/raid1/www/Hosts/bankrupt/TCRAP_Public/211122.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, November 22, 2021, Vol. 24, No. 227

                           Headlines



A U S T R A L I A

BLUESTONE MORTGAGES: Fitch Affirms B Rating on Class F Notes
ENERGY INDUSTRIES: In Advanced Merger Talks With Cbus
J.W. MAILING: First Creditors' Meeting Set for Nov. 29
PE CAPITAL: Second Creditors' Meeting Set for Nov. 26
RAPID NUTRITION: First Creditors' Meeting Set for Nov. 29

RMW CARPENTRY: Second Creditors' Meeting Set for Nov. 29
WANGS BBQ: Second Creditors' Meeting Set for Nov. 29


C H I N A

CHINA EVERGRANDE: To Be Removed From Hang Seng China Stock Index
KANGMEI PHARMACEUTICAL: Independent Directors Quit After Verdict
NEW ORIENTAL: Moody's Assigns Ba1 CFR & Cuts Unsecured Bonds to Ba1
REMARK HOLDINGS: Posts $72.75 Million Net Income in Third Quarter
ZHONGLIANG HOLDINGS: S&P Affirms 'B+' ICR & Alters Outlook to Neg.



I N D I A

AGRIMAS CHEMICALS: Insolvency Resolution Process Case Summary
AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating
BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating

BALAJI WOOLLEN: CARE Lowers Rating on INR4.53cr LT Loan to B+
BALDVA TEXTILES: Insolvency Resolution Process Case Summary
BHUMI PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating
CANALAIRZ AIRZ: Insolvency Resolution Process Case Summary
DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating

DURGA INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
GLENMARK PHARMACEUTICALS: S&P Upgrades ICR to 'BB', Outlook Stable
GUNTUR MULTI PACKAGING: Insolvency Resolution Process Case Summary
KOMMINENI INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating
LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating

MANJUBHARGAVA COT: CARE Lowers Rating on INR12.75cr Loan to B-
PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating
RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating
SHREEBHAV POLYWEAVES: Insolvency Resolution Process Case Summary

SPECTRUM FILTRATION: CARE Lowers Rating on INR8.76cr Loan to B+
STONE INDIA: CARE Keeps D Debt Ratings in Not Cooperating
TORO PROCESSORS: CARE Keeps D Debt Rating in Not Cooperating
UNITON INFRA: CARE Lowers Rating on INR15cr LT Loan to B-
VATSA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating

VEER BHADRA: CARE Keeps B- Debt Rating in Not Cooperating
VENTURE POWER: Insolvency Resolution Process Case Summary
VINAY STEEL: CARE Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

BUMI RESOURCES: Moody's Cuts CFR to Caa3, Outlook Remains Neg.


J A P A N

MT. GOX CO: Trustee Gives Final OK for Bitcoin Repayment Plan


M A L A Y S I A

1MALAYSIA DEVELOPMENT: MYR20.5BB Funds, Assets Returned to Gov't.
POS MALAYSIA: Net Loss Widens to MYR43.9MM in Q3 Ended Sept. 30


N E W   Z E A L A N D

KLJ LIMITED: Creditors' Proofs of Debt Due on Dec. 17
SCHULER RENTAL: Court to Hear Wind-Up Petition on Nov. 29


S I N G A P O R E

AGENCY ASIA: Magazine, Domain Names to be Auctioned on Nov. 29
DRILLSCAN ASIA: Commences Wind-Up Proceedings
EAGLE HOSPITALITY: Ex-Directors Found in Contempt by U.S. Court
FORESIGHT BIOPHARMA: Commences Wind-Up Proceedings
HU AN CABLE: Mulls Raising Funds to Support Liquidation Process

INNERGY BIOPHARMA: Commences Wind-Up Proceedings
TENZING CAPITAL: Commences Wind-Up Proceedings

                           - - - - -


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

BLUESTONE MORTGAGES: Fitch Affirms B Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has affirmed six note classes from Bluestone
Mortgages Warehouse Trust. The transaction is backed by pools of
first-ranking Australian residential conforming and non-conforming
mortgage loans. All mortgages were originated by Bluestone Group
Pty Ltd and the notes were issued by Permanent Custodians Limited
in its capacity as trustee of Bluestone Mortgages Warehouse Trust.

The class C, D, E and F notes of the Bluestone Mortgages Warehouse
Trust were placed on Under Criteria Observation (UCO) on 27 May
2021 following the publication of the updated APAC Residential
Mortgage Rating Criteria on 25 May 2021. The warehouse has
subsequently been restructured and Fitch has removed these notes
from UCO.

DEBT        RATING           PRIOR
----        ------           -----
Bluestone Mortgages Warehouse Trust

A     LT AAAsf   Affirmed    AAAsf
B     LT AAsf    Affirmed    AAsf
C     LT Asf     Affirmed    Asf
D     LT BBBsf   Affirmed    BBBsf
E     LT BBsf    Affirmed    BBsf
F     LT Bsf     Affirmed    Bsf

KEY RATING DRIVERS

Asset Performance Resilient to Pandemic: The 30+ day and 90+ day
arrears at end-September 2021 were 6.9% and 2.5%, respectively,
above Fitch's 2Q21 Dinkum Non-Conforming RMBS Index of 2.2% and
0.8%. The pool had 3.0% of loans on Covid-19 hardship arrangements.
Loans approved for hardship have their reported arrears status
frozen until such time as the support comes to an end.

The transaction has a rolling one-year revolving period, and
therefore Fitch's analysis is based on a proxy pool which was
stressed based on pool parameters and historical data and to
reflect Fitch's expectation of the pool's future composition. The
loan portfolio is shaped by the parameters set for the portfolio
characteristics. These include: maximum obligor exposure, maximum
loan size, maximum percentage of low documentation mortgages and
interest-only loans.

Fitch applied an arrears adjustment of 1.5 times the five-year
average of Bluestone mortgage portfolio arrears to August 2021 for
each arrears bucket, to consider any future increases in arrears as
part of the stressed portfolio.

The 'AAAsf' weighted-average (WA) foreclosure frequency of 43.4% is
driven by the Fitch-stressed WA unindexed loan/value ratio (LVR) of
70.8% and loans with LVR greater than 80% making up 29.4% of the
portfolio. Fitch's analysis was based on a stressed proxy portfolio
that had a conforming loans composition based on each of its
minimum conforming loan percentage parameters.

The 20% conforming loan proxy portfolio produced the highest credit
enhancement level and comprised investment loans of 39.3%,
low-documentation loans of 60.0%, loans backed by self-employed
loans of 63.1% and 90+day arrears of 6.9%. The 'AAAsf' WA recovery
rate of 46.5% is driven by the stressed portfolio's WA indexed
scheduled LVR of 65.0%.

Credit Enhancement Supports Ratings: Each tranche of rated notes
benefits from credit enhancement provided by the respective
subordinate notes and will revert to sequential paydown, building
up credit enhancement, if performance significantly deteriorates
triggering an amortisation event or if the revolving period is not
extended. The payment of additional interest on the class A to F
notes is not included in the rating assessment of each note.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities.

Bluestone's collection timelines, policies, procedures and
origination practices are largely in line with those of other
lenders in Australia; however, its lending has historically
targeted a greater portion of low-documentation, self-employed
borrowers in comparison with the general mortgage market. The
servicer's operations have not been disrupted by the pandemic, as
staff are able to work remotely and have access to the office.

Economic Rebound to Support Stable Outlook: The Stable Outlook is
supported by Australia's management of the pandemic including the
nationwide vaccine rollout facilitating removal of lockdown
restrictions. Fitch expects Australia's GDP to dip in 3Q21, cutting
Fitch's 2021 forecast to 3.7%, with an unemployment rate of 5.2%.
GDP growth should accelerate to 4.5% in 2022 and the unemployment
rate improve to 4.4%.

The Key Rating Drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- A longer pandemic than Fitch expects that leads to
    deterioration in macroeconomic fundamentals and consumers'
    financial positions in Australia beyond Fitch's baseline
    scenario. Available credit enhancement cannot compensate for
    higher credit losses and cash flow stresses, all else being
    equal.

Downgrade Sensitivity:

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

Notes: A / B / C / D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Expected impact on note ratings of increased defaults:

-- Increase defaults by 15%: AA+sf / A+sf / BBB+sf / BB+sf / BB-
    sf / below Bsf

-- Increase defaults by 30%: AAsf / Asf / BBBsf / BBsf / Bsf /
    below Bsf

Expected impact on note ratings of decreased recoveries:

-- Reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf
    / below Bsf

-- Reduce recoveries by 30%: AAsf / Asf / BBB-sf / BB-sf / below
    Bsf / below Bsf

Expected impact on note ratings of multiple factors:

-- Increase defaults by 15% and reduce recoveries by 15%: AAsf /
    Asf / BBBsf / BB-sf / below Bsf / below Bsf

-- Increase defaults by 30% and reduce recoveries by 30%: Asf /
    BBBsf / BB-sf / below Bsf / below Bsf / below Bsf

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

-- The rated notes are constrained by tail risk concentration and
    therefore cannot be upgraded.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

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.


ENERGY INDUSTRIES: In Advanced Merger Talks With Cbus
-----------------------------------------------------
Sydney Morning Herald reports that Energy Industries Superannuation
Scheme (EISS) is in advanced talks with Cbus to merge into a AUD70
billion super giant after EISS was slapped with a warning from the
prudential regulator following reckless spending allegations.

SMH relates that the Australian Prudential Regulation Authority
(APRA) has given Energy Industries Superannuation Scheme (EISS)
until July next year to merge with a larger, better performing fund
after discussions with AUD6 billion transport fund TWUSuper
collapsed in October.

According to the report, APRA has placed increasing pressure on the
AUD3.3 trillion superannuation sector to consolidate, forecasting
smaller funds will become uncompetitive as economies of scale are
used to reduce fees and improve returns.

EISS, also a AUD6 billion fund, was approached by the construction
industry fund Cbus late last year, according to multiple sources
who were not authorised to speak publicly, but this was rejected by
EISS's management which had prioritised finalising a deal with
TWUSuper, SMH relays.

"EISS said we're not interested. They made out it wasn't in
members' best interests," said one source. "But in reality, it
wasn't in the directors' best interest, they didn't want to be
swallowed up by a larger fund. So, they fought it every step of the
way."

Now, Cbus and EISS have reignited merger discussions after an
expenses crisis toppled EISS's chief executive, chair and three
senior directors, SMH says. EISS staff have been told there will be
job losses and possible re-deployments in the new year, once the
deal, described as "more of a takeover than merger" with Cbus is
finalised.

SMH relates that Cbus has begun advertising across a number of
worksites of the NSW-government owned Essential Energy, according
to sources, which is one of EISS's major employers. Previously,
Cbus has remained absent from these worksites but is now
encouraging members to switch funds.

"That makes it hard for EISS as a business to maintain their
membership or increase their membership if they've already got Cbus
weaning their way into the energy worksites," said another source.
"Cbus has cottoned on, they're trying to pick off the carcass."

According to SMH, EISS's former head of employer relationships,
Paul Lister, started working at Cbus in April and has made a number
of posts on social media encouraging EISS members to switch funds.
"Anyone still in EISS Super? Time to consider alternatives - there
are much better performing funds with much lower fees out there!"
Mr Lister posted on November 16.

SMH relates that EISS said it revised its merger strategy in
September and was "currently exploring a number of merger
opportunities that will ensure our members' interests continue to
be protected in the long term" but did not comment on negotiations
with Cbus.

A Cbus spokeswoman said: "We never comment on merger discussions."

EISS was hauled in front of a parliamentary committee in October
after The Age and Sydney Morning Herald revealed the AUD6 billion
super fund had spent its largely blue-collar members' retirement
savings on training courses at elite US universities, lavish
Christmas parties and AUD100,000 on a luxury BMW for the CEO.

The reports also highlighted potential conflicts of interest after
EISS was found to sponsor a number of charities linked to senior
managers' family members and two Maroubra surf clubs neighbouring
the former CEO's residence in Sydney, SMH relays.

SMH adds that APRA last week intervened to impose additional
licence obligations on EISS, forcing greater board oversight of
expenditure and culling unnecessary sponsorship deals. The
investigation remains ongoing and the regulator has warned further
action may follow.

Former chief executive Alex Hutchison blamed a "calculated smear
campaign" for his decision to step down from EISS after a factional
battle within the aligned union, the Electrical Trades Union, had
split support for a merger with Cbus and TWUSuper, says SMH.  There
were two formal bullying complaints made against Mr. Hutchison and
a number of claims made through the Fair Work Commission and
WorkSafe NSW about poor treatment at EISS which have resulted in
financial payments being made, the report relates.

Energy Industries Superannuation Scheme's line of business includes
managing pension, retirement, health, and welfare funds.


J.W. MAILING: First Creditors' Meeting Set for Nov. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of J.W. Mailing
Services Pty Limited will be held on Nov. 29, 2021, at 11:00 a.m.
via teleconference.

Mitchell Warren Ball of Mackay Goodwin was appointed as
administrator of J.W. Mailing on Nov. 17, 2021.


PE CAPITAL: Second Creditors' Meeting Set for Nov. 26
-----------------------------------------------------
A second meeting of creditors in the proceedings of PE Capital
Funds Management Ltd has been set for Nov. 26, 2021, at 1:00 p.m.
via telectronic facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2021, at 1:00 p.m.

Bruno Anthony Secatore of Cor Cordis was appointed as administrator
of PE Capital on Oct. 21, 2021.


RAPID NUTRITION: First Creditors' Meeting Set for Nov. 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Rapid
Nutrition Australia Pty Ltd will be held on Nov. 29, 2021, at 10:00
a.m. via virtual meeting technology.

Mali Thaggard of Australia Business Rescue was appointed as
administrator of Rapid Nutrition on Nov. 17, 2021.


RMW CARPENTRY: Second Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of RMW Carpentry
Pty Ltd has been set for Nov. 29, 2021, at 10:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2021, at 4:00 p.m.

Geoffrey Trent Hancock of Hamilton Murphy Advisor was appointed as
administrator of RMW Carpentry on Oct. 25, 2021.


WANGS BBQ: Second Creditors' Meeting Set for Nov. 29
----------------------------------------------------
A second meeting of creditors in the proceedings of Wangs BBQ Pty
Ltd, currently trading as Crazy Wing The Glen - Formerly Trading as
Little Lamb Hot Pot, has been set for Nov. 29, 2021, at
11:00 a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 26, 2021, at 4:00 p.m.

(Melissa) Poh Bee Lau and Malcolm Kimbal Howell of Jirsch
Sutherland were appointed as administrators of Wangs BBQ on Oct.
25, 2021.




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

CHINA EVERGRANDE: To Be Removed From Hang Seng China Stock Index
----------------------------------------------------------------
Reuters reports that China Evergrande Group will be removed from
Hong Kong's Hang Seng China Enterprises Index, the benchmark
provider said on Nov. 19 following its regular quarterly review.

The Hang Seng Indexes Company does not typically give reasons for
changes to its indexes, and did not in its statement on Nov. 19,
Reuters says.

According to Reuters, the Hang Seng China Enterprises Index is
designed to reflect the performance of mainland Chinese companies
listed in Hong Kong, and includes the top 50 eligible stocks by a
measure of their market value.

Evergrande's shares have fallen over 80% year to date, the report
notes.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.

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


KANGMEI PHARMACEUTICAL: Independent Directors Quit After Verdict
----------------------------------------------------------------
Caixin Global reports that outside board members of about a dozen
publicly traded Chinese companies quit after a court found
independent directors of Kangmei Pharmaceutical Co. partially
liable in the drugmaker's massive fraud.

The wave of resignations may have been triggered by the court's
finding in a class-action lawsuit against scandal-plagued Kangmei
last week, a board secretary of a publicly listed company told
Caixin. Ordinarily, outside directors of publicly traded companies
tend to quit at year-end or before companies' annual reports, the
person said.

According to Caixin, the Guangzhou Intermediate People's Court
found the drugmaker, its executives and its auditors responsible
for financial fraud that caused CNY2.46 billion (US$385 million) of
losses to 52,037 investors. Five independent directors who signed
Kangmei's financial reports during the period of the fraud were
among the defendants and were found partly liable for the
compensation, the report relates.

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.


NEW ORIENTAL: Moody's Assigns Ba1 CFR & Cuts Unsecured Bonds to Ba1
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to New Oriental Education & Technology Group Inc. and has
withdrawn the company's Baa3 issuer rating.

Moody's has also downgraded to Ba1 from Baa3 the senior unsecured
rating on the bonds issued by New Oriental Education & Technology
Group Inc.

The outlook remains negative.

"The downgrade reflects New Oriental's weaker business profile and
smaller scale as a result of its announced cessation of its K-9
Academic AST Services," says Shawn Xiong, a Moody's Assistant Vice
President and Analyst.

"The negative outlook reflects the residual regulatory risks
surrounding the company's remaining K-12 AST business and the
execution risks involved in restructuring its operations," adds
Xiong.

However, Moody's expects the planned cessation of its K-9 Academic
AST Services will enhance New Oriental's compliance with new
regulations on the sector and significantly reduce the regulatory
uncertainties around its operating model, operation scope and
capital-raising ability.

On July 24, 2021, the General Office of the CPC Central Committee
and the General Office of the State Council announced the opinions
in relation to reducing students' burden and the after-school
tutoring (AST) sector in China (A1 stable).

On November 15, 2021, New Oriental announced that it would cease
tutoring services on academic subjects to students from
kindergarten through grade nine (K-9 Academic AST Services) at all
its learning centers across China by the end of 2021. The company
expects the cessation will have a substantial adverse impact on the
its revenues for the fiscal year ending May 31, 2022, as revenues
from its K-9 Academic AST Services accounted for approximately 50%
to 60% of its annual total revenues for FY2020 and FY2021.

RATINGS RATIONALE

New Oriental's Ba1 CFR reflects its position as a leading private
education services provider in China, with an established track
record of over 30 years, good brand recognition and excellent
liquidity.

However, the company's CFR is constrained by its weakened business
profile, reduced scale and residual regulatory risks.

The planned cessation of its K-9 Academic AST Services will weaken
New Oriental's business profile and reduce its scale, given that
the segment accounted for approximately 50% to 60% of the company's
annual total revenues for FY2020 and FY2021. Additionally, K-9
Academic AST Services had exhibited high level of demand stability
and growth potential.

Going forward, Moody's expects New Oriental to focus on the
company's remaining K-12 AST Services, overseas and domestic test
preparations and other language training services.

The reduced operating scale, heightened execution risks and
weakened business profile position the company in the Ba rating
category when compared with its global peers.

At the same time, Moody's expects New Oriental to execute on
significant cost reductions, including employee redundancies and
terminating the operating leases of closed learning centers.

As a result, Moody's expects New Oriental's debt leverage, as
measured by adjusted debt to EBITDA, will increase in the range of
2.0x-2.5x over the next 12-18 months. This leverage level is
appropriate for its rating category.

New Oriental's liquidity is excellent, given the company's solid
net cash position. The company had a cash balance of around USD1.6
billion, term deposits of USD1.2 billion and liquid short-term
investments of around USD3.4 billion as of May 31, 2021. There is
no debt maturing over the next 24 months.

For its USD300 million bonds due in July 2025, the company has
repurchased the bonds in an aggregate principal amount of USD64.5
million, representing approximately 21.5% of the initial principal
amount of the bonds as of November 11, 2021.

Moody's expects the company will have sufficient liquidity to cover
any student refunds, employee redundancy payments and lease
termination penalties. In addition, its excellent liquidity
position could provide a buffer against ongoing regulatory
uncertainties around the company's remaining AST services on
academic subjects.

The ratings also consider the following environmental, social and
governance (ESG) factors.

From a social risk perspective, China's recent policy changes to
the after-school tutoring sector highlights the government's aim to
reduce students' academic burden and further tighten the
operational and teaching standards of tutoring companies.

In terms of governance, New Oriental has a relatively diversified
shareholder base, with its founder and executive chairman, Michael
Minhong Yu, holding a stake of around 13.1%. The company is also
listed on the New York Stock Exchange and the Hong Kong Stock
Exchange, and has three independent nonexecutive directors on its
six-member board. Its board members include professionals from the
education sector and experienced senior management personnel from
leading companies in China.

New Oriental, which was established in 1993, also has a long
operating track record in China's private education services
industry. The company has demonstrated a prudent financial policy,
reflected in its net cash position, low financial leverage and
conservative capital distributions. New Oriental has historically
not engaged in overly aggressive expansions or merger and
acquisition activities.

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

An upgrade is likely, given the negative outlook. However, Moody's
could change the outlook to stable if (1) the company successfully
executes on its business restructuring and cost reductions; (2)
residual regulatory risks related to its remaining K-12 AST
services on academic subjects subside; and (3) the company
maintains a solid net cash position with continued funding access.

Moody's could downgrade the ratings if further regulations affect
more of New Oriental's operations; the company is unable to access
funding or if it loses its solid net cash position. Weakening
credit metrics include adjusted debt/EBITDA rising above 3.5x and
EBITDA margin declining to less than 20%.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Established in 1993, New Oriental Education & Technology Group Inc.
(New Oriental) is a leading provider of private education services
in China. The company has operated for close to 30 years, and has
strong brand recognition and a diverse geographic footprint in
China. The company has been listed on the New York Stock Exchange
since 2006 as well as on the Hong Kong Stock Exchange since 2020.

REMARK HOLDINGS: Posts $72.75 Million Net Income in Third Quarter
-----------------------------------------------------------------
Remark Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $72.75 million on $1.23 million of revenue for the three months
ended Sept. 30, 2021, compared to net income of $4.41 million on
$2.65 million of revenue for the three months ended Sept. 30,
2020.

For the nine months ended Sept. 30, 2021, the Company reported net
income of $65.72 million on $9.66 million of revenue compared to a
net loss of $7.83 million on $5.38 million of revenue for the same
period during the prior year.

As of Sept. 30, 2021, the Company had $93.08 million in total
assets, $24.38 million in total liabilities, and $68.70 million in
total stockholders' equity.

At Sept. 30, 2021, cash balance totaled $3.1 million, compared to a
cash balance of $0.9 million at Dec. 31, 2020.  The predominant
contributors to the change were proceeds of $5.5 million from the
equity offering in September 2021 and from stock option exercises,
$4.8 million from a short-term debt issuance and $2.3 million
proceeds from the Sharecare transaction, which were partially
offset by $10.1 million of cash used in operations.

"Our third quarter was highlighted by the continued advancement of
our AI software and platforms.  Our computer vision software was
once again named one of the best in the world, and we delivered on
a new platform for AI-driven safety in schools," noted Kai-Shing
Tao, chairman and chief executive officer of Remark Holdings.

"Despite stringent, periodic citywide lockdowns associated with
COVID-19 in China and a major U.S. customer slowing its product
rollout due to technical difficulties, we have been able to achieve
revenue through the first nine months of 2021 of $9.7 million,
nearly matching full year 2020 revenue of $10.1 million.  Finally,
our long-term vision in large total addressable markets was
manifested in the third quarter as we recognized a $78.9 million
gain on our $1.0 million investment in Sharecare, providing us the
building block to meet the capital requirements necessary to meet
current demand while allowing us to continue to invest in areas
that will assure future growth."

A full-text copy of the Form 10-Q is available for free at:

                      https://bit.ly/30GQ5Jf

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$13.73 million in total assets, $28.94 million in total
liabilities, and a total stockholders' deficit of $15.21 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


ZHONGLIANG HOLDINGS: S&P Affirms 'B+' ICR & Alters Outlook to Neg.
------------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Zhongliang
Holdings Group Co. Ltd. (Zhongliang) to negative from stable. At
the same time, S&P affirmed its 'B+' long-term issuer credit rating
on the company.

S&P said, "The negative outlook on Zhongliang reflects our view
that contracted sales will likely weaken, adding pressure to the
company's refinancing plan. Meanwhile, market turbulence will
likely prevent any new issuance for refinancing.

"We revised the outlook to negative because Zhongliang's contracted
sales are likely to decline and cash generation to weaken in the
next six to 12 months, thus undermining its ability to service
debt." At the same time, the developer is highly exposed to
offshore market volatility given its extensive use of
U.S.-dollar-denominated senior notes, which are concentrated in
short tenors. The risk is partly mitigated by the company's
satisfactory track record of liquidity management in tough industry
conditions.

Zhongliang's financing channels have narrowed due to its impaired
access to the capital market. The company has about US$1.2 billion
of outstanding U.S. dollar-denominated senior notes with maturity
dates from January to August 2022, including public bonds and an
on-balance-sheet private bond of US$150 million. S&P also observed
reduced use of debt in onshore financing channels, such as bank and
trust loans, albeit it expects the pressure to ease if regulators
relax measures on developers' borrowing channels. In the third
quarter, Zhongliang repaid about Chinese renminbi (RMB) 4 billion
in bank loans and RMB1.5 billion of other non-bank loans using cash
on hand. To settle its large offshore repayment needs, Zhongliang's
debt repayment plan focuses on downsizing land investment and
generating liquidity sources from operations.

The debt repayment plan is subject to execution risks, given
sluggish sales may not support a stable cash inflow. Zhongliang
reported RMB12 billion-RMB13 billion in contracted sales each month
from July to October this year, a combined 23% decline from the
same period in 2020. S&P said, "We believe this indicates weakened
market demand in its targeted cities. Zhongliang's high exposure to
lower-tier cites, where it generated about 50% of its sales in the
first half, may lead to stronger sentiment-driven volatility. We
revised down our base-case forecast for Zhongliang's contracted
sales to about RMB165 billion in 2021, a slight drop from 2020's
RMB168 billion. Sales in 2022 and 2023 are likely to further dip by
about 10% and 20%, respectively, given the limited financial
resources for land replenishment. We forecast the sales declines to
be faster than the industry average."

S&P said, "Despite the projected sales decline, we believe
Zhongliang's debt repayment plan remains feasible. Therefore, we
affirmed our rating on the company. Zhongliang's scale of
operations and its project execution capability gives it some
leeway to maneuver the tough operational path. With land reserves
of 42 million square meters (as of end-June 2021), which support
2.5 years of development, the company could further squeeze its
land budget, under a stressed scenario. In a sensitivity analysis,
if sales further decline by 10% from our base case, the ratio of
liquidity sources to liquidity uses (which only includes committed
land premium) would be still above 1.2x, our threshold of assessing
adequate liquidity. This indicates some buffer to absorb a hit to
cash flow."

Zhongliang has demonstrated risk management and execution
capability under changing market conditions. Its internally
generated cash flow covered bond maturities in September and
November 2021--US$400 million and US$200 million, respectively. The
company also took advantage of a market window and issued US$200
million in green bonds in September to bolster its liquidity. That
said, S&P sees execution risk given the size and concentration of
the maturities in 2022.

S&P said, "The negative outlook on Zhongliang reflects our view
that the company's sales may weaken due to declining demand. This
will increase its refinancing pressure amid volatility in the
offshore bond market. We also believe the company will continue to
execute its debt repayment plan and preserve cash to fulfill
repayment needs.

"We may lower the rating if Zhongliang's liquidity shows signs of
deterioration, possibly due to a significant slippage in contracted
sales, or escalation of debt repayment in any of the funding
channels. Liquidity sources falling short of 1.2x of liquidity uses
could indicate such deterioration.

"We may also lower the rating if Zhongliang's financial leverage,
in terms of consolidated or proportionately consolidated
debt-to-EBITDA ratio, rises above 6x.

"We may revise the outlook to stable if Zhongliang can execute its
debt repayment plans while maintaining a balanced capital structure
with good bank funding and controlled trust loan exposure. At the
same time, the company should maintain adequate liquidity and a
stable leverage, such that its debt-to-EBITDA ratio on a
consolidated and proportionately consolidated basis is below 6x
consistently."




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

AGRIMAS CHEMICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Agrimas Chemicals Limited

        Registered office:
        H2, MIDC Ind. Estate
        Taloja
        Dist. Raigadh 410208
        Maharashtra

        Corporate office:
        602, 6th Floor
        ILD Trade Centre
        Sector-47
        Gurugram 122018
        Haryana

Insolvency Commencement Date: November 15, 2021

Court: National Company Law Tribunal, Mumbai Bench-IV

Estimated date of closure of
insolvency resolution process: May 13, 2022

Insolvency professional: Anurag Nirbhaya

Interim Resolution
Professional:            Anurag Nirbhaya
                         204, Sagar Plaza
                         Plot No. 19
                         District Centre
                         Laxmi Nagar
                         New Delhi 110092
                         India
                         E-mail: anurag@canirbhaya.com
                                 cirp.agrimas@gmail.com

Last date for
submission of claims:    November 29, 2021


AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Cellular Limited (ACL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 22, 2020, continued
to place the ratings of ACL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. ACL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated September 17, 2021, September 27, 2021
etc.

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. Further, ACL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement The ratings
for the bank facilities of ACL are denoted as 'CARE D; Issuer not
cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. The company
is undergoing insolvency resolution process under NCLT.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML –
Aircel Smart Money Limited, ACL – Aircel Cellular Limited, DWL
– Dishnet Wireless Limited).

Aircel Limited (AL), together with two of its wholly-owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. ASML,
another wholly-owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.

AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Limited (AL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 22, 2020, continued
to place the ratings of AL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. AL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated September 17, 2021, September 27, 2021
etc.

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. Further, AL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement The ratings
for the bank facilities of AL are denoted as 'CARE D; Issuer not
cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. The company
is undergoing insolvency resolution process under NCLT.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML –
Aircel Smart Money Limited, ACL – Aircel Cellular Limited, DWL
– Dishnet Wireless Limited).

Aircel Limited (AL), together with two of its wholly-owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. ASML,
another wholly-owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.


AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Smart Money Limited (ASML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 22, 2020, continued
to place the ratings of ASML under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. ASML continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and a letters/emails dated September 17, 2021, September 27, 2021
etc.

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. Further, ASML has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement The
ratings for the bank facilities of ASML are denoted as 'CARE D;
Issuer not cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. The company
is undergoing insolvency resolution process under NCLT.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML –
Aircel Smart Money Limited, ACL – Aircel Cellular Limited, DWL
– Dishnet Wireless Limited).

Aircel Limited (AL), together with two of its wholly-owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. ASML,
another wholly-owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.


BALAJI TECH: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Tech (SBT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 5, 2020, placed the
rating(s) of SBT under the 'issuer noncooperating' category as SBT
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. SBT 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).

Sri Balaji Tech (SBT) was established as a proprietorship concern
by Mr. Ramanthan in 1978. Later after the demise of Mr. Ramanathan,
Mr. Sriram took over the concern. Later in the year 1996, Mr. K.
Suresh Kumar joined and the entity was reconstituted as a
partnership concern. Presently the firm has three partners namely,
Mr. R. Sriram, Mr. K. Suresh Kumar and Mr. B. Srinivasan with the
profit sharing ratio of 2:4:4 respectively. SBT is into
manufacturing of ferrous and non-ferrous based castings and forged
valves and pumps. The raw material is first checked for quality
before processing. The raw material undergoes various stages like
melting, moulding and cutting. One cycle takes about 45 days
without third party check and 120 days with third party check. SBT
exports around 35% of its produce to UK, USA and Gulf countries.
SBT has its registered office at Ambattur, Chennai, and Tamil
Nadu.


BALAJI WOOLLEN: CARE Lowers Rating on INR4.53cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Balaji Woollen Mills (SBWM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.53       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      1.92       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 3, 2020, placed the
rating(s) of SBWM under the 'issuer non-cooperating' category as
SBWM 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. SBWM 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, 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).

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

Shree Balaji Woolen Mills (SBWM), based in Panipat, Haryana was
established in 1994 as a partnership firm. The firm is currently
being managed by Mr. Satish Goel and Mr. Saurabh Goel as its
partners. SBWM is presently engaged in the manufacturing of woolen
yarn and blankets at its facility located in Panipat, Haryana with
an installed capacity of manufacturing 7 lakh pieces of mink
blankets per annum as on June 30, 2019. The firm undertakes
in-house dyeing and stitching of these blankets. The woolen yarn
manufactured by the firm is used as captive consumption for
manufacturing of mink blankets. It sells the finished products
majorly to the Indian Army as well as export the products to
wholesalers based in Hungary (exports constituted 85% of the total
sales in FY19).


BALDVA TEXTILES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Baldva Textiles Private Limited
        4, Keshipuri
        Bhilwara
        RJ 311001
        IN

Insolvency Commencement Date: November 11, 2021

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: May 10, 2022

Insolvency professional: Mr. Prashant Agarwal

Interim Resolution
Professional:            Mr. Prashant Agarwal
                         F-106, Sumer Complex
                         Gautam Marg
                         B/H Bagadia Bhawan
                         C-Scheme, Jaipur
                         Rajasthan 302001
                         E-mail: ippagrawal@gmail.com
                                 cirp.baldva@gmail.com

Last date for
submission of claims:    November 25, 2021


BHUMI PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhumi
Plastic Pipes Private Limited (BPPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

Andhra Pradesh-based Bhumi Plastic Pipes Private Limited (BPPPL)
was incorporated as Raghuram Concrete Products Private limited
(RCPPL) in January 2012, however, the operations were not started
in 2012 due to change in nature of business plan by the promoters.
Further, RCPPL was renamed as BPPPL on January 16th, 2014. BPPPL is
promoted by MrsVelagapudiUsha Rani, MrVelagapudi Krishna Prasad,
MrVelagapudiLakshmana Rao and MrsVelagapudiAnusha. All the
promoters are family members and are having more than a decade
experience in the civil construction industry (installation of HDPE
and PVC pipes) through their associate concern Raghuram Hume Pipes
Private Limited and VelkoInfratek Projects Private Limited, which
are mainly engaged in civil construction in irrigation and water
supply segment. BPPPL is planning to set up a manufacturing unit at
Prakasam District, Andhra Pradesh-523212 for High Density
Polyethylene (HDPE) and Polyvinyl Chloride (PVC) pipes of various
sizes ranging from 20 mm to 200 mm and 250 mm to 400 mm under the
brand name of 'BHUMI'. The company is planning to install four
machineries with an install capacity of 6000 MTPA. These pipes will
be mainly catering to irrigation, agriculture, potable water
supply, and sewerage & drainage systems.

CANALAIRZ AIRZ: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Canalairz Airz Solutions Private Limited
        First Floor, S C No. 1 Shopping Complex
        Door No. 1/369, Pollachi Main Road
        SIDCO, Coimbatore 641021
        TN

Insolvency Commencement Date: January 25, 2021

Court: National Company Law Tribunal, Puducherry Bench

Estimated date of closure of
insolvency resolution process: July 24, 2021
                               (180 days from commencement)

Insolvency professional: Vengetrao

Interim Resolution
Professional:            Vengetrao
                         107, Petit Canal Street
                         Near Pothys
                         Puducherry 605001
                         E-mail: kvengetrao@gmail.com
                                 kvengetrao.ip55@gmail.com

Last date for
submission of claims:    July 12, 2021


DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dishnet
Wireless Limited (DWL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 22, 2020, continued
to place the ratings of DWL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. DWL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated September 17, 2021, September 27, 2021
etc.

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. Further, DWL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement The ratings
for the bank facilities of DWL are denoted as 'CARE D; Issuer not
cooperating'.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. The company
is undergoing insolvency resolution process under NCLT.

Analytical approach: The ratings consider a consolidated view on
credit risk profiles of Aircel Limited and its wholly-owned
subsidiaries namely Aircel Smart Money Limited, Aircel Cellular
Limited and Dishnet Wireless Limited (AL- Aircel Limited, ASML –
Aircel Smart Money Limited, ACL – Aircel Cellular Limited, DWL
– Dishnet Wireless Limited).

Aircel Limited, together with two of its wholly-owned subsidiaries
ACL and DWL, provides 2G wireless telecom services in all the 22
circles of India and 3G services in 13 circles. ASML, another
wholly-owned subsidiary of AL, provides mobile banking services.
Maxis Communications Berhad (MCB), through Global Communication
Service Holdings Limited and Deccan Digital Networks Private
Limited, effectively holds approximately 73.99% equity interest in
AL. Further, Aircel had filled before the National Company Law
Tribunal, Mumbai Bench ("NCLT") in terms of Section 10 of the
Insolvency and Bankruptcy Code, 2016.


DURGA INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sai
Durga Infratech India Private Limited (SSDIIPL) continues to remain
in the 'Issuer Not Cooperating' category.

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

   Long Term/          23.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of SSDIIPL under the ‘issuer non-cooperating’
category as SSDIIPL 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. SSDIIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 13, 2021, September 23, 2021, 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 Sai Durga Infratech India Private Limited (SSDIIPL) was
incorporated in September 2010 to take over the business of Sri Sai
Durga Constructions, a partnership firm started in 2008 by Mr.
Chandra Rangarao and Mrs. Chandra Satvika. The company is engaged
in the civil construction segment with work orders spanning across
construction of building works, water supply works, electrical
works and irrigation works etc.

GLENMARK PHARMACEUTICALS: S&P Upgrades ICR to 'BB', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Glenmark Pharmaceuticals Ltd. to 'BB' from 'BB-'.

The stable outlook reflects S&P's view that Glenmark will maintain
its financial policy such that its FFO-to-debt ratio will remain
comfortably above 30%.

Glenmark will likely prioritize debt reduction over the next 12-18
months.

S&P said, "We expect the company to repay up to Indian rupees (INR)
16 billion in debt during fiscal 2022 in line with management's
commitment to deleverage. Glenmark's subsidiary, Glenmark
Lifesciences Ltd., concluded its public equity offering in July
2021 and raised about INR15 billion. Subsequently, Glenmark repaid
about INR11 billion of its outstanding borrowings. We believe
Glenmark will direct its surplus operating cash flow over the next
few quarters toward further debt reduction to meet its stated
target. Thereafter, we expect the company's adjusted gross debt to
remain stable at INR35 billion-INR40 billion over fiscals 2022 and
2023, compared with INR51 billion at the end of fiscal 2021.

"Glenmark's healthy revenue growth and cost optimization measures,
including reduced investments (measured as a percentage of
revenues) in research and development (R&D), will bolster its
operating cash flow. We estimate the company will generate INR12
billion-INR14 billion in operating cash flow annually over fiscals
2022 and 2023. Moreover, Glenmark has limited upcoming capital
investment requirements over this period. Capital spending of INR6
billion-INR7 billion annually should be restricted to maintenance
and minor capacity enhancements--adequately covered by its
operating cash flow, in our assessment.

"We believe Glenmark will sustain its conservative policy on
shareholder distributions and acquisitions over the next two years.
Consolidation in the generics pharmaceutical industry could present
opportunities for inorganic growth. Still, we do not expect
Glenmark's management to adopt an acquisition-led growth policy
that could stretch its credit metrics beyond our base-case
estimate. The company has historically focused on organic growth--a
trend that will likely continue.

"New product launches and favorable operating conditions should
support growth. In our view, Glenmark's revenue from India, Europe
and other international markets will continue to rise over the next
12-18 months. India, the company's largest market, accounts for
more than 30% of overall revenues and we expect revenue from the
country to grow 15%-20% in fiscal 2022. Sales for the company's
base portfolio of products across segments such as diabetes,
consumer care, dermatology and respiratory will likely rise.
However, stabilizing COVID-19 infection rates could lead to lower
sales of FabiFlu (oral antiviral used to treat COVID-19 patients)
in the coming quarters, with the medicine to account for about 10%
of fiscal 2022 revenue from India."

New product launches such as Ryaltris (a nasal spray for treatment
of symptoms associated with allergic rhinitis) in Russia will also
support growth in international markets. Glenmark has filed 11
Abbreviated New Drug Applications with the U.S. Food and Drug
Administration (FDA) over the first half of fiscal 2022 and the
company is likely to file 18-20 such applications in the full
fiscal year. However, competitive pressures and continued price
erosion in the U.S. (25% of Glenmark's revenue) is likely to offset
the growth from new product launches. Overall, S&P expects revenues
to grow 9%-10% in fiscal 2022 and EBITDA margin to remain at
19%-19.5%.

Glenmark will likely remain prudent in managing debt maturities
beyond fiscal 2022. The company's foreign currency convertible
bonds (FCCBs) are due for redemption on July 28, 2022, amounting to
about US$97 million. S&P believes the company has adequate funding
options to meet this maturity. These options include undrawn
committed bank lines of about US$100 million (maturing mid-2023)
and available cash and short-term investments (about US$190 million
equivalent as of Sept. 30, 2021). Thereafter, the company's debt
maturity profile remains fairly balanced with various external
commercial borrowings of about US$60 million due in fiscal 2023 and
US$130 million in fiscal 2024. S&P believes the company's improved
financial strength and flexibility should aid its ability to
effectively manage these maturities.

S&P said, "The stable outlook on Glenmark reflects our view that
the company will maintain a conservative financial policy,
supported by healthy operating cash flow and limited capital
investments. We expect the company's FFO-to-debt ratio will remain
comfortably above 30% over this period.

"We are likely to lower our rating on Glenmark if the company
undertakes higher capital spending than we anticipate, or if
profitability declines as a result of business conditions or
increased R&D investments. This would be indicated by the company's
FFO-to-debt ratio falling below 30% on a sustained basis. We could
also lower the rating if Glenmark's liquidity weakens materially."

S&P could consider an upgrade if:

-- Glenmark demonstrates a solid track record of consistent
deleveraging aided by improving profitability and strong free
operating cash flow generation, such that the company's FFO-to-debt
ratio stays sustainably above 45%; and

-- The company continues to build scale and improve its portfolio
quality, strengthening its market position.

-- Demonstration of improved funding access would also be
supportive of a higher rating.


GUNTUR MULTI PACKAGING: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Guntur Multi Packaging Industries Private Limited
        Flat No. 1/2/33 & 34
        Phase 4, Autonagar
        Guntur 522001 (AP)

Insolvency Commencement Date: November 8, 2021

Court: National Company Law Tribunal, Visakhapatnam Bench

Estimated date of closure of
insolvency resolution process: May 7, 2022
                               (180 days from commencement)

Insolvency professional: Siva Sai Hari Bhaskar Neti

Interim Resolution
Professional:            Siva Sai Hari Bhaskar Neti
                         D.No. 43-4-4, CV Delight
                         Subba Laxmi Nagar
                         Near Srikanya Theatre
                         Visakhapatnam 530016 (AP)
                         E-mail: nsshbhaskar@rediffmail.com

Last date for
submission of claims:    November 27, 2021


KOMMINENI INFOTECH: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kommineni
Infotech Private Limited (KIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 29, 2020, placed the
rating(s) of KIPL under the 'issuer non-cooperating' category as
KIPL 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. KIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 14, 2021, September 24, 2021, and October 4, 2021.

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

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

Kommineni Infotech Private Limited (KIPL) was incorporated in the
year 1998 as a Private Limited company. Presently, the directors of
the company are Mr Praveen Kumar (Managing Director), Mrs Uma
(Director), Mrs Y. Saila Rani (Director) and Mr. Ajay Kumar
(Director). KIPL has its registered office located at Hyderabad and
is engaged in supply, installation and maintenance of computers,
laptops, printers, networking products and related computer
peripherals. The company receives the orders from State and Central
government through participating in tenders (online and offline
bidding) for supply, repairs and annual maintenance services (AMC)
services. The company supplies its products and renders services to
government departments like Andhra Pradesh State Road Transport
Corporation (APSRTC), Telangana State Power. However as per MCA
website Mr. K Srinivas (Director) and Mr. K Raghu Ramu (Additional
Director).

LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of London Star
Diamond Company (India) Private Limited (LSDCPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           10.80      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      12.85      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 18, 2020, placed
the rating(s) of LSDCPL under the 'issuer non-cooperating' category
as LSDCPL 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.

LSDCPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated October 4, 2021, October 14, 2021, October 24,
2021.

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

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

Incorporated in 1964, London Star Diamond Company (India) Private
Limited (LSDCPL) is engaged in trading of cut and polished
diamonds. It also does trading of rough diamonds. The company is
not a DTC sight-holder and it procures the diamonds primarily from
the domestic market and also imports from Belgium. The major
customers of LSDCPL for its cut and polished diamonds comprise of
wholesalers who in turn sell the polished diamonds to jewellery
manufacturers. LSDCPL is predominantly an export oriented firm with
around 90% of its overall revenues earned from exports (mainly in
Japan, Hongkong and Belgium) and remaining from domestic market.
The company has an associate company i.e. Milroc Development
Company LLP engaged in construction and real estate development.

MANJUBHARGAVA COT: CARE Lowers Rating on INR12.75cr Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Manjubhargava Cot Fibres Private Limited (MCFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.75       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

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

The ratings also factored in decline in scale of operation and
Profitability during FY20 over FY19.

Guntur-based, ManjuBhargava Cot Fibers Private Limited (MCFPL) was
incorporated in 2016 as a Private Limited Company by Mr. C.V.
Bhargava Reddy and his relatives but the commercial operations were
started from July 2017. The company is engaged in cotton ginning
and pressing activity with a total installed capacity of 200 bales
per day. The manufacturing unit of the company is located at
Guntur, Andhra Pradesh state. The company purchases raw cotton from
local farmers located in and around Andhra Pradesh and Telangana.
The company sells its final products such as cotton lint,
cottonseed and cotton yarn to the customers located in Andhra
Pradesh, Maharashtra and Tamil Nadu.


PATANJALI CHIKITSALAYA: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patanjali
Chikitsalaya - Chennai (PCC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 10, 2020, placed
the rating(s) of PCC under the 'issuer non-cooperating' category as
PCC 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. PCC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 26, 2021, October 6, 2021 and October 16, 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).

Patanjali Chikitsalaya (PCC) was established in January 2009 as a
proprietorship concern by Smt. Suman Devi Lath in Chennai, Tamil
Nadu. The firm is involved in trading of FMCG products and is an
authorized dealer of Patanjali Ayurved Limited, Haridwar and Divya
Pharmacy, a manufacturing unit of Patanjali Yogpeeth. The products
sold by PC are Ghee, Face creams, Medicines, Soaps, Detergents,
Wheat flour, Sunflower oil, Honey, etc. The registered office of
the firm is located at Egmore in Chennai (Tamil Nadu).


RAHEJA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raheja
Developers Limited (RDL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,171.64     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Raheja Developers Limited (RDL) was incorporated in 1990 and was
promoted by Mr. Navin M Raheja and his family members. The company
is engaged in real estate development (residential and commercial).
Mr. Navin M Raheja (Chairman & Managing Director) has an
established track record in the real estate sector. He is also
chairman of real estate committee of FICCI (Federation of Indian
Chambers of Commerce and Industry) and a chairman of advisory
council of National Real Estate Development Council (NAREDCO).


RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RCL Paper
and Packaging Limited (RPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.28       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.75       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 RPPL under the 'issuer non-cooperating' category as
RPPL 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. RPPL 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).

RCL Paper and Packaging Limited (RCL) formerly known as RCL
Technologies Limited was incorporated in 1993 as Reddy Computers
Limited and subsequently its name was to RCL Technologies Limited
in the year 2000. Further, On November 05, 2014, the name was
changed to RCL Paper and Packaging Limited. The company is engaged
in the business of digital printing of letter heads, bus tickets,
account books, pin mailers and other printed documents. Initially,
RCI used to outsource the printing works, after receiving order
from its clients, to various third parties, on a job-work basis
till 2011. However they have started own printing unit in 2011. The
company has its servicing facility located at Sanathnagar,
Hyderabad with an installed capacity of 2,000 metric tonnes of
paper per annum. RCL has around 170 customers across Andhra Pradesh
and Telangana states including reputed clients like banks,
A.P.S.R.T.C, Karvy Consultants, etc. The major raw materials of the
company include paper, printing ink and other printing materials
which are procured from domestic suppliers.


SHREEBHAV POLYWEAVES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Shreebhav Polyweaves Private Limited
        238-240, Unity Estate
        Next to Batliboi Ltd.
        Bhestan Surat
        GJ 395023
        IN

Insolvency Commencement Date: August 31, 2021

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: February 28, 2022

Insolvency professional: Nirav Anupam Tarkas

Interim Resolution
Professional:            Nirav Anupam Tarkas
                         # 209 B.N. Chambers
                         Opp. Welcom Hotel
                         R.C. Dutt Road
                         Alkapuri, Vadodara 390007
                         Gujarat
                         Tel.: (0265) 235 9988
                         E-mail: natshare@yahoo.co.in
                                 shreebhavpolyweavescirp@gmail.com

Last date for
submission of claims:    September 30, 2021


SPECTRUM FILTRATION: CARE Lowers Rating on INR8.76cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Spectrum Filtration Private Limited (SFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.76       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      0.60       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 30, 2020, placed
the rating(s) of SFPL under the 'issuer non-cooperating' category
as SFPL 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. SFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 16, 2021, October 26, 2021, November 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 SFPL have been
revised on account of non-availability of requisite information.

The ratings also factored in decline in profitability as well as
debt coverage indicators during FY 20.

Spectrum Filtration Private Ltd (SFPL) was incorporated in March
1997 by the Bothra family of Kolkata, West Bengal. The company was
set up with collaboration with Filtration Group – Filtrair USA
which is the largest filter manufacturer in North America with a
presence across 65 countries. SFPL imports its raw materials mainly
from Filtration Group and receives technical supports when it
requires. Since its inception, the company has been engaged in
manufacturing of industrial air filters which are mainly used in
automotive and pharmaceutical industry. The manufacturing
facilities are located at Howrah (West Bengal), Bommanahalli
(Bengaluru), Noida (Uttar Pradesh) and Kadaiya (Daman).


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       34.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      19.30      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 February 23, 2018, placed
the ratings of SIL under the 'issuer non-cooperating' category as
SIL 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. SIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated August
3, 2021 and August 23 2021. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 take into account the instances of the delays in
servicing of its debt obligations.

  
Key Rating Weaknesses

* Ongoing delays: SIL's bankers have confirmed that there are
ongoing delays in the account and the account is classified as
NPA.

Stone India Limited (SIL), currently belonging to the Kolkata-based
Duncan Goenka group, was incorporated in 1931. Before coming under
the aegis of the Duncan Goenka group in early 90s, SIL was a part
of Stone-Platt, a UK-based group. SIL has been engaged in the
manufacturing of electrical and mechanical equipment like brake
systems, alternators, pantographs, slack adjusters, etc. for
railroad industry, since eight decades. Its manufacturing
facilities are located in Kolkata and Baddi (Himachal Pradesh). SIL
has technical tie-ups with foreign players for gaining access to
new technology and to maintain business continuity with Indian
Railways (IR). The Duncan Goenka group, which has interest in
sectors like tea, paper, chemical and engineering, is spearheaded
by Mr. G. P. Goenka duly supported by his son Mr. S. V. Goenka.

TORO PROCESSORS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Toro
Processors India Private Limited (TPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      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 20, 2020, placed
the rating(s) of TPIPL under the 'issuer non-cooperating' category
as TPIPL 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. TPIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 6, 2021, October 16, 2021, October 26, 2021.

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

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

TPIPL was incorporated in April 2011 for setting up a manufacturing
and fabrication of heavy steel aggregates plant. The commercial
operation of the company started in February 2017 and the plant is
located at Kharagpur, West Bengal with an installed capacity of
24000 metric tonnes per annum. The company caters to the
requirements of reputed clients like Indian Oil Corporation
Limited, Larsen and Toubro Limited, etc.

UNITON INFRA: CARE Lowers Rating on INR15cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Uniton Infra Private Limited (UIPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 28, 2020, placed the
rating(s) of UIPL under the 'issuer non-cooperating' category as
UIPL 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. UIPL 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 UIPL have been
revised on account of non-availability of requisite information.

The ratings also factored in decline in scale of operation,
Profitability, capital structure and debt Coverage indicators
during FY20 over FY19.

Uniton Infra Private Limited (UIPL) was incorporated in the year
2017 with its registered office at Banjara Hills, Hyderabad. The
promoters of the company are Mr. Mahesh Bigala (Managing Director)
and Mrs. Shalini Bigala (Director). They have experience of more
than two decades in Construction Industry. The company is primarily
engaged in construction of buildings, apartments and other
infrastructure works. The company procures its work orders through
online tenders from Greater Hyderabad Municipal Corporation (GHMC),
Telangana.

VATSA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatsa
Automobiles Private Limited (VAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.04      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 13, 2020, placed the
rating(s) of VAPL under the 'issuer non-cooperating' category as
VAPL 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. VAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 29, 2021, September 8, 2021, September 18, 2021.

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

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

Incorporated on April 10, 2012, Bhagalpur (Bihar) based Vatsa
Automobiles Pvt Ltd (VAPL) was promoted by Mr. Shailesh Singh with
his wife Mrs. Kiran Singh and son Mr. Chandra Prakash Singh. VAPL
is an authorized dealer of Mahindra & Mahindra Ltd for its
commercial and passenger vehicle segment. It also offers spare
parts, accessories, lubricants& aftersales services (repair and
refurbishment) for its vehicle sold. The commercial operation of
VAPL was started since September 13, 2013. VAPL has one showroom at
Bhagalpur (Bihar) equipped with 3-S facilities (Sales, Service and
Spare-parts) which covers Munger, Naogachia and Bhagalpur area of
Bihar.


VEER BHADRA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Veer Bhadra
Enterprises (VBE) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

Veer Bhadra Enterprises was constituted in 2019 as a proprietorship
firm and is currently managed by Mr. Shailendra Kumar Sharma and
his son Mr. Punit Kumar; both are and graduates by qualification
and collectively look after the overall operations of the firm.
Firm is involved in authorized wholesale of foreign liquor and
beer. Firm purchases liquor from different liquor companies by
placing its order through Central Excise Portal and receives the
stock in span of 3 to 4 days. Firm can only sell liquor to
authorized liquor retailers and Bars (post inspecting their
respective licenses).


VENTURE POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Venture Power Systems India Private Limited
        Plot D6 Phase II, Zone B MEPZ
        Tambaram, Chennai
       TN 600045
       IN

Insolvency Commencement Date: October 4, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Thilagar Murugesan

Interim Resolution
Professional:            Thilagar Murugesan
                         28/532, Lifestyle Apartment
                         Perundurai Road
                         Erode 638011
                         Tamilnadu
                         E-mail: mthilagar@tacas.org
                         Mobile: 9894994979

Last date for
submission of claims:    October 26, 2021


VINAY STEEL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinay Steel
(VS) continues to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 4, 2020, placed the
rating(s) of VS under the 'issuer noncooperating' category as VS
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. VS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 20, 2021, September 30, 2021, October 10, 2021.

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

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

VS, based out of Nagpur (Maharashtra) is a proprietorship firm and
commenced operation on September 1, 2015. VS is engaged in the
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
amongst others, which find application in industries like
construction, infrastructure and engineering.



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

BUMI RESOURCES: Moody's Cuts CFR to Caa3, Outlook Remains Neg.
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating  of Bumi Resources Tbk (P.T.) to Caa3 from Caa1.

At the same time, Moody's has downgraded the ratings on the backed
senior secured notes due 2022 issued by Bumi's wholly owned
subsidiary, Eterna Capital Pte. Ltd., and guaranteed by Bumi.
Specifically, Moody's has downgraded: (1) the Series A notes to
Caa3 from Caa1, and (2) the Series B notes to Ca from Caa2.

The outlook remains negative.

"The downgrade of Bumi's CFR to Caa3 reflects the elevated risk of
a near-term debt restructuring or an event of default given Bumi's
large debt maturities due in December 2022 and weak recovery
prospects for its creditors", says Maisam Hasnain, a Moody's Vice
President and Senior Analyst.

RATINGS RATIONALE

"Bumi's rising debt burden, due to the slow pace of its principal
repayments and the compounding effect of payment-in-kind (PIK)
interest for the majority of its debt, has increasingly strained
its capital structure," adds Hasnain, also Moody's Lead Analyst for
Bumi.

As a result, Bumi's aggregate debt balance (including its mandatory
convertible bonds) has increased to around $2.6 billion as of
October 2021, from around $2.4 billion immediately after completing
its debt restructuring in December 2017.

Assuming a Newcastle thermal coal price of around $110 per metric
ton in 2022, Moody's estimates Bumi can repay $240 million in
principal under its Series A notes and Tranche A facilities
(collectively referred to as 'Tranche A') over the next 12 months.

While principal repayments under Tranche A will be higher if coal
price remains above this price assumption, most of Bumi's remaining
debt will still be outstanding at maturity in December 2022.

Therefore, the likelihood of a default or a debt restructuring over
the next 12 months is high. Such a scenario will also potentially
result in large economic losses to Bumi's creditors.

As of October 2021, aside from Bumi's outstanding Tranche A debt of
around $320 million, outstanding debt maturing in December 2022
includes $866 million under Tranche B, $621 million under Tranche
C, and $100 million under contingent value rights. Principal under
Tranche B and C will increase further over the next 12 months as
their PIK interest gets accrued and added to debt.

The persistent high debt levels and unsustainable capital structure
also highlight risks associated with Bumi's financial strategy and
risk management, which are key considerations under Moody's
governance risk assessment framework.

As a holding company, Bumi is wholly reliant on cash dividends from
its 51%-owned subsidiary, Kaltim Prima Coal (P.T.) (KPC) to service
its debt. Bumi's 90%-owned subsidiary, Arutmin Indonesia (P.T.) has
yet to pay dividends. Arutmin has certain outstanding liabilities
it needs to pay off before it can initiate dividend payments and is
thus unlikely to contribute meaningful dividends over the next 12
months.

Moody's also expects the coal contract of work (CCoW) mining
licenses at KPC, which expires in December 2021, will be extended
on broadly similar terms. Regulatory uncertainty around the CCoW
extension has decreased following Arutmin's 10-year license
extension in November 2020. An inability to extend KPC's mining
license would further weaken Bumi's credit profile, as KPC is
currently the sole cash flow contributor to Bumi.

Bumi's Series B senior secured notes are rated one notch lower than
Bumi's CFR and its Series A senior secured notes to reflect their
relative subordination as per the terms of the cash waterfall,
whereby interest on Series B notes will only be paid once the
principal on Series A is fully repaid.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) CONSIDERATIONS

Bumi's ESG Credit Impact Score is Very Highly Negative (CIS-5),
reflecting the company's very high exposure to environmental risks
and high exposure to social risks stemming from thermal coal mining
operations, and very high exposure to governance risks stemming
from its unsustainable capital structure.

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, Bumi's key earnings driver.

Bumi'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.

Bumi's exposure to governance risk is Very Highly Negative (G-5
Issuer Profile Score), reflecting Bumi's high debt levels, history
of debt restructuring, its complex organizational structure, and
reliance on cash dividends from one subsidiary to service its debt.
However, the presence of KPMG Services Pte. Ltd. as an independent
monitoring accountant and the waterfall mechanism under a Cash
Account Management Agreement (CAMA) provide transparency around
cash movements at the holding company level.

OUTLOOK

The negative outlook reflects Moody's view that recovery prospects
for Bumi's creditors could weaken further over the next 12 months.

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

An upgrade of Bumi's ratings is currently unlikely, and would be
conditional upon the company establishing a sustainable capital
structure with manageable debt maturities.

Bumi's ratings could be downgraded further if the risk of an event
of default intensifies, or if recovery prospects for the company's
creditors weakens further.

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

Bumi Resources Tbk (P.T.), through its majority-owned subsidiaries,
is Indonesia's largest thermal coal producer. The company produced
around 81 million tons of coal for the 12 months ended June 2021.
Its principal assets include a 51% stake in Kaltim Prima Coal
(P.T.) and a 90% stake in Arutmin Indonesia (P.T.).



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

MT. GOX CO: Trustee Gives Final OK for Bitcoin Repayment Plan
-------------------------------------------------------------
Olga Kharif of Bloomberg News reports that Mt. Gox bitcoin
repayment plan gets final approval from trustee.

Creditors of the defunct crypto exchange Mt. Gox are getting closer
to receiving reimbursements under a plan that became final and
binding, bringing one of the longest-running sagas in the
cryptocurrency world nearer to an end.

The timing and specific amount of the repayments haven't been
announced, according to a letter Tuesday from a Japanese trustee,
who is in charge of returning the funds to creditors.  Investors
will have to provide their bank accounts and other information to
receive repayments.

The repayments could eventually lead to the distribution of more
than $8.5 billion in Bitcoin.

                          About Mt. Gox

Tokyo-based MtGox Co., Ltd., operated a virtual currency
transaction system. Mt.Gox was the largest exchange for most of
Bitcoin's existence and was handling about 6 percent of all
Bitcoins in circulation.

In February 2014, MtGox Co., Ltd., announced in that it was filing
for bankruptcy after tens of millions of dollars worth of the
virtual currency and client funds disappeared.  

In March 2014, MtGox sought bankruptcy protection in Japan. The
bankruptcy in Japan came after the bitcoin exchange lost 850,000
bitcoins valued at about $475 million "disappeared."

The Company filed a petition under Chapter 15 of the U.S.
Bankruptcy Code on March 9, 2014. It filed for bankruptcy
protection in the U.S. to prevent customers from targeting the cash
it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie Mark
Karpeles, the company's chief executive officer. Mr. Karpeles is
represented by John E. Mitchell, Esq., and David William Parham,
Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co. Ltd.
with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on Oct. 3,
2014, ordered, pursuant to Section 272 of the Bankruptcy and
Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be
recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret
Sims, at Miller Thomson LLP.




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

1MALAYSIA DEVELOPMENT: MYR20.5BB Funds, Assets Returned to Gov't.
-----------------------------------------------------------------
Free Malaysia reports that the Malaysian Anti-Corruption Commission
(MACC) with the cooperation and assistance of international
enforcement agencies has managed to return assets of 1Malaysia
Development Bhd (1MDB) amounting to RM20,530,433,626.97 to the
Malaysian government.

In a statement, MACC said it was actively seeking to recover 1MDB
fund assets in the country and abroad including in the United
States, the United Arab Emirates (UAE), Taiwan and Singapore, the
report relays.

Most recently, on Nov. 12, Singapore's Commercial Affairs
Department has returned the money belonging to former SRC
International Sdn Bhd chief executive officer Nik Faisal Ariff
Kamil through the Finance Ministry's Assets Recovery Trust Account
totalling US$864,813.27, according to Free Malaysia.

Earlier, the MACC said the Singaporean government had also assisted
in the return of assets worth US$15.4 million to Malaysia involving
the accounts of Cutting Edge Industries Ltd owned by Datuk Tawfiq
Ayman and Samuel Goh.

"MACC is also in the process of recovering assets from countries
such as Switzerland, Kuwait, Mauritius, Cyprus, Hong Kong involving
individuals connected to the 1MDB case," read the statement, the
report relays.

On May 12, the Ministry of Finance (MoF) announced that the US
Department of Justice has remitted some RM1.9 billion (US$452.36
million) in funds related to 1MDB into Malaysia's Asset Recovery
Trust Account, recalls Free Malaysia.  

So far, the account which is under the custody of the
Accountant-General's Department had received RM16.05 billion of
seized and repatriated 1MDB funds.

Free Malaysia says the balance in the trust account will be used to
primarily repay 1MDB and SRC's remaining debts.

According to the report, the MoF said to date, the government has
repaid RM12.4 billion of 1MDB's debt and RM3.1 billion of SRC's
debt. The outstanding debt balance which is composed of principal
and coupon, profit and interest of bonds, sukuk and term loans
stand at RM39.8 billion for 1MDB and RM2.57 billion for SRC.

Free Malaysia adds that the government's current recovery efforts
are focused on parties who have caused losses to 1MDB and SRC
during the execution of their duties, whether through direct or
indirect involvement in 1MDB and SRC'S various operations and
transactions.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about $3.24
billion in assets linked to the 1MDB matter.  This amount includes
about US$600 million cash and assets returned by U.S. authorities;
about $2.5 billion paid by Goldman Sachs as settlement; as well as
$780 million in settlement amounts from Malaysian banking group
AmBank and audit firm Deloitte.


POS MALAYSIA: Net Loss Widens to MYR43.9MM in Q3 Ended Sept. 30
---------------------------------------------------------------
The Sun Daily reports that Pos Malaysia Bhd's net loss for its
third quarter ended Sept 30, 2021 widened to MYR43.9 million from a
net loss of MYR7.43 million in the same quarter of the previous
year due to higher finance costs and lower revenue.

For the quarter, revenue slid 13.9% to MYR536.26 million from
MYR623.03 million reported previously.

For the nine months period, its net loss widened to MYR212.52
million from MYR75.67 million mainly due to lower revenue and
impairment of property, plant and equipment, the Sun Daily
discloses. Revenue declined 6.84% to MYR1.67 billion from MYR1.79
billion previously.

During this period, its postal segment saw a 13% decline in revenue
contributed by the drop in postal services following the decrease
in mail and parcel volume handled especially from contract
customers.

According to Sun Daily, the logistics segment registered higher
revenue by 12% at MYR259.4 million during the current period,
mainly from the freight management business (particularly from
freight forwarding) and the automotive business (largely from the
increased number of vehicles shipped and the commencement of a new
warehouse).

Its aviation segment contributed higher revenue by 21% at MYR152.1
million mainly from increased contribution from higher cargo
tonnage handled and increased numbers of flights.

Other segments consist mainly of printing and insertion, digital
certificates, and Ar-Rahnu registered MYR80.9 million revenue
during the current period, lower by 10% compared to the
corresponding period last year.

As the Covid-19 situation improves with both physical stores and
malls reopening, there is some short-term uncertainty with the
e-commerce parcel sector, excluding the seasonal spikes during the
10.10, 11.11, and Christmas shopping peaks.

"The management is increasingly confident that the turnaround plan
is starting to show improvements, and that the group should see
improved results by year-end. The group remains cautious on its
financial performance for the remaining financial year ending Dec
31, 2021. Pos Malaysia will continue executing its turnaround
initiatives, improving both service and efficiency to create the
platform to capitalise on the ongoing e-commerce growth
opportunities," the group, as cited by Sun Daily, said.

Pos Malaysia group CEO Charles Brewer said despite the continuing
Covid-19 challenges, the group is beginning to see the signs that
the turnaround plan is starting to deliver, Sun Daily relays.

"We are redoubling our efforts to turnaround the business, address
'foundational' service gaps and transform our business to position
Pos Malaysia as the provider of choice for e-commerce parcels,
whilst carefully managing expenses, cash flow and liquidity," the
report quotes Mr. Brewer as saying in a statement.

Pos Malaysia Berhad is engaged in providing postal and related
services, including receiving and dispatching of postal articles,
postal financial services, dealing in philatelic products and sale
of postage stamps.




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

KLJ LIMITED: Creditors' Proofs of Debt Due on Dec. 17
-----------------------------------------------------
Creditors of KLJ Limited, which is in liquidation, are required to
file their proofs of debt by Dec. 17, 2021, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2021.

The company's liquidator is Kelera Nayacakalou.


SCHULER RENTAL: Court to Hear Wind-Up Petition on Nov. 29
---------------------------------------------------------
A petition to wind up the operations of Schuler Rental Limited will
be heard before the High Court at Auckland on Nov. 29, 2021, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.

The Petitioner's solicitors are:

         C. D. Walmsley
         Inland Revenue
         Legal Services
         21 Home Straight (PO Box 432)
         Hamilton
         New Zealand




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

AGENCY ASIA: Magazine, Domain Names to be Auctioned on Nov. 29
--------------------------------------------------------------
Campaign Asia-Pacific reports that Singapore-based publishing group
Agency Asia Media has ceased trading, a "casualty of the
treacherous seas brought by Covid", according to Richard Henderson,
editor-in-chief and publisher.

The group has opted to liquidate a bundle of its holdings,
including several domain names, with esports.studio,
esportsbet.asia and agency.asia among them, the report says.

Agency Asia Magazine will also be auctioned, complete with existing
editorial content and social media.

According to the report, the assets will be auctioned online on
November 29. Registrations to view the auction details can be made
at www.esports.studio.

Campaign Asia-Pacific says Mr. Henderson is hoping the domains will
capture interest from global brands. "It leads to one brand owning
the www.esports.studio, a blank canvas for a big brand to create a
strong identity," the report quotes Mr. Henderson as saying.


DRILLSCAN ASIA: Commences Wind-Up Proceedings
---------------------------------------------
Members of Drillscan Asia & Middle East Pte Ltd, on Nov. 11, 2021,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Saw Meng Tee
         EA Consulting Pte Ltd
         1 North Bridge Road
         #23-05 High Street Centre
         Singapore 179094


EAGLE HOSPITALITY: Ex-Directors Found in Contempt by U.S. Court
---------------------------------------------------------------
Mingtiandi reports that Eagle Hospitality Trust could soon make
history as the first S-REIT to have directors or former directors
arrested on two continents, following a US court judgement handed
down on Nov. 15.

According to the report, the US Bankruptcy Court for the District
of Delaware has found Howard Wu and Taylor Woods, both former
directors of the failed hotel REIT, in contempt for failure to
comply with a preliminary injunction that sought to freeze the
pair's assets.  

In August, Messrs. Wu and Woods - who as the co-founders of EHT
sponsor Urban Commons had once formed the US-based management of
the stapled trust, with Mr. Wood serving as CEO and vice chair -
were ordered by the court to refrain from dissipating their assets
and to provide a detailed accounting.

"Defendants have not provided a sufficient accounting and have
baldly stated they intend to dissipate their assets," Judge
Christopher Sontchi said in a court document issued on Nov. 15,
Mingtiandi relays. In October last year, six directors and former
directors of the trust were arrested in Singapore as part of an
investigation into financial irregularities that led the REIT to
run out of cash within six months of its May 2019 IPO, the report
recalls.

In a written opinion beginning with a blunt statement that "Woods
and Wu are fraudsters", Sontchi held that the pair had obtained a
$2.4 million loan under the Paycheck Protection Program, a relief
scheme intended for pandemic-hit small businesses, and "absconded
with the proceeds," according to the report.

Mingtiandi relates that the August preliminary injunction ordered
Messrs. Wu and Woods to account for the $2.4 million or assets of
equivalent value, but the two failed to comply to the court's
satisfaction. An in-person hearing was held on Nov. 19 to determine
"the least coercive sanction reasonably calculated to win
compliance" with the order, the report notes.

The report says the PPP loan had been secured on behalf of Urban
Commons Queensway, an EHT unit that until recently held the
leasehold interest in the Queen Mary, an ocean liner and hotel
moored in Long Beach, near Los Angeles.

In June, Urban Commons Queensway surrendered its lease for the
Queen Mary, returning the vessel to the full control of the city of
Long Beach, the report notes.

                     Liquidation Sale

Mingtiandi notes that EHT began liquidating 15 US properties under
Chapter 11 bankruptcy proceedings in June, starting with the sale
of five hotels for an aggregate consideration of $155.4 million.

In early March, the Chapter 11 entities had struck a deal with a
"stalking horse" bidder, an affiliate of distressed-debt specialist
Monarch Alternative Capital, which agreed to buy the 15 properties
for an aggregate consideration of $470 million.  During the second
bidding round, Monarch determined that it would not buy the Queen
Mary, lowering its agreed consideration to $455 million, Mingtiandi
relays. No bidding took place for the ship.

Earlier this month, EHT's units won court approval to solicit votes
on a creditor-backed plan to liquidate, despite objections raised
by the Justice Department's bankruptcy watchdog, which termed the
plan "quite complex, convoluted and difficult to digest",
Mingtiandi adds.

                    About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company, Inc. is
the claims agent.


FORESIGHT BIOPHARMA: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Foresight Biopharma Pte Ltd, on Nov. 15, 2021, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Ms. Valerie Lim Lee Huang.


HU AN CABLE: Mulls Raising Funds to Support Liquidation Process
---------------------------------------------------------------
The Business Times reports that mainboard-listed Hu An Cable
Holdings said that it is considering how to raise funds for its
liquidation.

In response to queries by the Singapore Exchange (SGX) on why the
board has not found a liquidator for the past three months since
August, Hu An Cable said it had obtained fee proposals from a law
firm and liquidator in relation to the winding up and delisting of
the company, BT relates.

"However, the company is currently constrained as it does not have
sufficient funds for the payment of the professional fees and the
other costs of the liquidation," it said, BT relays. "This
difficulty is compounded by the impending delisting of the
company."

Hu An Cable added the board will endeavour to appoint the
liquidation professionals by Dec. 31, BT relates. "This takes into
account the fund-raising efforts that the board will have to
undertake prior to the appointment of these professionals," it
said.

Trading of shares in Hu An Cable had been suspended since December
2018, the report notes.


INNERGY BIOPHARMA: Commences Wind-Up Proceedings
------------------------------------------------
Members of Innergy Biopharma Pte Ltd, on Nov. 15, 2021, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Ms. Valerie Lim Lee Huang.


TENZING CAPITAL: Commences Wind-Up Proceedings
----------------------------------------------
Members of Tenzing Capital Asia Pte Ltd, on Nov. 18, 2021, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Gan Seng Kwee
         MAP-CA PAC
         60 Paya Lebar Road
         #12-05 Paya Lebar Square
         Singapore 409051



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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