---

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

                     A S I A   P A C I F I C

          Thursday, October 21, 2021, Vol. 24, No. 205

                           Headlines



A U S T R A L I A

CONOMI GROUP: First Creditors' Meeting Set for Nov. 1
FORUM FINANCE: Court Issues Arrest Warrant for Bill Papas
PINNACLE SERIES 2021-T1: S&P Assigns Prelim 'BB' Rating to E Notes
TITAN COAL: Second Creditors' Meeting Set for Oct. 28


C H I N A

CAR INC: S&P Affirms 'B-' Long-Term ICR on Proposed Tender Offer
CHINA AOYUAN: Moody's Puts B1 CFR Under Review for Downgrade
CHINA EVERGRANDE: Deal to Sell Stake in Unit Put on Hold
GOLDEN WHEEL: Moody's Cuts CFR & Sr. Unsec. Notes Rating to Caa1
GREENLAND HOLDING: Moody's Cuts CFR to Ba2, On Review for Downgrade

GUANGZHOU R&F: Moody's Downgrades CFR to B3, Outlook Negative
JIANGSU ZHONGNAN: Moody's Lowers CFR to B2, Outlook Remains Stable
JIAYUAN INT'L: Moody's Affirms B2 CFR & Alters Outlook to Stable
KAISA GROUP: Moody's Lowers CFR to B2, Under Review for Downgrade
LANZHOU CONSTRUCTION: Moody's Gives Ba1 CFR, Alters Outlook to Neg.

SANSHENG HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
SHINSUN HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
SINIC HOLDINGS: S&P Downgrades ICR to 'SD' on Missed Bond Payment
YANGO GROUP: Moody's Cuts CFR to B2 & Alters Outlook to Negative
ZHONGLIANG HOLDINGS: Moody's Affirms B1 CFR, Outlook now Stable



I N D I A

AARNEEL TECHNOCRAFTS: ICRA Keeps B Rating in Not Cooperating
ANJANEYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
ATC FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating

BOLTMASTER (INDIA): ICRA Keeps D Debt Rating in Not Cooperating
DASHMESH AGRO: ICRA Keeps D Debt Rating in Not Cooperating
DASHMESH RICE: ICRA Keeps B Debt Rating in Not Cooperating
GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
INDO DUTCH: ICRA Keeps B- Debt Ratings in Not Cooperating

JAYMALA INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
KARVY FINANCIAL: ICRA Reaffirms D Rating on INR124.36cr LT Loan
LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
MILIND PULSES: ICRA Keeps D Debt Rating in Not Cooperating
MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating

MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
MURLI COLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MY CAR: ICRA Withdraws D Rating on INR28.50cr LT Loan
NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
OMKAR INFRATECH: ICRA Keeps B Debt Ratings in Not Cooperating

OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category
PANDIT AUTOMOTIVE: ICRA Keeps D Debt Ratings in Not Cooperating
PRINT SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
QUADROS MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
R.B. RICE: ICRA Keeps D Debt Rating in Not Cooperating Category

RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
SAI POINT: ICRA Keeps B Debt Rating in Not Cooperating Category
SHANKAR RICE: ICRA Keeps B Debt Rating in Not Cooperating
STERLING & WILSON: ICRA Withdraws B+ Rating on INR7cr Loan

TD TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
TK TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
VIJAY INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating


I N D O N E S I A

GARUDA INDONESIA: Backup Plan Prepared if Debt Talks Fall Apart


J A P A N

EDDIE BAUER: To Close All Stores in Japan


M A L A Y S I A

HIBISCUS PETROLEUM: Moody's Assigns First Time '(P)B1' CFR


N E W   Z E A L A N D

GROW BUILD: Baker Tilly Appointed as Receivers
KAILASH RETAIL: Creditors' Proofs of Debt Due Dec. 3
WELLES ST: Craft Beer Bar in Liquidation
WOB INVESTMENTS: Creditors' Proofs of Debt Due Dec. 3


P H I L I P P I N E S

PHILIPPINE AIRLINES: Unsecured Trade Claimants to Recover 100%


S I N G A P O R E

ARLEI SOFA: Court to Hear Wind-Up Petition on Nov. 5
GRAND HOTEL: Creditors' Proofs of Debt Due on Nov. 19
KS RIG: Deloitte Appointed as Provisional Liquidators
SEMBCORP MARINE: Sees Significant H2 Loss With Supply Chain Crunch
XALI PTE: Court to Hear Wind-Up Petition on Nov. 5


                           - - - - -


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

CONOMI GROUP: First Creditors' Meeting Set for Nov. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Conomi Group
Pty Limited will be held on Nov. 1, 2021, at 11:00 a.m. via virtual
meeting technology.

Peter Andrew Amos of Amos Insolvency was appointed as administrator
of Conomi Group on Oct. 20, 2021.


FORUM FINANCE: Court Issues Arrest Warrant for Bill Papas
---------------------------------------------------------
Greek City Times reports that the Federal Court has issued an
arrest warrant for Forum Group founder Bill Papas, which will allow
his extradition from Greece.

He was alleged to have repeatedly disobeyed court orders, breached
freezing orders and showed no intention of returning to Australia.

According to the report, Justice Michael Lee issued the warrant on
Oct. 20 to arrest and detain Mr. Papas until he attends court to
face charges against him, including contempt of court and "serious
allegations" that he was the ringleader of a AUD400 million fraud
against Westpac and other banks.

This type of order would typically be referred to federal
government agencies overseeing the extradition negotiations with
Greece to compel Mr. Papas to return to Australia, which could take
months.

Greek City Times relates that Justice Lee said on Oct. 20 the
arrest warrant was necessary because Mr. Papas had displayed no
genuine effort to return to Australia after flying to Greece in
June and had provided "less than satisfactory information to his
solicitors" about his whereabouts.

The court heard Mr. Papas had allegedly breached freezing orders by
sending two payments totalling AUD720,000 in July to his cousin
Eric Constantinidis through an online trading account called
MacroVue.

"There is no basis, let alone a reasonable basis, for thinking Mr.
Papas is likely to return to Australia from Greece on any firm
date," he said. "Accordingly, I'm satisfied that I should issue a
warrant for Mr. Papas' arrest and detention in custody before he is
brought before the court."

Sydney-based managed services provider Forum Group and associated
company Forum Finance are just two of the many businesses owned by
Basile Papadimitriou - a.k.a Bill Papas - who is reported to have
fled to Greece following Westpac's investigation and subsequent
civil proceedings, according to ARN.

Jason Preston and Jason Ireland of McGrath Nicol were appointed as
provisional liquidators on July 15 by the Federal Court, ARN
discloses.

PINNACLE SERIES 2021-T1: S&P Assigns Prelim 'BB' Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six of the seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by BNY Trust Co. of Australia Ltd. as trustee for
Pinnacle Series Trust 2021-T1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 38.4% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
reserve equal to 0.80% of the initial aggregate principal
outstanding on the pool of mortgage loans, principal draws, and an
excess revenue reserve, are sufficient under its stress assumptions
to ensure timely payment of interest on the rated notes.

-- The extraordinary expense reserve of A$150,000, funded at the
closing date and available to meet extraordinary expenses. The
reserve is to be topped up from excess spread, if any, to the
extent it has been drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Australia and New Zealand Banking Group Ltd. to hedge
the mismatch between receipts from fixed-rate mortgage loans and
the variable-rate RMBS.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Pinnacle Series Trust 2021-T1

  Class A1, A$322.000 million: AAA (sf)
  Class A2, A$14.000 million: AAA (sf)
  Class B, A$8.225 million: AA (sf)
  Class C, A$3.325 million: A (sf)
  Class D, A$1.190 million: BBB (sf)
  Class E, A$0.700 million: BB (sf)
  Class F, A$0.560 million: Not rated


TITAN COAL: Second Creditors' Meeting Set for Oct. 28
-----------------------------------------------------
A second meeting of creditors in the proceedings of Titan Coal
Fields Ind Pty Ltd, trading as Moranbah Rural and Pet Supplies;
Coal Fields Fabrication and Engineering; Ohms HV Electrical; Ohms
Auto Electrics & Mechanical Coal Fields, has been set for Oct. 28,
2021, at 10:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 27, 2021, at 12:00 p.m.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of Titan Coal on Sept. 23, 2021.




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

CAR INC: S&P Affirms 'B-' Long-Term ICR on Proposed Tender Offer
----------------------------------------------------------------
On Oct. 19, 2021, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on CAR Inc. and the 'B-' long-term issue
rating on the company's outstanding senior unsecured notes.

The stable outlook reflects S&P's view of CAR's improving EBIT
interest coverage but diminishing liquidity buffer over the next
12-24 months.

S&P affirmed the rating given our expectation that CAR's operating
performance will recover in 2021 and 2022. This reflects the
company's focus on maintaining a healthy utilization rate and
rental pricing.

At the same time, CAR's proposed tender offer for its senior
unsecured notes due May 2022 is likely to diminish its liquidity
buffer. Moreover, the company is likely to face challenges related
to its plan to sell a large proportion of cars manufactured by
Beijing Borgward Auto Co. Ltd.

CAR's better operating performance points to strong topline
recovery in 2021. Revenue should rise 10%-15% over 2021 and 5%-10%
in 2022, despite the company's average car fleet shrinking in 2021
and being relatively flat next year, according to S&P's forecasts.
By 2022, CAR's average daily rental rate (ADRR) could reach 2019
levels and utilization should significantly increase to more than
66%, past the previous high of 62% in 2018. This reflects
management's more prudent approach toward expanding its car fleet
and greater focus on improving operating performance.

At the same time, operating costs for CAR's rental business,
excluding depreciation, should remain stable or decline on rising
utilization levels and efforts to streamline costs. Improving
utilization should reduce the cost of goods sold as a percentage of
revenue, somewhat offset by higher selling, general, and
administrative costs related to investments in marketing and
advertising.

CAR's liquidity buffer will diminish upon the completion of its
tender offer. The proposed tender offer is likely to reduce the
company's liquidity buffer, unless it can secure other long-term
funding sources for the offer. This is given CAR's cash balance of
RMB2.14 billion, compared with RMB2.4 billion outstanding for the
May 2022 senior unsecured notes as of June 30, 2021.

S&P said, "We believe CAR will only tender a portion of the
outstanding notes and, if needed, conserve cash generated through
operations over the next several months to refinance the remaining
balance. This assumes the company will not increase the size of its
car fleet.

"In our view, CAR has little room for any execution missteps or
unforeseen circumstances that could further diminish its narrow
liquidity buffer. This is especially because the company remains
heavily reliant on overseas market funding, which accounted for
about 90% of its total debt financing."

CAR's efforts to offload Borgward cars could face challenges,
reducing operating headroom. The company's plan to gradually sell
down its roughly 37,000 Borgward cars could prove challenging over
the next 12-24 months. Beijing Borgward stopped car production in
mid- to late-2020, likely dissuading buyers concerned about
obtaining spare parts for future repairs and maintenance.

CAR could therefore have to operate its Borgward cars for a longer
period than is typical for rental cars, elevating depreciation
costs over the next 12 months and depressing the EBIT interest
coverage to 1.0x-1.3x over the next 12-24 months, compared with
1.5x in 2019 (EBIT was negative in 2020). Additionally, the company
could incur losses if the realized selling prices are lower than
its expectation.

CAR may remain highly leveraged amid uncertainty over its private
equity parent's financial policy. S&P believes CAR's leverage
tolerance could remain elevated following its privatization by MBK
Partners, a large North Asian private equity firm. MBK has not yet
articulated a clear financial policy for CAR, and the financial
sponsor parent does not have a track record to suggest it would set
a low leverage target. This is particularly relevant considering
CAR may require significant capital funding over the next 12-24
months to refresh and grow its car fleet to capture increasing
demand for domestic travel.

S&P said, "Our stable outlook reflects our expectation that CAR's
operating performance will improve over the next 12 months despite
Borgward cars continuing to constitute a significant proportion of
the rental fleet. Moreover, CAR's liquidity buffer will remain thin
unless it secures long-term funding for its proposed tender offer
for its notes due May 2022.

"We could lower the rating if CAR's liquidity declines further.
This could happen if the company's operating performance
deteriorates materially or if its access to overseas capital
markets diminishes.

"We could raise the rating if CAR can successfully reduce the
proportion of Borgward cars in its fleet, maintain an EBIT interest
coverage ratio at more than 1.1x, and materially increase its
liquidity. At the same time, the company would need to maintain its
weighted average debt maturities above two years."


CHINA AOYUAN: Moody's Puts B1 CFR Under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B1
corporate family rating of China Aoyuan Group Limited. At the same
time, Moody's has placed on review for downgrade the B2 senior
unsecured rating on the bonds issued by China Aoyuan.

The outlook prior to the review for downgrade was stable.

"The review for downgrade reflects the uncertainty over the
company's ability to refinance maturing debt or generate enough
operating cash flow to repay the debt maturities in the coming
12-18 months, given the challenging operating and funding
environments," says Celine Yang, a Moody's Vice President and
Senior Analyst.

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

China Aoyuan's B1 CFR continues to reflect its (1) strong execution
capability even during previous downcycles; (2) established brand
in the economically strong Guangdong province; and (3) good access
to onshore and offshore funding.
On the other hand, the CFR is constrained by China Aoyuan's high
debt leverage and modest debt capital structure, given its
relatively large short-term debt, which was at 46% of its total
reported debt as of the end of 2020.

Moody's expects China Aoyuan's liquidity to reduce over the next
12-18 months amid tougher operating and funding environments. As of
June 30, 2021, the company had unrestricted cash of RMB61 billion
compared with a reported short-term debt of RMB52 billion. Moody's
expects China Aoyuan needs to be reliant on external funding to
cover its cash needs over the next 12-18 months, but the company's
access to offshore funding remains uncertain.

Moody's also expects China Aoyuan's contracted sales to 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 review will focus on (1) assessing China Aoyuan's access to
funding, its liquidity and refinancing risks, specifically its
ability to address its maturing debt (including puttable bonds) in
a timely manner; and (2) the company's ability to sustain stable
sales and operating cash flow.

In terms of environmental, social and governance (ESG)
considerations, China Aoyuan's B1 CFR incorporates the company's
concentrated ownership by its key shareholders, Guo Zi Wen and Guo
Zi Ning, who held a total 55.3% stake in the company as of June 30,
2021.

Moody's also considered the presence of internal governance
structures and disclosure standards, as required under the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange. China Aoyuan has three special committees, namely
an audit committee, remuneration committee and nomination
committee. All these committees are either chaired or dominated by
independent nonexecutive directors and exercise supervision over
the company. Further, the company has a stable dividend policy,
with a dividend payout of around 35%-40% of its net profit for the
year attributable to owners of the company over the past three
years.

China Aoyuan's B2 senior unsecured rating is one notch lower than
the CFR to reflect structural subordination risk. Most of the
company's consolidated claims are at its operating subsidiaries,
which have priority over its senior unsecured claims at the holding
company in a bankruptcy scenario. Moody's expects the likely
recovery rate for claims at the holding company to be lower.

Moody's could downgrade the rating if China Aoyuan's liquidity and
refinancing risks heighten, its access to funding weakens, or if
the company fails to materially reduce its debt to more sustainable
levels.

An upgrade of the ratings is unlikely given the review for
downgrade. However, Moody's could confirm the ratings if China
Aoyuan improves its access to funding, materially reduces its
refinancing risks and significantly lowers its debt to more
sustainable levels.

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

China Aoyuan Group Limited is one of the leading property
developers in China focusing on the development of mass-market
properties. In March 2019, China Aoyuan spun off its property
management arm, Aoyuan Healthy Life Group Company Limited. (Aoyuan
Healthy Life), which was listed on the Hong Kong Stock Exchange.

CHINA EVERGRANDE: Deal to Sell Stake in Unit Put on Hold
--------------------------------------------------------
Reuters reports that China Evergrande Group's deal to sell a 51%
stake in its property services unit has been put on hold, two
people with knowledge of the matter said, in a blow to the
embattled developer's hopes of avoiding a potentially disruptive
default.

Evergrande, teetering on the brink of collapse with more than $300
billion in debt, was in talks to sell the stake in Evergrande
Property Services to smaller rival Hopson Development Holdings for
around HK$20 billion ($2.6 billion), sources have previously told
Reuters.

However, the deal has been put on hold as it has yet to win
blessings from the Guangdong provincial government, which is
overseeing Evergrande's restructuring, one of the people said on
Oct. 19, Reuters relays.

It's not immediately clear why the provincial government has not
approved the transaction. Some offshore creditors of Evergrande
also opposed the deal, the person added.

When contacted, a Hopson representative asked Reuters to await an
announcement. Evergrande and the Guangdong provincial government
did not immediately respond to Reuters' requests for comment.

The sources declined to be named as they were not authorised to
speak to the media, Reuters notes.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

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


GOLDEN WHEEL: Moody's Cuts CFR & Sr. Unsec. Notes Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating and senior unsecured rating on the existing
notes of Golden Wheel Tiandi Holdings Company Limited.

The outlook remains negative.

"The downgrade reflects Golden Wheel'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 Cedric Lai, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects our expectation that the company's
expected weakening liquidity and increased refinancing risk over
the next 6-12 months amid tight funding conditions and the
company's large debt maturity," adds Lai.

RATINGS RATIONALE

Golden Wheel's Caa1 CFR reflects (1) the company's track record in
developing integrated commercial and residential property projects
in Nanjing; and (2) its stable recurring income from investment
properties.

At the same time, the Caa1 rating reflects Golden Wheel's credit
weaknesses, including its small operating scale, weak liquidity and
volatile credit metrics because of its size and geographic
concentration.

Moody's expects Golden Wheel's adjusted EBIT/interest and
revenue/adjusted debt will remain weak at around 0.7x and 30%-35%,
respectively, over the next 12-18 months from the weak levels of
0.5x and 36%, respectively, for the 12 months ended June 30, 2021.

Golden Wheel's liquidity is weak. As of June 30, 2021, the company
had unrestricted cash of RMB976 million, much less than its
reported short-term debt of RMB4.5 billion. Moody's expects the
company's financial flexibility will be constrained, given its
challenging credit condition.

Golden Wheel's investment properties in China and Hong Kong provide
the company with an alternate source of liquidity in case of
financial stress, as it could sell these properties to meet its
debt obligations. However, the timing and execution of assets sale
remain uncertainty.

Golden Wheel's senior unsecured rating is unaffected by
subordination to claims at the operating company level because the
company's creditors benefit from its diversified business profile,
including the cash flow generated from the company's investment
properties portfolio. Such business diversification mitigates the
structural subordination risk.

In terms of environmental, social and governance (ESG)
considerations, Golden Wheel's CFR considers the company's
concentrated ownership by its key shareholder, Wong Yam Yin's
family, who held a 40.94% stake as of the end June 2021. Moody's
has also considered (1) the presence of four independent
nonexecutive directors on Golden Wheel's 11-member board of
directors, (2) the fact that the independent nonexecutive directors
chair both the company's audit and remuneration committees; (3)
Golden Wheel's moderate 15%-20% dividend payout ratio over the past
three years; and (4) the presence of other internal governance
structures and standards as required by the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange.

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

Given the negative outlook, a rating upgrade is unlikely. However,
Moody's could return the outlook to stable if the company improves
its liquidity substantially, with its unrestricted cash/short term
debt ratio rising above 1.0x on a sustained basis.

Moody's could downgrade the ratings if the company's liquidity
deteriorates further.

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

Listed on the Hong Kong Stock Exchange in January 2013, Golden
Wheel Tiandi Holdings Company Limited is an integrated commercial
and residential property developer, owner and operator with
projects in Jiangsu and Hunan provinces. Its projects are connected
to or close to metro stations or other transportation hubs.

The company also engages in the leasing and operational management
of shopping malls owned by third parties.

As of June 30, 2021, the company had a total land bank of 1.53
million square meters in gross floor area across Nanjing, Yangzhou,
Changsha, Wuxi, Zhuzhou and Hong Kong.

GREENLAND HOLDING: Moody's Cuts CFR to Ba2, On Review for Downgrade
-------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Greenland Holding Group Company Limited to Ba2 from Ba1.

Moody's has also downgraded the following ratings:

The backed senior unsecured rating of Greenland Global Investment
Limited's medium-term note (MTN) program to (P)Ba3 from (P)Ba2;

The backed senior unsecured rating of Greenland Global's senior
unsecured notes to Ba3 from Ba2;

The CFR of Greenland Hong Kong Holdings Limited to Ba3 from Ba2;

The backed senior unsecured rating on Greenland Hong Kong's MTN
program to (P)B1 from (P)Ba3; and

The backed senior unsecured rating on Greenland Hong Kong's USD
notes to B1 from Ba3.

Greenland Global's MTN program and senior unsecured notes are
unconditionally and irrevocably guaranteed by Greenland Holding.

Greenland Hong Kong's MTN program and the related notes are
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Greenland Holding, Greenland Hong Kong and
the bond trustee.

At the same time, Moody's has placed the ratings on review for
further downgrade.

The rating outlooks were negative before the review for downgrade.

"The downgrade reflects our expectation that Greenland Holding's
credit metrics and liquidity will weaken over the next 6-12 months
amid tight funding conditions and the company's large debt
maturity," says Kaven Tsang, a Moody's Senior Vice President.

"The review for downgrade reflects the uncertainty over the
company's ability to generate enough operating cash flow to
materially reduce its debt to more sustainable levels while
maintaining ongoing access to funding and adequate liquidity, given
the tight funding environment in the property sector," adds Tsang.

RATINGS RATIONALE

Greenland Holding's CFR continues to reflect the company's large
scale, good geographic and product diversification in China; and
better access to onshore bank funds than its privately-owned
property peers in China, given its linkage with the Shanghai
government.

However, the CFR is constrained by the company's high exposure to
the construction sector, which drags the company's overall
profitability; and its weakened access to debt capital markets,
which raises its challenges to refinance its sizable offshore debt
maturities.

Moody's believes Greenland Holding is unlikely to issue new
offshore bonds at reasonable funding cost to refinance its maturing
debt over the next 6-12 months. It would likely use internal cash
to repay its debt, which will reduce the funding available for its
operations over the next 12-18 months.

Moody's also expects Greenland Holding'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 credit metrics, operating cash flow and in turn its
liquidity.

The backed senior unsecured rating to the bonds guaranteed by
Greenland Holding is one notch lower than the CFR because of the
risk of structural subordination. This risk reflects the fact that
most of the claims are at the operating subsidiaries 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. As a result of
these factors, the expected recovery rate for claims at the holding
company will be lower.

The downgrade of Greenland Hong Kong's CFR also reflects Greenland
Holding's weakened ability to provide support. Moody's also expects
that Greenland Hong Kong'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 credit metrics
and liquidity, which no longer support its previous Ba2 CFR.

Greenland Hong Kong's CFR factors in the company's substantial
state ownership through its largest shareholder, Greenland Holding,
as well as the company's history of related-party transactions with
Greenland Holding, such as the provision of shareholder loans and
payables and asset sales. Greenland Hong Kong's CFR also considers
the company's modest operating scale and the execution risks
associated with its fast growth plan.

Greenland Hong Kong's backed senior unsecured rating is one notch
lower than the CFR, reflecting (1) the fact that most of the claims
are at the operating subsidiaries' level and have priority over
claims at the holding company (Greenland Hong Kong) in a bankruptcy
scenario; and (2) Moody's view that this rating, in the absence of
a parental guarantee, should be lower than the rating of the senior
unsecured notes directly guaranteed by Greenland Holding.

With respect to environmental, social and governance (ESG) factors,
Greenland Holding's CFR takes into account its state-owned
enterprise (SOE) background; its disclosure of significant
related-party transactions as required of its parent company,
Greenland Holdings Corporation Limited, by the relevant codes for
companies listed on the Shanghai Stock Exchange; and the presence
of a diversified board of directors with four independent
non-executive directors, and four special committees to supervise
the company's operations.

Moody's review will focus on (1) Greenland Holding's access to
funding, its liquidity and refinancing risks, specifically its
ability to address its maturing debt (including puttable bonds)
while maintaining adequate liquidity; (2) its ability to sustain
stable sales and operating cash flow generation to reduce its
leverage on a sustained basis; (3) its ability to provide support
to Greenland Hong Kong; and (4) Greenland Hong Kong's ability to
maintain stable sales, solid financial metrics and liquidity.

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

Moody's could downgrade Greenland Holding's ratings if its
liquidity and refinancing risks heighten; its access to onshore
bank funds weakens; or if the company experiences a material
decline in operating cash flow due to a decline in property sales
or construction cash flow.

An upgrade of Greenland Holding's ratings is unlikely, given that
they are on review for downgrade. However, Moody's could confirm
the ratings if Greenland Holding improves its access to funding and
maintains stable operating cash flow and adequate liquidity while
lowering its debt to more sustainable levels.

Moody's could downgrade Greenland Hong Kong's ratings if Greenland
Holding is downgraded; or if Greenland Hong Kong's standalone
credit quality weakens, as reflected in a material decline in
contracted sales, operating cash flow, financial metrics or
liquidity. Any evidence of a reduction in ownership by or a
weakening in support from Greenland Holding will also pressure
Greenland Hong Kong's ratings.

Greenland Hong Kong's ratings are unlikely to be upgraded, given
that they are on review for downgrade. However, Moody's could
confirm Greenland Hong Kong's ratings if Greenland Holding's
ratings are confirmed and Greenland Hong Kong maintains stable
sales and operating cash flow, solid financial metrics and adequate
liquidity.

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

Headquartered in Shanghai, Greenland Holding Group Company Limited
is a state-controlled enterprise that primarily focuses on the real
estate sector, with businesses in construction, finance and auto
dealerships as well. The Shanghai SASAC indirectly owns 46.37% of
Greenland Holding as of June 2021.

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-quality residential communities,
city-center integrated projects, and travel and leisure projects
that target the middle-to-high-end customer segment. Greenland
Holding owned 59.11% of Greenland Hong Kong as of June 30, 2021.

GUANGZHOU R&F: Moody's Downgrades CFR to B3, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of Guangzhou R&F Properties Co., Ltd.
(Guangzhou R&F), and to Caa1 from B3 the CFR of R&F Properties (HK)
Company Limited (R&F HK).

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

This rating action concludes the review for downgrade on the two
companies' ratings initiated on September 3, 2021.

"The downgrades reflect Guangzhou R&F's weak liquidity and high
refinancing risks because of its sizable debt maturing over the
next 6-12 months and its weakened access to offshore funding amid
tight funding conditions," says Kaven Tsang, a Moody's Senior Vice
President.

"The negative outlook reflects uncertainty around the company's
ability to generate enough cash flow amid tough business conditions
to repay its maturing debts over the next 6-12 months, despite the
company's focus on accelerating property sales and asset
disposals," adds Tsang.

RATINGS RATIONALE

Guangzhou R&F's B3 CFR reflects the company's long operating
history in China's property market, quality portfolio of urban
redevelopment projects, geographically diversified land bank in
China, and its shareholders' demonstrated support to the company.
The CFR also reflects the company's modest financial metrics,
despite the company's deleveraging efforts, and weak liquidity with
high refinancing needs.

Guangzhou R&F's liquidity is weak. While the major shareholders'
commitment to provide up to RMB10.4 billion would alleviate
Guangzhou R&F's refinancing pressure, the company will still have
to rely on new financing or asset sales to address its debt
maturities over the next 6-12 months.

Moody's expects the company to maintain its access to onshore bank
funds, but its weakened access to onshore and offshore debt capital
markets will hinder the company's ability to raise new debt at
reasonable costs to repay its maturing bonds. The timing of asset
disposals is also highly uncertain given the weak market sentiment
and tight funding conditions.

The downgrade of R&F HK's CFR to Caa1 reflects the weakened ability
of its parent to provide financial and operational support in times
of need and the subsidiary's weak standalone credit quality with a
small scale and high exposure to the volatile operating environment
of the hotel business.

R&F HK's CFR Caa1 rating incorporates its standalone credit profile
and a one-notch uplift based on Moody's assessment of support from
Guangzhou R&F in times of need, because of (1) Guangzhou R&F's full
ownership of R&F HK and its intention to maintain its stake; (2)
R&F HK's role as the primary platform for the group to raise funds
from offshore banks and capital markets to invest in property
projects in China, as well as for overseas investments; (3)
Guangzhou R&F's track record of financial support to R&F HK,
including the provision of keepwell deeds and equity interest
purchase undertakings of R&F HK's guaranteed bonds in recent years;
and (4) the reputational risks for Guangzhou R&F if R&F HK were to
default.

R&F HK's liquidity position is also weak. The company relies on
support from Guangzhou R&F to access funding.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentrated ownership of Guangzhou
R&F's key shareholders, and its aggressive financial management
that favors the use of debt to maximize shareholder returns.

Nevertheless, Guangzhou R&F's nine-member board of directors
includes three independent non-executive directors and two
non-executive directors. In addition, the company is subject to
other internal governance structures and standards required under
the Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange. Moody's has also considered the key shareholders'
track record of providing financial support to the company.

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

Moody's could downgrade Guangzhou R&F's rating if its liquidity and
refinancing risks heighten, its access to onshore bank funds
weakens, or if the company fails to materially reduce its debt to
more sustainable levels.

An upgrade of the ratings is unlikely given the negative outlook.
However, the outlook could be revised to stable if Guangzhou R&F
improves its access to funding, materially reduces its refinancing
risks and significantly lowers its debt to more sustainable
levels.

Moody's could downgrade the rating of R&F HK if Guangzhou R&F's
rating is downgraded; there is a reduction in the ownership by or a
weakening in support from Guangzhou R&F; or R&F HK's leverage and
liquidity deteriorate substantially.

An upgrade of R&F HK's rating is unlikely given the negative
outlook. However, Moody's could revise the outlook to stable if
Guangzhou R&F's outlook is revised to stable.

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

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a large developer in
China's residential and commercial property sector. As of June
2021, the company had a land bank of 55.5 million square meters
(sqm) in total saleable area, spread across 92 cities in China and
six cities overseas, including Australia, the UK, Malaysia, Korea,
and Cambodia. Mr. Li Sze Lim and Mr. Zhang Li are the company's
co-founders and owned 28.97% and 27.50% equity interests,
respectively, as of June 30, 2021.

R&F Properties (HK) Company Limited (R&F HK) and its subsidiaries
are principally engaged in the development and sale of properties,
property investments and hotel operations in China. The company was
established in Hong Kong SAR, China on August 25, 2005. It serves
as an offshore funding vehicle and holding company for some of
Guangzhou R&F's property projects in China.

JIANGSU ZHONGNAN: Moody's Lowers CFR to B2, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Jiangsu Zhongnan Construction Group Co., Ltd. to B2 from
B1. At the same time, Moody's has downgraded the senior unsecured
rating on the bonds issued by Haimen Zhongnan Investment
Development (International) Co., Ltd. to B3 from B2.

The outlook remains stable.

"The downgrade reflects our expectation that Jiangsu Zhongnan's
financial metrics will weaken over the next 6-12 months amid tight
funding conditions in China's property sector," says Daniel Zhou, a
Moody's Analyst.

"The stable outlook reflects our expectation that the company will
have adequate liquidity to accommodate the risks associated with
the difficult operating and financing conditions over the next 6-12
months," adds Zhou.

RATINGS RATIONALE

Jiangsu Zhongnan's B2 rating reflects company's sizable operating
scale, good liquidity and proven track record of funding access in
onshore capital markets.

However, the rating is constrained by the company's significant
exposure to lower-tier cities, the low profitability of its
construction and property development businesses, its moderate
interest coverage, and increased trust borrowings. Specifically,
the refinancing risks associated with Jiangsu Zhongnan's trust
loans have increased, given that access to this funding channel is
more uncertain than bank financing amid the current challenging
funding and operating conditions.

Moody's expects Jiangsu Zhongnan'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, Jiangsu Zhongnan'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 80%-85% in 2021-22,
declining from 97% for the 12 months ended June 30, 2021.
Similarly, its homebuilding EBIT/interest coverage will weaken to
2.0x-2.1x from 2.3x for the same period. As such, the company's
overall credit profile is more in line with its B2 rated property
peers.

Moody's expects Jiangsu Zhongnan's liquidity to be adequate over
the next 6-12 months. As of June 30, 2021, the company had
unrestricted cash of RMB21.6 billion, compared with reported
short-term debt of RMB20.8 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 hurt if the weakness in debt capital markets
persists.

The B3 senior unsecured debt rating is one notch lower than Jiangsu
Zhongnan's B2 CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of Jiangsu
Zhongnan's claims are at its operating subsidiaries and, in the
event of a bankruptcy, have priority over claims at the holding
company. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership by Zhongnan Urban Construction Investment Co., Ltd.,
which had a 53.88% stake in the company as of September 25, 2021,
with 65.16% of these shares pledged. The Shenzhen Stock Exchange's
approval and disclosure requirements for material related-party
transactions by listed companies, and Jiangsu Zhongnan's modest
dividend payout of 10%-25% of net profit over the past three years
partially mitigate this risks.

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

Moody's could upgrade Jiangsu Zhongnan's rating if the company
improves its financial position while demonstrating solid
contracted sales growth and strengthening liquidity. Credit metrics
indicative of a possible upgrade include EBIT/interest coverage
above 2.25x-2.50x, on a sustained basis.

A significant reduction in the contingent liabilities associated
with the company's joint ventures (JV) or a lowered likelihood of
the company providing funding support to its JVs would also be
positive for the rating. This could arise from its reduced usage of
JVs or a significant improvement in the financial strength of its
JV projects.

Moody's could downgrade Jiangsu Zhongnan's rating if the company
undertakes large debt-funded expansions or acquisitions, suffers
declines in contracted sales or revenue, or if its liquidity
deteriorates on a sustained basis.

Credit metrics indicative of a possible downgrade include
EBIT/interest coverage falling below 1.0x and unrestricted
cash/short-term debt falling below 1.0x, both on a sustained
basis.

The rating could also be downgraded if the contingent liabilities
associated with the company's JVs or the likelihood of it providing
funding support to the JVs increases significantly. This could
arise from a significant deterioration in the financial strength
and liquidity of its JV projects or a substantial increase in the
company's investments in new JV projects.

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

Jiangsu Zhongnan Construction Group Co., Ltd. is based in China's
Jiangsu Province and principally engages in property development
and construction services. The company had a total land bank of
around 47.4 million square meters as of June 2021.

Jiangsu Zhongnan was founded by Chen Jinshi, who has been in
China's construction business since 1988 when he established the
company. The company was listed on the Shenzhen Stock Exchange in
2000 and has a market capitalization of RMB16.91 billion as of
October 13, 2021.

JIAYUAN INT'L: Moody's Affirms B2 CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Jiayuan International Group Limited and the B3 senior
unsecured rating on the bonds issued by Jiayuan.

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

"The change in outlook to stable reflects our expectation that
Jiayuan's credit metrics will likely not meet the thresholds
required for a rating upgrade, given the challenging operating and
funding conditions," says Kelly Chen, a Moody's Assistant Vice
President.

"The rating affirmation reflects our expectation that Jiayuan 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

Jiayuan's B2 corporate family rating (CFR) reflects (1) the
company's track record in its core markets in the Yangtze River
Delta, underpinned by its strong sales execution; and (2) its
low-cost and quality land bank.

On the other hand, the B2 CFR is constrained by (1) Jiayuan's
developing operating scale, (2) the financial risks associated with
its debt-funded business growth, and (3) its narrow but improving
funding access.

Moody's expects Jiayuan'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.

Moody's expects Jiayuan's liquidity to be adequate over the next
6-12 months. As of June 30, 2021, the company had unrestricted cash
of RMB10.5 billion, compared with reported short-term debt of
RMB8.1 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.

Jiayuan's senior unsecured rating of B3 is one notch below its B2
CFR because of legal and structural subordination risk. Most of the
claims are at the operating subsidiaries and in the event of a
bankruptcy, they have priority over claims at the holding company.
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 low.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the risks associated with the company's
concentrated ownership, with Mr. Shum Tin Ching, holding a 69.7%
stake in Jiayuan and pledging around 10.1% of the company's total
outstanding shares for financing as of March 31, 2021.

Moody's has also considered the company's listed status on the Hong
Kong Stock Exchange and the application of the Hong Kong Listing
Rules and Securities and Future Ordinance on the company. In
addition, Mr. Shum has demonstrated his commitment to the company
by injecting assets to strengthen its operations and equity base,
and reducing his share pledge loan to lower the risk of a change in
control.

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

Moody's could upgrade the ratings if Jiayuan (1) demonstrates
sustainable growth in its contracted sales and revenue without
impeding profitability, (2) strengthens its credit metrics, with
its adjusted revenue/debt above 80% and its EBIT/interest higher
than 3.0x on a sustained basis, (3) further diversifies its funding
channels, and (4) maintains its change of control risk at a low
level.

On the other hand, Moody's could downgrade the rating if the
company records weaker growth in its contracted sales or revenue
than expected, or if its credit metrics weaken, such that (1) its
EBIT interest coverage falls below 2.0x; (2) its revenue/adjusted
debt falls below 55%; (3) its liquidity weakens, with its
unrestricted cash holdings slipping below 1.0x of short-term debt;
(4) its funding channels narrow, or (5) its change of control risk
increases.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 18.7 million square meters
at the end of June 2021. It also develops and operates commercial
properties alongside its residential property projects.

KAISA GROUP: Moody's Lowers CFR to B2, Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to B2 from B1. At the same time,
Moody's has downgraded the senior unsecured rating on the bonds
issued by Kaisa to B3 from B2.

Moody's has placed all the ratings on review for further downgrade.
The previous ratings outlook was stable.

"The downgrade reflects our expectation that Kaisa's liquidity will
weaken and its refinancing risk will increase over the next 6-12
months amid tight funding conditions and the company's large debt
maturity," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"The review for downgrade reflects the uncertainty over the
company's ability to generate enough operating cash flow to repay
all its offshore debt maturities in the coming 12-18 months, given
the challenging operating and funding environments," adds Lai.

RATINGS RATIONALE

Kaisa's B2 CFR reflects the company's well-established market
position and quality land bank in higher-tier cities in the Greater
Bay Area (GBA); and its solid gross profit margin supported by
material revenue contribution from its urban redevelopment
projects.

However, the B2 CFR is constrained by the company's modest credit
metrics; high geographic concentration; narrow funding channels and
substantial exposure to the offshore bond market; and its
increasing exposure to its joint ventures (JVs), which could
increase its contingent liabilities and weaken its corporate
transparency.

Kaisa has a large amount of debt maturing by the end of December
2022 -- in particular USD3.2 billion in offshore bonds maturing or
becoming puttable during the period.

Moody's believes Kaisa will face uncertainty in issuing new
offshore bonds at reasonable funding cost to refinance its maturing
debt, in view of the volatile offshore debt capital markets and the
recent decline in its offshore bond prices.

The offshore bond market is Kaisa's major funding channel,
accounting for 58% of its total debt as of June 30, 2021.

As of June 30, 2021, the company had unrestricted cash of RMB38
billion, compared with reported short-term debt of RMB25 billion.
Moody's expects Kaisa 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.

Moody's expects Kaisa's contracted sales will decline over the next
6-12 months because of weaker consumer sentiment amid tight funding
conditions. This will weaken the company's operating cash flow and
in turn its liquidity.

Kaisa's B3 senior unsecured debt rating is one notch lower than the
company's B2 CFR due to structural subordination risk. The
subordination risk reflects the fact that the majority of Kaisa's
claims are at its operating subsidiaries and, in the event of a
bankruptcy, have priority over claims at the holding company. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has factored in the company's history of
debt restructuring and share suspension, as well as high debt
leverage. In addition, the company has a concentrated shareholder
structure, with its founder, Kwok Ying Shing, and his family
members had a 39.01% stake in the company as of the end of June
2021.

Governance concerns pertaining to Kaisa are partly tempered by the
governance structures and disclosure standards as required by the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange. For example, the aforementioned related-party
transaction will be subject to shareholder approval, and Kwok Ying
Shing and his family members will abstain from voting.

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

Moody's review will focus on Kaisa's refinancing progress and
liquidity risks, and in particular, its ability to address its
maturing debt in a timely manner.

Moody's could downgrade Kaisa's ratings if its liquidity and
refinancing risks heighten or if the company experiences a material
decline in operating cash flow due to a decline in property sales.

An upgrade of the company's ratings is unlikely, given the review
for downgrade. However, Moody's could confirm the ratings if Kaisa
improve its access to funding, maintains stable operating cash flow
and strengthens its liquidity.

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

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA. As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

LANZHOU CONSTRUCTION: Moody's Gives Ba1 CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Lanzhou Construction Investment (Holding) Group Co., Ltd.
and withdrawn the company's Baa3 issuer rating.

Moody's has also downgraded to Ba1 from Baa3 the senior unsecured
rating on the bonds issued by City Development Company of Lan Zhou
and guaranteed by Lanzhou Construction.

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

This rating action concludes the review for downgrade initiated on
September 30, 2021.

"The downgrade reflects the company's weakened funding access, its
large amount of debt coming due over the next 12 months, and the
tightened funding environment for issuers from fundamentally weak
regions, which we expect will continue for a period of time," says
Ying Wang, a Moody's Vice President and Senior Analyst.

"We recognize the government's efforts and plans to support the
company's debt repayment, including facilitating coordination with
banks and other financial institutions for such purpose, which will
help alleviate the company's funding pressure and liquidity risks
in the next 3-6 months. However, such efforts are unlikely to fully
offset the negative impact of tightened regulatory supervision over
local government financing vehicles' (LGFVs) borrowing and
investors' aversion toward LGFVs in less developed regions. As a
result, Lanzhou Construction's funding access and liquidity profile
no longer support its investment-grade rating," adds Ying.

The negative outlook reflects the uncertainty around the company's
ability to strengthen its funding access in next 12-18 months.

RATINGS RATIONALE

Lanzhou Construction's access to funding has weakened since the
first half of 2021, following the implementation of stringent
government measures to curtail the contingent liabilities of local
governments and as investor risk aversion toward LGFVs from
fundamentally weak regions has increased.

At the same time, Lanzhou Construction faces sizable maturing
debts, including around RMB15 billion in onshore bonds that will
come due over the next 12 months.

Given its weakened funding access, Moody's expects that Lanzhou
Construction will need to rely on government support to meet its
funding needs.

Lanzhou Construction is the largest provider of essential public
services and the largest owner of key public infrastructure
projects in Lanzhou city. The company is also one of the largest
state-owned enterprises (SOEs) by asset size in Gansu province,
with very large amounts of outstanding bonds in the market.

As a result, Moody's believes the Lanzhou city government and Gansu
provincial government will mobilize funds and resources to support
Lanzhou Construction's liquidity needs. According to the company,
plans under discussion include land injections from the government,
the settlement of accounts receivables, asset disposal proceeds and
funding support from financial institutions.

While the government's coordinated efforts will help alleviate the
company's short-term funding pressure, Moody's expects it will take
time for Lanzhou Construction to resume access to the capital
market at a reasonable cost with long bond tenors to improve its
liquidity profile amid averse investor sentiment.

Moody's will also closely monitor the timeliness and effectiveness
of the coordination from the government to meet the company's
funding needs.

The company's Ba1 rating is based on the Lanzhou city government's
capacity to support (GCS) score of baa2; and Moody's assessment of
how the company's characteristics affect the Lanzhou city
government's propensity to support, which results in a two-notch
downward adjustment.

Moody's assessment of Lanzhou's GCS reflects Lanzhou city's status
as the capital of Gansu province, and Gansu province's relatively
weak economic and fiscal metrics, as well as high risks from its
SOE and local banking sectors compared with those of other
provinces.

The Ba1 rating also reflects the Lanzhou city government's
propensity to support Lanzhou Construction because of its 100%
ownership of the company, Lanzhou Construction's status as the
dominant LGFV that provides essential public services in the city,
and the company's track record of receiving government cash
payments.

However, the two-notch downward adjustment from the Lanzhou
government's GCS score reflects Lanzhou Construction's weak funding
access, large debt obligation arising from its public-policy
projects and the contingent risk arising from the external
guarantees it has provided to other companies.

Lanzhou Construction's rating also considers the following
environmental, social and governance (ESG) factors.

The company bears high social risks as it implements public-policy
initiatives by building public infrastructure in Lanzhou.
Demographic changes, public awareness and social priorities shape
the company's development targets and ultimately affect the Lanzhou
city government's propensity to support the company.

As for governance considerations, Lanzhou Construction is subject
to oversight by the Lanzhou city government and has to meet several
reporting requirements, reflecting its public-policy role and
status as a government-owned entity.

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

Moody's could downgrade the rating if Lanzhou Construction fails to
receive sufficient support from the government to meet its funding
needs or put in place an appropriate refinancing plan for its
maturing debts.

The rating could also be downgraded if the Lanzhou city
government's propensity to support weakens because of changes in
Lanzhou Construction's characteristics, such as (1) a decline in
its position as the largest and dominant public service provider in
Lanzhou city; (2) material changes in its core business with a
substantial expansion of its commercial activities at the cost of
its public service functionalities, or substantial losses by its
commercial businesses; or (3) rapid increases in its debt and
leverage, with fewer corresponding government payments.

Given that Lanzhou Construction's rating is based on the Lanzhou
city government's GCS score, Moody's could downgrade the rating if
(1) China's sovereign rating is downgraded, or (2) the Lanzhou city
government's capacity to support weakens, which could arise from a
material worsening in Lanzhou's economic or financial profile or
its ability to coordinate timely support. Changes in the Chinese
government's policies that prohibit regional and local governments
from supporting LGFVs will also affect the rating.

An upgrade of the ratings is unlikely, given the negative outlook.
However, Moody's could revise the outlook to stable if Lanzhou
Construction strengthens its funding access and its liquidity
profile with help from the government.

The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
July 2020.

Established in 2016, Lanzhou Construction Investment Holding Group
Company Limited is 100% owned by Lanzhou State-owned Asset
Supervision and Administration Commission through a parent
intermediary, Lanzhou Investment (Holding) Group Co., Ltd. The
company mainly engages in urban infrastructure construction,
shantytown redevelopment, utilities, public services and
transportation in Lanzhou city.

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

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

"The negative outlook reflects our expectation that Sansheng's
contracted sales growth will weaken over the next 6-12 months
because of weaker consumer sentiment, which will in turn 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 Sansheng 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

Sansheng's B2 rating reflects the company's established market
presence in its key Fujian province market, its operational
benefits from its diversified methods for land acquisitions and its
adequate liquidity.

However, the rating is constrained by the company's small operating
scale, high exposure to lower-tier cities and narrow funding
channels with high exposure to trust financing.

The CFR also considers the company's fast decline in attributable
ratio of contracted sales in the past two years and its significant
portion of minority interest compared with its equity base, which
reflects its extensive use of joint ventures (JVs) that leads to
lower corporate transparency.

Moody's expects Sansheng'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.

Moody's expects Sansheng's liquidity to be adequate over the next
6-12 months. As of June 30, 2021, the company had unrestricted cash
of RMB8.1 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 hurt if the
weakness in debt capital markets persists.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Sansheng's concentrated
ownership. Mr. Lin Rongbin, Sansheng's largest shareholder, holds a
74.98% equity stake in the company as of June 30, 2021. Moody's has
also considered (1) the presence of three independent nonexecutive
directors on the company's five-member board, (2) the presence of
other internal governance structures and standards as required by
the Hong Kong Stock Exchange (HKEX), and (3) the company's low
dividend policy compared with its similarly rated peers, paying out
10%-15% of its attributable net income.

In addition, Moody's has considered Sansheng's related-party
transactions, including loans and financial guarantees from related
parties, which are more material than those of many of its
similarly rated peers. These transactions are governed by the
Listings Rules of the HKEX and the Securities and Futures Ordinance
in Hong Kong.

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
(1) grows its operating scale; (2) strengthens its financial
metrics, such that its revenue/adjusted debt is above 60% and its
EBIT/interest is above 2.0x on a sustained basis; (3) strengthens
its liquidity, with its unrestricted cash/short-term debt
consistently above 1.0x; and (4) diversifies its funding channels.

Moody's could downgrade the rating if (1) Sansheng's contracted
sales weaken; (2) the company accelerates land acquisitions beyond
the rating agency's expectations, weakening its financial metrics
and liquidity; or (3) it fails to improve its funding access and
capital structure.

Financial metrics indicative of a downgrade include (1)
EBIT/interest coverage below 1.5x-1.75x and revenue/adjusted debt
below 50%; and (2) unrestricted cash/short-term debt below 1.0x on
a sustained basis.

Moody's could also downgrade the rating if the contingent
liabilities associated with Sansheng's JVs or the likelihood of it
providing funding support to the JVs increases materially. This
could arise from a material deterioration in the financial strength
and liquidity of the JV projects or a substantial increase in the
company's investments in new JV projects.

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

Sansheng is a Chinese property developer with over 20 years of
property development experience. Its gross contracted sales reached
RMB17.5 billion in 2020 and RMB14.9 billion in the first six months
of 2021. As of the end of June 2021, the company had 56 property
development projects with a land bank of 7.8 million square meters.

SHINSUN HOLDINGS: Moody's Affirms B2 CFR & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Shinsun Holdings (Group) Co., Ltd. At the same time,
Moody's has affirmed the B3 senior unsecured rating on the bonds
issued by Shinsun.

The outlook has been changed to negative from stable.

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

"The rating affirmation reflects our expectation that Shinsun 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

Shinsun's B2 corporate family rating (CFR) reflects the company's
(1) sizable operating scale, (2) established track record in its
key markets of Yangtze River Delta, (3) solid credit metrics
compared with its B2-rated peers, and (4) adequate liquidity.

On the other hand, the B2 CFR is constrained by Shinsun's high
exposure to lower-tier cities, low profit margin and heavy reliance
on trust financing.

The B2 CFR also considers the company's strategy to increase the
use of joint ventures (JVs). This strategy will lower the company's
transparency and increase the uncertainties over its contingent
liabilities, despite the benefits of reducing the capital outlay
for new property projects.

Moody's expects Shinsun'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.

Moody's expects Shinsun's liquidity to be adequate over the next
6-12 months amid tougher operating and funding environment. As of
June 30, 2021, the company had unrestricted cash of RMB15.5 billion
compared with reported short-term debt of RMB22.2 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.

The B3 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. 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.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership.
Mr.Chen Guoxiang, Shinsun's largest shareholder, holds a 78% equity
stake in the company as of June 30, 2021. Moody's has also
considered (1) the presence of three independent nonexecutive
directors out of a total of seven board members, (2) the presence
of other internal governance structures and standards as required
by the Hong Kong Stock Exchange (HKEX), and (3) the company's
dividend policy to pay out 20%-25% of its attributable net income.

In addition, Moody's has considered Shinsun's large amount of
related party transactions -- including advances to/from related
parties and its purchase of services from related parties. These
transactions are governed by the Listings Rules of the HKEX and the
Securities and Futures Ordinance in Hong Kong SAR, China.

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

Given the negative outlook, a rating upgrade is unlikely. However,
the rating outlook could return to stable if the company grows its
operating scale; strengthens its financial metrics, such that
EBIT/interest is above 2.0x on a sustained basis; maintains
adequate liquidity, with unrestricted cash/short-term debt
consistently above 1.0x; and diversifies its funding channels.

On the other hand, Moody's could downgrade the rating if the
company (1) suffers from weaker contracted sales; or (2)
accelerates its land acquisitions beyond Moody's expectations,
weakening its financial metrics and liquidity; or (3) fails to
improve funding access.

Financial metrics indicative of a downgrade include: (1)
EBIT/interest coverage below 1.5x; (2) revenue/adjusted debt below
50%; or (3) a weaker liquidity position or higher refinancing risk,
such that its unrestricted cash/short-term debt falls below 1.0x on
a sustained basis.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases materially. This could be the
result of a material deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investments towards new JV projects.

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

Established in 1995, Shinsun is a Zhejiang based Chinese property
developer with over 20 years of property development experience.
The company's attributable contracted sales reached RMB78.2 billion
in 2020. As of the end of June 2021, the company had an
attributable land bank of 22.9 million square meters.

SINIC HOLDINGS: S&P Downgrades ICR to 'SD' on Missed Bond Payment
-----------------------------------------------------------------
On Oct. 19, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on China-based property developer Sinic Holdings
(Group) Co. Ltd. to 'SD' (selective default) from 'CC'.

Sinic Holdings has failed to repay the interest and principal of
its US$250 million offshore senior unsecured notes due on Oct. 18,
2021, despite having Chinese renminbi 14 billion in cash on hand as
of June 30, 2021.

S&P said, "We lowered our rating on Sinic Holdings (Group) Co. Ltd.
to 'SD' after the company confirmed that it failed to repay the
interest and principal of its US$250 million offshore senior
unsecured notes due Oct. 18, 2021. In September 2021, Sinic also
failed to pay interest on debt.

"In our view, the nonpayment of the offshore notes will accelerate
repayment of Sinic's other debt obligations, given that it could
trigger cross-default provisions. These include the remaining two
public bonds due in the first half of 2022, totaling US$460
million. The company also has about US$370 million in offshore
private debt obligations that will likely see accelerated calls for
repayment. We expect Sinic's exceptionally weak liquidity to
persist and that further defaults are likely, given its mounting
maturity wall over the next 12 months.

"We see rising risk that some Chinese developers will lose access
to capital markets, given their wide use of joint ventures. As a
heavy user of joint ventures, a substantial amount of Sinic's cash
could be trapped at the project level. Partners, trust companies,
or other creditors may put hurdles on the company to extract cash,
in our view. We believe banks could also limit the transfer of
funds away from projects as they increase their focus on ensuring
project completion and loan repayment. This would be consistent
with the central government's aim that prepaid homes are delivered
to buyers, even after a developer defaults."


YANGO GROUP: Moody's Cuts CFR to B2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Yango Group Co., Ltd to B2 from B1. At the same time,
Moody's has downgraded the senior unsecured rating on the bonds
issued by Yango Justice International Limited to B3 from B2.

The outlook has been changed to negative from stable.

"The downgrade reflects our expectation that Yango's weakened
funding access and likely reducing liquidity buffer over the next
6-12 months amid tight funding conditions and large debt maturity,"
says Celine Yang, a Moody's Vice President and Senior Analyst.

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

RATINGS RATIONALE

Yango's B2 rating reflects the company's established track record
in its key operating markets, large operating scale and diversified
land reserve.

However, the rating is constrained by its heightened refinancing
and liquidity risks, as well as its thin profit margins and
significant exposure to joint ventures (JVs), which increased its
contingent liabilities and weakened corporate transparency.

Yango has a large amount of onshore and offshore debt maturing by
the end of December 2022 -- in particular USD1.1 billion of
offshore bonds and RMB10.1 billion of onshore bonds maturing or
becoming puttable during the period.

Moody's believes Yango will face uncertainty in issuing new onshore
and offshore bonds at reasonable funding costs to refinance its
maturing debt, in view of the volatile offshore debt capital
markets and the recent decline in its onshore and offshore bond
prices.

As of June 30, 2021, the company had unrestricted cash of RMB33
billion compared with reported short-term debt of RMB26 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.

Moody's also expects Yango's contracted sales to 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.

Yango Justice International Limited's B3 senior unsecured rating is
one notch below Yango's B2 CFR because of the risk of structural
subordination. The subordination risk reflects the fact that most
of Yango's claims are at the operating subsidiaries 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. As a result, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account the private enterprise status and
weak liquidity of Yango's parent, Fujian Yango Group Co., Ltd.

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

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

Moody's could downgrade Yango'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 these ratings was Homebuilding
And Property Development Industry published in January 2018.

Founded in 1995 in Fuzhou, Yango Group Co., Ltd (Yango) is a
Chinese property developer that focuses on the Greater Fujian area
and the Yangtze River Delta region. The company was listed on the
Shenzhen Stock Exchange in 2002 and had a market capitalization of
around RMB17 billion as of October 11, 2021.

ZHONGLIANG HOLDINGS: Moody's Affirms B1 CFR, Outlook now Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Zhongliang Holdings Group Company Limited.

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

"The change in outlook to stable reflects our expectation that
Zhongliang's credit metrics will likely not meet the thresholds
required for a rating upgrade, given the challenging operating and
funding conditions," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

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

RATINGS RATIONALE

Zhongliang's B1 CFR reflects the company's (1) recognized brand
name in second-tier and lower-tier cities in the Yangtze River
Delta region; (2) strong sales execution, as reflected by its rapid
annual contracted sales growth in the past three years; and (3)
solid credit metrics and adequate liquidity.

However, the company's credit profile is constrained by its
relatively high exposure to lower-tier cities and reliance on
non-bank financing. In addition, the company has a material
exposure to joint venture (JV) businesses, which hinders the
transparency of its credit metrics.

Moody's expects Zhongliang'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 Zhongliang's liquidity to be adequate over the next
6-12 months. As of June 30, 2021, the company had unrestricted cash
of RMB28.2 billion, compared with reported short-term debt of
RMB23.3 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.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the risk associated with the
ownership concentration in Zhongliang's controlling shareholders,
Mr. Yang Jian and his spouse, who together held a 82.9% stake as of
June 30, 2021.

Moody's has also considered (1) the presence of three independent
non-executive directors on a board of seven directors, and two
independent non-executive directors who chair the audit and
remuneration committees, respectively, and (2) the company's
moderate 30%-40% dividend payout ratio over the past two years; (3)
the application of the listing rules of the Hong Kong Stock
Exchange and the Securities and Futures Ordinance in Hong Kong.

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

Moody's could upgrade the CFR if Zhongliang (1) diversifies its
funding channels and reduces the proportion of its trust financing;
(2) continues to executes its business plans and expands; (3)
strengthens its liquidity; (4) sustains its credit metrics,
including adjusted EBIT/interest rising above 3.0x and
revenue/adjusted debt exceeding 80% on a continued basis.

On the other hand, Moody's could downgrade the ratings if
Zhongliang: (1) generates weak contracted sales; (2) suffers from a
material decline in its profit margins; (3) experiences an
impairment in its liquidity position, such that unrestricted
cash/short-term debt falls below 1.0x; and/or (4) materially
increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and/or adjusted revenue/debt falling
below 55%-60% on a sustained basis.

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

Zhongliang Holdings Group Company Limited is a Shanghai-based
residential property developer. The company engages in real estate
development in China. The Yangtze River Delta region contributed
around 65% of the company's contracted sales in 2020.

As of June 30, 2021, Zhongliang was 82.9% owned by its chairman,
Mr. Yang Jian, and his spouse, who act in concert.



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

AARNEEL TECHNOCRAFTS: ICRA Keeps B Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aarneel
Technocrafts Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".

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

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

Aarneel Technocrafts Private Limited (ATPL) is a private limited
company involved in manufacturing of signages, light poles, bus
shelters and other metal fabricated fixtures that are installed on
roads. The company has been promoted and fully held by Mr. Samit
Holkar and Mr. Piyush Jain. ATPL's manufacturing facility is
located in Indore (Madhya Pradesh).


ANJANEYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Anjaneya Rice Industries
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Founded in 2009, Anjaneya Rice Industries is engaged in the milling
of paddy and produces raw and boiled rice. The rice mill is located
at Miryalaguda, Nalgonda of Telangana. Anjaneya Rice Industries
processes paddy into raw and parboiled rice, rice
bran, broken rice, and husk. It has installed paddy milling
capacity of 4 tons per hour (tph) for raw rice and 4 tph for boiled
rice. The firm's operations are overseen by the managing partner Mr
Voruganti Venkateshwarlu. All the partners are from the same
family.


ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Ansaldocaldaie GB Engineering Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        15.80       [ICRA]D; ISSUER NOT COOPERATING;
   Loan Facility                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

   Long Term-         2.20       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Ansaldocaldaie GB Engineering Private Limited is engaged in the
manufacturing and fabrication of Boiler components mainly pressure
vessels for boilers, mainly high-pressure boilers and
super-critical boilers. The company is a 50:50 Joint Venture
between Ansaldocaldaie Boilers India Private Limited (ABIPL) and G
B Engineering Enterprises Private Limited (GBEEPL). The
manufacturing facility is located in Pudukkudy village near Trichy,
Tamil Nadu.


ATC FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of ATC Foods
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2011, AFPL is involved in milling, processing and
sorting of basmati and non-basmati rice. The company's plant in
Delhi has a milling capacity of 60 tonnes per day. The company
exports basmati rice as well as sells to the domestic market. The
direct exports are made to countries such as Dubai and Saudi Arabia
and the remaining is sold through exporters to European countries.


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-       1,497.40     [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         135.00     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       430.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Non-fund based                Rating Continues to remain under
   limits–LC/BG                  'Issuer Not Cooperating'
                                 Category

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

Bhadreshwar Vidyut Private Limited (BVPL, formerly known as OPGS
Power Gujarat Private Limited) was incorporated in April 2007 as a
special purpose vehicle (SPV) promoted by the OPG Group, which has
substantial experience in the power and steel sectors. The company
had initially planned to set up a 270 MW (2x135 MW) coal-based
power plant but subsequently revised its plant capacity to 300 MW
(2x150 MW). The plant is based in Kutch, Gujarat and had a
scheduled COD of February 2013.
However, the project witnessed delays due to litigation over the
coastal regulatory zone (CRZ) clearance granted to it and
subsequently, due to delay in setting up of evacuation
infrastructure. The first unit achieved COD in February 2015 and
the second unit achieved COD in February 2016. The total cost
incurred for the project is INR2,026 crore (Rs. 6.75 crore/MW),
which was funded through INR1,497 crore of debt and INR529 crore of
equity.


BOLTMASTER (INDIA): ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Boltmaster
(India) Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        22.80       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

The company started manufacturing activities in 1976 at Goregaon
Mumbai and has developed more than 2500 different varieties of
fasteners either as per customer's requirements or conforming to
national/international standards. In 1994, to meet increased
demand, the company set up new factory at Bhayander in suburban
Mumbai with installed capacity of 4000  MTPA or 12 million pieces
per annum. The company's product range covers various types of
Fasteners such as Bolts, Screws, Nuts Studs etc. and forged
components, conforming to national and international standards such
as ISO, IS, BS, DIN, ASTM, ANSI etc. These products find
application in Heavy Engineering, Mines (Coal, Aluminium, Iron
etc.), Shipbuilding, Constructions, Earthmoving Equipments, Sugar
industries, Cement & Chemical plants, Power Stations, Railways,
PetroChemicals, Nuclear power generation plants, steel plants, Farm
Equipments and in Automotive sector.

DASHMESH AGRO: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dashmesh
Agro Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       26.00       [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Dashmesh Agro Industries is a partnership firm promoted by Mr.
Ashwani Sidana and his family members. The firm is primarily
involved in the milling of basmati rice and also converts
semi-processed rice into parboiled basmati rice. DAI's milling unit
is based out of Jalalabad in Ferozpur district, Punjab, which is in
close proximity to the local grain market.


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

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

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

Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman
Sidana and his family members, primarily involved in milling of
basmati rice. The firm also converts semi-processed rice into
parboiled basmati rice. DRM's milling unit is based out of
Jalalabad, District in Punjab's Ferozpur, in close proximity to the
local grain market.


GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Golhar Ginning & Oil
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA] D; ISSUER NOT COOPERATING".
                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan          4.10       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Cash Credit        4.75       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        1.15       [ICRA] D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Golhar Ginning & Oils Private Limited was incorporated in November
2012 and commenced business operations since December 2014. It is
in the business of ginning, pressing of cotton and crushing of
cotton seed oil. The factory is located in Hingaghat, Dist. Wardha
(Maharashtra). GGOPL is equipped with 24 ginning machines and 1
pressing machine to carry out operations. It is presently managed
by Mr. Damodar Golhar and Mr. Dhanraj Golhar.


INDO DUTCH: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Indo Dutch
Carpet Mfg. Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B- (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          8.50        [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

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

Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg Pvt Ltd in 2008. The
manufacturing facilities of the company are located at Pathredi and
Khuskhera at Bhiwadi district, Rajasthan. The commercial production
from Pathredi and and Khuskhera facilities started from December
2010 and July 2011 respectively.

JAYMALA INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jaymala
Infrastructure Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         27.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Jaymala Infrastructure Private Limited ('JIPL') was incorporated in
2010 in order to undertake activities in hospitality (hotel chain
facility) and renting of immovable properties. JIPL owns a land
area at Chakan MIDC in Pune where the company has developed
1,22,112 sq ft of production facility and had let out the same to
Benteler Automotive India Private Limited. Also, the company is
setting up a 150-room 4-star category hotel in Navi Mumbai. While
JIPL would develop the hotel, it will be operated through
management agreement with Marriott Hotels (India) Private Limited
which is a leading global hospitality chain.

KARVY FINANCIAL: ICRA Reaffirms D Rating on INR124.36cr LT Loan
---------------------------------------------------------------
ICRA is withdrawing the rating of [ICRA]D on INR50 crore long-term
bank lines program of Karvy Financial Services Limited (KFSL) after
receiving a No Objection Certificate from the bank in accordance
with ICRA's policy on withdrawal and suspension. ICRA has also
reaffirmed the Long-term ratings of KFSL at [ICRA]D on INR124.36
crore long-term bank lines program. ICRA had downgraded the rating
on Long-term Bank Lines (Basel II) of KFSL to [ICRA]D from [ICRA]C
due to delays in servicing debt obligations on bank term loans by
Karvy Financial
Services Limited in September 2021.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Lines (Basel II)     124.36       [ICRA]D; reaffirmed

   Long Term Bank
   Lines (Basel II)      50.00       [ICRA]D; withdrawn


Key rating drivers and their description

Credit challenges

* Default by parent company posing funding and capital-raising
challenges: ICRA notes the default by the parent entity, KSBL, on
its commercial paper obligations. KFSL shares the brand name with
the parent entity and has common directors, which would negatively
impact its future fund-raising drives in the financial services
domain. Without any capital infusion and given the dearth of
funding avenues, KFSL's business plans would be severely impacted.
ICRA also notes that KFSL has fully provided for the
inter-corporate deposits (ICDs) of INR307 crore given to Karvy
Group companies. The ICDs include INR112 crore to KSBL and INR109
crore to Karvy Data Management Services Limited (KDMSL), which have
witnessed a significant deterioration in their financial profiles
in the past 12 months.

* Rebuilding the infrastructure post-sale of substantial assets in
NBFC business: KFSL sold INR816 crore of its loan assets to Small
Business Fincredit India Private Limited (SBFC). With the
completion of the transaction on 2 September 2017, the entire
infrastructure (77 branches along with the entire team) shifted to
SBFC. KFSL will have to rebuild the team and set up the entire
branch network as it plans to start the lending business again.
Though the company commenced disbursements in December 2018, it had
disbursed only INR34.87 crore till October 31, 2019 (Rs. 8.80 crore
in FY2019 and INR26.07 crore till October 2019). No disbursements
were made after October 2019 to protect the liquidity. The company
has also reduced its staff to 84 as of August 2020 from 183 in
March 2019. The company however, started disbursements since
December 2020, making a total disbursement of INR1.95 crore in
FY2021.

* Poor asset quality: KFSL has very high NPAs on account of its
exposure towards Karvy Group companies. It had an exposure of
INR355 crore (including accrued interest of ~Rs. 90 crore) to Karvy
Group companies as of June 2021 and has provided 100% for these
ICDs. Even after excluding the ICDs as of June 2021, KFSL had high
GNPAs of INR54.82 crore, accounting for ~68% of the loan book
(Excl. ICDs), and it had a provision coverage of 63%.

Liquidity position: Poor

The company defaulted in repayment of bank borrowings in September
2021.

Karvy Financial Services Limited is a fully-owned subsidiary of
Karvy Stock Broking Limited (KSBL; rated [ICRA]D ISSUER NOT
COOPERATING), directly and through other Group companies. It
received its NBFC license in Q1 FY2010. During the initial phase of
operations, the company had a significant exposure to capital
markets through products such as loans against shares and
commodities, and margin funding, which was largely done in
conjunction with the broking and commodities arms of the Group.

In FY2017, the company sold a substantial part of its assets to
SBFC and transferred most of its employees and the entire branch
network and infrastructure facilities to the latter.

KFSL reported a loss of INR3.43 crore on a total asset base of
INR121.77 crore as of March 31, 2021 compared to net profit of
INR320.84 crore on a total asset base of INR162.68 crore as of
March 31, 2020. It reported a net profit of INR0.13 crore on a
total asset base of INR113.82 crore as of June 30, 2021.


LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term, short-term and mid-term ratings of
Liners India Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D/MD; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        27.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         7.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        15.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         0.05       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Medium Term–       5.00       MD ISSUER NOT COOPERATING;
   Fixed Deposit                 Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

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

Liners India Limited was originally established in 1974 as a
partnership firm by Mr. S Ganesh; the firm was reconstituted as a
private limited company in 1986 and to a public limited company in
1994. LIL has two divisions: cylinder liner manufacturing and
automobile components trading. LIL manufactures cylinder liners and
cast-iron products. The centrifugally cast cylinder liners are used
in diesel automotive engines. LIL supplies to original equipment
manufacturers of heavy, medium, and light commercial vehicles,
tractors, and diesel engines worldwide. The company has
manufacturing units in Vijayawada (Andhra Pradesh), and Rudrapur
(Uttarakhand) with an installed capacity of 24 crore liners per
annum.


MILIND PULSES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Milind Pulses in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Milind Pulses started its operations in 2000-01 and is engaged in
trading and manufacturing of Tur Dal, Lakhodi Dal and Chana Dal
driven primarily by its healthy demand. The proprietor- Mr. Milind
and his father Mr. Vijay have an experience of over 12 years in the
pulses processing industry. The firm has a combined production
capacity of 18,000 MTPA or 600 quintals of Tur Dal, Lakhodi Dal and
Chanal Dal with the manufacturing facility located at Nagpur.


MODERN MACHINERY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Modern
Machinery Store in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        9.20       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund based     0.30       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Modern Machinery Store (MMS) is an authorized dealer for HMIL, HMCL
and John Deere. It operates three showrooms located adjacently in
an aggregate 31,500 sq. ft. premise in Alwar (Rajasthan). Apart
from the Alwar facility, the firm has a sales outlet for Hyundai
Cars in Bhiwadi (Rajasthan). MM has been associated with HMCL since
last twenty-seven years and is one of the major motorbike dealers
in the Alwar district. MM has been associated with HMIL since last
nine years and remains the only dealer of Hyundai cars in Alwar
region. Besides, MM also operates a small dealership of John Deere
tractors in Alwar in the same premises.


MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term rating of Sri Murari Oil Industries
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2014, SMOIPL is involved in delinting and crushing
of cottonseeds to produce cottonseed oil, deoiled cake and cotton
linters along with hull and liquid soap as byproducts since
November 2016. The plant is located in Ballari, Karnataka. Four
promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari Reddy, Mr.
Ananda Mohan Rao and Mr. V Chandrashekar manage the operations of
the company. The promoters have long experience in the businesses
including cotton ginning, edible oil extraction, manufacturing of
equipment for oil extraction and trading of agricultural products.

MURLI COLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Murli Cold
Storage Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Murli Cold Storage Private Limited operates a potato cold storage
facility at Boinchi in Hooghly district of West Bengal, with the
current storage capacity of 241,836 quintal. Incorporated in 1976
by the Kolkata-based Agarwal family, the company commenced
commercial operations in 1977 with an initial capacity of 38,000
quintal, which has been gradually raised to the current level.
Another group company, Mahima Cold Storage Private Limited, runs a
potato cold storage facility with the capacity of 149,664 quintal
in Cooch Behar district of West Bengal.


MY CAR: ICRA Withdraws D Rating on INR28.50cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
My Car Private Limited at the request of the company and based on
the No Objection Certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        26.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                   
                                 
   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                    
                                
Incorporated in 2000 by Mr. Vijay Garg, MCPL is an authorized
dealer in Kanpur for passenger cars manufactured by Maruti Suzuki
India Limited (MSIL).

NIJANAND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nijanand
Pipes and Fittings Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Bank Guarantee     1.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        1.83       [ICRA]D/[ICRA]D; ISSUER NOT
   Limits                        COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

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

Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated in
April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste And Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company is
located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000 MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Pate.

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

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

   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Omkar is engaged in crushing stones (boulders) into grits of sizes
10, 20 and 40 mm in size depending upon customers' requirements.
SSCPL is promoted by Mr. Ankur Aggarwal who set up the entity in
Jan 2013. Omkar operates one stone crushing plant with a total
capacity of 4.4 lakh MT (Metric Tonne) per year (~1400 MT per day)
at Bazpur (Uttarakhand). The company supplies crushed stones of
varying sizes and specification to real estate, construction and
trading companies largely located in the state of Uttar Pradesh.
The promoters have been associated with this industry for the last
five years and have been in business for over two decades. The
promoters also own a rice mill, steel plant, petrol pump and hotel
at Kashipur Bazpur along with having significant land Holdings.


OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ozone
Homes Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     180.00      [ICRA]D;ISSUER NOT
   Debenture                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Ozone Homes Private Limited (OHPL) is a special purpose vehicle
(SPV) of the Ozone group which is currently developing Ozone
Autograph, a residential real estate project in Dadar, Mumbai. OHPL
has some unsold inventory in Ozone Gardenia, a completed project in
Chennai. OHPL also owns 11 units in Ozone Metrozone project,
Chennai which has been provided as security for the rated NCD
programme. Tuscan Consultants & Developers Private Limited (TCDPL)
is the majority shareholder of the company, with a shareholding of
99.8%. TCDPL is 100% owned by Mr. S Vasudevan, who is the chairman
of the Ozone group.


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit       75.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loans        22.60       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Pandit Automotive Private Ltd. (PAPL) was incorporated in 1980. The
present business was taken over in the year 1987 from Automotive
Services, a proprietary firm established in 1956, then run by Mr.
R. H. Pandit. PAPL is in the business of retailing passenger
vehicles and commercial vehicles for TATA Motors Limited (TML) and
spare parts. The Company retails the whole range of vehicles
produced by TML in three districts in Maharashtra viz. Pune, Satara
and Sangli.


PRINT SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Print
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         19.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

PSPL was promoted by Mr. Dushyant Pahare and was later acquired by
its current owners, Mr. Gurjeet Singh Chhabra and family. The
company is a part of the Century 21 Group, which is involved in
real estate development in Indore and other parts of India. It has
leased out the land and the building constructed on it to Malwa
Hospitalities Pvt. Ltd, which has in turn  developed a 181-room
hotel – Effotel Hotel – on the same. The company earns an
annual rent of INR2.80- crore from this property with an escalation
clause of 15% in each three-year block. Sayaji Hotels Limited
(SHL), which has extensive experience in the hotel industry, has
been managing the hotel operations successfully.

QUADROS MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M/s
Quadros Motors Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2005, Quadros Motors Private Limited (QMPL or The
Company) is an authorized dealer of Suzuki Motors India Private
Limited (Suzuki) for its two-wheelers segment for the entire South
Goa region. The company is promoted by Mr. Evencio Quadros and Mr.
Ramchandra Shirodkar, who have more than a decade’s experience in
the auto industry. QMPL is a '3S' (Sales, Spares and Services)
dealer. Since February 2015, the company has become an authorized
dealer of Mahindra Two- Wheelers Limited for entire Goa region,
based on the ‘3S’ model. QMPL is part of the 'Quadros' Group, 2
which, through its group companies, is associated with other
automobile industry-related businesses, including dealerships of
automobile companies like Yamaha, Piaggio, dealerships for
batteries, lubricants and operating a petrol pump.

R.B. RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of R.B. Rice
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        16.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based in Fazilka, Ferozepur, Punjab with an
installed capacity of 4 tons/hr. The firm purchases paddy from the
local markets in and around Jalalabad. The firm is also involved in
the export of rice to countries such as Iran, the UAE and Iraq.


RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rashmi
Housing Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        65.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group - promoted and managed by the Bosmiya
family—engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai.


RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rathi
Graphic Technologies Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.49       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         6.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Working Capital               'Issuer Not Cooperating'
   Limits                        Category

   Short Term-        1.00       [ICRA]D; ISSUER NOT COOPERATING;

   Fund Based-SLC                Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-        4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating Continues to remain under
   LC/BG                         the 'Issuer Not Cooperating'
                                 category

   Long Term-         0.82       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Rathi Graphic Technologies Limited (RGTL) is a public limited
company engaged in the manufacturing of toners for photocopiers,
laser printers, and multi-function printers. The company was
incorporated in December 1991 by Mr. Raj Kumar Rathi. The
manufacturing facility is located at Bhiwadi, Rajasthan and the
company sells its product under the brand name 'Rathi Toner'.


SAI POINT: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sai Point
Bikes and Cars in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

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

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

Established in 2015, Sai Point Bikes and Cars (SPBC or firm) is a
proprietorship concern started by Mr. Dilip Patil. The company
refurbishes and sells pre-owned luxury cars of known brands, mainly
Audi, Mercedes Benz, BMW and Jaguar and has two showrooms - one in
Mumbai and the other in Pune. SPBC is part of the established Sai
Point Group, based in Thane, Maharashtra. The group's flagship
company Sai Point Automobiles Private is an authorized dealer of
two-wheelers and spare parts manufactured by Honda Motorcycle and
Scooter India, Private Limited. The other group companies are also
involved in automobile (four-wheeler) dealership and vehicle
financing and construction businesses.

SHANKAR RICE: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shankar
Rice & Gen. Mills in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         74.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2001, Shankar Rice & Gen. Mills is a partnership
firm engaged in milling, processing and sorting of basmati and
non-basmati rice. The firm has its plant at Moga (Punjab) with a
milling capacity of 4.5 tonnes per hour and sorting capacity of 5
tonnes per hour.


STERLING & WILSON: ICRA Withdraws B+ Rating on INR7cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sterling & Wilson Energy Systems Private Limited at the request of
the company and based on the No Objection Certificate received from
its banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/            7.00      [ICRA]B+ (Stable)/[ICRA]A4;
   Short term–                     ISSUER NOT COOPERATING;
   Non fund based                   Withdrawn

Sterling & Wilson Energy System Private Limited (SWESPL) is
incorporated in April 2008. It was engaged in the marketing,
installation and after sales service of diesel generator sets
manufactured by SGPL in few states. The company was established to
avail state specific indirect tax benefits, however, after GST
implementation the company has stopped operations.


TD TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of TD Toll
Road Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-      301.40       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

TD Toll Road Private Limited (TDTRPL, the company) was incorporated
in March 2007 as a wholly-owned subsidiary of Reliance
Infrastructure Limited (R-Infra) to implement the project for
strengthening and widening the Trichy to Dindigul stretch of
National Highway (NH) 45 in Tamil Nadu from the existing two-lane
to a four-lane one. The project was awarded by the National
Highways Authority of India (NHAI) on a Build-Operate-and-Transfer
(BOT) basis with a concession period of 30 years commencing from
January 15, 2008. The project became operational and started
tolling from January 2012.


TK TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of TK Toll
Road Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-      370.95       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

TK Toll Road Private Limited (TKTRPL) was incorporated in March
2007 as a wholly owned subsidiary of R-Infra, to implement the
project for strengthening and widening the existing two-lane
stretch of NH-67 from Trichy to Karur in Tamil Nadu to a fourlane
one. The project was awarded by the National Highways Authority of
India (NHAI) on a BOT basis with a concession period of 30 years
commencing from January 15, 2008. The project became operational
and started tolling on 75% of the total stretch, i.e., ~63 km from
February 2014.


VIJAY INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Vijay Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

Incorporated in 1978 as a flagship firm of the 'B.L. Data Group',
Vijay Industries (VI) commenced commercial production of mustard
oil and oil cake in Khairtal, Rajasthan. The company has a seed
crushing capacity of 80 Metric Tonnes of mustard seeds per day. The
company sells mustard oil under the brand 'Scooter'. The Data Group
manufactures and markets a range of products such as mustard oil,
vanaspati ghee, refined oil (mustard/soyabean), groundnut oil,
iodized salt, de-oil cake (DOC), oil cake, wind power, internet and
IT services and software. The group operates seven edible oil
manufacturing facilities with a total manufacturing capacity of
2,000 TPD.




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

GARUDA INDONESIA: Backup Plan Prepared if Debt Talks Fall Apart
---------------------------------------------------------------
Bloomberg News reports that Indonesia is preparing a backup plan
for flag carrier PT Garuda Indonesia if it fails to reach a deal
with creditors, including the option of upgrading air charter PT
Pelita Air Service to a scheduled airline.

The course of Garuda's current talks with creditors hinges on a
court decision on a debt petition against the airline, with the
ruling set to be announced Oct. 21, Kartika Wirjoatmodjo, a deputy
minister at the State-Owned Enterprises Ministry, said by text
message on Oct. 19, Bloomberg relates.

While the government still expects Garuda to be able to reach a
settlement with creditors, there needs to be a backup plan in case
of a deadlock, Wirjoatmodjo said, Bloomberg relays. Garuda is
struggling with about $5 billion of liabilities and needs to halve
its fleet to keep the business afloat.

Pelita, a unit of Indonesia's state energy company PT Pertamina,
filed an application this month to upgrade its permit to be able to
offer scheduled flights, in addition to chartered ones it currently
offers, according to Bloomberg. The new permit would allow Pelita
to operate at the same capacity as existing airlines, such as
Garuda and PT Lion Mentari Airlines, Bloomberg says.

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on  July
21, 2021, Nikkei Asia said Garuda Indonesia posted a net loss of
$2.4 billion in 2020, with its auditor raising concerns over the
continuity of the Southeast Asian country's flagship airline.

The net loss is Garuda's biggest since at least 2005, the oldest
available data on Quick-Factset, and marks a staggering increase
from the $38.9 million loss it reported the previous year, Nikkei
Asia noted.




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

EDDIE BAUER: To Close All Stores in Japan
-----------------------------------------
The Japan Times reports that Eddie Bauer Japan Co. has said it will
close all of its some 60 stores and online shopping website by the
end of December.

This means that U.S. casual fashion brand Eddie Bauer will withdraw
from the Japanese market, the report says.

Eddie Bauer Japan, which announced the move on its website
recently, is holding clearance sales at its stores, The Japan Times
relates.

In November, the Tokyo-based company will close five stores,
including an outlet shop in Saga Prefecture and a store in Saitama
Prefecture, the report adds.

Eddie Bauer was established in Seattle in 1920. The fashion brand
sold the United States' first down jacket.  Eddie Bauer's products
were introduced in Japan in the 1990s.




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

HIBISCUS PETROLEUM: Moody's Assigns First Time '(P)B1' CFR
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating to Hibiscus Petroleum Berhad.

At the same time, Moody's has assigned a provisional (P)B1 rating
to the proposed USD-denominated senior secured bonds to be issued
by Hibiscus Capital Limited, a wholly-owned subsidiary of Hibiscus.
The proposed bonds are irrevocably and unconditionally guaranteed
by Hibiscus and some of its subsidiaries, and are secured by
capital stock of Hibiscus Capital Limited, rights in the interest
reserve account and rights in the escrow account.

The ratings are provisional and dependent on the successful
completion of (1) Hibiscus' planned acquisition of a portfolio of
oil and gas assets in Malaysia and Vietnam (Repsol Malaysia) from
Repsol S.A. (Baa2 stable) and (2) its proposed bond issuance.

Proceeds from the proposed bond will be initially kept in an escrow
account and will ultimately be used to fund the planned acquisition
and other general working capital purposes. Should the acquisition
of Repsol Malaysia fails to complete, Hibiscus Capital Limited will
redeem the bond in full along with early redemption premium of 1%
and accrued interest which will mostly be funded by proceeds in the
escrow account.

The rating outlook is stable.

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

RATINGS RATIONALE

"The (P)B1 CFR reflects Hibiscus' credit profile incorporating the
proposed acquisition and the funding plan. The provisional rating
benefits from the company's strong credit metrics post-acquisition,
but is constrained by Hibiscus' small, albeit improving, scale of
production and reserves with significant geographic concentration,
modest reserve life and exposure to volatile oil prices," says Hui
Ting Sim, a Moody's Analyst.

On June 2, 2021, Hibiscus announced that it will acquire Repsol
Malaysia for $212.5 million before working capital adjustments. In
addition, Hibiscus will also take over the contingent tax liability
and net decommissioning liability with estimated total at around
MYR550 million as part of the transaction. The proceeds from the
proposed bonds will provide cushion to absorb these additional
payments in case they materialize.

The transaction is subject to regulatory approval from Petroliam
Nasional Berhad (PETRONAS, A2 stable) and Vietnam Oil and Gas Group
(PetroVietnam), as well as approval from Hibiscus' shareholders.
Hibiscus expects to close the transaction by the end of this year.

"While the acquisition will be transformative and involve a degree
of execution risk, but given that the assets being acquired are in
and around Malaysia, we view such risks to be partly mitigated by
management team's track record of operating in the region and its
recent history of being able to transition operatorship," adds
Sim.

The stable rating outlook reflects Moody's expectation that
Hibiscus will successfully integrate the assets being acquired with
long term funding that provides sufficient cushion to absorb
additional payments, if they materialize and still maintain very
good liquidity. At the same time, the stable outlook reflects
Moody's expectation that Hibiscus will be financially prudent as it
pursues growth.

The acquisition will transform Hibiscus' operating profile.
Post-acquisition, the company's net production will more than
double to around 25-30 thousand barrels of oil equivalent per day
(kboepd) and its proved reserves will grow by 14-17 million barrels
of oil equivalent (mmboe). The transaction will also reduce
Hibiscus' strong reliance on crude oil, as its proportion of
production attributed to gas will grow to 25%-30% from 3%-5%.

The company's production and reserves, however, will remain
geographically concentrated after the acquisition and it will
remain exposed to oil price volatility. The four oil and gas blocks
at Repsol Malaysia are located in and around Malaysia, and
Hibiscus' proportion of production in the area will increase to
around 75%-80% post-acquisition from around 70%. Most of Hibiscus'
sale of oil and gas under its existing assets as well as at Repsol
Malaysia will be via long-term contracts that are linked to oil
price indexes.

Hibiscus has a track record of transitioning operatorship at its
acquisitions. This is demonstrated by the improvement in operations
and production profile at Anasuria and North Sabah after Hibiscus'
participation. To reduce transition risks, the company will retain
employees at Repsol Malaysia for at least two years
post-acquisition under its sale and purchase agreement with Repsol,
and Hibiscus will be signing a transition services agreement with
Repsol.

Hibiscus' leverage, as measured by adjusted debt/EBITDA, will
increase to 1.0x-1.5x from 0.3x after the proposed bond issuance
and its acquisition of Repsol Malaysia. Despite the increase in
leverage, the credit metrics will remain strong for its rating
level. Moody's also expects the company's adjusted retained cash
flow (RCF)/debt and adjusted EBITDA/interest to be strong at
45%-55% and 9.0x-11.0x, respectively. Moody's projections are based
on its medium-term Brent crude price assumptions of $50-$70 per
barrel.

Moody's estimates that Hibiscus' proved reserve life will be at
around 5 years following the acquisition, and the company will
likely increase capital investments over the next three years to
maintain or boost its reserve life. The company aims to grow its
net proved and probable reserves to over 100 mmboe by 2025 from its
estimated 81 mmboe post-acquisition. The capital investment
required to reach these goals will be more than currently
incorporated in Moody's cash flow projections.

Higher investment spending could increase execution risk, but will
also lead to increased cash flows and asset base that could reduce
leverage if the spending is funded by Hibiscus' cash reserves
following its proposed bond issuance. Moody's also expects the
company to be financially prudent in its approach to investments.

Pro forma for the proposed bond and acquisition, Hibiscus'
liquidity is very good over the next 12-18 months. Moody's
forecasts Hibiscus will generate MYR550-600 million of operating
cash flow over the next 18 months. This amount, together with the
company's cash balance and proceeds from the proposed US dollar
bond, will be more than sufficient to cover costs associated with
its acquisition of Repsol Malaysia, as well as capital spending and
dividends of around MYR700 million.

Hibiscus' senior secured rating on the proposed bonds is aligned
with its CFR. The proposed bonds are going to be the only major
debt in the company's consolidated capital structure. The proposed
bonds will also be guaranteed by all of Hibiscus'
revenue-generating subsidiaries except for SEA Hibiscus Sdn Bhd and
Talisman Vietnam Limited, which hold 50% working interest in its
North Sabah production-sharing contract and 70% interest in Block
46 respectively. Moody's estimates that revenue and earnings
generated at SEA Hibiscus Sdn Bhd and Talisman Vietnam Limited will
account for 25%-30% of Hibiscus' total revenue and EBITDA
post-acquisition over the next three years.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Exploration and production companies including Hibiscus are very
highly exposed to environmental risks. Upstream companies are
facing stronger pressure over time as decarbonization efforts and
the transition towards cleaner energy continues. Hibiscus has
elevated exposure to carbon transition risk given its production
mix, which will consist of crude oil for more than 70% of the mix
post-acquisition. To prepare for energy transition, the company
established a new energy business unit in 2020 to explore
opportunities to expand into renewables and clean energy.

Hibiscus is also highly exposed to social risks, primarily because
of pressure from demographic and societal trends. National
commitments made under the Paris Agreement may result in more
stringent regulation and fiscal regimes in Malaysia and United
Kingdom where Hibiscus operates, while consumer demand for cleaner
power could accelerate more rapidly than Moody's forecasts. To
mitigate such risks, Hibiscus is developing a decarbonizing plan
which includes initiatives to reduce emission intensity.

Moody's also considered the diversified ownership structure at
Hibiscus and its listed status on Bursa Malaysia with quarterly
disclosures on its financial and operational performance. Although
the company has the appetite to expand and diversify, it targets to
maintain gross debt/EBITDA below 3.0x. The rating also takes into
account the experienced management team at Hibiscus. Hibiscus has a
five-member board, with three independent members.

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

Hibiscus' rating is unlikely to be upgraded over the next 12-18
months because of its small scale and high geographic concentration
risk. Moody's will consider an upgrade of the rating if the company
materially improves its operations and asset base with minimal
deterioration to its financial metrics and liquidity profile.

Quantitative metrics indicative of an upgrade include net
production above 50 kboepd, adjusted RCF/debt above 30% and
adjusted EBITDA/interest above 6.0x.

Moody's will downgrade Hibiscus' rating if (1) its planned
acquisition of Repsol Malaysia or its proposed bond issuance fail
to complete; (2) its operational or financial performance
deteriorates materially; (3) the company undertakes large capital
spending, acquisitions or dividend payments that strain its
financial profile; or (4) its liquidity weakens.

Quantitative metrics indicative of a downgrade include net
production approaching 20 kboepd or below, adjusted RCF/debt below
20% and EBITDA/interest below 4.0x.

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

Hibiscus Petroleum Berhad is an independent oil and gas exploration
and production company that is headquartered in Malaysia and listed
on Bursa Malaysia since 2011. In its financial year ending June
2021, the company reported net production of 9 kboepd and 34 mmboe
of proved reserves through its operations in Malaysia and United
Kingdom. Hibiscus is acquiring a portfolio of oil and gas assets in
Malaysia and Vietnam (Repsol Malaysia) from Repsol, which will more
than double its production levels when completed.

Hibiscus' primary shareholders include its management team with a
total holding of 8.9%, Polo Investments Limited with 6.9% stake and
Principal Asset Management with 6.3% stake. The company's primary
shareholder base comprises of retail investors with a total holding
of 41.7% as of August 31, 2021.



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

GROW BUILD: Baker Tilly Appointed as Receivers
----------------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway Auckland Limited, on Oct. 15, 2021, were appointed
jointly and severally as receivers of GROW BUILD NZ LIMITED by
United Timber Merchants Limited under the terms of a security
agreement dated February 2, 2021.

The receivers were earlier appointed as receivers and managers of
the company on Sept. 22, 2021, by Timber Cabins Group Limited, and
this appointment continues.

The Receivers can be reached at:

         Tony Leonard Maginness
         Jared Waiata Booth
         Baker Tilly Staples Rodway Auckland Limited
         PO Box 3899
         Auckland 1140
         Email: tony.maginness@bakertillysr.nz
                jared.booth@bakertillysr.nz


KAILASH RETAIL: Creditors' Proofs of Debt Due Dec. 3
----------------------------------------------------
Garry Whimp, Licensed Insolvency Practitioner of Whangarei, was
appointed as liquidator of Kailash Retail Limited, trading as
Victory Discounter Dairy, by a special resolution of the
shareholders of the company on Oct. 20, 2021.

The liquidator fixes Dec. 3, 2021, as the last day for creditors to
make their claims and to establish any priority their claim may
have in the liquidation.

The company's liquidator can be reached at:

         Garry Whimp
         Blacklock Rose Limited
         PO Box 6709
         Victoria Street West
         Auckland 1142
         Email: gwhimp@blr.co.nz


WELLES ST: Craft Beer Bar in Liquidation
----------------------------------------
Stuff.co.nz reports that a group of four Christchurch hospitality
businesses have been placed into liquidation after becoming
insolvent due to the pressures of Covid-19, the liquidator said.

"Fine casual dining" restaurant Earl, craft beer bar Welles St,
inner city rooftop bar Pink Lady and pizzeria Bottle & Stone were
placed in liquidation on Oct. 18, Stuff discloses.

According to the report, liquidator Brenton Hunt said the
liquidations were voluntary and the companies were insolvent.

The insolvencies had been brought about by ongoing Covid-19
pressures including lockdowns, government restrictions around
limited numbers, and lack of trade in the central city, he said.

Of the four venues Welles St had closed and the other three were
still trading while new owners were found for the businesses, he
said, Stuff relays.

"If anyone is interested in purchasing one of the businesses please
let me know."

Staff were being positioned across the other venues where possible
and staff wages had been paid for last week, he said.

A first liquidator's report would be completed in the coming days,
he said.

Stuff says director of all four businesses Thomas Newfield wrote a
message on the Welles St website explaining the decision.

"By its very nature, the future is hard to predict, but we are all
aware how the government-imposed lockdowns followed by the current
guidelines and restrictions are impacting the hospitality industry
around the country which has led us to make the tough yet prudent
decision to close the venue for the time being whilst we navigate
and negotiate our way through the pandemic which has throttled our
industry," he wrote.

Mr. Newfield said he had been trying to delay closing for as long
as possible, Stuff relays.

"Behind the scenes, we have been doing everything we can to get the
business in the best possible position to operate and rebuild
however it has proven unfeasible to continue in the current climate
as over the past 18 months, we have endured lockdowns, prolonged
CBD rebuilds, closed borders, severe staffing shortages and working
visa issues."

Customers with reservations or vouchers would be contacted and
"solutions" offered, he said.


WOB INVESTMENTS: Creditors' Proofs of Debt Due Dec. 3
-----------------------------------------------------
Creditors of Kamahi Ventures Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
Dec. 3, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 18, 2021.

The company's liquidators are:

         Heath Gair
         Palliser Insolvency
         PO Box 57124
         Mana, Porirua 5247
         Email: office@palliserin.co.nz




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

PHILIPPINE AIRLINES: Unsecured Trade Claimants to Recover 100%
--------------------------------------------------------------
Philippine Airlines, Inc. filed with the U.S. Bankruptcy Court for
the Southern District of New York a Chapter 11 Plan of
Reorganization and a Disclosure Statement on October 14, 2021.

The Debtor's extensive efforts to obtain creditor support for the
Debtor's restructuring culminated in numerous Restructuring Support
Agreements with the Supporting Creditors, which contemplate the
continuation of the Debtor's business by streamlining ongoing
operations and reorganizing prepetition obligations. The agreements
under the Restructuring Support Agreements and the implementation
of the Plan are aimed at ensuring PAL's long-term survival as a
leaner and more efficient airline.  As of Oct. 14, 2021, the Debtor
has entered into Restructuring Support Agreements with creditors
holding over 90% of the claims in the Voting Class.

After extensive arms-length negotiations, prior to the Petition
Date, the Debtor executed numerous restructuring support agreements
(each, a "Restructuring Support Agreement", and collectively the
"Restructuring Support Agreements") with the Supporting Creditors,
which were approved by the Court on October 1, 2021. The
Restructuring Support Agreements form the backbone and framework
for the Plan.

The Restructuring Support Agreements and the Chapter 11 Case are
also dependent upon the DIP Facility being provided by two of the
Debtor's controlling parent companies, Buona Sorte and PAL
Holdings, which was the result of an extensive prepetition
marketing process to obtain the most favorable terms.

Buona Sorte Holdings, Inc., is a Philippine corporation that
directly owns approximately 60% of the equity of Trustmark Holdings
Corporation, a Philippine Corporation, which in turn directly owns
76.9% of the  equity of PAL Holdings, Inc., a Philippine
corporation, which in turn directly owns approximately 98.57% of
the equity of the Debtor. Billionaire CEO Lucio Tan owns Buona
Sorte.

The Debtor negotiated a $505 million DIP loan (the "DIP Facility")
from the DIP Lenders that, upon emergence and as a result of the
Debtor's election to exercise the Tranche A Conversion Option and
Tranche B Conversion Option, will convert into long-term equity and
unsecured debt financing for the duration of its original term, at
the election of, and on terms favorable to, PAL.

The DIP Facility consists of a (i) $250 million Tranche A facility
that is secured by certain of the Debtor's unencumbered assets
(primarily the Debtor's frequent flier program and certain
aircraft) and (ii) $255 million Tranche B facility that is secured
by a junior interest in the Tranche A facility collateral.  Each of
the tranches of the DIP Facility benefits from superpriority
administrative claim priority in the Chapter 11 Case. The DIP
Facility provides the Debtor with sufficient working capital and
liquidity during its Chapter 11 Case, and enables the Debtor to
have a suitable and efficient capital structure upon emergence.

The Debtor is also soliciting offers for up to $150 million of
additional debt financing from new investors to ensure an adequate
liquidity cushion post-emergence to facilitate post-restructuring
operations.  This exit facility will be secured by the same assets
that will secure the DIP Facility during the Chapter 11 Case, plus
the Mabuhay Miles program.

Overall, the Plan will bring PAL into sustained profitability.  By
the end of 2022, PAL expects to exit its recovery phase as
operating activities generate more consistent positive monthly cash
flow.  PAL expects an operating income of $220 million in 2022 and
$364 million in 2023.  Based on the projections and available data,
EBITDAR margins are expected to improve from 2% in 2020 to 7% in
2021 and by as much as 27% in 2025.

To consummate the restructuring transactions set forth in the
Restructuring Support Agreements and the Plan and emerge from
chapter 11 as expeditiously as possible, the Debtor and its
stakeholders invested significant resources in achieving consensus
prepetition, including negotiating and taking steps to implement
the Restructuring Support Agreements prior to the Petition Date.
Importantly, the Restructuring Support Agreements and Plan are
designed to ensure that the restructuring will have minimal effects
on the Debtor's business operations and to ensure there is a clear
and efficient path to emergence.

The Plan generally provides for the following:
       
     * The Tranche A DIP Facility will convert to unsecured debt
maturing approximately 5 years after the anticipated Effective
Date, and the Tranche B DIP Facility will convert into 79.5% of the
New Common Stock of the Reorganized Debtor.

     * The Supporting Creditors and other holders of Allowed
General Unsecured Claims will receive their respective Pro Rata
shares of the Unsecured New Equity Allocation on account of their
pre-petition General Unsecured Claims.

     * General Unsecured Trade Claims, Employee Claims and Customer
Claims shall be paid, adjusted, disputed, or settled, in the
ordinary course of business.

     * The Debtor's Unsecured Notes will be cancelled and each
holder of an Allowed General Unsecured Claim on account thereof
will receive its Pro Rata share of the Unsecured New Equity
Allocation.

     * The recoveries provided to holders of General Unsecured
Claims, as well as the payment of all Employee Claims, Customer
Claims and General Unsecured Trade Claim in full, are being carved
out of the value that would otherwise be used to satisfy the DIP
Claims and would not otherwise be available to holders of such
unsecured Claims without the consent of the DIP Lenders, which
consent was obtained in connection with good-faith, arms'-length
negotiations regarding the Restructuring Support Agreements.

     * All Priority Non-Tax Claims, Other Secured Claims, General
Unsecured Trade Claims, Employee Claims, Customer Claims, and
Intercompany Claims are unimpaired by the Plan and will be
satisfied in the ordinary course of business.

     * All existing equity interests of the Debtor (including
common stock, preferred stock and any options, warrants, profit
interest units, or rights to acquire any equity interests) shall be
reduced to 0.001% of its current amount and value by the New Common
Stock. Philippine law generally prohibits the cancellation of such
shares for no consideration, but the dilution of the existing
equity interests is meant to approximate such treatment.

     * The possibility of a commitment for a $150 million Secured
Exit Facility from new investors to ensure that PAL has adequate
liquidity to operate post-emergence.

Class 3 consists of General Unsecured Claims. Except to the extent
that a holder of an Allowed General Unsecured Claim agrees to a
less favorable treatment of such Claim or has been paid before the
Effective Date, on and after the Effective Date, in full and final
satisfaction, settlement, release, and discharge of, and in
exchange for, such Claim, such holder will receive its Pro Rata
share of the Unsecured New Equity Allocation. This Class will
receive a distribution of approximatey 1% of their allowed claims.

Class 4 consists of General Unsecured Trade Claims. Except to the
extent that a holder of a General Unsecured Trade Claim agrees to a
less favorable treatment of such Claim or has been paid before the
Effective Date, on and after the Effective Date, in full and final
satisfaction, settlement, release, and discharge of, and in
exchange for, such Claim, (i) the Reorganized Debtor shall continue
to pay or treat each General Unsecured Trade Claim in the ordinary
course of business as if the Chapter 11 Case had never been
commenced, or (ii) such holder will receive such other treatment so
as to render such holder's Allowed General Unsecured Trade Claim
Unimpaired pursuant to section 1124 of the Bankruptcy Code.  This
Class will receive a distribution of 100% of their allowed claims.

A full-text copy of the Disclosure Statement dated Oct. 14, 2021,
is available at https://bit.ly/3FY62u2 from Kurtzman Carson
Consultants, LLC, the claims agent.

Counsel for the Debtor:

     Jasmine Ball, Esq.
     Nick S. Kaluk, III, Esq.
     Elie J. Worenklein, Esq.
     Debevoise & Plimpton LLP
     919 Third Avenue
     New York, NY 10022
     Telephone: (212) 909-6000
     Facsimile: (212) 909-6836

                  About Philippine Airlines Inc.

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

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

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

The Honorable Shelley C. Chapman is the case judge.

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

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




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

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

United Overseas Bank Limited filed the petition against the company
on Oct. 12, 2021.

The Petitioner's solicitors are:

         M/s Advent Law Corporation
         111 North Bridge Road
         #25-03 Peninsula Plaza
         Singapore 179098


GRAND HOTEL: Creditors' Proofs of Debt Due on Nov. 19
-----------------------------------------------------
Creditors of Grand Hotel (Private) Limited, 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's liquidators are:

         Kon Yin Tong
         Aw Eng Hai
         Foo Kon Tan LLP  
         c/o 24 Raffles Place
         #07-03 Clifford Centre
         Singapore 048621


KS RIG: Deloitte Appointed as Provisional Liquidators
-----------------------------------------------------
Andrew Grimmett and Lim Loo Khoon of Deloitte on Oct. 8, 2021, were
appointed as Provisional Liquidators of KS Rig Invest Pte Ltd.

The liquidators may be reached at:

         Andrew Grimmett
         Lim Loo Khoon
         Deloitte
         6 Shenton Way #33-00 OUE Downtown 2
         Singapore 068809


SEMBCORP MARINE: Sees Significant H2 Loss With Supply Chain Crunch
------------------------------------------------------------------
The Business Times reports that Sembcorp Marine expects to post
"significant losses" in H2 ending Dec 31, 2021, potentially in the
range of the S$647 million loss in the first six months of the
year, the company announced in a bourse filing on Oct. 19.

This is mainly due to the increased costs to complete its projects,
as well as the losses arising from the added delays, BT relates.
Even though Sembmarine has made some headway in managing project
completion delays, the pandemic continues to impact performance.

According to BT, key challenges are delays in the delivery of
equipment arising from border controls in some countries; purchase
of new components requiring a longer lead time due to supply chain
constraints; and slower than expected recruitment of additional
skilled labour.

Sembmarine has also been hit by the continuing attrition of skilled
workers and work disruptions, including stop work orders, due to
measures to contain the pandemic, BT says.

Of its 16 projects under execution, five have been further delayed
by between one and three months. The company expects to incur cost
overruns of a "material amount". It is currently in talks with
counterparties to mitigate the overruns.

BT adds that Sembmarine will only be able to quantify the actual
losses closer to the end of the year, depending on its Q4
performance. The magnitude of losses incurred will depend the
continuing impact of Covid-19 measures on the construction progress
of the projects, including the availability of labour, the health
of workers and supply chain delays.

                       About Sembcorp Marine

Headquartered in Singapore, Sembcorp Marine Ltd --
https://www.sembmarine.com/ -- an investment holding company,
provides offshore and marine engineering solutions worldwide.
Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd.

For the full year ended Dec. 31, 2020, the group's net loss had
widened to SGD582.5 million from SGD137.2 million a year ago.  The
group reported a net loss if SGD74.13 million in 2018.


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

Applecart Investments Pte Ltd filed the petition against the
company on Oct. 13, 2021.

The Petitioner's solicitors are:

         Withers Khattarwong LLP
         80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624



                           *********


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

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

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

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

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



                *** End of Transmission ***