/raid1/www/Hosts/bankrupt/TCRAP_Public/211213.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, December 13, 2021, Vol. 24, No. 242

                           Headlines



A U S T R A L I A

CECIL DEVELOPMENTS: Second Creditors' Meeting Set for Dec. 20
DESIGN ENVIRO: Second Creditors' Meeting Set for Dec. 20
FIRSTMAC MORTGAGE 2021-4: S&P Assigns BB Rating on E Notes
IN2FOOD AUSTRALIA: Second Creditors' Meeting Set for Dec. 20
INCITEC PIVOT: Egan-Jones Keeps BB+ Senior Unsecured Ratings

UMI SUSHI: First Creditors' Meeting Set for Dec. 20
[*] Fitch Affirms 24 Tranches From 9 Challenger & Interstar Deals


C H I N A

CHINA EVERGRANDE: Chairman Sells Pledged Shares in Group
CHINA EVERGRANDE: China Tries to Manage Global Message on Collapse
CHINA EVERGRANDE: Fitch Lowers LT Foreign Currency IDR to 'RD'
KAISA GROUP: Fitch Lowers LT Foreign Currency IDR to 'RD'


H O N G   K O N G

SJM HOLDINGS: Fitch Puts 'BB+' Foreign Currency IDR on Watch Neg.


I N D I A

ABU ESTATE: CARE Lowers Rating on INR13.30cr LT Loan to C
ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
BABA KASHMIRA: CARE Lowers Rating on INR20.97cr LT Loan to B+
CADCHEM LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating
EATAGE AGRO: CARE Reaffirms D Rating on INR23.52cr LT Loan

HARSH FRESH: CARE Lowers Rating on INR6cr LT Loan to B+
HELIOCORE PRIVATE: CARE Lowers Rating on INR7.96cr LT Loan to D
INSOLEXO PRIVATE: CARE Lowers Rating on INR8.09cr LT Loan to D
JAYAWANTI BABU: CARE Keeps D Debt Ratings in Not Cooperating
KAMRAN EXPORTS: CARE Keeps D Debt Rating in Not Cooperating

KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
MAXTAR BIO: CARE Keeps B- Debt Rating in Not Cooperating Category
NAMDHARI RICE: CARE Keeps D Debt Ratings in Not Cooperating
NAVAYUGA BENGALOORU: CARE Keeps D Debt Rating in Not Cooperating
NORTHERN POWER: CARE Lowers Rating on INR14cr LT Loan to C

OMSAI UDYOG: CARE Lowers Rating on INR12cr LT Loan to C
OSR INFRA: CARE Keeps C Debt Rating in Not Cooperating Category
OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category
OSR UP: CARE Keeps C Debt Ratings in Not Cooperating Category
RELIANCE CAPITAL: Creditors Claims Deadline Set for Dec. 20

RELIANCE COMMERCIAL: Debenture Holders OK Authum's Resolution Plan
RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
SHAPE ENGINEERING: CARE Keeps C Debt Ratings in Not Cooperating
SHIV SHANKAR: CARE Lowers Rating on INR13cr LT Loan to D
SINGAN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating

SOLANTRA PRIVATE: CARE Lowers Rating on INR7.88cr LT Loan to D
SREEREDDY PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating
SREEREDDY PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
SUPRINT SALES: CARE Lowers Rating on INR12cr LT Loan to B
SWATHI SUNSOURCE: CARE Lowers Rating on INR14cr LT Loan to C

TEKNO PRINT: CARE Keeps D Debt Ratings in Not Cooperating
TWENTY FOURTEEN: CARE Lowers Rating on INR356.50cr LT Loan to D
VIDEOCON GROUP: DoT Moves NCLAT Against Videocon Resolution Plan


J A P A N

EAST JAPAN RAILWAY: Egan-Jones Keeps BB Unsecured Ratings
KEISEI ELECTRIC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B+
MITSUI OSK: Egan-Jones Cuts Senior Unsecured Ratings to BB+
NOMURA HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
TOBU RAILWAY: Egan-Jones Keeps BB- Senior Unsecured Debt Ratings

TOKYO ELECTRIC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
[*] JAPAN: Business Failures Hit 56-Year Low in November 2021


M A L A Y S I A

SERBA DINAMIK: S&P Lowers ICR to 'D' on Missed Coupon Payment


N E W   Z E A L A N D

BADWAL ORCHARDS: Creditors' Proofs of Debt Due on Feb. 6
MAINLAND TANKS: Creditors' Proofs of Debt Due by Feb. 9
ORMISTON RISE: Creditors' Proofs of Debt Due on Jan. 8
SLAVERING TUSK: Creditors' Proofs of Debt Due on Jan. 22


S I N G A P O R E

CAPSULE POD: Court to Hear Wind-Up Petition on Dec. 17
GUNOSY CAPITAL: Creditors' Proofs of Debt Due on Jan. 8
IWIN ENGINEERING: Court to Hear Wind-Up Petition on Dec. 31
SEA GULL: Court to Hear Wind-Up Petition on Dec. 31
SINGAPORE AIRLINES: Egan-Jones Keeps BB- Senior Unsecured Ratings

ZID DESIGN: Court to Hear Wind-Up Petition on Dec. 31

                           - - - - -


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

CECIL DEVELOPMENTS: Second Creditors' Meeting Set for Dec. 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Cecil
Developments Pty Limited formerly trustee for Cecil Developments
Unit Trust has been set for Dec. 17, 2021, at 11:00 a.m. via Zoom.

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. 16, 2021, at 4:00 p.m.

Mitchell Warren Ball and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Cecil Developments on Nov. 12,
2021.


DESIGN ENVIRO: Second Creditors' Meeting Set for Dec. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Design Enviro
Pty Ltd, ATF The Ryan Family Trust (Trading name: Shutterflex), has
been set for Dec. 16, 2021, at 12:00 p.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 14, 2021, at 5:00 p.m.

John Richard Park and Kelly-Anne Lavina Trenfield of FTI Consulting
were appointed as administrators of Design Enviro on Nov. 11,
2021.


FIRSTMAC MORTGAGE 2021-4: S&P Assigns BB Rating on E Notes
----------------------------------------------------------
S&P Global Ratings assigned ratings to seven of the eight classes
of prime residential mortgage-backed securities (RMBS) 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."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 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


IN2FOOD AUSTRALIA: Second Creditors' Meeting Set for Dec. 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - In2food Australia Pty Ltd;
     - In2f Services Pty Ltd;
     - In2food Perth Pty Ltd;
     - Inspired Food Solutions Pty Ltd;
     - Middle Road Investments Pty Ltd;
     - Yarra Valley Farms Australia Pty Ltd; and
     - Yarra Valley Farms IP Pty Ltd

has been set for Dec. 17, 2021, at 11:00 a.m. via virtual meeting
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2021, at 5:00 p.m.

Jason Tracy and Salvatore Algeri of Deloitte were appointed as
administrators of In2food Australia on Aug. 13, 2021.


INCITEC PIVOT: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on November 29, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Incitec Pivot Ltd.

Headquartered in Southbank, Australia, Incitec Pivot Ltd. is a
diversified industrial chemicals company that manufactures and
distributes industrial explosives, industrial chemicals and
fertilizers.


UMI SUSHI: First Creditors' Meeting Set for Dec. 20
---------------------------------------------------
A first meeting of the creditors in the proceedings of Umi Sushi
And Bar Pty Ltd will be held on Dec. 20, 2021, at 3:30 p.m. via
using virtual meeting technology or physically at the offices at
Restructuring Works Offices, Level 8,at  80 Clarence Street, in
Sydney, NSW.

Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of Umi Sushi on Dec. 8, 2021.


[*] Fitch Affirms 24 Tranches From 9 Challenger & Interstar Deals
-----------------------------------------------------------------
Fitch Ratings, on Dec. 8, 2021, affirmed 24 note classes from nine
Challenger Millennium and Interstar Millennium transactions. These
transactions are securitisations of Australian conforming
residential mortgages originated through a network of mortgage
originators and brokers under the Challenger Millennium and
Interstar Millennium securitisation programmes. The notes were
issued by Perpetual Trustees Victoria Limited in its capacity as
trustee.

    DEBT                    RATING            PRIOR
    ----                    ------            -----
Interstar Millennium Series 2004-5 Trust

B AU300INTA040          LT Bsf    Affirmed    Bsf

Interstar Millennium Series 2005-2L Trust

Class A1 46071TAA1      LT AAAsf  Affirmed    AAAsf
Class A2 AU300INTC012   LT AAAsf  Affirmed    AAAsf
Class AB AU300INTC020   LT Asf    Affirmed    Asf
Class B AU300INTC038    LT Bsf    Affirmed    Bsf

Interstar Millennium Series 2005-3E Trust

Class B AU300INTD028    LT Bsf    Affirmed    Bsf

Interstar Millennium Series 2006-1 Trust

Class A AU300INTE018    LT AAsf   Affirmed    AAsf
Class AB AU300INTE026   LT BBBsf  Affirmed    BBBsf
Class B AU300INTE034    LT Bsf    Affirmed    Bsf

Interstar Millennium Series 2006-2G Trust

Class A1 USQ49677AA73   LT AAsf   Affirmed    AAsf
Class A2 USQ49677AB56   LT AAsf   Affirmed    AAsf
Class AB AU0000INBHC6   LT BBBsf  Affirmed    BBBsf
Class B AU0000INBHD4    LT Bsf    Affirmed    Bsf

Interstar Millennium Series 2006-3L Trust

Class A2 AU0000INNHB3   LT AAAsf  Affirmed    AAAsf
Class AB AU0000INNHC1   LT Asf    Affirmed    Asf
Class B AU0000INNHD9    LT Bsf    Affirmed    Bsf

Interstar Millennium Series 2006-4H Trust

A2 AU3FN0000816         LT Asf    Affirmed    Asf
AB AU3FN0000824         LT BBsf   Affirmed    BBsf
B AU3FN0000832          LT Bsf    Affirmed    Bsf

Challenger Millennium Series 2007-1E

Class AB XS0280787226   LT AAAsf  Affirmed    AAAsf
Class B XS0280788976    LT Bsf    Affirmed    Bsf

Challenger Millennium Series 2007-2L

Class A AU0000CHUHA5    LT AAAsf  Affirmed    AAAsf
Class AB AU0000CHUHB3   LT Asf    Affirmed    Asf
Class B AU0000CHUHC1    LT Bsf    Affirmed    Bsf

KEY RATING DRIVERS

Resilient Asset Performance: Arrears on all transactions at
end-September 2021 were significantly higher than Fitch's 3Q21
Dinkum RMBS Index for 30+ day and 90+ day arrears of 1.02% and
0.60%, respectively. The 30+ day arrears ranged from 3.8% for
Interstar Millennium Series 2006-4H Trust to 13.4% for Interstar
Millennium Series 2005-2L Trust. Arrears for the transactions, as a
percentage, tend to be volatile due to the small size of the pools,
but high arrears have not translated to large losses, which ranged
from 0.45% for Interstar Millennium Series 2006-1 Trust to 1.98%
for Interstar 2006-4H. There were no losses since the last review.
All loans in the underlying portfolios have 100% lenders' mortgage
insurance (LMI) in place, provided mainly by QBE Lenders' Mortgage
Insurance Limited (Insurer Financial Strength (IFS) Rating:
A+/Stable) and Genworth Financial Mortgage Insurance Pty Limited
(IFS Rating: A/Stable). LMI payment ratios have been strong and
losses not covered by LMI have been covered by excess spread.

For Interstar Millennium Series 2006-2G Trust, the 'AAAsf'
weighted-average foreclosure frequency (WAFF) is 14.2%, driven by
the weighted-average (WA) unindexed loan/value ratio (LVR) of 50.7%
and a low documentation loans proportion of 14.4%, while the
'AAAsf' WA recovery rate (WARR) of 82.1% is driven by the
portfolio's WA indexed scheduled LVR of 29.9% and 100% LMI cover.
Similarly, for Interstar 2006-4H, the 'AAAsf' WAFF is 14.2%, driven
by the WA LVR of 66.3%, while the 'AAAsf' WARR of 82.0% is driven
by the portfolio's WA indexed scheduled LVR of 44.7% and 100% LMI
cover.

The asset model was not run for the other transactions for this
review, in line with criteria. All the rated notes have sufficient
subordination to maintain the current ratings. The notes (other
than the class B notes) for all transactions are constrained at
their current ratings because the transactions continue to be
exposed to concentration risk and the performance of individual
loans (idiosyncratic risk) as the portfolios paydown. The class B
notes for all transactions are constrained to 'Bsf' based on the
'Rating Junior Notes with 100% LMI Cover' section of the RMBS
criteria. The transactions have continued to deleverage, with more
than 10 years of WA seasoning.

Credit Enhancement Supports Ratings: The rated notes for all
transactions have sufficient subordination to maintain the current
ratings. All transactions, except Interstar 2006-4H, are paying
sequentially and building up credit enhancement. Interstar 2006-4H
is paying pro rata, as the subordination triggers continue to be
met. Challenger Millennium Series 2007-1E, Interstar Millennium
Series 2004-5 Trust and Interstar Millennium Series 2005-3E Trust
do not have pro rata triggers and pay sequentially for life. The
remaining transactions have breached their arrears triggers.

There have been no changes to foreign-exchange swap margins or
applicable foreign-exchange stresses and no significant changes to
transaction structures or asset performance since the last cash
flow assessment. Therefore, a full assessment of transaction cash
flow was not completed for any of the reviewed transactions.
Challenger 2007-1E, Interstar 2005-2L and Interstar 2006-2G are
exposed to foreign-currency risk in the event that the Euribor or
US-dollar Libor turn negative, which would require the trusts to
make additional payments to the currency-swap provider in the
relevant foreign currency. Excess spread is likely to be sufficient
to cover any payments due by these trusts.

Low Operational Risk: Advantedge Financial Services Pty Ltd, the
servicer for these transactions, is part of the National Australia
Bank Group and has extensive experience in servicing and managing
its mortgage portfolio, mitigating the transactions' operational
risk. Advantedge's collection timelines, policies and procedures
relating to mortgage collection are in line with those of other
Australian conforming mortgage lenders. The collection and
servicing activities were not disrupted due to the Covid-19
pandemic as staff can work remotely and have access to the office,
if needed.

Economic Growth Supports Stable Outlook: The Stable Outlook is
supported by Australia's management of the pandemic, including the
nationwide vaccine rollout facilitating the removal of lockdown
restrictions. Fitch forecasts GDP to grow at a rate of 4.0% in
2022, with an unemployment rate of 4.4%. GDP growth is expected to
normalise to 2.8% in 2023, with an unemployment rate of 4.6%.

The six transactions listed below have an ESG Relevance Score of
'5' for Transaction & Collateral Structure due to tail risk from
lower credit enhancement build-up than Fitch expected. This was
caused by weak pro rata amortisation conditions, which has a
negative impact on the credit profile, and is highly relevant to
the ratings, resulting in a rating constraint.

-- Interstar 2005-2L
-- Interstar 2006-1
-- Interstar 2006-2G
-- Interstar Millennium Series 2006-3L Trust
-- Interstar 2006-4H
-- Challenger Millennium Series 2007-2L

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.

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

-- The class B notes have no credit enhancement other than LMI
    and excess income. These notes may be downgraded if there is a
    significant deterioration in performance, a significant
    reduction in the payment of LMI claims or substantial decrease
    in excess spread.

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

-- The rated notes are at 'AAAsf', which is the highest level on
    Fitch's scale, or are constrained from being upgraded due to
    non-model related rating caps. The ratings cannot be upgraded
    and, as such, upgrade sensitivity stresses are not relevant.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis.

Fitch has not reviewed the results of any third-party assessment of
the asset portfolio as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about
the initial underlying asset pools ahead of the transactions'
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its rating analysis was
adequately reliable.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

The six transactions have an ESG Relevance Score of '5' for
Transaction & Collateral Structure due to tail risk.

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.



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

CHINA EVERGRANDE: Chairman Sells Pledged Shares in Group
--------------------------------------------------------
Caixin Global reports that China Evergrande Group chairman Hui Ka
Yan was forced to sell pledged shares in the company, according to
disclosures that came a day after the developer was officially
labeled a defaulter for the first time.

Hui sold about 278 million shares on Dec. 6-9, equivalent to just
over a 2% stake, according to filings to the Hong Kong stock
exchange on Dec. 10, Caixin relays. His holding has now fallen to
59.8%. The developer has otherwise stayed silent about its default
status, even as a barrage of commentary from China's top
institutions shows authorities are stepping up efforts to manage
the international message on Evergrande's crisis.

Shares of Evergrande and its property services unit closed 1.7%
lower in Hong Kong. A gauge of Chinese real estate stocks retreated
1.5%, extending losses this year to 30%.  

                       About China Evergrande

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

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

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


CHINA EVERGRANDE: China Tries to Manage Global Message on Collapse
------------------------------------------------------------------
Bloomberg News reports that a barrage of commentary from China's
top institutions shows authorities are stepping up efforts to
manage the international message on China Evergrande Group's
collapse - even if the developer itself is staying silent about its
default status.

According to Bloomberg, English-language statements from agencies
including the China Banking and Insurance Regulatory Commission,
along with a recorded broadcast from People's Bank of China
Governor Yi Gang on Dec. 9, suggest Beijing is seeking to target
global investors with a clear message: there won't be a bailout of
Evergrande, but the risks are ring-fenced.

It's an unusually coordinated approach to maintain control over the
global narrative about a failing company, the report says.

Bloomberg relates that the first signs of future policy easing,
kicked off by Premier Li Keqiang's remarks of a possible cut to
banks' reserve requirement ratio, also coincided with the first
flurry of Evergrande announcements and helped spur a rebound in
some of China's beleaguered dollar junk bonds. At the same time,
there's been scant mainland media coverage of the default.

Overseas investors have taken the biggest hit since crisis at
Evergrande emerged, the report notes. Stress levels in China's
offshore debt markets have remained at extremely elevated levels,
Bloomberg's China credit tracker shows. The worst rout in a decade
among Chinese junk dollar bonds sent yields to a fresh high before
paring to about 20%.

Meanwhile, some global debt funds saw record losses. The nation's
far-bigger onshore market, by contrast, has remained much more
resilient, the report says.

                       About China Evergrande

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

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

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


CHINA EVERGRANDE: Fitch Lowers LT Foreign Currency IDR to 'RD'
--------------------------------------------------------------
Fitch Ratings has downgraded to 'RD' (Restricted Default), from
'C', the Long-Term Foreign-Currency Issuer Default Ratings (IDR) of
Chinese homebuilder China Evergrande Group and its subsidiaries,
Hengda Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch
has affirmed the senior unsecured ratings of Evergrande and Tianji
at 'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due 6 November
2021 for Tianji's USD645 million 13% bonds and USD590 million
13.75% bonds after the grace period lapsed on 6 December. 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.

KEY RATING DRIVERS

Non-Payment of Coupons: There has been no announcement from the
company or the trustee regarding the coupon payments due 6 November
for the two Tianji bonds after the grace periods lapsed. In
addition, the company did not respond to Fitch's request for
confirmation on the coupon payments. Fitch is therefore assuming
they were not paid.

Failure to make coupon payments within the grace period is
consistent with Fitch's definition of an 'RD' rating, as the
company has experienced an uncured payment default on a material
financial obligation but has not yet entered into bankruptcy
filings, administration, receivership, liquidation, or other formal
winding-up procedures, and has not otherwise ceased operating.

Cross Default with Notes: Tianji is a restricted subsidiary of
Evergrande, and the non-payment has triggered an event of default
on Evergrande's bonds. As a result, Tianji and Evergrande's other
US dollar notes will become due immediately and payable if the bond
trustee or holders of at least 25% in aggregate principal amount of
the offshore notes declare so.

Uncertainty over Restructuring Plan: Evergrande announced on 6
December the formation of a Risk Management Committee that
comprises the company's senior management, representatives from
Guangzhou state-owned enterprises, such as Guangdong Holdings
Limited and Guangzhou Yuexiu Holdings Limited, as well as
representatives from financial institutions such as China Cinda
Asset Management Co., Ltd. (A/Stable), to mitigate and eliminate
the group's future risks. There is limited information available on
the company's restructuring plan at this stage.

DERIVATION SUMMARY

Evergrande, Hengda and Tianji's IDRs have been downgraded to 'RD'
in line with Fitch's definition of an uncured payment default but
there has been no initiation of bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedures as
yet with business operations continuing.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS

Evergrande

The recovery analysis assumes that Evergrande would be liquidated
in a bankruptcy because it is an asset-trading company. Fitch
assumes both Hengda and Evergrande would go into bankruptcy if
Evergrande defaults.

Fitch has assumed 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.

-- 60% advance rate applied to net inventory given EBITDA margin
    of below 20%;

-- 70% advance rate applied to trade receivables, which mainly
    arose from sales of properties; 87% of trade receivables are
    within 90 days;

-- 60% advance rate applied to property, plant and equipment
    (PPE), which mainly comprise buildings and construction in
    progress;

-- 10% advance rate applied to investment properties based on a
    conservative 6.5% cap on annualised rental income;

-- 100% advance rate applied to available cash, but Fitch has
    also added trade payables to the liability waterfall.

Fitch excluded restricted cash as there is no breakdown on how much
can be used for debt repayment. The amount is immaterial.

Fitch excluded investments in joint ventures of CNY88 billion,
which mainly include stakes in non-property businesses that could
be illiquid, such as CNY30 billion for its 36% stake in Shengjing
Bank and CNY18 billion for its 50% stake in Evergrande Life
Insurance based on end-2020 breakdown. Fitch notes that the company
sold a 19.9% stake in Shengjing Bank for around CNY10 billion in
September 2021, but the proceeds were used to settle onshore loans
from the bank.

Fitch estimates Evergrande's liquidation value by deconsolidating
Hengda, Evergrande Auto and Evergrande Property Services. Fitch
estimate the residual value of Hengda and Evergrande Auto by
assuming they will be liquidated as they are asset trading
businesses (Evergrande Auto's electric-vehicle business remains
loss-making). Fitch expects the residual values of Hengda and
Evergrande Auto to both be zero after paying off their own debt.

Fitch estimates the residual value of Evergrande's stake in
Evergrande Property Services based on the going-concern approach.
Fitch applied a 4x enterprise value/EBITDA multiple and Fitch's
estimated recovery value is at a 14% discount to the market value
on 8 December, or 20% discount to the price that was agreed on for
the disposal of the stake to Hopson Development Holdings Limited
(B+/Stable) in October that was subsequently cancelled.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR6' for the senior unsecured notes.

Tianji

The recovery analysis assumes that Tianji would be liquidated in a
bankruptcy because it is an asset-trading company.

Fitch has assumed 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.

-- 60% advance rate applied to net inventory given EBITDA margin
    of below 20%;

-- 70% advance rate applied to trade receivables, which mainly
    arose from sales of properties;

-- 60% advance rate applied to PPE;

-- 10% advance rate applied to investment properties based on a
    conservative 6.5% cap on annualised rental income;

-- 100% advance rate applied to available cash, which is less
    than trade payables.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR6' for the senior unsecured notes.

RATING SENSITIVITIES

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

-- Fitch would reassess the company's credit profile if there is
    a successful resolution to the current default.

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

-- The IDR will be further downgraded to 'D' (Default) if the
    issuer enters into bankruptcy filings, administration,
    receivership, liquidation or other formal winding-up
    procedures, or otherwise ceased business.

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.

ISSUER PROFILE

Evergrande is a top-three Chinese property developer by contracted
sales. Headquartered in Shenzhen, Evergrande has a strong national
presence, with 798 projects in 234 cities covering all of China's
31 provinces and municipalities. The company also has businesses in
electric vehicles, finance, healthcare and cultural tourism.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY1.6 trillion in adjusted inventory at
end-2020 includes property development inventory, investment
property at cost, hotel properties and joint-venture investments.
Customer deposits, amounts due to non-controlling interests and
amounts due to joint ventures and associates are deducted from the
summation of items mentioned previously. Guarantees to third
parties are calculated as debt.

ESG CONSIDERATIONS

Evergrande has an ESG Relevance Score of '4' for Governance
Structure to reflect its aggressive financial policy, including its
investments in non-core businesses, which 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.


KAISA GROUP: Fitch Lowers LT Foreign Currency IDR to 'RD'
---------------------------------------------------------
Fitch Ratings has downgraded Kaisa Group Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'RD' from
'C'. Fitch has affirmed Kaisa's senior unsecured rating and the
ratings on its outstanding US dollar bonds at 'C', with the
Recovery Rating remaining at 'RR4'.

Kaisa failed to repay its USD400 million senior notes due 7
December 2021. There is no grace period for the bond repayment.

KEY RATING DRIVERS

Non-Payment of Notes: According to news reports, Kaisa failed to
make payment on the US dollar bonds due on 7 December 2021 and the
stock was suspended from trading on 8 December 2021. Kaisa has not
responded to Fitch's requests for comments. Failure to make the
principal payment is consistent with Fitch's definition of an 'RD'
rating, as the company has experienced an uncured payment default
on a material financial obligation but has not yet entered into
bankruptcy filing, administration, receivership, liquidation, or
other formal winding-up procedures, and has not otherwise ceased
operating.

According to its announcement on the Hong Kong stock exchange,
Kaisa appointed a financial agent on 25 November 2021 to engage
with holders of the US dollar bonds due on 7 December 2021 about
extending its maturity date, but the company failed to get
bondholders representing at least 95% of the principal to agree to
the extension.

Cross Default with Other Notes: The non-payment of Kaisa's December
2021 US dollar bond triggered events of default for the company's
other US dollar notes, which will become immediately due and
payable if the bond trustee or holders of at least 25% in aggregate
principal amount of the offshore notes declare so.

Uncertainties over Restructuring Plan: There is limited information
available on the company's restructuring plan at this stage.

ESG - Governance: Kaisa has an ESG Relevance Score of '4' for
Financial Transparency due to the existence of undisclosed
liabilities. This has a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors.

ESG - Governance: Kaisa has an ESG Relevance Score of '4' for
Management Strategy due to the company's lack of effective
execution of and consistent communication over its debt repayment
plans. This has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.

ESG - Governance: Kaisa has an ESG Relevance Score of '4' for Group
Structure due to its high exposure to unconsolidated JVs and
associates. This has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Kaisa's IDR has been downgraded to 'RD' in line with Fitch's
definition of an uncured payment default but no initiation of
bankruptcy filings, administration, receivership, liquidation, or
other formal winding-up procedures as yet and continuity of
business operations.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to stay flat in 2021 and drop by
    8% in 2022 (2020: 21% increase);

-- Attributable land premium/contracted sales at 36%-39% in 2021-
    2022 (2020: 44%);

-- Cash collection rate of around 65% in 2021 and 68% in 2022
    (2020: 71%);

-- Construction costs/attributable contracted sales at 25% in
    2021-2022 (2019-2020: 20%-24%);

-- Dividend payout ratio of 10% of net income (2020: 15%);

-- No asset sales or capital injection assumed.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes the company would be liquidated in a
bankruptcy rather than operated as a going-concern, given the
asset-heavy nature of the homebuilding sector.

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 a sale or liquidation
process conducted during a bankruptcy or insolvency proceeding and
distributed to creditors.

-- 40% haircut to adjusted net inventory, as Fitch anticipates
    potentially lower recovery from inventory, given higher
    probability of default;

-- 80% haircut to investment properties due to low rental yield
    of around 1% annualised in 1H21. Fitch estimates the value of
    the company's investment properties at CNY4.7 million based on
    a 6.5% rental yield assumption, which was equivalent to 17% of
    the CNY28.7 billion book value at end-1H21;

-- 30% haircut to account receivables;

-- 40% haircut to buildings under net property, plant and
    equipment.

The allocation of value in the liability waterfall results in
recovery corresponding to a 'RR1' Recovery Rating for all secured
debt and onshore unsecured debt and 'RR4' for offshore unsecured
debt.

The Recovery Rating for the senior unsecured debt is capped at
'RR4' because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and 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:

-- Fitch will reassess the company's credit profile if there is a
    successful resolution to the current default

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

-- The IDR will be further downgraded to 'D' (Default) if the
    issuer enters into bankruptcy filings, administration,
    receivership, liquidation or other formal winding-up
    procedures, or otherwise ceases business

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.

ISSUER PROFILE

Kaisa, which is based in Shenzhen, focuses on urban property
development in the Greater Bay Area, including Shenzhen, Guangzhou,
Foshan, Huizhou, Dongguan, Zhongshan and Zhuhai. The company has
expanded to the Yangtze River Delta, western China, central China
and the Pan-Bohai Bay Rim.

SUMMARY OF FINANCIAL ADJUSTMENTS

Cash of CNY6 billion that was classified as regulated proceeds for
construction in 2020 was added to net property assets.

ESG CONSIDERATIONS

ESG - Governance: Kaisa has an ESG Relevance Scores of '4' for
Financial Transparency due to the existence of undisclosed
liabilities. This has a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors.

ESG - Governance: Kaisa has an ESG Relevance Score of '4' for ,
Management Strategy due to the company's lack of effective
execution of and consistent communication over its debt repayment
plans. This has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.

ESG - Governance: Kaisa has an ESG Relevance Score of '4' forand
Group Structure due to due to the existence of undisclosed
liabilities, the company's lack of effective execution of and
consistent communication over its repayment plans, and its high
exposure to unconsolidated JVs and associates.

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.




=================
H O N G   K O N G
=================

SJM HOLDINGS: Fitch Puts 'BB+' Foreign Currency IDR on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has placed SJM Holdings Limited's (SJMH) Long-Term
Foreign-Currency Issuer Default Rating of 'BB+', and its senior
unsecured rating of 'BB+' on Rating Watch Negative (RWN). The 'BB+'
ratings on the outstanding notes issued by Champion Path Holdings
Limited have also been placed on RWN.

The RWN reflects the material near-term regulatory uncertainty
related to SJMH's gaming concession in Macau, whose 20-year term is
set to expire on 26 June 2022. Near-term credit risk has increased
with limited visibility into the re-bidding procedure, how the
future regulatory and operating environment will impact cash flows
and leverage, and the likelihood of incumbent operators' ability to
secure new gaming concessions.

While Fitch believes the concession re-bidding procedure will take
a pragmatic form and SJMH will continue operating in Macau in the
long term, the RWN indicates the material negative credit impact
that failure to secure a new gaming concession or more onerous
economic licensing conditions could have on SJMH. A significant
negative impact on SJMH's business or financial profile could lead
to a credit profile that is no longer consistent with its ratings.

In addition, the RWN reflects the potential for negative rating
action should there be signs that the recovery in visitor arrivals
to Macau, particularly from mainland China, and resultant gaming
revenues are not materialising as Fitch expects. Fitch's assumption
that 2023 industry revenues will be 90% of 2019 levels hinges on a
return to more normalised visitor levels. The longer operations and
cashflows remain depressed, such as from government responses to
current and future Covid-19 variants, the more maintenance of the
current credit profile will depend on SJMH taking offsetting
actions.

KEY RATING DRIVERS

Macau Regulatory Uncertainty: Fitch views the possibility of
incumbent concession holders failing to secure new concessions as
low, although the risk cannot be ignored. The operators have
invested billions, are large local employers and critical
government tax payers, and have supported the local and mainland
government's broader goals, such as the Greater Bay Area
Initiative. The new concessions could also come with weaker
operating economics, onerous capital commitments and reduced
ability to upstream cash to parents, but this is difficult to
predict until regulators provide greater clarity.

Macau's government is drafting new legislation to update the
existing gaming law, and has given no assurances that it will be
completed before the June 2022 concession expirations. Public
commentary around the legislation has been sparse and adds to the
current uncertainty. Generally speaking, the operators' credit
profiles will be better positioned to absorb financial implications
of a new concession when visitors to Macau return to more normal
levels.

Travel Friction Hindering Recovery: Fitch forecasts 2022 to be
another challenging year for Macau's gaming revenues due to China's
pursuit of a "zero Covid-19" policy. Fitch forecasts industry
gaming revenue to be more than 40% below 2019 levels in 2022,
recovering to 10% below 2019 by 2023. Reducing quarantine
requirements between China, Macau and Hong Kong would help to boost
visitors, though disruptions from local Covid-19 cases would still
be likely.

Deleveraging Trajectory: Fitch analyses gaming companies
through-the-cycle that takes into account temporarily weaker
metrics through major development cycles, such as SJMH's
development of the HKD39 billion Grand Lisboa Palace (GLP) that
opened in July 2021, or operational disruptions, such as the
current pandemic. Fitch forecasts SJMH's adjusted net debt/EBITDAR
(excluding working-capital cash) to improve to 3.1x by 2023, and
1.6x, i.e. back within Fitch's negative rating sensitivity of 2.0x,
by 2024, subject to a successful ramp-up of GLP.

Refinancing On Track: SJMH remains on track to refinance its
existing banking loans, which will mature at the end of February
2022, with a new HKD19 billion loan facility. This should leave the
company with around HKD7 billion of undrawn facilities after
repaying existing bank loans of around HKD11 billion as at 30
September 2021, and the company's liquidity remains strong.

Single-Market Risk: SJMH's credit profile is weakened by its
concentration in the competitive Macau gaming market and the
company's market position that is weaker than peers, with higher
exposure to the Macau Peninsula. Its geographical concentration
also leads to higher exposure to idiosyncratic risks, such as the
expiration of the gaming concession in 2022 and cyclical downturns
in the market. However, SJMH has a long history of operating in
Macau with an established brand.

In the longer term, Fitch believes that the Macau gaming industry
remains attractive, supported by the expanding middle class in
China and the development of infrastructure in and around Macau.

DERIVATION SUMMARY

SJMH has high geographical concentration and a weaker market
position than Las Vegas Sands Corp. (LVS, BBB-/Negative), as LVS
has a portfolio of quality assets in attractive regulatory
regimes.

SJMH used to have a more conservative balance sheet than LVS, but
its leverage has increased as a result of the GLP development,
while the deleveraging progress is subject to uncertainty over the
ramp-up of GLP and the recovery from the pandemic.

KEY ASSUMPTIONS

For the Existing Properties:

-- Net revenue: baseline assumption of -70% from 2019 level in
    2021, -45% in 2022, -10% in 2023 and 0% in 2024. In addition,
    Fitch applied a -10% adjustment from 2022 onwards to account
    for cannibalisation and table reallocation as a result of the
    opening of GLP, as well as incremental market-share losses for
    Macau Peninsula properties;

-- EBITDA margin to gradually recover to 2019 levels (i.e. 24%
    for the Grand Lisboa casino, 20% for other self-promoted
    casinos and 4% for satellite casinos) by 2024, as efficiency
    improvement from the reallocation of staff is offset by lower
    revenue.

For GLP:

-- Adjusted property EBITDA of HKD0 billion in 2022, HKD2.0
    billion in 2023 and HKD3.5 billion 2024, based on margin of
    0%, 20% and 24%, respectively.

Other Assumptions:

-- Annual capex of HKD3.0 billion in 2021 and HKD500 million
    thereafter;

-- Resumption of dividend payout in 2023, when Fitch forecasts
    the company to generate a net profit.

RATING SENSITIVITIES

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

-- Fitch expects to resolve the RWN when there is greater clarity
    around Macau's gaming concession re-bidding process and the
    new regulatory structure's impact on SJMH's balance sheets and
    cash flows.

-- The RWN may also be resolved if the Macau government uses its
    option to extend existing operators' concessions by five
    years. Greater certainty will also be a function of regulatory
    communication, which could happen outside the RWN's six-month
    horizon.

-- In addition, a stronger degree of confidence in Macau's
    recovery will be required to resolve the RWN.

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

-- Failure to secure a new gaming concession or more onerous
    economic licensing conditions that have a significant negative
    impact on SJMH' business or financial profile;

-- Adjusted net debt/EBITDAR remaining above 2.0x for a sustained
    period;

-- Weaker-than-expected ramp-up of GLP.

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

Sufficient Liquidity: SJMH reported a cash balance of HKD2.8
billion and committed undrawn credit facility of HKD4.9 billion as
of 30 September 2021. It also had HKD11 billion of outstanding
syndicated secured bank loans, which will be due in February 2022.
SJM has agreed a new HKD19 billion syndicated loan facility with
banks to refinance the existing bank loans, and it is in the
process of getting the facility approved by the Gaming Inspection
and Coordination Bureau.

Although the approval process has taken longer-than-expected,
management remains confident of securing approval within the next
month. This would give SJMH HKD7 billion of undrawn facility, with
limited near-term debt maturities (no capital market maturities
until 2026).

Based on operating expenses of around HKD17 million per day after
the opening of GLP, or around HKD500 million per month, and limited
capital commitment after the completion of GLP earlier this year,
Fitch believes the company's liquidity remains strong.

ISSUER PROFILE

Hong Kong-listed SJMH is the holding company of SJM, one of six
casino operators in Macau. As of June 2021, SJM operated 19 casinos
in Macau, including five self-promoted and 14 satellite casinos,
mostly on the Macau Peninsula. On 30 July 2021, SJM opened the
first phase of GLP, an integrated resort in Cotai.



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

ABU ESTATE: CARE Lowers Rating on INR13.30cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Abu
Estate Private Limited (AEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.30      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2020, placed
the rating(s) of AEPL under the 'issuer non-cooperating' category
as AEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 26, 2021, November 5, 2021 and November 15, 2021.

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

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

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

The ratings also factored in NCLT charge admitted by the
operational creditor.

Abu Estate Private Limited (AEPL) was incorporated on March 25,
1985 as a private limited company by Mr. N.A. Abu Thahir (Director)
and Mrs. Razia Banu (Director). The company has its registered
office located at Chennai and is engaged in hospitality business
and offers services in the area of restaurants, bar, banquet hall,
rooms, and coffee shop. AEPL has its hotel named Abu Sarovar
Portico located at Poonamalle High road, Chennai.

ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapurna
Kalpana Warehousing Enterprises (AKWE) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.17       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of AKWE under the 'issuer non-cooperating' category
as AKWE had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AKWE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021, November 2, 2021.

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

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

Hyderabad based, Annapurna Kalpana Warehousing Enterprises (AKWE)
was established as a partnership firm in January 2013 by Mrs.
Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the
managing director of OSR Infra Private Limited (associate concern)
is the chief executive of AKWE and handles the overall operations
of the firm. The firm is engaged in providing ware house on lease
rental to Food Corporation of India (FCI) and other local traders.
Mr. Vamsidhar Maddipatla and family runs seven other entities
namely OSR Infra Private Limited, OSR MP Warehousing Enterprises,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, KPM Warehousing Enterprises and VK Warehousing
Enterprises which is in the same line of business and have
operational linkages. The property of AKWE, located at West
Godavari district, Andhra Pradesh, which is built on a total land
area xof 454,766 square feet comprises of five godowns, with an
aggregate storage capacity of 30,000 MT (Metric Tons) for
agricultural products and consumer goods.

The total project cost for the construction of five godown is
INR12.47 crore which is funded through bank term loan of INR8.84
crore and promoters fund of INR3.63 crore. Apart from the five
godowns, the firm is constructing a railway siding at West Godavari
district. Estimated total project cost for the construction of
railway siding is INR3.10 crore which is funded through bank term
loan of INR2.33 crore and promoter fund of INR0.77 crore. The firm
started the project work in November 2015 and is expecting to start
the commercial operations from December 2018. As on September 19,
2018 the firm has incurred INR15.15 crore towards purchase of land,
civil works and preliminary expenses which was funded in the form
of term loan of INR10.85 crore and promoters fund of INR4.30
crore.


BABA KASHMIRA: CARE Lowers Rating on INR20.97cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba
Kashmira Singh Jan Seva Trust (BKJT) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.97      CARE B+; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 17, 2020, placed
the rating(s) of BKJT under the 'issuer non-cooperating' category
as BKJT had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BKJT continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 2, 2021, November 12, 2021, November 22, 2021.

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

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

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

Baba Kashmira Singh Jan Seva Trust (BKJT) was established in 1995,
with a single hospital of 50 beds, at Jalandhar (Punjab). At
present, the trust runs three hospitals (with a total capacity of
750 beds), a nursing college, a community health centre (10 beds)
and a medical store. BKJT also provides medical facilities to the
poor and down trodden section of society in various fields with 24
hours specialists available exclusively for the hospital. Two of
the hospitals are in Jalandhar: SGL Charitable Hospital (a general
hospital; started operations in 1995) and SGL Super Specialty
Hospital (started in 2010), having a capacity of 350 beds, combined
together. The third hospital, SGL Hospital (started in 2003), is a
general hospital, with 400 beds, established in Mustafabad
(Punjab). The SGL Nursing College was started in 2006 and offers
five courses, including a postgraduate degree in nursing. The
nursing college is affiliated to Baba Farid University of Health
Sciences, Faridkot (Punjab) and is recognized by Indian Nursing
Council and approved by Punjab Nurses Registration Council (PNRC).


CADCHEM LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cadchem
Laboratories Limited (CLL) u continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2020, placed
the rating(s) of CLL under the 'issuer non-cooperating' category as
CLL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CLL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 26, 2021, November 5, 2021 and November 15, 2021.

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

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

Cadchem Laboratories Limited (CLL) was originally incorporated
September 9, 1985 under the name of Chandigarh Drugs Private
Limited by Mr. J.J. Sharma and Ms. Meena Singla. Subsequently in
1995 the name changed to CLL. The company is currently being
managed by Mr. Navneet Gupta, Mrs. Neeru Gupta, Mr. Kishor
Deshmukh. CLL is engaged in manufacturing of active pharmaceutical
ingredients (API's) at its manufacturing facility located in
Mohali, Punjab. The company started commercial production in 1988
with ISONIAZID (anti-tuberculosis), NIACINAMIDE (vitamin) drug as
main products, whereas currently the company is supplying API's for
formulations present across therapy areas including pain killer and
blood thinning agent.

EATAGE AGRO: CARE Reaffirms D Rating on INR23.52cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Eatage Agro Private Limited (EAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           23.52      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of EAPL continues to
take into account delays in debt servicing of the company triggered
by delay in commissioning of plant and disruption in operation post
commissioning in view of second wave of the pandemic.

Rating Sensitivities

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

* Default free track record of debt servicing as per CARE's
policy.

Detailed description of the key rating drivers:

Key Rating Weaknesses

* Delays in debt servicing: The repayment of term loan was earlier
scheduled to start from June 2020 or after 3 months from the
scheduled Date of Commercial Operation (DCCO). However, the bank
set a revised project implementation schedule as per which the
commercial operation was scheduled to start from May 2021 and
repayment of term loan was scheduled to start from June 30, 2021.
However, due to second wave of Covid19, EAPL applied for
restructuring of the account in June 2021. There were delays in
repayment of term loan, pending approval of restructuring.

Liquidity-Poor: As the entity has commenced commercial operations
from March 2021, it is at nascent stage of operation.  Further, the
entity has availed term loan from Canara Bank for execution of the
project and approached for restructuring for liquidity issues. This
apart, the average utilisation of working capital borrowings was
around 80% during last four months ended October 2021.

EAPL is incorporated in April 2017 as a Private Limited Company by
Mr. Binod Kumar and Ms. Poonam Kumari, reputed business name in
Bihar. The company is engaged in milling of flour (Atta) on
job-work basis for ITC Ltd. The company has set up a flour milling
unit for this purpose with an installed capacity of 300 Tonnes per
Day (TPD). The commercial operation of the unit has started from
March 2021. EAPL processes flour on job work basis from ITC Limited
and is the first such unit in Bihar to Process ITC flour under its
renowned brand 'Aashirvaad'. EAPL has signed an MOU with ITC Ltd.
on Feb. 15, 2018, to process their product.

Mr. Binod Kumar is a renowned businessman in the region having
business experience of more than 10 years in the field of biscuit
manufacturing, flour Mill, bakery business under different
associate entities.


HARSH FRESH: CARE Lowers Rating on INR6cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Harsh Fresh Dairy Products Private Limited (HFDPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 8, 2020, placed the
rating(s) of HFDPPL under the 'issuer non-cooperating' category as
HFDPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HFDPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 24, 2021, November 3, 2021, November 13, 2021.

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

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

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

Haridwar, Uttarakhand based Harsh Fresh Diary Products Pvt. Ltd.
(HDPL) was incorporated in October 2012. The company is being
managed by Mr. Pomil Jain and Mrs. Sarika Jain. The company is
engaged in the manufacturing and processing of milk and milk
products.

HELIOCORE PRIVATE: CARE Lowers Rating on INR7.96cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Heliocore Private Limited (HPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.96      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB (CE); Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2021, placed the
rating(s) of HPL under the 'issuer non-cooperating' category as HPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 25, 2021 and November 26, 2021.

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

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

The revision in the rating to the bank facilities of Heliocore
Private Limited (HPL) is pursuant to the CARE Ratings' updated
default recognition policy dated September 1, 2021 and delays in
debt servicing by HPL based on best available information.

CARE understands, based on earlier interaction with lenders, that
the corporate guarantee issued by Rays Power India Private Limited
had not been invoked, though there were delays in debt servicing.
Further, CARE has withdrawn its unsupported rating due to change in
analytical approach from 'Credit Enhancement' to 'Standalone'.

Promoted in May 2016 by Brewer Energy Private Limited (BEPL) and Mr
RM Rama, Heliocore Private Limited (HPL) is a special purpose
vehicle (SPV) established to set up a 3 MW grid connected solar
photovoltaic (PV) power plant at Kythaganakere, Tumkur at
Karnataka. The project was originally awarded to Mr Rama RM by
Chamundeshwari Electricity Supply Corporation Limited (CESCOM) at
an agreed tariff of INR8.40/unit for a period of 25 years. Mr RM
Rama later formed an SPV (HPL) with BEPL in order to develop the
project and Mr RM Rama and HPL agreed to share INR1.23/unit and
INR7.17/unit respectively from out of INR8.40/unit payable by
CESCOM for entire tenure of 25 years. However, Karnataka
Electricity Regulatory Commission (KERC) vide its letter dated
November 7, 2017 has not approved any such extension on the ground
that there was no such provision for extension in the PPA as
applicable to the said case and reverted that as per the conditions
of initial PPA, CESCOM should enforce reduced tariff as well as
recover liquidated damages due to delay in achieving COD. Hence,
CESCOM informed HPL to pay a total sum of INR33.60 lakh to CESCOM;
otherwise, it reserves the right to recover the said amount from
invoices raised by the company. Furthermore, CESCOM also revised
the applicable tariff from INR8.40 per unit to INR4.36 per unit
without escalation for the entire period of PPA. HPL, in protest,
has filed a petition in appellate tribunal for electricity against
KERC order challenging the revision in tariff and the proceedings
of the same are pending. Furthermore, as the requisite power
evacuation infrastructure was not in place, the company was unable
to run its plant on full capacity considering which the capacity of
the plant was reduced from 3 MW to 1.5 MW.


INSOLEXO PRIVATE: CARE Lowers Rating on INR8.09cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Insolexo Private Limited (IPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB (CE); Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2021, placed the
rating(s) of IPL under the 'issuer non-cooperating' category as IPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. IPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 25, 2021 and November 26, 2021.

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

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

The revision in the rating to the bank facilities of Insolexo
Private Limited (IPL) is pursuant to the CARE Ratings' updated
default recognition policy dated September 1, 2021 and delays in
debt servicing by IPL based on best available information.

CARE understands, based on earlier interaction with lenders, that
the corporate guarantee issued by Rays Power India Private Limited
had not been invoked, though there were delays in debt servicing.
Further, CARE has withdrawn its unsupported rating due to change in
analytical approach from 'Credit Enhancement' to 'Standalone'.

Promoted in May 2016 by Brewer Energy Private Limited (BEPL) and Mr
M Muniraja, IPL is a special purpose vehicle (SPV) established to
set up a 3 MW grid connected solar photovoltaic (PV) power plant at
Kythaganakere, Tumkur at Karnataka. The project was originally
awarded to Mr M Muniraja by Bangalore Electricity Supply Company
Limited (BESCOM) at an agreed tariff of INR8.40/unit for a period
of 25 years. Mr M Muniraja later formed an SPV, IPL with BEPL in
order to develop the project and Mr M Muniraja and IPL agreed to
share INR1.23/unit and INR7.17/unit respectively out of tariff of
INR8.40/unit payable by BESCOM for entire tenure of 25 years. The
company has commenced commercial operations from July 3, 2017, as
against revised scheduled commercial operation date (SCOD) of July
5, 2017 as per letter received from BESCOM.  However, Karnataka
Electricity Regulatory Commission (KERC) has not approved any such
extension on the ground that there was no such provision for
extension in the PPA as applicable to the said case and reverted
that as per the conditions of initial PPA, BESCOM should enforce
reduced tariff as well as recover liquidated damages due to delay
in achieving COD. BESCOM considering its own approval of allowing
extension to IPL had not charged any liquidation damage; however,
it revised the applicable tariff from INR8.40 per unit to INR4.36
per unit without escalation for the entire period of PPA.
Furthermore, as the requisite power evacuation infrastructure was
not in place, the company was unable to run its plant on full
capacity considering which the capacity of the plant was reduced
from 3 MW to 1.5 MW.

JAYAWANTI BABU: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jayawanti
Babu Foundation (JBF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.51      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.49      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 2, 2020, placed the
rating(s) of JBF under the 'issuer non-cooperating' category as JBF
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. JBF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 18, 2021, October 28, 2021, November 7, 2021.

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

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

Established in 2007, Jayawanti Babu Foundation (JBF) runs an
education institute. The trust is registered under Bombay Public
Trust Act, 1950. Currently, the trust is managing one college,
namely, Metropolitan Institute of Technology and Management
(MITM).


KAMRAN EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamran
Exports Private Limited (KEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 18, 2020, placed
the rating(s) of KEPL under the 'issuer non-cooperating' category
as KEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 3, 2021, November 13, 2021, November 23, 2021.

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

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

Kamran Exports Pvt Ltd (KEPL), incorporated on July 3, 2009 by  Mr
Preet Singh, Mr Kultar Singh Kapoor and Mr Manmeet Singh as a
private limited company as an exporter of fabric to foreign
countries but now the company has entered into trading of garments,
shoes and dry fruits also. Mr Kultar Singh has an experience of
more than 15 years and Mr Manmeet Singh has an experience of more
than 7 years in the business. The company procures the products
domestically and exports mainly to various countries of UAE and
South Africa.

KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPM
Warehousing Enterprises (KWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of KWE under the 'issuer non-cooperating' category as
KWE had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KWE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021, November 2, 2021.

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

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

The property of KWE, located at Dindigal district, Tamil Nadu,
which is built on a total land area of 481,773 square feet
comprises of five godowns, with an aggregate storage capacity of
30,000 MT (Metric Tons) for agricultural products and consumer
goods.

The total project cost for the construction of five godowns is
INR14.39 crore which is funded through bank term loan of INR10.06
crore and promoter fund of INR4.33 crore. Apart from the five
godowns, the firm is constructing a railway siding at Dindigal
district. Estimated total project cost for the construction of
railway siding is INR3.94 crore which is funded through bank term
loan of INR2.96 crore and promoter fund of INR0.98 crore. The firm
started the project work in September 2015 and is expecting to
start the commercial operations from December 2018. As on September
19, 2018, the firm has incurred INR17.86 crore towards purchase of
land, civil works and preliminary expenses which was funded in the
form of term loan of INR12.66 crore and promoter's fund of INR5.20
crore.

Hyderabad-based, KPM Warehousing Enterprises (KWE) was established
as a partnership firm in August 2013 by Mrs. Kalpana Prasad and
Mrs. Saraswathi Gali. Mr. Vamsidhar Maddipatla, the managing
director of OSR Infra Private Limited (associate concern) is the
chief executive of KPMWE and handles the overall operations of the
firm. The firm is engaged in providing warehouse on lease rental to
Food Corporation of India (FCI) and other local traders. Mr.
Vamsidhar Maddipatla and family runs seven other entities namely
OSR Infra Private Limited, OSR MP Warehousing Enterprises, OSR UP
Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages.


MAXTAR BIO: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maxtar Bio
Genics (MBG) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 21, 2020, placed
the rating(s) of MBG under the 'Issuer non-cooperating' category as
MBG had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MBG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2021, November 16, 2021, November 26, 2021.

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

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

Maxtar Bio Genics (MBG) was established as a partnership firm in
2007 and is currently being managed by Mr Madan Lal Bansal and Mr
Jagdish Chand Bansal, sharing profit and loss equally. The firm is
engaged in the manufacturing and selling of generic drug
formulations at its manufacturing facility in Baddi, Himachal
Pradesh with total installed capacity of manufacturing 2000 million
tablets and 365 million capsules per annum as on June 30, 2017. The
firm is present across various therapy areas including
anti-diabetic, anti-infective, antifungal, neuropsychiatry,
gastroenterology, cardiovascular, etc.


NAMDHARI RICE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Namdhari
Rice and General Mills (NRGM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 21, 2020, placed
the rating(s) of NRGM under the 'issuer non-cooperating' category
as NRGM had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NRGM continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2021, November 16, 2021, November 26, 2021.

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

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

Sirsa-based (Haryana) Namdhari Rice & General Mills (NRGM) was
established in 1986 as partnership concern by Mr Daljit Singh and
Mr Jaspal Singh. The firm is engaged in milling and processing and
trading of both basmati and non-basmati rice with an installed
capacity of 320 tonnes per day.

NAVAYUGA BENGALOORU: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navayuga
Bengalooru Tollway Private Limited (NBTPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      444.96      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 3, 2020 placed the
rating of NBTPL, under the 'issuer non-cooperation' category as
NBTPL had failed to provide information for monitoring of the
ratings. NBTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
dated November 4, 2021, November 10, 2021 and November 11, 2021.

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

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

Detailed description of the key rating drivers

At the time of last rating on November 3, 2020, the following were
the rating strengths and weaknesses (Updated for information
available from Registrar of Companies.

Key Rating Weaknesses

* Delays in debt servicing albeit improvement in toll revenue: The
auditor in his report has mentioned that there are delays in
repayment of loans ranging from 1 to 89 days. In addition, the
bankers have confirmed the delays in debt servicing. The toll
revenue has marginally improved by 3.83% from INR71.43 crore
(@INR19.57 lac/day) in FY18 to INR74.17 crore (@INR20.32 lac/day)
due to subdued growth in traffic and WPI escalations. In spite of
having growth in toll revenue, the continuous delay in debt
servicing is primarily due to the actual toll revenue is INR74.17
crore for FY19 (@ INR20.32 lac/day), which is 40% lower than the
initial envisaged toll revenue of INR104.05 crore (@INR28.51
lac/day). Further, the debt obligations for the FY19 including
principal and interest obligations works out to INR90.11 crore,
which is more than the net cash generated from the toll operations.
Hence, the short-fall in debt obligation is being met from infusion
of unsecured loans from promoters with delay.

* O&M risk with non-creation of Major Maintenance Reserve Account
(MMRA): NBTPL is mandated to operate and maintain the road as per
specifications set out in the CA, non-compliance of which could
result in penalties being levied by NHAI, thereby exposing NBTPL to
O&M risk. The routine maintenance and operations is being carried
out by the SPV itself. The SPV has engaged a dedicated team for O&M
activities. Further, the company is not maintaining any Major
Maintenance Reserve Account (MMRA) to meet the 2nd cycle of major
maintenance estimated in year FY2022 and FY2023.

* Inherent revenue risk being a toll-based road project: Unlike an
annuity based project where the credit risk is mitigated largely as
the future cash flows are guaranteed by the respective annuity
provider, a toll-based project poses greater credit risk due to the
uncertainty associated with the traffic flow and in turn, revenue
collection. Revenue in a toll-based road project is simultaneously
dependent on rate of traffic growth, traffic-mix and growth in toll
rates subject WPI escalation. Being a toll-based project, NBTPL is
associated with the inherent revenue risks arising out of such
projects and various macroeconomic factors beyond the control of
the company.

Liquidity Analysis: Liquidity position of the company is poor on
account low toll revenue and high debt servicing obligations.

Further the company has been in cash losses since its inception on
account of low toll revenue due to significant portion of the
traffic moving through service roads thereby escaping toll road.

Key Rating Strengths

* Promoter's experience in executing and maintaining road projects:
NBTPL is a Special Purpose Vehicle (SPV) promoted by Navayuga
Engineering Company Limited (NECL), through Navayuga Road Projects
Private Limited (NRPPL), for undertaking project awarded by
National Highways Authority of India (NHAI) in the state of
Karnataka on Built, Operate and Transfer (BOT) Toll basis. NECL is
into all types of core infrastructure development with focus on
foundation technology. The promoters have been extending support
towards the project and have infused funds to support cost overrun.
Further, the sponsors have also infused funds to support debt
servicing as well as Major Maintenance in the past. NECL'S order
book as on December 20, 2018 stood at INR30,355.50 crore (as
against INR21,769.27 crore as of October 10, 2017) which provides
revenue visibility for the next 5.76 years at gross billing level
for FY18.

Navayuga Bengalooru Tollway Private Limited (NBTPL) is an SPV
promoted by Navayuga Engineering Company Limited, for undertaking
project awarded by National Highways Authority of India (NHAI) in
the state of Karnataka on Built, Operate and Transfer (BOT) Toll
basis. The concession agreement (CA) was signed on May 9, 2007 for
a period of 20 years from appointed date i.e. November 04, 2007
which also includes construction period of 2 years. The project
involves capacity improvement of the existing carriageways from km
10.00 to km 29.50 on the Bangalore-Nelamangala section, of National
Highway no. 4 (NH-4) in the state of Karnataka on Design,
Engineering, Finance, Construction, Operation and Maintenance of
elevated highway (4.5 km) and six laning of highway (15 km along
with service roads) on BOT basis. The scheduled commercial
operation date (SCOD) of the project was in November 30, 2009
however, owing to the delays on account of non-availability of land
for part of the project stretch, provisional commercial operation
was achieved on November 30, 2010 and subsequently tolling
operations started from December 01, 2010, the final completion
certificate was received on December 12, 2010. Since then, the
tollable traffic on the project stretch has been lower than initial
estimates primarily on account of traffic diversion over service
roads. However, the traffic on the stretch has been gradually
picking up y-o-y. There are six toll plazas located on the project
road and the toll rates are linked to the annual WPI movement with
annual revision every year in the month of July.

NORTHERN POWER: CARE Lowers Rating on INR14cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Northern Power Erectors Limited (NPEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank
   Facilities            4.00      CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2020, placed
the rating(s) of NPEL under the 'issuer non-cooperating' category
as NPEL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NPEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 26, 2021, November 5, 2021, November 15, 2021.

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

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

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

New Delhi-based, Northern Power Erectors Limited (NPEL) is a
closely held public limited company originally incorporated in 1986
as Northern Power Erectors Private Limited. The name was and
constitution was revised to present one in May, 1993.The Company is
currently being managed by Mr. V.S. Mittal and Mr. N.S. Mittal. The
company is engaged in manufacturing of hydro turbine and generator
parts like S.S. rings, turbine runners, guide vane housing, etc.
The company is also engaged in servicing and maintenance of
hydropower stations. The raw material required for manufacturing of
above products include electrodes, wires, screws, bearings, studs,
etc. which are procured from traders and manufacturers located in
Delhi, Meerut, Gujarat, Mumbai, Ghaziabad, etc.


OMSAI UDYOG: CARE Lowers Rating on INR12cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Omsai Udyog India Private Limited (OUIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      10.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 10, 2020, placed
the rating(s) of OUIPL under the 'issuer non-cooperating' category
as OUIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OUIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 26, 2021, November 05, 2021, November 15, 2021.

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

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

The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a decline in scale
of operations and ongoing net loss in FY20 compared to FY19.

New Dew-based Omsai Udyog India Private Limited (OSUIPL) was
incorporated in December 2010 and started its commercial from
November 2013. The company is managed by Mr Archit Sharma and Mr
Ankit Sharma. The company is engaged in manufacturing of Paper
Insulated Copper Conductors, Bare Copper Conductor and Over Head
Electrification. It procures its main raw material copper rods from
Hindalco industries Limited (CARE AA+; Stable/ A1+), Vedanta
Limited and Carlo Colombo Spa, Italy. The orders that OSUIPL
undertakes majorly constitute orders by public sector undertakings
which are tender-based. OSUIPL sells its product majorly to Indian
Railways (~80%) and Larsen & Toubro, KEC International Limited and
CORE.


OSR INFRA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR Infra
Private Limited (OIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of OIPL under the 'issuer non-cooperating' category
as OIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021, November 2, 2021.

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

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

Hyderabad-based, OSR Infra Private Limited (OIPL) was incorporated
as a Private Limited Company in September 2010 and promoted by Mr.
Vamsidhar Maddipatla, Mr. M V R Prasad and family. The company is
engaged in providing warehouse on lease rental to Food Corporation
of India (FCI) and other local traders. Mr. M V R Prasad and his
family runs seven other partnership firms namely OSR UP Warehousing
Enterprises, OSR MP Warehousing Enterprises, Annapurna Saraswathi
Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises,
KPM Warehousing Enterprises and VK Warehousing Enterprises which is
in the same line of business and have operational linkages.


OSR MP: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR MP
Warehousing Enterprises (OMWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.18       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 10, 2020, placed
the rating(s) of OMWE under the 'issuer non-cooperating' category
as OMWE had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OMWE continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 26, 2021, October 6, 2021, October 16, 2021.

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

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

Hyderabad based, OSR MP Warehousing Enterprises (OMWE) was
established as a partnership firm in the December 2012 by Mr.
Vamsidhar Maddipatla and Mrs. Kalpana Prasad. The firm is engaged
in providing ware house on lease rental to Food Corporation of
India (FCI) and other local traders. Mr. Vamsidhar Maddipatla and
family runs seven other entities namely OSR Infra Private Limited,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises, KPM
Warehousing Enterprises and VK Warehousing Enterprises which is in
the same line of business and have operational linkages. The
property of OSRMP, located at Sonebhadra, Uttar Pradesh, which is
built on a total land area of 152,024 square feet comprises of two
godowns, with an aggregate storage capacity of 9,600 MT (Metric
Tons) for agricultural products and consumer goods. The total
project cost for the construction of two godown was INR3.76 crore
which was funded through bank term loan of INR3.18 crore and
promoters fund of INR0.58 crore. The firm started the project work
in February 2015 and is expecting to start the commercial
operations from December 2018. As on September 19, 2018, the firm
has incurred the entire cost i.e the project has been completed
100%.

OSR UP: CARE Keeps C Debt Ratings in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR UP
Warehousing Enterprises (OUWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.18       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of OUWE under the 'issuer non-cooperating' category
as OUWE had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OUWE continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021, November 2, 2021.

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

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

Hyderabad-based, OSR UP Warehousing Enterprises (OUWE) was
established as a partnership firm in January 2013 by Mrs.
Saraswathi Gali and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the
managing director of OSR Infra Private Limited (associate concern)
is the chief executive of OUWE and handles the overall operations
of the firm. The firm is engaged in providing warehouse on lease
rental to Food Corporation of India (FCI) and other local traders.
Mr. Vamsidhar Maddipatla and his family runs seven other entities
namely OSR Infra Private Limited, OSR MP Warehousing Enterprises,
Annapurna Saraswathi Warehousing Enterprises, Annapurna Kalpana
Warehousing Enterprises, KPM Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages. The property of OUWE, located at Auraiya
district, Uttar Pradesh, which is built on a total land area of
689,119 square feet comprises of nine godowns (total area of
271,634 sq. ft.), with an aggregate storage capacity of 54,000 MT
(Metric Tons) for agricultural products and consumer goods. The
total project cost for the construction of nine godown was INR26.75
crore which was funded through bank term loan of INR18.28 crore and
promoters fund of INR8.47 crore. The firm started the project work
in May 2015 and is expecting to start the commercial operations
from December 2018. As of September 19, 2018, the firm has incurred
the entire cost i.e the project has been completed 100%.


RELIANCE CAPITAL: Creditors Claims Deadline Set for Dec. 20
-----------------------------------------------------------
The Economic Times of India reports that Reliance Capital on
December 8 asked the creditors of the company to submit their
claims with proof by December 20 following initiation of corporate
insolvency process against the firm.  

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

In this connection, the company made a public announcement on
creditors' claims, ET says.

"Creditors of the company may submit their claims with proof on or
before December 20, 2021 to the administrator at the address
specified in the announcement.

"Financial creditors may submit their claims with proof with
electronic means only. Other creditors may submit their claims with
proof in person by post or by electronic means," Reliance Capital
said in a regulatory filing.

Last month, the Reserve Bank had superseded Reliance Capital's
board, citing defaults and governance issues, ET recalls.

The company's promoters have supported the RBI application of
referring it to the NCLT under section 227 for fast-track
resolution.

Reliance Capital owes its creditors over Rs 19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
the report discloses.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.


RELIANCE COMMERCIAL: Debenture Holders OK Authum's Resolution Plan
------------------------------------------------------------------
The Hindu BusinessLine reports that the resolution of Reliance
Commercial Finance (RCF) has been approved by debenture holders.

"NBFC Authum Investment and Infrastructure's resolution plan has
been voted with an overwhelming majority of over 99% by the
debenture holders," the report quotes a person familiar with the
development as saying.

The meeting was held on December 8 after the Bombay High Court
refused to stay the meeting of the bond holders of the company to
vote on the resolution, BusinessLine relays.

In July this year, lenders to Reliance Commercial Finance had
approved the resolution plan by Authum Infrastructure and
Investment of INR1,585 crore.

Among other provisions, it provides for 100% recovery to retail
debenture holders.

The implementation of the plan was, however, subject to approval by
the non-lenders, the report notes.

It had been delayed due to a circular by market regulator SEBI on
voting by debenture holders.

"Authum's resolution plan has been shared with the Debenture
Trustees to call for the Debenture Holder's meeting and seek
approval on the resolution plan. In the RCFL lender's meeting, all
RCFL lenders had agreed to further extend the inter-creditor
agreement period till December 31, 2021," Reliance Capital had said
in its second-quarter results, BusinessLine relays.

Reliance Commercial Finance or Reliance Money is a 100% subsidiary
of Anil Ambani-controlled Reliance Capital. It had debt of about
INR9,017 crore and to that extent could help in the resolution of
Reliance Capital, which has been put under bankruptcy proceedings
by the RBI, the report discloses. While sources said that RCF's
resolution can go ahead independently, experts said that it may
need NCLT approval given that the parent entity is under RBI
direction.


RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RPN
Engineers Chennai Private Limited (RECPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.26      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       4.87      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 10, 2020, placed
the rating(s) of RECPL under the 'issuer non-cooperating' category
as RECPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RECPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 26, 2021, October 6, 2021 and October 16, 2021.

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

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

RECPL was established as a proprietorship firm (M/s. Lookmans
Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and was
reconstituted into a private limited in May 1999 in Chennai. RPN is
engaged in the business of civil and mechanical constructions like
laying of pipes for state and central government agencies and
contract work for the Indian railways.


SHAPE ENGINEERING: CARE Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shape
Engineering Co. Private Limited (SECPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Long Term/Short      0.58       CARE C; Stable/ CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 23, 2020, placed
the rating(s) of SECPL under the 'issuer non-cooperating' category
as SECPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SECPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 9, 2021, October 19, 2021, October 29, 2021.

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

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

Uttarakhand based, Shape Engineering Company (P) Ltd. (SECPL) was
established on November 09, 1984 as a private limited company and
is currently being managed by Mr. Shri Sudhir Kumar Jain and Mr.
Shri Saurabh Jain. The company is engaged in manufacturing of
turbine parts with its manufacturing unit located in Uttarakhand.
The company procures raw materials namely, M.S. Plates, Steel and
Iron Ingots from the domestic suppliers.


SHIV SHANKAR: CARE Lowers Rating on INR13cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shiv
Shankar Rice Mills (SRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.60      CARE D Assigned
   Facilities            

   Long Term Bank       13.00      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings of Shiv Shankar Rice Mills (SRM) takes
into consideration delay in servicing of its debt obligations in
October 2021.

Rating Sensitivities

Positive Factors

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There has been delay in the servicing
of its debt obligations due to the stressed liquidity position of
the firm. Further, the spread of Covid-19 pandemic resulted in
delay in timely realization of its receivables thereby leading to
delay in debt servicing.

Liquidity: Poor

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

Shiv Shankar Rice Mills (SSR) was established in April 2003 as a
partnership firm and is currently being managed by Mr. Anil Kumar
and Mrs. Savita Gupta as its partners, sharing profit and losses in
the ratio of 7:3. The firm is engaged in processing of paddy at its
manufacturing facility located in Karnal, Haryana with an installed
capacity of processing 36,000 Tonnes of paddy per annum as on
September 30, 2019. Further, the firm is also engaged in trading of
rice and milling job work. Moreover, SSR is an ISO 9001:2005, ISO
9001:2009, and ISO: 22000 certified firm.


SINGAN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singan
Projects Limited (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       33.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      21.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 21, 2020, placed
the rating(s) of SPL under the 'issuer non-cooperating' category as
SPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2021, November 16, 2021, November 26, 2021.

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

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

Singan Projects Limited (SPL), incorporated in 2002, is promoted by
Mr. S. Narayana of Hyderabad, Andhra Pradesh (A.P). SPL is engaged
in the business of water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects etc. majorly through direct contracts, awarded by the
State and Central Government departments. The promoter; Mr. S.
Narayana Reddy (CMD) has been present in the construction industry
for more than four decades and has significant experience in
working for various projects under the Government department of
AP.


SOLANTRA PRIVATE: CARE Lowers Rating on INR7.88cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Solantra Private Limited (SPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.88       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB (CE); Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2021, placed the
rating(s) of SPL under the 'issuer non-cooperating' category as SPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 25, 2021 and November 26, 2021.

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

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

The revision in the rating to the bank facilities of Solantra
Private Limited (SPL) is pursuant to the CARE Ratings' updated
default recognition policy dated September 1, 2021 and delays in
debt servicing by SPL based on best available information. CARE
understands, based on earlier interaction with lenders, that the
corporate guarantee issued by Rays Power India Private
Limited had not been invoked, though there were delays in debt
servicing. Further, CARE has withdrawn its unsupported rating due
to change in analytical approach from 'Credit Enhancement' to
'Standalone'.

Promoted in May 2016 by Brewer Energy Private Limited (BEPL) and Mr
Lakshmana RM, Solantra Private Limited (SPL) is a special purpose
vehicle (SPV) established to set up a 3 MW grid-connected solar
photovoltaic (PV) power plant at Kythaganakere, Tumkur at
Karnataka. The project was originally awarded to Mr Lakshmana RM by
Hubli Electricity Supply Company Limited (HESCOM) at an agreed
tariff of INR8.40/unit for a period of 25 years. Mr Lakshmana RM
later formed an SPV (SPL) with BEPL in order to develop the project
and Mr Lakshmana RM and SPL agreed to share INR1.23/unit and
INR7.17/unit respectively from tariff of INR8.40/unit payable by
HESCOM for entire tenure of 25 years. The company has commenced
commercial operations from July 03, 2017 as against revised
scheduled commercial operation date (SCOD) of July 05, 2017 as per
letter received from HESCOM. However, Karnataka Electricity
Regulatory Commission (KERC) has not approved any such extension on
the ground that there was no such provision for extension in the
PPA as applicable to the said case and reverted that as per the
conditions of initial PPA, HESCOM should enforce reduced tariff as
well as recover liquidated damages due to delay in achieving COD.
Hence, HESCOM informed SPL to pay a total sum of INR33.60 lakh to
HESCOM; otherwise, it reserves the right to recover the said amount
from invoices raised by the company. Furthermore, HESCOM also
revised the applicable tariff from INR8.40 per unit to INR4.36 per
unit without escalation for the entire period of PPA. Furthermore,
as the requisite power evacuation infrastructure was not in place,
the company was unable to run its plant on full capacity
considering which the capacity of the plant was reduced from 3 MW
to 1.5 MW.


SREEREDDY PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SreeReddy
Properties Private Limited (SPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.34       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 13, 2020, placed
the rating(s) of SPPL under the 'issuer non-cooperating' category
as SPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 29, 2021, October 9, 2021 and October 19, 2021.

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

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

Bangalore (Karnataka) based, SreeReddy Properties Private Limited
(SPPL) was incorporated in the year 2009. Its promoters are Mr.
Sirish Kumar Reddy (Managing Director) and Mrs. Jamuna Sirish
Reddy. The company is engaged in the construction and development
of residential townships, apartments, shopping malls and commercial
complexes.

SREEREDDY PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SreeReddy
Properties Private Limited (SPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 18, 2020, placed
the rating(s) of KEPL under the 'issuer non-cooperating' category
as KEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 3, 2021, November 13, 2021, November 23, 2021.

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

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

Kamran Exports Pvt Ltd (KEPL), incorporated on July 03, 2009 by Mr
Preet Singh, Mr Kultar Singh Kapoor and Mr Manmeet Singh as a
private limited company as an exporter of fabric to foreign
countries but now the company has entered into trading of garments,
shoes and dry fruits also. Mr Kultar Singh has an experience of
more than 15 years and Mr Manmeet Singh has an experience of more
than 7 years in the business. The company procures the products
domestically and exports mainly to various countries of UAE and
South Africa.

SUPRINT SALES: CARE Lowers Rating on INR12cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Suprint Sales (SS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 11, 2020, placed
the rating(s) of SS under the 'issuer non-cooperating' category as
SS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 27, 2021, November 06, 2021, November 16, 2021.

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

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

The rating assigned to the bank facilities of SS has been revised
on account of non-availability of requisite information to carryout
review.

SS was formed in 2003 as a partnership concern by Mr Jasmeet Sodhi,
Mr. Harinder Singh Sodhi, Mrs. Raj Sodhi, Mrs. Anita Sodhi and Mr.
Pavnet Sodhi. However, the partnership of the firm has changed in
April 2007 and current partners are Mr. Jasmeet Sodhi and Mrs.
Anita Sodhi. Sodhi family has also promoted STJPL in 2000. SS and
STJPL are engaged in manufacturing of made-ups primarily home
furnishing items like bed linen, kitchen and table linen etc.


SWATHI SUNSOURCE: CARE Lowers Rating on INR14cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swathi Sunsource Power Private Limited (SSPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Long Term/Short       6.00      CARE C/CARE A4; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 13, 2020, placed
the rating(s) of SSPPL under the 'issuer non-cooperating' category
as SSPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 29, 2021, October 9, 2021, and October 19, 2021.

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

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

Incorporated in 2010 by Mr Premraj Pamate Chalavaraj, Mr Ashish
Bipinkumar Soni and Mr Ravi Banarasilal Kapoor. Swathi Sunsource
Power Private Limited (SSPPL) is currently setting up unit to
manufacture solar collectors/equipment's i.e. Parabolic Troughs,
which can be used by clientele to generate heat/steam/power at its
manufacturing facility located at Industrial Part Penukonda,
Anantapur District, Andhra Pradesh. Furthermore, the company also
has in-house research and development facility at Penukonda, which
is partially functional.


TEKNO PRINT: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tekno Print
Solutions (TPS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.80      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 26, 2020, placed
the rating(s) of TPS under the 'issuer non-cooperating' category as
TPS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. TPS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 12, 2021, October 22, 2021, November 1, 2021.

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

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

Tekno Print Solutions (TPS) was initially established as a
proprietorship firm by Mr. Parshant Mudgil in June, 2012. Later on,
in July 2013, the constitution was converted to a partnership firm
having Mr. Sanjeev Chowdary, Mr. Parshant Mudgil and Mr. Deepak
Kumar as its partners. TPS is engaged in the trading of printing
material like rollers, blankets, solvents and adhesives. The firm
is the authorized dealer of 'Bottcher Systems'.


TWENTY FOURTEEN: CARE Lowers Rating on INR356.50cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Twenty Fourteen Hotels India Pvt Ltd (T14), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      356.50      CARE D Revised from CARE BBB-;
   Facilities                      Negative

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of T14
takes into account delays in servicing of the debt obligations
which fell due on June 18, 2021 and was paid on June 28, 2021 in
one of the loans availed by the company. While CARE notes that the
funds were available in various current accounts of the company,
but the same could not be made available to the lending bank in a
timely manner.

Rating Sensitivities

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

* Delay free track record of operations for a continuous period of
three months.

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in debt servicing: There were delays in servicing of debt
obligations by the company as reflected from the bank statements.
The repayment for payments were made on June 28, 2021 instead on
due date of June 18, 2021. The bank has also charged penal interest
for the said delay.

Key Rating Strengths

* Resourceful Promoters: T14H, the hospitality investment arm of
EMKE group is promoted by Mr. Adeeb Ahamed (son-in-law of Padma
Shri Mr. Yusuff Ali, promoter of EMKE LuLu group) and Ms. Shafeena
Yusuff Ali (daughter of Mr. Yusuff Ali). T14H has invested in
assets spread across UK, GCC and India. Mr. Adeeb Ahamed is also
CEO of Lulu International Exchange, the financial services company
which has more than 150 branches spread across 9 countries with an
annual turnover of more than USD 5.4 billion. He along with Ms.
Shafeena Yusuff Ali has also forayed into organized retail segment
under the Tablez company. Further, company stands to benefit from
experience and resourcefulness of Mr. Yusuff Ali.

Liquidity: Poor

Liquidity of the company was largely driven from its resourceful
promoters viz. Mr Adeeb Ahmed and Ms. Shafeena Yusuffali However,
despite availability of adequate funds in the current accounts, the
same could not be transferred to the lending bank account in a
timely manner.

Analytical approach: Consolidated financials of Twenty Fourteen and
factoring linkages with Emke (Lulu) group. The consolidation
includes its wholly-owned subsidiary Qasr Hotels Cochin P Ltd.,
Marari Village Beach Properties P Ltd and Kuruvi and Kuruvi Hotels
P Ltd.

Incorporated in April 2015, Twenty Fourteen Hotels India Private
Limited (T14) is part of the Twenty Fourteen Holdings (T14H)
domiciled in Abu Dhabi, promoted by Mr. Adeeb Ahamed, son-in-law of
Padma Shri M A Yusuffali, promoter of EMKE LuLu group. T14H is the
hospitality investment arm of the group which owns 7 properties in
India, Middle East and Europe. T14 is engaged in development of 3
hotels in India with 2 hotels in Bengaluru which are directly
developed under the company and one in Kochi, Kerala which is being
developed under its wholly-owned subsidiary Qasr Hotels Cochin
Private Limited.


VIDEOCON GROUP: DoT Moves NCLAT Against Videocon Resolution Plan
----------------------------------------------------------------
The Hindu BusinessLine reports that the Department of
Telecommunications (DoT) has moved the National Company Law
Appellate Tribunal (NCLAT), an appellate forum for insolvency
resolution cases, against an NCLT order approving the consolidated
resolution plan for 13 companies of Videocon Group, including
Videocon Telecommunications.

The NCLAT has directed to list DoT's appeal for hearing on January
11, 2022.

In its petition, the DoT had requested NCLAT to set aside the NCLT
Mumbai bench's order passed on June 8, 2021, allowing the
INR2,962-crore takeover bid by Anil Agarwal's Twin Star
Technologies, BusinessLine relates. A three-member bench of NCLAT
said the appellate tribunal had already stayed the order on July 19
by granting a "status quo ante" to be maintained and Resolution
Professional will continue to manage the affairs of Videocon
Industries as per IBC provisions.

"In view of the submissions made by the Appellant/Applicant (DoT)
and the impugned order on stay on near similar grounds, there is no
need to further go into details," said NCLAT.

In its submission, the DoT had conveyed to NCLAT DoT that
defaulting telecom companies cannot be permitted to escape their
liability through a initiation of Corporate Insolvency Resolution
Process, BusinessLine relays.

According to BusinessLine, the Respondents are directed to file
'Reply-affidavit' within the next two weeks and rejoinder, if any,
may be filed within a week thereafter," said the NCLAT, in an order
passed on December 8. The respondents in the matter include
Videocon Industries and Videocon Telecommunications.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.




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

EAST JAPAN RAILWAY: Egan-Jones Keeps BB Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on November 29, 2021, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by East Japan Railway Company.

Headquartered in Shibuya City, Tokyo, Japan, East Japan Railway
Company provides rail transportation services in the Kanto and
Tohoku regions, including Tokyo.


KEISEI ELECTRIC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on November 15, 2021, upgraded the
local currency senior unsecured ratings on debt issued by Keisei
Electric Railway Co., Ltd. to B+ from BB-.

Headquartered in Ichikawa, Chiba, Japan, Keisei Electric Railway
Co., Ltd. provides passenger rail and bus transportation services
in the Metropolitan Tokyo and Chiba prefecture areas.


MITSUI OSK: Egan-Jones Cuts Senior Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on November 30, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui O.S.K. Lines, Ltd. to BB+ from B+.

Previously, on Nov. 17, 2021, Egan-Jones maintained its 'B+' local
currency senior unsecured ratings on debt issued by Mitsui O.S.K.
Lines.

Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines,
Ltd. provides marine transportation, warehousing, and cargo
handling services.


NOMURA HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on November 29, 2021, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Nomura Holdings, Inc.

Headquartered in Tokyo, Japan, Nomura Holdings, Inc. is a holding
company which manages financial operations for its subsidiaries.


TOBU RAILWAY: Egan-Jones Keeps BB- Senior Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on November 16, 2021, maintained its
'BB-' local currency senior unsecured ratings on debt issued by
Tobu Railway Co., Ltd.

Headquartered in Tokyo, Japan, Tobu Railway Co., Ltd. mainly
provides passenger rail and bus transportation services in the
Kanto area.


TOKYO ELECTRIC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on November 17, 2021, upgraded the
local currency senior unsecured ratings on debt issued by Tokyo
Electric Power Company Holdings, Incorporated to BB+ from BB.

Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.


[*] JAPAN: Business Failures Hit 56-Year Low in November 2021
-------------------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
in Japan in November hit a 56-year low for the month, thanks to the
government's continued financing support amid the COVID-19
pandemic, a private survey showed on Dec. 8.

The figure dropped 10.3% from a year before to 510, down for the
sixth straight month, the Japan Times discloses citing survey by
Tokyo Shoko Research Ltd.

Total liabilities left by failed companies fell 7.8% to JPY94,101
million.

The Japan Times notes that the survey covered business failures
involving liabilities of JPY10 million or more.

Meanwhile, the number of pandemic-related bankruptcies reached 172,
hitting a record high for the third month in a row, the report
relays.

The ratio of companies that went bust for reasons linked to the
coronavirus crisis to the total bankruptcies rose to one in three.


Among the 10 industries surveyed, five posted drops in the number
of bankruptcies. The number of bankruptcies in the restaurant, bar
and other services sector sagged 26.2% following the full lifting
of the government's COVID-19 state of emergency at the end of
September, according to the report.

Meanwhile, the number of bankruptcies among wholesalers grew 7.4%,
while that of those in the real estate sector increased 12.5%.

The Japan Times adds that the construction industry had the largest
number of bankruptcies related to the pandemic, at 22, reflecting
reviews of construction projects.

The number of bankruptcies is not forecast to surge in the future,
"but it may grow in stages due chiefly to soaring materials and
personnel costs," said a Tokyo Shoko Research official.




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

SERBA DINAMIK: S&P Lowers ICR to 'D' on Missed Coupon Payment
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit ratings on Serba
Dinamik and issue ratings on the company's guaranteed senior
unsecured sukuks due May 2022 and March 2025 to 'D' from 'CC'.

S&P said, "We believe Serba's constrained ability to secure fresh
external funding, coupled with persistent cash burn from its
operations, will result in the company not being current on its
debt obligations.

"The downgrade reflects our view that Serba will generally be in
default of its debt obligations after the company failed to cure
its missed coupon payment within the stated grace period of 30
days. The grace period expired on Dec. 9, 2021. We lowered the
issuer credit rating to 'D' from 'CC' because the default on its
US$222 million sukuk due May 2022 is likely to trigger a
cross-default on its US$180 million sukuk due March 2025 as well as
long-term banking facilities. We estimate 70% of Serba's total
outstanding debt as of Sept. 30, 2021, could be liable for
immediate repayment.

"Serba's missed US$7 million coupon payment on its sukuk indicates
that the company is unable to remain current on its debt
obligations. After a partial repayment of US$500,000 on Nov 23, the
current outstanding coupon payment due is US$6.5 million. In our
view, its ensuing court proceedings with ex-auditor KPMG PLT, stock
exchange Bursa Malaysia and special independent auditor Ernst &
Young Consulting Sdn. Bhd. will further hinder its access to
external capital funding.

"In the meantime, we expect the company to face a continued cash
drain from its working capital-intensive operations over the next
12 months. This would further deplete its reported cash balance of
Malaysian ringgit (MYR) 290 million as of Sept. 30, 2021. This cash
balance is dwarfed by the company's sizable MYR1.48 billion of debt
maturing over the next 12 months, which is largely made up of a
MYR99 million syndicated loan amortization payment due in December
2021, MYR100 million of commercial paper and the US$222 million
sukuk. Both the commercial paper and sukuk are due in May 2022. The
company also has an upcoming coupon payment due on its outstanding
US$180 million sukuk in March 2022."

Serba primarily provides operations and maintenance services, as
well as undertakes turnkey contract execution of projects. The
company's key clients are in the oil and gas, power generation,
water treatment, utilities, and more recently, information and
communications technology industries.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating:

-- Risk management, culture, and oversight

-- Transparency and reporting

-- Other governance factors




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

BADWAL ORCHARDS: Creditors' Proofs of Debt Due on Feb. 6
--------------------------------------------------------
Creditors of Badwal Orchards Limited, which is in liquidation, are
required to file their proofs of debt by Feb. 6, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 6, 2021.

The company's liquidators are:

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


MAINLAND TANKS: Creditors' Proofs of Debt Due by Feb. 9
-------------------------------------------------------
Creditors of Mainland Tanks & Drums Limited, which is in
liquidation, are required to file their proofs of debt by Feb. 9,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 9, 2021.

The company's liquidators are:

          Elizabeth Helen Keene
          Vivian Judith Fatupaito
          KPMG Christchurch
          Level 5
          79 Cashel Street (PO Box 1739)
          Christchurch 8140
          New Zealand


ORMISTON RISE: Creditors' Proofs of Debt Due on Jan. 8
------------------------------------------------------
Creditors of Ormiston Rise Development Limited, which is in
liquidation, are required to file their proofs of debt by Jan. 8,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 3, 2021.

The company's liquidator can be reached at:

          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140
          New Zealand


SLAVERING TUSK: Creditors' Proofs of Debt Due on Jan. 22
--------------------------------------------------------
Creditors of Slavering Tusk Limited, which is in liquidation, are
required to file their proofs of debt by Jan. 22, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 6, 2021.

The company's liquidators can be reached at:

          Craig Sanson
          Malcolm Hollis
          PwC Auckland
          Private Bag 92162
          Victoria Street West, Auckland 1142
          New Zealand




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

CAPSULE POD: Court to Hear Wind-Up Petition on Dec. 17
------------------------------------------------------
A petition to wind up the operations of Capsule Pod Pte Ltd will be
heard before the High Court of Singapore on Dec. 17, 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


GUNOSY CAPITAL: Creditors' Proofs of Debt Due on Jan. 8
-------------------------------------------------------
Creditors of Gunosy Capital Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 8,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 7, 2021.

The company's liquidators are:

          Shinobu Sugiyama
          18 Robinson Road
          #20-02 18 Robinson
          Singapore 048547


IWIN ENGINEERING: Court to Hear Wind-Up Petition on Dec. 31
-----------------------------------------------------------
A petition to wind up the operations of Iwin Engineering Pte Ltd
will be heard before the High Court of Singapore on Dec. 31, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 30, 2021.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


SEA GULL: Court to Hear Wind-Up Petition on Dec. 31
---------------------------------------------------
A petition to wind up the operations of Sea Gull Trading (Pte) Ltd
will be heard before the High Court of Singapore on Dec. 31, 2021,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 1, 2021.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


SINGAPORE AIRLINES: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on November 24, 2021, maintained its
'BB-' local currency senior unsecured ratings on debt issued by
Singapore Airlines Limited.

Headquartered in Singapore, Singapore Airlines Limited provides air
transportation, engineering, pilot training, air charter, and tour
wholesaling services.


ZID DESIGN: Court to Hear Wind-Up Petition on Dec. 31
-----------------------------------------------------
A petition to wind up the operations of Zid Design Pte Ltd will be
heard before the High Court of Singapore on Dec. 31, 2021, at 10:00
a.m.

DBS Bank Ltd filed the petition against the company on Nov. 30,
2021.

The Petitioner's solicitors are:

          Kelvin Chia Partnership
          6 Temasek Boulevard
          29th Floor, Suntec Tower Four
          Singapore 038986



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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,
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Information contained herein is obtained from sources believed
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