/raid1/www/Hosts/bankrupt/TCRAP_Public/211027.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 27, 2021, Vol. 24, No. 209

                           Headlines



A U S T R A L I A

HARMONEY ABS 2021-1PP: Moody's Assigns (P)B2 Rating to Cl. F Notes
JNK PROPERTY: Second Creditors' Meeting Set for Nov. 2
RUGGED LUXE: Second Creditors' Meeting Set for Nov. 5
TASMAN BUILDING: Second Creditors' Meeting Set for Nov. 4


C H I N A

HNA GROUP: Creditors Approve Restructuring Plan
MODERN LAND: Fails to Pay US$250 Million Bond
TIMES CHINA: Moody's Affirms Ba3 CFR & Alters Outlook to Negative


FIJI AIRWAYS: Insolvent Like Fiji Sugar Corp, NFP Leader Says


I N D I A

A. K. BUILDERS: CARE Lowers Rating on INR8.00cr LT Loan to C
AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category
AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating
ASHOK CONSTRUCTIONS: CARE Lowers Rating on INR5.00cr LT Loan to C
AZAD EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating

BALDEV KRISHAN: CARE Keeps D Debt Rating in Not Cooperating
BATTULAL RADHEY: CARE Keeps C Debt Rating in Not Cooperating
DASHMESH RICE: CARE Keeps D Debt Rating in Not Cooperating
FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category
HARIKISHAN TEJMAL: CARE Keeps D Debt Rating in Not Cooperating

HINDUSTHAN NATIONAL: Interim Resolution Professional Appointed
ICON CARS: CARE Lowers Rating on INR10.95cr LT Loan to C
LAXMI NARASIMHA: CARE Keeps D Debt Rating in Not Cooperating
MADHURI P. RURAL: CARE Keeps D Debt Rating in Not Cooperating
MAHAVIR BRIGHT: CARE Keeps C Debt Rating in Not Cooperating

MANAPPURAM FINANCE: S&P Upgrades ICR to 'BB-', Outlook Stable
MANDAKINI PACHIMATLA: CARE Keeps D Debt Rating in Not Cooperating
MODY ENTERPRISE: CARE Lowers Rating on INR35cr LT Loan to D
MUKTAR INFRASTRUCTURE: Insolvency Resolution Process Case Summary
NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating

OZONE INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
PARAMOUNT BLANKETS: CARE Keeps D Debt Ratings in Not Cooperating
PARAMOUNT IMPEX: CARE Keeps C Debt Rating in Not Cooperating
PELLET-ENERGY SYSTEMS: CARE Keeps D Debt Rating in Not Cooperating
PRINCE MFG INDUSTRIES: Insolvency Resolution Process Case Summary

R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category
RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
SHAMSONS INDUSTRIES: CARE Assigns D Rating to INR2.75cr LT Loan
SURABHI AGRICO: CARE Lowers Rating on INR10.00cr LT Loan to C
SWADESHI ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating

SWASTIK OIL: CARE Keeps D Debt Ratings in Not Cooperating
ULTRA HOME: CARE Keeps D Debt Ratings in Not Cooperating Category
UNITED COLD: CARE Withdraws D Rating on Bank Debts
UV EXPORTS: CARE Lowers Rating on INR10.30cr Short Term Loan to D


I N D O N E S I A

GARUDA INDONESIA: Pelita Air May Take Over Domestic Routes


N E W   Z E A L A N D

CRUSADERS BUILDING: Court to Hear Wind-Up Petition on Nov. 25
DMNZ HOLDINGS: Creditors' Proofs of Debt Due on Dec. 22
JPT INTERNATIONAL: Khov Jones Appointed as Liquidators
TELLEN SYSTEMS: Creditors' Proofs of Debt Due Nov. 30


S I N G A P O R E

A3 SG MU: Creditors' Proofs of Debt Due on Nov. 23
CHINA FISHERY: Liquidators Say Plans Patently Unconfirmable
GENERATION X: Court to Hear Wind-Up Petition on Nov. 12
MATRIX DESIGN: Court Enters Wind-Up Order
SOCTECH SINGAPORE: Commences Wind-up Proceedings


                           - - - - -


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

HARMONEY ABS 2021-1PP: 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 Perpetual Corporate Trust
Limited in in its capacity as trustee of the Harmoney ABS Trust
2021-1PP.

Issuer: Harmoney ABS Trust 2021-1PP

AUD69.3 million Class A Notes, Assigned (P)Aaa (sf)

AUD7.9 million Class B Notes, Assigned (P)Aa2 (sf)

AUD7.65 million Class C Notes, Assigned (P)A2 (sf)

AUD4.75 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.7 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.13 million Class F Notes, Assigned (P)B2 (sf)

AUD5.57 million Class G Notes is not rated by Moody's

Harmoney ABS Trust 2021-1PP is a securitisation of unsecured
personal loans extended to obligors in Australia. All loans were
originated and are serviced by Harmoney Australia Pty Ltd (HAPL,
unrated), a wholly owned subsidiary of Harmoney Corp Limited
(Harmoney, unrated), a New Zealand-registered company with a dual
listing on the Australian and New Zealand stock exchanges.
Harmoney is a non-bank lender providing unsecured personal loans to
consumer obligors in Australia and New Zealand. As of September 30,
2021, its Australian and New Zealand portfolios were AUD155 million
and NZD356 million, respectively.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of HAPL as servicer; and the presence of
Perpetual Corporate Trust Limited (Perpetual) as a back-up
servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. Harmoney is a
relatively new originator, with historical default data for its
Australian book only available from the first quarter of 2018. As
such, the pool's performance could be subject to greater
variability than the observed data indicates.

The transaction's key features are as follows:

Once stepdown conditions are satisfied, all notes, excluding the
Class G notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 41% subordination to
the Class A notes and no unreimbursed charge-offs.

A swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming a
certain prepayment rate.

Perpetual is the back-up servicer. If HAPL is terminated as
servicer, Perpetual will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") ??? representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario ??? is 40%. Moody's mean default for this
transaction is 9.4%. The assumed recovery rate is 5%. Expected
defaults, recoveries and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

The weighted average interest rate of the portfolio is 13.2%, with
interest rates ranging from 5.4% to 28.7%.

The weighted average Equifax credit score of the portfolio is
around 639.

The weighted average remaining term of the portfolio is 51.0
months. The weighted average seasoning of the initial portfolio is
5.4 months.

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

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

Up

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

Down

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

JNK PROPERTY: Second Creditors' Meeting Set for Nov. 2
------------------------------------------------------
A second meeting of creditors in the proceedings of JNK Property
Holdings Pty Ltd and AL Smith Pty Ltd has been set for Nov. 2,
2021, at 10:30 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 1, 2021, at 5:00 p.m.

Stephen John Hundy of Worrells Solvency & Forensic Accountants was
appointed as administrator of JNK Property on Sept. 27, 2021.


RUGGED LUXE: Second Creditors' Meeting Set for Nov. 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of Rugged Luxe Pty
Ltd has been set for Nov. 5, 2021, at 11:30 p.m. via
teleconference.

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

Jason Bing-Fai Tang and Andre Lakomy of Cor Cordis were appointed
as administrators of Rugged Luxe on Oct. 8, 2021.

TASMAN BUILDING: Second Creditors' Meeting Set for Nov. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Tasman Building
Pty. Limited has been set for Nov. 4, 2021, at 10:00 a.m. via
virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2021, at 5:00 p.m.

Cameron Gray of DW Advisory was appointed as administrator of
Tasman Building on Sept. 29, 2021.




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

HNA GROUP: Creditors Approve Restructuring Plan
-----------------------------------------------
Reuters reports that creditors of China's HNA Group have voted to
approve the company's restructuring plan, according to a court
comment posted on HNA's official WeChat page on Oct. 23.

Reuters relates that the court in China's southern island of
Hainan, where the group is based, said the vote had been conducted
in accordance with the country's bankruptcy laws.

HNA was placed in bankruptcy administration in February and a
working group was created by the Hainan government to address the
company's liquidity problems, Reuters says.

According to Reuters, HNA will receive strategic investment of
CNY38 billion ($5.88 billion) after its restructuring, which will
go to 11 of its entities including its flagship carrier Hainan
Airlines.

In the 2010s, HNA used a $50 billion global acquisition spree,
mainly fuelled by debt, to build an empire with stakes in
businesses from Deutsche Bank to Hilton Worldwide, Reuters
recalls.

But its spending drew scrutiny from the Chinese government and
overseas regulators. As concerns grew over its mounting debts, it
sold assets such as airport services company Swissport and
electronics distributors Ingram Micro to focus on its airline and
tourism businesses.

HNA Group told a meeting of creditors in June that some 67,400
parties were seeking a total of CNY1.2 trillion, a person who
attended the online meeting told Reuters at the time.

                           About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.

On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.

HNA Group was designated as administrator of the merger, and
creditors will hold their first meeting June 4, according to a
statement issued March 15 by the Hainan High People's Court. The
320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.

MODERN LAND: Fails to Pay US$250 Million Bond
---------------------------------------------
The Financial Times reports that Modern Land has become the latest
Chinese developer to miss a payment on a dollar bond in a sign of
continuing turmoil in the country's property sector despite
Evergrande, its most indebted group, narrowly avoiding a potential
default last week.

According to the FT, Modern Land said that principal and interest
payments on a bond worth $250 million were "not met" by a Oct. 25
deadline. Earlier this month, the company had asked for a
three-month extension to the maturity on the bond, a proposal it
later withdrew, saying its liquidity issues had not been resolved,
the FT recalls.

The FT says the company blamed the missed payment on "unexpected
liquidity issues arising from the adverse impact of a number of
factors including the macroeconomic environment, the real estate
industry environment and the Covid-19 pandemic".

Investors have been alert to potential bond defaults in the sector,
with Evergrande making a last-minute payment on an offshore bond
last week.

China's property sector, which has been a crucial engine for growth
and rising living standards, has also been hit by signals from
Beijing in recent months that the government would prioritise
reducing debt over economic growth, the FT says.

The FT relates that Evergrande originally indicated it might miss
bond payments in August and later missed a repayment deadline on an
offshore bond, triggering a 30-day grace period before a formal
default. The company made a last-minute payment last week but still
faces a number of deadlines in the coming weeks.

Fantasia and Sinic, two other Chinese developers, have defaulted on
their debt, while fresh data last week showed the overall industry
contracted in the third quarter, the FT notes.

On Oct. 25, Xinhua, the country's official news agency, published
an interview with an unnamed "person of authority", believed by
some analysts to be vice-premier Liu He, which called for China to
take measures to "reduce the reliance on real estate and debt" and
reiterated the government's intention to stamp out property market
speculation, the FT reports.

"At present, a small number of property businesses have exhibited
the risk of debt defaults," the interviewee said. "The reason lies
in the poor management of the businesses, which have not yet been
able to prudently operate in line with the changes in the market
situation."

                         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.


TIMES CHINA: Moody's Affirms Ba3 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Times China Holdings Limited. At the same time, Moody's
has affirmed the B1 senior unsecured rating on the bonds issued by
Times China.

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

"The negative outlook reflects Times China's weak credit metrics
and uncertainties for the company to improve these metrics to
levels supportive of its Ba3 rating, given challenging funding and
operating conditions," says Kelly Chen, a Moody's Assistant Vice
President.

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

RATINGS RATIONALE

Times China's Ba3 CFR reflects the company's growing operating
scale, leading market position in Guangdong province, robust
profitability supported by its good track record of property
development and increasing urban redevelopment project (URP)
conversions, and good liquidity profile.

At the same time, the Ba3 CFR is constrained by the company's
geographic concentration in Guangdong province and increasing
exposure to its joint venture (JV) businesses, which lowers the
transparency of its credit metrics.

Moody's sees uncertainties for Times China to significantly improve
its revenue recognition as tight funding conditions will slow down
the project delivery pace, which will weigh on its credit metrics.
Moody's forecasts the company's revenue growth will pick up in 2021
and 2022, as construction activities normalize following
coronavirus-related disruptions in 2020 and May-June 2021. Times
China's revenue fell 9% year over year in both 2020 and the first
half (1H) of 2021.

As a result, Moody's projects Times China's leverage, measured by
revenue/adjusted debt, will be around 60% in the next 12-18 months,
and EBIT/interest coverage will stay in the range of 2.4x-2.6x for
the same period. These key credit metrics are weak for its Ba3 CFR.
Moody's expects Times China to maintain its prudent approach to
acquiring land, given its sufficient land reserves for development
in the next 3 years. This will contain the company's debt growth.

Moody's expects the company's annual contracted sales to decline
over the next 6-12 months because of weaker consumer sentiment amid
tight funding conditions, which will in turn lead to a
deterioration in the company's liquidity. In the first 9 months of
2021, Times China recorded contracted sales of RMB66.9 billion, up
12% year over year.

Times China's liquidity is good. Moody's expects the company's cash
holdings and operating cash flow to be sufficient to cover its
committed land payments and maturing debt in the next 12-18 months.
The company's reported unrestricted cash balance of RMB22.2 billion
as of the end of June 2021 is much higher than its short-term debt
of RMB10.9 billion as of the same date.

As for environmental, social and governance (ESG) risks, Moody's
has considered Times China's increased JV exposure, which reduces
the transparency of its credit metrics.

Moody's has also considered Times China's concentrated ownership by
its key shareholders, Shum Chiu Hung and his wife, who jointly held
a 61.64% stake as of the end of June 2021. Moody's has also
considered the company's adherence to the Listing Rules of the Hong
Kong Stock Exchange and the Securities and Futures Ordinance in
Hong Kong SAR, China on related-party transactions, and the
presence of three independent nonexecutive directors on the
company's nine-member board of directors, which provide management
oversight. The independent nonexecutive directors also chair the
company's audit and remuneration committees.

Times China's B1 senior unsecured rating is one notch lower than
its CFR, reflecting the risk of structural subordination. Most of
Times China'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
likely 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 is unlikely. However,
the rating outlook could return to stable if the company achieves
stable sales growth and increased operating scale, maintains its
strong liquidity position and improves its credit metrics, such
that EBIT/interest coverage trends toward 2.75x, and
revenue/adjusted debt is above 60%.

Conversely, Moody's could downgrade the ratings if the company's
sales decline, its debt leverage increases or its liquidity
position weakens, or if it undertakes aggressive land or project
acquisitions.

Credit metrics indicative of a downgrade include EBIT/interest
coverage below 2.5x, revenue/adjusted debt below 60%, or
unrestricted cash/short-term debt below 1.0x on a sustained basis.

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

Based in Guangdong province, Times China Holdings Limited is a
property developer that focuses on meeting end-user demand for
mass-market housing. As of June 30, 2021, it had 145 property
projects across 12 cities in Guangdong and in major provincial
cities outside the province, such as Changsha, Wuhan, Chengdu and
Hangzhou. The company's land bank totaled around 21.66 million
square meters as of June 30, 2021.



FIJI AIRWAYS: Insolvent Like Fiji Sugar Corp, NFP Leader Says
-------------------------------------------------------------
The Fiji Times reports that Fiji Airways is almost in a similar
situation to the Fiji Sugar Corporation (FSC) and could be viewed
as "insolvent" in terms of liabilities versus assets.

This was the view expressed by National Federation Party leader
Professor Biman Prasad during a debate in Parliament on Oct. 22 on
a motion by Attorney-General Aiyaz Sayed-Khaiyum to increase
government guarantee to Fiji Airways domestic and off-shore
borrowings from $455 million to $561.4 million, Fiji Times relays.

"We have to look at where we are in terms of our airline, and I
have seen reports done by some reputable valuers, like in 2019, and
I want to quote directly what they said," Fiji Times quotes the NFP
leader as saying.

"In our opinion, a fair market value of the Air Pacific business is
in the range of $484 million to $545 million as at December 2019.
The mid-point of the range is $514 million.

"In our opinion, the report goes to say, a fair market value of 100
per cent of the shares in Air Pacific is in the range of $428
million to $496 million as at 31st December, 2019.

"The median point range is $462 million. Further in our opinion,
the fair market value of the government shareholding is in the
range of $207 million to $240 million as at December 31, 2019. The
mid-point range is $224 million. So if you look at this valuation,
then Air Pacific trading as Fiji Airways is almost in a similar
situation like the Fiji Sugar Corporation where if you look at the
liabilities and the assets, you are insolvent in that sense."

In response Tourism Minister Faiyaz Koya labelled Prof Prasad's
comments as "false, absurd and bordering on stupid."

"As far as Fiji Airways is concerned, the positive value of Fiji
Airways shares is $16 per share and a positive equity of Fijian
$506 million," Fiji Times relates. "Which literally just means that
our assets exceed liabilities by this $506 million."

Fiji Airways (formerly Air Pacific) is the national carrier of the
Republic of Fiji and is majority-owned by Fiji's National Provident
Fund. Based at Nadi International Airport, Fiji Airways provides a
network of domestic and international services that spans the
Pacific, North America, Asia, New Zealand and Australia.



=========
I N D I A
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A. K. BUILDERS: CARE Lowers Rating on INR8.00cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of A.
K. Builders (AKB), as:

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

   Short Term Bank     10.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of AKB under the 'issuer noncooperating' category as AKB
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. AKB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021 and September 24, 2021.

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

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

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

A.K. Builders (AKB) is a proprietorship firm established in 1999 by
Mr Ashok Kumar. AKB is engaged in the civil construction work in
Punjab, Sikkim, Madhya Pradesh and Jharkhand which includes
infrastructure development, road works, construction of educational
institutes, earthworks etc. The firm is registered as a class 'A'
contractor with Public Work Department (PWD) of Punjab and Madhya
Pradesh.

AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amoda Iron
And Steel Limited (AISL) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short 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 September 15, 2020, placed
the rating(s) of AISL under the 'issuer non-cooperating' category
as AISL 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. AISL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2021, August 11, 2021, and August 21, 2021.

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

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

Amoda Iron & Steel Limited (AISL), was incorporated in the year
2003 as a public limited company (unlisted). The company is
promoted by Mr. Upputhulla Kondala Rao, Mr. T. Satish Kumar, Mr. T.
Satish Kumar and others. The company is engaged in manufacturing of
sponge iron, which is used in manufacturing of steel bars. The
company has a total installed capacity of around 200 tons per hour,
and the plant is located at Jaggayyapet, Andhra Pradesh. The
company procures basic raw material, viz. Iron Ore, Coal and
Limestone from in and around Jaggayyapet. The company sells its
products to the steel plants in the adjoining areas.


AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amrapali
Smart City Developers Private Limited (ASCDPL) continues to remain
in the 'Issuer Not Cooperating' category.

   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      270.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2020, placed
the rating(s) of ASCDPL under the 'issuer non-cooperating' category
as ASCDPL 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. ASCDPL 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).

Incorporated in 2010, Amrapali Smart City Developers Pvt Limited
(ASCDPL) is an SPV promoted by Amrapali group. ASCD is developing a
single group housing project in Greater Noida with total saleable
area of 116 lsf on total land area of 61 acres. ASCD has acquired
the land for the said project on lease from Greater Noida
Industrial Development Authority on deferred payment basis for
INR260cr. The company has launched the project in August 2010. In
2019, the Promoters of the company are sent behind the bars in an
alleged case of defrauding homebuyers.


ASHOK CONSTRUCTIONS: CARE Lowers Rating on INR5.00cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashok Constructions (AC), as:

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

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 14, 2020, placed the
rating(s) of AC  under the 'issuer non-cooperating' category as AC
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. AC 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 and September 19, 2021.

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

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

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

Ashok Constructions was originally established as a proprietorship
by Mr. Sundaramoorthy for executing contracts in 1979.
Subsequently, the business was converted into a partnership firm
and the focus shifted to execution of civil construction contracts.
The partnership underwent reconstitution, the latest one in January
2015. Presently, there are five partners, all being Mr.
Sundaramoorthy's family members. Profits or losses are shared
equally. The firm is registered as a Class I PWD contractor. Being
engaged in construction contract business for more than two
decades, Mr. Sundaramoorthy has executed more than 900 projects,
primarily in Chennai, Tamil Nadu. Presently, the civil contracts
are primarily awarded by the Indira Gandhi Centre for Atomic
Research, wherein the firm executes residential and industrial
civil construction.


AZAD EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azad
Educational Society (AES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.30      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 29, 2020, placed
the rating(s) of AES under the 'issuer non-cooperating' category as
AES 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. AES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 15, 2021, August 25, 2021, September 4, 2021.

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

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

Azad Educational Society was established in 1998 under the Society
Registration Act, 1992 with an objective to provide education
services by establishing and operating various educational
institutions. The society is presently running 5 colleges under the
name of "Azad Group of Educational Institutions" (AGEI) at its 55
acre campus at Cantt. Road. Non BFSI.


BALDEV KRISHAN: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baldev
Krishan Memorial Charitable Society (BKM) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.60       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 21, 2020, placed the
rating(s) of BKM under the 'issuer non-cooperating' category as BKM
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. BKM continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 6, 2021, September 16, 2021 and September 26, 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 entity was established by the name of 'ISF College of Pharmacy
Managing Committee' in 1992 by Mr. Baldev Singh. Later on, after
the death of Mr. Baldev Singh, the name was changed to Baldev
Krishan Memorial Charitable Society (BKM) which got registered
under the Society registration Act-1860, in Feb-2010. The society
is currently being managed by Mr. Anoop Garg and his wife Mrs.
Rinkle Garg with an objective to provide higher education in the
field of dentistry. The trust has established BRS Institute of
Medical Sciences in 1992, affiliated to Pt. B.D.S University of
Health Science, Rohtak and offers courses of BDS (Bachelor in
Dental Surgery) and MDS (Master of Dental Surgery) under it. Though
the BDS course started from 1992, the MDS course got commenced from
2007. Furthermore, BKM has established a school by the name
'Sanskaar International School' upto 8th standard (affiliated to
CBSE) at Banga, Punjab. The project got commenced in Dec-12 and got
substantially completed in Mar-15, with commencement of school's
first batch w.e.f April, 2015.


BATTULAL RADHEY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Battulal
Radhey Shyam and Sons (BRS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2020, placed
the rating(s) of BRS under the 'issuer non-cooperating' category as
BRSS 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. BRSS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2021, August 19, 2021, 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).

Battulal Radhey Shyam and Sons (BRS), based in Nainital,
Uttarakhand was established in 2008 as a proprietorship firm by Mr.
Punit Kumar Goel. The firm is engaged in manufacturing and trading
of gold jewelry (income from trading constituted 80% of the total
income in FY18). The customer profile mainly comprises of retail
jewelers and individual customers located locally in Nainital,
Uttarakhand and Moradabad, Uttar Pradesh. Besides BRS, the
proprietor is also associated with other group concern ???
Mansarovar Holidays, a holiday resort in Jim Corbett National Park,
Uttarakhand.


DASHMESH RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dashmesh
Rice Mills (Tarn Taran) (DRM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      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 21, 2020, placed the
rating(s) of DRM under the 'issuer non-cooperating' category as DRM
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. DRM continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 06, 2021, September 16, 2021 and September 26, 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).

DRM was established in 2001 as a partnership firm and is currently
being managed by Mr. Prem Singh, Mr. Dalip Singh and Mr. Harjit
Singh. The firm is engaged in the processing of paddy at its
manufacturing facility located at Tarn Taran, Punjab, having an
installed capacity of 7,200 metric ton per annum (MTPA) as on March
31, 2015. DRM procures paddy directly from local grain markets
through commission agents located in Punjab. The firm sells its
products, ie, Basmati and Non-Basmati rice under the brand name
'Dashmesh' in all states of India through a network of commission
agents.

FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fujin Wind
Parks Private Limited (FWPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      296.00      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 8, 2020, placed
the rating(s) of FWPPL under the 'issuer non-cooperating' category
as FWPPL 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. FWPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 25, 2021, August 4, 2021, and August 14, 2021.

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

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

Incorporated in September 2011, Fujin Wind Parks Private Limited
(Fujin) is a wholly owned subsidiary of Ecoren One Wind Energy
Private Limited (EOW) which is part of Ecoren Energy India Private
Limited. EOW is a Joint Venture (JV) between Ecoren and GE
Affiliate; Guayama P.R. Holdings BV (Guayama) in the ratio of
51:49. EOW was incorporated on July 1, 2015 and is an investment
holding company for the Independent Power Producer (IPP) executed
under the JV. Guayama is a 100% subsidiary of GE Capital
International Holdings Limited whose ultimate holding company is
General Electric Company (GE); New York.

HARIKISHAN TEJMAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harikishan
Tejmal & Company (HTC) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 22, 2020, placed the
rating(s) of HTC under the 'issuer non-cooperating' category as HTC
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. HTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 7, 2021, September 17, 2021, September 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).

Bundi (Rajasthan) based Harikishan Tejmal & Company (HKTC) was
formed as a partnership concern by its key promoter Mr. Tejmal
Nyati along with his family members in 2006. Subsequently, there
was change in the partnership deep and HKTC started to be owned and
managed by Mr. Rajesh Kumar Nyati along with his wife Mrs. Prerna
Nyati in profit & loss sharing ratio of 66:33 respectively.

HINDUSTHAN NATIONAL: Interim Resolution Professional Appointed
--------------------------------------------------------------
The Hindu BusinessLine reports that the Kolkata bench of the NCLT
has admitted application for initiating Corporate Insolvency
Resolution Process (CIRP) against the country's largest container
glass-maker, Hindusthan National Glass & Industries Ltd (HNG).

The insolvency proceedings were initiated against the debt-ridden
company by DBS Bank Ltd, one its financial creditors.

According to the report, filings by DBS Bank before the Tribunal
state that it had extended external commercial borrowings (ECBs) of
up to $20 million and $40 million.

Incidentally, HNG, under a loan restructuring carried out some
years back, owes a consortium of 12 banks and lenders led by State
Bank of India around INR1,710 crore. It paid off around INR290
crore of the dues, and despite two extensions, defaulted on the
payments, further filings by DBS Bank reveal.

BusinessLine reached out to Mukul Somany, Vice-Chairman and MD and
part of the promoter group of HNG for comments. Calls and messages
were unanswered.

The company, however, in a stock market notification said it had
been in discussion with the lenders for working out a resolution
plan and that it has already paid INR772 crore till September 30;
this includes INR550.02 crore against outstanding term loan,
fund-based working capital, letter of credit and interest thereon
plus INR222 crore against non-fund based facilities, BusinessLine
relates.

The Bench comprising Justices Rajasekhar VK and Harish Chander
Suri, while admitting the petition, has also appointed Girish
Sriram Juneja as interim resolution professional "for ascertaining
the particulars of creditors and convening of Committee of
Creditors for evolving a resolution plan," BusinessLine discloses.

He is also to identify the prospective resolution applicant within
105 days from the insolvency commencement date.

As per provisions of the Insolvency and Bankruptcy Code, 2016, a
moratorium has been declared too which prohibits HNG from disposing
of or transferring its assets, recovery of property - even by the
owners or lessors - if the said property is in possession of the
company.

Moreover, the moratorium also prohibits any foreclosure, recovery
or enforcement of security deposits created by HNG through the
SARFAESI Act.

According to BusinessLine, the Kolkata-based container glass maker
had been facing issues of high debt for quite some time now. Its
auditors had also been flagging off concerns relating to
accumulated losses and eroded net worth.

For the quarter ending June 30, the auditors noted that HNG has
accumulated losses and "its net worth has completely eroded", it
has incurred losses during the current period and in the earlier
period(s)/year(s), and the current liabilities exceeds its current
assets, BusinessLine discloses. The company is having a high
debt-equity ratio (Debt being INR2,28,6.41 crore and a negative
equity of INR499 crore as at June 30, 2021. The realizable value of
assets is lower than amount payable to secured creditors, earning
per share is negative.

"In our opinion, based on the above, the company does not appear to
be a going concern," the auditors, as cited by BusinessLine, had
said.

BusinessLine adds that HNG on its part had submitted before the
NCLT that it continued to be in distress both commercially and
financially for the last few years and could not service its debt
obligations. This led to it being categorised as a NPA. However,
the company "with bona fide intention" negotiated with the lenders
for settlement of the outstanding dues and regularization of loan
accounts.

Attempts of resolution included making a payment of cash of
INR1,719 crore and transfer 90 lakh equity shares (of face value
INR2) of HNG in favour of secured creditors. Any non-fund based
outstanding at the end of 3 months period to be repaid or covered
by 100 per cent margin, the report adds.

HNG, incorporated in February 1946, was promoted by late Mr. C. K.
Somany of the Kolkata-based Somany family. The company is a leading
manufacturer of container glass with seven manufacturing units,
spread across India having an aggregate installed capacity of
1,569,500 tpa (tonne per annum), the largest in the country.


ICON CARS: CARE Lowers Rating on INR10.95cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Icon
Cars Private Limited (ICPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.95       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      1.30       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 September 30, 2020, placed
the rating(s) of ICPL under the 'issuer non-cooperating' category
as ICPL 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. ICPL 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).

The ratings for ICPL have been revised on account of
non-availability of requisite information. The ratings also
consider a marginal decline in scale of operations as well as net
loss reported in F20 over FY19.

Lucknow (Uttar Pradesh) based Icon Cars Private Limited (ICPL) is
promoted by Mr. Pawan Kumar Garg and Mr. Aditya Garg in January,
2016. ICPL is engaged in the dealership of passenger vehicles of
Honda Company India Limited (HCIL) on Sitapur Road, NH-24- Lucknow.
The operations of the company commenced in August, 2016. Company
also undertakes servicing of passenger vehicle work. ICPL is
another group of Standard Surfactants Limited, managed by Mr. Pawan
Kumar Garg.


LAXMI NARASIMHA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Narasimha Rice Industry (SLNRI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      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 14, 2020, placed the
rating(s) of SLNRI under the 'issuer non-cooperating' category as
SLNRI 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. SLNRI continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 30, 2021, September 9, 2021 and 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).

Sri Laxmi Narasimha Rice Industry (SLN) is a partnership firm
established in April 2015. The firm started with its commercial
operations from April 2016 onwards. The partners of the firm are
Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha
Redd.y and Mr. S. Ramesh. The mill is located in Sriguppa in
Bellary district of Karnataka.


MADHURI P. RURAL: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madhuri P.
Rural Godowns (MPRG) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.97      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 November 3, 2020, placed the
rating(s) of MPRG under the 'issuer non-cooperating' category as
MPRG 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. MPRG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2021, September 29, 2021, and October 9, 2021.

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

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

Andhra Pradesh-based, Madhuri P Padma Rural Godowns (MPRG) was
established as a proprietorship firm in the year 2013 and promoted
by Ms. Madhuri Pachimatla. The firm is engaged in providing
warehouse on lease rental to Telangana State Civil Supplies
Corporation Limited (TSCSCL), Food Corporation of India (FCI) and
Cotton Corporation of India (CCI). The property is built on a total
land area of 10 acres and comprises of 4 godowns, with aggregate
storage capacity of around 23000 MT, for food crops like rice,
wheat, cotton etc respectively. Commercial operations for two
godowns were started in November 2014 and for other two commercial
operations started from July 2018.

MAHAVIR BRIGHT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Mahavir Bright Steel Udyog (SMBSU) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 9, 2020, placed
the rating(s) of SMBSU under the 'issuer non-cooperating' category
as SMBSU 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. SMBSU continues to
be noncooperative 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).

Shri Mahavir Bright Steel Udyog (SMBSU) is a proprietorship concern
established in 1998 by Mrs. Kusum Lata. The overall functions of
the firm are looked by her husband, Mr. Vinod Bansal. The firm is
engaged in the manufacturing of bright steel bars and has an
installed capacity of 5,000 metric tonne per annum at its
manufacturing facility located in Rohtak, Haryana. The main raw
materials of the firm are black bars and alloy/non-alloy steel
which are procured domestically from manufacturers located in
Faridabad and Ludhiana. The firm mainly sells its products to
wholesalers located in Rohtak and Gurgaon.

MANAPPURAM FINANCE: S&P Upgrades ICR to 'BB-', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Manappuram Finance Ltd. to 'BB-' from 'B+'. The outlook is stable.
S&P also affirmed the 'B' short-term issuer credit rating on the
India-based finance company.

S&P upgraded Manappuram because it expects the company to continue
to perform better than its NBFC peers over the next 12 months. This
would be reflected in the company's lower credit costs,
above-average profitability, and strong capitalization.

In S&P's view, Manappuram's gold-based lending model with a
three-month tenor allows it to recognize asset quality stress
early. Gold prices had fallen significantly till April 2021, from a
peak in August 2020. The stress in the economy owing to the second
wave of COVID-19 infections during April-June 2021 and the decline
in gold prices led to increased auctions of higher loan-to-value
(LTV) loans in the first quarter of fiscal 2022 (ending March 31,
2022). The company's gold auctions are likely to gradually return
to their normal level as economic conditions improve. Elevated
auctions have in part lowered Manappuram's average LTV ratio to
about 65% as of June 30, 2021, from about 71% as of end-March 2021,
providing the company some buffer to absorb price fluctuations.

Gold price movements play an important role in the cushion
available to the lenders like Manappuram, which is predominantly in
the collateral-based gold lending business. Gold loans account for
close to 70% of the company's total loans, with micro finance loans
accounting for about 25%, and vehicle finance and affordable
housing contributing most of the rest.

Stress will likely remain high in Manappuram's non-gold portfolio,
especially in the micro finance business. The asset quality of the
non-gold loan portfolio has deteriorated sharply over the past two
years. However, billing and collection efficiency are increasing
back to close to pre-COVID-19 levels, hinting at improving asset
quality trends. Also, the company has pre-provisioned for the micro
finance business. Therefore, S&P believes any residual impact can
be largely absorbed by the company's earnings.

S&P forecasts Manappuram's risk-adjusted capital ratio will stay
above 30% over the next 12 months. The company's core earnings are
likely to remain at more than 5% of its average managed assets
during this period. This ratio is one of the highest among rated
peers.

Manappuram's funding profile is also improving with a shift toward
longer tenor debt. However, the company still has material exposure
to short-term wholesale funding.

Manappuram also benefitted from lower interest costs owing to
increased liquidity in the Indian banking system. Its interest
expenses on average outside liabilities declined to 9% as of March
31, 2021, from 9.8% as of June 30, 2020. Despite this gain, margins
shrank because the company chose to maintain higher liquidity, and
yields declined. S&P expects Manappuram's margin and profitability
to still remain much better than peers'.

S&P said, "The stable outlook on Manappuram reflects our view that
the company will largely maintain its financial profile over the
next 12 months, supported by an improvement in economic conditions
in India.

"We could downgrade Manappuram if the company's credit costs
increase substantially more than we expect, particularly in
microfinance loans.

"We see limited rating upside for Manappuram over the next 12
months. We would upgrade the company if we believe its funding
profile has become more stable. Increased access to longer-term
funding that reduces the rollover risk associated with short-term
wholesale funding could indicate such improvement."


MANDAKINI PACHIMATLA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mandakini
Pachimatla (MP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.25      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 November 3, 2020, placed the
rating(s) of MP under the 'issuer non-cooperating' category as MP
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. MP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2021, September 29, 2021, and October 9, 2021.

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

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

Andhra Pradesh based, Mandakini Pachimatla was established as a
proprietorship firm in the year 2016 and promoted by Ms. Mandakini
Pachimatla. The firm is engaged in providing ware house on lease
rental to Telangana State Civil Supplies Corporation Limited
(TSCSCL), Food Corporation of India (FCI) and Cotton Corporation of
India (CCI). The property is built on a total land area of 1.70
acres and comprises of 4 godowns, with aggregate storage capacity
of around 11000 MT, for food crops like rice, wheat, cotton etc.

MODY ENTERPRISE: CARE Lowers Rating on INR35cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Mody
Enterprise as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       35.00      CARE D Revised from CARE BB;
   Facilities                      Stable

   Long Term/           10.00      CARE D/CARE D Revised from
   Short Term                      CARE BB;Stable/CARE A4
   Bank Facilities       

Detailed Rationale & Key Rating Drivers

The ratings of the Mody have been revised on account of continuous
overdraws for more than 30 days in the Cash Credit facility availed
from bank. As per banker, the company has not availed any
TOD/adhoc/excess facility in the CC account. CARE's rating on
Mody's bank facilities will now be denoted as CARE D.

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

Rating Sensitivities as per last PR dated August 4, 2020

Positive Factors

* Three continuous months of regular debt servicing without any
instances of delays or overdraws would be required for the rating
to move into non-default category.

* Growth in its Total Operating Income beyond INR INR300 crore on
sustained basis.

* Reduction in operating cycle below 60 days on sustained basis
with bank facility utilization levels reducing below 70% on
sustained basis.

* Improvement in its TOL/TNW below 1.8x on sustained basis.

Negative Factors

* Deterioration in its Total Operating Income below INR 170 crore.

* Decline in its PBILDT margin below 3% on sustained basis.

* Deterioration in the liquidity profile of the company marked by
elevation in operating cycle over 120 days.

* Deterioration in Interest coverage below 1.32x on sustained
basis.

Detailed description of the key rating drivers as per last PR dated
August 4, 2020.

Key Rating Weaknesses

* Modest scale of operations and low profit margins, albeit the
margins have remains stable: The firms's total operating income
improved by 17% Y-o-Y basis to INR 232.93 crore (provisional) from
INR196.51 crore due to recovery in demand of traded goods from
end-user industry. Since the value addition is on lower side due to
trading nature of operations, the PBILDT margin remains low.
Further, there are very large number of entities engaged into
trading of chemicals, which translates into low bargaining power to
charge higher sales realization. However, the firms' profit margins
have remained stable over FY17-FY21 period on back repeat orders
from its reputed clientele. During FY21 (Provisional), the firm's
profit margins remained stable as PBILDT margin was 4.28% (PY:
4.18%) and PAT margin was 1.05% (P.Y:0.98%).

* Working capital cycle remains elevated coupled with tight
liquidity: The firm receives credit of around 0 to 90 days from
majority of its suppliers. On the other hand, the firm extends
credit period of around 0 to 120 days for its major customers.
Moreover, the firm needs to maintain inventory of around a month.
During FY21, the net working capital cycle remained stable at 112
days (PY: 113 days) owing to the impact of CoVID resulting in
delayed receivable and pile up of inventories. This coupled with
low profit margins earned by the firm leads to higher reliance on
external borrowings to fund any increase in working capital
requirements. Hence, the firms fund-based working capital limits
remains almost fully utilized; thus indicating tight liquidity for
the firm.

* High leverage and weak debt coverage indicators: Increase in
working capital requirements as of March 31, 2021, was funded
through mix of internal accruals, working capital borrowings, and
unsecured loans. This led to increase in total debt from INR54.68
crore as of March 31, 2020 to INR 66.53 crore as of March 31, 2021.
This led to weakening to debt coverage indicators such as
deterioration of overall gearing to 1.51x in FY21 (provisional)
vis-??-vis 1.31x in FY20.

* Risk inherent in proprietary constitution of the firm: Mody
Enterprise being a proprietary firm, the proprietor has flexibility
to use the capital available with the firm and therefore the risk
of withdrawal of capital also exists. This may restrict the firm in
raising additional funds requirements for funding its growth.
Moreover, inadequate succession planning may result in dissolution
of the entity.

Key Rating Strengths

* Extensive experience of the proprietor: Mr. Amresh Mody,
proprietor of Mody Enterprise, has been in the business of trading
of chemicals and solvents since more than two decades. Long
experience of Mr. Mody helps the firm in tiding over the risks
associated with volatility in the price of traded goods.
Furthermore, through its long years of operations the firm has been
able to establish good relationship with its customers and thus
ensuring consistent revenues for the firm.

* Large product portfolio reputed client base: The firm deals in a
wide range of chemicals which includes PVC resins, Butanol,
Toluene, Ethyl hexanol, Methanol etc. These chemicals fund their
application in a wide range of industries, for example PVC resins
are used in manufacturing of plastics, Butanol is used as solvents
in large number of chemical manufacturing processes as well as base
for making perfumes, phenol is used to synthesize plastics, and
also used in production of nylon, detergents, phenoxyl herbcides,
and various pharmaceutical drugs. The wide application of these
chemicals ensures steady demand of the chemicals traded by the
firm. However, as majority of these products are derivatives of
crude oil, their prices are linked to crude oil prices. Hence,
changes in price of crude oil may affect the firm's revenues.

Liquidity: Stretched

The liquidity position of the firm stood stretched owing to the
working capital-intensive nature of operation. The firm's average
utilization of cash credit facility remained high for the past 12
months ending August 2021 with instances of overutilization during
the period. The gross cash accruals are also insufficient with
respect to its debt obligations. The cash and cash equivalent as of
August 31, 2021 was at INR 0.21 crore.

Mody Enterprise (Mody), a sole proprietorship concern was formed in
1989 by Mr. Amresh Anantrai Mody. It is engaged in trading of
industrial chemicals and solvents. The concern has a wide product
portfolio that comprises of butanol, isobutanol, 2- ethyl hexanol,
toluene, acetic acid, acetone, etc. Mody's clientele is spread
across various industries like paint, pharmaceuticals, adhesives,
plasticizers, rubber and plastic, though majority of its sales is
towards paint industry. Mody is headquartered in Mumbai with branch
offices in Ahmedabad and warehouses in Bhiwandi, Mumbai and
Ahmedabad.


MUKTAR INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Muktar Infrastructure (India) Private Limited
        Plot B-2, B-3, Phase I
        Verna Industrial Estate
        Verna, Goa 403722
        India

Insolvency Commencement Date: October 4, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 1, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Anup Kumar Singh

Interim Resolution
Professional:            Mr. Anup Kumar Singh
                         162/D/702 Lake Gardens
                         Kolkata, West Bengal 700045
                         E-mail: anup_singh@stellarinsolvency.com

                            - and -

                         Stella Insolvency Professionals LLP
                         Suite-1B, 1st Floor
                         22/28A Manoharpukur Road
                         Deshopriya Park
                         Kolkata 700029
                         West Bengal
                         E-mail: muktarinfra.sipl@gmail.com

Last date for
submission of claims:    November 4, 2021


NANDI PIPES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nandi Pipes
Private Limited (NPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.40      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 September 14, 2020, placed
the rating(s) of NPPL under the 'issuer non-cooperating' category
as NPPL 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. NPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2021, August 10, 2021, and August 20, 2021.

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

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

Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs. V. Aravinda Rani, Mrs. S. Sujala and Mrs. S. Parvathi.
The company is engaged in manufacturing of PVC pipes with an
installed capacity of 6000 Metric tons. The manufacturing facility
is located at Nandyal, Andhra Pradesh.

OZONE INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone Infra
Projects (OIP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 November 2, 2020, placed the
rating(s) of OIP under the 'issuer non-cooperating' category as OIP
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. OIP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2021, September 28, 2021.

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

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

Established as a partnership firm in April 2008 by Mr. B.T. Mishra,
Mr. Ghanshyam Dubey, Mr. Keshrinath Vartak, Mrs. Manisha Patil, and
Rohit Infra Projects Private Limited, Ozone Infra Projects (OIP) is
engaged in infrastructure construction activities on an EPC
(Engineering Procurement Construction) basis. The aforementioned
partners were retired in January 2015, whereas the new partners
viz. Mr. Santosh Pote, Mr. Changdeo Kadam and Mr. Shashikant Shinde
were admitted during the same month (however, the overall
operations of the firm were managed by the current partners since
2008 as managers, whereas the earlier partners acted as only
stakeholders in the firm). OIP acts as a sub-contractor for
carrying out various infrastructure construction activities viz.
laying pipes & SWD (Storm Water Drainage) works, earth work & other
foundation work for laying railway lines, construction of roads,
construction of dams & canals (dams & canals comprised 100% of the
net sales in FY17), etc. across Maharashtra and Andhra Pradesh.


PARAMOUNT BLANKETS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Blankets Private Limited (PBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

CARE had, vide its press release dated September 14, 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
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2021, August 10, 2021, August 20, 2021.

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

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

Paramount Blankets Private Limited (PBL) was incorporated as a
private limited company in 2004 by Mr. Sat Bhusan, Mr. Mukesh Gupta
and Mr. Rakesh Dayal. The company is engaged in manufacturing and
trading of blankets such as mink blanket, polar fleece blanket,
coral fleece blanket, etc. In addition to this, the company also
undertakes job work i.e., manufacturing of blankets for PIP wherein
the raw material is provided by its associate concern namely
Paramount Impex Private Limited (PIP). PBL sells its products under
the brand name, "Paramount" through distributors in Haryana, Delhi,
West Bengal and Madhya Pradesh and also exports to Australia and
Brazil. Apart from these, the company also sells its products to
PIP. PBL has two associate concerns, namely, Paramount Impex
Private Limited (engaged in manufacturing of blankets, rugs and
curtains) and Paramount Global Private Limited (engaged in trading
of blankets, rugs and curtains).


PARAMOUNT IMPEX: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Impex Private Limited (PIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.76       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     10.50       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 14, 2020, placed
the rating(s) of PIPL under the 'issuer non-cooperating' category
as PIPL 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. PIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2021, August 10, 2021, August 20, 2021.

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

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

PIP was incorporated in 1995 by Mr. Sat Bhushan Gupta and Mr. Raghu
Nandan Sarup. The current management includes Mr. Sat Bhushan
Gupta, Mr. Rajeev Gupta and Ms Urmil Gupta. The company is engaged
in the manufacturing and trading of textile products. The company
manufactures home furnishing products which includes bedroom
accessories (blankets, bed sheets, pillow covers) and kitchen
accessories (velvet bottle cover, aprons). The company is also
engaged in trading of blankets. PIP's also export its products to
U.K., Canada and Europe. PIP mainly procures its raw material i.e.
cotton fabric and velvet etc. from domestic manufactures. The
process of the company are ISO 9001 & 14001 certified and the
manufacturing unit is located at Panipat, Haryana.

PELLET-ENERGY SYSTEMS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
PelleT-Energy Systems Private Limited (PSPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 24, 2020, placed
the rating(s) of PSPL under the 'issuer non-cooperating category as
PSPL 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. PSPL 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).

Pellet Energy Systems Private Limited (PES) currently being managed
by Mr. Bharat Sharma and Ms. Shruti Sharma was initially
incorporated as Luxury Woodplus Private Limited in 2010. The name
changed to its present status in October 2011. PES is engaged in
manufacturing of biomass pellets at its manufacturing unit located
in Roorkee, Uttarakhand with installed capacity of 500 tons per
day. The company has commenced its manufacturing operations in
April 2015. The product finds its usage as a fuel in industrial,
commercial and household segment. The main raw material is
sugarcane baggase which is procured domestically. PES primarily
sells its product to FMCG (Fast Moving Consumer Goods) companies
domestically. Its group entities include Advance Hydrau Components
Pvt Ltd engaged in Manufacturing of hydraulic and mechanical
machinery, Subha International engaged in Export of engineering
goods and turnkey projects and Advance Machines engaged in
Manufacturing of engineering goods.

PRINCE MFG INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Prince MFG Industries Private Limited
        A-101, 1st Floor, Sunshine Plaza
        Naigaum Cross Road
        Dadar (East), Mumbai City
        Maharashtra 400014

Insolvency Commencement Date: October 5, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 9, 2022

Insolvency professional: Kairav Anil Trivedi

Interim Resolution
Professional:            Kairav Anil Trivedi
                         23 A 5th floor Jyoti Bldg
                         Barquatali Dargah Margh
                         Wadala (E), Mumbai 400037
                         E-mail: kairavtrivedi2002@yahoo.co.in

                            - and -

                         413-414, Shramjeevan B5
                         Opp. Lodha, New Cuffe Parade
                         Wadala (E), Mumbai 400037

Last date for
submission of claims:    October 26, 2021


R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R V Realty
(RVR) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       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 November 4, 2020, placed the
rating(s) of RVR under the 'issuer noncooperating' category as RVR
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. RVR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated September
20, 2021, September 30, 2021, October 10, 2021.

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

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

RV Realty is a special purpose vehicle (SPV) formed as a
partnership entity between the Pune based Vastushodh Group and the
Pune based Reelicon Group. The Reelicon group is a Pune based real
estate engaged mainly in the construction of residential projects.
The firm was promoted by 3 entrepreneurs in 1998, Mr. Anil Salunke,
Mr. Milind Jadhav and Mr. Dhananjay Nimbalkar each having 15 years
of experience.


RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajat Infra
Developers Private Limited (RIDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       7.00      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 20, 2020, placed the
rating(s) of RIDPL under the 'issuer non-cooperating' category as
RIDPL 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. RIDPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 5, 2021, September 15, 2021, September 25, 2021.

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

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

Vadodara-based (Gujarat) RIDPL was incorporated in March 2012 by
Mr. Prabhakant Jadav and Chandrashekhar Yadav. The company is
engaged into the Civil Construction of road, civil and other
irrigation canal project.


SHAMSONS INDUSTRIES: CARE Assigns D Rating to INR2.75cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shamsons
Industries (SI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.75      CARE D; Assigned
   Facilities            

   Long Term Bank        5.20      CARE D Revised from CARE BB-;
   Facilities                      Stable

   Long Term/            0.55      CARE D Revised from CARE BB-;
   Short Term                      Stable/CARE A4
   Bank Facilities       
                                   
   Short Term            1.50      CARE D Revised from CARE A4
   Bank Facilities       

Detailed Rationale & Key Rating Drivers

The revision in the ratings of SI takes into consideration delay in
servicing of its debt obligations till July, 2021.

Rating Sensitivities

Positive Factors

* Improvement in the liquidity position of the firm as reflected
from timely servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There has been delay in the servicing
of its debt obligations till July, 2021 due to the stressed
liquidity position of the firm. Further, the spread of COVID-19
pandemic resulted in delay in timely realization of its receivables
thereby leading to delay in debt servicing. As per banker feedback,
the restructuring of the account has been done on July 30, 2021 and
from August, 2021, the account is regular.

Liquidity: Poor

SI has poor liquidity position marked by lower accruals when
compared to repayment obligations for FY22, fully utilized working
capital limits during the past 12 months ending September, 2021.
Elongation in collection period as an impact of COVID-19 has
constrained the ability of the firm to repay its debt obligations
on a timely basis.

Uttar Pradesh based, Shamsons Industries (SI) was established as a
partnership firm in the year 2005 and commenced its operations from
2008. The firm is currently being managed by Mr. Deepak Batra and
Mr. Varun Batra sharing profit and losses equally. The firm is
engaged in the manufacturing of all types of sports shoes at its
manufacturing unit located at Roorkee, Haridwar with an installed
capacity of 12, 00,000 pairs per annum per shift as on March 31,
2021. The firm sells its products under the brand name "STINN" to
the distributors spread all over India. The customer of SI includes
Bata India Limited to whom the shoes are supplied under the brand
name of "Bata" itself. The firm also take tenders for supply of
shoes to Indian Army, Indian Navy and Delhi Police.

SURABHI AGRICO: CARE Lowers Rating on INR10.00cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Surabhi Agrico Private Limited (SAPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 11, 2020, placed
the rating(s) of SAPL under the 'issuer non-cooperating' category
as SAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 28, 2021, August 7, 2021, August 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).

Uttar Pradesh based Surabhi Agrico Private Limited (SAP) was
incorporated in 2011 by Mr. Anil Kumar Maurya and Mr. Munna Lal and
commenced its operations in September, 2013. SAP is engaged in
manufacturing of engaged in manufacturing of beverages such as
Frooti, Appy fizz, Bailley Soda etc. Prior to this, the company was
known as "RNG Hotels and Resorts Private Limited" with the
objective to carry hospitality business. SAP has entered into a
franchisee agreement to manufacture, fill, pack, distribute and
sell the products within 34 regions in Uttar Pradesh for Parle Agro
Products Limited (PAPL) on franchisee basis. The franchisee sells
according to sales target given by the company from time to time
basis.


SWADESHI ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swadeshi
Aluminium Company Private Limited (SACPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       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 SACPL under the 'issuer non-cooperating' category
as SACPL 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. SACPL continues to
be non-cooperative despite repeated requests for submission of
information through emails, 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).

Swadeshi Aluminium Company Private Limited is primarily engaged in
the manufacturing of aluminium alloy ingots and sections which find
application in automobile industry. The company procures raw
material i.e. aluminium scrap from domestic and overseas players
that includes Middle East and European countries. The import
constituted around 15% of total purchase in FY14. It sells its
products in mainly in Northern India.


SWASTIK OIL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Swastik
Oil Refinery Private Limited (SORPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       87.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      17.90      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 19, 2020, placed the
rating(s) of SORPL under the 'issuer non-cooperating' category as
SORPL 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. SORPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021, September 24, 2021.

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

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

Detailed description of the key rating drivers

SORPL incorporated in April 1997, is engaged in manufacturing of
various edible oils (refined palm and rice bran) and Vanaspati
ghee. The company is promoted by Kolkata-based Mr. O.P. Agarwal,
his son Mr. Manoj Agarwal and his nephew Mr. Ashok Agarwal. The
company has a total installed capacity of 20,000 tonnes per annum
(TPA) for vanaspati and 70,000 TPA for refined oil at its
manufacturing facilities located in Howrah (West Bengal). During
FY16, SORPL reported loss of INR12.85 crore (Rs 14.07 crore in
FY15) on total operating income of INR156.64 crore (Rs 206.96 crore
in FY15).

ULTRA HOME: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ultra Home
Construction Private Limited (UHCPL) continues to remain in the
'Issuer Not Cooperating' category.

   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      204.56      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2020, placed
the rating(s) of UHCPL under the 'issuer non-cooperating' category
as UHCPL 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. UHCPL 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).

M/s Ultra Home Construction Private Limited (UHCPL) was
incorporated in April 2004 as a private limited company to carry
out real estate development in both residential and commercial
segment. UHC founded by Mr. Anil Kumar Sharma is the flagship
company of Amrapali group; the group has more than 16 years of
experience with completed projects (both residential and
commercial) spread over 100 acres in Delhi-NCR and Greater Noida
market. UHC had undertaken a commercial project Amrapali Tech-Park
in April 2010. UHC had completed the said project in FY14 at a
total cost of INR722 cr. In 2019, the Promoters of the company are
sent behind the bars in an alleged case of defrauding homebuyers.

UNITED COLD: CARE Withdraws D Rating on Bank Debts
--------------------------------------------------
CARE has reviewed and reaffirmed the rating assigned to the bank
facilities of United Cold Storage (UCS) to CARE D; Issuer not
cooperating and has simultaneously withdrawn it, with immediate
effect. The ratings factor in the constraints relating to instances
of delays in the servicing of debt obligation. The rating
withdrawal is at the request of United Cold Storage and 'No
Objection Certificate' received from the bank that have extended
the facilities rated by CARE.

Detailed description of the key rating drivers

At the time of last rating on October 6, 2021 the following was the
rating weaknesses:

Key Rating Weaknesses

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

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


UV EXPORTS: CARE Lowers Rating on INR10.30cr Short Term Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of UV
Exports Private Limited (UEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.39      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Short Term Bank      10.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 23, 2020, placed
the rating(s) of UEPL under the 'issuer non-cooperating' category
as UEPL 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. UEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2021, August 19, 2021, August 29, 2021.

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

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

The revision in ratings assigned to the bank facilities of UEPL is
on account of recognition of default in payment to its operational
creditors available from publicly available resources

Delhi based U V Exports Private Limited (UVEPL), is a private
limited company and was incorporated in 2014 and headed by Founder
and Managing Director, Mrs. Usha Sirohi, who has an experience of
more than 18 years. She is assisted by Ms. Shikha Tyagi and Mr.
Ajay Kumar Sharma who are nominee directors of Ms. Mansi Sharma.
UVEPL is engaged in processing of basmati rice with an installed
capacity of 5 metric ton per hour at its unit located at Sonipat,
Haryana. The company procures the raw material (milled rice) from
millers directly, located in the Punjab, Rajasthan and Haryana.
UVEPL sells its product domestically to wholesalers as well exports
its product to most of European countries such as France, Italy
etc., Gulf countries like Israel, Singapore, New York etc. through
merchant's exporters and also make direct exports to U.K. The
company is also engaged in trading of Atta, Tea, Spices and Rice
which it procures locally and then sells it to traders.




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

GARUDA INDONESIA: Pelita Air May Take Over Domestic Routes
----------------------------------------------------------
The Jakarta Post reports that the government is preparing a plan
for state-owned charter airline PT Pelita Air Service to take over
Garuda Indonesia's domestic routes as courts pass decisions, both
favorable and unfavorable, over the financially-ailing national air
carrier.

The Jakarta Post relates that the plan entails turning Pelita Air
into a full-service airline in helping meet domestic flight demand
once the government lifts travel restrictions, according to
State-Owned Enterprises (SOE) Deputy Minister Kartiko Wirjoatmodjo
as reported by bisnis.com.

According to the report, the government devised the plan in the
event Garuda fails to renegotiate leases and restructure its IDR70
trillion (US$4.94 billion) debt.

                       About Garuda Indonesia

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

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

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




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

CRUSADERS BUILDING: Court to Hear Wind-Up Petition on Nov. 25
-------------------------------------------------------------
A petition to wind up the operations of Crusaders Building
Development Limited will be heard before the High Court at
Christchurch on Nov. 25, 2021, at 10:00 a.m.

Bo Si Limited filed the petition against the company on Oct. 14,
2021.

The Petitioner's solicitors are:

         Ayleath Foote
         c/o Duncan Cotterill
         Level 2, Duncan Cotterill Plaza
         148 Victoria Street
         Christchurch 8013
         New Zealand


DMNZ HOLDINGS: Creditors' Proofs of Debt Due on Dec. 22
-------------------------------------------------------
Creditors of DMNZ Holdings Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 22,
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 Oct. 22, 2021.

Inland Revenue filed the petition against the company.

The company's can be reached at:

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


JPT INTERNATIONAL: Khov Jones Appointed as Liquidators
------------------------------------------------------
Steven Khov, Kieran Jones and Thomas Rodewald of Khov Jones were
appointed joint and several liquidators of JPT International
Limited on Oct. 23, 2021.

Creditors of the company, which is in voluntary liquidation, were
required to file their proofs of debt by Nov. 22, 2021, to be
included in the company's dividend distribution.

The company's liquidators can be reached at:

         Khov Jones Limited
         PO Box 302261
         North Harbour, Auckland 0751
         New Zealand

TELLEN SYSTEMS: Creditors' Proofs of Debt Due Nov. 30
-----------------------------------------------------
Creditors of Tellen Systems NZ (2013) Limited, which is in
receivership and liquidation, are required to file their proofs of
debt by Nov. 30, 2021, to be included in the company's dividend
distribution.

Rhys Cain and Larissa Logan of Ernst & Young were appointed
liquidators of the company by order of the High Court at Auckland
on Oct. 22, 2021.

The company's liquidators can be reached at:

         Ernst & Young
         Level 4, 93 Cambridge Terrace
         Christchurch 8013
         New Zealand




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

A3 SG MU: Creditors' Proofs of Debt Due on Nov. 23
--------------------------------------------------
Creditors of A3 SG MU Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Nov. 23, 2021, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 15, 2021.

The company's liquidator is:

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


CHINA FISHERY: Liquidators Say Plans Patently Unconfirmable
-----------------------------------------------------------
The liquidators of Alatir Limited, Europaco Limited, Metro Win Inc
Limited, Pacific Andes Enterprises (BVI) Limited, Palanga Limited,
PARD Trade Limited, Parkmond Limited, Perun Limited, Richtown
Development Limited, Solar Fish Trading Limited and Zolotaya Orda
Limited (collectively, the "Liquidation Companies") object to the
China Fishery Group Limited (Cayman), et al.'s motion for approval
of the Disclosure Statement explaining their Chapter 11 Plan.

The Liquidation Companies and entities under their control timely
filed multiple liquidated and unliquidated claims against the PAIH
Debtors, the largest of which was asserted in a liquidated amount
exceeding $1.3 billion (Claim No. 1644).  No objection to these
claims has been interposed in the more than four years since the
claims were filed, and the claims accordingly are deemed allowed in
accordance with section 502.  Despite that fact, and without
offering any evidence to refute the allegations in the claims or
otherwise attempting to carry the Debtors' burden in objecting to
them, the PAIH Plan provides without explanation that the
Liquidation Companies' allowed claim against Nouvelle in an amount
exceeding $1.3 billion will be reduced for purposes of the Plan to
just over $6 million, a reduction of more than 99.5%.

The Liquidation Companies point out that more than five years after
the chapter 11 cases were first commenced, the Debtors have
proposed two plans of liquidation for the holding companies and
other "dormant, non-operating" entities that comprise the bulk of
the estates.  The first, the "PAIH Plan," seeks to effectuate the
sale of certain non-debtor real estate owned by the Debtors'
affiliates and use the sale proceeds to fund distributions.  The
second, the "CFGL/PARD Plan," proposes to fund distributions using
the proceeds of a prior settlement relating to the Debtors' former
operations in Peru.  Both plans violate fundamental tenets of
bankruptcy law relating to, among other things, the priority of
claims and interests, and both plans are patently unconfirmable on
their face.

Liquidation Companies further point out that the circumstances of
these cases -- and the provisions of the plans themselves --
evidence that neither plan was proposed with the requisite "honesty
and good intentions" required for confirmation. Far from being
proposed in good faith in order to reorganize the Debtors' affairs
or effectuate an orderly liquidation, the plans appear to be
designed wherever possible to siphon value away from creditors and
into the hands of equity holders. Moreover, the plans seek to
insulate a broad swath of insiders and related parties from any
pre- and postpetition liability through expansive release and
injunctive provisions, including nonconsensual releases of, among
others, the Debtors' and their non-Debtor affiliates':

predecessors, successors and assigns, subsidiaries, and Affiliates,
and its and their current and former officers, directors,
principals, shareholders and their Affiliates, members, managers,
partners, employees, agents, advisory board members, financial
advisors, attorneys, accountants, investment bankers, consultants,
representatives, management companies, and other professionals, and
such persons' respective heirs, executors, estates, servants and
nominees.

The plans and disclosure statements contain virtually no disclosure
regarding the specific parties or claims covered by the releases
and no justification for the many parties included, including how
(if at all) the releases are intended to affect hundreds of
millions of dollars in claims the Liquidation Companies are
currently pursuing against the Group's insiders and prepetition
professionals. Creditors are accordingly left with little to no
information on which to base their voting decisions aside from the
ambiguous language of the release provisions themselves.

According to Liquidation Companies, ample reasons exist to deny
confirmation of the plans. But as each plan falls woefully short of
meeting the thresholds for confirmation and is unconfirmable on its
face as a matter of law, the motions to approve the disclosure
statements and permit the solicitation of votes should be denied.

     Attorneys for the Liquidators of
     the Liquidation Companies:

     Douglas E. Deutsch
     Robert Johnson
     CLIFFORD CHANCE US LLP
     31 West 52nd Street
     New York, NY 10019
     Telephone: (212) 878-8000
     Facsimile: (212) 878-8375

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore). Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors. The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


GENERATION X: Court to Hear Wind-Up Petition on Nov. 12
-------------------------------------------------------
A petition to wind up the operations of Generation X Pte Ltd will
be heard before the High Court of Singapore on Nov. 12, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 18, 2021.

The Petitioner's solicitors are:

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


MATRIX DESIGN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 15, 2021, to
wind up the operations of Matrix Design Pte. Ltd.

The company's liquidators are:

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


SOCTECH SINGAPORE: Commences Wind-up Proceedings
------------------------------------------------
Soctech Singapore Pte Ltd, which is in voluntary liquidation,
commenced wind-up proceedings on Oct. 15, 2021.

Creditors of the Soctech Singapore were required to file their
proofs of debt by Nov. 22, 2021.

The company's liquidators are:

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


                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***