---

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

                     A S I A   P A C I F I C

          Friday, November 26, 2021, Vol. 24, No. 231

                           Headlines



A U S T R A L I A

ABORIGINAL COMMUNITY: First Creditors' Meeting Set for Dec. 6
DISABILITY SERVICES: Second Creditors' Meeting Set for Dec. 2
DRAGONS ABREAST: Second Creditors' Meeting Set for Dec. 3
FIRSTMAC MORTGAGE 2021-4: S&P Assigns Prelim. BB Rating on E Notes
LATITUDE AUSTRALIA 2021-1: Moody's Assigns Ba2 Rating to E Notes

NUFARM LTD: S&P Raises ICR to 'BB', Outlook Stable
P'NACHE PTY: First Creditors' Meeting Set for Dec. 3
REDZED TRUST 2021-3: Fitch Gives Final 'B+' Rating to Cl. F Bonds
RESIMAC BASTILLE 2019-1NC: S&P Raises Cl. F Notes Rating to BB
RIGHT FAST: First Creditors' Meeting Set for Dec. 6

SALT LAKE: Creditors Appoint KordaMentha as Receivers


C H I N A

CHINA AOYUAN: Fitch Lowers Foreign Currency IDR to 'CCC-'
FANTASIA HOLDINGS: Reaches Deal with Onshore Bond Holders
IDEANOMICS INC: Errors Found in Previously Issued Fin. Statements
KAISA GROUP: Seeks to Extend Maturity on US$400MM Offshore Bond
ZHONGRONG INTERNATIONAL: S&P Affirms 'BB-/B' ICRs, Outlook Stable



I N D I A

ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
AMITY LEATHER: CRISIL Keeps B Debt Ratings in Not Cooperating
AMRIT TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARRDY ENGINEERING: Insolvency Resolution Process Case Summary

CEASAN GLASS: Insolvency Resolution Process Case Summary
CHANDI CHARAN: CRISIL Reaffirms B+ Rating on INR6.50cr Cash Loan
CHANDRA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
DEVI DAYAL: CRISIL Keeps B Debt Ratings in Not Cooperating
DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating

ELECTRA ACCUMULATORS: CRISIL Keeps D Rating in Not Cooperating
G.M.R. SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
HARESH CHEMICALS: CRISIL Keeps B+ Debt Rating in Not Cooperating
HASEEB PHARMA: CRISIL Lowers Rating on INR7.5cr Loan to B
HF METALART: CRISIL Keeps B Debt Ratings in Not Cooperating

JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating
JAY BHARAT: CRISIL Keeps B Debt Ratings in Not Cooperating
KALGIDHAR SOCIETY: CRISIL Keeps B Debt Rating in Not Cooperating
KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
MARUTHI TUBES: Insolvency Resolution Process Case Summary

METAL PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MILTECH INDUSTRIES: Insolvency Resolution Process Case Summary
MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
N.C RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PLUS LAB SYNC: Insolvency Resolution Process Case Summary

RAJASHTAN DRUGS: Insolvency Resolution Process Case Summary
RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
ROHAN CONSORTIUM: Insolvency Resolution Process Case Summary
S NANDA INDUSTRIES: Insolvency Resolution Process Case Summary
S.F.C. FOODS: CRISIL Lowers Rating on INR8cr Loans to B

SAMSON AND SONS: Insolvency Resolution Process Case Summary
SARLA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SHYAMA IRON: Insolvency Resolution Process Case Summary
SOMNATH AGRO: CRISIL Assigns B+ Rating to INR8cr Cash Loan
STERLING INTERNATIONAL: NCLT Approves Company's Liquidation

UDAY ESTATES: Insolvency Resolution Process Case Summary


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Affirms 'B+' LT IDR, Outlook Stable


M A L A Y S I A

1MALAYSIA: Prosecution Seeks to Forfeit Jasmine Loo's Properties


N E W   Z E A L A N D

DE & KM GALE: Creditors' Proofs of Debt Due on Jan. 22
NEW ZEALAND CITY TRANSPORT: Court to Hear Wind-Up Petition Dec. 3
SPUD CONSULTING: Court to Hear Wind-Up Petition on Dec. 15
YHA NEW ZEALAND: Closes All 11 Hostels After 89 Years


S I N G A P O R E

CAPSULE POD: Court to Hear Wind-Up Petition on Dec. 3
EPICENTRE HOLDINGS: Court to Hear Wind-Up Petition on Jan. 13
JUMBO GROUP: Net Loss Widens to SGD11.8MM for Year Ended Sept. 30


S R I   L A N K A

SRI LANKA INSURANCE: Fitch Affirms 'CCC+' IFS Rating

                           - - - - -


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

ABORIGINAL COMMUNITY: First Creditors' Meeting Set for Dec. 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Aboriginal
Community Benefit Fund No 2 Pty Ltd, trading as Aboriginal
Community Benefit Fund No 2, will be held on Dec. 6, 2021, at 10:30
a.m. via virtual meeting technology.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Aboriginal Community on Nov. 24,
2021.


DISABILITY SERVICES: Second Creditors' Meeting Set for Dec. 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Disability Services Australia Limited;
     - DSA Mentoring Services; and
     - Macquarie Employment Training Service Limited

has been set for Dec. 2, 2021, at 10:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 1, 2021, at 4:00 p.m.

Gayle Dickerson, James Dampney and Peter Gothard of KPMG were
appointed as administrators of Disability Services on Aug. 25,
2021.


DRAGONS ABREAST: Second Creditors' Meeting Set for Dec. 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Dragons Abreast
Australia Ltd has been set for Dec. 3, 2021, at 10:00 a.m. via
virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 2, 2021, at 4:00 p.m.

Aaron Torline of Slaven Torline was appointed as administrator of
Dragons Abreast on Aug. 31, 2021.


FIRSTMAC MORTGAGE 2021-4: S&P Assigns Prelim. BB Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to seven of the
eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as
trustee for Firstmac Mortgage Funding Trust No. 4 Series 2021-4.

S&P said, "The ratings reflect our review of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of notes are commensurate with the ratings assigned.
Credit support for the rated notes is provided by subordination,
excess spread, and lenders' mortgage insurance (LMI). The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. Our assessment of
credit risk takes into account Firstmac Ltd.'s (Firstmac)
underwriting standards and approval processes, which are consistent
with industrywide practices, and the strong servicing quality of
Firstmac, and the support provided by the LMI policies on 15.5% of
the loan portfolio.

"We believe the rated notes can meet timely payment of
interest--excluding the residual interest due on the class D and
class E notes--and ultimate payment of principal under the rating
stresses. Key rating factors are the level of subordination
provided, the LMI cover, the liquidity reserve, the principal draw
function, the interest-rate swap, and the provision of an
extraordinary expense reserve. Our analysis is on the basis that
the notes are fully redeemed by their legal final maturity date and
we do not assume the notes are called at or beyond the call date.

"Our ratings also consider the counterparty exposure to Westpac
Banking Corp. (Westpac) as bank account provider and Australia and
New Zealand Banking Group Ltd. (ANZ) as interest-rate swap
provider. ANZ will provide an interest-rate swap to hedge the
interest-rate risk between any fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
for the swap and bank account include downgrade language consistent
with S&P Global Ratings' counterparty criteria. The legal structure
of the trust is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.b4 Series 2021-4

  Class A-1, A$1,190.00 million: AAA (sf)
  Class A-2, A$98.00 million: AAA (sf)
  Class A-3, A$42.00 million: AAA (sf)
  Class B, A$40.00 million: AA (sf)
  Class C, A$13.60 million: A (sf)
  Class D, A$7.00 million: BBB (sf)
  Class E, A$4.70 million: BB (sf)
  Class F, A$4.70 million: Not rated


LATITUDE AUSTRALIA 2021-1: Moody's Assigns Ba2 Rating to E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited,
as trustee of Latitude Australia Personal Loans Series 2021-1
Trust.

Issuer: Latitude Australia Personal Loans Series 2021-1 Trust

AUD347.0 million Class A Notes, Assigned Aaa (sf)

AUD51.00 million Class B Notes, Assigned Aa2 (sf)

AUD25.00 million Class C Notes, Assigned A2 (sf)

AUD18.00 million Class D Notes, Assigned Baa2 (sf)

AUD30.50 million Class E Notes, Assigned Ba2 (sf)

The AUD28.50 million Seller Notes are not rated by Moody's.

Latitude Australia Personal Loans Series 2021-1 Trust is a cash
securitisation of unsecured personal loans extended to obligors
located in Australia. All receivables were originated and are
serviced by Latitude Personal Finance Pty Limited (Latitude,
unrated).

Latitude provides sales finance, credit cards, personal loans,
Buy-Now-Pay-Later (BNPL) and consumer credit insurance in Australia
and New Zealand. Latitude originates its lending through direct and
third-party channels. Direct channels include online and call
centre based applications with third-party distribution through
partnership agreements and a network of brokers. The Latitude
Australia Personal Loans Series 2021-1 Trust transaction represents
Latitude's third term ABS transaction and its first term ABS for
2021.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction, the
liquidity facility in the amount of 1.50% of the balance of the
receivables not in arrears by more than 90 days, subject to a floor
of AUD1,200,000, the interest rate swap provided by Westpac Banking
Corporation (WBC, Aa3/P-1/Aa2(cr)/P-1(cr)) and the experience of
Latitude as servicer and the backup servicing arrangement with AMAL
Asset Management Limited.

Initially, Class A, Class B, Class C, Class D and Class E Notes
benefit from 30.6%, 20.4%, 15.4%, 11.8% and 5.7% of note
subordination, respectively. The notes will be repaid on a
sequential basis until the credit enhancement of the Class A Notes
is at least 55%, there are no unreimbursed charge-offs or principal
draws, first call option date has not occurred and as long as
cumulative net losses are less than 6.5%, where that payment date
is on or before 12 months after the closing date and 12%
thereafter. The structure will also follow a sequential repayment
profile if pro-rata conditions are not satisfied or if the first
call option date has occurred.

Moody's analysis also accounts for the risk of the transaction
being over or under-hedged. This risk arises because the notional
amount in the swap agreement is based on the repayment profile of
the rated notes, assuming a prepayment rate of 24% on the
underlying receivables. If prepayments deviate from this
assumption, the transaction is exposed to the risk of being over or
under-hedged. To account for this risk, Moody's ran a number of
faster and slower prepayment scenarios in combination with
associated upward and downward movements in bank bill swap rates.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 9.7% (9.3%
after adjustment for seasoning, arrears and redraw), portfolio
credit enhancement (PCE) of 38.0% and a recovery rate of 15.0%.
Moody's assumed default rate and recovery rate are stressed
compared to the extrapolated mean default of 9.2% and actual
historical levels of recovery rate of 25.4%. In Moody's analysis,
Moody's have excluded Q1 2020 to Q2 2021 vintages either on account
of insufficient observations (no or low actual losses for these
vintages as yet) or on account of being less representative.

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


NUFARM LTD: S&P Raises ICR to 'BB', Outlook Stable
--------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Nufarm Ltd. to 'BB' from 'BB-'. At the same time, S&P raised the
long-term issue ratings on Nufarm's A$490 million senior secured
bank facility to 'BBB-' from 'BB+' (recovery rating of '1'), its
US$475 million senior unsecured notes to 'BB-' from 'B+' (recovery
rating of '5'), and its subordinated NSS hybrid notes to 'B+' from
'B' (recovery rating of '6').

The stable outlook reflects S&P's expectation that Nufarm's
deleveraged balance sheet, revised capital management framework,
and improved working capital management should help to counter the
inherent cyclically in the group's earnings and cash flow and allow
adjusted debt to EBITDA to be sustained below 3.5x.

S&P said, "The upgrade reflects our view that Nufarm will sustain
leverage in line with our expectations of the 'BB' rating. We
expect near-term tailwinds associated with product demand, price
increases and volume growth across each operating region to offset
supply chain disruptions and volatility in active ingredient
pricing. We expect earnings growth in the Seed Technologies
business to continue, underpinned by positive trends in oilseed,
aquaculture, and renewable fuel markets. The group's adjusted debt
reduced in fiscal 2021 because of improved working capital
management and increased cash flow generation. We expect Nufarm's
strengthened balance sheet to withstand some earnings volatility
and potential working capital outflows in fiscal 2022, such that
leverage will be sustained below 3.5x.

Implementation of Nufarm's new capital management framework shows
management's commitment to prioritizing creditor interests. Under
the capital management framework, growth capital expenditure
(capex) must be considered and core statutory leverage must be
within or below the group's 1.5x-2x target range before dividends
can be paid. The alignment of the dividend policy with free cash
flow should ensure that only surplus free cash flow (after growth
capex) is paid out to shareholders. In S&P's view, this framework
should prevent the payment of debt-funded dividends, strengthen the
group's capital structure, and enhance its capacity to accommodate
inherent earnings and cash flow volatility in its businesses.

Improved European margins and earnings signal that recovery is on
track and the region is expected to remain a key contributor to the
group. The combination of improved conversion costs, product mix
and the successful execution of the performance improvement program
has restored profitability in the European business. Nufarm has
identified some regulatory headwinds relating to the phasing-out of
products when product registrations come off patent in fiscal 2022.
S&P views the impact as minimal and transitory and anticipate the
acquired Century and Surf product range and new product development
will offset the losses and maintain profitability in the European
operations.

Nufarm's continuing focus on working capital management should
support cash flow generation and balance sheet strength over our
forecast period. Nufarm's net working capital improvement in 2021
was attributed primarily to improved debtor collections, increased
customer prepayments and a normalization of high inventory levels
in Europe, underpinned by strong demand. S&P said, "While we expect
some unwinding of these working capital flows in 2022, we expect
the group's ongoing focus on working capital management, supported
by the sale the of the South American operations, to support
improved working capital investment. The group aims to maintain its
average net working capital to sales ratio at about 35%-40%."

A strengthened balance sheet should allow Nufarm to weather changes
in climatic conditions and earnings volatility. Nufarm operates in
an industry that is susceptible to variable climatic conditions and
associated earnings volatility. Credit metrics were stretched in
prior years due to cyclically depressed earnings and a leveraged
capital structure. S&P said, "Although the sale of the South
American business has reduced the scale and diversity of the
group's operations, we do not consider that it has materially
affected the quality of the group's earnings, and the associated
reduction in net debt helped reset the group's balance sheet. We
expect Nufarm's current capital structure and financial policy
framework to provide sufficient headroom at the current rating to
withstand earnings volatility as climatic conditions change."

S&P said, "We expect Nufarm to sustain meaningful positive free
operating cash flow over the forecast period. The group's strong
operating performance and improved working capital management
delivered A$280 million of free operating cash flow in fiscal 2021,
well ahead of our prior expectations. While some of these strong
operating tailwinds in 2021 may abate in the next 12-18 months, we
expect the group's cash flow generation to remain positive.
Nufarm's market share gains in key crop protection markets,
execution of its commercialization objectives across its Seed
Technologies business and improving working capital management
should support continued positive operating cash flow. This should
allow it to fund targeted growth investment opportunities over the
forecast period.

"The stable outlook reflects our expectation that Nufarm's
strengthened balance sheet, prudent capital management framework,
and improved working capital management will maintain adjusted debt
to EBITDA below 3.5x over the next two years.

"We could lower the rating if we expect Nufarm to sustain its
adjusted debt-to-EBITDA above 3.5x." Downward rating pressure could
also occur if the company sustains negative free operating cash
flow or detracts from its new capital management framework such
that shareholder returns are prioritized ahead of creditors.

Downward rating pressure could also arise from a material erosion
of the group's competitive position across its key markets.

S&P said, "Although less likely, we could raise the rating if we
expect Nufarm to sustain its adjusted debt-to-EBITDA ratio below
2.5x and positive cash flow from operations to debt at more than
35%.

"We view upward rating pressure caused by a strengthening of
Nufarm's business risk profile as unlikely; this would depend on a
fundamental improvement in the scale, diversity, and stability of
the group's earnings and cash flow."


P'NACHE PTY: First Creditors' Meeting Set for Dec. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of P'Nache Pty
Ltd will be held on Dec. 3, 2021, at 11:00 a.m. via telephone
conference only.

Andre Lakomy and Jason Tang of Cor Cordis were appointed as
administrators of P'Nache Pty on Nov. 23, 2021.


REDZED TRUST 2021-3: Fitch Gives Final 'B+' Rating to Cl. F Bonds
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust Series
2021-3's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian prime and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Ltd.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed 2021-3. This is a separate and
distinct series created under a master trust deed.

    DEBT                    RATING               PRIOR
    ----                    ------               -----
RedZed Trust Series 2021-3

A-1yr AU3FN0063897    LT AAAsf   New Rating    AAA(EXP)sf
A-2yr AU3FN0063905    LT AAAsf   New Rating    AAA(EXP)sf
A-3yr AU3FN0063913    LT AAAsf   New Rating    AAA(EXP)sf
B AU3FN0063921        LT AAsf    New Rating    AA(EXP)sf
C AU3FN0063947        LT Asf     New Rating    A(EXP)sf
D AU3FN0063939        LT BBBsf   New Rating    BBB(EXP)sf
E AU3FN0063954        LT BBsf    New Rating    BB(EXP)sf
F AU3FN0063962        LT B+sf    New Rating    B+(EXP)sf
G1 AU3FN0063970       LT NRsf    New Rating    NR(EXP)sf
G2                    LT NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The collateral pool totalled AUD400 million at the 11 October 2021
cut-off date and consisted of 515 obligors.

KEY RATING DRIVERS

Sufficient Credit Enhancement Mitigates Expected 'AAAsf' Losses:
The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 19.4%
is driven by the weighted-average (WA) unindexed current loan/value
ratio (LVR) of 66.2%, low-documentation loans of 92.4% and, under
Fitch's methodology, non-conforming and investment loans of 12.5%
and 48.6%, respectively.

The 'AAAsf' portfolio loss has increased to 10.7%, compared with
9.7% for the previous RedZed transaction, RedZed Trust Series
2021-2, due mainly to lower WA seasoning limiting indexation
benefit to the securities and higher indexed market value decline.

Limited Liquidity Risk: Structural features include retention and
amortisation amounts that redirect excess income to repay note
principal and a liquidity facility sized at 1.5% of the invested
note balance, with a floor of AUD600,000; this is sufficient to
mitigate payment interruption risk.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards. Fitch does not expect the servicer's operations
to be disrupted by the coronavirus pandemic, as staff are able to
work remotely and have access to the office.

Economic Rebound Supports Outlook: The Stable Outlook is supported
by Australia's management of the pandemic, including the nationwide
vaccine rollout that is facilitating the 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 should fall to 4.4%.

RATING SENSITIVITIES

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

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.

This section provides insight into the model-implied sensitivities
the transaction faces when assumptions − WAFF or WARR − are
stressed, while holding others equal. The modelling process uses
the estimation and stress of default and loss assumptions to
reflect asset performance in a stressed environment. The results
below should only be considered as one potential outcome, as the
transaction is exposed to multiple dynamic risk factors.

Note: A-1yr / A-2yr / A-3yr / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%:

-- AAAsf / AAAsf / AA+sf / A+sf / A-sf / BB+sf / BB-sf / Bsf

Increase defaults by 30%:

-- AAAsf / AAAsf / AAsf / Asf / BBB+sf / BB+sf / B+sf / Bsf

Reduce recoveries by 15%:

-- AAAsf / AAAsf / AA+sf / A+sf / A-sf / BB+sf / BB-sf / Bsf

Reduce recoveries by 30%:

-- AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBsf / B+sf / less than
    Bsf

Increase defaults by 15% and reduce recoveries by 15%:

-- AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBsf / B+sf / less than
    Bsf

Increase defaults by 30% and reduce recoveries by 30%:

-- AAAsf / AAAsf / A+sf / BBB+sf / BBB-sf / B+sf / Bsf / less
    than Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

-- Class A-1yr, A-2yr and A-3yr are at 'AAAsf', which is the
    highest level on Fitch's scale. The ratings cannot be
    upgraded.

-- Note: A-1yr / A-2yr / A-3yr / B / C / D / E / F

-- Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf /
    B+sf

Decrease defaults by 15% and increase recoveries by 15%:

-- AAAsf / AAAsf / AAAsf / AA+sf / AA-sf / BBB+sf / BBBsf / BBsf

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

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.


RESIMAC BASTILLE 2019-1NC: S&P Raises Cl. F Notes Rating to BB
--------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B, class C,
class D, class E, and class F notes of subprime residential
mortgage-backed securities (RMBS) issued by Perpetual Trustee
Company Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC Series
2019-1NC. At the same time, S&P affirmed its ratings on three
classes of notes issued out of the same trust.

S&P said, "The rating actions reflect our view of the credit
support available, which is sufficient to withstand the stresses we
apply. Credit support comprises note subordination for all rated
notes, lenders' mortgage insurance on 4.4% of the loan pool, and
excess spread, if any.

"The pool, which has been amortizing in line with our expectations
since closing, has a balance of A$568.7 million and a pool factor
of about 56.8% as of Sept. 30, 2021. The pool's weighted-average
loan-to-value ratio was 67% and weighted-average seasoning was 48
months."

Although the pool has displayed worsening asset performance over
the past 12 months, arrears have tracked below the Standard &
Poor's Performance Non-Conforming/Subprime Index since inception.
As of Sept. 30, 2021, 3.2% of the loan pool is greater than 30 days
in arrears, of which 1.3% is more than 90 days in arrears. There
have been no losses to date. In addition, borrowers with
COVID-19-related hardship arrangements make up 3.0% of the pool.
However, S&P believes the continued strong cash-flow generation
helps to buffer the risk of loans under COVID-19 hardship
arrangements moving into long-term arrears.

Principal collections are currently being allocated to the class A1
and class A2 notes in priority to the remaining classes. The class
A1 allocation amounts are paid to the class A1 currency swap
provider, National Australia Bank Ltd.(NAB), as per the "single leg
balance guarantee swap." NAB then makes principal payments to the
class A1 note holders to amortize the notes according to their
scheduled balance.

The transaction has benefited from a retention mechanism, whereby
excess spread has been used to pay down the junior most rated
note--in this case the class F note. The result has been an
effective buildup of overcollateralization.

S&P said, "Due to this payment structure, credit support provided
in percentage terms has increased to each rated class of note,
resulting in each class being able to absorb a higher percentage of
losses in our analysis. However, we don't expect this buildup in
credit support to continue because we believe the transaction will
meet the pro rata triggers in the coming months. Once these
performance triggers are met, the transaction will commence a pro
rata pay structure. Under a pro rata payment structure, and once
the retention mechanism cap is met, there will be no further
buildup in the percentage of credit support provided to the rated
notes."

The transaction's cash flows support the timely payment of interest
and ultimate payment of principal to the noteholders under our
rating stress assumptions.

  Ratings Raised

  RESIMAC Bastille Trust – RESIMAC Series 2019-1NC

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  RESIMAC Bastille Trust – RESIMAC Series 2019-1NC

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


RIGHT FAST: First Creditors' Meeting Set for Dec. 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Right Fast
Capital Pty Ltd and Right Plan Capital Pty Ltd will be held on Dec.
6, 2021, at 9:30 a.m. and 11:00 a.m., respectively, via Zoom
facilities.

Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of Right Fast and Right
Plan on Nov. 24, 2021.


SALT LAKE: Creditors Appoint KordaMentha as Receivers
-----------------------------------------------------
Australian Financial Review reports that Salt Lake Potash (SO4)
directors declared the company insolvent and its creditors
appointed KordaMentha as receiver and manager over the top of
administrators KPMG on October 20.

Those creditors included the Clean Energy Finance Corporation (or
the taxpayer) to the tune of US$47 million, AFR discloses.

AFR says the 54.6 million shares - a 9.7 per cent stake - of Salt
Lake's largest shareholder, funds giant Fidelity International, are
almost certainly worthless.

According to AFR, Fidelity first hit the SO4 register in August
2019, taking 10.6 million shares at 70 cents each in an exclusive
placement. It continued buying - on market and in further
placements - right up until August 2020.

Salt Lake was set to be Australia's first domestic potash producer
when it rushed to enter production at its Lake Way project in
Western Australia June.

In the immortal words of chief executive Tony Swiericzuk last
November, "We're not mining hard rock, we're not drilling [or]
blasting, we're not digging great holes in the ground. . . it's
very, very different from normal mining. I don't want to play it
down too much, but it's quite simple."

Production at Lake Way suffered immediate technical problems, the
report relates. Investors ultimately declined to rescue the
developer, which had already raised $507 million of debt and equity
in 11 raisings since its backdoor listing in June 2015 via
ASX-listed shell Wildhorse Energy.

In that transaction, the owners of Australian Salt Lake Potash Pty
Ltd swapped their Lake Way interest for Wildhorse shares and
Wildhorse changed its name to Salt Lake Potash.

ASLP was tightly held, with just three vendors. One was Howitt
MGMT, a private holding company of Dig Howitt, the chief executive
of Cochlear, and Kate Howitt, portfolio manager at Fidelity
International.

AFR relates that Howitt got set personally in SO4 at 10¢ per share
- the 2015 annual report has Howitt MGMT as seventh-largest
shareholder with 4.62 million listed securities and another 6.93
million unquoted performance shares - more than four years before
Fidelity came blazing in at far higher prices.

By August 2020, the Howitts were its 12th-largest holder with 5.02
million shares, diluted to 1 per cent of shares on issue.

Fidelity and the Howitts have both ended up with the same exit
price, being zero, the report notes. Receivership is a great
leveller for equity holders.

It's a delicate practice, fund managers holding PA investments in
stocks their funds are also invested in. Fidelity International
assured us it "has robust compliance policies and procedures in
place for managing activities such as personal trading which apply
to all staff, including portfolio managers." Which is a whole lot
more than we ever got out of iSignthis shareholders Marcus Hughes
and Stephen Aboud of LHC Capital!

According to the report, Kate Howitt would be an accomplished
conflict manager merely on the basis Fidelity funds own 0.44 per
cent of Cochlear, where her husband has worked for more than 20
years.

Ms. Howitt's conflict in Salt Lake Potash would be a breeze
compared with the one afflicting chairman Ian Middlemas, the report
says. He also chairs Equatorial Resources, which from July last
year outlaid AUD15 million on shares in Salt Lake to be - at time
of death - its sixth-largest shareholder. In its September quarter
update last month, Equatorial wrote its Salt Lake shareholding down
to zero.

That was a seriously loose punt, given Equatorial needs US$1.2
billion to develop its Badondo iron ore project in the Republic of
the Congo (on the non-democratic side of the river from Andrew
Forrest's hallucinatory green power mega-project). Equatorial has
$20 million of cash remaining, the report notes.

                      About Salt Lake Potash

Salt Lake Potash Limited (ASX:SO4) -- https://www.so4.com.au/ --
operates as a mineral exploration company. The Company offers
potash and uranium. Salt Lake Potash conducts business in
Australia.

Martin Bruce Jones, Thomas Birch and Hayden White of KPMG were
appointed as administrators of Salt Lake and related entities on
Oct. 20, 2021.




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

CHINA AOYUAN: Fitch Lowers Foreign Currency IDR to 'CCC-'
---------------------------------------------------------
Fitch Ratings has downgraded China Aoyuan Group Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC-' from 'B-'.
Fitch has also downgraded the senior unsecured rating and the
ratings on the outstanding US-dollar senior unsecured notes to
'CCC-', from 'B-', with a Recovery Rating of 'RR4'. The ratings
have been removed from Rating Watch Negative.

The downgrade reflects the diminishing likelihood of Aoyuan
refinancing its USD688 million public senior notes due January 2022
after the company extended the redemption date of its Aochuang II
asset-backed securities and appointed a financial adviser and a
legal adviser.

KEY RATING DRIVERS

High Refinancing Risk: There is rising uncertainty about the
refinancing of Aoyuan's USD188 million bonds maturing on 20 January
2022 and USD500 million bonds maturing on 22 January. The company
announced on 22 November 2021 that the holders of its Aochuang II
asset-backed securities granted an extension of the redemption date
for around CNY816 million of the securities that were due that day.
The company also announced that it has engaged financial and legal
advisers to assess the group's capital structure, financial
condition and debt and liquidity profile.

Limited Financial Flexibility: The company had available cash of
CNY51.8 billion as of 1H21, excluding restricted cash and
restricted deposits for project construction, but did not provide
the cash balance that is freely available to repay its capital
market debt. Fitch believes a majority of the cash is likely to be
at the project level, but Fitch is unable to verify this from the
company.

Large Maturities: Fitch estimates that Aoyuan has CNY8.8 billion of
public capital-market debt maturing or becoming puttable through to
end-2022, including USD688 million in senior notes due January 2022
and USD200 million becoming puttable in June 2022. The company also
has a USD250 million bond due and a CNY1.5 billion bond becoming
puttable in September 2022.

Lack of Funding Access: Fitch believes the capital market is
largely inaccessible for Aoyuan and it will have to depend on asset
sales or internal cash resources to address debt servicing. This is
despite Aoyuan demonstrating some access through a CNY1.8 billion
onshore bond issuance in July 2021 and a HKD399 million share
placement in October. Its cash/short-term debt of just above 1x may
be insufficient to buffer against the currently volatile
environment.

Reliant on Asset Sales: Fitch believes the company has some options
to address the upcoming maturities via asset disposals, but these
will take time and are subject to execution risk. Aoyuan has
announced the disposal of its projects on Robinson Road, Hong Kong,
to a third party for a cash consideration of HKD900 million, but
the proceeds are small against its large capital-market maturities
due in 2022. The company is in the midst of selling other assets,
but Fitch believes these will take some time to complete.

High Non-Controlling Interests: Aoyuan's non-controlling interests
(NCI) rose to 66% of total equity in 1H21, while NCI net claims/net
property assets were around 25%. This is high among Fitch-rated
Chinese developers and indicates that Aoyuan may have potential
high cash leakage to NCIs.

ESG - Governance: Aoyuan has an ESG Relevance Score of '4' for
Financial Transparency. The company appears to have weaker access
to its reported consolidated cash balance than what it earlier
guided in terms of the level of cash at the rated-entity level.
This has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Aoyuan's ratings are constrained by the rising refinancing risk of
its upcoming capital-market maturities, especially amid the
negative capital-market sentiment. Fitch believes Aoyuan may need
to rely on asset disposals to address its capital market
maturities, which are subject to execution risk.

KEY ASSUMPTIONS

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

-- CNY105 billion of attributable sales in 2021 (2020: CNY98
    billion);

-- A 4% annual rise in average land costs in 2021-2024;

-- Unsold land bank life maintained at around 2.5 years,
    excluding urban redevelopment projects;

-- Selling, general and administrative expenses at 6%-8% of
    revenue.

Key Recovery Rating Assumptions:

The recovery analysis assumes that Aoyuan would be liquidated in a
bankruptcy.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach

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

-- 70% advance rate to accounts receivable;

-- 30% advance rate to investment properties, as the investment
    property rental yield was close to 2%;

-- 60% advance rate to land and buildings;

-- 60% advance rate to adjusted net inventory;

-- Aoyuan's available cash is higher than its trade payables;
    Fitch gives a 60% advance rate to its excess cash after
    deducting three months of contracted sales.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR4' for the senior
unsecured offshore bonds.

RATING SENSITIVITIES

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

-- Greater clarity of repayment plans for the bond maturities due
    January 2022 and meaningful progress in asset disposals.

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

-- Evidence of further deterioration in liquidity;

-- Missing interest payments or inability to repay the bonds
    falling due in January 2022.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Large Maturities: The company had available cash of CNY51.8 billion
as of 1H21, excluding restricted cash and restricted deposits for
project construction, sufficient to cover short-term debt of
CNY51.6 billion. However, Fitch believes Aoyuan may not be able to
access all of the reported cash to repay debt. Aoyuan's next
capital market maturity is in January 2022, during which USD688
million of bonds will mature. It will then have a USD200 million
bond that will become puttable in June 2022.

ISSUER PROFILE

Aoyuan is a top-30 property developer in China, with about 370
projects with a total gross floor area of around 57 million square
metres at end-2020. Guangdong accounted for 28% of its total land
bank by gross floor area. Aoyuan also has properties in Canada and
Australia.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has excluded CNY8.3 billion deposited in designated accounts
from cash in Fitch's leverage calculation and included this as
inventory.

Restricted bank deposits of CNY7.7 billion are included in cash to
calculate net debt, as these are mainly pledged for obtaining bank
loans.

ESG CONSIDERATIONS

China Aoyuan Group Limited has an ESG Relevance Score of '4' for
Financial Transparency. The company appears to have weaker access
to its reported consolidated cash balance than what it earlier
guided in terms of the level of cash at the rated-entity level.
This has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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.


FANTASIA HOLDINGS: Reaches Deal with Onshore Bond Holders
---------------------------------------------------------
Reuters reports that Fantasia Holdings said on Nov. 24 it has
reached an agreement with holders of a CNY1.5 billion onshore bond
maturing in 2023 to pay 20% of a coupon due on Nov. 25 and the rest
a year later.

But, media reported, that an extension resolution for another
onshore bond due 2023 worth CNY2.5 billion failed to pass on Nov.
24, Reuters says.

Fantasia has missed payment of $205.7 million offshore notes that
were due Oct. 4, Reuters notes.

                       About Fantasia Holdings

Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of China.
It operates through six segments: Property Development, Property
Investment, Property Agency Services, Property Operation Services,
Hotel Operation, and Others. The company engages in the development
of urban complexes, upscale boutique residences, and mid-to-high
end residence projects; the provision of hotel accommodation,
property management, value-added, engineering, and travel agency
services; and manufacture and sale of fuel pumps. It also provides
community services through online platform; and wealth management,
finance lease, petty loans, P2P, funds and factoring, consumer
finance, insurance, payment services, etc. for enterprises and
individuals, as well as operates and manages various city
complexes, shopping centers, etc. In addition, the company operates
golfs, high-end city clubs, private clubs, theme parks, art
museums, etc.; and develops various home-based care service
stations, daytime care centers, and senior citizen apartments,
which provide home care, health care, rehabilitation therapy,
nutrition catering, and spiritual solace, as well as education
services.  Fantasia Holdings Group Co., Limited is a subsidiary of
Fantasy Pearl International Limited.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
3, 2021, Fitch Ratings has affirmed Fantasia Holdings Group Co.,
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'Restricted Default' (RD) and its senior unsecured rating and the
ratings on its outstanding US-dollar bonds at 'C' with a Recovery
Rating of 'RR4'.

Fantasia failed to repay its USD206 million senior notes due
October 4, 2021. There is no grace period for the bond repayment.
The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

At the same time, Fitch has withdrawn the ratings for commercial
reasons.


IDEANOMICS INC: Errors Found in Previously Issued Fin. Statements
-----------------------------------------------------------------
Ideanomics, Inc. has determined that a restatement of its
previously issued financial statements contained in its Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2021
and June 30, 2021, respectively, would be required, to correct the
revenue reported by its affiliate Timios Holding Corp., that
provides title and agency services.  

The aggregate amount of the restatement is estimated to be
approximately $5.3 million for the aforesaid fiscal quarters.  The
restatement is expected to impact revenues in the title and agency
business.  The impact of the restatement is estimated to lower
gross revenues recorded in each of the fiscal quarters ended March
31, 2021 and June 30, 2021 by approximately $2.9 million and $2.4
million, respectively, with an offsetting reduction in cost of
goods sold, without any change to its previously reported gross
profit.

The Company intends to file an amendment to its (i) Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2021,
originally filed with the Securities and Exchange Commission on May
17, 2021 and (ii) Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2021, originally filed with the SEC on Aug.
16, 2021 to amend and restate financial statements and other
financial information.  Accordingly, the Company's previously
issued financial statements contained in its Quarterly Report on
Form 10-Q for the period ended March 31, 2021 and Quarterly Report
on Form 10-Q for the period ending June 30, 2021 should no longer
be relied upon.  The Company's management discussed these matters
with the Company's accounting firm, BDO USA, LLP.

The restatements are expected to have an impact on the financial
statements for the fiscal quarter ended March 31, 2021 and for the
fiscal quarter ended June 30, 2021, as previously filed, with
changes reflected in the relevant financial statements, due to
changes in accounting treatment of revenues.  No changes due to the
restatement are expected to have any impact on the Company's gross
profit because revenues in the title and agency business will be
lower by approximately $5.3 million with an offsetting reduction in
cost of goods sold.

                          About Ideanomics

Ideanomics is a diversified solutions provider for electric
mobility.  The company provides turn-key vehicle, finance and
leasing, and energy management services for commercial fleet
operators.  The Company is headquartered in New York, NY, with
operations in the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$698.05 million in total assets, $145.39 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.72 million in redeemable non-controlling interest, and
$543.68 million in total equity.


KAISA GROUP: Seeks to Extend Maturity on US$400MM Offshore Bond
---------------------------------------------------------------
Reuters reports that Kaisa Group Holdings Ltd said on Nov. 25 it
wants to extend the maturity of a $400 million bond by a year and a
half as part of the property developer's efforts to avoid a messy
default and resolve a liquidity crisis.

In a filing, Kaisa said it would exchange its 6.5% offshore bonds
due Dec. 7 for new notes due June 6, 2023, at the same interest
rate if at least 95% of holders accept, Reuters relays.

Kaisa, which has the most offshore debt among Chinese developers
after China Evergrande Group, missed coupon payments totalling
$88.4 million due on Nov. 11 and 12. The payments have a 30-day
grace period.

Shares in Kaisa, which resumed trading after suspension on Nov. 5,
were up 18% in afternoon trade [Nov. 25] with investors cheered by
the firm's attempt to solve payment problems, the report says.

According to Reuters, Kaisa said a sharp downturn in the financing
environment has limited its funding sources to meet upcoming
maturities.

"If the exchange offer and consent solicitation are not
successfully consummated, we may not be able to repay the existing
notes upon maturity on Dec. 7, and we may consider alternative debt
restructuring exercise," it said in the filing.

Chinese developers are facing an unprecedented liquidity squeeze
due to regulatory curbs on borrowing, causing a string of offshore
debt default, credit-rating downgrades and sell-offs in developers'
shares and bonds.

Reuters notes that Kaisa has been scrambling to raise capital by
divesting assets including Hong Kong-listed property management
unit, Kaisa Prosperity Holdings Ltd.

It recently sold a land parcel in Hong Kong to a local investor for
HK$3.78 billion (US$484.82 million), recovering around HK$1.3
billion cash after repaying the loans it borrowed for the land,
Reuters reported this week. Kaisa is also selling another land plot
in the city.

"Providing solutions and more clarity to the market is positive;
afterall Kaisa's fundamentals are good, if it manages to strike a
deal with creditors it can repay bit by bit to get past this
crisis," Reuters quotes Kington Lin, managing director of Asset
Management Department at Canfield Securities Limited, as saying.

The developer, in a separate filing late on Nov. 24, said it aims
to accelerate the disposal of real estate projects and other
high-quality assets to improve liquidity, Reuters relays.

Having missed payments on onshore wealth management products
totalling CNY1.5 billion (US$234.80 million) due in October and
November, Kaisa said it implemented repayment measures for CNY1.1
billion and is negotiating the remainder with investors, according
to Reuters.

Reuters relates that the developer also said "certain members of
the group" did not meet repayment obligations under finance
agreements involving bank loans and other borrowing, and that it is
formulating an overall repayment plan.

Other cash-strapped developers including Evergrande, the world's
most indebted developer which has been stumbling from deadline to
deadline in recent weeks as it grapples with more than $300 billion
in liabilities, are also negotiating with their creditors and
scrambling to raise funds.

"Companies want to buy time, while creditors want to recover their
money. Accepting an extension is better than calling the companies
bankruptcy and get nothing back," Mr. Lin said.

                         About Kaisa Group

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

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to Ca from Caa1.  At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Kaisa to C from Caa2.  The outlook remains
negative.

The TCR-AP has also reported that S&P lowered its long-term issuer
credit rating on Kaisa Group Holdings Ltd. to 'CCC-' from 'CCC+'.
The negative outlook reflects Kaisa's very high nonpayment risk and
high probability of debt restructuring.  S&P subsequently withdrew
its 'CCC-' long-term issuer credit rating on Kaisa at the issuer's
request.


ZHONGRONG INTERNATIONAL: S&P Affirms 'BB-/B' ICRs, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term
issuer credit ratings on Zhongrong International Holdings Ltd.
(ZRH). At the same time, S&P assigned a 'B' short-term issue rating
to a proposed 364-day note issued by Zhongrong International Bond
2021 Ltd., a special purpose vehicle guaranteed by ZRH.

The affirmed ratings reflect S&P's expectation that ZRH will remain
a strategically subsidiary of Zhongrong International Trust Co.
Ltd. (ZRT; BB+/Stable/B). S&P also expects continued growth in its
asset-management business, backed by substantial synergies with the
group's main business line.

ZRH's assets under management grew by over four times in 2020,
though off a small base. Growth has, however, stalled this year.
Use of proceeds from a proposed 364-day guaranteed note issuance
will include principal investment.

S&P said, "As the investment book expands with the bond issuance,
we expect a further rebalancing of ZRH's business mix. There will
be accelerated revenue contributions from ZRH's asset-management
business. Investments will increase their weighting in this
business and substantially add to ZRH's profit volatility. This
adds pressure to its stand-alone credit profile and the strategic
importance we consider under our group support assessment.

"We expect ZRH's leverage (debt-to-adjusted total equity ratio) to
worsen materially following the proposed issuance, though remaining
within the 4.51x-6.5x range for a moderate assessment. We also note
that steady profits will support moderate capital accumulation in
2021, given our expectations of no dividends and sanguine
investment performance, especially with recent market volatility.

"We continue to assess ZRH's stand-alone liquidity position as
weak. This is given the recurring and lumpy liquidity needs for
bond repayments. The next large bond repayment is on May 20, 2022.
We expect ZRH to have a clear liquidity plan and initiate relevant
procedures for refinancing around three months before this
maturity.

"In our view, liquidity support from the parent is very important
to help ZRH meet the impending liquidity needs. We note, however, a
high-level contingent liquidity plans and associated
letter-of-credit agreements with banks as well as letters of intent
for cooperation provided by the parent, ZRT. More diversified
funding channels with clear and meaningful contingent and unused
liquidity sources would contribute to a more favorable assessment.

"In our view, the guarantee provided by ZRH on the 364-day note to
be issued by Zhongrong International Bond 2021 Ltd. qualifies for
rating substitution treatment, given that it is irrevocable,
unconditional, and timely.

"The stable outlook reflects our view that ZRH will maintain its
strategically important role to its parent, thereby benefiting from
extraordinary support. This is supported by the company's
reasonable profits, continued growth in assets under management,
and higher earnings contributions from its asset-management
business over the next 12 months.

"The outlook also reflects our view that ZRH's weak stand-alone
liquidity will not improve over the next year, given large bond
maturities in May 2022.

"We may downgrade ZRH if we believe the company's liquidity
situation, after considering any contingency arrangements and
proceeds from investment securities sales, makes it vulnerable to
nonpayment of its obligations within the next 12 months."

S&Pe may also downgrade ZRH if its importance to the group weakens
to a moderate strategically important level. This could happen if:

-- Strategic shifts or significant delays in its current plans to
develop its asset-management business undermine its linkages to the
wider group's business model; or

-- Timely financial support from the parent becomes less likely,
in S&P's view. Weaker group support without offsetting improvements
in ZRH's stand-alone creditworthiness could result in a downgrade
of two notches.

In a remote scenario, S&P may upgrade ZRH if the company's
importance to the group significantly improves to a core level.
This could happen with the significant development of, and material
contributions from, its asset-management business.




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

ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Advait Steel
Rolling Mills Private Limited (ASR) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.75       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.04       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       4.21       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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

Detailed Rationale

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

Set up in 2004 by Mr B S Garg, ASR has a thermo-mechanically
treated bar manufacturing facility in Puducherry, with a capacity
of 36,000 tonne per annum.


AMITY LEATHER: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amity Leather
International (ALI) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Export Packing          2.9      CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

   Export Post-            6.1      CRISIL A4 (Issuer Not
   Shipment Credit                  Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ALI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALI continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up as a partnership by Mr L B Kolte and Mr U C Singh in 1979,
ALI manufactures and exports leather footwear for women and
children. Office is in Mumbai.


AMRIT TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amrit Trading
Company (ATC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit        8        CRISIL A4 (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ATC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

ATC is a Haryana based Company, is engaged in in the business of
processing and trading of timber. Established by Mr. Geetaram Kumar
in 1957 and now managed by one of the partners Mr. Mukesh Kumar
since 1992.


APS STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aps Steels
Private Limited (APS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import          5.0       CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

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

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

Detailed Rationale

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

APS, incorporated in 2006, manufactures MS ingots at its facility
at Hindupur in Andhra Pradesh. The company was acquired by the OP
Gupta group in 2012.


ARRDY ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Arrdy Engineering Innovations Private Limited
        9-30-4, Siripuram
        Visakhapatnam
        Andhra Pradesh 530003
        India

Insolvency Commencement Date: November 15, 2021

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: May 14, 2022
                               (180 days from commencement)

Insolvency professional: Immaneni Eswara Rao

Interim Resolution
Professional:            Immaneni Eswara Rao
                         40-26-22, Mohiddin Street
                         Opp. BSNL Exchange
                         Labbipeta, MG Road
                         Vijayawada, Krishna
                         Andhra Pradesh 520010
                         E-mail: ier_ca@outlook.com

                            - and -

                         Sankalp Restructuring Private Limited
                         Unit 113, 1st Floor
                         Manjeera Trinity Corporate
                         KPHB Phase-3, Kukatpally
                         Hyderabad 500072
                         E-mail: ip.arrdy@gmail.com

Last date for
submission of claims:    November 30, 2021


CEASAN GLASS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Ceasan Glass Private Limited
        40-7-12A, Block 15
        Datta Complex, Ground Floor
        Behind Yamaha Show Room
        Mogulrajpuram
        Vijayawada 520010
        Andhra Pradesh

Insolvency Commencement Date: October 27, 2021

Court: National Company Law Tribunal, Ongole Bench

Estimated date of closure of
insolvency resolution process: April 24, 2022

Insolvency professional: Srinivas Gudla Rao

Interim Resolution
Professional:            Srinivas Gudla Rao
                         Flat No. 201, Aqua Tower
                         East Point Colony
                         Visakhapatnam 530017
                         Andhra Pradesh
                         E-mail: gudlasrinivasrao@gmail.com

Last date for
submission of claims:    November 9, 2021


CHANDI CHARAN: CRISIL Reaffirms B+ Rating on INR6.50cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Chandi Charan Cold Storage
Private Limited (CCCSPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.21       CRISIL A4 (Reaffirmed)
   Cash Credit           6.50       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    5.58       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Facility              1.25       CRISIL B+/Stable (Reaffirmed)

The ratings reflect the weak financial risk profile of CCCSPL and
its exposure to the highly regulated and intensely competitive
nature of the cold storage industry. These weaknesses are partially
offset by the extensive industry experience of the promoters.

Key rating drivers and detailed description

Strengths:

* Exposure to the highly regulated and intensely competitive nature
of the cold storage industry: The potato cold storage industry in
West Bengal is regulated by the West Bengal Cold Storage
Association, with rental rates fixed by the Department of
Agricultural Marketing. The fixed rentals will continue to limit
the ability of the players to earn profits based on their
respective strengths and geographical advantages. Pressure to offer
discounts to ensure healthy utilisation of storage capacity,
especially given the intense competition, will also constrain
profitability.

* Weak financial risk profile: Networth was modest at INR3.4 crore
as on March 31, 2021, despite steady accretion to reserve in recent
years. Gearing was high at around 2.3 times, on account of loans
extended to farmers, especially around end of the fiscal. Debt
protection metrics remain moderate: interest coverage and net cash
accrual to total debt ratios are estimated at 2.1 times and 0.05
time, respectively, for fiscal 2021.

* Vulnerability to delays in payments by farmers because of adverse
market conditions: CCCSPL provides loans to farmers against stored
products. In the event of adverse market trends, farmers do not
find it profitable to pay the rental and interest charges along
with loan obligation, and hence do not retrieve potatoes from cold
storages. Thus, the company remains exposed to delays in payments
by farmers.

Weakness:

* Extensive experience of the promoters: The more than two decades
of experience of the promoters in the cold storage industry and
their longstanding association with farmers and traders has led to
healthy utilisation of storage capacity, which should continue to
support the business.

Liquidity: Stretched

The bank limit tends to be highly utilised in March and
April—when business peaks for the cold storage industry. The
current ratio was moderate at 1 time as on March 31, 2021.

Cash accrual are expected to be over INR0.45 crore which are
sufficient against debt obligation over the medium term.

Outlook: Stable

CRISIL Ratings believes CCCSPL will continue to benefit from the
extensive experience of its promoters in the cold storage
business.

Rating sensitivity factors

Upward factors:

* Increase in rental rates and optimum capacity utilisation
resulting in ramp-up in revenue, with operating margin exceeding
40%
* Improvement in the liquidity and financial risk profiles

Downward factors:

* Decline in rental rates and capacity utilisation
* Interest coverage ratio weakening to less than 1 time
* Delay in payments by farmers

CCCSPL, incorporated in 2011, provides cold storage facilities to
potato farmers and traders and also trades in potatoes. Mr
Sabyasachi Gorai and his family members are the promoters. The unit
is located at Bankura, West Bengal.

CHANDRA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chandra
Engineers (CE) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/
   Overdraft facility    4.45       CRISIL D (Issuer Not
                                    Cooperating)

   Rupee Term Loan       7.55       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up as a proprietorship firm in 1967, CE is promoted by Mr
Satish Chandra. The firm manufactures various electrical and metal
sheet stamping components, which majorly find application in the
automotive, engineering and electronics industries. CE has
manufacturing facilities at Manesar, Haryana and Alwar, Rajasthan.


DEVI DAYAL: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devi Dayal
Hari Kishan (DDHK) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Inventory Funding
   Facility               15        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in 1950, Kanpur, Uttar Pradesh-based DDHK is a
partnership firm of Mr Brij Mohan Gupta, Mr Manish Gupta, Mr Raman
Gupta and Mr Yogesh Gupta. It is an authorized distributor of
galvanized sheets, hot rolled sheets, steel pipes and other steel
items for TSL in Eastern Uttar Pradesh and Madhya Pradesh.


DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DolbiS
Granite Exports Private Limited (DGE) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          5        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

DGE, is a Chennai-based company, is involved in processing and
export of granite. The company has manufacturing facility based in
Tamil Nadu.


ELECTRA ACCUMULATORS: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Electra
Accumulators Limited (EAL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           17.5       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in 1962 by the late Mr Shantilal Sanghavi and his
family, EAPL manufactures automotive batteries, tubular batteries,
and solar batteries. It has its manufacturing units in Vapi
(Gujarat). The operations are managed by Mr Chetan Sanghvi.


G.M.R. SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G.M.R.
Spintex Private Limited (GSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     29.25     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              11.5      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

GSPL, established by Mr. G Vinod Kumar in 2006 commenced operations
in 2008. The company manufactures cotton yarn. The company's plant
is based in Adilabad district in Telangana.


HARESH CHEMICALS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haresh
Chemicals (HC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       14.5      CRISIL A4 (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HC
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Haresh Chemicals (HC) was set up in 1984 by Kasat brothers- Mr.
Bharat Kasat and Mr. Haresh Kasat. The firm trades in more than 25
varieties of bulk drugs (pharmaceutical raw materials) including
Pyridoxine, Streptomycine sulphate, Azithromycin, Moxycycline,
Dexamethazone, Prednezone, Norflox, B-12 etc. The firm has a client
base of over 200 generic drug manufacturers that procure API's from
these entities from time-to-time.


HASEEB PHARMA: CRISIL Lowers Rating on INR7.5cr Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Haseeb
Pharmaceuticals Private Limited (HPPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          1        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT         

                                    COOPERATING')

   Cash Credit             7.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Letter
   of Credit               1.5      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT         

                                    COOPERATING')

   Long Term Loan          4.4      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      1.6      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HPPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

HPPL was established in 1990 as a proprietorship firm; it was
reconstituted as a private limited concern in 1999. HPPL
manufactures intravenous (IV) fluids at its manufacturing
facilities in Nagpur (Maharashtra). The company is promoted by Mr.
Yusuf Badar, Mr. Eirshad Mehri, and Mr. Anand Bharut.


HF METALART: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hf Metalart
Private Limited (HMPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          7        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit             3.75     CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Export Packing          3.25     CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HMPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2006 and promoted by Mr. Ajoy Bansal, HMPL
manufactures and exports medals, medallions, trophies, gold coin,
and other gift items made of precious and non-precious metals.
Facility is in Jaipur.


JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaiswal
Battery Service (JBS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         7.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

JBS is a proprietorship firm, set up in 1985, by Mr Raj Kumar
Jaiswal in Lucknow. The firm manufactures and assembles various
types of solar power products such as street lamps, home light
systems and power plants. The firm, which has an ISO 9001:2008 and
ISO 14001:2004 certification, derives around 90% of revenue from
government projects, run by Uttar Pradesh New and Renewable Energy
Development Agency (UPNEDA), and the rest, from private players.


JAY BHARAT: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay Bharat
Metcast Private Limited (JBMPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        3.44       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit          10          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      7          CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit      7          CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term    7.56       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan            15          CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JBMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JBMPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in July 2012, JBMPL is a semi integrated steel
manufacturer, engaged in the business of manufacture of TMT bars.
The company manufactures billets (steel intermediaries) for
in-house consumption of TMT bars. The manufacturing facility is
located at Valsad, Gujarat and currently has a capacity of 51000 MT
per annum for both TMT bars & billets. The company sells its TMT
Bars, majorly in the state of South Gujarat and Maharashtra. The
company is promoted by Mr. Mukesh Thakur and Mr. Rakesh Thakur.

KALGIDHAR SOCIETY: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Kalgidhar
Society (TKS) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      25       CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term      13.65    CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TKS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TKS continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of TKS and The Kalgidhar Trust
(TKT). This is because the two entities, together referred to as
the Kalgidhar group, have significant operational and financial
linkages between them.

The Kalgidhar Trust and The Kalgidhar Society, together referred to
as the Kalgidhar group, were set up in 1982 and 1983, respectively,
by Mr Iqbal Singh and other trustees to provide education to
children in rural areas. The group started with one school in Baru
Sahib (Himachal Pradesh) and now manages close to 130 schools, 1
university, and 1 hospital. The schools are in different areas of
Punjab, Haryana, Rajasthan, and Himachal Pradesh.


KODAI CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kodai Cars
Private Limited (KCPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2007 in Tamil Nadu and promoted by Mr. Jayakumar
and his wife, Ms. Sunita Jayakumar, KCPL is an authorized dealer
for M&M's passenger car.


MARUTHI TUBES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Maruthi Tubes Private Limited
        133-A, Alkarim Trade Centre
        Raigunj, Secunderabad 500003

Insolvency Commencement Date: November 10, 2021

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Bondalapati Srinivasa Rao

Interim Resolution
Professional:            Bondalapati Srinivasa Rao
                         H No. 10-2-289, Flat no. 303
                         Chakkilam N N R Estates
                         Shanthi Nagar, Masabtank
                         Hyderabad 500028
                         E-mail: bsrfca@gmail.com

                            - and -

                         402B, Technopolis
                         Chikoti Gardens, Begumpet
                         Hyderabad 500016
                         E-mail: maruthitubescirp@gmail.com

Last date for
submission of claims:    December 2, 2021


METAL PRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metal
Products (ORA) (MP) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Bill Discounting       1.35      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            1.7       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Metal Products was set up in 1989 in Agra. The firm initially
manufactured imitation jewelry wires, and began manufacturing
electrical winding wires in 2002. Mr Vijay Kumar Agarwal is the key
promoter.


MILTECH INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mitltech Industries Private Limted

        Registered address:
        F-27 / 1 MIDC
        Industrial Hingna Road
        Nagpur MH 440016

        Factory address:
        D-38, MIDC
        Ranjangaon, Tal-Shirpur
        Dist. Pune 412209
        Maharashtra

Insolvency Commencement Date: November 9, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 8, 2022

Insolvency professional: Anil Kashi Drolia

Interim Resolution
Professional:            Anil Kashi Drolia
                         Park Side-1, Raheja Estate
                         Kulupwadi, Near National Park
                         Borivali-East, Mumbai 400066
                         E-mail: anildrolia.ip@gmail.com

                            - and -

                         203-B Arcadia Building
                         195 NCPA Marg, Nariman Point
                         Mumbai 400021
                         E-mail: miltech.cirp@gmail.com

Last date for
submission of claims:    December 1, 2021


MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mughal
Foundation Mall (MFM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          8        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

MFM operates a 1.23 lakh square feet commercial mall in
Kodungallur. It was established in 2012 as a partnership firm by Mr
Mohamed Ali (who manages the operations) and his family.


N.C RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N.C Rice
Foods Private Limited (NCRFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         10        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

NCRFPL was incorporated in 2019.  NCRFPL is currently setting up a
rice mill in Kota, Rajasthan with installed capacity of 160 tons
per day.  The plant is expected to be commissioned in February
2020. NCRFPL is owned and managed by Mr. Niramal Kumar Jain and Mr.
Chandra Prakash Jain. The promoters have business interests in agri
commodities' trading and providing warehousing services.

PLUS LAB SYNC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Plus Lab Sync Private Limited
        613/A Wing, Corporate Avenue
        Co-op Premises Sonawala Road
        Goregaon East, Nr. Udyog Bhuvan
        Mumbai 400063

Insolvency Commencement Date: November 10, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 9, 2022
                               (180 days from commencement)

Insolvency professional: Alok Kumar Murarka

Interim Resolution
Professional:            Alok Kumar Murarka
                         Marigold-1 CHSL
                         B-701, Beverly Park
                         Mira Road-East, Mumbai
                         Maharashtra 401107
                         E-mail: murarkalok@gmail.com

                            - and -

                         A301, Padmalaya CHSL
                         Shimpoli Village
                         Borivali-West
                         Mubai 400092
                         E-mail: cirp.pluslabspl@gmail.com

Last date for
submission of claims:    November 29, 2021


RAJASHTAN DRUGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Rajasthan Drugs and Pharmaceuticals Ltd.
        Road No. 12, VKI Area
        Jaipur 302013

Insolvency Commencement Date: November 11, 2021

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Vijay Gupta

Interim Resolution
Professional:            Vijay Gupta
                         2, Sahar House
                         Civil Lines
                         Jaipur 302006
                         E-mail: guptavijayincometax@gmail.com
                                 cirp.rajdrugspl@gmail.com

Last date for
submission of claims:    November 25, 2021


RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajdhani
Educational Charitable Trust (RECT) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         7.5       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in May 2015, RECT is a Delhi-based trust, engaged in
the lease rental business. It has entered into an agreement with
'Presidium Educational & Charitable Trust' for running a school
over a 45-year tenure.


ROHAN CONSORTIUM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Rohan Consortium Private Limited
        Shop No. 22, Krishna Tower
        Plot No. 8 & 8A, Sector-9
        New Panvel (W) Navi Mumbai
        Raigarh MH 410206

Insolvency Commencement Date: November 15, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 15, 2022

Insolvency professional: Vasudev Ganesh Nayak Udupi

Interim Resolution
Professional:            Vasudev Ganesh Nayak Udupi
                         303/305, Rajamata CHS Ltd
                         Near RTO, Four Bungalows
                         Andheri West, Mumbai 400053
                         E-mail: uvnayak2004@yahoo.co.in
                                 irp.rohanconsort@gmail.com

Last date for
submission of claims:    December 1, 2021


S NANDA INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s S. Nanda Industries Private Limited
        Vill Bajra Rahon Road
        Ludhiana PB 141007

Insolvency Commencement Date: November 18, 2021

Court: National Company Law Tribunal, Zirakpur Bench

Estimated date of closure of
insolvency resolution process: May 17, 2022
                               (180 days from commencement)

Insolvency professional: Pawan Sharma

Interim Resolution
Professional:            Pawan Sharma
                         SOHO 332, 3rd Floor
                         Block A, CCC
                         Zirakpur, Punjab
                         India
                         E-mail: pawansharmairp@gmail.com
                                 snandaindustriescirp@gmail.com

Last date for
submission of claims:    December 6, 2021


S.F.C. FOODS: CRISIL Lowers Rating on INR8cr Loans to B
-------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of S.F.C.
Foods Private Limited (SFPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4.4      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-          3.6      CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

SFPL was incorporated in the year 2002. It is engaged in
manufacturing of food products such as black pepper powder, red
chilli powder & clove powder, etc. Its manufacturing facility
located in Rudrapur, Uttarakhand and promoted by Jaju family.


SAMSON AND SONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Samson and Sons Builders & Developers (P) Limited
        TC 3/678, Kannimattom
        Muttada P.O.
        Trivandrum 695025

Insolvency Commencement Date: November 12, 2021

Court: National Company Law Tribunal, Ernakulam Bench

Estimated date of closure of
insolvency resolution process: May 11, 2022

Insolvency professional: Lukose Joseph

Interim Resolution
Professional:            Lukose Joseph
                         Lukose and Sabu Chartered Accountants
                         34/1891E, Anand Tower
                         Mamangalam PO, Palarivattom
                         Near Metro Pillar
                         No. 492, Ernakulam
                         Kerala 682025
                         E-mail: lukoseja@yahoo.co.in
                         Mobile: 9846013643

Last date for
submission of claims:    November 26, 2021


SARLA MEDICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarla Medical
Centre Private Limited (SMCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          10       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility       2       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SMCPL, incorporated in 1999, is running a multispecialty hospital,
in Sector-119, Noida, with 100 beds and spread over total built up
area of 52,889 sqaure feet. The company was running a nursing home
in Sector-56, Noida since its inception.

SHYAMA IRON: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shyama Iron & Alloys Private Limited
        Room No. 202, 1
        British India Street
        Kolkata, WB 700069
        India

Insolvency Commencement Date: November 18, 2021

Court: National Company Law Tribunal, Kolkata Bench-II

Estimated date of closure of
insolvency resolution process: May 16, 2022

Insolvency professional: Sushanta Kumar Choudhury

Interim Resolution
Professional:            Sushanta Kumar Choudhury
                         64, Hem Chandra Naskar Road
                         Beleghata, Kolkata 700010
                         E-mail: sk.choudhury123@gmail.com

Last date for
submission of claims:    December 1, 2021


SOMNATH AGRO: CRISIL Assigns B+ Rating to INR8cr Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
bank facilities of Somnath Agro Industries (SAI).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              8       CRISIL B+/Stable (Assigned)

The rating reflects SAI's susceptibility to susceptibility to price
volatility risk, weak financial profile and working capital
intensive operations. These weaknesses are partially offset by its
extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to price volatility risk: The price volatility
risk is attributed to agro-climatic risk which is dependent on
adequate and timely monsoon. Thus, SAI is exposed to the risk of
limited availability of its key raw material during a weak monsoon.
Also, raw material price is linked to international prices of
commodity. Operating margins have remained between 2.3 to 2.5 over
the last 3 years ended as on March 2021 and expected to remain at
similar level over the medium term.

* Weak financial profile: SAI has average financial profile marked
by gearing of 2.36 times and total outside liabilities to adj
tangible networth (TOL/ANW) of 3.70 times for year ending on 31st
March 2021. SAI's debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.28 times and 0.02 times for fiscal
2021. SAI debt protection measures are expected to remain at
similar level with high debt levels.

* Working capital intensive operations: Gross current assets were
at 105-135 days over the three fiscals ended March 31, 2021. Its
operations continue to remain working capital intensive because of
extend long credit period given to customers to the extent of 30-40
days. Further it needs large inventory to the level of 120 days.
CRISIL Ratings believes that its operations will continue to remain
working capital intensive over the medium term.


Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over more than a decade in Agriculture
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers. Crisil believes that promoters experience
will support over business risk profile of company over the medium
term.

Liquidity: Stretched

Bank limit utilisation is high at around 93 percent for the past
twelve months ended August 2021. Cash accrual are expected to be
over INR17-45 lakhs which are sufficient against term debt
obligation of INR22-30 lakhs over the medium term. In addition, it
will be act as cushion to the liquidity of the company. Current
ratio is moderate at 1.29 times on March 31,2021.

Outlook: Stable

CRISIL Ratings believe SAI will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operation by 20% leading to
higher cash accruals.
* Improvement in financial risk profile

Downward factors:

* Decline in interest coverage below 1 time on sustain basis
* Large debt-funded capital expenditure weakens capital structure

Established in 2012, Somnath Agro Industries (SAI) is engaged in
processing and trading of pulses, cereals, spices and other agro
commodities. SAI manufacturing facility is located in Halvad, Morbi
(Gujarat) with an installed capacity of21,600 Metric tonnes. It is
owned & managed by Hitesh Kumar Mendha and Charmiben Mendha.


STERLING INTERNATIONAL: NCLT Approves Company's Liquidation
-----------------------------------------------------------
The Hindu BusinessLine reports that the National Compay Law
Tribunal (NCLT) has given its go-ahead to liquidate Mumbai-based
Sterling International Enterprises Ltd. This comes after the
committee of creditors had recently passed a resolution for
liquidating the company.

Resolution Professional Vishal Ghisulal Jain has agreed to act as
liquidator, BusinessLine relates.

"The reasons assigned in the petition with regards to taking the
decision of liquidation of Corporate Debtor by COC appears to be
convincing. On verification, we are of the considered view that
this is a fit case to pass liquidation order under sub-section 1 of
section 33 of the Code for liquidation in the absence of any
resolution plan," the NCLT said in its order.

In 2018, Srei Infrastructure Finance Ltd had filed an insolvency
petition against Sterling SEZ & Infrastructure and Sterling
International Enterprises before the Mumbai bench of the NCLT, the
report recalls.

The CoC in a meeting held in April this year agreed that there was
no chance of revival of the corporate debtor company, says
BusinessLine.

According to the report, the RP had appointed two registered
valuers namely Adroit Technical Services Pvt Ltd. and Crest Capital
Group Pvt Ltd for conducting the valuation of Plant Machinery, Land
& Building and Securities and Financial Assets of the company.

"All the powers of the Board of Directors, key managerial persons,
the partners of the Corporate Debtor hereafter ceased to exist. All
these powers henceforth vest with the Liquidator," NCLT said in its
order.

Sterling International Enterprises Ltd is part of the Sandesaras
group whose promoters had been on the run since 2017, when
Enforcement Directorate accused them of defrauding local banks out
of loans worth over $700 million, the report adds.


UDAY ESTATES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Uday Estates Private Limited
        6, Alipur Road
        Civil Lines
        New Delhi 110054
        India

Insolvency Commencement Date: November 15, 2021

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Nilesh Sharma

Interim Resolution
Professional:            Mr. Nilesh Sharma
                         C-10, LGF
                         Lajpat Nagar-III
                         New Delhi 110024
                         E-mail: nilesh.sharma@rrrinsolvency.com
                                 udayestates.cirp@gmail.com

Last date for
submission of claims:    November 29, 2021




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

CIPUTRA DEVELOPMENT: Fitch Affirms 'B+' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Ciputra Development Tbk's (CTRA) Long-Term Issuer Default Rating
(IDR) at 'B+' with Stable Outlook. The agency has also affirmed the
long-term rating on CTRA's SGD150 million unsecured notes due 2
February 2026 at 'B+' and its Recovery Rating at RR4'. A full list
of the rating actions is at the end of this commentary.

The affirmation with Stable Outlook reflects Fitch's expectation
that CTRA will maintain steady performance in the next 12-18
months. CTRA's IDR is constrained by its small operating scale
compared to higher-rated peers, whereby Fitch does not expect its
attributable presales (excluding the share of presales attributable
to minority owners) to rise above IDR5 trillion in the next two
years.

KEY RATING DRIVERS

Scale Constrains Rating: Fitch forecasts CTRA's attributable
presales to rise to IDR4.5 trillion in 2021 and around IDR4.8
trillion in 2022. The company will need to sustain attributable
presales of more than IDR5 trillion before Fitch would consider a
rating upgrade.

Steady Performance Amid Challenges: CTRA's attributable presales
rose 40% yoy to IDR3.5 trillion in 9M21 - a strong result given it
was achieved amid tight mobility restrictions over July-August
2021, which limited large-scale project launches. Fitch expects
landed homes priced under IDR2 billion to continue to drive
presales, supported by end-user demand, domestic interest rates at
all-time lows and an improving operating environment.

Sales of homes priced above IDR2 billion also improved in the last
few quarters, which Fitch attributes to the wealth effect from
strong prices for key export commodities. In addition, CTRA's sales
have benefitted significantly from the Value Added Tax (VAT) rebate
on completed homes effective from 1 March 2021 to 31 December 2021.
The extension of the VAT rebate is uncertain, but Fitch expects a
better operating environment, with vaccination rates steadily
rising, which will allow CTRA to launch a steady stream of
projects, mitigating the risk of lower presales.

Mortgages Boost Cash Collections: Fitch expects CTRA's cash flow
from operations (CFFO) to improve in 2021-2022 due to improving
presales, as well as a higher mix of mortgage loan-funded sales.
Looser rules on mortgage loans, which were enacted in early 2021
and allow banks to disburse up to 90% of loans to developers up
front, have been a key driver of stronger cash collections.

CTRA reported consolidated cash collections of IDR6.3 trillion in
9M21, up 40% yoy, with mortgage-funded sales rising to 58% from 50%
over the period, displacing instalment-funded sales. Rising
interest rates pose a threat to housing demand over the longer
term. However, Fitch does not expect domestic interest rates to
rise more than 50bp next year, which should not derail housing
demand given interest rates have fallen by 150bp since early 2020.

Significant Ratings Headroom: Fitch expects CTRA's homebuilder
leverage - defined as net debt/adjusted inventory - to remain at
around 15% in the next 12-18 months (end-September 2021: 14%), as
Fitch thinks the company will maintain a cautious approach to land
banking and capex until there is more visibility around a sustained
economic recovery. Its leverage is well below the 45% level where
Fitch would consider negative rating action. Consequently, CTRA has
significant headroom for investments, but Fitch expects a measured
approach in line with its track record.

Neutral Free Cash Flows: Fitch has assumed that CTRA will pay out
all of its profits in the form of dividends such that free cash
flows (FCF) remain neutral to marginally negative in 2022-2024,
which is much higher than the 10%-15% pay-out ratio seen
historically. This is because the company has not announced any
specific expansion or acquisition plans, and Fitch believes it is
unlikely that CTRA will continue to operate at the current low
leverage over the longer term, should strong cash collections
continue amid a sustained economic recovery.

Risks to Non-Development Income: Uneven vaccination rates across
Indonesia pose a risk to the recovery of CTRA's non-development
cash flows, which mainly stem from shopping malls and hotels.
CTRA's hospitals have partly offset the weakness in malls and
hotels due to high demand for Covid-19 tests and related care,
while non-Covid-19 revenue has rebounded. Non-development revenue
fell to 18% of total revenue in 9M21, but Fitch thinks it will
return to around 25% from 2023, which was the level prior to 2020,
if the pandemic is brought under control.

Large Land Bank; Joint Operations: CTRA owns more than 2,300
hectares of land, with a large presence in the main urban areas of
Greater Jakarta and Greater Surabaya. The large land bank ensures
project longevity and healthy cash flows, especially amid rising
land prices. CTRA develops projects with other land owners on a
profit- or revenue-sharing basis. CTRA reports joint operations on
a proportionally consolidated basis, while Fitch proportionally
consolidates its key joint ventures (JVs) - reported on equity
method - when calculating credit metrics. The JVs have very limited
debt and cash.

DERIVATION SUMMARY

CTRA's rating may be compared with PT Pakuwon Jati Tbk (BB/Stable),
PT Bumi Serpong Damai Tbk (BSD; BB-/Stable), PT Lippo Karawaci Tbk
(B-/Stable), and PT Kawasan Industri Jababeka Tbk (KIJA, B-/
Stable).

Pakuwon is one of Indonesia's leading mixed-use property developers
with the majority of its operating cash flows stemming from its
large investment-property portfolio of shopping malls, hotels and
offices. Pakuwon is rated two notches higher than CTRA because of
its large non-development cash flows and more conservative capital
structure, which supports strong credit metrics during downturns in
property demand. This offsets Pakuwon's smaller
property-development business than CTRA, which Pakuwon manages
prudently with most of its construction funded by customer
presales, rather than debt.

BSD is rated one notch above CTRA to reflect its larger
property-development scale, with attributable presales expected to
be sustained at more than IDR 5.5 trillion in the medium term. This
is despite CTRA's property-development business being more
geographically diversified than BSD's business, which draws most of
its presales from the Tangerang region in Greater Jakarta. Both
issuers have a track record of maintaining low leverage and strong
liquidity.

CTRA is rated two notches higher than Lippo and KIJA to reflect its
larger operating scale with attributable presales forecast to
remain above IDR4.5 trillion in the next two years versus Lippo at
around IDR3 trillion and KIJA at under IDR1 trillion. CTRA's larger
scale manifests in greater geographic and price-point diversity
than these peers.

Both Lippo and KIJA also have higher leverage than CTRA, with
Lippo's free cash flows under pressure due to a high interest-cost
burden. KIJA's rating is supported by its non-development EBITDA
that covers the entirety of its interest costs, despite its small
property-development business.

KEY ASSUMPTIONS

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

-- Attributable presales (excluding minority interests' share of
    presales) of IDR4.5 trillion in 2021, and IDR4.7 trillion in
    2022;

-- Attributable cash collections of IDR5.7 trillion in 2021 and
    IDR5.9 trillion in 2022;

-- Attributable construction costs of IDR2.5 trillion in 2021 and
    IDR2.6 trillion in 2022;

-- Attributable land acquisition spending of IDR400 billion-500
    billion in 2021-2022;

-- Dividends rising to IDR1.6 trillion in 2022 and IDR1.8
    trillion in 2023 such that FCF is neutral to marginally
    negative. Alternatively, FCF may be channelled towards growth
    if the operating environment remains conducive, in Fitch's
    view.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes CTRA will be liquidated in a
    bankruptcy rather than continue as a going concern because it
    is an asset-trading company.

-- To estimate liquidation value, Fitch assumes a 75% advance
    rate against the value of accounts receivable and a 50%
    advance rate against aggregate value of inventory, investment
    in associates, advances paid for land, net of contract
    liabilities, unearned revenues and tenant deposits.

-- Fitch assumes a 100% advance rate against land for
    development, given the reported book value is around
    IDR339,000/sqm, which is conservative compared with the
    reported average selling price of land bank of around IDR7.1
    million/sqm as of 30 September 2021.

-- Fitch has assumed 100% advance rate against the net book value
    of investment properties, because Fitch's estimate of the
    market value of CTRA's shopping malls and offices, which is
    based on what Fitch believes are stressed capitalisation rates
    of 10% 11% in the current environment is well above net book
    value.

-- Fitch assumes that CTRA's approximately IDR7.98 trillion in
    secured bank loans outstanding as of 30 September 2021 will
    rank prior to its SGD150 million senior unsecured notes in a
    liquidation.

-- Fitch has deducted 10% of the resulting liquidation value for
    administrative claims.

-- The above estimates result in a recovery rate corresponding to
    an 'RR1' Recovery Rating for CTRA's senior unsecured notes.
    Nevertheless, Fitch has rated the senior notes 'B+' with a
    Recovery Rating of 'RR4' because, under Fitch's Country-
    Specific Treatment of Recovery Ratings Rating Criteria,
    Indonesia falls into 'Group D' of creditor friendliness.
    Instrument ratings of issuers with assets in this group are
    subject to a soft cap at the issuer's IDR and Recovery Rating
    of 'RR4'.

RATING SENSITIVITIES

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

-- Attributable presales sustained above IDR5 trillion.

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

-- Attributable presales sustained below IDR3.5 trillion;

-- Net debt / adjusted inventory sustained above 45%, so long as
    non-development gross profits before depreciation and
    amortisation / net interest cost is sustained at or above
    1.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity, Diversified Funding: As of 30 September 2021,
CTRA reported IDR6.5 trillion in cash and cash equivalents and
large committed undrawn bank facilities, compared to IDR789 billion
of current debt maturities due in the next 12 months. The near-term
maturities include short-term working capital funding of IDR290
billion, which Fitch expects will be rolled over by lenders over
the normal course of business. Fitch forecasts CTRA's operating
cash flows to remain strong, but FCF to remain neutral based on
Fitch's assumption that the company will either expand its
investments prudently to capitalise on expected economic growth and
maintain an efficient capital structure, or pay higher shareholder
dividends, rather than let cash accumulate.

CTRA has the most diversified funding sources among rated
Indonesian developers in terms of access to domestic banks with its
cross-border unsecured medium-term notes accounting for just 17% of
total debt. The company issued a new SGD150 million 6% unsecured
medium-term note due in February 2026 to prepay an existing note,
which was due in September 2021.

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.




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

1MALAYSIA: Prosecution Seeks to Forfeit Jasmine Loo's Properties
----------------------------------------------------------------
Theedgemarkets.com reports that the prosecution filed an
application this month to forfeit properties said to be owned by
1Malaysia Development Bhd (1MDB) general counsel Jasmine Loo Ai
Swan, a central character in the 1MDB trial.

According to the report, the application was filed at the High
Court's criminal division under Section 56 of the Anti Money
Laundering, Anti Terrorism Financing, and Proceeds of Unlawful
Activity 2001 (AMLATFPUA).

Theedgemarkets.com understands that in the application, the
prosecution sought to seize two vehicles and two properties, one of
which is in Mukim Batu, Kuala Lumpur.

The cars are said to be a Volkswagen Beetle and an Audi. It is not
known as to the values of the properties which the prosecution
wants to forfeit.

Section 56 of AMLATFPUA stipulates forfeiture of properties where
there is no prosecution, the report says.

Theedgemarkets.com relates that the matter came up before High
Court senior assistant registrar Nur Azizah Jaafar on Thursday, and
a further case management has been fixed for Jan. 14, 2022.

It remains uncertain whether Loo, 48, who had left the country
before the 14th general election in 2018 and is listed as a wanted
person, was represented in the proceedings on Nov. 25, the report
relays.

Previously, theedgemarkets.com reported that Loo's Mont Kiara condo
was set to be auctioned off following an application filed by OCBC
Bank (M) Bhd for an outstanding amount in excess of MYR300,000.

Loo is one of the central characters in Low Taek Jho's (Jho Low)
inner circle in 1MDB, as her name crops up in the present
1MDB-Tanore trial involving former prime minister Datuk Seri Najib
Razak, the report notes.

On Feb. 9, the government through the Inland Revenue Board filed
two legal suits to recover MYR2.4 million in tax arrears from Loo
and MYR6.7 million from another Jho Low associate, Casey Tang Keng
Chee, the report recalls.

On Feb. 18, the High Court obtained a judgement in default against
Loo over the unpaid tax.

Both Loo and Tang are listed as wanted by Bank Negara Malaysia,
theedgemarkets.com notes.

                             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.




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

DE & KM GALE: Creditors' Proofs of Debt Due on Jan. 22
------------------------------------------------------
Creditors of DE & KM Gale Limited (trading as Atlas Building
Services), which is in voluntary liquidation, are required to file
their proofs of debt by Jan. 12, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709, Victoria Street West
          Auckland 1142
          New Zealand


NEW ZEALAND CITY TRANSPORT: Court to Hear Wind-Up Petition Dec. 3
-----------------------------------------------------------------
A petition to wind up the operations of New Zealand City Transport
Limited will be heard before the High Court at Auckland on Dec. 3,
2021, at 10:00 a.m.

Pro Mechanical Limited filed the petition against the company on
Oct. 11, 2021.

The Petitioner's solicitors are:

          Sarah Rawcliffe
          Harkness Henry, Lawyers
          8th Floor, KPMG Tower
          85 Alexandra Street
          Hamilton
          New Zealand
          Email: sarah.rawcliffe@harkness.co.nz


SPUD CONSULTING: Court to Hear Wind-Up Petition on Dec. 15
----------------------------------------------------------
A petition to wind up the operations of Spud Consulting Limited
will be heard before the High Court at Auckland on Dec. 15, 2021,
at 10:00 a.m.

Spark New Zealand Trading Limited filed the petition against the
company on June 15, 2021.

The Petitioner's solicitor is:

          Sean Christopher David Albert Gollin
          MinterEllisonRuddWatts
          Level 22, PwC Tower
          15 Customs Street West
          Auckland 1010
          New Zealand


YHA NEW ZEALAND: Closes All 11 Hostels After 89 Years
-----------------------------------------------------
Otago Daily Times reports that YHA NZ is to close all 11 of their
hostels as of December 15, after 89 years as a staple of the
tourism landscape.

ODT relates that the New Zealand branch of Hostelling International
has said that they had "no option but to permanently close the
doors".

With a significant shift towards budget domestic travellers and
family groups, the companies were able to double their domestic bed
nights during the Covid-19 pandemic. However, the YHA National
Board said that this was not enough to offset the loss of
international backpackers for almost two years, ODT relays.

After 19 months of severe restructuring and, faced with the
prospect of another summer without international tourists, the YHA
will not be reopening in 2022, according to the report.

"YHA staff have been incredible during extraordinary times," ODT
quotes general manager Simon Cartwright as saying. "It is an ending
none of us wanted, but we want to make sure we exit in a way which
ensures our people are not left out of pocket."

Affected staff and customers have been informed that all remaining
hostels will close.

The announcement comes the day before Auckland's travel border is
due to lift.

This closure will only affect hostels directly managed by YHA, with
23 partner hostels continuing to operate independently, the report
notes.

According to ODT, hostels scheduled to close are in Auckland,
Rotorua, Wellington, Christchurch, Lake Tekapo, Aoraki Mt Cook,
Wanaka, Queenstown Central, Queenstown Lakefront, Franz Josef and
Te Anau.

Since opening the first New Zealand hostels in 1932 in Canterbury,
New Zealand became a key location for the worldwide Hostelling
charity.  

By 2019, YHA was New Zealand's largest network of backpacker
accommodation with over 30 hostels nationwide. The newest of which
was the Lake Tekapo YHA, the report says.

However, this was greatly strained by the pandemic restructuring
for a more modest, domestic market.

"This is a sad time for our staff, our members and our industry.
YHA has been a cornerstone of youth travel in New Zealand for 89
years," Mr. Cartwright said.

"Unfortunately, the Covid 19 pandemic has just gone on too long for
us to be able to ride it out. Today is a sad day for tourism in New
Zealand."




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

CAPSULE POD: Court to Hear Wind-Up Petition on Dec. 3
-----------------------------------------------------
A petition to wind up the operations of Capsule Pod Pte Ltd will be
heard before the High Court of Singapore on Dec. 3, 2021, at 10:00
a.m.

WTL Enterprises Pte Ltd filed the petition against the company on
Oct. 25, 2021.

The Petitioner's solicitors are:

         M/s RHTLAW ASIA LLP
         1 Paya Lebar Link #06-08
         PLQ 2 Paya Lebar Quarter
         Singapore 408533


EPICENTRE HOLDINGS: Court to Hear Wind-Up Petition on Jan. 13
-------------------------------------------------------------
A petition to wind up the operations of Epicentre Holdings Ltd will
be heard before the High Court of Singapore on Jan. 13, 2022, at
10:00 a.m.

Ee Meng Yen Angela and Purandar Janampalli Rao filed the petition
against the company on Nov. 8, 2021.

The Petitioner's solicitors are:

         Drew & Napier LLC
         10 Collyer Quay, #10-01 Ocean
         Financial Centre
         Singapore 049315


JUMBO GROUP: Net Loss Widens to SGD11.8MM for Year Ended Sept. 30
-----------------------------------------------------------------
The Business Times reports that Jumbo Group saw its net loss widen
to SGD11.8 million for its full year ended Sept. 30, 2021, from
SGD8.2 million a year ago.

This was mainly due to the challenging operating environment amid
Covid-19 restrictions, particularly in Singapore, Jumbo's biggest
market, the group said in a bourse filing on Nov. 24, BT
discloses.

Loss per share stood at 1.8 Singapore cents for the full-year
period, from 1.3 cents a year ago.

According to BT, revenue for FY2021 fell 16.2 per cent to SGD81.8
million, from SGD97.6 million a year ago. Jumbo noted that for
FY2020, it still had pre-Covid-19 revenue and profitability to
mitigate its financial performance.

No dividend was declared for the full year, unchanged from a year
ago.

As the group continued to incur losses due to the challenging
operating environment, Jumbo said it was conserving liquidity to
support working capital requirements, and carefully assessing
growth investments and developments.

Meanwhile, for the second half ended Sept. 30, net loss narrowed to
SGD7.5 million, from SGD10.3 million a year ago. Revenue for H2
rose 17.8 per cent to SGD36.4 million, from SGD30.9 million a year
ago, BT discloses.

According to BT, Jumbo noted that it pivoted some of its Singapore
operations to day-to-day fast casual concepts from full-service
communal dining concepts, which are less viable under a restricted
dining-out environment.

As such, the group closed 3 outlets in the tourist belt, and added
3 Kok Kee Wonton Noodle outlets, with plans for further expansion
in the coming months, BT says. It also launched retail products
including cooking sauces and condiments under a new lifestyle brand
in June 2021.

Outside of Singapore, Jumbo's mainland China operations had
benefited from stable pandemic conditions, and it also opened a new
Jumbo Seafood outlet in Universal Beijing Resort in September last
year.

Its Taiwan operations, however, were hit by muted footfall, causing
it to shut the Taichung Jumbo Seafood outlet in the same month. It
said it will focus on the profitability of its remaining outlet in
Taipei, while also exploring a second branch in the city.

As for its franchisees, Jumbo noted that its Ho Chi Minh City,
Bangkok and Fuzhou operations are "holding up well". It is also
looking at exploring franchise expansion in Vietnam, Cambodia,
Dubai and second-tier cities in mainland China.

According to BT, Group chief executive and executive director Ang
Kiam Meng noted that Jumbo is "hardly out of the woods yet" from
the Covid-19 pandemic.

However, he said the group will continue to explore means to drive
new revenue streams and stay relevant with the market. "Backed by
our healthy balance sheet, we are confident to ride through this
uncertainty," he added.

Jumbo Group Ltd is a seafood restaurant group offering multiple
dining concepts catering to all types of consumers. The Company
offers restaurants in Singapore, China, and Japan.




=================
S R I   L A N K A
=================

SRI LANKA INSURANCE: Fitch Affirms 'CCC+' IFS Rating
----------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength (IFS)
Rating of Sri Lanka Insurance Corporation Limited (SLIC) at 'CCC+'.
Fitch typically does not apply Outlooks to ratings in the 'CCC'
category or below.

The agency has simultaneously affirmed SLIC's National IFS Rating
at 'AA(lka)' with a Stable Outlook.

KEY RATING DRIVERS

SLIC's ratings reflect its 'Favourable' business profile and its
high exposure to sovereign-related investments, equity securities
and non-core subsidiaries. The ratings also factor in the insurer's
capital position and financial performance that are better than
that of the domestic insurance industry.

Fitch assesses SLIC's business profile as 'Favourable' compared
with other Sri Lankan insurance companies because of the leading
business franchise, diversified participation and stable business
lines across life and non-life insurance sectors, and the large
domestic operating scale. SLIC was Sri Lanka's second-largest life
and non-life insurer, based on gross premiums in 1H21 and the
largest in terms of total assets. In light of the market rankings,
Fitch scores SLIC's business profile at 'b-' under Fitch's
credit-factor scoring guidelines on the international rating
scale.

SLIC's high exposure to sovereign and sovereign-related investments
caps its investment and asset risk score on the international
rating scale at 'cc' under Fitch's credit-factor scoring
guidelines. The insurer's Fitch-calculated risky assets ratio on
the international rating scale was 529% in 2020 (2019: 275%), an
increase due mainly to the downgrade of the Sri Lankan sovereign
rating to 'CCC' from 'B-' on 27 November 2020.

SLIC's regulatory risk-based capital (RBC) ratios of 434% for life
and 241% for non-life at end-1H21 were well above the industry
average and the 120% regulatory minimum. Fitch believes SLIC's
additional investment of LKR6 billion in the Grand Hyatt project,
as directed by the Sri Lankan government, will weaken the RBC
ratios; however, the impact will be manageable because of the
insurer's large total available capital base. The insurer had
already invested LKR2 billion out of the total additional
requirement of LKR6 billion in May 2021.

Fitch's Prism Model score dropped one level to 'Somewhat Weak' in
2020, from 'Adequate' in 2019, due mainly to the increased
investment risks on the international rating scale as a result of
the downgrade of the sovereign rating. Fitch views SLIC's Prism
Model score as commensurate with the international IFS Rating.

Fitch expects the government's proposal on 12 November 2021 to
introduce a 25% one-off tax on companies with taxable income over
LKR2 billion for the fiscal year ended 31 March 2021, if
implemented, may put pressure on near-term earnings and limit
capital accumulation. In addition, the government's proposed
introduction in 2022 of the 2.5% social security contribution on
annual turnover exceeding LKR120 million, may affect earnings.

SLIC's underwriting profitability, however, is supported by its
scale advantages and prudent underwriting practices. The insurer
has consistently maintained its Fitch-calculated non-life combined
ratio below 100% for the past six years. The ratio improved to 88%
in 2020 (2019: 95%) before normalising to 98% in 1H21. The
improvement in 2020 was due mainly to reduced non-life insurance
claims following Covid-19 lockdowns. SLIC's three-year average
return on equity of 10% was satisfactory.

RATING SENSITIVITIES

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

IFS Rating

-- A further increase in SLIC's investment and asset risks on a
    sustained basis;

-- Significant weakening in SLIC's business profile, for
    instance, due to a weaker franchise, operating scale or
    business risk profile;

-- Deterioration in the Fitch Prism Model score to well below
    'Somewhat Weak' for a sustained period;

-- Failure to maintain underwriting profitability for a sustained
    period.

National IFS Rating

-- Significant weakening in SLIC's business profile, for
    instance, due to a weaker franchise, operating scale or
    business risk profile;

-- Deterioration in the RBC ratio below 350% for life and 200%
    for non-life for a sustained period;

-- Deterioration in the non-life combined ratio well above 100%
    for a sustained period.

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

IFS Rating

-- Significant reduction in SLIC's investment and asset risks on
    a sustained basis;

-- Sustained maintenance of SLIC's 'Favourable' business profile;

-- Maintenance of the Fitch Prism Model score well into the
    'Somewhat Weak' level on a sustained basis.

National IFS Rating

-- Significant reduction in SLIC's investment and asset risks on
    a sustained basis while maintaining its 'Favourable' business
    profile and capitalisation at current levels.

BEST/WORST CASE RATING SCENARIO

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

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.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***