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

                     A S I A   P A C I F I C

          Thursday, December 30, 2021, Vol. 24, No. 255

                           Headlines



A U S T R A L I A

AMP LIMITED: Sells Infrastructure Debt Arm to Ares Management
IC TRUST 2021-2: Moody's Assigns B2 Rating to Class C Notes
NORTH QUEENSLAND EXPORT: Moody's Reviews Ba2 Rating For Downgrade
TTT LOGGING: First Creditors' Meeting Set for Jan. 11


C H I N A

CHINA HUARONG: Sells Consumer Finance Stake to Bank of Ningbo
GREENLAND HOLDINGS: Moody's Lowers CFR to Ba3, Outlook Negative
GUANGZHOU R&F: Moody's Lowers CFR to Caa2, Outlook Negative
RISESUN REAL: Moody's Cuts CFR to Caa2, Outlook Negative
SHIMAO GROUP: Moody's Lowers CFR to Ba3, On Review for Downgrade

SHINSUN HOLDINGS: Moody's Cuts CFR to B3, Puts Ratings on Review
YESTAR HEALTHCARE: Moody's Withdraws Caa3 CFR on Insufficient Info


H O N G   K O N G

[*] FTI Seeks EoI for Shares in Investment Holding Vehicle


I N D I A

AISHWARYA INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
BMC FERROCAST: CRISIL Cuts Rating on INR18cr Loans to B
DHARMRAJ LOGISTICS: Insolvency Resolution Process Case Summary
GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating
HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating

KAJUWALLA: CRISIL Keeps D Debt Rating in Not Cooperating
KAVERI TUBES: CRISIL Keeps B+ Debt Rating in Not Cooperating
LAVASA CORP: Lenders Approve Darwin Platform's Acquisition Bid
MAHAMAYAY METALS: Insolvency Resolution Process Case Summary
MYSORE FRUIT: CRISIL Lowers Rating on INR20cr Loans to D

NIWAS TEXTILES: CRISIL Lowers Rating on INR25cr Loans to B
PALAPPILLIL TECHNO: CRISIL Keeps B Ratings in Not Cooperating
PERIYAR AGRO FOOD: Insolvency Resolution Process Case Summary
RADIUS ESTATES: 80% of Creditors Approve Adani's Bid
RAJIV AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating

RAMESHWARAM RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RBL BANK: India Central Bank's Move on Lender Causes Jitters
RS SEVEN LIFESTYLE: Insolvency Resolution Process Case Summary
SALASAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating

SHIVCHAND RAI: CRISIL Keeps B+ Debt Rating in Not Cooperating
SUBHASH STONE: CRISIL Hikes Rating on INR9cr Loan to B
SUNBEAM DEALERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
TEKNOVATION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
VMN BUILDCON: CRISIL Keeps B+ Debt Ratings in Not Cooperating



N E W   Z E A L A N D

BUILDING BROKER: Creditors' Proofs of Debt Due on Jan. 24
EGMONT LOGGING: Creditors' Proofs of Debt Due on Jan. 24
IREPAIR NELSON: Creditors' Proofs of Debt Due on Jan. 24
MOORE DECORATORS: Creditors' Proofs of Debt Due on Jan. 19
NUFLOORS 4U: Creditors' Proofs of Debt Due on Feb. 11

SUZANNE GREGORY: Creditors' Proofs of Debt Due on Jan. 27


S I N G A P O R E

CHINA FISHERY: Unsecureds Will Recover 2% to 10% Under Plan
CREATIVE FLAVOURS: Creditors' Meeting Slated for Jan. 14
GREENLAND TIMBER: Creditors' Proofs of Debt Due on Jan. 28
LIP INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 14
VULCAN INDUSTRIES: Creditors' Proofs of Debt Due on Jan. 27



S O U T H   K O R E A

SSANGYONG MOTOR: Edison Motor Likely to Seal M&A Deal

                           - - - - -


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

AMP LIMITED: Sells Infrastructure Debt Arm to Ares Management
-------------------------------------------------------------
The Sydney Morning Herald reports that AMP Limited has offloaded
the infrastructure debt arm of its wealth management business to
US-based Ares Management as the troubled financial services company
takes another step towards simplifying its structure ahead of a
planned spin-off.

SMH relates that the AUD428 million deal will see AMP Capital (now
known as PrivateMarketsCo) hand over its AUD7 billion
infrastructure arm to Ares, which walked away from nabbing the
entire AMP business in April.

AMP, under the auspices of recently installed CEO Alexis George, is
planning to spin off the AMP Capital (PrivateMarketsCo) business in
the new year, the report says. According to the report, the latest
deal follows AMP Capital (PrivateMarkets Co) selling its global
equities and fixed income business to Macquarie Asset Management in
a deal worth AUD185 million in July.

Ms. George, who took the reins in April, has flagged further
investment in the banking arm, "transforming" financial advice and
building new retirement products as her core priorities.

According to the report, the 172- year old company is on a mission
to rehabilitate its brand after being buffeted by a string of
scandals, including systemic misconduct charges following the
banking royal commission and a sexual harassment scandal last
year.

In November, AMP announced it expects AUD325 million of impairment
charges from its devalued brand name, reduced rental space and
review of financial advice services, the report relays.

The company forecast post-tax impairment charges include AUD100
million for deferred tax assets, AUD95 million for intangibles
including the devalued brand name and AUD75 million for the changes
to the group's office space.

SMH relates that AMP's PrivateMarketsCo chief executive Shawn
Johnson said the divestment will deliver a considerable return to
shareholders and good value for clients.

"PrivateMarketsCo and AMP will realise significant value from the
divestment, as well as retaining our valuable sponsor investments
and carried interest in the closed Infrastructure Debt funds," the
report quotes Mr. Johnson as saying in a statement.

"This will provide a strong revenue stream in coming years as we
demerge PrivateMarketsCo and accelerate the momentum in our
business."

The deal is expected to be completed in the first quarter of
calendar 2022, the report adds.

AMP Limited provides life insurance, superannuation, asset
management products, pensions, retirement planning and other
diversified financial services throughout Australia and New
Zealand. The Company services individual customers, small
businesses, corporations and associated superannuation funds.


IC TRUST 2021-2: Moody's Assigns B2 Rating to Class C Notes
-----------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited as
trustee of IC Trust 2021-2.

Issuer: IC Trust 2021-2

AUD69.75 million Class A Notes, Assigned Baa1 (sf)

AUD3.18 million Class B Notes, Assigned Ba2 (sf)

AUD7.16 million Class C Notes, Assigned B2 (sf)

AUD7.16 million Class D Notes are not rated by Moody's

IC Trust 2021-2 is a cash securitisation of non-conforming consumer
and commercial auto loans extended to borrowers in Australia. The
loans were originated by Fin One Pty Ltd (Fin One, unrated) and Fin
One Commercial Pty Ltd (Fin One Commercial, unrated), both wholly
owned subsidiaries of Investors Central Limited (ICL, unrated) and
are serviced by Fin One. This is Fin One's second ABS transaction.

Fin One, a privately owned non-bank lender, was established in 2010
with a focus of providing auto loans to non-conforming consumer
borrowers in the Australian market. In 2016, the lender expanded
into financing of commercial auto loans.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity reserve in the
amount of 2.50% of the stated balance of the notes, the legal
structure, and the experience of Fin One as servicer and the
availability of a back-up servicer.

According to Moody's, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables, the availability of a
yield reserve and the seasoning of the underlying portfolio. At the
same time, Moody's notes that the transaction features some credit
weaknesses such as high proportion of borrowers with a history of
credit impairment and lower-than-average historically observed
recovery rates.

In addition, Moody's notes that Fin One is a specialist servicer of
non-conforming auto loans. In an event of servicer transfer, there
is a risk of higher level of defaults in the portfolio, if the
substitute servicer does not have the same specialised approach to
servicing as Fin One.

Notable transactional features are as follows:

- Once step-down conditions are satisfied, all notes, excluding
the class D notes, will receive their pro-rata share of principal.
Step down conditions include, among others, that the subordination
to the Class A notes is at least 1.5 times the initial level of
subordination, and that there are no unreimbursed charge-offs.

- A yield reserve will be available to cover interest payment
shortfalls on the required payments and any losses not covered by
the excess spread. The reserve is not funded at closing and will
build up from excess spread up to an amount of 2% of the initial
invested amount of the notes, that is AUD1,745,000. If the notes
are not redeemed on the call date, all excess available income will
be trapped in the yield reserve.

- Perpetual Corporate Trust Limited is the back-up servicer. If
Fin One is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 50.0%. Moody's mean expected
default rate for this transaction is 15.2% and the assumed recovery
rate is 10.0%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in our cash flow model to rate
consumer ABS.

The assumed default rate and PCE are higher than for other
Australian auto ABS, reflecting the non-conforming nature of the
securitised portfolio. The lower-than-average assumed recovery rate
reflects Fin One's historical experience.

Key pool features are as follows:

- The weighted average seasoning of the portfolio is 12.0 months,
while the weighted average remaining term is 48.7 months;

- Around 18.7% of loans have prior defaults or judgments, or
both;

- Interest rates in the portfolio range from 12.0% to 26.0%, with
a weighted average interest rate of 20.6%;

- Around 80.2% of the loans are secured by used vehicles;

- Around 68.6% of the pool is composed of consumer loans and 31.4%
of the pool is composed of commercial loans.

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

Upgrade

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Downgrade

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


NORTH QUEENSLAND EXPORT: Moody's Reviews Ba2 Rating For Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the Ba2 senior secured rating
of North Queensland Export Terminal Pty Ltd ("NQXT") under review
for downgrade. The outlook has changed to rating under review from
negative.

NQXT is part of an obligor group that has economic ownership of the
Abbot Point Coal Terminal in North Queensland under a 99-year lease
with state-owned lessor, North Queensland Bulk Port Authority.
Abbot Point Port Holdings Pte Limited, Singapore (unrated) is the
ultimate holding company of the obligor group.

The review reflects the rising uncertainty associated with the
refinancing of NQXT's substantial USD500 million 144A/Reg S bond
maturing in December 2022, amplified by the terminal's rising
thermal coal exposure with an increasingly limited investor
appetite, and the absence of an externally underwritten refinance
plan.

Environmental, social and governance factors were important
considerations in this rating action. Moody's assess the coal
mining and coal terminal sectors as exhibiting very high exposure
to environmental and social risks, with risk factors including
declining demand for coal over time as renewables expand and waste
and pollution rules tighten, and challenges being reported by
certain coal mines and their contractors in Australia in raising
finance and obtaining insurance. Social risks include these
sectors' exposures to political agendas, reflecting the societal
pressure regarding coal's climate impact.

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

"The review considers the refinancing challenges faced by NQXT as
maturity of its USD500 million bond approaches in December 2022,
particularly given the rising ESG risks facing the terminal that
are increasingly limiting investor appetite", says Arnon Musiker, a
Moody's Senior Vice President.

Moody's understands from NQXT management that it continues to work
on a refinance plan, although there is currently no underwritten
take-out of the maturing debt in place.

Refinance risk is being exacerbated by the terminal's thermal coal
exposure, which will increase over the next few years as coal
exports from the greenfield Carmichael thermal coal mine, which is
being developed by Bravus Mining and Resources Pty Ltd, a wholly
owned subsidiary of Adani Enterprises Limited (unrated), ramp up.
NQXT has reported that Carmichael commenced limited production in
the fourth quarter of 2021, and is scheduled to ramp up to over 9
million tonnes per annum.

Moody's central scenario is for Carmichael's contribution to amount
to over 25% of NQXT's revenue over the next few years, a
significant exposure.

Increasingly onerous environmental restrictions in Australia are
likely to affect the operating regime of coal mines or terminals
and hinder mine expansions, whilst increasing penetration of
renewable energy will gradually displace coal-fired power. Still,
Moody's estimates that the majority - around two thirds - of NQXT's
coal volumes comprise metallurgical coal, a commodity that faces
less immediate ESG challenges than thermal.

Moody's recognizes NQXT's sponsor's track record of support for the
terminal, which includes funding an AUD106.8m settlement by the
terminal following a 2020 Queensland Supreme Court judgement, which
has subsequently been reversed on appeal, as well as cash infusions
to refinance AUD270 million of debt maturities in 2020. That said,
there is limited visibility into the sponsor's future capacity to
provide the requisite support for refinancing.

NQXT's credit profile is supported by Moody's expectation that
operating conditions for the Queensland coal sector will remain
favourable into 2023, reflecting strong production driven by high
prices. Still, over time NQXT's credit profile will be increasingly
subject to rising ESG risks as well as the predominance of mines
owned by unrated mining companies in its counterparty base.

NQXT's credit profile is also supported by the contractual
framework under which it operates, with take--or-pay revenues and
ability to socialize lost revenue following contractual default
across other counterparties.

The review for downgrade reflects Moody's view that refinancing
risk will continue to mount until NQXT secures an underwritten
refinancing, and the review will consequently focus on NQXT's
progress on these initiatives. Moody's expects to conclude the
review within the next 60 days.

Given the current review for downgrade, the ratings are unlikely to
be upgraded.

The outlook could be stabilized if NQXT executes a refinancing of
the USD500 million bond, and subject to fundamental coal market
conditions remaining supportive.

The ratings could be downgraded if Moody's assesses that NQXT is
unlikely to complete the refinancing in a timely manner.


TTT LOGGING: First Creditors' Meeting Set for Jan. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of TTT Logging
Pty Ltd will be held on Jan. 11, 2022, at 11:00 a.m. via online
video conference using Zoom meeting software, which also allows for
attendance via telephone, from the offices of Cor Cordis, at
Mezzanine Level, 28 The Esplanade, in Perth WA 6000

Jeremy Joseph Nipps and Stephen Phillip Earel of Cor Cordis were
appointed as administrators of TTT Logging on Dec. 29, 2021.




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C H I N A
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CHINA HUARONG: Sells Consumer Finance Stake to Bank of Ningbo
-------------------------------------------------------------
Caixin Global reports that China Huarong Asset Management Co. Ltd.
agreed to sell a 70% stake in its consumer finance unit to Bank of
Ningbo for CNY1.09 billion ($172.6 million), the state-owned bad
asset manager said late on Dec. 27.

Caixin relates that the deal is part of Huarong's efforts to divest
assets and focus on its core business as the conglomerate revamps
its sprawling businesses after reaching the verge of collapse.

According to Caixin, Huarong put the stake in Huarong Consumer
Finance Co. Ltd. up for sale in August. Shareholders' equity in the
unit was appraised at CNY1.04 billion as of June 30, indicating
that the sale price for the 70% stake was 50% higher than the
appraised value.

China Huarong Asset Management Co Ltd is a China-based company
mainly engaged in asset management business. The Company operates
through three segments. The Distressed Asset Management Operations
segment is engaged in distressed asset management, debt equity swap
asset management, the management of non-performing assets carried
out by subsidiaries distressed asset management business conducted
by its subsidiaries, distressed asset-based special situations
investments business and distressed asset-based property
development business. The Financial Services segment mainly
includes securities and futures business, financial leasing
business, banking services business and consumer finance business.
The Asset Management and Investment Operations segment is mainly
engaged in trust business, private equity funds business, financial
investments business, international business, and other
businesses.


GREENLAND HOLDINGS: Moody's Lowers CFR to Ba3, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Greenland Holding Group Company Limited to Ba3 from
Ba2.

Moody's has also downgraded the following ratings:

- The backed senior unsecured rating of Greenland Global
Investment Limited's medium-term note (MTN) program to (P)B1 from
(P)Ba3;

- The backed senior unsecured rating of Greenland Global
Investment Limited's senior unsecured notes to B1 from Ba3;

- The CFR of Greenland Hong Kong Holdings Limited to B1 from Ba3;

- The backed senior unsecured rating of Greenland Hong Kong
Holdings Limited's MTN program to (P)B2 from (P)B1; and

- The backed senior unsecured rating of Greenland Hong Kong
Holdings Limited 's USD notes to B2 from B1.

Greenland Global's MTN program and senior unsecured notes are
unconditionally and irrevocably guaranteed by Greenland Holding.

Greenland Hong Kong's MTN program and the related notes are
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Greenland Holding, Greenland Hong Kong and
the bond trustee.

Moody's has also changed all the rating outlooks to negative from
ratings under review. It concludes its review for downgrade
initiated on Oct 18, 2021.

"The downgrades reflect our expectation that Greenland Holding's
and Greenland Hong Kong's property sales will fall over the next
6-12 months because of tough business and funding conditions.
Weakened operations will worsen the company's profitability and
financial metrics," says Kaven Tsang, a Moody's Senior Vice
President.

The downgrade of Greenland Hong Kong also reflects the weakened
ability of Greenland Holding to extend support to Greenland Hong
Kong, if needed.

"The negative outlook on Greenland Holding reflects our concerns
that the company's liquidity buffer will reduce over the next 6-12
months if it is unable to improve its access to long-term funding,
given its sizable amount of maturing debt over the period," adds
Tsang.

Greenland Hong Kong's negative outlook reflects Greenland Holding's
negative outlook and Moody's expectation that the company's
operating cash flow will fall on declining property sales amid the
tough operating environment.

RATINGS RATIONALE

Greenland Holding's Ba3 CFR continues to reflect the company's
large scale; good geographic and product diversification in China;
and stable access to certain onshore bank funds, given its close
linkage with the Shanghai government.

The Ba3 CFR rating is constrained by the company's modest
profitability and credit metrics, high debt leverage, large
refinancing needs and weakened access to onshore and offshore debt
capital markets.

Moody's expects Greenland Holding's financial metrics to weaken
over the next 12-18 months, as China's softening property
development and construction markets will restrain the company's
cash flow and EBITDA generation. This is despite Greenland
Holding's focus on deleveraging, cutting its reported debt to
RMB256 billion as of September 2021 from RMB290 billion as of June
2021 and RMB323 billion as of December 2020.

Moody's forecasts Greenland Holding's debt leverage, as measured by
adjusted debt/EBITDA, will increase to around 6.0x over the next
1-2 years from 4.9x for the 12 months ended June 2021. Meanwhile,
its EBIT/interest will decline to around 2.5x from 3.2x over the
same period. These metrics position the company's CFR at the Ba3
level.

Moody's expects Greenland Holding's liquidity to remain adequate
over the next 12-18 months. Nevertheless, the company has sizable
refinancing needs over the period. In particular, it has USD2.7
billion of US dollar bonds maturing between December 2021 and
December 2022.

Greenland Holding completed two fundraising activities, a RMB3
billion two-year loan from its two major shareholders and an
eight-month USD350 million bond in December supported by its
state-owned background. However, the company's access to offshore
debt capital market funding remains uncertain under the current
weak market sentiment. Thus, the company will likely use internal
resources to repay a material amount of maturing debt. This will
deplete its cash and reduce its financial flexibility, if the
weakness in the offshore debt capital markets persists or property
sales decline further.

Greenland Hong Kong's B1 CFR reflects its well-located land banks,
adequate liquidity and stable access to certain onshore bank
funding.

However, the rating is constrained by Greenland Hong Kong's
volatile sales performance given its moderate operating scale and
execution risks amid challenging business conditions.

Moody's forecasts Greenland Hong Kong's debt leverage, as measured
by revenue/adjusted debt, will fall to 90%-100% over the next 1-2
years from 141% for the 12 months ended June 2021 on weak
contracted sales. Meanwhile, its EBIT/interest will decline to
2.5x-3.0x from 4.7x over the same period. Nevertheless, these
projected metrics position the company's CFR well at the B1 level.

Greenland Hong Kong's liquidity is adequate. Moody's expects the
company's cash and other cash equivalent resources, together with
its operating cash flow, to be sufficient to cover its short-term
debt, as well as estimated committed land payments over the next
12-18 months. Its liquidity is also supported by the state-owned
background of its parent.

Senior unsecured ratings for Greenland Holding's guaranteed notes
and Greenland Hong Kong's notes are one notch lower than their
respective CFRs because of the risk of structural subordination.
This risk reflects the fact that most of the claims are at the
operating subsidiaries and have priority over claims at the holding
company level in a bankruptcy scenario. In addition, the holding
companies lack significant mitigating factors for structural
subordination. As a result of these factors, the expected recovery
rate for claims at the holding companies will be lower.

With respect to environmental, social and governance (ESG) factors,
Greenland Holding's CFR takes into account its state-owned
enterprise background; its disclosure of significant related-party
transactions as required of its parent company, Greenland Holdings
Corporation Limited, by the relevant codes for companies listed on
the Shanghai Stock Exchange; and the presence of a diversified
board of directors with four independent non-executive directors,
and four special committees to supervise the company's operations.

Greenland Hong Kong's CFR factors in the substantial state
ownership in its largest shareholder, Greenland Holding, and the
company's history of related-party transactions with Greenland
Holding, such as the provision of shareholder loans and payables,
and asset sales. Greenland Hong Kong is listed on the Hong Kong
Stock Exchange and is governed by the Listing Rules of the Hong
Kong Stock Exchange and the Securities and Futures Ordinance in
Hong Kong SAR, China on related-party transactions.

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

Greenland Holding will face downward rating pressure if its
liquidity and refinancing risks heighten; its access to onshore
bank funds weakens; or if its operating cash flow falls materially
due to a decline in property sales or construction cash flow.

Moody's would also consider downgrading Greenland Holding's ratings
if the company's credit metrics weaken, with adjusted debt/EBITDA
increasing above 6.5x, and EBIT/interest dropping below 2.0x on a
sustained basis.

Greenland Holding's ratings are unlikely to be upgraded given the
negative rating outlook. However, the outlook could be revised to
stable if the company improves its access to funding and maintains
stable operating cash flow and adequate liquidity, while lowering
its debt to more sustainable levels. Credit metrics supportive of a
stable outlook include adjusted debt/EBITDA maintaining at
5.5x-6.0x and EBIT/interest at 2.5x-3.0x on a sustained basis.

Moody's could downgrade Greenland Hong Kong's ratings if Greenland
Holding is downgraded; or if there is a material decline in
Greenland Hong Kong's contracted sales, operating cash flow,
financial metrics or liquidity.

Greenland Hong Kong's ratings are unlikely to be upgraded, given
the negative outlook. However, Moody's could change Greenland Hong
Kong's outlook to stable if Greenland Holding's outlook returns to
stable and Greenland Hong Kong maintains stable sales, solid
financial metrics and adequate liquidity.

Any evidence of a reduction in ownership or weakening in support
from Greenland Holding could also pressure Greenland Hong Kong's
ratings.

Headquartered in Shanghai, Greenland Holding Group Company Limited
is a state-controlled enterprise that primarily focuses on the real
estate sector, with businesses in construction, finance and auto
dealerships as well. Shanghai SASAC indirectly owns 46.37% of
Greenland Holding as of June 2021.

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-quality residential communities,
city center integrated projects, and travel and leisure projects
that target the middle- to high-end customer segment. Greenland
Holding owned 59.11% of Greenland Hong Kong as of 30 June 2021.


GUANGZHOU R&F: Moody's Lowers CFR to Caa2, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
ratings (CFR) of Guangzhou R&F Properties Co., Ltd. to Caa2 from B3
and R&F Properties (HK) Company Limited (R&F HK) to Caa3 from
Caa1.

The rating outlooks for both companies remain negative.

"The rating downgrade of Guangzhou R&F following its proposed
consent solicitation and tender offer to its noteholders, which is
considered as distressed exchange" says Alfred Hui, a Moody's
Analyst.

"The negative outlook reflects the company's weak liquidity with
high uncertainties over its ability to generate enough cash flow to
repay its maturing debts over the next 6-12 months amid challenging
operating and funding conditions, despite the company's plans to
accelerate property sales and asset disposals," adds Hui.

The rating downgrade of R&F HK reflects the company's heightened
liquidity risk and the weakened ability of its parent, Guangzhou
R&F, to provide timely financial and operational support.

RATINGS RATIONALE

On December 15, 2021, Guangzhou R&F proposed a consent solicitation
and tender offer to its bondholders for its USD725 million bonds
with original maturity on 13 January 2022. The proposal provides
two options to bondholders, involving a haircut to principal
repayments or a bond maturity extension.

Moody's views the proposed consent solicitation and tender offer to
be a form of distressed exchange, given this will create economic
losses for creditors. Moody's believes that the intention of the
consent solicitation and tender offer is likely to avoid a default,
considering Guangzhou R&F's weak liquidity to address its maturing
debt.

Moody's expects Guangzhou R&F's cash balance, together with its
operating cash flow, will not be sufficient to cover its sizable
maturing debt over the next 12 months. The company will have to
rely on new financing or asset sales to address its debt maturities
over the next 12 months, but asset sales entail execution risks and
high uncertainties, given the volatile market conditions.

Moody's expects Guangzhou R&F's contracted sales to weaken over the
next 6-12 months, driven by weaker homebuyers' confidence and tight
funding conditions. This will in turn reduce its operating cash
flow for debt repayment.

Guangzhou R&F's Caa2 CFR reflects the company's weak liquidity with
high refinancing needs over the next 12-18 months, and Moody's
expectation that the company will face difficulties in raising new
funds from onshore and offshore channels to address its refinancing
needs amid tight funding conditions.

R&F HK's CFR Caa3 rating reflects its weak liquidity, weak
standalone credit quality with a small scale, high exposure to the
volatile operating environment of the hotel business and its
parent's weaker ability to provide support.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Guangzhou R&F's concentrated
ownership in its key shareholders, and its aggressive financial
management that favors the use of debt to maximize shareholder
returns. Moody's has also considered the company shareholders'
record of providing financial support to the company.

In addition, Moody's considers that Guangzhou R&F is subject to
internal governance structures and standards required by the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.

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

Moody's could downgrade Guangzhou R&F's rating if the company's
liquidity and refinancing risks heighten, or if the recovery
prospects for its creditors deteriorate.

An upgrade of the ratings is unlikely, given the negative outlook.
However, Moody's could revise the outlook to stable if Guangzhou
R&F improves its funding access and materially reduces its
refinancing risks.

Moody's could downgrade R&F HK's rating if Guangzhou R&F's rating
is downgraded.

An upgrade of R&F HK's rating is unlikely, given the negative
outlook. However, Moody's could revise the outlook to stable if
Guangzhou R&F's rating outlook returns to stable.

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a large developer in
China's residential and commercial property sector. As of June
2021, the company had a land bank of 55.5 million square meters
(sqm) in total saleable area, spread across 92 cities in China and
six cities in Australia, the UK, Malaysia, Korea and Cambodia. Mr.
Li Sze Lim and Mr. Zhang Li are the company's co-founders and owned
28.97% and 27.50% in equity interest, respectively, as of 30 June
2021.

R&F Properties (HK) Company Limited (R&F HK) and its subsidiaries
are principally engaged in the development and sale of properties,
property investment and hotel operations in China. The company was
established in Hong Kong SAR, China, on 25 August 2005. It serves
as an offshore funding vehicle and holding company for some of
Guangzhou R&F's property projects in China.


RISESUN REAL: Moody's Cuts CFR to Caa2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of RiseSun Real Estate Development Co., Ltd. to Caa2
from B3. At the same time, Moody's has downgraded to Caa3 from Caa1
the backed senior unsecured rating on the bonds issued by
RongXingDa Development (BVI) Limited and unconditionally and
irrevocably guaranteed by RiseSun.

The outlook on all ratings remains negative.

"The rating downgrades reflect RiseSun's heightened liquidity risk,
following its proposed exchange offer and consent solicitation to
its noteholders," says Kelly Chen, a Moody's Assistant Vice
President and Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to address all its near-term debt maturities amid
challenging funding conditions," adds Chen.

RATINGS RATIONALE

On December 16, 2021, RiseSun announced an exchange offer and
consent solicitation to its bondholders for the two USD senior
notes due in January and April 2022 with a total principal amount
of USD780 million.

The proposal indicates RiseSun's weak liquidity to address its
maturing debt following the decline in its reported cash balance to
RMB24.8 billion as of the end of September 2021, from RMB29.2
billion as of the end of June 2021. In addition, it remains
uncertain if RiseSun could mobilize all of such cash resources for
debt repayment.

Moody's expects RiseSun's contracted sales to decline over the next
6-12 months, driven by weaker homebuyers' confidence and tight
funding conditions. This will in turn reduce its operating cash
flow for debt repayment.

RiseSun's Caa2 CFR reflects the company's weak liquidity with high
refinancing needs over the next 12-18 months, and Moody's
expectation that the company will face difficulties in raising new
funds from onshore and offshore channels to address its refinancing
needs amid tight funding conditions.

RongXingDa's Caa3 senior unsecured bond rating is one notch lower
than RiseSun's Caa2 CFR because of the risk of structural
subordination. This risk reflects the fact that most of the claims
are at the operating subsidiary level and have priority over claims
at the holding company level in a bankruptcy scenario. In addition,
the holding company lacks significant mitigating factors for
structural subordination. As a result, the expected recovery rate
for claims at the holding company will be lower.

With respect to environmental, social and governance (ESG) factors,
RiseSun's Caa2 CFR considers the company's concentrated ownership,
with its chairman, Geng Jianming, and his family and friends
holding a 63.38% stake as of December 1, 2021. Moody's has also
considered the presence of four special committees -- the Audit
Committee, Remuneration Committee, Nomination Committee and
Strategic Committee -- to oversee the company's management and
operations, as well as the company's disclosure of significant
related-party transactions as required by the Corporate Governance
Code for companies listed on the Shenzhen Stock Exchange.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if RiseSun improves its
funding access and materially reduces its refinancing risks.

On the other hand, Moody's could downgrade the ratings if the
company's liquidity and refinancing risks heighten, or if the
recovery prospects for its creditors deteriorate.

Founded in 1996, RiseSun Real Estate Development Co., Ltd.
(RiseSun) engages in real estate and industrial park development,
property management services and hotel operations in China. The
company was listed on the Shenzhen Stock Exchange in 2007 and is
headquartered in Langfang, Hebei province. As of the end of June
2021, it had more than 300 property development projects with an
aggregate gross floor area of 37.4 million square meters.


SHIMAO GROUP: Moody's Lowers CFR to Ba3, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has downgraded Shimao Group Holdings
Limited's corporate family rating (CFR) to Ba3 from Ba1.

Shimao's CFR remains on review for further downgrade.

"The rating downgrade reflects Shimao's increased refinancing risk
due to its constrained funding access and sizable debt maturities
over the next 6-12 months," says Celine Yang, a Moody's Vice
President and Senior Analyst.

Moody's also expects Shimao's contracted sales will continue to
decline, which will further reduce the company's operating cash
flow and, in turn, its liquidity. The deterioration of the
company's credit profile and liquidity position no longer supports
its original Ba1 rating.

"The review for downgrade reflects the uncertainty over the
company's ability to raise new funding, through new borrowing or
asset disposals, to manage its refinancing needs in the next 6 -12
months," adds Yang.

RATINGS RATIONALE

Shimao had unrestricted cash of RMB74.8 billion as of 30 June 2021.
However, Moody's believes there is uncertainty for the company to
mobilize all of these cash for debt repayment, particularly for the
cash at the project and operating companies' levels.

Shimao, at the holding company level, has a large number of
maturities coming due or puttable in 2022, including sizable
offshore bank loans, offshore bonds of around USD1.7 billion, and
onshore bonds of around RMB8.9 billion.

Shimao's slow progress regarding its fundraising and refinancing
arrangements activities recently has increased uncertainties over
the company's ability to manage its refinancing needs.

Moody's forecasts that Shimao's contracted sales will decline over
the next 6-12 months, driven by weaker homebuyer confidence and
diminishing saleable resources driven by its slowdown in land
acquisitions and tight funding conditions. In October, Shimao's
contracted sales dropped by 32% compared with the same period last
year. A decline in contracted sales will weaken the company's
operating cash flow and, in turn, its liquidity.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Shimao's concentrated ownership by its key
shareholder, Mr. Hui Wing Mau, who held a 65% stake as of 30 June
2021.

Moody's has also considered the company's established internal
governance structures and standards, as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange. In particular, the company has three independent
non-executive directors (INEDs) on its nine-member board, and its
board has established three committees with specific written terms
of reference to oversee particular aspects of the company's
affairs. All three committees are composed of INEDs only.

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

Moody's review will focus on (1) Shimao's liquidity, funding access
and refinancing risks, specifically its ability to raise new funds
to address its maturing debt (including puttable bonds); (2) the
progress on its asset disposal to improve its liquidity; and (3)
its ability to generate cash flow from its operations to support
its liquidity.

Moody's could confirm the rating if Shimao strengthens its funding
access and liquidity, demonstrates an ability to refinance or repay
its maturing debt without impairing its balance sheet liquidity,
and maintains healthy credit metrics.

On the other hand, Moody's could downgrade Shimao's rating if the
company's liquidity and refinancing risks heighten; its access to
onshore or offshore funding weakens; or if it experiences a
material decline in operating cash flow due to falling property
sales.

Shimao Group Holdings Limited is a Chinese property developer that
listed on the Hong Kong Stock Exchange in July 2006. It develops
residential properties and owns a portfolio of investment
properties, including hotels. As of the end of June 2021, the
company, together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co., Ltd, held an attributable land
bank of 44.2 million square meters (sqm) in China. Shanghai Shimao
mainly develops commercial properties.


SHINSUN HOLDINGS: Moody's Cuts CFR to B3, Puts Ratings on Review
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Shinsun Holdings (Group) Co., Ltd. (Shinsun) to B3
from B2. Moody's has also downgraded the senior unsecured rating on
the bonds issued by Shinsun to Caa1 from B3.

At the same time, Moody's has placed the ratings on review for
further downgrade. The outlook is changed to rating under review
from negative.

"The downgrade of Shinsun's ratings reflects the company's
heightened refinancing risks because of its weakened funding access
and sizable debt maturities over the next 6-12 months," says Kelly
Chen, a Moody's Assistant Vice President and Analyst.

"The review for downgrade reflects the uncertainty over the
company's ability to raise new funding through new borrowing and
mobilize its cash to manage its refinancing needs over the next
6-12 months," adds Chen.

RATINGS RATIONALE

Moody's expects Shinsun's refinancing risks to heighten as it faces
difficulties in raising new funds from onshore and offshore
channels to address its maturing debts amid a tight credit
environment. In particular, the company has approximately $300
million of offshore bonds maturing before the end of January 2022.

As of June 30, 2021, the company had unrestricted cash of RMB15.5
billion (excluding pledged deposits and cash from property pre-sale
proceeds) compared with reported short-term debt of RMB22.2
billion, but it remains uncertain if the company could use all such
cash resources for debt repayment.

Moody's also expects Shinsun's contracted sales to decline over the
next 6-12 months, driven by weaker homebuyer confidence and the
company's tight liquidity. This will weaken its operating cash flow
and further strain its liquidity.

Shinsun's B3 CFR considers the company's weakening liquidity
position, deteriorated funding access and high refinancing needs
over the next 6-12 months.

On the other hand, the B3 CFR considers Shinsun's sizable operating
scale and established track record in its key markets of Yangtze
River Delta.

The Caa1 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. This risk reflects the
fact that most of the claims are at the operating subsidiary level
and have priority over claims at the holding company level in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership.
Mr.Chen Guoxiang, Shinsun's largest shareholder, holds a 78% equity
stake in the company as of June 30, 2021. Moody's has also
considered (1) the presence of three independent nonexecutive
directors out of a total of seven board members, (2) the presence
of other internal governance structures and standards as required
by the Hong Kong Stock Exchange (HKEX), and (3) the company's
dividend policy to pay out 20%-25% of its attributable net income.

In addition, Moody's has considered Shinsun's large amount of
related party transactions -- including advances to/from related
parties and its purchase of services from related parties. These
transactions are governed by the Listings Rules of the HKEX and the
Securities and Futures Ordinance in Hong Kong SAR, China.

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

Moody's review will focus on (1) Shinsun's liquidity, funding
access and refinancing risks, specifically its ability to raise new
funds and to mobilize its cash to address its maturing debt; and
(2) its ability to generate cash flow from its operations to
support its liquidity.

Moody's could confirm the ratings if Shinsun strengthens its
funding access and liquidity, and refinances or repays its maturing
debt without impairing its balance sheet liquidity.

On the other hand, Moody's could downgrade the ratings if Shinsun's
liquidity and refinancing risks heighten, its operating cash flow
materially declines because of a drop in property sales, or if its
funding access weakens further.

Established in 1995, Shinsun Holdings (Group) Co., Ltd. (Shinsun)
is a Zhejiang-based Chinese property developer with over 20 years
of property development experience. The company's attributable
contracted sales reached RMB78.2 billion in 2020. As of the end of
June 2021, the company had an attributable land bank of 22.9
million square meters.


YESTAR HEALTHCARE: Moody's Withdraws Caa3 CFR on Insufficient Info
------------------------------------------------------------------
Moody's Investors Service has withdrawn Yestar Healthcare Holdings
Company Limited's (Yestar) Caa3 corporate family rating (CFR).

The outlook was negative prior to the withdrawal.

RATINGS RATIONALE

Moody's has decided to withdraw the rating because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the rating.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is a distributor of medical consumable products and film
products in China.




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

[*] FTI Seeks EoI for Shares in Investment Holding Vehicle
----------------------------------------------------------
Mr. Fok Hei Yu and Mr. John David Ayres of FTI Consulting were
appointed Joint and Several Receivers of the entire issued shares
in an investment holding vehicle (the Shares) incorporated in the
British Virgin Islands (the Company).

The Company has an indirect 49% shareholding interest in a company
incorporated in British Columbia, Canada (the Project Company)
through its subsidiaries in Hong Kong and Canada.  The key asset of
the Project Company is a real estate development project located in
Vancouver, Canada (the Real Estate Project).  The remaining 51%
shareholding interest in the Project Company is controlled by a
reputable property developer.

The Real Estate Project is located on a piece of land the size of
which is in excess of 40,000 square feet and will consist of 2
towers of over 400 residential units in total with a total saleable
area of over 330,000 square feet after completion.

The estimated market value of the Real Estate Project as at Feb. 1,
2020 is CAD246 million (subject to various assumptions and
conditions).

Interested parties should note that there is an existing
shareholders agreement governing the management and operation of
the Project Company.

The Receivers are now seeking expression of interest for the
acquisition of the Shares.  The Receivers, the Company, and its
subsidiaries will not provide any representations and warranties in
relation to the Shares, the Company's subsidiaries and the Real
Estate Project and interested parties are expected to conduct and
rely on their own due diligence.  

The deadline for submission of an expression of interest is 5:00
p.m. (Hong Kong time) on Jan. 7, 2022. Interested parties who wish
to submit an expression of interest or obtain further information,
may contact Mr. Edmund Lo at Edmund.lo@fticonsulting.com (+852 3766
4648) or Mr. Stanley Law at Stanley.law@fticonsulting.com (+852
3768 4724).




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

AISHWARYA INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aishwarya
Infrastructure and Developers (AID) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft Facility     10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AID for
obtaining information through letters and emails dated September
15, 2021 and November 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1986, AID undertakes civil construction works
specializing in construction of roads, buildings, and drainage
systems, and in repairs. The firm is a registered Class IA
contractor with the Public Works Department, Karnataka. It
primarily undertakes contracts for Bruhat Bengaluru Mahanagara
Palike.

BMC FERROCAST: CRISIL Cuts Rating on INR18cr Loans to B
-------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of
BMC Ferrocast Private Limited (BFPL; part of the BMC group), as:

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

   Long Term Loan       13.6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with BFPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

To arrive at the rating, CRISIL Ratings has combined the business
and financial risk profiles of BFPL and BMC Metal Cast Pvt Ltd
(BMCPL). That's because the two companies, together referred to as
the BMC group, have common management and treasury with financial
linkages, cater to the same clients, and have the same product
profile.

Des Incorporated in 2011, BFPL has set up a castings product unit
in Adityapur Industrial Area, Jharkhand. The company manufactures
ductile iron products and is one of the major suppliers of axle
parts such as hubs and torque plates to TML and Brakes India Ltd
for itsJamshedpur plant. The installed capacity is 16,000 million
tonne per annum.

BMCPL commenced operations in 1985 as a castings product unit in
the same area. The company manufactures ductile iron products and
is one of the major suppliers of axle parts such as hubs, torque
plates, and rear brakes to the same clients. The installed capacity
is 10,200 million tonne per annum.


DHARMRAJ LOGISTICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Dharmraj Logistics India Private Limited
        No. 16A KH No. 17/12 Block-B
        Arjun Park Nangli Dairy
        Najafgarh, South West Delhi
        DL 110043
        India

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 18, 2022
                               (180 days from commencement)

Insolvency professional: Nisha Malpani

Interim Resolution
Professional:            Nisha Malpani
                         D-190, Rosewood City
                         Rosewood Villa
                         Sector-50, Gurgaon
                         Haryana 122018
                         India
                         E-mail: ip.nmalpani@gmail.com

                            - and -

                         Regus, Level 9
                         Spaze i-Tech Park
                         A1 Tower, Sector-49
                         Sohna Road
                         Gurgaon 122018
                         Haryana, India
                         E-mail: cirp.dharmrajlogistics@gmail.com

Last date for
submission of claims:    January 3, 2022


GLOBAL TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global
Tanning Industries (GTI) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill
   Purchase               4.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     0.19      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.75      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.56      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up GTI for obtaining
information through letters and emails dated September 15, 2021 and
November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2003, Kolkata-based GTI tans raw hide and
manufactures leather gloves. Mr. Dilshad Elahi is the promoter.


HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hansraj
Agrofresh Private Limited (HAFPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.01        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       3.46        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HAFPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HAFPL, a private limited company incorporated in August 2014,
manufactures fruit juices under its Hansraj brand. Registered
office is in Varanasi, Uttar Pradesh, and manufacturing unit in
Jalpaiguri, West Bengal.

KAJUWALLA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kajuwalla
continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit &          10        CRISIL D (Issuer Not
   Working Capital                  Cooperating)
   Demand Loan            
                                    
CRISIL Ratings has been consistently following up with Kajuwalla
(Kajuwalla) for obtaining information through letters and emails
dated September 15, 2021 and November 12, 2021 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Established in 2012, Kajuwalla, a proprietorship concern by Mr.
Jatin Sharma, trades in dry fruits. It is based in Delhi.

KAVERI TUBES: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaveri Tubes
(KT; part of the PPF group) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.35       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           5.00       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KT for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Padmavati Pipes and
Fittings Inc (PPF; formerly, Kaveri Pipes) and KT, because PPF
acquired KT in fiscal 2017. The two entities are together referred
to as the PPF group.

KT, established in 2006, manufactures PVC pipes used in irrigation,
drinking water lines, and sewerage. Its outstanding bank loan
facilities have been transferred to PPF.

PPF, established in 2014, manufactures PVC pipes and fittings used
in irrigation, drinking water lines, and sewerage. The firm
commenced operations in April 2015. Its operations are managed by
Mr. Sharad Agarwal, one of the partners in the firm.

LAVASA CORP: Lenders Approve Darwin Platform's Acquisition Bid
--------------------------------------------------------------
Press Trust of India reports that Mumbai-based Darwin Platform
Infrastructure Ltd (DPIL) on Dec. 24 said its bid to acquire Lavasa
Corporation through the insolvency process has been approved by the
debt-ridden firm's lenders.

PTI relates that the resolution plan submitted by Darwin Platform
received 97% votes of the Committee of Creditors (CoC), banking and
market sources said.

At least 66% votes are required for the approval of a bid. After
CoC approval, the bid has to be cleared by the National Company Law
Tribunal (NCLT).

In August 2018, the NCLT had admitted a plea filed by operational
creditors who initiated Corporate Insolvency Resolution Process
(CIRP) against Lavasa Corporation under the Insolvency and
Bankruptcy Code (IBC).

"It is very encouraging for us as CoC has accepted for resolution
plan and expressed full confidence in it. We have an ambitious and
long-term plan for Lavasa Smart City. DPIL has capabilities and
resources to meet the expectations of the CoC," Darwin Platform
Group of Companies (DPGC) Group Chairman Ajay Harinath Singh said
in a release, PTI relays.

Confirming the development, a banker told PTI that the resolution
plan of around INR1,500 crore submitted by Darwin Platform was
approved on Dec. 24 with 97 per cent votes in favour.

There was another bid submitted by Dhir Hotels, jointly owned by
Alchemist ARC President Srishti Dhir and her brother Madhav Dhir,
which was not accepted by lenders, the banker said.  

On November 25, DPIL had submitted an addendum to its November 20
resolution plan, PTI recalls. Earlier this month, the CoC had
started the process to finalise the resolution plans.  

There are 16 financial creditors to the debt-laden company,
including Union Bank of India, L&T Infra Finance, Asset
Reconstruction Company (India) Ltd (ARCIL), Bank of India, Axis
Bank, Central Bank of India, Punjab National Bank, Asset Care &
Reconstruction Enterprise Ltd (ACRE), State Bank of India and Bank
of Baroda, among others, PTI discloses.    

The financial creditors have claimed INR6,412.75 crore from the
company. So far, INR5,560.94 crore of the amount claimed has been
verified, PTI discloses citing information on Lavasa Corporation's
website.   

Lavasa Corporation, which was promoted by construction firm
Hindustan Construction Company (HCC), was developing a large
township spread over 10,000 hectares in Lavasa near Pune in
Maharashtra, the report notes. Lavasa was initiated as per the
Maharashtra's government policy and regulations for new hill
stations as India's first privately built smart city.   

In August 2018, HCC had said the project was severely impacted by a
Ministry of Environment notification to stop work for
jurisdictional reasons and not for environmental infractions.   

Erstwhile promoter HCC owned nearly 70% of Lavasa Corporation Ltd,
PTI notes.

Lavasa Corporation Limited develops and manages a hill city in
India. Its portfolio includes R&D and training centers, IT and
biotech industry, KPOs and those related to art, fashion, and
animation companies; hospitality, tourism, health, education, and
IT and ITES industries; lakeside apartments, villas, rental
housing, and retiree housing; and studio apartments, starter homes,
and workforce apartments.

MAHAMAYAY METALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mahamayay Metals LLP
        G-106-107, RIICO Industrial Area
        Khushkhera, Tehsil-Tijara
        Distt-Alwar
        Rajasthan 301707

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: June 19, 2022
                               (180 days from commencement)

Insolvency professional: Vikram Bajaj

Interim Resolution
Professional:            Vikram Bajaj
                         308, 3rd Floor
                         Pearls Business Park
                         Netaji Subhash Place
                         Pitampura, New Delhi 110034
                         E-mail: bajaj.vikram@gmail.com
                                 ip.mahamayay@gmail.com

Last date for
submission of claims:    January 4, 2022


MYSORE FRUIT: CRISIL Lowers Rating on INR20cr Loans to D
--------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Mysore Fruit Products
Private Limited (MFP) to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Ratings downgraded the rating on the
bank facilities of MFP from 'CRISIL B/Stable Issuer Not
Cooperating' to 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         2         CRISIL D (Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Packing Credit         6         CRISIL D (Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Term Loan    12         CRISIL D (Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

The ratings reflect delays in the repayment of the term loans on
account of weak liquidity arising from inadequate cash accrual for
meeting debt repayments, and lack of timely unsecured loan support
offered by group companies.

The ratings also reflect MFP's weak financial risk profile which
are partially offset by the extensive industry experience of MFP's
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: MFP has delayed the repayments on its
term loans in the months of September and October 2021 due to weak
liquidity profile. MFP business risk profile has declined on
account of reduced export orders, resulting in lower turnover for
the year ended March 2021. Further, operating losses deteriorated
the business risk profile of the company. This resulted in the
delay in debt repayments during the past three months ending in
November 2021.

* Weak Financial Risk Profile: Weak financial risk profile marked
by eroded networth largely on account of consecutive operating
losses till period ending fiscal 2021. As a result, debt protection
metrics also remain poor.

* Susceptibility of margins to volatility in raw material prices
and forex rates: The fruit-processing industry in India is highly
fragmented due to low entry barriers; this is because of low
capital intensity and less dependence on technology. Hence, MFP
faces intense competition from unorganised players as well as large
established players with high processing capacities, resulting in
limited pricing flexibility.

Strength:

* Experienced management: MFP is an established player in the
fruit-processing industry with presence for the past five decades.
It was formed by GoK in 1957 and was taken over in 1987 by Mr. D
Adikesavulu, who has more than two decades of domain experience.

Liquidity: Poor

Liquidity is poor, as reflected in delays in the repayment of term
loans in the months of September and October 2021, which were
subsequently cleared in November 2021.

Rating Sensitivity factors

Upward factors:

* 90 day track record of timely repayment of debt obligations
Increase in revenue and operating margin

MFPPL was set up in 1957 by the Government of Karnataka; it was
acquired by Mr. D Adikesavulu in 1987. The company was
reconstituted as private limited company in 2005. It manufactures
fruit juice and pulp from mangoes, guavas, grapes, pomegranates,
and tomatoes, at its two processing units in Bengaluru, with
capacity of 13,500 tpa. The company sells to domestic markets
within Karnataka.

NIWAS TEXTILES: CRISIL Lowers Rating on INR25cr Loans to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shree
Niwas Textiles Private Limited (SNTPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SNTPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003, SNTPL manufactures readymade garments for
kids at its facility in Dhulagarh, Howrah (West Bengal). Export
accounts for 20-25% of the company's revenue. Its daily operations
are managed by promoter director Mr. Biram Prakash Sultania and his
family members.

PALAPPILLIL TECHNO: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palappillil
Techno Rubbers (PTR) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5.6       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash
   Credit Limit           1.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PTR for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PTR was set up in 2018 by the partners, namely Mr. PM Varghese ,
Mr. Sajeev Kurian, Mathew V. Palappillil,PV Kuriakose & Pu. Atlias.
And iss engaged  in establishing a crumb rubber factory having a
manufacturing capacity of 9,000 tonne crumb rubber annually on a
three-shift basis. The facility may commence operations by
September 2018.

PERIYAR AGRO FOOD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Periyar Agro Food Industries Pvt. Ltd.
        1/812 ABC, Chundamalawest
        Vengola PO, Chundamala
        Perumbavoor, Ernakulam

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: June 19, 2021

Insolvency professional: Mr. George Varkey

Interim Resolution
Professional:            Mr. George Varkey
                         Building No. 110, Ground Floor
                         Surabhi Nagar, Kakkanad
                         Kochi, Kerala 682030
                         E-mail: geovaktm@gmail.com

Last date for
submission of claims:    January 4, 2022


RADIUS ESTATES: 80% of Creditors Approve Adani's Bid
----------------------------------------------------
Economic Times of India reports that Adani's bid for Mumbai realty
company Radius Estates has been approved by 80% of creditors,
surpassing the requisite two-thirds majority required under
Insolvency and Bankruptcy Code (IBC) guidelines for approval of a
bid, according to sources in the know.

ET says the Adani bid became controversial after debenture holders
of Radius Estates, ICICI Prudential Venture Capital Fund Real
Estate Scheme 1 and Beacon Trusteeship approached national company
law tribunal (NCLT) on Dec. 23 opposing its bid on the grounds that
it forces creditors to take a 90% "haircut." ET had first reported
about Adani's bid for Radius Estates in its edition on Dec. 22 and
subsequently reported the opposition from the debenture holders on
Dec. 24.

The NCLT had on Dec. 24 directed the lenders to continue voting on
Adani's bid but extended the voting timeline till Dec. 27.

Radius Estates owes creditors including banks and financial
institutions and home buyers INR3000 crore in unpaid dues, ET
discloses.

Radius Estate's resolution professional Jayesh Sanghrajka declined
to comment when contacted by ET.

According to the report, the banks and financial institutions and
the home buyers are in favor of Adani's bid as is demonstrated by
the voting results. They also approved a resolution to provide
interim finance worth Rs. 500 crore to complete payment of
statutory dues to government authorities and resume construction of
the project, according to sources.

ET says Adani's plan requires financial creditors such as Housing
Development Finance Corporation (HDFC), Yes Bank, Dewan Housing
Finance Corp. Limited (DHFL) and the debenture holders to write off
90% of their dues of about Rs. 1700 crore. HDFC alone has loaned
around Rs. 1000 crore to the company.

However, Adani has offered to complete a luxury residential project
called Ten BKC that Radius Estates is constructing at no further
cost to the home buyers. Ten BKC has over 400 residential units
under construction.

ET notes that the haircut is not acceptable to the debenture
holders who have argued that they represent the interest of small
savers and pensioners who subscribed to schemes which invested in
debentures of the company. ICICI Prudential's scheme has 1810
investors and Beacon Trusteeship represents 330 investors. Their
collective outstanding dues are around INR200 crore.

ET relates that the debenture holders may approach national company
law appellate tribunal (NCLAT) to oppose the voting results on the
grounds that the home buyers are wealthy individuals who have
purchased homes worth INR5 crore or more and should shoulder more
of the financial burden.

Radius Estates and Developers Private Limited operates as a real
estate company. The Company offers construction of residential,
commercial, and infrastructure projects. Radius Estates and
Developers serves customers in India, Dubai, Singapore, Hong Kong,
and the United States and United Kingdom.


RAJIV AUTOMOBILES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajiv
Automobiles Private Limited (RAPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.95       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit-Stock     1.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Overdraft Facility    2.0        CRISIL A4 (Issuer Not
                                    Cooperating)

   Standby Letter        1.5        CRISIL B/Stable (Issuer Not
   of Credit                        Cooperating)

   Term Loan             1.05       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RAPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1995, RAPL earlier traded in diesel engines. In
2003, it became an authorized dealer of MSIL's passenger cars in
Muzaffarpur. RAPL has dealership for all models of MSIL's passenger
vehicles.

The company has two showrooms-one of MSIL and the other of Nexa
(started operations in April 2017). The company is promoted and
managed by family members Mr. Sanjeev Kumar, Mr. Suresh Kumar, Ms
Rajkumari Sinha, and Ms Roopa Singh.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Working Capital       2.5        CRISIL B+/Stable (Issuer Not
   Demand Loan                      Cooperating)

   Working Capital      13          CRISIL B+/Stable (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with RRMPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RRMPL, incorporated in 2011, mills rice. The company has a
12-tonne-per-hour rice milling facility in Baghni, Bihar. The
operations are managed by promoters Mrs. Sandhya Singh and Mr.
Santosh Singh.

RBL BANK: India Central Bank's Move on Lender Causes Jitters
------------------------------------------------------------
Asia Times reports that the Reserve Bank of India's weekend
intervention in RBL Bank has triggered rumors regarding the health
of the privately-owned lender.

According to Asia Times, the central bank on December 25 appointed
its own staffer, Chief General Manager Yogesh Dayal, as an
additional director on RBL Bank's board for a two-year term.  At
the same time, RBL Bank said its Chief Executive Officer Vishwavir
Ahuja will go on leave and Executive Director Rajeev Ahuja will
take over as interim chief.

While RBL Bank didn't offer any clarity behind the banking
regulator's move, Rajeev Ahuja tried to reassure customers and
investors by claiming that the central bank has full faith in the
bank's management and its financial position, Asia Times relates.
He also assured the December quarter is expected to be better than
the preceding one.

Asia Times says the bank claimed that while slippages in its asset
quality peaked in the July-September quarter, improvement can be
expected in the upcoming quarters and the net non-performing assets
position will also improve.

The net NPA was 2.14% for the quarter ended September 30 and the
new chief has assured it will be below 2% by the end of March
quarter, Asia Times relays. The bank's profitability had slipped to
300 million rupees due to continued slower growth, margin
contraction and elevated provisions.

In the April-June quarter, RBL Bank had reported a 47% decline in
standalone net profit at 1.41 billion rupees and its provisioning
had jumped twofold.

Meanwhile, the central bank's surprise move during a Christmas
weekend has rattled the markets. Shares of RBL Bank hit a 52-week
low on Dec. 27 and slipped as much as 20%. Most analysts have
lowered the lender's ratings and substantially cut its price
targets.

According to Asia Times, there are some media reports that top
stockbroker Rakesh Jhunjhunwala and retail chain D-Mart's founder
RK Damani want to buy a 10% stake in the bank and have approached
the banking regulator. However, neither Jhunjhunwala nor Damani has
made a statement in this regard.

Asia Times relates that prominent bank employees' trade union All
India Bank Employees Association has urged the federal government
to protect the interests of depositors at RBL Bank. In a letter to
Finance Minister Nirmala Sitharaman, it also suggested merging the
troubled bank with a state-owned lender.

In the past, Reserve Bank had appointed additional directors to the
boards of Jammu & Kashmir Bank, Yes Bank, Dhanlaxmi Bank and
Ujjivan Small Finance Bank owing to concerns about asset quality,
inability to raise capital or weak operating performance/metrics,
and to strengthen board and corporate governance, adds Asia Times.

Mumbai-based RBL Bank offers services across six verticals:
corporate and institutional banking, commercial banking, branch and
business banking, retail assets, development banking and financial
inclusion, treasury and financial market operations.


RS SEVEN LIFESTYLE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: RS Seven Lifestyle Private Limited
        Flat No. 7514 Sector-D
        Pocket 7, Vasant Kunj
        New Delhi 110070

Insolvency Commencement Date: December 21, 2021

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Mr. Harsh Garg

Interim Resolution
Professional:            Mr. Harsh Garg
                         Room No. 14
                         Punjab & Haryana High Court
                         Chandigarh 160001
                         E-mail: harsh.garg81@gmail.com

                            - and -

                         H.No. 170, Sector 21-A
                         Chandigarh 16022
                         E-mail: ip.rsseven@gmail.com

Last date for
submission of claims:    January 4, 2022


SALASAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Salasar
Industries Private Limited (SSIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Proposed Short Term
   Bank Loan Facility     0.17      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             11         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1.6       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSIPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSIPL, incorporated in September 2013, manufactures ferrosilicon.
The manufacturing facility at Naharlagun, Arunachal Pradesh, has a
capacity of 8800 tonne per annum. The company took over the
operations of Shree Salasar Industries (a partnership firm set up
in 2008) with effect from September 10, 2013.

SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sanyeeji Rolling Mills (SSRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          19.48       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       6.11       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Long Term Loan       13.89       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital      21.52       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SSRM for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures
thermo-mechanically treated (TMT) bars at its unit in Guwahati
(Assam).

SHIVCHAND RAI: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shivchand Rai
Krishn Kumar (SCK) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.58       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCK for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SCK is a proprietorship established in 1984 and promoted by Mr.
Krishna Kumar Murarka based in Ranchi, Jharkhand. It trades in
cotton, synthetic, and grey fabrics. Mr. Murarka has over three
decades of experience in the fabric trading business.


SUBHASH STONE: CRISIL Hikes Rating on INR9cr Loan to B
------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with the
Securities and Exchange Board of India guidelines, had migrated its
rating on the long-term bank facility of Subhash Stone Industries
Private Limited (SSIPL) to 'CRISIL D Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information necessary for carrying out a comprehensive review of
the rating. Consequently, CRISIL Ratings is migrating its rating
from 'CRISIL D Issuer Not Cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL B/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

The rating reflects timely regularisation of cash credit limit over
the three months through November 2021, supported by improvement in
liquidity. This was in turn backed by higher order flow and
additional bank funding in the form of emergency credit line
guarantee scheme.

The rating reflects the favourable location of SSIPL's plant and
the experience of its promoters. These strengths are partially
offset by modest scale of operations in the intensely competitive
stone crushing industry and large working capital requirement.

Key rating drivers & detailed description

Weaknesses:

* Small scale of operations: Exposure to intense competition and
government regulations continue to constrain scalability and hence
pricing power and profitability. Revenue was modest at Rs 13.03
crore though operating margin was healthy at 20.5%, in fiscal
2021.

* Large working capital requirement: As extraction cannot be
carried out during the monsoon season, inventory is sizeable during
June-August (build-up starts from February-March). The company
stocks 6-8 months of inventory between March and May; on average,
it maintains inventory of 10 months for smooth operations.

Strengths:

* Locational advantage: The plant is in Haldwani (Uttarakhand) near
the Gaula riverbed, which has ample stones. This substantially
lowers the cost of transporting stones from the quarry to the
plant.

* Extensive experience of the promoters: Presence of around two
decades in the stone crushing segment has enabled the promoters to
develop a strong understanding of local market dynamics and
establish healthy relationships with customers and suppliers.

Liquidity: Stretched

Liquidity is likely to remain under pressure over the medium term
on account of large working capital requirement. The company
frequently availed of ad hoc credit line while bank limit was fully
utilised. Cash accrual of Rs 0.86-1.18 crore will tightly match
term debt obligation of Rs 0.76-0.9 crore, over the medium term.
However, current ratio was healthy at 1.59 times as on March 31,
2021. The promoters are likely to extend equity and unsecured loans
to meet working capital requirement and debt obligation.

Outlook: Stable

The company will continue to benefit from the experience of its
promoters.

Rating sensitivity factors

Upward factors

* Increase in revenue by more than 40% per fiscal and stable
operating margin, leading to net cash accrual of over Rs 1 crore
per fiscal
* Better financial risk profile and efficient working capital
management

Downward factors

* Decline in operating margin by more than 300 basis points
* Substantial increase in working capital requirement or withdrawal
of unsecured loans adversely affecting financial risk profile,
especially liquidity

SSIPL was incorporated in 1995 and is promoted by Mr. Subhash
Chand, Mr. Suresh Chand and Mr. Ajay Kumar. The company crushes
stones procured from the Gaula riverbed in Haldwani.


SUNBEAM DEALERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sunbeam
Dealers Private Limited (SDPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SDPL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SDPL established in 2013 is engaged in the trading of in trading of
cotton, synthetic and grey fabrics. The company is promoted by Mr.
Amit Sarawgi & Mr. Swati Sarawgi and it is based out in Ranchi,
Jharkhand.

TEKNOVATION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Teknovation
Engineers Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       1.05        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          2.50        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            3.80        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TEPL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in January 1988, TEPL is engaged in manufacturing of
machineries for paper industry as per specification of customers.
TEPL also in engaged in corrosion management for hydel power and
thermal power projects, however majority of the revenue is derived
from sale of machineries to paper industry.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.6        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    5.4        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with VMN for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VMN was set up in April 2017 as a private limited company by Mr.
Vijay Kumar and Mr. Narayan Swami in Bengaluru, Karnataka. It
undertakes subcontracts for civil construction projects of AIPL,
Gujarat, involving laying of gas pipes and allied civil works. The
company also intends to bid for direct projects in the near
future.




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

BUILDING BROKER: Creditors' Proofs of Debt Due on Jan. 24
---------------------------------------------------------
Creditors of The Building Broker NZ Limited, which is in
liquidation, are required to file their proofs of debt by Jan. 24,
2022, to be included in the company's dividend distribution.

Richard Nacey and Marcus McMillan of PwC were appointed joint and
several liquidators of the company by the High Court at Palmerston
North on Dec. 17, 2021, on the application of Inland Revenue. On
Dec. 20, 2021, Marcus McMillan resigned as liquidator and was
replaced by Wendy Somerville. Richard Nacey and Wendy Somerville
are Licensed Insolvency Practitioners (NZ).

The company's liquidators can be reached at:

          Richard Nacey
          Marcus McMillan
          PwC Wellington
          PO Box 243
          Wellington 6140
          New Zealand

EGMONT LOGGING: Creditors' Proofs of Debt Due on Jan. 24
--------------------------------------------------------
Creditors of Egmont Logging Limited, which is in liquidation, are
required to file their proofs of debt by Jan. 24, 2022, to be
included in the company's dividend distribution.

Wendy Somerville and Malcolm Hollis were appointed joint and
several liquidators of Egmont Logging Limited by the High Court at
New Plymouth on Dec. 14, 2021, on the application of the
Commissioner of Inland Revenue.

The company's liquidators can be reached at:

          Wendy Somerville
          Malcolm Hollis
          PwC
          PO Box 191
          Hamilton 3240
          New Zealand


IREPAIR NELSON: Creditors' Proofs of Debt Due on Jan. 24
--------------------------------------------------------
Creditors of Irepair Nelson Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 15, 2021.

The company's liquidators are:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27, Nelson 7040
          New Zealand


MOORE DECORATORS: Creditors' Proofs of Debt Due on Jan. 19
----------------------------------------------------------
Creditors of Moore Decorators Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 19,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 16, 2021.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour, Auckland 0751
          New Zealand


NUFLOORS 4U: Creditors' Proofs of Debt Due on Feb. 11
-----------------------------------------------------
Creditors of Nufloors 4U 2016 Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 11,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 22, 2021.

The company's liquidators are:

          R. Mason-Thomas
          Meltzer Mason, Chartered Accountants
          PO Box 6302, Victoria Street West
          Auckland 1141
          New Zealand
          Email: rachel@meltzermason.co.nz


SUZANNE GREGORY: Creditors' Proofs of Debt Due on Jan. 27
---------------------------------------------------------
Creditors of Suzanne Gregory Retail Limited and Gregory Retail
Limited, which are in voluntary liquidation, are required to file
their proofs of debt by Jan. 27, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2021.

The company's liquidators are:

          Gareth Russel Hoole
          Ecovis KGA Limited
          PO Box 37223
          Parnell, Auckland
          New Zealand




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

CHINA FISHERY: Unsecureds Will Recover 2% to 10% Under Plan
-----------------------------------------------------------
Judge James L. Garrity of the U.S. Bankruptcy Court for the
Southern District of New York has entered an order approving the
Disclosure Statement explaining the Plan of China Fishery Group
Limited (Cayman) et al.

Judge Garrity will convene a hearing to consider confirmation of
the Plan on Jan. 19, 2022 at 11:00 a.m. (prevailing Eastern time),
as such date may be continued or adjourned by the Bankruptcy
Court.

Objections, if any, to the Plan must be filed and served by no
later than Jan. 10, 2022 at 4:00 p.m. (prevailing Eastern time).

The responsive pleadings to any objection to confirmation of the
Plan shall be filed by no later than Jan. 13, 2022 at 4:00 p.m.
(prevailing Eastern time).

All ballots by holders of claims in the Voting Classes must be
received by Voting Agent, or (iv) via the Voting Agent's E-Ballot
platform by no later than 4:00 p.m. (Eastern Time) on January 10,
2022.

The Plan Debtors shall cause the Voting Agent to mail the
Solicitation Package to all known Holder of Claims in in Class 5
(CFGL Unsecured Claims), Class 7 (Intercompany Claims), and Class 9
(Existing CFCL Interests) against the CFGL Plan Debtors
(collectively the "CFGL Voting Classes") and Class 4 (Taipei Fubon
Term Loan Claims), Class 5 (PARD Bond Claims), Class 6 (CITIC
Banking Facilities PARD Claims), Class 7 (Maybank PARD Group
Facility Claims), Class 8 (Standard Chartered PARD Group Facility
Claims), Class 9 (UOB Banking Facility Claims), Class 10 (Rabobank
PARD Group Facility Claims), Class 11 (Bank of America PARD Group
Facility Claims), Class 12 (DBS PARD Group Facility Claims), Class
13 (Sahara Loan Claims), Class 14 (PARD General Claims), Class 15
(Intercompany Claims) against the PARD Plan Debtors (collectively,
the "PARD Voting Classes", and collectively with the CFGL Voting
Classes, the "Voting Classes") by no later than seven (7) business
days after the date of entry of this Order (the "Solicitation
Deadline"). The Plan Debtors may, rather than provide paper copies,
in their discretion, provide the Disclosure Statement, Plan, and
Disclosure Statement Order electronically on a USB drive in an
Adobe Acrobat portable document format (PDF), along with paper
copies of the Confirmation Hearing Notice and the applicable
Ballot(s). Parties may submit a written request to the Voting Agent
if they prefer a paper copy of the Disclosure Statement, Plan,
and/or the Disclosure Statement Order and all such requests will be
fulfilled.

                       Fourth Amended Plan

China Fishery Group Limited (Cayman) et al. submitted a Disclosure
Statement for the Revised Fourth Amended Joint Chapter 11 Plan of
Reorganization.

The Plan Debtors are part of the Pacific Andes Group, that once
collectively constituted one of the largest seafood companies in
the world. The Debtors' business can be broken down into three
groups of entities: (i) the PAIH Group (principally engaged in the
production and export of seafood products), whose holding company,
Pacific Andes International Holdings Limited (Bermuda)("PAIH"), was
previously listed on The Stock Exchange of Hong Kong; (ii) the PARD
Group (which was principally engaged in global sourcing and supply
of frozen seafood products to the international markets); and (iii)
the CFGL Group (one of the largest producers and suppliers of
fishmeal and fish oil in the world). The events that precipitated
these Chapter 11 Cases have also had an impact on those Pacific
Andes Group of companies that are not debtors in these Chapter 11
Cases.

The Debtors consist principally of holding companies. Overall,
their asset of greatest value was their indirect or direct
interests in two non-Debtor affiliate Peruvian operating companies
-- CFGI and Corporacion Pesquera Inca S.A.C. The Peruvian Opcos
operate the Pacific Andes Group's anchovy fishing business in Peru
and together control a significant percentage of the anchovy
fishing quotas fixed by the Peruvian government.  Debtor CFG Peru
Singapore is the direct or indirect parent of the Peruvian Opcos as
well as a number of other subsidiaries.

Due to the corporate structure, the business organization and the
companies' operations, the restructuring of the Debtors will be
implemented through three separate chapter 11 Plans -- (i) the CFG
Peru Plan, which was proposed by the Creditor Plan Proponents and
previously confirmed by the Bankruptcy Court by CFG Peru
Confirmation Order dated June 10, 2021; (ii) the Joint Debtor Plan,
which addresses and satisfies the Claims of the Joint Plan Debtors;
and (iii) the PAIH Plan, which will be submitted separately but
contemporaneously with the Joint Debtor Plan, in which the Debtors
will address and satisfy the claims of the creditors at the PAIH
Group.

Under the CFG Peru Confirmation Order, and subject to authorization
under U.K. law and Singapore law, the CFG Peru Plan, inter alia,
will distribute the equity of the Peruvian OpCos, as well as
certain new notes and cash, to holders of the Club Facility Claims
and the Senior Notes Claims in full satisfaction of those claims.

The value of the Peruvian Opcos is not available for distribution
under the Joint Debtor Plan.  Further, the CFG Peru Plan is deemed
to satisfy the Bank of America CFG Facility Claims and Standard
Chartered CFG Facility Claims in full.  Accordingly, as related to
the PAIH Plan and the Plan Debtors herein, these categories of
claims are deemed satisfied in full and shall receive no recovery
under the Joint Debtor Plan.

The Joint Debtor Plan would pay the creditors of the CFGL Plan
Debtors and PARD Plan Debtors, not satisfied under the CFG Peru
Plan, cash from (i) the CFG Peru Settlement Proceeds and
(ii)liquidation of any Residual Assets (including preserved Claims
and Causes of Action).

The allocation of value under the Joint Debtor Plan captures, inter
alia, distributions to and through Intercompany Claims.  As such,
Intercompany Claims are satisfied by the payments to the ultimate
beneficiary creditors as set forth herein and do not receive
additional distributions.  Similarly, the Joint Debtor Plan
provides for unified recovery and treatment of Claims against all
Plan Debtors.  The allocation of value considered the presence of
guarantees, joint and several liability and other assertions of
multiple avenues of recovery.  As such, any Claim based on the same
obligations or underlying facts will only receive distribution on
account of a single assertion of such Claim. Additionally, the CFG
Peru Settlement Agreement allocated proceeds in recognition of
other rights and causes of action held by certain Debtors or their
stakeholders and the Joint Debtor Plan encapsulates such
allocation.

Distributions to creditors of the Plan Debtors under the Joint
Debtor Plan are premised on the receipt by the Plan Debtors of at
least USD $20 million, plus the amount of the Holdback Payment (as
defined in Section 1.5(b) of the CFG Peru Settlement Agreement)
(the "CFG Peru Settlement Proceeds"), plus USD $6,000,000 allocated
for and to be used for payment of certain administrative expense
claims and reimbursements (the "CFG Peru Administrative Expense
Settlement Proceeds"), to be paid to the Plan Debtors pursuant to
the CFG Peru Settlement which was approved and authorized by the
Court under Bankruptcy Rule 9019 in the CFG Peru Confirmation
Order. The CFG Peru Settlement Proceeds and CFG Peru Administrative
Expense Settlement Proceeds shall be paid upon the Restructuring
Effective Date under the CFG Peru Plan.

The CFG Peru Settlement Agreement, as approved under Bankruptcy
Rule 9019 by the Bankruptcy Court as part of the CFG Peru Plan,
sets forth the allocation of such CFG Peru Settlement Proceeds as
described herein below, and the Joint Debtor Plan shall distribute
such allocation of value. Specifically, the CFG Peru Settlement
Agreement provides for the following allocations in Section 1.5(d)
thereof, which are incorporated into the Joint Debtor Plan:

  (i) To the extent not paid in connection with the satisfaction of
the Intercompany Netting Agreement, an amount equal to the allowed
and unpaid professional fees and administrative Claims against the
Other Debtors for the benefit of the holders of such professional
fees and administrative Claims;

(ii) An amount equal to the lesser of (a) the value of allowed
Unsecured Claims against Debtor subsidiaries of CFGL and (b) $5.1
million for the benefit of holders of allowed Unsecured Claims
against Debtor subsidiaries of CFGL;

(iii) An amount equal to the lesser of (a) the value of allowed
Unsecured Claims against CFGL and (b) $1.9 million for the benefit
of holders of allowed Unsecured Claims against CFGL; and

(iv) Any remaining amounts (after consideration of items (i)
through (iii) above) for the benefit of (a) holders of allowed
Unsecured Claims against Super Investment and PARD (70.5% of such
amount) and (b) public equity holders of CFGL (29.5% of such
amount).

Of the amounts set forth in clauses (ii) and (iii) above, $5.0
million will be used (directly or through reimbursement of advances
by the Ng Family Entities) to settle claims against the CFGL Plan
Debtors asserted by the Liquidator-Controlled Companies as part of
the Liquidator-Controlled Companies Settlement.

To the extent there are any additional assets, the Joint Debtor
Plan shall provide for the liquidation of such assets for
distribution to creditors in accordance with the allocation set
forth in the Joint Debtor Plan.

The CFG Peru Settlement Proceeds, CFG Peru Administrative Expense
Settlement Proceeds and any proceeds from the liquidation of the
residual assets, shall be distributed under the Joint Debtor Plan
(i) to satisfy Allowed Administrative Expense and other priority
claims; (ii) to satisfy certain secured claims, (iii) to fund the
wind down of the Plan Debtors, and (iv) to satisfy and pay Allowed
unsecured Claims and Allowed CFGL Public Interests, as allocated in
the CFG Peru Settlement Agreement.

Further, the Joint Debtor Plan and the Confirmation Order shall
incorporate by reference, to the extent applicable, (a) the
Liquidator-Controlled Companies Settlement Agreement and order of
the Court approving same, and (b) the HSBC Settlement Deed and
order of the Court approving same.  In the event of any
inconsistency between the Joint Debtor Plan and the
Liquidator-Controlled Companies Settlement Agreement, the
Liquidator-Controlled Companies Settlement Agreement shall
control.

Finally, pursuant to Sections 363 and 1123(b)(3) of the Bankruptcy
Code and Bankruptcy Rule 9019 and in consideration for the
distributions and other benefits provided pursuant to the Joint
Debtor Plan, the provisions of the Joint Debtor Plan shall
constitute a good faith compromise of all Claims, Interests, and
controversies relating to the contractual, legal, and subordination
rights that a holder of a Claim or interest may have with respect
to any Claim or interest against or in any entity in the Company
Group or their assets (whether or not such entities are Debtors) or
any distribution to be made on account of any such Claim or
interest. The entry of the Confirmation Order shall constitute the
Bankruptcy Court's approval of the compromise or settlement of all
such Claims, interests, and controversies, as well as a finding by
the Bankruptcy Court that such compromise or settlement is in the
best interests of the Plan Debtors, their Estates, and holders of
Claims and Interests and is fair, equitable, and reasonable. In
accordance with the provisions of the Joint Debtor Plan pursuant to
sections 363 and 1123(b)(3) of the Bankruptcy Code and Bankruptcy
Rule 9019(a), without any further notice or action, order or
approval of the Bankruptcy Court, the Plan Debtors and, after the
Effective Date, the Plan Debtors or the Plan Administrator, as
applicable, may compromise and settle Claims against the Plan
Debtors and Causes of Action against other Persons.

After the Effective Date of the Joint Debtor Plan and upon
completion of all distributions under the Joint Debtor Plan, the
Plan Administrator will be authorized and directed to take all
corporate actions consistent with foreign laws to effectuate the
Joint Debtor Plan and wind up the Plan Debtors and any non-Debtor
Affiliates. It is contemplated that this shall include the
commencement of a voluntary liquidation under laws of the Cayman
Islands (as relates to CFGL) and the laws of Bermuda (as relates to
PARD), where each of the entities were incorporated and registered.
Further, as a result of both CFGL and PARD being listed on the
Mainboard of the Singapore Exchange Securities Trading Limited
("SGX-ST"), any voluntary liquidation will require compliance with
the SGX-ST Listing Requirements in Singapore. At the time of the
voluntary liquidation, it is intended that both CFGL and PARD will
have no remaining assets. Under the Voluntary Liquidation, the
Existing Interests and Intercompany Interests shall be fully
extinguished.

CFGL Plan Debtors' Classification:

   * Class 4 - CFGL Unsecured Facilities Claims.  The CFGL
Unsecured Facilities Claims have been satisfied, released, waived
or otherwise resolved pursuant to the CFG Peru Plan and CFG Peru
Settlement Agreement. As such, holders of Allowed CFGL Unsecured
Facilities Claims shall not be entitled to any recovery under the
Joint Debtor Plan. Creditors will recover 100% of their claims.
Class 4 is unimpaired.

   * Class 5 - CFGL General Unsecured Claims.  On the Effective
Date, each holder of an Allowed CFGL General Unsecured Claim
(including tax claims, trade claims and contract rejection damages
claims) shall receive, in full and final satisfaction, compromise,
settlement, release, and discharge of, and in exchange for such
claim, Pro Rata share of the CFGL Distribution Pool. Creditors
will
recover 10% of their claims. Class 5 is impaired.

PARD Group Classification:

   * Class 14 - PARD General Unsecured Claims. On the Effective
Date, each holder of an Allowed PARD General Unsecured Claims
shall
receive, in full and final satisfaction, compromise, settlement,
release, and discharge of, and in exchange for such claim, its Pro
Rata share of the PARD Distribution Pool. Creditors will recover
2%
of their claims. Class 14 is impaired.

Attorneys for the Debtors:

     Tracy L. Klestadt
     John E. Jureller, Jr.
     Brendan M. Scott
     KLESTADT WINTERS JURELLER
     SOUTHARD & STEVENS, LLP
     200 West 41st Street, 17th Floor
     New York, New York 10036
     Telephone: (212) 972-3000
     Facsimile: (212) 972-2245

A copy of the Order dated Dec. 22, 2021, is available at
https://bit.ly/3elLYp2 from Epiq11, the claims agent.

A copy of the Disclosure Statement dated Dec. 22, 2021, is
available at https://bit.ly/3yYaar4 from Epiq 11, the claims
agent.

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore).  Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors.  The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


CREATIVE FLAVOURS: Creditors' Meeting Slated for Jan. 14
--------------------------------------------------------
Creditors of Creative Flavours Fragrances International Pte Ltd
will hold their first meeting on Jan. 14, 2022, at 3:00 p.m., by
way of video conference.

Agenda of the meeting includes:

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

      together with a list of creditors and the estimated amounts
      of their claims;

   b. to confirm the appointment of the liquidator nominated by
      the Company or nominate another person or persons as
      Liquidator(s) for the purpose of winding up the affairs of
      the Company and his remuneration thereof;

   c. to appoint a Committee of Inspection of not more than 5
      members, if thought fit; and

   d. any other business.


GREENLAND TIMBER: Creditors' Proofs of Debt Due on Jan. 28
----------------------------------------------------------
Creditors of Greenland Timber Industries (Private) Limited, which
is in voluntary liquidation, are required to file their proofs of
debt by Jan. 28, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 21, 2021.

The company's liquidators are:

          Wee Phui Gam
          c/o 111 Somerset Road #13-33
          Singapore 238164


LIP INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 14
------------------------------------------------------------
A petition to wind up the operations of Lip International Pte Ltd
will be heard before the High Court of Singapore on Jan. 14, 2022,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 20, 2021.

The Petitioner's solicitors are:

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


VULCAN INDUSTRIES: Creditors' Proofs of Debt Due on Jan. 27
-----------------------------------------------------------
Creditors of Vulcan Industries Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Jan. 27, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 21, 2021.

The company's liquidators are:

          Chan Li Shan
          c/o Agile 8 Solutions Pte. Ltd.
          3 Temasek Avenue, #21-21 Centennial Tower
          Singapore 039190




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

SSANGYONG MOTOR: Edison Motor Likely to Seal M&A Deal
-----------------------------------------------------
The Korea Herald reports that Edison Motors, South Korea's leading
EV bus maker, and the bankrupt SsangYong Motor are likely to seal
their merger and acquisition deal this week.

According to the report, legal circles and automobile industry
insiders expect the M&A to take place by this week or by January 7
the latest.

"We need to adjust the contents of the contract, but if the
discussion goes well, it can be done within this month. If the
adjustment is prolonged, it could be early January," the report
quotes an official from Edison Motors as saying.

Seoul Bankruptcy Court had set the deadline for signing the formal
M&A deal of SsangYong Motor for December 27 but plans to extend the
date until January 10, 2022, the report notes.

Some disagreements on employment contracts and how the acquisition
will be progressed are known to have delayed the formal contract
between Edison Motors and SsangYong Motor.

The Korea Herald says Edison Motors had asked for an adjustment in
the acquisition price after finding additional bad assets during
due diligence early December.

Once the M&A deal is sealed, the next step is coming up with a
corporate rehabilitation procedure, the report states.

The Korea Herald notes that the plan for corporate rehabilitation
procedure will have to earn approval from two-thirds of its
creditors.

In fact, the deadline for submitting the plan for corporate
rehabilitation procedure was July 1 but it was delayed four times
until March 1, 2022.

According to the report, Edison Motors is considering selling
SsangYong Motor's Pyeongtaek plant site that is valued at KRW900
billion (US$757.9 million), to secure liquidity by selling assets
instead of making more loans.

"Selling the Pyeongtaek plant site can relieve Ssangyong Motor from
debt, and making an electric vehicle plant elsewhere could support
Ssangyong Motor employees, component makers, and small business
owners in Pyeongtaek," the report quotes Kang Young-kwon, CEO of
Edison Motor, as saying.

If that does not work out, Edison Motors will have to renegotiate
loans with the Korea Development Bank, says the report.

The Korea Herald relates that Edison Motors had previously sought
to borrow KRW800 billion, about half of KRW1.5 trillion need to
acquire SsangYong Motor, from the Korea Development Bank with the
Pyeongtaek plant site as collateral.

But the Korea Development Bank had said no financial support will
be available unless the company has a clear and sustainable
business plan for SsangYong Motor and requested SsangYong Motor to
present a verification of its financial and technological
capability from a third party, the report relays.

Edison Motors was named the preferred bidder for Ssangyong by the
bankruptcy court after offering KRW310 billion for a controlling
stake in September, The Korea Herald recalls.

The EV bus maker wired KRW15.5 billion, 5 percent of its proposed
acquisition price, to SsangYong Motor on November.

Edison Motors, an electric carmaker, aims to transform SsangYong
into an electric vehicle-focused carmaker in the next 3 to 5 years
and reach KRW10 trillion in sales by 2030, the report notes.

                       About SsangYong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.

On Dec. 21, 2020, SsangYong Motor filed for court receivership as
it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

SsangYong and its lead manager, the EY Hanyoung accounting firm,
recently selected a local consortium led by Edison Motors Co. as
the preferred bidder for the debt-laden carmaker.



                           *********


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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