/raid1/www/Hosts/bankrupt/TCRAP_Public/211007.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, October 7, 2021, Vol. 24, No. 195

                           Headlines



A U S T R A L I A

AUSTRALIA: ASIC Issues Relief for Firms in External Administration
DEBFORD INVESTMENTS: First Creditors' Meeting Set for Oct. 13
ENVISION AV: First Creditors' Meeting Set for Oct. 18
GREENSILL CAPITAL: Credit Suisse's Zurich Offices Raided in Probe
POROS NO. 41: Director Banned from Managing Companies for 5 Years

SMART PLASTICS: Second Creditors' Meeting Set for Oct. 14


C H I N A

CHINA EVERGRANDE: China's Property Sector Default Woes Deepen
FANTASIA HOLDINGS: Fitch Lowers LT FC IDR to 'RD'
FANTASIA HOLDINGS: Moody's Downgrades CFR to Ca, Outlook Negative
FANTASIA HOLDINGS: S&P Cuts ICR to 'SD' on Missed Principal Payment


H O N G   K O N G

MEX GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


I N D I A

ARNAV TECHNOSOFT: ICRA Keeps D Debt Rating in Not Cooperating
ASB PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ASHAPURA GARMENTS: Insolvency Resolution Process Case Summary
BHALKESHWAR SUGARS: ICRA Reaffirms D Rating on INR175.50cr Loan
CASTALL TECHNOLOGIES: ICRA Keeps D Ratings in Not Cooperating

CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR933.82cr Loan
DHANALAKSHMI SRINIVASAN: ICRA Moves D Rating to Not Cooperating
DHSL TEXTILES INDIA: Insolvency Resolution Process Case Summary
ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating

GAJANAN GANGAMAI: Insolvency Resolution Process Case Summary
IIC LIMITED: Insolvency Resolution Process Case Summary
JMD LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
KARINGTON CLUB: Insolvency Resolution Process Case Summary
KNK NEXGEN: ICRA Keeps D Debt Ratings in Not Cooperating Category

KSHITIJA INFRASTRUCTURE: ICRA Keeps B Rating in Not Cooperating
MOJIKA REAL: ICRA Lowers Rating on INR37cr Term Loan to D
NIRMAL INDUCTOMELTS: Insolvency Resolution Process Case Summary
NOBLE MOULDS: ICRA Lowers Rating to INR17cr LT Loan to D
P. DASARATHARAMA: ICRA Keeps B+ Debt Rating in Not Cooperating

PANDHE INFRACONS: Insolvency Resolution Process Case Summary
PNK SPACE DEVELOPMENT: Insolvency Resolution Process Case Summary
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
PRIYHEER INFRA: ICRA Keeps B Debt Rating in Not Cooperating
QURESHI INTERNATIONAL: ICRA Moves B+ Rating to Not Cooperating

RAM INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.40cr Loan
REGENCY GANGANI: ICRA Keeps D Debt Rating in Not Cooperating
REGENCY YAMUNA: ICRA Withdraws D Rating on INR21.37cr LT Loan
SB URBANSCAPES: ICRA Keeps B Debt Rating in Not Cooperating
SHARE MICROFIN: ICRA Reaffirms D Rating on INR130.11cr LT Loan

SONAPUR HERBAL: ICRA Keeps D Debt Rating in Not Cooperating
SRINIVASAN CHARITABLE: ICRA Moves D Rating to Not Cooperating
STRAWBERRY CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
SUPERFINE ALUMINIUM: ICRA Lowers Rating on INR98cr Loan to D
TRT BUILDERS: ICRA Keeps C+ Debt Ratings in Not Cooperating



I N D O N E S I A

BUMI RESOURCES: S&P Lowers ICR to 'CCC', Outlook Negative


M A L A Y S I A

AIRASIA GROUP: Wins Approval for US$120MM Government-Backed Loan


N E W   Z E A L A N D

EURO BAR: Top Auckland Restaurant to Close Doors


S I N G A P O R E

CEFC SHANGHAI: Court Enters Wind-Up Order
STRAITS VENTURA: Court to Hear Wind-Up Petition on Oct. 22
UNIVERSAL MACHINE: Creditors' Meeting Set for Nov. 5

                           - - - - -


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A U S T R A L I A
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AUSTRALIA: ASIC Issues Relief for Firms in External Administration
------------------------------------------------------------------
The Australian Securities and Investment Commission (ASIC) has
issued regulatory relief to help reduce red tape and provide
certainty for companies in external administration.

The relief relates to certain financial reporting and annual
general meeting (AGM) obligations which continue to apply when a
company is in external administration.

Specifically, it provides conditional relief to companies in
external administration by:

     * extending the time by which a company is required to prepare
and lodge financial reports for a minimum period of six months and
a maximum period of up to 24 months (deferral relief), and

     * extending the time by which a public company is required to
hold an AGM until two months after the deferral relief ends.

ASIC Commissioner Sean Hughes said, 'Our new legislative relief
will provide companies in financial distress more time to comply
with financial reporting and AGM obligations while ensuring members
are able to continue to access information about the externally
administered company.'

The deferral relief commences when a voluntary administrator or
provisional liquidator, or a managing controller over substantially
the whole of the property of the company, is appointed. The relief
will cease after a minimum period of six months and up to a maximum
period of 24 months, or when the external administration ends.

If a voluntary administration is followed by a deed of company
arrangement, the relief will continue up to 24 months after the
voluntary administration commenced, so long as the deed
administrator exercises all or most of the management functions and
powers of the company.

The relief is effected by ASIC Corporations (Amendment) Instrument
2021/506, which amends ASIC Corporations (Externally-Administered
Bodies) Instrument 2015/251.

ASIC has also updated its guidance in Regulatory Guide 174 Relief
for externally administered companies and registered schemes being
wound up (RG 174) in relation to deferral relief for externally
administered companies and AGM relief for externally administered
public companies. RG 174 provides guidance on the circumstances in
which an externally administered company may rely upon ASIC's
relief. ASIC will continue to consider individual relief
applications in relation to financial reporting and AGM obligations
for situations outside of the legislative relief.

Report 703 Response to submissions on CP 337 Externally
administered companies: Extending financial reporting and AGM
relief (REP 703) also published today, highlights key issues
arising from the submissions.

The relief and updated guidance follows ASIC's public consultation
in January 2021 in Consultation Paper 337 Externally administered
companies: Extending financial reporting and AGM relief (CP 337).
CP 337 sets out ASIC's proposal to conditionally provide
legislative relief for companies in external administration to
defer their financial reporting and AGM obligations.

ASIC received five non-confidential submissions in response to CP
337. Most of the submissions received were generally supportive of
ASIC's proposal in CP 337 but provided comments about some of the
specific requirements and conditions of the proposed relief. ASIC's
consideration of these submissions is detailed in REP 703.

DEBFORD INVESTMENTS: First Creditors' Meeting Set for Oct. 13
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Debford
Investments Pty Ltd in its own right and ATF Sneider No 2 Trust
(trading name: Burgerlove at Waverly Gardens Shopping Centre,
Cranbourne Park Shopping Centre and Endeavour Hills Shopping
Centre) will be held on Oct. 13, 2021, at 11:00 a.m. via virtual
meeting technology.

David Coyne of BRI Ferrier was appointed as administrator of
Debford Investments on Oct. 4, 2021.


ENVISION AV: First Creditors' Meeting Set for Oct. 18
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Envision AV
Services Pty Limited will be held on Oct. 18, 2021, at 10:00 a.m.
via teleconference facilities.

Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of Envision AV on Oct. 6, 2021.


GREENSILL CAPITAL: Credit Suisse's Zurich Offices Raided in Probe
-----------------------------------------------------------------
Corinne Gretler and Marion Halftermeyer of Bloomberg News report
that police raided Credit Suisse Group AG offices in Zurich and
confiscated documents as part of an investigation into whether
investors in funds it ran with Greensill Capital were misled,
complicating efforts by the Swiss bank to move past the damaging
scandal.

The last week of September 2021's search comes after a criminal
complaint in April 2021 by Switzerland's State Secretariat for
Economic Affairs, or Seco, for violations of a law against unfair
competition, which deals with issues such as false or misleading
advertising. A spokesman for the public prosecutor in Zurich
confirmed that proceedings had been opened against an "exponent" of
Greensill.

                    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.

POROS NO. 41: Director Banned from Managing Companies for 5 Years
-----------------------------------------------------------------
Glen Desmond Champley of Sydney, NSW, has been disqualified from
managing companies for five years for his involvement in eight
failed companies.

Between 2018 and 2021, Mr. Champley was a director of eight
companies:

   * Poros No. 41 Pty Ltd ACN 626 602 462 (Poros No 41);
   * Integer Rose Bay Pty Limited ACN 168 734 978 (Integer Rose
     Bay);
   * Poros No. 42 Pty Ltd ACN 626 602 613 (Poros No 42);
   * Arete Group (Aust) Pty Ltd ACN 168 734 978 (Arete company);
   * ACD Circulation Pty Ltd ACN 637 226 245 (ACD Circulation);
   * Arete No. 1 Pty Ltd ACN 168 734 290 (Arete company);
   * Arete No. 2 Pty Ltd ACN 168 734 398 (Arete company);
   * Arete No. 3 Pty Ltd ACN 168 734 450 (Arete company).

Seven of the companies were involved in labour hire services to the
building and construction industry. The eighth, Integer Rose Bay,
was a trustee company which purchased property and was involved in
the construction of residential apartments.

ASIC found that Mr. Champley:

   * failed to properly discharge his duties towards Poros No 41,
     allowing it to trade while insolvent;
   * failed to register Poros No 41 for GST and PAYG withholding
     with the Australian Taxation Office (ATO);
   * failed to provide Poros No 41's liquidator with certain
     information as requested;
   * failed to ensure that Poros No 41 and Poros No 42 maintained
     adequate books and records;
   * failed to ensure that Poros No 41 and Poros No 42 complied
     with their obligation to lodge documents with the ATO;
   * failed to pay GST liabilities of Integer Rose Bay, that was
     due on the sale of apartments;
   * failed in his duty to guide and monitor Poros No. 42 and
     Integer Rose Bay;
   * failed in his duty towards ACD Circulation to ensure there
     was enough working capital to meet its liabilities as and
     when they were due to be paid;
   * failed to undertake due diligence and understand his
     managerial responsibilities before becoming the director of
     Poros No 41, Integer Rose Bay and all the Arete companies,
     and as such failed to take any steps to address tax issues
     and prevent the companies from incurring debts.

At the time of ASIC's decision, the eight failed companies owed
unsecured creditors a total of AUD14,488,659.09, including
AUD1,165,879 owed to the ATO.

In deciding to disqualify Mr. Champley, ASIC relied on
supplementary reports lodged by the liquidator of Poros No. 41 and
Integer Rose Bay, Christopher Damien Darin of Worrells Solvency and
Forensic Accountants. ASIC assisted the liquidator to prepare a
supplementary report by providing funding from the Assetless
Administration Fund.

Mr. Champley is disqualified from managing corporations until
September 16, 2026.


SMART PLASTICS: Second Creditors' Meeting Set for Oct. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Smart Plastics Pty Ltd;
     - Planet Green Corporation Pty Ltd; and
     - Ocean For Earth Pty Ltd

has been set for Oct. 14, 2021, at 11:00 a.m. at the offices of
PricewaterhouseCoopers, 2 Riverside Quay, in Southbank, Victoria.

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. 12, 2021, at 4:00 p.m.

Robert Ditrich and Craig Crosbie of PricewaterhouseCoopers were
appointed as administrators of Smart Plastics et al. on Sept. 9,
2021.




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C H I N A
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CHINA EVERGRANDE: China's Property Sector Default Woes Deepen
-------------------------------------------------------------
Reuters reports that growing worries about defaults at Chinese
property developers triggered a rout in their shares and bonds on
Oct. 5 with fresh credit rating downgrades and uncertainty about
the fate of cash-strapped China Evergrande Group sapping investor
sentiment.

Once China's top-selling developer, Evergrande is facing one of the
country's largest-ever debt restructurings as it wrestles with more
than $300 billion in liabilities, including nearly $20 billion in
offshore debt, Reuters relays.

Last month, it missed coupon payments on two dollar bond tranches
and is scrambling to sell assets to pay creditors, prioritizing
repayment to onshore lenders in the last few weeks.

According to Reuters, the possible collapse of one of China's
biggest borrowers has triggered worries about contagion risks to
the property sector in the world's second-largest economy, as its
debt-laden peers are hit with rating downgrades on looming
defaults.

Reuters relates that Chinese property bonds and shares came under
heavy selling pressure, a day after Chinese homebuilder Fantasia
Holdings' said it had failed to make a $206 million international
market debt payment on time.

That followed downgrading of the company by rating agencies, citing
weak recovery prospects for bondholders after default as well as
concerns about the company's disclosure and governance practices.

In a statement, the property developer said that it will assess the
potential impact of the non-payment on the group's financial
conditions. It did not immediately respond to a Reuters request for
comment on the rating downgrades, Reuters relays.

According to Reuters, developer Sinic Holdings also suffered a
ratings downgrades on Oct. 5 after it announced that certain
subsidiaries had missed interest payments on onshore financing
arrangements.

S&P Global Ratings lowered its rating on Sinic, saying it had run
into a "severe liquidity problem and its debt-servicing ability has
almost been depleted".

It said the firm was likely to default on notes totalling $246
million due on Oct. 18.

"Since the Evergrande crisis, investors have become more worried
and focused about Chinese developer's repayment ability," Reuters
quotes Thomas Kwok, head of equity business at Hong Kong brokerage
CHIEF Securities, as saying.

Reuters relates that the liquidity issues have increased as many
developers were not able to issue fresh debt to refinance, and as
their ability to raise cash from selling properties fell due to new
regulations, he said.

"This will be a vicious cycle for the developers that are not
strong enough, because there is not enough liquidity in the market
for everyone."

The rating downgrades and possible near-term defaults on offshore
debt obligations will pile pressure on Chinese developers to access
fresh funding to repay notes worth nearly $300 billion due over the
next two years, notes the report.

Reuters says bond prices collapsed at a handful of the most
indebted firms, with Fantasia bonds crumbling below 30 cents on the
dollar while Kaisa Group and Central China Real Estate also saw
price falls.

The cost of insuring exposure to China's sovereign debt also came
under pressure, and five-year credit default swaps jumped 4 basis
points to a 16-month high, Reuters discloses citing IHS Markit
data.

"The cost of funding has increased massively for all these
companies and it is actually a contagion risk," said an emerging
markets credit analyst in London, declining to be named, Reuters
relays. "If the whole property sector comes under pressure it could
become a much bigger issue to resolve, so I think it is better
Chinese authorities step in now and try and limit the fallout."

China is on seven-day holiday from Oct. 1, and regulators there
have not made any comment specifically on Evergrande and its woes
in recently, Reuters notes.

Reuters adds that the central bank, however, on Oct. 6 urged
financial institutions to cooperate with relevant departments and
local governments to maintain the "stable and healthy" development
of the property market and safeguard housing consumers' interests.

                       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 and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.

FANTASIA HOLDINGS: Fitch Lowers LT FC IDR to 'RD'
-------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Fantasia
Holdings Group Co., Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'CCC-' as
the company failed to repay its USD206 million senior notes due 4
October 2021. There is no grace period for the bond repayment.

The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

At the same time, Fitch has downgraded Fantasia's senior unsecured
rating and the ratings on its US dollar bonds to 'C' from 'CCC-'
with a Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Non-Payment of Notes: Fantasia's failure to make payment on the US
dollar bonds due on 4 October 2021, is consistent with Fitch's
definition of an 'RD' rating, as the company has experienced an
uncured payment default on a material financial obligation but has
not yet entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedures,
and has not otherwise ceased operating.

Cross Default with Notes: The non-payment of Fantasia's October
2021 US dollar bond triggered events of default on the company's
other US dollar notes, which will become immediately due and
payable if the bond trustee or holders of at least 25% in aggregate
principal amount of the offshore notes declare so.

Uncertainties over Restructuring Plan: There is limited information
available on the company's restructuring plan at this stage.
According to media reports, an emergency response team, comprising
local governments, financial institutions and financial advisors is
being formed to resolve the situation.

ESG - Governance: Fantasia has ESG Relevance Scores of '4' for
Financial Transparency, Management Strategy and Group Structure due
to the existence of undisclosed liabilities, the company's lack of
effective execution of and consistent communication over its
repayment plans, and high exposure to unconsolidated JVs and
associates. These have a negative impact on the credit profile and
are relevant to the ratings in conjunction with other factors.

The ESG Relevance Scores for Financial Transparency and Management
Strategy have been revised to '4' from '5' because their relevance
to the rating has decreased at the current rating level.

DERIVATION SUMMARY

Fantasia's IDR has been downgraded to 'RD' in line with Fitch's
definition of an uncured payment default but no initiation of
bankruptcy filings, administration, receivership, liquidation, or
other formal winding-up procedures as yet and continuity of
business operations.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to rise by 15% in 2021 and 5% in
    2022 (2020: 32%), due to higher average selling prices amid a
    greater contribution from recent land acquisitions in the
    Yangtze River Delta and urban renewal projects in the Greater
    Bay Area;

-- Cash collection rate of 85% in 2021 and 2022 (2020: 85%);

-- 33% of sales proceeds spent on land acquisitions in 2021 and
    2022 (2020: 40%);

-- 35% of sales proceeds spent on construction costs in 2021 and
    37% in 2022 (2020: 38%);

-- EBITDA margin, after adding back capitalised interest, of 26%-
    27% in 2021 and 2022 (2020: 30%).

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Fantasia would be liquidated in
bankruptcy.

Fitch assumes a 10% administrative claim.

Liquidation Approach

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

-- 60% advance rate applied to excess cash; that is, available
    cash less three months of attributable contracted sales;

-- 100% advance rate applied to cash restricted for securing
    debt;

-- 70% advance rate applied to net inventory, based on our
    expectation of an EBITDA margin of around 20%;

-- 70% advance rate applied to trade receivables;

-- 60% advance rate applied to property, plant and equipment;

-- 40% advance rate applied to investment properties, based on a
    6.5% capitalisation rate on completed investment properties.

Fitch deconsolidated Colour Life from Fantasia's liquidation value
and liability waterfall.

Colour Life recently entered into a transaction with Country Garden
Services to dispose of its commercial property management business
for CNY3.3 billion. According to Country Garden Services, the first
instalment of CNY2.3 billion has been paid and a loan of CNY700
million was extended to Colour Life on 30 September 2021 with a due
date of 4 October 2021. Colour Life did not repay the loan, and
Country Garden Services has exercised its right to enforce the
charge over the acquired business. Given the uncertainty over the
situation, Fitch conservatively assumes no residual value from
Fantasia's stake in Colour Life. This has no material impact on the
recovery rating.

The allocation of value in the liability waterfall results in
recovery corresponding to a 'RR1' Recovery Rating for all secured
debt and onshore unsecured debt and 'RR2' for offshore unsecured
debt. However, the Recovery Rating for the senior unsecured debt is
capped at 'RR4' because, under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Fitch would reassess the company's credit profile if there is
    a successful resolution to the current default.

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

-- The IDR will be further downgraded to 'D' (Default) if the
    company enters into bankruptcy proceedings.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Fantasia is a mid-sized property developer in China. It has been
listed on the Hong Kong Stock Exchange since 2009 and is the
controlling shareholder of Hong Kong-listed Colour Life, one of
China's leading property management companies.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory used in the leverage
calculation includes: inventory, net deposits and prepayments for
projects, investment properties, property, plant and equipment
(land and buildings), land-use rights, investments in JVs, net
amounts due from JVs, and net amount due from non-controlling
interests, less contract deposits and deposits received. Fitch
adjusted the value of investment properties based on cost.

ESG CONSIDERATIONS

ESG - Governance: Fantasia has ESG Relevance Scores of '4' for
Financial Transparency, Management Strategy and Group Structure due
to the existence of undisclosed liabilities, the company's lack of
effective execution of and consistent communication over its
repayment plans, and high exposure to unconsolidated JVs and
associates. These have a negative impact on the credit profile, and
are relevant to the ratings in conjunction with other factors.

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

FANTASIA HOLDINGS: Moody's Downgrades CFR to Ca, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Fantasia Holdings Group Co., Limited to Ca from B3.

At the same time, Moody's has downgraded to C from Caa1 the senior
unsecured ratings of Fantasia.

The outlook is negative, and the ratings had been under review
prior to this downgrade.

This rating action concludes the review for downgrade on Fantasia's
ratings initiated on September 27, 2021.

"The downgrade follows Fantasia's announcement on 4 October that it
had missed payment on its USD205.7 million bond due on the same
day, and reflects our expectation of weak recovery prospects for
Fantasia's bondholders after its default," says Celine Yang, a
Moody's Vice President and Senior Analyst.

"The downgrade also reflects the inconsistent information that
Fantasia had provided to the market on its exposure of privately
placed bonds and raises concerns on the company's disclosure and
governance practices," adds Yang.

The negative outlook reflects Moody's view that the recovery
prospects for Fantasia's creditors could weaken further.

RATINGS RATIONALE

Fantasia's Ca CFR and C senior unsecured rating reflect the
company's high liquidity risks over the next 6-12 months, limited
financial flexibility and weak recovery prospects for its
creditors.

Fantasia's repayment risk will remain elevated as the missed
payment could trigger a cross default and accelerate the repayment
of the company's other debt obligations. Moody's estimates that
Fantasia's unrestricted cash of RMB27 billion as of the end of June
2021 will be insufficient to repay all the debt in full.

As a result, the company will have to rely on asset sales or
investments from potential investors to generate funds for debt
servicing. However, these fundraising activities entail high
uncertainties.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's inconsistent information
disclosure and concentrated ownership in Zeng Jie Baby, who had a
57.43% stake in the company as of the end of 2020.

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

An upgrade is unlikely given the negative outlook.

However, positive rating momentum could develop if Fantasia repays
its maturing debt and improves its liquidity position materially.

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

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

FANTASIA HOLDINGS: S&P Cuts ICR to 'SD' on Missed Principal Payment
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Fantasia Holdings Group Co. Ltd. to 'SD' (selective default) from
'CCC'.

S&P lowered the long-term issue rating on the China-based property
developer's senior unsecured notes due Oct. 4, 2021 to 'D' from
'CCC'.

At the same time, S&P lowered its issue rating on the company's
other rated senior unsecured notes to 'CC' from 'CCC' to reflect
their high vulnerability to nonpayment.

The downgrade follows Fantasia's recent announcement that it did
not repay the outstanding US$206 million principal on its the U.S.
dollar senior notes due Oct. 4, 2021.

Fantasia's missed payment highlights its strained liquidity,
despite its reported sufficient cash on hand. As of June 30, 2021,
Fantasia reported an unrestricted cash balance of Chinese renminbi
(RMB) 27.1 billion. This included about RMB10 billion of cash at
the holding company level, of which about RMB1.5 billion was
sitting offshore, according to the management. But as funding
conditions worsened, it's likely that the cash was utilized for
other repayments or was not accessible. At the same time, asset
disposals have been slower than S&P expected, failing to bring in
liquidity sources in time.

The nonrepayment of principal will likely trigger cross defaults in
Fantasia's outstanding bonds. It could also accelerate repayments
on the company's other debt. Creditors may seek early repayment
owing to Fantasia's deteriorating credit profile.




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

MEX GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to MEX Group Worldwide Ltd. (MEX). The outlook is stable.

S&P said, "We consider MEX to be a conventional player in the
retail derivatives market. The group has historically focused on
leveraged instruments, mostly contracts for difference (CFDs)
predominantly on currency pairs. However, over the past few years,
it has been expanding both its product offering and geographical
footprint. With $139 million of revenue in 2020, we consider it an
intermediate market participant. The group seeks to almost double
its business in 2021 through its international expansion,
organically and through acquisitions of licenses. We expect
competition to remain tight as market participants compete globally
for a relatively narrow client base with high-risk tolerance.
Competitive advantages outside pricing and leverage offered are
somewhat constrained because most entities use similar technology
platforms." S&P's assessment of the sector's business model is
further constrained by two factors:

First, globally over 70% of retail clients are losing money in this
market in any given period or at any service provider. The poor
financial performance of most clients results in relatively
short-term client relationships compared with traditional
securities companies. As a result, business continuity depends
considerably more on marketing efforts to bring in new clientele
compared with peers in traditional securities markets.
Second, S&P believes that regulatory initiatives across the globe
might impair the business model as authorities try to protect
customers by introducing caps to clients' leverage in domestic
jurisdictions or creating some barriers to transfer money to
offshore entities.

S&P said, "We believe management and governance at MEX are broadly
in line with industry norms in the CFD space but are less extensive
than that of more heavily regulated traditional securities
companies. Like other companies in the industry, the group doesn't
disclose much financial information publicly and audited financials
are less transparent than those of rated securities companies or
publicly listed peers in the foreign exchange industry. Naser Taher
is the sole shareholder and chairman of MEX Group Worldwide Ltd.
and his son, Yahya Taher, is the CEO of the group.

"In our view, MEX has moderate capitalization but strong earnings,
which depend on volatility. Return on adjusted assets in 2020
exceeded 40%, but these earnings are predominantly transactional
and therefore depend on clients' activity and ultimately on market
volatility. Despite the group's efforts to take zero market risk,
we still consider this a too capital-intensive business, with
counterparty credit risk and operational risk being primary drivers
of the group's capital adequacy. Our expected risk-adjusted capital
ratio for 2021 is 10%-11%. However, we note that the metric may not
fully capture the trade technology risk the group relies on to
hedge each client's transaction, nor does it capture residual
market risk the group is exposed to in case margins required from
clients are not sufficient. We also note that the group's entities
are loosely regulated from a capital perspective and there is no
consolidated supervision." As such, the sole shareholder can in
theory reduce capital as he sees fit.

MEX relies on the latency of its trade systems for risk management.
The group operates under a straight-through process model and
follows its policy of systematically offsetting clients'
transactions through mirroring deals (or hedges) with prime brokers
and other market participants. Nevertheless, it offers protection
against negative balances to some of its clients and collection of
incremental margins from clients can be challenging, so the company
might be exposed to the risk of margin insufficiency in stressed
market conditions when client margins are insufficient to cover the
loss. MEX tries to mitigate this risk, but S&P believes that its
policies are more aggressive than those of its immediate peers
because it requires lower margins than some peers and occasionally
liquidates positions later than they do. On the positive side, most
of the cash and cash equivalents are placed with banks that we rate
'BBB-' and above. The credit quality of prime brokers and liquidity
providers in the derivatives market is more obscure, with few
exceptions.

MEX has an adequate funding profile. It has no financial debt and
keeps its assets mostly in short-term placements and current
accounts with banks and prime brokers, which results in an
extremely high stable funding ratio (exceeding 600%), similar to
peers operating in the retail over-the-counter derivatives space.
Although the ratio may somewhat understate incremental funding
needs (for instance, margins) to be posted at prime brokers under
stressed market conditions, S&P considers the group's funding
profile adequate.

S&P said, "MEX's liquidity is adequate, in our view. The group
keeps significant excess cash, which, despite being somewhat
dispersed between various jurisdictions to facilitate faster
withdrawals of funds by individual clients, we consider sufficient
to fund additional margin requirements should the need arise (as of
Dec. 31, 2020, the amount of excess cash covered five times the
maximum margin requirement over the previous 12 months). Prime
brokers typically charge margins on a net basis, so from a funding
and liquidity standpoint a diversification effect across its client
base helps MEX, with clients' long and short positions in the same
instruments largely offsetting each other.

"We consider MEX Group Worldwide Ltd. to be an operating holding
company and therefore we do not deduct any additional notches from
the group credit profile. This is because licensed subsidiaries of
the group essentially act as agents of MEX Group Worldwide Ltd. and
earnings are booked directly at the holding company level.

"The stable outlook on MEX reflects our view that over the next
12-18 months, the group will maintain sufficient liquidity and at
least adequate levels of capitalization.

"We consider a positive rating action unlikely in the next 12
months because it would require a significant strengthening of the
group's corporate governance, and a significant improvement in
client loyalty. Stronger-than-expected capitalization might not
automatically lead to an upgrade in the near term because any
upside would also be contingent on reducing the group's broad risk
exposure."

S&P may lower that rating if one of the following scenarios were to
occur:

-- MEX materially shifts its operations to less-regulated
jurisdictions or more volatile asset classes;

-- S&P sees the group operate with a considerably lower capital
buffers, with the expected risk-adjusted capital ratio below 10%,
which may come from unexpected losses or higher-than-anticipated
dividend payouts; or

-- MEX materially loses its market share, and by extension its
exemplary profitability.




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

ARNAV TECHNOSOFT: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Arnav
Technosoft 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–        15.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building in
Sector 16 A in Noida. ATPL is part of the SDS group which is
engaged into real estate construction spanning across group housing
projects, integrated townships, commercial space and IT park in
Noida and Greater Noida regions of Uttar Pradesh. The group is
headed by Mr. Deepak Bansal and Mrs. Anshul Bansal.


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

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

   Unallocated         2.50        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category   

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

Incorporated in 2005, ASB is a single asset company and is
currently managing the operations of a mall Ashok Cosmos Mall in
Agra (Uttar Pradesh). This mall became operational in 2010 and has
a covered area of 3.36 lakh sq ft. As on Mar 31, 2016, of the total
area of 336,404 sq ft, 90,592 sq ft of area pertaining to shopping
and office complexes has been leased to six tenants. The company is
a part of the Ashok Group of Agra, which is present in diversified
sectors spanning across auto dealerships, petroleum products
dealership and hire-purchase, finance and leasing business.


ASHAPURA GARMENTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ashapura Garments Limited
        Plot No. 3, Block C
        Sector 12-S
        Adani Ports & SEZ
        Mundra, Gujarat 370421

Insolvency Commencement Date: September 27, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 26, 2022

Insolvency professional: Ramchandra Dallaram Choudhary

Interim Resolution
Professional:            Ramchandra Dallaram Choudhary
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle
                         Ahmedabad, Gujarat 380014
                         E-mail: rdc_rca@yahoo.com
                                 irp.ashapura@gmail.com

Last date for
submission of claims:    October 13, 2021


BHALKESHWAR SUGARS: ICRA Reaffirms D Rating on INR175.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Bhalkeshwar Sugars Limited (BSL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based
   Term Loans        175.50      [ICRA]D; reaffirmed

   Unallocated
   Limits              4.50      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation factors in the continuing delays in the
debt servicing by BSL owing to its poor liquidity position. The
company's profitability was adversely impacted by moderate cane
crushing volumes, subdued performance from sugar (high cane cost
coupled with low recovery rate) and its by-products— power and
distillery. Weak operating performance, along with high interest
expenses, is estimated to have resulted in net losses in FY2021.
BSL's capital structure is characterised by high debt levels, which
coupled with poor operating performance led to weak coverage
indicators. Further, there are large debt repayments in FY2022 and
FY2023. The management has proposed a restructuring exercise, which
is under consideration by its bankers and can provide relief for a
few months if accepted. The company's ability to meet these
obligations hinges on the volume of cane crushed, recovery rate and
ramping up of distillery operations. The ratings are constrained by
the risks associated with inherent cyclicality in the sugar
business, the agro-climactic conditions related to cane production,
the Government policies pertaining to sugar trade and the
counterparty credit risk associated with the sale of power to the
utility.

Key rating drivers and their description

Credit strengths

* Forward-integrated operations: BSL operates 4,000 tonnes crushed
per day (TCD) sugar capacity, which is forward integrated into
power and alcohol business. It has a co-generation capacity of 14
mega-watt (MW) and distillery capacity of 60-kilo liters per day
(KLPD). The company has planned an increase in its distillery
capacity from 60 KLPD to 120 KLPD, which will be operational from
SY2022. The integrated operations provide alternate revenues and
cushion its profitability against the cyclicality in sugar
business.

Credit challenges

* Delays in debt servicing: BSL continues to delay in servicing its
debt obligations due to its poor liquidity position.

* Financial profile continued to remain weak in FY2021: The
operating profitability, though improved in FY2021, remained
constrained by moderate cane crushing volumes, subdued performance
from sugar (high cane costs and low recovery rate) and its
by-products – power and distillery. This along with high interest
expenses led to net losses in FY2021. In addition, the high debt is
likely to result in weak capital structure and debt coverage
metrics. Going forward, acceptance of the restructuring proposal
that could moderate debt servicing obligations in the near term,
supported by revenues and cash flows from the enhanced distillery
operations (capacity expansion from 60 KLPD to 120 KLPD that would
be commercialized in SY2022), would be critical.

* Debt repayments are on higher side in FY2022: BSL has relatively
high debt repayments of INR22.6 crore in FY2022. Its ability to
meet these obligations is dependent on the increase in the cane
crushing volumes, contribution margin from sugar and the ramping up
of the distillery operations. The moratorium proposed in
restructuring is expected to provide some relief in principal and
interest payments on the term loans, if the proposal is accepted by
the banks.

* Vulnerability of profitability to agro-climatic risk and
regulatory risk: The profitability of sugar mills remains exposed
to the cyclicality associated with the sugar industry, the
agro-climatic risks related to cane production, the Government
policies focusing on sugar trade and the counterparty credit risk
pertaining to the sale of power to the utility.

Liquidity position: Poor

BCL has a poor liquidity profile owing to continued net losses and
adverse cash flows from operations. High cane cost and subpar
recovery had a dampening impact on the performance of the sugar
division, notwithstanding improved realizations in FY2021. Going
forward, the company's ability to ramp up distillery operations to
generate adequate cash accruals will remain critical for improving
its liquidity position.

Rating sensitivities

Positive factors – The rating may be upgraded if the company
services the debt obligations in a timely manner on a sustained
basis.

BSL was incorporated in 2000. At present, it operates an integrated
sugar plant at Bhalki, Bidar district, Karnataka. The first phase
of the sugar plant started commercial operations in February 2014,
with a capacity of 2,500 TCD and cogeneration capacity of 14 MW. In
the second phase, the company has expanded the sugar capacity to
4,000 TCD in October 2017 and set up a distillery capacity of 60
KLPD, which was commissioned in October 2018. It has recently
planned to increase the distillery capacity to 120 KLPD, which will
be operational from SY2022. In FY2021 (provisional numbers), BSL
reported a net loss of INR16.3 crore on an operating income (OI) of
INR136.3 crore compared to a net loss of INR19.6 crore on an OI of
INR108.7 crore in FY2020.

CASTALL TECHNOLOGIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Castall
Technologies 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–         3.04      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–        23.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund            0.40      [ICRA]D ISSUER NOT COOPERATING;
   Based-Bank                    Rating continues to remain under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

   Unallocated        18.06      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Castall Technologies Private Limited, is promoted by Mr. N. Madhu
Venkateshwar, was incorporated in the year 1999 and is in the
business of manufacturing of aluminium die castings for auto OEMs
and tier I suppliers. The manufacturing facility is spread over 1
acre in Gandhinagar, Hyderabad. CTPL's products cover the entire
spectrum of two-wheelers, Light Commercial Vehicles, passenger cars
and heavy-duty trucks.

CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR933.82cr Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Chhapra
Hajipur Expressways Limited's (CHEL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-
   Fund Based TL     933.82      [ICRA]D; Reaffirmed

   Unallocated
   Limits              0.17      [ICRA]D; Reaffirmed

Rationale

The rating remains constrained by the continued delays in repayment
of CHEL debt servicing obligations. CHEL was granted extension of
timeline for completion of the project till December 2017 against
the scheduled commercial operations date (COD) of July 2013 due to
delays in securing Right of Way (RoW) by the authority. As of June
2021, 64.89 km (97.2%) of land has been acquired and 1.85 km is yet
to be handed over to CHEL. The company is targeting to achieve
provisional completion of the project stretch by March 2022.
Further, there has been cost escalation of INR369 crore (45% of the
initial project cost), which was funded by additional term loans of
~INR177 crore from the existing lenders and National Highways
Authority of India (NHAI) approved one-time fund infusion of INR175
crore. As of June 2021, CHEL achieved cumulative physical progress
of 75.3% and cumulative financial progress of 87.47%. The rating
continues to consider the residual execution risks, pending land
acquisition and susceptibility to adverse movement of interest
rates.

Key rating drivers and their description

Credit challenges

* Delays in debt servicing: CHEL is delaying on its debt
obligations and has been classified as nonperforming asset by the
lenders.

* Delays in project execution: There are running delays in project
execution by over 96 months on account of delays in securing RoW by
authority along with slow pace of execution due to insufficient
funds.

* Ensuring O&M and periodic maintenance expense within budgeted
levels post COD: Ability to maintain the operation and maintenance
expenses within budgeted levels post COD and ensure availability of
lane as stipulated.

Liquidity position: Poor

The liquidity position is poor. The delays in debt servicing are
likely to continue owing to significant time and cost overrun and
the inability of the promoter to infuse funds in a timely manner.

Rating sensitivities

Positive factors – The rating could be upgraded if the company
demonstrates timely debt servicing on a sustained basis.

Negative factors – Not Applicable

Chhapra-Hajipur Expressways Limited (CHEL) was incorporated as a
special purpose vehicle by Madhucon Infra Limited (MIL) and
Madhucon Projects Limited (MPL) to implement four-laning of Chhapra
to Hajipur section of NH-19 from km 143.200 to km 207.200 in Bihar
under National Highways Development Project Phase III on Design,
Build, Finance, Operate, Transfer (DBFOT) on an annuity basis. The
total project cost has been revised to INR1,181.50 crore against
the initial estimates of INR812.50 crore. The total concession
period is 15 years, including the construction period of 2.5 years.
CHEL will receive a fixed annuity payment of INR65.43 crore
semi-annually for 12.5 years. As on March 31, 2020, around INR822.0
crore of debt has been drawn and the promoters have infused
INR272.73 crore.

DHANALAKSHMI SRINIVASAN: ICRA Moves D Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Dhanalakshmi
Srinivasan Hotels 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-        52.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating Moved to Issuer Not
                                  Cooperating category

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

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


DHSL TEXTILES INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: DHSL Textiles (India) Limited
        R-815, New Rajinder Nagar
        New Delhi 110060
        IN

Insolvency Commencement Date: September 30, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 29, 2022

Insolvency professional: Atiuttam Prasad Singh

Interim Resolution
Professional:            Atiuttam Prasad Singh
                         A-97 & 98, Upper Ground Floor
                         Street No. 6, Madhu Vihar
                         Delhi 110092
                         E-mail: atiuttamsing@gmail.com
                                 irpdhsitextiles@gmail.com

Last date for
submission of claims:    October 14, 2021


ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Energo
Engineering Projects 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 Loans                    'Issuer Not Cooperating'
                                 Category

   Long-term–       140.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term      1150.00       [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/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporate as a sole proprietorship in 1987, EEPL is engaged in
providing EPC/ turnkey solutions of Balance of Plant (BOP)
requirements of Power Plants which includes coal handling, ash
handling, water systems, instrumentation, civil work etc. In BOP,
the company has focus on coal handling and ash handling. The
services include design, manufacture, fabrication, supply, site
construction, erection, commissioning and testing as well as
operations & maintenance on turnkey basis. The factory is located
at Coimbatore, Tamil Nadu on a land area of 400,000 sq. ft. with
manufacturing area enclosed in 150,000 sq. ft. EEPL also provides
consultancy services to power plants in the form of residual life
assessment studies, assessment of renovation and modernization
requirements and suggesting cost-effective method for improving the
efficiencies of the existing systems,
besides energy audits and independent performance testing. EEPL has
a portfolio in EPC contracting of more than 20,000 MW.

G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of G.N.
Bullion 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–        14.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
   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/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2009, G. N. Bullion Private Limited (GNBPL) is
mainly involved in manufacturing and selling of gold jewellery in
the wholesale market. The company's jewellery manufacturing
operation is carried out on job-work basis. In addition, it
manufactures silver coins in small volumes at its own workshop in
Kolkata. The clientele of the company primarily comprises
domestic jewellery retailers in the eastern India.

GAJANAN GANGAMAI: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Gajanan Gangamai Industries LLP

        Registered office:
        902, Hub Town Viva
        Western Express Highway
        Jogeshwari (East)
        Mumbai 400060

        Principal office:
        Office No. 4, 2nd Floor
        Tapadiya Terraces
        Adalat Road
        Aurangabad 431001


Insolvency Commencement Date: September 22, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 21, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Kamal Kishore Gurnani

Interim Resolution
Professional:            Mr. Kamal Kishore Gurnani
                         Flat No. 1301, Building Bo. 23E
                         Palazzio CHS Ltd.
                         Mahada Housing Society
                         Powai, Mumbai 400076
                         E-mail: kamalgurnaniip@gmail.com

                            - and -

                         702, Janki Centre
                         Dattaji Salvi Road
                         Off Veera Desai Road
                         Andheri West, Mumbai 400053
                         E-mail: cirp.ggil@rirp.co.in

Last date for
submission of claims:    October 13, 2021


IIC LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: IIC Limited

        Current address:
        432-E, F/F, Devli Village
        New Delhi North West
        DL 110052

        Previous address:
        90/A-207, Khasra No. 412
        Ground Floor, Mahipalpur Extension
        New Delhi, DL 110037

Insolvency Commencement Date: September 20, 2021

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Mr. Pramod Kumar Gupta

Interim Resolution
Professional:            Mr. Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor
                         Hauz Khas, New Delhi
                         DL 110016
                         E-mail: variety.financial@gmail.com
                                 iicl.cirp@gmail.com

Last date for
submission of claims:    October 3, 2021


JMD LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Jmd 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–         55.39      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–          2.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term:         9.61      [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 on 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.

JMD Limited is a public limited company engaged in commercial and
residential real estate development in Delhi, Gurgaon, Noida, Verna
and Ludhiana. JMD was promoted in 1989 by Mr. Sunil Bedi. Its
business focuses on residential and commercial developments. JMD's
first project was JMD Regent Square, MG Road Gurgaon which was
completed in 2001. As on date, the company has completed a total of
11 projects, aggregating to more than 1.7 million square feet of
sold/leased area. The Group has also completed its first hotel
project, DoubleTree by Hilton, in Gurgaon (Haryana) in FY2012.


KARINGTON CLUB: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Karington Club and Resort Limited

        Registered office:
        Shop No. 415, 4th Floor
        Silver Stone Arcade
        Singapore Causeway Road
        Katargam, Surat 395004
        Gujarat

        Club Location:
        Karington Club & Resort
        Dandi Road, Near Kachhol
        Surat 394540

Insolvency Commencement Date: September 27, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 26, 2022

Insolvency professional: Jigar Tarunkumar Bhatt

Interim Resolution
Professional:            Jigar Tarunkumar Bhatt
                         B-101, Arvind Citadel
                         B/h. BSNL Office
                         Navrangpura
                         Ahmedabad 380009
                         E-mail: jigarb.jigarb@gmail.com
                                 cirp.kcr@gmail.com

Last date for
submission of claims:    October 12, 2021


KNK NEXGEN: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KNK Nexgen
Construction Pvt Ltd 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–        15.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   CC                            'Issuer Not Cooperating'
                                 Category

   Short Term–       40.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund Based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term/        5.00        [ICRA] D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating continues
   Unallocated                   to remain under 'Issuer Not
                                 Cooperating' category

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

KNK Nexgen Constructions Private Limited was established in 2006,
with its registered office in Bangalore, Karnataka. The company
primarily operates as a civil contractor engaged in the
construction of diversified projects—including the construction
of multi-storied buildings, residential apartments, hotels,
hospitals, commercial buildings, IT parks and factories. The
company is a member of the Indian Green Building Council and has
been associated with many energy efficient projects.

KSHITIJA INFRASTRUCTURE: ICRA Keeps B Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kshitija
Infrastructure Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

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

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

Incorporated in December 2000, Kshitija Infrastructure Private
Limited is a closely held private limited company, based out of
Mumbai, Maharashtra. The company is managed by Mr. Kamlesh G. Mehta
who has an experience of more than a decade in the real estate
industry. KIPL is engaged in the development of a residential
project under the name 'Laxmi Building' in Byculla, Mumbai.


MOJIKA REAL: ICRA Lowers Rating on INR37cr Term Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mojika
Real Estate and Developers (P) Ltd. (MREDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          37.00       [ICRA]D; downgraded from
   Term Loan                       [ICRA]BB (Stable)

Rationale

The rating downgrade of MREDPL factors in the instances of delays
in the debt servicing obligations in the recent past owing to the
liquidity crunch emanating from weak collections due to the
Covid-19 pandemic. ICRA had been receiving the No Default Statement
(NDS) from MREDPL regularly in prior months, which did not suggest
any irregularity in debt servicing. However, the latest information
suggests instances of delays in debt servicing by the company in
the months for which the NDS was received.

The rating is also constrained by the high execution risk, given
the substantial construction obligations in the near term as the
company's biggest project, Ultima Phase 2 (78% of the total pending
cost), is to be executed by June 2023. Moreover, the rating remains
susceptible to any slowdown in the real estate sector and intense
competition from other established players.
ICRA, however, notes the 15-year track record of MREDPL's promoters
in developing real estate projects in the affordable housing
segment in and around Jaipur.

Key rating drivers and their description

Credit strengths

* Experience of promoters: MREDPL's promoters have a track record
of 15 years in developing real estate projects in affordable
segments in and around Jaipur. At present, the company is
developing three projects in the affordable housing segment
launched under Prime Minister Awas Yojana and Chief Minister Awas
Yojna, namely Ultima Phase 1 and Phase 2 in Jaipur and Homes in
Sikar. This apart, the company has unsold inventory in recently
completed projects in Jaipur, namely Touch, Heritage, Midas Cosmic,
Dream Point and Lakshmi Vihar. The ongoing and recently completed
projects are spread across ~1.7 million sq. ft. and comprise 2,081
units.

Credit challenges

* Delays in debt servicing due to weak collections: There were
instances of delays in the debt servicing obligations in recent
months owing to the liquidity crunch due to the weak collections
emanating from the pandemic. As of March 31, 2021, the company had
realized only 66% of the total sold value.

* High execution risk: The company has substantial construction
obligations (amounting to INR111 crore as on March 31, 2021),
whereby 78% of the total pending cost pertains to its biggest
project, Ultima Phase 2, which is to be executed by June 2023. A
large part of the funding is to be met through customer advances
going forward. Thus, in the absence of the timely receipt of the
advances, high dependence on the promoter's support or increase in
external debt is anticipated.

* High industry risk with real estate slowdown and competition from
other established players in the vicinity: Like other players, the
company is exposed to the risk of slowdown in the real estate
market. The slowdown in the real estate market has impacted fresh
bookings in the last few years. This risk is further accentuated as
MREDPL is a marginal player in the real estate region of Jaipur.
Intense competition in the vicinity, which in turn led to high
inventory supply in the region, impacting the pricing and demand is
an added risk for the company.

Liquidity position: Poor

MREDPL's liquidity is poor because of weak collections due to the
pandemic and substantial construction obligations in the near to
medium term. The same has led to delays in debt servicing in recent
months.

Rating sensitivities

Positive factors - ICRA could upgrade MREDPL's rating if the
liquidity position improves, leading to the regularisation of debt
servicing on a sustained basis.

Incorporated in 2006, MREDPL is developing three residential
projects at present, namely Ultima Phase 1 and Phase 2 in Jaipur
and Homes in Sikar in Rajasthan. This apart, the company has unsold
inventory in recently completed projects in Jaipur, namely Touch,
Heritage, Midas Cosmic, Dream Point and Lakshmi Vihar. The ongoing
and recently completed projects are spread across ~1.7 million sq.
ft. and comprise 2,081 units. Besides, the company has completed
several small-sized projects in Jaipur.


NIRMAL INDUCTOMELTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Nirmal Inductomelts Private Limited
        F-167, 168, 169, Udyog Vihar
        Jaitpura, Jaipur
        Rajasthan 303704

Insolvency Commencement Date: September 30, 2021

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 29, 2022
                               (180 days from commencement)

Insolvency professional: Prasant Sharma

Interim Resolution
Professional:            Prasant Sharma
                         VP Sahrma & Associates
                         611, Arcade, 6th Floor
                         K-12, Malviya Marg
                         C-Scheme, Jaipur 302001
                         E-mail: prashantfcajaipur@yahoo.com

Last date for
submission of claims:    October 15, 2021


NOBLE MOULDS: ICRA Lowers Rating to INR17cr LT Loan to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Noble
Moulds Private Limited (NMPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         17.00      [ICRA]D; downgraded from
   Fund-based                    [ICRA]BB-(Stable)
   Limits/Cash
   Credit             

   Long-term/          7.90      [ICRA]D; downgraded from
   Fund-based                    [ICRA]BB-(Stable)  
   Limits/Term
   Loan                

   Short term/         5.00      [ICRA]D; downgraded from  
   Non-fund Based                [ICRA]A4

Rationale

The rating downgrade of NMPL factors in the instances of delays in
the debt servicing obligations in the recent months owing to weak
cash accruals and liquidity. ICRA has been receiving the No Default
Statement (NDS) from NMPL regularly in the prior months, which did
not suggest irregularity in debt servicing. However, the latest
information suggests that there have been instances of delays by
NMPL in recent months, as also confirmed by the banker. Further,
the rating continues to factor in NMPL's weak profitability levels,
leveraged capital structure and stretched coverage indicators. ICRA
notes the company has experienced promoters with a long track
record in manufacturing of consumer durables. ICRA also notes
NMPL's long and established relationships with reputed companies.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in the contract manufacturing
industry: The major operations of the company is handled by the
promoter, Mr. Sarbjit Singh Kalra, who has over three decades of
experience in the electronics and consumer durables industry.
NMPL's client base includes reputed consumer durables companies
like Samsung, Voltas etc. The company has enjoyed an established
relationship with most of its clients for close to two decades, and
has been able to secure several repeat orders over the years.

Credit challenges

* Delays in debt servicing: There were instances of delays in the
debt servicing obligations in the recent months owing to weak cash
accruals and liquidity.

* Weak profitability levels, given the high competitive intensity
and limited value-added nature of operations: The profitability of
the company remains weak, given the limited value-added nature of
operations and pricing pressures from the intense competition in
the consumer durables industry. The company's net profit (NPM)
stood at 0.39% in FY2021 as against 0.58% in FY2020.

* Leveraged capital structure and moderate debt coverage
indicators: NMPL's capital structure continued to remain leveraged
as on March 31, 2021, with gearing at 2.79 times, given the debt
levels. Moreover, the debt coverage indicators continued to remain
weak due to weak profitability with interest coverage at 1.8 times
and TD/OPBDITA at 5.52 times as on March 31, 2021.

* Working capital intensive nature of operations: The working
capital intensity of NMPL deteriorated in FY2021. The operations
remain working capital intensive with more than 90% of the working
capital utilization in the past 12 months.

Liquidity position: Poor

NMPL has poor liquidity with cash balances of Rs 0.90 crore as on
March 31st, 2021 and low buffer in working capital limits.

Rating sensitivities

Positive factors- The rating may be upgraded in case of an
improvement in the credit profile of the company, resulting in
regularisation of debt servicing for a sustained period.

Incorporated in 1992, NMPL has been involved in manufacturing
plastic mouldings for washing machines, air coolers and LED
televisions. The company also assembles air coolers at its
manufacturing unit in Noida, Uttar Pradesh. The company has an
in-house facility for manufacturing plastic moulds as well.


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

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

   Short Term-         8.00        [ICRA]A4; ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

P. Dasarathama Reddy is a partnership firm established in the year
1998 and is operating as a class I civil contractor mostly for
government departments in Karnataka. They are engaged in the
business of construction of canals, roads and bridges. At present
the firm is managed by three partners, namely Mr. Krishna Reddy,
Mr. Dinesh Reddy and Mrs. Bhavani.


PANDHE INFRACONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Pandhe Infracons Private Limited
        157 Railway Lines
        Solapur
        Maharashtra 413001

Insolvency Commencement Date: September 6, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 5, 2022

Insolvency professional: Mr. Brijendra Kumar Mishra

Interim Resolution
Professional:            Mr. Brijendra Kumar Mishra
                         Flat No. 202, 2nd Floor
                         Bhoj Bhavan, Plot No. 18-D
                         Chembur, Mumbai 400071
                         E-mail: mishrabk1959@gmail.com

                            - and -

                         I-21/22, Paragon Centre
                         Pandurang Budhkar Marg
                         Worli, Mumbai 400013
                         E-mail: pandheinfracons.cirp@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Mandar Shrikant Wagh
                         Mr. Sanjet Vijaykumar Deshpande
                         Mr. Rajesh Shah

Last date for
submission of claims:    September 26, 2021


PNK SPACE DEVELOPMENT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: PNK Space Development Private Limited
        Flat No. 601, Purva Plaza Chsg. Ltd.
        Opp. Reliance Energy
        Shimpoli Road Borivali-West
        Mumbai 400092

Insolvency Commencement Date: August 23, 2021

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Girish Krishna Hingorani

Interim Resolution
Professional:            Mr. Girish Krishna Hingorani
                         5 C Mehta Sadan
                         S H Parelkar Marg
                         Dadar, Mumbai City
                         Maharashtra 400028
                         E-mail: girish2207@rediffmail.com
                                 cirp.pnk@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Ms. Rachana Sheetal Dhawan
                         Ms. Jovita Reema Mathias
                         Ms. Kanak Jani

Last date for
submission of claims:    October 7, 2021


PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pragati
Glass 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–        4.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based–       17.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund           4.00       [ICRA]D ISSUER NOT COOPERATING;
   Based Limits                  Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Pragati Glass Private Limited was incorporated in 1982 by Mr.
Dinesh Gupta to manufacture glass tableware and bottles. The
company primarily caters to the cosmetics and perfumes industries,
with a small presence in food and beverages (F&B). Almost 60% of
the company's sales are made to exports markets, while around
15-20% of these are deemed exports to
SEZs. The company's manufacturing facility is located at Kosamba,
Gujarat.


PRIYHEER INFRA: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Priyheer
Infrastructures Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

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

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

Priyheer Infrastructures Private Limited develops and leases out
property to corporate clients. The company which was incorporated
in 2006 is managed by Mr. Ajit Patel, who is a Civil Engineer
having experience of over a decade in the real estate industry.


QURESHI INTERNATIONAL: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Qureshi
International Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

QIPL is established in 1974 by Mr. Hajid Mohd Yaqoob Qureshi and is
involved in processing of fresh and frozen halal boneless buffalo
meat and edible offals. The company sources buffalo carcass from
butchers, who are a part of the Qureshi community. The butchers use
government slaughtering facility and sell to QIPL. Its processing
facility has provision for deboning, packaging and storing in the
chilling plant, which has a capacity of 12,000MT/year. In FY2017,
the company has invested INR5.10 crore in Telangana Foods Private
Limited (TFPL). TFPL is a 100% subsidiary of QIPL, which is into
processing of buffalo meat and exports to countries such as
Vietnam, China, the CIS countries, Kuwait, Iraq, West and Central
Africa. Its processing unit is in  Medchal, Telangana. Further,
TFPL has the requisite approvals for export of meat and QIPL
started exporting through TFPL instead of other merchant
exporters.


RAM INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.40cr Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sri Ram
Industries (SRI), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based–
   Working Capital     7.40      [ICRA]B+(Stable); reaffirmed

   Fund-based–
   Term Loan           2.04      [ICRA]B+(Stable); reaffirmed

   Unallocated         1.06      [ICRA]B+(Stable); reaffirmed

Rationale

The rating continues to factor in SRI's moderate scale of
operations with limited value addition in the nature of work done
and its presence in a highly fragmented and competitive rice
milling industry, which limits its pricing power. The rating
remains constrained by the susceptibility of the firm's revenues
and margins to volatile paddy prices and adverse changes in
agro-climatic conditions as well as Government regulation, which
can affect the availability of paddy. The rating factors in its
moderate gearing and coverage indicators, thus, limiting SRI's
financial flexibility. Additionally, the rating remains constrained
by the risks associated with the partnership nature of the firm.

The rating, however, continues to derive comfort from the extensive
experience of its promoters in the rice milling industry and easy
availability of paddy because of its proximity to major
paddy-cultivating regions in northern Karnataka. ICRA considers the
favorable demand prospects of the rice industry because of India's
growing population, with India being one of the largest producers
and consumers of rice.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SRI will continue to benefit from the extensive experience of
its promoters in the rice milling business and its proximity to
rice-growing areas.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in rice milling business:
Incorporated in 2007, SRI is a partnership firm involved in the
processing of raw rice and parboiled rice. The promoters have been
involved in the rice milling business for over two decades. The
sale of whole rice contributes to a major portion of its revenues.

* Proximity to rice-growing areas: The firm's plant is located at
Manvi, which is surrounded by areas such as Raichur, Sindhnoor and
Gangavathi, where a major part of the paddy is cultivated. This
results in low transportation cost for the firm and easy
availability of paddy.

* Favourable long-term demand outlook: The demand prospects of the
rice industry are expected to remain favorable supported by India's
growing population with rice remaining a staple food grain in the
country. Moreover, India is the world's second largest consumer of
rice.

Credit challenges

* Moderate scale of operations: SRI's revenues remained moderate at
INR30.9 crore in FY2021 and INR30.3 crore in FY2020 which declined
from INR35.1 crore in FY2019 owing to lower sales volume. This,
coupled with its low net worth, restricts operational and financial
flexibility to some extent.

* Modest debt protection indicators: The firm's gearing remained
moderate at 1.8 times in FY2021 (albeit an improvement from 2.1
times in FY2020) due to its low net worth. The debt coverage
indicators remained moderate with interest coverage of 1.5 times,
and Total Debt/OPBITDA of 3.8 times in FY2021.

* Presence in highly fragmented and competitive industry, which
limits pricing power: Owing to low entry barriers, along with
readily available technology and proximity to rice-cultivating
belt, there are more than 100 rice milling units in and around
Raichur, leading to intense competition for paddy procurement. This
affects volumes and pricing flexibility of rice millers like SRI.

* Inherent agro-climatic risks and vulnerability to changes in
Government policies: In the agricultural business, industry players
continue to face inherent risks such as unfavorable monsoons,
availability of raw materials at reasonable prices, epidemics in
paddy crop or shift of farmers to other cash crops and cyclicality,
as well as changes in Government regulations.

* Inherent risks associated with partnership nature of business:
SRI is exposed to risks associated with partnership firms including
limited ability to raise capital and capital withdrawal by
partners, which could adversely impact its capital structure.

Liquidity position: Stretched

SRI's liquidity position remains stretched with high dependency on
external borrowings for raw material procurement due to high
inventory holding requirements, minimal cash and liquid investments
and thin free cash flows. The firm reported INR1.76 crore
outstanding term loans as of March 31, 2021. Part of which is to be
fully repaid by FY2023 and the remaining is to be
repaid by FY2025. SRI has INR7.4 crore working capital limits and
its average utilization remained moderate at 68% of the sanctioned
limits during FY2021 whereas utilization as on March 2021 was 41%
of the sanctioned limits. The undrawn working capital limits are
expected to be sufficient to meet any contingencies. Overall, the
liquidity position is likely to remain adequate considering its
moderate working capital requirements, low debt repayment
obligations and absence of any capital expenditure plans.

Rating sensitivities

Positive factors – ICRA could upgrade SRI's rating if the firm
demonstrates a sustained improvement in its revenues and profits,
leading to improved coverage indicators. Specific credit metrics
that may lead to an upgrade of its rating include interest coverage
of above 2.5 times on a sustained basis.

Negative factors – Negative pressure on SRI's rating could arise
if a further decline in revenues or margins lead to weakened
coverage indicators. Any withdrawal of capital or increase in
working capital intensity leading to stretch in liquidity position
can also lead to a downgrade.

Incorporated in 2007, SRI is a partnership firm involved in the
milling of paddy and produces raw rice. The firm's major products
include boiled rice, raw rice, bran, broken rice and husk. It has a
milling unit at Manvi in Raichur district, Karnataka with an
installed milling capacity of 4 MT per hour. SRI's plant is spread
over 3.5 acres with a storage capacity of 80,000 bags (75 kg each)
of paddy and 250 MT of rice. It sells raw rice under eight brands
namely KDM, Ram, Shilpa, RSK, MVM, AKS, VTC and Double Parrot. The
firm sells broken rice under two brands namely Rabbit and
Helicopter.

In FY2021, on a provisional basis, the company reported a net
profit of INR0.3 crore on an operating income (OI) of INR30.9 crore
compared to a net profit of INR0.3 crore on an OI of INR30.3 crore
in FY2020.


REGENCY GANGANI: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Regency
Gangani Energy Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         49.71      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Regency Gangani Energy Private Ltd (referred as RGEPL) is a company
promoted by the Regency group to develop, own and operate a 9.5 MW
small hydro power (SHP) project (referred to as Gangani) in
Uttarkashi District of Uttaranchal. The Gangani is a run of river
type scheme on River Yamuna, which will utilize the flows of the
river to harness approximately 67 m of net head available between
the forebay site and the power house. The scheme envisages
diversion of inflows by constructing trench weir across the river.
The diverted flows will be carried to 2 horizontal axis Francis
Turbines of capacity 4.75 MW each through desilting tank, cut and
cover type power channel, forebay and penstocks. The electricity
produced at 3.3 kV will be stepped upto 33 kV and evacuated to the
UPERC pooling substation via a 4 km single circuit 33 kV
transmission line The project is expected to generate 46 MU in a
75% dependable year (55% PLF) and is exempt from providing free
power to the government for the first 12 years of operation. These
power generation estimates are based on the studies conducted by
UPCL in consultation with the company. In addition, Regency group
employees have been monitoring the site characteristics since 1994
and their data validates this hydrology.

REGENCY YAMUNA: ICRA Withdraws D Rating on INR21.37cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Regency Yamuna Energy Limited at the request of the company and
based on the No Objection Certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term          21.37      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Withdrawn
   Term Loan          
                                 
Regency Yamuna Energy Ltd (referred as RYEL) is a company promoted
by the Regency group to develop, own and operate a 5.70 MW small
hydro power (SHP) project (referred to as Badyar Project) in
Uttarkashi District of Uttarakhand. The Badyar is a run of river
type scheme on River Badyar, which will utilize the flows of the
river to harness approximately 126 m of net head available between
the forebay site and the power house. The scheme envisages
diversion of inflows by constructing trench weir across the river.
The diverted flows will be carried to 2 horizontal axis Francis
Turbines of capacity 2.85 MW each through desilting tank, cut and
cover type power channel, forebay and penstocks. The power will be
generated at 3.3 KV which was stepped upto 33 KV by two number step
up transformers of 3 MVA each of 3.3 / 33 KV ratios which will be
taken to 33 KV bus of the switch yard. The metering will be done at
Power House and Grid connectivity at Rajtar at 2.5 km from the
Power House. The project is expected to generate 28.44 MUs in a 72%
dependable year (57.08% PLF). These power generation estimates are
based on Regency group employees who have been monitoring the site
characteristics since 1994 and their data validates this hydrology.

SB URBANSCAPES: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sb
Urbanscapes in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

M/s. SB Urbanscapes is a partnership firm, was incorporated in 2012
by Mr. D. Rajgopal and family. The promoters have more than a
decade of experience in construction and development of real-estate
properties and civil-construction business. The firm has several
group companies like Sumukha Infra, Sumukha Projects, Aashrayaa
Infra, S B Properties, Elite Projects, Aashrayaa Homes, Ambience
Projects which have wide ranging experience and exposure in civil
engineering constructions, real estate development, and many more
business activities.

SHARE MICROFIN: ICRA Reaffirms D Rating on INR130.11cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Share
Microfin Limited (SML), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–
   Fund-based TL     130.11      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation factors in the continued delays in debt
servicing by SML. However, ICRA notes that SML has successfully
implemented the Demerger Scheme of Arrangement approved by the
Hon'ble High Court of Andhra Pradesh & Telangana on April 18, 2017,
and the lenders have executed a Payment Agreement granting time for
the company to mobilize resources and repay the existing lender
dues in full. Post implementation of the Scheme, SML has been
operating in states other than AP and Telangana (non-AP).

The company, due to non-availability of additional funding and
continued repayments to lenders, has been trying to maintain its
assets under management (AUM) from internal accruals, which are
also partially used for the existing debt repayments. As on August
31, 2021, SML's AUM declined to INR605 crore from INR750 crore as
on March 31, 2020 owing to limited disbursements as a result of the
Covid-19 pandemic and increased repayments to existing lenders.
Though there is no funding and COVID scenario, the company has been
regular in monthly repayments to its lenders and repaid INR223
crore since April 2020.

ICRA notes that SML's operations are geographically diversified
with company having presence in 18 states across 295 districts and
with no state accounting for more than 15% of the total exposure as
on August 31, 2021. The asset quality indicators weakened due to
the impact of the pandemic with the company reporting 0+ days past
due (dpd) and 90+ dpd at 11.2% and 7.2% respectively and Net NPA is
at 3.2% as on August 31, 2021 (2.0% and 1.8% respectively as on
March 31, 2020). The company's capital to risk-weight adjusted
ratio (CRAR) stood at 30.2% as on August 31, 2021. SML's ability to
secure capital and funding for the settlement of the debt
obligations and business expansion as well as its ability to manage
the impact of the pandemic on the portfolio quality will be
important for its rating going forward.

Key rating drivers and their description

Credit strengths

* Geographically diversified presence: ICRA notes that SML's
operations are geographically diversified with the company having
presence in 18 states across 295 districts and with no state
accounting for than 15% of the exposure as on August 31, 2021. The
top 3 states and top 5 states accounted for 40% and 60%
respectively of its portfolio as on August 31, 2021 (43% and 63%
respectively as on December 31, 2019). As on August 31, 2021, SML
had 724 branches across 295 districts with each branch having a
portfolio of ~INR1.0 crore vis-à-vis the industry average of
INR3-4 crore.

Credit challenges

* Stretched liquidity and continued delays in debt servicing:
Following the AP Ordinance of 2010, the company's asset quality was
impacted severely thereby impairing its ability to make debt
repayments. SML was admitted to corporate debt Restructuring (CDR)
in September 2011 and since has been making payments according to
the restructured guidelines. ICRA notes that SML has successfully
implemented the Scheme of Arrangement approved by the Hon'ble High
Court of Hyderabad on April 18, 2017. Subsequent to the said scheme
of arrangement, the lenders of the company granted time for
repayments by executing a Payment Agreement in the month of October
2020. The company continues to service the existing debt while
exploring options to repay the entire debt and liabilities in full.
Due to the ongoing pandemic situation, the processes are delayed to
raise external funding to tread forward with the Company's growth
plans.

* Crucial to secure funds from diversified funding sources at
competitive rates: The company's borrowings as on March 31, 2021
comprising of CDR debt and priority debt from 23 lenders. The
company has repaid almost one third of its total debt outstanding
in the past 18 months. ICRA notes that the company with adequate
capital adequacy levels has deferred its earlier
strategy to bring in equity in view of the ongoing pandemic
situation. In this process, the Company is currently in discussions
with certain existing and new lenders to raise funds bilaterally
including under the Credit Guarantee Scheme to grow its book and
utilize collection proceeds to repay the existing debt aggregating
approximately INR435 crore (including accrued interest and payables
to OCCRPS holders) as on August 31, 2021.

* Ability to manage adverse impact of Covid-19 on asset quality and
collection efficiency: The asset quality indicators have weakened
due to the stress-induced from the pandemic thereby impacting the
livelihood of the borrowers and hence their cash flows. The 0+ dpd
and 90+ dpd increased significantly from 2.0% and 1.8% respectively
as on March 31, 2020 to 9.3% and
3.1% respectively as on March 31, 2021. Due to second wave of the
pandemic in Q1 FY2022, the asset quality further weakened with 0+
dpd and 90+ dpd at 11.2% and 7.2% respectively as on August 31,
2021. The company has restructured its portfolio under
restructuring 1.0 as well as 2.0 and had an outstanding
restructured portfolio of ~INR160 crore (~27% of AUM) as of August
31, 2021. The current collection efficiency of the company
increased to ~97% levels in March 2021. This was due to the
company's effort and focus on recoveries. From April 2021, the
company's collection efficiency declined as there were state-wise
lockdowns announced as a result of second wave of Covid 19. With
easing of restrictions on lockdowns, the collection efficiency
started improving and as of August 31, 2021, the current collection
efficiency stood at 95%. SML's ability to manage the impact of
Covid-19 on its portfolio and recoveries from the restructured book
would be a key monitorable going forward.

* Ability to improve profitability: SML's profitability has been
impacted on account of significant under-utilization of capacities
which was in turn constrained by lack of funding and reduction in
loan disbursements. The cost to income ratio and operating expenses
as a percentage of average total assets remained high at 94% and
13% respectively for FY2021 (90% and 14%
respectively for FY2020). Though the net profitability is partially
supported by recovery on written off loans and write-back of
provisions, the overall profitability indicators remained subdued
with a return on average assets of 0.40% and return on average net
worth of 1.5% respectively as of March 31, 2021. SML's ability to
improve operating efficiency and raise low cost funding would be
crucial for incremental profitability.

* Marginal borrower profile: The rating factors in the risks
associated with the marginal borrower profile, unsecured lending
business, political risks, and operational risks arising out of
cash handling, along with the challenges associated on account of
Covid-19. Additionally, in line with the industry, SML faces asset
quality pressure on account of the pandemic.

Liquidity position: Poor

SML's liquidity is poor on account of the continued delay in the
servicing of debt repayments. The company's portfolio growth has
remained flat over the last three years as no fresh funding has
been tied up.

Share Microfin Limited is a non-deposit accepting non-banking
financial company-micro finance institution (ND-NBFC-MFI)
incorporated as a public limited company in 1999. It provides
microfinance loans to women from the weaker sections of society
under the joint liability group (JLG) model. Mr. M. Udaia Kumar is
the founder and Managing Director of the company. He has
over 35 years of experience in the field of financial inclusion,
sustainable and development financing.

SML is among the AP-based entities which were impacted by the
Andhra Pradesh Microfinance Institutions Ordinance 2010; subsequent
to which, the company's debt repayment abilities were impacted, and
the company was admitted into CDR. During April 2017, through a
scheme of arrangement approved by Hon'ble High Court of Hyderabad,
the company has demerged its AP portfolio into another AP-based MFI
while merging non-AP portfolio of that MFI. Subsequent to the said
scheme of arrangement, the company is in discussions with its
lenders to repay all the debt in full.

SONAPUR HERBAL: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities Sonapur
Herbal Centre 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-       14.18       [ICRA]D; ISSUER NOT COOPERATING;
   Limit-Term                    Rating Continues to remain under
   Loan                          'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2000, SHCPL currently owns and operates a 20-room
resort, "Spring Valley Resort" at Sonapur, Assam. The company is in
the process of converting the existing resort into a four-star
hotelcum-resort with 60 rooms/cottages (including the existing 20
cottages). Currently, the resort also operates a multi-cuisine
dining-cum-restobar, coffee shop, spa-cum-saloon, conference room,
banquet hall and swimming pool, all within the same premises.

SRINIVASAN CHARITABLE: ICRA Moves D Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Srinivasan
Charitable and Educational Trust in the 'Issuer Not Cooperating'
Category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        175.0       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating moved to the 'Issuer Not
                                 Cooperating' category

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

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


STRAWBERRY CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Strawberry
Constructions Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          90.00       [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/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

The Mumbai-based, Strawberry Construction Private Limited (SCPL)
was incorporated on October 12, 1993. Promoted by Mr. Bharat S.
Shah, Mr. Rashesh B. Shah and Mr. Rajiv B. Shah, SCPL is engaged in
the construction and development of residential and commercial
complexes.


SUPERFINE ALUMINIUM: ICRA Lowers Rating on INR98cr Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Superfine Aluminium Technologies Pvt. Ltd. (SATPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         98.0        [ICRA]D downgraded from
   Term Loan                       [ICRA]BB(Stable)

Rationale

The revision of ratings factors in delays by SATPL in meeting its
debt obligations in a timely manner as a result of a delay in
project implementation. ICRA in its earlier release has stated that
timely commencement of commercial operations by July 2021 would
remain critical from the credit perspective. However, the project
has still not commenced commercial operations.

Key rating drivers and their description

Credit strengths

* Extensive track record of the promoters of Superfine Group in the
aluminium extrusion business: SATPL is promoted by CA. Ravindra
Katariya and CA. Siddharth Katariya and is also the part of the
Ahmednagar (Maharashtra) based Superfine Group. The Katariya family
has an extensive presence in the aluminium industry with a track
record of over 20 years through Group companies, Superfine Metals
Private Limited, Superfine Extrusions Private Limited and Superfine
Profile and Extrusions Private Limited. The promoter Group's rich
experience has enabled it to establish healthy relationships with
its various reputed customers and suppliers.

Credit challenges

* Delay in debt-servicing: SATPL has not met its debt obligation in
a timely manner due to a delay in project implementation.

* Delay in project implementation: SATPL was initially slated to
commence commercial operations from April 2018. However, delays in
arranging the foreign funding for its machinery led to postponement
of the scheduled date. As per the last schedule, SATPL was expected
to commence commercial operations from July 2021, however the
project has still not commenced operations.

Liquidity position: Poor

The liquidity of SATPL is Poor as evidenced by the delay in it
meeting its debt obligations on a timely manner.

Rating sensitivities

Positive factors – The rating could be upgraded if the company is
able to timely service its debt obligations on a sustained basis.

Negative factors – Not applicable

Incorporated in 2015, Superfine Aluminium Technologies Pvt. Ltd is
in the process of installing India's first double action aluminium
extrusion press with a force of 5,500 meganewton. Through the
planned extrusion line, SATPL intends to manufacture specialised
aluminium seamless tube products of 15-inch diameter and 20-inch
width suited for defence, high rise civil structures, metrorail
among others. SATPL is part of the Ahmednagar (Maharashtra) based
Superfine group promoted by CA. Ravindra Katariya & CA. Siddharth
Katariya.


TRT BUILDERS: ICRA Keeps C+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of TRT
Builders & Constructions (India) 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–        6.50       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-       4.00       [ICRA]A4; ISSUER NOT
   Non-Fund Based               COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

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

TRT Builders & Constructions (India) Private Limited was
incorporated in the year 2011 as a private limited company promoted
by Mr. Sundareshan, Mr. Nizamudeen and Mr. Robin P Alex. The day to
day activities of the company are managed by Mr. Sundareshan who
has more than 35 years of experience in the construction industry.
All three promoters of the firm are registered class A contractors
in Kerala with more than two decades of experience in the
construction industry each under their personal capacities. Mr.
Sundareshan, Mr. Nizamudeen and Mr. Robin P Alex own under their
personal capacities firms M/s Trio Builders, M/s Thoppil Builders
and M/s Sreyas Builders respectively, with all three firms
operating in the construction segment in different regions of
Kerala.



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

BUMI RESOURCES: S&P Lowers ICR to 'CCC', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Indonesia-based company PT Bumi Resources Tbk. (Bumi) to 'CCC' from
'CCC+'. S&P also lowered its issue ratings on the tranche-A and
tranche-B debt that Bumi guarantees.

The negative outlook reflects the rising refinancing risk on Bumi's
tranche-A and tranche-B debt and the growing likelihood that the
company will be unable to meet its obligations over the next 12-15
months.

Despite favorable coal prices, Bumi's coal mining subsidiaries are
unlikely to be able to efficiently send dividends upstream in 2021
and 2022.

PT Kaltim Prima Coal (KPC), Bumi's 51%-owned subsidiary and its
main dividend contributor, has paid dividends of only US$42 million
to Bumi in the first half of 2021 although it reported US$254
million in EBITDA, a 67% increase from first-half 2020. At the same
time, KPC reported US$263 million of cash, of which about US$124
million was trapped under a cash distribution agreement account. It
further earmarked US$137 million for royalty payments and amounts
to be set aside for mine closures. PT Arutmin Indonesia (Arutmin;
91% owned), on the other hand, did not pay dividends to Bumi in the
first half of 2021 despite having US$93 million in cash and US$68
million in EBITDA.

In addition to operating and royalty expenses that hinder the
subsidiaries' dividends payment, any dividends sent upstream to
Bumi are subject to US$35 million-US$40 million in annual expenses
at the holding company level before being released for debt
servicing. This mechanism further curtails cash flow available for
debt servicing.

S&P has long held the view that Bumi's capital structure is
unsustainable, given that the amount of accruing interest far
outweighs the cash-generating capacity of its subsidiaries.

Bumi's debt servicing in the past four years has not put a dent in
its indebtedness. As of June 30, 2021, the company's debt totaled
about US$2.6 billion, of which US$1.8 billion was in three
tranches--A, B, and C--ranked by seniority. This amount is notably
higher than the US$1.7 billion of total debt after Bumi's most
recent debt restructuring in 2017.

While the company has repaid US$204.6 million of tranche-A debt
since 2017, annual accrued interests of US$80 million-US$90 million
on tranche-B and tranche-C debts have accumulated, given
insufficient cash flows remaining after debt-servicing of tranche-A
debt. The company also has mandatory convertible debentures (MCBs)
of US$562 million.

S&P believes Bumi faces insurmountable debt maturities over the
next 12-15 months and will have limited refinancing options.

The company needs to refinance nearly US$1.2 billion in tranche-A
and tranche-B debt by December 2022. This amount is significant
compared with the limited dividend receipts and cash available for
debt repayment. Bumi has a limited ability to tap a wide range of
traditional funding avenues, such as domestic or foreign capital
markets. This is because of debt restructurings in the past decade,
the group's complex and inefficient corporate structure, and
governance factors. Moreover, as stipulated by the existing cash
waterfall agreement, any new debt that Bumi raises should be
subordinated to existing debtholders.

The company's significant existing debt further complicates its
refinancing prospects, in our view. The company has about 15 months
before the maturity of US$1.2 billion in debts, limited refinancing
options, and high uncertainty over future dividends from the
operating subsidiaries. S&P therefore sees a growing likelihood
that the company would restructure its debt; otherwise, it would be
unable to fully meet its obligations.

Bumi's refinancing effort could also be hindered by risks
associated with the company's MCBs. The company intends to convert
all of the outstanding MCBs to ordinary shares before it is able to
address its upcoming maturities. However, the pace of conversion
has been slow, in our view. As of June 30, 2021, Bumi has converted
US$63.1 million in MCBs, or 10% of US$630.6 million principal, and
received requests for conversion for a further US$136.5 million, or
21.6% of the principal.

Moreover, the issuance of Series-C shares will need shareholders'
approval. The next general shareholders' meeting is slated for
November 2021, subject to the regulator's approval of the agenda.
Any delay in the MCBs conversion process would leave Bumi with
little time to refinance its maturing debts.

The negative outlook reflects the rising refinancing risk on Bumi's
tranche-A and tranche-B debt and the growing likelihood that the
company is unable to meet its obligations and would pursue a debt
restructuring over the next 12-15 months.

Downside scenario

S&P said, "We would lower the rating on Bumi in the absence of
considerable debt repayment as the maturity of tranche-A and
tranche-B debts approaches. We would also lower the rating if the
company undertakes a debt transaction at below par, which we would
consider to be tantamount to a distressed exchange."

Upside scenario

The upside scenario is remote, given the company's unsustainable
capital structure and cash leakage at the subsidiaries. S&P would
revise the outlook to stable if Bumi is able and willing to fully
repay or refinance its debt obligations over the next 12 months.

Bumi is an Indonesian holding company with majority interest in two
key coal mining companies, KPC (51%) and Arutmin (90%). Bumi's cash
flow comes only in the form of dividend payments from the two
companies. The mining assets are located in Kalimantan, Indonesia.
Combined gross production of thermal coal is 80-85 million tons per
annum (mtpa), making Bumi one of the largest thermal coal producers
and seaborne exporters globally. Apart from thermal coal, Bumi
holds varying stakes in a few base metal mining assets, all of
which are in the exploration stage.




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

AIRASIA GROUP: Wins Approval for US$120MM Government-Backed Loan
----------------------------------------------------------------
Reuters reports that AirAsia Group has received approval from
Danajamin Nasional Berhad for a club facility of up to MYR500
million (US$120 million), it said in a statement on Sept. 5.

Reuters relates that the loan, 80% of which is guaranteed by the
government, is earmarked for working capital purposes, which will
support staff costs and key operating expenses such as aircraft
maintenance as the group prepares to ramp up operations, it said.

The loan, disbursed as part of a COVID-19 economic stimulus package
from the government, has been approved by the airline's lenders
under a club deal term financing, it said.

Danajamin Nasional, Malaysia's only financial guarantee insurer, is
half-owned by the finance ministry.

Reuters says Malaysia is looking at allowing interstate domestic
travel and international travel for its citizens when 90% of its
adult population is fully vaccinated. The rate stood at 88% on Oct.
4.

According to Reuters, AirAsia has been seeking up to MYR2.5 billion
to weather the pandemic-induced slump in global travel, initially
aiming to secure the funds by the end of last year.

The group plans to raise up to MYR1 billion through a rights issue
by the end of this year, Reuters adds.

                           About AirAsia

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

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



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

EURO BAR: Top Auckland Restaurant to Close Doors
------------------------------------------------
Otago Daily Times reports that top Auckland restaurant Euro has
revealed it is closing it doors, with owners blaming Covid-19.

ODT relates that the Princes Wharf restaurant confirmed the "sad
news" on Oct. 1 on social media.

"This week we have made the extremely difficult decision to keep
Euro closed.

"The ongoing challenges caused by the Covid-19 pandemic over the
past 18 months have meant that it is no longer sustainable to
reopen, despite doing everything in our power to do so.

"We're incredibly proud of everything we've achieved since Euro
first opened in 1999 and it's been our privilege to welcome you
through our doors over the last 22 years.

"We're particularly proud of our amazing Euro team - for the
consistently exceptional food, beverage and service they've
delivered and all the good times our guests have experienced.

"Euro holds a special place in the hearts of so many - whether
you've celebrated a special occasion here, attended one of our
legendary long lunches or simply dined with us, we're extremely
grateful to each and every one of you for your continued support."

According to ODT, the owners said it had been an "amazing journey"
and they were sad that patrons would not be able to enjoy a "last
hurrah" at the venue.

"We'd like to thank you from the bottom of our hearts for all the
wonderful memories."

Last year the restaurant - one of the Viaduct's original businesses
- had announced a change of pace, the report recalls. Adapt or die
was the hospitality industry's post-lockdown mantra and Euro Bar
and Restaurant's response appeared pitch-perfect: stylish but
informal, less fine dining and more shared plates, Herald reviewer
Kim Knight wrote, ODT relays.

Top chef Simon Gault had worked at the restaurant and one customer
once contacted the Herald to complain she'd been rejected at the
door because she didn't look rich enough, adds ODT.



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

CEFC SHANGHAI: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 24, 2021, to
wind up the operations of CEFC Shanghai International Group
(Singapore) Pte Ltd Pte. Ltd.

Kang Feng filed the petition against the company.

The company's liquidators are:

         Yeo Boon Keong
         Lau Chin Huat
         c/o Technic Inter-Asia Pte Ltd
         50 Havelock Road
         #02-767
         Singapore 160050


STRAITS VENTURA: Court to Hear Wind-Up Petition on Oct. 22
----------------------------------------------------------
A petition to wind up the operations of Straits Ventura Pte Ltd
will be heard before the High Court of Singapore on Oct. 22, 2021,
at 10:00 a.m.

HPC Builders Pte Ltd filed the petition against the company on Oct.
22, 2021.

The Petitioner's solicitors are:

         Joo Toon LLC
         2 Havelock Road
         #06-03 Havelock 2
         Singapore 059763


UNIVERSAL MACHINE: Creditors' Meeting Set for Nov. 5
----------------------------------------------------
Universal Machine Solution Pte Ltd will hold a meeting for its
creditors on Nov. 5, 2021, at 11:00 a.m., via electronic means.

Agenda of the meeting includes:

   a. to receive an account from the Liquidators showing the
      manner in which the winding up has been conducted and to
      hear any explanations that may be given;

   b. to consent to the release of the Liquidators upon the
      dissolution of the Company and thereby discharge them
      from all liabilities in respect of any act done or default
      made in the administration of the affairs of the Company;
      and

   c. to determine by resolution the manner in which the books,
      accounts and documents of the Company and of the Liquidators

      shall be disposed of.

The company's liquidators are:
  
         Lo Wei Min
         Mrs Pearlyn Chong
         Chan Tuck Chee
         c/o Lo Hock Ling & Co.
         101A Upper Cross Street
         #11-22 People's Park Centre
         Singapore 058358



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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