/raid1/www/Hosts/bankrupt/TCRAP_Public/211108.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

          Monday, November 8, 2021, Vol. 24, No. 217

                           Headlines



A U S T R A L I A

LIBERTY SERIES 2021-1: Moody's Assigns Ba3 Rating to Class F Notes
NATIONAL RENTAL: First Creditors' Meeting Set for Nov. 16
REDZED TRUST 2021-1: Moody's Hikes Rating on Class F Notes to Ba2


C H I N A

AGILE GROUP: Moody's Affirms Ba2 CFR, Alters Outlook to Negative
KAISA GROUP: Misses Wealth Product Payout on Unprecedented Stress
KAISA GROUP: To Sell Assets After Missing Payment on WMP
KAISA GROUP: Trading Suspended After Unit Missed WMP Payment


I N D I A

AIR INDIA: NCLT Rejects Bid for Initiating Insolvency Process
BANARAS SWARN: CARE Keeps B- Debt Rating in Not Cooperating
CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating
CONSTRUCTIONS & LEISURE: CARE Keeps B- Rating in Not Cooperating
CRITICAL ACCESS: CARE Keeps B- Debt Rating in Not Cooperating

EBIX TRAVEL: CARE Lowers Rating on INR21cr LT Loan to B
EMMANUEL RESORTS: CARE Keeps B- Debt Rating in Not Cooperating
EXCLUSIVE OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating
GEOXA STEELS: CARE Keeps D Debt Rating in Not Cooperating
HARI OM: CARE Keeps B- Debt Rating in Not Cooperating Category

HELIOS PHOTO: CARE Keeps D Debt Ratings in Not Cooperating
IFP PETRO: CARE Lowers Rating on INR18cr LT Loan to B+
INDEXPORT LEATHER: CARE Lowers Rating on INR8.90cr LT Loan to C
JINDAL INDIA: CARE Keeps D Debt Ratings in Not Cooperating
JKR SONA: CARE Keeps B- Debt Rating in Not Cooperating Category

KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
LORD WHEELS: CARE Keeps B- Debt Rating in Not Cooperating
MADHYA PRADESH: CARE Reaffirms D Rating on INR190cr LT Loan
OM ENTERPRISES: Insolvency Resolution Process Case Summary
PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating

PSV PRECAST: CARE Keeps B- Debt Rating in Not Cooperating
RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
SAFE PARENTARALS: CARE Keeps D Debt Rating in Not Cooperating
SCHEMA ENTERPRISES: Insolvency Resolution Process Case Summary
SHIVAM STEELS: Insolvency Resolution Process Case Summary

SHUBHAM RICE: CARE Lowers Rating on INR5.80cr LT Loan to B-
SIESTA LAMINATES: CARE Lowers Rating on INR25cr LT Loan to B-
SPAZE TOWERS: Insolvency Resolution Process Case Summary
T G R PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating


M A L A Y S I A

DAYA MATERIALS: Auditors Express Going Concern Doubt


N E W   Z E A L A N D

CHOIXENFANTS LIMITED: Court to Hear Wind-Up Petition on Nov. 19
K-DHAR LIVING: Court to Hear Wind-Up Petition on Dec. 10
MATAMATA CHRISTIAN: Creditors' Proofs of Debt Due Nov. 30


S I N G A P O R E

DESIGN STUDIO: Court to Hear Wind-Up Petition on Nov. 19
NILE GP: Court to Hear Wind-Up Petition on Nov. 12
RAFFLES PILING: Creditors' Meeting Set for Nov. 17
RYOBI GROUND: Creditors' Meeting Set for Nov. 17
UBIN FIRST: Court to Hear Wind-Up Petition on Nov. 19



S O U T H   K O R E A

SAMSUNG HEAVY: Net Loss Widens to KRW124BB in Q3 Ended Sept. 30

                           - - - - -


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A U S T R A L I A
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LIBERTY SERIES 2021-1: Moody's Assigns Ba3 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2021-1 SME.

Issuer: Liberty Series 2021-1 SME

AUD455.0 million of Class A1 Notes, Assigned Aaa (sf)

AUD39.7 million of Class B Notes, Assigned Aa2 (sf)

AUD21.0 million of Class C Notes, Assigned A2 (sf)

AUD11.7 million of Class D Notes, Assigned Baa1 (sf)

AUD23.3 million of Class E Notes, Assigned Ba1 (sf)

AUD5.8 million of Class F Notes, Assigned Ba3 (sf)

The AUD3.5 million of Class G Notes are not rated by Moody's.

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

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

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance;

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

The legal structure and availability of the liquidity facility;
and

The credit strength and experience of Liberty as servicer.

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

Key transactional features are as follows:

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

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

The guarantee fee reserve, which is unfunded at closing, will
build up to a limit of AUD3.5 million from excess spread. The
reserve account will firstly be available to meet losses on the
loans and charge offs against the notes. Secondly, it can be used
to cover any required payment shortfalls that remain after
liquidity facility and principal draws.

Key portfolio features are as follows:

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

The SME sub-pool, representing 39.7% of the overall portfolio,
primarily includes loans to company borrowers. The residential loan
sub-pool, representing 60.3% of the overall portfolio, primarily
includes loans to individuals.

The weighted average scheduled LTV of the combined portfolio is
63.3%, with only 0.9% of the loans with a scheduled LTV above
80.0%.

Around 1.7% of the portfolio comprises bullet loans -- i.e. loans
requiring a lump sum repayment of principal at the end of the loan
term. These loans do not amortise over the initial term of up to
five years and rely on either refinancing or sale of the underlying
property to repay the loan at maturity.

In addition to the bullet loans, the portfolio contains 11.2% of
loans with an initial interest only period of up to five years,
converting to principal and interest thereafter.

Key model and portfolio assumptions:

For the total pool, Moody's portfolio credit enhancement ("PCE") --
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario -- is 15.9% for the
combined portfolio. Moody's mean expected loss for the combined
portfolio is 2.1%. For the SME sub-pool, the PCE is 26.5% and mean
expected loss is 3.9%. For the residential loan sub-pool,
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE) is
8.2% and mean expected loss is 1.0%.

Methodology Underlying the Rating Action:

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

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

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

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

NATIONAL RENTAL: First Creditors' Meeting Set for Nov. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Rental And Sales Pty Ltd, trading as Raine & Horne Cannington/NRAS,
will be held on Nov. 16, 2021, at 11:00 a.m. via virtual meeting
technology.

Stephen Dixon of Hamilton Murphy Advisory (WA) Pty Ltd was
appointed as administrator of National Rental on Nov. 4, 2021.

REDZED TRUST 2021-1: Moody's Hikes Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on eight classes
of notes issued by two RedZed Trust Series residential
mortgage-backed securities (RMBS) transactions.

The affected ratings are as follows:

Issuer: RedZed Trust Series 2019-1

Class D Notes, Upgraded to Aa2 (sf); previously on Jun 3, 2021
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Jun 3, 2021
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Sep 3, 2020
Confirmed at B1 (sf)

Issuer: RedZed Trust Series 2021-1

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 31, 2021
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Mar 31, 2021
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Mar 31, 2021
Definitive Rating Assigned Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Mar 31, 2021
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Mar 31, 2021
Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and better-than-expected
collateral performance, with no losses, to date.

RedZed Trust Series 2019-1

Following the October 2021 payment date, note subordination
available for Class D Notes and Class E Notes has increased to 7.2%
and 3.9% respectively, from 6.7% and 3.7% at the last rating action
for these notes in June 2021. The note subordination available for
Class F Notes has increased to 3.3% from 2.1% at the time of the
last rating action for these notes in September 2020.

As of September 2021, 3.9% of the outstanding pool was 30-plus day
delinquent and 1.7% was 90-plus day delinquent. The portfolio has
incurred no losses since closing.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 2.1% of the
outstanding pool (equivalent to 0.9% of the original pool) from
2.7% of the outstanding pool as of the last rating action in June
2021.

Moody's has also decreased its MILAN CE assumption to 11.6% from
13.0% in June 2021, based on the current portfolio
characteristics.

RedZed Trust Series 2021-1

Following the October 2021 payment date, note subordination
available for the Class B Notes, Class C Notes, Class D Notes,
Class E Notes and Class F Notes has increased to 7.2%, 5.9%, 3.6%,
2.1% and 1.5% respectively, from 5.8%, 4.8%, 3.0%, 1.8% and 1.2% at
closing.

As of September 2021, 1.1% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The portfolio has
incurred no losses since closing.

Based on the originator's historical performance and the
transaction's observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 1.9% of the
outstanding pool (equivalent to 1.5% of the original pool) compared
to 2% of the original pool at closing.

Moody's has maintained its MILAN CE assumption of 13.2% at closing,
based on the current portfolio characteristics.

The transactions are RMBS originated by RedZed Lending Solutions
Pty Limited (unrated), an Australian non-bank mortgage originator.
The portfolios consist of mortgage loans extended largely to
self-employed borrowers made on an alternative income documentation
verification basis. A portion of the portfolios consist of loans
extended to borrowers with impaired credit histories.

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

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

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

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



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AGILE GROUP: Moody's Affirms Ba2 CFR, Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed Agile Group Holdings
Limited's rating outlook to negative from stable.

At the same time, Moody's has affirmed Agile's Ba2 corporate family
rating and Ba3 senior unsecured ratings.

"The outlook change to negative reflects our view that difficult
operating and funding conditions will weaken Agile's liquidity and
credit metrics over the next 6-12 months," says Kaven Tsang, a
Moody's Senior Vice President.

"Meanwhile, the rating affirmation reflects our expectation that
Agile will maintain adequate liquidity that would provide the
company with some flexibility to manage its material refinancing
needs over the next 6-12 months," adds Tsang.

RATINGS RATIONALE

Agile's CFR reflects the 1) company's strong market position and
solid track record of property development in its core Guangdong
and Hainan markets; 2) history of disciplined financial management;
3) adequate liquidity; and 4) increasing business and geographic
diversification.

However, the company's CFR is constrained by its modest financial
metrics, exposure to financial and execution risks associated with
its expansion in non-property businesses, and high refinancing
needs over the next 12-18 months.

Agile had unrestricted cash of RMB46.5 billion as of June 30, 2021
and short-term debt of RMB39.7 billion as of the same date.

Moody's believes Agile would have to use its internal cash to repay
some of its maturing debt, given increased risk aversion by
investors and banks, and its weakened access to the offshore bond
market, as reflected in the decline in bond prices. This, in turn,
will reduce its operational and financial flexibility.

Moody's also expects the company to actively manage its refinancing
needs through new financing, asset sales, and refinancing of part
of its maturing offshore bank loans, given its established banking
relationship and track record. But any deviation from such
expectation will pressure the company's ratings.

Moody's forecasts the company's contracted sales will decline to
around RMB130 billion this year and RMB125 billion in 2022 from
RMB138 billion in 2020, considering the weakened operating and
tightened funding conditions. In the first nine months, the
company's contracted sales rose 14% to RMB102 billion.

Moody's also expects Agile's profit margin to reduce over the next
12-18 months amid weakening sales and increased land and operating
costs. This will offset the effect of a mild revenue growth, driven
mainly by its growing property management and environmental
protection businesses.

Accordingly, Agile's EBIT/interest coverage will stay at 2.5x-3.0x
over the next 12-18 months, versus 2.7x for the 12 months ended
June 2021. This projected ratio positions the company at the weaker
end of its Ba2 CFR.

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

In terms of environmental, social and governance aspects, Moody's
has considered Agile's concentrated ownership by its key
shareholder, the Chen family, which held a total 66.3% stake in the
company as of the end of June 2021. The family has a track record
of injecting equity of around HKD1.6 billion into the company to
support its liquidity and refinancing needs during tough times for
the property market in 2014.

Agile's CFR has also taken into consideration the presence of
internal governance structures and disclosure standards, as
required under the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange.

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

An upgrade of Agile's ratings is unlikely, given the negative
outlook. However, the outlook could be revised to stable if Agile
strengthens its access to funding, liquidity and credit metrics,
and maintains stable operating cash flow.

Credit metrics supporting a stable outlook include EBIT/interest
coverage rising to above 3.0x-3.5x, revenue/adjusted debt staying
above 70%, and unrestricted cash/short-term debt above 1.0x-1.5x on
a sustained basis.

On the other hand, Moody's could downgrade Agile's ratings if its
liquidity and refinancing risks heighten due to further weakening
in funding access, its inability to secure new funding or a
material decline in operating cash flow occurs because of a fall in
property sales.

Downward rating pressure could also develop if Agile's debt or
contingent liabilities increase materially, weakening its credit
metrics.

Metrics that would indicate downgrade pressure include
EBIT/interest coverage unlikely to improve to 3.0x-3.5x,
revenue/adjusted debt under 65%-70%, or unrestricted
cash/short-term debt below 1.0x-1.5x on a sustained basis.

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

Agile Group Holdings Limited (Agile) is one of China's major
property developers. As of June 30, 2021, the company had a land
bank with a gross planned gross floor area (GFA) of 53 million
square meters (sqm).

KAISA GROUP: Misses Wealth Product Payout on Unprecedented Stress
-----------------------------------------------------------------
Bloomberg News reports that Kaisa Group Holdings Ltd. missed
payments on wealth management products it guaranteed, the latest
sign of stress in the nation's beleaguered real estate industry.

According to Bloomberg, the company has faced "unprecedented
pressure on its liquidity" due to unfavorable factors such as
credit rating downgrades and a challenging property market
environment, Kaisa said in a statement on Nov. 4. The developer and
the issuer Kaisa Finance will work out a repayment plan soon, it
added.

Bloomberg says Kaisa's bonds and shares tumbled on Nov. 4 on
mounting concerns over its financial health. The company joins
troubled industry giant China Evergrande Group in seeing its cash
crunch reach the point where it hurt investors in high-yielding
wealth products, the report notes.

Kaisa became a focus of investor concern after it canceled meetings
with investors in October, triggering doubts about its liquidity
and sending its dollar bonds lower, Bloomberg recalls. Downgrades
by both S&P Global Ratings and Fitch Ratings a few days later
caused a fresh sell-off in the developer's shares, which have
tumbled more than 70% this year. Its dollar bonds are among the
worst performers in a Bloomberg index.

Kaisa's 6.5% dollar note maturing in December fell 15.9 cents on
the dollar to 46.2 cents, Bloomberg-compiled prices show,
suggesting growing doubt over the firm's capacity to service its
near-term debt. Its shares closed 15% lower in Hong Kong to the
lowest price since its 2009 listing.

There is CNY12.8 billion ($2 billion) in principal and interest
outstanding on the wealth products, China's Economic Observer
reported, without citing anyone, Bloomberg relays.

Some of Kaisa's retail investors gathered in the developer's
Shenzhen headquarters on Nov. 4 to meet with Vice Chairman Mai Fan
and management of Kaisa Finance, the company said.

Bloomberg relates that Kaisa offered a plan to repay in cash
installments, paying 10% of a product's principal and then 25% of
interest every quarter, the Hong Kong Economic Journal reported,
citing the discussions. Kaisa said the final plan is yet to be
announced.

"Kaisa is a responsible firm," Chairman Kwok Ying Shing told retail
investors through a call, according to a statement by the company.
"If you give Kaisa time, Kaisa has the ability and methods to
repay."

Bloomberg notes that the missed payments come about two months
after Evergrande faced protests from investors demanding money on
similar overdue products. Evergrande had been selling the
investments to individuals and even employees to raise funds as
other sources of financing dried up in the wake of China's
crackdown on leverage in the property sector.

Evergrande offered investors the choice of accepting payments in
cash installments, properties, or forgiveness of bills owed for
apartments they had purchased, the report relates. With more than
$300 billion in liabilities, the real estate conglomerate is at the
center of a widening debt crisis among China's developers.

The first Chinese builder to default on dollar bonds, Kaisa
completed a debt restructuring in 2016, recalls Bloomberg. Since
then, it has grown to become China's third-largest dollar debt
borrower among developers with more than $11 billion of bonds
outstanding in the currency. It ranked as China's 27th biggest
property developer by sales last month.

Kaisa has a $400 million note due on Dec. 7, and $2.8 billion of
dollar bonds maturing in 2022, according to Bloomberg data. It's
also scheduled to pay an interim dividend of 4 Hong Kong cents per
share on Dec. 17, which would cost the company about HK$281
million.

Kaisa is "making all efforts" to resolve its liquidity problem such
as by speeding up asset sales, it said in the statement, Bloomberg
relays. The company is seeking buyers for its Hong Kong-listed
property management unit and two residential sites in the city, but
no clear buyers had emerged, Reuters has reported, adds Bloomberg.

                         About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2021, S&P Global Ratings lowered its long-term issuer credit
rating on Kaisa Group Holdings Ltd. to 'CCC+' from 'B'. The
negative outlook reflects China-based property developer Kaisa's
unsustainable capital structure, sizeable near-term debt
maturities, and diminishing liquidity. S&P expects Kaisa to face
high pressure to meet its debt obligations over the next 12
months.

The TCR-AP reported on Nov. 2, 2021, Moody's Investors Service has
downgraded the corporate family rating of Kaisa Group Holdings Ltd
to Caa1 from B2. At the same time, Moody's has downgraded the
senior unsecured rating on the bonds issued by Kaisa to Caa2 from
B3.  The outlook has been changed to negative from rating under
review.  This concludes the review for downgrade on Kaisa's ratings
initiated on October 18, 2021.


KAISA GROUP: To Sell Assets After Missing Payment on WMP
--------------------------------------------------------
South China Morning Post reports that Kaisa Group Holdings is
selling assets to raise capital for liabilities including a missed
payment on a wealth product and US$11 billion of dollar bonds, as
it faces a hectoring by Shenzhen's government and the trading of
its stocks were halted in Hong Kong.

The developer has put 18 property projects with 1.45 million square
metres (15.6 million square feet) in Shenzhen on the auction block,
with a combined value estimated at CNY81.82 billion (US$12.8
billion), according to a catalogue seen by South China Morning
Post.

The Post relates that the developer plans to start selling assets
as soon as next month, aiming to wrap up the process by the end of
2022, according to people familiar with the programme, declining to
be identified.  

                          About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2021, S&P Global Ratings lowered its long-term issuer credit
rating on Kaisa Group Holdings Ltd. to 'CCC+' from 'B'. The
negative outlook reflects China-based property developer Kaisa's
unsustainable capital structure, sizeable near-term debt
maturities, and diminishing liquidity. S&P expects Kaisa to face
high pressure to meet its debt obligations over the next 12
months.

The TCR-AP reported on Nov. 2, 2021, Moody's Investors Service has
downgraded the corporate family rating of Kaisa Group Holdings Ltd
to Caa1 from B2. At the same time, Moody's has downgraded the
senior unsecured rating on the bonds issued by Kaisa to Caa2 from
B3.  The outlook has been changed to negative from rating under
review.  This concludes the review for downgrade on Kaisa's ratings
initiated on October 18, 2021.


KAISA GROUP: Trading Suspended After Unit Missed WMP Payment
------------------------------------------------------------
Reuters reports that Kaisa Group Holdings Ltd and three of its
units had their shares suspended from trading on Nov. 5, a day
after an affiliate missed a payment to onshore investors as China's
snowballing property debt crisis jolts other developers.

Reuters relates that Shenzhen-based homebuilder Kaisa, which has
guaranteed the wealth management product, said in a statement on
Nov. 4 it was facing unprecedented liquidity pressure due to a
challenging property market and rating downgrades.

According to Reuters, Kaisa and its unit Kaisa Prosperity said in
separate exchange filings on Nov. 5 that trading in their shares
was being suspended pending the release of "inside information".
The companies did not elaborate.

Reuters reported last month, citing sources, that Kaisa was seeking
buyers for its property management unit Kaisa Prosperity and two
residential sites in Hong Kong, as it scrambles to meet a wall of
debt repayments.

Kaisa's troubles come amid concerns about a broadening liquidity
crisis in the Chinese property sector, with a string of offshore
debt defaults, credit rating downgrades and sell-offs in the
developers' shares and bonds in recent weeks, Reuters notes.

The report says Kaisa has the most offshore debt coming due over
the next year of any Chinese developer after embattled China
Evergrande Group, which is reeling under more than $300 billion in
liabilities.

A finance unit of Kaisa had missed a payment on a wealth management
product (WMP), the developer said on Nov. 4, adding it was raising
funds to ease the pressure by taking measures including speeding up
asset sales.

Kaisa is planning to sell 18 of its assets in Shenzhen city, mostly
retail and commercial properties, worth a total of  CNY81.8 billion
by the end of 2022, according to a document seen by Reuters on Nov.
5.

Reuters relates that the proceeds will be used to repay the wealth
management products. The developer also has 95 urban renewal
projects in Shenzhen, valued at CNY614 billion, which can help
replenish its capital after sales upon completion or early
disposal.

Media outlet Cailianshe, citing unidentified sources familiar with
the matter, reported that state-owned enterprises including China
Resources Land were in talks to buy some of Kaisa's urban renewal
projects in the southern city, Reuters reports.

Kaisa has about $3.2 billion in offshore senior notes due in the
next 12 months, with the next maturity worth $400 million falling
on Dec. 7, Reuters discloses. It has coupon payments totalling over
$59 million due on Nov. 11 and Nov. 12.

                          About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
5, 2021, S&P Global Ratings lowered its long-term issuer credit
rating on Kaisa Group Holdings Ltd. to 'CCC+' from 'B'. The
negative outlook reflects China-based property developer Kaisa's
unsustainable capital structure, sizeable near-term debt
maturities, and diminishing liquidity. S&P expects Kaisa to face
high pressure to meet its debt obligations over the next 12
months.

The TCR-AP reported on Nov. 2, 2021, Moody's Investors Service has
downgraded the corporate family rating of Kaisa Group Holdings Ltd
to Caa1 from B2. At the same time, Moody's has downgraded the
senior unsecured rating on the bonds issued by Kaisa to Caa2 from
B3.  The outlook has been changed to negative from rating under
review.  This concludes the review for downgrade on Kaisa's ratings
initiated on October 18, 2021.



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AIR INDIA: NCLT Rejects Bid for Initiating Insolvency Process
-------------------------------------------------------------
Bar and Bench reports that the New Delhi Bench of National Company
Law Tribunal (NCLT) on Nov. 2 rejected a plea filed under Section 9
of the Insolvency and Bankruptcy Code, 2016 seeking initiation of
Corporate Insolvency Resolution Process (CIRP) against Air India.

According to Bar and Bench, the plea filed by Bharat Zaveri,
proprietor of the operational creditor BKP Enterprise, was rejected
by a Bench of judicial member Abni Ranjan Kumar Sinha and technical
member LN Gupta on the ground of delay.

Bar and Bench relates that the NCLT noted that the application was
filed after the limitation period of three years and was therefore,
barred by law of limitation.

"There is no specific averment made by the applicant as to what
prevented the Operational Creditor to file the Section 9
application in time and what are the specific reasons along with
the corresponding number of days of delay in filing the Petition,"
the order said.

Bar and Bench says the plea seeking initiation of CIRP was first
listed before the NCLT on July 9, 2021. The plea mentioned date of
default of dues by Air India as March 11, 2013.

The plea had, however, been filed only on June 30, 2021. The NCLT,
therefore, asked the operational creditor to convince the Bench on
the point of limitation and maintainability, Bar and Bench
relates.

The operational creditor admitted that the plea was not filed
within the limitation period of 3 years. It, therefore, filed an
interlocutory application (IA) for condonation of delay, says Bar
and Bench.

In the said IA, it was contended that the operational creditor had
been acting bona fide and delay in presenting the Section 9
petition was solely due to the reasons not attributable to the
operational creditor.

It was further submitted that the operational creditor, despite
being a Micro, Small & Medium Enterprise (MSME) had been vigilantly
fighting for its cause in order to receive the admitted outstanding
sums from the corporate debtor from the year 2013 while the acts of
the corporate debtor, being a Central government company, were in
complete deviance from the principles of fairness and suffered from
the vice of arbitrariness, Bar and Bench relays.

Bar and Bench notes that the NCLT, however, disagreed stating that
there was no specific argument as to what prevented the operational
creditor from filing the Section 9 application on time.

"We conclude that the Operational Creditor has failed to
demonstrate the "sufficient cause" for condoning the delay in
filing the present IB petition, hence, we are not inclined to allow
the Interlocutory Application," the order said.

Consequently, the petition was also dismissed for being barred by
limitation.

Advocates Suvigya Awasthi and Vivek Joshi appeared for the
operational creditor, Bar and Bench discloses.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2014, The Times of India said Air India got a breather in the
form of INR1,000-crore equity infusion from the government on March
26, 2014.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in equity to the
tune of INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to The
Economic Times.


BANARAS SWARN: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Banaras
Swarn Kala Kendra Private Limited (BSKKPL) continues to remain in
the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 6, 2020, placed the
rating(s) of BSKKPL under the 'issuer non-cooperating' category as
BSKKPL 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. BSKKPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2021, September 1, 2021, September 11, 2021.

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

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

BSK was incorporated in 1994 as a private limited company. BSK is
promoted by Mr Ashok Jaiswal, Mr Sunil Jaiswal, Mr Anil Jaiswal and
Mr Manoj Jaiswal. The company is engaged in retail trading of
diamond-studded gold jewellery, gold jewellery, pearls and precious
stones studded gold jewellery (necklaces, earrings, rings, pendants
and bangles) and silver jewellery. BSK has its retail
outlet/showroom located at Varanasi, Uttar Pradesh. The company
buys readymade jewellery (approximately 85% of the total sales) as
well as BSK procures raw gold, loose stones and get the jewellery
manufactured on job work basis (approximately 15% of the total
sales). BSK procures gold, diamond and silver jewellery from
wholesalers and manufacturers in Mumbai and Delhi region.

CGR COLLATERAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CGR
Collateral Management Limited (CCML) 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 October 22, 2020, placed the
rating(s) of CCML under the 'issuer non-cooperating' category as
CCML 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. CCML 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.

CGR Collateral Management Limited (CCML) was incorporated by Mr
Aman Deep in December 2012. CCML offers modern, scientific, IT
enabled storage services for all types of agro commodities covering
more than 57 locations spread across 6 states. The company had 175
storage facilities having a capacity of over 2.98 Lakh MT as on
June 30, 2018. CCML also provides commodity assaying services as it
is an NCDEX and NCDEX e Markets Ltd (NeML) appointed Assayer. The
company also provides the advisory and collateral management
services in partnership with the associate banks and Non-Banking
Financial Companies (NBFCs). CCML has tie-up with 8 nationalized
banks for providing collateral management services.

CONSTRUCTIONS & LEISURE: CARE Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Constructions & Leisure Private Limited (SCLPL) continues to remain
in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 6, 2020, placed the
rating(s) of SCLPL under the 'issuer non-cooperating' category as
SCLPL 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. SCLPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2021, September 1, 2021, September 11, 2021.

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

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

Shree Construction and Leisure Pvt Ltd (SCL) incorporated in
September 2010 by Mr. Ranjeet Singh and Mrs. Kiranjeet Kaur. SCL
operates a hotel under the brand name of 'Rajnes's Hotel' at
Lucknow, Uttar Pradesh. The hotel has 61 rooms, banquet hall (400
person capacity), mini banquet hall (100 person capacity),
conference room and restaurant. The hotel commenced its commercial
operations in May, 2015. SCL has many corporate tie ups with
companies like Vodafone, Uninor, Allahabad Bank etc.

CRITICAL ACCESS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Critical
Access Health Services & Research Center Private Limited (CAHSRCPL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.50      CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 7, 2020, placed the
rating(s) of CAHSRCPL under the 'issuer non-cooperating' category
as CAHSRCPL 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. CAHSRCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 23, 2021, September 2, 2021, September 12, 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 on March 12, 2010, Critical Access Health Services &
Research Centre Private Ltd (CAHSRL) is promoted by Dr Sudeep
Sangwan and Dr. Smt. Krishna Sangwan. CAHSRL plans to setup a 100
bedded multi-specialty hospital at Panipat, Haryana by December
2016 of which 50 beds are already operational since May 2015. The
hospital is a multispecialty hospital and trauma centre along with
value added services mainly comprising of 10 bedded ICU, OPD, 2
Operating rooms/ Labour room, Imaging department with Spiral CT
scan, X-ray, ultrasound machine, theatre sterile supply unit,
Mammography, Laboratory services.


EBIX TRAVEL: CARE Lowers Rating on INR21cr LT Loan to B
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ebix
Travel & Holidays Limited (ETHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of ETHL under the 'issuer non-cooperating' category as
ETHL 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. ETHL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 04, 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.

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

Incorporated in 1948, Mercury Travels Limited later name was
changed to Ebix Travel & Holidays Limited on June 16, 2020, as a
subsidiary of East India Hotels [(EIH) which owns the Oberoi Hotels
& Resorts and Trident Hotels] is engaged in providing
travel-related services. The company has a comprehensive portfolio
of travel-related services that include outbound & inbound
holidays, corporate travel management, foreign exchange and travel
insurance. The company is an International Air Transport
Association (IATA) registered ticketing agency. Effective July 1,
2018, the promoters shareholders entered into a Share Acquisitions
cum Shareholders Agreement, with the Ebix Group (i.e. New
Management) and accordingly following new directors were appointed
Mr. Naveen Kundu, Mr. Vikas Verma and Mr. Satya Bushan Kotru were
appointed as Additional Director on 03.08.2018. Thereafter Mr.
Naveen Kundu, Mr. Vikas Verma and Mr. Satya Bushan Kotru were
regularized as Director with effective from September 2018.

EMMANUEL RESORTS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Emmanuel
Resorts Private Limited (ERPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.30      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 13, 2020, placed the
rating(s) of ERPL under the 'issuer non-cooperating' category as
ERPL 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. ERPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 29, 2021, September 8, 2021, and September 18, 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).

Emmanuel Resorts Private Limited (ERPL) was incorporated in the
year 1996 and promoted by Dr. Mamta Deenadayal and Dr. D.S.
Deenadayal. The company is engaged in providing resort services
like camping sites, food and beverages and other provision of
short-stay accommodation. The Resort is constructed on 16 acres of
area. Currently, it has 122 rooms differentiated by areas spanning
from 120 Sq. Ft. to 1000 Sq. Ft., the average room rent is from
INR3950-16000 per day and the occupancy level is 73% in FY18.
Furthermore, it provides amenities like swimming pool, spa,
conference room, meditation rooms and restaurants. The customer of
the company includes individuals and corporates.


EXCLUSIVE OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Exclusive
Overseas Private Limited (EOPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.71      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            8.00      CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 7, 2020, placed the
rating(s) of EOPL under the 'issuer non-cooperating' category as
EOPL 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. EOPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 23, 2021, September 2, 2021, September 12, 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).

EOPL was incorporated in January 1996 by Mr Rajeev Aggarwal and his
family member. The company is engaged in the manufacturing of
quilted fabrics. The company has two manufacturing facilities,
located at New Delhi and Bengaluru, Karnataka.


GEOXA STEELS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geoxa
Steels Private Limited (GSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 14, 2020, placed the
rating(s) of GSPL under the 'issuer non-cooperating' category as
GSPL 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. GSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 30, 2021, September 9, 2021, September 19, 2021.

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

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

Incorporated in 2012, GSPL is engaged in the manufacturing of
stainless steel pipes at its manufacturing facility located at
Ludhiana, Punjab with an installed capacity of manufacturing 15
Tonnes Per Day (TPD), as on March 31, 2016. The company started its
operations in Aug-2013. The products manufactured by the company
are sold under the brand name "Geoxa" to dealers and wholesalers
situated in Punjab. GSPL has a group concern by the name Geoxa
Logistics (GL; rated 'CARE D; Issuer not cooperating') which was
established in 2015 and is engaged in the logistic services for
construction, infrastructure, auto component industries, etc.


HARI OM: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hari Om
Retail Private Limited (HORPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 2, 2020, placed the
rating(s) of HORPL under the 'issuer non-cooperating' category as
HORPL 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. HORPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2021, September 28, 2021, October 8, 2021.

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

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

Hari Om Retail Private Limited (HORPL) was incorporated in 2011 by
Mr. Gaurav Juneja, Mr. Sunil Juneja and Ms. Seema Juneja. The
company is engaged in retail trading of electronic products such as
LED, AC, Refrigerator, Washing Machine, Mobile phones etc. HOR has
4 retail outlets/showrooms located at Ashok Vihar, Lajpat Nagar,
Kamla Nagar, Rohini and Kingsway Camp, Delhi.


HELIOS PHOTO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Helios
Photo Voltaic Limited (HPVL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      978.38      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.15      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 16, 2020, placed
the rating(s) of HPVL under the 'issuer non-cooperating' category
as HPVL 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. HPVL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2021, August 12, 2021 and August 22, 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).

HPVL, previously known as Moser Baer Photo Voltaic Limited is a
wholly-owned subsidiary of Moser Bear Solar Limited and a step-down
subsidiary of Moser Baer India Limited. HPVL is primarily engaged
into design, manufacture and export of photo voltaic cells, modules
and systems. HPVL commenced its commercial shipment of PV (Photo
Voltaic) cells and modules in June 2007 and November 2007
respectively. HPVL also provides turnkey solutions and EPC services
for the large grid-connect solar farms.

IFP PETRO: CARE Lowers Rating on INR18cr LT Loan to B+
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of IFP
Petro Products Private Limited (IPPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 03, 2019, placed
the rating(s) of IPPPL under the 'issuer non-cooperating' category
as IPPPL 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. IPPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 21, 2021, August 31, 2021, September 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).

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider an increase in
overall debt.

IFP Petro Products Private Limited (IFP) was established in April,
2002 and is currently being managed by Mrs. Urmila Bhargava and Mr.
Anant Bhargava. The company is operating into three business
segments i.e. Used Oil refining, Transmix refining and Contract
packaging. The major application industry for company's products
are oil companies, engineering industries, grease manufacturers,
paint industries etc.

INDEXPORT LEATHER: CARE Lowers Rating on INR8.90cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indexport Leather Export Private Limited (ILEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.90      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from   
                                   CARE B-; Stable

   Short Term Bank      5.00       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 November 18, 2020, placed
the rating(s) of ILEPL under the 'issuer non-cooperating' category
as ILEPL 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. ILEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 04, 2021, October 14, 2021, October 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 assigned to the bank facilities of ILEPL have been
revised on account of non-availability of requisite information.

The ratings also factored in significant decline in scale of
operations, reporting of losses, deterioration in capital structure
as well as debt coverage indicators during FY20.

West Bengal based Indexport Leather Export Private Limited (ILEPL)
incorporated in January 2011, was promoted by Mr. Ranbir Dev
Thakar, Mrs. Saroj Thakar and Mrs. Gayatri Dutt. Since its
inception, ILEPL has been engaged in processing of leather and
manufacturing of leather products like wallets, card case holder,
leather key ring, leather passport holder, note cases, handbags
etc. The major raw materials used are raw hide of animals which are
mainly procured from domestic market and also imported from Hong
Kong. The manufacturing facility of the company is located at
Kolkata, West Bengal with an installed capacity of 240000 pieces
per annum. The company sells its entire products in the
international market. The major export destination of the company
is Germany and UK. Mr. Ranbir Dev Thakar (aged about 88 years),
having more than five decade of experience in this line of
business, looks after the day to day operations of the company. He
is supported by other promoter Mrs. Saroj Thakar and Mrs. Gayatri
Dutt along with a team of experienced professional.


JINDAL INDIA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jindal
India Thermal Power Limited (JITPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     5,766.69     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           290.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      209.74     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 18, 2020, placed
the rating(s) of JITPL under the 'issuer non-cooperating' category
as JITPL 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. JITPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 04, 2021, August 14, 2021 and August 24, 2021.

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

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

Jindal India Thermal Power Ltd (JITPL) was promoted by Jindal Poly
Films Ltd (JPFL) and Jindal Photo Limited (JPL) through Jindal
India Powertech Ltd (JIPL, a holding company wholly owned by JPFL
and JPL). It has implemented 1,200 MW greenfield thermal power
plant (as 2 units of 600 MW each) at district Angul in Odisha. The
project entails a total estimated cost of INR7, 537 crore being
funded through a debt (including subordinate debt and unsecured
loans) of INR5,900 crore and the promoter's contribution of
INR1,637 crore.


JKR SONA: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JKR Sona
Mandi Jewellers Private Limited (JSMJPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of JSMJPL under the 'issuer non-cooperating' category as
JSMJPL 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. JSMJPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 13, 2021, September 23, 2021,
October 3, 2021.

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

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

Delhi based JKR Sona Mandi Jewellers Private Limited (JSMJPL) was
incorporated in August, 2006 by Mr. Shivam Singla and Mrs Seema
Singla. The company is engaged in manufacturing and wholesale and
retail trading of gold and diamond studded jewellery and has a
showroom in Delhi's Chandni Chowk.

KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KGN Motors
Private Limited (KMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.89       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 KMPL under the 'issuer non-cooperating' category as
KMPL 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. KMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 30, 2021, September 9, 2021, September 19, 2021.

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

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

Incorporated in 2007 in Pune, Maharashtra, KGN Motors Private
Limited (KMPL) is a private limited company promoted by Ms. Hasina
Riyaz Inamdar and Mr. Mubin Riyaz Inamdar and is a flagship company
of KGN Group. The company is an authorized dealer for trucks and
buses of Ashok Leyland Limited (ALL). The company was initially
into spares and services business for ALL and subsequently ventured
into sales business [3S (sales, spares and services)] for ALL in
2014.


LORD WHEELS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lord Wheels
Private Limited (LWPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.82      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 7, 2020, placed the
rating(s) of LWPL under the 'issuer non-cooperating' category as
LWPL 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. LWPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 23, 2021, September 2, 2021, September 12, 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).

Meerut, Uttar Pradesh, based Lord Wheels Private Limited (LWPL) was
incorporated in 2015 as a private limited company and is currently
being managed by Mr. Pankaj Veerbhan, Ms. Radhika Veerbhan and Mr.
Vedpal Singh. LWPL is an authorized dealer of Honda Cars India
Limited (HCIL). The company operated thorugh two 3S (Sales, spare &
services) facilities in Dehradun under the brand name of Admire
Honda.

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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           190.00     CARE D Reaffirmed

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

   Secured
   Reedemable
   Bonds
   (Bond Issue- 2)
   (ISIN:INE348F08027)  14.54     CARE C; Stable Reaffirmed

   Secured
   Reedemable
   Bonds
   (Bond Issue- 3)
   (ISIN:INE348F08035)  10.60     CARE C; Stable Reaffirmed


Detailed Rationale & Key Rating Drivers

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

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

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

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

Rating Sensitivities

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

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

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

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

Detailed description of the key rating drivers

Key Rating Weaknesses

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

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

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

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

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

Key Rating Strengths

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

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

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

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

Liquidity: Adequate (Guarantor)

The state has been availing the Ways and means advances (WMA)
within the prescribed limits of the RBI on time to time basis.
However, the state has not availed overdraft facility from the RBI.
As such, the liquidity situation of the Madhya Pradesh government
can be perceived to be adequate in 2019-20.

MPFC's liquidity position on a standalone basis is poor due to
very low collections from borrowers.

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

OM ENTERPRISES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shree Om Enterprises Private Limited
        B-11/2, Back side Ground Floor
        Okhla Industrial Area
        Phase-II, Delhi 110020

Insolvency Commencement Date: October 25, 2021

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

Estimated date of closure of
insolvency resolution process: April 22, 2022
                               (180 days from commencement)

Insolvency professional: Archana Singhal

Interim Resolution
Professional:            Archana Singhal
                         F-601, Mayurdhwaj Apartments
                         60, I.P. Extension
                         Delhi 110092
                         E-mail: archanafca@gmail.com

                            - and -

                         118 Himvarsha Apartments
                         103, I.P. Extension
                         Delhi 110092
                         E-mail: cirp.soepl@gmail.com

Last date for
submission of claims:    November 8, 2021


PHENIL SUGARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Phenil
Sugars Limited (PSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       70.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

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

PSL was incorporated in 2003 with its registered office in Mumbai
which was later changed to Delhi in order to bring operational
efficiency and better monitoring. The Company was converted to a
Public Limited Company and its name was changed to Phenil Sugars
Limited from Phenil Sugars Private Limited on amalgamated with PSL
with effect from April 1, 2010. Pursuant to a High Court order
dated April 19, 2011, GNSL merged with PSL and subsequently,
pursuant to a High Court order dated February 20, 2013, BSML April
26, 2013. In October 2004, Phenil acquired two sugar companies,
Govind Nagar Sugar Ltd. (GNSL) and Basti Sugar Mills Company Ltd.
(BSML) from the Narang group. Both, GNSL and BSML have been merged
with PSL with the appointed date being April 1, 2010. PSL has total
sugarcane crushing capacity of 6,000 TCD and power cogeneration
capacity of 13.6 MW. Entire Power generated is used for captive
consumption.


PSV PRECAST: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PSV Precast
Private Limited (PPPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 16, 2020, placed the
rating(s) of PPPL under the 'issuer non-cooperating' category as
PPPL 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. PPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 1, 2021, September 11, 2021, and September 21, 2021.

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

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

PSV Precast Private Limited (PPPL) was incorporated in the year
2017 for the object of carrying out business of manufacturing,
supply and erection of precast building elements i.e., columns,
beams, hollow core slabs, walls etc., which is used in civil
construction. PPPL was promoted by by Mr. Pulli. Harikrishna
Srinivas Reddy (Managing Director) and Ms. P. Sujata (Director).
The manufacturing unit is located at Yawapur Village, Sadasivpet
Mandal, Sangareddy district, Telangana. PPPL has its owned land
with an area of 5.00 acres with manufacturing plant area size of
45000 sq. ft. The company has all the utility facilities, where the
plant is located, i.e. water, electricity, manpower, transportation
among others. The project was started in September 2017 and started
commercial operations in April 2018. The total proposed cost of
project is INR9.87 crore which is proposed to be funded through
bank term loan of INR7.40 crore and equity share capital of INR2.46
crore. The project was completed in April'2018 and simultaneously
started its commercial operations. Also, the company has got orders
from Inderjit Mehta Constructions Pvt. Ltd, Preca Solutions India
Private Limited.

RANGANATHASWAMY JEWELLARY: CARE Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ranganathaswamy Jewellary Works (SRJW) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of SRJW under the 'issuer non-cooperating' category as
SRJW 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. SRJW continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021 and October 2, 2021.

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

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

Sri Ranganathaswamy Jewellary Works (SRJW) is a proprietary concern
started by Mr K. Rangachari in September 1989. The firm is engaged
in the business of wholesale trading and retailing of gold and
silver ornaments. It is also engaged in designing and making gold
and silver ornaments as per the request of customers. Their
showroom is situated at Challakere, Karnataka. Mr Ranagachari has
an experience of around 25 years in the industry.


SAFE PARENTARALS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Safe
Parentarals Limited (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 9, 2020, placed the
rating(s) of SPL under the 'issuer non-cooperating' category as SPL
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. SPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 25, 2021, September 4, 2021, and September 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).

Safe Parenterals Limited (SPL) was incorporated in December 1993.
The current directors of the company are Mr. P. Vijaya Lakshmi,
Mrs. K. Sasikala, Mr. Y. Nageshwararao, Mr. G. Sambasivarao, and
Mr. L. Siva Rama Krishna. The company is engaged in manufacturing
of animal related pharma drugs like Sancalvet, Sulphadimidine,
Roflox, etc. The company has its manufacturing unit located at
Narasaraopet, Guntur district (Andhra Pradesh) with an installed
capacity of 10,000 bottles per day. Currently, the company is
implementing an expansion project for increasing its total capacity
to 25,000 bottles per day. The total cost of the project is
estimated to around INR16.00 crores which is to be funded through a
bank term loan of INR12 crores and rest of INR4.00 crores by a way
of share capital and unsecured loans.

SCHEMA ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Schema Enterprises Private Limited
        Soham House, Hari Om Nagar
        Off. Eastern Express Highway
        Mulund (East), Mumbai 400081

Insolvency Commencement Date: August 8, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: February 6, 2022

Insolvency professional: Balaji Shrirang Sagar

Interim Resolution
Professional:            Balaji Shrirang Sagar
                         Sr. No. 21/5
                         Opp. Creative Camio
                         Near PCMC-D Ward Office
                         Rahatani, Pune 411027
                         E-mail: balajisagar.schema@gmail.com

Last date for
submission of claims:    October 26, 2021


SHIVAM STEELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shivam Steels and Tubes Private Limited
        264, A to Z Industrial Estate
        Ganpatrao Kadam Marg
        Lower Parel, Mumbai City
        MH 400013
        IN

Insolvency Commencement Date: September 22, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 20, 2022

Insolvency professional: Jagdish Ratanlal Ahuja

Interim Resolution
Professional:            Jagdish Ratanlal Ahuja
                         JR Ahuja & Co
                         Company Secretaries
                         UG-329, Dreams Mall
                         LBS Road, Bhandup West
                         Mumbai 400078
                         E-mail: cirpshivam@gmail.com
                                 pcsjrahuja@gmail.com

Last date for
submission of claims:    November 11, 2021


SHUBHAM RICE: CARE Lowers Rating on INR5.80cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shubham Rice Udyog (SRU), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.80       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of SRU under the 'issuer non-cooperating' category as
SRU 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. SRU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 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 ratings assigned to the bank facilities of SRU have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

Balaghat (Madhya Pradesh) based Shubham Rice Udyog (SRU) was formed
in 2003 as a proprietorship concern by Mr. Sanjay Kumar
Ramchandani. SRU is mainly engaged in the processing of arwa rice.

SIESTA LAMINATES: CARE Lowers Rating on INR25cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siesta Laminates Private Limited (SLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2020, placed
the rating(s) of SLPL under the 'issuer non-cooperating' category
as SLPL 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. SLPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 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 ratings assigned to the bank facilities of SLPL have been
revised on account of non-availability of requisite information.

The ratings also factored in decline in scale of operations,
profitability and debt coverage indicators.

Mehsana (Gujarat)-based, SLPL was incorporated by three directors,
Mr. Ambalal Patel, Mr. Sunil Patel and Mr. Jayant Patel in 2011.
The company is engaged in manufacturing decorative laminates sheets
having 8 x 4 size having 0.7 mm to 1.0 mm thickness, which find
their application mainly in furniture and real estate industry. The
unit is located at Mehsana District in Gujarat and has a production
capacity of 30 lakh HP (High Pressure) decorative sheets per annum.
The company offers numerous types of HP decorative sheets in form
of country wood, rose valley, color core, metal series, diamond
leather, etc. The company sales its products with brand names of
'XVENZA' or 'SIESTA' in the market. Major required raw materials
for decorative sheets are craft papers, base papers and various
chemicals like melamine, etc. which the company avails from Gujarat
and Maharashtra. The company generates its major revenue from the
states of Gujarat, Maharashtra, Karnataka and Rajasthan through its
dealers.


SPAZE TOWERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Spaze Towers Private Limited
        Tower C, Spazedge
        Sector-47, Sohna Road
        Gurugram, Haryana 122002

Insolvency Commencement Date: October 28, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 27, 2022

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 spazetowers.cirp@gmail.com

                            - and -

                         The Insolvency and Bankruptcy Board of
                         India
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotees under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Vijay Kishore Saxena
                         3rd Floor, 100 Kailash Hills
                         East of Kailash
                         New Delhi 110065

                         Mr. Varun Goel
                         1750, Eternia Tower
                         Mahagun Moderene
                         Sector 78, Noida
                         Uttar Pradesh 201301

                         Mr. Deepak Gupta
                         59, Dayanand Block, Shakarpur
                         New Delhi
                         National Capital Territory of Delhi
                         110092

Last date for
submission of claims:    November 12, 2021


T G R PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of T G R
Projects India Private Limited (TGRPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of TGRPIPL under the 'issuer non-cooperating' category as
TGRPIPL 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. TGRPIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021 and October 2, 2021.

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

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

Bengaluru (Karnataka) based, T G R Projects India Private Limited
(TGRPIPL) was incorporated in the year 2012 by Mr. Gopal Reddy, Mr
Aravind Reddy, Mrs. Aruna Devi, Mr. Mansukhlal Patel and others.
The company began commercial operation in 2014 and is currently
engaged in the construction of residential apartments in
Bangalore.




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

DAYA MATERIALS: Auditors Express Going Concern Doubt
----------------------------------------------------
Seah Eu Hen at theedgemarkets.com reports that auditors Baker Tilly
Monteiro Heng PLT have expressed a disclaimer of opinion on Daya
Materials Bhd's financial statements for the 12 months ended June
30, 2021 (FY2021).

theedgemarkets.com, citing Daya Materials' filing, relates that the
auditors found material uncertainties that cast doubt on the
Practice Note 17 listed issuer's ability to continue as a going
concern, so they were not able to obtain sufficient appropriate
audit evidence to provide a basis for an audit opinion on the
group's financial statements.

However, Daya Materials incurred a net loss of MYR3.29 million for
FY2021, while the group and the company's current liabilities had
exceeded their current assets by MYR214.17 million and MYR322.27
million respectively, while recording a capital deficiency of
MYR201.05 million and MYR301.14 million respectively,
theedgemarkets.com relays.

According to theedgemarkets.com, Daya Materials also defaulted in
repaying certain financing and trade facilities with a total
outstanding amount of MYR183.22 million, which now results in the
financing/trade facilities facing the risk of being terminated or
recalled without notice, while the creditors could take legal
action against the company and its subsidiaries.

theedgemarkets.com meanwhile reports that Daya Materials had
submitted its revised regularisation plan to Bursa Securities in
June, which the regulator subsequently said on Oct 18 that it had
resolved to approve the plan. "However, the approval granted by
Bursa Securities for the proposed regularisation plan is subject to
the conditions as stipulated by Bursa Securities," the auditors, as
cited by theedgemarkets.com, noted.

Furthermore, according to a Nov. 2 bourse filing, Daya Materials'
application for its regularisation plan is fixed for case
management in the High Court on Nov. 11, the report discloses.

"In view of the material uncertainties involving the approval by
various parties and successful implementation of the Regularisation
Plan, including sufficiency of funding supporting and possible
monetisation of assets of the group and of the company, we were
unable to obtain sufficient appropriate audit evidence to determine
whether the management's use of the going concern basis in the
preparation of the financial statements of the group and of the
company was appropriate," the report said.

The application of going concern basis is on the assumption that
the group and company will be able to realise their assets and
settle their liabilities in the normal course of business, it
further noted, theedgemarkets.com adds.

In addition, Daya Materials' trade receivables relating to the
Littoral Combat Ships Project (LCS Project) that it secured from
the government in 2015 amounted to MYR10.97 million in FY2021,
compared with MYR7.96 million in FY2020.

The LCS Project was suspended in January 2020 due to non-payment
from the customer, but the government subsequently agreed to resume
the project in May this year.

"In view of the uncertainties on the execution of conditions
required to be complied with and the successful implementation of
the scheme of arrangement of the customer, we were unable to
determine whether any adjustments to the expected credit loss
relating to the LCS Project were necessary," the auditors noted.

The report also revealed that the auditors were unable to determine
whether the said trade receivables could be recoverable and if an
expected credit loss was required, theedgemarkets.com relays.

"In view of the uncertainties on the execution of conditions
required to be complied with and the successful implementation of
the scheme of arrangement of the customer, we were unable to
determine whether any adjustments to the expected credit loss
relating to the LCS Project were necessary," as reported by the
auditors.

theedgemarkets.com adds that the auditors also said there were
unverified trade payables, other payables and accruals amounting to
MYR6.76 million as of end-June 2021, and to MYR10.07 million as at
end-June 2020. "The unverified payables are related to a dormant
subsidiary which was previously involved in the offshore oil and
gas related business, namely Daya Offshore Construction Sdn Bhd. We
were unable to satisfy ourselves by alternative means concerning
the completeness and existence of these balances," the auditors, as
cited by theedgemarkets.com, said.

The auditors also noted that certain retrospective restatements in
relation to financial guarantee liabilities have been made to the
financial statements that could have a material effect on the
information in the statement of Daya Material's financial position
at the beginning of the preceding period, theedgemarkets.com
relays. "As a result, the company shall present a third statement
of financial position as at January 1, 2019, in compliance with
MFRS 10 Presentation of Financial Statements. However, the company
had not presented a third statement of financial position as at
January 1, 2019, which is a departure from the Malaysian Financial
Reporting Standards," they added.

                         About Daya Materials

Daya Materials Berhad -- http://dayagroup.com.my/-- engages in
investment holding and providing management services to its
subsidiaries. The Company's segments include polymer, oil and gas,
technical services and others. The polymer segment manufactures
materials for the power cables and wires industry, and trades other
related polymer compounds and specialty chemical products.

Daya Materials Bhd fell into Practice Note 17 (PN17) status in
February last year after its shareholder equity retreated to under
25% of its issued capital as at Dec. 31, 2017.



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

CHOIXENFANTS LIMITED: Court to Hear Wind-Up Petition on Nov. 19
---------------------------------------------------------------
A petition to wind up the operations of Choixenfants Limited will
be heard before the High Court at Auckland on Nov. 19, 2021, at
10:00 a.m.

Choicekids Browns Rd TAP Limited filed the petition against the
company on Sept. 21, 2021.

The Petitioner's solicitors are:

         B. A. Keown      
         Bell Gully, Level 22
         48 Shortland Street
         Auckland
         New Zealand


K-DHAR LIVING: Court to Hear Wind-Up Petition on Dec. 10
--------------------------------------------------------
A petition to wind up the operations of K-dhar Living Limited will
be heard before the High Court at Auckland on Dec. 10, 2021, at
10:00 a.m.

Amax Limited (trading as Pronto Hire) filed the petition against
the company on Oct. 11, 2021.

The Petitioner's solicitors are:

         Brett Leeson Martelli
         HC Legal Limited
         Level 1, 19 Mauranui Avenue
         Newmarket, Auckland
         New Zealand


MATAMATA CHRISTIAN: Creditors' Proofs of Debt Due Nov. 30
---------------------------------------------------------
Creditors of Matamata Christian Early Learning Centres Limited
(trading as Tower Road Christian Preschool), which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 30,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 2, 2021.

The company's liquidators are:

         Tony Leonard Maginness
         Jared Waiata Booth
         Baker Tilly Staples Rodway Auckland Limited
         PO Box 3899
         Auckland 1140
         New Zealand




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

DESIGN STUDIO: Court to Hear Wind-Up Petition on Nov. 19
--------------------------------------------------------
A petition to wind up the operations of Design Studio Group Ltd
will be heard before the High Court of Singapore on Nov. 19, 2021,
at 10:00 a.m.

David Chew Hock Lin, Steven James Salo, Marwan Anthony Shehadeh,
Kevin Derek Lewis and Adelle Maree Howse filed the petition against
the company on Oct. 26, 2021.

The Petitioner's solicitors are:

         Rev Law LLC
         39 Duxton Hill
         Level 4
         Singapore 089617


NILE GP: Court to Hear Wind-Up Petition on Nov. 12
--------------------------------------------------
A petition to wind up the operations of Nile GP Limited will be
heard before the High Court at Auckland on Nov. 12, 2021, at 10:00
a.m.

Nick & Rima Limited filed the petition against the company on Sept.
7, 2021.

The Petitioner's solicitors are:

         W. R. Potter
         Meredith Connell, Level 7
         8 Hardinge Street
         Auckland CBD
         New Zealand


RAFFLES PILING: Creditors' Meeting Set for Nov. 17
--------------------------------------------------
Creditors of Raffles Piling Singapore Pte Ltd will hold a meeting
on Nov. 17, 2021, at 4:30 p.m., via electronic means.

Agenda of the meeting includes:

    a. to receive a copy of the statement of the Company's affairs

       together with a list of creditors and the estimated amounts

       of their claims;

    b. to nominate Liquidator(s) or confirm members' nomination of
       Liquidator; and

    c. to fix the remuneration of the liquidator(s) based on his
       normal scale of fees carrying out the assignment plus
       disbursements and be paid out of the Company's assets; and

    d. appoint a Committee of Inspections to act with the
       liquidator(s) and to review the appointment of such
       committee of any persons nominated by the Company.

Mr. Sam Kok Weng of PricewaterhouseCoopers Advisory Services was
appointed as the Provisional Liquidator of the company on
Oct. 29, 2021.

The Provisional Liquidator can be reached at:

         Mr. Sam Kok Weng
         PricewaterhouseCoopers Advisory Services
         7 Straits View, Marina One
         East Tower, Level 12
         Singapore 018936


RYOBI GROUND: Creditors' Meeting Set for Nov. 17
------------------------------------------------
Creditors of Ryobi Ground Engineering Pte Ltd will hold a meeting
on Nov. 17, 2021, at 3:30 p.m., via electronic means.

Agenda of the meeting includes:

    a. to receive a copy of the statement of the Company's affairs

       together with a list of creditors and the estimated amounts

       of their claims;

    b. to nominate Liquidator(s) or confirm members' nomination of
       Liquidator; and

    c. to fix the remuneration of the liquidator(s) based on his
       normal scale of fees carrying out the assignment plus
       disbursements and be paid out of the Company's assets; and

    d. appoint a Committee of Inspections to act with the
       liquidator(s) and to review the appointment of such
       committee of any persons nominated by the Company.

Mr. Sam Kok Weng of PricewaterhouseCoopers Advisory Services was
appointed as the Provisional Liquidator of the company on Oct. 29,
2021.

The Provisional Liquidator can be reached at:

         Mr. Sam Kok Weng
         PricewaterhouseCoopers Advisory Services
         7 Straits View, Marina One
         East Tower, Level 12
         Singapore 018936


UBIN FIRST: Court to Hear Wind-Up Petition on Nov. 19
-----------------------------------------------------
A petition to wind up the operations of Ubin First Stop Restaurant
(Changi) Pte Ltd will be heard before the High Court of Singapore
on Nov. 19, 2021, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Oct. 27, 2021.

The Petitioner's solicitors are:

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




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

SAMSUNG HEAVY: Net Loss Widens to KRW124BB in Q3 Ended Sept. 30
---------------------------------------------------------------
Yonhap News Agency reports that Samsung Heavy Industries Co. said
on Nov. 5 that its net losses widened in the third quarter from a
year earlier due to one-off costs.

Its net losses widened to KRW124 billion (US$105 million) in the
July-September period from a loss of KRW7.3 billion a year ago, the
company said in a regulatory filing.

Its operating losses deepened to KRW110 billion in the third
quarter from an operating loss of KRW13.4 billion a year earlier,
and sales dropped 11.4 percent on-year to reach KRW1.49 trillion
over the cited period, Yonhap discloses.

Yonhap relates that the shipbuilder said the third-quarter losses
were due in part to payment of compensation for workers at its
Chinese affiliate, which is set to close down due to losses.

                           About Samsung Heavy

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers,
container vessels, bulk carriers, cruisers, and passenger ferries.
The Company also produces steel and bridge structures, and material
handling equipment. In addition, Samsung Heavy Industries provides
civil engineering, architectural, and plant construction services.

Samsung Heavy reported a net loss of KRW1.48 trillion in 2020,
compared to a loss of KRW1.31 trillion in 2019.


                           *********


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
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                *** End of Transmission ***