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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

          Wednesday, November 10, 2021, Vol. 24, No. 219

                           Headlines



A U S T R A L I A

BMT AUSTRALIA: First Creditors' Meeting Set for Nov. 17
CRUMPLER PTY: Founder and Daugther Rescue Firm from Administration
RESIMAC BASTILLE NO.2: S&P Affirms BB (sf) Rating on Cl. E Notes
ZETO 6: Second Creditors' Meeting Set for Nov. 16


C H I N A

CHINA EVERGRANDE: Raises US$144MM as it Sells Stake in HengTen
JIAYUAN INTERNATIONAL: S&P Withdraws 'B' LT Issuer Credit Rating
SHINSUN HOLDINGS: S&P Withdraws 'B-' LT Issuer Credit Rating
SINO OCEAN: Government-Controlled Firm Latest to See Bonds Plunge
STUDIO CITY: Moody's Affirms 'B1' CFR, Outlook Remains Negative

VNET GROUP: Fitch Affirms 'B+' LT IDRs, Outlook Negative
[*] CHINA: Federal Reserve Flags Concerns as Selloff Spreads


I N D I A

AIR INDIA: Pilots Demand Settlement of Liabilities
AJEET TRADERLINK: CARE Keeps B Debt Rating in Not Cooperating
ANRAK ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
AVINASH BUILDCON: CARE Keeps B Debt Rating in Not Cooperating

BAJLA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
CAMSON AGRI-VENTURES: CARE Keeps C Debt Rating in Not Cooperating
EMPERIA REALTY: CARE Keeps D Debt Rating in Not Cooperating
FUTURE GROUP: NCLT Bars Shareholders' Meeting to Approve Asset Sale
HIRANYAKESHI SAHAKARI: CARE Assigns B+ Rating to INR60cr Loan

J.M.A. STORES: CARE Lowers Rating on INR23.50cr LT Loan to B+
KRYSTTAL MOTORS: CARE Reaffirms B+ Rating on INR10cr LT Loan
LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
MAHARASHTRA ELECTRO: CARE Cuts Rating on INR7.0cr LT Loan to B
POPULAR GROUP: CARE Keeps D Debt Rating in Not Cooperating

RAMCHANDER STRAW: CARE Keeps B- Debt Rating in Not Cooperating
S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
SAPTAGIR LABORATORIES: CARE Cuts Rating on INR7.95cr LT Loan to C
SHIV GANESH: CARE Keeps B- Debt Rating in Not Cooperating
VATIKA LIMITED: CARE Keeps C Debt Rating in Not Cooperating

VATIKA SEVEN: CARE Lowers Rating on INR225cr LT Loan to B-
VATIKA SOVEREIGN: CARE Keeps C Debt Rating in Not Cooperating


I N D O N E S I A

REJEKI ISMAN: To Seek US$275 Million Loan Facility in Meeting


M A C A U

MELCO RESORTS: Moody's Lowers CFR to Ba3, Outlook Negative


M O N G O L I A

MONGOLIAN MINING: S&P Alters Outlook to Negative, Affirms 'B-' ICR


N E W   Z E A L A N D

BODY CORP: Court to Hear Wind-Up Petition on Nov. 16
MSL CAPITAL: Court to Hear Wind-Up Petition on Nov. 16


S I N G A P O R E

AUTOVOX PTE: Court to Hear Wind-Up Petition on Nov. 12
CONVEX INVESTMENT: Court Enters Wind-Up Order
MM2 ASIA: Unit Posts SGD1.6MM Net Loss for H1 Ended Sept. 30
PFIZER SINGAPORE: Creditors' Proofs of Debt Due Dec. 9
VIVIDTHREE: Net Loss Widens to SGD1.8MM in Six Mos. Ended Sept. 30


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A U S T R A L I A
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BMT AUSTRALIA: First Creditors' Meeting Set for Nov. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of BMT
Australia Pty Ltd will be held on Nov. 17, 2021, at 2:00 p.m. via
virtual meeting technology.

Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were
appointed as administrators of BMT Australia on Nov. 5, 2021.


CRUMPLER PTY: Founder and Daugther Rescue Firm from Administration
------------------------------------------------------------------
SmartCompany reports that iconic bag maker Crumpler has been saved
from administration by one of its founders and his daughter, after
lockdowns pushed the business to the brink of collapse.

David Roper, who co-founded the business 26 years ago, has returned
as chief executive and his daughter Virginia Martin, who owns the
fashion label bul, will take on the role of creative director, the
report says.

Speaking to SmartCompany, Ms. Martin noted how fast the process has
been, with her and Roper needing to source funds "very quickly".

The pair considered a range of options to help raise enough capital
to pay the debts Crumpler owes to creditors as well as entitlements
to staff.

"We didn't really want to turn to private equity after what
happened with Crescent, we thought about crowdfunding, but one of
our factories was interested in partnering with us," the report
quotes Ms. Martin as saying.  "So we started the conversation and
made that happen."

According to the report, Crumpler will partner with a manufacturer
in Hong Kong to lift the business out of voluntary administration
under the guidance of Jason Glenn Stone of the accounting firm PKF
Melbourne.

The modern backpack and luggage brand was founded by Australians
Roper, Will Miller and Stuart Crumpler in Melbourne in 1995.

In 2011, Crumpler sold his share to Roper and Miller, who went on
to sell the majority stake of the business to the investment firm
Crescent Capital Partners in 2015.

When Crescent Capital Partners filed for voluntary administration
in September, the company had 11 stores, with three open for
click-and-collect services and the remaining eight stores closed
due to lockdowns.

Ms. Martin said the administrators have downsized the business
significantly since restructuring began, closing the majority off
its stores and letting go staff.

"The company is very small now. We have one retail store and an
online store so we're starting from scratch," Ms. Martin told
SmartCompany.  "Some staff we're keeping on board and others we
hope will be able to work with us again," she added.

Ms. Martin began working at Crumpler as a teenager and continued to
work in the stores for more than a decade before starting the
fashion label bul.

She said she's excited to return to the business alongside Roper
and restore Crumpler to the founder's original vision.

"I have a very close bond to the company and for Dave as well,
[Crumpler] was his baby," Ms. Martin said.  "I'm just so happy for
us to be able to work together and bring it back to what it was
when it started."

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Crumpler Pty on Aug. 31, 2021.


RESIMAC BASTILLE NO.2: S&P Affirms BB (sf) Rating on Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - Warehouse Series No.2.

The rating affirmations follow a review of the transaction due to a
decrease in the size of the collateral pool following the sale of
loans from the warehouse facility. During the transaction's
12-month revolving period, the acquisition of assets by the trust
can be funded by additional note issuance. S&P assesses the minimum
levels of credit support, liquidity, and yield that are
commensurate with its ratings on the notes before any such sales
into the trust. This is because the credit support and liquidity
requirement can change, depending on the characteristics of the
portfolio.

The rating affirmations reflect:

-- The credit risk of the underlying collateral portfolio, which
has decreased to A$260 million from A$556 million. The
weighted-average loan-to-value ratio of the loans now in the
portfolio is 74.7% and the weighted-average seasoning is 3.9
months.

-- That the proportion of loans in the portfolio to borrowers
whose income has not been fully verified has increased to 95.3%
from 85.9%. While these borrowers have not provided definitive
proof of their income, RESIMAC Ltd. has carried out a range of
checks to determine the reasonableness of their declared incomes.
S&P Global Ratings has adjusted the minimum credit support for
partially verified loans to reflect the lower standard of
debt-servicing assessment on these loans.

-- That loans comprising 81.9% of the pool are to self-employed
borrowers compared with 77.6% previously. Where RESIMAC has been
unable to provide employment data, we have assessed a portion as
being self-employed. S&P Global Ratings expects self-employed
borrowers to experience higher cash-flow variability and,
consequently, higher loan arrears, making them more susceptible to
defaults should there be a downturn in the Australian economy. S&P
Global Ratings assumes higher default frequencies for these loans.


-- That loans representing 1.5% of the portfolio are insured by a
primary lenders' mortgage insurance (LMI) policy provided by a
rated mortgage insurer. The LMI policies cover the outstanding
mortgage loan principal, accrued interest, and any reasonable
enforcement expenses on the defaulted mortgage loans.

-- That the credit support provided to each class of notes is
commensurate with the ratings assigned and the rated notes can meet
timely payment of interest and ultimate payment of principal under
the rating stresses. Key rating factors are the level of
subordination provided, which has increased since the last review;
the size of the liquidity facility; the principal draw function;
the amortization amount built from excess spread if an amortization
event is subsisting; and the provision of an extraordinary expense
reserve.

  Ratings Affirmed

  RESIMAC Bastille Trust - Warehouse Series No.2

  Class A: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)


ZETO 6: Second Creditors' Meeting Set for Nov. 16
-------------------------------------------------
A second meeting of creditors in the proceedings of:

   * Zeto 6 Malcolm Pty Ltd in its own right and ATF
     Zeto 6 Malcolm Unit Trust

   * Zeto 8-10 Toni Pty Ltd in its own right and ATF
     Zeto 8-10 Toni Trust

   * Twenty Seven Box Hill Pty Ltd in its own right and
     ATF The Twentyseven Box Hill Unit Trust

   * 7-8 Blanche Pty Ltd in its own right and ATF
     7-8 Blanche Unit Trust

   * 79-81 KNG Templestowe Pty Ltd in its own right and
     ATF 79-81 Kngtemplestowe Unit Trust

has been set for Nov. 16, 2021, at 11:00 a.m. via online video
conference using Zoom Meetings.

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 Nov. 15, 2021, at 5:00 p.m.

Sam Kaso and Barry Wight of Cor Cordis were appointed as
administrators of Zeto 6 et al. on March 3, 2021.




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C H I N A
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CHINA EVERGRANDE: Raises US$144MM as it Sells Stake in HengTen
--------------------------------------------------------------
South China Morning Post reports that China Evergrande Group raised
about HK$1.12 billion (US$144 million) by further selling down its
stake in internet company HengTen Networks Group as it faces a
cascading series of interest payments on its offshore debt.

Evergrande sold 530 million shares in a series of sales since
November 4, reducing its stake in Hong Kong-based HengTen from
26.55 per cent to 20.82 per cent, according to regulatory filings
with the Hong Kong stock exchange, the Post relays.

According to the report, the world's most indebted developer,
Evergrande held a majority stake in HengTen as recently as January,
but has significantly reduced its stake in recent months as part of
a series of assets sales to try to manage its CNY1.97 trillion
(US$308 billion) in total liabilities.

HengTen's other big shareholders include its executive chairman Ke
Liming and Tencent Holdings.

HengTen's shares are down sharply this year, losing about HK$132
billion in market capitalisation since February 17 when it hit its
highest market cap in nearly a decade, the report says.

Disclosure of the share sales comes as Bloomberg reported on
November 9 that some holders of offshore debt issued by an
Evergrande unit had not received coupon payments due November 6.

Shenzhen-based Evergrande missed several interest payments on its
offshore debt in October, but bought itself more time by making
those payments shortly before a 30-day grace period was set to
expire for its bonds.

Founded by Chinese tycoon Hui Ka-yan in 1996 in Guangzhou,
Evergrande has been racing to sell off assets, from properties
under development to a stake in a Northeast China-based bank, to
ease its liquidity crunch and repay suppliers - with many saying
they have not been paid for months, the Post notes.

In recent weeks, Evergrande has tried to put a good face on the
situation, posting photos on its WeChat account of construction
workers at its developments and saying it continues to deliver
flats to homebuyers.

The Post says the developer is far from out of the woods as it
faces a November 11 deadline to make about US$148 million in
overdue interest payments and has additional payments on its
offshore bonds set to come due later this month and in December.

Other developers, including Fantasia Holdings Group, Modern Land
(China) and Sinic Holdings Group, have defaulted on their debt in
recent weeks, heightening concerns about the high levels of debt in
China's property sector, according to the report.

Chinese regulators instituted the "three red lines" policy for
developers last year in an attempt to stave off speculative
property price bubbles. The policy restricts the ability of
developers who fail to meet those measures to continue to borrow
from banks, which has choked off an important of source liquidity
for Evergrande and other indebted developers.

The Post adds that the US Federal Reserve overnight warned that
stress in China's real estate sector could pose "some risks" to the
American financial system, particularly if those stresses spill
over to other parts of the mainland economy.

                       About China Evergrande

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

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

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

JIAYUAN INTERNATIONAL: S&P Withdraws 'B' LT Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Jiayuan International Group Ltd. at the company's request. The
outlook was stable at the time of the withdrawal.

S&P has also withdrawn its 'B-' issue rating on the China-based
developer's senior unsecured notes.


SHINSUN HOLDINGS: S&P Withdraws 'B-' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' long-term issuer credit
rating on Shinsun Holdings (Group) Co., Ltd. and the 'CCC+' issue
rating on the China-based developer's outstanding senior unsecured
notes at the company's request. The rating outlook on Shinsun was
negative at the time of withdrawal.


SINO OCEAN: Government-Controlled Firm Latest to See Bonds Plunge
-----------------------------------------------------------------
Bloomberg News reports that Sino Ocean Group Holding, part-owned by
the finance ministry, has become the latest property company to see
its bonds slump. Its 4.75 per cent note due 2030 fell on Nov. 8 to
as low as 73.48 cents on the dollar, with spreads over comparable
Treasuries widening to a record 800 basis points, according to data
compiled by Bloomberg.

That's despite the firm being rated investment-grade at two global
credit assessors and holding about 54 times more cash and
equivalents than China Evergrande Group, Bloomberg says. Sino
Ocean's shares have been doing better, rebounding 35 per cent from
their September low. They rose 3.5 per cent Nov. 8.

According to Bloomberg, stress in the market for Chinese property
bonds is reaching extreme levels as surging borrowing costs make
refinancing dollar debt too expensive and a slowing housing market
shrinks revenue.

China's finance ministry controls just under 30 per cent of Sino
Ocean's shares, according to data compiled by Bloomberg.
State-owned Dajia Insurance Group - the company that took over most
of the operations of troubled Anbang Insurance Group Co - holds a
similar-sized stake.

STUDIO CITY: Moody's Affirms 'B1' CFR, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed Studio City Finance
Limited's B1 corporate family rating and senior unsecured ratings.

The outlook on Studio City Finance remains negative.

"The rating affirmation recognizes (1) our view that the weakening
in Studio City Finance's capital structure amid the pandemic can be
accommodated within its current standalone credit profile,
supported by its equity raising in 2020 and its large financial
buffer at the beginning of the pandemic, and (2) the parent
company's demonstrated willingness to provide support to Studio
City Finance," says Sean Hwang, a Moody's Assistant Vice President
and Analyst.

RATINGS RATIONALE

Moody's expects Studio City Finance's earnings to remain
meaningfully below pre-pandemic levels at least through 2022
because the recovery in gross gaming revenue (GGR) in Macao SAR,
China, will likely be gradual and bumpy. This expectation factors
in the likely pattern of travel resumption and temporary
suspensions, mainland China's control over visa issuances, and the
uncertain lifting of quarantine requirements for travelers from
Hong Kong SAR, China.

Moody's has therefore lowered its forecasts on Macao's mass-market
GGR in 2022 to around 60% of the 2019 level, and expects a
near-full recovery only in 2023. Moody's also forecasts the city's
VIP gaming revenue in 2023 will remain substantially below the 2019
levels, given the increasing regulatory scrutiny over the segment
and the weakened junket sector. However, this situation will have
limited impact on Studio City Finance's earnings given the VIP
segment's low earnings contribution.

Moody's expects that the weak earnings and operating cash flow
during 2021-22 will lead Studio City Finance to fund a significant
part of its phase-two capital spending with additional debt until
2022. In this regard, Moody's projects Studio City Finance's
adjusted debt will grow to around $2.5 billion over the next 12-18
months from $2.1 billion as of June 30, 2021.

That said, the pace of Studio City Finance's debt growth has been
mitigated by its substantial equity raising of $500 million in
August 2020, which will help cover part of the company's capital
spending and cash burn through 2022.

This equity raising also reinforces Moody's view of likely
financial support from the parent, Melco Resorts & Entertainment
Limited (MRE), in case of need, especially considering MRE's
undertaking at that time to underwrite the whole target amount.
Studio City Finance's ratings, therefore, continue to incorporate a
one-notch uplift from its standalone credit quality to reflect this
likelihood of parental support.

In addition, Moody's expects Studio City Finance's earnings in 2023
to increase with the opening of its phase-two towers, which will
house 900 hotel rooms and other nongaming attractions such as a
large-scale waterpark. The additional amenities will likely drive
additional traffic to the company's gaming facilities.

Given the balance of these factors, Moody's forecasts Studio City
Finance's adjusted debt/EBITDA will be around 7.0x-7.5x in 2023,
which still can be accommodated within its standalone credit
quality. While this ratio is significantly higher than 4.1x in
2019, the 2019 leverage was strong for Studio City Finance's
standalone credit quality and, therefore, provided ample financial
headroom.

Studio City Finance's B1 ratings continue to reflect its improved
market position after the successful ramp-up of its property, which
is counterbalanced by its geographic concentration in Macao.

In Moody's view, Studio City Finance's liquidity will be slightly
insufficient to cover its capital spending and other uses over the
next 12 months. However, this risk is mitigated by the company's
ability to adjust its capital spending and the parent's ability to
provide liquidity support in case of need.

In terms of environmental, social and governance (ESG)
considerations, the ratings factor in the high concentration of
ownership in MRE and ultimately in a controlling shareholder. These
risks are mitigated by likelihood of support from the parent
company and the recent track record of significant equity
financing.

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

The negative outlook reflects the likely marginally high financial
leverage in 2023 and lingering uncertainty around the pace and
extent of earnings recovery.

Studio City Finance's outlook can return to stable if the company
improves its earnings and maintains a balanced financial policy,
such that its debt/EBITDA falls below 7.5x-8.0x and EBITDA/interest
exceeds 1.8x on a sustained basis.

On the other hand, Studio City Finance's ratings could be
downgraded if (1) its operations are unlikely to recover
sufficiently or (2) its debt-funded capital spending exceeds
expectations, resulting in strained liquidity or high leverage on a
sustained basis. Specifically, downward rating pressure is likely
to emerge if its debt/EBITDA exceeds 7.5x-8.0x and EBITDA/interest
remains below 1.8x on a sustained basis.

The principal methodology used in these ratings was Gaming
published in June 2021.

Studio City Finance Limited, through its subsidiaries, develops and
operates the Studio City property, an integrated gaming and
entertainment resort in Macao. The company's holding company,
Studio City International Holdings Limited, is listed on the New
York Stock Exchange and is around 55% owned by Melco Resorts &
Entertainment Limited.

VNET GROUP: Fitch Affirms 'B+' LT IDRs, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed China-based carrier-neutral data centre
operator VNET Group, Inc.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'B+'. The Outlook is Negative.

The Negative Outlook reflects Fitch's expectation that VNET's
2021-2022 funds flow from operations (FFO) leverage will worsen to
above 6.0x (2020: 4.2x), the threshold above which Fitch may take
negative rating action. The deterioration in FFO leverage is driven
by the company's proposed US dollar bond issuance with a part of
the proceeds to fund capex. The new bond issuance will stretch the
company's balance sheet and slow the pace of deleveraging.

However, Fitch expects EBITDA growth will drive deleveraging in the
medium term. VNET will continue to benefit from robust demand for
data centres from Chinese internet companies, and public
cloud-service providers such as Alibaba Group Holding Limited
(A+/Stable).

KEY RATING DRIVERS

Leverage to Worsen: Fitch expects VNET's FFO leverage to
deteriorate to 6.0x-6.7x in 2021-2022, as the company plans to
raise debt to fund large capex. Fitch expects capex of CNY4.5
billion in 2021 (2020: CNY4 billion) and CNY4 billion a year in
2022-2023 to expand its data centre footprint and cabinet capacity.
However, capex may rise beyond Fitch's expectations in 2022-2023
should VNET receive equity funding. However, Fitch has not factored
any equity injections into Fitch's projections because of the
uncertainty over timing and proceeds.

Regulatory Risk; Customer Diversification: Fitch expects the high
regulatory risk in China's internet sector to continue to evolve,
as the government has tightened regulation on monopoly practices,
data security, and content and behaviour on the internet. This is
likely to put pressure on short-term profit growth for VNET's
customers, a large portion of which are internet companies.

However, Fitch believes the regulatory risk is mitigated by Fitch's
expectations of continuing strong demand for data-centre services,
VNET's mission-critical services offering and diversified customer
base. The company has over 6,000 enterprise customers with the top
20 customers accounting for 35% of revenue in 2Q21. Contract
termination risk is low, as customers wish to avoid relocation of
facilities to minimise service disruption. Customer loyalty is high
given the low 0.1% managed-hosting average monthly churn rate in
1H21 and relationships with the top 10 retail customers average
over seven years.

Potential Tariff Hikes Manageable: Fitch believes VNET's credit
profile will be resilient against the potential electricity tariff
hikes in China in 2H21. VNET's wholesale customers generally either
pay utility costs by themselves or sign contracts with utility cost
pass-through clauses. In addition, VNET may have the potential to
re-negotiate contract terms with retail customers should there be a
significant hike in electricity price.

Power Interruption Risk Contained: In addition, Fitch believes that
the risk of power cuts is low. The majority of VNET's data centres
is located in Beijing, Shanghai, Great Bay Area and surrounding
regions, where local governments strive to ensure sufficient power
supply, especially for enterprises providing mission-critical
services such as VNET. Furthermore, all of the company's data
centres have back-up diesel generators, which is a common industry
practice to minimise service disruptions.

Small Scale; Market Share: VNET's ratings are constrained by its
small revenue scale and low single-digit revenue share in China's
data centre market. The carrier-neutral data centre market is
fragmented and each operator has limited market share relative to
larger incumbents, such as China Telecom Corporation Limited and
China Unicom (Hong Kong) Limited, despite better growth prospects.

Wholesale Expansion: Fitch expects revenue contribution from the
wholesale segment to increase to the mid-to-high teens in 2021-2022
(2020 estimate: high single-digit; 2019: nil), led by higher
cabinet orders from Alibaba and an increase in the share of new
cabinets delivered to wholesale customers to around 60%. VNET's
business risk profile has improved as wholesale contracts usually
have longer tenors of eight-to-10 years compared with retail
contracts. This improves revenue and cash flow visibility.

Margin Expansion: Fitch expects Fitch-defined EBITDA margin to
expand to 22%-23% in 2021-2022 (2020: 19%), driven by rising
utilisation rates and growing operating scale, as fixed costs of
the data centre business are high. Fitch-defined EBITDA is
calculated after deducting the depreciation on right-of-use assets
and lease interest expense from reported EBITDA, in line with
Fitch's Corporate Rating Criteria.

Premier Data Centres: Fitch expects VNET's revenue and cash flow
visibility to be supported by its high-quality data centre
portfolio, where 73% of its self-built cabinets are in top-tier
cities. Demand outpaces supply in these cities because of local
governments' strict limits on land for data centre construction and
quotas on the use of power for data centres' daily operations. The
utilisation rate of stabilised data centres in these cities could
reach 80% compared with 30%-40% in western China.

Variable Interest Equity Structure: The ratings reflect Fitch's
expectation that VNET's relationships with the Chinese government
and regulatory authorities continue to be healthy. However, any
change could affect its credit strength as it does not have equity
control over its onshore operating companies. These include Beijing
Yiyun Network Technology Co., Ltd. and other consolidated
affiliated Chinese entities with which VNET has only contractual
relationships due to government restrictions on foreign ownership
in China's value-added telecom businesses.

DERIVATION SUMMARY

VNET has a significant weaker business risk profile than leading
global wholesale data-centre operator Digital Realty Trust, Inc.
(BBB/Stable) and retail co-location data-centre operator Equinix,
Inc. (BBB/Stable). Digital Realty and Equinix have strong
competitive positions through their global networks of data
centres, while VNET is China-centric. The credit profiles of
Digital Realty and Equinix are also supported by their granular
tenant bases across multiple industries. VNET's Fitch-forecast
2021-2022 FFO leverage of 6.0x-6.7x is higher than Digital Realty's
5.5x and Equinix's 4.4x-4.5x.

VNET has a weaker business risk profile than China-based leading
hyperscale data-centre operator Chindata Group Holdings Limited
(BBB-/Stable). Chindata has materially better cash flow visibility
than VNET given Chindata's long average contract tenor of over nine
years; whereas VNET generates the majority of its core data-centre
revenue from retail contracts with tenors of one to three years. In
addition, Chindata's customers must pay the majority of the revenue
over the contract life should they choose to terminate contracts
early.

Furthermore, Chindata owns around 94% - measured by capacity - of
its portfolio of high-specification data centres, which justifies
Fitch's application of the APAC REITs Navigator; while VNET mainly
relies on leases to develop its data centres, so Fitch applies the
Generic Navigator. Fitch believes asset ownership provides good
access to secured capital. VNET has a slightly better financial
risk profile than Chindata given the latter's Fitch-forecast
2021-2022 FFO leverage of 6.5x-7.1x.

VNET has a better business risk profile than TierPoint, LLC
(B/Stable). TierPoint provides both retail co-location and managed
services, but derives a higher portion of revenue from managed
services. Relative to managed services, VNET's co-location and
interconnection services have longer contract tenors and more
recurring revenue and cash flow. VNET also has a strong tenant
profile as TierPoint targets secondary US markets and focuses on
SMEs in these markets. However, VNET's stronger business risk
profile is counterbalanced by its weaker financial risk profile.
VNET's Fitch-forecast 2021-2022 FFO leverage of 6.0x-6.7x is higher
than TierPoint's 4.9x-5.1x.

KEY ASSUMPTIONS

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

-- Small price decline of around 1% in monthly recurring revenue
    (MRR) per cabinet in 2021-2023 due to the lower price charged
    on wholesale customers compared with retail customers, as the
    company does not provide value-added services to wholesale
    customers;

-- Annual net addition of self-built cabinets of 20,000-25,000
   each in 2021-2023 (2020: 17,829);

-- Average monthly cabinet utilisation ratio of 58%-62% in 2021
    2023, driven by the addition of a large number of cabinets
   (2020: 62%-63%);

-- Fitch-defined EBITDA margin of 22%-25% in 2021-2023 (2020:
    19%), equivalent to company-defined adjusted EBITDA margin of
    28%-30% in 2021-2023 (2020: 27%);

-- Capex of CNY4.5 billion in 2021 and CNY4 billion in 2022-2023
    (2020: around CNY4 billion);

-- No cash dividends during 2021-2023;

-- USD600 million in convertible notes due 2026 and around USD68
    million in private convertible notes due 2025 treated as 100%
    debt.

RATING SENSITIVITIES

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

-- Fitch may revise the Outlook to Stable if FFO leverage were to
    be sustained below 6.0x; for example, if the company funds
    capex through equity injections.

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

-- Deterioration in liquidity should another shareholder other
    than Tus-Holdings Co., Ltd. (THCL) and the VNET's chairman
    hold more than 50% of total voting rights or more than 50% of
    outstanding Class A shares;

-- or THCL or the chairman holds more than 25% of outstanding
    Class A shares;

-- or VNET ceases to be listed in the US without being listed on
    another stock exchange, which could trigger payment
    acceleration of the 2026 USD600 million convertible notes;

-- M&A that adversely affects VNET's business profile;

-- FFO leverage above 6.0x for a sustained period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects VNET's liquidity to remain
adequate. The company had readily-available cash of CNY4.6 billion
at end-1H21 and committed unused credit facilities of CNY1.6
billion. This was sufficient to fund short-term loans of CNY233
million, short-term lease liabilities of CNY761 million and USD300
million (around CNY2.0 billion) of senior notes that matured in
October 2021.

VNET is exposed to a liquidity event risk if THCL, or the chairman
and his parties acting in concert, increases the holding of Class A
shares to over 25%, another shareholder increases its voting rights
to over 50% or holding of Class A shares to over 50%, or the
company's equity is delisted from US stock exchanges without a
listing on another stock exchange, in which case USD600 million of
convertible notes will need to be immediately repaid. However,
Fitch believes the possibility of such an event is remote.

ISSUER PROFILE

VNET is one of the largest carrier-neutral and cloud-neutral data
centre service operators in China with 25 years of experience. It
is also engaged in partnered cloud services with Microsoft
Corporation (AAA/Stable) and virtual private network (VPN)
businesses.

ESG CONSIDERATIONS

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

[*] CHINA: Federal Reserve Flags Concerns as Selloff Spreads
------------------------------------------------------------
Bloomberg News reports that the Federal Reserve warned that
fragility in China's commercial real-estate sector could spread to
the U.S. if it deteriorated dramatically, as a selloff across
Chinese developer dollar bonds hit higher-quality borrowers.

China investment-grade dollar notes weakened further on Nov. 8 as
investors eyed possible contagion from the property industry,
Bloomberg says. Market participants were also on high alert to the
risk of more policy change as the Communist Party kicks off a major
convention this week.

Even state-owned firms are feeling the effects of the deepening
rout. Sino Ocean Group Holding Ltd., part-owned by the finance
ministry, saw its 4.75% note due 2030 fall Nov. 8 to as low as
73.48 cents on the dollar.

Bloomberg relates that the Fed's stability report, which is meant
to highlight risks that could undermine the financial system, said
that "financial stresses in China could strain global financial
markets through a deterioration of risk sentiment, pose risks to
global economic growth, and affect the United States."

The Fed warning came as holders of dollar notes sold by Evergrande
unit Scenery Journey Ltd. had yet to receive payment for coupons
that were officially due on Nov. 6. The unit had two dollar bond
coupons due Nov. 6: $41.9 million on a 13% note and $40.6 million
on a 13.75% bond.

Investor concerns are shifting to China's stronger property firms
as a selloff across the industry's dollar bonds turns to
higher-quality borrowers. Notes from Country Garden Holdings Co.
and China Vanke Co. slid on Nov. 8, Bloomberg discloses.



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

AIR INDIA: Pilots Demand Settlement of Liabilities
--------------------------------------------------
Livemint.com reports that Air India pilots have again written to
the management to clear their dues ahead of the transfer of the
airline to Tata Group, warning that failure to do so could lead to
"mass protest and industrial unrest."

According to the report, the development comes about a fortnight
after the Tata Group, the winning bidder for the airline in a
divestment process, and the central government signed a share
purchase agreement (SPA) for the national carrier.

Upon the completion of the transaction, which the government hopes
to conclude by the end of December, the Tata group will be given
full control of Air India and its low-cost unit Air India Express,
as well as a 50% stake in ground handling company Air India SATS
Airport Services Pvt. Ltd., Livemint.com relays.

"At this critical juncture where the international skies have
opened up and the domestic demand is steadily rising due to the
festive season, the pilots are once again being stretched beyond
capacity to cover additional flights," said a letter written by
Indian Pilots Guild, a union of the airline comprising pilots
operating wide body aircraft, on November 7 to the chairman and
managing director of the airline.

"We trust that you will ensure that the process of settling arrears
is righteously carried out so as to not leave the employees feeling
cheated."

"We are truly optimistic about making a fresh start with our new
owners. We urge you not to exploit us employees whilst settling our
arrears as that would probably lead to mass protest and industrial
unrest just as the company changes hands," it added.

A copy of the letter has been reviewed by Mint.

BT adds that the top position at the airline currently lies vacant
after Rajiv Bansal, former chairman and managing director of Air
India, took charge as secretary of the ministry of civil aviation
on October 1.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on March
28, 2014, The Times of India said Air India got a breather in the
form of INR1,000-crore equity infusion from the government on March
26, 2014.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in equity to the
tune of INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to The
Economic Times.


AJEET TRADERLINK: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ajeet
Traderlink Private Limited (ATPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in October 2008, Ajeet Tradelink Private Limited
(ATPL) is engaged in the business of providing construction
services such as building and road construction for state and local
government agencies in Bilaspur, Chhattisgarh. Mr. Ashok Kumar
Tiwari, having around two decades of experience in the construction
industry, looks after the day to day operations of the company. He
is supported by other directors Mr. Avinash Kumar Tiwari and a team
of experienced professionals.

ANRAK ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anrak
Aluminium Limited (AAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,995.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 16, 2020, placed
the rating(s) of AAL under the 'issuer non-cooperating' category as
AAL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2021, August 12, 2021, and August 22, 2021.

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

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

ANRAK Aluminium Limited has been promoted by Penna Group along with
Ras Al Khaimah Investment Authority (RAKIA - Investment Body of
Government of Ras Al Khaimah) in 2007 to set up a 1.5 million tons
per annum (MTPA) Alumina refinery along with 3*75 (225 MW) coal
based co-generation power plant at Vishakhapatnam. AAL executed a
bauxite supply agreement with Andhra Pradesh Mineral Development
Corporation Ltd (APMDC). As per the agreement, APMDC shall supply
bauxite from four blocks covering an area of 1162 hectares of
Jerrala deposits with mineable reserves of 200 million tons.


APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Appollo
Distilleries And Breweries Private Limited (ADBPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       57.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 27, 2020, placed the
rating(s) of ADBPL under the 'issuer non-cooperating' category as
ADBPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ADBPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021 and October 2, 2021.

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

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

Appollo Distilleries and Breweries Private Limited (erstwhile
Appollo Distilleries Private Limited -ADPL) owns and operates a
brewery plant having an installed capacity of 50,000 KLPA (kilo
litre per annum) at Billakuppam, Gummidipundi, Tamil Nadu (TN). The
commercial operation of ADPL's manufacturing facility commenced in
May 2012. The manufacturing facility was established at total cost
of Rs.116 cr which was funded with term debt of Rs.75 cr and the
rest in the form of equity from the promoters. Appollo Distilleries
and Breweries Private Limited is the subsidiary of Empee
Distilleries Limited (EDL) which is a part of Empee group. EDL is
in the resolution process under Insolvency and Bankruptcy Code
(IBC), 2016 as per National Company Law Tribunal (NCLT) order dated
November 01, 2018. In accord with the Corporate Insolvency
Resolution Process, the NCLT on January 20, 2020 has approved the
resolution plan submitted by one of the resolution applicants with
respect to EDL.


AVINASH BUILDCON: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Avinash
Buildcon Infrastructure Private Limited (ABIPL) continues to remain
in the 'Issuer Not Cooperating' category.

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

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in October 2008, Avinash Buildcon Infrastructure
Private Limited (ABIPL) is engaged in the business of providing
construction services such as building and road construction for
state and local government agencies in Bilaspur, Chhattisgarh. Mr.
Ashok Kumar Tiwari, having around two decades of experience in the
construction industry, looks after the day to day operations of the
company. He is supported by other directors Mr. Avinash Kumar
Tiwari and a team of experienced professionals.


BAJLA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bajla
Motors Private Limited (BMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 4, 2016, placed the
rating(s) of BMPL under the 'issuer non-cooperating' category as
BMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 06, 2021, October 16, 2021, October 26, 2021.

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

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

Bajla Motors Pvt. Ltd. (BMPL) was incorporated in August, 2000 by
Bajla Family of Siliguri, West Bengal and started its commercial
operation from January, 2001. The company is an authorized dealer
of Tata Motors Ltd (TML) for its passenger cars, spares &
accessories for three districts of West Bengal. At present, BMPL
offers vehicles of TML & PVPL through its four showrooms (two in
Siliguri , one in Darjeeling and one in Cooch Behar districts of
West Bengal) equipped with 3-S facilities (Sales, Service and
Spare-parts). Apart from this, the company also purchases and sells
pre-owned cars.


CAMSON AGRI-VENTURES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Camson
AgrI-Ventures Private Limited (CAPL) continues to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank       3.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 30, 2020, placed the
rating(s) of CAPL under the 'issuer non-cooperating' category as
CAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 15, 2021, September 25, 2021 and October 5, 2021.

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

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

The analytical approach has been changed to standalone from credit
enhanced rating as corporate guarantee provided by company (Camson
Bio Technologies Limited) is undergoing Insolvency resolution
process under NCLT. Hence, Credit Enhancement rating approach will
not be valid.

Camson AgrI Ventures Pvt. Ltd. (CAPL) was incorporated on January
25, 2013 by Mr. Rohit Sareen and Mr. Nimir Mehta. Camson Bio
Technologies Limited (CBT) is a holding company with 65% stake in
CAPL as on March 31, 2015 and balance with Mr. Rohit Sareen (15%)
and Mr. Nimir Mehta (20%). CAPL is an integrated provider of
ecofriendly agricultural solutions. CAPL is engaged in the business
of contract farming, food processing and trading of seeds and
biocides. The company is majorly engaged in trading activity
(agricultural goods viz. maize and paddy seeds).


EMPERIA REALTY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Emperia
Realty (ER) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Established in March 2015 by Mr. Govind Patel with his relatives,
Emperia Realty (ER) is engaged in real estate development &
construction of residential as well as commercial spaces. The firm
forms part of the renowned Akshar Group (AG), with Akshar
Developers (AD) being the flagship firm. AG, founded in 1995, has
developed a number of residential & commercial spaces across Navi
Mumbai. ER is currently developing its maiden project namely Akshar
Emperia Garden (EG) at Panvel in Navi Mumbai, Maharashtra, a
residential project spanning across a total saleable area of
1,72,460 Sq. Ft. The said complex comprises 4 buildings with 77 1
BHK/1 RK flats each, with each building comprising G+7 floors,
coupled with a club house. The amenities of the project comprise
play area, jogging track, gymnasium, advanced security, community
hall, internal roads and gardens. The aforementioned project is
estimated to cost INR31.54 crore proposed to be funded by way of
promoters' contribution to the tune of INR8.50 crore, bank term
loan worth INR15 crore and the balance by way of receipts from
customers. The said project is registered by Real Estate Regulatory
Authority (RERA) (RERA ID: P52000011872).


FUTURE GROUP: NCLT Bars Shareholders' Meeting to Approve Asset Sale
-------------------------------------------------------------------
Livemint.com reports that a company court restrained Future Group
from calling shareholders' meetings to seek approval for its
proposed INR24,713 crore asset sale to Reliance Industries Ltd, in
a legal setback for the cash-strapped group.

Following a hearing on Nov. 8, the National Company Law Tribunal
(NCLT) changed its earlier stance by stopping Future Group
companies from holding the meetings, the report relates.

Last week, Future Retail, along with six other group companies,
notified the Securities and Exchange Board of India (Sebi) that it
would conduct electronic voting between November 6 and November 9
on the sale of the retail assets of the group, according
Livemint.com.

"NCLT has said that till a detailed verdict, Future Group cannot
hold such meetings," said a person familiar with the matter.

Future Group is struggling to close its proposed deal with the
retail unit of Reliance Industries amid a legal battle with
e-commerce giant Amazon.com Inc.

On Nov. 8, Future Retail filed a special leave petition before the
Supreme Court against Delhi high court's October 29 interim order
on the verdict by an arbitration court in Singapore, Livemint.com
reports.

Future Coupons Pvt. Ltd (FCPL) and the promoters of Future Retail
Ltd (FRL) have also filed an appeal before the Supreme Court of
India, a spokesperson from FRL said.

On October 29, the Delhi high court rejected Future Retail's plea
to stay the October 21 interim order passed by the Singapore
arbitration court. The high court asked Amazon to respond to the
matter and has scheduled the next hearing for January 4.

Earlier in October, the Singapore International Arbitration Centre
(SIAC) rejected Future Group's appeal to vacate the interim stay on
the company's deal with Reliance Industries passed in October last
year, the report recalls. SIAC had also held that Future Retail is
a party to the matter between Amazon and Future Group, rejecting
Future Retail's request to be excluded from the arbitration
proceedings.

Amid the legal battle, the independent directors of Future Retail
have written to the Competition Commission of India (CCI) to cancel
the approval given to Amazon in August 2019 to buy a 49% stake for
INR1,431 crore in Future Coupons, the report relates.

In the letter on Nov. 7, the independent directors of FRL alleged
that Amazon concealed information regarding its intention to gain
control of Future Retail through its investment in FCPL to avoid
the hassles of getting regulatory clearances.

Had Amazon expressed its intent to have control in FRL, it would
have faced a hurdle due to India's foreign direct investment norms
which do not allow a foreign firm to own a majority stake in an
Indian multi-brand retailer.

On the other hand, on October 30, Amazon wrote to Sebi and
exchanges, urging the latter to direct Future Group to disclose
complete information regarding the orders passed by the courts and
prevent Future Retail from calling a shareholders' meeting to get
approval on the deal with Reliance Industries, Livemint.com
reports.

Earlier, Amazon had sought a stay on the operation of the notice of
meetings dated October 11 issued by FRL, restraining the convening
of any meeting pertaining to FRL, the stock exchange filing said.

                        About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
10, 2021, Fortune India said Future Group is fighting its final
battle for existence.  Supreme Court's ruling that upheld Singapore
Emergency Arbitrator's award against Reliance Retail's INR24,713
crore takeover of Future group companies may have a bigger impact
on Kishore Biyani's retail chain as it is on the verge of
bankruptcy.  

The cash-strapped group companies jointly owe around INR19,000
crore to banks, besides the INR6,000 crore dues to the vendors.
Future Retail Limited alone owes INR6,278 crore debt with 28 banks,
including SBI, Union Bank, Bank of India, Bank of Baroda, Axis
Bank, and IDBI Bank, among others.


HIRANYAKESHI SAHAKARI: CARE Assigns B+ Rating to INR60cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Hiranyakeshi Sahakari Sakkare Karkhane Niyamit (SHSSKN), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       60.00      CARE B+; Stable Assigned
   Facilities          

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SHSSKN factors in
its consistent loss-making operations leading to erosion of net
worth and losses predominantly funded with debt. SHSSKN's rating is
also constrained by profitability being susceptible to price
fluctuation in sugar, cyclical and regulated nature of industry and
inherent risk to agro-climatic conditions. These rating weaknesses
are partially offset by the favorable location of the sugar plant
resulting in relative higher recovery percentage than average
industry rate, it long track record of operations and positive
outlook on distillery aided by ethanol blending programme of
Government of India.

Rating Sensitivities

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

* Increase in total operating income (TOI) by more than 20% y-o-y
while turning profitable at PAT level

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Any debt funded capex would adversely affect the repayment
capacity and coverage indicators

* Any notable decline in TOI or operating profits, going forward.

* Any adverse government regulation(s) having a bearing on
company's profitability margins

Detailed description of the key rating drivers

Key Rating Weaknesses

* Consistent loss-making operations leading to erosion of net
worth. Losses predominantly funded with debt. The society has been
making losses due to high inventory levels as per government
restriction. This led to losses which was predominantly funded with
debt leading to increasing interest costs. Due to no equity
infusion, net worth of Society has turned negative. Going forward,
company expects operations to turn profitable on back of increased
sugar production and sales and increased contribution from high
margin ethanol plant.

* Cyclical and regulated nature of the industry: The industry is
cyclical by nature and is vulnerable to the government policies for
various factors like its importance in the Wholesale Price Index
(WPI), as sugar is classified as an essential commodity. The
governments (both Union and State) resort to various regulations
such as fixing the raw material (sugarcane) prices in the form of
Fair & Remunerative Prices (FRP) and State Advised Prices (SAP).
All these factors impact the cultivation patterns of sugarcane in
the country and thus affect the profitability of the sugar
companies. India also continues to carry high levels of sugar
inventory largely due to the controlled release mechanism followed
by the Government.

* Inherent Agro-climactic risk: The sugar industry, being directly
dependent on the sugarcane crop and its yield, is susceptible to
agro climatic risks including pest & diseases. Climatic conditions,
more specifically, the monsoons influence various operational
parameters for a sugar entity, such as the crushing period and
sugar recovery levels.

Key Rating Strengths

* Long track record of operations for more than six decades: The
society is into operations for more than 6 decades in the sugar and
its by-products. The society is professionally managed by its Board
of Directors consists of Twelve Directors. Amongst these 11 elected
Directors (10 from cane grower member & one from non-grower
members) and one is Chief Executive appointed by the Board.

* Favourable location of the sugar plant resulting in relative
higher recovery percentage than average industry rate: Sugar plant
is located at Sankeshwar, Hukkeri Taluk in Belgavi district of
Karnataka which shares its borders with Maharashtra state. The
sugarcane comes from the farmer member of the society located in
and around the sugar plant and the plant is located near major
rivers such as Ghataprabha, Markhandeya, Doodhaganga, Krishna,
Malaprabha which provides uninterrupted water supply to the plant.
The society's recovery rate stood at the range of 10.50-11.00%
which is higher than the industry average of 10.37%. The society is
expected to maintain the similar level of recovery percentage in
the projected years which helps in maintaining the production in
the similar levels.

* Positive outlook on distillery aided by ethanol blending
programme of GOI: India has only around 2% share in the global
production of ethanol while it has close to 17% share in global
sugar production. As against that Brazil which is the largest
producer of Sugar globally (around 18% share) has 30% stake even in
global ethanol production. In Brazil, the average ethanol blending
in petrol is around 48%. In India, the average blending in petrol
is only around 7.5% so far which is significantly low when compared
to Brazil. Considering the untapped potential - National Bio-fuel
Policy was announced by the government among other measures of
fixing and increasing ethanol prices for different grades and
announcing incentives to set up/expand distillery capacities. The
EBP program aims to increase ethanol blend level with petrol to
7.5%-8% by 2020-21, 10% by 2022 and 20% by 2025 (advanced from 2030
earlier this year). The government has brought forward the target
date for achieving 20% ethanol-blending with petrol by two years to
2023. The with sugar inventories getting rationalised,
demand-supply balance evening out and considerable increase in
ethanol sales, the cash flows of integrated sugar mills is going to
enhance in the next three to four years. The increase in cash flows
is on account of better returns from ethanol sales as the prices
fixed by the government are more remunerative vis-à-vis sugar
prices currently. Furthermore, ethanol sales give sugar mills
immediate cash flows as compared to delays witnessed in sales of
sugar as sugar mills have to adhere to the sugar sale quota
released by the government and dispatches pan over 6 to 8 months.

Liquidity: Stretched

Liquidity is marked by moderate cash accruals against tightly
matched repayment obligations. The cash and bank balance as on
August 31, 2021 was INR0.75 Cr and unutilized working capital
limits are around INR26.70 Cr. The average working capital limits
were utilized to the extent of 89% during the 12 months ended
August 31, 2021.

Shri Hiranyakeshi Sahakari Sakkare Karkhane Niyamit is a
cooperative society, established in 1956 under Multi State
Cooperative Societies Act, as it has members both in Karnataka and
Maharashtra and started its first trial of crushing in 1961. SHSSKN
operates in 233 villages in Karnataka and 77 villages in
Maharashtra within a radius of 22 miles. Hiranyakeshi operates
sugar mill with crushing capacity of 8,000 TCD (expected to be
expanded to 10,000 TCD during current sugar), distillery Unit of
54KLPD and cogeneration power plant of 41 MW.


J.M.A. STORES: CARE Lowers Rating on INR23.50cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
J.M.A. Stores Private Limited (JSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 12, 2020, placed
the rating(s) of JSPL under the 'issuer non-cooperating' category
as JSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 28, 2021, October 8, 2021, October 18, 2021.

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

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

The ratings assigned to the bank facilities of JSPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations during
FY20.

J.M.A Stores Private Limited (JSPL), established as a partnership
firm in 1932, was reconstituted as a private limited company, has a
track record of over five decades in automobile dealership
business. The company is an authorized dealer for TATA Motors
Limited complete range of commercial vehicles (Medium & Heavy,
Light, Intermediate, Small Commercial Vehicles and Buses) in the
state of Jharkhand since 1968.

KRYSTTAL MOTORS: CARE Reaffirms B+ Rating on INR10cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Krysttal Motors Private Limited (KMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           10.00      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KMPL continues to be
tempered by small scale of operations, leveraged capital structure
and weak debt coverage indicators. The rating, however, derives
benefits from experienced promoters in automobile dealership and
longstanding relationship of the company with Piaggio vehicles Pvt
limited and SML ISUZU limited.

Rating sensitivities

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

* Sustainable increase in TOI of more than Rs 35 crore and
operating margins at 3% or above

Negative Rating Factors - Factors that could lead to negative
rating action/downgrade

* Deterioration in overall gearing above 5.00x

* Operating margins dipping below 3% on a continuous basis

* Stretch in liquidity indicators

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the company
remained small marked by total operating income of INR25.65 crore
in FY21, further declined on account overall slowdown in the
automobile industry, revised axle norms and planned transition to
BSVI has resulted followed by COVID-19 impact prevailed during the
year. Due to the drop in revenue, the company reported net loss of
INR0.04 crore in FY21.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure stood leveraged with overall gearing at 2.61x
as of March 31, 2021. The debt coverage indicators also
stood weak with interest coverage ratio of 1.01x in FY21 (PY: 1.03x
in FY20) and TD/GCA also continued to be weak.

Key Rating Strengths

* Experienced promoters in automobile dealership: Mr. N.K. Manohar,
the Managing Director of the company has more than two decades of
experience since its establishment in the year 1996 in automobile
dealership business. The company's major decisions and operations
are vested in him. The vast experience of the key director in the
automobile segment is to benefit the company at large.

* Longstanding relationship with Piaggio vehicles Pvt limited and
SML ISUZU limited: The company is an authorized dealer of Piaggio
vehicles Pvt limited and SML ISUZU limited and has a longstanding
relationship of more than two decades. The business risk profile is
directly linked to that of the auto manufacturers in terms of
delivery of vehicles, new product launches and marketing effort
undertaken to promote the sale of its vehicles.

Liquidity - Poor

KMPL's liquidity position remained stressed on account of tightly
matched accruals against repayment obligations of INR1.01 Crore.
Further, the company operates in a working capital-intensive
industry marked by higher inventory period witnessed by its highly
utilized working capital limits wherein the average utilization of
cash credit facility for the past twelve months
ended September 2021, stood at 90%. The firm has availed GECL loans
to support operations. Further, the promoter is expected to bring
in unsecured loans in current fiscal to keep cushion in liquidity
and for supporting business. Current ratio and quick ratio remained
moderate at 1.51x and 0.78x respectively as on March 31, 2021. The
infusion of funds by promoters and generation of adequate accruals
to meet out the debt repayment obligations would be crucial from a
credit perspective.

Krysttal Motors Private Limited was established in the year 1996.
The company has two branches and is engaged in automobile
dealership of Piaggio Vehicles Private Limited, and SML Isuzu
Limited for sale of autos and light commercial vehicles and buses.
It is also involved in purchase and supply of spare parts,
accessories and auxiliary items to customers all over Tamil Nadu
and provides service of automobiles. The registered office of the
company is located in Salem, Tamil Nadu.

LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Constructions (SLC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.45      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 7, 2020, placed
the rating(s) of SLC under the 'issuer non-cooperating' category as
SLC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SLC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2021, August 3, 2021, and August 13, 2021.

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

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

Sri Laxmi Constructions (SLC) was established in the year 2007 as a
Partnership firm. The firm has its registered office located at Old
Bowenpally, Hyderabad, and Telangana. SLC is engaged in
construction of bridges, canals and road works. The firm procuress
its work orders through online tenders from State government of
Telangana as well as undertakes sub contract works from other
private companies.

MAHARASHTRA ELECTRO: CARE Cuts Rating on INR7.0cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maharashtra Electro Mechanical Works Private Limited (MEMWPL), as:

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

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 2, 2020, placed the
rating(s) of MEMWPL under the 'issuer non-cooperating' category as
MEMWPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MEMWPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2021, September 28, 2021, October 8, 2021.

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

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

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

Incorporated in December 1988, Maharashtra Electro Mechanical Works
Private Limited (MEMWPL); ISO 9001: 2000 Certified organization
started its operations in engineering industry under the leadership
of Mr. Keshav Kulkarni and his son Mr. Swanand Kulkarni. Prior to
this, it was a proprietorship firm was established in 1967 as
winding workshop and later it was converted into Private Limited
Company. MEMWPL is into existence for more than three decades and
its engaged into repairs and maintenance of L.T. and H.T. motors,
water pumps, chemical pump, compressor, alternators, transformers
etc. further it also undertook Operation & maintenance of water &
sewerage treatment plants for Municipal Corporations like Kalyan
Dombivli Municipal Corporation and Thane Municipal corporation etc.
MEMWPL is a Channel Partners for L&T and Siemens for manufacturing
of control panels & switchboards, with In-house manufacturing &
testing facilities. MEMWPL is also an authorised sale and service
centre for Kirloskar Electric Co. Ltd. MEMWPL has its wellequipped
plant located at Mhape, Navi Mumbai which is spread across 3,000
sq. ft area and MEMWPL has bought one more unit in Mhape with two
storey plant spread over 20,000 sq. feet wherein it will undertake
manufacturing of electrical motor for Siemens Ltd.


POPULAR GROUP: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Popular
Group Mangalore (PGM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 29, 2020, placed the
rating(s) of PGM under the 'issuer non-cooperating' category as PGM
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PGM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 14, 2021, September 24, 2021 and October 4, 2021.

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

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

Popular Group Mangalore (PGM) was established in the year 2014, as
a partnership firm by Mr. B.A. Mohideen, Mr. Abubakar Siddiq, Mr.
B.M. Ishaq and Mr. Nurul Ameen Damudi. The partners are qualified
graduates and each of the partners has 10-15 years of experience in
various field i.e. Constructions and sanitary ware. The firm is
planning to construct commercial complex for lease rental purpose.

RAMCHANDER STRAW: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Ramchander Straw Products Limited (SRSPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 13, 2020, placed the
rating(s) of SRSPL under the 'issuer non-cooperating' category as
SRSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SRSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 29, 2021, September 08, 2021, September 18, 2021.

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

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

Shri Ramchander Straw Products Ltd (SRPL) was incorporated in 1994
as a public limited company. It is promoted by Mr. Ram Agarwal and
Mr. Ravi Kumar Singhal along with their family members. SRPL's
manufacturing facility is located at Moradabad (U.P.) and it has a
total installed capacity of processing around 18,000 Metric Tonne
Per Annum (MTPA) of kraft paper. The product is used for making
corrugated boxes, cartons, paper bags etc. and thus the main
consumption of kraft paper is in packaging.

S. M. CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. M.
Constructions (SMC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.39      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of SMC under the 'issuer non-cooperating' category as SMC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SMC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2021, September 18, 2021, September 28, 2021.

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

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

Goa-based S.M. Constructions (SMC) was established as a
proprietorship concern in the year 1994 by Mrs Shamshun Shaikh,
with the assistance of her husband Mr Muktar Shaikh, for industrial
construction and real estate development in the state of Goa. The
firm belongs to the Shaikh Muktar Group (SMG) of companies in Goa,
which has interests in mining, construction, engineering,
logistics, hospitality (new venture), shipping and automobiles.


SAPTAGIR LABORATORIES: CARE Cuts Rating on INR7.95cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saptagir Laboratories Private Limited (SLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.95       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 15, 2020, placed
the rating(s) of SLPL under the 'issuer non-cooperating' category
as SLPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement.

SLPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 1, 2021, August 11, 2021, and August 21,
2021.

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

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

The ratings assigned to the bank facilities of SLPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations,
incurring of losses, leverage capital structure and debt coverage
indicators.

Saptagir Laboratories Private Limited (Erstwhile known as Astrica
Laboratories Private Limited), was incorporated on July 18, 2007
and promoted by Mr Gopala Krishna and Mr Bhaskar Rao along with two
other directors. The company has set-up a manufacturing unit for
bulk drugs with an installed capacity of 30,000 kg per annum. The
company achieved commercial operations on October 1, 2016.  The
manufacturing unit of the company is located at Medak District,
Telangana. However, the company is planning to increase the
installed capacity to 60,000 kg per annum.


SHIV GANESH: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Ganesh
Industries (SGI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of SGI under the 'issuer non-cooperating' category as SGI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SGI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2021, September 18, 2021, September 28, 2021.

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

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

Shiv Ganesh Industries (SGI) based out of Nagpur, Maharashtra is a
partnership concern promoted by Mr Harish Motwani and Mrs Kavita
Motwani (Spouse of Mr Harish Motwani) was established in April,
2015. The entity is engaged in the business of processing of pulses
(Tur dal and Chana Dal) with its processing facility located at
Nagpur, Maharashtra.


VATIKA LIMITED: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Limited (VL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      197.37      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING

Detailed Rationale & Key Rating Drivers

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

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

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

Vatika Limited was incorporated in 1998 and is promoted by Mr. Anil
Bhalla and his family members. The company is closely-held by the
Bhalla family (as on March 31, 2020, 49.09% equity owned by Mr.
Anil Bhalla and rest 51.91% by relatives & associates). Vatika is
engaged in real estate development (residential, commercial and
hospitality) in the National Capital
Region (NCR), Jaipur (Rajasthan) & Ambala (Haryana). Mr. Anil
Bhalla (Chairman) has an established track record of more than 3
decades in the real estate sector.


VATIKA SEVEN: CARE Lowers Rating on INR225cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vatika Seven Elements Private Limited (VSEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      225.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings have been revised on account of non-availability of
requisite information. The rating also considers the significant
increase in net loss reported in FY20 compared to FY19.

Vatika Seven Elements Private Limited (VSEPL) was incorporated in
2011 for the purpose of real estate project development. The
company is a step-down subsidiary of Vatika Ltd (Vatika rated- CARE
BB; Stable, reaffirmed in October18), Group's flagship company.
VSEPL is developing a 12.82 lsf luxurious residential towers at a
cost of INR701 crore, part of Vatika India Next-2 (An integrated
township with area spanning over 224 acres having residential-
floors, plots, villas, group housing, gated towns and commercial
projects) in Sector 88A, 88B and 89A of Gurgaon with saleable area
of 27.88 lakh square feet (lsf). The project is a joint venture
between Vatika Limited and GIC, Singapore's sovereign wealth fund.


VATIKA SOVEREIGN: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Sovereign Park Private Limited (VSPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          182.97      CARE C (CE); Stable; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 16, 2021, placed
the rating(s) of VSPPL under the 'issuer non-cooperating' category
as VSPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VSPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 11, 2021, October 13, 2021 and October 18, 2021.

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

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

Detailed description of the key rating drivers

Analytical approach: Combined, CARE while arriving at the rating of
Vatika Limited, has considered combined financials which includes
its subsidiaries and associate companies (Vatika Seven Elements
Private Limited and Vatika Sovereign Park Pvt Ltd) which are under
the same management to which Vatika has also provided support in
the form of Corporate Guarantee.

VSPPL was incorporated in 2011 for the purpose of real estate
project development. The company is a step-down subsidiary of
Vatika Limited, Group's flagship company. VSPPL is developing a
9.68 acres luxurious residential towers at a cost of INR645 crore,
part of Vatika India Next (An integrated township with area
spanning over 677 acres having residential- floors, plots,
villas, group housing, gated towns and commercial projects) in
Sector 99, Gurgaon with saleable area of 68.02 lakh square feet
(lsf). The project is a joint venture between Vatika Limited and
GIC, Singapore's sovereign wealth fund. Project is designed by
Arcop, Canada and Landscaping is designed by M. Paul Friedberg, New
York.




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

REJEKI ISMAN: To Seek US$275 Million Loan Facility in Meeting
-------------------------------------------------------------
Bloomberg News reports that PT Sri Rejeki Isman plans to propose
the reactivation of working capital facilities through a revolving
loan in the amount of $275 million in a creditors' meeting.

The secured working capital revolver would help the Jakarta-listed
company, known as Sritex, in the procurement of raw materials and
reduce the needs to make cash advance payments to its raw material
suppliers, according to a proposed term sheet dated Nov. 5 that was
accessed through a link in a filing to Singapore exchange on Nov.
6, Bloomberg relays.

Sritex would offer the total commitments under the revolver to
eligible participating holders on a pro rata basis based on the
outstanding principal amount of their bilateral loans and/or
syndicated loans, the term sheet, as cited by Bloomberg, said.
Interest for the revolver would accrue at varying rates, depending
on the original currency of the exposure of the participating
holders, either in Indonesian rupiah, U.S. dollar or euro. The
facility would be effective for a duration of five years.

The secured working capital revolver would be part of Sritex
group's proposed debt settlement, worth an equivalent of $1.4
billion, the document showed. In addition to the revolver, Sritex
would also seek a $350 million nine-year secured term loan. A
creditors' meeting to discuss the term sheet is set for Nov. 12,
according to the filing cited by Bloomberg.

Sritex, which has made clothes for global brands including Hennes &
Mauritz AB, Uniqlo and Zara, was hit by a decline in orders during
the pandemic, the report says. It was put under a debt suspension
process in May by the Semarang Commercial Court after business
partner CV Prima Karya filed a petition claiming that Sritex owes
it IDR5.5 billion ($383,783). It had paused payments on a dollar
loan and was in the middle of preparing a restructuring proposal
for lenders when Prima Karya filed the petition, Bloomberg notes.

                            About Sritex

PT Sri Rejeki Isman Tbk is an Indonesia-based company primarily
engaged in integrated textile and garment industry. Its business
activities are spinning, weaving, greige dyeing, bleaching and
printing as well as garment manufacturing. Its products include
yarn, comprising rayon, cotton and polyester yarn; greige; finished
fabric, and garments. Its manufacturing plants are located in
Sukoharjo and Semarang, Indonesia.

As reported in the Troubled Company Reporter-Asia Pacific on May 6,
2021, Fitch Ratings has downgraded Sritex's Long-Term Issuer
Default Rating (IDR) to 'RD' (Restricted default) from 'C'. At the
same time, Fitch Ratings Indonesia has downgraded Sritex's National
Long-Term Rating to 'RD(idn)' from 'C(idn)'. Fitch has affirmed
Sritex's outstanding US dollar notes at 'C' with a Recovery Rating
of 'RR4'.

Sritex missed the interest payment of around USD850,000 on its
USD350 million syndicated loan, which was due 23 April 2021, and
the banks did not roll over the revolver that was due on the same
day. The downgrade follows the expiry of the five-business-day cure
period allowed for the interest payment.

'RD' National Ratings indicate an issuer that, in Fitch's opinion,
has experienced an uncured payment default on a bond, loan or other
material financial obligation but that has not entered into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedure, and has not otherwise ceased
business.



=========
M A C A U
=========

MELCO RESORTS: Moody's Lowers CFR to Ba3, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded Melco Resorts Finance
Limited's (MRF) corporate family rating and senior unsecured
ratings to Ba3 from Ba2.

The outlook on MRF remains negative.

"The rating downgrade reflects our expectation that Melco group's
debt levels and leverage metrics over the next few years will be
substantially higher than pre-pandemic levels, because of the slow
recovery in earnings amid lingering travel restrictions and
sizeable capital spending," says Sean Hwang, a Moody's Assistant
Vice President and Analyst.

"This expectation is despite our assumption that Melco group's
earnings will recover substantially by 2023," says Hwang.

RATINGS RATIONALE

MRF's ratings reflect the consolidated credit quality of its
parent, Melco Resorts & Entertainment Limited's (MRE), because MRF
is 100%-owned by MRE, and MRE relies heavily on MRF and its
subsidiaries for profit generation and funding.

Moody's expects MRE's earnings to remain meaningfully below
pre-pandemic levels at least through 2022, because the recovery in
gross gaming revenue (GGR) in Macao SAR, China, will likely be
gradual and bumpy. This expectation factors in the likely pattern
of travel resumption and temporary suspensions, mainland China's
control over visa issuances, and the uncertain lifting of
quarantine requirements for travelers from Hong Kong SAR, China.

Moody's has therefore lowered its forecasts on Macao's mass-market
GGR in 2022 to around 60% of the 2019 level, and expects a
near-full recovery only in 2023. Moody's also forecasts the city's
VIP gaming revenue in 2023 will remain substantially below the 2019
levels, given the increasing regulatory scrutiny over the segment
and the weakened junket sector. However, this situation will have
limited impact on MRE's earnings given the VIP segment's low
earnings contribution.

Moody's expects that the weak earnings and operating cash flow
during 2021-22 will lead MRE to fund most of its capital spending
with additional debt until 2022, mainly related to its Cyprus
integrated resort project and the Studio City phase-two expansion.
In this regard, Moody's forecasts that MRE's adjusted debt
(including lease liabilities) will increase to around $7.6 billion
over the next 12-18 months, from $6.1 billion as of the end of 2020
and $4.9 billion as of the end of 2019.

Consequently, Moody's expects MRE's adjusted debt/EBITDA to be
around 5.0x-5.5x in 2023, which is meaningfully higher than the
3.3x recorded in 2019. The projected leverage levels for 2023 would
position MRE more appropriately in the Ba3 rating category.

This forecast is still subject to significant uncertainty regarding
the pace and extent of earnings recovery, which drives the
continued negative outlook.

MRE's credit quality, on the other hand, continues to benefit from
the Melco group's established operations and high-quality assets,
which mitigate the risk associated with its geographic
concentration in Macao. Its Ba3 ratings also consider its good
liquidity, underpinned by its cash holdings of $1.8 billion and an
unused revolver of around $2.0 billion as of June 30, 2021 which
are sufficient to cover its cash needs for the next 12 months.

In terms of environmental, social and governance (ESG)
considerations, the ratings also factor in the high concentration
of Melco group's ultimate ownership in a controlling shareholder.
These risks are mitigated by the Melco group's good liquidity
buffers and the board oversight exercised through independent board
directors.

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

MRF's outlook can return to stable if the Melco group under MRE
improves its earnings, contains debt growth and continues to
maintain good liquidity. An adjusted debt/EBITDA remaining below
5.5x-6.0x on a sustained basis would indicate such a scenario.

MRF's ratings could be downgraded if Moody's believes that MRE's
adjusted debt/EBITDA is unlikely to return to below 5.5x-6.0x on a
sustained basis, due to a prolonged weakness in earnings or a
higher-than-expected increase in debt, or if MRE's liquidity
weakens significantly. This situation can result from a protracted
severe impact of the pandemic or an aggressive financial policy.

The principal methodology used in these ratings was Gaming
published in June 2021.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and is majority-owned by the Hong Kong-listed Melco
International Development Ltd. Through Melco Resorts (Macau)
Limited, Melco Resorts Finance operates two wholly-owned casinos in
Macao, namely, City of Dreams and Altira Macau.



===============
M O N G O L I A
===============

MONGOLIAN MINING: S&P Alters Outlook to Negative, Affirms 'B-' ICR
------------------------------------------------------------------
On Nov. 8, 2021, S&P Global Ratings affirmed the 'B-' long-term
issuer credit rating on the Mongolia-based coking coal miner
Mongolian Mining Corp. (MMC), while revising its outlook to
negative from stable.

The negative outlook indicates that S&P could lower the ratings if
the company's liquidity position deteriorates upon a slower
normalization of border efficiency than it expects.

MMC's coal sales volume will face downside risk if cross-border
throughput does not improve. The Chinese government will maintain
tight control over the border if the pandemic in Mongolia is not
contained, based on the former's zero-tolerance policy toward
COVID-19 and to ensure the smooth rollout of the Winter Olympics in
Beijing in February 2022. Border efficiency has been hurt by a
proliferation of COVID-19 cases in Mongolia since April 2021, with
average new daily cases remaining more than 1,000 in the first week
of November.

The number of trucks passing the Gashuunsukhait-Ganqimaodu (GS-GM)
border crossing--MMC's dominant route for exporting coal to
China--averaged 200 per day for the first 10 months of 2021, which
was less than one-third of about 750 trucks per day prior to the
pandemic. The rate reached close to 300 trucks per day in October,
but fell back to about 200 in early November.

S&P said, "We anticipate the company's sales of hard coking coal
(HCC) will decline to 0.8 million-1.1 million tons in 2021,
compared with 3.1 million tons in 2020. Sales volume of washed
coking coal was only about 213,000 tons in total for the second and
third quarters of 2021 due to border throughput constraints,
compared with about 1.0 million tons-1.3 million tons per quarter
prior to the pandemic.

"We forecast sales volume will recover to 4.0 million tons-4.3
million tons in 2022. The recovery will be driven by an improved
number of trucks crossing the GS-GM border per day at 400-450
(around half of the normal throughput), and with export capacity
from the new containerized terminal."

As a result, MMC's adjusted EBITDA will likely drop to US$70
million-US$80 million in 2021 and recover to US$190 million-US$200
million in 2022. A slower-than expected normalization in
cross-border throughput in 2022 will delay the recovery in EBITDA
and pose higher liquidity risk.

MMC started pre-selling coal inventory since June 2021 to collect
cash as advance payment from its customers, but we believe this
practice is not sustainable without sustained improvement in the
border-crossing condition. The pre-sales coal volume was excluded
in the reported quarterly sales volume because it is undelivered.
Also, the company suspended production in the third quarter for
cost savings.

On Nov. 8, 2021, MMC signed an agreement with CHN Energy Coal
Coking Co., Ltd (CECC, formerly known as Shenhua Inner Mongolia
Coal and Coking Co. Ltd.), under which MMC will supply up to 3
million tons of washed HCC and 1 million tons of washed semisoft
coking coal to CECC over a year. However, MMC can benefit from an
uplift in sales volumes only if there is an improvement in border
throughput. The agreement does not contain a minimum volume uptake
requirement.

MMC's liquidity risk will increase in the next 12 months if sales
volume remains sluggish. S&P estimates the company's cash on hand
and cash flow generated from operations will be barely sufficient
to cover its debt maturities and other liquidity needs, including
capital expenditure (capex) and working capital, for the 12 months
ending Sept. 30, 2022. This is based on our assumption of a
recovery in volumes during 2022.

S&P estimates MMC had about US$35 million in cash on hand as of
Sept. 30, 2021, before it paid US$20.4 million in interest on Oct.
15 for its US$440 million senior notes due in 2024. In 2022, the
company's financial obligations include US$40.8 million interest
per annum on the 2024 notes (payable semi-annually in April and
October) and a US$14.9 million bond repayment in September.

A slower than expected ramp up of the operation of the new terminal
could hinder MMC's coal export recovery.The Chinese and Mongolian
governments agreed to set up a new, custom-bonded terminal, which
was originally scheduled to begin operations in September 2021.
However, the operation of the already-completed terminal has been
delayed due to administrative reasons. The terminal aims to reduce
human contact and lower the risk for COVID-19 transmission, as
truck drivers will unload coal inside the Mongolian border and
truck drivers in China will pick up the cargo on the other side
without leaving the restricted area.

The terminal has an initial full annual capacity of 8 million tons,
shared among three coal producers, and MMC has a 25% share of the
capacity. The terminal has commenced operations with low
utilization in November and we believe it will take time to ramp up
to its full capacity in 2022.

S&P said, "The negative outlook reflects our expectation that MMC's
liquidity buffer could narrow in the next 12 months if traffic
constraints on the China-Mongolia border persist or deteriorate.
The company may rely on conducting pre-sales to collect cash in
advance and draw down its short-term credit facilities to meet
interest payments--a practice that is not sustainable, in our
view.

"We may lower the rating on MMC if the company's liquidity position
deteriorates. This could occur if MMC's realized coal price or
sales volume is lower than our forecast or capex exceeds our
expectation."

If the company's HCC sales volume falls below 4.0 million tons in
2022, on lower-than-expected border throughput or utilization of
the new terminal, the company's operating cash flow may not be able
to cover its liquidity needs.

S&P may revise the rating outlook on MMC to stable if the border
throughput is better than its expectation on a sustained basis,
such that the company can restore its coal sales volume to
pre-pandemic levels.



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

BODY CORP: Court to Hear Wind-Up Petition on Nov. 16
----------------------------------------------------
A petition to wind up the operations of The Body Corp Limited will
be heard before the High Court at Auckland on Nov. 16, 2021, at
10:00 a.m.

Commissioner of Inland Revenue filed the petition against the
company on Aug. 27, 2021.

The Petitioner's solicitors are:

         Elmaret Venter
         Legal Services
         11 Jepsen Grove, Wallaceville
         Upper Hutt 5018
         Wellington 6140
         New Zealand


MSL CAPITAL: Court to Hear Wind-Up Petition on Nov. 16
------------------------------------------------------
A petition to wind up the operations of MSL Capital Markets Limited
will be heard before the High Court at Wellington on Nov. 16, 2021,
at 10:00 a.m.

Commissioner of Inland Revenue filed the petition against the
company on Sept. 8, 2021.

The Petitioner's solicitors are:

         Tara Nicola Carr
         Legal Services
         11 Jepsen Grove, Wallaceville
         Upper Hutt 5018
         Wellington 6140
         New Zealand




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

AUTOVOX PTE: Court to Hear Wind-Up Petition on Nov. 12
------------------------------------------------------
A petition to wind up the operations of Autovox Pte Ltd will be
heard before the High Court of Singapore on Nov. 12, 2021, at 10:00
a.m.

Rohan S/O Suppiah filed the petition against the company on Oct.
20, 2021.

The Petitioner's solicitors are:

         Omni Law LLC
         24 Raffles Place
         #21-01A Clifford Centre
         Singapore 048621


CONVEX INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Oct. 29, 2021, to
wind up the operations of Convex Investment Pte. Ltd.

Yong Chuang International (Singapore) Pte Ltd filed the petition
against the company.

The company's liquidators are:

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


MM2 ASIA: Unit Posts SGD1.6MM Net Loss for H1 Ended Sept. 30
------------------------------------------------------------
The Business Times reports that UNUSUAL Limited, the
events-production unit of mm2 Asia, narrowed its net loss by 54.1
per cent to SGD1.6 million in the half-year ended Sep 30, 2021,
from SGD3.4 million a year ago.

Loss per share stood at 0.15 Singapore cents, down from 0.33
Singapore cents from the previous year.

Revenue for the half year declined by 60.8 per cent to SGD426,346,
down from SGD1.1 million the year before, BT discloses.

BT says the company attributed the significant decrease in revenue
to lower promotion revenue in H1 FY2022 due to a 67 per cent
decrease in the number of completed projects.

"Nevertheless, with the gradual resumption of small-scale live
performances in Singapore, the number of completed projects for
production and others segments increased by 400 per cent and 50 per
cent respectively in H1 FY2022 as compared to H1 FY2021," the
company said.

No dividend was declared as the group intends to conserve cash for
potential upcoming projects, BT notes. No dividend was declared a
year ago either.

mm2 Asia Ltd is a media content provider. The Company produces
movies and infotainment programs for television stations,
advertisers and online media. mm2 also finances, produces and
distributes commercial content.


PFIZER SINGAPORE: Creditors' Proofs of Debt Due Dec. 9
------------------------------------------------------
Creditors of Pfizer Singapore Trading Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Dec. 9, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 1, 2021.

The company's liquidators are:

         Mr. Aaron Loh Cheng Lee
         Ms. Ee Meng Yen Angela
         EY Corporate Advisors Pte Ltd
         c/o One Raffles Quay North Tower 18th Floor
         Singapore 048583



VIVIDTHREE: Net Loss Widens to SGD1.8MM in Six Mos. Ended Sept. 30
------------------------------------------------------------------
The Business Times reports that Catalist-listed virtual reality,
visual effects and computer-generated imagery production studio
Vividthree saw its net loss widen to SGD1.8 million for the six
months ended Sep 30, 2021, from SGD1.5 million a year ago.

Loss per share widened to 0.54 cents from 0.45 cents from the
previous year, the report discloses.

However, its revenue surged 297.5 per cent to SGD1.2 million in the
same period, from SGD299,816 the year before.

This was mainly due to recovery in the company's post-production
segment, while the company's content production segment did not
generate any revenue as some projects were put on hold due to
Covid-19 capacity restrictions, BT relays.

By geographical region of its customers, Vividthree saw its
strongest revenue growth from Singapore, with revenue rising to
SGD1.1 million for the half-year, from SGD182,311 a year ago.

According to BT, the group said that it is cautiously optimistic
about its recovery, especially in the post-production segment.
Managing director of Vividthree Charles Yeo said that the group is
also exploring opportunities in the fast-growing gaming sector to
increase future revenue streams as well.

Vividthree Holdings Ltd. is a Singapore-based company that provides
virtual reality, visual effects and computer-generated imagery
studio.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***