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

                     A S I A   P A C I F I C

          Friday, October 22, 2021, Vol. 24, No. 206

                           Headlines



A U S T R A L I A

A K PERSONNEL: First Creditors' Meeting Set for Oct. 29
ALLIED AIR: Second Creditors' Meeting Set for Oct. 28
BLOCKCHAIN GLOBAL: First Creditors' Meeting Set for Oct. 29
ELITE PRIME: First Creditors' Meeting Set for Oct. 29
FORUM GROUP: Westpac Tells Papas Cousin to Pay Back AUD720,000

KINGFISHER TRUST 2019-1: Moody's Ups Class E Notes Rating from Ba1
LIBERTY SERIES 2021-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
TRABR LIMITED: Second Creditors' Meeting Set for Oct. 28


C H I N A

CHINA EVERGRANDE: Abandons $2.6BB Unit Stake Sale
CHINA EVERGRANDE: Gets Bond Extension as Chair Foots Project Bills
CHINA SCE: Moody's Affirms B1 CFR, Alters Outlook to Stable
JINKE PROPERTY: Moody's Affirms B1 CFR, Alters Outlook to Stable
MODERN LAND: Cancels Bond Repayment Plan on Liquidity Issues

POWERLONG REAL: Moody's Affirms B1 CFR & Alters Outlook to Stable
REDSUN PROPERTIES: Moody's Affirms B2 CFR, Alters Outlook to Stable
RONSHINE CHINA: Moody's Puts B2 CFR Under Review for Downgrade
SHIMAO GROUP: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
SUNAC CHINA: Moody's Affirms Ba3 CFR & Alters Outlook to Stable

XINYUAN REAL: Fitch Lowers LT FC IDR to 'Restricted Default'
YUZHOU GROUP: Moody's Lowers CFR to B2, Outlook Remains Negative
ZHENGZHOU ZHONGRUI: Moody's Affirms B3 CFR, Alters Outlook to Neg.


I N D I A

ACCORD COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
AHINSHA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
AMARNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
ANNAI INFRA: Ind-Ra Affirms & Withdraws BB+ Long-Term Issuer Rating

ANSAL HOUSING: Ind-Ra Affirms 'D' Long-Term Issuer Rating
APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating
ARAVIND CERAMICS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
BGR MINING: Ind-Ra Affirms 'D' Long-Term Issuer Rating
BTM EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating

FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
GARG & COMPANY (PANIPAT): CARE Keeps C Rating in Not Cooperating
GARG & COMPANY : CARE Keeps D Debt Rating in Not Cooperating
GEOXA LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating
KAIRALI STEELS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

KALAWATI DEVI: CARE Keeps B- Debt Rating in Not Cooperating
KASHI VISHWANATH: CARE Cuts Rating on INR5.0cr LT Loan to B-
KDM CLOTHING: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
MAULI METAL: Ind-Ra Affirms BB LT Issuer Rating, Outlook Positive
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating

N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
NAND ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating
OM SHIV: CARE Keeps D Debt Ratings in Not Cooperating Category
P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category

PANCHAM JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating
PAVAN TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
POMMYS GARMENTS: Ind-Ra Affirms BB+ Rating, Outlook Negative
PUNJAB BIOMASS: CARE Keeps D Debt Rating in Not Cooperating
RAJAGOPAL CONSTRUCTIONS: Ind-Ra Moves BB- Rating in Non-Cooperating

RAMA MARKETING: CARE Lowers Rating on INR15cr LT Loan to B-
RIDHAM TEXPORT: CARE Keeps B- Debt Rating in Not Cooperating
RVR FARMS: CARE Withdraws C Rating on Outstanding Bank Debts
RVV HATCHERIES: CARE Withdraws C Rating on Outstanding Bank Debts
SAMARTH AD: Ind-Ra Keeps BB+ LT Issuer Rating in Non-Cooperating

SAMARTH FABLON: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
SAMKWANG INDIA: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
USHAHKAL ABHINAV: Ind-Ra Gives BB- Issuer Rating, Outlook Stable


N E W   Z E A L A N D

HUSMAN LIMITED: Creditors' Proofs of Debt Due Dec. 20
JPT INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 29
OM SHIV: Commences Wind-Up Proceedings


S I N G A P O R E

CEFC SHANGHAI: Creditors' First Meeting Set for Nov. 8
CONVEX INVESTMENT: Court to Hear Wind-Up Petition on Oct. 29
JA INTERIOR: Creditors' Meeting Set for Nov. 3
STANDARD INVESTMENT: Creditors' Proofs of Debt Due on Oct. 29


T H A I L A N D

THAI AIRASIA: Parent Seeks to Raise THB17.9BB in Fresh Capital


V I E T N A M

PHAT DAT: Fitch Assigns FirstTime 'B' LT IDR, Outlook Stable

                           - - - - -


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

A K PERSONNEL: First Creditors' Meeting Set for Oct. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of A K
Personnel Pty Ltd will be held on Oct. 29, 2021, at 10:30 a.m. via
virtual means.

Hamish Alan MacKinnon and Nicholas Giasoumi of Dye & Co. Pty Ltd
were appointed as administrators of A K Personnel on Oct. 19,
2021.


ALLIED AIR: Second Creditors' Meeting Set for Oct. 28
-----------------------------------------------------
A second meeting of creditors in the proceedings of Allied Air
Contractors Pty Ltd, trading as "Allied Air Contractors", has been
set for Oct. 28, 2021, at 11:00 a.m. via electronic facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 27, 2021, at 4:00 p.m.

Travis Kukura and Greg Dudley of RSM Australia Partners were
appointed as administrators of Allied Air on Sept. 22, 2021.


BLOCKCHAIN GLOBAL: First Creditors' Meeting Set for Oct. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Blockchain
Global Limited will be held on Oct. 29, 2021, at 2:30 p.m. via
teleconference.

Andrew Reginald Yeo and Innis Anthony Cull of Pitcher Partners were
appointed as administrators of Blockchain Global on Oct. 19, 2021.


ELITE PRIME: First Creditors' Meeting Set for Oct. 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Elite Prime
Pty Ltd will be held on Oct. 29, 2021, at 10:30 a.m. via virtual
teleconference.

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Elite Prime on Oct. 20, 2021.


FORUM GROUP: Westpac Tells Papas Cousin to Pay Back AUD720,000
--------------------------------------------------------------
Australian Financial Review reports that Westpac is demanding Eric
Constantinidis repay nearly three quarters of a million dollars
transferred to his personal bank account from a share trading
account controlled by Forum Group founder Bill Papas that was
subject to freezing orders by the Federal Court of Australia.

On September 23, MinterEllison senior associate Anthony Sommer,
acting for Westpac, sent a letter to Mr. Constantinidis, who is Mr.
Papas' cousin, ordering him to pay back AUD720,000 that he received
in two payments -- AUD150,000 on July 4 and AUD570,000 on July 7,
AFR relates.

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, 2021, by the Federal Court.

KINGFISHER TRUST 2019-1: Moody's Ups Class E Notes Rating from Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by two Kingfisher Trust residential mortgage-backed
securities (RMBS) transactions.

The affected ratings are as follows:

Issuer: Kingfisher Trust 2016-1

Class D Notes, Upgraded to A1 (sf); previously on Aug 15, 2019
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Aug 15, 2019
Upgraded to Baa2 (sf)

Issuer: Kingfisher Trust 2019-1

Class C Notes, Upgraded to Aa2 (sf); previously on Mar 5, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Mar 5, 2021
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Mar 5, 2021
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades of the ratings for both deals were prompted by
better-than-expected collateral performance to date, with a
moderate level of loans in arrears and low or no level of losses.

The upgrades of the ratings for Kingfisher Trust 2019-1 also
reflect an increase in credit enhancement available for the
affected notes.

Kingfisher Trust 2016-1

Following the September 2021 payment, note subordination available
for the Class D and Class E Notes was unchanged at 1.6% and 0.8%,
respectively, from the time of the last rating action for these
notes in August 2019.

The performance of the underlying portfolio has been better than
Moody's expectations. As of August 2021, 1.5% of the outstanding
pool was 30-plus day delinquent and 0.6% was 90-plus day
delinquent. The deal incurred AUD90,314 of losses to date
(equivalent to 0.006% of the original pool balance), which have
been reimbursed by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has decreased its expected loss assumption to 0.3% for the
outstanding pool from 0.4% as of the last rating action.

Moody's MILAN CE remains at 4.0% based on current portfolio
characteristics.

Moody's also considered the impact from various prepayment rates,
default timings and the post-call date residual interest payment
arrangement.

Kingfisher Trust 2019-1

Following the September 2021 payment, note subordination available
for the Class C, Class D and Class E Notes has increased to 2.5%,
1.5%, 0.5%, respectively, from 2.2%, 1.3% and 0.5%, at the time of
the last rating action for these notes in March 2021.

In addition, the performance of the underlying portfolio has been
better than Moody's expectations. As of August 2021, 0.7% of the
outstanding pool was 30-plus day delinquent and 0.5% was 90-plus
day delinquent. The deal has incurred no losses to date.

Based on the observed performance to date and loan attributes,
Moody's has decreased its expected loss assumption to 0.3% for the
outstanding pool from 0.4% as of the last rating action.

Moody's MILAN CE remains at 4.0% based on current portfolio
characteristics.

Moody's also considered the impact from various prepayment rates,
default timings and the post-call date residual interest payment
arrangement.

The transactions are residential mortgage-backed securities (RMBS)
originated and serviced by Australia and New Zealand Banking Grp.
Ltd. (Aa3, Aa2(cr)).

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

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

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

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

LIBERTY SERIES 2021-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty Series 2021-1 SME.

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2021-1 SME

AUD390.0 million of Class A1 notes, Assigned (P)Aaa (sf)

AUD120.0 million of Class A2 notes, Assigned (P)Aaa (sf)

AUD34.0 million of Class B notes, Assigned (P)Aa2 (sf)

AUD18.0 million of Class C notes, Assigned (P)A2 (sf)

AUD10.0 million of Class D notes, Assigned (P)Baa2 (sf)

AUD20.0 million of Class E notes, Assigned (P)Ba2 (sf)

AUD5.0 million of Class F notes, Assigned (P)B2 (sf)

The AUD3.0 million of Class G notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
to self-managed superannuation funds (SMSFs), small- and
medium-sized enterprises (SMEs) and individuals, originated and
serviced by Liberty Financial Pty Limited (Liberty, unrated). The
mortgage loans are secured by commercial, residential, or both
commercial and residential properties in Australia and denominated
in Australian dollars.

Liberty is an Australian non-bank lender that started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans. As of June 2021, Liberty has total receivables of
AUD12 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance;

The credit enhancement provided by note subordination, the
guarantee fee reserve and excess spread;

The legal structure and availability of the liquidity facility;
and

The credit strength and experience of Liberty as servicer.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, low weighted average loan to value (LTV) of the underlying
portfolio, and a guarantee fee reserve. However, Moody's notes that
the transaction features some credit weaknesses such as the
proportion of bullet loans within the portfolio and the pro rata
amortisation of rated notes under certain conditions.

Key transactional features are as follows:

Class A1 and Class A2 notes benefit from 35.0% and 15.0% of
subordination respectively.

Principal collections will be at first distributed sequentially.
Starting from the second anniversary from closing, all notes
(excluding the Class G notes) may participate in proportional
principal collections distribution subject to the step down
conditions being met. The step down criteria include, among others,
no charge offs on any of the notes and average arrears greater than
60 days not exceeding 4.0% of the aggregate loan amount. Principal
pay-down will revert to sequential once the aggregate loan amount
is 20.0% or less of the aggregate loan amount at closing, or on or
following the payment date in November 2025.

The guarantee fee reserve, which is unfunded at closing, will
build up to a limit of AUD3 million from excess spread. The reserve
account will firstly be available to meet losses on the loans and
charge offs against the notes. Secondly, it can be used to cover
any required payment shortfalls that remain after liquidity
facility and principal draws.

Key portfolio features are as follows:

Due to the mixed nature of the pool, the portfolio is categorised
into SME and residential loan sub-pools.

The SME sub-pool, representing 40.6% of the overall portfolio,
primarily includes loans to company borrowers. The residential loan
sub-pool, representing 59.4% of the overall portfolio, primarily
includes loans to individuals.

The weighted average scheduled LTV of the overall portfolio is
63.7%, with only 0.6% of the loans with a scheduled LTV above
80.0%.

Around 1.9% of the portfolio comprises bullet loans -- that is to
say, loans requiring a lump sum repayment of principal at the end
of the loan term. These loans do not amortise over the initial term
of up to five years and rely on either refinancing or sale of the
underlying property to repay the loan at maturity.

In addition to the bullet loans, the portfolio contains 14.8% of
loans with an initial interest only period of up to five years,
converting to principal and interest thereafter.

Key model and portfolio assumptions:

For the total pool, Moody's portfolio credit enhancement ("PCE") -
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario -- is 16.9% for the
total pool. Moody's mean expected loss for the total pool is 2.2%.
For the SME sub-pool, Moody's PCE is 26.5% and mean expected loss
is 3.9%. For the residential loan sub-pool, Moody's MILAN credit
enhancement (MILAN CE) is 8.90% and mean expected loss is 1.0%.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were Moody's Approach to
Rating RMBS Using the MILAN Framework published in December 2020.

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

Factors that could lead to an upgrade of the notes include rapid
build-up of credit enhancement, due to sequential amortization, or
better-than-expected collateral performance. The Australian
macroeconomic conditions and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, deterioration in credit quality of
transaction counterparties, fraud, or a lack of transactional
governance.

TRABR LIMITED: Second Creditors' Meeting Set for Oct. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Trabr Limited
has been set for Oct. 28, 2021, at 10:30 a.m. via Zoom
Videoconferencing.

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 5:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Trabr Limited on Sept. 22,
2021.




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

CHINA EVERGRANDE: Abandons $2.6BB Unit Stake Sale
-------------------------------------------------
Reuters reports that China Evergrande formally abandoned plans to
sell a $2.6 billion stake in one of its key units on Oct. 20, as
Beijing officials went out in force to say the problems would not
spin out of control.

Once China's top-selling developer and now reeling under more than
$300 billion of debt, Evergrande was in talks to sell a 50.1% stake
in its Evergrande Property Services arm to smaller rival Hopson
Development Holdings, Reuters says.

In a stock exchange filing late on Oct. 20, Evergrande said that
the company had reason to believe that Hopson had not met the
"prerequisite to make a general offer" for its unit without
elaborating further, Reuters relates.

In a separate exchange filing, Evergrande said barring its sale of
a stake worth $1.5 billion in Chinese lender Shengjing Bank Co, it
had made no material progress in selling other assets it has put on
the block.

According to Reuters, Evergrande's disclosures came after a number
of top Chinese officials had sought to reassure homebuyers and
markets that the current woes in the property sector would not be
allowed to turn into a full-scale crisis.

Worries that a cash crunch at Evergrande, whose liabilities are
equal to 2% of China's gross domestic product, could cause economic
contagion have seen swathes of other heavily-indebted developers
hit with credit rating downgrades, while some smaller ones have
already defaulted.

In comments reported by state media Xinhua and echoing words from
the country's central bank late last week, Vice Premier Liu He told
a Beijing forum on Oct. 20 that the risks were controllable, and
that reasonable capital demand from property firms was being met,
according to Reuters.

The chairman of China's securities regulator, Yi Huiman, added at
the same forum that authorities would properly handle the default
risks and look to curb excessive debt more broadly, Reuters
relays.

"(We need) to improve the effectiveness of the constraint mechanism
on debt financing, to avoid excessive financing through 'high
leverage'," Yi said, notes the report.

Chinese property developers have total outstanding debt of CNY33.5
trillion ($5.24 trillion), according to Nomura, equivalent to
roughly a third of the country's gross domestic product.

Evergrande, which has epitomised China's freewheeling era of
borrowing and building, has been scrambling to raise funds to pay
its many lenders and suppliers, amid expectations it is about to
formally default on one of its international bonds.

In its filing on Oct. 20, Evergrande said it would continue to
implement measures "to ease the liquidity issues" and would use
best efforts to negotiate for the renewal or extension of its
borrowings with its creditors, Reuters relates.

"In view of the difficulties, challenges and uncertainties in
improving its liquidity, there is no guarantee that the group will
be able to meet its financial obligations under the relevant
financing documents and other contracts," it said.

Creditors have so far said there has been no contact from
Evergrande despite weeks of effort on their behalf. Evergrande will
officially be in default if it doesn't make an already-overdue
March 2022 bond coupon payment by Oct. 25, Reuters notes.

Sources told Reuters on Oct. 19 Evergrande had been forced to
shelve its property services unit stake sale to Hopson after
failing to win the blessing of the Guangdong provincial government,
which is overseeing Evergrande's restructuring.

Some of Evergrande's international creditors had also opposed the
deal, one of them said. If companies sell assets just before they
collapse, creditors have less to claw their money back with.

There was a blame game starting too though, Reuters says.

Reuters relates that Hopson said in an exchange filing that it had
been prepared to complete the deal but had received a transaction
termination notice from Evergrande on Oct. 13.

Evergrande, Evergrande Property Services, and Hopson, which have
had trading in their shares suspended since Oct. 4 pending the deal
announcement, all said they had requested for their shares to
resume trading in Hong Kong from Oct. 21, adds Reuters.

                       About China Evergrande

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

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

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


CHINA EVERGRANDE: Gets Bond Extension as Chair Foots Project Bills
------------------------------------------------------------------
Reuters reports that China Evergrande Group has secured an
extension on a defaulted bond, financial provider REDD reported on
Oct. 21, offering rare respite to the developer a day after a deal
to sell a $2.6 billion stake in its property services unit failed.

Evergrande has won a more than three month extension to the
maturity of a $260 million bond, issued by joint venture Jumbo
Fortune Enterprises and guaranteed by Evergrande, beyond Oct. 3
after agreeing to provide extra collateral, REDD reported, citing
holders of the bond, Reuters relates.

A source familiar with the matter told Reuters Evergrande Chairman
Hui Ka Yan has agreed to pump in personal wealth into a Chinese
residential project tied to the bond to ensure it gets completed,
paving the way for bondholders to get their dues.

The bondholders agreed to the proposal to avoid a messy collapse of
the developer or a drawn-out legal battle, the source added.

                       About China Evergrande

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

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

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

CHINA SCE: Moody's Affirms B1 CFR, Alters Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has changed the rating outlook on China
SCE Group Holdings Limited (China SCE) to stable from positive.

At the same time, Moody's has affirmed China SCE's B1 corporate
family rating and its B2 senior unsecured debt rating.

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

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

RATINGS RATIONALE

China SCE's B1 CFR reflects the company's long operating track
record, large scale, and ownership of a diversified and
well-located land bank. The CFR also incorporates the company's
increasing exposure to joint ventures (JVs), which can increase
contingent liabilities and volatility in its financial metrics.

The rating is constrained by an increase in China SCE's funding
needs and execution risks associated with its fast expansion and
growing investment property portfolio. However, Moody's expects the
company to exercise discipline while pursuing growth.

Moody's forecasts China SCE's contracted sales will decline over
the next 6-12 months, compared with Moody's previous forecast of
around 10% growth, 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 China SCE's liquidity to be good over the next 6-12
months. As of June 30, 2021, the company had unrestricted cash of
RMB15.3 billion compared with reported short-term debt of RMB12.5
billion. Moody's expects the company will use its internal cash to
repay some of its maturing debt, but the repayment will reduce the
funding available for its operations over the next 12-18 months.
The company's financial flexibility will also be hurt if the
weakness in debt capital markets persists.

China SCE'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 will be lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered China SCE's concentrated
ownership by its controlling shareholder, Mr. Wong Chiu Yeung, who
held a 50.05% stake as of December 31, 2020.

Moody's has also considered (1) the presence of three independent
nonexecutive directors on the board, who also chair the audit and
remuneration committees; (2) China SCE's moderate 20%-25% dividend
payout ratio over the past three years; and (3) the presence of
other internal governance structures and standards as required
under 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

Moody's could upgrade China SCE's ratings if the company (1)
achieves stable sales growth with good profitability, (2) controls
its investment and land acquisition spending, (3) improves its
financial metrics and (4) maintains good liquidity. Financial
metrics that would support an upgrade include EBIT interest
coverage of more than 2.5x-3.0x and revenue/adjusted debt of more
than 70%-75%, both on a sustained basis.

Moody's could downgrade China SCE's ratings if the company's (1)
contracted sales weaken; (2) or profit margins decline
significantly; or (3) liquidity weakens, such that its unrestricted
cash/short-term debt falls below 1.0x; or (4) financial metrics
weaken, such that EBIT/interest coverage falls under 2.0 and
revenue/adjusted debt stays below 60%-65% on a sustained basis.

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

Founded in 1996, China SCE Group Holdings Limited listed on the
Hong Kong Stock Exchange in February 2010. It was 50.05% owned by
its chairman, Mr. Wong Chiu Yeung, as of December 31, 2020. As of
December 31, 2020, the company had a total land bank of around
37.68 million square meters in terms of gross floor area, with
nationwide coverage in different tiers of cities across various
regions in China.

JINKE PROPERTY: Moody's Affirms B1 CFR, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Jinke
Property Group Co., Ltd. to stable from positive.

At the same time, Moody's has affirmed Jinke Property's B1
corporate family rating.

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

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

RATINGS RATIONALE

Jinke Property's B1 CFR reflects the company's established track
record of developing residential properties and its well-recognized
brand in the Chinese city of Chongqing; its growing scale and
geographic diversification; and its good liquidity, supported by
strong cash flow from property sales, and good access to onshore
funding.

On the other hand, Jinke Property's rating is constrained by its
modest debt leverage because of its debt-funded expansion. The
rating also considers the company's sizable exposure to trust
financing and the execution risks arising from the company's fast
expansion outside Chongqing.

Moody's expect Jinke Property'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.

However, Moody's expects Jinke Property's liquidity to be adequate
over the next 6-12 months. As of June 30, 2021, the company had
unrestricted cash of RMB36.4 billion, compared with reported
short-term debt of RMB26.9 billion.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Jinke Property's relatively
concentrated ownership by Huang Hongyun and persons acting in
concert, who together held a 29.99% stake as of December 31, 2020.
Moody's has also considered the fact that 15.5% of its total
outstanding shares were pledged by its major shareholder.

Moody's has also considered (1) the presence of three independent
non-executive directors on Jinke Property's nine-member board; (2)
the company's moderate 35%-37% dividend payout ratio over the past
three years; and (3) the application of the listing rules of the
Shenzhen Stock Exchange on the company.

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

Moody's could upgrade the CFR if Jinke Property demonstrates
sustained growth in its contracted sales and revenue through the
economic cycles without sacrificing its profitability; it
demonstrates discipline in its land spending and financial
management; maintains good liquidity; and improves its credit
metrics, such that its EBIT/interest rises to 2.5x- 3.0x and its
revenue/adjusted debt rises to 70%-80% on a sustained basis.

Conversely, Moody's could downgrade the rating if the company
generates weak contracted sales; experiences an impairment of
liquidity, such that its cash/short-term debt falls below 1.0x; or
if it significantly increases its debt leverage.

Credit metrics that could trigger a ratings downgrade include: (1)
adjusted EBIT/interest trending toward 2.0x; and (2)
revenue/adjusted debt below 60%-65% on a sustained basis.

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

Jinke Property Group Co., Ltd. is a residential property developer
based in Chongqing. It was listed on the Shenzhen Stock Exchange in
2011 through a backdoor listing. The company generates more than
90% of its revenue from property development. It reported RMB44.0
billion in revenue in the first half of 2021. As of June 30, 2021,
the company had a land bank of around 73 million square meters in
gross floor area, which is sufficient for around three years of
property development.

MODERN LAND: Cancels Bond Repayment Plan on Liquidity Issues
------------------------------------------------------------
South China Morning Post reports that China's property market has
taken another turn for the worse as developer Modern Land (China)
has cancelled its plan to repay a portion of a US$250 million junk
bond and extend it just days before it was set to mature, joining
China Evergrande Group and other peers in a financial mess.

At the same time, Chinese Estates Holdings, once Evergrande's
second-biggest shareholder, said it sold its holdings in high-yield
bonds issued by another Chinese developer Kaisa Group Holdings at a
loss, the Post relates. The sales this week at prevailing market
rates came just days after Kaisa said it made an interest payment
due on its debt last week.

Late on Oct. 20, Beijing-based Modern Land scrapped a solicitation
process related to a 12.85 per cent US$250 million bond due on
October 25, citing liquidity issues and saying the exercise "would
not be in the best interest of the company" and its stakeholders,
according to the report. It had earlier proposed to pay US$87.5
million of the principal and extend the payment deadline on the
balance by three months.

The Post says the decision was made despite an earlier pledge by
Modern Land's chairman and its president to lend the company CNY800
million (US$125.1 million) to ease its cash crunch. It came on the
same day Evergrande acrimoniously terminated a deal to sell some of
its assets to a rival in an attempt to raise US$2.6 billion of cash
and avert a bond default.

Modern Land is now planning to engage an independent financial
adviser to assess its capital structure, liquidity profile,
operating and financial condition "with a view to achieving a
feasible solution to its current liquidity issues," it said in an
exchange filing late on Oct. 20, the Post relays.

On Oct. 21, Modern Land's shares were suspended in Hong Kong
pending an announcement "which would constitute inside
information", according to a regulatory filing. The filing did not
indicate the nature of the announcement, the Post notes.

The Post adds that the decision by Modern Land to scrap its
repayment plans is another blow to investors holding Chinese
high-yield bonds issued by developers as the industry continues to
show cracks from months of policy tightening by Beijing.

                          About Modern Land

Modern Land (China) Co., Limited is an investment holding company
principally engaged in the property development and property
investment businesses. The Company's property projects are mainly
developed under the brand of MOM. The Company is also engaged in
the hotel operation, project management, real estate agency
services and immigration services business. Through its
subsidiaries, the Company is also engaged in the provision of
technology development and consulting services.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
18, 2021, Fitch Ratings has downgraded Modern Land (China) Co.,
Limited Long-Term Foreign- and Local-Currency Issuer Default
Ratings to 'C' from 'B'. At the same time, Fitch has downgraded its
senior unsecured rating and the rating on its outstanding bonds to
'C' with a Recovery Rating of 'RR6' from 'B' with a Recovery Rating
of 'RR4'.

The downgrades follow Modern Land's announcement of the launch of a
consent solicitation to extend the maturity of USD250 million of
outstanding senior notes due October 25, 2021 by three months to
January 25, 2022. The company is also seeking to shorten the notice
period for the optional redemption of the bond and to redeem
USD87.5 million of the principal amount of the bond.


POWERLONG REAL: Moody's Affirms B1 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Powerlong Real Estate Holdings Limited. At the same time,
Moody's has affirmed the B2 senior unsecured rating on the bonds
issued by Powerlong.

Moody's has also changed the outlook to stable from positive.

"The change in outlook to stable reflects our expectation that
Powerlong'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 Powerlong
will have good liquidity to temper the risks associated with the
difficult operating and financing conditions over the next 6-12
months," adds Lai.

RATINGS RATIONALE

Powerlong's B1 corporate family rating (CFR) reflects the company's
(1) strong sales execution and long track record of successfully
developing and selling commercial and residential properties in its
key markets in China; (2) low-cost land bank, which underpins its
profitability; and (3) growing nondevelopment income, which
improves the stability of its debt servicing.

However, Powerlong's credit profile is constrained by the company's
(1) moderate geographic concentration, (2) execution risks
associated with its business expansion, (3) high level of capital
demand associated with its business strategy and (4) moderate debt
leverage.

Moody's expects Powerlong'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 expects Powerlong's liquidity to be good over the next 6-12
months. As of June 30, 2021, the company had unrestricted cash of
RMB22.5 billion compared with reported short-term debt of RMB20.8
billion.

The B2 senior unsecured debt rating is one notch lower than
Powerlong's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Powerlong's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the likely 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 in its
controlling shareholders, Hoi Kin Hong and Hoi Wa Fong, who held a
59% stake in the company as of June 30, 2021.

Moody's has also considered (1) the oversight of the company's
special committees, of which its audit and remuneration committees
are chaired by two independent nonexecutive directors; (2)
Powerlong's stable dividend payout ratio of below 40% over the past
three years; and (3) the application of the Listing Rules of the
Hong Kong Stock Exchange and the Securities and Futures Commission
Ordinance in Hong Kong SAR, China to oversee related-party
transactions.

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

Moody's could upgrade the ratings if Powerlong (1) continues to
grow in scale while maintaining adequate liquidity and sound credit
metrics; and (2) improves its debt leverage to a level that matches
its business model of holding investment properties. Credit metrics
indicative of an upgrade include: (1) adjusted EBIT/interest rising
above 3.0x; and (2) revenue/adjusted debt in excess of 60%-65%.

On the other hand, Moody's could downgrade the ratings if the
company's sales weaken or if it pursues a more aggressive expansion
strategy that weakens its credit metrics. Credit metrics indicative
of a downgrade include: (1) adjusted EBIT/interest falling below
2.0x; and (2) revenue/adjusted debt failing below 50% on a
sustained basis.

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

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company, which is 59% owned
by the founding Hoi family as of June 30, 2021, listed on the Hong
Kong Exchange in October 2009.

As of June 30, 2021, Powerlong's land bank for development totaled
around 37.8 million square meters in gross floor area under
development and for future development.

REDSUN PROPERTIES: Moody's Affirms B2 CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Redsun Properties Group Limited and the B3 senior
unsecured rating on the bonds issued by Redsun.

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

"The change in outlook to stable reflects our expectation that
Redsun'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 Redsun will
have good liquidity to temper the risks associated with the
difficult operating and financing conditions over the next 6-12
months," adds Lai.

RATINGS RATIONALE

Redsun's B2 corporate family rating (CFR) reflects the company's
long operating history and strong market position in developing
mass residential properties in the Jiangsu province. It also
reflects its high-quality land bank, growing operating scale
underpinned by strong sales execution in the past two to three
years, and good liquidity.

However, the rating is constrained by its moderate credit metrics,
highly concentrated geographic coverage and significant exposure to
its joint venture (JV) businesses, which increases its contingent
liabilities and weakens corporate transparency.

Moody's expects Redsun'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 Redsun's liquidity to be good over the next 6-12
months. As of June 30, 2021, the company had unrestricted cash of
RMB14.0 billion, compared with reported short-term debt of RMB10.4
billion. Moody's expects Redsun 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 markets persists.

In terms of environmental, social and governance (ESG)
considerations, Redsun's CFR considers the company's concentrated
ownership by its key shareholder, Zeng Huansha, who held a 72%
direct and indirect stake as of the end of August 2021. Moody's has
also considered (1) the presence of three independent nonexecutive
directors on Redsun's seven-member board of directors, (2) the fact
that independent nonexecutive directors chair both the audit and
remuneration committees; (3) Redsun's moderate 25%-30% 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.

Redsun's B3 senior unsecured bond rating is one notch below its CFR
because of structural subordination risk. This risk reflects the
fact that most of Redsun'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 is lower.

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

Moody's could upgrade Redsun's rating if the company improves its
debt leverage and funding channels while maintaining strong
contracted sales growth. Credit metrics indicative of a potential
upgrade include (1) revenue/adjusted debt rising above 55%, (2)
EBIT/interest coverage rising above 2.0x-2.25x, and (3)
unrestricted cash/short-term debt above 1.0x, all on a sustained
basis.

Moody's could downgrade the ratings if Redsun's liquidity weakens
and its profit margins come under pressure, constraining its
interest coverage and financial flexibility. Credit metrics
indicative of a potential downgrade include EBIT interest coverage
falling below 1.5x on a sustained basis.

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

Founded in 1996, Redsun Properties Group Limited listed on the Hong
Kong Stock Exchange in July 2018. Its headquarters are in Shanghai
and Nanjing.

Redsun engages in real estate development, commercial properties
and hotel operations in China. As of the end of June 2021, the
company's total saleable resources comprised a gross floor area of
21 million square meters spread across over 60 cities in China.

RONSHINE CHINA: Moody's Puts B2 CFR Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B2
corporate family rating of Ronshine China Holdings Limited and the
B3 senior unsecured rating on the bonds issued by Ronshine.

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

"The review for downgrade reflects Ronshine's heightened
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 Kelly Chen, a Moody's Assistant
Vice President.

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

Ronshine's B2 CFR continues to reflect the company's track record
and strong market position in property development in the Yangtze
River Delta region and Fujian Province. The B2 CFR also considers
the company's adequate liquidity and diversified funding access.

On the other hand, the rating is constrained by Ronshine's
aggressive expansion, resulting in low profitability and weakened
interest coverage; and its high exposure to its joint ventures,
which lowers its corporate transparency.

Moody's expects Ronshine's liquidity will weaken over the next
12-18 months amid the tougher operating and funding environment. As
of June 30, 2021, the company had unrestricted cash of RMB27.3
billion, compared with reported short-term debt of RMB25.2 billion.
Ronshine has a large amount of debt maturing or becoming puttable
from October 1, 2021 to December 31, 2022 -- specifically, USD1.5
billion of offshore bonds and RMB9.4 billion of onshore bonds
maturing or becoming puttable during the period.

Moody's expects Ronshine 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 Ronshine'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.

Ronshine's B3 senior unsecured rating is one notch lower than its
CFR to reflect the risk of structural subordination. This risk
reflects the fact that the majority of Ronshine's claims are at its
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.

With respect to environmental, social and governance (ESG) factors,
Ronshine's B2 CFR rating considers the company's ownership by its
chairman, Mr. Ou Zonghong, who owned a 65% stake as of the end of
June 2021. It also considers the company's established governance
structures and standards as required by the relevant code for
companies listed on the Hong Kong Stock Exchange. Furthermore,
Ronshine has three special committees — an audit committee, a
remuneration committee and a nomination committee -- of which the
audit committee is chaired and dominated by independent
non-executive directors.

Moody's review will focus on (1) assessing Ronshine's access to
funding and its liquidity and refinancing risks, in particular its
ability to address its maturing debt (including puttable bonds) in
a timely manner; and (2) the company's ability to maintain stable
sales and operating cash flow on a sustained basis.

Moody's could downgrade the rating if Ronshine's liquidity and
refinancing risks heighten, if its operating cash flow materially
declines because of a drop in property sales, or if its funding
access weakens.

An upgrade of the ratings is unlikely in the near term, given the
review for downgrade. However, Moody's could confirm the ratings if
Ronshine's funding access improves and if it 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.

Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016. The property developer focuses on mid-to-high-end
residential units in Fujian Province, the Yangtze River Delta, the
Pearl River Delta, Central China and the Bohai Sea region.

SHIMAO GROUP: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Shimao
Group Holdings Limited to stable from positive.

At the same time, Moody's has affirmed Shimao's Ba1 corporate
family rating.

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

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

RATINGS RATIONALE

Shimao's Ba1 CFR reflects its (1) strong sales execution through
the property cycles, (2) good geographic coverage and product mix
with diversified land reserves, (3) large operating scale and
status as a top developer in China in terms of contracted sales,
and (3) good liquidity and access to domestic and offshore funding.
The CFR also reflects Shimao's growing income from its non-property
development business and its portfolio of quality investment
properties and hotels.

On the other hand, the rating is constrained by the company's
moderate credit metrics, execution risk associated with its fast
expansion in its non-property development business and ongoing
funding needs associated with its business growth.

Moody's forecasts that Shimao's contracted sales will decline over
the next 6-12 months, driven by weaker homebuyer confidence amid
tight funding conditions. The company's 3Q2021 contracted sales
fell 24% year-on-year, compared with a 38% increase in the first
six months in 2021. The slowdown in contracted sales will weaken
the company's operating cash flow and in turn its liquidity.

However, Moody's expects Shimao's liquidity to be adequate over the
next 6-12 months. As of June 30, 2021, the company had unrestricted
cash of RMB74.8 billion, compared with reported short-term debt of
RMB44.5 billion.

Moody's expects Shimao's leverage, as measured by revenue/adjusted
debt, will trend toward 83%-88% over the next 12-18 months, up from
79% for the 12 months ended June 2021. This improvement will be
supported by mild debt growth and revenue growth following strong
contracted sales in the past 1-2 years.

Meanwhile, its interest coverage, as measured by EBIT/interest,
will remain at around 4.0x over the next 12-18 months, compared to
4.0x for the 12 months ended June 2021. These credit metrics
appropriately position the company at the Ba1 CFR.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Shimao's prudent financial management, which
has resulted in its stable financial profile. Moody's has also
considered the company's concentrated ownership by its key
shareholder, Mr. Hui Wing Mau, who held a 65% stake as of June 30,
2021.

Moody's has also considered the company's established internal
governance structures and standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. In particular, it has three independent non-executive
directors (INEDs) on its eight-member board, and its board has
established three committees with specific written terms of
reference to oversee particular aspects of the company's affairs.
All three committees are composed of INEDs only.

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

Moody's could upgrade Shimao' ratings if the company (1) sustains
its sales growth and profit margins while demonstrating strong
financial discipline; (2) maintains strong liquidity, such that its
unrestricted cash/short-term debt exceeds 150%; and (3) improves
its credit metrics, such that its adjusted EBIT/interest coverage
rises above 4.5x-5.0x and its revenue/adjusted debt exceeds 90%-95%
on a sustained basis.

On the other hand, Moody's could downgrade Shimao's rating if (1)
the company pursues aggressive land acquisition or investments to
support its business growth; (2) its credit metrics weaken, with
its EBIT/interest coverage falling below 3.5x-4.0x and its
revenue/adjusted debt falling below 75%-80%, all on a sustained
basis; or (3) its liquidity weakens, as reflected by its
cash/short-term debt falling below 125%.

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

Shimao Group Holdings Limited is a Chinese property developer that
was listed on the Hong Kong Stock Exchange in July 2006. It
develops residential properties and owns a portfolio of investment
properties, including hotels. As of the end of June 2021, the
company, together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co., Ltd., held an attributable land
bank of 44.2 million square meters (sqm) in China. Shanghai Shimao
mainly develops commercial properties.

SUNAC CHINA: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Sunac China Holdings Limited and the B1 senior unsecured
rating on the bonds issued by Sunac.

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

"The change in outlook to stable reflects our expectation that
Sunac'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 Sunac 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

Sunac's Ba3 CFR reflects the company's sizable operating scale,
supported by its strong brand and market position, high-quality
land banks that are mainly located in top-tier cities, and
improving debt leverage on the back of its controlled debt level.

However, the Ba3 CFR is constrained by the company's moderate
interest coverage, material exposure to non-standard borrowings,
and high reliance on partnerships with its joint ventures (JVs) and
associates, which increases its contingent liabilities and weakens
its corporate transparency.

Moody's expects Sunac'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 Sunac's liquidity to be adequate over the next 6-12
months. As of June 30, 2021, the company had unrestricted cash of
RMB101.1 billion, compared with reported short-term debt of RMB91.2
billion. In addition, Moody's expects Sunac will use its internal
cash to repay some of its maturing debt, but the repayment will
reduce its 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 markets persists.

Sunac's B1 senior unsecured debt rating is one notch lower than the
CFR because of structural subordination risk. Most of Sunac's
claims are at the operating subsidiary level and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company is lower.

In terms of environmental, social and governance (ESG)
considerations, Sunac's CFR considers the company's concentrated
ownership and significant investments in its JVs. Moody's has noted
the company's disciplined financial policy over the past 12 months,
with its (1) prudent land acquisition strategy and controlled debt
growth, (2) improved liquidity management and maturity profiles,
and (3) enhanced capital structure and funding access.

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

Moody's could upgrade Sunac's rating if the company maintains its
business scale with a prudent investment strategy, lowers its
exposure to non-standard borrowings, and improves liquidity
position. Credit metrics indicative of an upgrade include
revenue/adjusted debt above 70%-75% and EBIT/interest coverage
above 3.0x-3.5x, all on a sustained basis.

A significant reduction in the contingent liabilities associated
with the company's joint ventures (JVs) would also be positive for
the ratings. This could be a result of its reduced usage of JVs or
material improvement in the financial strength of its JV projects.

Conversely, Moody's could downgrade the ratings if the company's
sales decline more than expected, its debt leverage increases or
liquidity position weakens, or if the company undertakes aggressive
land or project acquisitions. Credit metrics indicative of a
downgrade include revenue/adjusted debt below 50%-60%,
EBIT/interest coverage under 2.0x-2.5x, or unrestricted
cash/short-term debt below 1.0x, all on a sustained basis.

Downward rating pressure could also increase if the contingent
liabilities associated with Sunac's JVs or the likelihood of the
company providing funding support to its JVs increases
significantly.

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

Sunac China Holdings Limited, which was listed on the Hong Kong
Stock Exchange in 2010, is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, townhouses,
retail properties, offices and car parks.

As of the end of June 2021, Sunac's land bank by attributable gross
floor area in China, including those of its joint ventures and
associates, was 164 million square meters. Its revenue was RMB230.6
billion ($35.5 billion) in 2020.

XINYUAN REAL: Fitch Lowers LT FC IDR to 'Restricted Default'
------------------------------------------------------------
Fitch Ratings has downgraded Xinyuan Real Estate Co., Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'Restricted Default' (RD), from 'C', on the completion of its
exchange offer. Fitch has then upgraded the IDR to 'CC' as default
risk remains high. At the same time, Fitch has affirmed Xinyuan's
senior unsecured rating and the rating on its outstanding bonds at
'C' with a Recovery Rating of 'RR5'.

Xinyuan's IDR of 'CC' reflects its tight liquidity situation, with
weak funding access and large offshore bond maturities in the next
twelve months. The recent change of auditor to Union Power HK CPA
Limited, from Ernst & Young, and continued delay in the publication
of its 2020 audited financials will also make it more difficult to
assess the company's credit metrics.

KEY RATING DRIVERS

Completion of Distressed Debt Exchange: Xinyuan completed its
exchange offer and release and consent solicitation on 15 October
2021, with 91% of its USD229 million in maturing notes (USD208
million) exchanged for USD205 million of new notes maturing on 15
October 2023 and USD19 million in cash. The company also repaid the
remaining USD21 million of maturing notes. The downgrade to 'RD'
reflects the completion of the exchange, which Fitch considers to
be a distressed debt exchange (DDE), as it constitutes a material
reduction terms and was conducted to avoid a default.

Limited Liquidity, Market Access: Xinyuan's rating reflects its
tight liquidity. The company faces further capital market debt
maturities over the next twelve months, despite the completion of
the exchange, with CNY514 million (equivalent to USD80 million) of
offshore bonds maturing in June 2022 and USD260 million puttable in
September 2022. Fitch believes Xinyuan may have difficulty in
repaying the upcoming maturities with internal cash flow, given
weakening contracted sales, while capital-market funding access
remains limited.

ESG - Governance: Xinyuan has ESG Relevance Scores of '5' for
Management Strategy and Financial Transparency. The company's 2020
audited financial statements have not been published due to an
independent review initiated by its audit committee on how certain
transactions will affect the results. The company announced on 13
October 2021 that it has changed its auditor. This have a negative
impact on the credit profile and is highly relevant to the
ratings.

Slowing Contracted Sales: Contracted sales through
January-September 2021 were up by around 10% yoy at CNY10.1
billion, but Fitch expects contracted sales to weaken further after
dropping by 25% yoy in September 2021 amid a challenging operating
environment. In addition to the slowdown in China's overall
property market, property demand in Xinyuan's home market,
Zhengzhou, in Henan province, has been affected by heavy flooding.

DERIVATION SUMMARY

Xinyuan's ratings reflect its tight liquidity and high risk of
default.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Xinyuan would be liquidated
    in bankruptcy;

-- Fitch assumes a 10% administrative claim.

Liquidation Approach

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

-- 100% advance rate applied to cash, with trade payables added
    to the repayment waterfall, since available cash is less than
    trade payables;

-- 60% advance rate applied to net inventory, as Fitch believes
    the EBITDA margin could remain low given China's weakening
    property sales (2020: 14%);

-- 70% advance rate applied to trade receivables;

-- 60% advance rate applied to property, plant and equipment
    (buildings only);

-- 100% advance rate applied to investment properties. A 6.5% cap
    rate would lead to a 110% advance rate, but Fitch has capped
    it at 100% to be conservative. Investment properties are
    booked at cost less depreciation on the balance sheet.

Fitch deconsolidates Xinyuan Property Management from Xinyuan's
liquidation value and liability waterfall. The recovery value of
Xinyuan's stake in Xinyuan Property Management is based on a
going-concern approach and was at a 33% discount to its market
value prior to its suspension in April 2021.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR1' for all
secured debt and onshore unsecured debt, and a recovery
corresponding to a Recovery Rating of 'RR5' for offshore unsecured
debt.

RATING SENSITIVITIES

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

-- Publication of unqualified audited financial results as well
    as improved liquidity and funding access.

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

-- Evidence of a default or default-like process.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Xinyuan is a small property developer in China, with CNY15
billion-20 billion of contracted sales annually. It generates
around half of its contracted sales from its home market in
Zhengzhou and has expanded to tier one and two cities across the
country, including Beijing, Chengdu, Xi'an and Qingdao. It listed
on the New York Stock Exchange in 2007.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory used in the leverage
calculations includes: inventory, net deposits and prepayments for
projects, projects included in other receivables, investment
properties, property, plant and equipment (land and buildings),
investments in joint ventures, net amounts due from joint ventures,
and net amount due from non-controlling interests, less contract
deposits and customer deposits.

ESG CONSIDERATIONS

Xinyuan has ESG Relevance Scores of '5' for Management Strategy and
Financial Transparency. This has a negative impact on the credit
profile and is highly relevant to the ratings.

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

YUZHOU GROUP: Moody's Lowers CFR to B2, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Yuzhou Group Holdings Company Limited to B2 from B1. At
the same time, Moody's has downgraded the company's senior
unsecured rating on the bonds to B3 from B2.

The outlook remains negative.

"The downgrade reflects Yuzhou's weakened funding access and our
expectation that its financial metrics over the next 6-12 months
are more appropriate for a B2 CFR under the challenging and funding
conditions," says Celine Yang, a Moody's Vice President and Senior
Analyst.

"The negative outlook reflects our expectation that Yuzhou's
contracted sales will decline, thereby reducing its liquidity
buffer over the next 6-12 months," adds Yang.

RATINGS RATIONALE

Yuzhou's B2 CFR reflects its 1) track record of developing and
selling residential properties in the Yangtze River Delta, Bohai
Rim and West Strait area, 2) geographic diversification in
different economic regions in China, and 3) adequate liquidity.

At the same time, the B2 rating reflects the company's weak credit
metrics and high reliance on sales from joint ventures (JVs) and
associates, which constrain its corporate transparency.

Moody's expects Yuzhou's contracted sales to 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.

Yuzhou's key credit metrics will remain weak over the next 12-18
months. Moody's expects the company's leverage, as measured by
revenue/adjusted debt, to be around 41%-44% in 2021-22. Its
homebuilding EBIT interest coverage will be around 1.6x. For the 12
months ended June 30, 2021, the company's leverage was 30%, while
its homebuilding EBIT interest coverage was 1.3x. The company's
overall credit profile is more in line with B2 rated property
peers.

Yuzhou has a large amount of onshore and offshore debt maturing by
the end of December 2022 -- in particular USD700 million of
offshore bonds and RMB6.5 billion of onshore bond maturing or
becoming puttable during the period.

Moody's believes Yuzhou will face uncertainty in issuing new
onshore and 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 onshore and offshore bond
prices.

Moody's expects the company to use its internal cash to repay some
of its maturing debt, but the repayment will reduce the funding
available for its operations over the next 12-18 months. The
company's financial flexibility will also be hurt if the weakness
in offshore debt capital markets persists. As of June 30, 2021, the
company had unrestricted cash RMB25 billion, compared with reported
short-term debt of RMB15.2 billion.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Yuzhou's concentrated ownership given the
controlling shareholder, Mr. Lam Lung On, holds a 58.81% stake in
the company as of June 30, 2021. Yuzhou had a relatively high
dividend payout ratio of 46.8% in 2019, compared with 35%-36.5% in
the previous four years.

Yuzhou's B3 senior unsecured bond rating is one notch below its CFR
because of the risk of structural subordination. This subordination
risk reflects the fact that most of Yuzhou'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.

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 Yuzhou's outlook
to stable if the company improves its liquidity and is able to
access funding by refinancing its onshore and offshore debt
maturing over the next 6-12 months.

Moody's could downgrade Yuzhou's rating if the funding or operating
environment deteriorates further, such that the company's funding
access weakens; 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 40% on a
sustained basis.

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

Yuzhou Group Holdings Company Limited is a property developer that
focuses on residential housing in the Yangtze River Delta and the
West Strait Economic Zone. Established in Xiamen in the mid-1990s,
Yuzhou is one of the city's largest developers. The company moved
its headquarters to Shanghai in 2016, and launched
Shanghai-Shenzhen dual headquarters in 2020.

Yuzhou listed its shares on the Hong Kong Stock Exchange in 2009.
As of June 30, 2021, Yuzhou's land bank totaled 22 million square
meters in saleable gross floor area.

ZHENGZHOU ZHONGRUI: Moody's Affirms B3 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Zhengzhou Zhongrui Industrial Group Co., Ltd.

The outlook has been changed to negative from stable.

"The change in outlook to negative reflects our expectation that
Zhengzhou Zhongrui's contracted sales from its property business
will fall over the next 6-12 months because of weaker consumer
sentiment, which in turn will lead to a deterioration in the
company's financial metrics and liquidity," says Daniel Zhou, a
Moody's Analyst.

"The affirmation reflects Zhengzhou Zhongrui's track record in
managing its operations in both property and coal trading
businesses amid the difficult operating and financing conditions
over next 6-12 months," adds Zhou.

RATINGS RATIONALE

Zhengzhou Zhongrui's existing CFR rating reflects the company's
track record in property development in Zhengzhou, Henan province,
China. It also takes into consideration the strengths of its coal
solution business in terms of its scale, its track record in coal
trading, its professional integrated management services and
quality clients, and the risk diversification offered by this
business.

However, the rating is constraint by its high debt leverage,
because of the debt-funded growth of its property and coal trading
businesses, as well as high refinancing risks.

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

Moody's expects Zhengzhou Zhongrui's liquidity to be weak over the
next 6-12 months. As of June 30, 2021, the company had unrestricted
cash of RMB2.2 billion compared with reported short-term debt of
RMB5.2 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.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Zhongrui's moderate
governance risk, due to its private company status, with less
rigorous corporate governance requirements when compared with
listed companies. Zhongrui's ownership is also concentrated in its
chairman, who owns 70% of the company. But, this risk is mitigated
by the track record of equity provided by the chairman to support
the growth of Zhongrui's businesses.

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

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

However, the rating outlook could return to stable if the company
improves its operating performance and significantly strengthens
its liquidity profile on a sustainable basis.

The rating could be downgraded if the company's liquidity
deteriorates because of a significant decline in contracted sales
or cash flow, or an inability to refinance its maturing debt over
the next six to 12 months.

Credit metrics that would indicate a possible downgrade include
EBITDA/interest falling below 1.0x or unrestricted cash/short-term
debt dropping below 35%-50% on a sustained basis.

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

Zhengzhou Zhongrui Industrial Group Co., Ltd is a privately-owned
enterprise engaged in two major businesses: property development
and coal solutions. At June 30, 2021, the company was 70% owned by
Mr. Wan Wongzing, its founder and chairman, and 30% by Mr. Liu Yi.



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ACCORD COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Accord
Communications Limited (ACL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.24      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 24, 2020, placed
the rating(s) of ACL under the 'issuer non-cooperating' category as
ACL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ACL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2021, August 20, 2021, August 30, 2021.

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

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

ACL was incorporated in 1990 by Mr P.K. Mohta, Mr A.K. Mohta, Mrs
Sushma Mohta and Mrs Shailly Mohta who have an experience of over
two decades in the manufacturing of EPABX system industry. ACL is
engaged in designing, manufacturing and marketing of Electronic
Private Automatic Branch Exchange (EPABX) systems. Apart from
manufacturing, the company is also engaged into the trading of
EPABX systems, intercom, phone and phone accessories. The
manufacturing facility of ACL is located in Meerut, UP, with an
installed capacity of 20,000 units as on March 31, 2015, for EPABX
systems. The manufacturing process of ACL is ISO 9001 certified.
The main customers of ACL are government agencies like CRPF, BSF,
Northern Command, etc. The raw material includes IC (Integrated
circuit), PCB (Printed circuit board), transformers, capacitors,
resistance, etc, which is procured from Delhi, Haryana, and
Bangalore etc. CLD Electronics & Communication and Digital
Electronics & Telecom are associate concern of ACL which are
engaged in the manufacturing spare parts for mobile phone.

AHINSHA BUILDERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ahinsha
Builders Private Limited (ABPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       37.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Ahinsha Builders Private Limited (ABP) was incorporated in April
2004. The company is promoted by Mr. Ghasitumal Jain and Mr. Vipin
Jain. The company is engaged in the business of real estate
development which involves development of residential projects. The
company is operating mainly in Delhi NCR. ABP has executed
residential project 'AhinshaVatika' at Shahdara, Ghaziabad. The
residential block was constructed with two residential towers with
216 (including 56 flats for economically weaker section; EWS)
residential flats in total. The project was commissioned in August
2011 and possession was given from August 2014 onwards.


AMARNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amarnath
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.


   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.45       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of AE under the 'issuer non-cooperating' category as AE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021, and October 2, 2021.

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

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

Amarnath Enterprises (AE) was established in the year 2008 by Mr.
P. NageswaraRao and his brothers. AE is engaged in hospitality
services like lodging, restaurant and conference hall facility. AE
is running a restaurant located in Dwarakanagar, Vishakapatnam in
the name of "Hotel Quality Inn BezKrishnaa" franchisee of Choice
Hospitality India Private Limited under the brand name 'Quality'.
Choice Hospitality India Pvt. Ltd. was established in 1987 with the
objective of setting up first class, midmarket franchised hotels in
metropolitan and secondary cities. The brands of Choice Hotels in
India are Quality, Comfort, Sleep Inn, Clarion and Cambria Suites.
Choice Hospitality India Pvt. Ltd is a wholly-owned subsidiary of
Choice Hotels International one of the largest and most widespread
lodging franchisors of the world with over 6000 hotels across the
globe.


ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anand Glass
Works (AGW) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.83       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.52       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2020, placed
the rating(s) of AGW under the 'issuer non-cooperating' category as
AGW had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AGW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2021, August 26, 2021 and September 5, 2021.

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

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

Anand Glass Works (AGW) was incorporated in 2001 as a partnership
firm and is currently managed by Mr. Rajendra Prasad Jain, Mr.
Devendra Kumar Jain. AGW is engaged in the manufacturing of glass
containers and tableware. The manufacturing facility of the firm is
located at Firozabad, Uttar Pradesh having an installed capacity of
40 tons of containers per day as on December 31, 2019. The products
manufactured are supplied to various companies and dealers-based
PAN India. The firm is having three associate concerns namely;
"Firozabad Ceramics Private Limited (FCPL)", "Eagle Glass Deco
Private Limited" and "Raju Decorators". FCPL is engaged in the
manufacturing of glass containers. The latter two are engaged in
trading of glass ware etc.


ANNAI INFRA: Ind-Ra Affirms & Withdraws BB+ Long-Term Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Annai Infra
Developers Limited's (AIDL) Long-Term Issuer Rating at 'IND BB+'
with a Stable Outlook and has simultaneously withdrawn the rating.


The instrument-wise rating actions are:

-- INR603.8 mil. Fund-based limit* affirmed and withdrawn; and

-- INR1,775.2 bil. Non-fund-based limit** affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn

**Affirmed at 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

KEY RATING DRIVERS

Growth in Revenue; Healthy Order Book: Ind-Ra expects the revenue
to grow moderately over the medium term, on account of a strong
order book position. The company has already achieved revenue of
INR1,404.9 million in 5MFY22.  As of August 2021, AIDL had an
unexecuted order book of INR18,363.47 million (2.74x of FY21
revenue) to be executed over FY22-FY23. Furthermore, the company
was declared as the L1 bidder for a project worth INR5,530 million
in August 2021. According to FY21 provisional financials, the
revenue grew to INR6,705.32 million (FY20: INR4,842.67 million,
FY19: INR8,418.37 million), although remained lower than FY19,
owing to the execution of a higher number of orders. The company's
scale of operations remains medium.

Healthy EBITDA Margins: The management expects AIDL's margins to
remain at similar levels of FY21 over the medium term, as the
company plans to continue to focus on irrigation projects which
command higher margin. In 5MFY22, the company has achieved an
EBITDA margin of 17.3%. The operating profitability expanded to
16.6 % in FY21 (FY20: 10.8%) on account of the execution of a large
high-margin irrigation project, which contributed 58% to the FY21
revenue, and a reduction in subcontracting expenses. AIDL's return
on capital employed was 37% in FY21 (FY20: 19%).

Improvement in Credit Metrics: The management expects AIDL's credit
metrics to remain strong in FY22, on the back of a healthy absolute
EBITDA. In 5MFY22, interest coverage (operating EBITDA/gross
interest expense)  was 6.27x and net leverage (adjusted net
debt/operating EBITDAR) was 0.16x. The interest coverage improved
to 7.76x in FY21 (FY20: 3.49x) and the net leverage to 0.57x
(1.49x), on account of an improvement in the operating EBITDA to
INR1,113.84 million (INR523.15 million). Nearly 34% of AIDL's debt
at end-FY21 consisted of long-term loans from related parties or
shareholders/promoters, and the remaining consists of working
capital debt from banks.

Liquidity Indicator - Stretched: AIDL's average use of the
fund-based and the non-fund-based facilities was around 97.2% and
69%, respectively, over the 12 months ended August 2021. Also, the
company has no access to capital markets. It had cash and cash
equivalents of INR333.39 million at FYE21 (FYE20: INR94.7 million).
The net working capital cycle including retention money (both
receivables and payables), and mobilization advances was moderate
at negative 34 days in FY21 (FY20: negative 16 days), as the
company manages its gross working capital with back-to-back payment
contracts. The cash flow from operations improved to INR534.02
million in FY21 (FY20: INR367.69 million), due to the increase in
revenue. Consequently, the free cash flow improved to INR392.51
million in FY21 (FY20:  INR327.19 million). The company's fund flow
from operations remained positive over FY18-FY21 (FY21: INR164.35
million, FY20: INR178.89 million). AIDL has scheduled debt
repayments of INR42.7 million and INR42 million in FY22 and FY23,
respectively, which are likely to be met through internal
accruals.

GST Dispute and Auditor Qualification: In October 2019, the company
had become involved in a goods and services tax (GST) dispute for
the wrongful availment of an input tax credit (ITC) for a disputed
turnover of around INR4,500 million. The management has clarified
that the company was liable on account of the subcontractors'
failure to pay the GST portion, which AIDL had claimed as ITC.
According to the management, the ITC claimed by AIDL was passed on
to various customers and was not used by the company. The
management estimates a liability of only around INR32.37 million,
along with applicable interest and penalties under the provision of
the GST Act. AIDL had made a provision of INR64.8 million for the
same and also deposited INR50 million against the liability in
FY20. The auditor has provided a qualified opinion on the FY20
financial statements of FY20 on debtors and creditors, as it was
unable to obtain balance sufficient/appropriate audit evidence to
verify the existence of dispute. The management expects to resolve
the qualification upon conclusion of the GST dispute and
reconciliation of the balances to the satisfaction of the auditor.

Segmental and Geographic Concentration Risks: About 60% of the
orders comprise irrigation and stormwater projects, and the
remaining is a mix of construction of building and civil works.
AIDL derives almost 90% of its revenue from Tamil Nadu and 10% from
Kerala. A slowdown in tenders in the region or changes in state
government policies could impact the company's revenue.

Exposure to Intense Competition in Fragmented Industry: Since
AIDL's sales are predominantly tender-based, revenue depends on the
ability to bid successfully for tenders. Competition from major
players, as well as the presence of many local and small
unorganized players, constrains profitability.

COMPANY PROFILE

AIDL, incorporated in 2008, is headquartered in Erode, Tamil Nadu.
The company undertakes civil construction of heavy highway, dam and
bridge; canal mining; pond building; earthmoving industrial site
work; transmission and distribution and water supply projects.


ANSAL HOUSING: Ind-Ra Affirms 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ansal Housing
Limited's (AHL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR750 mil. Secured overdraft limits (Long-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR716.3 mil. Non-fund-based limits (Short-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.40 bil. Fixed deposit programme (Long-term) affirmed with
     IND tD (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information

KEY RATING DRIVERS

The affirmation reflects AHL's continued delays in debt servicing,
as stated by the statutory auditor in the FY21 audited report,
owing to the company's tight liquidity position. AHL submitted
details of subsequent defaults in debt servicing on September 30,
2021 to BSE Ltd and National Stock Exchange Limited.

COMPANY PROFILE

Incorporated in 1983, AHL operates a real estate business, with a
key focus on northern India. The company primarily operates in
Delhi National Capital Region, Mumbai, and Tier II and Tier III
towns.


APOLLO POLYVINYL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Apollo
Polyvinyl Private Limited (APPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      56.88       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     13.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

APPL was incorporated in 2011 by Mr. Sunil Kapoor for trading in
SAV (Self Adhesive Vinyl), PVC (Polyvinyl chloride) sheets, Flex,
Vinyl (front lit, back lit), Lamination films and Foam boards. The
promoters have been engaged in this business since 1996 under other
group companies and have presence in Bangalore, Cochin, Cuttack,
Hyderabad, Hosur, Kolkata, New Delhi, Noida, Sivakasi and
Vijayawada. APPL has its registered office in Chennai and has sales
offices at Chennai and Hosur.


ARAVIND CERAMICS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aravind Ceramics
Private Limited's (ACPL) Long-Term Issuer Rating to 'IND BB-' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR450 mil. (increased from INR360 mil.) Fund-based working
     capital limits Long-term rating downgraded and short-term
     rating affirmed with IND BB-/Stable/IND A4+ rating; and

-- INR115 mil. Term loans due on August 30, 2024 assigned with
     IND BB-/Stable rating.

The downgrade reflects ACPL's poor liquidity position with an
instance of overutilization of its fund-based limits during the 12
months ended September 2021.

KEY RATING DRIVERS

Liquidity Indicator - Poor: ACPL's average maximum utilization of
the fund-based limits was 99.37% during the 12 months ended
September 2021 with an instance of overutilization of up to 6 days
due to interest debited on the last day of the month. The cash flow
from operations turned negative to INR104.03 million in FY21 (FY20:
INR63.73 million) due to unfavorable changes in working capital.
Consequently, the free cash flow deteriorated to negative INR104.03
million in FY21 (FY20: negative INR63.72 million). The net working
capital cycle elongated to 148 days in FY21 (FY20: 123 days), due
to an increase in the receivable period to 160 days (101 days) as
majority of the sales were booked in March 2021. The cash and cash
equivalents stood at INR27.93 million at FYE21 (FYE20: INR7.81
million). Furthermore, ACPL does not have any capital market
exposure and relies on banks to meet its funding requirements. It
had availed of the Reserve Bank of India-prescribed moratorium
under the COVID-19 relief package scheme over March-August 2020.
FY21 numbers are provisional in nature.

The ratings also factor in the company's continued medium scale of
operations. The revenue declined marginally to INR1,862.90 million
in FY21 (FY20: INR1,892.16 million), due to temporary closure of
operations due to the Covid-19-led disruptions in 1QFY21. In
1HFY22, ACPL achieved revenue of INR1,068.97 million. In FY22, the
management expects to achieve revenue of INR2,155.5 million.

The ratings also factor ACPL's continued modest EBITDA margin. The
margin improved to 4.56% in FY21 (FY20: 4.10%) and absolute EBITDA
increased to INR85.03 million (INR77.56 million), due to a decline
in personnel expenses as a percentage of revenue to 3.25% (4.22%)
and rental expenses. However, the return on capital employed
marginally deteriorated to 9.5% in FY21 (FY20: 9.9%). In 1HFY22,
ACPL achieved EBITDA margin of 5.85%. In FY22, Ind-Ra expects the
EBITDA margins to remain at a similar level due to no major change
in the cost structure.

The ratings further reflect ACPL's continued modest credit metrics.
The gross interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.48x in FY21 (FY20: 1.53x) and the net
financial leverage (adjusted net debt/operating EBITDA) to 6.67x
(6.02x) due to increase in external borrowings and associated
interest obligations. The company had availed a COVID-19 emergency
credit line of INR43 million and a guaranteed emergency credit line
of INR86.6 million in August 2020. In 1HFY22, the company reported
gross interest coverage of 2.12x and net leverage of 4.46x.  Ind-Ra
expects the net leverage to improve in FY22 on back of term loan
repayments.

The ratings continue to be constrained by stiff competition from
both organized and unorganized players in the tiles and sanitary
fittings trading business.

However, the ratings remain supported by ACPL's promoters' two and
a half decades of experience in the trading of tiles and sanitary
fittings, leading to established relationships with its customers
and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the revenue, leading to deterioration in
the absolute EBITDA, leading to a further deterioration in the
credit metrics with the interest coverage reducing below 1.3x
and/or deterioration in the liquidity position, all on a sustained
basis, would be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
leading to an improvement in the credit metrics and liquidity
position, all on a sustained basis, would be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1996, ACPL is a family-owned tile and sanitary
fittings trading business located in Chennai, Tamil Nadu.


BGR MINING: Ind-Ra Affirms 'D' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed BGR Mining & Infra
Limited's (BGR) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR1.015 bil. (reduced from INR1.25 bil.) Fund-based working
     capital limits (Long-term/Short-term) affirmed with IND D
     rating;

-- INR5.635 bil. (reduced from INR6.0 bil.) Non-fund-based
     working capital limits (Short-term) affirmed with IND D
     rating; and

-- INR1,149.59 bil. (reduced from INR7,743.1 bil.) Term loans
     (Long-term) due on March 2023 affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects BGR's lack of timely debt servicing track
record for three consecutive months. The management has confirmed
that BGR has been servicing its obligations on the working capital
limits and the term loans on time since May 2021 and September
2021, respectively. The company was able to regularize its overdues
following the realization of a portion of the outstanding
receivables, primarily from the irrigation project in Telangana and
from its mine development and operation projects.

Liquidity Indicator - Poor: BGR had cash and cash equivalents of
INR17 million at FYE21. The company's average use of the fund-based
working capital limits was about 99% of the sanctioned limits of
INR1.015 billion and that of its non-fund-based working capital
limits was about 83% during the 12 months ended September 2021.
While BGR's net working capital cycle (receivables including
retention money plus inventory minus payables including
mobilization advances) shortened to 121 days in FY21 after
elongating to 127 days in FY20, it remains long when compared with
the moderate levels of around 50 days in FY15 and FY17. This was on
account of the increasing unbilled revenue (FY21: INR3.4 billion
and FY20: INR2.55 billion, FY19: INR2.2 billion). BGR has a debt
repayment obligation of INR1,677 million in FY22. FY21 numbers are
provisional.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be positive
for the ratings.

COMPANY PROFILE

Incorporated in 1988, BGR is a Hyderabad-based mining contractor,
majorly involved in overburden removal and coal extraction.


BTM EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BTM Exports
Limited (BEL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 21, 2020, placed
the rating(s) of BEL under the 'issuer non-cooperating' category as
BEL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 2021.

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

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

BTM was initially incorporated as BTM Exports Private Limited on
November 24, 2004 and was later converted to public limited company
on August 18, 2008. The company is promoted by Tekriwal brothers
with Mr Sanjay Tekriwal being its chairman and managing director.
Initially, the company was into trading of Vanaspati, edible oils
and fabrics etc, but the same was discontinued by the company in
2011 and it started a new line of business which involves trading
of Basmati Rice and Iron ore fines.


FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Finfoot
Lifestyle Private Limited (FLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.84      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2020, placed
the rating(s) of FLPL under the 'issuer non-cooperating' category
as FLPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. FLPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2021, August 26, 2021, September 5, 2021.

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

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

FLPL, incorporated in 2011 was promoted by Pathak family of Pune.
However, the company commenced its operations in March, 2016. The
company is engaged in manufacturing of grey fabric and cotton cloth
at its facility located at Kolhapur, Maharashtra, having an
installed capacity to manufacture 10,000 metres of fabric per day.
CLR Facility Services Private Limited is the group company of FLPL
and offers facility management services across 8 states including
Maharashtra, Karnataka, Goa, Gujarat, Andhra, Delhi, Madhya Pradesh
and Tamil Nadu.


GARG & COMPANY (PANIPAT): CARE Keeps C Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg &
Company (Panipat) (GCO) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.70       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 6, 2020, placed the
rating(s) of GCO under the 'issuer non-cooperating' category as GCO
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GCO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2021, September 1, 2021 and September 11, 2021.

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

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

Garg & Company (Panipat) (GCO) is a proprietorship concern
established in 2011 by Mr. Shashank Garg. The firm is a grade A
contractor which undertakes civil construction contracts primarily
for the government of Haryana. The firm receives the orders mainly
through tenders and the tenure of the contracts is up to 24 months.
In the past, the firm has executed a number of contracts for
government entities. The firm procures raw materials i.e. grits,
stones etc from private dealers. Additionally, the equipment and
machines are owned by the firm.


GARG & COMPANY : CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg &
Company (Ludhiana) (GCO) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 1, 2020, placed the
rating(s) of GCO under the 'issuer non-cooperating' category as GCO
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GCO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 17, 2021, August 27, 2021 and September 6, 2021.

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

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

Garg & Company (GCO) was initially constituted as a proprietorship
firm in 1972 by Mr. Harish Kumar Garg and in 2009, it was converted
into a partnership concern with Mr. Lokesh Jain, Mr. Kailash Jain
and Mr. Harish Kumar Garg as the partners. GCO is a family managed
business and the firm is engaged in the trading of steel products,
mainly, CR strips, HR strips, HR coils and HR strips and
manufacturing of Electric Resistance Welded (ERW) pipes with total
installed capacity of 15,000 tonnes per annum.


GEOXA LOGISTICS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geoxa
Logistics (GL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.60      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

GL is a proprietorship firm established in October-2015 by Mr
Amanpreet Singh Sondhi. The commercial operations of the firm
started in first week of April-2016. GL offers logistic services
(on rental basis) to construction, infrastructure, hosiery, auto
component industries, etc. throughout India. It owns a fleet of 4
excavators, 10 hydra machines, 10 tippers and 2 backhoe loaders, as
on March 31, 2016. GL has a group concern by the name- Geoxa Steel
Private Limited (GSPL; rated 'CARE D; Issuer Not Cooperating')
which was established in 2012 and is engaged in the manufacturing
of stainless steel pipes.


KAIRALI STEELS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kairali Steels and
Alloys Private Limited (KSAPL) a Long-term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR129.2 mil. Fund-based working capital Facility assigned
     with IND BB+/Stable/IND A4+

-- INR350 mil. Non-fund-based working capital facility assigned
     with IND A4+ rating; and

-- INR20.8 mil. Proposed fund-based working capital limits*
     assigned with IND BB+/Stable/IND A4+ rating.

*Unallocated

KEY RATING DRIVERS

Liquidity Indicator - Stretched: KSAPL's average utilization of the
fund-based limit and non-fund-based facility was 92% and 89%,
respectively, for the 12 months ended August 2021. The cash flow
from operations was just INR57.17 million in FY21 (FY20: INR51.25
million); the slight improvement is attributed in the operating
EBITDA to INR199.65 million (INR176 million). Moreover, the
company's cash and cash equivalents amounted to INR15.3 million in
FY21 (FY20: INR3.7 million). However, KSAPL's working capital cycle
was comfortable at 36 days in FY21 (FY20: 30 days), backed by
timely debtors realization at an average of 15-20 days. In FY21,
KSAPL had availed the COVID-19 emergency credit line of INR28
million to meet its working capital requirements. The company has
repayment obligations to the tune of INR43.2 million in FY22 and
INR61.9 million in FY23, to be met through internal accruals. FY21
financials are provisional in nature.

The ratings factor in the company's medium scale of operations,
despite reporting sustained growth in revenue backed by a
consistent demand. The revenue surged to INR4,038 million in FY21
(FY20: INR3,821 million), primarily due to higher realizations,
despite lower sales volume of 63,684MT (68,701MT). KSAPL's
customers include over 300 dealers and end-users in the
construction industry. During 5MFY22, the company earned INR2,110
million in revenue. The company manufacturers on a continuous basis
and receives 150-200MT of orders per day from dealers. Management
expects the revenue growth trajectory to continue in FY22, in view
of the regular receipt of repeat orders.

The ratings are also reflects KSAPL's modest credit metrics. An
overall reduction debt through scheduled debt repayments and
improvement in the operating EBITDA to INR 199.65 million in FY21
(FY20: INR176.35 million) led to the interest coverage (gross
interest expense/operating EBITDA) improving to 2.89x (2.47x).
However, the net leverage (net debt/operating EBITDA) deteriorated
marginally to 3.56x in FY21 (FY20: 3.41x), primarily on account of
the availment of INR150 million of a term loan for the ongoing
capex. Of the total debt for the capex, the company has availed
INR150 million in FY21 and INR200 million will be availed in the
ratio of 50:50 during FY22 and FY23 .The company is installing a
continuous casting machine at INR580 million, of which INR350
million is being funded through a term loan and the remaining will
be funded through interest-free  unsecured loans from promoters and
friends. The company expects to complete the project by December
2022 and  commence operations from March 2023. Post capex, the
management expects to save on raw materials costs, resulting in a
margins improvement. Ind-Ra however believes the credit metrics
would stretch in the near term due to the ongoing debt-funded
capex.

The ratings are also constrained by industry risks as an iron and
steel business is intensely competitive and highly fragmented in
nature, with the presence of numerous organized and unorganized
players in the industry. Demand for steel is derived from the
sectors such as real estate, construction and infrastructure and
white goods industry, which are vulnerable to changes in the
economic cycles. Any slowdown in the economic activity, lower
investments in infrastructure and housing etc could have a negative
impact on the operations of the company.  Furthermore, KSAPLis
exposed to geographic concentration risk as its customers are
located in and round Kerala.

The ratings however are supported by KASPL's healthy margins, which
improved to 4.94% in FY21 (FY20: 4.6%) due to the higher
realizations. Its return on capital employed stood at 17.1% in FY21
(FY20: 16.6%). The cost of goods sold constitutes 86-87% of the
total costs. Ind-Ra expects the EBITDA margin to remain at similar
levels in FY22. However, the operating profitability is susceptible
to volatility in raw material prices. The company mitigates this
risk by passing on the fluctuations in prices to dealers. The
ratings are also supported by KSAPL promoters' over three decades
of experience in the steel manufacturing business.

RATING SENSITIVITIES

Positive: Maintenance in the scale of operations along with an
improvement in the liquidity position and credit metrics resulting
in net leverage reducing below 3.5x all on a sustained basis, could
lead to a positive rating action.

Negative: A decline in the scale of operations, leading to the net
leverage exceeding 4.5x along with a further weakening of the
liquidity position, all on a sustained basis, will lead to a
negative rating action.

COMPANY PROFILE

KSAPL, incorporated in 1995 in Kozhikode, Kerala, manufactures TMT
bars with a roll milling capacity of 90,000 MT per annum. The
entity has its own brand named Kairali TMT. It has an existing
network of more than 300 dealers in Kerala. The company is promoted
by Kalliyath Abdul Khadar, the founder of Kalliyath group which has
been in the steel business in Kerala since 1927.


KALAWATI DEVI: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kalawati
Devi Suraj Bhan Verma Memorial Education Society (KDSBVMES)
continues to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Kalawati Devi Suraj Bhan Verma Memorial Education Society (KDSBVM)
was registered as an educational society in November 11, 2016 under
Societies Registration Act, 1860 with an objective to provide
education services by establishing and operating an educational
institution and started its commercial operations in April, 2018.
The society operates a school under the name of The Venkateshwar
School (TVS) with a single campus spread over at 1 acre of land
(4046.85 Sq mtrs) located at Gurugram, Haryana. TVS located in
Gurugram, Haryana was established for providing primary and
secondary education from Nursery to standard X. Currently they have
students up to Xth standard.  The day to day management of the
trust is carried by Mr. Subhash Chand Verma (Secretary) and Mr.
Hitesh Verma (Secretary).  The trust has employed experienced
teaching and administrative staff to run the courses in efficient
manner. The trust has around 18 teaching staff and 7 administrative
& supportive staff. TVS has a total strength of 270 students in
school in the current academic session AS2018-19.

KASHI VISHWANATH: CARE Cuts Rating on INR5.0cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kashi Vishwanath Stone Crusher (KVSC), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 12, 2020, placed the
rating(s) of KVSC under the 'issuer non-cooperating' category as
KVSC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KVSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 28, 2021, September 7, 2021 and September 17, 2021.

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

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

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

Uttarakhand based, Kashi Vishwanath Stone Crushers was established
on April 15, 2017 as a partnership firm and is currently being
managed by Mr. Murari Lal, Mr. Satyapal Singh, Mr. Vishal
Chaudhary, Mr. Gaurav Singh and Mr. Narendra Singh. The firm was
incorporated with the objective of stone crushing, washing, grading
& natural screening of stones. The firm plans to procure the raw
material i.e. river boulders through payment of royalty to
Uttrakhand forest department, for KOSI river and sell the finished
product i.e. stone grit, sand, stone dust etc. to government
contractors and builders in Delhi and Noida.


KDM CLOTHING: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KDM Clothing Co.'s
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR35.00 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR3.45 mil. Term loan due on May 2021 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 6, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2007, KDM Clothing manufactures hosiery goods and
sweaters, and sells them both in India and overseas markets.


MAULI METAL: Ind-Ra Affirms BB LT Issuer Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Mauli Metal
Industries Private Limited's (MMIPL) Outlook to Positive from
Stable while affirming is Long-Term Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR225 mil. Fund-based working capital limits Outlook revised
     to Positive from Stable; affirmed with IND BB/Positive/IND
     A4+ rating;

-- INR33.95 mil. (increased from INR29.46 mil.) Term loans due on

     October 2024 Outlook revised to Positive from Stable;
     affirmed with IND BB/Positive rating; and

-- INR20 mil. Non-fund-based facilities withdrawn (the company
     did not proceed with the instrument as envisaged).

The Outlook revision reflects a likely improvement in MMIPL's
top-line in FY22, due to a strong order book from its old and new
customer base at improved rates, along with the margins being
comfortable in the range of 4%-4.5%, due to the manufacturing of
specialty alloys which have a high per ton average rate.

KEY RATING DRIVERS

After booking a revenue of INR730 million during 5MFY22, MMIPL
expects to book a top-line of INR2,000 million in FY22 on the back
of an increased number of orders in hand from existing and new
customers. This is because the order base from Endurance
Technologies Limited has expanded to 1,000 metric tons per month
(mtpm) for aluminum alloys from 800mtpm. The company's operating
capacity is 1,200mtpm and installed capacity is 2,000mtpm. The
company's scale of operations continued to be small in FY21, with
the revenue declining to INR1,016.85 million (FY20: INR2,411.47
million), due to a closure of its manufacturing units over
March-May 2020 due to the COVID-19-led lockdown. The plant resumed
operations from June 2020, albeit at a slow pace due to the
unavailability of workers and a gap in the supply of scrap. FY21
numbers are provisional.

MMIPL's modest EBITDA margin improved to 5.65% in FY21 (FY20:
2.79%) as the company started manufacturing specialty alloys from
2021. . The return on capital employed stood at 10% in FY21 (FY20:
12%). The margins were in range of 2.15% to 2.8% over FY17-FY20In
FY22, the management expects the EBITDA margin to decline yoy but
be in the range of 4%-4.5% as, out total orders, 50% comprises
speciality alloys where the average rate per ton is higher than
that of non-speciality alloys.

The ratings further reflect MMIPL's modest credit metrics with the
gross interest coverage (operating EBITDA/gross interest expense)
of 1.80x in FY21 (FY20: 2.07x) and net financial leverage (adjusted
net debt/operating EBITDA) of 6.03x (4.42x). The overall credit
metrics declined yoy in FY21 due to a fall in the absolute EBITDA
to INR57.40 million (FY20: INR67.27 million), resulting from the
reduced revenues. In FY22, Ind-Ra expects the credit metrics to
improve yoy due to an improvement in the top line and improved
realizations.

Liquidity Indicator – Poor: MMIPL's average fund-based  limits
were almost fully utilized (average: 98.9%) over the 12 months
ended August 2021. The cash flow from operations turned negative at
INR37.02 million in FY21 (FY20: INR32.52 million) due to an
elongation of the working capital cycle to 163 days (56 days) with
an increase in the inventory days to 145 (58).  The cash and cash
equivalents stood at INR1.22 million in FY21 (FY20: INR3.30
million). The company availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020 and an
additional credit line amounting to INR30 million in December
2020.

The ratings, however, continue to be supported by MMIPL's
promoters' over 10 decades of experience in the alloy manufacturing
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Negative: Any deterioration in the scale of operations or
profitability, resulting in further deterioration in the credit
metrics or a further stretch in the liquidity position will be
negative for the ratings.

Positive: An improvement in the scale of operations, leading to an
improvement in the overall credit metrics with the gross interest
coverage ratio increasing above 2.5x, along with an increase in the
financial flexibility, leading to improvement in the liquidity
position, all on a sustained basis, will be positive for ratings.

COMPANY PROFILE

Incorporated in 2011, MMIPL manufactures non-ferrous metal alloy
(primarily aluminum-based alloys) in form of ingots and molds. It
has two manufacturing plants located in Aurangabad and Osmanabad
with a total manufacturing capacity of 24,000mtpa. Shrikant
Chandrakant Shelke and Chandraprabha Shrikant Shelke are the
directors of the company.


MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mercator
Oil & Gas Limited (MOGL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       99.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     124.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 21, 2020, placed
the rating(s) of MOGL under the 'issuer non-cooperating' category
as MOGL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MOGL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 2021.

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

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

Mercator Oil and Gas Ltd (MOGL), a wholly-owned subsidiary of
Mercator Limited was incorporated in 2005 in India with the main
business of providing oil & gas services. Arbitration proceeding
against ONGC to the tune of $252 million has adversely affected the
company. Post the termination of the only available contract with
the company, there has been no business activity carried on by
MOGL.

N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N & N
Constructions (NNC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of NNC under the 'issuer non-cooperating' category as NNC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NNC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021, October 2, 2021.

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

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

NNC based out of Visakhapatnam, was incorporated as a partnership
firm on April 15, 2010, by Mr P. S. Santosh, Managing Partner of
the firm along with three other partners, Mr P. Satya Rao, Mrs P.
Balabharathi, Mrs P. Varalakshmi. The firm is engaged in execution
of railway construction projects which includes erection and
commissioning of railway tracks and sidings for public and private
companies; civil works including construction of industrial and
residential buildings, drains and road works; supplying of Ready
Mix Concrete (RMC); large format earth works etc.


NAND ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nand
Enterprises (NE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.75      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 9, 2020, placed
the rating(s) of NE under the 'issuer non-cooperating' category as
NE had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2021, August 5, 2021, August 15, 2021.

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

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

Kanpur, Uttar Pradesh based Nand Enterprise (NE) was established in
1984 as a partnership firm. The firm is currently being managed by
Mr. Basant Jain, Mr. Anil Kumar Jain and Mr. Anuj Kumar Jain and
Mr. Vipul Jain. NE is an authorized dealer of electronics consumer
products i.e. Refrigerators and Washing Machines of LG brand since
2004. NE operates though a retail outlet named "Nand Enterprise"
located in Kanpur.

NARMADA CONCAST: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narmada
Concast Private Limited (NCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.79      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           4.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 8, 2020, placed the
rating(s) of NCPL under the 'issuer non-cooperating' category as
NCPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 24, 2021, September 3, 2021, September 13, 2021.

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

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

NCPL was initially incorporated as Narmada Concast and Rolling
Mills Private Limited in August 2012, later on, its name was
changed to present one in November 2012. The company has set up a
plant in Bhavnagar, Gujarat for manufacturing steel billets and
thermo-mechanical treatment (TMT) bars, with an installed capacity
of 76,160 MT of billets and TMT Bars. Commercial operations for the
plant commenced from April 2014. In September 2018, the promoters
of KSL acquired the entire shareholding of NCPL from its earlier
promoters. Presently, NCPL's plant is utilized by KSL as a leased
manufacturing facility for the production of TMT bars.


OM SHIV: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Shiv
Lumbers Private Limited (OSLPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Gandhidham-based (Gujarat), OSLPL was incorporated in March 2012 by
Mr. Deepak Khatwani and Mrs. Bhagwati Khatwani. It is engaged in
trading and processing of timber products namely wooden plates,
face veneers, ready pallates, etc. OSLPL also perform job work for
log dimension setting. At present, 27 employees are working under
the company. There are 3 sets of vertical and horizontal sowing
machines with installed capacity of 1500 cubic feet per day. Both
the machineries and factory premises are rented.

P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M. Agro
Products Private Limited (PAPPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of PAPPL under the 'issuer non-cooperating' category as
PAPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PAPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 13, 2021, September 23, 2021, October 3, 2021.

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

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

PMAPL was incorporated as a private limited company in 2010 to take
over the proprietorship business of M/s P.M Dal Udyog (PDU). PAPL
is engaged in processing and trading of Arhar Dal (Toor dal) and
trading of dal chuni (used as cattle feed) and sells its product
under the brand name Baba Gold, Rasoi Gold, Son Pari and Ganga
Yamuna.


PANCHAM JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pancham
Jewellers Private Limited (PJPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       26.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 1, 2020, placed the
rating(s) of PJPL under the 'issuer non-cooperating' category as
PJPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PJPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 17, 2021, August 27, 2021, September 6, 2021.

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

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

Pancham Jewellers Pvt Ltd (PJPL) was incorporated by Mr. Pankul
Aggarwal in 2005. The company is engaged in the business of
manufacturing and trading gold jewelry, diamond/precious stones,
gold bars/coins etc., since the commencement of its operations in
2005. The company sells jewelry and precious stones to wholesale
customers through its manufacturing unit located at Rajpura
(Punjab), where it manufactures jewelry and does casting work.


PAVAN TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pavan
Traders (PT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of PT under the 'issuer noncooperating' category as PT
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021, and October 2, 2021.

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

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

Anantapur based (Andhra Pradesh), Pavan Traders (PT) was
established in 2013 as a proprietorship firm by Mr. G. Prabhakar.
PT is engaged in the processing and distribution of Bengal Gram.
The firm purchases Bengal Gram from the farmers located in Andhra
Pradesh and Karnataka. The firm engages into cleaning of mud, straw
and distribute the final product to the customers (Dal Millers)
located in Tamil Nadu, Karnataka, Kerala, Andhra Pradesh and
Maharashtra. The firm has around 300 customers all over the India
and 60 per cent of the revenue is being generated from Tamil Nadu
state region only. The current installed capacity for processing of
Bengal Gram is 60 tons per day.


POMMYS GARMENTS: Ind-Ra Affirms BB+ Rating, Outlook Negative
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pommys Garments
(India) Limited's (Pommys) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Negative.

The instrument-wise rating actions are:

-- INR399.1 mil. (increased from INR171.54 mil.) Term loan due on

     March 2028 affirmed with IND BB+/Negative rating;

-- INR745 mil. Fund-based facilities affirmed with IND BB+/
     Negative/IND A4+ rating; and

-- INR100 mil. Non-fund-based limit assigned with IND A4+ rating.

Ind-Ra has maintained Pommys' Negative Outlook, due to its poor
liquidity position, resulting from its high working capital
utilization, stretched working capital cycle and high debt
repayment obligations.

KEY RATING DRIVERS

Liquidity Indicator - Poor: Pommys' average working capital
utilization was 100% over the last 12 months ended August 2021. The
company's negative cashflow from operations deteriorated to
INR216.8 million in FY21 (FY20: negative INR14.4 million) due to an
elongation in its working capital cycle and a reduction in its
operating EBITDA. The company's working capital cycle elongated to
278 days in FY21 (FY20: 136 days) due to an increase in inventory
days to 284 (143) and also increase in debtor days to 120 (47).
Pommys' cash and cash equivalents stood at INR2.45 million at FYE21
(FYE20: INR2.12 million). During FY21, the company had availed a
COVID-19 loan of INR192.61 million to support the working capital
requirements. Ind-Ra expects  Pommys to use new LC backed creditors
as means of liquidity going forward. Ind-Ra expects the company's
cash flow from operations to improve in FY22 due to the reduced
impact of COVID-19 on the business.

Pommys has high debt repayment obligations of INR101.07 million and
INR87.4 million during FY22 and FY23, respectively, which the
agency believes will be met out of internal accruals and additional
borrowings. Pommys has a debt service coverage ratio of 0.7x in
FY22 and the agency expects it to improve in near future, mainly
due to an improvement in realizations leading to improvement in
operating leverage and a reduction in the overall financial
commitments.  

The ratings are constrained by Pommys' weak credit metrics. Its
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.03x in FY21 (FY20: 1.41x) mainly due to an
increase in the interest cost to INR133.34 million (INR122.83
million) and a fall in the absolute EBITDA to INR137.38 million
(INR173.3 million). Its net financial leverage (total adjusted net
debt/operating EBITDA) also deteriorated to 9.45x in FY21 (FY20:
5.78x) mainly due to an increase in its debt to INR1,301.08 million
(INR1,003.3 million).  Ind-Ra expects the credit metrics to improve
in FY22 due to the likely improvement in the operating EBITDA and
reduction in overall debt levels.

The rating also factors in Pommy's medium scale of operations,
which declined 36% yoy in FY21 to INR2,173.53 million due to
COVID-19 led disruptions and overall economic slowdown. The company
has achieved INR484 million in 1QFY22 and the agency expects the
revenue to improve in FY22 owing to the reduced impact of the
pandemic and the festival demand in 2HFY22.

The ratings are also constrained by the company's modest EBITDA
margin, which expanded to 6.32% in FY21 (FY20: 5.1%) due to
reduction in cost of materials consumed to 86.4% (90.4%). The
return on capital employed was 9% in FY21 (FY20: 11%).Ind-Ra
expects the company's EBITDA margin to remain stable over the
medium term.

The ratings, however, remain supported by Pommys' strong brand
recall with 44 own stores and tie up with over 500 retails dealers
across Tamil Nadu, Puducherry, Andhra Pradesh etc. The factory is
situated in Dhalavaipuram (Tamil Nadu), where the company has
access to cheap labor which aids in company's EBITDA margins. The
company has wide range of product offerings which includes
nighties, kurtis, inner garments, shirts etc catering mostly to
women. The company derives 65%-70% of the revenue from sale of
nighties and balance from sale of other products. Revenue
contribution from exclusive branded outlets is 25%-30% and balance
from other retail dealers and franchisees. Further, the
two-decade-long experience of the promoters, and their
understanding of market nuances will also support the business.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity profile and an
increase in the EBITDA margins while maintaining the revenue,
leading to the interest coverage exceeding and sustaining above
1.5x could be positive for the ratings.

Negative: No improvement in the overall liquidity profile or
substantial deterioration in the revenue and EBITDA margin over and
above Ind-Ra's expectation, or the interest coverage remaining
below 1.5x on a sustained basis could be negative for the ratings.

COMPANY PROFILE

Pommys, incorporated in 1998, is headed by A.Inico Inbaraj. and
K.Raja. The company manufactures and distributes nightwear
garments. It has a cutting unit with an installed capacity of
15,000 pieces per day.


PUNJAB BIOMASS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Punjab
Biomass Power Limited (PBPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.82      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of PBPL under the 'issuer non-cooperating' category
as PBPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021, August 31, 2021.

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

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

Punjab Biomass Power Ltd. (PBPL), a Joint Venture (JV) between
Bermaco Energy Systems Ltd. (BESL) and IL&FS Renewable Energy
Limited (IREL) is a 12 MW biomass-based (paddy straw) operational
power plant in Patiala district, Punjab. IREL holds 50% of the
equity stake, 44.31% is held by Bermaco Group companies and
remaining 5.70% is held by Gammon Infrastructure Projects Limited
(GIPL). Bermaco Group commenced its operation in early 1960s and
has an engineering background. Bermaco Energy Systems Limited
(BESL), Bermaco group's dedicated venture in power sector started
in 1996. BESL successfully re-commissioned 10MW paddy straw-based
power plant at Jhalkheri, Punjab in 2002 from M/S Punjab State
Electricity Board under an O&M performance contract. The other JV
partner, IL&FS Renewable Energy Limited (IREL) is a wholly-owned
subsidiary of IL&FS Energy Development Company Limited (IEDCL, CARE
D; ISSUER NOT COOPERATING), which is flagship company for power
sector investment for the IL&FS group. IREL is subsidiary, which
spearheads all renewable initiatives and investments for the group.


RAJAGOPAL CONSTRUCTIONS: Ind-Ra Moves BB- Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajagopal
Constructions' (RC) Long-Term Issuer rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50.00 mil. Fund-based working capital limit Migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/INDA4+ (ISSUER NOT COOPERATING) rating; and

-- INR56.50 mil. Non-fund based working capital limit migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 24, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rajagopal Constructions is engaged in construction activities,
mainly for the south-western railways in Andhra Pradesh and Orissa.



RAMA MARKETING: CARE Lowers Rating on INR15cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Rama Marketing (SRM), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of SRM under the 'issuer non-cooperating' category as SRM
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021, and October 2, 2021.

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

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

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

Sri Rama Marketing was established in the year 2001. SRM is
promoted by Mr.Sanka Mrutyunjaya Rao along with his wife Mrs. Sanka
Sangeetha at Seethammadhara, Visakhapatnam (Andhra Pradesh). The
firm is engaged in trading and distribution of TVs, washing
machines, electronic goods and appliances among others. The
products consist of major brands like LG, Samsung, Bosch, Sony,
Blue Star, Panasonic, besides others.

RIDHAM TEXPORT: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ridham
Texport Private Limited (RTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.51      CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in 1997, Ridham Texport Private Limited (RTPL) is
primarily engaged in the weaving of cotton fabrics for shirting
purposes. Currently, it has 52 looms installed (with capacity to
manufacture 20,59,200 meters of fabric per annum) at its factory
located at MIDC Tarapur, Maharashtra. RTPL is primarily a domestic
player and sells fabric to various garment manufacturers in the
domestic market; however the company has recently started exports
which formed minor part of the total operating income.


RVR FARMS: CARE Withdraws C Rating on Outstanding Bank Debts
------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
C; Stable Issuer; Non-Cooperation assigned to the bank facilities
of RVR Farms with immediate effect. The above action has been taken
at the request of RVR Farms and 'No Objection Certificate' received
from the bank(s) that have extended the facilities rated by CARE.

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

Detailed description of the key rating drivers

Further, at the time of last rating on August 23, 2021, the
following were the rating weaknesses and strengths, and the
rationale is updated based on information available in MCA.

Key rating weaknesses

* Small Scale of operations and declining PBILDT margin and thin
PAT margin during review period: RVR Farms was established in the
year 2014. Further, the scale of operations of the entity is small
marked by Total operating income (TOI) which stood at INR 40.05
crore in FY18 with low networth of INR2.26 crore. The PBILDT margin
of the firm has declining during the review period. The PBILDT
margin decreased from 10.92% in FY16 to 8.77% in FY18 due to
increase in raw material expenses (Birds feed and medicines) and
employees' cost. The PAT margin of the firm decreased from 0.42% in
FY16 to 0.31% in FY18 due to increase in interest cost at the back
of high utilization of working capital bank borrowings. The firm
has availed interest deferment on Cash Credit and moratorium on
term loan from March 2020 to August 2020.

Key Rating Strengths

* Experience of the promoters for more than two decades in Poultry
business: RVR Farms is promoted by Mr. Chandrasekar Reddy Gurram
along with his wife Mrs. Shalini Reddy Gurram. The partners have
more than two decades of experience in poultry feeds business
through their association with the group entities. Due to long-term
presence in the market, the firm has good relation with customer
and supplier.

Liquidity: The current ratio of the company has stood at 0.90x as
of March 31, 2020. The average unutilized portion of the working
capital facility stood at ~10% for the last twelve months ended
August 31, 2021. The company has availed interest deferment on Cash
Credit and moratorium on term loan from March 2020 to August 2020.

RVR farm (RVRF) was established in the year 2014 by Mr.
Chandrasekar Reddy Gurram along with his wife Mrs. Gurram Shalini
Reddy. The partners has more than two decade of experience in
poultry business. The firm is engaged in farming of egg, laying
poultry birds (chickens) and trading of eggs, cull birds and their
Manure. The firm mainly buys chicks from Venkateshwara Hatcheries
Pvt Ltd. The firm purchases raw materials for feeding of birds like
rice brokens, maize, sunflower oil cake, shell grit, minerals and
soya from its associate concerns. The firm sells all its products
like eggs and cull birds to local traders. The firm has installed
capacity of 5,04,000 number of birds in 2 units.


RVV HATCHERIES: CARE Withdraws C Rating on Outstanding Bank Debts
-----------------------------------------------------------------
CARE has revised and withdrawn the outstanding ratings of 'CARE C;
Stable Issuer; Non-Cooperation assigned to the bank facilities of
RVV Hatcheries with immediate effect. The above action has been
taken at the request of RVV Hatcheries and 'No Objection
Certificate' received from the bank(s) that have extended the
facilities rated by CARE.

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

The rating has been revised on account of non-cooperation by RVV
Hatcheries, with CARE's efforts to undertake a review of the
ratings outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk along with
nonavailability updated information on impact of covid-19 on the
operations and updated financials for FY19-21.

Detailed description of the key rating drivers

Further, at the time of last rating on August 30, 2021, the
following were the rating weaknesses and strengths, and the
rationale is updated based on information available in MCA.

Key Rating Weaknesses

* Small Scale of operations and declining PBILDT margin and thin
PAT margin during review period: RVV Hatcheries was established in
the year 2005. Further, the scale of operations of the entity is
small by Total operating income (TOI) stood at INR 32.67 crore in
FY18 with low net worth of INR6.22 crore. The PBILDT margin of the
firm has declining during the review period. The PBILDT margin
decreased from 15.75% in FY16 to 10.04% in FY18 due to increase in
raw material expenses (Birds feed and medicines) and employees
cost. The PAT margin of the firm decreased from 2.14% in FY16 to
1.80% in FY18 due to decrease in PBILDT absolute terms The firm has
availed interest deferment on Cash Credit and moratorium on term
loan from March 2020 to August 2020.

Key Rating Strengths

* Experience of the partners for more than two decades in Poultry
business: RVV Hatcheries is promoted by Mr. Chandrasekar Reddy
Gurram along with his wife Mrs. Shalini Reddy Gurram. The partners
have more than two decades of experience in poultry feeds business
through their association with the group entities. Due to long-term
presence in the market, the firm has good relation with customer
and supplier.

Liquidity: The current ratio of the company has stood at 0.78x as
on March 31, 2020. The average unutilized portion of the working
capital facility stood at ~10% for the last twelve months ended
August 31, 2021. The company has availed interest deferment on Cash
Credit and moratorium on term loan from March 2020 to August 2020

RVV Hatcheries (RVVH) was established in the year 2005 by Mr.
Chandrasekar Reddy Gurram along with his wife Mrs. Gurram Shalini
Reddy. The partners have more than two decades of experience in
poultry business. The firm is engaged in raring of parent birds to
hatching eggs and trading of hatching eggs, chicks, cull birds and
their Manure. The firm has three branches located in Takkallapally,
Kurmapally and Injapur. The breeder farm is located at
Takallapally, while the chick and grower sheds are located at
kurmapally. The firm mainly buys parent birds for raring from Venco
research & breeding farm ltd. The firm purchases raw materials for
feeding of birds like rice brokens, maize, sunflower oil cake,
shell grit, minerals and soya from its associate concerns (RVV Agri
Feeds Private Limited). The firm sells 75% of its hatching eggs to
Mumbai, Orissa, Kolkatta, siliguri (West Bengal), etc., and the
balance 25% of hatching eggs is used by the firm for incubating
process, in turn it will sell the dayold chicks to Sneha Farms Pvt
Ltd. The firm has installed capacity of 1,70,000 number of birds.


SAMARTH AD: Ind-Ra Keeps BB+ LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Samarth Ad
Protex Pvt. Ltd.'s Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR397.4 mil. Long-term loans* due on April 2023 maintained in

     non-cooperating category and withdrawn; and

-- INR147 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn.

* Maintained in 'IND BB+ (ISSUER NOT COOPERATING) before being
withdrawn.

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency. The issuer has not provided
information pertaining to full-year financial performance for FY21,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Samarth Ad Protex manufactures block bottom bags/polypropylene
laminated bags in Purulia district, West Bengal. The company has a
production capacity of 8,000 metric tons per annum.


SAMARTH FABLON: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Samarth Fablon
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR700 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn.

* Maintained at 'IND BB (ISSUER NOT COOPERATING) before being
withdrawn.

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY21, sanctioned
bank facilities and utilization, business plan and projections for
the next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India’s
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 2008, Samarth Fablon manufactures polypropylene
woven sacks for packaging purposes. The company is also engaged in
the trading of polypropelene granules.


SAMKWANG INDIA: Ind-Ra Gives BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Samkwang India
Electronic Private Limited (SIEPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR 250 mil. Fund-based limit assigned with IND BB/Stable/IND
     A4+ rating; and

-- INR 350 mil. Term loan due on April 2024 assigned with IND BB/

     Stable rating.

KEY RATING DRIVERS

The ratings reflect the nascent stage of SIEPL's operations as the
company started production only in May 2021; the operations were to
start earlier but got delayed due to COVID-19-led disruptions. The
company had booked sales of INR787.63 million at end-August 2021.
The management expects to earn a revenue of around INR6,000 million
in FY22. The company had an order book of around INR80 million at
end-September 2021 to be executed by end-December 2021. While
execution risk exists, it is partially offset by the fact that all
the key decisions are taken by the board of SIEPL after consulting
the respective global division heads of the South Korea-based
parent company Samkwang Wintech Co. Ltd. The Indian manufacturing
unit is one of the seven global units of the Samkwang Group, set-up
under the established technical expertise of the parent.  However,
SIEPL is the  first vendor company of the Samsung Group which helps
it receive running orders from the group.

In FY22, Ind-Ra expects the EBITDA margin to be modest given it
will be the first year of operations. However, once the operations
stabilize over the long term, the EBITDA margin will improve with
reduced operating leverage. In FY22, Ind-Ra expects the credit
metrics to be modest, given the significant debt availed by SIEPL
during the year. The company availed an external commercial
borrowing to the extent of INR1,746.83 million from Samkwang
Wintech over FY19-FY20 and a term loan of INR604 million in FY21for
land acquisition and leasehold improvement. The external commercial
borrowing is payable after 10 years (interest is paid on quarterly
basis). In FY22 the company further availed a term loan to the tune
of INR350 million for capital expenditure and fund-based limits to
the extent of INR250 million to meet the working capital
requirements. Over the long term, Ind-Ra expects the credit metrics
to improve on the back of improved absolute EBITDA and debt
repayments.

Liquidity Indicator - Stretched: Ind-Ra expects the cash flow from
operations to be negative in FY22, since it is the first full year
of the company's operations and SIEPL will need funds to meet its
working capital requirements. The free cash flow is also likely to
be negative in FY22 on back of significant capex incurred during
the year, which is being funded by term loan of INR450 million and
equity infusion of INR2,125 million.

The ratings are, however, supported by around two decades of
expertise of the parent company in the electronic industry and
having Samsung India Electronics Private Limited as its
counterparty.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue, margins and
working capital cycle, leading to the net leverage below 4x, on a
sustained basis, could lead to a positive rating action.

Negative: A lower-than-expected scale of operations leading to
deterioration in the credit metrics with the net leverage above
5.5x and/or a weakening of liquidity can lead to a negative rating
action.

COMPANY PROFILE

Incorporated on January 3, 2018, SIEPL is promoted by Sungje Cho
and Sung Gon Ryu. Its major stake is held by a Korean entity named
Samkwang Wintech. The plant is based in Greater Noida (Uttar
Pradesh). Samkwang is first vendor company for the Samsung Group
and it is engaged in molding, assembling and paint job for Samsung
Electronics Co.


USHAHKAL ABHINAV: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ushahkal Abhinav
Speciality Hospital LLP (UASHL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1.10 bil. Term loan due on March 2031 assigned with IND BB/

     Stable rating.

KEY RATING DRIVERS

UASHL's project, a multispecialty hospital with over 380 beds, is
yet to commence operations. The construction of the hospital is
nearing completion, with 86% of the total construction cost having
been incurred. The project is scheduled to commence operations in
December 2021.

Liquidity Indicator - Stretched: The total investment for the
project stands at  INR 1,786 million; 62% of this amount is being
met through bank debt and the remaining through promoters'
contribution and unsecured loans. In FY20, the firm had availed a
term loan of INR145 million from TJSB Co-operative bank and the
same was repaid in June 2021. Subsequently, UASHL was sanctioned a
term loan of INR 1,100 million by the State Bank of India ('IND
AAA'/Stable)  during April 2020. As of September 2021, the firm had
availed term loans of INR400.24 million and expects to avail the
remaining by November 2021. Of the total project cost of INR1,786
million, UASHL had incurred a cost of INR1,086 million as of August
2021 and it expects to incur the balance cost before the end of
FY22. As of August 2021, about 61% of the project capex was funded
through the promoters' contribution and remaining through the
partial disbursement of the term loan. The balance of the project
capex can be met through the remaining term loan of INR700 million.
Any funding requirement for day-to-day requirements will be met
through patients' fees. The repayment obligations, which will
commence from October 2022, stand at INR55.2 million for FY23 and
INR110.4 million for FY24.

The ratings draw comfort from the fact that UASHL has been formed
through a collaboration of various designated doctor-partners, with
the promoters having an experience of over two decades in
healthcare industry. The hospital has been set up by 82 designated
doctors who would wrap up their existing practices and work only
with UASHL; in addition, five patron doctors would visit the
hospital twice every month. Hence, the management is confident
about achieving a strong flow of patients and expects occupancy
rate of  45% for FY22, and believes the rate would increase in
FY23, as it will be the first full year of operations for the firm.
UASHL expects to achieve 80% of its revenue from in-patients and
16% from out-patients; the balance would be earned through
miscellaneous services such as the cafeteria and pharmacy, which
have been outsourced to third parties. The occupancy rate being in
line with the management's expectations would remain a key
monitorable.

The instrument rating derives comfort from the banking terms that
require the creation of debt service reserve account equivalent to
three months' principal and interest by November 2021.

The ratings benefit from UASHL's project being the only multi
super-speciality hospital in the city of Sangli, Maharashtra,
signaling limited competition.

RATING SENSITIVITIES

Negative: Any delays in the commencement of operations as well as
stabilization of the operating performance post the commencement of
commercial operations, thereby affecting the company's debt
servicing ability, could be negative for the ratings.

Positive: The timely commencement of operations and the subsequent
achievement of a stable operating profitability will be positive
for the ratings.

COMPANY PROFILE

UASHL,  incorporated in  November 2016, is in the process of
setting up a multi-super specialty hospital with over 380 beds in
Sangli, Maharashtra,  spread across a land area eight acres and
built-up area of 0.35 million square feet. The hospital will offer
healthcare services in around 22 areas, including urology,
nephrology, pathology, surgery, cardiology, etc.




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

HUSMAN LIMITED: Creditors' Proofs of Debt Due Dec. 20
-----------------------------------------------------
Creditors of Husman Limited, which is in liquidation, are required
to file their proofs of debt by Dec. 20, 2021, to be included in
the company's dividend distribution.

Vivian Judith Fatupaito and Elizabeth Helen Keene, of KPMG, were
appointed joint and several liquidators of the company by the High
Court of New Zealand at Auckland on October 20, 2021.

The company's liquidators are:

         Vivian Judith Fatupaito
         Elizabeth Helen Keene
         KPMG Auckland
         18 Viaduct Harbour Avenue, PO Box 1584
         Shortland Street
         Auckland 1140


JPT INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 29
------------------------------------------------------------
A petition to wind up the operations of JPT International Limited
will be heard before the High Court at Auckland on Oct. 29, 2021,
at 10:00 a.m.

Maersk A/S filed the petition against the company on Aug. 31,
2021.

The Petitioner's solicitors are:

         Chapman Tripp
         Level 14, 10 Customhouse Quay
         Wellington 6011


OM SHIV: Commences Wind-Up Proceedings
--------------------------------------
Members of Om Shiv Limited, on Oct. 20, 2021, passed a resolution
to voluntarily wind up the company's operations and appoint Grant
Bruce Reynolds as the liquidator.

The company's liquidator can be reached at:

         Grant Reynolds
         Reynolds & Associates Limited
         PO Box 259059, Botany
         Auckland 2163
         Email: grant@randa.co.nz




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

CEFC SHANGHAI: Creditors' First Meeting Set for Nov. 8
------------------------------------------------------
Creditors of CEFC Shanghai International Group (Singapore) Pte Ltd
will hold their first meeting on Nov. 8, 2021, at 9:30 a.m., by way
of video conference via Zoom.

At the meeting, Lau Chin Huat and Yeo Boon Keong of Technic
Inter-Asia Pte Ltd, the company's liquidators, will give a report
on the company's wind-up proceedings and appoint a Committee of
Inspection (COI).


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

Yong Chuang International (Singapore) Pte Ltd filed the petition
against the company on Oct. 8, 2021.

The Petitioner's solicitors are:

          Helmsman LLC
          21A Duxton Hill
          Singapore 089604


JA INTERIOR: Creditors' Meeting Set for Nov. 3
----------------------------------------------
JA Interior Design Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on Nov. 3, 2021, at 3:00
a.m., via electronic means.

Agenda of the meeting includes:

   a. to update on the status of liquidation;

   b. to consider and if thought fit, to appoint a Committee of
      Inspection; and

   c. discuss other business.

The company's liquidators are:

         Lin Yueh Hung
         Oon Su Sun
         c/o 8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


STANDARD INVESTMENT: Creditors' Proofs of Debt Due on Oct. 29
-------------------------------------------------------------
Creditors of Standard Investment Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 29,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 24, 2021.

The company's liquidator is:

         Ng Buang Pin
         c/o 200 Jalan Sultan
         #11-09 Textile Centre
         Singapore 199018




===============
T H A I L A N D
===============

THAI AIRASIA: Parent Seeks to Raise THB17.9BB in Fresh Capital
--------------------------------------------------------------
Bloomberg News reports that Asia Aviation Pcl, the operator of
Thailand's biggest budget carrier Thai AirAsia Co., plans to raise
as much as THB17.9 billion (US$535 million) from new loans, share
sales and convertible-debt offerings as it attempts to restock
coffers depleted by the worst crisis in aviation history.

A revised financial restructuring plan for the company has been put
forward and Asia Aviation is consulting with new investors,
shareholders and creditors, Asia Aviation said in an exchange
filing late on Oct. 19.

According to Bloomberg, the holding company joins a plethora of
airlines globally trying to repair their balance sheets after
Covid-19 all but put a stop to international air travel in early
2020.

While climbing vaccination rates are seeing travel spring back in
some parts of the world, in Asia it's nowhere near pre-pandemic
levels. Thai Airways International Pcl and Nok Airlines Pcl are
also pursuing financial restructurings, Bloomberg notes.

Bloomberg relates that Asia Aviation Chief Executive Officer
Santisuk Klongchaiya said the fresh funds should allow the airline
to increase flights amid an expected recovery in tourism and
travel.

Thailand's capital Bangkok has administered at least two doses of
Covid vaccine to 71% of its adult population, paving the way for
the city to welcome back inoculated visitors without mandatory
quarantine from Nov. 1., officials said Oct. 20, adds Bloomberg.

Thai AirAsia is a joint venture of Malaysian low-fare airline
AirAsia and Thailand's Asia Aviation. It serves AirAsia's regularly
scheduled domestic and international flights from Bangkok and other
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PHAT DAT: Fitch Assigns FirstTime 'B' LT IDR, Outlook Stable
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Fitch Ratings has assigned Vietnam-based Phat Dat Real Estate
Development Corp (PDR) a first-time Long-Term Issuer Default Rating
(IDR) of 'B'. The Outlook is Stable.

PDR's rating reflects its expanding market position as a property
developer in Vietnam and its healthy financial profile. Fitch
expects PDR's cash collections from contracted sales to rise to
VND5.5 trillion in 2021 and VND11 trillion in 2022 from VND4.5
trillion in 2020 due to strong demand amid the country's growth
prospects. The rating also factors in the lag between the company's
cash collections and its contracted sales due to its reliance on
wholesale buyers.

KEY RATING DRIVERS

Reliance on Wholesale Buyers: PDR ties up with wholesale buyers for
the exclusive sale and marketing of its property projects.
Wholesale buyers receive a discount on the selling price in return
for underwriting project sales, sell individual homes to
end-buyers, and provide cash flows to PDR based on the construction
schedule. PDR is responsible for the development and handover of
the projects to the end-buyers and retains the ownership title of
each home until all dues have been collected.

Focus on Cash Collection: The company records contracted sales for
the entire project at the point of signing the master agreement
with the wholesale buyer, while the wholesale buyer typically
launches projects to individual home buyers - which predates cash
collections - with a lag of three-to-six months on average.

Therefore, Fitch uses PDR's implied cash collections - measured as
revenue from property sales + change in customer deposits + change
in account receivables - rather than contracted sales to measure
operating scale. Strong domestic demand for residential property in
the next 12-24 months and the presence of a large number of
wholesale buyers in the local market mitigate the risks associated
with relying on a few wholesale buyers.

Improving Diversification: PDR has evolved from being a high-rise
developer in Ho Chi Minh City (HCMC) to selling a mix of high- and
low-rise homes and moving into second-tier cities, improving
geographical diversification. This has reduced PDR's exposure to
slow regulatory approvals in HCMC, although Fitch believes
profitability will be pressured in the next few years. Fitch
projects EBITDA margins to fall to 30%-32% (2020: 40%) as PDR's
products may face competition from incumbents in new locations,
necessitating larger discounts to wholesale buyers.

Fitch expects PDR to reduce project concentration as cash
collections will stem from three-to-five projects in 2021-2022,
from one-to-two projects in 2019-2020. The company completed its
first township project, Nhon Hoi, in Binh Dinh province in 2020
with total contracted sales of VND6.6 trillion (VAT excluded) and
is currently developing a high-end apartment project, Astral City,
in Binh Duong province with total contracted sales of VND9.6
trillion (VAT excluded).

Negative FCF on Land Acquisitions: PDR has 768 hectares (ha) of
land bank under varying stages of regulatory approvals. This
includes Land Use Rights Certificates for 176ha of land spread
across four provinces and fully paid for, which is adequate for
contracted sales in the next three-to-five years given PDR's large
share of high-rise projects. It plans to spend VND1.9 trillion in
2H21 and VND4.4 trillion in 2022 on new land bank, clearance costs
and master plan approvals, including master plan enhancements, on
existing land bank, leading to negative free cash flow (FCF).

Low Leverage Cushions Investments: PDR's leverage is comfortable
for its rating. Fitch expects net debt/adjusted inventory to remain
between 20% and 30% in 2021-2023. This will provide PDR with
headroom to absorb negative FCF in 2021-2022 amid the land
acquisitions. Fitch projects PDR to generate neutral-to-positive
FCF in 2023-2024 on rising cash collections and falling land
acquisition needs. Fitch thinks PDR has limited ability to scale
back its land purchase requirements relative to rated peers that
have larger, fully paid land banks.

Strong Economic Growth: Fitch expects demand for residential
property in Vietnam to remain strong in the medium term, supported
by domestic economic growth that is driving urbanisation, rising
affluence and a growing middle class. Fitch expects Vietnam's GDP
to grow by 3.8% in 2021 and 7.9% in 2022, as the lost growth
momentum caused by the Covid-19 pandemic in 3Q21 may be regained in
subsequent quarters as output and social activities normalise.

DERIVATION SUMMARY

PDR's 'B' rating is comparable with that of its Vietnamese
developer peers, such as Dat Xanh Group Joint Stock Company (DXG,
B/Stable) and BIM Land Joint Stock Company (BIML, B/Stable). Fitch
thinks PDR's rating also compares well with that of Indonesian
developer peers, such as PT Ciputra Development Tbk (CTRA;
B+/Stable) and PT Lippo Karawaci TBK (LPKR; B-/Stable).

Fitch expects PDR's annual contracted sales to rise to VND10
trillion-16 trillion in 2021-2022, supported by greater
geographical diversity and focus on residential property compared
with BIML's lower projected contracted sales of VND7 trillion-8
trillion from its tourist-centric townships in Ha Long and Phu
Quoc. However, this is balanced by BIML's record of faster cash
collection with higher margins as it sells mainly to retail
homebuyers, compared with PDR's wholesale approach. There is also
an element of execution risk to PDR's fast growth as it lacks a
record of operating at a much larger scale. Hence, both companies
are rated at the same level.

Both DXG and PDR have been diversifying their projects to
second-tier cities and Fitch expects strong growth in the medium
term. However, this translates to execution risks on balancing
their cash flows and land acquisition, while obtaining funding
simultaneously as both companies have no record of operating at a
much larger scale. Fitch expects PDR to book larger contracted
sales than DXG. However, this is balanced by DXG's better cash
collection rate from selling directly to retail homebuyers and a
large distribution network via the brokerage business that supports
greater sales reach. Hence, both companies are rated at the same
level.

Fitch rates CTRA one notch higher than PDR to reflect CTRA's record
as a leading property developer in Indonesia and its more diverse
product offerings across price points and geographies that have
allowed it to maintain steady contracted sales across economic
cycles. CTRA also has a portfolio of non-development
income-generating assets including shopping malls and hotels. In
contrast, PDR has a smaller operating scale and greater
geographical and project concentration. There are execution risks
to PDR's projected high growth in contracted sales in the next two
years.

PDR is rated one notch above LPKR as the Vietnamese developer
generates larger contracted sales and cash collections. Fitch
projects PDR will maintain better FCF and lower leverage in the
medium term.

KEY ASSUMPTIONS

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

-- Contracted sales of VND11 trillion in 2021, VND16 trillion in
    2022, and VND22 trillion in 2023;

-- Contracted sales cash collection of VND5 trillion in 2021,
    VND11 trillion in 2022, and VND20 trillion in 2023;

-- EBITDA margin of 60% in 2021, driven by land plot sales, and
    normalising to around 30% in 2022-2024;

-- Land acquisition investment of VND3 trillion-VND4 trillion in
    2021-2022;

-- No dividend payout in 2021-2024.

RATING SENSITIVITIES

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

-- Annual implied cash collections sustained above VND12 trillion
    (2020: VND4.5 trillion);

-- Net debt/adjusted inventory sustained below 40% (2020: 28%);

-- Ability to generate neutral-to-positive FCF (including land
    acquisition-related costs) on a sustained basis.

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

-- Annual implied cash collections sustained below VND4 trillion;

-- Net debt/adjusted inventory at above 50% for a sustained
    period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: PDR had available cash of around VND291
billion as of 30 June 2021 with maturing debt of VND483 billion
within the next 12 months. Fitch expect the company to meet its
obligations via a combination of operating cash flows and
refinancing. PDR raised VND1.38 trillion by end-September 2021 from
the domestic bond market to meet its obligations. However, Fitch
believes PDR will need to tap external sources to fund its land
purchases in 2H21-2022.

ISSUER PROFILE

PDR, established in 2004, is well-known for several high-rise
projects around HCMC. It has since expanded its property portfolio
to several second-tier cities with land bank spread across HCMC,
Danang, Quang Ngai, Binh Dinh, Phu Quoc, Binh Duong and Ba Ria-Vung
Tau.

ESG CONSIDERATIONS

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


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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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