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

                     A S I A   P A C I F I C

          Wednesday, October 20, 2021, Vol. 24, No. 204

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2021-1: Moody's Affirms B2 Rating on Class F Notes
ARMADO PTY: Second Creditors' Meeting Set for Oct. 26
LADIES LET'S ROLL: First Creditors' Meeting Set for Oct. 28
NATIONAL HEALTH: Second Creditors' Meeting Set for Oct. 27
NORTH AUSTRALIAN: Emerges from Voluntary Administration

SBL SOLUTIONS: First Creditors' Meeting Set for Oct. 27


C H I N A

AIRPOWER TECHNOLOGIES: Fitch Affirms Then Withdraws 'BB' LT IDR
AIRPOWER TECHNOLOGIES: S&P Withdraws 'BB-' Issuer Credit Rating
CHINA EVERGRANDE: 206 Plots Withdrawn from Land Auctions in China
CHINA EVERGRANDE: HK Headquarters Sale Flops as Buyer Withdraws
HOPSON DEVELOPMENT: Moody's Affirms B2 CFR, Alters Outlook to Neg.

JINGRUI HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
LEADING HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
RISESUN REAL: Moody's Cuts CFR to B1, Outlook Negative
ZENSUN GROUP: Moody's Affirms B2 CFR & Alters Outlook to Negative


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Keeps CC Senior Unsecured Ratings
CONVOY GLOBAL: Court Denies Appeal Bid Against Major Shareholders


I N D I A

BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating
BALAJI PIGMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
BD AGRO: CRISIL Reaffirms B Rating on INR6cr Loans
DSC MOTOR PRIVATE: Insolvency Resolution Process Case Summary
EMKAY AUTOMOBILE: Insolvency Resolution Process Case Summary

GENIE COMMERCIAL: CRISIL Lowers Rating on INR85cr NCD to D
GOOD SHEPHERD: CRISIL Lowers Rating on INR6cr LT Loan to B
GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating
GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating
HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating

HARVEST GOLD: CRISIL Lowers Rating on INR8.5cr LT Loan to B
HIMALAYIYA AYURVEDIC: CRISIL Keeps B+ Ratings in Not Cooperating
INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
INDIAN STEEL: Insolvency Resolution Process Case Summary
INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating

JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating
LAMBA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating
NIRMAL INDUCTOMELTS: CRISIL Cuts Debt Rating to D

NOBLE MOULDS: CRISIL Cuts Rating on INR14cr Cash Loan to D
OYO HOTELS: SC to Hear Hotelier's Appeal vs. NCLAT Order on Oct 21
RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating
RAINBOW ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
RAMI REDDY: CRISIL Hikes Rating on INR20cr Loans to B+

RUKMINI SILK: CRISIL Hikes Rating on INR12cr Loans to B
SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SREI INFRASTRUCTURE: RBI Retains Three-Member Advisory Committee
SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
THEME EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANSMISSION CORP: CRISIL Cuts Rating on INR5.2CR Bond to D
TREND SETTERS: CRISIL Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

BUKIT MAKMUR: Moody's Affirms Ba3 CFR, Outlook Remains Negative


J A P A N

KOBE STEEL: Egan-Jones Keeps B Senior Unsecured Ratings
MARUI GROUP: Egan-Jones Keeps BB Senior Unsecured Ratings
TOKYO ELECTRIC: Egan-Jones Keeps BB Senior Unsecured Ratings
TYOBO CO: Egan-Jones Keeps BB+ Senior Unsecured Ratings


S I N G A P O R E

COLOURBOX INTERIOR: Court to Hear Wind-Up Petition on Oct. 29
ISS CONSULTING: Creditors' Proofs of Debt Due on Nov. 19
MODOLEEN PTE: Court to Hear Wind-Up Petition on Nov. 5
SOHANS EMPORIUM: Court Enters Wind-Up Order
THAI PRIME: Creditors' Proofs of Debt Due on Nov. 15



S O U T H   K O R E A

KDB LIFE: Fitch Affirms 'BB+' LT IDR, Outlook Remains Negative


S R I   L A N K A

SRI LANKA: Central Bank on an Insolvency Track


V I E T N A M

EVN FINANCE: Moody's Assigns First Time B2 CFR, Outlook Stable

                           - - - - -


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

ALLIED CREDIT 2021-1: Moody's Affirms B2 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of all notes
issued by AMAL Trustees Pty Ltd as trustee of Allied Credit ABS
Trust 2021-1.

Issuer: Allied Credit ABS Trust 2021-1

AUD152M Class A Notes, Affirmed Aaa (sf); previously on Sep 29,
2021 Definitive Rating Assigned Aaa (sf)

AUD13.8M Class B Notes, Affirmed Aa2 (sf); previously on Sep 29,
2021 Definitive Rating Assigned Aa2 (sf)

AUD11.4M Class C Notes, Affirmed A2 (sf); previously on Sep 29,
2021 Definitive Rating Assigned A2 (sf)

AUD7M Class D Notes, Affirmed Baa2 (sf); previously on Sep 29,
2021 Definitive Rating Assigned Baa2 (sf)

AUD9.8M Class E Notes, Affirmed Ba2 (sf); previously on Sep 29,
2021 Definitive Rating Assigned Ba2 (sf)

AUD2.6M Class F Notes, Affirmed B2 (sf); previously on Sep 29,
2021 Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

The rating action follows an overstatement of the pool balance at
closing and the subsequent corrective action taken by the sponsor
with a cash transfer made into the trust collections account.

Allied Credit Pty Ltd (Allied Credit, unrated) has advised that
prior to closing, it made an error in the reporting of the
securitised loan-by-loan data as of the pool cut-off date. The
error occurred when the data was manually extracted and transferred
from the relevant originators' loan systems into a spreadsheet. As
a result of the error, some loans in the closing pool cut were
duplicated, causing the balance of loan receivables to be
overstated by around AUD5.5 million, or 2.75% of the total note
balance. This meant that the balance of the notes issued exceeded
the principal balance of the loan receivables by the equivalent
amount of AUD5.5 million (the over-issuance amount).

The trust manager, Allied Credit Management Services Pty Ltd, has
advised Moody's that following the discovery of the error, it
directed the transfer of AUD5.5 million into the trust collections
account, thereby covering the over-issuance amount. These funds
will be distributed to the Class A noteholders at the first payment
date, as per the transaction waterfall.

The rating affirmation reflects the neutral impact of the
combination of the over-issuance of the notes at closing and the
subsequent transfer of cash into the trust collections account.

Following the transfer, there is no mismatch between the assets and
liabilities of the transaction, and the credit enhancement on the
rated notes remains at the levels indicated at closing.

After the correction of the loan-by-loan data, the characteristics
of the portfolio remain largely the same as prior to the
correction. These include, among others:

Similar proportions of asset types backing the loans. The
securitised loans are backed by motor vehicles (56.3%), motorcycles
(26.9%), marine assets (15%) or other assets (1.8%).
Prior to the correction, the proportions were 57.0%, 26.6%, 14.6%
and 1.7% respectively.

Portfolio yield of 10.3%, in line with that prior to the
correction.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 29%. Moody's mean default for
this transaction is 5.9%. The assumed recovery rate is 27%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.
These assumptions have not changed following reporting error
correction.

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

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

Up

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

Down

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

ARMADO PTY: Second Creditors' Meeting Set for Oct. 26
-----------------------------------------------------
A second meeting of creditors in the proceedings of Armado Pty
Limited has been set for Oct. 26, 2021, at 11:00 a.m. via
teleconference facility only.

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. 25, 2021, at 4:00 p.m.

Neil Cussen & Andre Lakomy of Cor Cordis were appointed as
administrators of Armado Pty on Sept. 20, 2021.


LADIES LET'S ROLL: First Creditors' Meeting Set for Oct. 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ladies Let's
Roll Pty Ltd, trading as Shebah All Women Rideshare, and Shebah Pty
Ltd will be held on Oct. 28, 2021, at 11:00 a.m. virtually via
electronic facilities.

Sam Kaso and Rachel Burdett of Cor Cordis were appointed as
administrators of Ladies Let's Roll on Oct. 18, 2021.

NATIONAL HEALTH: Second Creditors' Meeting Set for Oct. 27
----------------------------------------------------------
A second meeting of creditors in the proceedings of National Health
Co-operative Limited has been set for Oct. 27, 2021, at 10:00 a.m.
via virtual meeting.

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. 26, 2021, at 3:00 p.m.

Michael Slaven & Aaron Torline of Slaven Torline were appointed as
administrators of National Health on June 21, 2021.


NORTH AUSTRALIAN: Emerges from Voluntary Administration
-------------------------------------------------------
ABC News reports that one of Australia's most well-known live
export companies has emerged from voluntary administration with a
new owner.

North Australian Cattle Company (NACC) was founded in 1980 and run
by Elders for nearly three decades until its sale to a
Chinese-Australian buyer in 2017.

Earlier this year, the company went into voluntary administration
with debts reportedly of AUD3.6 million, the report notes.

ABC relates that the company returned last week, with live export
industry veteran Ashley James taking over the business.

"Over the last few months I've been lucky to work with a few
investors and we've managed to purchase NACC from the
administrators, which was finalised yesterday [Oct 14]," the report
quotes Mr. James as saying.

Mr. James said if all went to plan, the new-look NACC would have
its first cattle shipment loaded in November.

"Obviously there's a bit going on with the administrators still;
unfortunately all of the previous staff of NACC, including myself,
were left high and dry," he said.

"I think the key from here will be having good customers, good
relationships and really concentrating on our key markets of
Indonesia and Vietnam.

Mr. James was NACC's managing director when it went into
administration, the report notes.

When asked what had gone wrong, he said "the shareholders didn't
agree on how the business should be run".

"There was one in Australia and two in China and they didn't
agree.

"It's a business that needs cash to run and cashflow wasn't
forthcoming from the shareholders."

(Melissa) Poh Bee Lau and Jimmy Trpcevski of Jirsch Sutherland were
appointed as administrators of North Australian on May 31, 2021.


SBL SOLUTIONS: First Creditors' Meeting Set for Oct. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SBL
Solutions Services Pty Ltd will be held on Oct. 27, 2021, at 12:00
p.m. via virtual meeting.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of SBL Solutions on Oct. 15, 2021.




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

AIRPOWER TECHNOLOGIES: Fitch Affirms Then Withdraws 'BB' LT IDR
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
China-based AirPower Technologies Limited, formerly known as Yingde
Gases Group Company Limited, at 'BB'. The Outlook is Stable. The
agency has affirmed the senior unsecured rating of AirPower at
'BB'.

The affirmation reflects AirPower's strong financial profile with
steady revenue growth, healthy EBITDA and low leverage. Revenue
increased by 18% yoy, on average, from 2017-2020 and the EBITDA
margin remained at 30%-35%. Funds from operations (FFO) net
leverage decreased to 1.4x in 2020, from 2.7x in 2017, and Fitch
forecasts it will remain under 2.0x in 2021 and 2022.

AirPower redeemed the US500 million senior notes due 2023 issued by
Yingde Gases Investment Limited, which it irrevocably guaranteed,
on 15 October 2021.

Concurrently, Fitch has chosen to withdraw AirPower's ratings for
commercial reasons.

KEY RATING DRIVERS

Acquisition to Boost Business Profile: AirPower acquired 64.82% of
Baosteel Gases in July 2021. Baosteel Gases operates in the same
industry, but has a different revenue structure and customer base.
Fitch expects the post-acquisition consolidated business profile to
have a higher contribution from the merchant gas business, and more
product offerings and end-customer diversification.

Operational synergies will come from the consolidation of sales,
maintenance and logistics teams. The acquisition will be financed
with cash and an acquisition loan; the loan's impact on leverage
will not be significant.

Strong Financial Performance: AirPower's revenue rose 11% in 2020
and 17% yoy in 1H21 due to higher sales volume from a quick
post-Covid-19 recovery and ramp-up of its Jingmen facility from
end-2019. Fitch expects revenue to rise by 20% in 2021 from the
Baosteel Gases consolidation and new capacity ramp-up. Fitch
expects the EBITDA margin to remain above 30% in 2021-2024 after
the 30% in 2020 and 34% in 1H21. AirPower had positive free cash
flow (FCF) from 2016-2020, which Fitch forecasts will continue
until 2023.

Improving Business Diversification: The proportion of industrial
gas revenue from merchant sales rose to 21% in 1H21 from 12% in
2016. Merchant revenue increased by 39% yoy in 1H21 as the
segment's customers recovered from the pandemic's impact, raising
volume and average selling prices. Urea and other product revenue
rose to 25% of total revenue in 1H21, from 5% in 2016, due to the
acquisition of a fertiliser business and the Jingmen project's full
ramp-up in 2H20. The Jingmen project produces methanol, ammonia and
hydrogen.

Low Leverage Maintained: AirPower's FFO net leverage dropped to
1.4x in 2020, from 2.7x in 2017, due to the continuous facility
ramp-up and increasing revenue from the low capex merchant
business. AirPower also had high interest coverage at 7.6x in 2020.
Fitch expects FFO net leverage to remain below 2.0x in 2021-2024
due to steady revenue growth and prudent capex.

AirPower's plan for an IPO is still in the early stages and Fitch
cannot estimate the proceeds at this time. Using the proceeds to
repay debt while keeping its current capex plan would be credit
positive for the company.

DERIVATION SUMMARY

There is no direct comparable industry peer for AirPower. Fitch
instead compares AirPower with other 'BB' category peers in China,
such as China Hongqiao Group Limited (BB/Positive) and West China
Cement Limited (WCC, BB/Positive), and international 'BB' chemical
peer Tata Chemicals Limited (BB+/Stable).

Hongqiao's business scale is substantially larger than that of
AirPower. Hongqiao has lower leverage but AirPower has higher
coverage. Hongqiao's margin is slightly lower than AirPower's and
both companies have limited revenue diversification. However,
Hongqiao's business profile could improve and regulatory risk may
be reduced if its facility relocation is successful, which
justifies its Positive Outlook.

WCC's scale is smaller than AirPower's, but it has higher EBITDA
margin, lower leverage and higher coverage. WCC's Positive Outlook
reflects Fitch's expectations its new capacity additions outside of
its home market in Shaanxi will increase its scale and profit, and
reduce geographical concentration after 2021. At the same time,
Fitch expects the company to maintain low leverage.

Tata and AirPower differ in their product offerings. Tata focuses
on less-cyclical soda ash, salt and food-related consumer products
while AirPower focuses on industrial gases. Tata's business scale
is smaller than AirPower's with lower margins, higher leverage and
lower coverage. However, Tata has stronger market diversification
by geography while AirPower is largely based in China.

KEY ASSUMPTIONS

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

-- Revenue to increase 20% in 2021 to CNY19 billion and rise 14%
    in 2022 due to the consolidation of Baosteel Gases in 2H21;

-- EBITDA margin to remain above 31% in 2021-2024, supported by
    long-term contracts;

-- Capex to average 15% of revenue in 2021-2024, mainly used for
    new facilities;

-- Dividend payout ratio to remain at 30% (excluding special
    dividends).

RATING SENSITIVITIES

Not relevant as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: AirPower had CNY4.9 billion in short-term debt
as of 30 June 2021, against CNY4.5 billion of readily available
cash and CNY7.9 billion of uncommitted credit facilities. The
credit facilities are uncommitted, as committed facilities are
uncommon in the Chinese banking environment.

ISSUER PROFILE

AirPower produces and distributes industrial gas products such as
oxygen, nitrogen and argon to on-site and merchant customers in
China. It was the largest independent industrial-gas supplier in
China by revenue in 2020.

ESG CONSIDERATIONS

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

AIRPOWER TECHNOLOGIES: S&P Withdraws 'BB-' Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on AirPower Technologies Ltd. (AirPower, previously known as
Yingde Gases Group Co. Ltd.) at the company's request. S&P also
withdrew the 'BB-' issue rating on the senior unsecured notes
issued by Yingde Gases Investment Ltd. and guaranteed by AirPower.
The notes were early redeemed on Oct. 15, 2021.

The stable outlook at the time of withdrawal reflects S&P's
expectation that AirPower's leverage will remain stable and the
company's debt-to-EBITDA ratio will be below 3.5x over the next 12
months, supported by its steady operations and disciplined capital
spending, including acquisitions.

AirPower is one of the largest independent industrial gas suppliers
in China.


CHINA EVERGRANDE: 206 Plots Withdrawn from Land Auctions in China
-----------------------------------------------------------------
South China Morning Post reports that Chinese local governments
have withdrawn some 206 plots of land from auctions in major cities
since last month as buyers tightened their finances after
Evergrande's debt crisis roiled the property market.

The Post relates that the plots represented almost one-third of
about 700 plots that were put up for sale in 22 cities including
Beijing, Shanghai and Guangzhou. Since September, 15 cities have
completed two rounds of auctions under a new centralised sale
programme, according to Centaline Properties.

In Beijing, 17 plots were sold on Oct. 13 while 26 others were
shelved because there were no bidders, according to the
municipality, the Post relays. Shanghai completed 20 land sales
during the October 11 to 13 auctions, while seven plots failed to
find buyers, the city said in an announcement.

China Evergrande Group, saddled with US$305 billion of liabilities,
stoked concerns after it failed to pay interest on two bonds last
month, invoking a 30-day grace period to avoid a default, the
report says. Founder Hui Ka-yan is rushing to sell assets for cash,
prompting authorities to warn the developer about delivering its
homes to buyers on time. Property sales slumped 20 per cent in
September from a year ago, BCA Research noted.

"When these hot tier 1 cities see land withdrawals, it means
enthusiasm has cooled down tremendously," the Post quotes Zhao
Xuxiang, a property analyst at Oriental Securities in Shanghai, as
saying. "Unless more policies are eased and credit loosened, the
downturn in land and home sales may last a rather long time."

According to the Post, the central government introduced a
so-called centralised land sale system in 22 large cities early
this year. Under the new system, land auctions will take place only
three times a year with a huge number of plots auctioned each
time.

The Post says the recent failures are in stark contrast to the
first round of auction, when several cities were forced to stop or
postpone them as buoyant demand kept prices elevated, defeating the
auction system that was designed to tame land prices.

Guangzhou, capital of southern Guangdong province and a key pillar
in the Greater Bay Area plan, scrapped more than half of the plots
that were put up for auction on September 26 and 27, according to
the municipality.

Even Shenzhen, the most expensive Chinese city to own a home, was
not spared. The technology hub, which counts Tencent Holdings and
Huawei Technologies among its resident companies, failed to sell
one plot of land as the city's government reset prices 20 per cent
lower than the levels in the preceding two weeks.

"Developers in recent years have been relying on pre-construction
sales as a major source of financing," analysts at BCA Research
said in an October 14 report, the Post relays.  "With presales
drying up and borrowing restrained by both government regulations
and creditors' unwillingness to lend, developers will be unable to
sustain the current pace of construction and completion."

New home prices grew in August at their slowest pace this year, the
report discloses citing a government report. The average price
across 70 major mainland cities rose 0.2 per cent from a month
earlier, slowing from a 0.3 per cent increase in July.

About 17,000 new units were sold during the "golden week" holiday
between October 2 and October 8, a 33 per cent drop from the same
national day holiday last year, according to sector analysts at the
brokerage unit of Bank of China, which monitors sales in 52 major
cities, the Post discloses.

The Post adds that the Evergrande saga has prompted some developers
to be cautious about their finances. Lin Zhong, chairman of
Shanghai-based developer CIFI Holdings, said the company would
favour small-scale projects as a way to trim land-purchase costs.

"To adapt to the tightening policy environment, CIFI does not look
to buy land plots that take a long period of time to develop
because they soak up a big sum of funds," he said in a statement in
August.

"Developers have clearly shown less motivation in land purchases as
many are already tight with money," said Yan Yuejin, director of
E-house China Research and Development Institution in Shanghai.

"On one hand, they are under huge pressure from selling fewer homes
and collecting less money. On the other hand, they are struggling
to borrow money from banks."

                       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: HK Headquarters Sale Flops as Buyer Withdraws
---------------------------------------------------------------
Reuters reports that Chinese state-owned Yuexiu Property has pulled
out of a proposed US$1.7 billion deal to buy China Evergrande
Group's Hong Kong headquarters building over worries about the
developer's dire financial situation, two sources said.

Reuters relates that the collapse of the talks for the landmark
building's sale is another setback for cash-strapped Evergrande
which has been scrambling to divest some assets to repay creditors
knocking on its doors. With more than US$300 billion in
liabilities, it has already missed three rounds of interest
payments on its international bonds.

Yuexiu, based in the southern city of Guangzhou, was close to
sealing a deal in August to acquire the 26-storey China Evergrande
Centre in Hong Kong's Wan Chai district that serves as Evergrande's
local headquarters, said the source, according to Reuters.

The deal, however, faltered after Yuexiu's board opposed the move
over worries that Evergrande's unresolved indebtedness would create
potential complications in completing the transaction smoothly,
they said, Reuters relays.

Once China's top-selling developer, Shenzhen-based Evergrande has
in recent months sought to raise funds by offloading assets - from
properties to stakes in subsidiaries - both in mainland China and
in Hong Kong, the report notes.

According to Reuters, Evergrande bought the harbourside building,
which is located in Hong Kong's commercial and night life district
and covers an area of 345,000 square feet, from local peer Chinese
Estates Holdings for US$1.61 billion in 2015.

That deal set a record for a single transaction of a commercial
building in the Asian financial hub with the highest price per
square foot at the time, Reuters says. It also made the property
Evergrande's single largest asset in the city.

Evergrande has financed the bulk of the transaction with
securitised products worth more than HK$10 billion, said one of the
sources, which means it would only recoup limited cash from the
sale of the building, adds Reuters.

                       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-'.


HOPSON DEVELOPMENT: Moody's Affirms B2 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Hopson Development Holdings Limited.

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

"The change in outlook to negative reflects our expectation that
Hopson's contracted sales will fall over the next 6-12 months
because of weaker consumer sentiment amid tight funding conditions,
which in turn will lead to a deterioration in the company's
financial metrics and liquidity," says Kelly Chen, a Moody's
Assistant Vice President and Analyst.

"The rating affirmation reflects our expectation that Hopson will
have adequate liquidity to temper the risks associated with the
difficult operating and financing conditions over the next 6-12
months," adds Chen.

RATINGS RATIONALE

Hopson's B2 rating reflects the company's established track record
of developing properties and sizeable good-quality land reserves in
tier 1 and tier 2 cities in the Pearl River Delta, the Bohai area
and the Yangtze River Delta area.

The rating also considers the company's growing property
development scale and recurring income streams from its sizable
investment portfolio.

However, the rating is constrained by Hopson's high debt leverage,
as measured by revenue (excluding revenue from the equity
investment segment)/debt, and the financial risks associated with
its fast-growing equity investment portfolio.

Moody's expects Hopson's contracted sales will fall over the next
6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions. This will weaken the company's operating cash
flow and in turn its liquidity.

Moody's expects Hopson's liquidity to be adequate over the next
6-12 months. As of June 30, 2021, the company had unrestricted cash
of HKD39.8 billion, compared with reported short-term debt of
HKD37.8 billion. Moody's expects the company will use its internal
cash to repay some of its maturing debt, but the repayment will
reduce the funding available for its operations over the next 12-18
months. The company's financial flexibility will also be affected
if the weakness in debt capital markets persists.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Hopson's concentrated
ownership by Chu Mang Yee, who held a 53.26% stake in the company
as of the end of June 2021.

Moody's has also considered the company's good track record in
operations and execution, its disclosure of significant
related-party transactions as required by the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange, and the
presence of a diversified board of directors and three special
committees (including the Audit Committee, the Remuneration
Committee and the Nomination Committee) to supervise the company's
operations.

Hopson's board has 8 directors, among which three are independent
nonexecutive directors who also chair the Audit Committee and the
Remuneration Committee.

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

Given the negative outlook, a rating upgrade is unlikely. However,
Moody's could return the rating outlook to stable if the company
grows its operating scale; strengthens its financial metrics, such
that its adjusted EBIT/interest (excluding EBIT from the equity
investment segment) remains above 2.0x, while its rental
income/interest stays above 0.5x on a sustained basis; and
strengthens its liquidity, with its cash/short-term debt
consistently above 1.0x.

However, Moody's could downgrade Hopson's rating if the company's
liquidity deteriorates, as reflected by declining cash or rising
short-term debt levels; its contracted sales and profit margin
decline significantly; or if its financial profile weakens, with
its adjusted EBIT/ interest (excluding EBIT from the equity
investment segment) falling below 1.5-2.0x and its rental
income/interest declining below 0.3x.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Hopson Development Holdings Limited (Hopson) primarily develops
residential properties in cities such as Guangzhou, Beijing,
Shanghai, Tianjin and Huizhou, as well as their surrounding areas.
The company had a land bank of 30.48 million square meters in gross
floor area as of the end of June 2021.

Hopson was listed on the Hong Kong Stock Exchange in 1998. Its
former chairman, Chu Mang Yee, owned a 53.26% stake in the company
as of the end of June 2021. Its revenue (excluding revenue from its
equity investment segment) for 2020 was HKD26.3 billion.

JINGRUI HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Jingrui Holdings Limited, as well as the B3 senior
unsecured rating on the bonds issued by Jingrui.

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

"The change in outlook to negative reflects our expectation that
Jingrui's contracted sales will fall over the next 6-12 months
because of weaker consumer sentiment, which in turn will lead to a
deterioration in the company's financial metrics and liquidity,"
says Cedric Lai, a Moody's Vice President and Senior Analyst.

"The rating affirmation reflects our expectation that Jingrui will
have adequate liquidity to temper the risks associated with the
difficult operating and financing conditions over next 6-12
months," adds Lai.

RATINGS RATIONALE

Jingrui's B2 CFR reflects the company's long track record of
developing residential properties in the Yangtze River Delta
region, its high quality land bank and its adequate liquidity.

However, the company's credit profile is constrained by its modest
operating scale, high geographic concentration and moderate
interest coverage because of its improving but still-low
profitability.

Moody's expects Jingrui's contracted sales will fall over the next
6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions. This will weaken the company's operating cash
flow and in turn its liquidity.

Moody's expects Jingrui's liquidity to be adequate over the next
6-12 months. As of June 30, 2021, the company had unrestricted cash
of RMB11.1 billion, compared with reported short-term debt of
RMB8.5 billion. Moody's expects the company will use its internal
cash to repay some of its maturing debt, but the repayment will
reduce the funding available for its operations over the next 12-18
months. The company's financial flexibility will also be hurt if
the weakness in debt capital markets persists.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Jingrui's concentrated ownership by its key
shareholders, Mr. Chen Xin Ge and Mr. Yan Hao, who held an
approximate 69.3% stake in the company as of the end of June 2021.

Moody's has also considered (1) the fact that independent directors
chair Jingrui's audit and remuneration committees; (2) the low
level of related-party transactions and dividend payouts; and (3)
the presence of other internal governance structures and standards
as required by the Hong Kong Stock Exchange, on which the company
is listed.

The B3 senior unsecured debt rating is one notch lower than its CFR
due to structural subordination risk. This risk reflects the fact
that the majority of claims are at the operating subsidiaries and
have priority over Jingrui's senior unsecured claims in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

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

An upgrade of the rating is unlikely in the near term, given the
negative rating outlook.

However, Moody's could return the rating outlook to stable if the
company (1) reduces its reliance on offshore debt and improves its
onshore funding access, (2) strengthens its liquidity and improves
its EBIT interest coverage to above 1.8x-2.0x consistently, and (3)
maintains stable property sales growth, supported by a high level
of cash collections and good liquidity.

On the other hand, Moody's could downgrade the rating if (1) the
company's contracted sales, cash collections or liquidity weaken
significantly; and (2) its credit metrics deteriorate, such that
EBIT/interest coverage fails to recover to 1.5x on a sustained
basis.

Any sign of deterioration in the company's funding access would
also be negative for its rating.

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

Jingrui Holdings Limited is a Shanghai-based property developer.
The company was listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen Xin
Ge and Mr. Yan Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China. As of June 2021, Jingrui had a total
land bank of about 5.3 million square meters across 18 cities in
China, including Beijing, Shanghai, Tianjin, Hangzhou, Suzhou,
Nanjing and Ningbo.

LEADING HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Leading Holdings Group Ltd (Leading Group).

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

"The change in outlook to negative reflects our expectation that
Leading Group's contracted sales will fall over the next 6-12
months because of weaker consumer sentiment, which in turn will
lead to a weakening in the company's liquidity," says Celine Yang,
a Moody's Vice President and Senior Analyst.

"The rating affirmation reflects our expectation that Leading Group
will have adequate liquidity to temper the risks associated with
the difficult operating and financing conditions over the next 6-12
months," adds Yang.

RATINGS RATIONALE

Leading Group's B2 rating reflects the company's long operating
track record in its key Sichuan province market, its good credit
metrics compared with many of its B2-rated peers, as well as its
adequate liquidity.

However, the rating is constrained by Leading Group's small
operating scale and its high exposure to lower-tier cities, limited
funding channels and large exposure to trust loan financing.
Specifically, its refinancing risk for trust loans has increased,
given that access to this funding channel is more uncertain than
that of traditional financing channels amid the current challenging
funding and operating conditions.

Moody's expects Leading Group's contracted sales will fall over the
next 6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions and an increasing number of property developers
going into distress. This will weaken the company's operating cash
flow and in turn its liquidity. In addition, the company will
likely scale down its operations to preserve liquidity for debt
repayment.

Moody's expects Leading Group's liquidity to be adequate over the
next 6-12 months. As of June 30, 2021, the company had unrestricted
cash of RMB5.75 billion, compared with reported short-term debt of
RMB4.8 billion. Moody's expects the company will use its internal
cash to repay some of its maturing debt, but the repayment will
reduce the funding available for its operations over the next 12-18
months. The company's financial flexibility will also be affected
if the weakness in debt capital markets persists.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Leading Group's concentrated
ownership. Mr. Liu Yuhui and his family members, being parties
acting in concert, together held a 72% equity stake in the company
as of February 28, 2021.

Moody's has also considered the presence of three independent
nonexecutive directors on the company's seven-member board and the
presence of other internal governance structures and standards as
required by the Hong Kong Stock Exchange.

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

Given the negative outlook, a rating upgrade over the next 12-18
months is unlikely. However, Moody's could return Leading Group's
outlook to stable if the company improves its liquidity and
demonstrates its ability to access funding by refinancing its
offshore debt maturing over the next 6-12 months.

Moody's could downgrade Leading Group's rating if the funding or
operating environment deteriorates further, such that the company
is unable to refinance its upcoming debt maturities; or if the
company accelerates its land acquisitions, thereby weakening its
financial metrics and liquidity. Metrics indicative of a downgrade
include (1) unrestricted cash/short-term debt below 1.0x; (2)
EBIT/interest coverage below 1.5x; or (3) revenue/adjusted debt
below 50%-55% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Established in 1999, Leading Holdings Group Ltd (Leading Group) is
a Sichuan-based Chinese property developer with over 20 years of
property development experience. As of the end of 2020, the company
had 106 property development projects with a gross land bank of
16.5 million square meters. In 2020, Leading Group reported gross
contracted sales of RMB23.4 billion, with 75% of the sales
attributable to the company.

RISESUN REAL: Moody's Cuts CFR to B1, Outlook Negative
------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of RiseSun Real Estate Development Co., Ltd. to B1 from Ba3.
At the same time, Moody's has downgraded to B2 from B1 the senior
unsecured rating on the bonds issued by RongXingDa Development
(BVI) Limited and unconditionally and irrevocably guaranteed by
RiseSun.

The outlook remains negative.

"The downgrade reflects RiseSun's expected weakening liquidity and
increased refinancing risk over the next 6-12 months amid tight
funding conditions and large debt maturity," says Kelly Chen, a
Moody's Assistant Vice President and Analyst.

"The negative outlook reflects our expectation that RiseSun's
contracted sales will fall over the next 6-12 months because of
weaker consumer sentiment amid tight funding conditions, which in
turn will lead to a deterioration in the company's financial
metrics and liquidity." adds Chen.

RATINGS RATIONALE

RiseSun's B1 CFR reflects the company's long operating history and
strong brand name in the Bohai Rim region, its disciplined land
bank strategy and healthy debt leverage.

On the other hand, RiseSun's rating is constrained by the company's
high exposure to lower-tier cities, where housing demand is less
certain because of weaker economic conditions. The rating is also
constrained by the company's narrow funding access and increased
refinancing risk amid tight funding conditions.

Moody's expects RiseSun's contracted sales will decline over the
next 6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions. This will weaken the company's operating cash
flow and in turn its liquidity.

Consequently, RiseSun's key credit metrics will weaken over the
next 12-18 months. Moody's expects the company's leverage, as
measured by revenue/debt, will be around 100% in 2021-22. Its
homebuilding EBIT interest coverage will be around 2.4x-2.8x in
2021-22. For the 12 months that ended June 30, 2021, the company's
leverage was 112%, while its homebuilding EBIT interest coverage
was 3.2x.

Moody's expects RiseSun's liquidity to be adequate over the next
6-12 months. As of June 30, 2021, the company had unrestricted cash
of RMB26.3 billion, compared with reported short-term debt of
RMB25.8 million. Moody's expects the company will repay some of its
maturing debt by using its internal cash, but the repayment will
reduce the funding available for its operations over the next 12-18
months. The company's financial flexibility will also be hurt if
the weakness in debt capital markets persists.

RongXingDa Development (BVI) Limited's B2 senior unsecured bond
rating is one notch lower than RiseSun's B1 CFR because of the risk
of structural subordination. This risk reflects the fact that most
of the claims are at the operating subsidiary level and have
priority over claims at the holding company level in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

With respect to environmental, social and governance (ESG) factors,
RiseSun's B1 CFR takes into account the company's concentrated
ownership, with its chairman, Geng Jianming, in concert with his
family and friends, holding a 63.4% stake as of September 27, 2021.
Moody's has considered the presence of four special committees --
the Audit Committee, the Remuneration Committee, the Nomination
Committee and the Strategic Committee -- to oversee the company's
management and operations. Moody's has also considered the
company's disclosure of significant related-party transactions, as
required by the Corporate Governance Code for companies listed on
the Shenzhen Stock Exchange.

In terms of dividend payments, RiseSun maintained a largely stable
payout ratio at 20%-26% of attributable net income in 2018-20.

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

An upgrade of the company's ratings is unlikely, given the negative
rating outlook. However, Moody's could return the rating outlook to
stable if the company (1) restores its funding access at reasonable
cost and further diversifies its funding channels, and (2)
maintains its operating scale, solid credit metrics and strengthens
balance sheet cash to support its liquidity.

Moody's could downgrade the ratings if RiseSun's contracted sales,
liquidity, profit margin or credit metrics worsen more than
expected. Deteriorating credit metrics that could trigger a rating
downgrade include revenue/adjusted debt below 65%, adjusted
EBIT/interest coverage below 2.0x, or unrestricted cash/short-term
debt below 1.0x, all on a sustained basis.

Any sign of weakening access to onshore funding or an inability to
restore its offshore funding access could also pressure the
company's ratings.

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

Founded in 1996, RiseSun Real Estate Development Co., Ltd.
(RiseSun) engages in real estate and industrial park development,
property management services and hotel operations in China. The
company was listed on the Shenzhen Stock Exchange in 2007, and is
headquartered in Langfang, Hebei province. As of the end of June
2021, the company had more than 300 property development projects,
with an aggregate gross floor area of 37.4 million square meters.

ZENSUN GROUP: Moody's Affirms B2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Zensun Group Limited (Zensun). At the same time, Moody's
has affirmed the B3 senior unsecured rating on the bonds issued by
Zensun Enterprises Limited.

The outlook has been changed to negative from stable.

"The change in outlook to negative reflects our expectation that
Zensun's contracted sales will fall over the next 6-12 months
because of weaker consumer sentiment amid tight funding conditions
in China's property sector, which will in turn lead to a
deterioration in the company's financial metrics and liquidity,"
says Daniel Zhou, a Moody's Analyst.

"The rating affirmation reflects our expectation that Zensun will
have adequate liquidity to temper the risks associated with the
difficult operating and financing conditions over the next 6-12
months," adds Zhou.

RATINGS RATIONALE

Zensun's B2 CFR reflects the company's established brand name and
leading market position in Zhengzhou, Henan province; and
established track record of urban redevelopment projects in the
city, supporting its ability to acquire new contracts for
redevelopment projects in Zhengzhou.

However, Zensun's B2 CFR is constrained by the company's moderate
operating scale with high geographic concentration in Henan
province; increased execution risks associated with its expansion
outside of its home market; and its small land bank, which results
in higher requirements than peers to replenish its land bank to
support sales.

Moody's expects Zensun's contracted sales will fall over the next
6-12 months, driven by weaker homebuyer confidence amid tight
funding conditions. This will weaken the company's operating
cashflow and in turn its liquidity.

Moody's expects Zensun's liquidity to be adequate over the next
6-12 months. Moody's also expects the company will use its internal
cash to repay some of its maturing debt, but the repayment will
reduce the funding available for its operations over the next 12-18
months. The company's financial flexibility will also be hurt if
the weakness in offshore debt capital markets persists.

The B3 senior unsecured bond rating is one notch lower than
Zensun's CFR because of structural subordination risk. Most of
Zensun's claims are at the subsidiary level and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination.

In terms of environmental, governance and social (ESG) factors,
Moody's has considered the company's private company status and
concentrated ownership. Zensun has also undertaken a significant
amount of related-party transactions with its subsidiary Zhenyang
Construction (ZYC). However, Moody's expects Zensun's transactions
with ZYC, mainly conducted through its Hong Kong listed subsidiary
Zensun Enterprises Limited, to be subject to the regulatory
corporate governance standards of Hong Kong Exchange. In addition,
Zensun has not paid out dividends over the past three years.

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

An upgrade of the rating is unlikely in the near term, given the
negative rating outlook.

However, the rating outlook could return to stable if the company
improves its operating performance and balance sheet cash to
support its liquidity, such that the unrestricted cash/short-term
debt ratio above 0.75x-1.0x on a sustainable basis.

On the other hand, Moody's could downgrade the rating if Zensun's
liquidity deteriorates because its sales or cash collection decline
meaningfully; it fails to execute its business plans and maintain a
largely stable operating scale; or its credit metrics weaken
materially.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 1.5x or unrestricted cash/short-term debt
failing to trend towards 0.75x-1.0x over the next 12-18 months.

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

Zensun Group Limited is a residential developer based in Zhengzhou,
China. The company is 100% owned by Ms. Huang Yanping and Mr. Zhang
Jingguo. As of June 30, 2021, Zensun's land bank totaled 8.2
million square meters of saleable gross floor area (including
around 20% of underground floor area).



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

CATHAY PACIFIC: Egan-Jones Keeps CC Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2021, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited. EJR also upgraded
the rating on commercial paper issued by the Company to C from D.

Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.


CONVOY GLOBAL: Court Denies Appeal Bid Against Major Shareholders
-----------------------------------------------------------------
The Standard reports that the Court of Appeal has rejected the
appeal application by Convoy Global Holdings against its major
shareholders Kwok Hiu-kwan and Chen Peixiong.

Convoy was delisted by the Hong Kong Stock Exchange in May this
year after a multi-year suspension, the report says.

In 2018, Convoy filed a writ to High Court, suing the two for
purchasing 37.38 percent of its shares without the permission of
Securities and Futures Commission, The Standard recalls. The
purchase made them major shareholders of the company.

It asked the court to rule that the two violated the Securities and
Futures Ordinance, and to ban them from exercising their voting
rights as shareholders.

The Standard relates that the Court of First Instance ruled in 2020
that Convoy should report the issue to SFC. The matter over their
voting rights has been addressed in other court cases, and will not
be pursued further, the court stated.

Convoy applied to appeal the case. The application was dismissed
the Court of Appeal on Oct. 19, the report notes.

Convoy Global Holdings Limited is an independent financial adviser
with financial planning, insurance, asset management, MPF, and
other related services.




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

BALAJEE PLY-PRODUCT: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balajee
Ply-Product Private Limited (BPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             3        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan      2        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BPPL for
obtaining information through letters and emails dated March 31,
2021 and September 22, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1997 and based in Jaipur, BPPL manufactures plywood
and block boards, and trades in timber. Manufacturing accounts for
most of its turnover.


BALAJI PIGMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Balaji
Pigments Private Limited (SBPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit          20.75       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.25       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SBPPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPPL continues to be 'CRISIL D Issuer Not Cooperating'.

SBPPL, promoted by Mr. Khem Chand Jain and Mr. Sunil Kumar Agarwal,
manufactures TMT (thermo-mechanically treated) bars. The company,
incorporated in 2007, has a manufacturing plant with capacity of
105,000 tonne per annum, at Kathua in Jammu & Kashmir.


BD AGRO: CRISIL Reaffirms B Rating on INR6cr Loans
--------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of BD Agro Products Pvt Ltd.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       3        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's limited scale of
operations amidst intense competition, and vulnerability to
volatility in raw material prices, uncertain monsoon and regulatory
changes. These weaknesses are partially offset by the extensive
experience of the promoters in the rice milling business.

Key rating drivers and detailed description

Weaknesses:

* Limited scale of operations amidst intense competition: Intense
competition and limited value addition will continue to constrain
scalability, pricing power and profitability. Revenue was modest at
around INR17 crore in fiscal 2021.

* Vulnerability to volatility in raw material prices, uncertain
monsoon and regulatory changes: Cultivation of paddy is highly
dependent on monsoon and access to irrigation facilities. Hence,
the company remains susceptible to any paddy shortage or price
fluctuation during unfavorable climatic conditions.

Strength:

* Extensive experience of the promoters: The promoters have been in
the rice milling business since 2004 through a group company, BD
Corporates Pvt Ltd. The promoters' expertise, their strong
understanding of local market dynamics, and healthy relationships
with suppliers and customers should continue to support the
business.

Liquidity: Poor

Liquidity is likely to remain weak. Cash accrual is projected at
INR85-90 lakh per annum against yearly debt obligation of INR55
lakh over the medium term. Bank limit utilization was high at 99%
on average during the eight months through August 2021. The current
ratio was weak at 0.62 time as of March 31, 2021.

Outlook: Stable

BD Agro should continue to benefit from the extensive experience of
its promoters.

Rating sensitivity factors

Upward factors

* Revenue increasing to more than INR35 crore with steady rise in
operating margin
* Improvement in liquidity

Downward factors

* Revenue reducing to less than INR15 crore with steep decline in
operating margin
* Sizeable stretch in the working capital cycle

BD Agro, incorporated in June 2009, is promoted by Mr. Mahendra
Agarwal and his brother, Mr. Rajendra Agarwal. Based in Kolkata,
the company began commercial operations in November 2009. Until
March 2011, it traded in paddy and wheat. In fiscal 2010, it set up
a rice mill with processing capacity of 104 tonne per day in
Howrah, which started commercial operations at the end of March
2011.


DSC MOTOR PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. DSC Motor Private Limited
        399, Anna Salai
        Chennai 35
        TN 600035
        IN

Insolvency Commencement Date: October 1, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: E. Santhanalakshmi

Interim Resolution
Professional:            E. Santhanalakshmi
                         Plot No. 42B
                         Sree Krishna Flats
                         S-1, 2nd Floor
                         LIC Nagar 2nd Street
                         Madipakkam, Chennai
                         Tamil Nadu 600091
                         E-mail: advocate.santhanalakshmi@
                                 gmail.com
                         Mobile: 9941465504

Last date for
submission of claims:    October 17, 2021


EMKAY AUTOMOBILE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Emkay Automobile Industries Limited

        Registered office:
        W-10/14, Western Avenue Sainik Farms
        New Delhi 110062

        Principal office:
        39/7, K.M. Stone
        NH-8, Delhi Jaipur Highway
        Village Begumpur Khatolla
        Gurgaon 122001

Insolvency Commencement Date: October 12, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 10, 2022

Insolvency professional: Mr. Hermant Sethi

Interim Resolution
Professional:            Mr. Hermant Sethi
                         Block No. IB, House No. 8-C
                         Ashok Vihar, Phase-1
                         Opp. Sports Complex
                         North West
                         National Capital Territory of Delhi
                         110052
                         E-mail: hemantmlsethi60@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: emkay@aaainsolvency.com

Last date for
submission of claims:    October 26, 2021


GENIE COMMERCIAL: CRISIL Lowers Rating on INR85cr NCD to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the NCDs of Genie
Commercial Ventures Pvt Ltd (GCVPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
rating action reflects delays in debt servicing.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible         85       CRISIL D (ISSUER NOT
   Debentures                       COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been following up with GCVPL for getting
information through letters and emails dated July 31, 2021, and
September 30, 2021; apart from various telephonic communication.
However, the issuer has remained non-cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. The ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GCVPL, thus restricting CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating action on GCVPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded its rating on the NCDs of GCVPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
rating action reflects delays in debt servicing.

A special-purpose vehicle formed by the Transcon group, GCVPL
executes real estate projects and holds units in ARL's Tirumala
Habitats project. Mr. Rishi Todi and Mr. Dharmesh Minawala have
equal shareholding in GCVPL, which currently holds 77,178 square
feet in Tirumala Habitats (received in lieu of the NCDs). The NCD
repayment is expected to be met from proceeds of the sale of units
held by GCVPL in Tirumala Habitats.

The NCDs are listed on the Bombay Stock Exchange and have a tenure
of 36 months. Investors shall be provided with an exit through sale
of the acquired area. These debentures have a corporate guarantee
from ARL. At the end of the tenure, these debentures have a put
option at 20% internal rate of return or developer buyback value.

GOOD SHEPHERD: CRISIL Lowers Rating on INR6cr LT Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Good
Shepherd Educational Trust - Trivandrum (GSE) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with GSE for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSE Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

GSET Trivandrum is trust started in Thiruvananthapuram is engaged
in providing education service through its school, The School of
Good Shepherd which is affiliated to CBSE board was started in
2002.

GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Teak
(India) Private Limited (GTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan     0.78      CRISIL D (Issuer Not
                                    Cooperating)

   SME Gold Card          0.47      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GTPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1990 and promoted by Mr. Sumer Chand Jain, GTPL
manufactures wooden doors (flush, wire ness doors) and trades in
timber. The company's manufacturing facility is in Jaipur.

GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVR
Khandaphod Bijwad Road Project Private Limited (GVR-KBPL) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         148       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          52       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GVR-KBPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GVR-KBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GVR-KBPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of GVR-KBPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Established in 2011, GVR-KBPL is a special purpose vehicle promoted
by GVR Infra Projects Ltd to design, develop, construct, operate,
and maintain the 136-kilometre stretch of road between
Khandaphod-Nachalbhor and BijwadKushmaniya-Haran-Deepgaon. The
project has been awarded by MPRDC on an annuity basis.

HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Happy
Acoustics Private Limited (HAPL; part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       11        CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting        5        CRISIL D (Issuer Not
                                    Cooperating)
   Bill Discounting       19        CRISIL D (Issuer Not
                                    Cooperating)
   Bill Discounting        4        CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit             1.5      CRISIL D (Issuer Not
                                    Cooperating)
   Packing Credit          5        CRISIL D (Issuer Not
                                    Cooperating)
   Packing Credit in
   Foreign Currency        6.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HAPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.

Set up in 2010, 2011, and 2012, IAPL, Digi, and HAPL are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.


HARVEST GOLD: CRISIL Lowers Rating on INR8.5cr LT Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Harvest Gold Industries Private Limited (HGIPL; part of Harvest
Group) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash          1.5       CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     8.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with HGIPL for
obtaining information through letters and emails dated March 31,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HGIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HGIPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Ready Roti India Pvt Ltd
(RRIPL) and HGIPL. This is because both the companies, collectively
referred to as the Harvest Gold group, have a common management,
and are in the same business. Furthermore, the entities use a
common brand name, Harvest Gold. Further RPIPL has 100% stake in
HGIPL in fiscal 2018 and same is now 100% subsidiary of RPIPL.

                          About the Group

Ready Roti India Private Limited (RRIPL) was originally
incorporated in 1998 as Taurus Bakery Machinery Pvt Ltd; the name
was changed in 2002. The company has a bread-manufacturing plant in
Bhiwadi (Rajasthan) with a capacity of 70,000 tonnes per annum.
HGIPL, set up in 1991 by Mr. Adil Hassan, manufactures bakery
products, marketed under the Harvest Gold brand in the NCR. The
product portfolio includes a variety of breads and bakery products.
Recently 65% of the promoter shareholding was diluted and sold to a
Mexican Entity called Grupo Bimbo SAB de CV.


HIMALAYIYA AYURVEDIC: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himalayiya
Ayurvedic Yog Evam Prakartik Chikitsa Sansthan (HAYS) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         3.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         5.0       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HAYS for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HAYS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HAYS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HAYS continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

HAYS was registered under the Society Act with the Registrar of
Societies, Government of Uttarakhand, in 2005. The society is
managed by Mr. Balkrishan Chamoli and Mr. Pradeep Kumar is its
chairman. Its college is in Shyampur, Rishikesh (Uttarakhand). The
society also operates a medical hospital with around 100 beds on a
non-profit basis.


INDIAN ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indian
Acoustics Private Limited (IAPL; part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       14        CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting       15        CRISIL D (Issuer Not
                                    Cooperating)
   Cash Credit             3        CRISIL D (Issuer Not
                                    Cooperating)
   Packing Credit         10        CRISIL D (Issuer Not
                                    Cooperating)
   Packing Credit in
   Foreign Currency       11        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with IAPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), IAPL, Visual Visual and Acoustics
Corporation LLP (Visual), Digi Export Ventures Pvt Ltd (Digi),
Happy Acoustics Pvt Ltd (Happy), 5 Core Acoustics Pvt Ltd (5Core),
and Neha Exports (Neha). This is because all these entities,
collectively referred to as the Five Core group, have a common
management, brand, customers, suppliers, and strong operational
synergies. Furthermore, 5Core is a wholly-owned subsidiary of
FCEL.

                          About the Group

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.


INDIAN STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Indian Steel Corporation Limited

        Registered office:
        611, Tulsiani Chambers
        Nariman Point, Mumbai
        Maharashtra 400021

        Principal office:
        Mezzanine Floor
        The Horizon, 11/5
        South Tukoganj
        Indore 452001

Insolvency Commencement Date: October 6, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: April 4, 2022

Insolvency professional: Ajay Joshi

Interim Resolution
Professional:            Ajay Joshi
                         Dwarka, A/2 Phatak Baug Society
                         999 Navi Peth
                         Pune 411030
                         E-mail: ajay.joshi@ajayjoshiip.com

Last date for
submission of claims:    Ocotber 20, 2021


INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Industrial
Fans India Private Limited (IFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.75      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            6.25      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with IFPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

IFPL is a Chennai-based company involved in the manufacture of
industrial fans and dampers for industrial use.


JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Johns Gold &
Diamonds (JGD) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             2.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JGD for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JGD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JGD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JGD continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2015, JGD is a partnership firm between Mr. Sijo John and
Mr. Jesmy Sijo, Which is engaged in jewelry manufacturing and
retailing. The firm started operation from July 2016.


KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karmyogi
Kundalikrao Ramrao Jagtap Patil Kukadi Sahakari Sakhar Karkhana
Limited (KSSKL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      47.92      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Short Term Loan         15         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan                3.80      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KSSKL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSSKL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSSKL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSSKL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in January 2003 and promoted by a group of individuals
led by Mr. Kundalikrao Jagtap, KSSKL manufactures sugar and also
has a co-generation power plant. Unit is in Pimpalgaon Pisa in
Ahmednagar district of Maharashtra.


LAMBA ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lamba
Enterprises Private Limited (LEPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Loan Against           1.5       CRISIL B+/Stable (Issuer Not
   Property                         Cooperating)

   Loan Against           3.5       CRISIL B+/Stable (Issuer Not
   Property                         Cooperating)

CRISIL Ratings has been consistently following up with LEPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated almost 35 years ago, LEPL is an authorised dealer for
two-wheelers (Royal Enfield) of EML in Delhi. It has two showrooms
in Delhi, and one sales and service station at Rama Road, and
another, at Janakpuri. Mr. Vineet Aghi and Ms Teena Aghi are the
promoters.


MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharashtra
Engineering (ME) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2.8        CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       2.7        CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

   Working Capital       3.0        CRISIL D (Issuer Not   
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up ME for obtaining
information through letters and emails dated March 26, 2021 and
September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ME is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ME
continues to be 'CRISIL D Issuer Not Cooperating'.

ME manufactures tractor components, primary for Mahindra and
Mahindra Ltd. The firm was established in by Mr. R S Kamble in
Mumbai.


NIRMAL INDUCTOMELTS: CRISIL Cuts Debt Rating to D
-------------------------------------------------
CRISIL Ratings has downgraded the ratings of Nirmal Inductomelts
Private Limited (NIMPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating', as the company has delayed in servicing of term
debt-obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with NIMPL for
obtaining information through letters and emails, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NIMPL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on NIMPL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, CRISIL Ratings has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating', as the company has
delayed in servicing of term debt-obligations.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of Nirmal Inductocast Private
Limited (NICPL) and NIMPL. This is because both the companies,
together referred to herein as the Nirmal group, are engaged in
similar businesses and derive significant business synergies owing
to business linkages, and common clients and brand.


NOBLE MOULDS: CRISIL Cuts Rating on INR14cr Cash Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Noble Moulds Private Limited (NMPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' due to delays in servicing its debt obligation to the
bank.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Medium Term Loan        1        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Open Cash Credit       14        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with NMPL for
obtaining information through email dated June 29, 2020, December
18, 2020 and October 7, 2021, apart from telephonic communication.
However, the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating is arrived
at without any management interaction and is based on
best-available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. This rating with 'issuer not
cooperating' suffix lacks a forward-looking component.

Detailed Rationale

Despite repeated attempts to engage with the company's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of NMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. The rating action on NMPL is consistent with
'Assessing Information Adequacy Risk'

CRISIL Ratings has downgraded its rating on the long-term bank
facilities of NMPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' due to delays in servicing
its debt obligation to the bank.

NMPL, incorporated in 1999, manufactures mouldings and other
plastic products used in electronic goods such as televisions,
washing machines and refrigerators. Its facilities are in Noida
(Uttar Pradesh).


OYO HOTELS: SC to Hear Hotelier's Appeal vs. NCLAT Order on Oct 21
------------------------------------------------------------------
The Economic Times reports that a hotelier's appeal in the Supreme
Court, challenging the National Company Law Appellate Tribunal's
(NCLAT) order to withdraw corporate insolvency proceedings against
Oyo Hotels & Homes, will now be heard on October 21.

The matter had been listed for hearing on October 15. Oyo's counsel
termed the appeal an attempt to blackmail the company because it
was coming out with an IPO, ET says.

ET relates that Mona Agrawalla, who runs the Central Courtyard
Resort in Siliguri, had challenged NCLAT's dismissal of an
insolvency case against Oyo in the Supreme Court. The Federation of
Hotel & Restaurant Associations of India and other hoteliers had
also filed applications to be included in the case.

The matter being heard by a two-judge bench consisting of justice
Indira Banerjee and justice JK Maheshwari has now been adjourned
for October 21, ET notes.

According to the report, senior advocate Neeraj Kishan Kaul -
representing Agrawalla - said the matter raises an important
question of whether a party could be permitted to settle and a
corporate insolvency resolution process could be withdrawn without
the consent of all the lenders. The court said it would have to
hear the matter.

"The law as laid down is that once the corporate insolvency
resolution process has begun and a petition is admitted, after that
it can't be done without the consent of the lenders. Two judgments
of this court say that after the CIRP has commenced, every creditor
must be heard and his consent taken before a withdrawal can be
permitted. In a matter like this I have to file a Form B as a
lender. That's all that I'm required to do and I have claimed
that," ET quotes Kaul as saying.

KV Viswanathan, senior advocate appearing on behalf of Oyo, said
the interventions should not be allowed because they have no legal
standing, ET relays. "If Mr Kaul's client or the intervenors have
any claimants, they ought to issue a Section 8 notice, await the
reply and satisfy the admission of the tribunal that they have the
claim. These are attempts at blackmail because Oyo is filing a red
herring prospectus and raising an IPO. All these applicants want to
blackmail [Oyo] on the eve of its IPO," he said.

ET says the issue originated in 2019, when Gurugram-based hotelier
Rakesh Yadav accused Oyo of defaulting on payments and violating an
agreement. In March 2021, the National Company Law Tribunal (NCLT)
admitted a plea for corporate insolvency proceedings against the
company following the hotelier's complaint. NCLT appointed advocate
Keyur Jagdishbhai Shah as the interim resolution professional
(IRP), and asked other creditors of the company to submit their
claims as well.

While Oyo appealed against the NCLT order in NCLAT, which stayed
the formation of a committee of creditors, the process of filing
claims against the company continued, ET relates.

In total, Oyo's creditors, including Agrawalla, filed claims worth
around Rs 160 crore to NCLT, ET discloses. The company termed the
claims as arbitrary and said that many of them were under dispute
and without basis. It said that a demand draft of Rs 16 lakh - the
pending amount claimed by Yadav - was issued to him under protest.
In July, NCLAT allowed the withdrawal of insolvency proceedings
against Oyo, the report recalls.

Rohit Kapoor, Oyo's CEO for India & Southeast Asia, said at the
time that the company had already settled the matter with the
original claimant, but subsequent intervenors with "vested
interests" had delayed its closure, adds ET.

OYO Hotels and Homes Private Limited owns and operates hotels. The
Company offers accommodation rooms, dining, and fitness center
facilities. OYO Hotels and Homes serves customers in Asia.


RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raffles Green
Pet India Private Limited (RGP) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       0.95        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          4.0         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   0.1         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan            4.95        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RGP for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RGP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RGP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2013, RGP is Kadi based company. It is setting up a
unit to manufacture pet flakes by recycling used PET bottles. The
company is promoted by Mr. Jerambhai Chhaganbhai Kalathiya and his
younger brother, Mr. Ankitbhai Mansukhbhai Ajani. The year 2015-16
was the first year for the operations.


RAINBOW ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rainbow
Enterprises (RE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RE for
obtaining information through letters and emails dated March 31,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RE
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Rainbow Enterprises (RE), set up in 2007, trades in tiles and
sanitary ware. The Chennai-based firm is promoted by Mrs U.
Thiruselvi.


RAMI REDDY: CRISIL Hikes Rating on INR20cr Loans to B+
------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Rami Reddy Constructions (RRC) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Loan Against           1.2       CRISIL B+/Stable (Upgraded
   Property                         from 'CRISIL B/Stable')

   Long Term Loan        18.8       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the firm's improved business risk
profile, backed by moderate customer advance of 32% while
completing more than 50% of the construction till fiscal 2021. The
capital structure continues to remain moderate with gearing of 1.4
times in fiscal 2021. Liquidity is expected to remain adequate, as
indicated by cash buffer of more than 2 times in fiscal 2021.

The rating continues to reflect the firm's susceptibility to risks
and cyclicality inherent in the Indian real estate industry,
revenue concentration risks and exposure to risks related to its
ongoing real estate projects in Hyderabad, Telangana. These rating
weaknesses are partially offset by the extensive experience of
RRC's promoters in the real estate development business and the
firm's moderate financial risk profile, supported by moderate
funding policies.

Key Rating Drivers & Detailed Description

Weaknesses:

* Risks related to its ongoing project in Hyderabad, Telangana:
RRC is currently executing a residential project in Hyderabad,
wherein it is exposed to implementation and funding risks,
including timely completion of the project and saleability. Delayed
bookings or receipt of customer advances may impact liquidity and,
hence, is a key monitorable.

* Exposure to cyclicality in the Indian real estate industry and
regional concentration in revenue profile: RRC's business risk
profile is susceptible to slowdown in the Indian real estate market
and regional concentration in revenue with presence only in
Hyderabad. The real estate sector in India is cyclical with
volatile prices, opaque transactions and a highly fragmented market
structure.

Strengths:

* RRC benefits from the promoters' extensive experience in the real
estate business: The promoters have almost two decades of
experience in the construction industry and have successfully
completed several residential real estate projects in Hyderabad,
showcasing established market presence.

* Moderate financial risk profile: RRC's financial risk profile is
supported by the management's moderate funding policy for its
ongoing project with higher reliance on debt. This is expected to
result in cash buffer of 2.5 times over the next two years.

Liquidity: Stretched

Liquidity is constrained by nascent stage of construction and
dependence on customer advances coming from one project for funding
of the project. Over 30% of the cost of the project has been funded
out of external debt and remaining is to be funded through customer
advances. This is expected to be around INR30 crore in fiscal 2022.
The promoters are expected to infuse additional funds in case of
mismatches arising due to lower-than-expected sales, delay in
construction or cost overrun.

Outlook: Stable

CRISIL Ratings believes RRC will continue to benefit from the
extensive industry experience of its promoters.

Rating Sensitivity Factors

Upward factors:

* Significant improvement in cash flow, supported by
better-than-expected bookings and good construction progress,
leading to customer advance receipts of more than INR30 crore,
along with confirmation of substantial new projects

* Cash buffer ratio increasing to more than 3 times

Downward factors:

* Impact on the cash flow due to lower-than-expected bookings

* Decline in cash buffer ratio to less than 1.5 times

Set up in 2006, RRC is a partnership firm, engaged in residential
real estate development in Hyderabad. The firm is promoted by Mr.
PSV Rami Reddy and his family members.


RUKMINI SILK: CRISIL Hikes Rating on INR12cr Loans to B
-------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Sree Rukmini Silk Emporium (SRSE) to 'CRISIL
B/Stable' from 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Bank          2.1      CRISIL B/Stable (Upgraded
   Facility                         from 'CRISIL D')

   Secured Overdraft       9.9      CRISIL B/Stable (Upgraded
   Facility                         from 'CRISIL D')

The rating upgrade reflects SRSE's timely repayment of debt
obligation in the three months ended September 30, 2021.

The rating reflects SRSE's modest scale of operations and average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the partners in the readymade garments
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: SRSE's business profile is
constrained by its small scale of operations in the intensely
competitive readymade garments industry. Subdued scale will
continue to limit its operating flexibility. The industry is highly
fragmented with a large number of unorganised players in the
market. Such high fragmentation limits the pricing flexibility and
bargaining power of the players.

* Modest financial risk profile: Gearing and total outside
liabilities to adjusted networth (TOLANW) ratio were 2.64 times and
3.66 times, respectively, as on March 31, 2021. SRSE's debt
protection measures continue to remain modest, as indicated by
interest coverage and net cash accrual to total debt ratios of 1.42
times and 3%, respectively, in fiscal 2021.

Strength:

* Extensive industry experience of the partners: The partners have
experience of more than three decades in the readymade garments
industry. This has given them a strong understanding of the market
dynamics and enabled them to establish healthy relationships with
suppliers and customers.

Liquidity: Stretched

Average month-end bank limit utilisation was high at 96.3% for the
three months ended September 30, 2021. Estimated net cash accrual
of INR0.8 crore is expected to be sufficient against debt
obligation of less than INR0.6 crore in fiscal 2022. Current ratio
was moderate at 1.11 times as on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes SRSE will continue to benefit over the
medium term from the extensive industry experience of its partners,
and its established relationship with customers.

Rating Sensitivity Factors

Upward factors

* Improvement in operating margin by 100 basis points and increase
in scale, leading to higher cash accrual
* Better working capital cycle, with gross current assets improving
to less than 120 days

Downward factors

* Decline in net cash accrual to below INR0.60 crore on account of
decline in revenue or operating profit
* Substantial increase in working capital requirement, weakening
liquidity and financial profile

Established in 2017, SRSE manufactures silk sarees. The firm is
based in Andhra Pradesh and is owned and managed by Mr. G. Sreedhar
Babu and his family members.


SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sarvodya
Hospital (SH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              19        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SH for
obtaining information through letters and emails dated March 31,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SH
continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.


SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sion Ceramics
Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     3.32      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              6.18      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated March 31,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2013, SCPL, promoted by Mr. Pravin Karshan Patel,
Mr. Himalay Narbheram Patel, and Mr. Dilip Prabhu Dangroshiya,
manufactures ceramic wall tiles.


SREI INFRASTRUCTURE: RBI Retains Three-Member Advisory Committee
----------------------------------------------------------------
Livemint.com reports that the Reserve Bank of India (RBI) on Oct.
11 informed that it has retained the Advisory Committee of Srei
Infrastructure Finance Limited (SIFL) and Srei Equipment Finance
Limited (SEFL).

According to Livemint.com, the Reserve Bank had on October 4
constituted a three-member advisory committee to assist Rajneesh
Sharma, administrator of SIFL and SEFL, in discharge of his
duties.

The members of the committee are: Subramaniakumar, former MD and
CEO, Indian Overseas Bank; T T Srinivasaraghavan, former Managing
Director, Sundaram Finance Limited; Farokh N Subedar, former Chief
Operating Officer and Company Secretary, Tata Sons Limited,
Livemint.com discloses.

Upon admission of the petitions for insolvency resolution process
by the Kolkata Bench of the National Company Law Tribunal, the
Reserve Bank has decided that the three-member Committee "shall
continue as the Advisory Committee constituted under Rule 5 (c) of
the Insolvency and Bankruptcy (Insolvency and Liquidation
Proceedings of Financial Service Providers and Application to
Adjudicating Authority) Rules, 2019".

Livemint.com adds that the Advisory Committee shall advise the
administrator in the operations of the SIFL and SEFL during the
corporate insolvency resolution process.

                      About SREI Infrastructure

SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.


SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SRM
Transports India Private Limited (SRMT) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      3        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               8.5      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               6.8      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               7.2      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SRMT for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRMT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRMT continue to be 'CRISIL D Issuer Not Cooperating'.

SRMT, incorporated in 1999 by Mr. Ravi Pachaimuthu, is a
Chennai-based company that provides inter-city bus transportation
services, mainly in South India.


SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Plyboard Limited (SPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       1.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SPL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1996, SPL is promoted by Mr. Sumer Chand Jain. The
company manufactures plyboard, block boards, and flush doors, and
also trades in timber. Its manufacturing facility is in Jaipur.


THEME EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Theme Export
Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill            11       CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Packing Credit          12       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term       2.4     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Export           4.6     CRISIL D (Issuer Not
   Packing Credit                   Cooperating)

CRISIL Ratings has been consistently following up with TEPL for
obtaining information through letters and emails dated March 26,
2021 and September 22, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TEPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

TEPL was incorporated in 1997, promoted by Ms Nandini Singh and Ms
Ratna Singh. The company manufactures embroidery-based, designer,
high-end fashion products such as garments and accessories,
primarily for export. The manufacturing facility is at Okhla, New
Delhi.


TRANSMISSION CORP: CRISIL Cuts Rating on INR5.2CR Bond to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on Rs.5.2 crore Bond -
Series I/2008 (Option B) of Transmission Corporation of Andhra
Pradesh Limited (APTRANSCO) to 'CRISIL D' from 'CRISIL BB+/Stable'.
CRISIL Ratings has also reaffirmed its 'CRISIL D' rating on
Rs.159.20 crore Bond Series I/2006 (Option B) and Rs.133.30 crore
Bond Series II/2006 (Option B) of APTRANSCO.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bond Series I/2008       5.2       CRISIL D (Downgraded from
   (Option B)                         'CRISIL BB+/Stable')

   Bond Series I/2006
   (Option B)             159.5       CRISIL D (Reaffirmed)

   Bond Series II/2006
   (Option B)             133.3       CRISIL D (Reaffirmed)

The downgrade factors in delays in servicing of interest payment
due on October 1, 2021, for Bond Series I/2008 (Option B). While
the debt was expected to be funded by proceeds from Government of
Andhra Pradesh (GoAP), absence of that and internal procedural
delays resulted in delays of four days in servicing of the interest
obligation.

The debt obligation on Bond Series I/2006 (Option B) and Bond
Series II/2006 (Option B) of APTRANSCO are being serviced through
fund allocations from the Telangana state government towards
Transmission Corporation of Telangana Ltd (TSTRANSCO) which is then
transferred to APTRANSCO for servicing. However, due to delays in
payment of interest and principal amount, the rating continues to
be 'CRISIL D'.

Key Rating Drivers & Detailed Description

* Instances of delays in debt servicing: The Bond series I/2008
(Option B) was to be serviced by APTRANSCO using proceeds from the
Andhra Pradesh government. However, due to non-receipt of funds
from the state government for interest payment due on October 1,
2021, and due to internal procedural delays, the payment was
delayed and was subsequently done on October 05, 2021. However,
APTRANSCO was servicing this bond in a timely manner in the past.
For Bond series I/2006 (Option B) and Bond series II/2006 (Option
B), the debt obligation is serviced by TSTRANSCO using funds from
the Telangana government. Once funds are received from them,
TSTRANSCO transfers the funds to APTRANSCO for servicing debt
obligation.  However, there have been continued instances of delays
in servicing of interest and principal on these bonds.

* Continued lack of finality over division of liabilities: While
the assets and liabilities have been provisionally split between
APTRANSCO and TSTRANSCO and are met by the respective transmission
companies, the bifurcation is yet to be finalised by the central
government. Disputes persist over bifurcation of assets and
liabilities between the Andhra Pradesh and Telangana governments
over different state-owned entities. This will continue to impact
debt servicing for the rated bonds.

* Failure of designated payment structure: The ratings also factor
in the failure of the payment structure in the past and the
inability of the trustee to ensure adherence to the
trustee-administered structure (non-invocation of guarantee). The
timeline for funding the escrow account before the due date is also
not being adhered to by APTRANSCO.

Liquidity: Poor

Although APTRANSCO has adequate liquidity due to unutilised working
capital lines of INR50 crore and healthy cash accrual, the
servicing of the rated bonds are dependent on receipt of funds from
Andhra Pradesh and Telangana state governments, which have been
delaying payment many times for their respective bond series.

Rating Sensitivity factors

Upward factors

* Conclusion of bifurcation of liabilities between APTRANSCO and
TSTRANSCO, with no adverse impact

* Track record of adherence to the T-10 structure pertaining to the
rated bonds.

APTRANSCO was incorporated in 1999 as part of the first phase of
the power sector reforms in Andhra Pradesh. Till 2005, it was the
only buyer in erstwhile Andhra Pradesh and purchased power from
public and private power generators and sold to state distribution
companies (discoms) in accordance with the power purchase
agreement. Subsequently, in accordance with the third transfer
scheme notified by the Government of Andhra Pradesh, APTRANSCO
ceased power trading activities and has retained powers of
controlling system operations of transmission. APTRANSCO is
designated as a state utility in Andhra Pradesh after the
bifurcation of the state.


TREND SETTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trend Setters
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       4         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         3.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     7.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Trend
Setters for obtaining information through letters and emails dated
March 26, 2021 and September 14, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Trend Setters, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Trend Setters is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Trend Setters continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

Based in Mumbai and established in 1976 as a partnership firm by
Mr. Tushar Ruparelia and his brother Mr. Amit Ruparelia, Trend
Setters manufactures bed sheets, comforters, curtains, pillow
covers, and duvet covers. It gets most of the processing done on a
job work basis and does the final stitching and packaging
in-house.




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

BUKIT MAKMUR: Moody's Affirms Ba3 CFR, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed Bukit Makmur Mandiri Utama
(P.T.)'s (BUMA) Ba3 corporate family rating and the Ba3 rating on
its senior secured notes.

The outlook remains negative.

"The negative outlook reflects the high execution risks associated
with BUMA's growth and diversification strategy over the next 12
months, which entails large debt-funded capital spending," says
Maisam Hasnain, a Moody's Vice President and Senior Analyst.

"However, successful execution of this strategy will support BUMA's
Ba3 ratings by helping the company increase its scale, reduce its
customer concentration risks and improve its credit metrics," adds
Hasnain, also Moody's Lead Analyst for BUMA.

RATINGS RATIONALE

On October 11, 2021, BUMA announced that it has entered into a
conditional agreement with Australian services contractor, Downer
EDI Limited to acquire Downer's coal mining contractor business
Open Cut Mining East ("Mining East") in Australia.

BUMA will acquire Mining East for around $110 million (subject to
adjustments at transaction completion) through its newly
incorporated Australian subsidiary, BUMA International Pty. Ltd.,
owned 90% by BUMA and 10% by AGDM Investments Pty Ltd. BUMA will
fund the transaction, expected to close before the end of 2021,
with proceeds from its $350 million loan from Bank Mandiri
(Persero) Tbk (P.T.) signed in July 2021.

Moody's estimates that incremental earnings from the planned
acquisition, along with higher overburden removal volumes from two
key customers in Indonesia, will help reduce BUMA's adjusted
debt/EBITDA to around 3.3x by the end of 2022 from around 4.5x as
of June 30, 2021.

However, the incremental earnings are tied to high capital spending
and investment requirements, which Moody's estimates will total
around $500 million in 2021, and will primarily be debt-funded.
Thus, the inability to execute on these growth plans will
materially weaken BUMA's debt serviceability.

In addition, based on public disclosures of Downer, the current
owner of Mining East, the four existing mining service contracts at
Mining East will expire between 2022 and 2024. The inability to
extend these contracts will weaken Mining East's earnings and
negate the diversification benefits from the planned acquisition.

Assuming Mining East's maturing contracts are renewed, Moody's
estimates the acquisition will contribute around 15% of BUMA's
EBITDA in 2022. This will provide BUMA some geographic and product
diversity, with earnings contribution from Australian metallurgical
coal customers, in addition to BUMA's existing customers who are
all Indonesian thermal coal miners.

Moody's also expects contracts signed this year with PT Indonesia
Pratama, a subsidiary of Bayan Resources Tbk. (P.T.) (Ba2 stable)
and with Adaro Indonesia (P.T.) (Ba1 stable), will help lower the
customer concentration risk, as revenues from BUMA's largest
customer Berau Coal (P.T.) will fall to around 30% in 2022, from
around 48% for the six months ended June 2021.

Moreover, BUMA's Ba3 CFR is also premised on Moody's expectation
that its current financial policies, which include prioritizing
positive free cash flow generation for debt reduction and minimal
shareholder returns, will remain unchanged.

Earlier this year, Souls Humanity Pte. Ltd. (SHPL), a private
company controlled by Ashish Gupta and Ronald Sutardja, acquired
Northstar Tambang Persada Ltd., an entity that owns 38% of PT Delta
Dunia Makmur Tbk ("Delta"). Delta is an investment holding company
that owns 100% (less one share) in BUMA.

As Delta's largest shareholder and thus, as BUMA's largest indirect
shareholder, SHPL's track record of implementing financial policies
and growth strategies at BUMA is relatively untested.

Given that funding for most of its planned capital spending and
investments will be covered by a $350 million bank loan and around
$120 million in finance leases, BUMA will have sufficient cash
sources to meet its stated capital spending requirements and
scheduled debt maturities over the next 12-15 months. Nonetheless,
BUMA's cash sources will be insufficient to meet its cash needs if
the company undertakes further investments or initiates shareholder
returns.

OUTLOOK

The outlook is negative, reflecting the high execution risks
associated with BUMA's growth and diversification strategy over the
next 12 months, and uncertainties surrounding the company's future
financial policies.

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

Moody's could downgrade the ratings if (1) BUMA's liquidity weakens
such that cash sources are insufficient to meet cash needs over the
next 12-15 months; (2) its underlying financial policies were to
change materially; (3) it is unable to win new contracts, or if its
expiring contracts are not renewed on similar or enhanced terms;
(4) it experiences declining earnings or profitability; or (5)
payments from its largest customer Berau Coal are delayed, such
that the average days for payment collection exceed 65 days.

Credit metrics indicative of a downgrade include BUMA's adjusted
debt/EBITDA staying above 3.5x, retained cash flow/net debt staying
below 20%, or EBITA/interest expense staying below 2.0x, on a
sustained basis.

An upgrade of BUMA's ratings is unlikely over the next 12-18
months, given the negative outlook. However, Moody's could revise
the outlook to stable if (1) BUMA grows overburden removal volumes,
without weakening its credit metrics or materially increasing
execution risk, and (2) BUMA does not pursue more aggressive
financial policies regarding growth and shareholder returns.

In addition to BUMA having sufficient cash sources to meet its cash
needs over the next 12 months, specific indicators that Moody's
would consider for a change in outlook to stable include BUMA's
adjusted debt/EBITDA staying below 3.25x and retained cash flow/net
debt staying above 25%, on a sustained basis.

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

Established in 1998, Bukit Makmur Mandiri Utama (P.T.) (BUMA) is a
coal mining services contractor in Indonesia, providing open-cut
mining services to some of the country's largest coal producers.

BUMA is 100% owned (less one share) by PT Delta Dunia Makmur Tbk,
an investment holding company listed on the Indonesia Stock
Exchange, which, in turn, is 38% owned by Northstar Tambang Persada
Ltd (NTP).

NTP is wholly-owned by Souls Humanity Pte. Ltd. a private company
controlled by Ashish Gupta and Delta Dunia's President Director,
Ronald Sutardja.



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

KOBE STEEL: Egan-Jones Keeps B Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Kobe Steel, Ltd.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.


MARUI GROUP: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by MARUI GROUP CO., LTD.

Headquartered in Tokyo, Japan, MARUI GROUP CO., LTD. operates
department stores which sell clothing, accessories, home
appliances, and food.


TOKYO ELECTRIC: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Electric Power Company Holdings,
Incorporated.

Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.


TYOBO CO: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on October 7, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Toyobo Co., Ltd.

Headquartered in Osaka, Osaka, Japan, Toyobo Co., Ltd. manufactures
and sells natural and synthetic fibers.




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

COLOURBOX INTERIOR: Court to Hear Wind-Up Petition on Oct. 29
-------------------------------------------------------------
A petition to wind up the operations of Colourbox Interior Pte Ltd
will be heard before the High Court of Singapore on Oct. 29, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 7, 2021.

The Petitioner's solicitors are:

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


ISS CONSULTING: Creditors' Proofs of Debt Due on Nov. 19
--------------------------------------------------------
Creditors of ISS Consulting (S) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 19,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 9, 2021.

The company's liquidators are:

         Don M Ho
         David Ho Chjuen Meng
         DHA+ pac
         63 Market Street
         #05-01A Bank of Singapore Centre
         Singapore 048942


MODOLEEN PTE: Court to Hear Wind-Up Petition on Nov. 5
------------------------------------------------------
A petition to wind up the operations of Modoleen Pte Ltd will be
heard before the High Court of Singapore on Nov. 5, 2021, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 13, 2021.

The Petitioner's solicitors are:

         Tito Isaac & Co LLP
         1 North Bridge Road
         #30-00 High Street Centre
         Singapore 179094


SOHANS EMPORIUM: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 13, 2021, to
wind up the operations of Sohans Emporium Pte. Ltd.

Goldbell Financial Services Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Gary Loh Weng Fatt
         Leow Quek Shiong
         c/o BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


THAI PRIME: Creditors' Proofs of Debt Due on Nov. 15
----------------------------------------------------
Creditors of The Thai Prime Fund Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 15,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 7, 2021.

The company's liquidators are:

         Juay Sze Sin
         Shirley Lim
         c/o Complete Corporate Services Pte Ltd
         10 Anson Road
         #29-07 International Plaza
         Singapore 079903




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

KDB LIFE: Fitch Affirms 'BB+' LT IDR, Outlook Remains Negative
--------------------------------------------------------------
Fitch Ratings has affirmed KDB Life Insurance Co., Ltd.'s (KDB
Life) Insurer Financial Strength (IFS) Rating of 'BBB-' (Good) and
its Long-Term Issuer Default Rating (IDR) of 'BB+'. The Outlook on
the two ratings remains Negative. Fitch has also affirmed the
company's US dollar subordinated hybrid securities at 'BB'.

KEY RATING DRIVERS

Fitch assesses KDB Life's IFS Rating on a standalone basis, without
any uplift to reflect Korea Development Bank's (KDB, Long-Term IDR:
AA-/Stable) majority ownership.

The Negative Outlook reflects KDB Life's high financial leverage
and uncertainty about the effects of a proposed change in
ownership. The Outlook also considers the company's high asset
risk.

KDB Life's IFS Rating reflects the company's 'Moderate' business
profile, 'Moderately Weak' financial performance, and sustained
adequate risk-based capitalisation while financial leverage remains
high and it is burdened by interest payments for the subordinated
securities.

Fitch expects KDB Life to be adequately capitalised to support its
business in the next 12 months. Its score on Fitch's Prism model
remained at 'Adequate' at end-1H21. The company's risk-based
capital (RBC) ratio decreased to 187% by end-1H21 from 201% at
end-2020, due mainly to the decreased unrealised gains and losses
from its bond portfolio.

However, its capital strength is partly offset by high financial
leverage. The financial leverage ratio slightly increased to 49% by
end-1H21 from 48% at end-2020. Its fixed-charge coverage ratio
improved to 2.9x in 1H21 from 1.9x in 2020. Fitch treats Korean
hybrid securities as 100% debt for leverage calculation.

The asset quality of the insurer's investment portfolio remained
low. The company's exposure to risky assets was high at 278% of its
capital at end-1H21 (2020: 302%). KDB Life's alternative investment
portfolio largely consists of real-estate projects, followed by
government-backed infrastructure or social overhead capital
projects. Fitch expects the company to maintain these risky assets
in the near term to seek higher risk-adjusted yields.

The company's profitability has improved gradually. KDB Life's
annualised return on assets (pre-tax) increased to 0.5% in 1H21
from 0.4% in 2020, due mainly to higher investment returns,
although its return on equity decreased to 3.9% in 1H21 from 5.3%
in 2020 due to high taxation. Fitch expects the insurer to remain
profitable, but significant improvement in profitability is
unlikely in the near term.

Fitch ranks KDB Life's business profile as 'Moderate' against that
of other Korean life insurers. This is underpinned by its position
as a mid-sized life insurer in the country, somewhat diversified
business portfolio and moderate business risk profile. The company
has operated for more than 40 years. Its domestic life insurance
market share by premium income was about 2% in 1H21. Fitch scores
KDB Life's business profile 'bbb' under the agency's credit-factor
scoring guidelines, based on the ranking.

RATING SENSITIVITIES

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

-- Increase in financial leverage ratio to well above 45% or
    increase in risky-assets ratio over a sustained period;

-- A significant decline in KDB Life's capital position, with its
    Prism model score falling below the 'Adequate' category;

-- A prolonged deterioration in profitability, measured by
    consolidated return on assets (pre-tax) below 0.2% and fixed-
    charge coverage ratio consistently below 1.9x.

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

-- Improvement in profitability, measured by a consolidated
    return on assets (pre-tax) above 0.2%;

-- Decrease in the risky-assets ratio to below 220%;

-- Sustaining its capitalisation, with its Prism model score
    maintained well into the 'Adequate' category.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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



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

SRI LANKA: Central Bank on an Insolvency Track
----------------------------------------------
EconomyNext reports that reserve related liabilities of Sri Lanka's
central bank has exceeded its net reserves by about USD400 million
dollars by August 2021, data show, placing the monetary authority
on an insolvency track, which can lead to large losses and eventual
default.

The USD400 million negative gap in the dollar balance sheet of the
central bank was reported when gross reserves were USD3,543
million, EconomyNext says.

By September gross reserves were down by another USD962 million to
USD2,583 million indicating a further deterioration of net foreign
assets.

It is not clear how much of the reserve fall came from unwinding
swaps, which will also reduce liabilities. Any Asian Clearing Union
settlements are already accounted for.

In October, the central bank had given more dollars for trade
transactions, the report states.

According to EconomyNext, the central bank's net foreign assets as
a share of the monetary base or reserve money, or the reserve
backing of dollars of domestic rupees have been steadily falling
over the past six years and have now turned negative.

Analysts had warned from early 2021 that liquidity injections and
failed bond auctions would lead to such an outcome, especially
because Fed chief Jerome Powell was printing money and firing a
commodity bubble, the report relates.

Sri Lanka has been engaging in activist, inflationary, monetary
policy from around September 2014, bringing the central bank
progressively closer to dollar insolvency, according to
EconomyNext.

When a pegged central banks injects liquidity into banking systems
(inflationary policy) foreign exchange shortages occur, making it
difficult for companies or governments that operate in the currency
to capture current inflows to repay maturing debt or even make
current payments.

EconomyNext says the liquidity injections make outflows of foreign
exchange exceed inflows.

As a result, foreign reserves are run down. In Sri Lanka when money
printing triggers forex shortages, fresh debt is taken to repay
maturing dollar debt and also to make current payments through
credit lines or suppliers' credit.

Sri Lanka suffered a USD2.3 billion balance of payments deficit in
2020 and a USD2.7 billion up to July 2021 as net credit to
government from the central bank grew amid failed bond auctions,
EconomyNext discloses.

From September 2014 to August 2021 non-inflationary policy was seen
only in 2017 and a part of 2019.

Inflationary policy came from targeting a call money rate with
excess liquidity, output gap (mild Keynesian stimulus) targeting
and full blown Modern Monetary Theory from 2020 with outright
monetization of the deficit.

Sri Lanka is one of several Latin-America-style central banks set
up by Federal Reserve money doctors, modeled on Argentina's central
bank. Many of them have collapsed leading to new currencies or
dollarization, the report says.



=============
V I E T N A M
=============

EVN FINANCE: Moody's Assigns First Time B2 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to EVN Finance Joint Stock Company (EVNFC).

The outlook on the rating is stable.

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

RATINGS RATIONALE

EVNFC's B2 CFR reflects modest asset quality, high concentration to
large borrowers as well as modest cashflow and liquidity due to its
reliance on short-term wholesale funding. The B2 CFR also considers
the company's unique position as a power project lender in Vietnam,
its good capitalization and average profitability.

EVNFC's asset quality has steadily improved since 2018 because the
company resolved legacy problem assets through a combination of
write-offs, debt sale and recoveries. Problem loan ratio, as
defined by Moody's to include nonperforming loans (NPLs) and gross
bonds issued by the Vietnam Asset Management Company, declined to
2.5% at the end of June 2021 from 4.3% at the end of 2020. Coverage
of problem loans improved to a still modest 61% at the end of June
2021 from 46% at the end of 2020.

All of EVNFC's NPLs were from its private sector exposures, which
accounted for 69% of its loans as of the end of March 2021. Gross
NPL ratio of EVNFC's private sector exposures has consistently been
higher than that at other rated commercial banks in Vietnam,
indicating that the company's private-sector portfolio is of
somewhat weaker quality. The rapid expansion of loans to the small
and medium enterprises will also pose risks to asset quality. On
the other hand, the quality of EVNFC's loans to state-owned
enterprises, which are mainly lent to EVN, representing 31% of its
loans has remained stable over the years, with NPL ratio at 0%.

EVNFC's loans are highly concentrated to large borrowers, bulk of
which are to EVN and its subsidiaries. The high concentration
exposes EVNFC to significant losses in the event of default by any
of these large borrowers.

Moody's expects EVNFC's profitability to stay broadly stable over
the next 12 -- 18 months, with return on average managed assets at
around 1%.

Capitalization is adequate. Tangible common equity as a percentage
of total managed assets was 12.6% at the end of 2020, down from
15.4% a year earlier because of strong asset growth. Moody's
expects the company's capital adequacy to remain broadly stable in
the next 12-18 months as growth moderates and internal capital
growth remains stable. The company does not intend to pay cash
dividends in 2021 and 2022, in accordance with guidance from the
State Bank of Vietnam.

Cashflow and liquidity are modest. As a finance company, EVNFC
relies fully on wholesale funding sources and has limited liquid
assets that can be mobilized to overcome refinancing issues.
Nonetheless, some of the liquidity risk is mitigated by the
company's well-matched assets and liabilities as well as ongoing
plan to diversify its wholesale funding base.

The rating also considers the B2 industry risk scores assigned to
both the power and corporate finance industries in Vietnam.

Moody's does not have any particular governance concern for EVNFC.

EVNFC's rating does not include any uplift for parental or
government support.

The stable rating outlook reflects Moody's expectation that EVNFC
will maintain stable credit fundamentals over the next 12-18
months.

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

Moody's could upgrade EVNFC's CFR if there are improvements in the
Industry risk score for Vietnam's power finance or corporate
finance industry and the company maintains its asset quality and
improves its capital. Specifically, a tangible common equity as a
percentage of total managed assets ratio that is sustainably above
15% would create upward pressure on the company's CFR. Improvement
in its cashflow and liquidity will also be positive.

A meaningful increase in EVNFC's problem loan ratio to above 8% and
a material deterioration in its loss-absorbing buffers could put
downward pressure on the company's standalone credit profile.

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

EVN Finance Joint Stock Company is headquartered in Hanoi, reported
total assets of VND28.8 trillion as of December 31, 2020.


                           *********


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

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

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

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