JV) basis real estate projects for
residential or commercial-cum-residential, multi-storied projects
in Madurai and Theni. The company also undertakes civil
construction for the projects it develops and has the necessary
labor and plant & machinery for the same. The company is closely
held by the family of the company's promoter, Mr. Elango Packiaraj.
The company has not disclosed any other associate/group companies.

MID WEST BUILDERS: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mid West
Builders Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Vaishnovi Builders, promoted by Mr. V.V.S. Pratap, has been
involved in developing real estate projects in South India for past
2 decades offering services in residential and commercial segments.
Till the last RC date, it has developed more than 12projects
comprising 2.87 lakh sft area. Mr. Pratap has started developing
real estate projects in Bangalore in the name of Mid-West Builders
Pvt Ltd in July 2014. MWBPL was undertaking development of one
residential project, Mid-West Elita, in Bangalore.

MIRAYA REALTY: ICRA Lowers Rating on INR37.50cr NCD to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Miraya
Realty Private Limited (MRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-convertible       37.50       [ICRA]D; downgraded from
   Debenture (NCD)                   [ICRA]C+
   Programme             
                                     
Rationale

The rating action follows the recognition of default in servicing
of the outstanding debentures of INR75 crore by Miraya Realty
Private Limited on September 18, 2021, based on the feedback
received from the Debenture Trustee.

The cash flows from the project Serendipity (BKC, Mumbai), within
which MRPL hold units for sale, have remained weak, with no
incremental sales or collections over the past year. Market risks
for the unsold inventory are also considerable, given the premium
ticket size of the units. The recent rise in Covid-19 cases may
also exacerbate the demand risks. The rating also takes into
account the delays observed in project execution, which has
adversely impacted the project cost and resulted in cost overruns.
While project completion was previously planned for December 2020
(revised from December 2019), the management has further revised
the completion date to June 2021. However, as of March 31, 2021,
around 23% of the project cost was remaining to be incurred,
resulting in high probability of time overruns.

The rating, however, factors in the long track record of the
promoters (the Forum Group) in real estate development, with an
experience of over three decades. Serendipity, however, represents
the first foray of The Forum Group into the Mumbai real estate
market. The project is being jointly developed by Forum Homes
Private Limited (FHPL) and the Omkar Group, which has a long track
record in slum rehabilitation scheme (SRS) projects in the Mumbai
market. The rating also draws comfort from the project's favorable
location in the Bandra–Kurla Complex (BKC), which has emerged as
an alternative Central Business District (CBD) in Mumbai.  

MRPL is a part of the Forum Realty Group of companies, promoted by
Sri S. M. Saraf and his son, Sri Rahul Saraf, who joined the
business in 1987. The Group primarily develops real estate and
caters to the information technology, residential and retail spaces
in Kolkata through various Group companies. The Group has developed
around 17 lakh square feet of commercial real
estate till date.

MRPL was floated for NCD issuance to support FHPL's project,
Serendipity, the residential project in BKC. The company has
acquired 18 housing units in Serendipity, funded through these
NCDs, which has been shown as a sale for FHPL. FHPL will sell these
units along with the rest of the project. The sales proceeds, thus
generated, will be utilized to provide an exit to the investor
(i.e., repayment of the NCD with returns).

MRPL follows project completion method of accounting and has not
reported any operating income (OI) till FY2021 as no income has
been recognized from the sale of the identified units.


NEELSON CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Neelson
Ceramic Llp in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.00        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan          13.35        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in May 2015, Neelson Ceramic LLP (NCL) is engaged in
manufacturing polished glazed vitrified tiles. The firm's
manufacturing facility is at Morbi, Gujarat, with an installed
production capacity of 45,000 MTPA of glazed vitrified tiles. NCL
currently manufactures vitrified tiles in sizes of 600" x 600" and
300" x 600". NC is in the process of increasing its installed
capacity to 67,500 MTPA and introducing a new tile dimension of
600" x 1,200". The firm is promoted by Shri Kalesh Makasana, Shri
Sanjay Makasana, Shri Ghanshyam, Smt. Maheshwari Makasana and Smt.
Reena Makasana. The promoters have experience of the ceramic
industry owing to their association with previous group concerns,
Neha Ceramic and Nehani Tiles Private Limited.


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         10.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–        22.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in June 2007, OIPL is primarily involved in the
trading of various iron and steel products such as hot-rolled (HR)
coils, mild steel (MS) sheets, steel plates/rods, cold-rolled (CR)
coils, sheets, bars, galvanized pipes, beams and ferrous metal
scrap. The name of the company was changed to Oshiya Industries
Private Limited in March 2012, from Kuber Steel Traders Private
Limited. It is a part of the Shree Oshiya Group of industries which
refers to a consortium of companies promoted and managed by the
Ranka family.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         8.00        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2013, Pragya Rice Mill is a partnership firm
engaged in milling, processing and sorting of non-basmati rice. The
concern has its plant at Rai Bareli (U.P.) with a milling capacity
of 4 tonnes per hour. The firm started its commercial operations in
September 2014 and primarily sells non basmati (Sama Mansoori) rice
through export as well as domestic sales. The direct exports are
made to Nepal and the balance is sold through exporters to
countries like Dubai, Saudi Arabia etc.

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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          9.86        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.14        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2009, Proseed Foundation is a charitable trust
which has been promoted by the Career Point Group which has
presence in informal education (tutorial services) and formal
education (K-12 and higher education) segments. Till AY2014-15,
Proseed Foundation runs and operates Career Point Technical Campus
in Mohali (Punjab) which offers courses in engineering (B.Tech
course in 6 disciplines) and management (MBA in 3 disciplines).
However, since AY2015- 16 there is change in scope of operations
for the trust with closing of this technical institute and start of
residential school campus. The concept was borrowed from the group
company Career Point Limited, which already runs similar kind of
residential cum school campus in Kota since FY2000. The course is
divided into two parts Foundation Years (Grade 6th to 10th) and
Target Years (Grade 11th, 12th and 12th pass). The trust is headed
by Mr. Om Prakash Maheshwari, who is also the executive director
and CFO of Career Point Limited (Flagship Company of the Career
Point group).


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

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

   Fund Based          9.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund            0.27        [ICRA]B+(Stable); ISSUER NOT
   Based limits                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Radheshyam Cottex was acquired from M/s Shah Govardhandas
Bhikharidas. It was subsequently established as a partnership firm
in November 2010 by Mr. Mahavirsinh Vala and four other partners,
who collectively have an experience of over a decade in the cotton
industry. RC is engaged in the ginning and pressing of cotton. The
manufacturing facility of the firm is located at Jasdan, in Rajkot
district of Gujarat. The facility is equipped with 20 ginning
machines and a pressing machine with a production capacity of
around 15,780 cotton bales per annum.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          0.73        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2005, S.V. Patel & Sons (SVP) is a partnership firm
engaged in the crushing of cotton seeds and castor seeds. In
November 2015, the firm also commenced the production of castor oil
derivative viz. Hydrogenated Castor Oil (HCO). The manufacturing
facility, located at Kapadvanj in Gujarat, is equipped with nine
expellers each for cottonseed and castor seed crushing, with a
total installed production capacity of 9,000 Metric Tonnes Per
Annum (MTPA) and 2,800 MTPA respectively. The total installed
capacity of HCO stands at 5,500 MTPA. The firm is promoted and
managed by Mr. Rajesh Patel along with his family members and
friends. The key promoter has an experience of more than a decade
in the oil manufacturing industry.


SAI-TECH PHARMACEUTICALS: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Sai-Tech Pharmaceuticals Private Limited
        212, The Great Eastern Chambers
        Plot No. 28 Sector-11
        CBD Belapur, Navi Mumbai
        Thane MH 400614
        IN

Insolvency Commencement Date: September 9, 2021

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 8, 2022
                               (180 days from commencement)

Insolvency professional: Anurag Jain

Interim Resolution
Professional:            Anurag Jain
                         1401 Oriental Heights
                         Sector-44, Plot-158
                         Seawoods West, Navi Mumbai
                         Maharashtra 400706
                         E-mail: ipanuragjain@gmail.com

                            - and -

                         IPE Private Limited 1003
                         Satra Plaza, Sector 19-D
                         Vashi, Navi Mumbai 400703
                         E-mail: cirp.saitech@resolvegroup.co.in

Last date for
submission of claims:    September 29, 2021


SHARADHA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Sharadha Timbers in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Short-term        16.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Facility                      'Issuer Not Cooperating'
                                 Category

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

Sri Sharadha Timbers is a proprietorship firm owned by Mr. Narashia
Manji Patel. It was established in 2002 and is involved in the
business of sawing and trading of timber, mainly imported wood. The
customers of SST include dealers, wholesalers and retailers.


SOMA NUTRITION: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Soma
Nutrition Labs Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

   Fund Based–        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–       (2.00)      [ICRA]D; ISSUER NOT
COOPERATING;
   S/L EPC                       Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Soma Nutrition Labs Pvt. Ltd. (SNLPL) was incorporated in 2013 and
will be involved in the business of manufacturing and exporting
therapeutic and supplementary food for malnourished children across
the world as well as in India. Mr. Hemant Phatak, who is the
Managing Director of the company, has an experience of over two
decades in a 2 similar line of business. SNLPL's registered office
is in Borivali, Mumbai with a factory at Jejuri near Pune spread
over an area of 6050 sq. metres. It has a Group company Phoenix
Trading and Consulting Pvt. Ltd., which is involved in the trading
of non-food items for the underprivileged.


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

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

   Fund Based          0.25        [ICRA]B+ (Stable) ISSUER NOT
   Term loan Limits                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1985, SI is engaged in processing of pulses, mainly
moong dal (Moong bean) and toor dal (Pigeon pea). SI is a
partnership firm managed by Mr. Ramesh Totla and his family. SI's
processing facility is located in Jalna, Maharashtra.

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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Long Term/        (2.25)      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term–                   COOPERATING; Rating continues
to
   Interchangeable               remain under 'Issuer Not  
   Limit                         Cooperating' category

   Unallocated       10.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Limits                        COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

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

Established in 2000, Sunny Exports is a partnership concern
involved in manufacturing polished diamonds of sizes up to 2 carats
and trading of polished diamonds of 2 to 10 carats. The partners of
the firm are Mr. Shailesh Parikh, Mr. Atul Parikh and his son, Mr.
Sunny Parikh. The firm has its manufacturing facility in Navsari
(Gujarat) and its marketing offices in Mumbai.

TRIMURTHI HITECH: ICRA Keeps C+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Trimurthi
Hitech Company Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         4.75       [ICRA]C+ ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term–        2.75       [ICRA]A4; ISSUER NOT
   Non Fund Based                COOPERATING; Rating Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Long Term/         2.50       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

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

Trimurthi Hitech Company Pvt Ltd was incorporated in the year 1989
by Mr B.L Kabra and Mr Sundeep Kabra who have close to two decades
of experience as EPC contractors for various government projects.
The company predominantly takes up electrification works for
railway projects in southern India. By virtue of the long standing
experience of the promoters in execution of such projects, the
company is prequalified to take up overhead electrification works,
high voltage substation contracts and civil tenders for government
projects.

UNIQUE GEMSIN: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities Unique Gemsin
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          30.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Unique Gems was established as a partnership firm in the year 2009.
The entity is closely held by the Kevadia family. The firm has
three partners - Mr. Piyush Kevadia, Mr. Dilip Kevadia, and Mrs.
Shilpa Salia. Unique Gems is engaged in the manufacturing and
trading of CPDs.  The manufacturing facility of the firm is located
at Surat, Gujarat where it employs more than 300 workers. The
entity manufactures diamonds of various sizes ranging from 18 cents
to 10 carats.


VADIM INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vadim
Infrastructure Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.30       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Facility                      'Issuer Not Cooperating'
                                 Category

   Short-term         2.00       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Continues to remain under the
   Facility                      'Issuer Not Cooperating'
                                 Category

   Short-term         4.05       [ICRA]D; ISSUER NOT COOPERATING;
   Non based                     Continues to remain under the
   Facility                      'Issuer Not Cooperating'
                                 Category

   Long Term/         1.65       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues
   Unallocated                   to remain under 'Issuer Not
   Facility                      Cooperating' category

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

Vadim Infrastructure Private Limited was incorporated in Chennai in
2004 and has a diversified presence across four states with branch
offices in Coimbatore, Hyderabad, Bhubaneswar, and Nagpur. VIPL is
an EPC contractor and undertakes design, engineering, procurement
and execution of turnkey projects. The company has more than 14
years of experience in power, industrial, and infrastructure
sectors. VIPL also provides design and detail engineering in the
areas of piping, civil and structural work.


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

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

   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.41        [ICRA]B+(Stable)/[ICRA]A4;  
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Incorporated in 2007, Virgin Rock Private Limited (VRPL) is
primarily into mining of granite. The company operates a quarry
based out of Srikakulam in Andhra Pradesh. The company also
acquired leasing rights for another quarry in Anakapalle, near
Visakhapatnam in FY2013 which is yet to be operational. The
majority of the sales of the company are from exports to Italy, US,
Poland, Taiwan, Hong Kong, China, Poland and Switzerland while a
small portion of it comes from the domestic market. The company
sells its product under brand name "Vizag Blue".

WOODIND: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
WoodInd in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRAD; ISSUER NOT COOPERATING".

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

   Short Term-      10.00        [ICRA] D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

The Woodind, initially established as proprietorship concern in
2006 by Mr. Russal M Easa, was later converted in to a partnership
firm in December 2013. The firm is engaged in trading of timber.
The firm imports timber mainly from Latin American countries and
also from African countries. The timber imported belongs to two
main categories – Teak and Pincoda. The firm is located in Kochi
(Kerala) and caters to the needs of the wholesalers as well as the
retailers in North Kerala.

YASHASHREE TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Yashashree
Tubes Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         3.20       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2011, Yashashree Tubes Private Limited (YTPL/The
Company) is engaged in manufacturing of cold-drawn seamless tubes
ranging from outside diameter of 16 mm to 110mm. The company has
its manufacturing facility at Ahmednagar (Maharashtra) which
commenced commercial operations from February 2013 with an annual
installed capacity of 8400 MT.


ZENITH AUTOMOTIVE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Zenith Automotive Private Limited
        564 A-1, P.No. 2/59 AF/F
        Bhim Gali, Vishawas Nagar
        Shahdra New Delhi
        North East DL 110032

Insolvency Commencement Date: September 24, 2021

Court: National Company Law Tribunal, New Delhi, Bench-V

Estimated date of closure of
insolvency resolution process: March 23, 2022
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         MNK & Associates
                         Company Secretaries
                         G-41, Ground Floor
                         West Patel Nagar
                         Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 cirp.zenithautomotive@gmail.com

Last date for
submission of claims:    October 8, 2021




=================
I N D O N E S I A
=================

BAYAN RESOURCES: Moody's Ups CFR to Ba2 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Bayan Resources Tbk (P.T.)'s
corporate family rating to Ba2 from Ba3. Moody's has also upgraded
Bayan's senior unsecured notes rating to Ba2 from Ba3.

At the same time, Moody's has revised the outlook to stable from
positive.

"The upgrade to Ba2 reflects our expectation that Bayan will
maintain very strong credit metrics over the next 12-18 months,
with very good liquidity and effectively no debt following the
early repayment of its outstanding US dollar notes with cash next
month," says Maisam Hasnain, a Moody's Vice President and Senior
Analyst.

RATINGS RATIONALE

"Bayan's Ba2 ratings are supported by its rising thermal coal
volumes following higher production at its Tabang mines in recent
years; the long reserve life of its mines; the company's solid
profitability; and minimal reliance on incremental debt," adds
Hasnain, also Moody's Lead Analyst for Bayan.

Amid stronger operating cash flows due to high coal prices, Bayan
has continued to proactively repay debt ahead of scheduled
maturity. On September 20, 2021, the company announced that it
would redeem the $149 million remaining of its US dollar notes in
October 2021, well ahead of its scheduled maturity of January 2023.
Bayan had redeemed $251 million of its outstanding notes with cash
in May 2021.

Following Bayan's notes repayment, Moody's expects the company to
operate with a net cash position and minimal reliance on
incremental debt funding over the next few years. The company plans
to fund the expansion of its production capacity and infrastructure
with internal cash flow.

Bayan's construction of a 100-kilometer haul road connecting its
Tabang mines to the Mahakam River along with a new barge loading
facility, scheduled for completion in 2022, will help increase
Tabang's production capacity to around 60 million tons in the next
3-4 years from around 32 million tons currently, and reduce the
risk of weather-related operational disruptions. Mahakam is a
larger river that is less exposed to water-level fluctuations than
Bayan's current principal waterways to transport coal.

While Bayan's credit profile is constrained by its single-commodity
exposure to thermal coal in Indonesia, its low-cost mining
operations provide a considerable buffer against coal price
downturns. This, in part, reflects the company's Tabang mines,
which contribute around 85% of its coal production, and are among
the lowest-cost energy-adjusted global coal mines with a very low
stripping ratio of around 2.5x.

Despite meeting all its domestic contractual sales obligations,
Bayan has only sold 10%-20% of its coal volume domestically in
recent years, below the 25% level mandated under Indonesia's
Domestic Market Obligation (DMO) regulation for coal miners. The
company will seek to address its domestic sales volume shortfall of
around 3.8 million tons this year by paying a penalty of $1 to $1.5
per ton of coal, based on penalty rates communicated by Indonesia's
mining ministry in 2020. An unforeseen large increase in penalties
from the mining mininstry that substantially weaken Bayan's
liquidity could pressure its Ba2 ratings.

Moody's expects Bayan's liquidity to remain very good over the next
12-18 months, with cash on hand and projected operating cash flow
sufficient to fund its proposed capital spending, debt repayments
and dividends. As of July 31, 2021, Moody's estimates that the
company also had around $274 million undrawn under multi-year
committed working capital facilities with four banks.

The ability to draw down on these working capital facilities
provides Bayan flexibility in the event of unforeseen cash needs,
such as an adverse court ruling regarding its ongoing litigation
with a former joint venture partner, which had claimed $153 million
plus interest and costs. That said, Bayan has yet to record any
provisions against this case. According to the company, a final
ruling on this case is likely in 2022 or 2023.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Bayan's ESG Credit Impact Score is highly negative (CIS-4),
reflecting its very high exposure to environmental risks and high
exposure to social risks stemming from thermal coal mining. Bayan's
low-cost mining operations, and adherence to operating within
publicly articulated financial policies, including low leverage
levels, help offset some of its ESG risks.

The company's exposure to environmental risk is very highly
negative (E-5 issuer profile score), driven by very high carbon
transition risks for thermal coal, and very high physical climate
risks associated with periodic low water levels at the rivers Bayan
relies on to barge coal from its key Tabang mines to its customers.
Physical climate risk will decline by 2022 once Bayan completes its
haul road to the Mahakam River, a larger river that is less exposed
to water-level fluctuations.

Bayan's exposure to social risk is highly negative (S-4 issuer
profile score), driven primarily by coal mining's high exposure to
human capital, health and safety, responsible production, and
demographic and societal trends. Bayan engages in several social
initiatives including community development projects, such as,
education funding, infrastructure development and economic support
for the locals.

Bayan's exposure to governance risk is moderately negative (G-3
issuer profile score). The score reflects Bayan's concentrated
ownership and uncertainty around its key shareholder's (Dato' Low
who owns around 55% of Bayan) long term ownership plans. The
presence of Korean state-owned electric utility KEPCO, which owns
20% stake through its subsidiaries, helps partially temper
ownership concentration risks. Also, since its debt restructuring
in 2015, Bayan has consistently prepaid debt and operated with very
low leverage.

OUTLOOK

The stable outlook reflects Moody's expectation that Bayan will
generate strong earnings and cash flow, with a minimal reliance on
incremental debt while maintaining very good liquidity over the
next 12-18 months.

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

An upgrade of the rating is unlikely over the next 12-18 months,
given Bayan's current scale and lack of diversification.
Nonetheless, upward rating pressure could arise over time if Bayan
increases production significantly or improves its geographic and
product diversification while maintaining a strong credit profile.

Moody's could downgrade the rating if (1) Bayan experiences a
material disruption in its operations; (2) industry fundamentals
deteriorate, leading to a decline in earnings; or (3) the company's
underlying financial or operational strategy changes materially,
including higher-than-expected capital spending, material
debt-funded acquisitions or aggressive shareholder returns.

Specific financial indicators for a downgrade include adjusted
debt/EBITDA approaching 3.0x or adjusted EBIT/interest expense
trending down to 3.0x.

The principal methodology used in these ratings was Mining
published in September 2018.

Bayan listed on the Indonesian Stock Exchange in 2008 and is
engaged in surface open-cut mining of coal mines primarily in East
and South Kalimantan.

Bayan's founder, Dato' Low Tuck Kwong, is the largest shareholder
with a 55% stake. Korea Electric Power Corporation owns 20% through
its subsidiaries, PT Sumber Suradaya Prima owns 10%, Bayan's
management and founders hold an 11.8% stake, and the balance is
publicly owned.



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

TITAN ACQUISITIONCO: Moody's Affirms B2 CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has affirmed Titan AcquisitionCo New
Zealand Limited's (Trade Me) B2 corporate family and first lien
term loan ratings. Moody's has also assigned a B2 rating to Trade
Me's proposed NZD1,090 million equivalent new first lien term loan.
At the same time, Moody's has revised the outlook on all ratings to
negative from stable.

Proceeds from the new first lien term loan, along with the
privately placed NZD465 million second lien term loan will be used
to refinance the existing term loan facilities, and fund a
distribution to the company's shareholders. Moody's understands
that the company intends to pay around NZD530 million of
distributions to shareholders via a combination of dividends and
shareholder loan repayment. The proposed transaction will weaken
the company's financial position increasing pro forma leverage
above Moody's tolerance levels for the B2 rating. The action
reflects Moody's expectations based on the announced transaction
size and the rating could be downgraded should the actual amount of
shareholder distribution and/or leverage exceed Moody's current
expectations.

RATINGS RATIONALE

The change in outlook to negative reflects the credit negative
nature of Trade Me's proposed debt-funded shareholder distribution.
The proposed transaction also highlights governance risks given the
company's private equity ownership and aggressive financial policy
which favour shareholders.

On a pro forma basis, Moody's estimates gross debt/EBITDA will
deteriorate to the high 7x level, which is outside the 7.5x
leverage tolerance threshold set for the B2 rating. Trade Me
registered debt/EBITDA in the mid 5x level for fiscal 2021.

While the proposed transaction is credit negative, the rating
affirmation takes into consideration Trade Me's solid business
profile and Moody's expectation for continued earnings growth,
which should enable deleveraging towards levels more in line with
the rating over the next 12-18 months.

However, the pro forma leverage profile exposes the company to
potential future disruptions to earnings, such as from further
restrictions relating to an escalation in COVID cases in New
Zealand.

For the fiscal year ended June 30, 2021, Trade Me recorded an
around 12% increase in EBITDA from the prior year. Moody's expect
earnings growth going forward will be primarily driven by the
company's Property and Motors segments.This is supported by the
ongoing shift in classifieds advertising from print to online in
New Zealand, which has lagged other developed markets in terms of
online penetration rates, but is expected to follow a similar
trajectory.

Trade Me's ratings continue to benefit from the company's leading
market position and strong brand awareness in New Zealand, good
business line diversity and strong margins and free cash flow
generation.

The rating also recognises the risks Trade Me's business faces from
the ongoing pandemic, the potential for new entrants and disruption
in the company's industry, as well as the company's small absolute
size and geographic concentration in New Zealand.

Trade Me's liquidity is very good. The company held around NZD70
million of cash as of 30 June 2021, and will have available undrawn
revolver of NZD150 million post refinancing transaction. The rating
agency expects Trade Me to remain free cash flow positive.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Social considerations include the ongoing pandemic. Trade Me
provided some financial support to its classifieds customers amid
the recent August and September alert level 4 restrictions in New
Zealand. However, the country has since eased restrictions over
September and Moody's recognizes the limited impact the pandemic
has had on Trade Me's earnings to date.

Governance considerations include the company's ownership by
private equity firm Apax Partners. This is a rating constraint as
illustrated by shareholder friendly initiatives, such as the
proposed debt-funded shareholder distribution, and the company's
tolerance for higher financial leverage.

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

Moody's could downgrade the ratings if: (1) shareholder
distributions, debt, and leverage associated with the transaction
increase beyond Moody's current expectations, with adjusted
debt/EBITDA likely to remain above 7.5x on a sustained basis; (2)
the company's earnings base or liquidity profile weakens, and/or;
(3) the company's market share reduces considerably.

An upgrade is unlikely over the next 12-18 months given the
negative outlook.

The outlook could be revised to stable if Trade Me reduces adjusted
debt/EBITDA comfortably below 7.5x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Titan AcquisitionCo New Zealand Limited (Trade Me) is the leading
online marketplace and classified business in New Zealand with
local scale across a breadth of service offerings including
auctions, fixed price sales for new and used goods (Marketplace)
and classified advertisements for automotive (Motors), real estate
(Property) and employment (Jobs). Trade Me also has web businesses
specialising in accommodation and payments. The company was
acquired by Apax Partners in 2019.



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

PHILIPPINE AIRLINES: Gets Court's OK to Access $505MM DIP Funding
-----------------------------------------------------------------
BusinessWorld reports that a United States bankruptcy court has
allowed Philippine Airlines, Inc. to access the remainder of its
debtor-in-possession (DIP) financing of $505 million.

US bankruptcy court judge Shelley C. Chapman issued the "final
order" authorizing PAL to obtain "post-petition financing" on Sept.
30 after the "second day hearing" held that day, BusinessWorld
relates citing court documents from PAL's claims agent Kurtzman
Carson Consultants LLC.

PAL's DIP financing is composed of a multi-draw term loan facility
of $250 million - access to $20 million of which was approved by
the bankruptcy court recently - and another multi-draw term loan of
$255 million, BusinessWorld discloses.

According to the report, PAL in a press release said the long-term
equity and debt financing, as part of the flag carrier's
restructuring, will support the company's ongoing operations and
recovery plan.

"This important step confirms that our recovery process is on track
as we continue to work hard on securing a fully consensual
reorganization plan in an efficient manner," BusinessWorld quotes
PAL President and Chief Operating Officer Gilbert F. Santa Maria as
saying.

BusinessWorld relates that Nilo Thaddeus P. Rodriguez, PAL chief
financial officer, said the approval gives the company additional
liquidity to meet current and future obligations – and to operate
as usual.

"PAL will emerge a leaner and more competitive airline thanks to
our hardworking employees, the resolute commitment of our majority
shareholder and the strong support from our stakeholders and
creditors," he said.

BusinessWorld adds that the court also authorized PAL, "but not
directed," to pay "some or all" of the pre-petition claims of
"critical" and foreign vendors in an aggregate amount not exceeding
$73 million.

The motion seeking authorization to pay certain employee wages and
other compensation and related obligations as well as maintain and
continue employee benefits and programs in the ordinary course was
also granted on a final basis, BusinessWorld relays.

At the same time, the court also allowed PAL, "but not directed,"
to fulfill and honor its obligations to customers and related third
parties.

PAL can "continue, renew, replace, implement new and/or terminate
any Customer Program or Commercial Agreement . . . in the ordinary
course of business, without further application to the court,
including making all payments, satisfying all obligations, and
permitting all setoffs in connection therewith, whether relating to
the period prior to, on, or subsequent to the petition date."

BusinessWorld adds that PAL said last week that it had filed a
petition before a Pasay City court seeking recognition of the
proceedings and decisions of US Bankruptcy Court for the Southern
District of New York that is hearing its Chapter 11 case.

The "First Day Motions" hearing took place on Sept. 9. The airline
won the court's approval to access the first $20 million of its DIP
financing totaling $505 million.

Mr. Rodriguez has said that the airline expects to exit its
recovery phase by 2022, with operating activities seen to "generate
more consistent positive monthly cash flow," BusinessWorld notes.

                      About Philippine Airlines

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

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

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines. Kurtzman Carson Consultants LLC is the claims agent.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.



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

REEBONZ: Building to go on Sale to Pay Debts as Company Winds Up
----------------------------------------------------------------
The Straits Times reports that the Reebonz Building that served as
the headquarters of the troubled online marketplace is going on
sale.

The property at 5 Tampines North Drive 5 - Reebonz's key asset -
has been mortgaged to a bank and receivers have been appointed for
its sale.

According to the report, luxury marketplace Reebonz, hit earlier
this year by complaints from buyers and sellers on its platform,
announced on Sept. 10 that it is in creditors' voluntary
liquidation.

In a notice in The Business Times, Reebonz director Samuel Lim Kok
Eng said the company "cannot by reason of its liabilities continue
its business".

He also announced the appointment of provisional liquidator Tee Wey
Lih of Acres Advisory on Sept. 3 for the winding up of the company,
the report discloses.

Reebonz's liabilities are estimated to be in the region of NZD65
million with the bulk of the exposure on financial institutions,
Acres Advisory said in response to queries from The Straits Times.

Reebonz, which runs an online platform for buying and selling a
wide range of luxury items, came under fire from disgruntled
sellers who claimed that the company had not paid them on time.

The Straits Times reported in August that Reebonz owed more than
NZD30,000 to 11 sellers on its platform as at Aug. 26, according to
complaints lodged with the Consumers Association of Singapore
(Case).

The report relates that Case received 22 complaints from buyers and
sellers about the home-grown firm this year, up from 12 last year
and three in 2019.

Although the agreed payout period is 20 business days, sellers
complained they had not received payments even after waiting for
several months.

Reebonz offers a White Glove service, where it picks up an item
from the seller for free and makes an offer.

It then takes a cut of up to 40 per cent if the item is sold.

Sellers are notified after the item has been sold and past the
return period. They will then be paid by bank transfer or through
Reebonz store credits within 20 business days.

According to the report, Mr. Robson Lee, a partner at law firm
Gibson Dunn, said: "Sellers and service providers who are owed
money should file their proof of debt and be alert to any
creditors' meeting so they can have a better picture of the
situation.

"The amount they are owed individually might not be a big enough
sum to incur further costs. If they can start some form of group,
they can exert (more) influence as a collective group of
creditors."

TSMP Law Corporation partner Felicia Tan added: "Unless the
individual sellers have security, they are unsecured creditors who
are most unlikely to receive full repayment.

"Unsecured creditors can only wait in line to receive some payment
after everyone else is paid. It could take months, or even years,
before these sellers see some cash."

The Straits Times adds that Chan Neo LLP partner Daniel Tay said
any investigation or claims are nonetheless subject to proper
evidence and may even prolong the winding-up process.

Reebonz's website said it was undergoing maintenance from Sept. 4,
and added that "all orders till Sept. 3 will be fulfilled," the
Straits Times relays.

"We will not be accepting new orders," it said, noting that it will
keep customers updated soon.

Reebonz was started in 2009 by Mr. Lim and co-founders Daniel Lim
and Benjamin Han.  In 2010, it opened a physical store at Clifford
Centre. The store closed in 2016.  It then opened a US$29 million
(S$39 million), eight-storey headquarters and e-commerce hub in
Tampines in 2017 to house its operations and warehousing and
distribution facilities.

Reebonz, which reportedly had Temasek-backed Vertex Ventures and
Mediacorp as early investors, was delisted from the Nasdaq last
year, almost 1-1/2 years after it went on the US stock exchange.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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