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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, October 18, 2021, Vol. 24, No. 202

                           Headlines



A U S T R A L I A

ATROLO PTY: Second Creditors' Meeting Set for Oct. 26
IMAGINE INTELLIGENT: First Creditors' Meeting Set for Oct. 22
MIMETICA PTY: First Creditors' Meeting Set for Oct. 26
PAMIMSA PTY: Second Creditors' Meeting Set for Oct. 27
PEPPER RESIDENTIAL No.25: S&P Raises Cl. F Notes Rating to BB(sf)

SAI GLOBAL II: Moody's Withdraws Caa1 CFR Following Debt Repayment
TITANIUM SECURITY: Second Creditors' Meeting Set for Oct. 25
TRIIION HOLDINGS: Second Creditors' Meeting Set for Oct. 25


C H I N A

CHINA EVERGRANDE: CEO in HK for Restructuring, Asset Sale Talks
CHINA EVERGRANDE: Swedish EV Unit in Sale Talks, CEO Says
MODERN LAND: Fitch Lowers LT IDRs to 'C'
SINIC HOLDINGS: Moody's Cuts CFR to Ca, Alters Outlook to Negative
SUNING.COM CO: Expects to Post Up to $1.14BB Net Loss in Q1



I N D I A

AARNEEL TECHNOCRAFTS: ICRA Keeps B Debt Rating in Not Cooperating
AJANTA PAPER: Insolvency Resolution Process Case Summary
ANMOL COLD: ICRA Keeps B Debt Ratings in Not Cooperating Category
ARKAS ENERGY: ICRA Reaffirms D Rating on INR23cr Loans
BHARAT AGRI: ICRA Keeps B+ Debt Rating in Not Cooperating

BHAVAYTECH INFRA: Insolvency Resolution Process Case Summary
BIRIN SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
BOLTMASTER (INDIA): ICRA Keeps D Debt Rating in Not Cooperating
BRAJESH PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
BUNDELA EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating

CHEEMA SPINTEX: Insolvency Resolution Process Case Summary
DEVANGA SANGHA: ICRA Keeps B Debt Rating in Not Cooperating
DHILLON AVIATION: Insolvency Resolution Process Case Summary
HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating
JAIN FARM: ICRA Lowers Rating on INR345cr Fund-based Loan to D

KARVY FINANCIAL: ICRA Lowers Rating on INR174.36cr LT Loan to D
KUSUM METALS: ICRA Keeps B+ Debt Rating in Not Cooperating
LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
MAHARAJA SATHYAM: ICRA Keeps B+ Debt Rating in Not Cooperating
MILIND PULSES: ICRA Keeps D Debt Rating in Not Cooperating

MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
MY CAR: ICRA Withdraws D Rating on INR28.50cr Loans
NEW ASIAN: ICRA Lowers Rating on INR22.80cr Term Loan to B
PARAMOUNT INTERNATIONAL: ICRA Keeps D Rating in Not Cooperating
PONNU FOOD: ICRA Keeps B Debt Ratings in Not Cooperating

QI NETWORK: ICRA Raises Rating on INR3.50cr Cash Loan to B+
R.K. AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
RAMAKRISHNAA TEXTILES: ICRA Keeps B Ratings in Not Cooperating
RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating

SANCHEM FABRICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHANKAR PARVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating
SILVER COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUPREME NUTRI: ICRA Keeps B Debt Ratings in Not Cooperating
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating

TULIPS AMBBIENCE: Insolvency Resolution Process Case Summary
VIJAY INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
WARANA DAIRY: Insolvency Resolution Process Case Summary
ZADAFIYA CREATIONS: ICRA Keeps B Debt Ratings in Not Cooperating


S I N G A P O R E

CHINA FISHERY: Deadline to File Claims Set for Nov. 15
GEO ENERGY: S&P Ups ICR to 'B-' on Completion of Bond Redemption
HONG HAI: Court to Hear Wind-Up Petition on Oct. 22
KEPPEL LAND: Creditors' Proofs of Debt Due on Nov. 18
STAR GLORIOUS: Court Enters Wind-Up Order

TRANSCORP HOLDINGS: Court Enters Wind-Up Order


S R I   L A N K A

BIMPUTH FINANCE: Fitch Lowers National LT Rating to 'CC(lka)'

                           - - - - -


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

ATROLO PTY: Second Creditors' Meeting Set for Oct. 26
-----------------------------------------------------
A second meeting of creditors in the proceedings of Atrolo Pty Ltd
has been set for Oct. 26, 2021, at 10:00 a.m. via via telephone or
video conferencing.

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. 25, 2021, at 5:00 p.m.

Brent Leigh Morgan and Christopher Stephen Bergin of Rodgers Reidy
were appointed as administrators of Atrolo Pty on Sept. 20, 2021.


IMAGINE INTELLIGENT: First Creditors' Meeting Set for Oct. 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Imagine
Intelligent Materials Limited will be held on Oct. 22, 2021, at
3:00 p.m. via teleconference facilities.

Ian James Purchas of SV Partners was appointed as administrator of
Imagine Intelligent on Oct. 10, 2021.


MIMETICA PTY: First Creditors' Meeting Set for Oct. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mimetica Pty
Ltd will be held on Oct. 26, 2021, at 10:00 a.m. via virtual
meeting.

Vincent Pirina and Ian Niccol of Aston Chace were appointed as
administrators of Mimetica Pty on Oct. 14, 2021.


PAMIMSA PTY: Second Creditors' Meeting Set for Oct. 27
------------------------------------------------------
A second meeting of creditors in the proceedings of Pamimsa Pty Ltd
has been set for Oct. 27, 2021, at 11:00 a.m. at teleconference
details.

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. 25, 2021, at 4:00 p.m.

Stephen Glen James of BCR Advisory was appointed as administrator
of Pamimsa Pty on Sept. 21, 2021.


PEPPER RESIDENTIAL No.25: S&P Raises Cl. F Notes Rating to BB(sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Permanent Custodians Ltd. as trustee for Pepper
Residential Securities Trust No.25. At the same time, S&P affirmed
its ratings on four classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 47% as of Aug. 31, 2021.
Loans more than 30 days in arrears make up 2.14% of the current
balance, of which 1.28% are more than 90 days in arrears. However,
the portfolio has strengthened, with a weighted-average current
loan-to-value ratio of 69.37% and weighted-average seasoning of 28
months.

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

For the class C, class D, class E, and class F notes, although
there has been a significant buildup of credit enhancement, S&P's
cash-flow modeling indicates some sensitivity under stresses
commensurate with higher rating levels. These have been observed
under scenarios in which defaults are back ended. The degree to
which the sensitivities are observed for the more subordinated
rated notes is less because these notes benefit from reverse turbo
mechanisms when available.

S&P has considered that under the pro rata payment structure, the
class G allocated principal will continue to be paid to the class F
notes until the class F notes are fully repaid, followed by the
remaining subordinated notes once the class F notes have fully
repaid. Therefore, the class F notes have and will continue to
benefit from an increase in the percentage of credit support
provided as the pool amortizes under a pro rata structure, while
for the remaining rated notes the percentage of credit support will
remain static.

The rating actions also reflect various structural mechanisms that
support the transaction, including a yield enhancement reserve
available to support senior expenses and interest shortfalls on the
senior notes, and the retention mechanism, where excess spread is
trapped in a retention reserve and will be paid as a principal
payment to the most subordinated notes at that time, excluding the
unrated class G notes. The retention mechanism increases the ratio
of assets versus liabilities, creating overcollateralization for
the transaction where losses are allocated initially before being
allocated to the rated notes.

The transaction benefits from cross-currency swaps to hedge the
mismatch between the Australian dollar receipts from the underlying
assets and the U.S. dollar payments on the class A1-u notes and the
euro payments on the class A1-GE notes.

  Ratings Raised

  Pepper Residential Securities Trust No.25

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

  Ratings Affirmed

  Pepper Residential Securities Trust No.25

  Class A1-u: AAA (sf)
  Class A1-a: AAA (sf)
  Class A1-GE: AAA (sf)
  Class A2: AAA (sf)


SAI GLOBAL II: Moody's Withdraws Caa1 CFR Following Debt Repayment
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating on SAI Global Holdings II (Australia) Pty Ltd. and its
positive outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

The withdrawal of the corporate family rating of SAI Global
Holdings II (Australia) Pty Ltd. follows the repayment by its
affiliate SAI Global Holdings I (Australia) Pty Limited of the
rated debt under its senior secured bank credit facility and
Moody's withdrawal of the associated ratings on September 15,
2021.

SAI Global, headquartered in Chicago, is a global provider of risk
management services and products, operating through its Risk and
Learning divisions.

TITANIUM SECURITY: Second Creditors' Meeting Set for Oct. 25
------------------------------------------------------------
A second meeting of creditors in the proceedings of Titanium
Security Australia Pty Ltd has been set for Oct. 25, 2021, at 12:00
p.m. via Teleconference Facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 22, 2021, at 4:00 p.m.

Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of Titanium Security on July 30, 2021.


TRIIION HOLDINGS: Second Creditors' Meeting Set for Oct. 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of TRiiiON
Holdings Pty Ltd has been set for Oct. 25, 2021, at 11:00 a.m. via
using virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 22, 2021, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy Advisory was appointed as
administrator of TRiiiON Holdings on Sept. 17, 2021.




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

CHINA EVERGRANDE: CEO in HK for Restructuring, Asset Sale Talks
---------------------------------------------------------------
Reuters reports that China Evergrande Group's chief executive is
holding talks in Hong Kong with investment banks and creditors over
a possible restructuring and asset sales, two people said, as the
Chinese developer battles against default on more than $300 billion
in debts.

CEO Xia Haijun, a confidant of chairman Hui Ka Yan and who runs
Evergrande's day-to-day operations including financing, has been in
Hong Kong, where the property firm has a major presence, for more
than two months, the two sources told Reuters.

A third source said Xia was talking to banks and creditors in Hong
Kong, but did not say what was being discussed, Reuters relates.

Shenzhen-headquartered Evergrande, which is reeling under more than
$300 billion in liabilities, has left its offshore investors in the
dark about repayment plans after already missing three rounds of
interest payments on its dollar bonds.

Xia's talks with investment banks and creditors in Hong Kong has
not previously been reported, Reuters notes.

One of the sources said Xia needed to communicate with foreign
banks on loan extensions and repayments. The source declined to
disclose the identity of the creditors that Xia had spoken to in
recent days, Reuters says.

"Xia also needs to sort out how many off-balance sheet debts the
group has offshore, because many were underwritten at subsidiary
levels and he himself may not be even aware of (that)," he said.
"Before that they cannot work on restructuring and talk to
bondholders."

According to Reuters, Evergrande has been scrambling to divest some
of its assets to raise cash - efforts that have not yet yielded
much success - as concerns have grown in recent weeks about a
possible collapse and the impact on global markets and China's
economy.

Chinese state-owned Yuexiu Property has pulled out of a proposed
$1.7 billion deal to buy Evergrande's Hong Kong headquarters
building over worries about the developer's dire financial
situation, Reuters reported on Oct. 15.

A Chinese central bank official said on Oct. 15 the spillover
effect of Evergrande's debt problems on the banking system was
controllable and the risk exposures of individual financial
institutions were not big, Reuters relates.  

According to Reuters, Evergrande Chairman Hui has not appeared in
public in recent weeks or announced plans to address the group's
woes, leaving investors wondering if they would have to book losses
when the 30-day grace periods end this month for unpaid bond
coupons.

Last month, the developer issued a statement saying Hui had urged
company executives to ensure the quality delivery of properties and
redemption of wealth management products.

Xia, who is also vice president of the board, joined the company in
2007 and is responsible for Evergrande's capital operation and
management, as well as legal affairs and overseas affairs, Reuters
discloses citing the company's website.

He has been in Hong Kong since July, according to one of the
sources. The second source said Xia had been meeting Chinese
investment banks in the city to explore possible asset sales,
Reuters relays.

Reuters adds that Evergrande, once China's top-selling developer,
has said that it is looking to dispose of stakes in assets
including its services and electric vehicle units to raise funds.

The developer is finalising details to sell 51% of its Evergrande
Property Services unit to Hopson Development for HK$20 billion
($2.57 billion), the report notes.

Investment bank Moelis & Co and law firm Kirkland & Ellis,
representing bondholders who currently hold $5 billion worth of
Evergrande nominal offshore bonds, demanded last week more
information and transparency from Evergrande, recalls Reuters.

The developer said last month it had appointed Houlihan Lokey and
Admiralty Harbour Capital as joint financial advisers to examine
its financial options, as it warned of default risks amid plunging
property sales, Reuters discloses.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

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


CHINA EVERGRANDE: Swedish EV Unit in Sale Talks, CEO Says
---------------------------------------------------------
Reuters reports that the Swedish electric vehicle unit of China
Evergrande Group is in talks with U.S. and European venture capital
firms and industrial partners to find new owners, its top chief
said, as its Chinese parent battles default on more than $300
billion in debts.

Reuters relates that National Electric Vehicle Sweden AB (NEVS),
owned by the cash-strapped Chinese property developer, has funds to
last "for a good while", its Chief Executive Stefan Tilk said,
adding that several investors were showing interest in the firm.

He declined to comment on a possible valuation. A source familiar
with the situation told Reuters the unit could be valued at as much
as $1 billion.

Evergrande has already missed three rounds of interest payments on
its international bonds, and has been scrambling to sell some of
its assets to raise cash, according to Reuters.

Reuters says the Chinese property developer has spent billions of
dollars on stakes in automobile technology developers, including
NEVS. It also has joint ventures with Germany's Hofer and Sweden's
Koenigsegg.

NEVS, which received an electric vehicle production licence in
China four years ago, is the Swedish arm of Evergrande's EV unit
Evergrande New Energy Vehicle Group.

According to Reuters, Mr. Tilk said that NEVS is discussing a
potential sale or other financing mainly with European and U.S.
firms, but declined to name them.

"We are in dialogue both with venture people and companies that
have the same idea and direction as us and want to get into this
with our full competence," he told Reuters. "So they are both
industrial partners and venture capitalists."

Evergrande NEV warned in stock exchange filings last month that it
was still looking for new investors and to make asset sales, and
that without either it may struggle to pay employee salaries and
cover other expenses, Reuters recalls.

Mr. Tilk added that NEVS, which gave notice of redundancy to nearly
half its roughly 650 workers in August, could hire staff again to
get the competence Evergrande wants in Europe if it survives the
crisis.

"If Evergrande can continue its operations, which they hope to do,
they will be interested in having a footprint in Europe, with
infrastructure like a plant, tests, lab. And we have that," he
said.

In the meantime NEVS, which bought carmaker Saab's assets in 2012,
is focusing on building its mobility ecosystem PONS, an autonomous
ride-sharing network for smart cities and university campuses, adds
Reuters.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

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


MODERN LAND: Fitch Lowers LT IDRs to 'C'
----------------------------------------
Fitch Ratings has downgraded Modern Land (China) Co., Limited
Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'C'
from 'B'. At the same time, Fitch has downgraded its senior
unsecured rating and the rating on its outstanding bonds to 'C'
with a Recovery Rating of 'RR6' from 'B' with a Recovery Rating of
'RR4'.

The downgrades follow Modern Land's announcement of the launch of a
consent solicitation to extend the maturity of USD250 million of
outstanding senior notes due 25 October 2021 by three months to 25
January 2022. The company is also seeking to shorten the notice
period for the optional redemption of the bond and to redeem
USD87.5 million of the principal amount of the bond.

Fitch considers the extension of the bond maturity by three months
a distressed debt exchange (DDE) as per its criteria. If the
proposed consent solicitation is successfully completed, the IDR
will be downgraded to 'RD' (Restricted Default) and Fitch will then
re-rate Modern Land's IDRs to a level that is consistent with the
company's post-consent solicitation capital structure and risk
profile, which would likely be within a very low speculative-grade
range.

KEY RATING DRIVERS

Consent Solicitation Constitutes a DDE: The consent solicitation,
if successful, will constitute a DDE under Fitch's criteria. When
considering whether the consent solicitation should be classified
as a DDE, Fitch expects both of the following to apply: the consent
solicitation imposes a material reduction in terms compared with
the original contractual terms; and the consent solicitation is
conducted to avoid bankruptcy, similar insolvency or intervention
proceedings, or a traditional payment default.

Consent Solicitation to Avoid Payment Default: Fitch considers the
consent solicitation to be necessary for Modern Land to avoid
default given tight liquidity. The company had available cash
balance of around CNY13.6 billion at end-June 2021, but its ability
to access the cash for bond repayment is uncertain. The consent
solicitation also states that the bond maturity extension is to
improve liquidity and cash flow management and to avoid any
potential payment default under the bond.

Material Reduction in Terms: Fitch believes the consent
solicitation constitutes a material reduction in the terms of the
existing notes as the bulk of repayment is being extended by three
months. There is no reduction in the overall principal amount and
interest for the bond in the proposed consent solicitation. Modern
Land also has an option to redeem the bond, in whole or in part,
comprising the principal amounts plus accrued and unpaid interest
after 25 October 2021 without the need to pay any make-whole
premium.

Conditions of Consent Solicitation: The company's obligation to
consummate the consent solicitation is conditional upon the
bondholders tendering not less than 90% in aggregate principal of
the outstanding principal amount of the existing notes. The company
reserves the right to amend, modify or waive, at any time, the
terms and conditions of the consent solicitation.

Shareholder Injection: On 11 October 2021, Modern Land announced on
the Hong Kong Exchange that its controlling shareholders, Mr. Zhang
Lei and Mr. Zhang Peng, plan to provide a shareholder loan of
around CNY800 million to be completed within the next two to three
months.

Recovery Rating Lowered: The Recovery Rating on the senior
unsecured debt of Modern Land has been revised down to 'RR6', from
'RR4', to reflect poor recovery prospects. This was driven by the
exclusion of cash in the liquidation value.

DERIVATION SUMMARY

Modern Land's ratings reflect its consent solicitation and the
proposed amendments to extend the maturity of the notes due on 25
October 2021.

KEY ASSUMPTIONS

Key Recovery Rating Assumptions:

-- The recovery analysis assumes that Modern Land would be
    liquidated in a bankruptcy because it is an asset-trading
    company;

-- Fitch has assumed a 10% administrative claim

Liquidation Approach

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

-- An advance rate of 60% is applied to adjusted inventory, as
    Modern Land's EBITDA is lower than 20%;

-- Property, plant and equipment advance rate at 60%;

-- An advance rate of 70% applied to accounts receivables;

-- An advance rate of 0% applied to both restricted and excess
    cash due to lack of clarity from the issuer on the breakdown
    of cash for 1H21.

Based on Fitch's calculation of adjusted liquidation value after
administrative claims, Fitch estimates the recovery for the
offshore senior unsecured debt corresponds to an 'RR6' Recovery
Rating.

RATING SENSITIVITIES

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

-- Fitch will downgrade Modern Land's IDR to 'RD' if the consent
    solicitation is completed, or if it fails to meet any of its
    debt obligations.

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

-- Fitch will reassess Modern Land's capital structure and cash
    flow after the completion of the consent solicitation, or if
    the consent solicitation is not completed, to determine its
    IDR and senior unsecured ratings.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Modern Land was established in 2000 and was listed on the Hong Kong
Stock Exchange in 2013. The company focuses on green housing by
adding energy-preserving systems to its buildings.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted inventory used in the leverage
calculations includes: inventory, net deposits and prepayments for
projects, projects included in other receivables, investment
properties, property, plant and equipment (land and buildings),
investments in joint ventures, net amounts due from joint ventures,
and net amount due from non-controlling interests, less contract
deposits and customer deposits.

SINIC HOLDINGS: Moody's Cuts CFR to Ca, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Sinic Holdings (Group) Company Limited to Ca from Caa2.

The outlook has been changed to negative from rating under review.

This rating action concludes the review for downgrade on Sinic's
CFR initiated on September 23, 2021.

"The downgrade reflects our expectation of weak recovery prospects
for Sinic's noteholders, following its announcement on October 11
that it will likely default on its USD246 million bond due on
October 18, 2021," says Daniel Zhou, a Moody's Analyst.

The negative outlook reflects Moody's view that the recovery
prospects for Sinic's creditors could weaken further.

RATINGS RATIONALE

Sinic's Ca CFR reflects the company's stressed liquidity, limited
financial flexibility and weak recovery prospects for its
creditors.

According to the announcement, Sinic anticipates that the company
will not have adequate financial resources to pay the principal and
last interest instalment of the offshore bond maturing on October
18, 2021.

This expected default, together with overdue interest payments of
Sinic's other offshore financial obligations scheduled on 18
September, would trigger a cross default and accelerate the
repayment of the company's other debt obligations in the next 3-6
months, including two offshore bonds totaling USD453 million
maturing between January and June 2022.

Moody's estimates that Sinic's unrestricted cash of RMB14 billion
as of the end of June 2021 will be insufficient to repay all the
debt in full.

In terms of governance, Moody's has taken into account Sinic's
concentrated ownership by Mr. Zhang Yuanlin, who, together with his
family, controlled a 76.73% equity interest in Sinic as of
September 20, 2021. 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

An upgrade is unlikely given the negative outlook.

However, positive rating momentum could develop if Sinic improves
its liquidity position materially.

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.

SUNING.COM CO: Expects to Post Up to $1.14BB Net Loss in Q1
-----------------------------------------------------------
Caixin Global reports that Suning.com Co. Ltd. said it expects to
report a net loss of between CNY7.35 billion ($1.14 billion) and
CNY7.75 billion for the first three quarters of the year, as a
severe shortage of cash hurt sales.

In comparison, the e-commerce arm of Suning Holdings Group reported
a profit of CNY547 million in the same period last year, Caixin
discloses citing a company filing to the Shenzhen Stock Exchange on
Oct. 15.

Preliminary losses for the third quarter alone stood between CNY3.9
billion and CNY4.3 billion, compared with the same period last year
when the company reported a profit of CNY713 million, Caixin
discloses.

According to Caixin, the company said it had trouble getting its
hands on enough money in January, June and July, encountering
"severe liquidity pressure" that led to a shortage of product
inventories. At one point at the end of July, inventory of its core
electrical business was at about 30% of normal levels. At the same
time, a heavy cut to operating expenses had also affected sales at
its stores.

"Overall, the company's revenue is expected to drop significantly
year-on-year in the third quarter, resulting in a significant
year-on-year decline in profit. Although the company continues to
strictly control various expenses, it will take some time for the
adjustment to take effect," the notice said.

Suning.com has been struggling under a mountain of debt after it
borrowed significantly to fund an acquisition spree from 2015 to
2019, as losses accumulated from its core retail business,
according to Caixin.

In July, the company secured a $1.4 billion lifeline from a
consortium backed by Alibaba Holdings Co. Ltd. and several
government funds, Caixin recalls. The bailout comes in the form of
an equity transfer deal involving four major shareholders,
including the founder of Suning.com's parent, Zhang Jindong, who
yielded a 16.96% stake to a fund created by the rescue consortium
led by the government of East China's Jiangsu province.

Suning.Com Co., Ltd., operates consumer electronic products and
appliances sales stores. The Company sells telecommunication
equipment, telecommunication components, household appliances,
digital equipment, refrigerators, washing machines, and other
products. Suning.Com also provides equipment installation and
repairing services.




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

AARNEEL TECHNOCRAFTS: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aarneel
Technocrafts Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.00        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Aarneel Technocrafts Private Limited (ATPL) is a private limited
company involved in manufacturing of signages, light poles, bus
shelters and other metal fabricated fixtures that are installed on
roads. The company has been promoted and fully held by Mr. Samit
Holkar and Mr. Piyush Jain. ATPL's manufacturing facility is
located in Indore (Madhya Pradesh).


AJANTA PAPER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ajanta Paper and General Products Limited
        Village Vadavali, Taluka Kalyan
        Thane, Maharashtra 421301

Insolvency Commencement Date: October 7, 2021

Court: National Company Law Tribunal, Kalyan Bench

Estimated date of closure of
insolvency resolution process: April 5, 2022
                               (180 days from commencement)

Insolvency professional: Rajesh Kumar Mittal

Interim Resolution
Professional:            Rajesh Kumar Mittal
                         204/A, Navjyoti Darshan CHS
                         Near Purnima Talkies
                         Murbad Road
                         Kalyan (W) 421301
                         Maharashtra
                         E-mail: csrajeshmittal@gmail.com
                                 rpajantapaper@gmail.com

Last date for
submission of claims:    October 23, 2021


ANMOL COLD: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Anmol
Cold Storage in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           6.90        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Cash Credit         0.25        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.85        [ICRA]B (Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
  
Established in August 2015, Anmol Cold Storage (ACS) is engaged in
providing cold storage facility to potato-based product
manufacturers and traders on a rental basis and has commenced
commercial operations from February 2016. The firm's facility is
located at Idar, Gujarat, with a capacity to store 2,01,000 bags,
each weighing 50 kg (around 10,050 MT of potatoes). The firm has
been promoted by Mr. Prahlad Mali along with his relatives who have
long experience in potato farming, trading and cold storage
businesses. The partners also have associations with other cold
storages such as PK Cold Storage, Ratan Cold Storage and Meghdoot
Cold Storage.

ARKAS ENERGY: ICRA Reaffirms D Rating on INR23cr Loans
------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Arkas
Energy LLP (AEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           16.46       [ICRA]D; Reaffirmed
   Term Loan–
   Unallocated          6.54       [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation takes into account the continued
irregularity in debt servicing by AEL because of its poor liquidity
position due to significant delay in payments from the
counterparties in Andhra Pradesh (AP) and Madhya Pradesh (MP).
Moreover, weak generation of all three wind power plants in
Karnataka, AP and MP resulted in inadequate operating performance,
which has translated into weak coverage metrics for the firm. The
rating factors in the seasonality and possible variance in wind
power density across the years, which can impact its year-on-year
returns as revenues are linked to actual generation.

ICRA notes the low demand risk, given the long-term power purchase
agreements (PPAs) in place for its entire capacity, and
geographical diversification benefit arising from the three plants
being located in three different states. However, these are
tempered by AEL's poor liquidity position resulting in delays in
debt servicing. The expected disbursement of Guaranteed Emergency
Credit Line (GECL) of INR3.44 crore in Q3 FY2022 (to be utilized
for prepaying four installments of project loans, interest payments
and pending operations and maintenance contractor payments) should
lead to an improvement in the firm's near-term liquidity.

Key rating drivers and their description

Credit strengths

* Long-term PPAs with state discoms entire capacity mitigate
offtake risk: The firm has signed a 25-year PPA with Southern Power
Distribution Company of A.P. Ltd (APSPDCL) at a fixed tariff of
INR4.84 per unit for its 2.1-MW wind power plant in AP. It also has
a 25-year PPA with M.P. Power Management Company Limited (MPPMCL)
at a fixed tariff of INR4.78 per unit for its 4-MW wind power plant
in MP and a 20-year PPA with Bangalore Electricity Supply Company
Limited (BESCOM) at a fixed tariff of INR3.40 per unit for its
1.25-MW wind power plant in Karnataka. The presence of firm PPAs
mitigate the demand risk for AEL.

* Geographical diversification due to location of windmills in
three different states: AEL's wind power assets are located in
three different states, thus limiting the impact of adverse weather
conditions (less wind resource) in any particular state. However,
the benefits are somewhat offset by the fact that more than 50% of
its capacity is located in one single location (MP).

Credit challenges

* Delays in payments from discoms resulting in poor liquidity and
delays in debt servicing: Sustained build-up of receivables
resulting from significant delay in payments from MP and AP discoms
translated into a poor liquidity position for the firm.

* Notwithstanding the support received from its Group company
(interest-free unsecured loan of INR3.19 crore as of March 31,
2021) and restructuring of project loans for MP and AP plants
(moratorium on principal payments during October 2020–September
2021), there have been continuous delays in debt servicing by AEL.

* Weak generation profile of all wind power assets: The generation
performance of all three wind power plants has remained weak
resulting in inadequate coverage indicators with debt service
coverage ratio remaining below 1.0 times during the last three
financial years. The plant load factor (PLF) of the MP plant stood
at 9.55% in FY2021 against P-90 (design PLF) estimate of 19.83%,
while that of AP plant stood at 17.12% against P-90 estimate of
27.4%. The Karnataka plant, which has a generation track record of
15 years, achieved PLF of 13.51% in FY2021 against the average PLF
(over previous 14 years) of 17.23%.

* Vulnerability of cash flows to significant variance in wind power
generation with changes in weather conditions: The operational
efficiency of windmills significantly depends on the adequacy of
wind resource. As revenues are linked to actual power generation,
variance in wind levels with changes in weather conditions directly
affect the revenues of the entity.

Liquidity position: Poor

AEL's liquidity is poor due to weak generation performance of wind
mills and significant delay in payments from discoms.
Consequently, there have been continuing delays in debt servicing
by the firm.

Rating sensitivities

Positive factors – ICRA may upgrade AEL's rating if its debt
servicing remains regular for a continuous period of at least 90
days, supported by a sustained improvement in its liquidity
position.

Negative factors – Not applicable.

Incorporated in June 2015 as a limited liability partnership, AEL
is jointly held by two companies viz. Arkas Industries Private
Limited (Formerly Ashish Industrial & Commercial Enterprises Pvt.
Ltd.) and BEC Infra Private Ltd. with a 90:10 ownership,
respectively. It owns and operates 1x1.25 mega watt (MW) wind
turbine generator (WTG) at Kappadgudda, Karnataka, 2x2 MW WTG at
Mandsaur, Madhya Pradesh and 1x2.1 MW WTG at Vajrakarur, Andhra
Pradesh.


BHARAT AGRI: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Bharat Agri
Fert And Realty Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based      5.00        [ICRA]A4; ISSUER NOT
   Limits                          COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

The rating is based on limited cooperation from the entity since
the time it was last rated in February 2021. As part of its process
and in accordance with its rating agreement with Bharat Agri Fert
And Realty Ltd, ICRA has been sending repeated reminders to the
entity for payment of surveillance fee that became due. However,
despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite cooperation
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, the company's rating has been moved to the
"Issuer Not
Cooperating" category.

Incorporated in 1958, Bharat Agri Fert And Realty Ltd (BAFRL) made
a public issue in 1962 and was listed on the Bombay Stock Exchange.
It has diversified operations across fertiliser, real estate and
hospitality segments. BAFRL is involved in manufacturing nitrogen,
phosphorous and potassium (NPK) fertilisers, namely single super
phosphate – powder and granulate form. Since 2008, the company
has forayed into real estate development at one of its land bank at
Majiwada in Thane. Further, during the last few years, the company
has ventured into the hospitality sector with the development of
resort at its existing land bank of ~8 acres at Palghar district of
Wada, Maharashtra. BAFRL's first resort, named Anchaviyo resort,
located at Palghar (Maharashtra), commenced commercial operations
in FY2016. Apart from fertilizer, real estate and resort segment,
the company has recently entered into pharmaceutical segment with
manufacturing of generic drugs via 26% shareholding in MOL Chem
Limited. However, the company has plans to exit from MOL Chem
Limited.


BHAVAYTECH INFRA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bhavaytech Infra Project Pvt Ltd.
        Plot No. 36-37 KH.No. 89/15
        Ground Floor BLK-D Vijay Vihar
        Rohini Ph-2, Landmark Near Mailk Tent
        North West Delhi 110085
        IN

Insolvency Commencement Date: October 8, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 5, 2022

Insolvency professional: Anil Tayal

Interim Resolution
Professional:            Anil Tayal
                         201, Sagar Plaza
                         Plot No. 19, District Centre
                         Laxmi Nagar, New Delhi
                         National Capital Territory of Delhi
                         110092
                         E-mail: caaniltayal@gmail.com
                                 cirp.bippl@gmail.com

Last date for
submission of claims:    October 22, 2021


BIRIN SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Birin
Spinning Mills Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.13        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.73        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–          1.14        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category
                 
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Birin Spinning Mills Limited, incorporated in 2005 at Avinashi,
Coimbatore, is engaged in manufacturing and selling of cotton yarn.
The company manufactures carded cotton yarn in the relatively
coarser count range of 30s to 40s.


BOLTMASTER (INDIA): ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Boltmaster
(India) Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        22.80       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loans                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

The company started manufacturing activities in 1976 at Goregaon
Mumbai and has developed more than 2500 different varieties of
fasteners either as per customer's requirements or conforming to
national/international standards. In 1994, to meet increased
demand, the company set up new factory at Bhayander in suburban
Mumbai with installed capacity of 4000  MTPA or 12 million pieces
per annum. The company's product range covers various types of
Fasteners such as Bolts, Screws, Nuts Studs etc. and forged
components, conforming to national and international standards such
as ISO, IS, BS, DIN, ASTM, ANSI etc. These products find
application in Heavy Engineering, Mines (Coal, Aluminium, Iron
etc.), Ship building, Constructions, Earthmoving Equipments, Sugar
industries, Cement & Chemical plants, Power Stations, Railways,
PetroChemicals, Nuclear power generation plants, steel plants, Farm
Equipments and in Automotive sector.

BRAJESH PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Brajesh
Packaging Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.73       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         6.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        0.14       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating Continues to remain under
   Others-Bank                   the 'Issuer Not Cooperating'
   Guarantee                     category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1978, Brajesh Packaging Private Limited (BPPL) is
the flagship company of the Damani Group, engaged in the
manufacturing of Polypropylene straps and strap machines. Mr.
Neelesh Damani, the managing director of the company, oversees
group operations.


BUNDELA EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bundela
Exports in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Bundela Exports was set up in 2000 by the Bundela family in
Lalitpur, Uttar Pradesh, with Mr Sujan Singh Bundela, Mr Chandra
Bhushan Singh Bundela and Mr Shashi Bhushan Singh Bundela as
partners, with equal profit sharing. The firm processes granite
blocks into granite stones and has an existing production capacity
of 10,000 cubic meters per annum. The firm sources the granite from
a quarry owned by the partners.


CHEEMA SPINTEX: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Cheema Spintex Ltd
        House No. 176/2
        Sector 41-A
        Chandigarh 160036

Insolvency Commencement Date: October 6, 2021

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Alok Kaushik

Interim Resolution
Professional:            Alok Kaushik
                         G-105 Sai Baba Apartments
                         Sector-9, Rohini
                         Delhi 110085
                         E-mail: alok_kaush@yahoo.com
                                 cirp.csl2021@gmail.com

Last date for
submission of claims:    October 21, 2021


DEVANGA SANGHA: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Devanga
Sangha in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established in 1924, the Devanga Sangha (DS) society provides
education facilities to the people of weaker sections of society.
It is registered under the Karnataka Societies Registration Act and
has around 18,500 members in Bangalore. It is managed by a body
which is elected through open general body elections, held every
three years. It started its operations by providing hostel
facilities to poor students and opened schools and colleges
gradually. At present, the society has a school, a pre-university
college and a first-grade college. The educational institutions are
supported through income generated from the rentals of a function
hall and commercial complexes. It has commercial complexes at S.R.
Nagar (started in 1943), Avenue Road (started in 2015) and K.G
Road, Bangalore (started in 2015 by the name of Devanga Sangha
Tower).


DHILLON AVIATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dhillon Aviation Private Limited
        98, Radio Colony
        Jalandhar
        Punjab 144001

Insolvency Commencement Date: September 30, 2021

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 29, 2022
                               (180 days from commencement)

Insolvency professional: Sawinder Singh Chug

Interim Resolution
Professional:            Sawinder Singh Chug
                         S S Chug & Co.
                         44-B, Jawahar Market
                         P.O. Partap Nagar
                         Nangal Dam
                         Distt. Rupnagar
                         Punjab 140125
                         E-mail: cma.sschug@gmail.com
                                 irp.dhillon@gmail.com

Last date for
submission of claims:    October 16, 2021


HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Harshita
Polypack in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.37       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         4.60       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        0.09       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating Continues to remain under
   Others-Bank                   the 'Issuer Not Cooperating'
   Guarantee                     category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1978, Harshita Polypack (HP) is a part of the
Damani group engaged in manufacturing of polypropylene disposable
cups. Mrs. Pratima Nitin Damani is the proprietor of the firm while
the affairs of the group are collectively managed by Mr. Neelesh
Damani and Mr. Nitin Damani.

JAIN FARM: ICRA Lowers Rating on INR345cr Fund-based Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jain
Farm Fresh Foods Limited (JFFFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          191.98      Downgraded to [ICRA]D from
   Term Loan                       [ICRA]C and simultaneously
                                   upgraded to [ICRA]B; stable
                                   outlook assigned; removed
                                   from ISSUER NOT COOPERATING
                                   category

   Fund-based CC/      345.00      Downgraded to [ICRA]D from
   WCDL                            [ICRA]C and simultaneously
                                   upgraded to [ICRA]B; stable
                                   outlook assigned; removed
                                   from ISSUER NOT COOPERATING
                                   category

   Non-fund based–      93.20      Downgraded to [ICRA]D from
   BG/LC                           [ICRA]A4 and simultaneously
                                   upgraded to [ICRA]A4; removed
                                   from ISSUER NOT COOPERATING
                                   category

   Unallocated         149.82      Downgraded to [ICRA]D/[ICRA]D
   Limits                          From [ICRA]A4 and
                                   simultaneously upgraded to
                                   [ICRA]B/[ICRA]A4; stable
                                   Outlook assigned removed from
                                   ISSUER NOT COOPERATING
                                   Category

Rationale

The revision in the long-term and short-term ratings to [ICRA]D
factors the reported delay in debt servicing by JFFFL on its term
loan obligations that were due on September 1, 2020, as highlighted
in the audited annual report for FY2021. The company availed the
moratorium from March 1 to August 31, 2020 from its lenders, as per
the COVID-19 Regulatory Package announced by the Reserve Bank of
India (RBI). With the introduction of RBI's circular dated August
06, 2020 on Resolution Framework for Covid-19 related stress, the
company started discussions with the lenders in August 2020 for
seeking relief and one - time resolution (OTR) of its debt, since
it was significantly impacted by COVID-19. Subsequently, on October
22, 2020, it formally requested the lenders for OTR. The resolution
proposal was invoked by the lender on November 26, 2020 (referred
as cut-off date or COD) and the resolution plan (RP) was
successfully implemented on May 24, 2021. The upgrade in the
long-term and short-term ratings factors in the company's regular
debt servicing track record of more than 90 days
post-implementation of RP.

The ratings, however, consider the significant deterioration in the
company's debt protection metrics in the last two fiscals because
of a decline in revenues and profitability, which impacted its
liquidity and debt servicing ability during this period. The
ratings also factor in the weak credit profile of the parent, Jain
Irrigation Systems Limited (JISL), which has continued to delay on
its debt servicing from October 2019 because of its stretched
liquidity position and is currently in discussion for finalization
and implementation of a debt resolution plan. Further, the ratings
continue to be constrained by the exposure of the company's
profitability to fluctuations in foreign exchange rates, given the
significant share of exports in JFFFL's standalone revenues, and
susceptibility of its operations to agro-climatic risks and
seasonality, which impact the availability of raw materials, i.e.
fresh fruits and vegetables.

The ratings, however, continue to favorably take into account
JFFFL's established and leading position in the mango pulp and
onion dehydration markets, its wide distribution and procurement
network, and its geographically diversified business with
established relations with several reputed domestic and
international clients which leads repeat business. Also, the
implementation of RP by the lenders with lowering of interest
rates, the elongation of repayment schedule for term loans and the
conversion of interest accrued during the moratorium period into
funded interest loans are expected to support the company to
improve its coverage metrics. The ability of the company to improve
its scale of operations and profitability remains key to achieve a
sustainable improvement in its financial profile.

The Stable outlook on the [ICRA]B rating reflects ICRA's
expectation that the company will benefit from the favorable terms
of the approved resolution plan in terms of reduced interest rate
and deferred repayment schedule, and will be able to report
adequate revenue growth and profitability on the back of revival in
demand from key markets and its established client base. The
removal of the ratings from the issuer not co-operating category
follows the co-operation by the company for the rating
exercise.

Key rating drivers and their description

Credit strengths

* Regular debt servicing post successful implementation of
resolution plan in May 2021: The company has demonstrated regular
debt servicing track record of more than the 90-days, with no
delays in debt servicing since implementation of RP on May 24,2021,
as confirmed by the lenders.

* Established market presence in domestic vegetable dehydration and
mango pulp industry: The company has a well-established position in
the domestic food processing market, with a sizeable contribution
from exports as well. It has been in the business for about 25
years, earlier through JISL, who subsequently sold off the business
to JFFFL in March 2016. The company has also grown its
international presence through multiple acquisitions over the years
in the USA, UK, and Belgium. JFFFL has a widespread distribution
network spanning various urban and semi-urban regions. It has a
vast procurement network, further strengthened by its
well-established relationship with farmers in Maharashtra, Andhra
Pradesh, and Tamil Nadu.

* Diversified geographical presence; reputed domestic and
international clientele: The company derives approximately half of
its standalone revenues through exports, mainly to Iran, Saudi
Arabia, Netherlands, Belgium which mitigates geographical
concentration risks. The long-term demand outlook for fruit
beverages and processed foods market, especially in emerging
markets, is favorable and is expected to support the company's
revenue growth. Moreover, the company has a strong client base
comprising several reputed domestic and international FMCG players.
Hindustan Coca-Cola Beverages Private Limited, one of JFFFL's key
domestic clients, has been dealing with the company for over 15
years and contributes to approximately 25 to 30% of the company's
total standalone revenues.

Credit challenges

* Weak financial profile reflected by weak capitalization and debt
coverage indicators; instance of past delays in debt servicing:
JFFFL's financial profile has been severely impacted in the last
two fiscal because of sharp decline in operating profitability and
heavy net losses. The company's capitalization and debt protection
metrics have witnessed sharp deterioration as evident from
consolidated Total Debt/OPDITA of over 42 times and interest
coverage of below 1 time in FY2021. Given the liquidity stress,
there were a few instances of irregularities in debt servicing
during FY2021. Nonetheless, the implementation of RP by the lenders
with lowering of interest rates, elongation of repayment schedule
for term loans and conversion of interest accrued during the
moratorium period into funded interest loans are expected to
support the company to improve its coverage metrics. The ability of
the company to improve its scale of operations and profitability
remains key to achieve a sustainable improvement in its financial
profile.

* Weak credit profile of parent, JISL: The liquidity position of
JISL remains stretched because of delays in realization of
receivables from its micro-irrigation segment. The company has
continued to delay on its debt servicing from October 2019 and is
currently engaged with its lenders on a resolution plan. The
lending consortium of JISL signed an inter-creditor agreement in
June 2019 as per which the company's debt resolution plan is
expected to be finalized and implemented in the
near term.

* Operations exposed to agro-climactic risks and seasonality: The
company's operations require fresh fruits and vegetables, the
production of which is exposed to agro-climactic risks and is
seasonal in nature. The quality of crop of the fruits and
vegetables has a direct impact on the availability and prices of
the raw materials and, in turn, on the company's profitability.

* Intense competition from international players in the onion
dehydration business: Approximately 75-80% of JFFFL's sales from
the onion dehydration business are exports. The company faces stiff
competition from other producers of dehydrated onion and garlic in
the international market.

* Exposure to fluctuations in foreign exchange rates: The company
is exposed to volatility in forex rates given the high share of
exports. While the company does not follow a firm hedging policy,
it tries to mitigate the risk by hedging about 40% of its exports
and part of its future foreign currency cash flows on inventory.

Liquidity position: Stretched

The company's liquidity profile is stretched. The improvement in
liquidity will be contingent on the company's ability to scale up
in a profitable manner and improve its cash flows with tight
control over its working capital cycle. The reduced debt servicing
requirements for FY2022 as per the approved resolution plan are
expected to provide some support to the company's liquidity
position.

Rating sensitivities

Positive factors – The ratings could be upgraded if the company
is able to demonstrate significant scale up in revenues and
profitability, leading to improvement in liquidity position.
Further, notable improvement in working capital indicators and/or
improvement in the credit profile of parent, JISL, could also
trigger a rating upgrade.

Negative factors – Negative pressure on ratings could emerge if
the company is not able to scale up its revenues while maintaining
adequate profitability. Any significant increase in JFFFL's
consolidated debt or worsening of its liquidity profile or any cash
outflows towards JISL that impact JFFFL's own liquidity could also
lead to a rating downgrade.

Incorporated in 2015, Jain Farm Fresh Foods Limited (JFFFL) is a
subsidiary of Jain Irrigation Systems Limited (JISL). The company
was formed as a result of the sale of the food processing business
(previously being undertaken under JISL itself since 1995) with
effect from March 31, 2016 on slump sale basis as a going concern.
It is a food processing company involved in the
production of dehydrated onion and vegetable products. It also
produces aseptic fruit purees, concentrates, clarified juices, and
frozen products. These products are marketed under the brand name
'Jain FarmFresh'. In 2017, the company launched its retail business
with its first branded product called "Aamrus" (sweetened frozen
mango pulp) under the umbrella brand name of "FarmFresh". Later,
the company added a new brand "FRU2go" (fruit pulp in various
variants). In 2018, the company ventured into spice manufacturing
and launched its spice retail operations across India.


KARVY FINANCIAL: ICRA Lowers Rating on INR174.36cr LT Loan to D
---------------------------------------------------------------
ICRA has downgraded the rating on Long-term Bank Lines (Basel II)
of Karvy Financial Services Limited (KFSL) to [ICRA]D from [ICRA]C.
The rating downgrade takes into account the delays in servicing
debt obligations on bank term loans by Karvy Financial Services
Limited in September 2021.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Bank       174.36      [ICRA]D; downgraded from
   Lines (Basel II)                 [ICRA]C

Key rating drivers and their description

Credit challenges

* Default by parent company posing funding and capital-raising
challenges: ICRA notes the default by the parent entity, KSBL, on
its commercial paper obligations. KFSL shares the brand name with
the parent entity and has common directors, which would negatively
impact its future fund-raising drives in the financial services
domain. Without any capital infusion and given the dearth of
funding avenues, KFSL's business plans would be severely impacted.
ICRA also notes that KFSL has fully provided for the
inter-corporate deposits (ICDs) of INR307 crore given to Karvy
Group companies. The ICDs include INR112 crore to KSBL and INR109
crore to Karvy Data Management Services Limited (KDMSL), which have
witnessed a significant deterioration in their financial profiles
in the past 12 months. Rebuilding the infrastructure postSale of
substantial assets in NBFC business – KFSL sold INR816 crore of
its loan assets to Small Business Fincredit India Private Limited
(SBFC). With the completion of the transaction on September 2,
2017, the entire infrastructure (77 branches along with the entire
team) shifted to SBFC. KFSL will have to rebuild the team and set
up the entire branch network as it plans to start the lending
business again. Though the company commenced disbursements in
December 2018, it had disbursed only INR34.87 crore till October
31, 2019 (Rs. 8.80 crore in FY2019 and INR26.07 crore till October
2019). No disbursements were made after October 2019 to protect the
liquidity. The company has also reduced its staff to 84 as of
August 2020 from 183 in March 2019. The company however, started
disbursements since December 2020, making a total disbursement of
INR1.95 crore in FY2021.

* Poor asset quality: KFSL has very high NPAs on account of its
exposure towards Karvy Group companies. It had an exposure of
INR355 crore (including accrued interest of ~Rs. 90 crore) to Karvy
Group companies as of June 2021 and has provided 100% for these
ICDs. Even after excluding the ICDs as of June 2021, KFSL had high
GNPAs of INR54.82 crore, accounting for ~68% of
the loan book (Excl. ICDs), and it had a provision coverage of
63%.

Liquidity position: Poor

The company defaulted in repayment of bank borrowings in September
2021.

Karvy Financial Services Limited is a fully-owned subsidiary of
Karvy Stock Broking Limited (KSBL; rated [ICRA]D ISSUER NOT
COOPERATING), directly and through other Group companies. It
received its NBFC license in Q1 FY2010. During the initial phase of
operations, the company had a significant exposure to capital
markets through products such as loans against shares and
commodities, and margin funding, which was largely done in
conjunction with the broking and commodities arms of the Group. In
FY2017, the company sold a substantial part of its assets to SBFC
and transferred most of its employees and the entire branch network
and infrastructure facilities to the latter. KFSL reported a loss
of INR3.43 crore on a total asset base of INR121.77 crore as of
March 31, 2021 compared to net profit of INR320.84 crore on a total
asset base of INR162.68 crore as of March 31, 2020. It reported a
net profit of INR0.13 crore on a total asset base of INR113.82
crore as of June 30, 2021.


KUSUM METALS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kusum
Metals Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        30.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Kusum Metals Pvt. Ltd. (KMPL), established in 2008, is part of the
Greta Group of Companies founded by the Chennaibased Chaudhari
family. The Group commenced operations in 1996 and is primarily
engaged in trading scrap from end-of-life vehicles/consumer
products and construction/demolition activities.

LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term, short-term and mid-term ratings of
Liners India Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D/MD; ISSUER NOT
COOPERATING".
                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        27.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         7.20       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-
   Non-Fund Based    15.75       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         0.05       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category


   Medium Term–
   Fixed Deposit      5.00       MD ISSUER NOT COOPERATING;
                                 Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Liners India Limited was originally established in 1974 as a
partnership firm by Mr. S Ganesh; the firm was reconstituted as a
private limited company in 1986 and to a public limited company in
1994. LIL has two divisions: cylinder liner manufacturing and
automobile components trading. LIL manufactures cylinder liners and
cast-iron products. The centrifugally cast cylinder liners are used
in diesel automotive engines. LIL supplies to original equipment
manufacturers of heavy, medium, and light commercial vehicles,
tractors, and diesel engines worldwide. The company has
manufacturing units in Vijayawada (Andhra Pradesh), and Rudrapur
(Uttarakhand) with an installed capacity of 24 crore liners per
annum.


MAHARAJA SATHYAM: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maharaja
Sathyam Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Maharaja Sathyam Industries Private Limited (MSIPL), incorporated
in 1981, is a small scale yarn manufacturer with a spindle capacity
of 22,944 spindles. The company predominantly produces
polyester-cotton blended yarn (65:35) and manufactures
polyester-viscose blended yarn and cotton yarn in minor quantities.
The company caters to traders in the domestic market mostly to
weavers around Erode, Ichalkaranji, Surat and Kolkata. MSIPL
largely produces cotton and blended yarn in the coarseto-medium
count range with average count being 40.


MILIND PULSES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Milind Pulses in the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        5.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Milind Pulses started its operations in 2000-01 and is engaged in
trading and manufacturing of Tur Dal, Lakhodi Dal and Chana Dal
driven primarily by its healthy demand. The proprietor- Mr. Milind
and his father Mr. Vijay have an experience of over 12 years in the
pulses processing industry. The firm has a combined production
capacity of 18,000 MTPA or 600 quintals of Tur Dal, Lakhodi Dal and
Chanal Dal with the manufacturing facility located at Nagpur.


MURARI OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term rating of Sri Murari Oil Industries
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
  
Incorporated in 2014, SMOIPL is involved in delinting and crushing
of cottonseeds to produce cottonseed oil, deoiled cake and cotton
linters along with hull and liquid soap as byproducts since
November 2016. The plant is located in Ballari, Karnataka.
Four promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari
Reddy, Mr. Ananda Mohan Rao and Mr. V Chandrashekar manage the
operations of the company. The promoters have long experience in
the businesses including cotton ginning, edible oil extraction,
manufacturing of equipment for oil extraction and trading of
agricultural products.


MY CAR: ICRA Withdraws D Rating on INR28.50cr Loans
---------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
My Car Private Limited at the request of the company and based on
the No Objection Certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                    
                                
   Long-term–        26.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Cash Credit                   

Incorporated in 2000 by Mr. Vijay Garg, MCPL is an authorized
dealer in Kanpur for passenger cars manufactured by Maruti Suzuki
India Limited (MSIL).

NEW ASIAN: ICRA Lowers Rating on INR22.80cr Term Loan to B
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of New
Asian Infrastructure Development Private Limited (NAIDPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan         22.80       [ICRA]B (Stable); Upgraded from
                                 [ICRA]B- (Stable)

   Unallocated
   Limits             6.70       [ICRA]B (Stable); Upgraded from
                                 [ICRA]B- (Stable)

Rationale

The rating upgrade factors in the improvement in the operational
performance of NAIDPL, driven by the optimum power generation in
FY2021 and the timely bill payments from Maharashtra State
Electricity Distribution Company Limited (MSEDCL) since the last
few months. Also, the company's financial risk profile improved,
with healthy revenue growth in FY2021 and accelerated debt
repayments towards its bank term loan in the current fiscal. The
rating also derives comfort from the presence of a power purchase
agreement (PPA) for the 7MW hydro power generation unit with
Maharashtra State Electricity Distribution Company Limited
(MSEDCL), which provides revenue visibility with high margins.

The rating, however, is constrained by the company's average
financial risk profile, as reflected by the leveraged capital
structure, moderate debt-coverage indicators and stretched
liquidity profile. ICRA also notes that the revenues and cash flows
of NAIDPL remain vulnerable to the variability of the plant load
factor (PLF).

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that the company will continue to benefit from the presence of a
PPA with MSEDCL, which would ensure revenue and cash flow
visibility.

Key rating drivers and their description

Credit strengths

* PPA for entire generation capacity enables revenue and cash flow
visibility; improvement in generation in FY2021: The company has
entered a PPA with MSEDCL for a period of thirteen years from the
date of commencement of commercial operations, i.e.
November-December 2015, at a tariff of INR4.35 per unit. The
agreement covers 100% off-take of the project, thus mitigating the
market risks for the company. The plant's PLF level stood healthy
at 51.87% in FY2021 compared to 42.12%
in FY2020. The overall YoY revenue growth in FY2021 increased due
to ~Rs. 6.00 crore inflow from the civil construction segment (Rs.
0.77 crore in FY2020), which also resulted in moderation of the
operating profit margin to 65.32% in FY2021 from 82.67% in FY2020.

Credit challenges

* Average financial risk profile: Despite an improvement in the
financial risk profile, the company's capital structure remains
leveraged with a gearing of 2.14 times as on March 31, 2021;
however, it significantly improved from 3.49 times as on March 31,
2020. Its debt coverage indicators were moderate with Total
Debt/OPBDITA of 2.81 times, interest coverage of 3.43 times
and DSCR of 1.80 times in FY2021.

* Exposure to counterparty credit risk: The company's operations
remain exposed to the counterparty credit risk as MSEDCL is the
sole off-taker. The company's cash flows remain susceptible to the
delays in bill payments by MSEDCL, as witnessed in the past.

* Debt metrics for hydropower projects remain sensitive to PLF
levels and are exposed to hydrological risk: Given the fixed single
part nature of the tariff, the company's revenues and cash flows
remain a function of the PLF levels. The PLF levels remain
vulnerable to availability of water in the stream, which further
depends on the rainfall in that region. The generation is further
exposed to hydrological risk, given that the project is not covered
under any deemed generation clause in case of loss of generation
due to shortage of water.

Liquidity position: Stretched

NAIDPL remains exposed to regular delays by MSEDCL in clearing the
bills submitted by the company; the problem is compounded by the
fact that MSEDCL is the sole off-taker of the power generated by
NAIDPL. The risk is further exacerbated by the notable annual
repayments of ~INR5.74-6.02 crore towards bank term loans over
FY2023-FY2024.

Rating sensitivities

Positive factors:

* Steady revenue growth led by optimum power generation and
execution of pending civil construction orders, while maintaining
profitability levels

* Improvement in liquidity position on a sustained basis led by
MSEDCL's timely bill payments

Negative factors:

* Lower-than-expected scale or profitability leading to
deterioration in key credit metrics

* Stretch in receivables or higher-than-expected debt-funded capex,
which weakens the liquidity position

NAIDPL is a closely held company established in 2005 by Mr. Syed
Abdur Rasheed and his sons, Mr. Syed Abdur Umair and Mr. Syed Abdur
Zubair. NAID has developed a 7MW hydro power project at Nilwande
village in the Ahmednagar district of Maharashtra, on a
Build-Operate-Transfer (BOT) basis. The unit commenced operations
from November-December 2015. The company has entered a PPA with
MSEDCL for 13 years from the commercial operations date (COD). The
group company, New Asian Construction Company (NACC), undertakes
construction of dams, powerhouses, pump houses, canals and bridges.
NACC is rated at [ICRA]B+ (Stable)/A4.

PARAMOUNT INTERNATIONAL: ICRA Keeps D Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Paramount
International in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short term–       10.80       [ICRA]D; ISSUER NOT
COOPERATING;
   fund based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Paramount International (PI) was incorporated on 2008. It is
involved in manufacturing of handicrafts like Candle Stands, Lamps,
Christmas Ornaments etc. made of brass, colored glass, iron,
aluminum etc. The raw materials used at present are Timber, Iron
and Glass. The firm's factory is in Moradabad, U.P. also known as
"Brass City or Peetal Nagri". The firm has no
retails outlets and all the sales are exported mainly to the USA
and some European countries.


PONNU FOOD: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ponnu Food
Products in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.90        [ICRA]B (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Facility                        to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.10        [ICRA]B (Stable) ISSUER NOT
   Unallocated                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Ponnu Food Products was formerly established as a proprietary
concern by Ms Suja Shajilal in August 1999 at Aylara in Kollam
District of Kerala which was later converted into a partnership
firm in December 2012. The firm is engaged in the business of
manufacturing, milling, grading and packaging of various cooking
ingredients and spices.


QI NETWORK: ICRA Raises Rating on INR3.50cr Cash Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Qi
Network Enterprises Private Limited's (QNEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.50        [ICRA]B+ (Stable) upgraded
   Cash Credit                     from [ICRA]B (Stable)

   Non Fund Based      8.00        [ICRA]A4 reaffirmed

   Unallocated         8.00        [ICRA]B+ (Stable) upgraded
                                   From [ICRA]B (Stable);
                                   [ICRA]A4 reaffirmed

Rationale

The rating action reflects the improvement in QNEPL's credit
profile over the past year and expectation of improved turnover and
cash generation going forward. Despite the adverse impact of the
pandemic on its operations and order inflow, QNEPL was able to
sustain its scale and profitability in FY2021. Moreover, the
company has almost surpassed its previous fiscal's revenue in YTD
FY2022 itself, supported by execution of sizeable order for a
reputed customer. This coupled with the incremental order inflow in
IT services and solar power generation equipment EPC business are
likely to aid in further scaling up of revenue and improvement in
internal accruals for the entire fiscal.

Additionally, the ratings continue to factor in QNEPL's established
operational long track record and the vast experience of its
promoters in the IT infrastructure services business. The company
also benefits from its registration with the National Informatics
Centre Services Inc. (NICSI) and established relations with key
customers, which has resulted in repeat business over the years.
However, the ratings are constrained by QNEPL's modest scale of
operations leading to limited economies of scale and stiff
competition in the industry, which restricts its pricing
flexibility. Additionally, the limited value-added nature of
operations has continued to result in low profit margins for the
company. QNEPL remains exposed to customer concentration risk as a
few customers account for most of its revenue. With sizeable
revenue booking in Q1 FY2022, the debtor levels increased
considerably as of June 2021. However, a sizeable part of the same
has been recovered in the recent months easing the funding
requirements of the business. With an anticipated increase in
revenues, timely recovery of receivables will be the key for an
improvement in the company's liquidity profile.

The Stable outlook reflects ICRA's expectation that QNEPL will
continue to benefit from its established operational track record,
registration with NICSI and relationship with the key customers and
suppliers, supporting future business growth.

Key rating drivers and their description

Credit strengths

* Experienced promoters and established operational track record in
industry: QNEPL is managed by Mr. Rakesh Sharma, who has over two
decades of experience in the industry. This extensive experience of
the promoter has helped the company to maintain strong
relationships with customers and suppliers. In recent years, it has
ventured into the solar power generation equipment EPC business.
However, the segment's contribution towards QNEPL's revenue and
profitability remains minimal till now.

* Established clientele and registration with NICSI: QNEPL is
registered with NICSI for the supply of network-related hardware
products, servers and software to public sector clients. It has
been registered with NICSI since September 2014, which resulted in
steady order inflow over the years. Moreover, the company's client
base includes some reputed private sector companies.

* Improvement in credit profile: Despite the adverse impact of the
pandemic on its operations and order inflow, QNEPL was largely able
to sustain its scale and profitability in FY2021. Moreover, the
company has already achieved revenues of around Rs. 19-20 crore in
YTD FY2022. Given the incremental order inflow from IT services and
solar power equipment installation business, it is expected to
report increased revenues in the current fiscal. With sizeable
revenue booking in Q1 FY2022, the debtor levels had increased
considerably as of June 2021. However, a sizeable part of the same
has been recovered in the recent months, easing the funding
requirements of the business.

Credit challenges

* Modest scale of operations resulting in limited economies of
scale: QNEPL's scale of operations has remained modest in the
recent years due to discontinuance of IT hardware distribution
business as well as lower order inflow. This is partly attributable
to the subdued macro-economic conditions because of the pandemic.
This has led to limited economies of scale for the
company.

* Stiff competition in industry limits pricing flexibility: The
industry is dominated primarily by unorganized and small players.
As a result, the industry is highly fragmented, leading to intense
competition and pricing pressure, which in turn limits QNEPL's
pricing flexibility.

* High customer concentration risk: QNEPL remains exposed to client
concentration risk as a few customers account for a sizeable part
of its revenue. While the customer concentration has increased in
the recent years, it is expected to moderate to some extent, going
forward, with a likely increase in its scale of operations and
improved order inflow.

* Low profitability margins: QNEPL's operating margins remained low
due to the limited value-additive nature of business and stiff
competition in the industry. Decline in revenue and adverse impact
of the pandemic further moderated its margins over the recent
years. The recovery in operating margins in FY2021 was also
supported by reversal of provision against a liability.

Liquidity position: Stretched

QNEPL's liquidity profile is stretched as demonstrated by high
utilization of the working capital limits availed from the bank and
modest accrual generation. However, there has been some improvement
over the recent quarters with an increase in internal accrual
generation. With an anticipated increase in revenues, timely
recovery of receivables will be the key for an
improvement in the company's liquidity profile.

Rating sensitivities

Positive factors – Steady scaling up of operations and
improvement in margins, without any stretching of the working
capital cycle or liquidity position. Specific credit metrics
include interest cover above 2 times on a sustained basis.

Negative factors – Pressure on revenue and profitability, or
stretching of the working capital cycle, exerting pressure on the
liquidity position of the company.

QNEPL provides IT services to a varied range of customers belonging
to different sectors such as telecom, automobile, power, business
process outsourcing, service providers, etc. It supplies and
installs routers, workstations, switches, firewalls, access points,
etc. After installing these devices, the company provides annual
maintenance contract services as well. In recent years, it has
ventured into the solar power generation equipment EPC business,
however the segment's contribution towards QNEPL's revenue and
profitability remains minimal till now.

R.K. AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of R.K. Agro
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          3.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.89        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.29        [ICRA]B (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Halvad (Gujarat)-based, R.K. Agro Industries (RKAI) was established
in 2008 and it processes and sorts various agricultural products
with use of optical sortex machines,with wheat being the major
product. In FY2016 and FY2017, the firm incurred capex towards
expansion of plant capacity by installing Buhler sortex machines
and is currently equipped with a processing capacity of 12 metric
tonne (MT) of wheat per hour, translating into 32,400 MTPA.


RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Radhika
Packaging Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.09       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         4.60       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        0.12       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating Continues to remain under
   Others-Bank                   the 'Issuer Not Cooperating'
   Guarantee                     category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity. The rating action has been taken
in accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.

Incorporated in 1978, Radhika Packaging Private Limited (RPPL) is
part of the Damani Group, engaged in manufacturing polypropylene
disposable cups. Mr. Neelesh Damani, the Managing Director of the
company, oversees group operations.


RAMAKRISHNAA TEXTILES: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Ramakrishnaa Textiles in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.36        [ICRA]B (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.64        [ICRA]B (Stable) ISSUER NOT
   Unallocated                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Sri Ramakrishnaa Textiles was established as a proprietorship
concern in 2006 by Mr. R Loganathan and was converted to a
partnership firm in 2017 with Mr. R Loganathan and Mrs. Thulasimani
as partners. Mr. Loganathan has extensive experience of nearly two
decades in the weaving industry. The firm is involved in the
production of grey cotton fabric at its manufacturing facility in
Coimbatore, Tamil Nadu. The current installed capacity of the firm
is 92 looms, which includes 56 conventional power looms and 36 auto
power looms. The firm outsources most of its production to around
600 looms located nearby, by virtue of which it has an overall
annual production capacity of around 12 million metres of grey
fabric. The firm procures cotton yarn from various spinning mills
in Tamil Nadu and Andhra Pradesh, weaves it into grey fabric and
markets it to garment manufacturers across India.


RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rathi
Graphic Technologies Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.49       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         6.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Working Capital               the 'Issuer Not Cooperating'
   Limits                        category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Continues to remain under the
   SLC                           'Issuer Not Cooperating'
                                 Category

   Short-term         4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based                Continues to remain under the
   LC/BG                         'Issuer Not Cooperating'
                                 Category

   Long Term-         0.82       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the
credit risk profile of the entity. The rating action has been taken
in accordance with ICRA's policy in respect of non-cooperation by a
rated entity available at www.icra.in.

Rathi Graphic Technologies Limited (RGTL) is a public limited
company engaged in the manufacturing of toners for photocopiers,
laser printers, and multi function printers. The company was
incorporated in December 1991 by Mr. Raj Kumar Rathi. The
manufacturing facility is located at Bhiwadi, Rajasthan and the
company sells its product under the brand name 'Rathi Toner'.


SANCHEM FABRICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sanchem
Fabrics Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          7.70        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based-     0.30        [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
  
Sanchem Color Limited was incorporated in 1999 by members of
Agarwal family and was later named as Sanchem Fabrics Limited (SFL)
in 2011. The company is engaged in the trading of textile chemicals
manufacturing of greige fabric for shirting, suiting and bed sheet.
The manufacturing plant of the company located at Piplaj, Ahmedabad
and is equipped with ~26 looms having an installed capacity to
manufacture ~3,00,000 metres of fabric per month.


SHANKAR PARVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shankar
Parvati Industries in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          0.62        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.69        [ICRA]B+(Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Shankar Parvati Industries (SPI) was established as a partnership
firm in 2005 and is engaged in manufacturing of cotton bales and
cotton seeds through ginning and pressing of raw cotton. The firm
markets cotton bales to merchant traders and cottonseeds to local
oil mills. SPI operates from its plant located in Kadi, Mehsana and
is equipped with 39 ginning machines with a total installed input
capacity of processing 20,160 Metric Tonnes (MT) of cotton per
annum. The promoters of the firm have a long experience in the
cotton ginning industry.


SILVER COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Silver
Cotton in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established as a partnership firm in April 2014, Silver Cotton (SC)
is involved in the ginning and pressing of cotton. The operations
of the firm are managed by members of the Gadara family who have an
experience of over eight years in the cotton ginning and pressing
sector. The manufacturing facility of the firm, located at
Jamnagar, Gujarat, is equipped with 24 ginning machines and one
pressing machine with a total processing capacity of ~ 22,400
metric tonnes of raw cotton per annum. The firm commenced
commercial operations from December 2014.


SUPREME NUTRI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Supreme
Nutri Grain Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          4.50        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          7.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Forward            1.75         [ICRA]A4; ISSUER NOT
   Contract                        COOPERATING; Rating continues
   Limit                           to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Supreme Nutri Grain Private Limited (SNGPL), promoted by Mr. Bharat
Piparava, Mr. Nilesh Kapuriya, Mr. Sanjay Kapuriya and Mr. Mukesh
Khatrani, was incorporated as a private limited company in May 2012
and commenced commercial production from August 15, 2013. The
company is engaged in manufacturing of instant noodles packaged in
units of 35 grams, 75 grams and 300 grams and has an installed
capacity of 6200 TPA. The noodles are sold under the registered
brand name of 'Zoopy'
and are available in four flavors namely Mazedaar Masala, Mirch
Masala, Gujarati Delight and Satvik Sizzle. Apart from its branded
noodles, the company also sells non branded instant noodles
packaged in various units depending on the requirements of the
customers ranging from packs of 35 grams to 10 kg each.


SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Suyash
Polymer in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.86       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         4.60       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        0.13       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based                Rating Continues to remain under
   Others-Bank                   the 'Issuer Not Cooperating'
   Guarantee                     category


ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1978, Suyash Polymer (SP) is the flagship company
of the Damani Group, which manufactures polypropylene disposable
cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm,
while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage
the affairs of the group.


TULIPS AMBBIENCE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Tulips Ambbience Private Limited
        1025-A Vora Kothari Building
        Sadashiv Peth
        Pune 411030

Insolvency Commencement Date: October 7, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 4, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Arun Bagaria

Interim Resolution
Professional:            Mr. Arun Bagaria
                         701, Stanford Building
                         Junction of S.V. Road and
                         C D Burfiwala Marg
                         Andheri (W), Mumbai 400058
                         E-mail: arun@bagariaco.com
                                 bagaria.arun@gmail.com

Last date for
submission of claims:    October 24, 2021


VIJAY INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Vijay Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 1978 as a flagship firm of the 'B.L. Data Group',
Vijay Industries (VI) commenced commercial production of mustard
oil and oil cake in Khairtal, Rajasthan. The company has a seed
crushing capacity of 80 Metric Tonnes of mustard seeds per day. The
company sells mustard oil under the brand 'Scooter'. The Data Group
manufactures and markets a range of products such as mustard oil,
vanaspati ghee, refined oil (mustard/soyabean), groundnut oil,
iodized salt, de-oil cake (DOC), oil cake, wind power, internet and
IT services and software. The group operates seven edible oil
manufacturing facilities with a total manufacturing capacity of
2,000 TPD.

WARANA DAIRY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Warana Dairy and Agro Industries Limited
        At. Tatyasaheb Kore Nagar
        Post. Warananagar, Tal. Panhala
        Dist. Kolhapur Warananagar
        MH 416112

Insolvency Commencement Date: September 16, 2021

Court: National Company Law Tribunal, Mumbai Bench IV

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

Insolvency professional: Rakesh Bothra

Interim Resolution
Professional:            Rakesh Bothra
                         119-A, 1st Floor
                         Vinay Bhavya Complex
                         159, C S T Road
                         Santacruz East
                         Mumbai City
                         Maharashtra 400098
                         E-mail: ip.rakeshbothra@gmail.com
                                 cirp.warana@gmail.com

Last date for
submission of claims:    October 20, 2021


ZADAFIYA CREATIONS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Zadafiya
Creations Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         3.75        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan          14.25        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Surat-based Zadafiya Creations Private Limited (ZCPL) was
incorporated in February 2015 and has been engaged in trading of
sarees. In the current fiscal the company has setup knitted fabric
manufacturing facility and commenced commercial production from
June 2017. The installed capacity for knitted fabric manufacturing
is 7,500 MTPA (considering 300 working days). The
company is promoted by the Zadafiya family and the promoters have
been associated with other entities which are majorly engaged into
fabric embroidery and knitted fabric manufacturing.



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

CHINA FISHERY: Deadline to File Claims Set for Nov. 15
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York set
Nov. 15, 2021, at 5:00 p.m. (Eastern Time) as the last date and
time for each person or entity to file proofs of claim against
China Fishery Group Limited (Cayman) and its debtor-affiliates.

The Court also set March 7, 2022, at 5:00 p.m. (Eastern Time) as
deadline for all governmental units to file their claims against
the Debtors.

All proofs of claim must be filed (i) electronically through the
website of the Debtors' court-approved claims agent, Epiq
Bankruptcy Solutions LLC, using the interface available on the
website at https://dm.epiqaa.com/CHF under the link entitled "File
a Claim" or (ii) by delivering the original proof of claim form by
hand, or mailing the original proof of claim on or before the bar
date:

a) if by U.S. Postal Service Mail or overnight delivery:

   China Fishery Group Limited (Cayman) et at.
    Claims Processing Center
   c/o Epiq Bankruptcy Solutions LLC
   PO Box 4419
   Beaverton, OR 97076-4419

        - or -

b) if by hand-delivery:

   China Fishery Group Limited (Cayman) et al.
    Claims Processing Center
   c/o Epiq Bankruptcy Solutions LLC
   10300 SW Allen Boulevard
   Beaverton, OR 97005

                   About China Fishery Group

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

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

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

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


GEO ENERGY: S&P Ups ICR to 'B-' on Completion of Bond Redemption
----------------------------------------------------------------
On Oct. 14, 2021, S&P Global Ratings raised the long-term issuer
credit rating on Geo Energy Resources Ltd. (GERL) to 'B-' from
'CCC'. At the same time, S&P removed the rating from CreditWatch
where it was placed with positive implications. In addition, S&P
withdrew its issue rating on the bond.

S&P said, "The stable outlook reflects our view that the company
will maintain sufficient liquidity buffer and improved leverage
under the current favorable thermal coal price environment.

"Our upgrade on GERL reflects the company's minimal debt after the
redemption of its bonds outstanding and our expectation that cash
flow will improve to support leverage. GERL's bond redemption has
removed near-term refinancing risk or the potential for bond
repurchases below par. On Oct. 12, 2021, the company completed the
repurchase of its remaining US$59 million bond at 102%, a year
ahead of its maturity in October 2022, in accordance with the
optional redemption clause in the bond document. The redemption was
funded by GERL's internal cash balance, which stood at US$120
million as of Sept. 5, 2021. We forecast GERL will have minimal
reported debt, with its adjusted debt-to-EBITDA ratio improving to
0.1x in 2021, compared with 0.5x for the first half of 2021 and
2.0x in 2020. The redemption also removes uncertainty about capital
being allocated to repurchase the remaining bond below par. The
bond was previously trading at 90% of par value.

"Over the next 14 months, we estimate the company will generate
substantially higher operating cash flow--close to 4x above 2020's.
Our assessment considers the strong recovery in coal prices since
the end of 2020, which led to GERL's average selling price (ASP)
per metric ton (MT) rising more than 30% year on year to US$41
during the first half of 2021. GERL's cash flow from operations
during the period amounted to US$55 million, nearly double that of
the same period last year. The Indonesian Coal Index-4 has doubled
since June, reaching US$122/MT in October due to strong demand from
China, alongside tight local supply.

"We expect prices to be bolstered for at least the remainder of the
year because of China's supply shortage, which is a result of mine
closures after flooding and stringent domestic supply on
environmental and safety reasons. We expect China's supply
environment to be exacerbated by rising demand during the winter
months. Strong coal prices will continue to facilitate the group's
positive free operating cash flow and keep debt minimal,
strengthening GERL's operational buffer in case the external
environment deteriorates.

"Our rating also considers the prospect of GERL re-leveraging as it
mulls strategic growth options. In our view, the company's business
strategy is still evolving, as GERL considers the options in
allocating its excess discretionary cash flow, which we estimate to
exceed US$85 million at the end of 2021. This could entail
diversification into renewable supply chain, or potential
divestment of its existing business. While the likelihood of future
investments unrelated to its core coal mining operations may
increase execution risks, further investments into coal-related
businesses could also be challenging given the broader energy
transition and potential difficulty in fundraising. Aside from
strategic growth initiatives, we believe the company may allocate
excess cash to additional shareholder distributions, given the
strength of coal prices.

"Our rating remains constrained by GERL's earnings volatility,
declining reserve life, and history of governance risks.
Notwithstanding a significant improvement in GERL's financial risk
profile, the company's earnings volatility stems from its small
scale, mine concentration, sensitivity to coal prices, and the
potential for adverse weather conditions. In 2019, GERL's adjusted
EBITDA fell 80% to US$13.5 million, which was also approximately
the quarterly run-rate for the first half of 2020 when the company
was hit by various operational difficulties.

"In our view, GERL's declining reserves will also weaken the
company's operational sustainability over the next three years. We
estimate the company's reserve life to be just over seven years by
the end of fiscal 2021, in the absence of any mine acquisitions.
This is short compared with rated peers, such as PT Bayan Resources
Tbk.'s reserve life of almost 50 years and PT Bumi Resources Tbk.'s
of about 30 years.

"In our view, GERL's governance, based on its track record on
strategic planning and execution, will remain a risk for the
rating. The company could not execute its growth strategy amid
depleting reserves. GERL had intended to use its bond proceeds in
2017 to expand its reserves but was unable to secure any timely and
suitable investment. Besides bearing the cost of negative carry,
the company's inability to lengthen its reserves on a timely basis
led to elevated refinancing risk previously, given the presence of
a put option under its U.S. dollar-denominated notes. We also
considered management's willingness to repurchase bonds at
significant discounts to par value to negatively weigh on GERL's
credit profile and viewed such transactions as tantamount to a
distressed exchange.

"The stable outlook reflects our expectations that Geo Energy will
generate liquidity buffer and improve its leverage profile under
the current elevated thermal coal price environment. This will
allow the company some operational flexibility in case the external
operating environment deteriorates.

"We could lower the rating if GERL takes on large debt-funded
acquisitions or considerable dividend distribution above our
expectations, thus eroding liquidity. We could also lower the
rating if coal prices decline sharply, causing persistent negative
free operating cash flows.

"We would raise the rating if GERL demonstrates a track record of
disciplined financial policy with stable earnings through a pricing
cycle. We could also upgrade GERL if the company expands and
diversifies its reserve base."


HONG HAI: Court to Hear Wind-Up Petition on Oct. 22
---------------------------------------------------
A petition to wind up the operations of Hong Hai Holdings Pte Ltd
will be heard before the High Court of Singapore on Oct. 22, 2021,
at 10:00 a.m.

Cargill International Trading Pte Ltd filed the petition against
the company on Sept. 28, 2021.

The Petitioner's solicitors are:

         Clasis LLC
         12 Marina Boulevard
         #30-03, Marina Bay Financial Centre Tower 3
         Singapore 018982


KEPPEL LAND: Creditors' Proofs of Debt Due on Nov. 18
-----------------------------------------------------
Creditors of Keppel Land (Arabia) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 18,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2021.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


STAR GLORIOUS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 8, 2021, to
wind up the operations of Star Glorious Sejahtera Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

         BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


TRANSCORP HOLDINGS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 1, 2021, to
wind up the operations of Transcorp Holdings Limited.

Chia Siak Yan Vincent (Xie Shuoyan Vincent) filed the petition
against the company.

The company's liquidator is:

         Ng Hoe Kiat Keith
         c/o Reliance 3p Advisory Pte. Ltd.
         7500A Beach Road
         #05-303/304, The Plaza
         Singapore 199591




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

BIMPUTH FINANCE: Fitch Lowers National LT Rating to 'CC(lka)'
-------------------------------------------------------------
Fitch Ratings has downgraded Bimputh Finance PLC's National
Long-Term Rating to 'CC(lka)' from 'B-(lka)'. The rating has been
removed from Rating Watch Negative.

The downgrade reflects Fitch's view that Bimputh's liquidity and
refinancing risk has risen significantly, driven by a persistent
decline in asset quality, while it faces further delays in
restoring its regulatory capital position, which is exacerbated by
losses. Fitch believes that Bimputh's liquidity position is highly
uncertain and it may be dependent on lender forbearance to continue
its operations.

Bimputh's financial position continued to deteriorate significantly
after Fitch downgraded the rating in June 2021.

'CC' National Long-Term Ratings denote the level of default risk is
among the highest relative to other issuers or obligations in the
same country or monetary union.

KEY RATING DRIVERS

Bimputh's rating reflects its weakening capitalisation and
heightened solvency and liquidity risk stemming from a severe
deterioration in its asset quality and profitability. Fitch
believes that Bimputh's funding access is impaired and the risk of
default has increased, given the worsening credit profile and
non-compliance with regulatory capitalisation requirements.

The widening asset-liability mismatches also expose Bimputh to
heightened debt repayment and refinancing risk. Bimputh's monthly
cash collections have declined sharply, partly due to the movement
restrictions imposed by the authorities to curb the spread of
Covid-19, eroding its already thin liquidity buffers.

Bimputh's financial flexibility is considered limited due to its
heavy reliance on secured bank borrowings and the weak quality of
its loan book as potential collateral. Fitch believes that
significant restructuring of Bimputh's bank loans may be required
to avoid default. Furthermore, Bimputh's deposit-to-total funding
was low compared to its peers and remained highly concentrated
among the 20 largest depositors, exerting further pressure on the
company's liquidity. The Central Bank of Sri Lanka (CBSL) has
imposed on Bimputh a deposit cap of LKR1.5 billion for failing to
comply with the interim minimum capital requirement.

Bimputh has not formalised a plan to address its capital shortfall
through a capital infusion or a merger under CBSL's Master Plan.
Fitch estimates that Bimputh's capital shortfall would increase to
around LKR2.4 billion from LKR 2.0 billion by the extended deadline
of 31 December 2021 due to continued operating losses. Fitch
believes Bimputh will find it extremely challenging to address this
capital shortfall given the prevailing stress in the operating
environment and its weak credit profile.

Fitch believes the risk of regulatory intervention has increased as
Bimputh's regulatory capital ratios are estimated to be
significantly below the requirement. Bimputh's leverage - measured
by debt/tangible equity - rose to 10.6x by end-June 2021 from 7.8x
at end-March 2021, the weakest among Fitch-rated finance and
leasing companies (FLCs) in Sri Lanka.

Bimputh is considered to be structurally unprofitable because of
the continued narrowing in its net interest margins (NIMs) and
significant loan impairment charges. Bimputh reported NIM of -1.7%
in the quarter ended June 2021 compared with 1.7% in the financial
year to March 2021 (FY21), reflecting weaker earnings due to a
shrinking loan book and deferment of interest income recognition
for loans under moratorium. The weaker pre-impairment profitability
and increased credit costs pushed Bimputh's pre-tax income/average
assets ratio to -12.3% by end-June 2021 from -0.6% at FYE21 (FYE20:
-5.4%).

RATING SENSITIVITIES

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

-- Bimputh's rating could be downgraded if the company fails to
    adequately address its near-term debt-servicing requirements,
    such that Fitch deems that a default or default-like process
    has begun. Some indications include that the company enters
    into a temporary negotiated waiver or standstill agreement
    following a payment default on a large financial obligation,
    or that Fitch believes the company has entered into a grace or
    cure period following non-payment of a material financial
    obligation.

-- A rating downgrade could also arise from a debt restructuring
    deemed as a distressed debt exchange (DDE) under Fitch's
    criteria. Fitch's criteria consider a debt restructuring as a
    DDE if it leads to a material reduction in terms compared with
    the original contractual terms, and if it is conducted to
    avoid bankruptcy, similar insolvency proceedings or a
    traditional payment default.

-- Material operational restrictions, including suspension of its
    licence, or funding disruption leading to a payment default as
    a result of the company's inability to raise new capital to
    meet the regulatory enhanced capital requirement could also
    lead to a downgrade.

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

-- A rating upgrade is unlikely without restoration of the
    company's capital buffers to meet the regulatory requirement
    and meaningful improvement in its liquidity position, such
    that it is able to meet debt-servicing requirements and
    operating costs over a rolling 12-month period.

-- Sustainable improvement in the company's structural
    profitability, asset quality, capital buffers and liquidity
    profile will be positive for the ratings. Merging with another
    FLC that has a stronger credit profile could also lead to a
    rating upgrade.

Issuer Disclosure on Regulatory Action

A deposit cap of LKR1.5 billion has been placed by the CBSL until
Bimputh meets the required core capital as per the CBSL Direction
No. 02 of 2017 - Minimum Core Capital.

The "Issuer Disclosure on Regulatory Action" sub-heading was
provided by the issuer and is included pursuant to applicable
regulatory requirements. Fitch Ratings Lanka is not responsible for
the contents of such information.


                           *********


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
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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 ***