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                     A S I A   P A C I F I C

          Thursday, October 14, 2021, Vol. 24, No. 200

                           Headlines



A U S T R A L I A

CCNA PTY: Second Creditors' Meeting Set for Oct. 19
CRIXUS PTY: First Creditors' Meeting Set for Oct. 19
GRAHAM CARD: Second Creditors' Meeting Set for Oct. 22
GREGORY HIGHWAY: First Creditors' Meeting Set for Oct. 19
PIC LINDFIELD: First Creditors' Meeting Set for Oct. 20



C H I N A

BAONENG AUTO: Unit Defaults on US$434 Million Trust Loan
CHINA EVERGRANDE: China Faces 'Challenging Trade-Offs', IMF Says
CHINA EVERGRANDE: First EV May Roll Out in 2022 With Tianjin Aid
FARADAY FUTURE: Responds to Short-Seller Report
JIANGSU ZHONGNAN: S&P Lowers ICR to 'B' on Weak Sales Prospects



I N D I A

ABHIRAAMI CHEMICALS: Insolvency Resolution Process Case Summary
AISHWARYA INDUSTRIES: CARE Keeps C Debt Rating on Not Cooperating
AL-TABARAK FROZEN: Insolvency Resolution Process Case Summary
BRIGHT SHAFT: CARE Keeps C Debt Ratings in Not Cooperating
ECO POLYFIBRES: CARE Keeps D Debt Ratings on Not Cooperating

ESHAN YARNS: CARE Lowers Rating on INR12cr LT Loan to B+
GATI KAUSAR: CARE Lowers Rating on INR5.0cr LT Loan to B
GAYATRI COTTON: CARE Keeps D Debt Rating in Not Cooperating
GNG PROMOTERS: CARE Lowers Rating on INR8.56cr LT Loan to B
GVS INFRA & INDUSTRIES: Insolvency Resolution Process Case Summary

INTERSPACE CONNECT: Insolvency Resolution Process Case Summary
K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category
KUBERJI BUILDCON: CARE Lowers Rating on INR150cr LT Loan to B
MADHYA PRADESH: CARE Lowers Rating on INR190cr LT Loan to D
MITHUN REDDY: CARE Lowers Rating on INR11cr LT Loan to B

MY CAR: CARE Reaffirms B Rating on INR13cr LT Loan
NARENDRANATH AGENCY: CARE Keeps B- Debt Rating on Not Cooperating
PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
RAHI SHIPPING: Insolvency Resolution Process Case Summary
RAINBOW INDUSTRIAL: Insolvency Resolution Process Case Summary

RASHMI YARNS: Insolvency Resolution Process Case Summary
RIZVI ESTATES: CARE Reaffirms D Rating on INR8.01cr LT Loan
SAARTH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
SAI INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
SAN AUTOMOTIVE: CARE Withdraws B+ Rating on Bank Debts

SATYAM ROLLER: CARE Lowers Rating on INR10cr LT Loan to B-
SHIVANI TRENDZ: Insolvency Resolution Process Case Summary
SHREEM CORPORATION: Insolvency Resolution Process Case Summary
SHRIKALYANI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating
SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating

SSB RETAIL INDIA: Insolvency Resolution Process Case Summary
STRAIGHT EDGE: CARE Keeps B- Debt Rating in Not Cooperating
SUBHASH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
TELEXCELL INFORMATION: Insolvency Resolution Process Case Summary
TIRUPATI STEEL: CARE Keeps B- Debt Rating in Not Cooperating

UNIPLY INDUSTRIES: Insolvency Resolution Process Case Summary
UNITED COLD: CARE Keeps D Debt Rating in Not Cooperating
UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating
VAIJANATH INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
VIDEOCON INDUSTRIES: Twin Star Tech Opposes Plea for Fresh Bid

VIVANTA LABORATORIES: Insolvency Resolution Process Case Summary


I N D O N E S I A

ALAM SUTERA: S&P Withdraws 'CCC+' LT Issuer Credit Rating


J A P A N

KEISEI ELECTRIC: Egan-Jones Cuts Senior Unsecured Ratings to BB-
MITSUBISHI CHEMICAL: Egan-Jones Keeps BB Senior Unsecured Ratings
MITSUBISHI HEAVY: S. Korean Court Orders Sale of Seized Assets
NOMURA HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
SOFTBANK GROUP: Egan-Jones Cuts Senior Unsecured Ratings to BB

SUMITOMO CHEMICAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
UNITIKA LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings


M A L A Y S I A

EMPIRE RESORTS: S&P Rates New USD Sr. Sec. Notes 'B+'


P H I L I P P I N E S

CEBU AIR: Egan-Jones Keeps CCC+ Senior Unsecured Ratings


S I N G A P O R E

CHINA LOGISTICS: Creditors' Proofs of Debt Due on Nov. 9
EMPIRIC SOLUTIONS: Creditors' Proofs of Debt Due on Nov. 8
HUADA NANYANG: Court Enters Wind-Up Order
LAOF IV CHINA: Creditors' Proofs of Debt Due on Nov. 9
LAOF IV: Creditors' Proofs of Debt Due on Nov. 9


                           - - - - -


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

CCNA PTY: Second Creditors' Meeting Set for Oct. 19
---------------------------------------------------
A second meeting of creditors in the proceedings of CCNA Pty Ltd,
trading as Compatible Care Nursing Services & Compatible Care
Nursing Agency, has been set for Oct. 19, 2021, at 11:00 a.m. via
Zoom teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 18, 2021, at 5:00 p.m.

Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of CCNA Pty on July 14, 2021.

CRIXUS PTY: First Creditors' Meeting Set for Oct. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Crixus Pty
Ltd will be held on Oct. 19, 2021, at 11:00 a.m. via online video
conference using Zoom meeting software from the offices of Rodgers
Reidy.

Jack James and Paula Smith of Rodgers Reidy were appointed as
administrators of Crixus Pty on Oct. 7, 2021.


GRAHAM CARD: Second Creditors' Meeting Set for Oct. 22
------------------------------------------------------
A second meeting of creditors in the proceedings of Graham Card
Builder Pty Ltd has been set for Oct. 22, 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. 21, 2021, at 4:00 p.m.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Graham Card on Sept. 17, 2021.


GREGORY HIGHWAY: First Creditors' Meeting Set for Oct. 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Gregory
Highway Roadhouse Pty Ltd will be held on Oct. 19, 2021, at 11:00
a.m. via teleconference.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Gregory Highway on Oct. 8, 2021.


PIC LINDFIELD: First Creditors' Meeting Set for Oct. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Pic
Lindfield 19 Pty Ltd will be held on Oct. 20, 2021, at 3:00 p.m.
via teleconference.

Grahame Ward and Thyge Trafford-Jones of Mackay Goodwin were
appointed as administrators of Pic Lindfield on Oct. 8, 2021.




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

BAONENG AUTO: Unit Defaults on US$434 Million Trust Loan
--------------------------------------------------------
Caixin Global reports that Shenzhen-based Baoneng Investment Group
Co. Ltd. missed repayments on yet another debt to finance its
unrealized car-making dream, underscoring the deepening capital
crunch of the once-highflying private conglomerate.

Caixin relates that Baoneng Motors Group Co. Ltd., the auto unit of
Baoneng, failed to pay interest on a CNY2.8 billion ($434 million)
trust loan to finance a new-energy vehicle (NEV) industrial park
project in Guangzhou, state-backed China Railway Trust Co. Ltd.
disclosed. Baoneng and its controlling shareholder, Yao Zhenhua,
offered guarantees for the product.

According to Caixin, the loan was issued in May 2020 with a
maturity period of 15 months. It raised funds to develop Baoneng's
NEV project, which started in 2017 but has made little progress so
far.

Baoneng, a private property and financial services company, is the
latest Chinese conglomerate to face a massive debt crisis, the
report notes. The company is best known for its failed 2015 hostile
takeover attempt of major property developer China Vanke Co. Ltd.

According to the report, the Baoneng capital crunch came into the
spotlight since the beginning of this year. With CNY200 billion of
debt, Baoneng faces employees demanding unpaid wages, suppliers
clamoring for overdue payments and creditors seeking loan
payments.

Caixin relates that China Railway Trust said a court in Chengdu
ordered a freeze on some of Baoneng's assets, including land use
rights, properties, equities and guarantors' accounts, to recoup
losses from the defaulted loan.

Last month, Shandong International Trust Co. said Baoneng Motors
failed to pay CNY67.5 million of debt interest, Caixin recalls.
Chongqing International Trust Co. Ltd. declared a Baoneng-related
default on CNY2.2 billion, and Shanghai AJ Trust Co. Ltd., on
CNY518 million.

Other trust firms also face risks on loans to Baoneng Motors,
including Sino-Australian International Trust Co. Ltd., Zhongrong
International Trust Co. Ltd., Cofco Trust Co. Ltd. and AVIC Trust
Co. Ltd., according to Caixin.

Yao, Baoneng's 51-year-old founder and chairman, started Baoneng
Motors in 2017 with registered capital of CNY1 billion, Caixin
discloses. The same year, the auto unit acquired a 51% stake in
Qoros Auto Co. Ltd., a small Shanghai-based automaker, for CNY6.5
billion. A year later, Baoneng spent an additional CNY1.56 billion
to increase its stake in Qoros to 63%.

In 2019, Baoneng took over French automaker PSA's joint venture
with Changan Automobile Co. Changan disclosed that it sold its 50%
stake in the joint venture to Baoneng for CNY1.63 billion. PSA
didn't disclose the value of its deal with Baoneng. Yao vowed to
invest CNY10 billion annually in the five years starting in 2018 to
develop new vehicles and launch 26 models by 2022.

Between 2017 and 2020, Baoneng Motors spent 869 million yuan to
acquire 1 million square meters of land in Guangzhou for the NEV
industrial park project. But the land plot has largely remained
idle and Baoneng Motors hasn't produced a single car so far. The
Guangzhou industrial park obtained billions of yuan of financing
through the issuance of trust products.

In June, Baoneng said the Guangzhou government agreed to provide 12
billion yuan of strategic investment to Baoneng Motors as a rescue.
Caixin learned that only CNY2.4 billion of the investment fund
arrived at Baoneng by early September.

Since September 2021, courts across China have issued 12 execution
orders against Baoneng for debt disputes involving more than
CNY17.6 billion, public records showed, Caixin discloses. The
company's capital crunch also sparked fears in the bond market.

Shenzhen Jushenghua Co. Ltd., Baoneng's core subsidiary and major
financing platform, has 14 outstanding bonds totaling CNY11.7
billion, the report discloses. Shenzhen Shum Yip Logistics Group
Holdings Co. Ltd., another Baoneng financing arm, holds five
outstanding bonds of CNY9 billion, market data showed.

According to Dagong Global Credit Rating Co., Jushenghua defaulted
a CNY1.59 billion bond Sept. 30, with the next CNY410 million bond
due Oct. 22.

Starting in the 2020 second half, Baoneng tried to repay debt by
selling assets, but there are few of them that can generate cash
quickly, Caixin notes.

"All its land and office buildings have been used for collateral on
its loans, and the interest rates are not low," said one person
familiar with the matter. The only liquid assets are Baoneng's
holdings of listed companies' shares.

Since the 2020 second half, Qian Hai Life Insurance Co. Ltd.,
another core subsidiary of Baoneng, has offloaded more than 370
million publicly traded shares, adds Caixin.


CHINA EVERGRANDE: China Faces 'Challenging Trade-Offs', IMF Says
----------------------------------------------------------------
South China Morning Post reports that Beijing is facing
"challenging trade-offs" as it seeks to address the crisis
surrounding embattled developer China Evergrande Group and the
pressure it is placing on the country's property sector, according
to the International Monetary Fund (IMF).

As part of its Global Financial Stability Report released
overnight, the IMF said China has the tools in place to contain and
manage any potential financial stress associated with the potential
collapse of Evergrande, the world's most indebted property
developer, the Post relays.

"The broader the support measures, especially if accompanied by an
actual or perceived relaxation of the broader effort to de-lever
the financial system over time, the greater the risk of financial
fragilities re-emerging in the future," the IMF said. "Similarly,
earlier and clearly communicated intervention would likely minimise
the risk of contagion, although at the cost of reinforcing a
perception of individual firms being too big to fail."

Evergrande, China's biggest residential home builder by sales last
year, is struggling under the weight of US$305 billion in total
liabilities following years of expansion beyond its core property
businesses and concerns about its ability to repay its massive debt
load are roiling financial market globally.

The Post says the Shenzhen-based property developer missed three
interest payments due Oct. 11 on its offshore debt, pushing it
closer to default after missing two similar coupon payments on its
dollar-denominated debt in September.

A group of bondholders said on Oct. 8 that the company had not had
a "meaningful dialogue" with them since missing last month's
payments and that they were worried about assets bleeding to other
creditors. Subcontractors and suppliers also say they have been
struggling for months to get paid, potentially exacerbating the
economic effects if the company goes under.

According to the Post, Standard Chartered CEO Bill Winters said
that he does not believe Beijing will allow the Evergrande
situation to turn into a broader event that threatens the country's
financial system.

"This idea that this was something of a Lehman moment for China, I
don't think frankly that China's that dumb," Mr. Winters said in an
interview with Bloomberg Television on Oct. 12.

The Post notes that the pressure on Evergrande and other developers
follows China adopting new policy measures designed to tamp down
speculative property bubbles. In August last year, the People's
Bank of China adopted new "three red lines" requirements to measure
the debt levels of developers and to limit their ability to borrow
if they were overleveraged.

As Evergrande's cash crunch has multiplied in recent weeks, a
number of Chinese developers have missed bond repayment deadlines
or asked to delay, in part, those payments.

Beijing has implemented a swathe of reforms in the past year
designed to reduce corporate leverage, as well as to promote
"common prosperity", including clamping down on anticompetitive
behaviour and banning private tutoring, according to the Post.

Those policy shifts are likely to lead to more sustainable growth
and improved sovereign credit metrics in the next five to 10 years,
according to S&P Global Ratings.

"Implementing all these changes successfully will require finesse,"
S&P Global Ratings credit analyst Kim Eng Tan said in a report on
Oct. 13. "Amid the fraught external environment and China's
sweeping goals, there is a chance that things may not go as
smoothly as they hope."

                        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-'.


CHINA EVERGRANDE: First EV May Roll Out in 2022 With Tianjin Aid
----------------------------------------------------------------
South China Morning Post reports that China Evergrande Group's
electric vehicle arm said it still planned to have its first
Hengchi-branded car ready for delivery early in 2022, even as the
parent company battles to stay afloat amid a cash crisis that has
crippled production.

The Post relates that Liu Yongzhuo, president of Evergrande New
Energy Vehicle, said that with the help of local government
support, the carmaker will make sure that its first EV has been
built and tested at its Tianjin factory and is ready for sale to
the public early next year. The company, also known as Evergrande
Auto, had launched a three-month campaign to tackle its problems,
he said.

According to a report posted on the company's website late on Oct.
11, Evergrande Auto managers held a meeting  with partners and
local officials in Binhai, a district of Tianjin. At the meeting,
the Communist Party head of the Binhai High-Tech Area in Tianjin
said the local government will provide the necessary help, the Post
relays.

The Post says the bulletin came as the company - which once had
grand ambitions of becoming the largest electric car manufacturer
in the world - reels from production halts and volatile price
movements in the stock market, as its parent desperately grapples
with about US$300 billion of liabilities.

The crisis at Evergrande, one of the largest property developers in
China, is unnerving investors who are concerned about its effect on
the stability of China's property market and economic growth.

"The hi-tech district and the Evergrande New Energy Vehicle Group
have their fates intertwined. We need to face the difficulties,
seek opportunities, and provide help in financing policy, review
and coordination among related departments and financial
institutions to support the company to step out of this difficult
situation as soon as possible and help Evergrande to achieve its
goal of mass production early," the Post quotes Xia Qinglin, the
district Communist Party chief, as saying.

According to the report, Evergrande Auto recently halted some of
its EV operations after failing to pay suppliers. It has been
trying to find new funding while using share option incentives to
keep talent on board even as its Shanghai car plant sits idle amid
the debt woes of its parent.

The Post says the carmaker, which briefly topped the century-old
Ford Motor in market capitalisation in February after raising HK$10
billion (US$1.3 billion) in a top-up stock sale in Hong Kong a
month earlier, is yet to deliver a single car.

While it has stopped paying nearly all suppliers and some of its
employees because of the cash squeeze, existing staff have been
told to get the assembly line ready to produce its first model.

According to the Post, Evergrande Auto had set itself the lofty
goal of building a million electric vehicles a year by 2025 as part
of its journey to global domination. Earlier this year, before its
troubles spiralled, it set a goal of delivering 100,000 units in
2022.

In August, when Evergrande was reportedly in talks with smartphone
maker Xiaomi over the sale of a stake in the EV unit, two
prototypes of its Hengchi cars were seen by the South China Morning
Post conducting a road test.

                        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-'.


FARADAY FUTURE: Responds to Short-Seller Report
-----------------------------------------------
Caixin Global reports that embattled electric vehicle company
Faraday Future Intelligent Electric Inc. responded on Oct. 11 to a
short-seller attack that had cast doubt on whether the
Nasdaq-listed firm "will ever sell a car," saying the report was
"full of misleading information" and that it was considering its
legal options.

Caixin relates that the U.S. short-seller J Capital Research said
in a report issued on Oct. 7 that Faraday would indefinitely delay
the 2022 mass production target for its first model, the FF91, in
part because of unsolved engineering problems. Faraday has
abandoned five factory projects and is counting on a Hanford,
California factory facility that shows very little activity or
hiring, J Capital said.

Faraday responded to the report on Oct. 11 by saying that its
development plans remain on track, Caixin relays. It didn't comment
on specific claims, the report adds.

                       About Faraday Future

Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu.  FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.

                        About Yueting Jia

Yueting Jia is the founder of Leshi Holding Group and was the CEO
of Faraday Future.  Yueting Jia sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12220) on Oct.
14, 2019.  The Debtor was represented by James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl & Jones LLP.

Faraday Future announced in August 2020 that the Reorganization of
its founder and CPUO (Chief Product and User Ecosystem Officer), YT
Jia (YT), became effective, and his Creditor Trust has also been
officially established and begun operations.   As part of the PLan,
Jia agreed to swap debt claims for pieces of his ownership stake in
Faraday Future.

FF said that approval of YT Jia's Restructuring Plan removed the
biggest hurdle in FF's equity financing efforts and the
implementation of the US-China dual home market strategy, allowing
FF to work vigorously towards its equity financing targets
including an IPO.


JIANGSU ZHONGNAN: S&P Lowers ICR to 'B' on Weak Sales Prospects
---------------------------------------------------------------
On Oct. 12, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Jiangsu Zhongnan Construction Group Co. Ltd.
(Zhongnan) to 'B' from 'B+'. S&P also lowered its long-term issue
rating on the U.S. dollar notes the company's guarantees to 'B-'
from 'B'.

S&P said, "We lowered the rating because we see higher risk to
Zhongnan's cash flow stability owing to weakening contracted sales
amid credit and regulatory tightening. We believe the company's
erosion in margin and land replenishment needs due to a slim land
reserve would push its leverage up toward 7x over the next 12-18
months. At the same time, Zhongnan's weakened funding access will
pose risks amid the current market downtrend.

"Zhongnan's cash flow stability is challenged by a sectorwide cap
on mortgage loans and increasing counterparty risk in the
construction segment. We forecast the company's 2021 contracted
sales will drop about 7% from 2020 levels to Chinese renminbi (RMB)
205 billion-RMB210 billion; a further 5.0%-5.5% decline is likely
in 2022. Zhongnan has started to see a 30% year-on-year decline in
contracted sales since August 2021.

"While Yangtze River Delta (YRD), Zhongnan's home region, still has
reasonably good demand, we believe the company's exposure to
lower-tier cities in the region is more hit by the government's
tightening policies. This, along with a sectorwide slower mortgage
release, will cause Zhongnan's cash inflow to decline by almost 15%
in 2021 from 2020 levels. We forecast the company's cash collection
rate will drop to 70%-75% in 2021, compared with about 80% in 2020.
That will lead to lower liquidity sources and a weaker overall
credit profile.

"We believe Zhongnan is more vulnerable than peers to the general
liquidity strain in the property sector because the company is also
exposed to potential financial contagion from other developers in
its construction segment. We estimate Zhongnan has about RMB1
billion receivable balance outstanding with China Evergrande Group.
This would be more if we include cases where construction work is
complete but payment conditions have not been met. While the
exposure to Evergrande and other developers appears manageable for
now, Zhongnan's construction business could be hurt if more
developers fail."

Zhongnan's reduced investment appetite in 2021 could dampen
long-term sales sustainability, given the small land bank compared
with peers'. S&P believes the company's land bank will be further
squeezed due to its controlled land replenishment in 2021 amid
tighter funding conditions.

Zhongnan employs a fast churn model, with a small land bank
relative to its scale. This strategy works fine when the company
can carry forward with the arrangement. However, in the market
downturn, where funding and cash flows are tighter, Zhongnan will
have a slimmer land bank buffer. The continued scale-back of land
replenishment will endanger sustainability of sales.

As of June 30, 2021, Zhongnan held saleable resources of about
RMB382 billion (RMB417 billion if underground area such as carparks
is included). That could support only about 1.5-2.0 years of
development. The company's land investments for the first eight
months of 2021 merely accounted for about 22% of its contracted
sales in the period, adding only about RMB100 billion of new
saleable resources.

Zhongnan's margin erosion would intensify due to price cuts amid
weak market conditions. S&P expects the company's gross margin to
weaken to 16.5%-17% in 2021 and to 13.0%-15.0% in 2022-2023,
compared with 17.8% in 2020. This is because Zhongnan has carried
out various promotions since mid-2021 to boost sales in weak market
conditions. These sales would be recognized in 2022-2023, putting
downward pressure on margins as well as the overall credit
profile.

Zhongnan's increasing use of nonbank financing indicates tightening
financing channels.The company's capital structure has weakened
owing to increased exposure to nonbank financing. Zhongnan uses
nonbank financing as a substitute for bank loans because its bank
loan quota has decreased, partly due to the recent regulatory
clampdown on banks' real estate exposure. Bonds were also
substituted as the capital market investment appetite is under
stress.

Nonbank financing accounted for 30% of Zhongnan's total reported
debt as of June 30, 2021, compared with 22% as of end-2020. Such
financing typically has a shorter tenor and entails higher
refinancing risk because extending or replacing it with bank loans
has high uncertainty. If Zhongnan is unable to refinance the
nonbank funding, it may have to use internal resources, stressing
its liquidity profile.

S&P said, "We believe Zhongnan should be able to manage its
near-term maturities. The company had unrestricted cash of RMB 21.5
billion as of June 30, 2021, fully covering its short-term debt.
However, due to Zhongnan's extensive use of partnerships,
upstreaming surplus cash at the subsidiary or joint venture level
would be subject to limits and restrictions. The company could
control its land replenishment in 2021 to enhance its liquidity
buffer, but that would come at the cost of long-term development.

"The stable outlook reflects our expectation that Zhongnan's
contracted sales will only trend down gradually, allowing the
company to sustain its cash flow over the next one to two years. We
expect Zhongnan's leverage to increase to about 7x debt-to-EBITDA
in 2022-2023 due to land replenishment needs and margin
compression.

"We could lower the ratings if Zhongnan's liquidity worsens,
possibly due to sales falling more than we expect or the company
needing to rely on more short-term funding, leading to ratio of
liquidity sources to uses to fall below 1.2x. We could also
downgrade Zhongnan if the company's funding access to bank and
other financing deteriorates, or if it faces difficulty in
refinancing or repaying its short-term debt maturities.

"We may also lower the rating if Zhongnan's leverage increases
significantly. This is likely to happen if: (1) the company's
revenue recognition and profitability are materially below our
projections; or (2) its land spending significantly exceeds our
forecast, such that the consolidated or look-through debt-to-EBITDA
ratio stays above 10x.

"We may raise the rating if Zhongnan maintains a more balanced
capital structure with good bank funding and a controlled trust
loan exposure. At the same time, the company should maintain
adequate liquidity and its consolidated and look-through
debt-to-EBITDA ratio should stay below 6.0x."




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

ABHIRAAMI CHEMICALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Abhiraami Chemicals Limited
        Peralam Main Road
        Thirunallar, Karaikal
        Pondicherry 609607

Insolvency Commencement Date: October 4, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 2, 2022

Insolvency professional: M. Alagar

Interim Resolution
Professional:            M. Alagar
                         21-B, 1st Floor, Ark Colony
                         Eldams Road, Alwarpet
                         Sivaganga, Tamil Nadu 600018
                         E-mail: alagarcs@gmail.com
                                 abhiraamichemicals.ip@gmail.com

Last date for
submission of claims:    October 17, 2021


AISHWARYA INDUSTRIES: CARE Keeps C Debt Rating on Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Aishwarya Industries (SAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.85      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 28, 2020, placed
the rating(s) of SAI under the 'issuer non-cooperating' category as
SAI 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. SAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 14, 2021, August 24, 2021 and September 3, 2021.

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

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

Established on December 8, 2014; Shree Aishwarya Industries (SAI)
is a partnership firm which has recently set up a manufacturing
unit for production of PP Bags at Ghodageri, Taluk Hukkeri of
Belgaum District. The firm is into manufacturing of PP Bags with a
production capacity of 2190 TPA which would utilize around 250 Kg.
of PP granules per hour to produce around 1663 bags/hour.

AL-TABARAK FROZEN: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: AL-Tabarak Frozen Foods Private Limited
        F-223A, Ground Floor, Mangal Bazar
        Laxmi Nagar India
        East Delhi DL 110092
        India

Insolvency Commencement Date: September 17, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 15, 2022

Insolvency professional: Mr. Vijay Kumar

Interim Resolution
Professional:            Mr. Vijay Kumar
                         172 Plot No. 7-C
                         Green Tower Sector-23
                         Dwarka, New Delhi 110077
                         E-mail: vk_hv@yahoo.com
                                 cirp.atffpl@gmail.com

Last date for
submission of claims:    October 1, 2021


BRIGHT SHAFT: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bright
Shaft Industries (BSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank
   Facilities           3.25       CARE A4; ISSUER NOT
                                   COOPERATING; 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 BSI under the 'issuer non-cooperating' category as
BSI 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. BSI 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, 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).

Faridabad, Haryana based Bright Shaft Industries (BSI) is a
proprietorship firm established in year 1986. The firm is managed
by Mrs. Raj Mehta. The firm is engaged in manufacturing of iron and
steel bright bars. The firm has manufacturing unit with the
installed capacity of 16000 tonnes per month as on July 30, 2018.
It procures its raw material iron and steel rounds from Rashtriya
Ispat Nigam Limited, Kuber Concast, and Khama Industrial
Corporation. The firm sells the products to auto component
manufacturing companies like PR Components Private Limited, Vishal
Engineers and Karan Engineering Works.

ECO POLYFIBRES: CARE Keeps D Debt Ratings on Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eco
Polyfibres Private Limited (EPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       7.50      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 02, 2020, placed
the rating(s) of EPPL under the 'issuer non-cooperating' category
as EPPL 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. EPPL 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.

Eco Polyfibers Private Limited (EPPL) was incorporated in 2011 by
Mr. Sanjay Kumar Aggarwal and Mr. Vinod Kumar. The company is
engaged in trading of plastic products such as Low Density Poly
Ethylene (LDPE), High Density Poly Ethylene (HDPE) etc. Further,
the company has one associate concern namely Swastik Lifesceince
Pvt. Ltd. which is engaged in trading of plants since 2007.


ESHAN YARNS: CARE Lowers Rating on INR12cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Eshan Yarns Private Limited (EYPL), 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 September 21, 2020, placed
the rating(s) of EYPL under the 'issuer non-cooperating' category
as EYPL 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. EYPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 2021.

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

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

The rating assigned to the bank facilities of EYPL have been
revised on account of non-availability of requisite information.
The rating also considers the net loss reported in FY20 and
significant increase in overall debt compared to FY19.

Eshan Yarns Private Limited (EYPL) is promoted by Mr. Sanjeev
Makkar and Mrs. Shweta Makkar with the operations of the company
starting in April-2017 only. The company was earlier engaged in the
trading of yarns & knitted fabrics till March, 2019. However, in
April-2019, the company had changed its nature of operations to
manufacturing of polyester fabrics with an installed capacity of 10
MT (metric tonnes) per day, as on June 30, 2019.

GATI KAUSAR: CARE Lowers Rating on INR5.0cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Gati
Kausar India Limited (GKIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE B; Stable Revised from
   Facilities                      CARE BB-; Stable

   Short Term Bank       0.50      CARE A4 Reaffirmed
   Facilities            

   Non Convertible      59.00      CARE D Revised from CARE BB-;
   Debentures                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities and
instruments of GKIL is on account of poor liquidity marked by lower
accruals when compared to repayment obligations which constrains
the ability of the company to repay its debt obligations on a
timely basis.

CARE Ratings has received email dated October 11, 2021 from the
company stating that Mandala Agribusiness Investments II Ltd
(Debenture holder), to whom NCD's have been issued are allowing
extension of repayment and deferment of interest payable on NCD's
which was due on October 9, 2021. The letter issued by the
debenture holder on October 8, 2021 stated that GKIL is not in a
position to repay the bonds on maturity date, therefore to avoid
the company committing a default on bonds repayment, they are
allowing extension till November 30, 2021. Although the
rescheduling was done by the debenture holder prior to the due
date, as per the CARE's policy on default recognition, the same is
considered as default since it was done to avoid default.

The ratings also take into cognizance of the change in shareholding
and management of the company after Gati Limited which held about
70% has divested its stake in GKIL completely. The ratings are
constrained by decline in total operating income in FY21 (refers to
the period April 1 to March 31), stressed capital structure, weak
debt coverage indicators and continuous report of loss leading to
poor liquidity. The ratings however, derive strength from
experience of promoters, established client relationship and
favorable industry growth prospect.

Key Rating Sensitivities

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

* Improvement in turnover and operating margins on a sustainable
level resulting in positive cash accruals.

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

* Future deterioration in risk profile of the company

Detailed description of the key rating drivers

Key Rating Weaknesses

* Decline in total operating income during FY21 and continuous
losses: The total operating income of the company declined by 26%
from INR41.94 crore in FY20 to INR31.19 crore in FY21 due to fall
in business volumes arising out of covid induced lockdowns. The
performance of the company was impacted due to shutdown of all
units, following the nationwide lockdown by Government of India,
which has resulted in decline in revenue generated during H1FY21,
consequently affecting the profits at operating level. Due to
higher fixed operating expenses coupled with lower turnover, the
company continued to incur net loss of INR16.50 crore in FY21 as
against INR14.17 crore in FY20. Further during Q1FY22, the company
has reported revenue of INR8.55 crore. With resurgence of COVID-19
pandemic during Q1FY22, the company had to scale down and suspend
operations in some of the operation locations. GKIL has reported a
net loss of INR2.30 crore in Q1FY22 on account of under absorption
of fixed overhead cost.

* Stressed capital structure and weak debt coverage indicators: On
account of complete erosion of net worth due to continuous losses,
the debt coverage indicators of the company continue to be
stressed. The net worth which was INR7.75 crore as on March 31,
2017 had eroded due to accumulated losses and stood negative at
INR62.45 crore as on March 31, 2021. Further, the debt levels have
increased over the years and stood at INR109.23 crore as on March
31, 2021. The debt profile of the company comprises of NCD (83%),
working capital facilities (2%), financial lease obligations (10%),
and vehicle loan (4%) as on March 31, 2021. Further, debt coverage
indicator indicated by interest coverage ratio stood week at 0.20x
in FY21 (0.37x in FY20) due to insufficient operating profit
generated by the company vis-à-vis high interest cost incurred.
Moreover, in August 2021, the company has closed all its working
capital limits with all banks which is expected to decrease the
interest charges on working capital facilities. Also, the NCD's
which are issued to Mandala Agribusiness Investments II Ltd which
is a part of Mandala group, to avoid Gati Kausar committing a
default on bonds repayment the debenture holder i.e. Mandala
Agribusiness has allowed the extension till November 30, 2021. The
letter issued by the debenture holder on October 08, 2021 stated
that GKIL is not in a position to repay the bonds on maturity date,
therefore to avoid the company committing a default on bonds
repayment, they are allowing extension till November 30, 2021.
Although the rescheduling was done by the debenture holder prior to
the due date, as per the CARE's policy on default recognition, the
same is considered as default since it was done to avoid default.

Key Rating Strengths

* Experienced promoters supported by efficient management team:
After Gati Limited sold about 70 per cent stake in GKIL to existing
minority shareholder Mandala Capital AG Ltd which
held 30% stake, Gati Kausar has ceased to be Gati's subsidiary.
Mandala Capital AG Limited has been a shareholder in GKIL since
2014. Therefore, the management is run by Mandala Capital which has
experience of over one decade in cold chain business. Currently,
GKIL is managed by Mr. Rakesh Pachauri, who is the chief operating
officer, with over three decades of experience and has spent one
decade in logistics industry in various leadership positions. Prior
to GKIL, he has worked with several reputed corporates. Further, he
is supported by qualified professionals from logistics and cold
chain industry. During July 2021, as part of the restructuring,
GKIL has inducted four directors in the board, two nominee
directors who represent Mandala Capital AG Limited and two
independent directors.

* Established client relationships albeit customer concentration:
GKIL has an established client relationship base, network
distribution resources and cater to a wide range of industries that
include healthcare, meat & poultry, bio-pharma, frozen & fresh
produce, dairy products, organized retails and quick service
restaurants, which require specialization in cold chain logistics.
The company has been associated with some renowned clients from all
over the country for more than a decade on an average. Usually,
GKIL's order book comprises of repeat orders from its long-standing
clients. GKIL is serving more than 100 major customers including
Amul, Vadilal, Cadbury, Domino, Godrej, Mother Dairy delivering all
across India. However, the company is subjected to customer
concentration risk since majority of the revenue is generated from
top 10 customers. The revenue contribution from top 10 customers
were 55% in FY21 vis-à-vis 53% in FY20. However, after the exit of
Gati Limited from GKIL, it remains to be seen how the company is
able to sustain all its customers and deepen its network reach.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations, that could constrain the ability of the company to
repay its debt obligations on a timely basis. The company had
incurred cash loss of INR2.43 crore (excluding premium on
redemption of debentures of Rs.7.22 crore) for FY21 against the
scheduled repayment of INR2.63 crore which was insufficient to
service the debt obligations. However, the short-fall was bridged
through realization of ~ INR1 crore through sale of assets (old
trucks), realization of receivables of ~Rs. 0.75 crore and income
tax refund of INR0.30 crore. Further, the average CC utilization
for the trailing 11 months ended July 2021 stood at around 73%. In
August 2021, the company closed all its working capital limits and
going forward plans to manage the working capital requirements
through efficient collection of debtors. The operating cycle
remained comfortable at 41 days during FY21. The company extends a
credit period of 30 days to its customers while availing a credit
period of 60 days from vendors (except for diesel which is on cash
and carry basis). Hence, the realization of debtors on timely basis
from its customers remains a key factor in management of working
capital without reliance on external working capital limits. The
company has received INR13 crore as severance fees from Gati
Limited on account of divesting its stake, which provides liquidity
cushion to some extent. Further, the company is also being
supported by Mandala Capital which after taking over entire
management is working out with various strategies for growth of the
business.

Gati Kausar India Ltd (GKIL, formerly Kausar India Ltd) was
incorporated in the year 1984. GKIL is primarily engaged in
providing refrigerated transportation services. The company
provides customized temperature sensitive services to various
industries/ businesses such as pharmaceuticals, retail, agri-food
(such as meat & poultry, diary, food & food products). GKIL owns a
fleet of around 100 refrigerated trucks with the capacity of
maintaining temperature below negative 25-degree Celsius. These
vehicles are equipped with advanced climate control systems,
advanced IT solutions and infrastructure. The company also has own
warehouses at Dharuhera with 5460 pallet capacity, Delhi with 160
pallet capacity and 10 leased warehouses with capacity of more than
1000 pallets each at all the major cities of India including
Mumbai, Nagpur, Hyderabad, Chennai, Bangalore. GKIL is Food Safety
and Standards Authority of India (FSSAI) certified and follows
procedures as per Hazard Analysis and Critical control points
(HACCP) for food safety and prevention of contamination. GKIL is
the first cold chain company in India to be awarded ISO 9001:2008
certification. Initially, Gati Limited held 69.89% of the stake in
GKIL with Mandala Capital AG Limited holding 30% and the remaining
0.11% of the stake was held by other individuals as on March 31,
2021. However, on May 26, 2021, Gati Limited (GL) announced
disposal of its subsidiary, Gati Kausar India Limited and the
transaction involved transfer of entire equity shares held by GL
(i.e. 69.79%) in GKIL to Mandala Capital AG Limited (MC). With this
aforementioned transfer, Gati Kausar has ceased to be the
subsidiary of Gati, from July 14, 2021.


GAYATRI COTTON: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gayatri
Cotton Mills (GCM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 October 16, 2020, placed the
rating(s) of GCM under the 'issuer non-cooperating' category as GCM
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. GCM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 1, 2021, September 11, 2021, and September 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).

Gayatri Cotton Mills (GCM) was established in June 2012 as a
partnership firm by Mr. Innamuri Basavaiahand Mr.Innamuri
Subrahmanyam. The firm is engaged in manufacturing and processing
of Kappas into cotton lint. The firm has its facilities (14 ginners
and 1 cotton baling press) located at Guntur District of Andhra
Pradesh. The firm acquires cotton directly from the
farmers and after ginning, sells the same in the domestic market.


GNG PROMOTERS: CARE Lowers Rating on INR8.56cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GNG
Promoters, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank        8.56      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GNG to monitor the rating
vide letter dated September 23, 2021 and email communications dated
September 20, 2021, September 15, 2021, August 20, 2021, July 13,
2021 and numerous phone calls. However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. 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. The rating on GNG Promoters' bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The rating has been revised on account of non-cooperation by GNG
Promoters with CARE'S efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating assigned to GNG
Promoters continues to remain constrained due to marketability risk
& market competition, cyclicality and seasonality associated with
real estate industry and exposure to local demand-supply dynamic
and partnership nature of its constitution. The ratings, however,
derives strength from the experienced partners in real estate
industry.

Key Rating Weaknesses

* Marketability risk and market competition: The risk of marketing
and selling of the flats remains, however, considering the success
of phase 1 of project and other real estate projects by partners,
the firm expects to sell all flats by December 2021. Further, the
Indian real estate industry is highly fragmented in nature with the
presence of a large number of organized and unorganized players
spread across various regions. Many townships are emerging in
cities like Zirakpur (Punjab) and small players are coming with
projects in these areas.

* Cyclicality associated with real estate industry and exposure to
local demand-supply dynamic: The firm is exposed to the cyclicality
associated with real estate sector which has direct linkage with
the general macroeconomic scenario, interest rates and level of
disposable income available with individuals. In case of real
estate companies, the profitability is highly dependent on property
markets. This exposes these companies to the vagaries of property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market. Furthermore, the firm has not
availed the moratorium from bank in the light of COVID-19 pandemic
for its debt obligations.

* Partnership nature of constitution: GNG's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders.

Key Rating Strengths

* Experienced partners in real estate industry: The firm is managed
by Mr. Ashish Goel, and Mr. Satwant Singh collectively. Mr. Ashish
Goel has an experience of more than 12 years in real estate
industry through his association with GNG and other entities.
Further, Mr. Satwant Singh has work experience of 12 years through
his association with GNG and other group concerns. The partners
have adequate acumen about various aspects of real estate business
which is likely to benefit GNG. Furthermore, the partners are
supported by experienced team having varied experience in the field
of technical, marketing and finance aspects of business.

GNG Promoters (GNG) was established as a partnership firm in
October 2017 and is currently being managed by Mrs. Pushpinder
Kaur, Mr. Ashish Goel, and Mr. Satwant Singh as its partners
sharing profits and losses in 47.50%, 47.50% and 5% respectively.
GNG is engaged in real estate business and is currently developing
its residential project named 'Myst Arcade' at Zirakpur, Punjab on
a total saleable area of 118038 square feet. The project is being
developed with 120 flats in 2 phases both phases consist of 60 3BHK
flats each. The firm is registered with Real Estate Regulatory
Authority (RERA) and has also obtained GMADA license. Besides GNG,
the partners are also engaged in other group concerns- Satwant &
Associates.


GVS INFRA & INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: GVS Infra & Industries Private Limited
        (Formerly M/s. SSVG Engineering Projects
        Private Limited)
        89, Shanti Nagar
        Masab Tank
        Hyderabad 500028

Insolvency Commencement Date: October 5, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 3, 2022

Insolvency professional: S. Kasthuri Rengan

Interim Resolution
Professional:            S. Kasthuri Rengan
                         1-2-365/4&5 Flat No. 406
                         Landmark Residency
                         Domalguda, Hyderabad 500001
                         E-mail: askrco@gmail.com

                            - and -

                         909A, Raghava Ratna Towers
                         Chirag Ali Lane
                         Hyderabad 500001
                         E-mail: askrco@gmail.com

Last date for
submission of claims:    October 20, 2021


INTERSPACE CONNECT: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Interspace Connect Private Limited
        65, Murzban Road
        Fort, Mumbai 400001

Insolvency Commencement Date: September 21, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 20, 2022
                               (180 days from commencement)

Insolvency professional: Javadsha Kumarpal Vasa

Interim Resolution
Professional:            Javadsha Kumarpal Vasa
                         204-Vishal Apartment
                         TPS Road No. 56
                         Borivali-West
                         Mumbai City 400092
                         E-mail: jkvasaco@gmail.com
                                 interspace.irp@gmail.com

Last date for
submission of claims:    October 18, 2021


K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.R Kumar
(KK) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 18, 2020, placed
the rating(s) of KK under the 'issuer noncooperating' category as
KK 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. KK continues to be
non-cooperative 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).

K.R Kumar (KK) is a proprietorship concern established in 2015 and
promoted by Mr. K.R. Kumar. The firm was initially engaged into
brick manufacturing business and maintains server for Hathway cable
connection. The firm has now constructed a Godown of 1.42 lakh sq
feet at Nelamangala taluk, Bangalore rural district.


KUBERJI BUILDCON: CARE Lowers Rating on INR150cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Kuberji Buildcon (SKB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      150.00      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 6, 2020, placed the
rating(s) of SKB under the 'issuer non-cooperating' category as SKB
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. SKB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2021, September 1, 2021, September 11, 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 SKB have been
revised on account of non-availability of requisite information.

Constituted in 2017, SKB is a partnership firm promoted by Mr
Naresh Agrawal to construct and develop a commercial real estate
project under the name of 'Shree Kuberji Valentine Textile Market'
at Surat, Gujarat. The construction of the project is envisaged to
be completed by March 2021.


MADHYA PRADESH: CARE Lowers Rating on INR190cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Madhya Pradesh Financial Corporation (MPFC), as:

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long Term Bank        190.00      CARE D Revised from
   Facilities                        CARE BBB (CE);
                                     Outlook: Negative

   Redeemable            100.00      CARE C; Stable
   Non Convertible                   CARE BBB (CE);
   Unsecured                         Negative
   Taxable Bonds
   (Bond Issue-4)
   (ISIN:INE348F08043)

   Secured                10.60      CARE C; Stable
   Reedemable Bonds                  Revised from CARE BBB (CE);
   (Bond Issue-3)                    Negative
   (ISIN:INE348F08035)

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities and instruments of MPFC are
primarily based on the credit enhancement available in the form of
an unconditional and irrevocable guarantees extended by Government
of Madhya Pradesh (GoMP) for ensuring timely debt servicing of
these facilities. The ratings of the instruments are also supported
with an SPM, wherein, the designated account is to be funded 40
days prior to the due dates and the government guarantee is to be
invoked 20 days prior to the due dates, in case of non-funding of
the designated account. However, the aforesaid structure is weak
and not being adhered to with the guarantees not getting invoked.

The revision in the ratings of various bank facilities and market
instruments of MPFC is on account of change in CARE Ratings'
default recognition policy for rating of facilities/instruments
backed by a guarantee. As per the revised criteria, when bank
facilities or an instrument is backed by a guarantee and there are
delays in repayments of such facilities/ instrument, CARE would
recognize default on the said facility/instrument even if the
guarantee is not invoked. Earlier, the default was recognized only
when the payments were not made after the invocation of guarantee.
As there are ongoing delays in servicing its bank obligations, the
ratings for these bank facilities have been revised to CARE D. This
revision in ratings is only pursuant to change in analytical
approach by CARE Ratings and should not be construed as
deterioration in the credit profile of GoMP.

The revision in the ratings of the market instruments factor in the
stretched liquidity position on account of the low collection
efficiency from its borrowers due to state lockdown in light of
second wave of covid and the same leading to hinderance in
company's operations.

For unsupported rating:

The unsupported rating of MPFC is based on its standalone credit
assessment and considers the on-going delays in debt servicing of
term loan principal and interest by MPFC, as informed by the
company and confirmed by the lenders.

Rating Sensitivities

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

* Improvement in liquidity profile of the company
* Higher growth in revenue receipts
* Improvement in self-reliance and adherence to the stipulated
target for fiscal deficit
* Creation of Consolidated Sinking fund

Negative Factors - Factors that could lead to negative rating
action/downgrade:

* Moderation in liquidity profile
* Further deterioration in the state's finances
* Non adherence to the FRBM targets

Detailed description of the key rating drivers

Key Rating Weaknesses

* Revenue deficit: The state is estimated to have slipped into a
revenue deficit in FY20 (of INR2,698 crore) after maintaining a
revenue surplus for the past 9 years following contraction in
revenue receipts and growth in revenue expenditure. It has further
envisaged for a revenue deficit worth INR17,514 crore in FY21.

* Non-adherence to fiscal consolidation roadmap: The coronavirus
pandemic has adversely impacted the state's finances. The state has
been unable to adhere to the fiscal consolidation norms laid out by
the Finance Commission (revenue surplus, interest to revenue
receipts < 10%, debt to GSDP ratio < 25%). In FY21, interest
payments as a proportion of Revenue Receipts was budgeted to
increase to 12.1% while debt to GSDP ratio was slated to be 28.8%.

* Lower degree of self-reliance: The state has low self-reliance.
The own revenue of the state accounted for 44% of the total revenue
receipts in FY20 (RE).

* High debt burden: The outstanding debt of the state has been
increasing over the years registering double digit growth. As of
end FY20 (RE), the outstanding debt stood at INR2.26 lakh crore, a
growth by 17% over the outstanding debt of INR1.94 lakh crore in
FY19. In FY21 (BE) the debt was slated to grow further by 21% to
INR2.74 lakh crore.

* Absence of consolidated sinking fund: The state does not have a
Consolidated Sinking Fund (CSF). In terms of the guidelines of the
Reserve Bank of India, States are required to contribute to the
Consolidated Sinking Fund, a minimum of 0.5% of their outstanding
liabilities as of the end of the previous year.

Key Rating Strengths

* Favorable Economic Growth: The state had registered a positive
economic growth over the years with an annual average growth of 8%
during FY13-FY20. In FY20, the state was estimated to have grown by
7.6% over the 5.8% growth in FY19. GDP growth however was lower
than the 12.4% (y-o-y) growth witnessed in FY17. Madhya
Pradesh's economy is fairly broad-based. While the services
sector accounted for 41% of state's GVA, the share of
agriculture sector was ~32% and industry had 27% share in GVA in
FY20. All the 3 sectors had registered year-on-year positive growth
during FY17-20.

* Moderate outstanding guarantees: The outstanding guarantees of
the state have remained more or less stable. As of December 2019,
outstanding guarantees amounted to INR30,917 crore, 1% higher than
a year ago. The guarantees are mainly extended towards food, civil
supplies and consumer protection department (74%), energy
department (9%) and urban development and housing department (11%).


* Improved ease of doing business ranking: In 2019, Madhya Pradesh
ranked 4th in the Ease of Doing Business ranking, up from 7th rank
in 2017.

* Maintenance of GRF to meet contingencies: The state has a
Guarantee Redemption Fund (GRF) since FY06, with a corpus of
INR408.79 crore by the end of FY20 as per state budget documents.
As per RBI bulletin, the state maintained INR891 crore in GRF as on
March 2020 which increased to INR925 crore as on September 2020.

Liquidity: Adequate (Guarantor)

The state has been availing the Ways and means advances (WMA)
within the prescribed limits of the RBI on time to time basis.
However, the state has not availed overdraft facility from the RBI.
As such, the liquidity situation of the Madhya Pradesh government
can be perceived to be adequate in 2019-20. MPFC's liquidity
position on a standalone basis is poor due to very low collections
from borrowers.

Analytical approach:

CARE has analyzed MPFC's credit profile by factoring in the
linkages with parent considering credit enhancement provided by
irrevocable and unconditional guarantee deeds/order extended by
GoMP for the rated bank facilities and bond issues.

Madhya Pradesh Financial Corporation (MPFC) was incorporated in
1955 under the State Financial Corporations Act, 1951. It is a
state-level financial corporation providing long term and medium
term, fund-based and non-fund-based financial assistance to
industrial, infrastructural, social sector organizations in Madhya
Pradesh (MP) with focus on small and medium-sized industries. It
has its headquarters at Indore – the industrial hub of MP and has
a network of nine branches and seven business development centers.
MPFC is headed by the board of directors which includes senior
bureaucrats, nominees of SIDBI, HUDCO and LIC, financial experts
and banking professionals. The performance of MPFC has gradually
weakened with sustained deterioration in asset quality of its loan
portfolio resulting in delay in recoveries, adversely impacting the
liquidity of the corporation along with worsening negative returns
on total assets. Further, the units financed by MPFC are also
facing difficulties due to the pandemic and MPFC had allowed
moratorium of six months to standard accounts, which had severely
affected its collection efficiency.


MITHUN REDDY: CARE Lowers Rating on INR11cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mithun Reddy (MR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 29, 2020, placed
the rating(s) of MR under the 'issuer noncooperating' category as
MR 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. MR 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).

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

Mithun Reddy (MR) refers to Joint Borrowers namely: Mr. R Mithun,
Mr. C Ramesh and Mr. R Bharat. The said individuals have come
together to lease their property, a building with an aggregate area
of 51,866 square feet, to lessee 'M/S Narayana E Techno School
(NETS). NETS having schools across Karnataka and has entered into a
lease agreement with Mithun Reddy on June 27, 2014, in order to
start a school on the scheduled premises located at Bangalore
District.


MY CAR: CARE Reaffirms B Rating on INR13cr LT Loan
--------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of My
Car Nexa Private Limited (MCNPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities-CC        13.00      CARE B; Stable Reaffirmed

   Long Term Bank
   Facilities-Term
   Loan                  4.75      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MCNPL continue to
remain constrained by small scale of operations with a declining
trend, low profitability margins, weak financial risk profile
marked by leveraged capital structure, stressed debt service
coverage indicators. The ratings are further constrained by working
capital intensive nature of operations along with pricing
constraints and margin pressure arising out of competition from
various auto dealers in the market. However, the ratings derive
strength from experienced promoters and the company being
authorized dealer of Maruti Suzuki India Limited. Further, CARE has
also withdrawn the outstanding ratings of 'CARE B; Stable' [Single
B; Outlook: Stable] assigned to the bank facilities (Electronic
Dealer Financing Scheme) of My Car Nexa Private Limited with
immediate effect. The above action has been taken at the request of
My Car Nexa Private Limited and 'No Dues Certificates' received
from the bank(s) that have extended the facilities rated by CARE.

Key rating sensitivities

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

* Sustained improvement in the scale of operations beyond INR90
crores.

* Increase in the net-worth base of the company, thereby, leading
to improvement in the overall gearing ratio below 1.5x.

Negative factors: Factors that could lead to negative rating
action/downgrade

* Decline in the scale of operations below INR40 crores, thus
impacting profitability margins.

* Decrease in the net-worth base of the company on account of
losses.

Detailed description of the key rating drivers

Key Rating Weakness

* Small and declining scale of operations with low net worth base:
The company started its commercial operations in January 2016 and
its scale of operations has been declining on y-o-y basis over the
past four years (FY18-FY21, FY refer to period April 1 to March
31). The scale of operations stood small marked by a total
operating income (TOI) of INR45.77 crores during FY21 (PY: INR50.58
crores). The same is on account of decline in the sales volume.
During FY21, the company sold 796 vehicles as against 844 vehicles
sold during FY20. Furthermore, the tangible net worth stood low at
INR2.71 crore as on March 31, 2021. The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

* Weak financial risk profile: An automotive dealer's revenues are
primarily driven by volumes, while the profits are driven by the
sale of spares and service income, as the latter fetches higher
profit margins. The company has limited negotiating power with
manufacturers and has no control over the selling price of the
vehicles as the same is fixed by the manufacturers. However, the
company's PBILDT margins improved from 2.10% in FY20 to 7.48% in
FY21 on account decline in discount rates which was given to the
customers and cost rationalization done by the company. The PAT
margins of company have also improved yet stood low at 0.48% in
FY21 (PY: -2.96%). The capital structure stood leveraged with high
overall gearing of 6.86x as on March 31, 2021 (PY: 6.22x as on
March 31, 2020). The same has been primarily on account of low
net-worth base and high dependence on external borrowings to meet
its working capital requirements and additional covid facility
(GECL) loan availed by the company during FY21. Further, the debt
service coverage indicators of the company stood weak owing to low
profitability coupled with high debt levels. Interest coverage
ratio and total debt to GCA stood at 1.05x and 49.06x respectively
in FY21 (PY: 0.36x and -8.20x respectively).

* Limited bargaining power and Fortunes of the company linked with
growth plans of the manufacturer: The company procures its product
directly from its principal; and is not dependent upon any
dealers/distributors for business which helps the company to avail
better pricing of purchases. Furthermore, the fortunes of the
company are directly linked to its supplier. This also exposes the
company's revenue growth and profitability to its supplier's future
growth prospects. Any impact on business and financial profile of
the manufacturer will also have an impact on the growth prospects
of the company. Moreover, dealers have less bargaining power over
principal manufacturer. In order to capture the market share, the
auto dealers' offers better buying terms like allowing discounts on
purchases. Such discounts offered to customers create margin
pressure.

* Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market: The margin on
products is set at a particular level by Maruti Suzuki India
Limited thereby restricting the company to earn incremental income.
With the large dealership network of Maruti Suzuki India Limited,
the bargaining power of the dealer with the customer is further
reduced. The market also faces aggressive competition from various
other established automobile dealers of companies like Hyundai
Motors and Tata Motors Limited etc. In order to capture the market
share, the auto dealers have to offer better buying terms like
providing credit period or allowing discounts on purchases which
create margin pressure and negatively impact the earning capacity
of the company.

Key Rating Strengths

* Experienced Promoters: The company is incorporated and promoted
by Sh. Purshottam Das Garg, Mr. Vijay Garg and Mrs. Kavita Garg.
Sh. P.D. Garg is a qualified Chartered Accountant and has an
experience of more than 50 years. Mr. Vijay Garg is a graduate by
qualification and has an experience of around more than twenty
years in the dealership business through his association with MCNPL
and other group concerns. Mrs. Kavita Garg has an experience of
around ten years in the dealership business through her association
with MCNPL and other group concerns. Further, the company has a
dedicated team of marketing and sales professionals, service
in-charge and customer relation officers, who have more than one
and half decade of experience in their respective fields.

* Association with reputed brand name: MCNPL is the authorized
dealer of Maruti Suzuki India Limited (MSIL) which has been the
market leader in passenger car segment for more than three decades.
MSIL offers a wide range of cars across different segments
including 17models and over 150 variants. In the domestic passenger
car market, MSIL has established market position underpinned by the
strong position of its healthy presence in the small, Hatchback,
Sedan, and SUV segment in domestic market.

Liquidity analysis: Stretched

The company has stretched liquidity marked by lower gross cash
accruals of INR0.38 crore, fully utilized bank limits and modest
free cash and bank balance amounting to INR2.86 crores. The company
needs to stock different models of vehicles and spares in the
showrooms in order to ensure adequate availability and visibility
leading to higher inventory days. The average inventory holding
days of the company stood at 107 days in FY21 (PY: 87 days). The
increase in the inventory days was on account of the slowdown in
the auto-sector, thus impacting the overall demand. Though the
sales to customers are made on "Cash and Carry" basis however,
around 70% of the vehicles are bought on vehicle financing basis
through banks. The said phenomenon results in a collection period
of around 19 days. Further, the company received a credit period of
around 7 days from the suppliers for procurement. Besides this, the
large working capital requirements are met through bank borrowings
which remained almost fully utilized for the past 12 months ended
July 2021.

Kanpur (Uttar Pradesh) based My Car Nexa Private Limited (MCNPL)
was incorporated on November 05, 2015. The company is currently
being managed by Mr. Vijay Garg, Sh. Purshottam Das Garg and Mrs.
Kavita Garg. MCNPL is an authorized dealer for passenger cars
manufactured by Maruti Suzuki India Ltd for its premium sales
channel, 'NEXA'. The showroom became operational in January 2016;
MSIL currently sells the Baleno (All variants), S-Cross, Ciaz (All
variants) and Ignis through NEXA outlets. The company manages its
operations through its 3S (Sales, spare and service) facility
located in Kanpur, Uttar Pradesh. The showroom has attached
workshop facility for the post sales services of cars.

NARENDRANATH AGENCY: CARE Keeps B- Debt Rating on Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Narendranath Agency (NA) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       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 July 29, 2016, placed the
rating(s) of NA under the 'issuer noncooperating' category as NA
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. NA 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).

M/s. Narendranath Agency (NNA) was set up as a partnership firm in
the year 2009 by Gupta family of Burdwan, West Bengal. The firm is
engaged in distribution of consumer goods, like soap, oil, shampoo,
etc., food items like biscuits, health drink, chocolates,
confectioneries, milk, etc. of Hindustan Unilever Ltd. (HUL),
Johnson & Johnson Pvt. Ltd. (J&J), GlaxoSmithKline Consumer
Healthcare Ltd. (GSK), Colgate-Palmolive (India) Ltd. (CIL) &
Gujarat Co-operative Milk Marketing Federation Ltd (GMFL).

PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Academy of Higher Education & Research Society (PAHERS) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       43.09      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term Bank        6.20      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 21, 2020, placed
the rating(s) of PAHERS under the 'issuer non-cooperating' category
as PAOHERS 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. PAOHERS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 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.

Udaipur-based (Rajasthan) PAHER was formed as Pacific Education
Society in October 1995 with an objective to set up educational
institutions. In March 2007, its name was changed to the current
form. PAHER was founded by Mr B.R. Agarwal who is the founder
Chairman of Pacific Group (PG). The other society members are Mrs
Leela Devi Agarwal, Mr Rahul Agarwal and Mr Ashish Agarwal.
Presently, PAHER offers courses in varied fields including
pharmacy, dental, engineering, management, education, media and
mass communication, information technology, hospitality and fashion
technology.


RAHI SHIPPING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Rahi Shipping (India) Private Limited
        G-37, Ground Floor Sapana Terrace
        Swatantra Path, Vasco Da Gama
        South Goa GA 403802
        IN

Insolvency Commencement Date: September 16, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 3, 2022

Insolvency professional: Ajay Marathe

Interim Resolution
Professional:            Ajay Marathe
                         205 Sudama Yash Apartment
                         Off Kelkar Road
                         Dombivli (E) 421201
                         E-mail: ajaym7@rediffmail.com

                            - and -

                         201 Aadhar Height
                         Opposite Bhagshala Maidan
                         Dombivli West 421202

Last date for
submission of claims:    October 19, 2021


RAINBOW INDUSTRIAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Rainbow Industrial Park Private Limited
        801 Avdhesh House, 8th Floor
        Opp Guru Gobind Gurudwara
        Sarkhej Highway, Thaltej
        Ahmedabad GJ 380054

Insolvency Commencement Date: October 5, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 3, 2022

Insolvency professional: Kinjalkumar Madhubhai Chaudhary

Interim Resolution
Professional:            Kinjalkumar Madhubhai Chaudhary
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahemedabad, Gujarat 380014
                         E-mail: cakmchaudhary@yahoo.com
                                 cirp.rainbowind@gmail.com

Last date for
submission of claims:    October 22, 2021


RASHMI YARNS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Rashmi Yarns Limited
        405, Metro Tower
        Ring Road
        Surat 395002
        Gujarat

Insolvency Commencement Date: October 4, 2021

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: April 2, 2022

Insolvency professional: Lalit Vithaldas Raithatha

Interim Resolution
Professional:            Lalit Vithaldas Raithatha
                         A-14/15, Earth Artica
                         Vasna Bhayli Road
                         Above HDFC Bank
                         Opp. Nilamber Bungalows
                         Vadodara 39007
                         E-mail: calalit@srico.in
                                 cirp.ryl@gmail.com

Last date for
submission of claims:    October 20, 2021


RIZVI ESTATES: CARE Reaffirms D Rating on INR8.01cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Rizvi
Estates and Hotels Private Limited (REHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.01      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings assigned to the bank facilities of
REHPL continues to be tempered by ongoing delays in debt servicing
in the recent past.

Key Rating Sensitivities

Positive Factors

* 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 Weakness

* Ongoing delays in debt servicing: There are continuous delays in
meeting debt servicing obligations of bank facilities.

Liquidity Position: Poor: Despite, the company having availed
moratorium for its bank facilities as per RBI guidelines in the
wake of Covid-19 pandemic, the company is facing issues with
respect to debt servicing and there are ongoing delays and defaults
with the lender. Hence, the liquidity profile of the company is
poor considering ongoing delays and defaults with the lender.

Incorporated in 1978, Rizvi Estates and Hotels Private Limited
(REHPL) is engaged into development of residential and commercial
real estate projects primarily in Mumbai, Pune and Goa. The Rizvi
group of companies is actively involved in construction of
residential projects since 1978 and the key director Mr. Akhtar
Rizvi has more than four decades of experience in construction and
real estate development. Further the company based in Mumbai, and
its more than four decades of business constructed over 300+
commercial & residential projects in Mumbai, Pune & Goa.

Till date the group have developed a total area of 6.95 lsf and
currently REHPL is executing a project named Rizvi Utopia
(registered with RERA with RERA number - P58100012249) having three
wings namely A, B & C with total saleable area of 83,663 sq. ft and
the project was launched in July, 2016 and has been successfully
completed wing A & wing B in October 2019 and the Occupation
Certificate (OC) of the same has been received in October 2019,
further for wing C company has received commencement certificate
(CC) upto 9th floor and construction work completed upto 9th floor
and only finishing work in pending.

SAARTH ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saarth
Enterprises Private Limited (SEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      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 9, 2020, placed
the rating(s) of SEPL under the 'issuer non-cooperating' category
as SEPL 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. SEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2021, August 5, 2021, August 15, 2021.

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

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

Incorporated in June 2012, Saarth Enterprises Private Limited
(Saarth) took over the business of M/s. Hitesh Trading Co.
(established in the year 1995) which was engaged in the trading of
construction materials in Maharashtra. The company trades in
various construction materials viz. clay and ancillary materials
such as Geo Textiles & Geo Synthetics used for road construction.
The company runs its operations from office located at Powai,
Mumbai.


SAI INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai
International (Delhi) (SI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.70       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Long Term/           4.75       CARE C/CARE A4; 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 21, 2020, placed
the rating(s) of SI under the 'issuer non-cooperating' category as
SI 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. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 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).

Sai International (SIL) was established in December 2005 as a
partnership firm by Mr Vishal Jagga and Mr Nishant Jagga as its
partners sharing profit and loss equally. The firm is engaged in
manufacturing of footwear products like shoes, sandals and slippers
at its three manufacturing facilities located at Bahadurgarh,
Haryana. The main raw materials required for manufacturing footwear
are PolyUrethane (PU), Rexine, leather cloth and synthetic fabric.
While PU is imported from Singapore, other raw materials are
procured domestically majorly from Haryana. Furthermore, the firm
sells its products under the brand name of 'Tavera' for shoes and
'PU Lite' for sandals and slippers to various wholesalers in
different states of India through a network of around 200
distributors and dealers.


SAN AUTOMOTIVE: CARE Withdraws B+ Rating on Bank Debts
------------------------------------------------------
CARE has reviewed and reaffirmed the rating assigned to the bank
facilities of San Automotive Industries Private Limited (SAI) to
CARE B+; Stable; Issuer not cooperating and has simultaneously
withdrawn it, with immediate effect. The ratings factors in the
constraints relating to exposure to volatility in raw material
prices and presence in a highly fragmented and competitive
industry. The rating, however, continues to take comfort from
experienced management and long track record of operations.

The rating withdrawal is at the request of San Automotive
Industries Private Limited and 'No Objection Certificate' received
from the bank that have extended the facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Exposure to volatility in raw material prices: SAI procures the
raw materials from domestic players. The finished goods as well as
raw material prices of steel products are volatile in nature. The
finished goods price moves in tandem with raw material prices, but
with a time lag. Since the raw material is the major cost driver,
any decline in finished goods price with no decline in raw material
price result in adverse performance of the company. As the entity
does not have any backward integration for its primary raw
materials and procures the same from outside, it is exposed to
price volatility.

* Presence in a highly fragmented and competitive industry: SAI
operates in a highly competitive industry marked by the presence of
a large number of players in the organized and unorganized sector.
The industry is characterized by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. Hence the players in the industry do
not have any pricing power and are exposed to competition induced
pressures on profitability. This apart, its product being
intermediary steel products is subjected to the risks associated
with the industry like cyclicality.

Key Rating Strengths

* Experienced management and long track record of operations: SAIPL
was promoted by the Gumber family for undertaking manufacturing of
press tools and fabrication parts for automobile
(two wheelers and Four wheelers), industrial use and telecom firms.
Mr Avinash Chander Gumber and his sons, Mr Dinesh Gumber and
daughter in law, Ms. Nancy Gumber manage overall operations of the
company. Mr Avinash Gumber, Director of SAIPL, is a postgraduate
and has more than two decades of experience in production of press
tools and stampings through his association with other family
business. Mr. Dinesh Gumber has nearly a decade of experience in
operational competencies of sheet metal engine parts which find
application in 2 and 4 wheelers. He looks after the overall
operations of the company. Further, the company second line of
management is supported by experienced CAD/CAM designers,
mechanical engineers, quality in-charge, production manager, supply
chain management, marketing, finance and accounts personnel who
have around 15 years of experience in their respective field of
work, which ensures timely completion of awarded work.

Faridabad, Haryana-based San Automotive Industries Private Limited
(SAIPL) was incorporated in 2004 by Mr. Avinash Chander Gumber, Mr.
Dinesh Gumber and Mrs. Nancy Gumber. SAIPL is engaged in
manufacturing of press tools, press parts, deep drawn, stamping,
fabrication, racks/ trolleys, telecom shelter sails, weighing scale
cabinet, metal enclosures and electric panels, etc. Furthermore,
the company also manufactures auto parts such as scratch-proof
film, guard film, Co-adhesive film. The manufacturing facilities of
SAIPL are located at Faridabad, Haryana. The major raw materials
for the company are alloy steel wire, stainless steel wire steel
rounds and metal sheets which is procured from locally from Delhi
NCR. The final product is then sell out on the order basis to
Companies like Kapara Maruti private Limited, Denso India Private
Limited,
Samsung Electricals Private Limited and Indian Nicole India Private
Limited located in Delhi, Gurgaon, Chennai. The company caters only
to domestic market in industries like automobile, infrastructure,
telecom and others.


SATYAM ROLLER: CARE Lowers Rating on INR10cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Satyam Roller Flour Mills Private Limited (SRFMPL), as:

                       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 and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 04, 2020, placed
the rating(s) of SRFMPL under the 'issuer non-cooperating' category
as SRFMPL 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. SRFMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021, August 10, 2021.

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

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

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

Incorporated in 1990 as a private limited company by Mr. Vijay
Gupta and Mr. Rajesh Jain, Satyam Roller Flour Mills Private
Limited (SRFMPL) is engaged into processing of various types of
wheat flour (wheat atta, maida, rawa & bran). SRFMPL has its
registered office and wheat processing facility located in Navi
Mumbai.


SHIVANI TRENDZ: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shivani Trendz Private Limited
        1114, 11th Floor, Hubtown Viva
        Shankar Wadi, Jogeshwari East
        Mumbai 400060

Insolvency Commencement Date: September 29, 2021

Court: National Company Law Tribunal, Mumbai Bench-II

Estimated date of closure of
insolvency resolution process: March 27, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Gaurav Ashok Adukia

Interim Resolution
Professional:            Mr. Gaurav Ashok Adukia
                         Anand Bhavan
                         Jamnadas Adukia Road
                         Kandivali Wast
                         Mumbai City
                         Maharashtra 400067
                         E-mail: gauravadukia@hotmail.com

                            - and -

                         Sumedha Management Solutions Private
                         Limited
                         809-810, 8th Floor, B-Wing
                         Trade World, Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         Maharashtra
                         E-mail: stpl@sumedhamanagement.com

Last date for
submission of claims:    October 13, 2021


SHREEM CORPORATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shreem Corporation Ltd
        Flat No. 101, OG-III
        Oberoi Garden, Thakur Village
        Off Western Express Highway
        Kandivali (E), Mumbai 400101

Insolvency Commencement Date: September 22, 2021

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel: 02266322870
                         E-mail: mkindia58@gmail.com
                                 cirp.scol@gmail.com

Last date for
submission of claims:    October 18, 2021


SHRIKALYANI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrikalyani
Agritech Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.31       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 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
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 17, 2021, August 27, 2021, September 6, 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).

Shrikalyani Agritech Pvt. Ltd. (SAPL) was incorporated in June 2009
as Shri Kalyani Coke & Iron Pvt. Ltd. (SCIPL) by Goyal family of
Dhanbad, Jharkhand. SCIPL was de-functional and later on in May,
2013, it was renamed to Shrikalyani Agritech Pvt. Ltd. for the
purpose setting up a paddy processing unit at Govindpur, Dhanbad,
Jharkhand. The company commenced commercial production in July,
2014 with rice processing capacity of 32,620 metric tonne per annum
(MTPA).

SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Poultry Farm (SPF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.43       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 16, 2020, placed the
rating(s) of SPF under the 'issuer non-cooperating' category as SPF
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. SPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 1, 2021, September 11, 2021, and September 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).

Srinivasa Poultry Farm (SPF) was established in the year 1990 by
Mr. Mekala Siva Rama Krishnaiah. The firm is engaged in farming of
egg, laying poultry birds (chickens) and trading of eggs, cull
birds and their Manure. The firm sells its total products like eggs
and cull birds to SSS Traders located in Vijayawada. The firm buys
chicks (small chickens) from Srinivasa Hatcheries Private Limited,
Vijayawada and raw materials for feeding of birds like rice
brokens, maize, sun flower oil cake, shell grit, minerals and soya
from local suppliers.

SSB RETAIL INDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: SSB Retail India Private Limited
        PNo. 19 & 30, Sy.No. 81/1 (New)
        82/2 (Old) New Narasimha Nagar Colony
        Mallapur Hyderabad 500076
        TG, IN

Insolvency Commencement Date: October 1, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 30, 2022

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         #302, 3-6-140/A, 3rd Floor
                         City Centre, Himayat Nagar
                         Hyderabad 500029
                         Telangana
                         E-mail: ippavankankani@gmail.com
                                 cirp.ssbretail@gmail.com

Last date for
submission of claims:    October 15, 2021


STRAIGHT EDGE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Straight
Edge Contracts Private Limited (SECPL) 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 10, 2020, placed
the rating(s) of SECPL under the 'issuer non-cooperating' category
as SECPL 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. SECPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 27, 2021, August 6, 2021, August 16, 2021.

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

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

Straight Edge Contracts Private Limited (SEPL) was incorporated in
2009 by Mr. Rajesh Nagpal, Mr. Sahil Nagpal and Mr. Divam Kapoor.
The company is currently promoted by Mr. Rajesh Nagpal and Mr.
Sahil Nagpal. Earlier Mr. Rajesh Nagpal was engaged in trading of
building material and thereafter, he has worked with GulshanHomz
Pvt. Ltd which is engaged into construction of residential and
commercial structures. The company is engaged in civil construction
mainly for multistoried residential buildings for its associate
concern which operates in Delhi-NCR region. The company is also
engaged in real estate business; sale and purchase of residential/
commercial plots. SEPL has four group concerns, namely Gulshan
Homes and Infrastructure Private Limited, GulshanHomz Private
Limited, Gulshan Developers Private Limited and S.J. Infrastructure
Private Limited which are engaged in the real estate business.

SUBHASH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Subhash
Poultry Complex (SPC) continues to remain in the 'Issuer Not
Cooperating' category.

                       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  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of SPC under the 'issuer non-cooperating' category as SPC
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. SPC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021, and September 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).

Andhra Pradesh based, Subhash Poultry Complex (SPC) was established
in the year 2016 as a partnership firm and is promoted by Mr.
Srinivasa Rao and his other family members. The partners of the
firm have experience of more than a decade in the poultry business.
The firm is engaged in farming of egg laying poultry birds
(chickens) along with trading of eggs and cull birds.


TELEXCELL INFORMATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Telexcell Information Systems Limited
        33, Yusuf Sarai
        Green Park-Extension
        New Delhi 110016

Insolvency Commencement Date: October 5, 2021

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

Estimated date of closure of
insolvency resolution process: April 3, 2022
                               (180 days from commencement)

Insolvency professional: Mukesh Kumar Jain

Interim Resolution
Professional:            Mukesh Kumar Jain
                         T-1, 3rd Floor
                         Front Right Portion
                         Pankaj Arcade, Pocket MLU
                         Plot No. 16, Sector-5
                         Dwarka, New Delhi 110075
                         E-mail: fcafcs19@gmail.com
                                 cirp.telexcell@gmail.com

Last date for
submission of claims:    October 19, 2021


TIRUPATI STEEL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Steel Enterprises (TSE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       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 19, 2020, placed the
rating(s) of TSE under the 'issuer non-cooperating' category as TSE
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. TSE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021, September 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).

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

Tirupati Steel Enterprises (TSE) was set up as a proprietorship
concern in 1993 by Raipur-based Shri Sambhudayal Garg. Since
inception, TSE is engaged in the trading of various steel related
products. It is also an authorized dealer of Steel Authority of
India Limited (SAIL) and Jindal Steel and Power Ltd (JSPL) for
selling structural steel products like angle, channels, beams and
columns.


UNIPLY INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Uniply Industries Limited
        37, T.T.K. Road
        C.I.T. Colony
        Alwarpet
        Chennai 600018

Insolvency Commencement Date: October 5, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 3, 2022
                               (180 days from commencement)

Insolvency professional: L V Shyam Sundar

Interim Resolution
Professional:            L V Shyam Sundar
                         3rd Floor, No. 17
                         Gandhi Road, Alwarthirunagar
                         Opp to Vinayagar Temple &
                         Above Samyuktha Scans
                         Chennai, Tamil Nadu 600087
                         E-mail: shyam.ascend@gmail.com
                                 uniplyrp@pkfrevival.com
                         Tel: 044-43535657
                         Mobile: 9884882326

Last date for
submission of claims:    October 19, 2021


UNITED COLD: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United Cold
Storage (UCS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.42      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UCS to monitor the rating
vide letter dated September 23, 2021 and email communications
September 20, 2021 August 20, 2021, July 13, 2021, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the ratings.
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. The rating on United Cold Storage's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

At the time of last rating on October 05, 2020 the following was
the rating weaknesses:

Key Rating Weaknesses

* Instances of delays in the servicing of debt obligation: There
have been instances of delays in the interest payment of term debt
obligation.

United Cold Storage (UCS), based in Kapurthala (Punjab), was
established in July 2006 as a partnership firm. However, the
operations started in March, 2016. The firm is currently being
managed by Mr. Jaideep Singh and Navdeep Singh as its partners. The
firm is engaged in providing cold storage facility services of
agricultural products such as potatoes, apples and other vegetables
to the farmers based in Punjab on rent basis. The storage capacity
of the unit is 13150 tonnes as on June, 2020.


UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uniworld
Sugars Private Limited (USPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       60.00      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 23, 2020, placed
the rating(s) of USPL under the 'issuer non-cooperating' category
as USPL 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. USPL 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).

USPL is an equal joint venture between ED & F Man Sugar Netherlands
BV (EDF), one of the largest commodity traders in the world markets
and Simbhaoli Sugars Limited (SSL), having one of the largest sugar
refineries in India. USPL is engaged in refinery operations which
processes raw sugar into white refined sugar though ION exchange
process and sells its product under the brand name “Tiger”. SSL
and EDF formed a joint venture to set up a manufacturing facility
at the port of Kandla, Gujarat with a capacity to refine 1000
metric tonnes of raw sugar per day into white refined sugar.

VAIJANATH INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Vaijanath Industries Private Limited (SVIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.31      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 23, 2020, placed
the rating(s) of SVIPL under the 'issuer non-cooperating' category
as SVIPL 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. SVIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 09, 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).

Shri Vaijanath Industries Private Limited (SVIPL) was incorporated
on 13th July 2008; it is involved in the business of forging and
started its commercial production in 2010. The company has its own
manufacturing unit in Kolhapur. The products of the company find
their application in automobiles and CNC machines.


VIDEOCON INDUSTRIES: Twin Star Tech Opposes Plea for Fresh Bid
--------------------------------------------------------------
Financial Express reports that Vedanta Group firm Twin Star
Technologies, the approved bidder for the insolvent Videocon
Industries, has opposed lead banker State Bank of India's (SBI)
plea for inviting fresh bids on the ground of paltry pay-out. It
has termed the demand as "misconceived, non-justiciable and neither
maintainable in fact nor in law".

On behalf of the committee of creditors (CoC), SBI had on September
18 urged the National Company Law Appellate Tribunal (NCLAT) to
allow fresh bids for Videocon in the "larger public interest" and
to "ensure that public money is secured in the best possible
manner," FE recalls.

In its resolution plan, Twin Star has offered to pay INR2,962.02
crore on admitted claims of INR64,838.63 core. This amounts to a
95% collective haircut on the exposure of the banks.

In the reply-affidavit, submitted before the NCLAT on September 24,
Twin Star criticised SBI for approaching the NCLAT after a lapse of
more than three months since the NCLT approved the plan, even as it
had complete knowledge of the haircut when it voted in its favor,
according to FE. It also said once a resolution plan is approved by
the adjudicating authority, the CoC becomes functus officio, as per
the law. Alleging that SBI "deliberately chose to conceal in its
affidavit that the resolution plan of Twin Star provides amounts in
excess of the liquidation value of the corporate debtor
(Videocon)", Twin Star said. "Pertinently, no lender has questioned
the calculation of the liquidation value".

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.

VIVANTA LABORATORIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Vivanta Laboratories Private Limited
        8-3-229/D/97/4, Flat no. 401
        Jubilee Hill County
        Road No. 11, Jubilee Hills
        Hyderabad TG 500045

Insolvency Commencement Date: September 30, 2021

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         #302, 3-6-140/A, 3rd Floor
                         City Centre, Himayat Nagar
                         Hyderabad 500029
                         Telangana
                         E-mail: ippavankankani@gmail.com
                                 cirp.vivanta@gmail.com

Last date for
submission of claims:    October 14, 2021




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

ALAM SUTERA: S&P Withdraws 'CCC+' LT Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on PT Alam Sutera Realty Tbk. and the 'CCC+' long-term issue
rating on the Indonesia-based company's outstanding senior
unsecured notes due April 24, 2022, at the issuer's request. The
outlook on the issuer credit rating was negative at the time of the
withdrawal.




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

KEISEI ELECTRIC: Egan-Jones Cuts Senior Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Keisei Electric Railway Co., Ltd.to BB- from BB.

Headquartered in Ichikawa, Chiba, Japan, Keisei Electric Railway
Co., Ltd. provides passenger rail and bus transportation services
in the Metropolitan Tokyo and Chiba prefecture areas.


MITSUBISHI CHEMICAL: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 27, 2021, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Mitsubishi Chemical Holdings Corporation.

Headquartered in Chiyoda City, Tokyo, Japan, Mitsubishi Chemical
Holdings Corporation manufactures and distributes chemical
products.


MITSUBISHI HEAVY: S. Korean Court Orders Sale of Seized Assets
--------------------------------------------------------------
Arirang News reports that a South Korean court ordered on Oct. 11
that Mitsubishi Heavy Industries' assets seized in Korea be sold
off to provide compensation for wartime forced labor victims.

Arirang News relates that the ruling by the Daejeon District Court
orders the sale of the Japanese company's two copyrights and
patents to provide compensation for two female plaintiffs who are
now in their 90s.

It's the first time a South Korean court has ordered the sale of a
Japanese company's assets in relation to the issue.

The liquidation is expected to raise enough cash to provide some
176-thousand U.S. dollars for each victim, which includes interest
as well as compensation for delayed payments.

According to the report, Mitsubishi Heavy Industries said it will
appeal the ruling.

The company added it will also coordinate closely with the Japanese
government during the process, the report relays.

In 2018, Korea's top court ordered Mitsubishi to compensate the
forced labor victims, recalls Arirang News.

However, the company refused to comply, insisting the issue was
settled under a treaty signed between the two countries in 1965 to
normalize ties.

Arirang News says the move is expected to lead to a further
deterioration of relations between Seoul and Tokyo, at a time when
ties have already soured over Japan's implementation of tighter
export controls on some industrial materials bound for Korea.

The Japanese government has stressed multiple times that ordering
the liquidation of Mitsubishi Heavy Industries' Korea-based assets
should be avoided as it would have a severe impact on bilateral
ties, adds Arirang News.

                       About Mitsubishi Heavy

Based in Japan, Mitsubishi Heavy Industries, Ltd. --
http://www.mhi.co.jp/indexe.html-- was founded by Yataro Iwasaki
in 1884 as a shipbuilding firm called Nagasaki Shipyard & Machinery
Works, which was later named Mitsubishi Shipbuilding Co. Ltd., and
then again launched as Mitsubishi Heavy Industries, Ltd. in 1934 as
a private firm that manufactured ships, heavy machinery, airplanes
and railroad cars.

In 1950, Mitsubishi Heavy was divided into three separate entities
on a law aimed toward dissolving Nagasaki Shipyard & Machinery
Works and thus dismantling the overconcentration of economic power.
It was later consolidated in 1964 and reborn as Mitsubishi Heavy
Industries, Ltd.


NOMURA HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on October 1, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Nomura Holdings, Inc.

Headquartered IN Tokyo, Japan, Nomura Holdings, Inc. is a holding
company which manages financial operations for its subsidiaries.


SOFTBANK GROUP: Egan-Jones Cuts Senior Unsecured Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 21, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SoftBank Group Corp. to BB from B+.

Headquartered in Minato City, Tokyo, Japan, SoftBank Group Corp.
operates as a holding company, and through its subsidiary
"SoftBank", provides telecommunication services.


SUMITOMO CHEMICAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 22, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Sumitomo Chemical Company, Limited.

Headquartered in Chuo City, Tokyo, Japan, Sumitomo Chemical
Company, Limited manufactures chemical products.


UNITIKA LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 27, 2021, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by UNITIKA LTD. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Osaka, Osaka, Japan, UNITIKA LTD manufactures and
sells synthetic fibers and textile products used as apparel and
industrial materials.




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

EMPIRE RESORTS: S&P Rates New USD Sr. Sec. Notes 'B+'
-----------------------------------------------------
S&P Global Ratings affirmed the 'B+' long-term issuer credit rating
on Empire Resorts Inc.

S&P also assigned its 'B+' long-term issue rating to Empire's
proposed U.S. dollar-denominated senior secured notes.

The stable outlook reflects S&P's expectation that Genting Malaysia
Bhd. (GENM) of the Genting Bhd. group would support Empire in a
timely manner to provide liquidity and address any potential cash
needs.

Empire plans to issue US$300 million senior secured notes to
refinance the U.S. casino operator's existing bridge loans, fund
its debt service reserve account, and boost liquidity.

Empire's proposed notes issuance should support its capital
structure and liquidity. S&P believes a successful issuance would
help the company shore up its weak capital structure and liquidity
profile. The planned issuance would extend the duration of its
weighted-average maturity, from less than one year currently. The
issuance should also ease liquidity pressure given the refinancing
risk of its bridge loans, which will mature in less than 12
months.

Coupled with a planned US$150 million capital injection from GENM,
S&P believes the issuance will strengthen Empire's liquidity.
Empire's immediate holding company, Genting Empire Resorts LLC
(GERL), is also planning to refinance and extend the maturity of
its US$90 million bank loan. This will also ease the pressure on
Empire's overall capital structure because it includes GERL's debt
in our credit consideration for Empire due to the close linkage
between the companies.

Empire's operations are unlikely to be self-sustained and free cash
flow positive during the next two years. S&P said, "We expect the
company to continue generating negative free operating cash flow
over the next two years despite turning EBITDA positive from 2021.
We will continue to assess the company's stand-alone credit profile
at 'ccc+' until it generates positive free cash flow to support its
cash needs on a sustained basis."

Since the New York state government lifted COVID-19-related
restrictions in April, Empire's operations sharply recovered and
turned EBITDA positive due to pent-up demand and cost savings
implemented during its restructuring.

S&P said, "We believe the company can sustain a sizable portion of
the approximately US$40 million in annualized cost savings relating
to marketing and promotion. In addition, the State of New York's
announcement to reduce the gaming tax for slots to 30% from 39%
(effective April 2021) will result in an annualized revenue and
EBITDA upside of US$10 million-US$15 million for the company over
the next five years, in our view. However, Empire operates in a
highly competitive and saturated market in the Catskills region in
the northeastern U.S., which could hinder the company's free cash
flow generation over the next two years.

"We believe Genting group will continue to support Empire Genting
group continues to demonstrate its support for Empire and we
believe the group will likely continue doing so." Including its
planned US$150 million injection commitment in conjunction with the
proposed bond issuance, Genting has injected a total of US$520
million into Empire.

Empire operates under the Resorts World brand and is closely
associated with Genting's brand and reputation. The group
preserving and demonstrating support for Empire's projects would be
crucial for Empire to secure new licenses, including its plans to
develop a live-table games casino in New York City. In S&P's view,
Genting's plan to bring its U.S. operations under one
umbrella--GenUSA--will enhance its Resorts World brand in the U.S.
market. It will also assist in cross-marketing efforts through
Genting's development in Las Vegas and existing operations at
Resorts World New York.

S&P said, "The stable outlook on Empire reflects our view that the
company will continue to receive ongoing and extraordinary support
from the Genting group in a timely manner. We also expect Empire to
improve its operating performance with lower costs as operations
normalize to pre-pandemic levels, and to manage its refinancing
plans in a timely manner.

"We may lower the rating if we believe Empire is no longer a
strategically important subsidiary of Genting group, or that it
will no longer receive timely liquidity and equity support.

"We could raise the rating on Empire if it generates positive free
operating cash flows on a sustained basis, while maintaining a
sustainable capital structure and liquidity profile."




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

CEBU AIR: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on October 1, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Cebu Air Inc.  EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Pasay, Philippines, Cebu Air Inc. operates an
airline which provides air transportation services.




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

CHINA LOGISTICS: Creditors' Proofs of Debt Due on Nov. 9
--------------------------------------------------------
Creditors of China Logistics VI Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 9,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

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


EMPIRIC SOLUTIONS: Creditors' Proofs of Debt Due on Nov. 8
----------------------------------------------------------
Creditors of Empiric Solutions SG 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's liquidators are:

         Lin Yueh Hung
         Ng Kian Kiat
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


HUADA NANYANG: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 1, 2021, to
wind up the operations of Huada Nanyang College Pte. Ltd.

Ismart Synergy Pte. Ltd. filed the petition against the company.

The company's liquidators are:

         Mr. Farooq Ahmad Mann
         M/s Mann & Associates PAC
         3, Shenton Way
         #03-06C Shenton House
         Singapore 068805


LAOF IV CHINA: Creditors' Proofs of Debt Due on Nov. 9
------------------------------------------------------
Creditors of Laof IV China Logistics VI Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Nov. 9, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

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


LAOF IV: Creditors' Proofs of Debt Due on Nov. 9
------------------------------------------------
Creditors of Laof IV China Logistics III Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Nov. 9, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***