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

                     A S I A   P A C I F I C

          Thursday, April 1, 2021, Vol. 24, No. 60

                           Headlines



A U S T R A L I A

ARISTOCRAT LEISURE: S&P Alters Outlook to Stable & Affirms BB+ ICR
BREMONT WATCH: First Creditors' Meeting Set for April 12
CORONADO GLOBAL: S&P Lowers ICR to 'B-', Outlook Negative
GROCON GROUP: Liquidation Vote Adjourned to April 16
LMDM LEATHER: First Creditors' Meeting Set for April 12

LMDM PTY: First Creditors' Meeting Set for April 12
MAROON GOLD: Second Creditors' Meeting Set for April 8
ROMEO HOMES: Second Creditors' Meeting Set for April 9
[*] ASIC Prosecutes 3 Companies for Failing to Lodge Fin'l. Reports


C H I N A

21VIANET GROUP: Tuspark Agreement No Impact on Moody's B2 Rating
AGILE GROUP: S&P Alters Outlook to Stable & Affirms 'BB' ICR
LAI FUNG: Fitch Alters Outlook on 'B+' LT IDRs to Negative


I N D I A

AMRUTHA CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
BULLAND BUILDTECH: Insolvency Resolution Process Case Summary
DIGICABLE NETWORK: Insolvency Resolution Process Case Summary
GAIA PROPERTIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
GANESH RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GURU STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
JERICHO CHEMICALS: Insolvency Resolution Process Case Summary
KAILASH GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
KALPATHARU BREWERIES: CRISIL Keeps B Ratings in Not Cooperating
KAPADIA TEXTILE: CRISIL Keeps D Debt Ratings in Not Cooperating

KHATOR FIBRE: Insolvency Resolution Process Case Summary
LANCER LASER: Insolvency Resolution Process Case Summary
LAXMI VENKATADRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAYLARI AGRO: Insolvency Resolution Process Case Summary
METENERE LIMITED: Insolvency Resolution Process Case Summary

METRO IRRIGATION: Insolvency Resolution Process Case Summary
NILKANTH POLYTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NISCHINT FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
OIL INDIA: Moody's Lowers BCA to Ba1 on Weak Credit Metrics
P NARASIMHA: CRISIL Keeps D Debt Ratings in Not Cooperating

PARAMESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
PARAMESWARA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
PLANET PR: CRISIL Keeps D Debt Rating in Not Cooperating
PRABHUDARSHAN DEVELOPERS: Insolvency Resolution Case Summary
PRIORITY PROFILES: CRISIL Lowers Rating on INR8cr Loan to B

PROSTAR TEXTILE: Insolvency Resolution Process Case Summary
RAAJMAHAL DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating
RAIPUR KERALA: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAJPAL ABHIKARAN: Insolvency Resolution Process Case Summary
RED BRICK: Insolvency Resolution Process Case Summary

SAYA AUTOMOBILES: CRISIL Keeps B Debt Rating in Not Cooperating
SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHARF INDUSTRIES: CRISIL Assigns B+ Rating to INR1cr Loans
SHIRDI SAI: CRISIL Withdraws B+ Rating on INR78cr Cash Loan
SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating

SHIVANSH TEXTILES: CRISIL Cuts Rating on INR9cr Loans to B
SRINIVASA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SWE FASHIONS PRIVATE: Insolvency Resolution Process Case Summary
VELUGU ENGINEERING: Insolvency Resolution Process Case Summary
VENKATA KAMAKSHI: CRISIL Keeps B+ Debt Ratings in Not Cooperating

VENKATESWARA POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
VIJAYA SARADA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VIJAYLAXMI INT'L: CRISIL Keeps B Debt Rating in Not Cooperating
WAYNE-BURT AEROSPACE: Insolvency Resolution Process Case Summary
WB PRECISION ENGINEERING: Insolvency Resolution Case Summary

ZENICA PERFORMANCE: Insolvency Resolution Process Case Summary


I N D O N E S I A

BANK SYARIAH: Fitch Withdraws 'BB+' LongTerm IDR
LIPPO KARAWACI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable


N E W   Z E A L A N D

MAINZEAL: Ruling Likely to Lead Raise in Damages Paid to Creditors


P A K I S T A N

PAKISTAN: Sells $2.5 Billion in Bonds After IMF Bailout Resumes


S I N G A P O R E

GREENSILL ASIA: Foo Kon Tan Appointed as Liquidators
PREMIER INSURANCE: Commences Wind-Up Proceedings

                           - - - - -


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A U S T R A L I A
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ARISTOCRAT LEISURE: S&P Alters Outlook to Stable & Affirms BB+ ICR
------------------------------------------------------------------
S&P Global Ratings, on March 30, 2021, revised its outlook on
Australia-based gaming provider Aristocrat Leisure Ltd. to stable
from negative. S&P affirmed the 'BB+' long-term issuer credit
rating on the company and the related issue ratings on its secured
A$286 million revolving credit facility and US$2.35 billion term
loans.

S&P said, "The stable outlook reflects that we expect Aristocrat to
continue to generate good levels of discretionary cash flow over
the next 12 months, enabling it to keep debt to EBITDA comfortably
below 2.5x.

"The risk of Aristocrat's leverage remaining above our expectations
for the 'BB+' rating has abated. The outlook revision reflects our
expectation of a strong earnings recovery in the company's
land-based division during the fiscal year 2021 (ending Sept. 30,
2021), specifically from the Americas, where casinos continue to
operate at lower capacity. Earlier-than-anticipated reopening of
casinos during the second half of 2020 enabled cash flow to recover
faster than we initially anticipated. We now expect a much-improved
land-based operating performance, supported by consistent growth in
digital, to underpin Aristocrat's earnings recovery in the fiscal
years 2021 and 2022.

"We believe Aristocrat's S&P Global Ratings-adjusted debt to EBITDA
has passed its peak.

"In our view, earnings recovery is further progressed than
initially anticipated, limiting earnings volatility and credit
metric deterioration. We believe Aristocrat's debt to EBITDA peaked
during fiscal 2020 on the back of casino closures, which resulted
in significant EBITDA decline of 34%. We now expect the strong
performing digital division and earlier-than-expected recovery of
land-based operations to enable Aristocrat to keep S&P Global
Ratings-adjusted debt to EBITDA below 2.5x, absent any large
debt-funded acquisitions or sizable shareholder capital returns."
Before the COVID-19 outbreak, Aristocrat posted relatively modest
debt to EBITDA of about 1.7x in fiscal 2019.

The company's retention of new digital users acquired during
lockdown periods will determine its earnings recovery.

Digital segment revenue growth over the next 12-24 months will
largely depend on how successfully Aristocrat retains newly
acquired digital users. During the pandemic, Aristocrat's digital
segment benefited from stay-at-home orders, which helped drive
growth in internet and social gaming given the limited availability
of land-based alternatives. Strong growth in new digital users
underpinned segment revenue growth of around 28.5% in fiscal 2020,
somewhat offsetting the significant declines in land-based
operations' revenues. S&P projects digital revenue growth will
normalize over the next 12 months, with growth of around 8%-10% in
fiscal 2021.

S&P said, "Uncertainty lingers around the duration of casino
capacity restrictions and how quickly casino operators can
reactivate their capital budgets. Aristocrat's land-based segments
have recovered faster than we previously expected, such that our
revised base-case assumptions incorporate greater improvement in
revenue and EBITDA during fiscal 2021. Despite the
earlier-than-anticipated casino reopenings across the U.S., we do
not anticipate land-based earnings will return to pre-pandemic
levels until at least fiscal 2022. In our view, some level of
capacity restrictions will remain in place until widespread
vaccination is achieved, constraining gaming operations earnings.
In addition, we expect outright sales to be limited over at least
the next 12 months as casino operators remain cautious with their
capital budgets."

Aristocrat's sizable cash balance, undrawn facilities, and minimal
near-term debt maturities provide an ample buffer to meet any
liquidity pressures over the next 12 months.

Aristocrat's long-dated debt profile, undrawn facilities, available
cash of around A$1.7 billion as of Sept. 30, 2020, and internally
generated funds from operations (FFO) underpin its strong liquidity
position. S&P believes the company has enough liquidity to weather
additional pandemic-related disruptions, having been bolstered by
an incremental US$500 million term loan B issuance during the
height of the coronavirus pandemic in May 2020. Aristocrat has no
near-term debt maturities. The company's US$2.35 billion term loans
are long-dated and mature in 2024.

S&P said, "We will monitor the company's capital management
decisions over the next 12 months. The strength of Aristocrat's
current liquidity position gives it some flexibility to undertake
capital management or corporate activity over the next 12 months.
We do not expect the company to permanently maintain its high cash
balance should market conditions normalize and downside risks
recede. Any corporate activity decision that increases leverage
beyond the 3.0x level or capital management decision that increases
leverage beyond 2.5x would undermine our assessment of the
company's future financial policy commitments. That said, we
believe Aristocrat's conservative approach to its progressive
dividend policy during the pandemic in fiscal 2020 reflects
management's commitment to the 'BB+' rating.

"The stable outlook reflects our view that Aristocrat is committed
to keeping debt to EBITDA below 2.5x under normal operating
conditions, with the ability to increase to 3.0x for strategic
opportunities.

"The outlook also considers our expectation that Aristocrat will
maintain a sufficient cushion below 2.5x debt-to-EBITDA to absorb
any further operational volatility on the back of the COVID-19
pandemic or its effect on economic conditions.

"We could lower the rating if the company's debt to EBITDA rises
above 3.0x under cyclically depressed operating conditions or
because of corporate activity decisions, or to above 2.5x under
normal operating conditions. A decision to increase leverage beyond
this level would undermine our assessment of the company's future
financial policy commitments.

"We could also lower the rating if the economic environments of the
U.S. or Australia, or if Aristocrat's market position across its
portfolio severely weakens.

"While an upward rating action is unlikely, we could raise the
rating if Aristocrat's cash flow generation and financial policies
enable it to sustain debt to EBITDA of less than 1.5x."


BREMONT WATCH: First Creditors' Meeting Set for April 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Bremont
Watch Company Pty Ltd will be held on April 12, 2021, at 5:00 p.m.
via virtual meeting technology.

David Coyne of BRI Ferrier of was appointed as administrator of
Bremont Watch on March 30, 2021.


CORONADO GLOBAL: S&P Lowers ICR to 'B-', Outlook Negative
---------------------------------------------------------
S&P Global Ratings, on March 31, 2021, lowered its issuer credit
rating on Coronado Global Resources Inc. to 'B-' from 'B'.

The negative outlook reflects S&P's view that Coronado's covenant
pressure will remain elevated and the company's liquidity will
likely continue to tighten over the next six months amid weak
external market conditions.

S&P said, "A subdued and fleeting recovery in met coal prices over
the past six months has constrained Coronado's free cash flow
generation, compared to our expectations. The company's
debt-to-EBITDA ratio for fiscal 2020 (year ended Dec. 31, 2020) was
8.9x, materially higher than our expectation of low-4x. This was
driven by continued weakness in met coal benchmark prices in the
second half of 2020, partly due to Chinese restrictions on import
of Australian coal. As such, Coronado's free cash flow was
negative, constraining its capacity to improve its liquidity,
despite efforts to control costs and reduce capital expenditure
(capex).

"In our view, Coronado is unlikely to satisfy its net leverage
ratio (below 2.5x) covenant test for Sept. 30, 2021. We believe
considerable risk remains around the timing and pace of recovery in
broader global industrial activity and in met coal markets.
Therefore, Coronado's expected weak earnings for the 12 months to
Sept. 30, 2021, will constrain its ability to comply with its
leverage covenants. We expect management to seek covenant waiver
extensions over the next couple of months as the company progresses
its capital structure review." Downward rating pressure will
intensify if Coronado is unable to make progress on negotiations
for covenant waiver extensions.

A potential collateral call from surety providers could further
strain Coronado's liquidity. S&P has recently observed surety bond
providers calling on coal producers to provide cash collateral in
excess of 50% of bonds outstanding due to deteriorating industry
conditions. However, the company's US$32.3 million of third-party
surety bonds in connection with its U.S. operations are relatively
modest.

The syndicated facility size is scheduled to reduce. In line with
the terms of the second waiver, the syndicated facility size will
be US$475 million, after permanent reductions of US$25 million in
three steps--in February, May, and August 2021. S&P expects
Coronado to receive all outstanding trade receivables (US$91
million as of Dec. 31, 2020, with US$20.1 million collected
subsequent to yearend) from Xcoal (unrated) by Sept. 30, 2021. In
addition, the company continues to explore noncore asset sales.
These factors could modestly ease the liquidity constraints.

The negative outlook reflects S&P's view that Coronado's liquidity
is likely to continue to tighten amid subdued external operating
conditions and the expiry of covenant waivers on Sept. 30, 2021.

S&P would likely lower the rating if:

-- Coronado is unable to secure a further covenant waiver
extension;

-- The company is unable to improve its sources of liquidity as
part of its capital structure review; or

-- The company's operating performance deteriorates, eroding its
access to capital or precipitating a restructuring of the group's
debt facilities.

S&P could revise the outlook to stable if it believes the risk of
Coronado breaching covenants materially reduces and there is a
broader market recovery of sufficient scale and momentum to support
the company's access to liquidity.


GROCON GROUP: Liquidation Vote Adjourned to April 16
----------------------------------------------------
Larry Schlesinger at Australian Financial Review reports that
disgruntled Grocon creditors forced the postponement of a vote to
decide the future of the fallen construction giant after demanding
administrators investigate what happened to more than AUD90 million
of loans taken out of the company by chief executive Daniel Grollo
and the value of assets that might be realised in a liquidation.

According to AFR, Grocon group administrator KordaMentha
reluctantly agreed to adjourn for 10 days a vote by creditors to
either back a deed of company arrangement (DOCA) proposed by the
Grocon scion or liquidate the 88 insolvent companies in the group,
after warning it would be a costly delay and likely to achieve very
little.

AFR relates that fund manager APN, which has been scathing of the
proposed DOCA and is pushing for liquidation, argued fiercely for
an adjournment - initially of 45 days - and won the support of
other major creditors including ISPT and the Australian Taxation
Office.

"We are not satisfied all the information is there to make a
decision," AFR quotes APN spokesman and proxy Anthony Simpson as
saying.  "There is information lacking on assets that sit outside
the group . . . creditors could be better off if these loans [to Mr
Grollo] can be clawed back."

The matter was sealed when Mr. Grollo said he did not object to an
adjournment to clarify any concerns among creditors, the report
says.

AFR notes that creditors are now expected to reconvene on April 16
to decide the fate of the 88 companies that make up the majority of
the Grocon group, once the country's most successful private
developer and construction player.

APN had initially sought an extra 45 business days to study the
lengthy administrators' report after accusing Grocon of buying the
votes of former employees and small creditors whose claims will be
paid out through a AUD10 million upfront payment that will be
available only if the DOCA is adopted, AFR relates.

KordaMentha rejected this allegation and others made in a letter
sent to the administrators on March 26.

APN, which has a long-standing legal dispute with Grocon over a
Westpac office project in Melbourne, demanded KordaMentha undertake
further investigations of AUD90 million of loans made to Mr. Grollo
and his ex-wife Katherina, and the value of assets secured with
these funds that may be clawed back in a liquidation, according to
AFR.

In addition, APN pushed for "greater clarity" of the value of the
Eureka Tower rooftop, an asset owned by the group, but which will
be retained by Mr. Grollo under the DOCA agreement.

Addressing the creditors' meeting earlier, Mr Grollo again blamed
Infrastructure NSW for the appointment of administrators and said
his hand had been forced by the state government entity's
"unacceptable and unconscionable" handling of the Central
Barangaroo project Grocon had won the rights to develop in 2018.

"The DOCA is the best option for creditors. Creditors have been
first and foremost in my mind," the report quotes Mr. Grollo as
saying.

Unsecured creditors are owed about AUD104 million. About AUD31
million is owed to large creditors, mainly subcontractors; AUD17
million to bond-holders; and AUD32.5 million to litigation
creditors including fund managers APN, Impact and ISPT and the
Hastie Group, AFR discloses.

Mr. Grollo had proposed a DOCA that would include a AUD10 million
upfront payment to cover wages owed to employees and to pay out all
small creditors fully in exchange for the transfer of AUD94.4
million of related party loans back to a new entity he controls,
AFR discloses.

                           About Grocon

Australia-based Grocon engages in development, construction and
funds management.  Grocon was founded in 1954 and has been run by
three generations of the Grollo family.  

In late 2020, 42 Grocon companies were placed into administration.
Administrators were also appointed on Feb. 22, 2021, to oversee
Grocon Group Holdings Pty Ltd, Grocon Constructors (NSW) Pty Ltd
and 43 other development-specific companies.


LMDM LEATHER: First Creditors' Meeting Set for April 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of LMDM Leather
Co Pty Ltd, trading as Lancel, will be held on April 12, 2021, at
4:00 p.m. via virtual meeting technology.

David Coyne of BRI Ferrier was appointed as administrator of LMDM
Leather on March 30, 2021.


LMDM PTY: First Creditors' Meeting Set for April 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of LMDM Pty Ltd
will be held on April 12, 2021, at 2:00 p.m. via virtual meeting
technology.

David Coyne of BRI Ferrier was appointed as administrator of LMDM
Pty on March 30, 2021.


MAROON GOLD: Second Creditors' Meeting Set for April 8
------------------------------------------------------
A second meeting of creditors in the proceedings of Maroon Gold Pty
Ltd has been set for April 8, 2021, at 10:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 7, 2021, at 4:00 p.m.

Matthew Donnelly and Grant Sparks of Deloitte were appointed as
administrators of Maroon Gold on Feb. 26, 2021.


ROMEO HOMES: Second Creditors' Meeting Set for April 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Romeo Homes Pty
Ltd has been set for April 9, 2021, at 11:00 a.m. via video
conference.

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 April 8, 2021, at 11:00 a.m.

Mathew Gollant of CJG Advisory was appointed as administrator of
Romeo Homes on Feb. 25, 2021.


[*] ASIC Prosecutes 3 Companies for Failing to Lodge Fin'l. Reports
-------------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) prosecuted
three companies between July 1, 2020, to Dec. 31, 2020, for failing
to comply with their financial reporting obligations.

Australian companies are required by law to lodge annual financial
reports with ASIC within a specified period after the end of the
financial year.

The three companies prosecuted by ASIC include:

   * Burbank Properties Pty Ltd ACN 010 072 170 (Burbank);

   * JHT Holdings Ltd ACN 164 889 481 (JHT Holdings); and

   * Grundfos Australia Holding Pty Ltd ACN 162 450 259  
    (Grundfos).

Burbank failed to lodge annual financial reports for five years
between 2015 and 2019 (inclusive). Burbank was convicted and
received a AUD5,000 fine.

JHT Holdings failed to lodge annual financial reports for five
years between 2014 and 2018 (inclusive). JHT Holdings was convicted
and received a AUD5,000 fine.

Grundfos was charged with late lodgement of annual financial
reports for five years between 2014 and 2018 (inclusive). Grundfos
was discharged without conviction by way of a bond under section
19B Crimes Act and required to be of good behaviour.

ASIC will continue to take action to ensure companies comply with
their financial reporting obligations. Accurate and timely
financial reporting allows shareholders, creditors and the public
to make informed decisions about Australian companies.




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C H I N A
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21VIANET GROUP: Tuspark Agreement No Impact on Moody's B2 Rating
----------------------------------------------------------------
Moody's Investors Service says that 21Vianet Group, Inc.'s (B2
stable) agreement with Tuspark Innovation Venture Limited to
repurchase approximately USD260 million of Class B ordinary shares
from Tuspark will increase the pressure on its liquidity, but does
not pose any immediate impact on its ratings.

In addition to the share repurchase, 21Vianet announced that
Tuspark has agreed to sell and transfer additional shares to Beacon
Capital Group Inc., after which Tuspark's voting rights in 21Vianet
will reduce to less than 5% from 50.7%.

"Given 21Vianet's large cash balance, its ratings will not be
immediately affected by the announced share repurchase agreement,"
says Shawn Xiong, a Moody's Assistant Vice President and Analyst.

At the same time, per the terms of 21Vianet's USD300 million bonds
due in October 2021, a change of control event would be triggered
if Tuspark loses its majority voting rights over 21Vianet and if
21Vianet's bond rating is subsequently downgraded by any one of the
rating agencies. Moody's expects the first part of the trigger
event will be satisfied post the completion of the transaction.

Moody's expects 21Vianet has sufficient cash on hand to cover the
accelerated repayment if the change of control event is triggered.
21Vianet's cash balance of around RMB2.7 billion at the end of
2020, the proceeds from its issuance of a USD600 million (RMB3,925
million) convertible bond in January 2021, and its expected
operating cash flow of RMB800- RMB900 million will be adequate to
fund the announced share purchase of USD260 million (RMB1,700
million), the redemption of its USD300 million (RMB1,962 million)
bond due in October 2021 and its short-term debt of RMB34 million
over the next 12 months.

However, Moody's estimates that 21Vianet will need to raise
additional financing in the range of RMB2 billion-RMB3 billion in
the second half of 2021 if it is to meet its capital expenditure
target of RMB5 billion-RMB6 billion for 2021.

Moody's also notes that a large part of 21Vianet's planned capital
expenditure will be growth-orientated and thus expects the company
will have some control and flexibility over the magnitude and
timing of its planned spending.

Moody's will closely monitor the precise shareholding structure
post the completion of the transaction and whether it will cause
any significant change in the company's operational strategy and
financial policy going forward.

Additionally, Moody's will closely monitor the company's continued
access to funding markets, whether it can improve the diversity of
its funding channels and any progress in securing additional
funding for its planned capital expenditure plans.

At the same time, Moody's expects 21Vianet's revenue and adjusted
EBITDA to grow by 25%-29% respectively over the next 12-18 months,
driven primarily by the increasing utilization of its new cabinets
amid favorable industry prospects for internet data centers (IDCs)
and cloud services. The company's total cabinets under management
has increased significantly to 53,553 as of December 31, 2020,
compared to 36,291 as of December 31, 2019.

Moody's also expects the company to maintain stable profitability
with adjusted EBITDA margins of around 27%-29%. Profitability is
supported by the stable monthly recurring revenue 21Vianet derives
from its IDC business. Monthly recurring revenue per cabinet from
this business has gradually improved to RMB9,131 for the fourth
quarter of 2020 from RMB8,822 for the fourth quarter of 2019.

As a result, Moody's expects 21Vianet's leverage -- as measured by
adjusted debt/EBITDA -- to be in the range of 5.0x-5.5x over the
next 12-18 months improving from around 5.8x for 2020.

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

21Vianet Group, Inc. is the largest carrier and cloud neutral
internet data center services provider in China. It has over 84
data centers across more than 20 cities in China. It also provides
broadband internet access and complementary value-added services,
such as cloud services, Virtual Private Networks (VPN) services and
hybrid IT services.

Headquartered in Beijing, 21Vianet was founded in 1999 and listed
on the NASDAQ in 2011. As of March 6, 2020, Tus-Holdings Co. Ltd.,
a stated-owned enterprise and the largest shareholder, owned a
21.0% equity stake with 50.7% of voting rights, and co-founder &
Chairman Mr. Sheng Chen owned a 7.3% equity interest with 15.2% of
voting rights.


AGILE GROUP: S&P Alters Outlook to Stable & Affirms 'BB' ICR
------------------------------------------------------------
S&P Global Ratings, on March 30, 2021, affirmed its 'BB' long-term
issuer credit rating on Agile Group Holdings Ltd. and lowered the
long-term issue rating on the company's senior unsecured notes to
'BB-' due to an increase in priority debt.

S&P said, "The stable outlook on Agile reflects our view that the
company will remain disciplined in land acquisitions and other
capital spending on its non-property development segments over the
next 12 months. We also expect the company to achieve moderate
sales growth, supporting steadily increasing revenue recognition
with largely stable margins such that its leverage stays at its
improved level."

Agile's property development business will retain strong saleable
resources. The company's project in Clearwater Bay, in Hainan, is
being released after the local government tightened purchasing
requirements in April 2018 for two years. Saleable resources amount
to more than Chinese renminbi (RMB) 250 billion in 2021, compared
with RMB220 billion last year. S&P estimates Agile will grow its
contracted sales to RMB150 billion in 2021, supported by a
sell-through rate of 60%. Revenue from its property development
business will increase by 15%-20% to RMB80 billion-RMB83 billion in
2021, underpinned by its unrecognized sales of RMB35 billion-RMB40
billion in 2020 and contracted sales to be recognized in 2021.

Further earnings growth will come from its non-property development
business segments, led by property management and environmental.
S&P estimates these segments will grow revenue faster than the
property development business, at about 30% in 2021, bolstered by
both organic growth and new capacity or area under management from
new acquisitions.

Agile's gross margin will likely drop to 28%-30% over the next two
years. S&P estimates the revenue contribution from Clearwater Bay
will drop to RMB10 billion-RMB15 billion, from about RMB20 billion
in 2020. In line with its peers, Agile faces overall margin
pressure from industry competition. The margin of its projects
excluding Clearwater Bay dropped to about 21%-22% in 2020, from 29%
in 2019, due to the recognition of some low-margin projects.

S&P said, "In our view, the profitability of property management
and environmental segments bottomed out in 2020 following the
consolidation of the lower-margin CMIG Futurelife Property
Management and suppressed demand for hazardous waste treatment
during the COVID pandemic. That said, a significant rebound is
unlikely, given the increasing supply in the environmental sector.

"We expect Agile to continue to control its debt growth through
disciplined capital spending and assets recycling. This has helped
the company to significantly reduce its leverage (as measured by a
debt-to-EBITDA ratio) to 4.8x in 2020, from 6.5x in 2019.

"In 2020, the company acquired about 40 plots of land at an
attributable cost of RMB23.4 billion, down 35% against 2019. We
project Agile will incur about RMB39 billion–RMB41 billion in
land acquisitions and capital expenditure on other businesses in
2021, equivalent to about 40% of cash proceeds from sales and other
businesses. Saleable resources from land acquisitions should
largely replenish the amount to be sold during the year.
Agile's continuous effort at asset recycling will reduce its
reliance on debt. The company is applying to list its construction
arm focusing on ecological landscaping and interior decoration
services, A-city, in Hong Kong. This will potentially raise RMB3
billion-RMB5 billion. Agile might also seek to spin off its other
non-property businesses when opportunities arise. The company has
also brought in equity partners for its existing projects to
diversify risks. In December 2020 and February 2021, the company
introduced Ping An Real Estate as project partner for seven of its
projects at a total consideration of RMB6.1 billion. We expect
similar transactions to continue over the next two years to fund
the company's new investment.

"The stable outlook on Agile reflects our view that the company
will remain disciplined in land acquisitions and other capital
spending on its non-property development segments over the next 12
months. We also expect the company to achieve moderate sales
growth. This would support steadily increasing revenue recognition
with largely stable margins, such that its leverage stays at its
improved level.  

"We could downgrade Agile if the company's revenue growth or margin
recovery is weaker than our expectation or if the company fails to
control its debt growth due to higher capex needs. This could lead
to a deviation from its deleveraging. Pointing to this weakness
would be consolidated and proportionate debt-to-EBITDA ratios that
fail to remain below 5x.

"Rating upside is limited for the next 12 months. However, we could
raise the rating if Agile can significantly enhance its
profitability and increase its revenue while maintaining prudent
financial discipline, such that its consolidated and proportionated
debt-to-EBTIDA ratios sustainably improve to below 4x."


LAI FUNG: Fitch Alters Outlook on 'B+' LT IDRs to Negative
----------------------------------------------------------
Fitch Ratings has revised the Outlook on Lai Fung Holdings
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) to Negative, from Stable, and has affirmed the
ratings at 'B+'. Fitch has also affirmed the Hong Kong property
company's senior unsecured rating and the rating on its USD350
million senior notes due 2023 at 'B+' with a Recovery Rating of
'RR4'.

The Negative Outlook reflects Fitch's view that Lai Fung's
investment property (IP) EBITDA interest cover will remain below
1.0x in the financial year ending July 2021 (FY21), as the shopping
mall at the Hengqin Novotown has yet to ramp up rental income since
opening in 2019. Fitch estimates that IP EBITDA interest cover will
trend towards 1.0x in FY22, with improved operating results from
Novotown. However, there are still uncertainties in the recovery of
IP EBITDA interest cover.

In addition, the Negative Outlook reflects the slow recovery and
ramp-up of Lai Fung's hotel and theme park operations, in
particular after the Covid-19 pandemic. Fitch may take further
negative rating action if IP EBITDA interest cover does not trend
towards 1.0x, and there is continued weakness in its hotel and
theme park operations.

KEY RATING DRIVERS

Lower Rental EBITDA: Lai Fung's rental EBITDA from IPs dropped by
22% yoy to HKD144 million in 1HFY21, due mainly to higher operating
costs for its IPs, in particular, the Novotown shopping mall, which
was officially opened for operations in December 2019 and closed
from January to June 2020 due to the Covid-19 pandemic. Fitch
believes the rental revenue at the Novotown shopping mall may take
more time to ramp up, as the pandemic disrupted the mall's plans to
attract tourists.

Fitch expects IP segment EBITDA/gross interest coverage to recover
and trend towards 1.0x in FY22 from 0.6x in 1HFY21. However, this
depends on the recovery of its existing IP portfolio and the
ramp-up of the Novotown shopping mall, and Fitch sees uncertainties
around the mall's recovery.

Weak Theme Park Operation: Visitations to the Novotown theme park
have been insufficient to achieve profitability since it opened in
2019. The park was closed from January to June 2020 due to the
pandemic, and generated negative EBITDA of about HKD38 million in
1HFY21. Fitch expects continued cash losses of HKD60 million-70
million a year in FY21-FY23, which should be covered by positive
EBITDA from the hotel and service apartment segment, and positive
cash flow generated from the sale of completed properties.

New IPs Underway: Lai Fung plans to add 1.3 million square feet of
rental gross floor area by FY23; this represents about 30% of its
current rental portfolio and includes office towers in its Shanghai
Northgate Plaza and Guangzhou Haizhou Plaza projects.

Positive Development Cash Flow: Fitch expects Lai Fung's
property-development segment to generate positive cash flow once
the office tower and service apartments at Novotown as well as the
Shanghai Wuli Bridge project are completed. This will generate
sales revenue and cash inflows in FY21. Completed properties held
for sale, net of cash deposits received, amounted to HKD3 billion
as of end-January 2021.

No Rating Impact from Parent: Fitch rates Lai Fung based on its
Standalone Credit Profile, as Fitch assesses the linkage between
Lai Fung and the parent, Lai Sun Development Company Limited (LSD),
as weak. Both are listed companies and Lai Fung's operations and
financial functions, despite some management overlap, are
independent from the parent's, with Lai Fung focusing on IP and
developments in mainland China, while LSD operates in other
regions. Fitch views the parent's consolidated financial profile as
similar to Lai Fung's financial profile.

DERIVATION SUMMARY

Lai Fung and China Logistics Property Holdings Co., Ltd (CNLP,
B-/Negative) have similar asset scales and both have an IP value of
about USD2.5 billion, which generated IP EBITDA of about USD50
million, before the impact of the pandemic. Lai Fung's IP EBITDA
interest coverage of 0.8x in FY20 was comparable with CNLP's
0.7x-0.8x. Fitch expects Lai Fung's coverage to trend towards 1.0x
in FY23, once its new office buildings in Shanghai and Guangzhou
are completed. Fitch believes the asset quality of Lai Fung's IP
assets as stronger, as they consist of offices and shopping malls
in high-tier cities. Fitch also sees less refinancing risk for Lai
Fung than for CNLP, as Lai Fung refinanced its short-term debt in
March 2021 and has no capital market debt due until 2023.

KEY ASSUMPTIONS

-- IP rental revenue of HKD680 million-930 million a year in
    FY21-FY24 (FY20: HKD641 million);

-- IP EBITDA of HKD350 million-650 million a year in FY21-FY24
    (FY20: HKD379 million);

-- Annual capex of HKD0.5 billion-1.0 billion for FY21-FY24
    (FY20: HKD1.3 billion);

-- Hong Kong dollar at 1.2 to Chinese yuan over FY21-FY24.

RATING SENSITIVITIES

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

-- The Outlook will be revised to Stable if the IP EBITDA/gross
    interest coverage trends towards 1.0x by FY22.

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

-- IP EBITDA/gross interest coverage fails to trend towards 1.0x
    by FY22;

-- Continuous weakness in hotel and theme park EBITDA;

-- Weakening of LSD's consolidated financial profile.

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

Sufficient Liquidity: Lai Fung had available cash of HKD2.3 billion
and restricted cash of HKD2.0 billion at end-January 2021, against
short-term bank loans of HKD2.9 billion. On 12 March 2021 the
company signed a HKD3.3 billion five-year offshore secured
term-loan facility and a HKD692 million equivalent five-year
onshore secured term-loan facility with 12 financial institutions.
The proceeds are sufficient to refinance all of the company's
short-term borrowings.

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.




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

AMRUTHA CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Amrutha
Constructions (SAC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          9.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SAC 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 SAC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SAC, set up in 2015 is engaged in commercial real estate
development.

BULLAND BUILDTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Bulland Buildtech Pvt Ltd.
        D-138, Flat No. 4, First Floor
        Krishna Park, Khanpur
        New Delhi 110080

Insolvency Commencement Date: March 22, 2021

Court: National Company Law Tribunal, New Delhi Bench (Court-II)

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

Insolvency professional: Mahesh Taneja

Interim Resolution
Professional:            Mahesh Taneja
                         AE-173, Shalimar Bagh
                         Delhi 110088
                         E-mail: maheshtaneja111@yahoo.in

                            - and -

                         Mahesh Taneja
                         Value Plus Insolvency Resolution
                         Professionals Pvt. Ltd.
                         1-B, 1/17, Lalita Park
                         Laxmi Nagar, East Delhi
                         Delhi 110092
                         E-mail: irpbullandbuildtech@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Devendra Umrao
                         Ravi Sharma
                         Bhim Sain Goyal

Last date for
submission of claims:    April 5, 2021


DIGICABLE NETWORK: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Digicable Network (India) Limited
        A-Wing, 602
        Everest Grande Building
        Opp. Ahura Centre
        Mahakali Caves Road
        Andheri (East)
        Mumbai City MH 400093

Insolvency Commencement Date: December 4, 2020

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Anil Mehta

Interim Resolution
Professional:            Mr. Anil Mehta
                         501, Dosti Elite, Tower A
                         Near Sion Telephone Exchange
                         Sion East, Mumbai City
                         Maharashtra 400022
                         E-mail: rp.anilmehta.1960@gmail.com

                            - and -

                         1121, Building No. 11, 2nd Floor
                         Solitaire Corporate Park
                         Chakala, Andheri Kurla Road
                         Andheri (E), Mumbai 400093
                         E-mail: ip.digicable@rbsa.in

Last date for
submission of claims:    April 1, 2021


GAIA PROPERTIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Gaia Properties and
Infrastructure India Private Limited (GPIIPL) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of GPIIPL from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan          4.5        CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Overdraft Facility      2.5        CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Long Term
   Bank Loan Facility      3          CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

The rating reflects the extensive experience of the promoter and
the company's established track record in constructing residential
buildings. The strengths are partially offset by susceptibility to
timely completion of the ongoing residential project and flow of
customer advances, and exposure to risks inherent to the real
estate industry and geographic concentration in revenue.

Analytical Approach

For arriving at the ratings CRISIL Ratings has consolidated the
business and financial risk profiles of GPIPL and Symbiosis
Properties And Infrastructures India Private Limited (SPIPL)
(together referred as Symbiosis group) as both the companies have
common promoters with significant operational and financial
fungibility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to timely execution of projects, and flow of
customer advances: The ongoing project is less than 10%
construction complete with similar booking. However, the group has
large upcoming project whose execution is dependent on customer
advances and timely contraction of debt.  Thus, any delay in timely
funding tie-up or delays in execution due to regulatory changes or
adverse climatic conditions, could adversely impact the group's
business risk profile.

* Exposure to inherent risks and to cyclicality in the real estate
industry: The real estate sector is cyclical and marked by sharp
movements in prices. Furthermore, susceptibility to multiple
property laws and government regulations persists. The risk is
compounded by aggressive timelines for completion, with shortage of
manpower (project engineers and skilled labor). Also, the recent
slowdown in the sector has adversely delayed the execution and
saleability of several ongoing projects. Revenue and operating
margin are susceptible to cyclicality in the sector, too.

Strength:

*Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade, and their keen insight into
the industry and strong relations with suppliers should continue to
support business risk profile. Furthermore, strong brand recall of
"Good Earth" brand due to its unique eco-friendly designs and the
company's strong track record is expected to aid the company's
booking going forward.


Liquidity: Stretched

Liquidity is stretched. With healthy booking its on-going project,
customer advances is estimated to me more than adequate to meet the
upcoming debt obligations. Financial assistance may be expected
from the promoters whenever necessary. Bank limit of Rs 2.5 crore
is utilised at an average of 95% during the last 6 months ended
January 31, 2021.


Outlook Stable

CRISIL Ratings believes Symbiosis group will continue to benefit
from its promoters' extensive experience.


Rating Sensitivity factors

Upward factors:

* Ramp up of customer advances in the upcoming project to over 30%
of the project cost.
* Timely construction progress and timely funding tie up with
banks.

Downward factors:

* Booking progress of less than 20% in the ongoing project.
* Time and cost overrun in the upcoming project leading to low
profitability.

SPIPL and GPIIPL based out of Kozhikode, Kerala is into residential
real-estate development since 2007. It has executed over 3 projects
so far and does project under the brand name - "Good Earth". The
group has one on-going project Good Earth - Walk on the Clouds
which is expected to be completed in next 1 month and one upcoming
project Good Earth - Barefoot on the Hills.

GANESH RAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M/s Ganesh
Ram Dokania (GRD) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            40         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with GRD 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 GRD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRD continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

GRD was originally established as a proprietorship concern in 1958
by Mr Ganesh Ram Dokania. Subsequently, the concern was
reconstituted as a partnership entity in 1996 with the induction of
the second generation and other family friends. Since inception,
the firm has been undertaking civil construction projects such as
construction of roads, bridges, and certain irrigation works. It is
registered as a Class IA contractor with the Government of Bihar.

GURU STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Guru
Stone Crusher Private Limited (SGSCPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

   Term Loan               3         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGSCPL 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 SGSCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SGSCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SGSCPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Incorporated in 2012, the Rudrapur (Uttarakhand)-based SGSCPL is
promoted by Mr. Satnam Singh Bedi. It crushes boulders, picked up
from Kosi and Dabka river beds, at its crushing unit into stones of
various sizes (up to 65 millimetres); the unit began commercial
operations from September 2014. The company is managed by Mr.
Satnam Singh Bedi, Mr. Jasvinder Singh Bedi, and Mr. Hemant
Dwivedi.

JERICHO CHEMICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jericho Chemicals LLP
        IIT Road, Jaiguru
        Vill-Numalijulah, North
        Guwahati 781031
        Assam, India

Insolvency Commencement Date: March 22, 2021

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: September 18, 2021

Insolvency professional: Manish Agarwalla

Interim Resolution
Professional:            Manish Agarwalla
                         Room No. 9, 5th Floor
                         Parmeshari Building
                         Chatribari
                         Guwahati 781001
                         E-mail: camanishagarwalla@gmail.com
                                 cirp.jericho@gmail.com

Last date for
submission of claims:    April 6, 2021


KAILASH GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kailash
Ginning and Pressing Private Limited (KGPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             15         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       2         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with KGPL 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 KGPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KGPL continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2006, KGPL is promoted by Mr Dinesh Patel, who is based
in Rajkot, Gujarat. He has experience of more than two decades in
the cotton ginning industry. The company has a capacity of 240
bales per day.

KALPATHARU BREWERIES: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalpatharu
Breweries and Distilleries Private Limited (KBDPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

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

   Proposed Long Term      1.5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               3.5        CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KBDPL 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 KBDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBDPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2010, KBDPL is an IMFL producer and markets its own
brand of liquor comprising of whisky, gin, rum, and brandy. It also
undertakes bottling for third-party brands. Located at Sompura,
Karnataka, the company is promoted and managed by Mr. S Kantappa.

KAPADIA TEXTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kapadia
Textile (KT; part of the Kohinoor group) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             7          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Cash           7          CRISIL D (Issuer Not
   Credit Limit                       Cooperating)

CRISIL Ratings has been consistently following up with KT 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 KT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KT
continues to be 'CRISIL D Issuer Not Cooperating'.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr Sanjay Juneja
and Mr Jitendra Shukla.


KHATOR FIBRE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Khator Fibre and Fabrics Limited

        Registered office:
        G-67, Modi Nagar
        Ajmer Road
        Jaipur 302019

        Corporate office:
        12 A, MIDC
        Kalyan Bhiwandi Road
        Saravali, Thane 421311

Insolvency Commencement Date: March 23, 2021

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: September 19, 2021
                               (180 days from commencement)

Insolvency professional: Mrs. Garima Diggiwal

Interim Resolution
Professional:            Mrs. Garima Diggiwal
                         91, Moji Colony
                         Malviya Nagar, Jaipur
                         Rajasthan 302017
                         E-mail: garima286@gmail.com
                                 cirp.kffl@gmail.com

Last date for
submission of claims:    April 7, 2021


LANCER LASER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Lancer Laser Tech Limited
        Survey No. 1434p/2
        Chhatral-Mehsana National Highway
        Opp. Sandek Laminations
        Vill: Rajpur, Tal-Kadi
        Gujarat 382740

Insolvency Commencement Date: March 17, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 13, 2021

Insolvency professional: Mr. Sushil Tewary

Interim Resolution
Professional:            Mr. Sushil Tewary
                         11 Pahelgaon Bunglows
                         Premchandnagar Road
                         Bodakdev, Ahmedabad
                         Gujarat 380054
                         E-mail: sushilt@hotmail.com

                            - and -

                         403, 4th Floor, Shaival Plaza
                         Gujarat College Road
                         Ellisbridge, Ahmedabad 380006
                         E-mail: iplancerlaser@gmail.com

Last date for
submission of claims:    April 8, 2021


LAXMI VENKATADRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Laxmi
Venkatadri Agro Food Industries (SLVA) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Long Term Loan          1.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with SLVA 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 SLVA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLVA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLVA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established as a partnership firm in 2010 and based in Koppal
(Karnataka), SLVA mills and processes paddy into rice, broken rice,
rice bran, and husk. The firm is promoted by Mr. N Rajgopal, Mr. D
Bheemesh, Mr. N Vijayalaxmi, and Mrs. D. Manjula.

MAYLARI AGRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Maylari Agro Products Limited
        SB/168 Ground floor 3rd Cross
        Peenya Industrial Area
        Near Maini Company
        Peenya 1st Stage
        Bangalore KA 560058
        IN

Insolvency Commencement Date: March 8, 2021

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: September 3, 2021
                               (180 days from commencement)

Insolvency professional: S. Viswanathan

Interim Resolution
Professional:            S. Viswanathan
                         10, 6 A Cross
                         Ramaswamy Palya
                         Vignana Nagar
                         Bangalore 560037
                         E-mail: vish.ramanan@gmail.com

                            - and -

                         Lorven Co Works, 7 KHB Colony
                         7th Block, Koramangala
                         Bangalore 560095
                         E-mail: cirpmaylari@gmail.com

Last date for
submission of claims:    March 27, 2021


METENERE LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Metenere Limited
        138-139, Main Road Gazipur
        New Delhi 110096

Insolvency Commencement Date: September 25, 2020

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: April 1, 2021

Insolvency professional: Surendra Raj Gang

Interim Resolution
Professional:            Surendra Raj Gang
                         E-271, East of Kailash
                         New Delhi 110065
                         E-mail: surendra_gang@yahoo.com

                            - and -

                         L-41, Connaught Circus
                         New Delhi 110001
                         E-mail: ip.metenere@in.gt.com

Last date for
submission of claims:    December 29, 2020


METRO IRRIGATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Metro Irrigation Private Limited
        G-144/G-2, Dilshad Colony
        Delhi 110095

Insolvency Commencement Date: August 17, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 13, 2021

Insolvency professional: Kumud Shekhar

Interim Resolution
Professional:            Kumud Shekhar
                         D-54, Road No. 6 Street no. 4
                         Shyam Vihar Phase 1 Najafgarh
                         New Delhi 110043
                         E-mail: kumud.shekhar@gmail.com
                            - and -

                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.metroirrigation@gmail.com

Last date for
submission of claims:    August 31, 2020


NILKANTH POLYTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Nilkanth Polytex (SNP) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

  Long Term Loan          10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SNP 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 SNP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SNP, incorporated in 2018 at Morbi, will be manufacturing plastic
woven bags and fabrics; operations are set to commence from
December 2018. Mr Hiteshbhai Ghanshyambhai Adroja and Mr Damjibhai
Becharbhai Kakasaniya are the promoters.


NISCHINT FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nischint
Foods Private Limited (NFPL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             8          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term      4.5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with NFPL 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 NFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

NFPL was established in 2000 by Delhi based Kanodia family. It is
engaged in the trading of agro food commodities like broken rice,
barley, bajra, pulses, edible oil and seeds. The company is
promoted mainly by Mr. Anil Kanodia.


OIL INDIA: Moody's Lowers BCA to Ba1 on Weak Credit Metrics
-----------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 issuer ratings and
senior unsecured bond ratings of Oil India Limited (OIL). Moody's
has also affirmed the Baa3 rating on the backed senior unsecured
notes issued by Oil India International Pte. Ltd. and guaranteed by
OIL.

At the same time, Moody's has downgraded OIL's baseline credit
assessment to ba1 from baa3.

The outlook on all ratings remains negative.

"The downgrade of OIL's BCA is driven by our expectation that the
company's credit metrics will remain weakly positioned at least
over the next 12-18 months driven by low oil and gas prices, as
well as additional borrowings to increase its stake in Numaligarh
Refinery Limited (NRL) and fund the Mozambique LNG project," says
Sweta Patodia, a Moody's Analyst.

"The affirmation of OIL's Baa3 issuer rating reflects our
expectation of the high likelihood of extraordinary support from
the Indian government that results in a one-notch uplift from OIL's
ba1 BCA," says Patodia.

RATINGS RATIONALE

OIL's credit metrics were already weakly positioned because of low
oil and gas prices throughout 2020. Even though oil prices have
started to recover, Moody's expects prices to average below
historical levels at least till 2023. Incremental borrowings to
fund the NRL acquisition and the Mozambique liquefied natural gas
(LNG) project will further pressure OIL's credit metrics.

On March 26, 2021, OIL acquired an additional 54.2% stake in NRL
for INR86.7 billion ($1.2 billion) that was funded by a mix of debt
and internal accruals. Moody's adjusted debt also includes $160
million as OIL's proportionate share of debt for the Mozambique LNG
project.

Moody's expects OIL's leverage, as measured by RCF/net debt, will
weaken to around 16% for the fiscal year ending March 31, 2022
(fiscal 2022) from 51% in fiscal 2020.These levels are
significantly below the 20%-25% threshold required for the previous
baa3 BCA.

Nonetheless, Moody's acknowledges that the NRL acquisition will
strengthen OIL's business profile because it will increase the
company's presence in the downstream refining sector and make it an
integrated oil and gas company. Moody's has adjusted its rating
approach accordingly. The acquisition will also help to partially
temper the inherent volatility of the oil and gas industry.

OIL's Baa3 issuer ratings are primarily driven by its ba1 BCA,
which reflects the company's position as the second-largest
integrated oil and gas company in India. It is a significant
contributor to the country's upstream production, accounting for
about 10% of India's total crude oil (excluding condensate)
production. OIL also benefits from the competitive cost structure
of its upstream and refinery operations, resulting in high
profitability and solid operating cash flow generation.

At the same time, the ratings take into account OIL's small scale,
high level of asset concentration, the execution risks associated
with its inorganic growth strategy for overseas expansion, and its
aggressive financial policy that results in high shareholder
payments even in a volatile oil price environment.

Moody's assessment of high government support reflects OIL's
importance as India's (Baa3 negative) second-largest integrated oil
and gas company, its strategic role in the development of oil and
gas reserves in north east India, and the government's strong
influence on the company's financial and business policies.

In terms of environmental, social and governance (ESG) factors, the
rating considers OIL's exposure to carbon transition risk, health
and safety risks and close links to its largest shareholder, the
Government of India, which has a significant influence over the
company's financial policy and business strategy. As of December
31, 2020, the government owned 56.67% of OIL's equity and can
appoint all of its board of directors.

Following the NRL acquisition, OIL's liquidity will become
inadequate because the acquisition has been partly funded by a
short-term facility. As of December 31, 2020, the company had cash
and cash equivalents (including investments in liquid mutual funds)
of INR33.9 billion against INR43 billion debt maturing over the
next 12 months. Nonetheless, the company maintains strong access to
funding markets given its government ownership.

The negative outlook on OIL's rating is in line with the negative
outlook on the Government of India.

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

Given the negative outlook, OIL's rating is unlikely to be upgraded
over the next 12-18 months. The outlook will return to stable if we
change the outlook on the sovereign rating to stable at the current
sovereign rating level of Baa3.

OIL's BCA will be upgraded if oil prices improve on a sustained
basis. Credit metrics indicative of such upward pressure include
OIL's adjusted RCF/net debt remaining above 20%-25% or
EBIT/interest expense increasing above 5x-6x.

OIL's rating will be downgraded if the sovereign rating is
downgraded.

OIL's issuer rating could also be downgraded to Ba1 if there is a
change in the relationship between OIL and the Government of India,
resulting in a lower likelihood of extraordinary support.

The BCA could be downgraded to ba2 if OIL makes further debt-funded
acquisitions or makes shareholder payments, or its earnings and
cash flow generation remains weak because of a prolonged decline in
oil prices.

Credit metrics indicative of such downward pressure include OIL's
adjusted RCF/net debt remaining below 15%-20% or EBIT/interest
expense falling below 4x-5x.

A BCA downgrade will not automatically result in a rating
downgrade. OIL's rating can be maintained at the current level
(assuming no change in the sovereign rating) as long as its BCA
does not fall below ba3.

The methodologies used in these ratings were Integrated Oil and Gas
Methodology published in September 2019.

Oil India Limited (OIL) is India's second-largest integrated oil
and gas company. The company's operations include upstream
exploration and production as well as refining operations. With
crude oil production of around 3 million metric tons (MMT), the
company accounts for around 10% of India's crude oil production. It
also holds majority ownership in Numaligarh Refinery Limited which
also has a capacity of 3MMT. OIL is 56.67% owned by the Government
of India.


P NARASIMHA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P Narasimha
Rao and Company (PNRC) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         5.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         1.33        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     3.67        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with PNRC 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 PNRC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PNRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PNRC continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

PNRC was set up in 2004 by Mr. P Narasimha Rao and his family
members. The firm constructs roads and bridges in Andhra Pradesh
and Telangana, and undertakes contract work for the Railways, such
as laying and maintenance of railway tracks. It is based in
Hyderabad.

PARAMESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Parameswara
Agencies continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with Parameswara
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 Parameswara, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Parameswara is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Parameswara continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

Parameswara, set up in 1941 by Mr K Nageswara Rao, trades in cotton
lint and processes waste paper. The firm is based in Guntur, Andhra
Pradesh.


PARAMESWARA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Parameswara Poultry Farm Private Limited (SPPL) continue to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            19          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          4.75       CRISIL D (Issuer Not
                                      Cooperating)

   Short Term Loan         3.80       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SPPL 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

SPPL was set up in 2010 by Mr. B Siva Babu and his family members.
The company is engaged in the production of commercial eggs. It is
proposing to undertake a capital expenditure of Rs.700 million
towards expanding its capacity; 80 per cent would be funded by
debt. It is based in Shadnagar (Telangana).

PLANET PR: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Planet PR
Private Limited continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit              8         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Planet PR
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 Planet PR, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Planet PR is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Planet PR continues to be 'CRISIL D Issuer Not
Cooperating'.

Planet PR, promoted by Odisha-based Mr. Ranjan Kumar Pattanayak and
Mr. Pradyumna Singh, trades in iron ore and coal. Its operations
are primarily managed by Mr. Ranjan Kumar Pattanayak.

PRABHUDARSHAN DEVELOPERS: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Prabhudarshan Developers Private Limited
        13/2B, Narendra Nath Ghosh Lane
        Kolkata 700040

Insolvency Commencement Date: February 5, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 3, 2020
                               (180 days from commencement)

Insolvency professional: Arun Kumar Khandelia

Interim Resolution
Professional:            Arun Kumar Khandelia
                         'Shantiniketan'
                         8 Camac Street
                         8th Floor, Suite# 807
                         Kolkata 700017
                         E-mail: arun@cskarun.com
                                 cirp.prabhudarshandevelopers@
                                 gmail.com

Classes of creditors:    Home buyers and others

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajesh Kejriwal
                         Mr. Manoj Garodia
                         Mr. Yogendra Mehta

Last date for
submission of claims:    February 19, 2020


PRIORITY PROFILES: CRISIL Lowers Rating on INR8cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Priority Profiles Private Limited (PPPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               8         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with PPPL 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 PPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PPPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in December 2016 Priority Profiles Private Limited
(PPPL) is into stainless steel rolling. The company manufactures
round bars, hex bars, square bars etc. from ingots on job work
basis. It is promoted by Mr. Dinesh Samdani and Mr. Shashank
Samdani. The company's manufacturing plant is located in Kadi,
Mehsana, Gujarat.


PROSTAR TEXTILE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Prostar Textile Mill Private Limited
        3/599A, Venkatachalapathy Nagar
        Parapalayam Road, Mannarai (PO)
        Tirupur 641607
        Tamil Nadu, India

Insolvency Commencement Date: March 15, 2021

Court: National Company Law Tribunal, Division Bench-I, Chennai

Estimated date of closure of
insolvency resolution process: September 11, 2021
                               (180 days from commencement)

Insolvency professional: CA Subramaniam S

Interim Resolution
Professional:            CA Subramaniam S
                         Flat D9, No. 134A
                         Arcot Road, Virugambakkam
                         Chennai 600092
                         Tamil Nadu
                         E-mail: suvidhaoman@gmail.com
                                 irp.roshanfruits@gmail.com

Last date for
submission of claims:    March 29, 2021


RAAJMAHAL DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raajmahal
Developers (RMD) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               37        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RMD 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 RMD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMD continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2013, RMD is engaged in the construction of real
estate projects both residential and commercial. The firm is based
out of Surat and managed by Mr. Ramesh Gupta, Mr. Ramanuj Bhattar
and Mr. Akhil Bhattar.


RAIPUR KERALA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raipur Kerala
Samajam (RKS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan                6         CRISIL B+/Stable (Issuer
                                      Not Cooperating)

CRISIL Ratings has been consistently following up RKS 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 RKS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RKS presently operates three coeducational schools, under the name
Adarsh Vidyalaya, in Devendra Nagar, Tatibandh, and Mowa, all near
Raipur, Chhattisgarh. The schools in Devendra Nagar and Tatibandh
are affiliated to the Chhattisgarh Board of Secondary Education
whereas the school in Mowa is affiliated to the CBSE. Mr. N P
George Kutty is the president of the society.


RAJPAL ABHIKARAN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Rajpal Abhikaran Private Limited
        293/2, Niranjanpur
        A.B. Road Indore
        MP 452010
        IN

Insolvency Commencement Date: March 26, 2021

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: September 21, 2021
                               (180 days from commencement)

Insolvency professional: Ms. Teena Saraswat Pandey

Interim Resolution
Professional:            Ms. Teena Saraswat Pandey
                         387F 114 Scheme Part 1
                         Behind Diksha Boys Hostel
                         Sant Nagar, Indore
                         Madhya Pradesh 452010
                         E-mail: teenasaraswat@yahoo.co.in
                                 ip.rajpalabhikaran@gmail.com

Last date for
submission of claims:    April 8, 2021


RED BRICK: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Red Brick Consulting Private Limited
        H-3/79B, PVT Flat No. 301 Third Floor
        KH.No. 79/18, Mahavir Enclave
        New Delhi South West Delhi
        Delhi 110045

Insolvency Commencement Date: February 6, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 4, 2020

Insolvency professional: Kawal Kishore Khurana

Interim Resolution
Professional:            Kawal Kishore Khurana
                         Mantrah Insolvency Professional
                         Pvt Ltd
                         1203-1205, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: khurana.mantrah@gmail.com
                                 irp.redbrick@gmail.com

Last date for
submission of claims:    February 20, 2020


SAYA AUTOMOBILES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Saya
Automobiles Limited (SAL) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             45        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAL 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 SAL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SAL, promoted by Mr. Ramesh Handa and his wife Ms. Uma Handa in
1984, was set up as a limited company and started commercial
operation in 1987 as an authorized dealership for MSIL at GT Karnal
Road, New Delhi. SAL also has an authorized service station for
MSIL at GT Karnal Road, and a workshop and accessories and body
shop at Badli, New Delhi, which has a capacity to provide servicing
facility for 55-60 cars per day at both service stations.


SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senator
Motors Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         1.25        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           22.00        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              9.24        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SMPL 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 SMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

SMPL, based in Mumbai and incorporated in October 2011, is promoted
by Mr. Puneet Lalit Kumar. The company started operations in
November 2011 as an authorised dealer of Skoda's entire range of
cars, spare parts, and accessories at Goregaon in Mumbai.

SHARF INDUSTRIES: CRISIL Assigns B+ Rating to INR1cr Loans
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Sharf Industries (SI).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             0.1        CRISIL B+/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility      0.9        CRISIL B+/Stable (Assigned)


The rating reflects SI's modest scale of operation and low
operating margins due to trading nature of the business, working
capital intensive operations and highly leveraged capital
structure. These weakness are partially offset by its extensive
industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation and low operating margins due to
trading nature of the business: SI's business profile is
constrained by its scale of operations in the intensely competitive
electrical goods industry. Despite lockdown amid covid-19, the
trading sales stood increased to around Rs. 4.18 crore for first 9
months of Fiscal 2021 (Apr-Dec 2020) as against approx. Rs. 2 crore
for Fiscal 2020 and 2019.

The small initial investment and the low complexity of operations
have resulted in existence of innumerable entities, much smaller in
size, leading to significant fragmentation and low operation
margins. Operating margins have remained in the range of 3.02-3.80%
over past three years through Fiscal 2020 and 3.02% for Apr-Dec
2020.

* Working capital intensive operations: Though improved from 341
days level in Fiscal 2018, the Gross Current Assets days (GCA days)
remained on higher side at 191 days over the three fiscals ended
March 31, 2020. Its large working capital requirements arise from
its high debtor and inventory levels. It is required to extend long
credit period. Furthermore, due to its business need, it hold large
inventory.

* Highly leveraged capital structure:  SI has average financial
profile marked by high total outside liabilities to adjusted
networth (TOL/ANW) in the range of 5-7 times for last three year
ending on 31st March 2020. Despite expectation of increase in
sanctioned working capital limits, TOL/TNW is estimated to be
around 4.6 times for as on March 31, 2021.

Strength:

* Extensive industry experience of the proprietor: The proprietor
has an extensive experience in the industry. This has given them an
understanding of the dynamics of the market, and enabled them to
establish relationships with suppliers and customers.

Liquidity: Poor

Bank limit utilisation of the small bank lines of Rs. 10 Lakh is
moderate at around 78.99 percent for the past twelve months ended
Feb 2021. Net cash accrual are expected to be over Rs 10-15 Lakh
each for Fiscal 2021 and Fiscal 2022 against which there are no
debt repayment obligations over the medium term. Current ratio is
estimated to be moderate at 1.22 times as on March 31, 2021.
Support from proprietor in form of funds infusion may also be
expected over medium term as also demonstrated during current
Fiscal.

Outlook Stable

CRISIL Ratings believes SI will continue to benefit over the medium
term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.

Rating Sensitivity factors

Upward factor

* Sustained revenue growth of 25 percent over the medium term while
ensuring an improvement in financial risk profile.

* Improvement in working capital cycle with gross current assets
improve to 120 days

Downward factors

* Decline in profitability by more than 150 basis points

* Stretch in working capital cycle leading to higher GCA days.

SI was setup in 2014. It is engaged in trading of Electrical Goods.
SI is owned & managed by Mr. Vinayak Keshari. The firm trades into
lights, fans, switch sockets, MCB, wires and other electrical
accessories.

SHIRDI SAI: CRISIL Withdraws B+ Rating on INR78cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Shirdi Sai Electricals Ltd (SSEL) and simultaneously withdrawn the
ratings at the company's request and on receipt of a no-objection
certificate from its bankers. The withdrawal is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       512         CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

   Cash Credit           78         CRISIL B+/Stable (Rating
                                    reaffirmed and Withdrawn)

   Letter of Credit     147         CRISIL A4 (Rating reaffirmed
                                    and Withdrawn)

   Proposed Long         28         CRISIL B+/Stable (Rating
   Term Bank Loan                   reaffirmed and Withdrawn)
   Facility              
                                    
   Cash Credit/          30         CRISIL B+/Stable (Rating
   Overdraft                        reaffirmed and Withdrawn)
   facility              

SSEL was set up in 1994 as a partnership firm by Mr N Visweswara
Reddy and his family members. It was reconstituted as a
private-limited company and then as a closely held public-limited
company in 2010.

SSEL, based in Kadapa (Andhra Pradesh), designs and manufactures
distribution transformers and executes EPC contracts, primarily
distribution system improvement projects. The company has a
technology licence from Metglas Inc (a wholly owned subsidiary of
Hitachi Metals America Ltd, the world's leading producer of
amorphous metal ribbon) for technology transfer and supply of
material to manufacture amorphous metal-based core distribution
transformers. SSEL focuses on projects funded by the central
government and international agencies.

SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Jyoti
Furnace Private Limited (SJFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.5         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         1.75        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     3.75        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SJFPL 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 SJFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJFPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder Garg,
SJFPL manufactures mild steel ingots. Its manufacturing facility is
in Abu Road (Rajasthan).

SHIVANSH TEXTILES: CRISIL Cuts Rating on INR9cr Loans to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Shivansh Textiles Private Limited (STPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               6         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with STPL 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 STPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

STPL was set up in 2015, at Panipat in Haryana. The company
manufactures and exports a wide range of products, including mink
and AC blankets, and cotton yarn. Operations are managed by the
promoters, Mr Pawan Garg, Mr Anil Garg, and Ms Suman Garg.

SRINIVASA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Srinivasa
Agro Products (SSAP) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SSAP 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 SSAP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSAP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SSAP was set up in 1991 as a proprietorship firm by Mr. S. Shekar
and was reconstituted as a partnership firm in 2015. The firm is
into trading and processing of non-basmati 'Kolam' rice. It sells
its products under various brands, including S, Keerti, Colours,
and Sky.

SWE FASHIONS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: SWE Fashions Private Limited
        Plot No. W-12, & W-13 (P)
        KIADB Apparel Park
        Doddaballapur Industrial Area
        Bengaluru Rural 561203
        Karnataka

Insolvency Commencement Date: March 23, 2021

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Mr. Venkata Subbarao Kalva

Interim Resolution
Professional:            Mr. Venkata Subbarao Kalva
                         F-204, Sri Sai Priya Residency 13th Cross
                         Sarakki Main Road
                         J P Nagar, 1st Phase
                         Bengaluru 560078
                         Karnataka
                         E-mail: subbaraocs@gmail.com

                            - and -

                         #41/1, 2nd Floor, 11th Cross
                         8th Main, Jayanagar 2nd Block
                         Bengaluru 560011
                         Karnataka
                         E-mail: swefashionscirp@gmail.com

Last date for
submission of claims:    April 6, 2021


VELUGU ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Velugu Engineering and Enterprises Private Limited
        Plot No. 48, 1st Floor
        Nagarjuna Hills
        Punjagutta, Hyderabad
        Telangana 500082

Insolvency Commencement Date: March 25, 2021

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: September 21, 2021
                               (180 days from commencement)

Insolvency professional: CS Bhaskar B

Interim Resolution
Professional:            CS Bhaskar B
                         4/447A, 7th Street
                         Aruna Nagar
                         K. Vadamadurai, PO
                         Coimbatore 641017
                         E-mail: bhasja@gmail.com

Last date for
submission of claims:    April 8, 2021


VENKATA KAMAKSHI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Venkata
Kamakshi Rice Industries (SVKRI) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            5.6        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.26       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Working
   Capital Facility       2.14       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVKRI 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 SVKRI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVKRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVKRI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2007 as a partnership firm, SVKRI is engaged in milling
and processing of paddy into rice, bran, broken rice and husk and
unit is located in Nellore (Andhra Pradesh). The firm is promoted
by Mr. D Ramesh Babu and his family members.

VENKATESWARA POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Poultries (SVP) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Term Loan         1.9        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.6        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SVP 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 SVP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SVP was established in 2012 as a partnership firm, promoted by Mr
Sunik Kumar Reddy and his son Mr Ravi Tejaswi Reddy. The firm sells
eggs and has a capacity of 3.25 lakh birds currently. It also
operates a feed mill with a capacity of 10 tonnes per hour. The
feed produced is completely used for captive consumption.


VIJAYA SARADA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya Sarada
Delint Seed Mills (VSDM) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VSDM 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 VSDM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSDM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSDM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

VSDM is a proprietorship concern set up in 2007 by K. Subhash
Chandra Bose in 2007. The firm processes cotton seeds into de-oiled
cakes, cotton-seed oil, and hull and cotton lint, which contribute
55, 30, and 15 percent, respectively, to the firm's revenue. The
manufacturing unit is in Guntur District, Andhra Pradesh.

VIJAYLAXMI INT'L: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree
Vijaylaxmi International (SVI) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         9          CRISIL B/Stable (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with SVI 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 SVI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SVI was set up in 2002 as a partnership firm by Mr Niket Kumar
Makwana and Mr. Daya Ram Harji. The firm manufactures and sells
guar gum powder, guar korma, and guar churi. The firm is based in
Jodhpur, Rajasthan.

WAYNE-BURT AEROSPACE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Wayne-Burt Aerospace Private Limited
        No. 6A, Developed Plot
        Ekkaduthangal
        Chennai 600032

Insolvency Commencement Date: March 25, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 24, 2021

Insolvency professional: A. Mohan Kumar

Interim Resolution
Professional:            A. Mohan Kumar
                         Flat F1, Sudarsan Apartments
                         72, VGP Selva Nagar
                         Second Main Road
                         Velachery, Chennai 600042
                         E-mail: needamohan@gmail.com
                         Mobile: 9003012871

Last date for
submission of claims:    April 8, 2021


WB PRECISION ENGINEERING: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: WB Precision Engineering Solutions Private Limited
        1B PAL Street
        Kolkata 4
        WB 700004
        IN

Insolvency Commencement Date: March 24, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: September 20, 2021
                               (180 days from commencement)

Insolvency professional: Kamal Prakash Singh

Interim Resolution
Professional:            Kamal Prakash Singh
                         South City Garden
                         61 B.L. Saha Road
                         Tower-2 Flat-11 I
                         Kolkata 700053
                         E-mail: kamalprakashco@gmail.com
                         Mobile: 9051911377

                            - and –

                        Central Plaza
                        41, B.B. Ganguly Street
                        5th Floor, Suite no. 5 E
                        Kolkata 700012
                        E-mail: cirp.wbprecision@gmail.com

Last date for
submission of claims:    April 7, 2021


ZENICA PERFORMANCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Zenica Performance Cars Private Limited
        Orchid Centre, Sector-53
        Golf Course Road
        Gurgaon, Haryana 122001

Insolvency Commencement Date: March 22, 2021

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: September 17, 2021
                               (180 days from commencement)

Insolvency professional: Rajender Kumar Jain

Interim Resolution
Professional:            Rajender Kumar Jain
                         House no. 3698/1, First Floor
                         Sector 46-C, Chandigarh 160047
                         E-mail: amicusthe@gmail.com

                            - and -

                         SCO-818, 1st Floor
                         NAC, Manimajra
                         Chandigarh 160101
                         E-mail: zenicapercarscirp@gmail.com
                         Mobile: +91-73470-11150

Last date for
submission of claims:    April 7, 2021




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

BANK SYARIAH: Fitch Withdraws 'BB+' LongTerm IDR
------------------------------------------------
Fitch Ratings has affirmed state-owned PT Bank Syariah Indonesia
Tbk's (BSI) Long-Term Issuer Default Rating (IDR) at 'BB+' and has
simultaneously chosen to withdraw the rating. At the same time,
Fitch Ratings Indonesia has affirmed BSI's National Long-Term
Rating at 'AA(idn)' with a Stable Outlook and has affirmed its
National Short-Term Rating at 'F1+(idn).

The rating on the bank's rupiah subordinated sukuk has been
upgraded to 'A+(idn)', from 'A(idn)'; this follows a review of
Fitch's notching approach for such instruments for government-owned
banks.

'AA(idn)' National Long-Term Ratings denote expectations of a very
low level of default risk relative to other issuers or obligations
in the same country or monetary union. The default risk inherent
differs only slightly from that of the country's highest rated
issuers or obligations.

'F1' National Short-Term Ratings indicate the strongest capacity
for timely payment of financial commitments relative to other
issuers or obligations in the same country. Under the agency's
National Rating scale, this rating is assigned to the lowest
default risk relative to others in the same country or monetary
union. Where the liquidity profile is particularly strong, a "+" is
added to the assigned rating.

Fitch has chosen to withdraw BSI's international rating for
commercial reasons.

KEY RATING DRIVERS

IDR AND NATIONAL RATINGS

The ratings are driven by Fitch's expectation of extraordinary
support from BSI's majority shareholder, PT Bank Mandiri (Persero)
Tbk (BBB-/AA+(idn)/Stable/bb+), if needed. Mandiri owns 50.95% of
BSI, with PT Bank Negara Indonesia (Persero) Tbk
(BBB-/AA+(idn)/Stable/bb+) and PT Bank Rakyat Indonesia (Persero)
Tbk (BBB-/AA+(idn)/Stable/bb+) holding 24.91% and 17.29%,
respectively. The three shareholders are the largest state-owned
banks in Indonesia.

Fitch sees BSI as a strategic subsidiary of Mandiri, with an
important role in expanding the parent's presence in the growing
sharia banking sector in Indonesia, the country with the world's
largest Muslim population. Fitch's view is also driven by the
significant contribution that Fitch expects BSI to make to Mandiri,
which is the industry's seventh-largest bank and the parent's
largest subsidiary, making up around 15% of the parent's
consolidated assets. Fitch believes BSI's importance to Mandiri is
also reflected by operational integration with the parent in areas
such as human resources, IT and risk management.

ISSUE RATINGS

BSI's Basel III-compliant subordinated sukuk are rated two notches
below its National Long-Term Rating. Both notches are for loss
severity, reflecting the sukuk's subordination and Fitch's view of
poor recovery prospects compared with senior unsecured obligations.
The Tier 2 debt instruments have an embedded permanent write-down
feature (principal and/or interest in full or in part) that can be
triggered when the bank approaches its point of non-viability.

There is no additional notching for non-performance risk -
previously one notch - as Fitch believes that non-performance is
neutralised by potential institutional support from Mandiri. This
approach differs for local banks that do not benefit from high
levels of parental or sovereign support; for a typical Indonesian
bank, Fitch's standard notching for non-performance risk for
similar subordinated bonds is one notch to account for the risk of
going-concern losses from the deferral of coupon and/or principal.
The bonds incorporate features that allow coupons to be deferred
and accumulated if the bank's capital position falls below its
minimum requirements.

RATING SENSITIVITIES

NATIONAL RATINGS

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

-- A downgrade of BSI's National Long-Term Rating would be likely
    to arise from a weakening of its overall credit profile on a
    relative basis to the national-rating universe of Indonesian
    rated entities. This could follow from a downgrade of
    Mandiri's National Long-Term Rating or a perceived weakening
    of BSI's strategic importance to the parent, including, but
    not limited to, execution slippages or poor performance that
    might lead to a lower contribution to its parent's goals.

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

-- An upgrade of BSI's National Long-Term Rating would be likely
    to arise from a strengthening of its overall credit profile on
    a relative basis to the national-rating universe of Indonesian
    rated entities. This would likely follow an upgrade of
    Mandiri's National Rating or in Fitch's view, BSI playing a
    stronger role in the parent group. Should there be a
    significant and sustainable increase in BSI's contribution to
    the parent, or if Fitch believes BSI's sharia banking segment
    has become a core business of the parent, it would be likely
    to lead to positive rating action.

ISSUE RATINGS

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

-- A downgrade of BSI's National Long-Term Rating would lead to a
    downgrade of the subordinated sukuk rating. A reassessment of
    loss severity or non-performance risk leading to a widening of
    notching would also result in a downgrade of the rating.

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

-- An upgrade of BSI's National Long-Term Rating would lead to an
    upgrade of the subordinated sukuk rating. An upgrade would
    also be possible if Fitch narrowed the notching for loss
    severity on the instruments from Fitch's base case of two
    notches, however, Fitch believes this is unlikely in the near
    to medium term.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BSI's National Ratings are driven by the support-driven ratings of
its parent, Mandiri.

ESG CONSIDERATIONS

BSI's ESG Relevance Score for Governance Structure has been changed
to '3', from '4', as the issue is deemed to be minimally relevant
to the rating. The change reflects Fitch's belief that the bank has
a good record of predictable policy implementation and the risk of
political interference that could constrain senior management's
independence and effectiveness is less than Fitch had previously
factored into the score

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.

Following the withdrawal of BSI's international ratings, Fitch has
chosen to withdraw the ESG scores, as these are typically not
assigned to National Ratings.


LIPPO KARAWACI: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Lippo
Karawaci TBK's 'B-' Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) with Stable Outlooks. At the same time, Fitch
Ratings Indonesia has affirmed Lippo's National Long-Term Rating at
'BBB-(idn)' with a Stable Outlook.

Lippo's ratings reflect Fitch's expectations that it will maintain
sufficient liquidity at the standalone level, which excludes key
listed subsidiaries PT Lippo Cikarang Tbk and PT Siloam
International Hospitals Tbk but includes other business units, to
meet its obligations through end-2022. However, the company may
need further asset sales to boost liquidity beyond 2022, which is a
key risk to its ratings. Fitch expects Lippo's property pre-sales
to rise and construction costs to fall in the next two years,
keeping the free cash flow (FCF) gap below -20% of gross debt.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However, changes
in circumstances or economic conditions are more likely to affect
the capacity for timely repayment than is the case for financial
commitments denoted by a higher-rated category.

KEY RATING DRIVERS

Improving Pre-Sales: Fitch expects pre-sales at the standalone
level - excluding the sales at Lippo Cikarang - to improve to
around IDR2.0 trillion in 2021 and IDR2.4 trillion in 2022, from
IDR1.7 trillion in 2020. Lippo's ability to drive sales despite a
challenging economic environment reflects the company's flexible
product mix, which it can shift towards affordable landed homes -
defined by Fitch as abodes priced at or below IDR1.5 billion
(USD100,000) - where demand has held up despite the Covid-19-led
downturn.

Fitch expects the majority of 2021-2022 pre-sales at the standalone
level to stem from affordable landed homes and the remainder from
existing high-rise projects that are nearing completion. Lippo
pre-sold IDR630 billion of homes in its first major launch this
year in March, consisting of homes priced at around IDR1 billion on
average. Demand from upgraders and investors for the more expensive
homes will stay soft in the next 12-18 months amid challenging
economic conditions.

Narrowing FCF Gap: Fitch projects Lippo's FCF gap to improve to
around -10% of gross debt in 2021-2022, from Fitch's estimate of
-20% at end-2020. Fitch estimates FCF of -IDR2.7 trillion in 2020
and -IDR1.2 trillion in 2021-2022. The improvement will stem from
lower construction costs in 2021-2022, as Lippo incurred most of
the costs on its high-rise projects at the standalone level in 2020
and expects to focus on landed homes over the medium term. The
improvement will also come from a modest increase in dividends from
subsidiaries.

Lippo will have an inventory of completed high-rise homes of around
IDR1.5 trillion for sale in 2Q21, which Fitch expects to be sold in
equal volumes in 2021-2022. Fitch's assumptions of rising dividend
income stem from an increase in Lippo's ownership of Lippo Malls
Indonesia Retail Trust to 58.4%, from 32.3%, following a recent
rights issue, and LMIRT's enhanced cash flow from the purchase of
Mall Puri. Fitch also projects Siloam and Lippo Cikarang will start
paying modest dividends in 2021 and 2022, respectively.

Puri Mall Sale Boosts Liquidity: Lippo received cash of IDR625
billion from the sale of Mall Puri and Fitch expects it to recover
the IDR424 billion related-party loan given to LMIRT to fund the
mall's purchase. Lippo's higher shareholding in LMIRT is valued at
around IDR2.5 trillion, which can be sold to boost liquidity if
required. Fitch assumes the company will recover IDR300 billion of
the loan from LMIRT in 2021 and the balance in 2022. Fitch believes
Lippo has fewer asset-sale options to boost liquidity beyond the
sale of Mall Puri.

Renegotiated Rent Support: Fitch forecasts Lippo's rent-support
payments to fall to around IDR800 billion in 2021-2022, from around
IDR1 trillion in 2019, after its renegotiations with First REIT.
Lippo will now pay around IDR550 billion starting 2021 at a 4.5%
annual escalation from the previous 2.0% with a longer tenor. The
revised agreement also excludes currency risk to Lippo. The lower
payments to First REIT are partly offset by additional rent paid to
LMIRT after the mall sale, which Fitch estimates at around IDR200
billion a year.

Improving Sector Outlook: Fitch expects Indonesian homebuilders'
pre-sales to improve in 2021 on healthy demand for affordable
landed homes and a recovering economy. Fitch forecasts GDP to rise
by 6.6% in 2021 after an estimated 2.0% contraction in 2020. Growth
is from a lower base, but helped by government support of
households and businesses. This should boost demand for affordable
homes, but renewed foreign investment in property will be driven by
the resumption of international travel and a complete easing of
social-distancing measures.

ESG - Management Strategy: Lippo has an ESG Relevance Score of '4'
for Management Strategy as Fitch believes the company has been
successful in executing its business turnaround plans so far, which
has a positive impact on its rating.

DERIVATION SUMMARY

Lippo's ratings can be compared with peers such as PT Kawasan
Industri Jababeka Tbk (KIJA, B-/BBB-(idn)/Stable), PT Alam Sutera
Realty Tbk (ASRI, CCC+) and PT Ciputra Development Tbk (CTRA,
B+/Stable).

Lippo has a larger pre-sales scale than KIJA. Fitch expects
attributable pre-sales, including Lippo's 84% share of Lippo
Cikarang's pre-sales, to rise to IDR3.0 trillion in 2021, from
Fitch's 2020 estimate of IDR2.5 trillion. In comparison, KIJA's
attributable pre-sales are likely to hover at around IDR1.0
trillion in the next two years. However, KIJA is rated at the same
level on the international and national rating scales, supported by
a stronger cash flow profile. Fitch expects neutral or only
marginally negative FCF in the next two years, based on steady cash
flow from KIJA's non-development business, which is anchored by
earnings from its long-term power-purchase agreement with an
Indonesian state utility company.

Fitch forecasts similar attributable pre-sales for ASRI of IDR2.0
trillion-2.5 trillion in 2021. The company also has higher FCF than
Lippo due to a lower amount of debt, a higher profit margin and a
larger portion of land plot sales in its sales mix. However, ASRI
is rated one-notch lower than Lippo to account for near-term
liquidity risk, as the company needs to regain access to local
banks to repay its USD46 million in unsecured notes due April 2022,
following a distressed debt exchange in 2020.

CTRA has a larger operating scale than Lippo. Fitch expects
attributable pre-sales of IDR4 trillion-5 trillion in the next two
years, supported by a diversified product offering and wide
geographical presence in Indonesia. CTRA also has a better
operating cash flow profile. Fitch forecasts FCF/gross debt to
remain at or below -5% and for leverage to stay below 40%. CTRA's
credit profile is also supported by its non-development cash flow
from shopping malls, hotels and offices, which provides some
downside protection to earnings against more cyclical property
pre-sales. Therefore, Fitch rates CTRA two-notches higher than
Lippo.

KEY ASSUMPTIONS

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

-- Standalone pre-sales of IDR2.0 trillion in 2021 and IDR2.4
    trillion in 2022;

-- FCF gap of -IDR1.2 trillion in 2021-2022, from around -IDR2.7
    trillion in 2020;

-- Dividend income from subsidiaries of IDR250 billion in 2021
    and IDR450 billion in 2022;

-- Recovery of loan to LMIRT: IDR300 billion in 2021 and IDR124
    billion in 2022;

-- Recurring EBITDA from hotels, malls and management fees of
    IDR100 billion-150 billion in 2021-2022;

-- Cash balance at the standalone level, excluding Lippo Cikarang
    and Siloam, but including other business units, of IDR1.4
    trillion in 2021 and IDR400 billion in 2022 (2020 estimate:
    IDR2.3 trillion).

Key Recovery Rating Assumptions:

-- Fitch assumes Lippo will be liquidated in a bankruptcy rather
    than continue as a going concern, because it is an asset
    trading company;

-- To estimate Lippo's liquidation value, Fitch has assumed a 75%
    advance rate against accounts receivable at the standalone
    level and a 50% advance rate against the carrying value of
    adjusted inventory and fixed assets;

-- An advance rate of 40% on the proceeds from the disposal of
    Lippo's 51% share of Siloam's market value will be available
    during a liquidation;

-- Based on the above calculation of the adjusted liquidation
    value after administrative claims, Fitch estimates the
    Recovery Rating of the senior unsecured bonds at 100%, which
    corresponds to a Recovery Rating of 'RR1'. However, Fitch has
    rated the senior unsecured bonds 'B-'/'RR4' because Indonesia
    falls into Group D of creditor-friendliness under Fitch's
    Country Specific Treatment of Recovery Ratings Criteria and
    the instrument ratings of issuers with assets in this group
    are subject to a soft cap at the company's IDR.

RATING SENSITIVITIES

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

-- Fitch does not expect an upgrade in the next 18 months given
    Fitch's belief that Lippo will generate negative FCF. Over the
    longer term, an upgrade will depend on Lippo's ability to
    generate neutral FCF on a sustained basis.

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

-- Negative FCF/gross debt weaker than -20% for a sustained
    period;

-- An inability to maintain sufficient cash on hand to cover
    standalone obligations on a rolling 12-18 month basis.

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

Asset Sales Required from 2023: Fitch expects cash on hand at the
standalone level to drop to around IDR1.4 trillion in 2021 and
IDR300 billion in 2022, from an estimated IDR2.3 trillion at
end-2020. The company may have to sell assets from 2023 to pay
annual interest expense of around IDR1.2 trillion and rental
support of around IDR800 billion. Lippo's earliest significant debt
maturity is its USD420 million unsecured bond due January 2025. The
company has more than IDR950 billion in short-term bank loans
funding working capital at the standalone level, which Fitch
expects lenders to roll over in the normal course of business.

Lippo was not compliant with the incurrence covenant of
consolidated fixed-charge cover of above 2.0x on in its US dollar
bonds as of end-2019, and is therefore restricted from raising
debt, aside from permitted indebtedness, and paying dividends.
Fitch does not believe the company will be compliant with the
covenant in 2020 in light of the muted EBITDA growth amid the
pandemic. Lippo confirms that it has headroom to raise around
IDR300 billion in new debt, if required, within the permitted
indebtedness allowed in the indenture. However, Fitch does not
think Lippo will need to draw down debt until at least end-2022.

ESG CONSIDERATIONS

Lippo has ESG score of '4' for Management Strategy, indicating that
the success in its strategy has had a positive impact on its
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.




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

MAINZEAL: Ruling Likely to Lead Raise in Damages Paid to Creditors
------------------------------------------------------------------
Stuff.co.nz reports that a Court of Appeal ruling which found
directors of failed construction company Mainzeal breached director
duties will likely result in a significant increase in damages
awarded to creditors, the company's liquidators said.

Stuff relates that a just released Court of Appeal judgement said
Mainzeal directors, including former prime minister Dame Jenny
Shipley and Richard Yan, failed to overturn a High Court ruling
which found them liable for damages for the company's collapse.

But they were successful in relation to the amount of compensation
they had been ordered to pay and compensation would be quantified
by the High Court under a new debt approach, the Court of Appeal
judgement said.

Mainzeal was put into liquidation in 2013, owing nearly 1,400
unsecured creditors NZD111 million.

Following a civil case brought by liquidators Andrew Bethell and
Brian Mayo-Smith from BDO in 2018, High Court Justice Francis Cooke
ruled the company had been trading while insolvent since 2007, and
creditors would have been better off had Mainzeal been put into
liquidation earlier, according to Stuff.

Its directors, Shipley, Yan, Peter Gomm and Clive Tilby were found
liable for breaching director duties by trading recklessly, and
ordered to pay a total of NZD36 million in damages and NZD2.3
million in costs to Mainzeal.

Stuff says the High Court in February 2019 found Yan personally
liable for NZD18 million while Shipley, Gomm and Tilby were liable
for NZD6 million each.

The former directors appealed the ruling and a hearing took place
before three Court of Appeal judges in mid-2020.

According to Stuff, the Court of Appeal judgement said liquidators
were "substantially successful" in the court.

"The liquidators were the successful party in relation to
liability, and have established that they are entitled to an award
of compensation in respect of the directors' breaches," the
judgement said.

Stuff says BDO, acting on behalf of unsecured creditors, had
cross-appealed the calculation of losses, the discount applied in
determining director compensation and the apportionment of
liability between the directors based on different degrees of
culpability.

Stuff relates that BDO argued that damages of at least NZD73
million should have been awarded. However, the Court of Appeal
judgement said that reduced to NZD11.7 million not now claimed in
the liquidation by related parties. So the amount of new debt
claimed by the liquidators was approximately NZD63.5 million.

Liquidators Bethell and Mayo-Smith said the latest decision was
likely to lead to a significant increase in the award for damages
for the creditors, adds Stuff.

                          About Mainzeal

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZD11.3 million to the BNZ, NZD70
million to unsecured creditors and NZD5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.




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

PAKISTAN: Sells $2.5 Billion in Bonds After IMF Bailout Resumes
---------------------------------------------------------------
Faseeh Mangi and Ameya Karve at Bloomberg News report that Pakistan
sold a $2.5 billion dollar bond in a key test of investor sentiment
after the resumption of a $6 billion bailout program with the
International Monetary Fund.

The South Asian nation's three-part note offering priced with each
portion at a yield lower or at the tight end of early pricing
discussions, people familiar with the matter said, asking not to be
identified because they're not authorized to speak about it,
Bloomberg relates.

According to Bloomberg, the debt deal comes amid a flurry of
developments in recent days, as Pakistan's economy grapples with
continued fallout from the pandemic. Prime Minister Imran Khan
named a new finance minister on March 29, its third finance chief
in less than three years. The IMF was set to release about $500
million to the country as the lender's board completed certain
reviews of a $6 billion bailout program, according to a statement
last week, Bloomberg relays.

Bloomberg says pricing for the offering is as follows, according to
the people familiar:

* The $1 billion five-year note yields 6% after initial discussions
of 6.25% area

* The $1 billion 10-year note yields 7.375% after initial
discussions of 7.5% area

* The $500 million 30-year bond yields 8.875% after initial
discussions of 8.875%-9%

Bloomberg relates that fair value is at high-5% for the five-year
securities, low-7% for the 10-year portion and high-8% for the
30-year bond, according to Nicholas Yap, credit analyst at Nomura
International (HK) Ltd.

The "bonds should see decent investor demand following a number of
positive developments in the country of late" including the IMF
loan resumption, Yap wrote in a report on March 30.

The government plans an "international Sukuk transaction sometime
after the Eurobond issuance," the finance ministry said in a reply
to questions last week, according to Bloomberg. The country
expected to raise more than $1.5 billion in global bonds if market
conditions remained conducive, Muhammad Umar Zahid, director of
debt at the ministry, said last month.

Credit markets have been busy this quarter, despite a run-up in
rates in recent weeks, Bloomberg notes. The Maldives, another
non-investment grade sovereign borrower, sold a $200 million dollar
five-year Sukuk security this week at 10.5%.

Bloomberg says Pakistan is raising funds through the global market
for the first time after pricing $2.5 billion of securities in
2017.

It's doing so as the foreign exchange market sends more bullish
signals, the report states.

Pakistan's rupee has advanced to around its highest level against
the dollar in nearly two years. It has gained about 4% so far in
2021, the only currency to strengthen against the dollar in Asia,
according to a basket of currencies compiled by Bloomberg.




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

GREENSILL ASIA: Foo Kon Tan Appointed as Liquidators
----------------------------------------------------
Mr. Aw Eng Hai of Foo Kon Tan LLP on March 23, 2021, was appointed
as provisional liquidator of Greensill Asia Pte. Limited.

The liquidator may be reached at:

          Mr. Aw Eng Hai
          Foo Kon Tan LLP
          24 Raffles Place
          #07-03 Clifford Centre
          Singapore 048621


PREMIER INSURANCE: Commences Wind-Up Proceedings
------------------------------------------------
Members of Premier Insurance Agencies Pte Ltd, on Feb. 18, 2021,
passed a resolution to voluntarily wind up the company's
operations.

Mr. Lim Seow Hwa was appointed as the sole liquidator of the
Company to conduct the said winding up.

The company's liquidator may be reached at:

         Mr. Lim Seow Hwa
         12 Tannery Road
         #10-01 HB Centre 1
         Singapore 347722



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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