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

                     A S I A   P A C I F I C

          Monday, September 27, 2021, Vol. 24, No. 187

                           Headlines



A U S T R A L I A

ALLIED AIR: First Creditors' Meeting Set for Oct. 5
GN RESIDENTIAL: First Creditors' Meeting Set for Oct. 6
INFINITY HVAC: Second Creditors' Meeting Set for Oct. 5
LORNA JANE: US Retail Arm Files for Chapter 11 Bankruptcy
RFA GROUP: First Creditors' Meeting Set for Oct. 5

ROCK FORM: First Creditors' Meeting Set for Oct. 5
TRABR LIMITED: First Creditors' Meeting Set for Oct. 5


C H I N A

CHINA EVERGRANDE: EV Unit Stops Paying Workers, Factory Suppliers
CHINA EVERGRANDE: Investors Wooed With Gucci Bags and Dyson Items
CHINA EVERGRANDE: Uncertainty Remains as Payment Deadline Passes
EHI CAR SERVICES: Fitch Raises LT IDR to 'B+', Outlook Stable
GREENLAND HOLDING: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.

GUANGDONG HONGKONG: Fitch Rates Proposed Sr. Unsec. Notes 'B-(EXP)'
HNA GROUP: Chinese Police Detains Chairman and CEO
JINGRUI HOLDINGS: S&P Rates New USD Sr. Unsec. Notes Issuance 'B-'
SINIC HOLDINGS: Moody's Cuts CFR to Caa2, On Review  for Downgrade
XINHU ZHONGBAO: S&P Rates New USD Sr. Unsec. Notes 'B-'

XINYUAN REAL ESTATE: S&P Withdraws 'CCC' Long-Term ICR


I N D I A

ALFA ONE: CARE Lowers Rating on INR5.00cr LT Loan to D
BILPOWER LIMITED: Insolvency Resolution Process Case Summary
CHANDRA NET: Insolvency Resolution Process Case Summary
ESVEE ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
GANESH EDUCATION: CARE Keeps D Rating in Not Cooperating Category

GANGA BISHAN: CARE Keeps B- Rating in Not Cooperating Category
GMR HYDERABAD INT'L: Moody's Affirms 'Ba2' CFR, Outlook Negative
GOPAL RICE: CARE Keeps B- Rating in Not Cooperating Category
J J EXTRUSION: CARE Keeps B- Rating in Not Cooperating Category
J.M. HOUSING: CARE Keeps D Rating in Not Cooperating Category

JAY BHARAT: Insolvency Resolution Process Case Summary
KAJJEHALLY ESTATE: CARE Keeps C Rating in Not Cooperating Category
LALIT POLYPLAST: CARE Keeps B+ Rating in Not Cooperating Category
LAXMISREE RICEMILL: CARE Lowers Rating on INR5.59cr Loan to D
LORD SHIVA: CARE Keeps D Rating in Not Cooperating Category

MULTI ARC COATING: Insolvency Resolution Process Case Summary
NARAYANI FLOUR: CARE Keeps C Rating in Not Cooperating Category
NAVEEN DISTRIBUTORS: CARE Cuts Rating on INR4.97cr Loan to B+
NAVEEN RICE: CARE Keeps B- Rating in Not Cooperating Category
NEELKANTH SWEETS: CARE Keeps B Rating in Not Cooperating Category

OLIVE TREE: CARE Keeps B- Rating in Not Cooperating Category
OMAPAL TECHNOLOGIES: Insolvency Resolution Process Case Summary
R. M. BETGERI: CARE Lowers Rating on INR6.50cr LT Loan to B
R.G.R EDUCATIONAL: CARE Keeps D Rating in Not Cooperating Category
RADIUS ESTATE PROJECTS: Insolvency Resolution Process Case Summary

RASHMI ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
RISE INDIA: Insolvency Resolution Process Case Summary
S. S. OIL: CARE Keeps B- Rating in Not Cooperating Category
SHIV ONKAR: CARE Lowers Rating on INR2.73cr LT Loan to D
SLYLANDRO POWER: CARE Lowers Rating on INR11.37cr LT Loan to B+

SUPER INFRATECH: CARE Keeps D Ratings in Not Cooperating Category
TIRUCHITAMBALAM PROJECTS: Insolvency Resolution Case Summary
VASU METPLAST: CARE Keeps B- Rating in Not Cooperating Category
VEDANTA LTD: To Delist American Depositary Shares on NYSE
VINOD FABRICS: CARE Lowers Rating on INR6.65cr LT Loan to B-



S I N G A P O R E

KTL GLOBAL: Independent Review May Take 3-5 Months
PUKU SINGAPORE: Court to Hear Wind-Up Petition on Oct. 8
SKY OIL: Court to Hear Wind-Up Petition on Oct. 8
UMBRELLA VENTURES: Placed in Provisional Liquidation


V I E T N A M

HO CHI MINH CITY POWER: Fitch Affirms 'BB' LT FC IDR, Outlook Pos.

                           - - - - -


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

ALLIED AIR: First Creditors' Meeting Set for Oct. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Allied Air
Contractors Pty Ltd will be held on Oct. 5, 2021, at 2:00 p.m. via
virtual meeting.

Gregory Bruce Dudley and Travis Kukura of RSM Australia Pty Ltd was
appointed as administrator of Allied Air on Sept. 22, 2021.


GN RESIDENTIAL: First Creditors' Meeting Set for Oct. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of GN
Residential Construction Pty Ltd will be held on Oct. 6, 2021, at
11:00 a.m. via virtual meeting.

Morgan Kelly and Phil Quinlan of KPMG were appointed as
administrators of GN Residential on Sept. 23, 2021.


INFINITY HVAC: Second Creditors' Meeting Set for Oct. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Infinity HVAC
Services Pty Ltd has been set for Oct. 5, 2021, at 11:00 a.m. via
teleconference facilities only.

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

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

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Infinity HVAC on Sept. 3, 2021.


LORNA JANE: US Retail Arm Files for Chapter 11 Bankruptcy
---------------------------------------------------------
Fibre2Fashion reports that Lorna Jane USA Inc., the US retail arm
of Australian women's activewear retail brand Lorna Jane, filed for
Chapter 11 protection recently in California, seeking to
restructure by rejecting the leases for its retail boutiques to
adapt to the shift in online purchasing. The Debtor previously
operated 21 retail stores, all of which were closed prepetition.

The Garden City, California-based company believes that
pandemic-driven changes in consumer shopping habits that spurred
the store closures "will endure even after the pandemic subsides,
continuing to impact brick-and-mortar retail into the future."

Through Chapter 11, the Debtor intends to restructure, stating that
the primary goal of the bankruptcy proceeding is "to right-size its
United States presence in part by rejecting all retail boutique
store leases to enable the Debtor to better adapt and cultivate
sustained profitability in light of the increasing shift to online
purchasing and the impact of the Covid-19 pandemic on
brick-and-mortar retail sales."

The first day hearing was scheduled for [Sept. 22], the company
said in a press release.

The company disclosed $6.8 million in assets and $48.7 million in
liabilities.

The Debtor is the wholly-owned subsidiary of LJ USA General
Partnership, which is in turn owned equally by LG GP No. 1 Pty and
LG GP No. 2 Pty, both organized under the laws of Australia, which
are in turn wholly owned by Lorna Jane PTY Ltd, which is also
organized under the laws of Australia, and headquartered in
Brisbane.

The company said that the pandemic has suppressed consumer
willingness to shop in person, particularly in indoor malls where
most of the debtor's retail boutiques are located and social
distancing is difficult.

"Consequently, consumer habits have changed and there has been a
decided accelerating shift away from in-person retail shopping in
favor of online purchasing that is predicted to endure even after
the pandemic subsides," the company added.

                      About Lorna Jane USA

Lorna Jane USA Inc. is the US retail arm of Australian women's
activewear retail brand Lorna Jane.  Lorna Jane USA Inc. sought
Chapter 11 protection (Bankr. C.D. Cal. Case No. 21-17267) on Sept.
16, 2021.  In the petition signed by CRO Richard Munro, the Debtor
disclosed total assets of $6,784,662 and total liabilities of
$48,645,663.  The case is handled by Honorable Judge Neil W. Bason.
Richard H. Golubow, Esq., of WINTHROP GOLUBOW HOLLANDER, LLP, is
the Debtor's counsel.


RFA GROUP: First Creditors' Meeting Set for Oct. 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of RFA Group
Pty Ltd will be held on Oct. 5, 2021, at 2:00 p.m. via virtual
meeting.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of RFA Group on Sept. 22, 2021.


ROCK FORM: First Creditors' Meeting Set for Oct. 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of Rock Form
Construction Pty Ltd will be held on Oct. 5, 2021, at 3:00 p.m. via
virtual meeting.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Rock Form on Sept. 22, 2021.


TRABR LIMITED: First Creditors' Meeting Set for Oct. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Trabr
Limited formerly known as Wediy Ltd will be held on Oct. 5, 2021,
at 11:00 a.m. via Zoom videoconferencing.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Trabr Limited on Sept. 22,
2021.




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C H I N A
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CHINA EVERGRANDE: EV Unit Stops Paying Workers, Factory Suppliers
-----------------------------------------------------------------
Bloomberg News reports that China Evergrande Group's electric-car
unit has missed salary payments to some of its employees and has
fallen behind on paying a number of suppliers for factory
equipment, according to people familiar with the matter, evidence
the stricken property developer's debt woes are having an impact
beyond its core business.

According to Bloomberg, the cash flow difficulties mean China
Evergrande New Energy Vehicle Group Ltd. will likely miss its
target to start mass deliveries next year considering trial
production of electric vehicles at its factories in Shanghai and
Guangzhou has been dialed back, the people said, asking not to be
identified as they're not authorized to speak publicly.

Most employees at Evergrande NEV are paid at the start of every
month and again on the 20th, however for some mid-level managers,
the second installment for September hasn't arrived, the people
said. Several equipment suppliers, meanwhile, began withdrawing
their on-site personnel from the Shanghai and Guangzhou sites as
early as July after payments for machinery in Evergrande NEV's
factories weren't made, Bloomberg relays.

Those people were on hand to provide the timely adjustment of
production equipment and fix any issues, the people said. Now that
they're not around, Evergrande NEV has been forced to rely on its
own employees, who aren't as familiar with the equipment, resulting
in just a small handful of trial cars being made daily.

Bloomberg says the financial stress of Evergrande's parent has
reached epic proportions in recent weeks, prompting some to
describe the potential contagion as China's Lehman moment
considering risks associated with Evergrande are threatening to
freeze global credit markets. The giant real estate developer,
whose assets also span banks and media businesses, is $300 billion
in debt and widely expected to default on bond payments. Whether
Beijing will engineer a resolution rather than allowing a chaotic
collapse into bankruptcy is something investors around the world
are now watching, Bloomberg states.

Evergrande NEV flagged during its half-year earnings results last
month that it might have to delay car production unless it can
secure more capital in the short term. The company reported a
CNY4.8 billion ($744 million) loss for the six months to June 30,
Bloomberg discloses.

The startup, which vowed in March 2019 to take on Elon Musk and
become the world's biggest maker of EVs within five years, has
unveiled nine models under its Hengchi brand but has yet to mass
produce a single car, the report notes. It made a great splash at
this year's Shanghai auto show, with all nine protoypes on display
and promises of 5 million cars a year by 2035.

However four models, the Hengchi No. 1, 3, 5, and 6, are still at
what's known as the Engineering Trial (ET) phase, a preliminary
stage that calibrates a car's standards and quality controls while
it has an all-white body, the people, as cited by Bloomberg, said.
It typically takes at least six months after completion of the ET
phase to mass production.

Like investors in China Evergrande Group, shareholders of
Evergrande NEV have quickly become disillusioned. The Hong
Kong-listed stock is down 90% this year, a huge pullback
considering the company used to have a market value greater than
Ford Motor Co. and General Motors Co, according to Bloomberg.

Officially created when Evergrande Health changed its name to
Evergrande NEV in July last year, while the company bills itself as
a carmaker, most of the money it does bring in still comes from
community health services and aged-care facilities.

The EV unit is a small part of Evergrande's sprawling empire, which
includes financial services and a bank, but which is primarily
reliant on residential apartment sales, Bloomberg notes.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on
September 17 2021, S&P Global Ratings downgraded on September 15,
2021, China Evergrande Group (Evergrande) and its subsidiaries
Hengda Real Estate Group Co. Ltd. and Tianji Holding Ltd. to 'CC'
from 'CCC'. S&P also lowered its long-term issue rating on the U.S.
dollar notes issued by Evergrande and guaranteed by Tianji to 'C'
from 'CCC-'. The negative outlook reflects Evergrande's very high
nonpayment risk and probability of debt restructuring. S&P said it
downgraded Evergrande because the company's liquidity appears to be
depleted. As such, S&P believes nonpayment risk is extremely high
and could ultimately lead to debt restructuring--meaning a default
scenario is a virtual certainty.


CHINA EVERGRANDE: Investors Wooed With Gucci Bags and Dyson Items
-----------------------------------------------------------------
Reuters reports that lured by the promise of yields approaching
12%, gifts such as Dyson air purifiers and Gucci bags, and the
guarantee of China's top-selling developer, tens of thousands of
investors bought wealth management products through China
Evergrande Group.

Now, many fear they may never get their investments back after the
cash-strapped property developer recently stopped repaying some
investors and set off global alarm bells over its massive debt,
Reuter says.

Some have been protesting at Evergrande offices, refusing to accept
the company's plan to provide payment with discounted apartments,
offices, stores and parking units, which it began to implement on
Sept. 18, the report relates.

"I bought from the property managers after seeing the ad in the
elevator, as I trusted Evergrande for being a Fortune Global 500
company," Reuters quotes an owner of an Evergrande property in the
conglomerate's home province of Guangdong surnamed Du as saying.

"It's immoral of Evergrande not to pay my hard-earned money back,"
said the investor, who had put 650,000 yuan ($100,533) into
Evergrande wealth management products (WMPs) last year at an
interest rate of more than 7%.

More than 80,000 people - including employees, their families and
friends as well as owners of Evergrande properties - bought WMPs
that raised more than CNY100 billion in the past five years, said a
sales manager of Evergrande Wealth, launched in 2016 as a
peer-to-peer (P2) online lending platform that originally was used
to fund its property projects, according to Reuters.

Some CNY40 billion of the investments are outstanding, said the
person, declining to be named as they were not authorised to speak
with the media.

With more than $300 billion in debt, Evergrande's liquidity crisis
rattled global markets last week.   The company has vowed to repay
WMP investors, Reuters adds.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on
September 17 2021, S&P Global Ratings downgraded on September 15,
2021, China Evergrande Group (Evergrande) and its subsidiaries
Hengda Real Estate Group Co. Ltd. and Tianji Holding Ltd. to 'CC'
from 'CCC'. S&P also lowered its long-term issue rating on the U.S.
dollar notes issued by Evergrande and guaranteed by Tianji to 'C'
from 'CCC-'. The negative outlook reflects Evergrande's very high
nonpayment risk and probability of debt restructuring. S&P said it
downgraded Evergrande because the company's liquidity appears to be
depleted. As such, S&P believes nonpayment risk is extremely high
and could ultimately lead to debt restructuring--meaning a default
scenario is a virtual certainty.


CHINA EVERGRANDE: Uncertainty Remains as Payment Deadline Passes
----------------------------------------------------------------
The New York Times reports that the possible collapse of property
giant China Evergrande shook markets around the world earlier last
week, but on Sept. 23, amid uncertainty over whether it met a
critical payment deadline to its lenders, the market rallied.

Evergrande's Hong Kong listed shares, which have been on a firm
downward trajectory, soared by a head-scratching 18 percent. Hong
Kong's broader Hang Seng Index rallied 1.2 percent, the report
notes.

The New York Times says investors are now taking bets on whether
regulators in the world's second largest economy will step in to
save Evergrande, a corporate behemoth that has been struggling
under the weight of more than $300 billion in debt. So far Beijing
has remained tight-lipped while emphasizing that no Chinese company
is too big to fail.

In recent weeks, however, a steady flow of negative news from
Evergrande has prompted panic and raised fears of a possible
economic fallout from an Evergrande default, relates The New York
Times.

Unable to sell off parts of its corporate sprawl or raise fresh
cash through the sale of new properties, Evergrande is also facing
angry suppliers, home buyers and employees, some of whom have
protested and demanded their money, The New York Times relates.

Evergrande said in a vaguely worded statement on Sept. 22 that it
had reached a deal with investors over a bond payment due for
mainland Chinese bondholders, without giving any details. It
offered no guidance on another payment on $83.5 million that was
also due on Sept. 23 for foreign bondholders. The company has a
30-day grace period before the missed payment would trigger a
default, according to the report.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on
September 17 2021, S&P Global Ratings downgraded on September 15,
2021, China Evergrande Group (Evergrande) and its subsidiaries
Hengda Real Estate Group Co. Ltd. and Tianji Holding Ltd. to 'CC'
from 'CCC'. S&P also lowered its long-term issue rating on the U.S.
dollar notes issued by Evergrande and guaranteed by Tianji to 'C'
from 'CCC-'. The negative outlook reflects Evergrande's very high
nonpayment risk and probability of debt restructuring. S&P said it
downgraded Evergrande because the company's liquidity appears to be
depleted. As such, S&P believes nonpayment risk is extremely high
and could ultimately lead to debt restructuring--meaning a default
scenario is a virtual certainty.


EHI CAR SERVICES: Fitch Raises LT IDR to 'B+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded eHi Car Services Limited's Long-Term
Issuer Default Rating (IDR) to 'B+' from 'B'. The Outlook is
Stable. The senior unsecured rating has also been upgraded to 'B+'
from 'B' with a Recovery Rating of 'RR4'. All ratings have been
removed from Rating Watch Positive (RWP), on which they were placed
on 5 May 2021.

The upgrade is driven by the completion of the issuance of a USD300
million 7% bond. The issuance demonstrates progress by eHi towards
refinancing its senior notes due in 2022 and the subsequent
improvement in its debt maturity profile.

KEY RATING DRIVERS

Financial Flexibility, Liquidity Buffer: eHi bolstered its
financial flexibility through the USD300 million and USD150 million
bonds issued in May and June 2021, respectively. Fitch believes the
company's recent bond issuance of USD300 million and a concurrent
cash tender offer for the August 2022 bond in September 2021 have
further widen the company's liquidity buffer to cover debt due
within two years and provide eHi with ample financial flexibility
to improve its capital structure.

Improving Debt Maturity Schedule: eHi's recent bond issuance has
shifted its debt maturity profile more towards longer-term debt. At
end-2020, 99% of the company's debt maturities were in 2021 and
2022. eHi improved its debt structure in 1H21 after signing a new
CNY750 million onshore syndicated loan in April 2021, and making
the cash tender offer for the August 2022 bond and issuing a new
bond at the same time in 2Q21. Short-term debt has been reduced to
34% of total adjusted debt and debt due within two years cut to 62%
by end-June 2021.

Stable Leverage During Expansion: Fitch expects leverage to be
stable, although this would depend on the company's net expansion
of its vehicle fleet relative to sales growth and the impact on
free cash flow. eHi's leverage has improved in the past two years
as management exercised more capital discipline in the net
expansion of its vehicle fleet, including increasing sales of used
vehicles. However, it may rise slightly in 2021 as eHi resumed
fleet expansion in 1H21. Its FFO net leverage fell to 3.3x by
end-2020 from 3.6x at end-2019.

Investments in Growth: Fitch assumes eHi will resume capex to
accommodate rising demand and favourable growth prospects as
domestic travel resumes. Revenue growth reached 21% in 1H21 from a
contraction of 12% in 1H20 during the Covid-19 lockdowns. The
company limited its fleet expansion in 2020 while managing changes
brought on by Covid-19, resulting in maintenance of high
utilisation rates and balancing of its refinancing needs, but a
resumption in demand could require capex.

Leadership in Competitive Market: eHi remains one of China's
leading car-rental companies with a record of market share gains.
Fitch believes China's car-rental market can maintain robust growth
in the medium term, supported by rising incomes, the large gap
between the number of people holding drivers' licences and owning
cars, and the rapid growth in domestic self-driving trips. Major
companies such as eHi can reinforce their leading positions, which
are underpinned by their well-recognised brands, large and
expanding fleets, and national coverage.

DERIVATION SUMMARY

eHi's ratings are supported by its leading market position in
China's car rental industry, although it has a smaller operating
scale and weaker financial profile than other Fitch-rated
car-rental operators, such as Localiza Rent a Car S.A.
(BB/Negative), the leading car-rental operator in Brazil. eHi also
has a smaller operating scale and higher capex requirements than
China Grand Automotive Services Group Co., Ltd. (B+/Stable), the
largest auto dealer in China, but a healthier financial structure.

KEY ASSUMPTIONS

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

-- Revenue to increase by CAGR of 6% over 2021-2024 (2020: -7%);

-- Average EBITDA margin of 45% (2020: 46.3%);

-- Net capex to resume substantially in 2021 with average net
    spending of CNY1.7 billion-1.8 billion over 2022-2024 (2020:
    gross capex of CNY1.5 billion).

Recovery Rating Assumptions:

-- Apply the going-concern value, as it is higher than
    liquidation value;

-- A 25% discount to EBITDA in the 12 months ended June 2021;

-- 5x EBITDA multiple to going-concern EBITDA;

-- 10% administrative claim.

The Recovery Rating is capped at 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into Group D of creditor friendliness, and the Recovery
Ratings of issuers with assets in this group are subject to a cap
of 'RR4'.

RATING SENSITIVITIES

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

-- FFO net leverage, including accounts payable for vehicle
    purchases, sustained below 3.5x while maintaining its current
    market share and competitiveness in the car rental industry.

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

-- FFO net leverage, including accounts payable for vehicle
    purchases, sustained above 4.5x;

-- Operating EBITDA/interest paid below 3.0x for a sustained
    period;

-- Sustained loss in market share or competitiveness in the car
    rental industry.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Refinancing Improves Liquidity: eHi had readily available cash of
CNY1.9 billion at end-1H21, against short-term debt of CNY1.5
billion (or CNY2.96 billion if payables for vehicles purchased are
included), with its debt maturity more spread out compared with
that at end-2020. eHi's new CNY750 million onshore syndicated loan
signed in April 2021, the tender offer and concurrent new issuance
in 2Q21 helped to ease the company's refinancing pressure and
improves its liquidity. Fitch believes eHi's liquidity is supported
by its solid banking relationships and its vehicle fleet, which can
be liquidated rapidly to fund any shortfalls.

ISSUER PROFILE

eHi is a leading car rental and chauffeur operator in China. It had
a total fleet of about 69,000 vehicles and covered more than 300
cities in China by end-2020. The company was listed on the New York
Stock Exchange before it was privatised in April 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Payables for vehicles purchased are included as debt in
    Fitch's leverage calculations as these are interest-bearing in
    nature.

-- Capex is calculated as gross capex for car purchases net of
    proceeds from used car sales.

ESG CONSIDERATIONS

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

GREENLAND HOLDING: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has changed the rating outlooks of the
following companies to negative from stable:

Greenland Holding Group Company Limited,

Greenland Global Investment Limited, and

Greenland Hong Kong Holdings Limited.

At the same time, Moody's has affirmed the following ratings:

The Ba1 corporate family rating (CFR) on Greenland Holding;

The (P)Ba2 backed senior unsecured rating on Greenland Global's
medium-term note (MTN) program, with the notes unconditionally and
irrevocably guaranteed by Greenland Holding;

The Ba2 backed senior unsecured ratings on Greenland Global's
senior unsecured notes, which are unconditionally and irrevocably
guaranteed by Greenland Holding;

The Ba2 CFR on Greenland Hong Kong;

The (P)Ba3 backed senior unsecured rating on Greenland Hong Kong's
MTN program; and

The Ba3 backed senior unsecured rating on Greenland Hong Kong's
USD notes.

The MTN program of Greenland Hong Kong 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.

"The negative outlook reflects our expectation that China's
softening property and construction markets, as well as tight
onshore funding and volatile offshore debt capital markets, would
weaken Greenland Holding's credit quality and ability to raise new
debt to meet its operational and refinancing needs over the next
12-18 months," says Kaven Tsang, a Moody's Senior Vice President.

"However, the rating affirmation reflects our expectation that
Greenland Holding will have sufficient liquidity to address its
refinancing needs, maintain largely stable property sales and
continue to deleverage over the next 12-18 months," adds Tsang.

RATINGS RATIONALE

Greenland Holding's Ba1 CFR continues to reflect the company's
large scale, good geographic and product diversification in China;
and good access to onshore bank funds, given its close linkage with
the Shanghai government.

The Ba1 CFR rating is constrained by the company's increased
exposure to the construction sector, which drags the company's
overall profitability, its high refinancing needs and weakened
access to debt capital market both onshore and offshore. Moody's
believes Greenland Holding will face uncertainty in issuing new
offshore bonds at reasonable funding costs to refinance its
maturing debt over the next 6-12 months.

Moody's expects Greenland Holding to have sufficient internal
resources to repay a total amount of USD2.87 billion of US dollar
bonds maturing between September 2021 and December 2022. However,
the repayment will reduce the funding available for its operations
over the next 12-18 months. The company's financial flexibility
will also be affected if weakness in the offshore debt capital
markets persists.

Moody's expects Greenland Holding's financial metrics to remain
modest in 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
RMB289 billion as of June 2021 from RMB323 billion as of December
2020. Moody's forecasts the company's adjusted debt/capitalization,
adjusted debt/EBITDA and EBIT/interest coverage will stay at around
58%-62%, 4.7x-4.9x and 3.0x-3.3x, respectively, over the next 12-18
months, versus 64%, 4.9x and 3.2x, respectively, for the 12 months
ended June 2021. These credit metrics are weak for its Ba1 CFR.

There has been no material development on Shanghai State-owned
Assets Supervision and Administration Commission's (SASAC) plan to
divest part of its indirect ownership in Greenland Holding.
Nevertheless, Moody's expects Shanghai SASAC to exercise prudence
when reducing its ownership to avoid triggering the change of
control clause present in its offshore USD, which requires Shanghai
SASAC to maintain control over the company. Any deviation from such
expectation would warrant a reassessment of the Ba1 CFR.

The Ba2 backed senior unsecured rating on Greenland Holding's
guaranteed bonds is one notch lower than it would otherwise be
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 in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result of these factors, the expected recovery rate for claims at
the holding company will be lower.

Greenland Hong Kong's Ba2 CFR reflects its standalone credit
profile and a one-notch rating uplift based on Moody's assessment
of the likely strong financial support from its parent, Greenland
Holding, if necessary.

Greenland Hong Kong's standalone credit profile reflects its
healthy credit metrics, well-located land banks, and good liquidity
and access to bank funding, given its status as a key subsidiary of
Greenland Holding.

Its standalone credit profile also takes into consideration its
moderate operating scale and the execution risks associated with
its fast growth plan.

Greenland Hong Kong's negative rating outlook reflects Greenland
Holding's weakened ability to extend support to Greenland Hong
Kong, if needed.

Greenland Hong Kong's Ba3 backed senior unsecured rating is one
notch lower than it would otherwise be because of the risk of
structural subordination. This reflects the fact that most of the
claims are at the operating subsidiaries' level and have priority
over claims at the holding company (Greenland Hong Kong) in a
bankruptcy scenario; and Moody's view that this rating, in the
absence of a parental guarantee, should be lower than the Ba2
rating of the senior unsecured notes directly guaranteed by
Greenland Holding.

With respect to environmental, social and governance (ESG) factors,
Greenland Holding's Ba1 CFR takes into account its state-owned
enterprise (SOE) background; its disclosure of significant
related-party transactions, as its parent company, Greenland
Holdings Corporation Limited, is required 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 Ba2 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. The company is also listed on the Hong Kong Stock
Exchange and follows the Listing Rules of the Hong Kong Stock
Exchange and the Securities and Futures Ordinance in Hong Kong SAR,
China in governing related-party transactions.

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

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 sustains stable property sales and
construction revenues; maintains prudent practices in its land
acquisitions and financial management; and deleverages and improves
its credit metrics, such that its adjusted debt/capitalization
falls under 55%-60%, adjusted debt/EBITDA falls below 4.5x and
EBIT/interest rises above 3.5x on a sustained basis.

On the other hand, Greenland Holding will face downward rating
pressure if the company experiences a material decline in property
sales or construction revenues, or a material delay in the
collection of proceeds from property sales or construction
receivables; a substantial decline in its profit margin; a sizable
increase in debt, arising from aggressive expansion or land
acquisitions; or an increase in the risk profile of its
non-property businesses.

Moody's would also consider downgrading Greenland Holding's ratings
if the company records weakened credit metrics, with adjusted
debt/capitalization rising above 60%, adjusted debt/EBITDA
increasing above 5x, and EBIT/interest dropping below 2.5x-3.0x on
a sustained basis.

A deterioration in its access to funding resulting from a
significant reduction in Shanghai SASAC's ownership of Greenland
Holding or other shareholders taking over the control of the
company from Shanghai SASAC would also be negative for the
ratings.

Greenland Hong Kong's ratings are also unlikely to be upgraded
given its negative rating outlook. However, the outlook could be
revised to stable if Greenland Holding's rating outlook is revised
to stable. Positive rating momentum could also occur if Greenland
Hong Kong's standalone credit profile significantly strengthens,
indicated by a material improvement in its scale and
diversification with solid credit metrics, such as debt leverage
— measured as revenue/adjusted debt — staying above 85%-90% and
EBIT/interest above 3.5x-4.0x on a consistent basis.

On the other hand, Greenland Hong Kong's ratings could be
downgraded if Greenland Holding is downgraded; the company fails to
generate operating cash flow to maintain its liquidity buffer;
fails to maintain contracted sales and revenue growth; or
significantly accelerates development, and executes an aggressive
land acquisition plan or acquisitions, such that its debt leverage
— measured as revenue/adjusted debt — falls below 65%-70% and
its EBIT/interest drops below 2.5x-3.0x on a sustained basis.

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

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

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 June 30, 2021.

GUANGDONG HONGKONG: Fitch Rates Proposed Sr. Unsec. Notes 'B-(EXP)'
-------------------------------------------------------------------
Fitch Ratings has assigned China-based developer Guangdong - Hong
Kong Greater Bay Area Holdings Limited's (GHKGBA, B-/Stable)
proposed senior unsecured notes a rating of 'B-(EXP)' with a
Recovery Rating of 'RR4'. The notes are being offered in exchange
for its USD293.5 million notes due December 2021 and as new
issuance.

GHKGBA intends to use the net proceeds from any new note issuance
primarily for refinancing existing debt. GHKGBA's notes are rated
at the same level as its senior unsecured rating because they
constitute its direct, unsubordinated and senior unsecured
obligations under a guarantee.

KEY RATING DRIVERS

Not Distressed Debt Exchange: Fitch does not consider GHKGBA's bond
exchange offer a distressed debt exchange (DDE) based on Fitch's
DDE rating criteria, as the offer does not appear to impose a
material reduction in terms compared with the original terms. The
exchange is not conducted to avoid bankruptcy, insolvency or
intervention proceedings, or a traditional payment default.
However, Fitch may take negative rating action if GHKGBA fails to
complete the exchange offer and refinance its bonds due in December
2021.

Scale Constrains Rating: Fitch expects the company to achieve total
contracted sales of about CNY7 billion and attributable contracted
sales of about CNY4.5 billion in 2021, which remain low compared
with the attributable sales scale of CNY7 billion-10 billion for
peers rated 'B' by Fitch. The company had contracted sales of about
CNY3 billion in 1H21. A significant amount of its contracted sales
will be in 4Q21 from redevelopment projects in Shenzhen and
Dongguan, where demand for residential housing is resilient.

Increasing Geographical Diversification: GHKGBA's business profile
improved with contracted sales from more diversified locations,
with 37% from the Greater Bay Area (GBA) in 1H21, compared with all
of its sales from trade-centre projects in low-tier cities in 2020.
Its residential products accounted for 79% of total contracted
sales in 1H21. The company had total land bank of 13.7 million sq m
at end-June 2021, of which 48% was residential.

Leverage Remains Low: Fitch expects GHKGBA's leverage to increase
moderately due to investment in urban redevelopment projects (URP).
GHKGBA's leverage, defined by net debt/adjusted inventory,
increased to 22% in 1H21 from 11% at end-2020 due to an increase in
land acquisition outflows. GHKGBA acquired eight projects mainly in
the GBA with planned gross floor area of 2.1 million sq m and
saleable amount of CNY25 billion, which can support its sales in
the next three years.

Healthy Development Margin: Fitch expects the gross profit margin
of the property development segment to stabilise at around 25%-30%.
The gross profit margins of GHKGBA's trade-centre projects were
high due to low land cost. Fitch expects its URPs' gross profit
margins to be above 25% as it mainly obtains new projects through
acquisitions instead of public land auctions, which are more
costly. GHKGBA's gross profit margin for property development and
related businesses remained healthy at 30% in 1H21, although it
narrowed from 34% in 2020.

DERIVATION SUMMARY

GHKGBA's ratings are constrained by its small scale and weak
business profile. Its attributable contracted sales of CNY4
billion-5 billion is lower than Skyfame Realty (Holdings) Limited's
(B-/Negative) CNY6 billion and Guorui Properties Limited's
(B-/Negative) CNY12 billion. These peers have high refinancing
risk, with significant amounts of capital-market debt that mature
in the next 12 months. GHKGBA's leverage of around 22% is lower
than the over 55% for both Guorui and Skyfame.

KEY ASSUMPTIONS

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

-- Total contracted sales of CNY7 billion-8 billion a year in
    2021-2023;

-- Property development gross profit margin of around 25% in
    2021-2023;

-- Land acquisition outflow of CNY2 billion-3 billion a year in
    2021-2023.

Key Recovery Rating Assumptions:

-- Fitch uses a multiple assumption tool to derive a 4x EBITDA
    multiple to estimate the going-concern value for GHKGBA. Fitch
    applies the liquidation value approach as liquidation of the
    assets results in a higher return to creditors;

-- 10% administrative claim;

-- 70% advance rate to accounts receivabl;

-- 20% advance rate to investment properties, as the rental yield
    was only 1.3;

-- Excess cash, after deducting payables from available cash, at
    a 50% advance rate;

-- 60% advance rate to buildings and leasehold improvements;

-- 50% advance rate to adjusted net inventory to reflect GHKGBA's
    EBITDA margin of around 15%-20%, and its exceptionally long
    land-bank life, which may be subject to lower visibility in
    its future EBITDA margin.

The resulting recovery rate corresponds to a Recovery Rating of
'RR2' for GHKGBA. However, the Recovery Rating is capped at 'RR4'
because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in the
group are subject to a soft cap at the issuer's Issuer Default
Rating and a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Positive rating action will not be considered unless GHKGBA
    can boost its scale substantially by expanding its
    geographical coverage beyond lower-tier cities and sustain
    sales in subsequent phases of its existing projects, while at
    the same time not compromising its financial metrics.

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

-- Deterioration in refinancing prospects that has significant
    adverse impact on its liquidity profile;

-- Sustained decline in contracted sales;

-- Net debt/adjusted inventory sustained above 40%;

-- EBITDA margin sustained below 15% (after adding back
    capitalised interest on cost of goods sold).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: GHKGBA had available cash of CNY2.7 billion,
excluding restricted cash of CNY546 million, at end-June 2021, and
short-term debt of CNY2.8 billion, including the USD294 million in
bonds due December 2021. GHKGBA expects to refinance most of the US
dollar bonds due December 2021 with the exchange offer and new
issuance.

ISSUER PROFILE

GHKGBA, listed on the Hong Kong Stock Exchange since 2013, focuses
on residential projects in the GBA and develops trade-centre
projects in third-tier cities. It was known as Hydoo International
Holding Limited before the Wong family sold its stake to the
holding company of GHKGBA in September 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory of CNY13 billion at
end-June 2021 includes: CNY14.1 billion of inventory, CNY1.2
billion of prepayments for land use rights, CNY3.2 billion of
investment properties, CNY0.4 billion of land and buildings, CNY133
million of investments in joint ventures, CNY332 million due from
non-controlling interests, CNY44 million due from joint ventures,
less CNY4.3 billion of contract liabilities, CNY660 million of
deposits for cooperative development of properties, CNY1.3 billion
due to non-controlling interests and CNY50 million due to joint
ventures.

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

HNA GROUP: Chinese Police Detains Chairman and CEO
--------------------------------------------------
Bloomberg News reports that the chairman and CEO of China's HNA
Group Co. were detained by police, the latest twist in the saga of
the once high-flying conglomerate whose debt-fueled acquisitions
became an early symbol of the corporate excess now firmly in
Beijing's sights.

Chairman Chen Feng and CEO Tan Xiangdong were detained by police in
China's southern province of Hainan for suspected crimes, the
company said in a statement late on Sept. 24, without providing
details of the alleged offenses, Bloomberg relates.

The operations of HNA Group, which has largely been managed by the
Hainan government since early 2020, are unaffected, the statement
added. The group's restructuring is moving forward smoothly.

Once a prominent investor in firms like Hilton Worldwide Holdings
Inc. and Deutsche Bank AG, HNA is the embodiment of a short-lived
era when Chinese conglomerates expanded aggressively with global
acquisitions fueled by significant borrowing, Bloomberg notes.

That era ended in about 2018 as China ramped up capital controls,
and the government has since been working to sort through the
financial dealings of firms like HNA. Three listed companies under
the group said in February that shareholders and affiliates
misappropriated at least CNY63 billion (about $9.8 billion) of
funds.

According to Bloomberg, the detentions come a day after China
sentenced the former chairman of liquor giant Kweichow Moutai Co.,
Yuan Renguo, to life in prison for taking millions in bribes, and
as Chinese President Xi Jinping extends his crackdown on the
nation's tycoons and business landscape. Xi has been clamping down
on China's tech giants to the use of cryptocurrency as part of a
sweeping plan to remake the world's second-largest economy with an
emphasis on "common prosperity."

In an open letter to HNA staff posted on WeChat, Gu Gang, the
chairman of Hainan Development Holdings Co., said the company is
seeing the light at the end of the tunnel after a challenging 18
months, Bloomberg reports. He said the wrongdoers should be
responsible for their mistakes and asked staff to work together to
support the company's future development.

Scores of related-party transactions, some of which were linked to
HNA Group's overseas acquisitions, weren't fully disclosed in the
conglomerate's regulatory filings, according to a Caixin
investigation published on Sept. 25.

A study of the company's filings and interviews with multiple
former and current executives, found that Chen, along with now
deceased co-founder Wang Jian and several senior executives, owned
companies that were controlled or invested in by family members
that conducted business with HNA, Caixin said, Bloomberg relays.

The complex network of related-party dealing meant HNA might have
paid as much as 50% more than competitors for aviation materials
and 10% more for aircraft, a former HNA executive who wasn't
identified was quoted by Caixin as saying.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.

On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.

HNA Group was designated as administrator of the merger, and
creditors will hold their first meeting June 4, according to a
statement issued March 15 by the Hainan High People's Court. The
320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.


JINGRUI HOLDINGS: S&P Rates New USD Sr. Unsec. Notes Issuance 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issuance of U.S.-dollar-denominated senior unsecured notes
by Jingrui Holdings Ltd. (B/Stable/--). The China-based developer
intends to use the proceeds to refinance its existing debt in
accordance with its green finance framework. The issue rating is
subject to our review of the final issuance documentation.

S&P rates the proposed notes one notch below the issuer credit
rating on Jingrui to reflect subordination risk. The proposed notes
will rank behind a material amount of priority debt in the
company's capital structure. As of June 30, 2021, Jingrui's capital
structure consisted of Chinese renminbi (RMB) 13.1 billion in
secured debt and RMB3.9 billion of unsecured debt at the company's
subsidiaries (including guarantees), which it considers as priority
debt. Jingrui also has RMB8.5 billion in unsecured debt at the
parent level, which consist of offshore senior notes. The company's
priority debt is about 67% of its total debt, above our issue
notching-down threshold of 50%.

Jingrui's exposure to U.S. dollar notes of about 33% of its total
debt as of June 30, 2021, subjects it to offshore funding
volatility. Nonetheless, the company's cash balance of about
RMB14.2 billion as of end-June sufficiently covered its short-term
maturities of RMB8.5 billion, including its two U.S. dollar notes
due October 2021 and March 2022 totaling US$385 million.

The stable outlook on Jingrui reflects S&P's view that the company
will maintain prudent financial management and a mild growth
appetite over the next 12-24 months.


SINIC HOLDINGS: Moody's Cuts CFR to Caa2, On Review  for Downgrade
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Sinic Holdings (Group) Company Limited to Caa2 from B2.

At the same time, Moody's has placed the rating on review for
further downgrade. The outlook before the review for further
downgrade was stable.

"The downgrade reflects Sinic's materially weakening liquidity
profile given its rapidly deteriorated funding access and maturing
offshore debt over the next 6-12 months, leading to a likelihood of
default on its payment obligations, including a USD246 million bond
due in October 2021," says Daniel Zhou, a Moody's Analyst.

"The review for downgrade reflects uncertainties around Sinic's
ability to address its near-term debt maturities and the potential
of a lower expected recovery rate if the company defaults," adds
Zhou.

RATINGS RATIONALE

Sinic's Caa2 CFR considers the company's weakening liquidity
position, deteriorated funding access and high refinancing needs
over the next 12-18 months. These weaknesses will constrain its
operational and financial flexibility.

On the other hand, the Caa2 CFR considers Sinic's leading market
position in property development in Nanchang city in the Jiangxi
province and in Huizhou city in the Guangdong province. This
strength is counterbalanced by its high geographic concentration
and moderate credit metrics.

Sinic had short-term debt of around RMB13.4 billion as of the end
of June 2021, including a USD246 million offshore bond due in
October 2021 and two offshore bonds totaling USD453 million
maturing between January and June 2022.

In addition, the company had RMB8.0 billion of account payables as
of June 30, 2021. Any demand for accelerating the repayment of
these payables resulting from its creditors' loss of confidence
could further stress the company's liquidity.

Moody's believes Sinic will face difficulties in raising new funds
from both onshore and offshore channels to address its refinancing
needs, in view of the recent sharp decline in the company's bond
and share prices and the generally tight credit environment.

The company had RMB14 billion of unrestricted cash as of the end of
June 2021, but it remains uncertain if it could use such cash
resources for debt repayment. In addition, the company has
meaningful exposures to joint ventures, which could limit its
ability to control its cash flow.

Sinic reported 25.4% growth in gross contracted sales to RMB77.0
billion during the first eight months of 2021. However, Moody's
expects its sales growth and operating cash flow will significantly
deteriorate over the next 6-12 months, given the tight funding
conditions and weakened creditor sentiment over the company's
financial positions. The company's ability to timely monetize its
assets as backup liquidity is also uncertain.

In terms of governance, Moody's has taken into account Sinic's
concentrated ownership by Mr. Zhang Yuanlin, who, together with his
family, controlled an 83.19% equity interest in Sinic as of the end
of December 2020. It also considers the company's history of
significant related-party transactions with other companies
controlled by Mr. Zhang or his family members, which mainly took
place before Sinic's listing in November 2019.

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

Moody's review will focus on Sinic's refinancing progress and
liquidity risks, and in particular, its ability to address its
maturing debt in a timely manner.

Sinic's rating could be further downgraded if its liquidity weakens
further or it defaults on its debt.

An upgrade of the rating is unlikely given the review for
downgrade. However, positive rating momentum could develop if Sinic
improves its liquidity, through successfully refinancing its
maturing debt, and if it maintains normal operations with healthy
operating cash flows.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Sinic Holdings (Group) Company Limited. is a Jiangxi-based
residential property developer. As of June 30, 2021, Sinic had an
attributable land bank of around 14.4 million square meters. Around
97% of its revenue was generated from residential property
development in the first six months of 2021.

XINHU ZHONGBAO: S&P Rates New USD Sr. Unsec. Notes 'B-'
-------------------------------------------------------
S&P Global Rating assigned its 'B-' long-term issue rating to the
U.S. dollar denominated senior unsecured notes that Xinhu (BVI)
2018 Holding Co. Ltd. proposes to issue. The issuer's parent Xinhu
Zhongbao Co. Ltd. (B/Stable/--) guarantees the notes. The company
plans to use the proceeds to refinance its existing medium- to
long-term debt due within one year. The issue rating is subject to
our review of the final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on Xinhu Zhongbao because the debt is significantly
subordinated relative to other debt in the company's capital
structure. As of June 30, 2021, Xinhu Zhongbao's capital structure
consisted of Chinese renminbi (RMB)29 billion of secured debt and
RMB10 billion of unsecured debt issued or guaranteed by the company
at the holding company level. Secured debt accounted for 58% of the
total debt, above our threshold of 50% for notching down the issue
rating.

"Xinhu Zhongbao's contracted sales so far in 2021 are in line with
our expectation, with strong cash collection supported by saleable
resources in Shanghai that have a good sell-through rate and high
down-payment ratio. The company's long development cycle for urban
redevelopment projects will likely result in a moderately slower
improvement in leverage than our forecast. However, leverage should
continue to improve gradually over the next 12-18 months owing to
steady sales and disciplined land spending. Xinhu Zhongbao has
sufficient land bank to support development for more than five
years.

"The stable outlook on the issuer credit rating on Xinhu Zhongbao
reflects our view that the company will maintain disciplined
spending and a mild growth appetite, such that it will gradually
deleverage over the next 12-18 months. We also believe Xinhu
Zhongbao has viable plans to repay or refinance its short-term
debt, backed by its solid property development business and sizable
liquid investments."


XINYUAN REAL ESTATE: S&P Withdraws 'CCC' Long-Term ICR
------------------------------------------------------
S&P Global Ratings has withdrawn its 'CCC' long-term issuer credit
rating on Xinyuan Real Estate Co. Ltd. and the 'CCC-' issue rating
on the China-based company's outstanding senior unsecured notes at
the company's request. The rating outlook on Xinyuan was negative
at the time of withdrawal.




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

ALFA ONE: CARE Lowers Rating on INR5.00cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Alfa
One Hi-Tech Infra Private Limited (AOHIPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2020, placed
the rating(s) of AOHIPL under the 'issuer non-cooperating' category
as AOHIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AOHIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2021, August 26, 2021 and September 5, 2021.

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

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

Rating assigned to the bank facilities of AOHIPL have been revised
on account of on-going delays in debt servicing recognized from
publicly available information i.e. Annual report of FY20.

Alfa One Hi-Tech Infra Private Limited (AOHIPL) is a Kannur-based
company engaged in civil constructions for commercial and
residential buildings. Mr. Luthufuddeen P M, the promoter of AOHT,
promoted Alfa One Global Builders Private Ltd (AOGB) in the year
2008 for development of residential and commercial real estate
projects. Mr. Luthufuddeen, the managing director of AOHT, manages
the day-to-day operations of the company.

BILPOWER LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bilpower Limited
        B-11, Viral Shopping Centre
        Mantriwadi Sainath Road
        Malad-West, Mumbai 400064

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2022
                               (180 days from commencement)

Insolvency professional: Anuj Bajpai

Interim Resolution
Professional:            Anuj Bajpai
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: anuj19603@yahoo.co.in
                                 cirpbpl@gmail.com

Last date for
submission of claims:    October 1, 2021


CHANDRA NET: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Chandra Net Limited
        401, Parshwa Tower
        Near Pakwan-II
        S.G. Highway
        Bodakdev, Ahmedabad
        Gujarat 380054
        India

Insolvency Commencement Date: September 20, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 21, 2022

Insolvency professional: Ritesh Prakash Adatiya

Interim Resolution
Professional:            Ritesh Prakash Adatiya
                         E-904, Iscon Platinum
                         Bopal Cross Road
                         Bopal, Ahmedabad
                         E-mail: riteshadatiya01@gmail.com

                            - and -

                         401, The First, B/h ITC Hotel
                         B/s Keshavbaugh Party Plot
                         Vastrapur, Ahmedabad 380015
                         E-mail: cirp.cnl@gmail.com

Last date for
submission of claims:    October 6, 2021


ESVEE ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Esvee
Enterprises (EE) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 28, 2020, placed
the rating(s) of EE under the 'issuer non-cooperating' category as
EE had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. EE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 14, 2021, August 24, 2021 and September 3, 2021.

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

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

Bangalore based, Esvee Enterprises (Esvee) was established in the
year 1983 as a proprietorship concern by Mr. S.V. Kishore. The firm
is engaged in trading and distribution line of business. The firm
trades rice and jute twine in the domestic market after procuring
the same from its regular suppliers established across India. The
rice is procured from local dealers and supplied to domestic rice
mills. The jute twines traded by the firm are purchased by
customers who use them for all kinds of agricultural and packing
purposes. Esvee also engages in distribution of FMCG products in
Kolar District. It has been recognized as an authorized distributor
for the Kolar District by Britannia Industries Limited. The firm
earns 50% of its revenue from its trading line of business and the
remaining 50% from distribution business.


GANESH EDUCATION: CARE Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Education And Welfare Society (SGEWS) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 25, 2020, placed the
rating(s) of SGEWS under the 'issuer non-cooperating' category as
SGEWS had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SGEWS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 11, 2021, July 21, 2021, July 31, 2021.

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

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

Shree Ganesh Education and Welfare Society (SGWES) is an
educational society and was formed in April 8, 2011 under Societies
Registration Act, 1860 with an objective to provide educational
services by establishing and operating various educational
institutions. The society operate colleges and school under the
name of "Dev Rishi" in a single geography offering varied courses
located in Saharanpur.

GANGA BISHAN: CARE Keeps B- Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ganga
Bishan Cotton Mills (SGBCM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 21, 2020, placed the
rating(s) of SGBCM under the 'issuer non-cooperating' category as
SGBCM had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SGBCM continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 7, 2021, July 17, 2021, July 27, 2021.

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

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

Shri Ganga Bishan Cotton Mills (SGB) was established as a
partnership firm in 2000 and is currently being managed by Mr
Naveen Kumar Garg and Mr Neeraj Kumar Garg, as its partners,
sharing profit and loss equally. The firm is engaged in cotton
ginning and pressing along with cotton oil extraction. The firm
procures raw cotton from Haryana through various commission agents
and sells its finished products to wholesalers located across
India. The finished products of the firm include cotton bales,
cotton seeds, cottonseed oil and by product, i.e., cottonseed oil
cake. The manufacturing facility of the firm is situated at
Fatehbad, Haryana with an installed capacity of 300 bales per day
as of December 31, 2016.

GMR HYDERABAD INT'L: Moody's Affirms 'Ba2' CFR, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed GMR Hyderabad International
Airport Limited's (HIAL) Ba2 corporate family rating and Ba2 senior
secured USD bond rating.

The outlook on the ratings remains negative.

"The rating affirmation reflects our expectation of a gradual
improvement in HIAL's revenue over the next 2-3 years, driven by
the implementation of higher tariffs under the final tariff order
from April 2022, and a gradual recovery in passenger traffic and
non-aeronautical businesses under our base case," says Spencer Ng,
a Moody's Vice President and Senior Analyst.

"Nevertheless, the headroom available to HIAL to manage any further
downside risks have narrowed relative to our previous expectation.
This is due to the regulator's decision to defer around INR6.7
billion of HIAL's regulated revenue to the next control period
starting in April 2026, and the delay in passenger traffic recovery
caused by the second wave of coronavirus cases in the June 2021
quarter," adds Ng.

RATINGS RATIONALE

HIAL has a long-term concession to operate the Rajiv Gandhi
International Airport (RGIA) in Hyderabad under a public-private
partnership model. HIAL is undertaking a major airport expansion
that will cost INR55 billion (excluding interest during
construction) with targeted completion before the end of 2022.

After factoring in the revenue deferral and slower traffic
recovery, HIAL's funds from operations (FFO) will likely remain
negative over the next 12-18 months. Moody's does not expect HIAL's
FFO/debt to recover above the minimum tolerance level until the
year ending March 31, 2025 (fiscal 2025). Given the already
extended recovery phase, any further delay in the recovery time
frame will exert downward pressure on the rating.

As of the end of June, the airport had around INR27 billion of
available liquidity, comprising largely short-term liquid
investments. Despite HIAL's substantial liquidity holdings, Moody's
expects the airport to need additional debt to complete the
expansion, considering the remaining spending commitment as well as
the impact of the revenue deferral in fiscals 2023 and 2024.

Moody's base-case projections exclude the forthcoming upfront
proceeds from HIAL's recent transaction to lease out its IT
services, or the repayment of a INR2 billion loan HIAL has extended
to its promoter maturing in August 2022. The timely completion of
these transactions will help reduce the funding requirement.

Despite the weaker credit metrics, the visibility of the airport's
recovery path over the next 2-3 years has improved considering the
certainty over its tariffs, progress made in the airport expansion
and the improving vaccination rate in India.

The airport expansion is close to 65% complete as of mid-September,
with most of the airside works finished and the terminal extension
nearing completion, which reduces the risk of a material cost or
time overrun. Management expects the expansion to be delivered on
time and on budget, by September 2022.

Moody's expects passenger traffic at Hyderabad Airport to increase
from the previous fiscal year's, driven by solid underlying demand
for air travel. Monthly domestic passenger traffic has recovered
from a low of around 300,000 in May amid lockdowns imposed during
the second wave, to over one million in August, although it remains
just below a 12-month high of 1.1 million in February and March
2021.

Nevertheless, a full recovery of passenger traffic to pre-pandemic
levels is not likely until 2023 or 2024 under Moody's base-case
scenario, given the lag in resumption of international travel,
which represents just below 20% of traffic at Hyderabad Airport in
2019.

While not incorporated in Moody's base case, passenger recovery
remains vulnerable to further outbreaks of coronavirus cases,
particularly given the relatively low rate of vaccination in India
currently, where only 15% of the population has been fully
vaccinated.

HIAL's Ba2 CFR continues to reflect the airport's established
market position in its catchment area, which has a predominantly
domestic origin and destination passenger mix.

The negative outlook reflects potential downside risks over the
next 12-18 months, that could stem from a slower-than-expected
recovery in the airport's traffic and the airport's very limited
financial headroom to manage further downside risks.

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

An upgrade of the ratings is unlikely over the next 12-18 months,
given the negative outlook and HIAL's high financial leverage.
Nevertheless, Moody's could change the outlook to stable if
operating conditions recover to a level that would restore the
airport's FFO/debt to the mid-single digit percentage range on a
sustained basis.

On the other hand, Moody's could downgrade HIAL's Ba2 ratings if
there is any indication of liquidity stress or if its FFO/debt is
likely to remain below 4% on an extended basis beyond Moody's
current expectations. Such delays could result from (1) a
slower-than-expected recovery in operating conditions, or (2)
material missteps in the implementation of the expansion project.

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.

GMR Hyderabad International Airport Limited has a long-term
concession to operate the Rajiv Gandhi International Airport in
Hyderabad under a public-private partnership model. The airport is
one of the leading airports in India by passenger traffic.

The airport has a current design capacity of 12 million passengers
per annum. Equity in the company is held by GMR Airports (63%),
Malaysia Airports Holdings Berhad (11%, A3 negative), the
Government of India (Baa3 negative) through the Airports Authority
of India (13%), and the Government of Telangana (13%). GMR Airports
is a subsidiary of GMR Infrastructure Limited (51%) and Groupe ADP
(49%).

GOPAL RICE: CARE Keeps B- Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree Gopal
Rice Mill (SGRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.47       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Sree Gopal Rice Mill (SGRM) was constituted as a partnership firm
in May 2015 by Mr. Gour Chandra Paul, Ms. Asima Paul, Mr. Debashis
Nandy, Ms. Pampa Dey and Mr. Tanmoy Dey. Since its inception, the
firm has been engaged in processing and milling of non-basmati rice
(parboiled rice). The manufacturing facility of the firm is located
at Uttar Balarampur, Hooghly in West Bengal with aggregate
installed capacity of 27250 metric ton per annum. Mr. Tanmoy Dey
has around 16 years of experience in rice milling industry, looks
after the overall management of the firm supported by other
partners.

J J EXTRUSION: CARE Keeps B- Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J J
Extrusion Private Limited (JJEPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of JJEPL under the 'issuer non-cooperating' category
as JJEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JJEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021, August 31, 2021.

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

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

Incorporated in November 2013, J J Extrusion Private Limited
(JJEPL) was promoted by the Jaiswal family best out of Jharkhand
for setting up a manufacturing plant for aluminum products. The
commercial operation of the company has been commenced from August
2015 onwards. The manufacturing facility of the company is located
at industrial area Rajnagar, Jharkhand with an installed capacity
of around 200 MTPA. The company manufactures different types of
aluminum windows (like sliding windows, double hung window, louvre
window, awning, casement windows, Bi-fold windows etc.), doors
(like sliding doors, hinged doors, pivot doors, B-fold doors,
wardrobe doors etc), commercial facades (like shopfronts, curtain
walls, louvers & solar control etc.).


J.M. HOUSING: CARE Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J.M.
Housing Limited (JMHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       74.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JMHL to monitor the ratings
vide e-mail communications/ letters dated August 23, 2021, August
19, 2021, August 16, 2021 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on JMHL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating, continues to remain constrained by ongoing delays in
debt servicing by the company on account of weak liquidity position
and subdued real estate scenario.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of debt obligations: On account of overall
subdued demand scenario in the real estate market, the company has
been able to garner lower amount of project collections in its
ongoing residential project named JM Florence based in Techzone-IV,
Greater Noida West. This has led to a mismatch between project
receipts vis a vis the debt repayment obligations, leading to
delays in debt servicing.

Liquidity: Weak

The liquidity profile of JMHL remains weak. Due to mismatch between
project receipts vis a vis the debt repayment obligations the
liquidity of JMHL remains constrained.

* Subdued real estate scenario: With the ongoing economic
conditions, the real estate industry is currently facing issues on
many fronts, including subdued demand, curtailed funding options,
rising costs, restricted supply due to delays in approvals, etc.
thereby resulting in stress on cash flows of developers. The
industry has seen low demand in the recent past, primarily due to
factors like sustained high level of inflation leading to high
interest rates and adverse impact on the buying power and
affordability for the consumers.

J.M. Housing Limited belongs to JM Group which was incorporated in
the year 1990. JM Housing Ltd is engaged in real estate development
in Delhi & NCR. Till now the group has completed many residential
projects based in Vaishali and Noida regions such as JM Park
Sapphire, JM Royal Legacy, JM Royal Park, JM Orchid, JM Aroma.
Currently the group is building a residential project named JM
Florence based in Techzone-IV, Greater Noida having total saleable
area of 17.95lsf under J.M. Housing Limited. Currently, JM Housing
is executing a residential project named JM Florence based in
Techzone-IV, Greater Noida West. The project has a total saleable
area of 17.95 lsf. Out of total project cost of INR537 cr, the
company has incurred total INR490cr till March 31, 2020, which is
91% of the total project cost. Further, the company has incurred
around 98% of the total construction cost till March 31, 2020,
thereby reflecting satisfactory progress in project execution.


JAY BHARAT: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Jay Bharat Fabrics Mills Limited
        802, Saffron Building
        Nr. Panchwati Five Rasta
        Ambawadi, Ahmedabad
        GJ 380006
        IN

Insolvency Commencement Date: September 13, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Naresh Ghanshayamchandra Bheda

Interim Resolution
Professional:            Mr. Naresh Ghanshayamchandra Bheda
                         B-604, Fairdeal House
                         Nr. Swastik Char Rasta
                         Navrangpura, Ahmedabad 380009
                         E-mail: cirpjbfml@gmail.com
                                 nareshbheda@yahoo.com

Last date for
submission of claims:    September 29, 2021


KAJJEHALLY ESTATE: CARE Keeps C Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kajjehally
Estate (KE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 28, 2020, placed
the rating(s) of KE under the 'issuer non-cooperating' category as
KE had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 14, 2021, August 24, 2021 and September 3, 2021.

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

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

Kajjehally Estate (KJE), a proprietorship entity, was established
in 2007 by Mr. S. Vasudevan of Bangalore. Since inception, the
entity has been engaged in cultivation of plants like coffee,
pepper, cardamom, orange, vanilla, areca, timber, silver oak etc.
at its estate situated at 20Kms from Mudigere of Chikmagalur
district in Karnataka. The aggregate area available for cultivation
is 350acres; of which, the present area under cultivation is 330
acres. The day-to-day affairs of the entity are looked after by Mr.
S. Vasudevan with adequate support from her wife Mrs. Priya
Vasudevan.


LALIT POLYPLAST: CARE Keeps B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lalit
Polyplast Private Limited (LPPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of LPPL under the 'issuer non-cooperating' category as
LPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021 and July 30, 2021.

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

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

Incorporated in 2014, Lalit Polyplast Private Limited (LPPL) was
promoted by Mr. Lalit Kumar Jha and Mrs. Anubha Jha, is engaged in
trading of polymers and plastic raw materials like Poly Vinyl
Chloride (PVC) resin, PVC paste resin, polypropylene granules,
high-density polyethylene granules, low-density polyethylene
granules, and linear low-density polyethylene granules,
plasticisers and other polymers. The products of the company are
used in making plastic containers, pipes, tanks, lamination,
automobile industry etc. The company has warehouses in Delhi,
Bawana and Faridabad having storage capacity of 300 M.T., 300M.T.
and 450 M.T. respectively.


LAXMISREE RICEMILL: CARE Lowers Rating on INR5.59cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Laxmisree Ricemill Private Limited (LRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.59      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Short Term Bank       1.05      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 30, 2020, placed
the rating(s) of LRPL under the 'issuer non-cooperating' category
as LRPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2021, August 26, 2021, September 5, 2021.

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

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

Rating assigned to the bank facilities of LRPL have been revised on
account of ongoing delays in debt servicing recognized from
publicly available information i.e. Annual report of FY20.

Laxmi Sree Rice Mill Private Limited (LSRMPL) was incorporated in
November 2013 by taking over their existing partnership firm 'M/s
Laxmi Sree Rice Mill' which was into rice milling business since
2006. The company was promoted by Mr. Sanjoy Ghosh and Mr. Chitta
Ranjan Ghosh. Since its inception, the company has been engaged in
processing and milling of nonbasmati rice. The manufacturing
facility of the company is located at Birbhum, West Bengal with
aggregate installed capacity of 37500 metric ton per annum, which
is in the vicinity to a major rice-growing area. Mr. Sanjoy Ghosh
has around 12 years of experience in rice milling industry, looks
after the overall management of the company along with Mr. Chitta
Ranjan Ghosh who has 41 years of experience in transportation,
construction materials and rice milling industry.


LORD SHIVA: CARE Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lord Shiva
Trust (LST) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.62       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of LST under the 'issuer non-cooperating' category as LST
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021, July 30, 2021.

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

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

Lord Shiva Trust was formed in April 2008 by Mr Anoop Singh, Mr
Sanjay Agarwal and Ms Manjari Agarwal (trustees) for establishing,
developing and operating educational institutes. The trust began
its operations in the academic session (AS) 2009-10 (July 2009) by
setting up an engineering college at Mathura, Uttar Pradesh under
the name of Eshan College of Engineering (ECE). ECE is approved by
AICTE and affiliated to Gautam Budh Technical University (formerly
UPTU). Furthermore, the trust had also started diploma courses in
the academic session 2012-13 and MBA program in the academic
session 2013-14.


MULTI ARC COATING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Multi Arc Coating and Straps Limited
        Survey No. 7/8/9
        National Highway No. 8
        Bharuch, Gujarat 392015

Insolvency Commencement Date: September 13, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 12, 2022

Insolvency professional: CA Bhavi Shreyans Shah

Interim Resolution
Professional:            CA Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrol Pump
                         Dr. V.S. Road
                         Ahmedabad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle
                         Navrangpura
                         Ahmedabad 380014
                         E-mail: ipbhavishah@gmail.com

Last date for
submission of claims:    October 1, 2021


NARAYANI FLOUR: CARE Keeps C Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narayani
Flour Mill (NFM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term Bank       5.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of NFM under the 'issuer non-cooperating' category as
NFM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NFM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021, August 31, 2021.

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

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

Narayani Flour Mill (NFM), established in December 2011 as a
partnership firm in the view of initiating a flour milling business
in West Bengal. Currently, the firm is operating as per partnership
deed signed in December 2011. The firm has installed its
manufacturing facility at Paraj, Burdwan with an installed capacity
of 200 MT per day. NFM commenced commercial production from March
2012. The firm manufactures wheat flour and wheat bran. NFM
procures wheat from the govt. of West Bengal and processes wheat
flour and bran. After processing NFM keeps the bran with itself and
sells the flour to Govt. of West Bengal.


NAVEEN DISTRIBUTORS: CARE Cuts Rating on INR4.97cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Naveen Distributors (ND), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.97       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 4, 2020, placed the
rating(s) of ND under the 'issuer non-cooperating' category as ND
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ND continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2021, June 30, 2021, July 10, 2021.

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

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

ND was formed by Mr. Jitendra Bhandari in 1988 as a proprietorship
concern. ND is authorized distributor of JK Cement Ltd for grey
cement, white cement and wall putty etc and supplies to around 100
sub dealers of Jodhpur and Jaisalmer. It has also dealership of
Apollo Tyres Ltd which contributes less than 10% of its revenue.
The firm also operates two solar power plants with a combined
capacity of 1.7 MW and supplies power to respective DISCOMs.


NAVEEN RICE: CARE Keeps B- Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Naveen Rice
Mills (NRM) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 20, 2020, placed the
rating(s) of NRM under the 'issuer non-cooperating' category as NRM
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 6, 2021, July 16, 2021, July 26, 2021.

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

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

Haryana based Naveen Rice Mills (NRM) was established in 1986 as
partnership firm. Currently, the firm is managed by partners namely
Mr. Charanji lal, Mr. Deep Chand, Mr. Manoj Kumar and Mrs. Shanti
Devi. NRM is engaged in milling, processing and trading of Basmati
and Non- Basmati rice at its manufacturing facility located at
Karnal, Haryana. NRM procures raw material (unprocessed
rice/de-husked paddy) is procured from local grain markets and
commission agents.

NEELKANTH SWEETS: CARE Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neelkanth
Sweets Private Limited (NSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 7, 2020, placed the
rating(s) of NSPL under the 'issuer non-cooperating' category as
NSPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 23, 2021, July 3, 2021, July 13, 2021.

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

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

Lucknow, Uttar Pradesh-based Neelkanth Sweets Private Limited
(NSPL) was incorporated in 2011. It has succeeded an erstwhile
proprietorship firm established in year 1992. The company is
managed by Mr Virendra Kumar Gupta, Mr Mayank Gupta, Mr Vishnu
Gupta, Mr Vivek Gupta and Mr Vinay Gupta. NSPL is engaged in
manufacturing of sweets, snacks and namkeens under the brand name
'Neelkanth Sweets '. Further, the company operates a multi-cuisine
restaurant and a banquet hall under the name of 'Green Restras' and
'Green Banquet' respectively.

OLIVE TREE: CARE Keeps B- Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Olive Tree
Retail Private Limited (OTRPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of OTRPL under the 'issuer non-cooperating' category
as OTRPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OTRPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 28, 2021.

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

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

Olive Tree Retail Private Limited (OTR) was incorporated in August
2009 by Basuray family of Kolkata, West Bengal. OTR is engaged in
retail business of apparel, footwear, baby products and
accessories. It operates in Kolkata, Siliguri, Bangalore, Mumbai,
New Delhi and Pune with 25 retail outlets of established brands
viz. Puma, Calvin Klein, FCUK (French Connection, UK) and BIBA. In
addition to that OTR has two other retail outlets in the name of
"Slice of Bengal" and "Babeez world store" in New Delhi and an
online store in the name of "Babeez world online". Further, the
company has tie-ups with e-commerce websites like Snapdeal,
Flipkart and Amazon to sell its baby products and BIBA brands
online.


OMAPAL TECHNOLOGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Omapal Technologies Private Limited
        Off 103, F.P. No. 765, TPS III
        Junction of S V Road &
        Kora Kendra Road
        Borivali (West)
        Mumbai 400092
        Maharashtra

Insolvency Commencement Date: August 31, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 27, 2022
                               (180 days from commencement)

Insolvency professional: Manish D. Shah

Interim Resolution
Professional:            Manish D. Shah
                         A/502, Krishna Palace
                         Thakur Complex, Kandivali (East)
                         Mumbai 400101
                         E-mail: mdshah0211@gmail.com
                                 cirp.otpl@gmail.com

Last date for
submission of claims:    October 1, 2021


R. M. BETGERI: CARE Lowers Rating on INR6.50cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.
M. Betgeri And Company (RMBC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 21, 2020, placed
the rating(s) of RMBC under the 'issuer non-cooperating' category
as RMBC had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RMBC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021 and August 27, 2021.

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

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

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

Hubli (Karnataka) based R M Betgeri and Company (RMBC), is a
partnership firm which was established in 1984 by Mr Umesh M
Betgeri, Mr Vivekanand M Betgeri and Mr Rajashekar M Betgeri. Until
FY16, RMBC was engaged in the wholesale trading of dry chilies and
cotton. However, in FY17, RMBC discontinued the cotton trading
business. The operations of the firm are spread across India. It
procures its raw materials from farmers. All the partners are
equally involved in the day-to-day operations of the firm.


R.G.R EDUCATIONAL: CARE Keeps D Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.G.R
Educational Trust (RET) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of RET under the 'issuer non-cooperating' category as
RET had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RET continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 28, 2021.

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

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

R.G.R Educational Trust (RGR) was established as a non-profit
making organization in the year 2010 (started its operation in
2011) by three trustees namely Mr. P. Rajamanickam, Mrs. R.
Gunavathi, and Mrs. R. Revathi. The trust runs two schools in the
name of RGR Matriculation Higher Secondary School and RGR
International School.

RADIUS ESTATE PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Radius Estate Projects Private Limited
        One BKC, A Wing 1401
        Plot No. C-66, G Block
        Bandra-Kurla Complex
        Bandra (East), Mumbai
        Bandra Suburban
        MH 400051

Insolvency Commencement Date: September 6, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 4, 2022

Insolvency professional: Vithal M. Dahake

Interim Resolution
Professional:            Vithal M. Dahake
                         603 Neelgiri Apartments
                         Aba Karmarkar Road
                         Yashodham, Goregaon-East
                         Mumbai 400063
                         E-mail: vm.dahake@rediffmail.com

                            - and -

                         C/o MM Jaju & Co.
                         D-502, Neelkanth Business Park
                         Vidya Vihar West
                         Mumbai 400086
                         E-mail: cirp.reppl@gmail.com

Classes of creditors:    Allottee under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Dr. Rajendra M. Ganatra
                         Mr. Prasad K. Dharap
                         Mr. Ganesh Venkata Siva Rama
                         Krishna Remani

                         Physical address:
                         The Insolvency and Bankruptcy Board
                         of India (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Last date for
submission of claims:    September 27, 2021



RASHMI ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rashmi
Enterprises - Delhi (RED) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 13, 2020, placed the
rating(s) of RED under the 'issuer non-cooperating' category as RED
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RED continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 29, 2021, July 09, 2021, July 19, 2021.

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

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

Delhi-based, Rashmi enterprises (RE) is a proprietorship concern
established in March, 1980 by Mr. Vinod Kumar Bahety. Rashmi
Enterprises (RE) is engaged in wholesale trading of Kraft Paper and
Paperboard. The firm has its storage facility located at Siralpur
(Uttar Pradesh). It procures paper from many agents and paper
manufacturers located on pan India basis, like West coast paper
mill (IND AA-; Stable/ A1+), etc. The company sells its products to
major press and publishing house in north India mainly catering to
Education Sector, through its office located in Delhi.


RISE INDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Rise India Padhopadhao Private Limited

        Registered office:
        A-3/130, Sector-17
        Rohini, North West
        Delhi 110089

        Corporate office:
        Trade World, D-Wing, 4th Floor
        Kamla Mills Compound
        Lower Parel, Mumbai 400013

Insolvency Commencement Date: May 3, 2021

Court: National Company Law Tribunal, New Delhi Bench-VI

Estimated date of closure of
insolvency resolution process: October 30, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Mohan Lal Jain

Interim Resolution
Professional:            Mr. Mohan Lal Jain
                         F-2/28, Sector-15
                         Rohini, New Delhi 110089
                         E-mail: ml_jain@sumedhamanagement.com

                            - and -

                         C/o Sumedha Management Solutions
                         Pvt. Ltd.
                         B-1/12, 2nd Floor
                         Safdarjung Enclave
                         New Delhi 110029
                         E-mail: cirp.riseindiappl@gmail.com

Last date for
submission of claims:    October 1, 2021


S. S. OIL: CARE Keeps B- Rating in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. S. Oil
Refinery (SSOR) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of SSOR under the 'issuer non-cooperating' category as
SSOR had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SSOR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021, July 30, 2021.

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

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

The rating assigned to the bank facilities of FE has been revised
on account of non-availability of requisite information

S. S. Oil Refinery (SSOR), a partnership firm, was established in
the year 1999 and was promoted by Mr. Sarfaraz Chini and Mr. Salim
Chini. SSOR engaged in the business of extraction and refining of
cotton seed oil and soya bean solvent oil (crude oil). The partners
have more than 2 decades of experience in the business of
processing of edible oil & oil cakes. The installed production
capacity of refined edible oil and oil cakes remained at 50 MT/day
and 40 MT/day respectively.


SHIV ONKAR: CARE Lowers Rating on INR2.73cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shiv
Onkar Plasto Private Limited (SOPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.73      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of SOPPL under the 'issuer non-cooperating' category
as SOPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SOPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021, August 31, 2021.

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

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

Rating assigned to the bank facilities of SOPPL have been revised
on account of on-going delays in debt servicing recognized from
publicly available information i.e. Annual report of FY20.

SOPPL was incorporated in July 2009 in the name of Shiv Onkar
Constructions Private Limited. However, the name of the company was
changed to current one with effect from April 2015. Initially, the
company was into civil construction and restaurant business.
However, the company had discontinued the civil construction and
restaurant business since April 2016. After change of its name, the
company had started setting up manufacturing plant for molded
plastic chair. In April 2017, SOPPL has completed the project with
aggregate cost of Rs.5.20 crore. SOPPL has commenced commercial
operations from April 2017 onwards. The manufacturing facility of
the company is located at Sitamarhi, Bihar with aggregate installed
capacity of 432000 chairs per annum.

SLYLANDRO POWER: CARE Lowers Rating on INR11.37cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Slylandro Power Private Limited (SPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.37       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPPL to monitor the ratings
vide e-mail communications dated August 2, 2021, August 4, 2021
August 9, 2021 and numerous phone calls. However, despite repeated
requests, the company has not provided requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Slylandro Power Private
Limited bank facilities will now be denoted as CARE B+; Stable
ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-cooperation by
Slylandro Power Private Limited, with CARE's efforts to undertake a
review of the ratings outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk
along with non-availability updated information on impact of
covid-19 on the operations and updated financials for FY21.

Detailed description of the key rating drivers

At the time of last rating July 30, 2020, the following were the
rating weaknesses and strengths, and the rationale is updated based
on information available in MCA.

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the company
is relatively small marked by total operating income of INR2.17
crore in FY20 with low net worth base of INR2.36 crore as of March
31, 2020.

* Short track record and in experience of promoters in power
operating projects industry: The promoter of the company, Mr. K.
Prasad Rao (Director) is a Polytechnic (Mechanical) by
qualification and having more than two decades of experience as
superintendent engineer(Retired) in production at ONGC and also
five of experience in the power operating projects industry. The
promoters of the company have been associated in this industry
since the inception of the company in 2014.

* Leveraged Capital Structure and weak debt coverage indicators
during FY20: The capital structure of the company marked by overall
gearing and debt-equity ratio remained leveraged and stood at 5.04x
as of March 31, 2020 as the company has availed additional term
loan of INR3.30 crore for expansion of solar power project from
2.42 MW to 3MW. The debt coverage indicators of the company marked
by Total debt/ gross cash accruals and interest coverage remained
weak and stood at 12.78x and 1.93x respectively in FY20. Total
debt/cash flow from operation remained weak and stood 9.15x in
FY20.

Key Rating Strengths

* Comfortable PBILDT margin albeit losses at net level reported
since inception: The PBILDT margins of the company has been
comfortable and stood at 88.21% in FY20.However, the company has
incurred net losses for the last two years ended FY20 due to under
absorption of interest and depreciation cost on account of initial
year of operations.

* Satisfactory operating cycle days of the company: The operating
cycle days of the company remained satisfactory and stood at 10
days in FY20 due to amount received from customers within 10-15
days from date of bill generation.

* Location advantage: The company located in Prakasam District,
Andhra Pradesh and also having sufficient land availability for
future expansion of the solar power production.

* Stable demand for solar power: In 2014, Government of India (GoI)
set an ambitious target of reaching 100 GW of solar capacity by
2022. The target principally comprises of 40 GW of Rooftop solar
and 60 GW through Large and medium scale grid-connected solar power
projects against which total installed solar power capacity stood
at 28.18 GW as of March 31, 2019. India has made tremendous
progress in the recent past in developing a renewable energy-led
power generation eco-system. Between FY15-FY19, there was an almost
11-fold growth in installed solar power capacity.

Liquidity: Adequate- Adequate liquidity characterized by sufficient
cushion in accruals vis-à-vis repayment obligations and cash
balance of Rs.0.46 Crore as of March 31, 2020. The Current ratio
and Quick Ratio of 1.50x as on March 31, 2020. The company has
availed moratorium on term loans (in view of COVID-19).

Slylandro Power Private Limited (SPPL) was incorporated on October
28, 2014 promoted by Mr. K Prasad Rao and Veera Raghava. The
company has commissioned 2.42MW solar power project at Kakarla(V),
Marripudi(M), Prakasam District, Andhra Pradesh. The commercial
operations of the company has been started in June 2018. Initially,
SPPL has entered into power purchase agreement with Mangal
Industries Limited (MIL) and Chida Spinning Mills Private Limited
in November 2018. Subsequently, agreement with Chida Spinning Mills
Private Limited got canceled in October 2019. The company has
Agreement-in-Principle with Hindustan Coca-Cola Beverages Private
Limited.


SUPER INFRATECH: CARE Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Super
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.14      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      10.74      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 22, 2020, placed
the rating(s) of SIPL under the 'issuer non-cooperating' category
as SIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 8, 2021, August 18, 2021, August 28, 2021.

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

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

Super Infratech Private Limited (SIPL) was incorporated in March
2001 by Mr. Sujit Bordoloi and Mrs. Tribeni Bordoloi. Since its
inception, the company has been engaged in civil construction
activities for state and central government in the segment like
construction of buildings, drains and roads. The company is
classified as Class - 1 contractor by Public Works Division, Assam
which indicates that the company can participate for higher value
contracts release by government departments. SIPL participates in
tenders and executes orders for the Public Works Department
(Dibrugarh), Central Public Works Department (Guwahati), etc.


TIRUCHITAMBALAM PROJECTS: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s. Tiruchitambalam Projects Limited
        27/400, K.P. Road
        Ramavarmapuram
        Nagercoil 629002
        Kanyakumari District
        Tamil Nadu

Insolvency Commencement Date: September 7, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2022
                               (180 days from commencement)

Insolvency professional: G. Mukundan

Interim Resolution
Professional:            G. Mukundan
                         No. 29A, First Main Road
                         ERI Scheme, Mogappair
                         Chennai 600037
                         Tamil Nadu
                         E-mail: claimstiruchitambalam@gmail.com

Last date for
submission of claims:    September 28, 2021


VASU METPLAST: CARE Keeps B- Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vasu
Metplast Private Limited (VMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 25, 2020, placed the
rating(s) of VMPL under the 'issuer non-cooperating' category as
VMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 11, 2021, July 21, 2021 and July 31, 2021.

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

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

Kanpur based, Vasu Metplast Private Limited (VMPL) was incorporated
in 2013 by Mrs. Sweta Kanodia and Mr. Saurabh Agarwal. VMPL started
its commercial operations in 2015 and is engaged in the
manufacturing of polyfilms which find its application in the
packaging industry. The installed capacity of the manufacturing
plant is around 300 tonnes per month. The primary raw material is
plastic granules which are procured mainly from local suppliers in
Uttar Pradesh. VMPL sells its finished goods to entities such as
Reliance Industries Limited and Haldia Petro Chemicals.


VEDANTA LTD: To Delist American Depositary Shares on NYSE
---------------------------------------------------------
BloombergQuint reports that Vedanta Ltd. will delist its American
depositary shares from the New York Stock Exchange as trading
volumes in such instruments have remained low in the recent past.

Trading in such securities will be suspended in 10 days after Oct.
29, when the company intends to file a form 25 with the U.S.
Securities and Exchange Commission, it said in an exchange filing,
BloombergQuint relays.  

As many as 4.33% of Vedanta's equity shares are in the form of
depository shares, according to data available on the Nasdaq
website. Vedanta has 16.11 crore shares listed as such instruments,
with each ADS representing four domestic shares.

The data also shows 137 institutional investors owning 38,055,720
depository shares in the mining conglomerate, according to
BloombergQuint.

BloombergQuint relates that the delisting, the company said, was
also prompted by the associated costs of maintaining listing and
related obligations, including reporting obligations in accordance
with the U.S. Securities Exchange Act of 1934.

Once the delisting becomes effective and criteria for
deregistration have been satisfied, the company would submit a form
15F with the U.S. market regulator to deregister the ADSs and their
underlying equity shares.

Thereafter, the company's reporting obligations under the Exchange
Act will be suspended. Deregistration with the SEC and termination
of Vedanta's reporting obligations under the Exchange Act will
become effective 90 days after filing of form 15F, the report
notes.

As per procedure, Citibank, N.A. will provide a notice of
termination to all ADS holders. The ADS programme will be
terminated 31 days after Citibank serves a formal notice to the ADS
holders. BloombergQuint says the bank will sell the company's
equity shares underlying the ADS any time after Dec. 9 - or once 30
days elapse following the termination of the deposit agreement,
which is Nov. 8.

The ADS holders will have at least 61 days after receiving the
notice of termination to decide on retaining their interest in the
equity shares. They can surrender their depositary shares in
exchange for underlying ordinary shares on or prior to Dec. 8, adds
BloombergQuint.

Vedanta Limited operates as a diversified natural resources company
in India. It explores for, develops, extracts, produces, processes,
and sells oil and gas, zinc, lead, silver, copper, aluminum, iron
ore, steel, pig iron, and metallurgical coke. The company also
operates a thermal coal-based commercial power facility of 600
megawatts (MW) at Jharsuguda in the State of Odisha in eastern
India; 2 units of 300 MW thermal coal based power plants at Korba;
1,980 MW thermal coal- based commercial power facilities; 274MW of
wind power plants; and a power plant situated at Mettur Dam in the
state of Tamil Nadu in southern India. In addition, it manufactures
and supplies billets, TMT bars, wire rods, and ductile iron pipes;
engages in the mechanization of coal handling facilities and
upgradation of general cargo berth for handling coal at the outer
harbor of Visakhapatnam Port on the east coast of India; and
provides logistics and other allied services inter alia rendering
stevedoring, and other allied services in ports and other allied
sectors. Further, the company is involved in manufacturing glass
substrates in South Korea and Taiwan. It also operates in South
Africa, Namibia, Ireland, Australia, Liberia, and the United Arab
Emirates.  Vedanta Limited is a subsidiary of Vedanta Resources
Limited.


VINOD FABRICS: CARE Lowers Rating on INR6.65cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vinod Fabrics (VF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.65       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

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

VF was formed in August 2005 by Mr. Om Prakash Gupta as
proprietorship concern. VF is engaged in the business of dyeing and
printing of fabrics from its processing facilities located in Pali,
Rajasthan. VF uses grey cloth as raw material which is procured
from traders located in South Indian states and Maharashtra. The
plant of the firm has total installed capacity of 60000 meters
cloth per day and has almost fully utilized its installed capacity
during FY17.




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

KTL GLOBAL: Independent Review May Take 3-5 Months
--------------------------------------------------
The Business Times reports that watch-listed KTL Global on Sept. 23
said it expects the ongoing independent review of the company to
take between three and five months, as it appointed its independent
reviewer Deloitte & Touche Advisory Services only on Aug 14.

This was in response to several queries it received from the
Securities Investors Association (Singapore) regarding the group's
FY2020 annual report, BT relates.

BT says the mainboard-listed group's shares have been under
voluntary suspension since Aug. 17, and it does not intend to
resume trading until the review is complete.

To recap, KTL's independent auditors in August this year issued a
disclaimer of opinion in relation to the transactions of its
subsidiary Bluegas with four branding, operation and procurement
(BOP) customers in China.

Among other findings, the auditors highlighted irregularities in
the accounting treatment of receipts by Bluegas from Lawrence Group
amounting to US$700,000.

In its response to Sias' queries, KTL said it has ceased and not
taken any business through Bluegas since the group's BOP business
was suspended from January due to Covid-19 and disruptions in
China, according to BT.

BT relates that the group's board and management remain in
possession of Bluegas's company seals and all its legal documents.

Asked about the nature of BOP services provided by Bluegas and the
level of oversight by the board, KTL described the company as an
"asset-light" type of business with no capital expenditure,
inventory or other assets considered to be "heavy". Bluegas's
former chief executive Liu Changsheng provided quarterly updates of
the company's business to KTL's board, which communicated with the
management of Bluegas on an ad-hoc basis through e-mails and
telephone conferences.

KTL said that since Mr Liu resigned effective July 31, there has
been no employment relationship between him and the group -
although he has expressed willingness to extend assistance to the
group regarding matters relating to Bluegas, if required.

As previously stated in a June 9, 2021 response to queries from the
Singapore Exchange, the group reiterated that its board has
assessed there is an "urgent need to raise funds and look for
opportunities to inject new revenue-generating businesses into the
group," BT recalls.

It also said it has taken actions to operate as a going concern and
meet its short-term obligations, BT relays. This includes the
recent incorporation of a new subsidiary in the business of other
investment holdings and value-added logistics providers, a loan
convertible agreement with a loan facility of up to S$2 million,
plans to acquire a fresh vegetable and fruit producer and exporter,
and a proposed placement to raise up to S$3.1 million from
investors.

                          About KTL Global

KTL Global Limited (SGX:EB7)-- http://www.ktlgroup.com/-- is an
investment holding company. The Company operates through three
segments: offshore oil and gas, marine and others. The offshore oil
and gas segment relates to sales of goods and services to customers
in the oil and gas industry. The marine segment relates to sales of
goods and services to customers in the marine industry. The others
business segment relates to sales to customers in other industry
sectors, mainly in the offshore construction and engineering
industries. The Company also provides testing, certification and
maintenance services to the oil and gas market. The Company,
through its subsidiaries, offers various products, including high
performance compacted wire rope; standard wire rope; heavy lift
slings and grommets; blocks, swivels and sheaves; shackles; rov
shackles and hooks; synthetic slings and synthetic ropes; links and
hooks, towing equipment, chasers and grapnels; drill lines; kimloft
rigging loft, and rigging accessories, hooks and fittings.


PUKU SINGAPORE: Court to Hear Wind-Up Petition on Oct. 8
--------------------------------------------------------
A petition to wind up the operations of Puku Singapore Pte Ltd will
be heard before the High Court of Singapore on Oct. 8, 2021, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Sept. 16, 2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View
         #06-07 Marina One West Tower
         Singapore 018937


SKY OIL: Court to Hear Wind-Up Petition on Oct. 8
-------------------------------------------------
A petition to wind up the operations of Sky Oil & Gas Asia Pte Ltd
will be heard before the High Court of Singapore on Oct. 8, 2021,
at 10:00 a.m.

ING Bank N.V. filed the petition against the company on Sept. 17,
2021.

The Petitioner's solicitors are:

         TSMP Law Corporation
         6 Battery Road, Level 41
         Singapore 049909


UMBRELLA VENTURES: Placed in Provisional Liquidation
----------------------------------------------------
Chee Fung Mei of Chee FM & Associates on Sept. 21, 2021, were
appointed as provisional liquidators of Umbrella Ventures Pte.
Ltd.

The liquidators may be reached at:

         Chee Fung Mei
         Chee FM & Associates
         138 Cecil Street
         #05-03 Cecil Court
         Singapore 069058




=============
V I E T N A M
=============

HO CHI MINH CITY POWER: Fitch Affirms 'BB' LT FC IDR, Outlook Pos.
------------------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Ho Chi Minh City Power
Corporation's (EVNHCMC) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB'. The Outlook is Positive.

EVNHCMC's rating reflects its 'bb' Standalone Credit Profile (SCP),
which is at the same level as that of its parent, state-owned
Vietnam Electricity (EVN, BB/Positive), which owns 100% of EVNHCMC.
The SCP reflects EVN's significant control over EVNHCMC's financial
profile, including determining its profitability despite EVNHCMC's
financial profile being much stronger relative to its SCP. The SCP
also reflects EVNHCMC's stable operating profile as a pure
distribution utility with monopoly position in its area of
operation.

The Positive Outlook on EVNHCMC is in line with the Outlook on
EVN's rating. EVNHCMC's ratings will be equalised with EVN's should
its SCP weaken, based on Fitch's assessment of a 'Strong' linkage
under Fitch's Parent and Subsidiary Linkage Rating Criteria.

KEY RATING DRIVERS

Strong Market Position: EVNHCMC benefits from a monopoly position
for electricity distribution in Vietnam's Ho Chi Minh City. Fitch
expects Vietnam's strong economic growth to support electricity
demand and revenue over the medium term. EVNHCMC's diversified
counterparties and low receivable days also support its credit
profile. However, the regulatory framework's short track record,
the short six-month period for which tariff is set and political
risks limit its business profile, similar to its parent.

Pandemic to Slow Demand Growth: Fitch expects electricity demand in
Ho Chi Minh City to decline by 2.1% in 2021 for EVNHCMC as the
recent resurgence of Covid-19 infections will soften demand in
2H21. EVNHCMC's electricity sales volume slipped by 1% in 2020
during the coronavirus pandemic compared with average growth of
around 7% a year before the pandemic. Fitch forecasts electricity
demand to increase by 3% in 2022 before returning to an average of
7% thereafter.

Diversified Counterparties, Low Receivables Risk: EVNHCMC's credit
profile benefits from its stable and diversified customer base.
More stable residential customers account for 44% of EVNHCMC's
revenue and its top 20 customers account for around 5% of its total
revenue. Lower counterparty risk is also reflected in EVNHCMC's
high collection rates of between 99% to 100% and low receivable
days of around 5 days.

Restrictions on Tariff Increases: Fitch expects tariff increases to
be delayed to contain inflation and support economic growth amid
the pandemic. EVNHCMC charged a higher tariff in 1H21, mainly due
to lower discounts on tariffs during the period compared with 2020.
The average retail tariff fell by 1.1% in 2020 due to
pandemic-related tariff discounts. Fitch expects tariffs to rise by
an average of 1.5% in 2021 (2020: VND2,099/kWh).

The tariff framework, which was introduced in August 2017, allows
increases in electricity tariff every six months, subject to
certain conditions. Tariff adjustments of up to 5% may be
implemented at the distribution utilities' discretion, but anything
above that requires government approval.

Low ROE: EVN sets the major cost of electricity purchase - that is,
the bulk-supply tariff for distribution companies, including for
EVNHCMC - and aims to provide a modest level of profit. EVNHCMC
expects to maintain its pretax return on equity (ROE) in line with
EVN's target of 1%-3% (based on Vietnamese GAAP). Historical ROE
for EVNHCMC has been 1% - 1.5%.

High Capex Forecast: Fitch expects EVNHCMC's capex to remain high.
EVNHCMC plans annual outlays of VND4 trillion-4.5 trillion over
next three to four years (2020: VND2.9 trillion). EVNHCMC's capex
is mainly for enhancement of the distribution grid and building
substations and transmission lines to improve the power supply
capacity. Fitch estimates EVNHCMC's funds from operations (FFO) net
leverage will rise gradually to around 2.2x by 2024 (2020: 1.9x).

Strong Linkages with EVN: Fitch assesses that EVNHCMC has 'Strong'
linkages with its parent. There is strong integration with EVN as
EVNHCMC is one of the five distribution companies under the EVN
group, and is the only distribution company in Ho Chi Minh City.
EVN fully owns EVNHCMC and has extensive influence over the
subsidiary's business plans, profitability and financial profile.
EVN also approves EVNHCMC's budget and capex plan and appoints key
executives. EVN guaranteed around 40% of EVNHCMC's total borrowings
at end-2020.

EVN's Credit Profile: EVN's ratings will be equalised to that of
the Vietnamese sovereign (BB/Positive) under Fitch's
Government-Related Entities Rating Criteria, if the SCP is weaker
than the sovereign rating. EVN's 'bb' SCP, reflects its position as
the owner and operator of Vietnam's power transmission and
distribution network, and its 54% share of Vietnam's power
generation capacity. EVN's financial profile is much stronger
relative to its SCP assessment. However, its credit profile is
constrained by the regulatory framework's short history and tariffs
being set for only a short period.

DERIVATION SUMMARY

EVNHCMC's rating reflects its SCP and strong linkages with parent
EVN. The ratings on Vietnam Electricity Northern Power Corporation
(BB/Positive) and Hanoi Power Corporation (BB/Positive) - two other
distribution subsidiaries of EVN - also reflects their SCP and the
extensive influence of EVN on their business and financial
profiles, similar to EVNHCMC.

National Power Transmission Corporation (EVNNPT, BB/Positive, SCP:
bb+) - which is the sole power transmission company within the EVN
group - is capped at the same level of its parent EVN. EVNNPT has
lower operating risk as a pure transmission player with better
geographical diversification compared to EVNHCMC. Further EVNNPT's
ROE is determined by the regulator, albeit in consultation with
EVN. This is compared to EVN's more significant influence on
EVNHCMC, including determining the profitability, which explains
latter's SCP being assessed at a notch lower than that of EVNNPT.

KEY ASSUMPTIONS

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

-- Ho Chi Minh City's electricity demand to decline by 2.1% in
    2021. Demand to increase by around 3% in 2022 and around 7%
    thereafter;

-- Average retail tariffs to increase by 1.5% and bulk-supply
    tariffs to increase by 1% in 2021. Average retail tariffs to
    increase by 1.1% in 2020) and remain flat thereafter. Bulk
    tariff supply (BST) remains flat from 2022;

-- Distribution losses of around 3.4% per year (2020: 3.41%);

-- Capex of VND4 trillion each in 2021 to 2023, increasing to
    VND4.5 trillion in 2024;

-- Average interest rate of 4.7% (2020: 4.7%);

-- No dividend pay-out.

RATING SENSITIVITIES

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

For the rating on EVN, the following sensitivities were outlined by
Fitch in its ratings action commentary of 13 September 2021:

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

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

-- Negative rating action on the sovereign;

-- Deterioration in EVN's SCP, along with significant weakening
    in likelihood of support the state. Fitch sees this as a
    remote prospect in the medium term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: EVNHCMC had VND3 trillion of cash and cash
equivalents at end-2020, exceeding current debt maturities of
VND1.4 trillion. Fitch expects the company to generate negative
free cash flow in the near to medium term due to high capex.
However, Fitch expect funding access to be strong for the company
given its direct and indirect linkages to EVN and the state,
respectively.

ISSUER PROFILE

EVNHCMC is one of the five electricity distribution companies in
Vietnam, and it has a monopoly position in electricity distribution
in Ho Chi Minh City. EVNHCMC is responsible for the development,
operation, and maintenance of facilities for the distribution of
electricity in Ho Chi Minh City.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNHCMC's rating is directly linked to the credit quality of its
parent, EVN. A change in Fitch's assessment of the credit quality
of EVN would automatically result in a change in the rating on
EVNHCMC.

ESG CONSIDERATIONS

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


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***