/raid1/www/Hosts/bankrupt/TCRAP_Public/211011.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

          Monday, October 11, 2021, Vol. 24, No. 197

                           Headlines



A U S T R A L I A

BIANCO SOURCECORP: Second Creditors' Meeting Set for Oct. 15
BRIGHTE GREEN 2021-1: Moody's Gives (P)B2 Rating to Cl. F-G Notes
LA TROBE 2018-2: Moody's Upgrades Rating on Class F Notes to Ba3
LIVING IMAGE: Second Creditors' Meeting Set for Oct. 18
MB STAR: Faces AUD3.9 Million Liquidation Debt Bill

MJW BUILDING: First Creditors' Meeting Set for Oct. 18
NORTHERNSON PTY: Jim Raptis Faces ATO Probe Over Tax Issues


C H I N A

CHINA EVERGRANDE: Offshore Creditors Fear Imminent Default
LUCKIN COFFEE: Settles U.S. Securities Class Action Lawsuit


I N D I A

AAA ROLLER: CARE Keeps B Debt Rating in Not Cooperating
ADITYA AUTO: CARE Keeps D Debt Rating in Not Cooperating
AIR INDIA: Tata Sons Wins Bid for India's Flag Carrier
AMBICO EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
AMRIT HUMIFRESH: CARE Keeps B Debt Rating in Not Cooperating

BELLEFONDS: CARE Keeps B- Debt Rating in Not Cooperating
BHARAT CARRIERS: CARE Withdraws D Rating on Bank Loans
BNK ENERGY: CARE Keeps C Debt Rating in Not Cooperating Category
ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category
EPARI'S JEWELLERS: CARE Cuts Rating on INR12cr LT Loan to B-

GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category
HERO FINCORP: Moody's Affirms 'Ba1' CFR, Alters Outlook to Stable
HINDUSTAN CONSTRUCTION: CARE Reaffirms D Ratings on Bank Loans
ISHANIKA HOTELS: CARE Keeps D Debt Rating in Not Cooperating
J P SINGHAL: CARE Lowers Rating on INR15cr Loan to D

JAIN HYDRAULICS: CARE Keeps D Debt Rating in Not Cooperating
PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
RAMESH SINGH: CARE Keeps B- Debt Rating in Not Cooperating
RAUSHEENA EXIM: CARE Lowers Rating on INR6.0cr LT Loan to B-
RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category

RN RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
S.M. AUTOPARTS: CARE Keeps B+ Debt Rating in Not Cooperating
SHAKTI YARNS: CARE Lowers Rating on INR42.75cr LT Loan to D
SUKHMANI HOLIDAYS-INN: CARE Keeps D Debt Rating in Not Cooperating
THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating

UMASHAKTI STEELS: CARE Keeps B+ Debt Rating in Not Cooperating
VIKAS ASSOCIATES: CARE Lowers Rating on INR9cr LT Loan to B+


I N D O N E S I A

SAKA ENERGI: Moody's Affirms 'B2' CFR, Alters Outlook to Stable


N E W   Z E A L A N D

KIWIBANK LTD: Moody's Gives Ba1(hyb) Rating to NZD250MM Pref Stock


P H I L I P P I N E S

PHILIPPINE NATIONAL BANK: Fitch Affirms Then Withdraws 'BB' IDR


S I N G A P O R E

ATI FREIGHT: Court to Hear Wind-Up Petition on Oct. 22
FORTERRA REAL: Creditors' Proofs of Debt Due on Nov. 8
THREADSOL PRIVATE: Creditors' Proofs of Debt Due on Nov. 4

                           - - - - -


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

BIANCO SOURCECORP: Second Creditors' Meeting Set for Oct. 15
------------------------------------------------------------
A second meeting of creditors in the proceedings of Bianco
Sourcecorp Pty Ltd, trading as Bianco Windows and Joinery, has been
set for Oct. 15, 2021, at 10:30 a.m. via virtual meeting
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 14, 2021, at 5:00 p.m.

Dominic Charles Cantone of Oracle Insolvency Services was appointed
as administrator of Bianco Sourcecorp on Sept. 9, 2021.

BRIGHTE GREEN 2021-1: Moody's Gives (P)B2 Rating to Cl. F-G Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Brighte Green Trust 2021-1.

Issuer: Brighte Green Trust 2021-1

AUD128.00 million Class A-G Notes, Assigned (P)Aaa (sf)

AUD24.00 million Class A-NG Notes, Assigned (P)Aaa (sf)

AUD12.35 million Class B-G Notes, Assigned (P)Aa2 (sf)

AUD9.50 million Class C-G Notes, Assigned (P)A2 (sf)

AUD3.80 million Class D-G Notes, Assigned (P)Baa2 (sf)

AUD7.60 million Class E-G Notes, Assigned (P)Ba2 (sf)

AUD2.85 million Class F-G Notes, Assigned (P)B2 (sf)

The AUD1.90 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured consumer, Buy Now Pay Later (BNPL) and personal loan
receivables originated by Brighte Capital Pty Limited (Brighte,
unrated). The majority of receivables are originated to homeowners
to fund solar panel and home battery installations ('green'
receivables). A smaller portion are originated to fund home
improvement products and services ('non-green' receivables). This
is Brighte's second term securitization.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's view, this is a significant credit strength of the
transaction.

The limited amount of historical data. Brighte was established in
2015, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q2 2017 and Q1 2021 — and does not cover a full economic
cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, principal will be distributed pro rata among all Notes.
Following the call date or if the pro rata conditions are otherwise
not satisfied, the principal collections will be distributed
sequentially starting with Class A-G and Class A-NG Notes.
Initially, the Class A-G, Class A-NG, Class B-G, Class C-G, Class
D-G, Class E-G and Class F-G Notes benefit from 20.0% (for the
Class A Notes, collectively), 13.5%, 8.5%, 6.5%, 2.5% and 1.0% of
note subordination, respectively.

The availability of excess spread over the life of the
transaction. The portfolio yield of 10.4% providing significant
excess spread to cure portfolio losses.

The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD380,000.

The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

The experience of Brighte as servicer, and the back-up servicing
arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.75%, a
recovery rate of 7.5% and a Aaa portfolio credit enhancement
("PCE") of 25.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 2.14%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 25.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Methodology Underlying the Rating Action

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

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

Up

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

Down

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

LA TROBE 2018-2: Moody's Upgrades Rating on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on eight classes
of notes issued by two La Trobe Financial RMBS.

The affected ratings are as follows:

Issuer: La Trobe Financial Capital Markets Trust 2018-2

Class B Notes, Upgraded to Aaa (sf); previously on Jul 30, 2019
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Apr 9, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Apr 9, 2021
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Nov 22, 2018
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Apr 9, 2021
Upgraded to B1 (sf)

Issuer: La Trobe Financial Capital Markets Trust 2019-2

Class B Notes, Upgraded to Aaa (sf); previously on Apr 9, 2021
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Apr 9, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Oct 16, 2019
Definitive Rating Assigned Baa1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date, with low level of losses from defaulted
loans.

La Trobe Financial Capital Markets Trust 2018-2

Following the August 2021 payment date, note subordination
available for the Class C, Class D and Class F Notes has increased
to 8.1%, 4.5% and 1.9%, respectively, from 6.8%, 3.8% and 1.5% at
the time of the last rating action for these notes in April 2021.
Note subordination available for the Class B Notes has increased to
10.6% from 6.3% at the time of the last rating action for these
notes in July 2019. Note subordination available for the Class E
Notes has increased to 3.1% from 1.7% at closing.

As of August 2021, 5.4% of the outstanding pool was 30-plus day
delinquent, and 3.1% was 90-plus day delinquent. The deal has
incurred AUD360,812 losses to date, which have been covered by
excess spread.

The deal made pro-rata payment among all rated notes in August
2021. In all other months, it paid on a sequential basis because
not all stepdown conditions were satisfied.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 2.0% as a
percentage of the outstanding pool (equivalent to 1.0% of the
original pool balance), compared with 2.2% as of the last rating
action for these notes in April 2021.

Moody's has lowered its MILAN CE assumption to 11.5% from 12.4% at
the last rating action in April 2021, based on the current
portfolio characteristics.

La Trobe Financial Capital Markets Trust 2019-2

Following the August 2021 payment date, note subordination
available for the Class B and Class C Notes has increased to 8.3%
and 6.6%, respectively, from 6.6% and 5.3% at the time of the last
rating action for these notes in April 2021. Note subordination
available for the Class D Notes has increased to 4.4% from 2.5% at
closing.

As of August 2021, 4.3% of the outstanding pool was 30-plus day
delinquent, and 2.4% was 90-plus day delinquent. The deal has
incurred AUD50,298 losses to date, which have been covered by
excess spread.

The deal has been paying down the notes on a sequential basis since
closing.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 1.8% as a
percentage of the outstanding pool (equivalent to 1.0% of the
original pool balance), compared with 2.1% as of the last rating
action in April 2021.

Moody's has lowered its MILAN CE assumption to 8.4% from 9.0% at
the last rating action in April 2021, based on the current
portfolio characteristics.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by La Trobe
Financial Services Pty Limited, an Australian non-bank lender. A
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

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

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

LIVING IMAGE: Second Creditors' Meeting Set for Oct. 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Living Image
Media Pty Ltd has been set for Oct. 18, 2021, at 11:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 15, 2021, at 5:00 p.m.

Adam Shepard of Setter Shepard was appointed as administrator of
Living Image on Sept. 20, 2021.


MB STAR: Faces AUD3.9 Million Liquidation Debt Bill
---------------------------------------------------
Charlotte Grieve at The Age reports that the Melbourne Star
observation wheel is facing a multimillion-dollar debt bill after
it was forced to close, becoming the latest high-profile casualty
of the COVID-19 pandemic.

MB Star Properties Pty Ltd announced earlier this month the company
was going into liquidation because travel restrictions and
lockdowns had exacerbated financial struggles and made it
"impossible to sustain the business," The Age relates.

A creditors' report filed with the Australian Securities and
Investments Commission on Sept. 20 shows the tourist site that has
become a feature of Melbourne's city skyline has racked up more
than AUD3.9 million in debt, The Age discloses.

According to The Age, the largest creditor is a Liechtenstein-based
foundation that took ownership of the wheel in January and is now
owed almost AUD2.5 million. The company owns and manages
observation wheels and amusement parks around the world under the
tag line: "I did not invent the wheel, but I did make it better!"

A further AUD41,435 is owed to real estate company Savills, which
managed the wheel's Docklands property assets, The Age relays.

The wheel's location has long been controversial, with many
critical of views that were crowded by the suburb's rising number
of residential skyscrapers.

However, general manager Nicole Hill previously defended the
waterfront precinct location by pointing to the wheel's 300,000
annual visitors.

The Age says the ASIC report, lodged by liquidators Grant Thornton,
showed the company also owes AUD88,595 to the State Revenue Office
and a further AUD105,514 to Honan Insurance Group. The debt bill is
likely to grow as the liquidators have not yet determined the
amount due to the Australian Taxation Office, commercial cleaners
CleanNet and IT provider Tekspace.

According to the report, Grant Thornton have encouraged customers
seeking refunds to get in touch directly, after some ticket-holders
complained about being stonewalled.

Some debts can be paid from the company's assets, the report
states. ASIC's report showed the group has AUD665,522 in assets,
including cash and shares. The wheel's 35 staff have all been paid
full entitlements, according to Grant Thornton.

The Age says the wheel continued to light up for 231 days last year
despite being closed due to lockdowns. Now the lights have been
switched off and the liquidators will decide whether to dismantle
one of the world's largest observation wheels.

The Age relates that a spokeswoman for Grant Thornton said the
liquidators were "fully assessing the situation, gathering
information in relation to operations and will consider all
possibilities in relation to the wheel and its future. At this
point, no decision has been made and nothing has been ruled out.

"This includes the potential sale of the wheel. Any parties
interested in purchasing the wheel and land are welcome to contact
the liquidators."

The AUD100 million observation wheel opened in 2008 under the name
Southern Star but was forced to shut just 40 days later because of
cracks caused by design problems, The Age recalls. It was out of
operation for almost five years as it was taken down and almost
fully rebuilt, the report notes.


MJW BUILDING: First Creditors' Meeting Set for Oct. 18
------------------------------------------------------
A first meeting of creditors in the proceedings of MJW Building Pty
Ltd has been set for Oct. 18, 2021, at 12:00 p.m. via electronic
facilities.

Jeremy Joseph Nipps of Cor Cordis was appointed as administrator of
MJW Building on Oct. 6, 2021.


NORTHERNSON PTY: Jim Raptis Faces ATO Probe Over Tax Issues
-----------------------------------------------------------
BusinessNews Australia reports that Gold Coast developer Jim
Raptis, the man who has battled creditors at some stage in every
decade since the 1980s, has found himself at the centre of another
controversy - but this time it is the Australian Taxation Office
(ATO) that is gunning for him.  

It's not unfamiliar territory for the developer who over the past
40 years has reshaped the Gold Coast skyline with developments such
as Chevron Renaissance, the three-tower Southport Central
development and the Hilton Surfers Paradise, the report says. The
latter two projects ultimately fell to receivers more than a decade
ago; a period that triggered the darkest days for the Gold Coast
property market at the height of the GFC.

While one high-profile stoush with the ATO scored him a victory in
2016 when he managed to whittle down a AUD29.3 million tax bill to
just AUD6 for his listed company Raptis Group, the latest battle -
which has nothing to do with the listed company - carries a great
deal more weight, BusinessNews Australia relates.

According to the report, the Deputy Commissioner of Taxation two
weeks ago secured a Federal Court judgment against Jim Raptis, and
associated entities, to freeze up to AUD23.8 million in net
personal assets following an ATO investigation into the developer's
affairs.

BusinessNews Australia relates that the ATO is alleging Mr. Raptis
and two companies linked to him owe a combined AUD109.6 million in
tax plus interest after an investigation that claims Mr. Raptis,
members of his immediate family and associated entities have been
involved in offshore tax avoidance arrangements. It's unclear if
there is a doubling up of the taxes allegedly owed to the ATO
between Mr. Raptis and the associated companies Northernson Pty Ltd
and Sevinhand Company Limited who are named as respondents.

ATO investigation, which was launched in 2020, was reported by The
Australian Financial Review two weeks ago as stemming from the
Pandora Papers leak where nearly 12 million documents offered up an
insight into secretive offshore companies and trusts used to avoid
paying tax, according to the report.

However, the ATO released a statement saying it ‘regularly
receives information from a range of different sources in our
efforts to fight tax evasion and crime'.

"While the information in data leaks is interesting, we don't rely
on data leaks to do our job," the report quotes ATO Deputy
Commissioner and Serious Financial Crime Taskforce chief Will Day
as saying. "We detect, investigate and deal with offshore tax
evasion year-round."

While the ATO says it will be analysing the information to identify
any possible Australian links, the tax collection agency and Mr.
Raptis have met head-to-head frequently during the course of the
Gold Coast developer's career.

After the spectacular AUD1 billion collapse of his listed entity
Raptis Group in 2008, Mr. Raptis has been actively developing
apartment projects on the Gold Coast as a private entity in the
aftermath of the corporate failure, the report states. His listed
company was ultimately saved via a deed of company arrangement that
saw creditors receive cents in the dollar and some shares in the
listed entity, but the listed Raptis Group has done very little
developing since it was reinstated to the ASX in 2016.

The report says the ATO was no doubt stinging from previous
stoushes with Mr. Raptis where he managed to secure court wins that
diminished tax claims against his companies.

Interestingly, the background information provided in the latest
Federal Court ruling offers an insight into the behind-the-scenes
dealings by the ATO in investigating Mr. Raptis's affairs.

Notably, the ATO has raised concerns over the developer's long
association with Vanda Gould as his accountant. Gould was convicted
in 2019 of orchestrating offshore tax avoidance schemes, although
late last year he launched a civil defamation case against the ATO
Commissioner Chris Jordan, on top of an appeal protesting his
innocence.

The latest Federal Court judgment highlights the fact that Mr.
Raptis has been the subject of several ATO reviews and audits into
his tax affairs.

"Mr. Raptis has been involved with offshore entities associated
with Mr. Gould," the ATO, as cited by the report, has alleged.

"ATO investigations have revealed what appear to be tax avoidance
arrangements in respect of Mr. Raptis, members of his immediate
family, and entities with which he is associated.

"Mr. Raptis and entities with which he is associated have a long
history of failing to file tax returns and pay tax debts. As a
result of a review/audit, the Commissioner of Taxation has
concluded that there are significant amounts of undisclosed income
and evasion by Mr. Raptis."

BusinessNews Australia notes that the Federal Court ruling
identified a number of specific assets it sought to freeze while
its investigations continued.

The ATO has declined to comment further on the Raptis matter,
citing it is unable to respond in relation to individual matters
before the courts, the report says.



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C H I N A
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CHINA EVERGRANDE: Offshore Creditors Fear Imminent Default
----------------------------------------------------------
Reuters reports that China Evergrande Group offshore bondholders
are concerned that it is close to defaulting on debt payments and
want more information and transparency from the cash-strapped
property developer, their advisers said.

Evergrande, which could trigger one of China's largest defaults as
it wrestles with debts of more than $300 billion and whose troubles
have already sent shockwaves across global markets, missed payments
on dollar bonds, worth a combined $131 million, that were due on
Sept. 23 and Sept. 29, according to Reuters.

With Evergrande staying silent on dollar debt payments and
prioritising onshore creditors, offshore investors have been left
wondering if they will face large losses at the end of 30-day grace
periods for last month's coupons, Reuters says.

A group of bondholders have enlisted investment bank Moelis & Co
and law firm Kirkland & Ellis to advise them, Reuters discloses.  

Offshore bondholders want to engage "constructively" with the
company, but are concerned about lack of information from what was
once China's top-selling property developer, said Bert Grisel, a
Hong Kong-based managing director at Moelis, Reuters relays.

"We all feel that an imminent default on the offshore bonds is or
will occur in a short period of time," Reuters quotes Grisel as
saying on a call with bondholders on Oct. 8.

"Unfortunately, so far, we have had a couple of calls with the
advisers," but there had not been any "meaningful dialogue with the
company or provision of information", he said.

Reuters adds that Neil McDonald, a restructuring partner in the
Hong Kong office of Kirkland & Ellis, said the bondholders would
like more transparency, and hoped Evergrande would meet disclosure
obligations under stock listing rules.

The offshore bondholders are also demanding more information about
Evergrande's plan to divest some businesses and how the proceeds
would be used, the advisers said, adding that the creditors group
they represent was growing, Reuters relays.

Reuters relates the two advisers said that, including the parties
that have expressed an interest to be part of the group, they
represent bondholders who currently hold $5 billion worth of
Evergrande nominal offshore bonds.

"Whilst we don't want to overstate this, we are obviously at this
point in time preparing contingency plans to ensure that there are
no dissipation of assets," Reuters quotes Mr. McDonald as saying.

"And if there is such activity, we will be prepared to take steps
to protect the rights and interests of U.S. creditors, and we
really hope that that's not necessary," he added.

The advisers for offshore Evergrande bondholders had reached the
developer on Sept. 16, but had not received any assurance from the
developer, demanding more transparency, Reuters notes.

Reuters meanwhile reports that China Evergrande Group dollar-bond
trustee Citi has hired law firm Mayer Brown as counsel, a source
familiar with the matter, who declined to be named due to the
sensitivity of the matter, told Reuters earlier on Oct. 8.

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

With few clues as to how local regulators propose to contain the
contagion from Evergrande, the price of bonds and shares in Chinese
property developers slumped again on Oct. 8.

"The potential lack of transparency and clarity are leaving
investors more skittish and it will be very difficult for people to
want to refinance any debt coming due in that particular sector,"
Reuters quotes Cliff Corso, chief investment officer of Advisors
Asset Management, as saying.

An index tracking China's property sector (.CSI000952) dropped
1.53%, against a 1.31% blue-chip share rise (.CSI300), Reuters
notes.

                       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-'.


LUCKIN COFFEE: Settles U.S. Securities Class Action Lawsuit
-----------------------------------------------------------
Luckin Coffee Inc. (in Provisional Liquidation) on Sept. 21
disclosed that it has entered into a binding term sheet (the "Term
Sheet") with the Lead Plaintiffs in the provisionally certified
class action In re Luckin Coffee Inc. Securities Litigation, Case
No.1:20-cv-01293-JPC-JLC (SDNY) (the "Class Action") to fully
resolve all claims that have been or could be filed on behalf of a
class of purchasers of the Company's ADS between May 17, 2019
through July 15, 2020, inclusive, that has been certified for
settlement purposes.

Pursuant to the Term Sheet, the settlement is subject to entering
into definitive documentation and obtaining approvals from the
Cayman Court in the first instance (who has oversight of the
provisional liquidation proceedings), and the U.S. Court overseeing
the Class Action. The Term Sheet provides that the U.S. Class
Action settlement amount will be calculated based on a Global
Settlement Amount of $187.5 million, which will be reduced on a
pro-rata basis based on the valid opt-out notices received pursuant
to the U.S. Court's prior order approving dissemination of a notice
of pendency. The final report of valid opt-out notices received
will be provided to the U.S. Court on or before October 8, 2021.

Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin
Coffee, commented, "Upon final approval, this settlement will
resolve a significant contingent liability and enable Luckin Coffee
to move forward with a greater focus on our operations and the
execution of our strategic plan. We are working diligently to enter
into formal settlement agreements and obtain the necessary court
approvals."  

                         About Luckin Coffee

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

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

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

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

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




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

AAA ROLLER: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AAA Roller
Flour Mills Private Limited (ARFMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.32       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 14, 2020, placed
the rating(s) of ARFMPL under the 'issuer non-cooperating' category
as ARFMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ARFMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2021, August 10, 2021,
August 20, 2021.

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

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

AAA Roller Flour Mills Private Limited (ARFMPL) was incorporated in
2011 by Mr. Vijay Gupta (Chairman and MD) and family and commenced
operations in May 2013. It is engaged in the processing of wheat to
manufacture different forms of flour such as Maida, Rawa, Suji, and
wheat flour (atta) with installed capacity of 108,000 metric tonnes
per annum at its plant located at Pune, Maharashtra.

ADITYA AUTO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aditya Auto
Engineering Private Limited (AAEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of AAEPL under the 'issuer non-cooperating' category
as AAEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AAEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021 and August 28, 2021.

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

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

Aditya Auto Engineering Pvt Ltd. (AAEPL) was incorporated as a
private limited company in the year 2009 by Mr. Gopala Reddy B. The
company is engaged in the business of manufacturing of Auto
Mechanical Support Systems like bodies of Tippers, Trailers,
Lorries, Cement Carriers, Granite Carriers, Oil Tankers and Water
Tankers etc. The company is also undertaking job works of body
building works on behalf of M/s Hyva India Pvt. Ltd., M/s Scania
Commercial Vehicles India Pvt Ltd. etc. who are engaged in similar
activities.


AIR INDIA: Tata Sons Wins Bid for India's Flag Carrier
------------------------------------------------------
Bloomberg News reports that Tata Sons Pvt. was selected as the
winning bidder for India's flag carrier, ending decades of attempts
to privatize a money-losing and debt-laden airline, and potentially
ending years of taxpayer-bailouts that's kept the company alive.

Tata Sons, which originally launched Air India Ltd. with a namesake
branding in 1932, bid INR180 billion ($2.4 billion) as an
enterprise value for Air India, Tuhin Kanta Pandey, the top
bureaucrat at India's Department of Investment and Public Asset
Management, said at a briefing on Oct. 8, Bloomberg relays. The
government aims to complete the transaction by the end of 2021.

According to Bloomberg, the high-profile sale is a boost for Prime
Minister Narendra Modi, who has embarked on a bold privatization
plan to plug a widening budget deficit, validating his stand of the
state staying away from most businesses.

"It's a start of the privatization process. For them to actually
pull the trigger, and such a symbolic one, is a good sign,"
Bloomberg quotes Rahul Bajoria, chief India economist at Barclays
Plc., as saying. "Execution side seems to be getting better."

Bloomberg News reported last week that the conglomerate's bid was
ahead of an offer from entrepreneur Ajay Singh. The consortium led
by Singh, who's also the chairman of budget carrier SpiceJet Ltd.,
bid INR151 billion, Pandey said.

For Tata Sons, Air India adds a third airline brand to its stable,
and gives it access to more than a hundred planes, thousands of
trained pilots and crew, and lucrative landing and parking slots
all around the world, according to the report.

Bloomberg says Tata Sons, the holding company for the
salt-to-software empire and owner of British luxury carmaker Jaguar
Land Rover, is coming back to an asset it started almost 90 years
ago. Established by legendary industrialist and philanthropist
J.R.D. Tata, who was India's first licensed pilot, the airline
originally flew mail in the 1930s between Karachi in
then-undivided, British-ruled India and Bombay, now known as
Mumbai.

Once it turned commercial and was government-owned in the 1950s,
Air India quickly became popular with those who could afford to
take to the skies. Its advertisements featured Bollywood actresses
and passengers were treated to champagne and porcelain ashtrays
designed by surrealist painter Salvador Dali.

However, with the advent of private carriers in the 1990s, and then
a rush of low-cost, no-frills airlines in the mid-2000s, Air India
lost its edge in both domestic and international markets, says
Bloomberg. The carrier, known for its Maharaja mascot, suddenly
wasn't the only option for flying overseas and its reputation for
impeccable service and hospitality began to ebb.

"Welcome back, Air India," Bloomberg quotes Ratan Tata, J.R.D.
Tata's successor and chairman emeritus of Tata Sons, as saying in a
tweet. "While admittedly it will take considerable effort to
rebuild Air India, it will hopefully provide a very strong market
opportunity to the Tata Group's presence in the aviation
industry."

Tatas will have to bring in a strong management structure,
rationalize routes and augment the fleet in a challenging
environment made worse by the coronavirus pandemic, according to
Harsh Vardhan, chairman of New Delhi-based Starair Consulting.

"Saying it will be easy or a cakewalk for the Tatas to turn around
Air India won't be a correct statement," he said. "The cost of
operations in India is also very high. It is a challenging
scenario."

For Tata Group, Air India adds a third airline brand to its stable,
considering the conglomerate already holds a majority interest in
AirAsia India and Vistara, a joint venture with Singapore Airlines
Ltd, Bloomberg says.

Air India -- which hasn't turned a profit since its 2007 merger
with Indian Airlines -- holds prized landing and parking slots at
London's Heathrow airport, which may help Vistara lure business
travelers with direct flights to Europe, according to Bloomberg.

Bloomberg says the purchase will be a test of the group's aviation
acumen. Tata Group has faced criticism for not running its existing
aviation businesses efficiently, even though they represent a tiny
portion of overall revenue.

"I congratulate the Tata Group on winning the bid for Air India and
wish them all the success," runner-up Singh said in an emailed
statement, Bloomberg relays. "It's time for the Maharaja to reclaim
its position as a leading airline of the world."

                           About Air India

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

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

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


AMBICO EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ambico
Exports And Imports Private Limited (AEIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           22.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2020, placed
the rating(s) of AEIPL under the 'issuer non-cooperating' category
as AEIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 3, 2021, August 13, 2021, August 23, 2021.

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

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

Ambico Exports and Imports Private Limited (Ambico) was
incorporated in the year 2004 by Patel family and is engaged in
processing & trading of rough & polished diamond. The company has
its registered office located at Malad and Factory located at
Dahisar, Mumbai.


AMRIT HUMIFRESH: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amrit
Humifresh Preservation Private Limited (AHPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2020, placed
the rating(s) of AHPL under the 'issuer non-cooperating' category
as AHPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2021, August 19, 2021 and August 29, 2021.

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

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

Amrit Humifresh Preservation Private Limited (AHPL) was set-up in
2000 and became operational in 2003. AHPL is currently being
managed by Mr. Bal Krishan Gupta, Mrs. Geeta Aggarwal, Mr. Deepak
Aggarwal, Mr. Manish Aggarwal and Miss Amita Aggarwal. The company
is engaged in the business of providing space on rental basis in
the cold storage for storage of fruits, vegetables, dry fruits and
spices. Along with this the company also provides maintenance of
storage facilities like refrigerators, cold rooms and freezers. The
storage location of AHPL is located in Sonipat, Haryana with
storage capacity of 8,000 metric ton per annum (MTPA) as on March
31, 2015. The company has signed long-term memorandum of
understanding (MOU) for 16 years with Radha Krisha Foodland Pvt.
Ltd. and ColdEx for the storage facility. Further, these two
companies cater to various multi- national companies like
Unilever, KFC etc. The company earns rental income from this unit.

BELLEFONDS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bellefonds
(BFS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 14, 2020, placed the
rating(s) of BFS under the 'issuer noncooperating' category as BFS
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BFS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 30, 2021, September 9, 2021, September 19, 2021.

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

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

Bellefonds was established as a partnership firm in January 2015 by
Mr. Prahlad Singh Gujral and Mrs. Echha Gujral for setting up a
manufacturing unit of Roofing sheets. The firm has set up the
manufacturing unit with an aggregate cost of INR7.37 crore financed
at a debt equity of 0.69x. The firm has started its commercial
operations from April 2017. The manufacturing facility of the firm
is located at Sonapur, Assam with aggregate installed capacity of
6000 metric tonne per annum.


BHARAT CARRIERS: CARE Withdraws D Rating on Bank Loans
------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' assigned to the bank facilities of Bharat Carriers Limited (BCL)
with immediate effect. The above action has been taken at the
request of BCL and 'No Objection Certificates' and 'No Dues
Certificate' received from the lenders that have extended the
facilities rated by CARE.

The rating assigned to the bank facilities are constrained by delay
in debt servicing, weak capital structure and debt protection
metrics and deterioration in financial performance in FY21 (Prov)
[refers to the period April 1 to March 31].

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: There were delays in servicing of
interest and principal repayment of commercial vehicle loans.

* Weak capital structure and debt protection metrics: Debt equity
and overall gearing has marginally deteriorated to 1.65x and 1.98x
respectively, as on March 31, 2021 (Prov.) [1.55x and 1.97x as on
March 31, 2020] on account of decline in net-worth due to loss
reported by BCL at the PAT level. Further, TD/GCA has significantly
deteriorated from 7.77x in FY20 to 20.28x in FY21 (Prov.) on
account of substantial decline in cash profits.

* Deterioration in financial performance in FY21 (Prov.): The total
operating income of the company has declined by ~15% to INR70.61
crore in FY21 on account of impact of Covid-19 on the business
operations of the company. The PBILDT margin has significantly
deteriorated from 10.40% in FY20 to 6.95% in FY21. Further, the
company has reported loss of INR3.51 crore at the PAT level.

Liquidity: Poor

The liquidity position of the company is poor with delay in
servicing of commercial vehicle loan.

Bharat Carriers Limited is involved in providing
transportation/logistics services of two-wheelers and four-wheelers
for major OEM in India such as Maruti Udyog Ltd., Hyundai, Nissan,
Tata Motors etc. It has branches at Delhi, Pune, Kolkata,
Bangalore, Hosur, Vishakhapatnam, Raipur, Patna, Chennai, Jharkhand
and in major towns of Odisha.

BNK ENERGY: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BNK Energy
Alternatives continues to remain in the 'Issuer Not Cooperating'
category.

   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 29, 2020, placed
the rating(s) of BNK under the 'issuer non-cooperating' category as
BNK had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BNK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 15, 2021, August 25, 2021 and September 4, 2021.

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

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

Ghaziabad (Uttar Pradesh) based, BNK Energy Alternatives (BNK) was
established as a partnership firm in the year 2016 and is currently
being managed by its partners namely Mr. Santosh Kumar Rajgarhia,
Mr. Shailesh Ram Rajgarhia, Ms. Neetu Kumari, Ms. Sonu Kumari, Mr.
Sanjay Kumar Rajgarhia, Mr. Raminder Singh and Mr. Raj Kumar Roy
sharing profit and loss in the ratio of 49%, 49%, 0.40%, 0.40%,
0.40%, 0.40% and 0.40%. The firm has succeeded an erstwhile
proprietorship firm M/s BNK Energy Alternatives which was
established in 2006 by Mr. Santosh Rajgharia. The firm is engaged
into installation and commissioning of solar power plants. The key
raw material required are solar panels, solar modules, batteries,
cables, solar inverters, etc. which they procure from manufacturers
located locally.


ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Enn Tee
International Limited (ETIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.91      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 02, 2020, placed
the rating(s) of ETIL under the 'issuer non-cooperating' category
as ETIL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ETIL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 19, 2021, July 29, 2021, August 8, 2021.

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

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

Enn Tee International Limited (ETIL), a closely held public limited
company was initially incorporated as a private limited company
(Enn Tee International Private Limited) in February 1999. Later on,
the constitution was changed in June 2014. The company started its
commercial productions in 2000 and is currently being managed by
Mr. Harish Chander. The company is engaged in manufacturing and
trading of polypropylene (PP) yarn at its manufacturing facility
located at Haridwar, Uttrakhand. Earlier ETIL had its manufacturing
facility located in Ludhiana, Punjab which was discontinued in 2005
and shifted to Haridwar in September 2009. ETIL was involved in
trading of yarn between 2005 and 2009. The installed capacity of
the plant is to manufacture 4700 Metric tons per annum (MTPA) of
yarn as on March 31, 2016. The company sells its products through a
network of around 10 dealers mainly in the states of Delhi, Uttar
Pradesh and West Bengal to the manufacturers of garments, elastics,
tape and other textiles products.


EPARI'S JEWELLERS: CARE Cuts Rating on INR12cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Epari's Jewellers (EJ), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 14, 2020, placed the
rating(s) of EJ under the 'issuer noncooperating' category as EJ
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. EJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 30, 2021, September 9, 2021, September 19, 2021.

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

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

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

Epari's Jewellers was established in April 1998. Since its
inception, the firm has been engaged in retailing of silver and
gold jewellery. The firm operates through its sole showroom located
at Cuttack in the state of Odisha. The key partner: Mr. Epari
Madhab Rao has more than four decades of experience in the same
line of business and he looks after the overall operation of the
firm. He is supported by his wife Mrs. Epari Bhanumathi and son,
Mr. Epari Arvind Kumar.

GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Grand Hira
Resorts Private Limited (GHRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 7, 2020, placed
the rating(s) of GHRPL under the 'issuer non-cooperating' category
as GHRPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GHRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2021, August 3, 2021, August 13, 2021.

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

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

Grand Hira Resorts Private Limited (GHRPL) was incorporated in 2006
and is currently being managed by Mr. Randhir Singh Yadav, Mrs.
Billo Yadav and Mr. Sunny Yadav. GHRPL is in the hospitality
industry and constructed a four star hotel with a total cost of
project of INR22 crore. The hotel consists of 48 double rooms, 4
suites and banquet facility. It also includes 4 specialty
restaurants comprising of a fast food facility, Indian food
restaurant, coffee house cum bar and a Japanese cuisine
restaurant.


HERO FINCORP: Moody's Affirms 'Ba1' CFR, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Hero FinCorp Limited.

The rating outlook has been revised to stable from negative
reflecting Moody's expectation that India's economic recovery and
strong affiliate support from Hero MotoCorp Limited (HMCL), will
help Hero FinCorp maintain stable credit profile. The rating action
also considers the affirmation of the Indian government's Baa3
issuer rating and change in outlook to stable from negative.

RATINGS RATIONALE

Moody's affirmed the rating of Hero FinCorp because its credit
strengths, stable capital, funding, and affiliate support, remain
unchanged. As a result, its Ba1 CFR was affirmed, considering its
b1 standalone credit assessment and 3 notches of affiliate support
uplift.

Moody's expects Hero FinCorp's asset quality to weaken further in
the retail and small and medium enterprises segments because of the
economic disruption caused by the pandemic. However, a gradual
pick-up in India's economic activity will help limit the risks. The
company's gross nonperforming loans ratio increased to 7.0% as of
March 31, 2021 from 6.1% a year ago. Restructured loans amounting
to 2.4% of loans pose risks to asset quality.

Despite near-term asset quality risks, Moody's expects Hero
FinCorp's profitability will gradually improve, albeit from a low
base because credit costs peaked in fiscal 2021 and an increase in
loan disbursal will support interest income.

Capital remains a credit strength of Hero FinCorp, supported by
capital infusions from its shareholders. Over the past two years,
Hero FinCorp raised over INR10 billion in capital from new and
existing shareholders supporting a stable Tier 1 ratio of 16.9% as
of March 31, 2021 from 16.6% a year earlier.

Funding and liquidity remain stable. Hero FinCorp's strong links
with its parent help it access banks and debt market investors for
funding.

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

Given the stable outlook, Hero FinCorp's rating is unlikely to be
upgraded in the next 12-18 months.

Moody's could downgrade the company's rating if there is a material
deterioration in its asset quality, which leads to more pressure on
its profitability or its funding and liquidity profiles
deteriorate. Any change to Moody's expectation of support from HMCL
will also lead to pressure on Hero FinCorp's ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.

Headquartered in New Delhi, Hero FinCorp Limited reported total
assets of INR299 billion at March 31, 2021.

HINDUSTAN CONSTRUCTION: CARE Reaffirms D Ratings on Bank Loans
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hindustan Construction Company Limited (HCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities         1,671.30     CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities    6,367.37     CARE D/CARE D Reaffirmed

   Non-Convertible
   Debentures            15.28     CARE D Reaffirmed

   Non-Convertible
   Debentures            48.84     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings assigned to the bank facilities and
instruments of HCC is on account of ongoing delays in debt
servicing obligations. The debt servicing capability of the company
is stressed on account of delays in execution of orders resulting
in lower turnover coupled with higher borrowings resulting in
higher interest outflow than the operating profit, thereby
incurring net losses continuously.

Rating Sensitivities

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

* To ease the liquidity and meet the debt servicing obligations on
time at least for 3 months continuously.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There are continuous delays in meeting
debt servicing obligations of bank facilities and NCD instruments
due to delays in execution of orders resulting in lower turnover
coupled with higher borrowings resulting in higher interest outflow
than the operating profit, thereby incurring net operating losses
continuously. The net-worth has been significantly eroded from
INR1,353 crore as of March 2019 to INR611 crore as of March 31,
2021. However, the company is under advanced stages of
restructuring proposal.

Liquidity: Poor

The liquidity profile of the company is poor considering ongoing
delays and defaults with the lenders. The financial profile of the
company also deteriorated significantly due to continuous losses
resulting in significant erosion of net worth.

Hindustan Construction Company Limited (HCC) was promoted by the
late Mr. Walchand Hirachand in 1926 and is presently spearheaded by
Mr. Ajit Gulabchand, Chairman and Managing Director. HCC is one of
the large construction companies in India, engaged in construction
activities which include roads, bridges, ports, power stations,
water supply and irrigation projects. The company's construction
capabilities include solutions for construction of projects in
various complex industries including hydel power, water solution
systems, nuclear power and process plants and transportation. HCC
group of companies comprises mainly of HCC Infrastructure Company
Limited (HICL), HCC Real Estate Limited (HREL), Steiner AG, Zurich
(SAG), and Highbar Technologies Limited (HTL). HICL is engaged in
construction and management of assets in the areas of
transportation.

HREL develops and executes high-value real estate projects
including Integrated Urban Development and Management, IT Parks and
Commercial Offices, Township Development, and Urban Renewal
projects. SAG specializes in turnkey development of new buildings
and refurbishments, and offers services in all facets of real
estate development and construction. HTL provides IT solutions to
the infrastructure industry.

ISHANIKA HOTELS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishanika
Hotels Private Limited (IHPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 1, 2020, placed
the rating(s) of IHPL under the 'issuer non-cooperating' category
as IHPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 18, 2021, July 28, 2021, August 7, 2021.

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

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

Lucknow-based, Ishanika Hotels Private Limited (IHL) was
incorporated as a private limited company in April 2017. The
company is currently being promoted by Mr. Arun Kumar Singh and
Mrs. Roli Singh. The hotel comprises of total 50 rooms, along with
2 banquet halls, 2 conference rooms, 1 restaurant. The company has
entered into marketing arrangements with online tours and travels
portals like Go Ibibo, Make My Trip, and also has tie-ups with
local tourist guides for potential customers.

J P SINGHAL: CARE Lowers Rating on INR15cr Loan to D
----------------------------------------------------
CARE Ratings said the rating for the bank facilities of J P Singhal
& Company (JPSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           15.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 13, 2021, placed the
rating(s) of JPSC under the 'issuer non-cooperating' category as
JPSC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. JPSC continues to be
non-cooperative despite request for submission of information
through e-mail dated September 30, 2021.

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

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

The rating assigned to the bank facilities of JPSC have been
revised on account of delays in debt servicing recognized from
publicly available information.

JPSC was established in December 1982 as proprietorship firm by
Mrs. Kamaladevi Singhal which was later on reconstituted as
partnership firm in November 2013. Presently, JPS is managed by
four partners namely Mr. Jai Prakash Singhal, Mr. Narendra Kumar
Singhal, Mr. Dinesh Kumar Singhal and Mr. Madanlal Singhal. JPS is
engaged into providing services such as conducting seismic surveys,
bunk accommodation, catering, equipment supply, manpower supply and
housekeeping service.

JPSC is also engaged into trading of stationery, hardware products,
electronic products, gaming equipment, sports and gym items etc.
The operations of JPS are certified by various quality standards.
Student Book company (engaged into trading business of Stationery
since three decades) and Ambaji Stone Crushing Company & Supplier
(engaged into the business of Stone Cutting since one decade) are
associate entities of JPSC.


JAIN HYDRAULICS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jain
Hydraulics Private Limited (JHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Delhi-based, Jain Hydraulics Private Limited (JHP) was incorporated
in May 1981 by Mr.Ajay Kumar Jain and his family members. The
company is currently managed by Mr.Ajay Kumar Jain, Mr.Ajay Jain
and Mr.Ankit Jain. The company is engaged in the manufacturing of
recycling equipments used for recycling of metal, biomedical waste
and solid waste. The product portfolio of the company comprises
scrap baling presses, shredders & crushers, box balers & shearers
paper shredders, slag crushers & finer etc.  The company has its
manufacturing unit located in Manesar, Gurgaon and the
manufacturing processes of the company are ISO 9001:2000 certified.
Further, the company has its separate trading unit in Delhi. The
company has entered into new business of manpower consulting. JHP
provides the skilled and technical employees to the different
government departments. The company attains the contracts through
tendering and bidding and provides the employees on its payrolls.

PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patel
Education Society (PES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.73       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 20, 2020, placed the
rating(s) of PES under the 'issuer non-cooperating' category as PES
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 5, 2021, September 15, 2021, September 25, 2021.

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

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

Indore (Madhya Pradesh) – based PES was established as an
educational society in September, 2006 with an objective to impart
technical education by Mr. Rakesh Kumar Sharma, Mr. Shivnarayan
Sharma, Mrs. Sharda Sharma. PES manages five colleges namely B. M.
College of Technology, B. M. College of Management and Research, B.
M. College of Pharmaceutical Education and Research, Shri Bherulal
Pharmacy Institute and B.M. College of Professional Studies which
offers a range of undergraduate and postgraduate programmes in
Engineering, Pharmacy, Commerce, Computer Application and
Management.


RAMESH SINGH: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramesh
Singh (RS) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of under the 'issuer noncooperating' category as had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 8, 2021, September
18, 2021, September 28, 2021.

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

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

Indore (Madhya Pradesh) based Ramesh Singh (RS) was initially
formed in February 2009 by Mr. Ramesh Singh with 8 others partners.
However, in January 2018, 5 members retired and remaining partners
Mr. Ramesh Singh, Mr. Manjeet Singh Bhatia Mrs. Puneet Kaur Bhatia
and Narmada Biofuel Pvt Ltd. agreed to continue business. The firm
is engaged in the retailing of country made and Indian Made Foreign
Liquor (IMFL) in Madhya Pradesh. The firm has licenses for 5 shops
for FY 2019-20.


RAUSHEENA EXIM: CARE Lowers Rating on INR6.0cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rausheena Exim (RE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 9, 2020, placed the
rating(s) of RE under the 'issuer noncooperating' category as RE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 25, 2021, September 4, 2021, September 14, 2021.

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

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

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

Rausheena Exim (RE), incorporated in 1996, is a proprietorship
firm, owned by Mr. Saroj Agarwal of Kolkata, West Bengal. The firm
is engaged in trading of cotton fabric and knitted gloves in the
domestic market.


RICHA PETRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Richa Petro
Products Limited (RPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.58       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 5, 2020, placed the
rating(s) of RPPL under the 'issuer non-cooperating' category as
RPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 21, 2021, August 31, 2021, September 10, 2021.

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

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

Richa Petro Products Private Limited (RPPL) was incorporated in the
year 2010 by Mr. Ramesh Chandra Parida of Bhubaneswar, Odisha. The
company has been engaged in manufacturing of pipes, pipe fittings,
furniture, and water tanks of PVC (Polyvinyl Chloride). The main
raw materials used in the production activity are Linear
low-density polyethylene (LDPE), High-density polyethylene (HDPE),
Polypropylene (PP) and PVC resin. The raw materials are procured
mainly from Haldia Petrochemicals Limited and Reliance Industries
Limited. The manufacturing plant of the company is located at
Bhubaneshwar, Odisha and it is well equipped with modern amenities
along with ISO 9001:2008 certification. RPPL sells its products
under the brand name of "Richa" (unregistered) through its
established dealer network covering the state of Odisha only.


RN RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RN Rice
Mill (RRM) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 15, 2020, placed
the rating(s) of RRM under the 'issuer non-cooperating' category as
RRM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2021, August 11, 2021, August 21, 2021.

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

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

RNRM was established in 2003 as a proprietorship firm by Mr. Rajesh
Kumar Bansal. In 2008, the proprietorship firm was converted into
partnership firm with Mr. Rajesh Kumar Bansal and Mr. Mange Ram as
its partners; sharing profit and loss in the ratio of 65% and 35%,
respectively. RNRM is engaged in milling, processing and trading of
rice. The manufacturing unit is located at Kaithal, Haryana. The
firm procures raw material i.e. paddy from local grain markets
located in Haryana, Delhi, Punjab and nearby states. The firm
derives nearly 60% of its sales through exports in Canada, Gulf and
South African countries and the rest is through direct supply to
the wholesalers in the states of Haryana, M.P, U.P, Punjab, Bihar
and Delhi.

S.M. AUTOPARTS: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.M.
Autoparts Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 1, 2020, placed
the rating(s) of SAPL under the 'issuer non-cooperating' category
as SAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 18, 2021, July 28, 2021, August 7, 2021.

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

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

Varanasi (Uttar Pradesh) based S.M. Autoparts Private Limited
(SMA), incorporated in 2009 is promoted by Mr. Mohit Jain and Mr.
Amit Jain. SMAPL is an authorized distributor of Tata Motors
Limited in Uttar Pradesh (Varanasi, Allahabad, Gorakhpur and
Lucknow) for spare parts of Light Commercial Vehicle, Medium
Commercial Vehicle and High Commercial Vehicle. The customer base
comprises of state transport units, authorized service centers and
retailers.


SHAKTI YARNS: CARE Lowers Rating on INR42.75cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shakti Yarns Private Limited (SYPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      42.75       CARE D; Revised from
   Facilities                      CARE BB; Stable

   Short Term Bank     14.00       CARE D Revised from
   Facilities                      CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of SYPL
is primarily due to on-going delays observed in servicing debt
obligations.

Rating Sensitivities

Positive factors

* Establishment of delay-free repayment track record for over three
consecutive months

Detailed description of key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: As informed by lender, SYPL
has exhibited delays over 30 consecutive days in payment of dues of
its Electronic – Dealer Finance Scheme (E-DFS) facility after its
scheduled payment date. The delay was due to blockage of funds in
trade receivables. This particularly pertains to single client were
in payment from client was delayed. However, company has recovered
large part of its dues from this client.

Liquidity: Poor

SYPL's liquidity remained poor due to elongated debtor collection
owing to blockage of funds and delay in recovery of receivables
which resulted into delays in repayment of dues of E-DFS facility.
Average working capital utilization remained high at around 95% for
past twelve months ended September 2021. However, there are no over
drawls in cash credit facility and no delays in scheduled
repayments of working capital term loan.

Surat-based, SYPL was incorporated in 1995, jointly by the Ladda
and Chandak families for manufacturing and trading of Partially
Oriented Yarn (POY) and Texturized Yarn. SYPL discontinued its
manufacturing activities in 2013 and increased its focus on the
trading operations and presently trades primarily in polyester
filament yarn (PFY) and other textile products. SYPL is an
authorized dealer of more than 23 yarn manufacturers including
Wellknown Polyester Ltd.

SUKHMANI HOLIDAYS-INN: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukhmani
Holidays-Inn Private Limited (SHI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.31       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of Sukhmani Holidays-Inn Private Limited (SHI) under
the 'issuer non-cooperating' category as SHI had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SHI continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 08, 2021, August 18,
2021 and August 28, 2021.

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

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

Sukhmani Holidays Inn Private Limited Private Limited (SHI) was
incorporated in June 2014 to acquire a running Chandigarh based,
Hotel Pearl, which was established in 2006 by Mr. Yash Pal Mahajan.
Currently, the hotel is managed by the promoters of SHI which
include Mr. Jagjeet Singh and Mrs. Harbhajan Kaur, as its
directors. SHI is engaged in running the hotel under the name
"Pearl" in Chandigarh having 34 rooms (Studio3, Deluxe- 19 and
Executive-11), 3 banquet halls and restaurant facilities.


THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Theos
Imaging and Diagnostics LLP (TIDL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 18, 2020, placed
the rating(s) of TIDL under the 'issuer non-cooperating' category
as TIDL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TIDL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 4, 2021, August 14, 2021 and August 24, 2021.

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

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

Theos Imaging and Diagnostic LLP (TIDL) was established in the year
2016 as Limited Liability Partnership by Dr. Bobby Jose, Mr. Manoj
Kumar and Mrs. Rosemary Manjooram. The firm has proposed to set-up
an imaging and diagnostic center in the compound of super
speciality 700 bedded Chazhikattu Hospital Private Limited (CHPL),
at Thodupuzha, Idukky district, Kerala with the most advanced MRI
scan, CT scan, Cath lab, Ultrasound scan, Mammography and EEG
equipment under an arrangement with the hospital to provide imaging
& diagnostic services as part of the hospital as well as on
reference by other doctors.


UMASHAKTI STEELS: CARE Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Umashakti Steels Private Limited (USP), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2020, placed
the rating(s) of USP under the 'issuer non-cooperating' category as
USP had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. USP continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2021, August 19, 2021 and August 29, 2021.

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

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

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a significant
decline in scale of operations and net loss in FY20.

Umashakti Steels Private Limited (USP) based in Bazpur, Uttrakhand
was established in December 4, 2003 and is currently being managed
by Mr. Sushil Kumar Tulsyan, Mr. Ram Kumar Aggarwal, Mr. Lokesh
Kumar and Mr. Kailash Kumar. USP is primarily engaged in the
manufacturing of M S Ingots and auto components such as S.G. Front
Hub, S.G. Rear Hub, C.I. Front Brake Drum, C.I. Rear Brake Drum,
C.I. outer housing and S.G. cones which find application in rolling
mills and automobile industry. The company procures raw material
i.e. sponge iron, M S scrap, ferro magnese, copper, etc. from
manufacturers in domestic market located in Chattisgarh, Uttar
Pradesh, Jharkhand, Madhya Pradesh. The company sells M S Ingots to
companies engaged in rolling mills business and auto component
products mainly to Ashok Leyland Limited.


VIKAS ASSOCIATES: CARE Lowers Rating on INR9cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vikas Associates (VA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

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

Pune-based VA was established in the year 2011 as a partnership
firm by Mr. Abhishek Mahipal, Mr. Vijay Mahipal, Mr. Amul Chamaria,
Mr. Sunny Mahipal and Mrs. Reshma Bansal. The firm is engaged in
wholesale trading of steel and steel products mainly steel pipes
encompassing various sizes. The firm trades in steel products on
wholesale basis to the dealers all over Maharashtra. The servicing
facility is located at UrliDevachi, Handewadi, Pune, Maharashtra.
The entity has rented facility at Urali Devachi, spread across 4
acres having capacity of 5500 tonnes.



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

SAKA ENERGI: Moody's Affirms 'B2' CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed Saka Energi Indonesia
(P.T.)'s B2 corporate family rating and senior unsecured rating.

At the same time, Moody's has changed the rating outlook to stable
from negative.

"The outlook revision to stable reflects our expectation that
Saka's liquidity will be very good over the next 12-18 months
following the extension of the maturity of its shareholder loan
from its parent, Perusahaan Gas Negara (P.T.) (PGN, Baa2 stable)
and an improved oil & gas price environment," says Hui Ting Sim, a
Moody's Analyst.

"We also expect Saka's operational profile to improve over the next
12-18 months as the company increases production from the Sidayu
fields after its successful drilling program," adds Sim.

RATINGS RATIONALE

On September 30, PGN announced that it has signed an amendment with
Saka to extend the maturity of its $361 million shareholder loan
originally due in January 2022. Following the amendment, $77.6
million of Saka's shareholder loan will fall due in January 2023,
$141.5 million in December 2024 and the remaining $141.5 million in
December 2025. At the same time, the two companies agreed to adjust
the interest rate associated with the shareholder loan.

Saka will have very good liquidity over the next 12-18 months
following the shareholder loan extension. As of June 30, 2021, Saka
had cash and cash equivalents of $176 million. Its cash balance,
along with Moody's forecast of Saka's operating cash flow
generation of $240-$250 million over the next 18 months, will be
sufficient to cover its capital spending of around $160 million and
the shareholder loan of $77.6 million due in January 2023. Moody's
forecasts are based on its medium-term Brent crude price assumption
of $50 to $70 per barrel.

Saka expects it will not be required to pay the potential tax
penalty of $127.7 million based on its correspondence with
Indonesia's tax office. The potential tax penalty liability relates
to Saka's purchase of a 65% stake in Pangkah block from Hess
Corporation (Ba1 stable) in 2014. The company is preparing to seek
judicial review of the tax case and believes that it has grounds to
win the appeal. Saka's liquidity buffer will reduce significantly
if it is required to pay the tax penalty.

Saka's operational performance has improved after an output ramp-up
at its Sidayu fields after executing on its drilling program.
Furthermore, Saka produced gas volumes of around 3 thousand barrels
of oil equivalent per day (kboepd) in the first half of this year
at Muriah. Production at Muriah stopped in September 2019 and
restarted by Saka after it took over operatorship in 2020. The
production sharing contract at Muriah will expire this year, but
Saka expects that it will be granted an extension by SKK Migas.
Moody's now estimates that Saka will produce around 27-32 kboepd
over the next two years, against the rating agency's earlier
expectation of 23-27 kboepd.

Saka's credit metrics will also improve as a result of its improved
operating performance and higher oil & gas prices. Moody's expects
Saka's leverage as measured by adjusted debt/EBITDA to improve to
below 5x in 2021 as compared to above 10x in 2020. Also, Saka's
adjusted RCF/debt will improve to above 15% in 2021 as compared to
below 5% in 2020.

Saka's B2 corporate family rating balances its small scale and need
to invest to improve its operating profile with its long-term
contracts with quality counterparties that are fixed price in
nature. At the same time, the rating is constrained by its improved
but still relatively volatile financial profile and its exposure to
high geographic concentration risk as its production and reserves
are primarily in Indonesia.

The one-notch uplift from parental support incorporated in Saka's
B2 ratings takes into account (1) the cross-default clauses between
PGN and Saka, and (2) the reputational and funding risks to PGN and
its ultimate shareholder, Pertamina (Persero) (P.T.) (Baa2 stable),
should Saka default.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Saka's ratings consider the very high environmental risk it faces
through its oil and gas operations. Specifically, oil and gas
exploration and production companies such as Saka are exposed to
very high carbon transition risk. However, this risk is mitigated
by the very high proportion of natural gas in Saka's production
mix, which accounts for about 83% of total production.

Saka has a highly negative exposure to social risk, because of
large responsible production risks inherent to the nature of
upstream operations and the need to develop relationships with
local communities. Saka's supply chain is also exposed to a degree
of regulatory unpredictability, as demonstrated by the evolving
policies on the pricing of natural gas sold to certain sectors
within Indonesia.

In terms of governance considerations, the rating incorporates
Saka's concentrated 100% ownership by PGN and its status as a
private company. Despite being unlisted, Saka publishes quarterly
financial statements and maintains a reasonable degree of
transparency of its operating performance.

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

An upgrade of Saka's rating is unlikely unless (1) the company is
able to address the maturity of its $625 million bond coming due in
2024, and (2) there is clarity on Saka's strategic role within the
consolidated Pertamina/PGN group with clear financial support from
its shareholders.

Saka's ratings could be downgraded if Moody's lowers its assessment
of parental support incorporated in the ratings. This could be
driven by (1) a material change in Saka's ownership structure; (2)
Saka's importance to PGN deteriorates such that it does not qualify
as a material subsidiary under the terms and conditions of the
unsecured notes due in 2024 issued by PGN; or (3) Saka makes an
early repayment of the shareholder loan, materially straining its
liquidity.

The ratings could also be downgraded if Saka's standalone credit
profile deteriorates because of weak liquidity or if the company's
reserves and production continue to decline.

Credit metrics indicative of a downgrade include adjusted retained
cash flow/debt falling below 10% or adjusted EBITDA/interest
dropping below 2.5x.

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.

Saka Energi Indonesia (P.T.) is an independent oil and gas
exploration and production company in Indonesia. The company holds
working interests in 11 oil and gas blocks, six of which are
producing. In the first half of 2021, Saka reported net production
of 26.5 kbpoed per day.

Saka is wholly owned by natural gas distribution and transmission
company, Perusahaan Gas Negara (P.T.) (PGN). PGN is 56.96% owned by
Indonesia's 100% state-owned national oil company, Pertamina
(Persero) (P.T.).



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

KIWIBANK LTD: Moody's Gives Ba1(hyb) Rating to NZD250MM Pref Stock
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1(hyb) to Kiwibank
Limited's (A1 stable, baa1) NZD250 million perpetual preferred
stock.

RATINGS RATIONALE

The preferred stock will qualify as Additional Tier 1 capital under
the prudential requirements set out by the Reserve Bank of New
Zealand (RBNZ). The preferred stock does not include any
non-viability trigger events, which were removed from the RBNZ's
capital eligibility requirements on October 1, 2021.

The Ba1(hyb) rating is positioned three notches below the baa1
Adjusted Baseline Credit Assessment (BCA) of Kiwibank, in line with
Moody's standard notching guidance for non-cumulative preferred
securities without net loss triggers or contractual non-viability
clauses. The three notches reflect the higher loss severity
relative to senior debt and subordinated debt, as well as the
possibility of greater loss from skipped coupons, which are
non-cumulative.

The preferred stock will rank ahead of ordinary shares. Kiwibank
has full discretion to cancel distribution payments, which are
non-cumulative. Furthermore, distributions can only be made on the
condition that Kiwibank remains solvent before and after the
payment, and the payment does not result in a breach of the bank's
conditions of registration, which include the RBNZ's minimum
capital ratio requirements. The securities can be redeemed after
five years but only with the approval of the RBNZ.

Moody's considers the probability of government support for
subordinated obligations to be low, resulting in no additional
notching uplift for this class of liabilities.

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

As the assigned Ba1(hyb) rating is linked to the bank's Adjusted
BCA, an upgrade or downgrade of the Adjusted BCA will have a
corresponding impact on the bond rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.



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

PHILIPPINE NATIONAL BANK: Fitch Affirms Then Withdraws 'BB' IDR
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Philippine National Bank (PNB) at 'BB' with a Negative
Outlook and its Viability Rating at 'bb'.

Concurrently, Fitch has chosen to withdraw the ratings of PNB for
commercial reasons.

KEY RATING DRIVERS

There has been no material change in PNB's credit profile since the
previous rating action taken on 19 July 2021. For more information
on the drivers of PNB's ratings, please see Fitch Revises Outlook
on Philippine National Bank to Negative; Affirms at 'BB' and the
rating report Philippine National Bank

RATING SENSITIVITIES

Rating sensitivities are not applicable, as the ratings have been
withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

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



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

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

Florens Asset Management Company Limited filed the petition against
the company on Sept. 30, 2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View
         #06-07 Marina One West Tower
         Singapore 018937


FORTERRA REAL: Creditors' Proofs of Debt Due on Nov. 8
------------------------------------------------------
Creditors of Forterra Real Estate Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 8,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 1, 2021.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Toh Ai Ling
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


THREADSOL PRIVATE: Creditors' Proofs of Debt Due on Nov. 4
----------------------------------------------------------
Creditors of Threadsol Private Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 4,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 1, 2021.

The company's liquidator is:

        Elango Subramanian
        Morrison Corporate Advisory Pte. Ltd.
        1 Sophia Road, #07-17 Peace Centre
        Singapore 228149



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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