/raid1/www/Hosts/bankrupt/TCRAP_Public/210319.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, March 19, 2021, Vol. 24, No. 51

                           Headlines



A U S T R A L I A

DBL FUNDING 2021-1: Moody's Assigns (P)Ba2 Rating to Class F Notes
EBONY PROPERTY: Second Creditors' Meeting Set for March 30
FAIR FINANCE: ASIC Disqualifies Victorian Director for 5 Years
FLEXI ABS 2019-1: Fitch Affirms BB+ Rating on Class E Tranche
GULF ABORIGINAL: Second Creditors' Meeting Set for March 25

INFRABUILD AUSTRALIA: Fitch Places 'BB-' IDR on Watch Negative
JUMHEM PTY: Second Creditors' Meeting Set for March 30
LITHGOW AGED: First Creditors' Meeting Set for March 26
[*] Moody's Upgrades Ratings on 8 Classes of Liberty Series RMBS


C H I N A

CHINA ALUMINUM: S&P Alters Outlook on 'BB' ICR to Negative
FOSUN INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Negative
GUORUI PROPERTIES: Fitch Affirms 'B-' LT Foreign Currency IDR
JIANGSU FANG YANG: Fitch Assigns BB Rating on Proposed USD Bonds
SUNAC CHINA: S&P Hikes ICR to 'BB' on Enhanced Financial Discipline

TD HOLDINGS: Issues $3.3 Million Unsecured Note to Streeterville
TD HOLDINGS: To Issue 808,891 Shares of Common Stock


H O N G   K O N G

RED STAR: Fitch Lowers LT Foreign Currency IDR to 'BB'


I N D I A

A.V.R.N. HOTELS: CRISIL Keeps B- Debt Ratings in Not Cooperating
ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating
AMAR BIO: CARE Moves B Debt Rating to Not Cooperating Category
APOLLO ENTERPRISES: CRISIL Keeps C Ratings in Not Cooperating
ARON PIPES: CARE Revises Rating on INR11.88cr LT Loan to B+

ASSAM MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AUTOCREATES SERVICES: CRISIL Keeps Debt Rating in Not Cooperating
BALAJI CORPORATION: CARE Moves D Debt Rating to Not Cooperating
BALAJI IMPEX: CARE Moves B Debt Rating to Not Cooperating
BALAJI PACK: CARE Moves B+ Debt Rating to Not Cooperating

BRILLIANT IT ENABLING: Insolvency Resolution Process Case Summary
DOSHI HOLDINGS: Insolvency Resolution Process Case Summary
EXCEL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HANUMAN TRUST: CRISIL Raises Rating on INR59.5cr Loan to B
HINDUSTHAN ISPAT: Insolvency Resolution Process Case Summary

IIFL FINANCE: Fitch Affirms 'B+' LT IDR, Off Watch Negative
INDIA STUFFYARN: Insolvency Resolution Process Case Summary
MAGIC CERAMIC: CARE Lowers Rating on INR8.54cr LT Loan to B+
MEHER CHAITANYA: CARE Lowers Rating on INR6.03cr LT Loan to B
OMAXE LTD: CARE Lowers Rating on INR1,202cr LT Loan to D

PLASTOMET: CARE Reaffirms B+ Rating on INR12.53cr LT Loan
PLATINO CLASSIC: Insolvency Resolution Process Case Summary
PONDICHERRY TINDIVANAM: CARE Reaffirms D Rating on LT Loan
RADHU PRODUCTS: CARE Keeps B+ Debt Ratings in Not Cooperating
SANJIV OILS: CARE Lowers Rating on INR17.80cr LT Loan to B+

SANYOG HEALTHCARE: Insolvency Resolution Process Case Summary
SHIVANSH DIAMOND: Insolvency Resolution Process Case Summary
SICAL LOGISTICS: Insolvency Resolution Process Case Summary
SPI ENGINEERS: CARE Reaffirms B+ Rating on INR6cr LT Loan
SPML INFRA LIMITED: Insolvency Resolution Process Case Summary

TIRUPATI BALAJEE: CARE Lowers Rating on INR17.90cr LT Loan to B
VENTO POWER: CARE Lowers Rating on INR163cr LT Loan to D


I N D O N E S I A

BARITO PACIFIC: Moody's Withdraws B1 CFR & Stable Outlook


M A L A Y S I A

AIRASIA GROUP: Completes Second Tranche of Private Placement
AIRASIA GROUP: Court Grants Restraining Order on Unit's Creditors


M O N G O L I A

MONGOLIA: Moody's Alters Outlook on B3 Issuer Rating to Stable


P A K I S T A N

PAKISTAN: Said to Hire Banks for International Bond Sale


S I N G A P O R E

EAGLE HOSPITALITY: Court Gives Go Signal to Probe Ex-Insiders
EAGLE HOSPITALITY: Queen Mary Ship Lease Included in Auction
SEN YUE: Says It's A Going Concern; Will Not Undergo Liquidation


S O U T H   K O R E A

DOOSAN BOBCAT: Moody's Affirms Ba3 CFR, Outlook Stable


T H A I L A N D

KRUNG THAI: Moody's Assigns (P)Ba2 Rating to Tier 2 Securities

                           - - - - -


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

DBL FUNDING 2021-1: Moody's Assigns (P)Ba2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in its capacity as trustee of the DBL Funding Trust No. 1
in respect of the Salute Series 2021-1.

Issuer: DBL Funding Trust No. 1 Salute Series 2021-1

AUD276.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD15.6 million Class B Notes, Assigned (P)Aa2 (sf)

AUD3.0 million Class C Notes, Assigned (P)A2 (sf)

AUD3.9 million Class D Notes, Assigned (P)Baa2 (sf)

AUD1.0 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD500,000 Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
prime residential mortgages originated by Defence Bank Limited
(DBL, Baa1/P-2/A3(cr)/P-2(cr)).

DBL is an Australian mutually owned, authorised deposit-taking
institution providing financial products and services to the
members of Australian Defence Force (ADF), as well as the broader
community. As of December 2020, around 75% of DBL's home loans were
to current or former members of the ADF. DBL is one of the three
lenders selected to provide home loans to the members of the ADF
under the Defence Home Ownership Assistance Scheme (DHOAS). This
scheme, supported by the Commonwealth Government and administrated
by the Department of Veterans' Affairs, subsidises a material
portion of monthly home loan interest payments.

As of December 2020, DBL had total assets of over AUD2.8 billion,
with Australian residential mortgage assets representing AUD2.3
billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying mortgage loans, the evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 0.8% of the outstanding
principal balance of all performing receivables, the legal
structure, and the credit strength and experience of DBL as
servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 6.4%, while the expected loss is 0.50%.

MILAN CE represents the loss we expect the portfolio to suffer in a
severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in Australian economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The key transactional features are as follows:

Principal collections will be distributed on a sequential basis at
first. All notes will start receiving their pro-rata share of
principal payments starting on the second anniversary of the
closing date, provided that Class A Notes subordination is at least
16.0%, and other step-down conditions are satisfied.

Principal pay-down will revert to sequential once invested balance
of all notes is less than 10% of the original balance of all notes,
if there are any un-reimbursed charge-offs or if average arrears
ratio is 3.00% or above.

The key features of the mortgage loan pool are as follows:

Around 75% of loans in the pool are to borrowers who at the time
of origination were "uniformed" employees of the ADF. They have a
lower default risk than an average borrower given their employment
stability. Furthermore, 37% of these loans benefit from the DHOAS,
which further reduces their default probability through subsidised
interest payments and higher likelihood of these borrowers
remaining in the ADF.

The weighted average scheduled loan to value ratio of the pool of
71%.

The pool is highly seasoned, with a weighted average seasoning of
around 33 months. This mitigates the risk of early payment
default.

All mortgage loans in the portfolio are amortising from loan
origination without interest-only periods. Their LTV ratios (based
on valuation at origination) improves over time, compared with
loans with initial interest-only payment periods.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


EBONY PROPERTY: Second Creditors' Meeting Set for March 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ebony Property
Group Pty Ltd has been set for March 30, 2021, at 10:00 a.m. at the
offices of McLeod & Partners, Level 9, 300 Adelaide Street, in
Brisbane, Queensland.

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 March 29, 2021, at 4:00 p.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Ebony Property on Feb. 23, 2021.


FAIR FINANCE: ASIC Disqualifies Victorian Director for 5 Years
--------------------------------------------------------------
Anthony Lee, of Melbourne, Victoria, has been disqualified from
managing corporations for five years for his involvement in three
failed companies.

Between July 2011 and July 2018 Mr. Lee was a director of:

   * Fair Finance Group Pty Ltd (Deregistered) (ACN 151 932 553)
     (Fair Finance);

   * LD Scaffolding Pty Ltd (In Liquidation) (ACN 623 431 292)
     (LD Scaffolding); and

   * DLP Scaffolding Pty Ltd (In Liquidation) (ACN 123 605 292)
     (DLP Scaffolding).

Fair Finance operated in the business and personal services
industry and LD Scaffolding and DLP Scaffolding were involved in
construction and labour hire services.

In making its decision, ASIC found that Mr. Lee:

   * failed to maintain proper company records for all three
     companies;

   * misused his position as director of LD Scaffolding by
     submitting false invoices for work that was never performed
     and instructing that they be paid; and

   * failed to ensure that LD Scaffolding met its statutory
     obligations relating to lodging tax documents with and debts
     owed to the Australian Taxation Office.

In making an order to disqualify Mr. Lee, ASIC also considered Mr.
Lee's previous criminal conviction on Aug. 24, 2017, for failing to
provide all of the books and records to the liquidator of Fair
Finance as soon as practicable.

ASIC relied on the supplementary report lodged by the liquidators
of LD Scaffolding, Alexander Hugh Milne and Richard Rohrt of
Hamilton Murphy, Corporate and Personal Advisory. ASIC assisted the
liquidators of LD Scaffolding to prepare a supplementary report by
providing funding from the Assetless Administration Fund.

Total deficiency across the three companies was approximately
AUD11,427,034.94.

Mr. Lee is disqualified from managing corporations until 10 March
2026.

Section 206F of the Corporations Act gives ASIC the power to
disqualify a person from managing corporations for up to five years
if, within a seven-year period, the person was an officer of two or
more companies that were wound up and the liquidators lodge reports
with ASIC about each company's inability to pay its debts or
alleged misconduct.

ASIC also maintains a banned and disqualified persons register that
provides information about people who have been disqualified from:

   * involvement in the management of a corporation;
   * auditing self-managed superannuation funds (SMSFs); or
   * practicing in the financial services or credit industry.


FLEXI ABS 2019-1: Fitch Affirms BB+ Rating on Class E Tranche
-------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed three tranches of
Flexi ABS Trust 2019-1. The Outlook is Stable. The transaction is a
securitisation of small-balance unsecured consumer loans originated
by Certegy Ezi-Pay Pty Ltd, whose ultimate parent is Humm Group
Limited (hummgroup). The notes were issued by Perpetual Corporate
Trust Limited in its capacity as trustee.


      DEBT                   RATING            PRIOR
      ----                   ------            -----
Flexi ABS Trust 2019-1

A2 AU3FN0046868       LT  AAAsf  Affirmed      AAAsf
A2-G AU3FN0046876     LT  AAAsf  Affirmed      AAAsf
B-G AU3FN0046884      LT  AAAsf  Upgrade       AA+sf
C-G AU3FN0046892      LT  AA+sf  Upgrade       A+sf
D AU3FN0046900        LT  Asf    Upgrade       BBB+sf
E AU3FN0046918        LT  BB+sf  Affirmed      BB+sf

KEY RATING DRIVERS

Performance Beats Base-Case Expectations: Obligor default is a key
assumption in Fitch's quantitative analysis; the performance of the
underlying assets has been better than Fitch's base-case default
expectation and below the initially modelled scenarios. The
portfolio experienced cumulative losses of 3.1% as at end-2020 and
30+ and 60+ day arrears percentages of 1.6% and 0.7%, respectively.
This was below the 4Q20 ABS Dinkum Index of 2.0% and 1.2%. Strong
excess spread since closing has covered all realised losses. Fitch
has revised the base-case default rate assumption to 4.0%, from
5.0%, to reflect the better performance and reduced remaining term
to maturity.

The recovery assumptions are unchanged at 0%. The default stress
multiple was revised to 5.0x, from 4.0x, at the 'AAAsf' rating
level for a more granular approach that better represents the
distinct historical performance of each asset type. The transaction
is amortising on a pro rata basis; this limits additional build-up
of subordination and exposes the transactions to back-loaded
defaults. Fitch expects switch back to sequential payment at call
if a charge-off occurs or if the average 60+ day arrears rate over
six months is greater than 4.0% of the pool. The transaction would
also switch back to sequential payment at call if the call is not
exercised.

Limited Liquidity Risk from Payment Holidays: Fitch has reviewed
the transaction's ability to survive a significant proportion of
borrowers being offered and taking up a Covid-19 payment holiday.
The transaction benefits from a liquidity reserve sized at 1.5% of
the outstanding class A to E invested note balance. The transaction
can withstand over 89% of the portfolio being granted a payment
holiday before needing to draw on the liquidity reserve. This is
well above the 0.2% of receivables under payment holiday
arrangements as of end-2020.

Low Servicing and Operational Risk: The servicer, Flexirent Capital
Pty Ltd, is not rated. Servicer disruption risk is mitigated via
back-up arrangements. The nominated back-up servicer, illion
Australia Pty Ltd, has live access to the servicer's systems and
can step in immediately upon servicer termination. The servicing
and collections teams in Adelaide and Manila were able to work
remotely and access the office with minimal disruption to servicing
procedures during the coronavirus pandemic. All receivables have
been originated by Certegy Ezi-Pay, a wholly owned subsidiary of
hummgroup. Fitch reviewed the operations of the originator and
servicer and found that they were comparable with those of other
consumer lenders.

Economic Rebound to Support Stable Outlook: Fitch expects loan
performance to deteriorate in the near-term amid historically high
unemployment, but to continue to support the Stable Outlook on the
rated notes. Fitch forecasts Australia's GDP to expand by 3.8% in
2021, with the unemployment rate improving to 6.2%. GDP growth
should stabilise at 2.7% in 2022 and the unemployment rate is
likely to continue to improve, falling to 5.6%.

The key rating drivers listed in the applicable sector criteria,
but not mentioned, are not material to this rating action.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

Upgrade Sensitivity

The class A2, A2-G and B-G notes are rated 'AAAsf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded.

Class C-G / D / E

Current rating: AA+sf / Asf / BB+sf

Decrease defaults by 10%; increase recoveries by 10%: AAAsf / A+sf
/ BBB-sf

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

A longer pandemic than Fitch expects that leads to further
deterioration in macroeconomic fundamentals and consumers'
financial position in Australia beyond Fitch's baseline scenario.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

Downgrade Sensitivity:

Rating Sensitivity to Increased Default Rates

Notes: A2, A2-G, B-G, C-G, D and E

Current rating: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BB+sf

Defaults increase by 10%: AAAsf / AAAsf / AAAsf / AA+sf / A-sf /
BBsf

Defaults increase by 25%: AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf /
BB-sf

Defaults increase by 50%: AAAsf / AAAsf / AA+sf / Asf / BBB-sf /
Bsf

Coronavirus Downside Scenario Sensitivity:

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in major economies and no meaningful
recovery until around the middle of the decade. Under this more
severe scenario, Fitch tested an increased base-case default rate.

Downside default expectation (and 'AAAsf' default multiple): 8.0%
(3.3x)

Impact on note ratings:

Class A2, A2-G, B-G, C-G, D and E

Rating: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BB+sf

Downside scenario: AAAsf / AAAsf / AAAsf / A+sf / BBB-sf / Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available. Fitch also conducted a
review of a targeted sample of the originator's origination files
and found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio. Overall, Fitch's assessment of the information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.


GULF ABORIGINAL: Second Creditors' Meeting Set for March 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Gulf Aboriginal
Development Company Limited has been set for March 25, 2021, at
10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 1, 160 Brisbane Street, in Ipswich.

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 March 24, 2021, at 5:00 p.m.

Christopher Richard Cook and Adam Francis Ward of Worrells Solvency
& Forensic Accountants were appointed as administrators of Gulf
Aboriginal on Feb. 18, 2021.


INFRABUILD AUSTRALIA: Fitch Places 'BB-' IDR on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed InfraBuild Australia Pty Ltd.'s Long-Term
Issuer Default Rating (IDR) of 'BB-' on Rating Watch Negative
(RWN). The agency has also placed the 'BB' rating on Australian
steel manufacturing company's USD325 million senior secured notes
due October 2024 on RWN.

The RWN reflects increasing uncertainty from the funding issues
faced by GFG Alliance. GFG Alliance's financing has been affected
by the collapse of Greensill Capital, which filed for
administration. Problems at GFG Alliance could have a contagion
effect on its various companies, including the Whyalla steelworks
and InfraBuild, and it may increase pressure on InfraBuild's
liquidity and disrupt the timely supply of billets and structural
steel.

However, Fitch believes that InfraBuild's loan documents and
collateral provide adequate protection for creditors within the
restricted group. InfraBuild's importance in the Australian
construction sector as the sole manufacturer of long-steel products
would allow some support from suppliers and customers to operate
without detrimental changes to existing contracts. Demand for
long-steel product is also robust due to government stimulus, which
will support a healthy level of EBITDA for InfraBuild in the
financial year ending June 2021 (FY21).

KEY RATING DRIVERS

Immediate Liquidity Unaffected: InfraBuild's liquidity is not
affected immediately by the funding issues reportedly faced by GFG
Alliance. Fitch believes that InfraBuild has adequate liquidity of
AUD250 million, which consists of cash and committed undrawn
balances under a AUD250 million asset-based lending facility as of
end-February 2021. The facility matures in October 2022. In
addition, InfraBuild does not have any factoring arrangements and
credit facilities related to Greensill.

Potential Contagion Risk from GFG: Contagion may arise from a
number of related-party transactions under various agreements.
InfraBuild sources its billet, between 28% and 32% of its
requirements, and hot-rolled structural steel from GFG Alliance's
Whyalla steel mill in Australia, which Fitch understands was
accessing working-capital facilities through Greensill.

Disruptions to the supply could dampen InfraBuild's operations,
although it began diversifying its suppliers over 12 months ago. In
addition, it can procure its own billet and hot-rolled structural
steel if the Whyalla steel mill cannot provide these in a timely
manner.

Limited Risk on Cash Flow Leakage: InfraBuild's loan documents
limit any distribution to 50% of consolidated net income, with a
one-time AUD35 million restricted payment bucket (now exhausted)
allowed without any covenant test. However, there are some related
party working capital facilities that do not need to meet the
covenant test. The company disclosed this amount in its financial
accounts with the company owing GFG Alliance subsidiaries a net
amount of around AUD5 million at 31 December 2020.

Strong Performance: InfraBuild's revenue increased by 4% in 1HFY21
against 1HFY20 due to government stimulus, especially in the
detached housing sector. InfraBuild also benefited from ongoing
cost-cutting initiatives and price increases, resulting in reported
EBITDA up 23% in 1HFY21 against 1HFY20. Fitch believes that
InfraBuild's FY21 performance will be strong, underpinned by the
government stimulus and strong housing market conditions.

DERIVATION SUMMARY

Fitch assesses InfraBuild's rating is in line with other
Fitch-rated 'BB' category electric arc furnace steel producers due
to the integrated business model, flexible operating profile and
leading market position in Australia. The ratings are constrained
by InfraBuild's weak cost position, scale and high leverage.

The ratings of InfraBuild are comparable with those of US-based
Commercial Metals Company (CMC, BB+/Stable). CMC has better
geographical and operational diversification due to its operations
in the US and Poland, as well as more operating mills. However,
InfraBuild's strong market position and long-term customer
relationships offset its weaker diversification.

Both companies have vertically integrated business models, receive
a premium over the import parity price and have similar
site-operating costs in absolute terms. However, Fitch believes
CMC's mini mills in the US benefit from strict tariff barriers and
access to cheap electricity and scrap, which results in better
margins and a lower threat from Asian imports. CMC's leverage
metric, as measured by total debt/operating EBITDA, of around 3x is
also around one turn lower than that of InfraBuild. These factors
underscore the two-notch rating differential between the two
entities.

Brazil-based Gerdau S.A. (BBB-/Stable) has better diversification,
business scale and profit margin as well as lower leverage than
InfraBuild, which accounts for the three-notch rating differential
between the two entities.

KEY ASSUMPTIONS

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

-- Stable steel volume and prices due to government stimulus;

-- Fitch adjusted EBITDAR margin improving to around 6.0% due to
    cost-cutting initiatives, including savings from a continuous
    improvement programme and cost synergies from planned
    acquisitions (FY20: 5.4%);

-- Capex of around 2% of revenue.

RATING SENSITIVITIES

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

-- Fitch will resolve the RWN based on the developments and
    actions of Greensill's administrator and/or successful
    refinancing conducted by GFG Alliance that may remove any
    potential contagion risk on InfraBuild.

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

-- Material deterioration in operating condition due to
    disruption with Whyalla;

-- Deterioration in liquidity position.

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: InfraBuild's next significant debt maturity is
in October 2022, consisting of a AUD250 million asset-based lending
facility. Fitch expects the company to have adequate liquidity from
its undrawn asset-based facility and cash on the balance sheet of
AUD250 million to meet short-term requirements.

Fitch expects InfraBuild to rely on refinancing to address its
long-term debt maturities. Fitch believes it should be able to
manage its refinancing needs due to its sizeable unencumbered
property assets.

ESG Consideration

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.


JUMHEM PTY: Second Creditors' Meeting Set for March 30
------------------------------------------------------
A second meeting of creditors in the proceedings of Jumhem Pty Ltd
as trustee for The Park Ridge No 2 Unit Trust has been set for
March 30, 2021, at 11:00 a.m. at the offices of McLeod & Partners,
Level 9, 300 Adelaide Street, in Brisbane, Queensland.

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 March 29, 2021, at 4:00 p.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Ebony Property on Feb. 23, 2021.


LITHGOW AGED: First Creditors' Meeting Set for March 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Lithgow Aged
Care Limited will be held on March 26, 2021, at 10:00 a.m. via
teleconference.

Henry Kazar, Lachlan Abbott and Justin Walsh of Ernst & Young were
appointed as administrators of Lithgow Aged on March 16, 2021.


[*] Moody's Upgrades Ratings on 8 Classes of Liberty Series RMBS
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 8 classes of
notes issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2020-1

Class B Notes, Upgraded to Aa1 (sf); previously on May 15, 2020
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on May 15, 2020
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on May 15, 2020
Definitive Rating Assigned Baa2 (sf)

Issuer: Liberty Series 2020-2

Class B Notes, Upgraded to Aaa (sf); previously on Jun 25, 2020
Definitive Rating Assigned Aa1 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Jun 25, 2020
Definitive Rating Assigned A1 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Jun 25, 2020
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jun 25, 2020
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Jun 25, 2020
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date, with a very low level of loans in arrears and low-to-moderate
level of loans under COVID-19-related hardship payment
arrangements.

Liberty Series 2020-1 has been making pro-rata principal repayments
among the rated notes since closing. Liberty Series 2020-2
continues to pay principal in sequential order from the most senior
tranche since closing. The unrated Class G Notes for both series
will only receive principal payments after all classes of notes
senior to them have been fully repaid. As such, note subordination
continues to build up among all the rated notes.

Liberty Series 2020-1

Following the January 2021 payment date, note subordination
available for the Class B, Class C and Class D Notes has increased
to 8.1%, 6.0% and 4.4%, respectively, from 7.7%, 5.6% and 4.0% at
closing.

The Guarantee Fee Reserve Account, fully funded at AUD1.5 million,
provides additional credit support of 0.4% of the current note
balance. The account can be used to cover charge-offs against the
notes and liquidity shortfalls that remain uncovered after drawing
on the liquidity facility and principal.

As of January 2021, no loans are delinquent. The deal has incurred
no losses to date.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has maintained its expected loss
assumption at 1.5% as a percentage of the original pool balance.

Moody's has decreased its MILAN CE assumption to 7.2% from 7.5%
from closing, based on the current portfolio characteristics.

Liberty Series 2020-2

Following the January 2021 payment date, note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 7.6%, 5.3%, 3.9%, 2.5% and 2.0%,
respectively, from 6.3%, 4.4%, 3.2%, 2.1% and 1.7% at closing.

The Guarantee Fee Reserve Account, fully funded at AUD2.4 million,
provides additional credit support of 0.4% of the current note
balance. The account can be used to cover charge-offs against the
notes and liquidity shortfalls that remain uncovered after drawing
on the liquidity facility and principal.

As of January 2021, 0.02% of the outstanding pool was 30-plus day
delinquent, and 0.02% was 90-plus day delinquent. The deal has
incurred no losses to date.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has maintained its expected loss
assumption at 1.6% as a percentage of the original pool balance.

Moody's has decreased its MILAN CE assumption to 7.2% from 7.5%
from closing, based on the current portfolio characteristics.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of mortgage loans from a gradual and unbalanced
recovery in Australian economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, an Australian non-bank lender. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.




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

CHINA ALUMINUM: S&P Alters Outlook on 'BB' ICR to Negative
----------------------------------------------------------
S&P Global Ratings, on March 16, 2021, revised its outlook on China
Aluminum International Engineering Corp. Ltd. (Chalieco) to
negative from stable. S&P affirmed its 'BB' long-term issuer credit
rating on the company and its 'BB-' long-term issue rating on its
guaranteed senior unsecured perpetual notes.

The negative outlook reflects the risk that Chalieco may fail to
improve its credit metrics as S&P expects, leading to the EBITDA
interest coverage staying below 1.5x in the next 12-24 months.

Chalieco's rating headroom has reduced following a substantial
deterioration in the company's financial performance in 2020. S&P
estimates Chalieco's EBITDA turned to a deficit last year, on lower
revenue, contraction in gross margin, and high receivables
impairment. The company attributes the weak performance mainly to
the COVID-19 pandemic, which significantly delayed existing
projects and commencement of new projects. The ongoing downsizing
of Chalieco's trading business also added to the 25% decline in
revenue. The lower operational rate of Chalieco's projects and high
fixed costs squeezed the company's reported gross margin by two
percentage points to a 10-year low of 8.5%. The booking of Chinese
renminbi (RMB) 900 million in accounts receivable
impairment--primarily in relation to certain housing construction
projects--fully eroded the operating profit and led to a negative
EBITDA.

Chalieco's revenue and profit are likely to improve meaningfully in
the next 24 months. S&P forecasts the company's revenue will grow
by 8%-28% annually in 2021-2022 owing to accelerating project
construction. Chalieco's overseas projects, including its US$600
million alumina construction project in Indonesia, kicked off at
the start of this year. The company's key Miyu highway project
(contract value of about RMB10 billion) in Yunnan province is also
on track. The highway business is likely to account for 15%-20% of
Chalieco's E&C revenue in 2021-2022, up from 5%-10% two years ago.
Highway projects command a gross margin about 10 percentage points
higher than the other E&C projects because they are mostly
investment projects that require higher upfront spending.

Normalization in construction activity and Chalieco's improving
business mix is likely to expand its EBITDA margin to 4%-6% in
2021-2022, versus 3.4%-4.2% in 2018-2019, leading to an annual
EBITDA of RMB1.3 billion-RMB1.9 billion.

Chalieco's leverage will remain high and vulnerable to uncertainty
in project execution and contracts intake. S&P said, "We anticipate
the company's debt will continue to edge up in the next 12 months
on sustained negative free operating cash flow. Chalieco is likely
to incur annual capital expenditure (capex) of RMB4.5
billion-RMB7.0 billion in the next 24 months, mostly for the Miyu
highway project. This far exceeds its operating cash flow. We
expect adjusted interest expense to climb to RMB950
million–RMB1.1 billion during the period, leading to EBITDA
interest coverage of 1.3x-2.0x, compared with 1.1x in 2019. We
place more emphasis on the company's interest-servicing capability
because we believe this is more reflective of its underlying
financial risk."

Chalieco's financial performance could easily fall below our
expectation owing to the company's small operating scale and
uncertainty in project implementation. The average EBITDA interest
coverage could go below 1.5x in 2021-2022 if the EBITDA margin is
0.5 percentage points below our estimate, or if revenue is 5% below
our expectation.

S&P sees uncertainty in Chalieco's mid-to-long term growth
prospect. The company faces fierce competition from large central
state-owned enterprises (SOEs) in bidding for municipal and general
infrastructure projects as it diversifies into these segments.
While Chalieco's order backlog as of end-2020 is 2.7x its 2020
revenue, the company's new contract intake has shrunk moderately in
the past three years due to limited new projects in the nonferrous
E&C segment and slow growth in the municipal and highway segments.

The rating on Chalieco continues to benefit from extraordinary
group support. S&P said, "We continue to view the company as a
strategically important subsidiary of Aluminum Corp. of China
(Chinalco), and this leads to three notches of uplift in the
rating. Despite the weak performance in 2020, which we view as one
off, Chalieco remains the only subsidiary responsible for designing
and constructing Chinalco's nonferrous metal plants; it is also
important to the group's long-term strategy."

Leveraging the parent company's solid relationship with local
governments, Chalieco has signed contracts for several large
highway projects, including the Miyu highway project. Moreover,
Chalieco's status as a subsidiary of a central SOE, helps it to
maintain good relationships with SOE banks. The company has had no
difficulty in rolling over its bank loans (which accounted for
about 75% of total gross debt as of end-2020), which we believe
will remain the case for the next 24 months. The company also
swapped some higher-interest bank borrowings with those with lower
interest rates. This resulted in a 30 basis points drop in
financing costs in 2020.

The negative outlook reflects Chalieco's high leverage and thin
rating headroom after the weak performance in 2020. S&P expects the
company's EBITDA interest coverage to recover to about 1.5x in the
next 12-24 months owing to likely higher revenue and margins.
However, Chalieco's financial performance is vulnerable to
execution risk and industry adversities, and can easily fall below
its expectation, due to its small scale of operations.

S&P said, "We could lower the rating if Chalieco's EBITDA interest
coverage remains below 1.5x for a sustained period. This could
happen if: (1) major projects are significantly delayed; (2)
intense competition or changes in the project mix lead to weaker
margins or slower receivables collection than we expect; or (3) the
company's investments in public-private partnership (PPP) projects
are more aggressive than we expect.

"We could also lower the rating if the group credit profile of
Chinalco deteriorates, possibly due to weaker metal prices or cost
overruns.

"In addition, we could downgrade Chalieco if it becomes less
important to Chinalco.

"We could revise the outlook on Chalieco to stable if we expect the
company's EBITDA interest coverage to sustain well above 1.5x. This
could happen if: (1) the company's major projects progress
smoothly, meaningfully improving revenue and margins; and (2) the
company prudently manages its working capital."


FOSUN INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Negative
-----------------------------------------------------------
On March 17, 2021, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on Fosun International Limited and its 'BB'
issue rating on the company's guaranteed senior unsecured debt.

The negative outlook reflects uncertainty around Fosun's efforts to
improve its capital structure and large debt maturities over the
next 12-24 months.

Fosun's debt reduction and refinancing plans over the next 12
months, especially for domestic borrowings, are key to improving
its capital structure. The company faces considerable short-term
debt maturities. S&P estimates that as of Dec. 31, 2020, about 41%
of the company's total debt is due in 2021, of which 44% has
already been refinanced year-to-date. The maturity calculation is
based on the exercise date of that debt with put options. A
remaining 50% of its debt is due or has put options due in 2022 and
2023.

Fosun has modestly improved its capital structure over the past
several months. Steps include issuance of US$1.2 billion overseas
notes with longer maturity of five- to seven years since October
2020. The company also plans to reduce its net debt over the next
three years. Most of the reduction could be in domestic borrowings
with shorter maturities. However, the steeping yield curve could
impede the company's efforts to issue longer tenor debt as it
balances the need to minimize financing costs and improving its
capital structure.

S&P estimates that Fosun's loan-to-value (LTV) ratio could improve
modestly as the company increases divestments over investments over
the next 12 months. Fosun's LTV ratio modestly improved to 33%-35%
as of end-2020, from 37.3% at end-2019, largely as a result of the
rising share prices of its listed assets, particularly Shanghai
Fosun Pharmaceutical Co. Ltd.

S&P said, "The negative outlook reflects our view that short-dated
debt will remain a sizable portion of Fosun's capital structure
over the next 12 months. We expect the company to take steps to
improve its capital structure, including reducing debt and issuing
longer tenor borrowings.

"We may lower the ratings if Fosun is unable or unwilling to issue
longer-dated debt to improve its capital structure or if the
company's liquidity weakens because of rising short-term
maturities. We could also lower the ratings if Fosun's LTV ratio
exceeds 45% because of an increase in the company's risk appetite
(as indicated by acquisitions outpacing disposals) or a significant
decline in the value of its listed assets.

"We would revise the outlook to stable if Fosun makes solid
progress in strengthening its capital structure by extending its
debt-maturity profile and reducing debt. This assumes that the
company will increase its cash sources over uses sufficiently above
1.2x at the same time."


GUORUI PROPERTIES: Fitch Affirms 'B-' LT Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Guorui
Properties Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B-' with Negative Outlook. The senior unsecured
rating has been affirmed at 'B-' with Recovery Rating of 'RR4'. The
ratings have been removed from Rating Watch Negative, on which they
were placed in January 2021, after Guorui completed an exchange
offer and subsequently redeemed its USD455 million bonds that
turned puttable in February 2021.

The Negative Outlook reflects the company's sustained weak
liquidity position, and the likelihood of the company having
difficulties meeting its obligations as its USD323.7 million senior
notes due January 2024 become puttable in April 2022. The rating
affirmation is based on Guorui's controlled leverage, sufficient
saleable resources and quality land bank that supports sustainable
sales activities.

KEY RATING DRIVERS

Tight Liquidity: Fitch estimates that Guorui's unrestricted cash on
hand at end-2020 would not be sufficient to cover its short-term
debt or short-term capital market maturities. Guorui's ratios of
unrestricted cash to short-term debt and to short-term
capital-market maturities have been consistently below 20% and 40%,
respectively, since end-2018, which reflects poor liquidity
management, in Fitch's view.

While Fitch estimates Guorui's liquidity would improve by end-2021
on recovering sales and limited land acquisitions, the ratio of
cash to short-term capital-market maturities (USD328.6 million) is
likely to remain below 1x. Given the challenging operating
environment in 2021, especially for small developers like Guorui,
weaker-than-expected internal cash generation would pressure the
company's liquidity position and its ratings.

Ongoing Refinancing Risk: After the completion of the exchange
offer in January 2021 and redemption of the majority of the
outstanding USD455 million bonds in February 2021, Guorui will have
USD328.6 million bonds that are due or become puttable in 1H22.
Guorui plans to refinance part of the bonds with onshore and
offshore bonds issuances, which Fitch sees as carrying high
execution risk.

Limited Market Access: Guorui's access to the local bond market
appears limited, as it has not issued any domestic corporate bonds
since 2017. Fitch is also of the view that new US dollar bond
issuance is likely to carry high borrowing costs under weak
conditions in the debt markets.

Sufficient Saleable Resources Support Sales: Fitch forecasts
Guorui's consolidated sales at CNY10.5 billion-11 billion in 2021,
supported by CNY31.3 billion of saleable resources at end-2020, of
which more than 50% are from projects located in Tier 1-3 cities
(36% from Beijing) with satisfactory sell-through rates. Guorui's
sales fell by 7% in 2020, when sales and construction activities
were affected by Covid-19 related social distancing restrictions.
Guorui's sales was also affected by the renewal of restrictions in
Beijing, where it has more exposure, to control re-emergence of
Covid-19.

Quality Land Bank: Fitch estimates Guorui's total land bank,
excluding presold land, decreased to 7.6 million square metres
(sqm) by end-2020, from 11.2 million sqm a year ago, after it
deconsolidated eight projects and halted land acquisitions during
the year. Its land bank, however, is still sufficient to support
sales for the next 8-10 years. Fitch believes Guorui has room to
deleverage as it is not under immediate pressure to replenish its
land bank. Most of Guorui's land bank is located in Tier 1-2 cities
or Tier 3 cities benefitting from spill-over from core cities,
where demand remains robust.

The average cost of Guorui's land bank was less than 30% of its
average selling price, as most of the land was acquired years ago.
Fitch expects Guorui to continue enjoying a healthy EBITDA margin
of around 25% (2019: 24.7%) in 2021-2022. This is lower than the
historical 30% and above, due to housing price limits in the
pan-Beijing area, but it is still healthy and higher than the
EBITDA margin of most of its peers in the same rating category.

Moderate Leverage: Guorui's leverage at end-2020 would have risen
slightly to above 60% in Fitch's estimate (end-2019: 58.1%), mainly
due to slower cash collection. Guorui's consolidated cash
collection rate was low at less than 75% in 2020 (2019: more than
100%), mainly due to more sales towards the end of the year, with
more than 40% of sales in 4Q20. Fitch estimates Guorui to
deleverage slowly to 55%-60% during 2021-2022, in view of
controlled land acquisitions and gradually improving sales, as well
as cash recycling from uncollected sales from previous years.

ESG - Governance: Guorui has an ESG Relevance Score of '5' for
Management Strategy - a level indicating that the company's rating
is affected by this environmental, social and governance (ESG)
sub-factor - in light of its weak liquidity management. Fitch
believes management needs to establish a clearer and longer record
in consistently improving liquidity conditions before the rating
constraint is removed.

DERIVATION SUMMARY

Guorui's ratings are supported by its large land bank, which is
enough for 8-10 years of development, longer than that of peers in
the 'B' rating category, which have land bank life of three to five
years. The quality of Guorui's land bank is satisfactory, with an
average selling price of around CNY15,000/sqm and more than 90% of
its land bank is in Tier 1-2 cities or surrounding satellite
cities. Its cheap land cost supports healthy profitability of
around 25%, a level better than that of peers such as Modern Land
(China) Co., Limited (B/Stable), which has an EBITDA margin of
15%-20%.

Guorui's annual sales of CNY10 billion is comparable with 'B-'
peers, which typically have sales of CNY10 billion-20 billion, such
as Xinyuan Real Estate Co., Ltd. (B-/Stable). Guorui's leverage of
around 60% is comparable with that of Skyfame Realty (Holdings)
Limited (B-/Stable). However, Guorui's ratings are constrained by
its poor liquidity, which is weak compared to 'B' category peers,
which typically have cash to short-term capital-market maturities
ratios above 1x.

KEY ASSUMPTIONS

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

-- Consolidated contracted sales to be of CNY10.5 billion-11.5
    billion per year during 2021-2023, with a cash collection rate
    of 80%-90%.

-- 20%-30% of contracted sales proceeds to be spent on land
    acquisitions during 2021-2023

-- 35%-40% of contracted sales proceeds to be spent on
    construction during 2021-2023

-- EBITDA margin, excluding capitalised interest from cost of
    sales, at around 25% during 2021-2023

-- Average funding cost to be 8.5%-9% during 2021-2023

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Guorui would be liquidated in
bankruptcy

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

-- Advance rate of 100% applied to cash and restricted cash.

-- The 75% inventory advance rate supported by a quality asset
    base, which can generate an EBITDA margin of around 25%.

-- Advance rate of 60% applied to property, plant and equipment.

-- Advance rate of 45% applied to investment properties is
    supported by Guorui's investment properties in Beijing and
    Tier-2 cities, that together generate rental yield of above
    3%.

-- Trade payables and onshore borrowings are superior to offshore
    senior unsecured debt in the waterfall.

-- Fitch used the post-exchange offer amount of US dollar
    obligations (USD4.9 million + USD323.7 million) in the
    analysis.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR3' Recovery Rating for offshore
senior unsecured debts. However, the Recovery Rating for senior
unsecured debt is capped at 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into Group D of creditor friendliness, and the Recovery
Ratings of issuers with assets in this group are subject to a cap
of 'RR4'.

RATING SENSITIVITIES

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

-- Increased cash balance and improved debt maturity profile on a
    sustained basis;

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

-- Inability to address short-term debt, in particular the
    USD323.7 million of bonds that turn puttable in April 2022;

-- No meaningful improvement in liquidity position;

-- Leverage sustained above 65%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Fitch estimates that Guorui's unrestricted cash on
hand at end-2020 was not sufficient to cover its short-term debt or
short-term capital market maturities. Guorui's ratio of
unrestricted cash to short-term debt has been consistently low at
20% and below since 2017 (end-1H20: 18% and less than 0.2x at
end-2020 by Fitch's estimate), which reflects poor liquidity
management, in Fitch's view.

Bank Loans Dominate Debt: Guorui relies heavily on secured bank
loans, which mainly consist of operational loans and development
loans. These accounted for around 80% of total borrowings at
end-2020 (end-2019: 81%). It has limited accesses to capital
markets and faces high costs for refinancing.

ESG CONSIDERATIONS

Guorui has an ESG Relevance Score of '5' for Management Strategy
due to its weak liquidity management, which has a negative impact
on the credit profile, and is highly relevant to the rating.

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.


JIANGSU FANG YANG: Fitch Assigns BB Rating on Proposed USD Bonds
----------------------------------------------------------------
Fitch Ratings has assigned China-based Jiangsu Fang Yang Group Co.,
Ltd.'s (Fang Yang, BB/Stable) proposed US dollar bonds a rating of
'BB'.

The proposed bonds will be issued by Haichuan International
Investment Co., Ltd., an indirectly wholly owned subsidiary of Fang
Yang. The proceeds will be used for repayment of Fang Yang's
offshore debt.

Fang Yang was established by the Lianyungang municipality as a
flagship government-related entity responsible for urban
development and supporting services within the Lianyungang Xuwei
New District.

KEY RATING DRIVERS

The proposed bonds will constitute direct, unsubordinated,
unconditional and unsecured obligations of the issuer and will be
unconditionally and irrevocably guaranteed by Fang Yang. The
guarantee will at all times rank at least equally with all of Fang
Yang's other present and future unsecured and unsubordinated
obligations. As a result, Fitch equalises the notes' rating with
Fang Yang's Issuer Default Rating (IDR).

RATING SENSITIVITIES

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

-- An upgrade in Fang Yang's IDR will result in a similar change
    in the rating of the proposed bonds.

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

-- A downgrade in Fang Yang's IDR will result in a similar change
    in the rating of the proposed bonds.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

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.


SUNAC CHINA: S&P Hikes ICR to 'BB' on Enhanced Financial Discipline
-------------------------------------------------------------------
S&P Global Ratings, on March 16, 2021, raised its long-term issuer
credit rating on Sunac China Holdings Ltd. to 'BB' from 'BB-'. S&P
also raised the long-term issue rating on the company's outstanding
senior unsecured notes to 'BB-' from 'B+'.

S&P said, "The stable outlook reflects our view that Sunac will
moderate its growth in contracted sales, such that the ratio of
debt to EBITDA stays at 4x-5x over the next 12-18 months.

"We raised the rating because we anticipate Sunac will continue to
exercise financial prudence and limit debt growth over the next
12-24 months. The greater control over spending, combined with
satisfactory revenue growth and profitability margin, should help
the company to sustain its leverage. We forecast Sunac's
debt-to-EBITDA ratio (both consolidated and after proportionally
consolidating its joint venture [JV] projects) will stay between 4x
and 5x from 2021, after significantly improving to about 4.4x at
end-2020, from 6.3x at the end of 2019.

"We believe Sunac will prioritize cash flow management and balance
sheet restoration over aggressive scale expansion in the next one
to two years. In our view, the company will maintain a slower pace
of land acquisitions than in the past because it is no longer
chasing scale growth." Sunac's cash spending on land as a
percentage of sales proceeds fell to 30% in 2020, compared with a
peak of more than 80% in 2017. The reduced spending, combined with
tightened regulations on funding in China's property sector, will
likely slow the company's debt growth to 5%-10% in 2021-2022, from
more than 55% in 2019.

Sunac has had muted aggressive debt-funded investments and
acquisitions, both within and outside its core property development
business, since 2018. The company has also been disposing of
noncore assets (such as its stake in Jinke Property Group Co. Ltd.
[B+/Stable/--]) to bolster its financial flexibility. Sunac's gross
debt at end-2020 shrank by about Chinese renminbi (RMB) 20 billion,
compared with a year earlier.

Sunac's deleveraging record remains nascent, but recent government
policies limit the risks. The company's deleveraging took a pause
in 2019 owing to increased opportunities to invest in land. Sunac
has substantially accelerated investments several times in the
past, leading to temporary surges in leverage. However, the company
has been able to rapidly turnaround by reining in spending, as it
did in 2020.

S&P said, "We believe a quick return to aggressive debt-funded
expansions is not feasible, given the current regulatory
environment. This factor neutralized our previous negative
assessment on Sunac's financial policy, effectively raising the
rating by one notch.

"In our view, Sunac has sustainably improved its business standing.
The company has been able to maintain its market position as the
fourth-largest property developer in China by total contracted
sales for the past three years. We anticipate its sales will
moderately increase to RMB610 billion-RMB640 billion (about
two-thirds attributable) in 2021, from RMB575 billon in 2020, on
the back of saleable resources that we estimate at RMB906
billion."

Sunac's scale diversity is now more comparable with that of larger
peers, in S&P's view. The company's projects are spread across all
major economic zones in more than 130 cities. Its diverse land bank
and good geographic positioning--with about 80% of land reserves in
higher-tier cities and the balance mainly in larger tier-three
cities--provide healthy growth prospects.

S&P's believe Sunac will be able to maintain a competitive
advantage over its peers. The company ranked within the top-five by
contracted sales in 37-–mostly tier-one and tier-two--cities in
2020, up from 25 in 2018. Its solidified and deepening penetration
into higher-tier cities will strengthen operational knowhow and
support land purchasing decisions.

Sunac's broadened land replenishment channels should help moderate
its margin compression. We expect the company's gross margin to
mildly trend downward to 22%-25% in the next two to three years,
from about 27% in 2020, primarily due to rising land costs and caps
on property prices in higher-tier cities. However, the decline in
margin should be in line with, or slower than, that of industry
peers due to Sunac's use of project acquisitions and industry
cooperation (mainly through its cultural and tourism business) for
land. As in the past few years, we estimate Sunac will acquire more
than 60% of its new land parcels in 2021-2022 through such
channels, with the remainder through public auctions.

S&P believes execution risks associated with project acquisitions
(due diligence of the target asset, lengthy negotiations,
overpriced valuations, etc.) will remain largely manageable for
Sunac. The company's recent acquisitions demonstrate its ability to
identify good quality assets and execute promptly. This includes
the RMB12.6 billion deal with Oceanwide Holdings Co. Ltd. (unrated)
in 2019; Sunac was able to start pre-sales in the same year.

Sunac is targeting about 20 higher-tier cities for land through its
cultural and tourism city operation. This will help the company to
control capital allocation and sustain swift sell-through rates.
This channel contributed about RMB250 billion in saleable resources
in 2020, representing 34% of its land additions in the year.

S&P said, "The stable outlook on Sunac reflects our expectation
that the company will control its leverage over the next 12-18
months, aided by its slower pace of spending. We forecast Sunac
will achieve satisfactory, albeit more moderate, contracted sales
and revenue growth while maintaining only mildly lower
profitability. Sunac's debt-to-EBITDA ratio, both consolidated and
after proportionally consolidating JVs, is likely to stay at 4x-5x
in the next 12 months.

"We may lower the rating if Sunac's debt-to-EBITDA ratio, either
consolidated or after proportionally consolidating JVs,
deteriorates to more than 5.0x for an extended period. This is
likely to happen if: (1) the company's revenue recognition is well
below our expectation; or (2) its land acquisitions or other
investments significantly exceed our forecast.

"We may raise the rating if Sunac can maintain discipline in its
investments and expenditures while building a longer record of
leverage management. A sign of this could be its leverage improving
substantially, such that the debt-to-EBITDA ratio, both
consolidated and look-through, remains below 4.0x on a sustainable
basis.

"We could also consider upgrading Sunac if the company's business
strength continues to improve through its competitive land
replenishment strategy. This could be signaled by gross margin
staying sustainably above the industry average while the
debt-to-EBITDA ratio is close to 4x on both a consolidated and
look-through bases."


TD HOLDINGS: Issues $3.3 Million Unsecured Note to Streeterville
----------------------------------------------------------------
TD Holdings, Inc. entered into a securities purchase agreement with
Streeterville Capital, LLC, a Utah limited liability company,
pursuant to which the Company issued the Investor an unsecured
promissory note on March 4, 2021 in the original principal amount
of $3,320,000, convertible into shares of common stock, $0.001 par
value per share, of the Company, for $3,000,000 in gross proceeds.

The Note bears interest at a rate of 10% per annum compounding
daily.  All outstanding principal and accrued interest on the Note
will become due and payable twelve months after the purchase price
of the Note is delivered by Purchaser to the Company.  The Note
includes an original issue discount of $300,000 along with $20,000
for Investor's fees, costs and other transaction expenses incurred
in connection with the purchase and sale of the Note.  The Company
may prepay all or a portion of the Note at any time by paying 125%
of the outstanding balance elected for pre-payment.  The Investor
has the right to redeem the Note at any time three months after the
Purchase Price Date, subject to maximum monthly redemption amount
of $375,000.  Redemptions may be satisfied in cash or registered
stock at the Company's election during the period three months
after the Purchase Price Date and six months after the Purchase
Price Date.  At any point after the six-month anniversary of the
Purchase Pried Date, redemptions may be satisfied in cash,
unregistered stock or registered stock at the Company's election.
However, the Company will be required to pay the redemption amount
in cash, in the event there is an Equity Conditions Failure.  If
Company chooses to satisfy a redemption in registered stock or
unregistered stock, such stock shall be issued at 80% of the
average of the lowest VWAP during the 15 trading days immediately
preceding the redemption notice is delivered.

Under the Purchase Agreement, while the Note is outstanding, the
Company agreed to keep adequate public information available and
maintain its Nasdaq listing.  Upon the occurrence of an Event of
Default, the Investor shall have the right to increase the balance
of the Note by 15% for major defaults and 5% for minor defaults (as
defined in the Note).  In addition, the Note provides that upon
occurrence of an Event of Default, the interest rate shall accrue
on the outstanding balance at the rate equal to the lesser of 22%
per annum or the maximum rate permitted under applicable law.

                        About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) is a service provider
currently engaging in commodity trading business and supply chain
service business in China.  Its commodities trading business
primarily involves purchasing non-ferrous metal product from
upstream metal and mineral suppliers and then selling to downstream
customers.  Its supply chain service business primarily has served
as a one-stop commodity supply chain service and digital
intelligence supply chain platform integrating upstream and
downstream enterprises, warehouses, logistics, information, and
futures trading.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  The Company said these factors caused
concern as to its liquidity as of Dec. 31, 2019.


TD HOLDINGS: To Issue 808,891 Shares of Common Stock
----------------------------------------------------
TD Holdings, Inc. announced a waiver and warrant exercise agreement
by the Company and several accredited investors, pursuant to which
certain accredited investors agreed to cashlessly exercise all the
outstanding warrants to purchase up to an aggregate of 100,000
shares of common stock issued by the Company on May 23, 2019 and
the warrants to purchase up to an aggregate of 1,530,000 shares of
common stock issued by the Company on April 15, 2019, and the
Company agreed to waive the obligation of such investors to pay
certain portion of the exercise price of the warrants.

In accordance with the waiver and warrant exercise agreement,
Company will waive $0.37 per share for each of the May Warrants,
and waive $1.03 per share for each of the April Warrants.  The
investors will cashlessly exercise all the outstanding warrants, as
a result, the Company will not receive any proceeds from such
warrant exercise.

Upon the exercise of all the Original Warrants, the Company will
issue a total of 808,891 shares of Common Shares to the Holders.

The shares of common stock issuable upon exercise of these warrants
are registered pursuant to a registration statement on Form S-3
(File No. 333-239757) which became effective by the Securities and
Exchange Commission on Aug. 4, 2020.

                        About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) is a service provider
currently engaging in commodity trading business and supply chain
service business in China.  Its commodities trading business
primarily involves purchasing non-ferrous metal product from
upstream metal and mineral suppliers and then selling to downstream
customers.  Its supply chain service business primarily has served
as a one-stop commodity supply chain service and digital
intelligence supply chain platform integrating upstream and
downstream enterprises, warehouses, logistics, information, and
futures trading.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  The Company said these factors caused
concern as to its liquidity as of Dec. 31, 2019.




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

RED STAR: Fitch Lowers LT Foreign Currency IDR to 'BB'
------------------------------------------------------
Fitch Ratings has downgraded China-based Red Star Macalline Group
Corporation Ltd.'s (RSM) Long-Term Foreign-Currency Issuer Default
Rating (IDR), senior unsecured rating and rating of the USD300
million senior notes due 2022 to 'BB' from 'BB+'. The Outlook on
the IDR is Negative.

The downgrade reflects Fitch's estimate that RSM's recurring
EBITDAR/gross interest + rent dropped to around 1.5x at end-2020,
worse than Fitch's previous forecast of 1.7x. RSM had a larger drop
in recurring revenue, and capex was higher than Fitch's
expectation. Fitch expects coverage of above 1.5x in 2021-2022, if
RSM slows capex and financial investment cash outflow. Fitch also
thinks that RSM's opportunistic liquidity management is no longer
commensurate with a 'BB+' rating even if recent liquidity has been
adequate.

The Negative Outlook reflects the risk that the recovery in RSM's
credit metrics may be slower than Fitch expects. In addition, the
parent Red Star Macalline Holding Group Company Limited's (RSH)
liquidity is tight, and the uncertainty over RSH's refinancing and
deleveraging plans in the next 18 months may affect RSM's funding
access. Fitch may also reassess the linkage if the impact is
stronger than Fitch's expectation.

KEY RATING DRIVERS

Lower Interest Coverage: Fitch estimates RSM's recurring EBITDAR
interest coverage dropped to around 1.5x by end-2020, from 1.7x at
end-2019. Fitch estimates that RSM's recurring revenue
(self-owned/leased mall rentals + fixed franchise fee from managed
malls) dropped by around 15% to CNY7 billion in 2020, because of
rental waivers granted to tenants after the Covid-19 outbreak (one
month to all self-owned and leased malls; more than one month to
malls located in severely affected regions), a larger-than-expected
drop in occupancy rates and mall closures.

Fitch does not expect interest coverage to quickly return to
pre-outbreak levels. Fitch expects cash interest in 2021-2022 to be
higher than before due to higher gross debt and a higher effective
interest rate. In addition, RSM's recurring EBITDA margins have
fluctuated in recent years and Fitch believes they may remain under
pressure as new malls ramp up.

Lower Occupancy Rate: Fitch expects RSM's occupancy rate to
partially recover in 2021, although there may be some lingering
impact from Covid-19 and new mall openings will slow the recovery.
RSM's occupancy rate for self-owned and leased malls recovered to
92% by end-2020 from 90% at end-1H20 (2019: 93%). The occupancy
rate has been dropping since end-2017 when it was 98%, due mainly
to new mall openings at less central areas than RSM's mature mall
portfolio. RSM says it is focused on streamlining mall operations
from 2021 and aims to bring occupancy back to 95%.

High Leverage at RSM: RSM's capex and large financial investments
in the past few years have caused leverage to rise. Fitch estimates
RSM's leverage - measured by adjusted net debt/recurring EBITDAR -
to be around 10x at end-2020 from 8x at end-2019, and come down to
9x in the medium term, driven mainly by a reduction in capex.
According to RSM, net cash outflows from investments (capex less
asset disposals) will drop to CNY2 billion in 2021 from above CNY5
billion in 2020. Fitch has treated 40% of around CNY2.5 billion
listed company investment as cash in the leverage calculation.

Parent May Affect RSM: RSH's refinancing uncertainties may affect
RSM's funding access, despite the weak parent-subsidiary ties, as
the two companies' bond prices have experienced similar
volatilities in a weak market environment. RSM's rating is
constrained to two notches above RSH's consolidated profile, which
Fitch assesses as 'b+'.

Fitch estimates that RSH's leverage, measured by net debt/adjusted
inventory (including guarantees), was 65% at end-2020, versus 56%
at end-2019. Leverage is higher than some 'B+' rated issuers in the
sector, but it is mitigated by strong recurring EBITDA coverage -
Fitch estimates that RSH's consolidated recurring EBITDA/cash
interest was 0.7x at end-2020. RSH has been committed to
deleveraging since 2H20 via asset sales and it plans to list some
subsidiaries in 2021 as well. RSH generated CNY40 billion of
attributable contracted sales in 2020 mainly from Tier 3-4 cities
in eastern China.

Weak Parent-Subsidiary Linkage: Fitch assesses the RSM-RSH linkage
as 'Weak', reflecting 'Weak' legal ties and 'Weak' operational
ties, under Path A - Strong Subsidiary, Weak Parent, in accordance
with Fitch's Parent and Subsidiary Linkage Rating Criteria. RSH and
RSM have separate treasury management and minimal operational
overlap. RSH appoints only three of the 14 directors of RSM's
board, which also has four non-executive members from minority
shareholders including two from Alibaba Group Holding Limited
(A+/Stable).

However, Fitch may reassess the linkage if RSH has more impact on
RSM's funding access than Fitch expects. RSH held 70% of RSM at
end-2020, but that may fall as low as 56% if RSM raises a maximum
CNY3.7 billion from an A share placement.

ESG Governance - Management Strategy: RSM has an ESG Relevance
Score of '4' for management strategy due to opportunistic liquidity
management. RSM's management strategy has a negative impact on its
credit profile, and is relevant to the rating in conjunction with
other factors. Fitch believes a clearer and longer record of
consistently improving liquidity by management would help in
removing the rating constraint.

DERIVATION SUMMARY

RSM is China's largest owner and operator of malls specialising in
home improvement and furnishing products, with 15-16% market share
and CNY91 billion in investment properties as of end-September
2020.

RSM's rating is constrained by weakening financial profile and its
opportunistic liquidity management. Fitch estimates RSM's recurring
interest coverage ratio was around 1.5x at end-2020, and forecasts
a gradual recovery in the ratio to above 1.5x by end-2021-2022E - a
level commensurate with 'BB' credits - if management lowers capex.

RSM has larger assets, EBITDA scale and asset diversification than
Nan Fung International Holdings Limited (BBB-/Stable). However, the
quality of its assets is weaker as RSM's malls specialise in home
improvement and furnishing products with limited product
diversification, while Nan Fung's assets are in Hong Kong's prime
shopping district and attract stronger institutional interest. Nan
Fung's recurring EBITDA/gross interest of 1.9x-2.0x at end-2020 was
stronger than that of RSM.

RSM's business and financial profile is stronger than that of Lai
Fung Holdings Limited (B+/Stable). RSM's scale is much larger than
Lai Fung and the portfolio is more diverse. Lai Fung's
non-development EBITDA interest coverage was below 1.0x.

RSM's ratings are also capped at two notches above the consolidated
credit profile of its parent, RSH, which Fitch assesses at 'b+'.

KEY ASSUMPTIONS

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

-- Portfolio mall revenue of CNY6.6 billion, CNY7.9 billion and
    CNY8.4 billion in 2020E-2022E, respectively;

-- Annual franchise fee of CNY4 million-4.2 million in 2020E
    2022E;

-- Recurring EBITDA of CNY3.7 billion-4.4 billion in 2020E-2022E;

-- Capex and acquisitions reduced to CNY2 billion from 2021E;

-- No asset disposals in 2021-2022E;

-- 5.8% funding cost for new borrowings;

-- Readily available cash balance CNY4 billion-5 billion in
    2020E-2021E.

RATING SENSITIVITIES

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

-- Adjusted net debt/recurring EBITDAR above 11.5x for a
    sustained period;

-- Recurring EBITDAR/gross interest plus rent expenses below 1.5x
    for a sustained period;

-- Weakening of RSH's consolidated credit profile, including the
    ratio of consolidated net debt to adjusted inventory sustained
    above 65%, or deterioration of RSH's liquidity.

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

-- The Outlook may be revised to Stable if the negative
    guidelines are not met in the next 18 months.

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

Opportunistic Liquidity Management: RSM has been keeping a fairly
low cash level compared to its short-term debt since 2019. Fitch
estimates that RSM's available cash/short-term debt ratio dropped
to 0.2x at end-September 2020 from 0.5x at end-2019. RSM had
readily available cash of CNY4 billion as of end-September 2020,
excluding net proceeds collected on behalf of tenants, against
short-term debt of more than CNY16 billion. However, Fitch
estimates that CNY1.5 billion and CNY2.5 billion were wealth
management products and liquid listed companies' shares,
respectively. These can be divested to provide liquidity, if
necessary. Fitch thinks that RSM's liquidity management is
opportunistic and may put pressure on the rating. Still, RSM had
adequate liquidity as of end-2020, in Fitch's view.

RSM's Refinancing Plan in Place: RSM detailed a plan with investors
on March 2 to refinance its CNY3.5 billion bond maturities in
June-July 2021. Management estimated CNY2.5 billion cash flow from
operations (before CNY1.2 billion interest payment, in Fitch's
estimate) and CNY2 billion proceeds from potential non-core asset
disposals in 1H21. RSM had CNY10.6 billion unpledged investment
properties (with ownership certificates) as of end-2020, according
to management. In addition, RSM obtained a CNY1.1 billion ABS
issuance quota in February 2021.

Fitch estimates that bank loans accounted for 60% of RSM's total
debt of CNY46 billion as of end-2020. These borrowings are secured
mainly by RSM's investment properties and can easily be rolled
over.

RSH's Tight Liquidity: RSH's (excluding RSM) liquidity was tight
with CNY12.7 billion of cash and CNY19.6 billion of short-term debt
at end-2020, according to RSH. Fitch estimates that more than 80%
of RSH's outstanding debt is non-bank loans or bonds that are
harder to extend than bank loans. RSH has prepared sufficient funds
to refinance its CNY5.5 billion bonds due in March-April 2021 while
Fitch thinks there is some uncertainty regarding CNY8.9 billion of
capital market instruments due in 2022.

ESG CONSIDERATION

RSM has an ESG Relevance score of '4' for Management Strategy due
to opportunistic liquidity management. This has a negative impact
on its credit profile, and is relevant to the rating in conjunction
with other factors.

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




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

A.V.R.N. HOTELS: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.V.R.N.
Hotels Private Limited (AHPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long          18        CRISIL B-/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility          
                                    
   Term Loan              27        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AHPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1992, AHPL operates a three-star hotel under the
brand, Vijay Park. The company's operations are managed by Mr. A
Vijayaraghavan. AHPL is currently constructing hotels in Alandur
and Kolathur in Chennai.


ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alvi Tech
Services Private Limited (ATS) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Long Term/Short      6.50       CARE D; ISSUER NOT COOPERATING

   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   Category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 24, 2019, placed
the rating(s) of ATS under the 'issuer non-cooperating' category as
Alvi Tech Services Private Limited had failed to provide
information for monitoring of the rating. Alvi Tech Services
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated January 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.

Detailed description of the key rating drivers

At the time of last rating on December 24, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing: As per the interaction with the banker,
the account has been classified as NPA.

Alvi Tech Services Private Limited (ATS) was incorporated as a
private limited company in the year 2006 by Mr. Krishnanand Trivedi
and Mr. Alok Trivedi who are having more than two decades of
experience in EPC contracts. ATS has taken over proprietorship
company namely Alvi Tech Services in 2006. Company is engaged in
erection, commissioning and procurement (EPC) work in the field of
electrical instrumentation for offshore projects for Oil & Gas
companies through tender bidding process. ATS's registered office
is located at Kalyan while workshop is situated at Dombivali.

AMAR BIO: CARE Moves B Debt Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Amar Bio
Tech Limited to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Stable and
                                   moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Amar Bio Tech Limited to
monitor the rating vide e-mail communications dated from December
1, 2020 to March 2, 2021 and numerous phone calls. However, despite
our repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating(s) on AMAR BIO
TECH LIMITED bank facilities will now be denoted as CARE B; Stable;
Issuer Not Cooperating.

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

Detailed description of the key rating drivers

At the time of last rating dated February 3, 2020 the following
were the Strengths and Weaknesses:

Key Rating Weaknesses

* Small Scale of operations with moderate net worth base: ABTL was
incorporated in the year 2000. Despite the satisfactory track
record of operations, the entity has small scale of operations. TOI
stood at INR40.48 crore in FY19 with a moderate net-worth of
INR11.14 crore as on March 31, 2019.

* Decreasing profitability margin during the period: The
profitability margins of the company remained satisfactory during
the review period. However, PBILDT margin has declined from 8.44%
in FY17 to 5.37% as on FY19 due to increase in cost of raw material
consumed (cost of seed). Further, in line with PBILDT margin PAT
margin also declined from 2.19% in FY17 to 1.85% in FY19.

* Presence in highly fragmented and regulated industry: The cotton
ginning and pressing industry is highly fragmented due to presence
of large number of players. Also, this industry entails low value
addition in the overall textile value chain, due to which, the
players operate on thin margins. The cotton prices in India are
regulated through fixation of Minimum Support Price (MSP) by the
government, and fortunes of cotton ginners depend on the price
parity between the price fixed by the government and those
prevailing in the market. Moreover, exports of cotton are also
regulated by government through quota systems to suffice domestic
demand for cotton. Hence, any adverse change in government policy
i.e. higher quota for any particular year, ban on the cotton or
cotton yarn export may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit.

* Elongated creditors days: The operating cycle of the entity is
satisfactory during review period and remained at -29 days in FY19
against 123 days in FY17 due to decrease in inventory period and
average collection days to 90 days and 20 days in FY19 along with
average creditor days remained high at 139 days in FY19. Since, the
creditors of the company are farmers due to which the creditors
have low bargaining power and to reduce the interest cost the
company has availed the extension of credit period. Furthermore,
the average debtor days improved from 134 days in FY17 to 20 days
in FY19 on account of company started providing discounts and
offers for better realization of payments which also resulted in
faster movement of inventory. The average utilization of working
capital facility is 90% during past twelve months ended with
December 31, 2019.

Key Rating Strengths

Established track record of operations with experienced management
Initially ABTL was incorporated as private limited in FY2000,
promoted by Mr. Krishnaiah. B (Managing Director), Mr. Thanu. K
(Director) and Mr. Danala Naidu P (Director). later, reconstituted
into limited company The directors have more than 2 decades of
experience in the industry. Due to long standing presence in the
market, the promoters have established healthy relationship with
its suppliers and customers.

* Growth in total operating income during the review period: The
total operating income (TOI) of the company has been increasing
year-on-year at a CAGR of 21.53% from INR22.55 crore in FY17 to
INR40.48 crore in FY19 due to increase in sales volume.
Furthermore, the firm has achieved total operating income of
~Rs.50.00 crore in 9MFY20 (Prov.)

* Comfortable capital structure: The capital structure of the
company marked by debt equity and overall gearing ratio remained
comfortable during the review period. The debt equity ratio of the
company below unity and also overall gearing ratio improved from
0.82x as on March 31,2017 to 0.69x as on March 31,2019 due to
decrease in long term debt at back of repayment of term loan and
along with increase in tangible net worth by way of accretion of
net profits.

* Moderate debt coverage indicators the review period: The debt
coverage indicators of the company remained moderate during the
review period. However, The Total Debt/GCA of the company has
improved from 14.95x in FY17 to 9.55x in FY19 due to improved GCA
level. However, interest coverage ratio of the company marginal
improved from 1.69% in FY17 to 1.98% in FY19 at back of increase in
PBILDT in absolute terms.  Total debt/Cash flow from operations
stood at 8.22x as on March 31, 2019 as against 6.23x as of
March 31, 2019.

* Stable outlook of cotton industry: Cotton plays an important role
in the Indian economy as the country's textile industry is
predominantly cotton based. India is one of the largest producers
as well as exporters of cotton yarn. The textile industry is also
expected to reach US$223 billion by the year 2021. The states of
Gujarat, Maharashtra, Telangana, Andhra Pradesh, Karnataka, Madhya
Pradesh, Haryana, Rajasthan, and Punjab are the major cotton
producers in India.

Telangana-based, Amar Bio-Tech Limited (ABTL) is company which was
incorporated in 2000 as Amar Bio-Tech Private Limited (ABTPL). In
the year 2007, ABTPL reconstituted into current nomenclature i.e
Amar Bio-Tech Limited and it was promoted by Mr. Krishnaiah. B
(Director), Ms. Thanu.P(Director) and others. The company is
engaged in production & processing of agricultural products like
Hybrid Cotton Seed. ABTL's unit is located at Khairtabad, Hyderabad
District. The company has reputed client base located in various
parts of India.  As per Certificate of Incorporation pursuant to
change of name, the Company's name has been changed from Amar
BioTech Limited to Amar Bio-Tech Private Limited with effective
from Feb. 10, 2020.

APOLLO ENTERPRISES: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Enterprises (AE) continue to be 'CRISIL C Issuer Not Cooperating'.

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

   Rupee Term Loan        6.5       CRISIL C (Issuer Not
                                    Cooperating)

   Cash Credit/
   Overdraft facility     1.0       CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AE for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AE was incorporated in 2005 as a partnership firm by Mr. Avinash
Virkar, Mr. Ankur Agarwal and Mr. Pawan Agarwal. The firm is in the
business of providing crane rental services.


ARON PIPES: CARE Revises Rating on INR11.88cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Aron
Pipes Private Limited (APPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.88      CARE B+; Stable Revised from
   Facilities                      CARE BB-; Negative

Detailed Rationale and Key Rating Drivers

The revision in ratings assigned to the bank facilities APPL takes
into account decline in scale of operations and profitability
during FY20 (refers to the period April 1 to March 31). Further,
the ratings continue to remain constrained on account of its
leveraged capital structure and weak debt coverage indicators in
FY20 along with its presence in highly fragmented and competitive
industry, susceptibility of margins to raw material prices and
foreign exchange rates. The ratings, however, continue to derive
strength from experienced promoters in the pipe industry along with
eligibility to receive fiscal benefits from the government.

Rating Sensitivities:

Positive Factors
* Increase in scale of operations by more than 25% while reporting
net profits and cash accruals to suffice the debt repayments

* Improvement in capital structure led by overall gearing ratio to
less than 2.75 times with timely infusion of funds by promoters as
and when required

* Improvement in overall liquidity position marked by an
improvement in operating cycle to less than 170 days along with
efficient management of working capital.

Negative Factors

* Decline in total operating income (TOI) with continuation of
booking net losses

* Deterioration in capital structure led by overall gearing ratio
to more than 5 times with a deterioration in debt coverage
indicators marked by interest coverage of below unity with a
further elongation in operating cycle

Detailed description of key rating drivers

Key Rating Weaknesses

* Decline in scale of operations and profitability: During FY20,
the scale of operations as marked by TOI of APPL declined
significantly by 51.18% and remained modest at INR16.93 crore as
against INR34.68 crore during FY19 owing to delay in executing few
of its government contracts Resultantly, PBILDT remained at INR2.02
crore (11.91%) during FY20 as against INR3.31 crore (9.54%) during
FY19. Consequent to a decrease in scale of operations and lower
absorption of fixed costs – i.e. Depreciation and finance costs,
APPL booked net loss of INR0.79 crore in FY20 as against net profit
of INR0.17 crore in FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of APPL remained leveraged marked by overall
gearing at 4.86 times as on March 31, 2020 which marginally
deteriorated from 4.33 times as on March 31, 2019 owing to decrease
in level of tangible net worth. The debt coverage indicators of
APPL remained weak marked by total debt to gross cash accruals
(TDGCA) of 439.36 years as on March 31, 2020 which deteriorated
from 13.59 years as on March 31, 2019 on account of decrease in
level of gross cash accruals. Furthermore, interest coverage
remained at 1.07 times during FY20 as against 1.90 times during
FY19 on account of decrease in operating profits during FY20.

* Margins are susceptible to volatility in prices of key raw
materials: Primary raw material required for manufacturing
Polyvinyl chloride (PVC) pipes are PVC resins the price of which
are dependent on crude oil prices and the same is highly volatile.
Further, the company does not have any long-term contracts with the
suppliers for the purchase of raw materials. Hence, the
profitability margins of the company could get adversely affected
with any sudden spurt in the raw material prices. Furthermore, APPL
has not yet entered in any long-term contract with the suppliers
with regard to either quantity or price, which may result into
lower bargaining power of APPL with that of its suppliers and
affects profitability of the company.

* Presence in a highly competitive and fragmented nature of
industry: The industry is highly fragmented with a large number of
small to medium scale unorganized players. Further, fungible nature
of products with no visible differentiators has also resulted in a
highly competitive market. High competition in the operating
spectrum and proposed small size of operations of the company
limits the scope for improvement in margins. PVC
pipes are used mainly by infrastructure, agriculture and real
estate industry hence growth of end user industry will also remain
crucial for growth of APPL.

Key Rating Strengths

* Experienced promoters in plastic industry along with eligibility
to receive fiscal benefits from the government: APPL's operations
are managed jointly by five promoters. All promoters have five
years of experience in plastic industry. Also, APPL is eligible for
interest subsidy from state government which is expected to improve
its cash flows in the small to medium term.

* Impact of COVID-19 on business operations of APPL: APPL is into
manufacturing of Poly Vinyl Chloride (PVC) Pipes which find
application largely in the agricultural and residential industry,
while majority of the customer base consists of government
authorities. The operations had been shut-off from March 23, 2020
to July 31, 2020 during lockdown declared by Government. After
resumption of operations from August, 2020, it had been working
with 20%-30% capacity upto September, 2020. However, the same has
picked up pace from October, 2020 onwards.

Liquidity Analysis: Stretched

Liquidity remained stretched marked by elongated operating cycle.
The company's operating cycle remained elongated at 353 days during
FY20 as against 126 days during FY19 owing to increase in average
collection period and inventory holding period. APPL generated cash
accruals of INR0.04 crore during FY20 with gross loan repayments of
INR0.93 crore during FY21, necessitating funding support from
promoters to service the debt obligation. Moreover, company has not
availed any moratorium for its debt facilities. However, it has
availed Guaranteed Emergency Credit Line (GECL) of INR2.35 crore
under COVID-19 relief measures during July, 2020. Average working
capital utilization remained high at ~90% for trailing 12 month
period ended February, 2021. Further, the company had a low cash
and bank balance of INR0.20 crore as on March 31, 2020.

Surat-based (Gujarat) APPL was incorporated in August 2015 as a
private limited company which is jointly managed by all the
promoters. APPL has commenced operations from December 2015 onwards
and operates from its sole manufacturing unit located in Surat
(Gujarat) having installed capacity of 9,200 metric tonnes per
annum (MTPA) for manufacturing Poly Vinyl Chloride (PVC) Pipes as
on March 31, 2020. The pipes manufactured by APPL find application
largely in the agricultural and residential industry, while
majority of the customer base belongs consist of government
authorities.

ASSAM MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Assam Motors
(AM) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long           2.7      CRISIL B+/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility           
                                    
   Term Loan               0.3      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AM for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AM, established in 2005, is a dealer of vehicles of Mahindra &
Mahindra Ltd (M&M; rated 'CRISIL AAA/Stable/CRISIL A1+') in
Tinsukia (Assam). The firm is promoted and managed by Mr. Sanjeev
Kochhar.


AUTOCREATES SERVICES: CRISIL Keeps Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Autocreates
Services Private Limited (ASPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental           15        CRISIL D (Issuer Not
   Discounting Loan                 Cooperating)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, ASPL is a subsidiary of AIPL, which has 90%
stake in ASPL; while the remaining is equally owned by promoters of
AIPL, Mr Gurinder Singh Arora and Ms Tarvinder Kaur Arora. ASPL has
a dedicated parking yard in Panvel (Maharashtra), on the
Mumbai-Pune highway.


BALAJI CORPORATION: CARE Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shree
Balaji Corporation (SBC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBC to monitor the rating(s)
vide e-mail communications/letters dated January 27, 2021, January
25, 2021, January 22, 2021, January 19, 2021 and January 5, 2021
and numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Shree Balaji Corporation
(SBC) bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes into account delays in debt servicing.

Detailed description of Key rating drivers

At the time of last rating on September 15, 2020, the following
were the rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: As per banker feedback during
last review, there were multiple instances of delays in the debt
servicing. The firm had also delayed in the interest payments for
the period January 1, 2020 till February 29, 2020. Subsequently,
the firm has availed moratorium I & II for the period March 1, 2020
to August 31, 2020. However, all the interest dues till February
2020 were repaid on September 3, 2020 and interest for the period
March to August 2020 of Rs.0.41 crore was deferred by the banker.
Further, the principal repayments were commenced from January 2020
however; the firm has not paid the same due to delay in the
completion of the project. The firm has asked for extension of COD
till December 31, 2020 and the same is not yet approved by the bank
Project funding and execution risk with on-going project: Due to
delays in completion of the project, the cost has increased from
INR14.09 crore to INR15.46 crore which is being funded through
promoter's contribution of INR5.78 crore, term loan from bank of
INR6.65 crore and rest through advances from customers. However,
the firm has incurred INR12.89 crore till June 30, 2020 which was
funded through promoter's contribution amounting to INR5.93 crore,
INR5.50 crore through term loan from bank and INR1.46 crore through
customer advances. Nevertheless, project funding risk continue to
persist as for the balance of INR2.57 crore, entity has to be
dependent on bank borrowing of INR1.05 crore (not yet tied-up) and
remaining through customer advances.

* Marketing risk: Out of the total saleable 12 flats, entity has
booked only 1 flat as on June 30, 2020. Thus ability of the firm to
timely sale the remaining flats and thereby receives the advances
and sale proceeds as envisaged amongst the competition
from other players in the surrounding vicinity remains critical.

* Cyclicality in real estate industry: The capital-intensive real
estate industry is highly cyclical in nature. The industry that
seemed to have bounced back from the downturn during 2008 is
currently facing subdued demand as well as slow rate of approvals.
Further, demonetization, GST and implementation of RERA have
impacted the real estate sector in the past.  However, with the
improvement in macro-economic conditions in the country, the real
estate sector is expected to attain a gradual recovery.

* Partnership nature of constitution: SBC is a partnership firm,
hence the risks associated with withdrawal of partners' capital
exist. The firm is exposed to inherent risk of partners' capital
being withdrawn at time of personal contingency. Due to the
partnership nature of constitution, it has restricted access to
external borrowing where net-worth as well as credit worthiness of
the partners are the key factors affecting credit decision of
lenders.

Key Rating Strength

* Long track record of group operations coupled with renowned group
presence in real estate development & construction activities: SBC
belongs to TG which is engaged in the development & construction of
various real estate projects for over three decades. The group has
developed & constructed over 20 residential projects across the
western suburbs of Mumbai, viz. Khar, Juhu, Vila Parle, Malad,
Nallasopara, Andheri, Virar, etc. The said projects comprise a mix
of residential, residential cum-commercial, commercial and
residential redevelopment projects. Highly experienced promoters in
real estate development & construction activities: The overall
operations of SBC are looked after by the promoters – Mr. Kishin
Godhwani along with his son Mr. Deepak Godhwani, who possesses a
total experience of over 30 years and 14 years respectively in the
real estate development & construction activities.

Established in 2009 by Mr. Kishin Godhwani along with his son Mr.
Deepak Godhwani, Shree Balaji Corporation (SBC) belongs to the
Trinetra Group (TG), and is engaged in development & construction
of residential spaces. The group has developed residential,
residential-cum-commercial and residential redevelopment spaces
across the western suburbs of Mumbai. Currently, SBC has undertaken
redevelopment and saleable residential & commercial project named
Hariniwas at Jawahar Nagar, Goregaon (West) which is registered
with RERA (P51900016435). It includes one tower with G+7 floors,
having total 30 flats (comprising 4 flats per floor and 2 shops at
the ground floor) out of which total 12 are saleable (with total
carpet saleable area of ~ 7,984.82 Sq. Ft.) and rest 18 flats are
for existing rehabilitant.

BALAJI IMPEX: CARE Moves B Debt Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Balaji
Impex_Prakasam to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.75       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

   Short Term Bank      6.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Balaji Impex_Prakasam to
monitor the rating vide e-mail communications dated from December
2020 to March 2, 2021 and numerous phone calls. However, despite
our repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating(s) on Balaji
Impex_Prakasam bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING* and CARE A4; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

(Updated for the information financials shared by the firm)

The rating continues to be tempered by Small scale of operations
with low net worth, working capital intensive nature of operations,
Fluctuating PBILDT margin and decline PAT margin, Leveraged capital
structure and weak debt coverage indicators, Highly fragmented
industry with intense competition from large number of players and.
Constitution of entity as a proprietorship firm with inherent risk
of withdrawal of capital. The rating also takes into consideration
growth in total operating income. The ratings however underpinned
by, Long track record of the firm and experienced promoter and
Favorable demand outlook of education sector.

Key Rating Weaknesses

* Small scale of operations with low net worth: The scale of
operation of the firm remained small and stood INR17.30 crore in
FY20 with low net worth of INR0.44 crore as on March 31,2020.

* Fluctuating PBILDT margin and decline PAT margin: The
profitability margins fluctuating during review period marked by
PBILDT margin in the range of 4.01%-5.04% The PAT margin is decline
and stood at 0.69% in FY20.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained leveraged marked by
overall gearing ratio deteriorated and stood at 7.45x as on March
31, 2020.  The debt coverage indicators of the company remained
weak. However, Total debt/GCA of the firm improved and stood at
18.59x in FY20 due to decrease in total debt in FY20. further
interest coverage ratio of the company improved from 1.35x in FY18
to 1.41x in FY20. The total debt/CFO of the company Improved and
stood at 1.52x in FY20.

* Working capital intensive nature of operations: The operating
cycle of the firm is working capital intensive nature of operations
due to elongated creditor days and stretched receivable days.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in the business of
manufacturing of writing slates which is highly fragmented industry
due to presence of large number of organized and un-organized
players in the industry resulting in high competition.

* Constitution of entity as a proprietorship firm with inherent
risk of withdrawal of capital: With the entity being a
proprietorship firm, there is an inherent risk of instances of
capital withdrawal by the proprietor resulting in deterioration of
the entity's net worth. Further the proprietorship firms are
attributed to limited access to funding.

Key Rating Strengths

* Long track record of the firm and experienced promoter: BI was
established in the year 2008 and promoted by Mr. Yekkali Kasi
Viswanatham whois the proprietor of the firm. He has more than one
decade of experience in the manufacturing of writing slates.
Further, the operations of the firm are well supported by the
strong management team who are qualified graduates with more than a
decade of experience in marketing and operations department.

* Growth in total operating income: The total operating income of
the firm increased from INR12.95 crore in FY18 to INR17.30 crore in
FY20.

* Favorable demand outlook of the education industry: The education
sector in India is poised to witness major growth in the years to
come as India will have world's largest tertiary-age population and
second largest graduate talent pipeline globally by the end of
2020. As of now the education market is worth US$ 100 billion.
Currently, higher education contributes 59.7 percent of the market
size, school education 38.1 percent, pre-school segment 1.6
percent, and technology and multi-media the remaining 0.6 percent.
Higher education system in India has undergone rapid expansion.
Currently, India's higher education system is the largest in the
world enrolling over 70 million students while in less than two
decades, India has managed to create additional
capacity for over 40 million students. At present, higher education
sector witnesses spending of over INR46,200 crore (US$6.78
billion), and it is expected to grow at an average annual rate of
over 18 percent to reach INR232,500 crore (US$ 34.12 billion) in
next 10 years.

Andhra Pradesh based, Balaji Impex (BI) was established as a
proprietorship Firm in 2008 by Mr. Yekkali Kasi Viswanatham. The
firm is engaged in the manufacturing of writing slates. The
registered office of the firm is located at Markapur, Prakasham
District and Andhra Pradesh. The manufacturing process involves
cutting of Medium Density Fiber Board (MDFB) in to small pieces,
painting and application of plastic frames across its border. The
company imports (MDFB) raw materials from countries like Malaysia,
Indonesia, Singapore, Thailand, and Vietnam. The company sells its
final products to the local customers located in and around Andhra
Pradesh state. The company has an installed capacity for
manufacturing of writing slates is 70,000 pieces per day as of
September 26, 2019.


BALAJI PACK: CARE Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Balaji
Pack and Pack Private Limited (BPPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BPPL to monitor the ratings
vide e-mail communications/letters dated February 22, 2021 and
February 13, 2021 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on BPPL's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings take into account non-availability of requisite
information and no due-diligence conducted due to noncooperation by
Balaji Pack and Pack Private Limited with CARE's efforts to
undertake a review of the rating outstanding.

CARE views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 9, 2020, the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the company
improved and stood small as marked by total operating income and
gross cash accrual of INR21.56 crore and INR1.33 crore in FY20 as
against INR14.27 crore and INR0.89 crore respectively in FY19.The
increase in the scale of operations was on account of increase in
products sold to its client. The net worth base of the
company also stood low at INR3.42 crore as on March 31, 2020. The
small scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Leveraged capital structure: The capital structure of the company
improved and stood leveraged as marked by overall gearing ratio
which stood at 1.63x as on March 31, 2020 as against 2.11x as on
March 31, 2019. The improvement was on account of repayment in term
obligations of the company resulting in lower debt levels of the
company.

* Competition from unorganized segment and other players: BPPL is
involved in manufacturing and trading of electrical appliances
which is a highly competitive market with many established Indian
and multinational players. As there is limited scope of
differentiation of the products, price and brand perception becomes
critical during the purchase. The company also faces tough
competition on the price front from various small unorganized
players.

* Seasonal nature of business: The company is engaged in the
business of manufacturing and trading of electrical equipment's
like air coolers, other white goods etc. which have seasonal
application. The demand for company's products usually remain high
during the months of March and November due change in season in
India during these months. The company has to pile up large
inventory of raw material and finished products during whole year
to meet any immediate orders on account of which it has to bear
high inventory carrying costs.

Liquidity analysis
The liquidity of the company stood stretched as marked by current
ratio and quick ratio of 0.79x and 0.28x as on March 31, 2020 as
against 1.01x and 0.40x as on March 31, 2019. The company had
availed the moratorium period extended by the bank in the wake of
Covid-19.

Key Rating Strengths

* Experienced promoters: Balaji Pack & Pack Private Limited was
promoted by Mr. Bimal Kumar Sultania and Ms. Sarita Sultania. Mr.
Bimal Kumar Sultania (Director) has an experience of more than two
decade in trading and manufacturing of electrical appliances
through his association with BPPL and other family business. He is
supported by Ms. Sarita Sultani, she is a graduate and has an
experience of nearly two decades in trading and manufacturing of
electrical appliances.

* Improvement in profitability margins and coverage indicators: The
profitability margins of the company are directly associated with
technical aspect of the product manufactured. The company
manufactures different types of products which are as per
specification of its customer. The PBILDT margins of the company
declined and stood moderate at 9.93% in FY20 as against 12.40% in
FY19 on account of increase in cost of materials consumed. Owing to
improved profitability margins and lower debt levels of the company
in FY20, the coverage indicators improved as marked by interest
coverage ratio and total debt to GCA of 2.97x and 4.19x as on March
31, 2020 as against 2.20x and 7.17x as on March 31, 2019.

* Moderate operating cycle: The operating cycle of the company
stood moderate at 26 days for FY20 as against 60 days for FY19. The
deterioration in operating cycle is on account of increase in the
inventory period of the company. The company maintains adequate
inventory in the form of raw material for the smooth functioning of
operations and finished goods to meet immediate demand of the
customers resulting in average inventory period of 58 days for FY20
as against 82 days for FY19. The company offers a credit period of
around a week to its customer resulting to average collection
period of 8 days in FY20. The company receives a credit period of
around a month from its suppliers depending upon their terms and
conditions resulting in creditor days of 40 days from its
supplier.

Balaji Pack & Pack Private Limited (BPPL) was incorporated in
April, 2001 as a Private Limited Company by Mr. Bimal Kumar
Sultania and his wife Mrs. Sarita Sultania. BPPL is engaged in the
business of manufacturing of electrical appliances i.e. Air coolers
and auto parts. The firm procures the raw material which includes
plastic granules and electrical motors from Delhi-NCR and Uttar
Pradesh. The manufacturing unit of the company is located in
Ghaziabad, Uttar Pradesh with an installed capacity of 1, 20,000
units of coolers annually. BPPL sells its product to its sole
customer i.e. Vishal Video and Appliance Private Limited.

BRILLIANT IT ENABLING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Brilliant IT Enabling Services Private Limited
        Old No. 65/1 New No. 149
        Luz Church Road, Mylapore
        Chennai 600004

Insolvency Commencement Date: March 4, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 4, 2021
                               (180 days from commencement)

Insolvency professional: N. Kumar

Interim Resolution
Professional:            N. Kumar
                         Old No. 8, New No. 3
                         Third Street
                         Race View Colony Guindy
                         Chennai 600032
                         E-mail: naraykumar71@rediffmail.com
                         Mobile: 9952418350

Last date for
submission of claims:    March 22, 2021


DOSHI HOLDINGS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Doshi Holdings Private Limite
        58, Nariman Bhavan
        Nariman Point, Mumbai
        Mumbai City
        MH 400021
        IN

Insolvency Commencement Date: February 19, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2021

Insolvency professional: Kanak Jani

Interim Resolution
Professional:            Kanak Jani
                         17, Sai Moreshwar Luxuria
                         Plot No. 74, Sector 18
                         Kharghar, Next to Sanjeevani
                         International School
                         Navi Mumbai
                         Maharashtra 410210
                         E-mail: kanakj@yahoo.com
                                 dhpl.cirp@gmail.com

Last date for
submission of claims:    March 9, 2021


EXCEL TIMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel Timbers
Private Limited (ETPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       7         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letters and emails dated August 22,
2020 and February 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Kozhikode (Kerala), ETPL primarily trades in timber logs.


HANUMAN TRUST: CRISIL Raises Rating on INR59.5cr Loan to B
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facilities of Shree Hanuman Trust (SHT) to 'CRISIL B/Stable' from
'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             59.5       CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects improved liquidity reflected in track
record of timely repayment of debt obligations for more than 90
days, due to timely receipt of lease rent income.

The rating reflects exposure to risks related to timely renewal of
contract and receipt of arrears, single tenant occupancy and loans
given to group entity engaged in real estate.  These weaknesses are
partially offset by assured revenues with strong counterparty, and
presence of escrow mechanism and Debt Service Reserve Account
(DSRA).

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to timely renewal of lease contracts
and single tenant occupancy: The entire leasable area is occupied
by Income Tax Department, leading to customer concentration. Due to
low bargaining power with the counterparty, there have been delays
in revising the rental rates and providing the arrears thus
resulting in a mismatch in cash flows.

* High Dependence on Interest income received from loans given to
Group Company: The trust had an outstanding loan of Rs.93 Crores to
its group company Sealink Construction Co. Pvt Ltd. The outstanding
loan as on December 31, 2020 is Rs.50.25 Crores.  The interest
charged on this loan by the trust is 11.5%. Any mismatch between
rental income and loan repayment amount is funded by the trust by
this interest, thereby increasing the dependence on performance of
group entity for servicing of debt.

Strengths:

* Strong counterparty and property in a prime location : The
trust's lease agreement with The Income Tax Department is ongoing
for the past 34 years and has been renewed every three years on
timely basis. Further, the property is located in the prime
location of Mumbai i.e. Nariman Point. The trust is therefore able
to command premiums on its rentals leading to higher rental
income.

* Escrow mechanism and presence of DSRA: Presence of escrow
mechanism ensures direct deposit of rentals in the account, which
is primary used for repayment. A 1.5 month debt service reserve
account (DSRA) & support from promoters provides further liquidity
cushion.

Liquidity: Stretched

SHT has stretched liquidity with expected average debt service
coverage ratio (DSCR) of 1.1 times throughout the tenure of the
loan, considering for interest income from Group Company. Debt
protection metrics are also supported through a debt service
reserve account covering 1.5 months of debt servicing obligations.
The outstanding debt-to-lease rentals ratio is expected improve
with gradual repayment of debt and provide cushion in terms of
raising additional debt, if required. The trust had availed
moratorium for the period March 2020-August 2020.

Outlook: Stable

CRISIL Ratings believes SHT will maintain its stable debt servicing
coverage ratio (DSCR) over the medium term, backed by steady cash
inflow.

Rating Sensitivity Factors:

Upward Factors

* Improvement in the DSCR to over 1.5 times, supported by change in
lease rent rates, leading to substantially higher-than-anticipated
cash flow.

* Increase in lease rates

Downward Factors

* Drawdown of additional debt, leading to the DSCR dropping to
below 1 time

* Weakening of debt protection metrics on account of
lower-than-expected cash flow driven by lower lease rentals and
stretch in receivables.

SHT, setup in 1982, owns an office in Mumbai, which is given on
lease basis to The Income Tax Department. The trust is owned by
Mittal Group, who have interest in real estate development.


HINDUSTHAN ISPAT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Hindusthan Ispat Private Limited
        Plot No. 247, House No. 63-347/17/4
        1st floor, Dwarakapuri Colony
        Hyderabad Telangana 500082
        India

Insolvency Commencement Date: February 23, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 6, 2021

Insolvency professional: Madhusudhan Rao Gonugunta

Interim Resolution
Professional:            Madhusudhan Rao Gonugunta
                         7-1-285, Flat No. 103
                         Sri Sai Swapnasampada Apartments
                         Balkampet, Sanjeev Reddy Nagar
                         Hyderabad, Telangana 500038
                         E-mail: hiplip20201@gmail.com
                                 madhucs1@gmail.com

Last date for
submission of claims:    March 8, 2021


IIFL FINANCE: Fitch Affirms 'B+' LT IDR, Off Watch Negative
-----------------------------------------------------------
Fitch Ratings has affirmed India's IIFL Finance Limited's Long-Term
Issuer Default Rating (IDR) at 'B+' and has removed the rating from
Rating Watch Negative (RWN). The Outlook is Stable. This reflects
Fitch's view of easing downside risk to the company's credit
profile due to less adverse economic and funding conditions, which
Fitch expects to be broadly sustained in the coming year.

The ratings were placed on RWN in March 2020 and maintained on RWN
at the last review in September 2020.

India's economic recovery remains uneven, with lingering
uncertainty around the path of the coronavirus pandemic. Fitch
expects reported asset quality metrics to deteriorate further as
regulatory loan forbearance and economic support measures taper
off. This includes a Supreme Court ruling delaying the recognition
of new non-performing assets (NPA). Nonetheless, Fitch sees
sufficient headroom at the current rating to absorb further
downside risk.

KEY RATING DRIVERS

IDR

IIFL Finance's rating is driven by its standalone credit profile,
reflecting its moderate local franchise and diversified loan
portfolio, balanced against more opportunistic strategy and
execution, exposure to higher-risk loan segments and a more
market-sensitive funding profile that is less cushioned by
contingent funding and liquidity buffers relative to higher-rated
peers.

Loan collection trends continue to improve, but significant
shortfalls persist in several segments. Fitch believes business
loans, construction finance and microfinance remain at greater risk
of credit slippage; the three segments together accounted for about
44% of on-balance-sheet loans at end-2020. A proposed sell-down of
the construction finance portfolio may reduce on-balance-sheet
exposure, but Fitch believes could still leave a significant
proportion of credit risk with IIFL Finance.

Pro forma gross NPAs increased to around 2.9% of gross loans by
end-December 2020 (financial year ending March 2020 (FY20): 2.3%).
This looks through the Supreme Court restraint on new NPA
classifications, but still underestimates problem loans in the
portfolio. Fitch believes further impairment is likely,
particularly as regulatory support measures for SME and
construction finance expire over the coming months.

Nonetheless, the removal of the RWN and the Stable Outlook on the
rating reflects Fitch's view that the threat of further
asset-quality deterioration is adequately captured at the current
rating level, with the company's loan loss reserves, earnings and
capital buffers providing a cushion against asset quality and
provisioning risks. Loan loss provisions were roughly 4% of
consolidated gross loans at end-2020, while the parent-level Tier 1
capital ratio improved to 18.0%, from 13.1% at FYE20, supported by
sustained earnings accumulation despite pandemic-related pressure.

Fitch expect sustained volume growth and somewhat lower
provisioning costs to support profitability as the economy
recovers. This is despite potential pressure on the net interest
margin from rising market interest rates and increasing competition
from banks, especially in urban retail segments. Annualised pre-tax
earnings had recovered to approximately 2.5% of average assets in
9MFY21 (1QFY21: 0.7%; FY20: 2.1%) amid a wider net interest margin,
partly supported by accommodative monetary policy, and improved
volume growth.

New lending is likely to be partly channelled off-balance-sheet,
helping to reduce capital usage and maturity mismatch risks. This
funding structure should relieve pressure on the company's leverage
as growth revives; Fitch expects debt/tangible equity to remain at
around 5.0x-6.0x in the near term (end-2020: around 5.6x). That
said, off-balance-sheet funding remains more forthcoming for
better-quality, collateralised products, such as gold and home
loans. Greater encumbrance of lower-risk assets would weaken the
quality of the remaining book.

Fitch continue to regard IIFL Finance's funding profile as more
susceptible to shifts in market confidence relative to higher-rated
peers. Nonetheless, the Stable Outlook reflects Fitch's view of
normalising funding and liquidity conditions for many non-bank
financial institutions, including IIFL Finance, as collection
inflows have improved. Funding mobilisation has increased, while
usage of government-led funding support schemes has eased in recent
months. Meanwhile, liquidity coverage of short-term liabilities has
strengthened, with increased unencumbered cash and liquid asset
holdings.

PROGRAMME AND DEBT RATINGS

The ratings on IIFL Finance's medium-term note (MTN) programme and
secured foreign-currency senior debt are at the same level as its
Long-Term Foreign-Currency IDR. Indian non-bank financial
institution borrowings are typically secured and Fitch believes
non-payment of the senior secured debt would best reflect the
uncured failure of the entity. Non-bank financial institutions can
issue unsecured debt in the overseas market, but such debt
typically constitutes a small portion of their funding and is
therefore not seen as the primary senior financial obligation.

The notes are subject to maintenance-based covenants that require
IIFL Finance and its principal subsidiaries to meet regulatory
capital requirements, maintain a net NPA ratio of 5% or lower,
after deducting specific provisions, as well as a security coverage
ratio of 1.0x or higher at all times. Fitch expects the company to
meet these requirements, despite further expected credit
deterioration over the coming year.

The Recovery Rating of 'RR4' on IIFL Finance's senior secured debt
is assigned in accordance with Fitch's criteria for entities with a
Long-Term IDR of 'B+' or below, and reflects Fitch's expectation of
'Average' recovery prospects for noteholders in the event of a
default.

RATING SENSITIVITIES

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

IDR

-- A near-term upgrade is unlikely in light of lingering
    uncertainty around the pandemic and economic recovery. Over
    the longer term, a lower-risk loan mix and stronger funding
    and liquidity profile in the form of a more diverse roster of
    funding providers, reduced reliance on asset sales or specific
    asset encumbrance to raise funding, and more conservative
    contingent liquidity buffers comprising a higher proportion of
    liquid assets would be positive for the credit profile. This
    is provided the economic environment continues to improve and
    the company is able to regain asset quality metrics more in
    line with pre-pandemic levels, while maintaining steady
    capitalisation and leverage.

PROGRAMME AND DEBT RATINGS

An upgrade of the Long-Term Foreign-Currency IDR would result in a
corresponding upgrade on the MTN programme and senior secured debt
ratings. There is no upside to the Recovery Rating, as it is
already at the highest level possible for an issuer in India.

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

IDR

-- Negative rating action may result from an outsized
    deterioration in asset quality leading to renewed stress in
    funding conditions or weakened short-term liquidity
    contributing to elevated refinancing risk. A gross Stage 3 and
    restructured loan ratio exceeding 7.0% would trigger a
    downgrade. A significant resurgence in coronavirus cases
    remains a risk, as local vaccinations will take time to be
    rolled out. The ratings would be downgraded, potentially by
    multiple notches, if the liquidity buffer falls below three
    months' debt repayments without a firm and timely restoration
    path.

-- Higher leverage beyond 7.0x debt/tangible equity would also
    trigger negative action, but Fitch does not expect this to
    occur in the near-term in light of the company's plans to
    shift loan growth off-balance-sheet.

PROGRAMME AND DEBT RATINGS

The ratings on the MTN programme and senior secured debt would be
vulnerable to a downgrade of the Long-Term Foreign-Currency IDR.
The Recovery Rating may be revised to 'RR5' if Fitch perceives
weakened recovery prospects on the senior secured debt of below
30%.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

IIFL Finance has an ESG Relevance Score of '3' for Customer
Welfare, compared with the standard score of '2' for the finance
and leasing sector. This reflects IIFL Finance's retail-oriented
operation, which exposes it to risks around fair lending practices,
pricing transparency and repossession, foreclosure, and collection
practices, whereby aggressive practices in these areas may subject
it to legal, regulatory and reputational risk that may negatively
affect its credit profile. The ESG Relevance Score of '3' reflects
Fitch's view that such risks are adequately managed and have a low
impact on the credit profile.

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.


INDIA STUFFYARN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: India Stuffyarn Limited

        Registered office:
        555, Double Storey
        New Rajinder Nagar
        New Delhi 110060
        India

        Prinicpal office:
        16/121-122, Jain Bhawan
        Gali No. 5, Faiz Road
        Karol Bagh
        New Delhi 110005

Insolvency Commencement Date: March 11, 2021

Court: National Company Law Tribunal, New Delhi Bench III

Estimated date of closure of
insolvency resolution process: September 7, 2021
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         MNK & Associates
                         Company Secretaries
                         G-41, Ground Floor
                         West Patel Nagar
                         Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 indiastuffyarn.cirp@gmail.com

Last date for
submission of claims:    March 26, 2021


MAGIC CERAMIC: CARE Lowers Rating on INR8.54cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Magic Ceramic, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.54      CARE B+; Stable Revised from
   Facilities                      CARE BB-; Stable

   Short Term Bank
   Facilities            1.75      CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The revision in ratings assigned to the bank facilities of MC is
owing to net losses booked during the last two years ended FY20
(FY, refers to the period April 1 to March 31) with elongation in
working capital cycle. The ratings further, continue to remain
constrained on account of its modest scale of operations and
profitability, moderate capital structure and weak debt coverage
indicators in FY20 along with its partnership nature of
constitution, susceptibility of profit margins to fluctuation in
prices of raw materials, fuel costs and foreign exchange
fluctuation risks and presence in highly competitive ceramic
industry with fortunes linked to demand from cyclical real estate
sector.

The ratings, however, continue to derive strength from its vast
experience of promoters along with established marketing and
distribution network and a diversified clientele base along with it
being located in the ceramic hub with easy access to raw material,
fuel and labour.

Rating Sensitivities

Positive Factors

* Significant increase in scale of operations while reporting net
profits with an increase in Gross Cash Accruals (GCA) to suffice
the debt repayments

* Improvement in capital structure led by overall gearing of 2
times or lower with an improvement in debt coverage indicators as
marked by Total Debt to GCA (TDGCA) to 15 years or lower on a
sustained basis

Negative Factors

* Decline in TOI and PBILDT by more than 20%
* Deterioration in capital structure led by overall gearing ratio
to more than 3 times

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations and profitability: The scale of
operations of MC marked by Total Operating Income (TOI) continued
remained modest at INR23.16 crore during FY20 as against TOI of
INR21.86 crore during FY19. MC's profitability also continued to
remain moderate as marked by PBILDT margin at 7.95% during FY20 as
against 6.09% during FY19. The improvement in PBILDT margin is
mainly due to decrease in power and fuel costs during FY20.
However, MC has continued to book net loss of INR0.62 crore during
FY20 against net loss of INR1.37 crore during FY19.

* Elongation in working capital cycle: The operating cycle of MC
elongated from 117 days during FY19 to 142 days during FY20 owing
to decrease in the average creditors' period from 222 days to 183
days. Further, the Gross Current Asset days also remained high at
362 days.

* Moderate capital structure and weak debt coverage indicators: The
capital structure of the firm improved however continued to remain
moderate as marked by an overall gearing of 1.78 times as on March
31, 2020 as against 2.06 times as on March 31, 2019, the
improvement in the overall gearing ratio is due to a decrease in
the total debt level led by repayment of term loans during FY20.
The debt coverage indicators of MC continued to remain weak marked
by TDGCA of 21.80 years as on March 31, 2020 which however improved
from 162.94 years as on March 31, 2019 owing to decrease in the
total debt level during FY20. The interest coverage ratio continued
to remain modest at 1.43 times during FY20 as against 1.07 times
during FY19.

* Partnership nature of constitution: The constitution as a
partnership firm restricts MC's overall financial flexibility in
terms of limited access to external funds for any future expansion
plans. Further, there is inherent risk of possibility of withdrawal
of capital in times of personal contingency as it has limited
ability to raise capital and poor succession planning may result in
dissolution of the firm.

* Susceptibility of profit margins to fluctuation in prices of raw
materials, fuel costs and foreign exchange fluctuation risks:
Prices of raw material i.e. clay is market driven and puts pressure
on the margins of tile manufacturers. Another major cost
component is fuel expenses in the form of natural gas, which keeps
on fluctuating as per global demand-supply scenarios. MC's ability
to source piped natural gas at competitive rates and its ability to
control its cost structure remain crucial especially in light of
competitive environment. Also, the entity exports part of its
products to various countries, which expose its profit margins to
foreign exchange fluctuation risks in absence of active foreign
exchange hedging policy.

* Presence in highly competitive ceramic industry with fortunes
linked to demand from cyclical real estate sector: MC operates in
highly competitive segment of the ceramic industry marked by low
entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. Further, demand for such products
is directly linked with that of growth of real estate sector which
in turn is cyclical in nature.

Key Rating Strengths

* Vast experience of promoters along with established marketing and
distribution network and a diversified clientele base: MC is
promoted by Mr. Prabhulal Detroja, Mr. Rajniknat Detroja and Mr.
Rashiklal Detroja. The key promoters have experience of more than a
decade in ceramic industry. MC markets its products across various
states in India as well as overseas market and caters to demand
from domestic and overseas customers spread across Middle East
Countries such as Dubai, Oman etc.

* Located in the ceramic hub with easy access to raw material, fuel
and labour: The manufacturing unit of MC is located at Morbi
(Gujarat) which is one of the largest ceramic clusters in India.
Majority of total ceramic tiles production in India comes from the
Morbi cluster that houses more than 600 units engaged in
manufacturing of wall tiles, vitrified tiles, floor tiles, sanitary
wares, roofing tiles and others such products. It provides easy
access to raw material, fuel and labor.

* Impact of COVID-19 on business operations of MC: MC is into
manufacturing of Glazed Vitrified Tiles (GVT) and wall tiles which
is directly related to construction industry. The nationwide
lockdown has brought about a standstill in building and
construction activities. Being into the business directly related
to construction sector, MC faced decline in the demand from the
customers during Q1FY21.  Also, the operations were halted from
March 22, 2020 to June 30, 2020, due to a nation-wide lockdown
owing to COVID-19 pandemic. After the resumption of operations from
July 01, 2020, it has not faced any major labor shortages. Also, MC
has been receiving orders from its customers on a regular basis
from the month of July 2020. The payments from its customers are
received in a timely manner.

Liquidity: Stretched

Liquidity position of MC continued to remain stretched during FY20
marked by tightly matched cash accruals of INR0.55 crore during
FY20 which is almost equivalent to the principal debt repayments
arising in FY21, necessitating promoters funding support to service
the debt obligations if required. Cash and bank balance also
remained low at INR0.10 crore as on March 31, 2020. Net cash flow
from operating activities remained modest at INR1.57 crore during
FY20. Average working capital limits utilization however remained
moderate at around 66% during past twelve months period ended
January 2021. MC has availed moratorium of 6 months from March 2020
to August 2020 for its term loan principal and interest as well as
cash credit interest under COVID-19 relief measures, thus providing
liquidity cushion to a certain extent. Additionally, MC has availed
Covid Emergency Loan of INR0.70 Crore and INR1.79 crore, both of
which are fully disbursed.

Morbi (Gujarat) based Magic Ceramic (MC) was established in January
2010 as partnership firm and promoted by Mr. Prabhulal Detroja, Mr.
Rajniknat Detroja and Mr. Rashiklal Detroja. MC has set up a plant
in Morbi (Gujarat) for manufacturing of glazed vitrified tiles
(GVT) tiles and wall tiles with an installed capacity of 27,000
Metric Tonnes Per Annum as on March 31, 2020. MC sells its products
pan India and also exports in countries like Dubai, Oman etc.

MEHER CHAITANYA: CARE Lowers Rating on INR6.03cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Meher Chaitanya Modern Rice Mill (SMCMRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.03      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 February 18, 2020, placed
the rating(s) of SMCMRM under the 'issuer non-cooperating' category
as SMCMRM had failed to provide information for monitoring of the
rating. SMCMRM continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and an email dated March 2020 to February 26, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by Sri Meher Chaitanya
Modern Rice Mill with CARE's effort to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on February 18, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations along with moderate tangible networth:
Despite the presence of SMCMRM in the market for more than a
decade, the scale of operations of the firm remained small with the
total operating income at INR17.26 crore in FY18 with moderate net
worth base of INR3.37 crore as on March 31, 2018 when compared to
other peers in the industry. The small scale limits the financial
flexibility in times of stress and deprives it from scale
benefits.

* Elongated operating cycle resulting in working capital intensive
nature of operations: The operating cycle of the firm remained
elongated and stood at 110 days in FY18 due to high inventory
period. The firm receives the payment from its customer within
30-90 days and makes the payment to its supplier within 30 days.
The firm holds the average inventory of around 60-70 days to meet
the requirement of customer as on need basis and to bridge the gap,
the firm is utilizing the cash credit facility for managing its day
to day operations resulting to working capital-intensive nature of
operations. The average utilization of working capital limit stood
at 95% for the last 12 month ended January 31, 2019.

* Weak debt coverage indicators: The total debt/GCA of the firm are
weak, however, improved from 24.38x as on March 31, 2016 to 19.88x
as on March 31, 2018 due to decrease in total debt levels at the
back of lower utilization of working capital bank borrowings as on
closing balance sheet date ended. The PBILDT interest coverage
ratio of the firm remained at 1.38x in FY18 and deteriorated from
1.38x in FY16 at the back of increase in interest due to increase
in unsecured loans from related parties @12% for meeting the day to
day operations of the firm. Total debt/Cash flow from operations
stood negative as on March 31, 2018 due to increase in cash flow
from operating activities at the back of high sundry debtors and
creditors.

* Constitution of the entity as a partnership firm: SMCMRM, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth. However, the partners infused capital of INR0.08 crore
during the review period.

* Seasonal nature of availability of paddy: Paddy in India is
harvested mainly at the end of two major agricultural seasons
Kharif (June to September) and Rabi (November to April). The
millers have to stock enough paddy by the end of the each season as
the price and quality of paddy is better during the harvesting
season. During this time, the working capital requirements of the
rice millers are generally on the higher side. Majority of the
firm's funds of the firm are blocked in inventory and with
customers resulting to high utilization of working capital bank
borrowings.

Key Rating Strengths

* Established track record and experienced partners for more than
one decades in rice milling industry: SMCMRM was promoted by Mr. V
Meher Chaitnaya (Managing Partner), Mr. Gunnam Ravindra (Partner),
Mr. Gunnam Meher Charan (partner) and their family members as
partners in the year 2005. Mr. V Meher Chaitnaya, Managing Partner
and Mr. V. Ramarao (F/o Meher Chaitnaya), partner before
establishing SMCMRM in 2005, the promoters were the partners of
Meher Baba Rice Mill (1980) and have an experience of around 12
years and 30 years respectively in rice processing business.
Through his experience in the rice processing, they have
established healthy relationship with key suppliers, customers,
local farmers, dealers and also with the brokers facilitating the
rice business.

* Increasing TOI during the review period: The TOI of the firm seen
increasing during the review period at CAGR at 34.93 % i.e., TOI
increased to INR17.26 crore in FY18 as compared to INR9.48 crore in
FY16 due to increase in price of rice coupled with increase in sale
of rice, broken rice, and other by-products. Further, the company
achieved TOI of INR15.20 crore in 10MFY19 (Prov.,).

* The % of revenue breakup is as follows: Fluctuating PBILDT
margins albeit remained satisfactory and thin PAT margins The
profitability margins of the firm are fluctuating during the review
period in the range of 5-6 %, however, remained satisfactory, due
to fluctuation in raw material prices, power fuel and other selling
expenses. Further, the PAT margins of the firm remained thin and
stood at 0.27% in FY18 due to increase in interest cost and other
financial expenses on account of high working capital utilization
and increased unsecured loans from the related parties @ 12% for
meeting the day to day operations of the firm.

* Comfortable Capital Structure: The capital structure of the firm
remained comfortable during the review period marked by debt equity
ratio remained nil on account of absence of long term loans and
overall gearing ratio improved marginally from 1.12x as on March
31, 2016 to 0.89x as on March 31, 2018 due to increase in tangible
net worth at the back of accretion of profits. Further, the Overall
gearing ratio of the firm stood at 0.95x as on September 30, 2018.

* Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of SMCMRM is located
at East Godavari District which is the one of the top districts for
producing rice in Andhra Pradesh. The manufacturing unit is located
near the rice producing region, which ensures easy raw material
access and smooth supply of raw materials at competitive prices.

* Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the rice
millers and thus the demand is expected to remain healthy over
medium to long term. India is the second largest producer of rice
in the world after China and the largest producer and exporter of
basmati rice in the world. The rice industry in India is broadly
divided into two segments – basmati (drier and long grained) and
non-basmati (sticky and short grained). Demand of Indian basmati
rice has traditionally been export-oriented where the South India
caters about one-fourth share of India's exports.

However, with a growing consumer class and increasing disposable
incomes, demand for premium rice products is on the rise in the
domestic market. Demand for non-basmati segment is primarily
domestic market-driven in India. Initiatives taken by government to
increase paddy acreage and better monsoon conditions will be the
key factors which will boost the supply of rice to the rice
processing units. Rice being the staple food for almost 65% of the
population in India has a stable domestic demand outlook. On the
export front, global demand and supply of rice, government
regulations on export and buffer stock to be maintained by
government will determine the outlook for rice exports.

Sri Meher Chaitanya Modern Rice Mill (SMCMRM) was established in
October 2005 as a partnership firm by Mr. V Meher Chaitnaya
(Managing Partner), Mr. Gunnam Ravindra (Managing Partner), Mr.
Gunnam Meher Charan (partner) and their family members as partners.
SMCMRM is engaged in milling and processing of rice and sells its
products under unregistered brand name of “Vanitha.” The owned
rice milling unit of the firm is located at Mandapeta village, East
Godavari District, Andhra Pradesh. Apart from rice processing, the
firm is also engaged in selling off by-products such as broken
rice, husk and bran. The main raw material, paddy, is directly
procured from local farmers located in and around East Godavari
District, West Godavari District and Krishna District (80%) and the
balance 20% is from Bihar, West Bengal. The firm sells rice and
other by-products in the states of Kerala and Andhra Pradesh. The
company also does job work for Andhra Pradesh Government, for which
it receives paddy form the state government.

OMAXE LTD: CARE Lowers Rating on INR1,202cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Omaxe Ltd, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,202.00     CARE D Revised from CARE BB+;
   Facilities                      Stable

   Long Term/Short       90.00     CARE D Revised from CARE BB+;
   Term Bank                       Stable/CARE A4+
   Facilities           
                                   
   Long Term Medium      18.00     CARE D (FD) Revised from
   Term Instruments                CARE BB+ (FD); Stable

   Long Term Medium      18.47     CARE D (FD) Revised from
   Term Instruments                CARE BB+ (FD); Stable

Detailed Rationale & Key Rating Drivers

The rating has been revised on account of delays in servicing of
its debt obligations due to stressed liquidity position resulting
from the slowdown in real estate market due to covid-19.

Key Rating Sensitivity

Positive Factors

* Timely repayment of its debt on timely basis.

* Timely completion of the project within the estimated timelines

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of debt obligations: There have been
instances of delay in servicing of its debt obligations due to
stressed liquidity position. The same was on account of subdued
industry scenario which led to slow down in sales and realization
from customers.

* Subdued real estate scenario coupled with impact of Covid-19: In
Real estate sector, prices are likely to remain stagnant and
developers will continue to focus on clearing existing inventory
rather than launching new projects as they continue to grapple with
regulatory changes like Real estate (regulation and development)
Act, 2016 (RERA), goods and services tax (GST) and overall subdued
demand. In fact, 2020 is expected to be another tough year for real
estate developers, given the ongoing liquidity problem, owing to
the NBFC crisis. Now, in light of the situation which was created
by COVID-19 it had worsened the persisting liquidity crunch in the
real estate sector. Various restrictions imposed by the Indian
Government to curb the pandemic had also led to a temporary halt in
ongoing real estate projects which also had a domino effect w.r.t.
the large scale reverse migration of laborers and disruption in
supply chain of materials.

Liquidity: Stretched

The liquidity profile of Omaxe Limited remains weak. Due to
mismatch between project receipts vis a vis the debt repayment
obligations the liquidity of Omaxe Limited remains constrained. As
per the banker, company has availed moratorium as provided by bank
in lines with RBI guidelines in wake of COVID-19 pandemic.

Omaxe Ltd was promoted in March 1989 and in August 1999, the
company was converted into a public limited company and the name
was changed to Omaxe Constructions Ltd and later in 2006, the name
of the company was again re-christened as Omaxe Limited. The
company is currently engaged in the business of real estate
development and has presence across 27 cities in 8 states of India.
Omaxe has undertaken various projects in the areas of contractual
construction, township development, building of commercial
complexes, multi-storied apartments, etc.


PLASTOMET: CARE Reaffirms B+ Rating on INR12.53cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Plastomet, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           12.53      CARE B+; Stable Reaffirmed

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of Plastomet continues
to remain primarily constrained on account of its modest scale of
operations with its constitution as a partnership concern, moderate
profitability margins, weak debt coverage indicators and stretched
liquidity position. The rating, further, continues to remain
constrained on account of vulnerability of margins to volatile raw
material prices and its presence in highly competitive industry.

The rating, however, continues to favorably takes into account its
experienced management with established relations with customers
and suppliers and comfortable capital structure.

Rating Sensitivities

Positive Factor

Factors that could lead to positive rating action/upgrade:

* Sustained increase in scale of operations
* Sustained improvement in PBILDT margin more than 6.00%.
* Sustained improvement in capital structure with overall gearing
  less than 0.50 times.

Negative factors

Factors that could lead to negative rating action/downgrade:

* Decline in scale of operation with TOI less than INR35.00 crore
* Deterioration in capital structure with overall gearing more
  than 1.50 times
* Deterioration in its liquidity position with operating cycle
  more than 180 days.

Detailed description of the key rating drivers

Key Rating Weakness

* Modest scale of operations and constitution as a partnership
concern:  During FY20, TOI of the firm has declined by 17.73% over
FY19 mainly on account of decline in sales price of the finished
product due to decrease in the market price of the raw material
purchased. Further, the scale of the firm stood modest with TOI of
INR42.27 Crore and PAT of INR0.19 crore in FY20. Furthermore, there
is an inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of partners.

* Moderate profitability margins with its presence in highly
competitive industry: Plastomet is primarily engaged in the
business of manufacturing of steel and aluminium wires which find
its application in various industries viz. construction, transport,
energy, packaging appliances etc. The industry is highly fragmented
with presence of numerous organized and unorganized players. The
competition is also intensified due to the low entry barriers in
terms of capital, technological requirements with low level of
product differentiation resulting into very high competition
leading to lower bargaining power vis-a-vis the customers, thus
impacting profitability of the firm.

On account of this, the profitability margins of the firm have
shown a decreasing trend during past three financial years ended
FY20. During FY20, PBILDT margin stood moderate at 4.26%, declined
by 25 bps over FY19 (decreased by 150 bps in FY19 over FY18) mainly
on account of higher cost of material consumed as well as higher
power and fuel consumption.

Further, owing to lower PBILDT margin with higher depreciation
charges, PAT margin of the firm declined marginally by 15 bps from
0.60% in FY19 to 0.46% in FY20. With decline in PAT level, GCA
level has also declined by 14.46% over FY19 and stood low at
INR0.44 crore in FY20.

* Weak debt coverage indicators: The debt service coverage
indicators of the firm stood weak with total debt to GCA at 27.57
times as on March 31, 2020, deteriorated marginally from 26.77
times as on March 31, 2019 owing to higher decrease in GCA level as
against decline in debt level. Furthermore, interest coverage ratio
stood moderate at 1.31 times in FY20.

* Presence in highly fragmented and competitive iron and steel
products industry with vulnerability of margins to volatile raw
material prices and constitution a partnership concern:  Plastomet
operates in the highly competitive steel industry which is cyclical
in nature due to dependence on other sectors - such as consumer
durables, infrastructure, and real estate which are strongly
correlated to the state of the economy. Furthermore, the industry
is characterized by low entry barriers and intense competition from
a large number of organized and unorganized players, thereby
limiting the bargaining power with customers. Further, the main raw
material of the company is wire rods, zinc, aluminium wire rods
which it procures from local markets. In the past, the prices of
the raw material have witnessed a fluctuating trend. The company is
exposed to fluctuation in raw material prices due to its presence
in the highly competitive and fragmented industry and no bargaining
power with its customers. The primary raw material required for
manufacturing of aluminium wire and steel wire material is
aluminium, wire rod and zinc. The price of aluminium is volatile in
nature and depends on market forces.

* Impact of Covid-19: The Central/State Governments had taken
various measures towards containment of COVID-19 which includes
temporary closure of non-critical establishments, inter-state
transportation, advisory against travel, visiting areas of mass
gatherings, social distancing norms etc. The epidemic Covid-19
halted the business operations of the firm. In view of the national
lockdown imposed by the government to contain the spread of virus,
the firm had shut down its plant located in Jaipur, Rajasthan from
March 22, 2020.  From April 28, 2020, the firm reopened its factory
and the operations were resumed from May 01, 2020 with 60-70%
capacity. At present, they are functioning at a capacity of
80-90%.

Key Rating Strengths

* Experienced management: The firm is present in the industry since
1979 and therefore, has track record of operations of around four
decades in the industry with established customer and supplier
base. Mr. Pradeep Mukharji, Engineer by qualification (IIT Kanpur),
has around more than four decades of experience in the industry and
looks after overall affairs of the company. He is assisted by Mrs.
Sarvani Mukharji who also have more than of 5 years of experience
in the industry. In addition, they are assisted by a professional
team of employees who help the management in taking strategic
decisions for the firm as a whole.

* Established relations with customers and suppliers: The firm has
reputed clientele base and has established relationship with its
suppliers also. The customer base of the firm includes Havells
India Limited, KEC International Limited, R.R Kabel Limited etc.
and the suppliers includes Steel Authority of India Limited, JSW
Steel etc.

* Comfortable Capital Structure: The capital structure of the firm
stood comfortable with an overall gearing of 0.84 times as on March
31, 2020, marginally improved from 0.95 times as on March 31, 2019
mainly due to lower utilization of working capital bank borrowings
which offset to an extent with disbursement of term loan for
working capital purpose. Out of the total debt of INR12.06 Crore-
INR2.47 Crore includes term loans, INR8.98 Crore includes working
capital bank borrowings and rest relates to unsecured loans.

Liquidity: Stretched

The liquidity position of the firm remained stretched with more
than 90% utilization of its working capital bank borrowings during
last 12 months ended January 2021 and elongated operating cycle of
122 days in FY20. It maintains inventory of two to three months.
Due to it, the current ratio stood moderate at 1.50 times as on
March 31, 2020 whereas quick ratio stood below unity at 0.98 times
as on March 31, 2020. Further, it has generated cash flow from
operating activities of INR1.81 crore in FY20 as against INR2.77
crore in FY19 on account of lower PBILDT. Further, the cash and
bank balances as on March 31, 2020 stood at INR0.36 crore.
Furthermore, the firm envisage gross loan repayments of INR0.72
Crore as against gross cash accruals of INR0.73 Crore in
FY21.Further, the firm has not availed moratorium facility from
March 2020-August 2020 as per RBI guidelines under COVID-19 relief
measures but has availed COVID-19 emergency fund under GECL of
INR2.89 Crore.

Jaipur (Rajasthan) based Plastomet is a partnership concern formed
in 1979 by Mr Pradeep Mukharji and Mrs. Sarvani Mukharji having
equal profit & loss sharing ratio. The firm is mainly engaged in
manufacturing of Steel wires, Aluminum Strip, ISI-C.A. Wires &
Strips. The firm has an installed capacity of 1000 MT per month as
on March 31, 2020. Its main use is in power cables in the form of
armor. However, it is mainly used in transmission.


PLATINO CLASSIC: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Platino Classic Motors (India) Pvt. Ltd
        No. II, 6B, NH47
        Byepass Road
        Maradu-PO, Kochi
        Kerala 682304

Insolvency Commencement Date: March 8, 2021

Court: National Company Law Tribunal, Thiruvananthapuram Bench

Estimated date of closure of
insolvency resolution process: September 3, 2021

Insolvency professional: Sathiq Buhari

Interim Resolution
Professional:            Sathiq Buhari
                         Sagreen Law Chamber
                         Vanchiyoor, Thiruvananthapuram
                         Kerala 695035
                         E-mail: sathiq33@gmail.com

                            - and -

                         3rd Floor, Bank Employees Cooperative
                         Society Building
                         Chirakkulam Road, Statue
                         Thiruvananthapuram 695001

Last date for
submission of claims:    March 26, 2021


PONDICHERRY TINDIVANAM: CARE Reaffirms D Rating on LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pondicherry Tindivanam Tollway Private Limited (PTTPL, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          210.94      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PTTPL is constrained
by the stretched liquidity position owing to lower traffic due to
Covid-19 Pandemic and presence of alternate route resulting in
delays in debt servicing.

Rating Sensitivities

Positive Factors

* Increase in toll traffic with subsequent improvement in the
liquidity profile & regularization of debt servicing

* Funding support from sponsors for regularization of debt
servicing

Detailed description of the key rating drivers

Key Rating Weaknesses

* Stretched liquidity position with delays in debt servicing:
During April 2020, the NHAI announced toll suspension for 19 days
on an account of nationwide lockdown imposed by Government of India
due to COVID-19 Pandemic. Hence, toll collection was stopped from
March 25, 2020 to April 19, 2020. This apart, the outbreak of COVID
with subsequent restrictions on traffic movement has impacted the
toll collection during current fiscal; mainly Car/Jeep/ Van
segment, which constitute around 77% of total traffic composition.
As a result, the traffic witness moderation and as a result the
toll income decreased from INR8.03 crore in H1FY20 to INR3.75 crore
in H1FY21. Consequently, liquidity is stretched resulting in delays
in debt servicing.

* Presence of alternate route on the stretch: The project road
forms part of a route connecting Pondicherry to Chennai
(combination of NH-45 and project road). A major portion of the
traffic plying on the project road is originating from Pondicherry
or Chennai. However, there is a two-lane road, ECR connecting
Pondicherry and Chennai which traverses along with the coast of
Tamil Nadu. The ECR is major competing road for the NH-45 project
road section due the presence of various tourists' spot which has
resulted in diversion of traffic and lower traffic on the project
stretch. While the company had proposed auxiliary toll plaza, the
same has not been approved by National Highway Authority of India
(NHAI) resulting in revenue leakage.

* Operations & Maintenance (O&M) Risk: As per the concession
agreement, PTTL is responsible for operating and maintaining the
project stretch. The company undertakes regular O&M works on its
own and is therefore exposed to risk of increasing prices. PTTL has
not entered fixed priced contract for the operation and maintenance
of project stretch. This apart, the company has not undertaken any
Major maintenance, since commencement of operation, given low
traffic flow on the project stretch and absence of funding support
from sponsors.

* Lower traffic levels as compared to the initial estimates: PTTL
commenced tolling in December 2011. The company's revenues are
derived from toll collections from various users at the single toll
booth located at km. 9.00 of the project stretch. The company
witnessed marginal increase in toll revenue by 4.43% during FY20
from INR15.24 crore in FY19 to INR15.91 crore in FY20. The toll
traffic has been on the lower side which has resulted in lower
profitability & cash accruals vis-à-vis debt servicing
obligation.

Key Rating Strengths

* Experienced promoters: PTTL was originally promoted by Maytas
Infra Limited (MIL) and NCC Limited (NCC). Later in 2009, Terra
Projects Private Ltd (TPPL), one of the sub-contractors and a group
company of Nagpur-based Jayaswal Neco Industries Ltd. acquired
26.10% stake in PTTL. Currently, IL&FS, NCC, TPPL and NCC
Infrastructure Holdings limited are the shareholders of PTTL.
Liquidity -

Poor: The company has a poor liquidity profile with low toll
collection due to low traffic on stretch and subsequently delays in
debt servicing. The company has sought moratorium on account of
Covid relief. Out of five lenders, one lender has provided
moratorium in Phase 1 and has rejected the same during phase 2.

Pondicherry Tindivanam Tollway Private limited (PTTL) is a Special
Purpose Vehicle (SPV) incorporated on March 27, 2007 to undertake
the construction, operation, maintenance of National Highways in
Tamil Nadu. It is promoted by the consortium of Nagarjuna
Construction Company Limited (NCC) along with its subsidiary NCC
Infrastructure Holdings Ltd, IL & FS Engineering constructions Ltd
(ILFS) and Terra-Projects Limited. The SPV is involved in
strengthening of four-lane road of 37.92 kms stretch on the
Pondicherry-Tindivanam section of NH-66, in the state of Tamil
Nadu. The Concession Agreement (CA) was executed between PTTL and
National Highways Authority of India (NHAI) on July 19, 2007 for a
concession period of 30 years from the date of financial closure,
including the construction period of 30 months. The Commercial
Operation Date (COD) or Scheduled Project Completion Date (SPCD) of
the project was July 14, 2010. However, on account of delay by NHAI
in handing over the land, the construction could not be completed
within the scheduled time. The company had managed to receive an
extension of Time (EOT) for COD till April 27, 2011, from NHAI. The
project received Provisional COD and has commenced tolling on
December 12, 2011. The actual cost incurred in the project was
INR361.96 crore as against estimated cost of INR314.62 crore.

RADHU PRODUCTS: CARE Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radhu
Products Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.90       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING Category

   Short Term Bank      0.20       CARE A4; 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 January 31, 2020 placed the
ratings of RPPL under the 'issuer non-cooperating' category as RPPL
had failed to provide information for monitoring of the rating.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 29, 2021, February 1, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by RPPL with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, the ratings continue to remain constrained owing by
fluctuating albeit small scale of operation, working capital
intensive nature of business and moderate liquidity positions and
operations in the competitive and fragmented industry with
volatility of raw material prices. The ratings, however, continue
to take comfort from long track record of the operations with
highly experienced promoters and moderately comfortable capital
structure and debt coverage indicators.

Detailed description of the key rating drivers

At the time of last rating on January 31, 2020, the following were
the rating weaknesses and strengths:

(Updated for the information available from the Registrar of
Companies).

Detailed description of the key rating drivers

Key Rating Weaknesses

* Fluctuating albeit small scale of operation: RPPL's scale of
operations stood small in the range of INR29.12 Cr. to INR29.84
crore during FY18-FY20. On the other hand, despite about decade of
operations, the tangible net-worth base stood moderately low at
INR10.44 crore as on March 31, 2020 (vis-à-vis INR9.22 crore as on
March 31, 2019). The small scale of operations and low tangible
net-worth limits the financial flexibility of the company to an
extent.

* Working capital intensive nature of business and moderate
liquidity positions: Operations of the company are working capital
intensive marked by an average operating cycle of around 127 days
for FY20 on account of funds being blocked in receivables. The
company offers 2-4 months of credit period to the reputed customers
owing to intense competition prevalent in the industry along with
high bargaining power of reputed clients. Furthermore, the
creditor's days remained low at 1 month in FY20 due to limited
credit period offered from suppliers due to low bargaining power.
The liquidity position has improved and stood moderate with current
ratio and quick ratio at 1.74x and 1.34x in FY20 as against 1.76x
and 1.38x in FY19.

* Operations in the competitive and fragmented industry with
volatility of raw material prices: RPPL operates in a highly
competitive and fragmented industry where it witnesses intense
competition from both organized and unorganized players along with
imports from China. Furthermore, the profit margins are susceptible
to the volatile prices of raw material viz. rubber as rubber prices
keep on fluctuating.

Key Rating Strengths

* Long track record of the operations with highly experienced
promoters: RPPL has established moderate track record with its
existence for almost 27 years of operations in manufacturing of
rubber thread. The overall operations are looked after by Mr. Rahul
Radhu and Mr. R.K. Radhu who have average experience of
three decades in rubber industry through his association with this
company and other associates (Radhu Industries). Radhu Industries
is a proprietorship entity and is engaged in manufacturing of
bicycle and auto tyre tubes which is being managed by Mr. R. K.
Radhu. He is supported by other director who has an experience of
more two a decade through his association with this entity. They
collectively look after the overall operations of the company. With
the long standing industry experience, the directors have
established relationship with the reputed customers.

* Moderately comfortable capital structure and debt coverage
indicators: The capital structure of the company stood comfortable
in past on account of moderately low reliance on external debt to
fund its business operations. Further, capital structure marked by
overall gearing stood at 0.47x as on March 31, 2020. Furthermore,
owing to above coupled with moderately low cash accruals, the debt
coverage indicators of the company stood moderately comfortable
marked by interest coverage and total debt to GCA of 4.66x and
3.24x respectively for FY20.

Radhu Products Private Limited was incorporated in the year 1991 as
a private limited company which is being managed Mr. Rahul Radhu
and Mr. R.K Radhu. RPPL is engaged in manufacturing of heat latex
rubber thread (Vulcanized Rubber Thread) which finds its
application in Textile (Hosiery) industry and Pharmaceuticals
(Medicine) industry. RPPL has its manufacturing facilities located
at Uttranchal (Uttarakhand) and registered office located at
Delhi.


SANJIV OILS: CARE Lowers Rating on INR17.80cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sanjiv Oils & Fats (SOF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        17.80     CARE B+; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating assigned to the bank
facilities of SOF takes into account improved operational and
financial performance of the company in FY20 (Audited; refers to
the period from April 1 to March 31), characterized by higher
income and improved profitability margins and improvement in
overall solvency position. The rating further derive strength from
the experienced & resourceful partners, diversified customer base,
locational advantages and moderate operating cycle.  The rating,
however, remain constrained by raw material price fluctuation risk,
highly competitive and fragmented nature of edible oil industry and
partnership nature of its constitution.

Key Rating Sensitivity

Positive Factor:

Increase in scale of operations with total operating income of more
than INR80 crore on a sustainable basis Improvement in
profitability margins marked by PBILDT and PAT margins above 9.00%
and 2.00% respectively

Negative Factor:

Decline in scale of operations by more than 20% along with decline
in PBILDT and PAT margins below 4.00% and 0.50% respectively.

Deterioration in debt coverage indicators marked by TDGCA ratio
above 8.00x and interest coverage ratio below 1.50x.

Any significant deterioration in the solvency position with overall
gearing ratio deteriorating to 3.00x owing to debt funded capex,
increased working capital reliance, etc.

Detailed description of the key rating drivers

Key Rating Strengths

* Improved operational and financial performance: The total
operating income of SOF increased from INR0.67 crore in FY17 to
INR48.01 crore in FY20 at a healthy CAGR of ~315% as the firm
started extraction of rice bran oil from March-18 and FY19 being
the first full year of operations. Also, the operations of Sanjiv
Agro Private Limited (one of its group concern) got merged with SOF
which resulted in higher sales during the period. The same,
however, remained small. The small scale of operations limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. Furthermore, the firm reported total operating
income of INR35.08 crore in 9MFY21 (Provisional). The profitability
margins of the firm remained at a low level marked by PBILDT margin
of 6.31% in FY20 and PAT margin of 0.98% in FY20. The PBILDT margin
improved from 3.93% in FY19 on account of procurement of raw
materials at better prices and stabilization of operations.

Consequently, PAT margins improved from 0.34% in FY19. Also, high
interest and depreciation expenses restricted the net profitability
of the firm to below unity level during last three financial years.
The overall gearing ratio of the firm stood moderate at 0.44x as on
March 31, 2020 (PY: 2.52x). The same improved on a yearon-year
basis in FY20 owing to accretion of profits coupled with infusion
of funds in the form of partners' capital and unsecured loans
leading to building up of net-worth base. Further, the total debt
to GCA ratio stood at a moderate level of 4.21x, as on March 31,
2020 (PY: 27.48x). The same, however, improved on a year-on-year
basis due to higher cash accruals generated during the period. The
interest coverage ratio continued to remain at a satisfactory level
of 2.25x in FY20 (PY: 1.76x).

* Experienced & resourceful partners: Sanjiv Oils & Fats is
currently being managed by Mr. Nawal Kishore, Mr. Jaininder Kumar,
and Mr. Chandan Kumar, as its partners. The partners have an
overall industry experience of more than three decades in the
similar business through SOF and other group concerns. The partners
have adequate acumen about various aspects of business which is
likely to benefit SOF in the long run. Furthermore, the partners
are supported by experienced team having varied experience in the
field of technical, marketing and finance aspects of business.  The
promoters of the firm are resourceful and have been infusing funds
in the firm over the years. In FY20, an additional INR3.19 cr. were
infused in the form of unsecured loans by the promoters and related
parties taking the total unsecured loans to INR7.46 cr., as on
March 31, 2020. (Rs.7.46 Cr., subordinated to the bank loans).
Apart from this, the funds have been infused in the form of
partners' capital amounting to INR4.36 crore in FY20.

* Diversified customer base: SOF has a diversified and large
customer base. The firm gets repeated orders from its buyers (both
existing as well as new customers added). The sales to top 5
customers constituted around 25.63% of total operating income in
FY20, thereby diversified customer base.

* Location advantage leading to easy availability of raw material:
The plant of the firm is located in Ludhiana, Punjab, which is
surrounded by various rice millers and processors. SOF uses rice
bran as its main raw material which is a by-product of rice
milling. Punjab being a major paddy hub of the country, there are
lot of rice millers around the vicinity of the plant which gives
easy access to the firm for availability of rice bran at
competitive rates and also at reduced freight costs.

Key Rating Weaknesses

* Raw material price fluctuation risk: The entities in edible oil
industry are susceptible to fluctuations in raw material prices.
Price of rice is governed by the demand-supply dynamics prevalent
in major rice growing nations, weather conditions and prices of
substitute. Furthermore, any increase in the rice bran prices
without a corresponding increase in edible crude oil prices will
adversely impact the profitability margins of the entities in this
business.

* High degree of competition resulting from fragmented nature of
the edible oil industry: Low barriers to entry have resulted in
highly fragmented nature of the edible oil industry. Furthermore,
most of the manufacturers offer similar products with little
difference which competes with each other resulting in lower
margins for most of the players. Furthermore, rice bran oil
industry faces tough competition because of the presence of a
number of close substitute products in market. Olive oil, mustard
oil and peanut oil are slotted as main substitute of rice bran oil
and they have a variety of products under their category for which
they poses serious threat to the profit margin of the players
operating in rice bran oil segment.

* Partnership nature of constitution: SOF's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders.

* Adequate liquidity analysis: The firm's liquidity ratios remained
moderate as reflected by current ratio of 1.70x and quick ratio of
0.69x as on March 31, 2020. The operating cycle of the firm stood
moderate at 52 days as on March 31, 2020 (PY: 42 days). The average
utilization of cash credit limit stood at 90% for the last 3 months
period ended January 2021. The firm has free cash and bank balance
of INR0.07 crore as on March 31, 2020. Further, the firm has not
availed moratorium from bank in light of COVID-19 pandemic for its
debt obligations.

Sanjiv Oils & Fats (SOF; erstwhile Unnat Agro Industries) was
established in January 2016 as a partnership firm and is currently
being managed by Mr. Jaininder Kumar, Mr. Chandan Kumar and Mr.
Nawal Kishore as its partners sharing profit and loss equally. The
firm is established with an aim to set up a manufacturing facility
for extraction of rice bran oil at Fatehgarh Sahib, Punjab. The
project pertaining to this got completed in January, 2018 however,
operations have commence from March 30, 2018. Prior to that, the
firm was engaged in trading of rice bran oil. Presently, the firm
is engaged in extraction of edible oil as well as extraction of
non-edible oil at its two manufacturing facilities located at
Ludhiana, Punjab and Distt. Fatehgarh Sahib, Punjab respectively.
The firm manufactures rice bran oil in semi-edible form for
industrial use, which is sold to refineries. Besides SOF, the
partners are also engaged in managing another group concerns namely
Sanjiv Industries.


SANYOG HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sanyog Healthcare Limited
        B-1, Yadav Park
        Main Rohtak Road
        Nangloi, Delhi 110041

Insolvency Commencement Date: March 12, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 8, 2021

Insolvency professional: Manohar Lal Vij

Interim Resolution
Professional:            Manohar Lal Vij
                         204, CA Apartments
                         A-3, Paschim Vihar
                         New Delhi 110063
                         E-mail: mlvij1956@gmail.com

                            - and -

                         8/28, 3rd Floor, WEA
                         Abdul Aziz Road, Karol Bagh
                         New Delhi 110005
                         E-mail: cirp.sanyog@avmresolution.com

Classes of creditors:    Unsecured Financial Creditors Including
                         Unsecured NBFCs

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anurag Nirbhaya
                         Mr. Anil Tayal
                         Ms. Sujata Garg

Last date for
submission of claims:    March 26, 2021


SHIVANSH DIAMOND: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Shivansh Diamond Private Limited
        2028 Bank Street
        Karol Bagh Delhi
        DL 110005
        IN

Insolvency Commencement Date: March 10, 2021

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: September 7, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Naresh Kumar Munjal

Interim Resolution
Professional:            Mr. Naresh Kumar Munjal
                         125 Second Floor
                         Kailash Hills, New Delhi
                         National Capital Territory of Delhi
                         110065
                         E-mail: ip.shivanshdimaond@gmail.com
                                 nkmunjalcacs@yahoo.co.in
                         Mobile: 9958063399

Last date for
submission of claims:    March 29, 2021


SICAL LOGISTICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sical Logistics Limited
        "South India House"
        73, Armenian Street
        Chennai TN 600001
        India

Insolvency Commencement Date: March 10, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 6, 2021

Insolvency professional: Mr. S. Lakshmisubramanian

Interim Resolution
Professional:            Mr. S. Lakshmisubramanian
                         S2 R S R Plaza
                         50-51 Arcot Road
                         Saligramam, Chennai
                         Tamil Nadu 600093
                         E-mail: slsip@slswin.com

Last date for
submission of claims:    March 25, 2021


SPI ENGINEERS: CARE Reaffirms B+ Rating on INR6cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of SPI
Engineers Private Limited (SPI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           6.00       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SPI continues to
remain constrained by small scale of operations, low profitability
margins, stretched liquidity position, intense competition in the
industry due to low entry barriers and highly fragmented and
competitive industry. The rating, however, derive comfort from
experienced directors, moderate capital structure and moderate
coverage indicators and moderate operating cycle.

Rating Sensitivities

Positive Rating Sensitivities

* Improvement in scale of operation marked by total operating
income above INR40 crores on sustainable basis.

* Improvement in PBILDT margins above 6% on sustainable basis

Negative Rating Sensitivities

* Deterioration in the capital structure marked with overall
gearing above 2.50x on sustainable basis.

Detailed description of the key rating drivers

Key rating weakness

* Small scale of operations: The scale of operations of the company
remained small though improved marked by total operating income and
gross cash accruals of INR21.19 crore and INR0.52 crore
respectively during FY20 as against INR9.71 crore and INR0.30
crores respectively during FY19 on account of higher intake from
the existing customers and addition of new customers during the
year. Also, the net worth stood at INR2.61 crore as on March 31,
2020. The small scale limits the company's financial flexibility in
times of stress and deprives it of scale benefits. The company has
achieved TOI of INR17.56 crore during 10MFY21 (Provisional)
(Apr'20-Jan'21) and expected to achieve to INR21.75 crore in
FY21(Projected).

* Low Profitability Margins: SPI's profitability margins have been
historically on the lower side owing to the trading nature of the
business and intense market competition given the highly fragmented
nature of the industry. This apart, interest burden on working
capital borrowing also dents the net profitability of the company.
The PBILDT and PAT margin stood low at 4.74% and 1.99% respectively
in FY20 as against 7.51% and 1.99% respectively in FY19 on account
of increase in cost of material traded.

* Intense competition in the industry due to low entry barriers:
The company is operating in a competitive industry wherein there is
presence of a large number of players in the unorganized and
organized sectors. The company is comparative a small player
catering to the same market which has limited the bargaining power
of the company and has exerted pressure on its margins.

* Highly fragmented and competitive industry: The spectrum of the
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in India
owing to relatively low entry barriers. Hence, the players in the
industry do not have pricing power and are exposed to competition
induced pressures on profitability.

Stretched Liquidity position

* Liquidity position is stretched as marked by moderately high
bank: Limits utilizations of around 70% for the past 12 months
ended January 31, 2021. The current ratio and quick ratio stood
1.32x and 0.57x respectively as on March 31, 2020. Liquidity is
also stretched as marked by lower Gross Cash accruals of INR0.52
crores in FY20 as against nil repayment obligations. The company
has availed moratorium and deferment of interest facility as
provided by the bank in lines with RBI guidelines in wake of
COVID-19 from March 2020 to August 2020.

Key Rating Strengths

* Experienced directors: The operations of SPI are currently
managed by Mr. Sandeep Arora and Ms. Kamla Arora. Mr. Sandeep Arora
is a graduate by qualification and has an experience of around
three decades in trading of equipment through SPI and also through
other family run business. Ms. Kamla Arora is also a graduate by
qualification has an experience of four decades in trading of
equipment industry through her association with SPI entity and also
through family run business. They both look after
the overall operations of the company.

* Moderate capital structure and moderate coverage indicators: The
capital structure of the company stood moderate as marked by
overall gearing ratio stood 0.96x in FY20 as against 1.20x
respectively in FY19 on account of lower utilization of working
capital borrowings as on balance sheet date coupled with
satisfactory net worth base. Debt profile, majorly, consist of
working capital borrowings which stood at INR2.37 crores as on
March 31, 2020 and marginal unsecured loans of INR0.13 crores. The
debt service coverage indicators as marked by interest coverage and
total debt to GCA stood moderate at 3.04x and 4.82x during FY20 (A)
as against 2.02x and 8.82x during FY19 on account of increase in
gross cash accruals and decrease in external borrowings.

* Moderate operating cycle: The operating cycle of the company
stood moderate at 68 days for FY20 as compare to 164 days in FY19
(A) is on account of decrease in collection period and inventory
holding period in FY20. The Company is required to maintain
adequate inventory of instruments on account of large variety of
instruments. The same resulted into average inventory of around 90
days in FY20. The company received timely repayments from
government clients resulting in an average collection period of 32
days for FY20. SPI also make early payments to its suppliers which
lead to improved credit period to 53 days in FY20 from 84 days in
FY19. The average utilization of working capital borrowings of the
Company stood at 70 % utilized during past 12-month period ending
December 31, 2020.

Delhi based SPI Engineers Private Limited (SPI) was incorporated in
1999 by Mr. Sandeep Arora and Ms. Kamla Arora. SPI is an authorized
distributor for Fluke, EXFO, Rohde and Schwarz, Leica etc. of their
products such which includes electronic test and measuring
instruments like digital multi meter, clamp meter, earth ground
tester etc., optical microscopes, calibrators, radio test set,
audio analyzer etc. Their major Customers include Government
organization and Defense Research and Development Organization labs
like Industrial Training Institute ltd, Centre for Development of
Telematics; educational institutions like Indian Institute of
Technology Delhi Technological University, J.C. Bose University of
Science and Technology and industrial clients like Maruti Suzuki,
Hero Motorcop etc. The suppliers are from manufactures from China
and Taiwan.


SPML INFRA LIMITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: SPML Infra Limited

        Registered office:
        F-27/2, Okhla Industrial Area Phase-II
        New Delhi 110020

        Main Corporate office:
        22, Camac Street Block-A
        3rd Floor
        Kolkata 700016
        West Bengal

Insolvency Commencement Date: March 5, 2021

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

Estimated date of closure of
insolvency resolution process: September 1, 2021
                               (180 days from commencement)

Insolvency professional: Rahul Jain

Interim Resolution
Professional:            Rahul Jain
                         27/33, Ground Floor
                         Gali No. 9, Pandav Road
                         Vishwas Nagar, Shahdara
                         New Delhi 110032
                         E-mail: ca.rahuljain.2005@gmail.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 111-112, First Floor, Tower-A
                         Spazedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.spmlinfra@gmail.com

Last date for
submission of claims:    March 26, 2021


TIRUPATI BALAJEE: CARE Lowers Rating on INR17.90cr LT Loan to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Tirupati Balajee Industries Private Limited (STBIPL, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.90      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 January 31, 2020 placed the
ratings of STBIPL under the 'issuer non-cooperating' category as
STBIPL had failed to provide information for monitoring of the
rating. STBIPL continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a letter/email dated January 29, 2021, February 1, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further banker could not be contacted.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by STBIPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings continue to remain constrained owing by small scale of
operations with low net worth base, concentrated customer base and
fortunes linked to demand of products of PPL, project execution
risk associated with debt funded project with debt yet to be tied
up and leveraged capital structure and stretched liquidity
indicators. The ratings, however, continue to take comfort from
experienced directors, association with a reputed brand and assured
product off take, moderate profitability margins and debt coverage
indicators and moderate operating cycle.

Detailed description of the key rating drivers

At the time of last rating on January 31, 2020 the following were
the rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with low net worth base: The scale of
operations stood small marked by a total operating income and gross
cash accruals of INR10.96 crore and INR1.15 crore, respectively, in
FY20 (refers to the period April 01 to March 31). Further, the net
worth base of the company stood low at INR6.48 crore as on March
31, 2020. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

* Concentrated customer base and fortunes linked to demand of
products of PPL: The company's sells its products majorly to Parle
Products Private Limited (PPL); which exposes ATBI's revenue growth
and profitability to its customer's future growth plans. STBIPL has
entered into contract with PPL to manufacture rusk. The contract
restricts the promoters of STBIPL to undertake job work for any
other company or manufacture rusk under their own brand name.
Therefore, the growth of the company is linked to the demand of
PPL's rusk.

* Project execution risk associated with debt funded project with
debt yet to be tied up: STBIPL is venturing with PPL for
manufacturing of biscuits and cookies on job work basis. For the
same, the company is establishing a unit with estimated project
cost of INR16.55 crore. The same is proposed to be funded by term
loan for INR8 crore and balance through promoter contribution
(unsecured loans and share capital) and internal accruals. The debt
for the same is yet to be tied up. As on November 30, 2018, the
company has incurred INR1.77 crore towards acquisition of land &
building and purchase of machinery and was funded through unsecured
loans. The company is exposed towards project execution risk in
terms of completion of the project with-in the envisaged time and
cost along with its susceptibility to risk related with
implementation and balance funding. Moreover, due to debt funded
capex and given the small net worth base of the company at present,
the capital structure of the company is expected to deteriorate
going forward.

* Leveraged capital structure and stretched liquidity indicators:
The capital structure of the company stood leveraged marked by
overall gearing of above 1.50x as on past three balance sheet
dates, i.e., March 31, '18 – '20 owing to debt funded capex
undertaken in past with reliance on external borrowings to meet
working capital requirement and low net worth base. Further, the
liquidity indicators of the company stood stretched as marked by
low current and quick ratio stood at 1.08 times and 0.84 times
respectively as on March 31, 2020.

Key Rating Strengths

* Experienced directors: The company is managed by Mr Lokesh
Agarwal and Mr Bharat Kejriwal. They both are graduates by
qualification and have more than one decade of experience in
manufacturing of corrugated boxes and edible items through their
association with STBIPL and its associate concerns. Association
with a reputed brand and assured product off take The company is
manufacturing rusk and corrugated boxes for PPL. PPL being a
reputed established brand ensures demand for its products which in
turn guarantees product off take for STBIPL.

* Moderate profitability margins and debt coverage indicators: The
profitability of the company stood moderate for the past three
financial years, i.e., FY18 – FY20. Further, the profitability is
improving for the last three financial years i.e. FY18– FY20
mainly on account of change in product mix with higher revenue from
manufacturing of rusk which fetched better profitability. Owing to
moderate profitability levels, the debt coverage indicators stood
moderate marked by Interest coverage and total debt to gross cash
accrual of 2.18x and 16.70x respectively for FY20.

* Moderate operating cycle: The operating cycle of the company
stood moderate at 42 days for FY20. As the sales are majorly order
backed, the company maintains sufficient inventory in form of raw
material for smooth functioning of operations. The average
inventory holding period stood at 40 days for FY20 as against 27
days in FY19.

Varanasi, Uttar Pradesh based Shree Tirupati Balajee Industries
Private Limited (STBIPL) was incorporated in February, 2010. The
company is managed by Mr Lokesh Agarwal and Mr Bharat Kejriwal.
STBIPL is engaged in manufacturing of corrugated boxes. It procures
its raw material, i.e., paper locally from Suresh Paper Mills,
Basti-Uttar Pradesh. Further, it sells its products to Parle
Products Private Limited. Further, the company has entered into an
agreement during FY18 to manufacture rusk for Parle Products
Limited (PPL) on a job-work basis. The raw material required for
manufacturing biscuits is provided by PPL.


VENTO POWER: CARE Lowers Rating on INR163cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vento Power and Energy Limited (VPEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      163.00      CARE D Revised from CARE BB;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of VPEL
factors in the deterioration of the coverage metrics and liquidity
profile of the company resulting in delays in debt servicing in the
past. There has also been occasion of non-payment of additional
interest charged by the lender due to non-perfection of security.
However, the rating takes cognizance of long-term revenue
visibility due to the existence of power purchase agreement (PPA)
with Solar Energy Corporation of India (SECI) at a fixed tariff for
the entire capacity with a stable track record of collection.

Rating Sensitivities

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

* Significant improvement in generation and reduction in expenses
on a sustained basis, leading to higher cash accrual.

* Substantial improvement in leverage and coverage metrics.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in servicing of debt obligations: The company has delayed
the payment of additional interest being charged by the lender due
to non-perfection of security.  As confirmed by the banker, the
said additional interest is being accrued and not paid by the
company. Moreover, the auditor has also reported default in
repayment of principal and interest in the past.

* Subdued operational performance: Against the P-90 level of
21.80%, Capacity Utilization Factor (CUF) has remained low at
14.36% in FY20 (refers to period of April 1 to March 31). During
YTD-Jan'21, CUF continued to be low at 17.06%.

* Leveraged capital structure with weak coverage indicators:
Financial risk profile of VPEL is weak characterized by negative
networth and weak interest cover. Networth of the company swung to
negative as on March 31, 2020 on account of large losses incurred
during FY20. The company had provided INR64.01 cr for capital
advances given to a contractor which has been referred under
Resolution Plan vide NCLT order. Further, lower generation and
higher interest burden due to higher debt resulted in weak interest
cover of 0.76x in FY20 (PY: 0.44x).

* Exposure to climatic conditions and technological risks:
Achievement of desired CUF going forward would be subject to
changes in climatic conditions, amount of degradation of modules as
well as other technological risks and generation at envisaged
levels remains crucial for the project.

Key Rating Strengths

* Long-term revenue visibility with off-take arrangement in the
form of PPA signed with SECI: VPEL has entered into a long term PPA
with SECI in May, 2017 for supply of power for duration of 25 years
at a tariff of INR4.43 per unit, providing stable revenue
visibility in future. However, the tariff has been revised downward
to INR3.64 per unit as a consequence of the delay in COD
achievement. Nonetheless, presence of off-take arrangement provides
long term revenue visibility of the project. Further, the payment
from off-taker has been received broadly in 75-110 days in the last
twelve months.

* Experienced promoters with portfolio of geographically
diversified assets: Essel Group has developed an aggregate capacity
of about 645 MW in Solar PV generation under various Special
Purpose Vehicles (SPVs) across Uttar Pradesh, Karnataka, Punjab and
Maharashtra. In August 2019, Adani Green Energy Limited (AGEL) has
signed a share purchase agreement for acquisition of 205 MW of
operating solar assets of Essel group located in Punjab, Karnataka
and Uttar Pradesh. During FY20, the group has infused INR19.69 cr
in VPEL in the form of unsecured inter corporate deposit to support
its operations.

Liquidity: Poor

Lower generation levels of the project coupled with lower tariff
(due to delay in COD of the project) has led to low cash accrual
vis a vis its large debt obligation. This had resulted in
intermittent delays in debt servicing in the past. The cash and
bank balance stood at INR1.28 crore as on March 31, 2020. The
company had availed moratorium towards interest and principal
payment with the lender as per RBI circular dated March 27, 2020.

Vento Power and Energy Ltd is a Special purpose vehicle (SPV) of
Essel Green Energy Private Limited and has developed solar PV
project of total capacity 40 MW in Kalahandi District of Odisha.
The Power Purchase Agreement (PPA) has been executed between VPEL
and the power distribution company- Solar Energy Corporation of
India Limited (SECI) for the purchase of solar power for a period
of 25 years at a tariff of INR3.64 per unit.




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

BARITO PACIFIC: Moody's Withdraws B1 CFR & Stable Outlook
---------------------------------------------------------
Moody's Investors Service has withdrawn Barito Pacific Tbk (P.T.)'s
B1 corporate family rating and stable outlook.

RATINGS RATIONALE

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

Barito Pacific Tbk (P.T.) (Barito) was established in 1979 as an
integrated timber company in South Kalimantan and has developed
into an investment holding company with two key assets: a 46.63%
stake in Indonesia's largest petrochemical producer, Chandra Asri;
and a 66.67% stake in Indonesia's largest geothermal independent
power producer, Star Energy.




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

AIRASIA GROUP: Completes Second Tranche of Private Placement
------------------------------------------------------------
Sun Daily reports that AirAsia Group Bhd completed the second
tranche of its private placement exercise which resulted in the
additional issuance of 100.37 million new shares representing
approximately 3% of its total issued shares at a price of 86.5 sen
each.

This placement follows the initial tranche of 11.07% or 369.85
million shares issued on Feb. 19, which saw the emergence of Hong
Kong-based investor Dr Stanley Choi Chiu Fai as a substantial
shareholder after upgrading his share position to 8.96% from less
than 5% previously, Sun Daily relates.

Overall, it stated both tranches of the private placement exercise
saw the issuance of 470.21 million new shares representing 14.07%
of the group's total issued shares and raised a total of RM336.46
million, Sun Daily says.

The key investors in the private placement were: Head & Shoulders
Financial Group chairman Dr Stanley Choi Chiu Fai; TPG Capital
founder and chairman David Bonderman as well as several TPG
partners, who invest in a personal capacity; and Aimia Inc - a
holding company with a focus on long-term investments in public and
private companies.

According to Sun Daily, AirAsia Group CEO Tan Sri Tony Fernandes
commented that the success of the private placement and the
response it received from local and foreign investors forms a
significant part of its overall fundraising exercise to ensure
liquidity throughout 2021.

Sun Daily relates that Mr. Fernandes said it will allocate funds
from the proceeds raised to support fuel hedging settlement,
general working expenses, aircraft lease and maintenance payments
and fund AirAsia Digital business units.

On a larger perspective, he said the group has robust plans that
will allow it to survive on domestic services until international
borders reopen.

"We are confident that the rollout of vaccination programmes in our
key markets that are set to immunise 40-50% of the populations by
the third quarter of this year, coupled with better education and
testing, alongside strong support for leisure travel bubbles among
low risk countries and territories, and the push for global digital
health passports are steadily paving the way for a major travel
reboot in the near future."

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.


AIRASIA GROUP: Court Grants Restraining Order on Unit's Creditors
-----------------------------------------------------------------
Hadi Azmi at Bloomberg News reports that Malaysia's high court on
March 17 granted a restraining order for three months on 15 of
AirAsia X Bhd.'s creditors over the debt recast talks for the
airline.

The order, applied for by AirAsia X to address its obligations in a
timely manner, gives the creditors an opportunity for amicable
discussions without "extraneous considerations," Bloomberg
discloses citing an exchange filing.

The order comes with certain carve-outs, which means some creditors
can continue legal proceedings subject to not executing the
judgment pending the lapse of the order, according to Kwan Will
Sen, a lawyer representing Malaysia Airports and BOC Aviation Ltd,
Bloomberg relays.

AirAsia Group Bhd.'s long-haul arm in October proposed a sweeping
restructuring plan that would wipe out almost 63.5 billion ringgit
($15 billion) in debt and save the Malaysian carrier from being
dragged under by aviation's worst-ever crisis.

The proposal will reduce shareholder capital at AirAsia X by 90%.
Last month, the court separated the airline's creditors into three
categories, with Airbus SE, the largest, placed in a group of its
own, Bloomberg notes.

                            About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.




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

MONGOLIA: Moody's Alters Outlook on B3 Issuer Rating to Stable
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Government
of Mongolia's issuer ratings to stable from negative and affirmed
the long-term B3 issuer and foreign currency senior unsecured bond
ratings and the (P)B3 senior unsecured MTN program rating. The
short-term issuer ratings are affirmed at Not Prime.

The decision to change the rating outlook to stable reflects
Moody's view that liquidity risks and external pressures have
stabilized for the foreseeable future, albeit at somewhat higher
levels than seen prior to the pandemic. Higher government borrowing
requirements resulting from sizeable stimulus in 2020 were financed
primarily through a combination of concessional sources and a
drawdown on fiscal reserves, thus relieving liquidity pressures.
Recent refinancing has also reduced upcoming maturities in 2021 and
2022. External vulnerabilities have declined, on the back of a
faster than expected recovery in mining exports, that Moody's
expects to continue.

The affirmation of the B3 rating reflects Mongolia's existing
credit challenges, including long-standing external and liquidity
risks, as well as fiscal weaknesses that have increased due to the
pandemic. The economic impact of the coronavirus pandemic and the
government's announced fiscal stimulus measures reversed gains from
a broadly balanced government budget in years leading up to the
pandemic. Moreover, weak governance continues to impede the
government's capacity to shelter the economy and public finances
from commodity price cycles that they are exposed to.

Mongolia's country ceilings remain unchanged: Mongolia's
local-currency country ceilings remain at B1. The two notch gap to
the sovereign rating reflects a strong government footprint in the
economy, high commodity composition in overall revenues, and
still-high external imbalances. The foreign-currency ceiling
remains at B3, representing a two-notch gap to the local currency
ceiling, to take into consideration our assessment of weak policy
effectiveness and high external debt. All short-term foreign
currency ceilings also remain unchanged at Not Prime.

A List of Affected Credit Ratings is available at
https://bit.ly/2P5ZbZS

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

Donor support, access to market funding and narrower deficits
mitigate government liquidity risks, albeit from relatively high
levels.

Although wider fiscal deficits coupled with debt repayment
obligations resulted in a spike in borrowing requirements to nearly
21% of GDP in 2020, the government was able to meet these
requirements, primarily due to assistance from multilateral
lenders. A debt refinancing exercise conducted in September last
year also resulted in a substantial reduction of obligations due in
2021 and part of 2022. As a result, Moody's estimates gross
borrowing requirements will reduce to 13.6% of GDP for 2021, from
16.5% estimated earlier, and stabilize between 15-16% until 2023,
about 3ppt lower than Moody's earlier expectations.

Beside financing needs being somewhat lower than earlier assumed,
financing sources are also more secure. Continued support from
multilateral lenders will support budgetary expenditures in 2021.
The government expects total financing from such sources to amount
to upwards of $500 million in 2021. Apart from expenditure cuts
arising from a reversal of some stimulus measures undertaken last
year, other sources of budget financing will include savings from
the Stabilization Fund and domestic bond issuance. Moody's expects
that, given the excess liquidity prevailing in the domestic banking
system, demand for government bond issuance will be strong.

With demonstrated access to market funding at reasonable costs,
Moody's expects external market funding to support further
refinancing. Apart from the $133 million remaining maturity in 2021
(post the debt-refinancing), Mongolia's upcoming refinancing needs
include about $800 million due in 2022 and 2023 each, and $600
million in 2024. At these levels, Mongolia's debt maturities are
not substantial compared with peers.

Apart from repayment obligations, improved fiscal performance will
support lower overall borrowing requirements. Following a period of
significant deficit reduction between 2016 and 2019,
coronavirus-related fiscal stimulus measures resulted in the
deficit widening to over 12% of GDP in 2020. While this is
significantly wider than pre-pandemic deficits, Moody's expects
Mongolia's fiscal deficit to narrow to 8% of GDP in 2021 and
continue on a path of gradual consolidation thereafter. Deficit
reduction will be driven by a gradual reversal of past spending
measures, as well as revenue buoyancy, particularly on the back of
a rebound in the mining sector, which will drive mineral revenue
collections as well as an expansion in nominal GDP growth.

The stable outlook is also underpinned by receding external
vulnerability risks albeit from relatively high levels.

A narrower current account coupled with financial assistance from
official lenders has led to a faster accumulation of foreign
reserves than anticipated at the start of the pandemic. In
particular, after posting a sharp contraction due to border
closures with China, coal exports recovered in the second half of
2020, while copper and gold exports also posted year-on-year
increases, limiting the export contraction.

In 2021, stronger growth in both exports and imports will result in
wider current account deficits relative to 2020, although Moody's
estimates deficits in the next four years will narrow to nearly
half of pre-pandemic averages. A steady recovery in China,
Mongolia's largest export market, will continue to support overall
demand for commodities. A rebound would be further boosted by the
operationalization of a railway connecting the Tavan Tolgoi coking
coal mine to the Chinese border, scheduled to be completed by the
end of 2021, easing transportation bottlenecks.

For 2021, Moody's expects foreign exchange reserves to increase to
$4.6 billion, from just under $4.0 billion at the end of 2020.
Coupled with the extended repayment schedule, this will result in
the Moody's External Vulnerability Indicator, the ratio of maturing
external debt to reserves, moderating to 116% in 2021 from 237% in
2020. Moody's expects this ratio to hover around 150-180% over
2022-23 indicating that although reserve adequacy has improved and
stabilized, it will remain a credit constraint.

RATIONALE FOR THE B3 RATING

The B3 rating balances prevailing liquidity pressures and external
and fiscal vulnerabilities, against improvements made over recent
years in the debt financing strategy.

Moody's expects government debt to rise to nearly 75% of GDP in
2021, and debt affordability to weaken somewhat, acting as a
setback to improvements in fiscal strength that had occurred in the
three years preceding the pandemic. A more pronounced increase in
the debt burden will be prevented by a resumption in strong nominal
GDP growth and a recovery in mining revenues. Instead, the debt
burden will fall gradually in the next few years, to just over 70%
of GDP by 2024, supported by deficit reduction and steady economic
growth.

Mongolia's potential growth continues to represent an underlying
credit strength, although dependent on large projects proceeding as
planned beyond 2020. Moody's assumes no major changes to the
planned production schedule for Oyu Tolgoi -- the country's largest
copper mine -- notwithstanding ongoing negotiations to amend the
investment agreement. In spite of the 5.4% contraction in growth
over 2020, growth prospects in 2021 and beyond remain bright.
Moody's expects growth in 2021 to expand at 6.0% year-on-year.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Mongolia's ESG Credit Impact Score is highly negative (CIS-4),
driven by a high exposure to environmental risks, a moderately
negative social risk issuer profile score, and a weak governance
profile.

Mongolia's exposure to environmental risks is highly negative (E-4
issuer profile score), related to an economy that is highly
dependent on the production and exports of hydrocarbons, with
implications for waste and pollution levels. Mongolia is also
vulnerable to water scarcity driven by mineral extraction,
deforestation, and desertification.

Exposure to social risks is moderately negative (S-3 issuer profile
score). The uneven distribution of incomes, is balanced by a young
population coupled with a strong social safety net that has
enhanced the provision of health and education benefits.

Mongolia has a highly negative governance profile score (G-4 issuer
profile) reflecting weak executive institutions and policy
effectiveness against ongoing structural reforms. A high government
debt burden and other immediate liquidity pressures constrain the
sovereign's financial capacity to respond to environmental and
social risks

GDP per capita (PPP basis, US$): 12,551 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 5.1% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.2% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -0.6% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -15.4% (2019 Actual) (also known as
External Balance)

External debt/GDP: 218.7% (2019 Actual)

Economic resiliency: b1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 11, 2021, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
during the discussion were: The issuer has become less susceptible
to event risks, with receding government liquidity and external
vulnerability risks.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

A consistently falling debt burden accompanied by steady
improvements in debt affordability would alleviate fiscal
constraints and drive upward rating momentum. These indications
would likely relate to improvements in the management of domestic
public finances, containing the government's funding requirements
and the economy's external financing needs. Efforts towards
gradually diversifying the economy away from its reliance on
commodities that reduce growth volatility and susceptibility to
boom-bust economic cycles would also likely be a trigger for upward
rating action.

FACTORS THAT COULD LEAD TO A DOWNGRADE

A rating downgrade could transpire from widening gross borrowing
requirements significantly above our baseline assumptions, and/or
rising government liquidity risks that point to difficulties in
meeting these borrowing needs. Persistent external financing gaps
that threaten macroeconomic stability would also exert downward
rating pressures. A sustained shock to growth, for instance through
the derailment of large mining projects, would also be a trigger
for downward rating action.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.




===============
P A K I S T A N
===============

PAKISTAN: Said to Hire Banks for International Bond Sale
--------------------------------------------------------
Archana Narayanan, Faseeh Mangi, and Abbas Al Lawati at Bloomberg
News report that Pakistan has hired banks for a possible
foreign-currency bond offering, according to people familiar with
the matter.

Bloomberg relates that the government has mandated Deutsche Bank
AG, JPMorgan Chase & Co., Credit Suisse Group AG, Standard
Chartered Plc and Emirates NBD Bank PJSC, the people said, asking
not to be identified because the details are private.

According to Bloomberg, the South Asian nation is looking to raise
funds after reaching an agreement with the International Monetary
Fund on resumption of a $6 billion bailout program that was secured
in 2019 to avoid bankruptcy. Pakistan is also separately planning
to issue a $500 million green note in the next few months to help
boost its development of hydroelectric power.

Muhammad Umar Zahid, director debt at the Ministry of Finance, said
in a webinar last month that the country expected to raise more
than $1.5 billion in global bonds if market conditions were
conducive, Bloomberg recalls. It was setting up a medium-term note
program that would keep it registered for 12 months instead of a
single transaction, he said.

Bloomberg adds that borrowing costs in debt markets globally have
jumped in recent weeks after a spike in rates fueled by rebounding
economic activity around the world. Pakistan is also currently
contending with an increase in coronavirus cases that has seen new
restrictions imposed in most major cities.




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

EAGLE HOSPITALITY: Court Gives Go Signal to Probe Ex-Insiders
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that a Delaware judge ruled that
Eagle Hospitality Trust can investigate two business partners who
have been accused by the bankrupt real estate company of being
primarily responsible for its financial distress.

With Judge Christopher S. Sontchi's authorization, Singapore-based
Eagle plans to seek information from Taylor Woods and Howard Wu,
who previously controlled an affiliated corporate entity called
Eagle Hospitality REIT Management Pte. Ltd. The two also currently
oversee another entity, Urban Commons LLC, whose hotel lease
payments were Eagle's sole source of revenue.

"Woods and Wu seized every opportunity to benefit themselves, and
the entities they controlled, at the Debtors' expense," said Eagle
Hospitality.

                  About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust. Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated
$500 million to $1 billion in assets and liabilities as of the
bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker. Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Feb. 4, 2021. The committee is represented by Morris James, LLP
and Kramer Levin Naftalis & Frankel, LLP.


EAGLE HOSPITALITY: Queen Mary Ship Lease Included in Auction
------------------------------------------------------------
Kelly Puente of Long Beach Post reports that the operator for Long
Beach's Queen Mary plans to auction its lease for the historic
ocean liner after filing for Chapter 11 bankruptcy in January 2020
following a string of financial problems.

In an announcement Tuesday, March 9, 2021, Singapore-based Eagle
Hospitality Trust said it will sell 15 of the 18 hotels in its
portfolio, including the Queen Mary, Sheraton Pasadena and Holiday
Inn Anaheim for a starting price of $470 million in an auction set
tentatively for May 20.

The city of Long Beach owns the Queen Mary but for decades has
leased the ship to various operators, some of whom have met similar
financial struggles.

Alan Tantleff of FTI Consulting, who was appointed as the chief
restructuring officer in the bankruptcy, said Eagle has received an
initial bid for the entire portfolio from a private investment firm
called Monarch Alternative Capital. However, Eagle could choose to
sell the Queen Mary or any of its properties individually in the
auction, he said, adding that it has received multiple offers for
the Long Beach landmark.

Tantleff said Eagle hopes to sell the Queen Mary lease individually
to someone who recognizes the opportunities for development.

"The Queen Mary is a special asset that has tremendous
redevelopment opportunity on the 45 acres of waterfront," he said.
"It's a world-renowned asset and we hope the next custodian can
allow it to reach its full potential."

Tantleff said Eagle has been working with Long Beach city leaders
and will remain responsible for the ship's upkeep during the sale.

"The city of Long Beach has been extremely helpful in this
process," he said.

The city in a statement said it has "participated in the ongoing
bankruptcy proceedings in order to protect this important city
asset and will continue to do so."

Eagle Hospitality filed for bankruptcy with a total of more than
$500 million in debt on Jan. 18, 2021, as the COVID-19 pandemic has
ravaged the hospitality industry. But the company showed signs of
problems in 2019 before the pandemic, including a $341 million
default on a loan from Bank of America.

Former Queen Mary operator Urban Commons, which signed a 66-year
lease to run the ship in 2016, created Eagle Hospitality in 2019 to
list on the Singapore Stock Exchange, with the goal of raising
millions for a massive development project called Queen Mary
Island.

But Urban Commons hit tensions with the board of Eagle Hospitality
and its shareholders when it didn't fulfill financial obligations
and repeatedly failed to pay rent for its portfolio of hotel
properties. The problems culminated in September 2020, when Eagle
Hospitality's managers terminated the master lease agreements for
Urban Commons' hotels, including the Queen Mary's a move that
essentially removed Urban Commons as the Queen Mary's operator.

Urban Commons is now in legal disputes with Eagle Hospitality.

Meanwhile, the lease for the Queen Mary will change hands yet again
as one of the biggest concerns remains the repairs and maintenance
for the aging vessel.

A city-commissioned marine survey in 2015 projected costs of up to
$289 million for urgent repairs over the next several years. Under
its original agreement with Urban Commons, the city issued $23
million in bonds to fix some of the most critical repairs listed in
the marine survey, but many of the repairs went over budget and the
$23 million was spent before other critical projects could be
addressed.

Long Beach City Auditor Laura Doud is conducting an audit on how
the $23 million was spent. City officials have said they have
documentation for the approved work.

Long Beach has a history of operators who have struggled to make
the ship profitable.

Among the failed operators, Joe Prevratil, who signed a lease to
run the ship in 1993, filed for bankruptcy in 2006 when the city
demanded several million dollars in unpaid rent. Save the Queen LLC
purchased the lease through an auction at bankruptcy and then
defaulted on its loan in 2009.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust. Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated
$500 million to $1 billion in assets and liabilities as of the
bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker. Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Feb. 4, 2021. The committee is represented by Morris James, LLP
and Kramer Levin Naftalis & Frankel, LLP.


SEN YUE: Says It's A Going Concern; Will Not Undergo Liquidation
----------------------------------------------------------------
Leslie Yee at The Business Times reports that Sen Yue Holdings sees
itself as a going concern for the financial year ended September
2020 and has no intention of undergoing voluntary liquidation or
ceasing trading in the foreseeable future.

According to the report, the waste management group did a review of
its cash flow forecasts and concluded that except for subsidiary
SMC Industrial (SMCI), there will be sufficient cash flows and
resources to allow the group to continue its operations and meet
its obligations.

Earlier this month, Sen Yue reported that DBS, its bank creditor,
had applied to the High Court for the group and SMCI to be placed
under judicial management, BT relates.

SMCI owes DBS around SGD5.9 million and has about US$9 million
outstanding, plus all accrued interest and legal costs on an
indemnity basis, BT discloses. In January, it received a letter of
demand from DBS, which had recalled banking facilities on the
grounds of default. The lender had demanded that the sums be paid
in three weeks, failing which SMCI would be liable to be
compulsorily wound up.

At a High Court hearing on March 10, the court adjourned the
hearing on the interim judicial management applications to a date
no earlier than April 1, the report notes.

Sen Yue reported in its results announcement late on Wednesday that
post Sept 20, 2020, SMCI received letters of demand from five
creditors amounting to SGD8.2 million and US$0.2 million in
aggregate and from two banks amounting to SGD7.2 million and
US$11.1 million.

Sen Yue reported a loss of SGD44.1 million for FY2020 compared with
a net profit of SGD21,000 in the previous financial year, BT
discloses. Revenue fell from SGD243 million to SGD175 million in
the latest financial year amid a significant decrease in the
commodities segment and lower sales to overseas customers.

Looking ahead, the group said it will focus on restructuring its
commodities business segment and expansion of its e-waste business
segment, BT relays.

BT adds that Sen Yue called for a trading halt at the end of April
last year, and converted this to a trading suspension the following
month.

                           About Sen Yue

Sen Yue Holdings Limited is an investment holding company. The
Company is principally engaged in three business verticals: e-waste
management solutions, commodities trading, and surface coating and
related services. The Company provides holistic e-waste management
solutions to local and overseas customers. It offers e-waste
management solutions in Singapore to recycle lithium-ion batteries.
The Company's commodities trading and processing business
activities is an extension of its e-waste management business by
creating new value in metal scraps. Its surface coating and related
services offer protection from corrosion and extend the service
life of its customers' products and components, while staying
environmentally friendly.




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

DOOSAN BOBCAT: Moody's Affirms Ba3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Doosan Bobcat Inc. (DBI).

At the same time, Moody's has affirmed the Ba3 ratings on the
backed senior secured term loan and backed senior secured notes
that are borrowed by Clark Equipment Company (CEC) and guaranteed
by DBI.

The outlook remains stable.

The rating actions follow DBI's announcement on March 11, 2021 that
it will acquire the industrial vehicle (forklift) business of
Doosan Corporation for KRW750 billion (around USD660 million). DBI
expects to complete this transaction by July 5, 2021.

"Although the proposed acquisition will significantly increase
DBI's net debt from the current very low levels, in our view, DBI's
strong financial buffers and good ability to generate free cash can
absorb the impact of the transaction without materially
compromising its financial profile," says Wan Hee Yoo, a Moody's
Vice President and Senior Credit Officer.

"In addition, the acquisition will improve DBI's business and
geographical diversity," adds Yoo.

RATINGS RATIONALE

Moody's expects DBI to fund the acquisition with a mix of debt and
cash holdings. As of the end of 2020, DBI had liquidity holdings of
USD733 million. Furthermore, DBI's adjusted EBITDA should increase
by around 20% in 2021 from a year ago, owing to a recovery in its
key markets as well as incremental earnings from the acquired
business.

However, given debt expansion is likely to outpace EBITDA growth,
Moody's expects DBI's adjusted debt/EBITDA to weaken to around 3.2x
in 2021 from around 2.9x estimated for 2020. The change in terms of
adjusted net debt/EBITDA will be more pronounced, with the ratio
increasing to about 2.1x from 1.2x during the same period.

Nonetheless, this level of financial leverage is consistent with
its Ba3 rating category. Moody's also expects its financial
leverage to improve gradually from 2022, underpinned by its good
ability to generate free cash flow and a gradual increase in
earnings.

Moody's expects DBI's acquisition of the forklift business to
provide synergies by using DBI's sales networks. The forklift
business has maintained stable performance over the past few years,
supported by its strong position in Korea. In 2019, this business
reported revenue of about KRW913 billion and operating profit of
KRW62 billion.

Given this entity will be spun off from Doosan Corporation, it will
be temporarily joint and severally liable for the liabilities that
existed at Doosan Corporation at the time of the spin-off. However,
Moody's believes that this will not be a material risk for DBI,
given that (1) the majority of the joint and several liabilities
will fall off over the next couple of years as outstanding debt
matures; and (2) this transaction will significantly improve Doosan
Corporation's liquidity and debt-servicing ability.

Moody's also does not expect DBI to pursue similar large-scale
transactions with Doosan group affiliates at least over the next
1-2 years, given the former's reduced financial buffers and the
fact that the group's business restructuring has largely
completed.

DBI's Ba3 CFR continues to be supported by its dominant position in
the compact farm and construction equipment market in North
America, good ability to generate positive free cash flow and good
liquidity profile.

These strengths are counterbalanced by the cyclical nature of the
compact farm and construction equipment industry, its moderate
market position in Europe and the risk related to its group
affiliates.

DBI's rating also takes into account the following environmental,
social and governance (ESG) factors.

The company has generally maintained a prudent financial policy
over the past few years. For instance, DBI has a track record of
making ongoing voluntary prepayments on its term loan until 2019.
Although debt is likely to increase in 2021 to fund the large
acquisition, Moody's expect the company's overall financial profile
to remain sound.

Moody's considers Doosan group's control over DBI as a governance
risk, given the liquidity risks facing key Doosan group affiliates.
This factor is partly offset by DBI's reasonably conservative
dividend payments and the arms-length nature of its key
transactions with group affiliates.

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

The stable outlook mainly reflects Moody's expectation that DBI's
business profile will remain broadly stable, while the extent of
weakening in its financial leverage as a result of the acquisition
will be manageable.

Moody's could upgrade the ratings if (1) DBI's financial profile
remains strong, such that its adjusted debt/EBITDA remains below
2.0x-2.5x on a sustained basis; and (2) Doosan group's overall
credit quality improves meaningfully.

Moody's could downgrade the ratings if DBI's earnings remain weak
or debt increases further, such that its adjusted debt/EBITDA
exceeds 3.5x-4.0x on a sustained basis. The ratings could also be
strained if Doosan group's credit quality deteriorates
meaningfully. In addition, material cash outlays to Doosan group
affiliates would also be negative for the rating.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Doosan Bobcat Inc. is the leading manufacturer of compact farm and
construction equipment mainly in North America and EMEA. It engages
in the design, manufacture, sale and service of compact farm and
construction equipment under the Bobcat brand, and of portable
power products.




===============
T H A I L A N D
===============

KRUNG THAI: Moody's Assigns (P)Ba2 Rating to Tier 2 Securities
--------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba2 foreign currency
long-term debt rating to the Tier 2 capital securities component,
and a (P)Ba3 foreign currency long-term debt rating to the
additional Tier 1 capital securities component of the updated
US$2.5 billion euro medium-term note (EMTN) program of Krung Thai
Bank Public Company Limited (KTB, Baa1 stable, baa3) and its Cayman
Branch.

Moody's had previously assigned (P)Baa1/(P)P-2 ratings to the
senior unsecured component of the program.

The ratings do not apply to any individual notes to be issued under
the program. The ratings of the individual notes to be issued under
the program will be subject to Moody's review of the terms and
conditions set forth at issuance.

The assigned ratings are based on the draft terms and conditions of
the updated program reviewed by Moody's, which are not expected to
be materially different from the final terms and conditions.

RATINGS RATIONALE

ASSIGNMENT OF RATING TO THE TIER-2 EMTN COMPONENT

The (P)Ba2 rating is positioned two notches below KTB's baa3
adjusted baseline credit assessment (adjusted BCA), in line with
Moody's standard notching guidance for subordinated debt with loss
triggered at the point of non-viability on a contractual basis.

Under the terms and conditions, the principal of the subordinated
Tier-2 capital securities will be written down, partially or in
full, upon the occurrence of a non-viability event.

ASSIGNMENT OF RATING TO THE ADDITIONAL TIER-1 EMTN COMPONENT

The (P)Ba3 rating is positioned three notches below KTB's baa3
adjusted BCA, in line with Moody's standard notching guidance for
contractual non-viability preferred securities with optional,
non-cumulative distribution skip clauses.

The three-notch difference from the adjusted BCA reflects higher
expected losses in these securities, and the impairment associated
with discretionary coupon suspension.

Under the terms and conditions, the principal of the additional
Tier 1 capital securities will be written down, partially or in
full, upon the occurrence of a non-viability event, or when KTB's
Common Equity Tier 1 (CET 1) ratio, on either a standalone or
consolidated basis, is less than the trigger level of 5.15%.

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

The ratings are notched from KTB's adjusted BCA and will move in
tandem with KTB's adjusted BCA.

KTB's BCA could be upgraded if its asset quality improves,
supported by a continued strengthening of its loss-absorbing
buffers (including loan-loss reserves and capital), and its funding
and liquidity. Specifically, the following triggers would result in
an upgrade of the bank's BCA: an improvement in the bank's asset
quality, reflected in a lower new nonperforming loan (NPL)
formation rate; or an improvement in its core profitability.

Moody's could downgrade KTB's BCA if there is a further significant
weakening in the operating environment in Thailand or a loosening
of underwriting practices, which would pose significant risk to the
bank's asset quality, or a significant decline in its core capital
ratio.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Krung Thai Bank Public Company Limited (KTB), headquartered in
Bangkok, reported total assets of THB3.3 trillion ($111 billion) as
of December 31, 2020.



                           *********


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,
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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.

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