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

                     A S I A   P A C I F I C

          Monday, November 15, 2021, Vol. 24, No. 222

                           Headlines



A U S T R A L I A

DRAKK PTY: First Creditors' Meeting Set for Nov. 19
GENESIS CARE: Moody's Cuts CFR to B3 & Alters Outlook to Negative
KWIK TRANSPORT: First Creditors' Meeting Set for Nov. 19
ORIGINAL SAFE: First Creditors' Meeting Set for Nov. 22
PILLOWCASE PTY: Second Creditors' Meeting Set for Nov. 19

REDZED TRUST 2020-2: Moody's Hikes Rating on Class F Notes to Ba2
SAPPHIRE XXII 2019-2: Moody's Ups Rating on Class F Notes to Ba3
SBL SOLUTIONS: Second Creditors' Meeting Set for Nov. 19


C H I N A

CHINA SOUTH CITY: Fitch Lowers Foreign Currency IDR to 'B-'
HAIDILAO INTERNATIONAL: Plans US$300 Million Stock Placement
KAISA GROUP: Moody's Lowers CFR to Ca, Outlook Remains Negative
KANGMEI PHARMACEUTICAL: Ordered to Pay $385 Million to Investors


I N D I A

AGRI GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
COASTAL FARMS: CARE Lowers Rating on INR52.50cr LT Loan to B+
DESTINATION TEXOFAB: Insolvency Resolution Process Case Summary
ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating

HINDUSTHAN NATIONAL: Insolvency Resolution Process Case Summary
IKON ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating
INDUS UDYOG: CARE Lowers Rating on INR22.09cr LT Loan to B-
KANYA CORPORATION: CARE Keeps B- Debt Ratings in Not Cooperating
KARNATAKA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating

LAKHO AGRICULTURAL: CRISIL Keeps B+ Ratings in Not Cooperating
MARUTI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHOTA INDUSTRIES: Insolvency Resolution Process Case Summary
NAGARJUNA HYDRO: CRISIL Keeps B Debt Ratings in Not Cooperating
NIROS ISPAT: CARE Lowers Rating on INR58.55cr LT Loan to B

OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating
PHILIP D'COSTA: CARE Lowers Rating on INR3.54cr LT Loan to B
PIBCO ENTERPRISES: CARE Lowers Rating on INR9.49cr Loan to B-
PRATHYUSHA RESOURCES: Insolvency Resolution Process Case Summary

PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating
PSTS LOGISTICS PRIVATE: Insolvency Resolution Process Case Summary
RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHEY RADHEY: CRISIL Keeps B Debt Ratings in Not Cooperating
RAGHULEELA BUILDERS: Insolvency Resolution Process Case Summary

RAJARATNA MILLS: CARE Lowers Rating on INR33.72cr LT Loan to B+
RHJ TUBES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANJAYUTTAM AGROFOODS: CARE Lowers Rating on INR19.46cr Loan to C
SHAKTHI SAGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TATA POWER: Moody's Assigns Ba2 Corp Family Rating, Outlook Stable

UNION BANK OF INDIA: Moody's Withdraws Ba1 Deposit Rating
V2 INNOVATIVES: CARE Keeps B Debt Rating in Not Cooperating
VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
VRV TEXTILES LIMITED: Insolvency Resolution Process Case Summary
YES BANK: Moody's Upgrades Long Term Deposit Ratings to B2



I N D O N E S I A

BUANA LINTAS: Moody's Lowers CFR to B2, Outlook Remains Negative
CIKARANG LISTRINDO: Moody's Ups CFR & Sr. Unsecured Rating to Ba1
KAWASAN INDUSTRI: Fitch Affirms 'B-' LT IDR, Outlook Stable


N E W   Z E A L A N D

KHANHNGOC BEAUTY: Court to Hear Wind-Up Petition on Nov. 19
VITANOVA TILING: Court to Hear Wind-Up Petition on Dec. 9
WAREHOUSE GROUP: Closure of Mosgiel Branch Proposed


S I N G A P O R E

A HONESTBEE: Court to Hear Wind-Up Petition on Nov. 26
CARNIVAL CORP: Creditors' Proofs of Debt Due on Dec. 11
GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Remains Stable
HYOIL (BAWEAN): Court to Hear Wind-Up Petition on Nov. 26
HYOIL PTE: Court to Hear Wind-Up Petition on Nov. 26

NEWTEC DRYMIX: Court to Hear Wind-Up Petition on Nov. 26

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A U S T R A L I A
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DRAKK PTY: First Creditors' Meeting Set for Nov. 19
---------------------------------------------------
A first meeting of the creditors in the proceedings of Drakk Pty
Ltd will be held on Nov. 19, 2021, at 11:00 a.m. via Zoom
videoconferenceing facility.

Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin
were appointed as administrators of Drakk Pty on Nov. 9, 2021.


GENESIS CARE: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Genesis Care Finance Pty
Ltd's (GenesisCare) corporate family rating to B3 from B2 and
changed the outlook to negative from stable.

At the same time, Moody's has downgraded to B3 from B2 the ratings
of the backed senior secured term loan B facility entered into by
Genesis Specialist Care Finance UK Limited, a 100%-owned and
guaranteed subsidiary of GenesisCare. Moody's has also downgraded
to B3 from B2 the backed senior secured ratings of the senior
secured term loan B facility entered into by GenesisCare USA
Holdings, Inc., a 100%-owned and guaranteed subsidiary of
GenesisCare.

The outlooks on all ratings were changed to negative from stable.

RATINGS RATIONALE

The downgrade reflects the ongoing effects of the pandemic on
GenesisCare's leverage and liquidity.

The rising number of Delta-variant cases in the United States and
Australia as well as seasonal slowdowns in the US have reduced the
number of radiotherapy plans carried out per day. This revenue
reduction, amplified by GenesisCare's high operating leverage,
means the effect on EBITDA is significant. Moody's therefore
expects the company's leverage will remain above 8x over the next
18 months.

In addition to lower earnings, the company has continued to
integrate its acquired US business and grow through clinic
expansions. In general, new clinics result in higher leverage from
lease commitments and from the ramp-up period between opening the
clinic and reaching full earnings capacity. GenesisCare's elevated
leverage also reflects its higher debt levels from the acquisition
of the US business in May 2020.

The company's management has continued to invest in the business
despite the lower cash flow generated from operating activities. As
a result, GenesisCare's total available liquidity declined to
AUD161 million between June 30, 2020 and September 30, 2021. This
is an AUD275.6 million reduction in liquidity, despite the sale and
leasebacks that contributed around AUD150 million over this
15-month period.

Moody's believes GenesisCare's credit profile remains supported by
demographic trends that will drive growth in demand for oncology
and cardiology services, despite the company's liquidity pressures.
However, the timing of the end to the headwinds created by the
pandemic is hard to predict. Should GenesisCare's liquidity
continue to decline, Moody's expects that shareholder support will
be provided. While sale and leasebacks bring short-term liquidity,
Moody's regards these support measures as credit negative as they
reduce future financial flexibility.

The negative outlook reflects the risk that the number of radio
therapy treatments per day continues to be negatively affected by
COVID outbreaks for a longer period than expected, resulting in a
further reduction in available liquidity, despite capital
management initiatives.

Moody's expects patients will become more comfortable in attending
appointments, or their need to attend appointments will become
critical given that screenings and treatments have been postponed
during the pandemic. However, the rate of revenue recovery in each
operating jurisdiction will vary in line with the degree of the
pandemic's severity and vaccination rates.

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

Moody's could upgrade the rating if the company's debt-to-EBITDA
ratio improves to and remains under 7.5x.

Moody's could downgrade the rating if GenesisCare's available
liquidity continues to decline or it is unlikely to reduce its
debt/EBITDA to below 9x by fiscal 2023.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

KWIK TRANSPORT: First Creditors' Meeting Set for Nov. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kwik
Transport & Crane Hire Pty Ltd (Administrators Appointed) IIOR &
ATFT T & T Unit Trust, trading as Kwik Logistics, will be held on
Nov. 19, 2021, at 9:00 a.m. via virtual meeting only.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Kwik Transport on Nov. 10, 2021.


ORIGINAL SAFE: First Creditors' Meeting Set for Nov. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - The Original Safe Eggs Assured Company Pty Ltd;
     - Australian Pasteurised Eggs Pty Ltd;
     - Safe Eggs Assured Pty Ltd; and
     - National Pasteurised Eggs (Australia) Pty Ltd

will be held on Nov. 22, 2021, at 11:30 a.m. at the offices of SV
Partners, Level 3, 12 Short Street, in Southport, Queensland.

Matthew John Bookless and Anne Meagher of SV Partners were
appointed as administrators of Original Safe on Nov. 10, 2021.


PILLOWCASE PTY: Second Creditors' Meeting Set for Nov. 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

         - Pillowcase Pty Limited;
         - Lakker Pty Ltd;
         - Repitch Pty Ltd; and
         - Rye 100 Pty Ltd

has been set for Nov. 19, 2021, at 11:00 a.m. via virtual meeting
facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 18, 2021, at 4:00 p.m.

Glenn Livingstone of WLP Restructuring was appointed as
administrator of Pillowcase Pty on Oct. 15, 2021.


REDZED TRUST 2020-2: Moody's Hikes Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by RedZed Trust Series 2020-2.

The affected ratings are as follows:

Issuer: RedZed Trust Series 2020-2

Class B Notes, Upgraded to Aaa (sf); previously on Jun 3, 2021
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 3, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Jun 3, 2021
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Jun 3, 2021
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Sep 10, 2020
Definitive Rating Assigned B1 (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.

The upgrades also reflect the negative impact of the correction of
a model input error related to the model first payment date. At the
time of the last rating action in June 2021, Moody's incorrectly
set the model first payment date later than it should have been,
which affected the modelling of step-down conditions for pro-rata
principal amortisation. As a result, in low loss scenarios,
modelled principal repayments remained sequential among the rated
notes longer than otherwise would have been the case. The
correction of the model first payment date input error had a
negative rating impact on the Class D, E and F Notes and limited
impact on the other notes.

The rating actions reflect the net effect of the build-up in credit
enhancement and better-than expected performance, which have a
positive impact and the correction to the model first payment date
input, which has a negative impact.

Following the October 2021 payment date, note subordination
available for the Class B, Class C, Class D and Class E Notes has
increased to 12.1%, 10.2%, 6.9% and 4.7% respectively, from 9.5%,
8.0%, 5.4% 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 1.9% at closing.

As of September 2021, 2.7% of the outstanding pool was 30-plus day
delinquent and 0.7% 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 lowered its expected loss assumption to 1.9% of the
outstanding pool (equivalent to 1.1% 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 13.0% from
14.5% in June 2021, based on the current portfolio
characteristics.

The transaction is a RMBS originated by RedZed Lending Solutions
Pty Limited (unrated), an Australian non-bank mortgage originator.
The portfolio consists of mortgage loans extended largely to
self-employed borrowers made on an alternative income documentation
verification basis. A portion of the portfolio consists 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.

SAPPHIRE XXII 2019-2: Moody's Ups Rating on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by two Sapphire residential mortgage-backed
securities (RMBS).

The affected ratings are as follows:

Issuer: Sapphire XXI Series 2019-1 Trust

Class B Notes, Upgraded to Aaa (sf); previously on Jun 11, 2021
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Jun 11, 2021
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jun 11, 2021
Upgraded to Baa1 (sf)

Issuer: Sapphire XXII Series 2019-2 Trust

Class E Notes, Upgraded to Baa3 (sf); previously on Jun 11, 2021
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Sep 3, 2020
Confirmed at B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in the credit enhancement
available to the affected notes and collateral performance, with a
low level of or no losses, to date.

The upgrades also reflect the negative impact of the correction of
a model input error related to the model first payment date. At the
time of the last rating action for both transactions in June 2021,
Moody's incorrectly set the model first payment date later than it
should have been, which affected the modelling of the step-down
conditions for pro-rata principal amortisation. As a result, in low
loss scenarios, modelled principal repayments remained sequential
among the rated notes longer than otherwise would have been the
case. The correction of the model first payment date input error
had a negative rating impact on the Class C and Class D Notes from
Sapphire XXI Series 2019-1 Trust and the Class E Notes from
Sapphire XXII Series 2019-2 Trust.

The rating actions reflect the net effect of the build-up in credit
enhancement and collateral performance to date, which have a
positive impact, and the correction to the model first payment date
input, which has a negative impact.

Sapphire XXI Series 2019-1 Trust

Following the October 2021 payment date, note subordination
available for Class B, Class C and Class D Notes has increased to
13.6%, 10.8% and 7.2% respectively, from 12.4%, 9.7% and 6.4% at
the last rating action for these notes in June 2021.

As of September 2021, 30-plus day and 90-plus day delinquent loans
were 7.2% and 4.3% of the outstanding pool, compared to 10.6% and
6.6% as of the last rating action in June 2021. The pool has
incurred 0.2% (as a percentage of the original pool) of losses to
date, which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 3% of the
outstanding pool (equivalent to 1.5% of the original pool) from
3.7% of the outstanding pool as of the last rating action in June
2021.

Moody's has maintained its MILAN CE assumption at 16%, based on the
current portfolio characteristics.

Sapphire XXII Series 2019-2 Trust

Following the October 2021 payment date, note subordination
available for the Class E Notes has increased to 3.9% from 3.2% at
the last rating action for these notes in June 2021. Note
subordination available for the Class F Notes has increased to 2.7%
from 1.6% at the last rating action for these notes in September
2020.

As of September 2021, 30-plus day and 90-plus day delinquent loans
were 5.1% and 3.7% of the outstanding pool compared to 6% and 3.5%
as of the last rating action in June 2021. The pool has incurred no
losses to date.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 2.7% of the
outstanding pool (equivalent to 1.3% of the original pool) from
3.2% of the outstanding pool as of the last rating action in June
2021.

Moody's has maintained its MILAN CE assumption at 13.5%, based on
the current portfolio characteristics.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated by Bluestone Group Pty
Limited, an Australian non-bank mortgage lender. A significant
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or made on a limited documentation
basis.

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.

SBL SOLUTIONS: Second Creditors' Meeting Set for Nov. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of SBL Solutions
Services Pty Ltd has been set for Nov. 19, 2021, at 3:00 p.m. via
Virtual Meeting.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 17, 2021, at 4:00 p.m.

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




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C H I N A
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CHINA SOUTH CITY: Fitch Lowers Foreign Currency IDR to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Rating (IDR) on China South City Holdings Limited (CSC) to
'B-' from 'B'. The Outlook is Negative.

Fitch has also downgraded CSC's senior unsecured ratings to 'B-',
from 'B', with the Recovery Rating remaining at 'RR4'. Fitch has
removed the ratings from Under Criteria Observation (UCO) following
the publication of its updated Corporate Rating Criteria.

The downgrade reflects CSC's weakened funding access against
significant obligations maturing in the coming 12-18 months. Fitch
believes the company has some options to address the upcoming
maturities via onshore secured borrowings based on its
investment-property portfolio and asset disposals, but the reliance
on the successful execution of these plans has increased. CSC is
likely to repay the upcoming bond maturities using cash, which may
lead to a deterioration in its business profile.

KEY RATING DRIVERS

Potential Cash Shortfall: CSC says its total cash balance is
similar to the last reported level at end-March 2021 against CNY7.7
billion of onshore and offshore capital-market debt maturing in the
next 12 months, of which USD348 million (CNY2.24 billion) is due in
February 2022. The remaining debt is due from April 2022. Fitch
believes a large part of the reported cash balance is needed for
normal operation and may not be immediately available for debt
repayment at the holding company.

Weakened Market Access: CSC's access to onshore and offshore bond
markets has weakened. Fitch expects it to be challenging for the
company to issue onshore and offshore bonds under current market
conditions and CSC is planning to address the upcoming maturities
via internal cash generation, drawdown of onshore secured bank
borrowings and assets disposals.

The company has a large investment-property portfolio, some of
which has been pledged to secure onshore bank borrowings. According
to management, CSC drew down additional secured bank borrowings
this year to help finance the repayment of its USD200 million and
USD350 million of bonds due in August and September 2021. However,
in light of the prevailing market condition, Fitch believes CSC is
increasingly reliant on its asset disposals being successful for
future repayments.

Recent Deterioration in Sales: CSC's property sales in the
financial year ended March 2021 (FY21) rose to HKD16 billion, or
around HKD4 billion per quarter. However, sales declined to HKD3
billion in the quarter ended September 2021. According to
management, recent sales performance has been affected by the
broader market slowdown, the Covid-19 pandemic and flood-related
disruptions in Zhengzhou. Fitch believes CSC's contracted sales may
continue to be under pressure in the near term and its annual
property sales of about HKD16 billion will be lower than that of
most of its 'B' rated peers.

Limited Land Acquisitions, Stable Leverage: CSC has been prudent in
managing land acquisitions to maintain moderate leverage. Fitch
believes CSC will not buy any new land in FY22, as it has
sufficient residential and multi-purpose properties available for
sale for the next five years. Fitch expects leverage - measured by
net debt/net development-property assets - to stabilise at around
48% in FY22. However, leverage may be lower than Fitch's forecast
if CSC can dispose of non-development assets to repay
capital-market debt due in the next 12-18 months. CSC's leverage
rose to 49% in FY21 from 46% in FY20.

Rising Non-Development EBITDA: CSC's non-development EBITDA is
mainly from rental and management income from trade centres,
operating outlets, logistics and warehousing. Non-development
EBITDA interest coverage has risen steadily to 0.4x in FY21, and
distinguishes CSC from other 'B' rated peers.

However, Fitch believes the current non-development EBITDA interest
coverage does not support a higher rating, while the potential
asset disposals may affect the scale of its non-development EBITDA.
Fitch also places high importance on financial flexibility amid the
current volatile environment.

DERIVATION SUMMARY

CSC's ratings are constrained by its tight liquidity and reliance
on capital-market debt. Fitch expects the company's business
profile to weaken, as it is likely to address upcoming maturities
via asset disposals.

KEY ASSUMPTIONS

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

-- Property-development contracted sales of HKD16 billion per
    year in FY22-FY24 (FY21: HKD16 billion);

-- Overall EBITDA margin of about 30% in FY22-FY24 (FY21: 32%);

-- Non-development income to increase by 10%-15% per year in
    FY22-FY24 (FY21: 15%);

-- Construction and land acquisition cash outflow to account for
    60%-65% of sales proceeds in FY22-FY24 (FY21: 69%).

Recovery Rating Assumptions

-- The recovery analysis assumes that CSC will be liquidated in a
    bankruptcy as it is an asset-trading company;

-- Fitch has assumed 10% administrative claims.

Liquidation Approach

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

-- Advance rate of 70% applied to account receivables. This
    treatment is in line with other Chinese developers.

-- Advance rate of 60% (from 70%) applied to net property
    inventory. CSC's EBITDA margin is above 30%, which is higher
    than the industry average, but CSC's large inventory of non
    residential properties may reduce visibility about its future
    EBITDA margin.

-- Advance rate of 60% applied to property, plant and equipment.
    This treatment is in line with other Chinese developers.

-- Advance rate of 25% applied to the book value of investment
    properties based on 6.5% rental yield after considering the
    rental yield and locations of these assets.

-- Advance rate of 100% applied to available cash and restricted
    cash pledged for note payables and borrowings. As the
    available cash is less than the total amount of note payables
    and trade payables (construction fee and retention payables),
    the amounts of note and trade payables are included in the
    liability waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR3' Recovery Rating for the senior
unsecured debt. However, the Recovery Rating for senior unsecured
debt is at 'RR4' because under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, China falls into Group D of creditor
friendliness, and the Recovery Ratings for instruments by issuers
with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if the negative
    sensitivities are not met.

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

-- Deterioration in liquidity and continued interruption to bond
    market access;

-- Slower-than-expected execution of its asset disposal plans;

-- Deterioration in contracted sales and sales proceeds.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: CSC has CNY7.7 billion of onshore and offshore
capital-market debt maturing in the next 12 months. The company
says its total cash balance was similar to the level reported at
end-March 2021, but Fitch believes a significant portion of the
reported cash balance is required for normal operations and may not
be immediately available for debt repayment at the holding
company.

ISSUER PROFILE

CSC develops and operates large integrated logistics and trade
centres in China. The company has a total of eight projects with
planned gross floor area of 81 million sq m.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of net property assets used in the leverage
calculation includes: inventory, net deposits and prepayments for
projects, investment properties, property, plant and equipment
(land and buildings), land-use rights, investments in JVs, net
amounts due from JVs, and net amount due from non-controlling
interests, less contract deposits and deposits received.

ESG CONSIDERATIONS

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


HAIDILAO INTERNATIONAL: Plans US$300 Million Stock Placement
------------------------------------------------------------
South China Morning Post reports that Haidilao International is
seeking to raise HK$2.3 billion (US$300 million) from a stock
placement to replenish its capital, days after a drastic move to
trim almost one-fifth of its hotpot restaurants to stem losses.

The company plans to issue 115 million new shares at HK$20.43 each
to SP NP Ltd, a vehicle controlled by one of its billionaire
co-founders Shu Ping, according to a Hong Kong stock exchange
filing early on Nov. 12, the Post relays. The price is about an 8
per cent discount to the stock's closing level on Nov. 11.

According to the Post, the top-up issue, about 2 per cent of the
company, follows a concurrent plan by the shareholder to sell the
same number of shares at the same price to undisclosed buyers. Shu
Ping and her husband Zhang Yong, the fourth richest Singaporeans
according to Forbes, effectively control more than 55 per cent of
the Beijing-based hotpot chain operator, the report notes.

Haidilao sank 9 per cent to HK$20.20 in Hong Kong in Nov. 12
trading, while the benchmark Hang Seng Index advanced 0.3 per cent.
The stock has declined 32 per cent over the past one month, wiping
out more than US$5.5 billion of market value, according to
Bloomberg data.

The Post says the fundraising comes at a jittery time for the
restaurant industry as a resurgence in Covid-19 cases in mainland
provinces led to stricter lockdowns, clouding its business outlook.
Haidilao two weeks ago announced a plan to shut or suspend about
300 outlets of its 1,597 restaurants by year end, citing low
customer traffic and poor operating results, the report recalls.

The group plans to use 60 per cent of the proceeds to repay bank
borrowings and enhance its supply-chain management, and the balance
for working capital. Any unused portion would be retained as
short-term deposits or invested in wealth management products, it
added.

Despite more than doubling its profit in the first half, Haidilao
said the results were below its expectations, as new Covid-19
outbreaks coincided with aggressive expansion. Average table
turnover, which measures how fast it churns revenue, fell to 3 from
3.3 times per day, it added.

Walter Woo, a consumer analyst at CMB International Securities,
downgraded Haidilao to a hold on November 8, citing lower table
turnover, slower store expansion and higher staff expenses,
according to the Post.

"Haidilao sees industry headwinds too, with the multiple resurgence
of Covid-19 [cases] in the second half of the year, hitting the
hotpot industry hard as it has limited delivery sales," the report
quotes Woo as saying in an email comment. "Other reasons for the
downgrade include rising raw materials, a high base in the second
half of last year and weakening consumer sentiment."

Haidilao International Holding Ltd is a China-based company
principally engaged in the restaurant operation business. The
Company is mainly engaged in the operation of hotpot chain
restaurants under the brand of Haidilao. The Company is also
involved in the takeaway business, as well as the sales of
condiments and ingredients. The Company operates its businesses
mainly in the domestic market.


KAISA GROUP: Moody's Lowers CFR to Ca, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to Ca from Caa1. At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Kaisa to C from Caa2.

The outlook remains negative.

"The downgrades reflect Kaisa's heightened liquidity risk and
likely weak recovery prospects for the company's creditors after it
announced on November 9 that it has missed a payment on the onshore
wealth management products guaranteed by its subsidiary," says
Cedric Lai, a Moody's Vice President and Senior Analyst.

The negative outlook reflects Moody's view that recovery prospects
for Kaisa's creditors could weaken further.

RATINGS RATIONALE

Kaisa's Ca CFR reflects the company's high liquidity risks over the
next 6-12 months, limited financial flexibility and weak recovery
prospects for its creditors.

Kaisa is highly reliant on the offshore bond market as its major
funding channel, which accounted for 58% of its total debt as of
June 30, 2021. In particular, the company had USD3.2 billion of
offshore bonds maturing or becoming puttable before the end of
December 2022.

The company had RMB38 billion of unrestricted cash as of the end of
June 2021, but it is uncertain if it could use all of its cash
resources for debt repayment. The company's financial flexibility
will also be hurt if the company repays its debt using internal
cash and if weakness in debt capital markets persists.

Kaisa plans to use proceeds from asset sales or investments from
potential investors to service its debt. However, these fundraising
activities entail high uncertainties amid the challenging funding
and operating conditions.

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

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

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

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Kaisa repays its
maturing debt and improves its liquidity position materially.

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

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the Greater Bay
Area. 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.

KANGMEI PHARMACEUTICAL: Ordered to Pay $385 Million to Investors
----------------------------------------------------------------
Caixin Global reports that a court ordered scandal-plagued Kangmei
Pharmaceutical Co. to pay almost CNY2.5 billion ($385 million) to
more than 50,000 investors as compensation for their losses on the
company's stock. The court ruled on Nov. 12 in China's first
class-action lawsuit against the company.

Caixin relates that the Guangzhou Intermediate People's Court found
the drugmaker, its executives and auditors responsible for
financial fraud that caused CNY2.46 billion of losses to 52,037
investors, the court said.

According to the report, the defendants include former Kangmei
Chairman Ma Xingtian and his wife, former deputy general manager
Qiu Xiwei and financial chief Zhuang Yiqing. The court found that
they deliberately organized, plotted and implemented the financial
fraud and should be 100% liable for losses to investors. An
additional 13 executives were ruled partially responsible for the
losses.

Kangmei Pharmaceutical became the first listed company to default
on a bond issue when the market reopened on Feb. 3 after the
extended Lunar New Year holiday, according to Caixin Global. The
supplier of traditional Chinese medicines said in a statement Feb.
2 that it couldn't make principal and interest payments and on
CNY2.4 billion (US$340 million) of bonds because of tight
liquidity. The bonds were issued in 2015 and due in 2022, but the
issuer had an option to raise the coupon rate and investors had an
option to sell back the bonds at the end of the fifth year.




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

AGRI GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agri Green
Fertilizers and Chemicals Private Limited (AG) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit              7       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AG for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AG manufactures single super phosphate and trades in fertilisers
such as urea, diammonium phosphate, and muriate of potash. The
company, promoted and managed by Mr V Rami Reddy, is located in
Cuddapah (Andhra Pradesh).

COASTAL FARMS: CARE Lowers Rating on INR52.50cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Coastal Farms (CF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      52.50       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 23, 2020, placed
the rating(s) of CF under the 'issuer noncooperating' category as
CF 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. CF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 9, 2021, August 19, 2021, and August 29, 2021.

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

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

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

Coastal Farms (CF) was established in 1996 as a partnership firm
and promoted by Mr. P.S.Prakash Shetty and Mrs. Dhaneshwari Shetty
as partners. Coastal farm is engaged in manufacturing of animal and
poultry feed, sale of day old chicks and processed chicken meat. CF
is an ISO 9001:2008 certified firm and has license from Food Safety
and Standard Authority of India. The firm's manufacturing /
processed unit and eight chicken retail outlets are located at
various districts in Karnataka. It markets its products under the
brand name "Coastal Feeds", "Coastal Wholesome Chicken World", and
"Coastal Hatcheries. The firm manufactures about 30 varieties of
feed products (developed in-house) of which 20% are cattle feed and
80% are poultry feed. The company's key raw materials like Maize,
Soya and De- Oiled Rice Bran are procured from domestic markets
which constituted to around 85% of the purchase during FY16 and
rest 15% of the purchase (Lysine and vitamin premix) are procured
from Thailand and Singapore. On the other hand, COF sells 100% of
its products domestically in Karnataka and Kerala regions.


DESTINATION TEXOFAB: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Destination Texofab Private Limited
        106, T-10, Main Patel Nagar Road
        Guruarjun Nagar, Shadi Khampur
        New Delhi 110008

Insolvency Commencement Date: October 25, 2021

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: April 23, 2022

Insolvency professional: Atiuttam Prasad Singh

Interim Resolution
Professional:            Atiuttam Prasad Singh
                         A-97 & 87, Upper Ground Floor
                         Street No. 6, Madhu Vihar
                         Delhi 110092
                         E-mail: atiuttamsingh@gmail.com
                                 cirpdestinationtexofab@gmail.com

Last date for
submission of claims:    November 15, 2021


ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Elite
Infraprojects Private Limited (EIPL) 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

   Short Term Bank       6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 30, 2020, placed the
rating(s) of EIPL under the 'issuer non-cooperating' category as
EIPL 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. EIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 15, 2021, September 25, 2021, and October 5, 2021.

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

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

EIPL was incorporated in the year 2009 by Mr. B Narsimha Reddy and
Mr. B Nagi Reddy. The company is engaged in the execution of civil
construction works such as laying of roads, canal irrigation works
and other civil works for both government and private rganisations.
EIPL mainly undertakes projects for government and private
organisations.


GTN TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GTN
Textiles Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.43      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      58.30      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 December 31, 2020 placed the
ratings of GTN under the issuer non-cooperating category as it had
failed to provide information for monitoring of the rating. GTN
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated October 27, 2021.

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

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

Detailed description of the key rating drivers

At the time of the last rating on December 31, 2020, the following
were the rating strength and weakness (updated for the information
available from stock exchange)

Key Rating Weaknesses

* Ongoing delays in debt servicing: During FY21, the company
reported net loss of INR36 crore on total income of INR 46.49
crore. On account of continuous losses over the years with
inadequate cash accruals, there have been ongoing delays in
servicing of debt obligations.

GTN Textiles Limited (GTL) is part of Kerala-based GTN-BKP (GTN-BK
Patodia) having its production facilities in the state of Kerala.
The primary business activity of GTL is production and sale of
cotton yarn. GTL had a capacity of 56,848 spindles which includes
34,896 compact spindles and 21,952 ring spinning as of March 31,
2018. The company produces fine and superfine counts of cotton yarn
in the range of 40s to 140s.

HINDUSTHAN NATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Hindusthan National Glass & Industris Limited
        2 Red Cross Place
        Kolkata
        West Bengal 700001

Insolvency Commencement Date: October 21, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 19, 2022

Insolvency professional: Mr. Girish Siriram Juneja

Interim Resolution
Professional:            Mr. Girish Siriram Juneja
                         22 Dignity Apartments
                         Bon Bon Lane
                         7 Bungalows
                         Versova, Andheri (West)
                         Mumbai 400053
                         E-mail: junejagirish31@gmail.com

                            - and -

                         Units 703 & 704, 7th Floor
                         Tower A Peninsula Corporate Park
                         Ganpatrao Kadam Marg
                         Lower Parel Mumbai 400013
                         Maharashtra, India
                         E-mail: hng.irp21@gmail.com

Last date for
submission of claims:    November 5, 2021


IKON ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ikon
Associates (IA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.87       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   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 October 20, 2020, placed the
rating(s) of IA under the 'issuer noncooperating' category as IA
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. IA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 5, 2021, September 15, 2021, and September 25, 2021.

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

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

IKON Associates (IA) was established in 2007, promoted by Mr.
Jawahari Kapisha Vishwanath Singh, Mr. Jawahari Kapisha Rajesh
Singh, Mr. Jawahari Kapisha Rameh Singh and Mrs. Poornima Bai. The
firm is engaged in trading of Agricultural and Horticultural
implements like ADPE polish sheets, Membrane sheets, Sprayers and
Rotavators among others. The firm has customers like Agriculture
Departments of Andhra Pradesh, Telangana, Karnataka and
Maharashtra. IA gets some of the orders by participating in tenders
from State governments of Agriculture Departments.

INDUS UDYOG: CARE Lowers Rating on INR22.09cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indus Udyog & Infrastructure Private Limited (IUIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.09       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 19, 2020, placed
the rating(s) of IUIPL under the 'issuer non-cooperating' category
as IUIPL 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. IUIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 5, 2021, October 15, 2021, October 25, 2021.

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

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

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

The ratings also factored in significant decline in scale of
operations, profitability, and debt coverage indicators during
FY20.

Chhattisgarh-based IUIPL was incorporated in August 2011 for
setting up a coal rotary crusher unit. The company was promoted by
the Agrawal family of Chhattisgarh. IUIPL is into coal processing
and logistics services which includes activities like procurement
of coal by participating in e-auction, lifting of coal from mines,
crushing it as per client's requirements and supplying it to
client's location through rail and road. IUIPL's coal-breaking
facility is located at Korba with an aggregate installed capacity
of 5 lakh metric ton per annum. The company has commenced
operations from November 2014 onwards.


KANYA CORPORATION: CARE Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Kanya
Corporation (SKC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.43       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 SKC under the 'issuer non-cooperating' category as SKC
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. SKC 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, and 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).

Sri Kanya Corporation (SKC) is a proprietorship firm, established
by Mr. D Srinivas in 1994, who has over two decades of experience
in the steel and cement trading. The Firm is based out of
Visakhapatnam and is engaged in trading of steel structural
products like TMT bars and cement. The firm has a reputed clientele
and caters to clients across the state of Andhra Pradesh.


KARNATAKA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Karnataka Rice
Industries (KRI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KRI for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KRI is a partnership firm promoted by Mr Mohammed Shayub, Mr
Mohammed Yusuf, and Mr Mohammed Yunus. It mills and processes
non-basmati rice at its facility at Tumkur, Karnataka.


LAKHO AGRICULTURAL: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakho
Agricultural and Food Products Private Limited (LAFPL) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.9       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash          1.6       CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with LAFPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011 and promoted by Mr Uma Nand Singh and Mr
Vishal Kumar Singh, LAFPL mills non-basmati parboiled rice at its
facility in Buxsar, Bihar. The company sells under the Lakho
brand.


MARUTI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruti Cotton
Industries (MCI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.18     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.82     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MCI for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MCI, a partnership firm, started commercial production in January
2012. The firm gins and presses raw cotton (kapas). There are 11
partners in the firm, with Mr Savji Savsani (holding 15% stake) and
Mr Mukesh Ghodsara (5%) actively managing the operations.

MOHOTA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Mohota Industries Limited

        Registered office:
        Flat No. 409, 4th Floor
        174 Gold Mohur CHS Ltd
        Shamaldas Gandhi Marg
        Kalbadevi, Mumbai 400002
        Maharashtra

        Corporate office & Works 1:
        Pardi Road
        Village Burkoni
        Tah. Hinganghat
        Dist. Wardha 442301
        Maharashtra

        Works 2:
        Ram Mandir Ward
        Tah. Hinganghat
        Dist. Wardha 442301
        Maharashtra

Insolvency Commencement Date: August 30, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 26, 2022
                               (180 days from commencement)

Insolvency professional: Mahesh Kumar Gupta

Interim Resolution
Professional:            Mahesh Kumar Gupta
                         C/o AEMG & Associates
                         Chartered Accountants
                         202, New Heera Panna Industrial Estate
                         Opp Business Park
                         Near Virwani Industrial Estate
                         Goregaon (East)
                         Mumbai 400063
                         Maharashtra
                         E-mail: camkg59@gmail.com
                                 irp.mohota@gmail.com

Last date for
submission of claims:    November 22, 2021


NAGARJUNA HYDRO: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagarjuna
Hydro Energy Private Limited (NHEPL; part of the Paschim group)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         12.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         12        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         34.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NHEPL for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of NHEPL and Paschim Hydro
Energy Pvt Ltd (PHEPL). This is because the two companies, together
referred to as the Paschim group, have significantly fungible cash
flows.

PHEPL was set up in 2002 as a special-purpose vehicle by the
promoters of MVK Energy Pvt Ltd (MVK), and Mr. M. Srinivas and
associates.

NHEPL, set up in 2002, is promoted by KVM Energy Pvt Ltd (KVM), and
Mr. M Srinivas and associates. Both the companies generate
hydropower in Hassan district, Karnataka.

NIROS ISPAT: CARE Lowers Rating on INR58.55cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Niros Ispat Private Limited (NIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      58.55       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank     11.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of NIPL under the 'issuer non-cooperating' category as
NIPL 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. NIPL 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, September 24, 2021.

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

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

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

The ratings also factored in significant decline in scale of
operations, profitability during FY20.

Niros Ispat Private Limited (NIPL), incorporated in 2001, is
engaged in manufacturing of sponge iron (with an installed capacity
of 97,500 MTPA), billets (30,000 MTPA) along with a waste heat
recovery based (WHRB) captive power plant (CPP) of 8MW at Bhilai,
Chhattisgarh. The company was initially promoted by Mr. Sunil
Mittal and Mr. Anil Agrawal. In FY09, Mr. Mittal sold his entire
stake and Mr. Siddheswar Agrawal & Mr. Ashish Goyal were inducted
as new promoters with equal share of 33.3% in the company.

OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Optimal Power
Synergy India Private Limited (OPS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.85       CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Letter
   of Credit             1          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.65       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with OPS for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

OPS, incorporated in 2007, is a subsidiary of Optimal Power
Solutions Pty Ltd, Australia. The company is involved in renewable
energy business, specifically in the manufacture and design of
power conditioning units such as inverters and various control
systems. OPS also manufactures rooftop solar inverters of 3-30
kilowatt. Dr Swati Purakayastha manages the operations.

PATSPIN INDIA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patspin
India Limited (PIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       68.36      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           7.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     143.80      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 January 21, 2021, placed the
ratings of PIL under the issuer non cooperating category as PIL had
failed to provide information for monitoring the ratings as agreed
to in its rating agreement. PIL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated October 27, 2021.

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

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

Detailed description of the key rating drivers

At the time of last rating on January 21, 2021, the following were
the rating strength and weakness (updated for the information
available from stock exchange)

Key Rating Weaknesses

* Ongoing delays in debt servicing: During FY21, the company
reported net loss of INR38 crore on total income of INR148.42
crore. On account of continuous losses over the years with
inadequate cash accruals, there have been ongoing delays in
servicing of debt obligations.

Patspin India Limited (PIL) is part of Kerala-based GTN group. GTN
group was established by Late Mr. M.L. Patodia in 1960. GTN group
has presence in spinning yarn, knitting, processing and garmenting.
Primary business activity of PIL is production and sale of cotton
yarn (counts ranging from 20s to 100s). In addition to this, PIL is
also engaged in value-adding activities like TFO (Two-For-One)
twisting and gassing of textile yarn. Incorporated in the year
1991, as of March 31, 2021, the total capacity of PIL stood at
114,000 spindles.


PHILIP D'COSTA: CARE Lowers Rating on INR3.54cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Philip D'Costa & Co (PDC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.54       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of PDC under the 'issuer non-cooperating' category as PDC
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. PDC 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, and 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).

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

Udupi-based (Karnataka) Philip D Costa & Co. (PDC) was established
in May 21, 2014 by Mr. Philip D Costa as a partnership concern
along with Mr. Ravikiran D Costa and Mr. Rovan D Costa and the
partners' shares profit and loss in the ratio of 40:30:30. PDC is
registered as class-I civil contractor with KPWD and is awarded
contracts based on tenders. The firm procures raw materials from
local markets in Karnataka.

PIBCO ENTERPRISES: CARE Lowers Rating on INR9.49cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pibco Enterprises Private Limited (PEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.49       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 26, 2020, placed
the rating(s) of PEPL under the 'issuer non-cooperating' category
as PEPL 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. PEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 12, 2021, October 22, 2021, November 1, 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 PEPL have been
revised on account of non-availability of requisite information.

The rating also factored in decline in scale of operation and net
loss reported during FY20.

Guwahati, Assam-based Pibco Enterprises Private Limited was
established in year 2003 with its registered office located at GS
Road, Christian Bosti, Guwahati. The company is promoted by Mr.
Khokon Ghosh, Mrs. Shahnaz Majid and Mr. Iltaf Hussain Hazarika.
Initially, the company was established as a partnership firm in the
year 1997 under the name "Pibco Enterprises" the company converted
into Private Limited Company from the year 2003. The entity started
its operation from 1988 and managed by two partners namely Mr.
Jitendra Kumar Gupta and Mr. Nanda Kishore Gupta. Currently, the
entity is authorized dealer of Hero MotoCorp Limited and Force
Motors Limited. The company is operating through two showrooms each
for Hero Motocorp Limited and Force Motors Limited providing sales,
services and spare parts (3S Model) along with one workshop for
Hero Motocorp Limited and two workshop of Force Motors Limited.
Currently, the company has 14 sub-dealers spread across Guwahati,
Assam for two-wheelers sales.


PRATHYUSHA RESOURCES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Prathyusha Resources & Infra Private Limited
        Door No. 25/40/12
        Ganguavari Street
        Near Laxmi Talkies
        Visakhapatnam
        Andhra Pradesh 530001

Insolvency Commencement Date: November 3, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 2, 2022

Insolvency professional: Mr. K. Sivalingam

Interim Resolution
Professional:            Mr. K. Sivalingam
                         Flat No. 1603
                         Tulive Horizon Residences
                         Arunachalam Road
                         Saligramam, Chennai
                         Tamil Nadu 600093
                         E-mail: siva.k220353@gmail.com

                            - and -

                         C/o M/s Brahmayya & Co.
                         48, Masilamani Road
                         Balaji Nagar, Royapettah
                         Chennai 600014
                         E-mail: irp.pripl@
                                 ibcprofessionalsolutions.com

Last date for
submission of claims:    November 17, 2021


PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Progressive
Exim Limited (PEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.66       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          24.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

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

CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of PEL under the 'issuer non-cooperating' category as
PEL 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. PEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021, November 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).

Progressive Exim Ltd. (PEL), promoted by Shrishrimal family of
Raipur, is engaged in the manufacture/processing of Specialty fats
(application: bakery and confectionery segment) and edible oils
(soya bean oil, rice bran oil etc) & by products (application:
fishery, poultry, cattle feed, fertilizers and detergents). The
plant is located in Raipur, Chhattisgarh and has total solvent
extraction capacity of 130 tonnes per day (TPD), edible oil
refining capacity of 20 TPD, expellers of 70 TPD and acetone
fractionation plant of 12 TPD. The company specializes in the
processing of specialty fats which are exported to reputed
chocolate manufacturers like Ferrero Trading Lux S.A and Britannia
Food Ingredients Ltd. Other products includes processing of Shea
Nuts, Soya Bean, Rice Bran, Sal seed, Mowha, Sunflower, Mango,
Cotton seed, Kokam, Karanj, Kusum, Pulse, etc. It markets 1Complete
definitions of the ratings assigned are available at
www.careratings.com and in other CARE publications. 2 CARE Ratings
Limited Press Release its Rice Bran Oil under the brand name
"Manmokah" and Soya Bean Oil as "Manbhavan". Other products are
sold in bulk in tankers. One of the group companies, AS Nutra Tech
Pvt Ltd is engaged in manufacturing refined soya oil (27000 MTPA)
and refined rice bran oil (18000 MTPA).


PSTS LOGISTICS PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: P.S.T.S. Logistics Private Limited
        48, II Floor, Wavoo Mansion
        Rajaji Salai, Chennai
        Tamilnadu 600001

Insolvency Commencement Date: November 1, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 1, 2022

Insolvency professional: Solomon Rajesh Jeyasingh

Interim Resolution
Professional:            Solomon Rajesh Jeyasingh
                         No. 2 Balaraman Street
                         Guduvancheri, Kancheepuram District
                         Chennai 603202
                         E-mail: ip.solomonrajesh@gmail.com
                                 cirp.psts@gmail.com

Last date for
submission of claims:    November 16, 2021


RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhe Cotton
(RC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.50      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.09      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              0.57      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Radhe Cotton
(RC) for obtaining information through letters and emails dated
August 19, 2021 and October 6, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

RC, set up in 2013 at Junagadh, is a partnership between Mr Kirit
Akheniya, Mr Mukesh Limbani, Mr Parakash Kantilal Popat, Mr Uday
Limbani and Mr Viral Akheniya. The firm gins and presses cotton; it
started commercial operations in May 2014.

RADHEY RADHEY: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Radhey
Radhey Ispat Private Limited (SRRIPL; part of the Shree Radhey
Radhey group) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.8       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           13         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        11.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.7       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Shree Radhey
Radhey Ispat Private Limited (SRRIPL; part of the Shree Radhey
Radhey group) for obtaining information through letters and emails
dated August 19, 2021 and October 06, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of SRRIPL, Kundan Casting
Private Ltd (KCL), and Sigma Casting Ltd (SCL). The companies,
collectively referred to as the Shree Radhey Radhey group, have
operational linkages, the same management, and a common marketing
network.

The Shree Radhey Radhey group is owned and managed by Mr N K Jain
and his son Mr Naveen Jain.

In 2008, the group acquired SRRIPL, which was established in 2002.
The company manufactures thermosmechanically treated (TMT) bars
under the Kamdhenu brand.

KCPL (established in 1994) and SCL (1990), manufacture ingots and
trade in various products such as iron ore, steel scrap,
machinery-related products, pre-fabricated buildings, and cloth.

RAGHULEELA BUILDERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Raghuleela Builders Private Limited
        One BKC, A Wing 1401
        Plot NO. C-66, G Block
        Bandra Kurla Complex
        Bandra (East), Mumbai
        Maharashtra 400051

Insolvency Commencement Date: October 4, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 18, 2022

Insolvency professional: Vandana Garg

Interim Resolution
Professional:            Vandana Garg
                         B-307, 3rd Floor
                         Lodha Supremus 2
                         Wagle Industrial Estate
                         Thane, Mumbai 400604
                         E-mail: vskgarg0899@gmail.com
                                 cirp.raghuleela@gmail.com

Last date for
submission of claims:    November 5, 2021


RAJARATNA MILLS: CARE Lowers Rating on INR33.72cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of The
Rajaratna Mills Private Limited (TRMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.72       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     10.29       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 30, 2020, placed the
rating(s) of TRMPL under the 'issuer non-cooperating' category as
TRMPL 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. TRMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 15, 2021, September 25, 2021 and October 5, 2021.

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

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

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

The rating also factored in decline in scale of operations,
profitability and debt coverage indicators during FY20 over FY19.

The Rajaratna Mills Pvt. Ltd. (TRMPL), engaged in the manufacture
and marketing of cotton yarn, was established by Mr. M. Janakirama
Kullama Naicker and Mr. Rajaratna Kullama Naicker in the year 1954
as a public limited company and was later converted into a private
limited company in 2001. Mr. L. Jaganath (son-in-law of Mr. M.
Janakirama Kullama Naicker) took over the management of TRMPL as
Chairman cum Managing Director in 1997. At present, the company's
operations are actively managed by Mr. J. Thulasidharan (S/o Mr. L.
Jaganath), Managing Director, Ms Nikenantha Thulasidharan (D/o Mr.
Thulasidharan), Director and Mr. Sailendra Thulasidharan, (S/o Mr.
Thulasidharan), Director. TRMPL commenced commercial production of
yarn in 1955 from its ring spinning unit at Neikarapatti (in
Palani, TN). The company did not avail any moratorium on its
existing bank facilities amid COVID-19 RBI guidelines.



RHJ TUBES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RHJ Tubes
Private Limited continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Buyer Credit Limit     4.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           10.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RHJ for
obtaining information through letters and emails dated August 19,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1981, RHJ Tubes Pvt Ltd (RHJ) is engaged in the
manufacturing of brass and copper tubes and ingots which are mainly
used in sanitary ware. The company is managed by Naresh Dhakad and
family. The promoters are engaged in the industry for more than 3
decades.

SANJAYUTTAM AGROFOODS: CARE Lowers Rating on INR19.46cr Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sanjayuttam Agrofoods Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.46       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 16, 2020, placed
the rating(s) of SAPL under the 'issuer non-cooperating' category
as SAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 1, 2021, November 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.

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a delay in debt
servicing of term loan as recognized from publicly available
information.

SAPL was incorporated on July 11, 2012. The company is engaged in
the business of manufacturing of wheat flour, maida and rawa. of
and procures raw material from group entity Sanjay Sales
Corporation as well as from open markets of Aurangabad, Jalna and
other parts of Maharashtra and Madhya Pradesh.


SHAKTHI SAGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shakthi Sago
Factory (SSF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        1.19       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.31       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SSF for
obtaining information through letters and emails dated August 31,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1981, SSF, a proprietorship concern of Mr B. Shakthi
Kumar, manufacturers sago.

TATA POWER: Moody's Assigns Ba2 Corp Family Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Tata Power Company Limited (The).

The outlook is stable.

RATINGS RATIONALE

"The Ba2 corporate family rating assigned to Tata Power reflects
the company's (1) predictable cash flow from its regulated
business, (2) exposure to thermal coal prices for its Mundra
project and Indonesian coal mines, (3) growing renewable energy
business, and (4) moderately high financial leverage," says
Abhishek Tyagi, a Moody's Vice President and Senior Credit
Officer.

"The rating also benefits from Tata Sons Ltd.'s (Tata Sons) 45.2%
ownership in Tata Power and its track record of supporting the
company," adds Tyagi.

Tata Power's Ba2 ratings include a one-notch uplift based on
Moody's assessment that the company will likely receive support
from its major shareholder, Tata Sons, if needed.

Tata Power's regulated operations in Mumbai and Delhi support the
company's consolidated financial profile. The recent acquisition of
distribution companies in the state of Odisha has further increased
the footprint of its regulated business. Tata Power's regulated
business contributed 57%-58% of the company's EBITDA over the past
two years, and Moody's expects a similar contribution over the next
two to three years.

Tata Power's ratings consider the growth in its regulated and
renewable energy businesses, which are more predictable and less
volatile, and thus, reduce the impact of the company's commodity
price-driven businesses, including coal mines in Indonesia and the
Mundra power project in India.

Tata Power has improved its leverage, as measured by cash flow from
operations pre working capital after dividends to debt (CFO pre-WC
-- dividends /debt), from 5.0% in the year ended March 31, 2019
(fiscal 2019) to 10.2% in fiscal 2021. Moody's expects Tata Power
leverage to remain moderately high and its (CFO pre-WC --
dividends)/debt to be in the range of 7.0%-8.5% over the next three
years.

Tata Power's credit profile considers its high carbon transition
risk because a significant part of its generation business is
reliant on coal-fired generation (69.5%). However, Tata Power's
commitment to not add any new coal-based capacity, phase out the
existing ones once their power purchase agreements expire and
significantly increase its renewable energy footprint provides
clarity regarding its carbon-transition plan.

The Ba2 rating factors in moderate governance risk given the
concentrated shareholding of Tata Sons. However, this risk is
partially tempered by the experienced management team, which is
further supported by experienced board members in the areas of
corporate governance, business strategy, and operational and
financial capabilities, among others.

RATIONALE FOR STABLE OUTLOOK

The stable outlook is based on Moody's expectation that Tata
Power's underlying business and financial profile will remain
steady and that Tata Sons will support the entity if required.

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

Tata Power's rating could be upgraded if the company improves its
credit metrics such that (CFO pre-WC -- dividends)/debt is above 8%
on a consistent basis.

Tata Power's rating could be downgraded if (CFO pre-WC --
dividend)/debt is below 5% on a sustained basis. The rating could
also face downward pressure if Tata Power undertakes substantially
debt-funded acquisitions that breach these metrics or significantly
raise business risks for the company, or both.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.

The Tata Power Company Limited (TPC) is one of the largest
private-sector power utilities in India, with an installed
generation capacity of 12,808 megawatts as of September 2021. The
company's business operations include power generation from
thermal, hydro, solar and wind sources, transmission and
distribution. The company also owns coal mines in Indonesia and a
license for coal mining in Russia.

Tata Sons Ltd. (Tata Sons) is the single-largest shareholder of
TPC, with a 45.21% stake as of September 2021. TPC's market
capitalization was INR738 billion as of November 3, 2021.

Coastal Gujarat Private Limited (CGPL) is a significant part of the
TPC group. CGPL's installed capacity of 4.15 gigawatts (GW)
accounts for about 32.4% of TPC's total installed generation
capacity.

UNION BANK OF INDIA: Moody's Withdraws Ba1 Deposit Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings,
assessments, and outlooks of Union Bank of India and Union Bank of
India, Hong Kong Branch.

Union Bank of India

Long-term Counterparty Risk Ratings (Foreign and Local Currency)
of Ba1

Short-term Counterparty Risk Ratings (Foreign and Local Currency)
of NP

Long-term Deposit Ratings (Foreign and Local Currency) of Ba1;
Outlook Stable

Short-term Deposit Ratings (Foreign and Local Currency) of NP

Long-term Counterparty Risk Assessment of Ba1(cr)

Short-term Counterparty Risk Assessment of NP(cr)

Baseline Credit Assessment (BCA) and Adjusted BCA of b1

Senior Unsecured MTN (Foreign Currency) of (P)Ba1

Subordinate MTN (Foreign Currency) of (P)B1

Junior Subordinate MTN (Foreign Currency) of (P)B2

Stable Outlook

Union Bank of India, Hong Kong Branch

Long-term Counterparty Risk Ratings (Foreign and Local Currency)
of Ba1

Short-term Counterparty Risk Ratings (Foreign and Local Currency)
of NP

Long-term Counterparty Risk Assessment of Ba1(cr)

Short-term Counterparty Risk Assessment of NP(cr)

Senior Unsecured MTN (Foreign Currency) of (P)Ba1

Subordinate MTN (Foreign Currency) of (P)B1

Junior Subordinate MTN (Foreign Currency) of (P)B2

Stable Outlook

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.
Union Bank of India is headquartered in Mumbai and reported total
assets of INR10.6 trillion at September 30, 2021.

V2 INNOVATIVES: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V2
Innovatives Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.47       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 5, 2020, placed the
rating(s) of VIPL under the 'issuer non-cooperating' category as
VIPL 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. VIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 21, 2021, October 1, 2021 and October 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).

Bangalore (Karnataka) based V2 Innovatives Private Limited (VIPL)
was incorporated in 2018 as Private Limited Company by Mr. R
Manjunath Reddy and Mrs. Muni Reddy Chandrika. The company is
engaged in manufacturing of packing materials like corrugated
packaging boxes, boards and allied products. The Managing Director
has more than two decades of experience in packaging industry and
looks after the day-to-day operations of the company. Also, The
company has a sister concern named Balaji packing Industries and is
into same line of business. The company has an Installed capacity
of 1 Lakh boxes per day.

VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vesta
Equipment Private Limited (VEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           8.50       CARE D; ISSUER NOT COOPERATING
   Short Term                      Rating continues to remain
   Bank Facilities                 under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 3, 2020, placed the
rating(s) of VEPL under the 'issuer non-cooperating' category as
VEPL 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. VEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2021, September 29, 2021 and October 9, 2021.

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

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

Vesta Equipment Private Limited (VEPL) was incorporated in May 2010
and is promoted by Mr. R. Balasubramanian and Mr. Sam Alumkal
Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with M/s.
Sullair Corporation, USA. Currently, the company manufactures three
kinds of air screw compressors which are utilized in water well
drilling, coal bed methane drilling, geothermal, underbalanced
drilling etc. The manufacturing unit of the company is situated at
Bangalore.


VRV TEXTILES LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: VRV Textiles Limited
        No. 11-5-19/12, Raja's Garden
        Guntur, AP 522001

Insolvency Commencement Date: October 26, 2021

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: April 24, 2022
                               (180 days from commencement)

Insolvency professional: Mr. J. John Ohilvi

Interim Resolution
Professional:            Mr. J. John Ohilvi
                         No. 3/95A, East of Medical College
                         Asaripallam, Nagercoil
                         Kanyakumaru District 629201
                         E-mail: johnohilvi@yahoo.co.in
                                 irpvrvtextiles@gmail.com

Last date for
submission of claims:    October 9, 2021


YES BANK: Moody's Upgrades Long Term Deposit Ratings to B2
----------------------------------------------------------
Moody's Investors Service has upgraded Yes Bank Limited's long-term
foreign currency issuer rating and long-term foreign and local
currency bank deposit ratings to B2 from B3. Moody's has also
upgraded Yes Bank's Baseline Credit Assessment (BCA) and Adjusted
BCA to b3 from caa2.

At the same time, Moody's has changed the outlook on Yes Bank's
ratings where applicable to positive from stable, reflecting
Moody's expectation of a further improvement to the bank's credit
profile, driven by a cleanup of legacy stressed assets and/or
improvements to its capital and profitability.

For a detailed list of the affected ratings for both Yes Bank
Limited and Yes Bank, IFSC Banking Unit Branch, please refer to the
end of this press release.

RATINGS RATIONALE

Moody's has upgraded Yes Bank's issuer rating to B2 from B3 because
its funding and liquidity have substantially improved in the past
year, which have strengthened depositor and credit confidence in
the bank. The rating action also reflects the fact that despite the
significant economic challenges since the onset of the pandemic,
Yes Bank's asset quality has deteriorated only modestly while its
capital has remained stable.

The improved financials metrics are reflected in the two-notch
upgrade of the bank's BCA to b3 from caa2. Moody's has also lowered
government support assumption for Yes Bank to moderate from high,
which results in a one-notch uplift to the B2 issuer rating from
the b3 BCA. The support assumption is in line with the support
expected for other private sector banks in India.

Yes Bank's deposits have increased over 65% between September 30,
2021 and March 31, 2020, after Indian regulators rescued the bank.


Its deposit quality has also improved; current and savings account
and retail term deposits represent 45% of total funding as of
September 30, 2021, compared with just 31% as of March 31, 2020.

Concurrently, the bank has reduced its share of market funding,
while its average liquidity coverage ratio (LCR) improved to 118%
as of September 30, 2021 from 40% as of March 31, 2020.

Yes Bank's asset quality remains weak and continues to pose risks
to its profitability and capital. While its reported nonperforming
loan (NPL) ratio declined moderately to 15% as of September 30,
2021 from 17% as of March 31, 2020, the bank's off-balance sheet
exposures to NPLs, restructured loans and loans overdue for more
than 60 days, which represent 5.5% of total loans as of September
30, 2021, pose risks.

The bank plans to transfer a large share of NPLs to an asset
reconstruction company over the next 12 months. Subject to the
terms and conditions of the transaction, Moody's expects the NPL
transfer will be credit positive as it will ease management burden
on resolving legacy problem assets and help the bank focus on
growing its assets and liabilities.

High NPLs and a moderation in credit growth have hurt Yes Bank's
revenues, while operating costs remain high relative to its
revenues. Moody's expects that boosting profitability will remain a
credit challenge until the bank manages to stabilize its franchise,
lower NPLs and grow its assets.

The bank's Common Equity Tier 1 ratio of 11.5% as of September 30,
2021 provides moderate cushion against unexpected risks. Moody's
expects Yes Bank will need to raise new equity capital in the next
12 months to support asset growth because its modest profitability
does not support internal capital generation.

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

Given the positive outlook, Moody's could upgrade Yes Bank's
ratings if the bank's asset quality and/or capital materially
improve.

Moody's could downgrade the bank's ratings and BCA if its capital
deteriorates significantly because of a strain on its asset
quality, or if its funding and liquidity deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Yes Bank is headquartered in Mumbai and reported consolidated
assets of INR2,886 billion ($38.8 billion) as of September 30,
2021.

LIST OF AFFECTED RATINGS:

Issuer: Yes Bank Limited

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa2

Baseline Credit Assessment, Upgraded to b3 from caa2

Long-Term Counterparty Risk Assessment, Upgraded to B2(cr) from
B3(cr)

Long-Term Counterparty Risk Rating (Local and Foreign Currency),
Upgraded to B2 from B3

Short-Term Counterparty Risk Assessment, Affirmed NP(cr)

Short-Term Counterparty Risk Rating (Local and Foreign Currency),
Affirmed NP

Short-Term Deposit Rating (Local and Foreign Currency), Affirmed
NP

Long-Term Issuer Rating (Foreign Currency), Upgraded to B2 from
B3; Outlook, Changed To Positive From Stable

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)B2 from (P)B3

Long-Term Bank Deposit Rating (Local and Foreign Currency),
Upgraded to B2 from B3; Outlook, Changed To Positive From Stable

Outlook, Changed To Positive From Stable

Issuer: Yes Bank, IFSC Banking Unit Branch

  Long-Term Counterparty Risk Assessment, Upgraded to B2(cr) from
B3(cr)

Long-Term Counterparty Risk Rating (Local and Foreign Currency),
Upgraded to B2 from B3

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)B2 from (P)B3

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Upgraded to B2 from B3; Outlook, Changed To Positive From Stable

Short-Term Counterparty Risk Assessment, Affirmed NP(cr)

Short-Term Counterparty Risk Rating (Local and Foreign Currency),
Affirmed NP

Outlook, Changed To Positive From Stable



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

BUANA LINTAS: Moody's Lowers CFR to B2, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded Buana Lintas Lautan Tbk
(P.T.)'s (BULL) corporate family rating to B2 from B1.

The outlook on the rating remains negative.

RATINGS RATIONALE

"The downgrade reflects BULL's persistently narrow liquidity
headroom because of its low cash balance, high debt amortization
burden and reduced cash flow generation, given the still-weak
tanker rate environment," says Stephanie Cheong, a Moody's
Assistant Vice President and Analyst. "BULL faces higher
refinancing uncertainty given its deteriorated funding access and
the volatility in offshore capital markets."

BULL's liquidity is weak. Moody's estimates that the company's cash
sources will fall short of its cash uses over the next 18 months.
The company's liquidity sources comprise cash on hand of $5.1
million as of June 30, 2021, $32 million raised (from a rights
issue, vessel sales and new bank debt), and free cash flow of $90
million over the 18 months to December 2022. These cash sources are
lower than its debt maturities of $170 million over the same
period, which relate mostly to scheduled debt amortization payments
of term loans raised to fund the company's fleet expansion since
2018.

BULL's $27 million short-term investment in fund manager Suisse
Charter Investment Ltd as of June 30, 2021 can help cover a portion
of the shortfall, as the company could liquidate the investment
with a 30-day notice.

While the company is exploring various refinancing arrangements for
its upcoming debt maturities and a potential equity raising, the
execution timing of its plans -- and any fallback arrangements
should these measures not come to fruition -- remains highly
uncertain.

Tanker charter rates halved in the second half of 2020 after
reaching record-high levels in March-May 2020. This weak tanker
freight rate environment has lowered BULL's earnings and operating
cash flows, pressuring its liquidity.

Moody's has a stable view on the tanker market globally and expects
a pickup in global economic activity to increase oil demand, which
will keep tanker rates stable over the next six to 12 months.

In the near term, BULL's debt/EBITDA leverage will weaken to 4.2x
as of the end of 2021 from 3.7x as of June 30, 2021, because of low
tanker rates in the first nine months of the year. A gradual
recovery in tanker rates since October 2021 and Moody's expectation
of at least stable rates over the next six to 12 months should
support an improvement in leverage toward 3.5x in 2022.

BULL's B2 rating also considers the company's small scale and its
shift away from chartering its fleet primarily with Pertamina
(Persero) (P.T.) (Baa2 stable) to also chartering vessels in
international waters. This shift provides upside potential when
charter rates are favorable but subjects BULL to contract renewal
and repricing risks. While around 85% of BULL's fleet remains
underpinned by time charter contracts which provides some revenue
visibility, the contracts are short at around one year and will
mostly expire in the next 12 months.

At the same time, the rating continues to reflect BULL's strong
margins relative to its global peers' and the sector's high entry
barriers for new competitors in Indonesian waters because of
favorable industry regulations, particularly cabotage laws.

The negative outlook reflects BULL's high refinancing risk and
uncertainties around its ability to address its large debt
amortization payments over the next 12-18 months, given its
deteriorated funding access and the volatility in offshore capital
markets.

In terms of environmental, social and governance (ESG) factors, the
ratings considers governance risks arising from the company's
concentrated ownership structure, aggressive financial strategy and
weak liquidity management.

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

Given the rating action, an upgrade is unlikely in the short term.
However, Moody's could change the outlook back to stable if BULL
addresses its substantial near-term debt maturities and materially
improves its liquidity and debt structure.

On the other hand, the ratings are likely to be downgraded further
if BULL fails to materially improve its liquidity and refinance its
large debt maturities by the end of January 2022, or if BULL's
liquidity deteriorates further, either because (1) industry
fundamentals weaken, resulting in lower charter rates or an
inability to renew expiring charter contracts; (2) there are
adverse changes in cabotage laws; (3) Pertamina shifts the
management of its fleet, such that it materially reduces its
exposure to BULL; or (4) BULL undertakes further material
debt-funded capital spending or shareholder returns.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 5.0x or adjusted (funds from operations
+ interest expense)/interest expense below 3.0x.

The principal methodology used in this rating was Shipping
published in June 2021.

Headquartered in Jakarta, Indonesia, and founded in 2005, Buana
Lintas Lautan Tbk (P.T.) (BULL) provides shipping services
primarily to oil and gas companies, including Pertamina (Persero)
(P.T.) (Baa2 stable) and its associates. BULL operated a fleet of
37 vessels as of June 30, 2021.

CIKARANG LISTRINDO: Moody's Ups CFR & Sr. Unsecured Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded Cikarang Listrindo (P.T.)'s
corporate family and senior unsecured ratings to Ba1 from Ba2.

The outlook on the ratings has been changed to stable from
positive

"The rating upgrade reflects our expectation that Cikarang will
maintain strong liquidity and solid financial metrics on the back
of the recovery and subsequent growth in the power consumption in
its catchment area," says Yong Kang, a Moody's Analyst.

RATINGS RATIONALE

Cikarang's Ba1 ratings reflect its cash flow visibility,
underpinned by its (1) market position as the dominant and only
private supplier of electricity to five industrial estates in West
Java in Indonesia; (2) diversified and good quality customer base;
and (3) supportive tariff structure of its power supply agreements,
which helps mitigate its exposure to fluctuations in fuel costs.
The company has solid financial metrics and strong liquidity.

Recovery and growth in power demand, stemming from economic
activities picking up in Indonesia, will increase the company's
earnings over the next 12-18 months, although the uncertainties
amid the pandemic still exist.

These credit strengths are counterbalanced by the company's
reliance on shorter-term fuel supply from third parties to meet its
generation needs, although Cikarang has successfully secured
contract extensions in the past.

In the first nine months of 2021, consumption of industrial
customers increased 18%, compared with the same period in 2020,
mainly because of economic activities recovering after movement
restrictions. In addition, Cikarang will benefit from increasing
power demand from data center customers, given Indonesia's
fast-growing digital economy.

Under Moody's base-case scenario, Cikarang's retained cash flow
(RCF)/debt will improve to 14%-17% over the next 12-18 months from
13% in 2020. Moody's financial projections assume no material
change in the company's capital structure and financial policy.

Cikarang has strong liquidity, highlighted by its modest capital
spending plan and no maturing debt (excluding lease liabilities)
over the next 12 months, compared with its ample cash holdings and
operating cash flow generation. The company had $326 million of
cash as of September 2021.

In October 2021, Cikarang announced that its shareholder meeting
approved its plan to refinance its $550 million notes due 2026.
However, Moody's does not expect the plan to materially change the
company's capital structure and financial management.

With regard to environmental, social and governance (ESG)
considerations, Cikarang's exposure to carbon transition risk is
partly offset by the fact that 75% of the company's generation
capacity comes from gas-fired plants, which are less carbon
intensive than coal-fired power plant. In addition, changes to
Indonesia's energy mix will likely be gradual to ensure continued
affordability of energy prices to consumers.

Cikarang's exposure to governance risks primarily stems from its
concentrated ownership, with three private investment companies
holding close to 85% of its equity interest and control over the
company's capital management strategy. That said, Cikarang has had
no transaction with its related parties in the last five years and
has largely maintained a measured approach to shareholder returns.

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

The stable outlook reflects Moody's expectation that Cikarang will
maintain its solid financial metrics with cash flow visibility,
strong liquidity profile and prudent financial policy over the next
12-18 months.

Moody's could upgrade Cikarang's ratings if the company's credit
quality strengthens such that its RCF/debt exceeds 18%-20% on a
sustained basis, driven by improving earnings and/or deleveraging.

Moody's could downgrade Cikarang's ratings if the company's credit
quality weakens such that its RCF/debt remains below 13% as a
result of (1) reduced earnings because of lower-than-expected
electricity demand or failure to pass through fuel price
fluctuations to customers; (2) a substantial debt increase because
of an aggressive expansion plan; or (3) excessive shareholder
returns.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Cikarang Listrindo (P.T.) is an independent power company that
supplies electricity to over 2,500 industrial customers in five
industrial estates in the Cikarang region, in the outskirts of
Jakarta. The company owns and operates natural gas-fired combined
cycle power plant and a coal-fired power plant, with a total
combined capacity of 1,144 MW as of September 2021. Cikarang is
listed on the Indonesia Stock Exchange since 2016, with three
Indonesian families owning 85% through three privately held
companies.

KAWASAN INDUSTRI: Fitch Affirms 'B-' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Kawasan Industri Jababeka Tbk's (KIJA) Long-Term Issuer Default
Rating (IDR) at 'B-'. Fitch has also affirmed the 'B-' long-term
rating on KIJA's USD300 million notes due 5 October 2023. The notes
are issued by subsidiary, Jababeka International B.V., and are
guaranteed by KIJA and several of its subsidiaries. The notes have
a Recovery Rating of 'RR4'. Fitch Ratings Indonesia has
simultaneously affirmed KIJA's National Long-Term Rating at
'BBB-(idn)'. The Outlook is Stable.

The IDR reflects KIJA's small operating scale and the cyclicality
of its industrial property sales, which Fitch forecasts account for
the majority of its property development. This is counterbalanced
by less-cyclical cash flow from its power plant, dry port and
estate-management services, which mostly covers its interest
expenses.

The Stable Outlook is based on Fitch's expectation that KIJA will
maintain healthy property presales, a financial profile that is
appropriate for its rating and adequate liquidity. KIJA aims to
refinance its USD300 million notes. Fitch believes it has adequate
time and a number of options, but limited progress in the next
six-to-12 months could indicate weakening liquidity and result in
rating pressure.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However, changes
in circumstances or economic conditions are more likely to affect
the capacity for timely repayment than is the case for financial
commitments denoted by a higher-rated category.

KEY RATING DRIVERS

Steady Cash Flow from Power Plant: Fitch expects KIJA to maintain
steady non-development EBITDA over the medium-term to
counterbalance its cyclical industrial-property cash flow and
support neutral-to-positive free cash flows. This should be
supported by the captive market for its estate services and dry
port volume as well as its long-term power purchase agreement with
PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable), which
expires in 2032.

Fitch believes PLN will continue to honour the take-or-pay
contract, despite periods of reserve shutdowns in the last 12
months, as independent power producers play a strategic role in
meeting Indonesia's rising electricity demand.

Rising Non-Development EBITDA: Fitch forecasts KIJA's
non-development EBITDA to improve to IDR320 billion in 2021 (9M21:
IDR235 billion), from IDR280 billion in 2020, as a higher
contribution from services and the dry port will offset a lower
contribution from the power plant. The power plant has been in
operation for most of 2021, but was in reserve shutdown for most of
2020 due to low electricity demand. This saw KIJA's EBITDA margin
revert to its historical average of around 25% in 9M21, from 34% in
2020.

Improving Industrial Presales: Fitch expects presales, excluding
those located in the Kendal township, to reach IDR770 billion in
2021, against IDR640 billion in 2020, amid higher industrial land
sales, which account for 66% of total sales. KIJA reported IDR380
billion in industrial presales in 9M21, versus a IDR200 billion
full-year average in 2017-2019. Fitch attributes this to an
improving investment climate as the pandemic is increasingly
contained, evident in rising foreign and domestic direct investment
in Indonesia in the last 12 months, according to Indonesia
Investment Coordinating Board data.

Stronger Residential and Commercial Presales: Fitch expects
residential and commercial presales, which historically accounted
for around half of total presales, to improve to IDR370 billion in
2022, from Fitch's estimate of IDR235 billion for 2021 and IDR333
billion in 2020. Presales improved by 33% qoq in 3Q21, despite a
pandemic-related lockdown over July and August, and Fitch believes
the strong presales should continue through to 2022, supported by
stabilising operating conditions and Indonesia's economic
recovery.

Kendal Joint Venture Deconsolidated: Fitch has deconsolidated
KIJA's 51% joint venture (JV) in PT Kawasan Industri Kendal to
assess KIJA's rating, after proportionately consolidating the JV
previously. This is because Fitch no longer expects Kendal to pay
meaningful dividends to KIJA owing to its development plans. KIJA
has not received a dividend from Kendal since the JV's inception,
and requires the consent of its 49% JV-partner, PT Sembcorp
Development Indonesia.

Fitch believes Kendal is self-sufficient, with healthy operating
cash flow and IDR357 billion of presales in the 9M21, minimal debt,
and a cash balance of IDR400 billion. Therefore, Fitch does not
expect that KIJA will need to extend support to the JV. Neither
KIJA nor Sembcorp guarantee Kendal's debt.

High Leverage: The deconsolidation of Kendal increases KIJA's
leverage, defined as net debt/adjusted inventory, to over 50%, from
over 40% previously. This is because Kendal is net cash positive
and has significant land bank. However, KIJA's high leverage is
offset by interest coverage from non-development cash flow, a short
cash collections cycle on industrial land sales and low investment
needs, which drive neutral-to-positive FCF. Fitch includes KIJA's
51% share of its investment in Kendal in the denominator of its
leverage ratio to reflect the company's ability to recover its
investment, if required.

Large, low-Cost Landbank: KIJA has low land purchase requirements
due to its large landbank of over 1,200 hectares in Cikarang, which
is sufficient for more than 20 years of presales. The company also
has low infrastructure investment needs given the mature stage of
its industrial estate, and low construction cost outflow, given a
high proportion of landplot sales.

DERIVATION SUMMARY

KIJA's ratings are comparable with those of PT Alam Sutera Realty
Tbk (ASRI, B-/Stable), PT Lippo Karawaci TBK (LPKR,
B-/BBB-(idn)/Stable) and PT Ciputra Residence (CTRR,
A(idn)/Stable).

KIJA and ASRI have similar business and financial risk profiles,
and therefore are rated at the same level. KIJA's cyclical
industrial land presales are compensated by steady cash flow from
its non-development income streams. Meanwhile, ASRI's residential
products exhibit stable demand, given its established residential
townships and product diversity, which supports at least IDR2
trillion in annual presales. Fitch expects both companies to
maintain neutral-to-positive cash flow, driven by their mature
townships, low-cost large landbank inventory and adequate
liquidity.

KIJA and LPKR are rated at the same level, as LPKR's stronger
liquidity is counterbalanced by Fitch's expectation of sustained
negative FCF in the next three years, in contrast with KIJA's
neutral-to-positive FCF. LPKR's stronger liquidity stems from an
adequate cash balance to plug negative FCF and no debt maturities
until 2025, versus KIJA's large US-dollar notes that mature in
2023.

Fitch assesses CTRR's risk based on the consolidated metrics of its
parent, PT Ciputra Development Tbk (CTRA, B+/Stable), in light of
strong linkages. CTRA has a stronger business and financial profile
than KIJA, which results in CTRR being rated several notches above
KIJA on the national scale. CTRA's stronger profile stems from a
larger operating scale, with annual attributable presales of around
IDR4 trillion, greater geographic and product diversity and
exposure to less cyclical residential demand. CTRA also has a more
conservative balance sheet, with leverage of around 30%, in
addition to significant interest coverage from non-development
sources, such a shopping malls, offices and hotels.

KEY ASSUMPTIONS

-- Presales, excluding Kendal, of IDR771 billion in 2021 and
    IDR952 billion in 2022;

-- Non-development EBITDA of around IDR320 billion in 2021 and
    2022;

-- Annual land banking and capex, excluding Kendal, of around
    IDR40 billion and IDR100 billion, respectively;

-- Fitch does not assume any dividends, considering Kendal's
    ongoing development plans.

Recovery Rating Assumption

-- KIJA will be liquidated in a bankruptcy rather than continue
    as a going concern, as it is an asset-trading company.

-- Fitch uses KIJA's financials, excluding Kendal, to compute a
    liquidation value under a distressed scenario of IDR4.4
    trillion as of end-2020.

-- The estimate reflects Fitch's assessment of the value of trade
    receivables at a 75% advance rate, inventory at a 50% advance
    rate, property, plant and equipment at a 50% advance rate and
    KIJA's 51% share of the Kendal JV at a 50% advance rate.

-- Fitch believes the 25% discount over trade receivables is more
    than sufficient to cover potential bad debt, given KIJA's
    allowance for bad debt of around 10% of total receivables as
    of end-June 2021.

-- Fitch assigns a 50% advance rate to inventory. This is at a
    substantial discount to market value, as KIJA reports
    inventory at its historical acquisition cost. Fitch also
    assigns a 50% rate to KIJA's 51% share of its Kendal JV, as
    Kendal's net worth mainly reflects its inventory balance.

-- KIJA's property, plant and equipment primarily comprises of a
    power plant, dry port and waste-water treatment plant. The 50%
    discount considers the power plant's young age, at less than
    10 years, the more than 10 years remaining under its power
    purchase agreement with PLN, and the dry port's strategic
    location.

These assumptions result in a 'RR1' Recovery Rating for the
outstanding senior unsecured bonds. Nevertheless, Fitch rates the
bonds at 'B-' with a Recovery Rating of 'RR4', because Indonesia
falls into Group D of creditor-friendliness under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria and the
instrument ratings of issuers with assets in this group are subject
to a soft cap at the company's IDR.

RATING SENSITIVITIES

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

-- Presales, excluding Kendal, sustained above IDR1 trillion;

-- Non-development EBITDA/gross interest cover sustained above
    1.0x (2020: 0.8x);

-- Net debt/adjusted inventory sustained below 50%.

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

-- Non-development EBITDA/gross interest cover at below 0.8x for
    a sustained period

-- Weakening liquidity, evidenced by an inability to refinance
    maturing debt in a timely manner, or increasingly negative
    operating cash flow before land banking

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Short-Term Liquidity: Liquidity is supported by Fitch's
estimate of an end-2021 cash balance, excluding the Kendal JV, of
IDR783 billion and positive free cash flow, against a maturing
long-term bank loan of IDR44 billion in 2022. KIJA's next
significant maturity is its USD300 million note due in October
2023. Fitch believes refinancing risk is manageable, pending its
ability to secure shareholder approval for its subsidiaries to
guarantee the new notes. The last shareholder meeting convened for
this purpose was not quorate, and KIJA is awaiting regulatory
feedback on how to proceed. The company has some options and time
to execute its plans. KIJA's improving performance, healthy FCF and
record of capital market access should support its refinancing
efforts.

KIJA did not comply with the fixed-charge ratio incurrence test of
2.25x on its US-dollar notes in 2020 and it is unlikely to do so
before 2024 with assistance from EBITDA growth. This limits the
company's ability to draw on new borrowings, except for refinancing
and a permitted debt basket of IDR400 billion for working capital
and capex. Fitch estimates that the permitted debt basket is
sufficient to fund KIJA's investment needs until end-2023.

ISSUER PROFILE

KIJA is an Indonesia-based industrial township developer. The
company generates presales from its two flagship projects, Kota
Jababeka in Cikarang, West Java, and Kawasan Industri Kendal, in
Central Java. It had over 1,700 hectares of landbank across its two
estates at end-September 2021, which was sufficient for more than
20 years of development.

ESG CONSIDERATIONS

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




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

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

The Commissioner of Inland Revenue filed the petition against the
company on June 22, 2021.

The Petitioner's solicitors are:

         Cloete Van Der Merwe
         Inland Revenue
         Legal Services
         5 Osterley Way
         Manukau City
         Auckland 2104
         New Zealand


VITANOVA TILING: Court to Hear Wind-Up Petition on Dec. 9
---------------------------------------------------------
A petition to wind up the operations of Vitanova Tiling Limited
will be heard before the High Court at Napier on Dec. 9, 2021, at
2:15 p.m.

Plumbing World Limited filed the petition against the company on
Sept. 24, 2021.

The Petitioner's solicitors are:

         Catherine Louise Waugh
         Credit Consultants Group NZ Limited
         Level 12, 15 Willeston Street
         Wellington Central
         Wellington 6011
         New Zealand


WAREHOUSE GROUP: Closure of Mosgiel Branch Proposed
---------------------------------------------------
Otago Daily Times reports that the second of Dunedin's three The
Warehouse stores appears to be closing.

According to the report, First Union organiser Poppy Stowell said
the union was informed of a proposal to close the Mosgiel branch
following a meeting with staff on Nov. 11.

Union representatives were not invited to the meeting, she said.

"We're urgently seeking detail on the proposal from The Warehouse
Group and expect clarity and transparency on significant issues
like redeployment and redundancy during this consultation period."

It follows the closure of the Maclaggan St, Dunedin Central store,
which was announced in August last year, ODT notes.

According to ODT, the Warehouse Group chief store operations
officer Ian Carter said the proposal was discussed with the team
ahead of the store's lease end at the start of next year.

"The proposal shared that despite the efforts of our team, over the
past few years we have seen customer shopping habits change, with
more customers choosing to shop in larger The Warehouse stores and
online," the report quotes Ms. Stowell as saying.

This included the Mosgiel Warehouse where many in the area were
choosing to shop at the larger Warehouse in nearby South Dunedin,
he said.

"Should the proposal go ahead, we will be consulting with each of
our team members to work through redeployment options to one of our
other Group stores."




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

A HONESTBEE: Court to Hear Wind-Up Petition on Nov. 26
------------------------------------------------------
A petition to wind up the operations of A Honestbee Pte Ltd will be
heard before the High Court of Singapore on Nov. 26, 2021, at 10:00
a.m.

Yesco Holdings Co. Ltd filed the petition against the company on
Nov. 1, 2021.

The Petitioner's solicitors are:

         WongPartnership LLP
         Marina Boulevard
         Level 28, Marina Bay Financial Centre Tower 3
         Singapore 018982


CARNIVAL CORP: Creditors' Proofs of Debt Due on Dec. 11
-------------------------------------------------------
Creditors of Carnival Corporation & PLC Asia Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Dec. 11, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 4, 2021.

The company's liquidators are:

         Sajjad A. Akhtar
         Ong Woon Pheng
         PKF-CAP Advisory Partners
         6 Shenton Way #38-01 OUE Downtown 1
         Singapore 068809


GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Golden Energy And Resources
Ltd's (GEAR) B1 corporate family rating and the B1 rating on its
senior secured bond.

The outlook remains stable.

"The ratings affirmation reflects our expectation that GEAR will
have sufficient funds to finance its commitment of up to $300
million in the planned entitlement offer of ordinary shares by its
subsidiary, Stanmore Resources Limited, to help fund Stanmore's
planned Australian coal mines acquisition," says Maisam Hasnain, a
Moody's Vice President and Senior Analyst.

"Furthermore, additional funding support to Stanmore for the
acquisition is not expected," adds Hasnain, also Moody's lead
analyst for GEAR, adding "If that situation materializes, GEAR's
liquidity would weaken considerably and pressure its B1 ratings and
stable outlook."

RATINGS RATIONALE

On November 8, GEAR's subsidiary Stanmore signed a definitive share
purchase agreement with BHP Minerals Pty Ltd (BHP) to acquire BHP's
80% effective interest in BHP Mitsui Coal Pty Ltd (BMC), a
metallurgical coal mine operator in Queensland, Australia. The
transaction will close by mid-2022, subject to regulatory and
shareholder approvals.

Stanmore intends to fund $600 million of the $1.35 billion purchase
price with an entitlement offer of ordinary shares. Stanmore will
fund the remaining amount via a committed $625 million acquisition
debt facility and Stanmore's internal cash. Stanmore has obtained
executed binding commitment letters with credit funds for the
acquisition debt facility, which will be non-recourse to Stanmore
and GEAR.

GEAR's holding company cash balance of around $100 million as of
June 30, 2021 and its projected dividends from its 62.5%-owned
Indonesian coal mining subsidiary, PT Golden Energy Mines Tbk
(GEMS), will be sufficient to meet its $300 million commitment in
Stanmore's entitlement offer.

While GEAR has guaranteed up to $600 million (inclusive of its $300
million commitment under Stanmore's shares entitlement) on behalf
of Stanmore for the acquisition, additional funding requirements
for GEAR are mitigated by the presence of an underwriting
commitment of up to $300 million from Indonesian Stock
Exchange-listed financial services firm, PT. Sinar Mas Multiartha
Tbk (SMMA). SMMA is an associate of GEAR's controlling
shareholders.

The proposed acquisition of BMC will increase GEAR's scale and
business diversification. The acquired mines have a long track
record of operations and low-cost structure, backed by a long
reserve life.

However, dividends from BMC remain susceptible to metallurgical
coal price volatility, and will likely be constrained by debt
service requirements under the acquisition debt facility. BMC will
represent GEAR's largest acquisition to date and will result in a
sizeable increase in GEAR's consolidated debt. While Moody's
expects BMC, along with GEAR's other investments to be
self-financing on an ongoing basis, funding support from GEAR to
its subsidiaries will pressure GEAR's B1 ratings and stable
outlook.

The transaction also exposes the company to execution risks,
although these may be tempered by a transitional service agreement
that is being negotiated with BHP to ensure operations at BMC are
not disrupted by the change in ownership.

GEAR's B1 ratings remain supported by its majority ownership of
GEMS, a low-cost coal producer with growing production volumes and
steady dividends that help service GEAR's holding company debt.

However, GEAR's ratings will be constrained over the next 12-18
months given its limited track record of steady dividends from its
non-GEMS investments; its exposure to the cyclical thermal and
metallurgical coal sector; and rising governance risks associated
with its increasingly complex group structure.

While GEMS, Stanmore and their respective subsidiaries will account
for most of GEAR's earnings and cash flow, these entities are not
subsidiary guarantors of GEAR's US dollar notes.

As a result, noteholders' claims in a distressed situation are
subordinate to liabilities at GEMS, Stanmore and their operating
subsidiaries. This subordination risk is reflected in GEAR's B1
CFR.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

GEAR's ESG Credit Impact Score is Highly Negative (CIS-4),
reflecting the company's very high exposure to environmental risks
and high exposure to social risks stemming from its Indonesian
thermal coal mining operations, and governance risks stemming from
its growth strategy.

The company's exposure to environmental risk is Very Highly
Negative (E-5 Issuer Profile Score), driven by very high carbon
transition risks for thermal coal, GEAR's key earnings driver.
Nonetheless, this risk could decline over the next 2-3 years if
GEAR materially increases earnings and cash flow generation from
its investments in Australian metallurgical coal and gold.

GEAR's exposure to social risk is Highly Negative (S-4 Issuer
Profile Score), driven primarily by coal mining's high exposure to
human capital, health and safety, responsible production and
demographic and societal trends. GEAR has implemented a number of
initiatives to address these risks, including occupational health
and safety standards and local community assistance.

GEAR's exposure to governance risk is Highly Negative (G-4 Issuer
Profile Score), reflecting the challenges associated with the
company's growth and diversification strategy, and its increasingly
complex group structure with large cash leakages to minority
shareholders.

OUTLOOK

The stable outlook reflects Moody's expectation that GEAR will not
be required to provide additional funding to support Stanmore's
planned BMC mines acquisition, and that operational and executional
risks associated with the planned acquisition will not weaken
GEAR's debt serviceability at the holding company. The stable
outlook also reflects Moody's expectation that GEAR will adhere to
conservative policies with respect to its growth and
diversification plans over the next 12-18 months.

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

An upgrade is unlikely over the next 12 months, given the large
spending requirements and execution risk associated with GEAR's
growth plans, GEAR's cash flow concentration and its complex group
structure.

Nevertheless, Moody's could upgrade the rating over time if GEAR
(1) continues to increase its scale, (2) generates steady dividends
from all of its investments, (3) is not required to provide
additional funding to support these businesses, and (4) maintains
the debt servicing ability of the holding company, such that its
interest coverage from dividend receipts exceeds 3.0x — excluding
the interest reserve account — on a sustained basis.

Conversely, Moody's could downgrade GEAR's rating if (1) the
company's liquidity weakens as a result of additional funding
support to its joint venture investments or subsidiaries, in
particular to Stanmore for its planned acquisition of BMC; (2) GEAR
is unable to execute its growth and diversification plans; (3) it
adopts aggressive financial policies, including continued
debt-funded investments; or (4) industry fundamentals weaken or
cash usage at GEMS rises, including higher-than-expected capital
spending that reduces the cash flow available for paying dividends
to GEAR.
Credit metrics indicative of a downgrade include GEAR's interest
coverage on a standalone basis falling below 1.5x or consolidated
adjusted debt/EBITDA remaining above 3.0x.

The principal methodology used in these ratings was Mining
published in October 2021.

Listed on the Singapore Stock Exchange, Golden Energy And Resources
Ltd (GEAR) is an energy and resources company with investments in
coal and gold.

HYOIL (BAWEAN): Court to Hear Wind-Up Petition on Nov. 26
---------------------------------------------------------
A petition to wind up the operations of Hyoil (Bawean) Pte Ltd will
be heard before the High Court of Singapore on Nov. 26, 2021, at
10:00 a.m.

LH Asian Trade Finance Fund Ltd filed the petition against the
company on Nov. 1, 2021.

The Petitioner's solicitors are:

         Breakpoint LLC
         3 Church Street
         #25-01, Samsung Hub
         Singapore 049483


HYOIL PTE: Court to Hear Wind-Up Petition on Nov. 26
----------------------------------------------------
A petition to wind up the operations of Hyoil Pte Ltd will be heard
before the High Court of Singapore on Nov. 26, 2021, at 10:00 a.m.


LH Asian Trade Finance Fund Ltd filed the petition against the
company on Nov. 1, 2021.

The Petitioner's solicitors are:

         Breakpoint LLC
         3 Church Street
         #25-01, Samsung Hub
         Singapore 049483


NEWTEC DRYMIX: Court to Hear Wind-Up Petition on Nov. 26
--------------------------------------------------------
A petition to wind up the operations of Newtec Drymix Pte Ltd will
be heard before the High Court of Singapore on Nov. 26, 2021, at
10:00 a.m.

The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company on Nov. 2,
2021.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         77 Robinson Road
         #16-00 Robinson 77
         Singapore 068896



                           *********


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

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

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

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