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

                     A S I A   P A C I F I C

          Monday, April 5, 2021, Vol. 24, No. 62

                           Headlines



A U S T R A L I A

PROJECT SUNSHINE III: S&P Affirms 'B' ICR Then Withdraws Rating
VERMILION ENERGY: Moody's Lowers CFR to B1 on Declined Production


C H I N A

21VIANET GROUP: Fitch Alters Outlook on 'B+' LT IDRs to Negative
21VIANET GROUP: S&P Affirms 'B' LT ICR on Share Purchase Plan
IONIX TECHNOLOGY: Closes Two Funding Transactions With Labrys


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Keeps CC Sr. Unsecured Debt Ratings


I N D I A

ADITYA SAI: CRISIL Withdraws B+ Rating on INR17cr Cash Credit
AGASTI SAHAKARI: CARE Moves D Debt Rating to Not Cooperating
ATMASTCO LTD: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
BALASORE ALLOYS: CARE Moves D Debt Ratings to Not Cooperating
BLS IMPEX: CRISIL Withdraws B+ Rating on INR15cr Loans

COCHIN FROZEN: CARE Lowers Rating on INR46.94cr Loan to D
ECOMARK GENERAL: CRISIL Reaffirms B Rating on INR5cr LT Loan
ESWARI GREEN: Ind-Ra Keeps 'B' Term Loan Rating in Non-Cooperating
FORTUNE MULTITECH: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
GOPAL SHIVHARE: CARE Reaffirms C Rating on INR5.0cr LT Loan

GOPIKRISHNA INFRASTRUCTURE: Ind-Ra Cuts LT Issuer Rating to 'BB+'
JAGJIT ENTERPRISES: CARE Moves D Debt Rating to Not Cooperating
JOSE BROTHERS: CRISIL Withdraws B Rating on INR10cr Cash Credit
KAMLA SHIVHARE: CARE Reaffirms C Rating on INR7.70cr LT Loan
KASHIPUR INFRASTRUCTURE: Ind-Ra Moves BB Rating to Non-Cooperating

LOTUS GREENS: CRISIL Keeps D Debt Rating in Not Cooperating
NASSCO TRADING INDIA: Insolvency Resolution Process Case Summary
OSWAL OVERSEAS: CRISIL Withdraws D Rating on INR7.62cr Term Loan
P Z ESTATES: CRISIL Withdraws B Rating on INR20cr Term Loan
PM COLD: Insolvency Resolution Process Case Summary

QUEBEC PETROLEUM: CRISIL Withdraws B Rating on INR29.98cr Loans
RACHIT PRINTS: CRISIL Withdraws B Rating on INR6.4cr Loans
RADHA STEEL: Ind-Ra Affirms & Withdraws 'BB-' LT Issuer Rating
RAMKRIPA AGRO: CRISIL Withdraws D Rating on INR7.50cr Loans
RASHTRIYA ISPAT: Ind-Ra Cuts' Long-Term Issuer Rating to 'BB+'

RK ENTERPRISES: Ind-Ra Gives 'B+' LT Issuer Rating, Outlook Stable
SAMARTH FABLON: Ind-Ra Cuts' Long-Term Issuer Rating to 'BB'
SHREEYA PEANUTS: Insolvency Resolution Process Case Summary
STANZEN ENGINEERING: Ind-Ra Affirms 'B-' Long-Term Issuer Rating
SVM NONWOVENS: CRISIL Withdraws D Rating on INR10.6cr New Loan

VARADARAJA FOOD: Insolvency Resolution Process Case Summary
VEETEEJAY MOTORS: CRISIL Lowers Rating on INR10cr Loan to D
VETRIVEL EXPLOSIVES: CRISIL Withdraws D Rating on INR31.45cr Loan
VISHNU SALES: CRISIL Withdraws B Rating on INR1.0cr Loans
YSM BUILDCON: CRISIL Withdraws B+ Rating on INR4.04cr LT Loan



N E W   Z E A L A N D

LIFETIME INCOME: A.M. Best Lowers Fin. Strength Rating to B-(Fair)
MAINZEAL PROPERTY: Court Case Throws Companies Act Into Limelight
Q CARD TRUST: Fitch Affirms B Rating on 3 Tranches


P A K I S T A N

PAKISTAN: Moody's Gives (P)B3 Rating on Medium-Term Note Programme


P H I L I P P I N E S

OCCIDENTAL MINDORO RURAL: Placed Under PDIC Receivership


S I N G A P O R E

CHANDRA MAID: Court Enters Wind-Up Order
MANDALA MERANGIN: Commences Wind-Up Proceedings
SEN YUE: Placed Under Interim Judicial Management
WISE AUTO: Court to Hear Wind-Up Petition April 16


V I E T N A M

VIETNAM: Fitch Alters Outlook on 'BB' Foreign Currency IDR to Pos.

                           - - - - -


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A U S T R A L I A
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PROJECT SUNSHINE III: S&P Affirms 'B' ICR Then Withdraws Rating
---------------------------------------------------------------
S&P Global Ratings had affirmed its 'B' long-term issuer credit
rating on Project Sunshine III Pty Ltd., an Australia-based
publisher of print and digital directories. At the same time, S&P
revised its outlook to stable from negative.

S&P subsequently withdrew the rating at the company's request,
following its acquisition by U.S.-based Thryv Holdings Inc.
(B/Stable/--).


VERMILION ENERGY: Moody's Lowers CFR to B1 on Declined Production
-----------------------------------------------------------------
Moody's Investors Service has downgraded Vermilion Energy Inc.'s
corporate family rating to B1 from Ba3, its probability of default
rating to B1-PD from Ba3-PD, and it's senior unsecured rating to B3
from B2. At the same time, Vermilion's outlook has been changed to
stable from negative and its speculative grade liquidity rating has
been upgraded to SGL-2 from SGL-3.

"The downgrade reflects our expectation that Vermilion's production
will continue to decline towards 70,000 boe/d (net of royalties)
through 2022 driven by lower capital spending, and that the
company's cost structure will grow over the same period" said
Moody's analyst Jonathan Reid. "The change in outlook to stable
reflects our expectation that Vermilion will generate free cash
flow in 2021 and maintain good liquidity".

Downgrades:

Issuer: Vermilion Energy Inc.

Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD6)
from B2 (LGD6)

Upgrades:

Issuer: Vermilion Energy Inc.

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Outlook Actions:

Issuer: Vermilion Energy Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Vermilion (B1 CFR) is challenged by: (1) a decline in production
towards 70,000 boe/d (net of royalties) through 2022 as a result of
lower capital spending and a shift away from its core North
American assets and towards more lucrative assets in Eastern and
Central Europe and Australia; (2) increasing production costs that
will partially offset the impact of improving commodity prices,
which combined with declining production will result in lower funds
from operation (FFO) generation in 2021 compared to historical
levels (FFO of around C$500 expected in 2021 compared to over C$800
million in 2018 and 2019); and (3) regulatory pressure on oil and
gas extraction throughout Europe where a material portion of the
company's assets are located. The company is supported by: (1)
exposure to international commodity prices for around one third of
total production, which are typically higher than prices received
at the company's North American assets; (2) a diversified portfolio
of assets with low decline rates; and (3) good liquidity, supported
by Moody's expectation that Vermilion will generate free cash flow
in 2021 which it will use to reduce debt.

The stable outlook reflects Moody's view that Vermilion will
generate free cash flow in 2021 which it will use to reduce debt
and maintain credit metrics, and that it will maintain good
liquidity.

Vermilion has good liquidity (SGL-2), with sources of around C$750
million in 2021 and no mandatory uses of liquidity over the next 4
quarters. Sources are comprised of around C$7 million of cash on
balance sheet as of December 31, 2020, about C$545 million
available under its C$2.1 billion revolving credit facility which
matures in May 2024, and expected free cash flow of around C$200
million. The company has no mandatory debt maturities over the next
four quarters. Moody's expects Vermilion will remain in compliance
with the three financial covenants under its revolving credit
facility over the next four quarters. Alternate sources of
liquidity, if needed, are good as the company could sell up to
C$210 million worth of assets without needing consent from its
banks.

In accordance with Moody's Loss Given Default for Speculative-Grade
Companies (LGD) Methodology, the senior unsecured notes are rated
B3, two notches below the B1 CFR. This two notch difference from
the CFR reflects the C$2.1 billion secured revolving credit
facility that ranks above Vermilion's unsecured notes in its
capital structure.

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

Vermilion's ratings could be upgraded if it grew production beyond
the levels currently expected (86,000 boe/d net of royalties in
2020 declining towards 70,000 through 2022), if retained cash flow
(RCF)/debt approaches 35% (18% in 2020), and if its leveraged
full-cycle ratio improves toward 1.5x (1.1x in 2020) while
improving its cost structure. The ratings could be downgraded if
production declines beyond the levels currently expected, if
RCF/debt is sustained below 20%, if its leveraged full-cycle ratio
is sustained below 1x with a worsening cost structure, or if its
liquidity profile deteriorates.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Vermilion is a public Canadian independent exploration and
production (E&P) company, headquartered in Calgary, Alberta, that
operates a range of onshore and offshore light oil and natural gas
assets. The company has significant operations in Canada, Europe,
Australia and the US.




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C H I N A
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21VIANET GROUP: Fitch Alters Outlook on 'B+' LT IDRs to Negative
----------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
carrier-neutral data centre operator 21Vianet Group, Inc. to
Negative from Stable and has affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B+'. Fitch has
also affirmed the rating on 21Vianet's USD300 million 7.875% senior
unsecured notes due 2021 at 'B+' with a Recovery Rating of 'RR4'.

The Negative Outlook reflects Fitch's expectation that 21Vianet's
2021-2022 FFO leverage will remain above 5.5x (2020 estimate:
6.7x), the threshold above which Fitch may take negative rating
action. The deteriorating FFO leverage is driven by the company's
plan to repurchase around USD260 million of Class B shares from its
parent, Tus-Holdings Co., Ltd. (THCL). The transaction, which Fitch
expects to be completed in April 2021, will stretch the company's
balance sheet and slow the pace of its deleveraging.

KEY RATING DRIVERS

Leverage to Worsen: Fitch expects 21Vianet's FFO leverage to
deteriorate to 7.2x-7.7x in 2021-2022 as Fitch expects it will need
to raise additional debt to fund its large capex plans, as a large
part of the available funds will be used to buy back shares from
THCL. The company has an ambitious capex plan of CNY5 billion
annually in 2021-2022 (2020: around CNY4 billion).

21Vianet has strong and proven access to the equity market. It
issued USD150 million in perpetual convertible shares in 1H20 - to
which Fitch assigned 50% of equity credit - and raised USD391
million of equity in September 2020. However, Fitch has not
factored in any equity injection in Fitch's base case to fund the
share buyback or capex, given uncertainty on the timing and
execution.

Change of Control May Be Triggered: THCL will no longer be
21Vianet's parent after the share buyback and THCL's nominee
director will resign from the board. THCL plans to sell more of its
shares and retain a stake of less than 5%. If any of the three
rating agencies downgrades the rating on 21Vianet subsequently, the
change of control clause in the USD300 million bond document will
be triggered. However, Fitch believes that in such an event,
liquidity risk will be manageable given the company has sufficient
cash to redeem the USD300 million bonds.

Persistent Negative FCF: Fitch expects 21Vianet to have large
negative free cash flow (FCF) of CNY3 billion-4 billion in
2021-2022 (2020 estimate: negative CNY3 billion) due to significant
capex. Fitch believes the company will continue to spend heavily on
data-centre property and equipment procurement in the medium term
to expand market share. The capex-to-sales ratio is likely to reach
46%-68% in 2021-2022 (2020 estimate: 71%).

Small Scale, Market Share: 21Vianet's ratings are constrained by
its small revenue scale and low-single-digit share in China's
data-centre market revenue. Carrier-neutral data-centre providers
have limited market share relative to larger incumbents, such as
China Telecom Corporation Limited and China Unicom (Hong Kong)
Limited, despite better growth prospects.

Margin Expansion: Fitch expects Fitch-defined EBITDA margin to
expand to 22%-24% in 2022-2023 (2020-2021 forecasts: 19%-20%) as
Fitch forecasts utilisation rates to improve from the trough in
2020-2021. Growing operating scale will also drive EBITDA margin
expansion given the high fixed costs of this business.
Fitch-defined EBITDA is calculated after deducting the depreciation
on right-of-use assets and lease interest expense from reported
EBITDA, in line with Fitch's Corporate Rating Criteria.

Rated on Standalone Credit Profile: Fitch assesses the relationship
between 21Vianet and THCL, as one of "Weak Parent, Strong
Subsidiary" with weak legal and operational linkage, in line with
Fitch's Parent and Subsidiary Linkage Rating Criteria.

Fitch currently rates 21Vianet based on its standalone credit
profile as its cash flow is largely ring-fenced by restrictive
dividend covenants in its unsecured bond documents, which limit its
ability to pay significant cash to its parent. THCL owned 18% of
21Vianet but held 52% of voting rights at end-2020.

Cash Flow Visibility: Fitch expects 21Vianet's revenue and cash
flow visibility to be supported by its high-quality data centre
portfolio, where 84% of its self-built cabinets are in top-tier
cities. Demand outpaces supply in these cities due to the local
governments' strict limits on land for data centre construction and
quotas on the use of power for data centres' daily operations. The
utilisation rate of stabilised data centres in these cities could
reach 80% compared to 30%-40% in western China.

Ongoing Wholesale Expansion: Fitch expects revenue contribution
from the wholesale segment to increase to the mid-to-high teens in
2021-2022 (2020 estimate: high-single digit; 2019: nil), led by
higher cabinet orders from Alibaba Group Holding Limited
(A+/Stable) and an increase in the share of new cabinets delivered
to wholesale customers to around 50%. 21Vianet's business risk
profile will improve as wholesale contracts usually have longer
tenors of five-to-eight years compared with retail contracts.

Favourable Industry Dynamics: Fitch expects 21Vianet's 2021-2022
revenue to rise by 27%-29% per year (2020: 27%), driven by China's
strong demand for data-centre capacity, growth in the internet
economy and the accelerating digital transformation of enterprises
and the public sector. Fitch believes carrier-neutral data centre
providers, such as 21Vianet, are better positioned to benefit from
the rising demand than Chinese telcos because the former can
provide customised solutions and connectivity with competing
telecom operators.

Variable Interest Equity Structure: The ratings reflect Fitch's
expectation that 21Vianet's relationships with the Chinese
government and regulatory authorities continue to be healthy.
However, any change could affect its credit strength as it does not
have equity control over its onshore operating companies. These
include Beijing Yiyun Network Technology Co., Ltd. and other
consolidated affiliated Chinese entities with which 21Vianet has
only contractual relationships due to government restrictions on
foreign ownership in China's value-added telecom businesses.

DERIVATION SUMMARY

21Vianet has a significantly weaker business risk profile than
leading global wholesale data-centre operator Digital Realty Trust,
Inc. (BBB/Stable) and retail co-location data-centre operator
Equinix, Inc. (BBB-/Positive). Digital Realty and Equinix have
strong competitive positions through their global networks of data
centres while 21Vianet is China-centric. The credit profiles of
Digital Realty and Equinix are also supported by their granular
tenant bases across multiple industries.

21Vianet's Fitch-forecast 2021 FFO leverage of 7.7x is higher than
Digital Realty's 5.5x and Equinix's 4.5x. Equinix's Positive
Outlook reflects Fitch's expectation that its capital access will
improve to levels consistent with higher rated REIT peers,
including Digital Realty.

21Vianet has a better business risk profile than TierPoint, LLC
(B/Stable). TierPoint provides both retail co-location and managed
services, but derives a higher portion of revenue from managed
services. Relative to managed services, 21Vianet's co-location and
interconnection services have longer contract tenors and more
recurring revenue and cash flows. 21Vianet also has a stronger
tenant profile as TierPoint targets secondary US markets and
focuses on SMEs in these markets. However, 21Vianet's stronger
business risk profile is counterbalanced by its weaker financial
risk profile. 21Vianet's Fitch-forecast 2021 FFO leverage of 7.7x
is higher than TierPoint's 5.0x.

KEY ASSUMPTIONS

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

-- Small price decline of 2%-3% in monthly recurring revenue
    (MRR) per cabinet in 2021-2022 due to lower price charged on
    wholesale customers compared with retail customers, as the
    company does not provide value-added services to wholesale
    customers.

-- Annual net addition of self-built cabinets of 25,000 each in
    2021-2022 (2020: 17,829).

-- Average monthly cabinet utilisation ratio of 58%-60% in 2021
    2022, driven by the addition of a large number of cabinets
    (2020: 62%-63%).

-- Fitch-defined EBITDA margin of 20%-22% in 2021-2022 (2020
    estimate: 19%), equivalent to company-defined adjusted EBITDA
    margin of 27%-29% in 2021-2022 (2020: 27%).

-- Capex of CNY5 billion each in 2021-2022 (2020: around CNY4
    billion).

-- No cash dividends over the rating horizon.

-- USD600 million in convertible notes due 2026 and USD200
    million in private convertible notes due 2025 treated as 100%
    debt; and USD150 million in perpetual convertible preferred
    shares treated as 50% equity.

Recovery Rating Assumptions

-- For entities rated 'B+' and below - where default is closer
    and recovery prospects are more meaningful to investors –
    Fitch undertakes a bespoke analysis of recovery upon default
    for each instrument. The resulting debt instrument rating
    includes a Recovery Rating or published 'RR', graded from
    'RR1' to 'RR6', and is notched from the IDR accordingly. There
    are three steps in this analysis: estimating the distressed
    enterprise value; estimating creditor claims; and determining
    the distribution of value.

-- The recovery analysis assumes that 21Vianet would be
    considered a going-concern in a bankruptcy and that the
    company would be reorganised rather than liquidated. Fitch has
    assumed a 10% administrative claim.

-- Fitch assumes 21Vianet's going-concern EBITDA to be around
    CNY765 million. It reflects Fitch's view of a sustainable,
    post-reorganisation EBITDA level, upon which Fitch based the
    valuation of the company.

-- An enterprise value/EBITDA multiple of 5x is used to calculate
    the post-reorganisation valuation. Fitch's multiple assumption
    represents a 9% discount to the average multiple of 5.5x for
    telecom infrastructure peers in the recovery analyses in APAC.

-- Fitch treats all debt domiciled at 21Vianet's variable
    interest entities as prior-ranking.

-- The recovery waterfall results in a recovery rate estimate
    corresponding to a 'RR4' Recovery Rating for the USD300
    million senior unsecured notes.

RATING SENSITIVITIES

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

-- Fitch may revise the Outlook to Stable if FFO leverage were to
    be sustained below 5.5x; for example, if the company funds the
    share buyback or capex through an equity injection.

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

-- The share buyback falls through, and there is evidence of
    parental influence by THCL, leading to an assessment of
    'Moderate' to 'Strong' parent-subsidiary linkage between THCL
    and 21Vianet.

-- Deterioration in liquidity should another shareholder other
    than THCL and the 21Vianet's chairman hold more than 50% of
    total voting rights or more than 50% of outstanding Class A
    shares; or THCL or the chairman holds more than 25% of
    outstanding Class A shares; or 21Vianet ceases to be listed in
    the US without being listed on another stock exchange, which
    could trigger payment acceleration of the 2026 USD600 million
    convertible notes.

-- M&A that adversely affects 21Vianet's business profile.

-- FFO leverage sustained significantly above 5.5x in 2021-2022
    (2020 estimate: 6.6x-6.7x) without meaningful deleveraging
    measures by end-2021.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects 21Vianet's liquidity to remain
adequate as available cash of CNY3.1 billion at end-2020 and the
proceeds from the issuance of USD600 million (around CNY4 billion)
in convertible notes in January 2021 exceeded short-term loans of
CNY214 million, short-term finance lease liabilities of CNY404
million, USD300 million (around CNY2 billion) of senior notes that
will mature in October 2021 and USD260 million (around CNY1.7
billion) of funding required to repurchase the Class B shares from
THCL.

21Vianet is exposed to liquidity risk if THCL or 21Vianet's
chairman and his parties acting in concert increase their holdings
of Class A shares to over 25%, another shareholder increases its
voting rights to over 50% or holding of Class A shares to over 50%,
or the company's equity is delisted from US stock exchanges without
a listing on another stock exchange, in which case USD600 million
of convertible notes will need to be immediately repaid. However,
Fitch believes the possibility of such an event is remote.

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.


21VIANET GROUP: S&P Affirms 'B' LT ICR on Share Purchase Plan
-------------------------------------------------------------
S&P Global Ratings, on April 1, 2021, affirmed its 'B' long-term
issuer credit rating on 21Vianet Group Inc. and the 'B' long-term
issue rating on the company's senior unsecured notes.

The stable outlook reflects S&P's view of 21Vianet's ability to
have sufficient liquidity over the next 12 months and maintain its
leverage below 6.5x over the next 12-24 months.

S&P believes 21Vianet has enough liquidity for the proposed share
purchase and borrowings.   The company has close to Chinese
renminbi (RMB) 7 billion of liquidity including cash, short-term
investments, and the US$600 million in convertible notes earlier
this year. This should cover 21Vianet's proposed RMB1.7 billion
(US$260 million) purchase of 48.6 million "Class B" shares held by
Tuspark Innovation Venture Ltd. in April 2021 and the repayment of
about RMB2 billion (US$300 million) of U.S. dollar senior unsecured
notes due in October this year.

S&P expects 21Vianet's liquidity to remain sufficient even in the
unlikely scenario that a change of control event is triggered for
its U.S. dollar notes. Such an event could occur if any rating
agency downgrades the notes within the six months of 21Vianet's
public announcement of its share purchase agreement with Tuspark.
Tuspark's voting right in 21Vianet is likely to drop to 5% or
below, from 50% now, after additional 21Vianet shares are sold to
Beacon Capital Group Inc., a company affiliated with 21Vianet's
founder.

21Vianet's significant funding needs related to capacity expansion
will likely further push up its leverage.   S&P estimates the
company will need additional funding of about RMB3.5 billion each
year for its capital expenditure (capex) plans of RMB5.4
billion-RMB5.9 billion annually over the next two years. The capex
is to add about 25,000 new cabinets each year. The sizable
investment would widen 21Vianet's free operating cash flow deficit
to RMB3.4 billion-RMB3.8 billion in 2021 and RMB2.8 billion-RMB3.2
billion in 2022, from about RMB2.0 billion in 2020. Accordingly,
the company's leverage could rise to 5.7x-6.1x in 2021 and
5.8x-6.2x in 2022, versus 4.7x in 2020.

S&P said, "We believe 21Vianet will maintain fair access to capital
markets and have low funding costs.  The company's access to
financing sources has improved significantly in the past one to two
years, indicated by its issuance of ordinary shares, convertible
bonds, and preferred shares. We also see favorable developments in
21Vianet's bank relationships, with a gradual increase in credit
lines. This is partly thanks to favorable growth prospects owing to
the government's support for data center investments and ongoing
digitalization. Such developments have lowered funding costs for
the company and may help it to further diversify its financing
channels. Accordingly, we estimate 21Vianet's EBITDA interest
coverage will stay at above 3.0x over the next two years.

"The stable outlook reflects our expectation that 21Vianet can meet
its liquidity needs over the next 12 months and maintain its
debt-to-EBITDA ratio at less than 6.5x over the next 12-24 months.
21Vianet's low funding costs should also help it to keep its EBITDA
interest coverage at above 3.0x.

"We could downgrade 21Vianet if the company's liquidity
deteriorates. This could happen if we see signs that 21Vianet is
unable to meet its short-term debt maturities, or if the company
faces difficulty in financing its sizable investments.

"We could also lower the rating if 21Vianet's debt-funded expansion
is significantly more than our base case, leading to the EBITDA
interest coverage falling below 2x or a steep rise in the
debt-to-EBITDA ratio.

"We could raise the rating if we believe 21Vianet will maintain a
debt-to-EBITDA ratio below 5.0x. This could happen if the company
can significantly grow its profitability and operating cash flow
while remaining disciplined in debt-funded expansion."

21Vianet is the largest provider of carrier and cloud-neutral IDC
services in China. The company has been listed on NASDAQ since
2011. It operates data centers, with an aggregate capacity of
53,553 cabinets under management as of Dec. 31, 2020. Most of the
company's data centers are in top-tier cities and surrounding
areas.


IONIX TECHNOLOGY: Closes Two Funding Transactions With Labrys
-------------------------------------------------------------
Ionix Technology, Inc. executed and closed on the following
agreements with Labrys Fund, L.P, a Delaware limited partnership:
(i) Securities Purchase Agreement dated March 10, 2021; and (ii)
Self-Amortization Promissory Note dated March 10, 2021. The Company
entered into the Labrys Agreements with the intent to acquire
working capital to fund current operations and grow the Company's
business.

The total amount of funding to the Company under the Labrys
Agreements is $434,000. The Notes carry an original issue discount
of $50,000, a transaction expense amount of $2,500, and a fee to J.
H. Darbie & Co. of $13,500, for total debt of $500,000. The Note
has an amortization schedule with monthly payments of $58,333.33
due and owing to Labrys beginning July 9, 2021 through March 10,
2022. The Company issued commitment shares related to the Labrys
Agreements as follows: 417,000 shares of Common Stock and 1,042,000
shares of Common Stock. The Second Commitment Shares must be
returned to the Borrower's treasury if the Note is fully repaid and
satisfied on or prior to the Maturity Date. The Company agreed to
reserve 6,562,500 shares of its common stock for issuance if any
Debt is converted. The Debt is due on or before March 10, 2022. The
Debt carries an interest rate of five percent. The Note is not
convertible unless in Default, as defined in the Note. If the Note
is in Default, the Debt is convertible into the Company's common
stock at a conversion price of $0.12, subject to adjustment as
provided for in the Note.

                             About Ionix

Headquartered in Liaoning Province, China, Ionix Technology, Inc.
-- http://www.iinx-tech.com-- is a holding company that is
principally engaged in the photoelectric display and smart energy
industries. The company has five operating subsidiaries: Changchun
Fangguan Electronics Technology Co., Ltd, a company which has been
focusing on R&D, manufacturing and marketing LCM and LCD; Changchun
Fangguan Photoelectric Display Technology Co., Ltd, a company which
specializes in developing, designing, and selling TN and STN LCD,
STN, CSTN, and TFT LCD modules as well as other related products;
Shenzhen Baileqi Electronic Technology Co., Ltd, a company which
specializes in LCD slicing, filling, researching and designing, and
selling of LCD Modules (LCM) and PCBs; Lisite Science Technology
(Shenzhen) Co., Ltd., a company engaged in the marketing and
selling of intelligent electronic devices; and Dalian Shizhe New
Energy Technology Co., Ltd., a company engaged in the new energy
support service, and operating the photovoltaic power generation,
electric vehicles and charging piles with corresponding operation
and maintenance and three dimensional parking. Currently, IINX has
embarked on the layout of industrialization and marketization of
front end materials and back end modules of liquid crystal displays
and applications of flexible folding display technology by taking
Fangguan Electronics as production bases, to seize the market share
of OLED high technology.

Ionix reported a net loss of $277,668 for the year ended June 30,
2020, compared to net income of $397,047 for the year ended June
30, 2019. As of Dec. 31, 2020, the Company had $18.08 million in
total assets, $7.12 million in total liabilities, and $10.96
million in total stockholders' equity.

The Company had an accumulated deficit of $626,226 as of Dec. 31,
2020. The Company incurred loss from operation and did not generate
sufficient cash flow from its operating activities for the six
months ended Dec. 31, 2020. The Company said these factors, among
others, raise substantial doubt about its ability to continue as a
going concern.




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

CATHAY PACIFIC: Egan-Jones Keeps CC Sr. Unsecured Debt Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 22, 2021, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited. EJR also maintained
its 'D' rating on commercial paper issued by the Company.

Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.




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

ADITYA SAI: CRISIL Withdraws B+ Rating on INR17cr Cash Credit
-------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Aditya Sai Cot Spin Private Limited (ACSPL, as:

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           17        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with ACSPL for
obtaining information through letters and emails dated February 9,
2021 and February 15, 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 ACSPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on ACSPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
ACSPL to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
ACSPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 2008, ACSPL is promoted by the Warangal,
Telangana-based Reddy family. The key promoter, Mr. B Ravinder
Reddy, has experience of almost two decades in the cotton ginning
and trading industry. The company's facility in Warangal has
capacity of 350 bales per day. The daily operations are managed by
Mr. B Ravinder Reddy and Mr. Veda Prakash.


AGASTI SAHAKARI: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Agasti
Sahakari Sakhar Karkhana Limited (ASSKL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ASSKL to monitor the rating
vide email communications/letters dated, January 14, 2021, February
4, 2021 and March 1, 2021 among others and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE’s opinion is not sufficient to arrive at a fair rating.
Further, ASSKL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
ASSKL’s bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on February 12, 2021 the following was
the rating weakness:

Key Rating Weakness

* Delay in payment of outstanding dues post moratorium period: The
company was availed the moratorium by the bank till September 2020.
Post which the company delayed in its debt repayment obligations
and later it was classified as SMA-2 by the bank and the payment is
due for February 28, 2021. Non-payment of the dues by February 28,
2021 will move this account to the NPA Category. The amount of the
outstanding amount is INR5.00 crore.

ASSKL was incorporated under Maharashtra Co-Operative Societies Act
1960 in a year 1992-93, to undertake sugar and sugar related
production by Mr. Madhukarrao Kashninath Pichad (Chairman) and Mr.
Sitaram Gaikar (Vice Chairman). The first crushing season of the
sugar factory was conducted in Sugar Season (SS) 1992-93 with an
installed capacity of 2500 TCD. ASSKL has set up its New Distillery
Division in FY20 with an installed capacity of 30 KLPD which will
start operating from February 2020.

ATMASTCO LTD: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Atmastco Ltd a
Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR335 mil. Fund-based limit assigned with IND BB+/Stable
     rating;

-- INR380 mil. Non-fund-based limit assigned with IND A4 rating;
     and

-- INR142.5 mil. Long-term loan due on January 2024 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect Atmastco's small scale of operations as
indicated by revenue of INR1,153.82 million in FY20 (FY19:
INR998.62 million). The growth in the revenue was majorly due to an
increase in the number of orders received, coupled with increased
capacity utilization during FY20. Till 11MFY21, Atmastco booked
revenue of INR679.05 million and had an order book of INR736.7
million, to be executed by September 2022. The revenue is likely to
have declined compared with FY20, due to the COVID-19-led
nationwide lockdown and the resultant low overall infrastructure
spending, despite unlocking of economic activities. The company
generates more than 92% of the revenue from manufacturing of boiler
structures, columns, beams, heavy fabrication and the remaining
from trading activities.

The ratings also factor in the company's moderate EBITDA margin of
11.16% in FY20 (FY19: 13.16%) with a return on capital employed of
12.4% (14%). The EBITDA margin deteriorated in FY20 due to an
increase in raw material cost. However, the company has undertaken
several cost reduction, process streamlining, and process
efficiency measures such as erection of new machines along with
training program for labors. Therefore, Ind-Ra expects some
improvement in the operating margin in the short term.

The ratings also reflect Atmastco's moderate credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 1.84x in FY20 (FY19: 1.89x) and the net leverage
(total adjusted net debt/operating EBITDAR) of 2.7x (2.89x). The
interest coverage deteriorated marginally due to a decline in the
absolute EBITDA to INR128.81 million (INR131.41 million), while the
net leverage improved on account of a decline in the total debt to
INR451.09 million (INR495.83 million) resulting from scheduled debt
repayment. Ind-Ra expects the credit metrics to remain at similar
level FY21 onwards due to a likely lower absolute EBITDA backed by
the revenue decline.

Liquidity Indicator - Stretched: Atmastco's average maximum use of
the fund-based limits was around 97.7% during the 12 months ended
February 2021. The cash flow from operations plunged to INR41.58
million in FT20 (FY19: INR152.27 million), due to the decline in
the absolute EBITDA. Consequently, the free cash flow declined to
INR27.95 million (FY19: INR32.91 million). The cash and cash
equivalents stood at INR102.89 million at FYE20 (FYE19: INR116.45
million). The net working capital cycle was elongated, although
improved to 219 days in FY20 (FY19: 225 days), due to a decline in
the debtor days to 98 (115). However, the firm does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. Atmastco has availed
INR21 million of Reserve Bank of India-prescribed moratorium for
interest and principal payment of its term loan during April-August
2020. It also availed a guaranteed emergency credit line of INR71.1
million.

However, the ratings are further supported by the directors' nearly
two decades of experience in fabrication of machines.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and/or EBITDA
margins, along with an improvement in the overall credit metrics
and liquidity, all on a sustained basis, could be positive for the
ratings.

Negative: Lower-than-expected scale of operations or profitability
and/or a further elongation of the working capital cycle leading to
deterioration in the liquidity position and the interest coverage
reducing below 1.6x will be negative for the ratings.

COMPANY PROFILE

Atmastco, formerly Atmastco Private Limited, was set up as a
partnership firm in 1987 by Subramaniam Swaminathan Iyer and G.
Venkataraman, for the trading of engineering products. In 1994, the
firm was converted into a private limited entity and into a public
limited entity in October 2016. Atmastco started manufacturing
boiler structures, columns, beams, heavy fabrication etc. by
setting up two manufacturing units in Bhilai, with a total annual
installed capacity of 24,000 metric tons (enhanced from 18,000
metric tons per annum on July 1, 2016). The company fabricates
heavy steel columns and assemblies for power plants.


BALASORE ALLOYS: CARE Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Balasore
Alloys Limited (BAL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      90.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank     95.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAL to monitor the ratings
vide e-mail communications dated October 9, 2020, March 16, 2021
among others and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE’s opinion is
not sufficient to arrive at a fair rating. Further, BAL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on Balasore Alloys Limited’s
bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

The ratings continue to take into account the delays in debt
servicing of the facilities of the company.

Detailed description of the key rating drivers

At the time of last rating on August 11, 2020 the following were
the rating strengths and weaknesses (updated for the information
available from bankers):

Key Rating Weaknesses

* Delays in debt serving: As per the interaction with one of the
banks, the cash credit continues to be overdrawn for a period of
more than 30 days.

* Decline in capacity utilization and cash losses reported in FY20:
The capacity utilization declined from 92% in FY19 to 69% in FY20
on account of lower demand of ferro chrome. BAL’s total operating
income declined 39% y-o-y to INR767.46 crore in FY20(Rs.1258.06
crore in FY19). The company reported operating loss in FY20 on
account of increase in power cost and underabsorption of fixed
overheads. The company has serviced interest expenses out of
advances from customers and infusion of unsecured loans.

* Absence of captive source of power and coal: The production
process of Ferro Alloy is highly power intensive and therefore the
cost of the power is critical to the competitiveness of the
products. BAL does not have any captive power plant and sources its
power requirements mainly from North Eastern Electric Supply
Company of Odisha Ltd. (NESCO). Accordingly, absence of captive
source of power has rendered BAL’s operations vulnerable to any
upward revision in electricity tariff rates. Further in Q1FY21, the
electricity supply was disrupted and the plant was operational only
for 20 days. Coal & LAM Coke formed about 15% of the total cost of
sales in FY20 after power cost (33%) and chrome ore (33%). Volatile
nature of coal prices and chrome ore leads to profitability of the
company vulnerable to such changes.

* Presence of captive chrome ore mine albeit sourcing of chrome ore
from open market: Chrome ore is a major raw material for
ferro-chrome (FeCr) production and therefore, sourcing and pricing
of the same remains crucial for FeCr producers in order to sustain
operational profitability. BAL has its own operational captive
chrome ore mine at Sukinda valley (Jajpur), Odisha. With the mines
providing low outputs from open cast mining, BAL started sourcing
Chrome ore from outside market. However, the sourcing of chrome ore
from outside market has declined to 13% in FY20 as against 30% in
FY19.

* Delay in underground mining project: BAL is planning to undertake
underground mining at later stage and has incurred about INR255.76
crore in the underground mining project till Mar-2020 which is
funded out of its own sources for conducting the feasibility study
& development of underground mines. The company has reworked its
Underground mining plan and now decided to start decline at +45mRL
which is cost-effective and less time-consuming. The management is
expecting to extract chrome ore through Underground mechanism
before fully exhausting chrome ore through open cast and boundary
pillar mining method.

* On-going disputes: The Company has on-going disputes with Mining
authorities of Jajpur, State Trading Corporation of India and NESCO
which are pending before various courts & authorities.
Foreign exchange fluctuation risk: The exports are hedged through
forward exchange contracts. On the other hand, BAL is exposed to
forex risk due to import of coal & coke. In FY20, the company
reported forex loss of INR4.50 crore as against forex loss of
INR28.49 crore in FY19.

* Complete dependence of ferro chrome industry on the cyclical
steel sector: The stainless steel industry is the primary consumer
of FeCr and accordingly the fortunes of FeCr manufacturers are
largely dependent on the performance of the stainless steel
industry. The volatile nature of FeCr prices has a significant
impact on the profitability of the companies in the sector.

Key Rating Strengths

* Experienced promoters: Ispat group, promoted by Mr. M. L. Mittal
started trading of steel products in 1981. BAL, a part of Ispat
group, commenced operations in 1987. Accordingly, the promoters of
the company have an experience of about three decades in
operating/managing ferro chrome plants. Currently, the day to day
affairs are managed by Mr. Anil Sureka (the present MD of BAL)
having over three decades of corporate experience.

* Strong presence in the export market: Export constitutes ~79% of
total revenue of BAL in FY20 (~79% in FY19).

* Comfortable capital structure: The capital structure of BAL
slightly deteriorated but remained comfortable marked by overall
gearing ratio at 0.28x as on March 31, 2020 (0.22x as on March 31,
2019).

Balasore Alloys Limited (BAL), incorporated in May, 1984, is a part
of Kolkata-based Ispat group of companies promoted by Mr. M. L.
Mittal. BAL commenced commercial operations in 1987 with production
of ferro-chrome (FeCr). The company has its own captive chrome ore
mine located at Sukinda valley (Jajpur) in Odisha. The
manufacturing facilities of BAL are located in Balasore (Odisha)
with an installed capacity of 1,45,000 tpa and in Sukinda (Odisha)
with an installed capacity of 15,660 MTPA for ferro chrome. BAL has
two chrome ore beneficiation plant, a chrome ore briquetting plant
and a metal recovery plant.


BLS IMPEX: CRISIL Withdraws B+ Rating on INR15cr Loans
------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Bls Impex Private Limited (BIPL), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           6         CRISIL B+/Stable (ISSUER NOT
   Discounting                      COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Packing Credit         6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

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

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letters and emails dated March 16,
2021 and March 22, 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 BIPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on BIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
BIPL to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
BIPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 2011, BLS is a trader and exporter of rice
(basmati/non-basmati). The company is promoted by Mr. G Shekhar,
Mr. R Srinivas and others.

COCHIN FROZEN: CARE Lowers Rating on INR46.94cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cochin Frozen Food Exports Private Limited (CFFEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term
   Bank Facilities      46.94      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of CFFEPL
factors in the continuous overdues in the packing credit facilities
for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in servicing debt obligations: CARE as part of its
due diligence exercise interacts with various stakeholders of the
company including lenders to the company and as part of this
exercise has ascertained that the packing credit facilities are
overdue for more than 30 days.

Cochin Frozen Food Exports Private Limited (CFFEPL) was established
in the year 1989 and is engaged in processing of the seafood,
mainly prawn and fish varieties with its corporate base in Aroor,
15 kms to the south of Cochin. The promoter, Mr. K. Prabhakaran,
who is the founder chairman of the group is in the field of seafood
exporting from the year 1974. The company normally exports its
entire produce to the major markets of USA, Europe, Japan, China
and the Middle East.


ECOMARK GENERAL: CRISIL Reaffirms B Rating on INR5cr LT Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
proposed long-term bank loan facility of Ecomark General Finance
and Leasing Limited (EGFLL).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a small scale of operations with
geographical concentration, and weak, albeit improving, asset
quality. These weaknesses are partially offset by moderate
capitalisation.

In light of the Covid-19 Regulatory Package provided by the Reserve
Bank of India, whereby lenders were permitted to grant moratorium,
CRISIL Ratings understands that on the liability side, the company
does not have external debt on its book and the borrowings are
entirely from the directors and relatives. On the asset side, the
company granted moratorium to 20-30% of borrowers in the first
phase of lockdown. CRISIL Ratings notes the company has displayed
strong ability to improve collection efficiency. When calculated
after considering current collection excluding over-due amounts,
collections improved to 84% in December 2020 from 31% in August
2020. Furthermore, as part of the one-time restructuring scheme
related to the pandemic that was announced by the RBI, no account
has been restructured till date and this is likely to continue in
the fourth quarter of fiscal 2021.

As far as liquidity is concerned, the company had total liquidity
of INR1.85 crore in the form of cash and bank balance as on March
22, 2021. In terms of collections, company was able to collect in
the range of INR0.6-1.5 crore on monthly basis since June 2020.
Against this, the company has total repayments of INR0.42 crore
(including operating expense) over next 3 months (i.e. March 2021,
April 2021 and May 2021).

Analytical Approach

For arriving at the rating, CRISIL Ratings has evaluated the
standalone business and financial risk profiles of EGFLL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations with geographical concentration: EGFLL
is a small non-banking financial company (NBFC) that provides
general loans and personal loans (on the lines of microfinance
loans). Business is concentrated, with two branches in Thrissur,
Kerala. The loan portfolio was modest at INR12.4 crore as on
December 31, 2020 (INR2.5 crore as on March 31, 2017). INR15.3
crore was disbursed in fiscal 2020 (INR8.5 crore in fiscal 2019).

* Weak, albeit improving, asset quality: The gross non-performing
assets (NPAs) remained high at 19% as on December 31, 2020. It had
marginally reduced to 18% as on March 31, 2020, from 24% as on
March 31, 2019. The company recognizes gross NPAs at 180+ days past
due. In the past, deterioration in asset quality was witnessed on
account of Kerala floods. The high level of delinquencies was
primarily seen in vehicle finance and consumer loan segments. The
company has now discontinued its operations in these segments from
June 2019. When calculated after considering current collection
excluding over-due amounts, collection efficiency improved to
around 84% in December 2020, from around 31% in August 2020.
Furthermore, the company has not restructured any account till date
and is not expected to do so in the fourth quarter of fiscal 2021.
It proposes to recover most of its over-due amounts by the end of
the first quarter of fiscal 2022.  However, the ability to improve
asset quality significantly over the next few quarters will remain
a key monitorable.

Strength:

* Moderate capitalization: The net worth was moderate at INR4.6
crore as on December 31, 2020, an increase from INR2.6 crore as on
March 31, 2017. The gearing was 1.9 times as on December 31, 2020.
Capitalization is expected to remain comfortable, with the gearing
at less than 3 times over the medium term. The gearing had remained
below 2 times over past seven years. The management has indicated
that INR0.88 crore was infused on March 20, 2021 and INR3 crore is
expected to be infused in fiscal 2022. Given the moderate growth
plans and planned equity infusion, the gearing should remain steady
over the medium term.

Liquidity: Stretched

The liquidity buffer (assuming nil collections and factoring cash
and equivalents available as on March 18, 2021) to cover total debt
and loan repayment and operating expenses till May 2021 is above 4
times. Credit lines from the promoters and directors are available
whenever required. The company had not availed the moratorium from
any of its lenders under RBI's Covid-19 Regulatory Package.

Outlook: Stable

EGFLL should maintain moderate capitalization, though the scale of
operations is likely to remain small and the resource profile
modest, over the medium term.

Rating Sensitivity factors

Upward factors:

* Significant increase in the scale of operations and
diversification in portfolio
* Improvement in asset quality metrics with gross NPAs reducing to
less than 5%

Downward factors:

* Deterioration in asset quality metrics with gross NPAs increasing
beyond 20%
* Decline in profitability due to increase in credit cost

EGFLL is a non-banking finance company (NBFC) based out of Trissur,
Kerala incorporated in the year 1997.EGFLL provides finance for the
general loans and personal loans (in the lines of microfinance
credits).

ESWARI GREEN: Ind-Ra Keeps 'B' Term Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Eswari Green
Energy LLP's term loan rating in the non-cooperating category and
simultaneously withdrawn it.

The detailed rating action is:

-- INR200 mil. Term loan due on FY24 maintained in non-
     cooperating category and withdrawn.

Maintained at 'IND B (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

Eswari Green Energy did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.

Ind-Ra is no longer required to maintain the rating as the agency
has received a no-objection certificate from the rated facility's
lead lender. This is consistent with the Securities and Exchange
Board of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Eswari Green Energy, a limited liability partnership firm floated
by Eswari Knitting Works, operates a wind project at the
Basavanbagawadi village in Karnataka, with two wind turbine
generators with a capacity of 2MW each.

R Balasubramaniam, Baskaran and B Sundarambhal are the partners.

FORTUNE MULTITECH: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed Fortune Multitech
Private Limited's (FMPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR350 mil. Term loan due on March 2023 affirmed with IND BB-/

     Stable rating.

KEY RATING DRIVERS

The affirmation reflects FMPL's continued modest funding. The total
project cost of the company's under-construction project Victoria
Heights Phase II is INR854 million, which is being funded by a bank
debt of INR350 million, promotor contribution, and an unsecured
loan of INR246 million, and rest by customer advance. The promoters
have already infused INR208 million in the project. FMPL has an
INR350 million term loan sanctions and INR300 million was disbursed
at end-March 2021. The company has repayment obligations of
INR262.6 and INR87.5 million in FY22 and FY23, respectively.

The affirmation also factors in the continued modest salability
risk. At end- December 2020, the company had booked 73 units
(around 43% of 168 units) in Victoria Heights Phase II and
collected INR265 million (55% of the total amount of INR479
million). The management expects the remaining units will be booked
before mid-FY23.

Liquidity Indicator - Stretched. The project loan of INR350 million
is proposed to be repaid over 46 months, including a principal
moratorium of 37 months from the date of the first disbursement. At
end-February 2021, INR300 million was disbursed; the remaining loan
amount of INR50 million will be disbursed in 1QFY22. According to
the sanctioned term, the loan tenor was to end in December 2022,
but due to the Reserve Bank of India's COVID-19 moratorium, the
term loan tenor has been extended to June 2023. The company has a
repayment obligation of INR262.5 million in FY22 and INR87.5
million in FY23. FMPL has a minimum debt service coverage ratio of
1.7x and 1.3x in FY21 and FY22, respectively. However, cash flow
mismatches are likely to arise if the sales are lower than Ind-Ra's
expectations of 25 to 30 units per annum or there are any delays in
the receipt of collection from existing sales. FMPL availed the
Reserve Bank of India-prescribed debt moratorium over March-August
2020.

The ratings are, however, supported by the average execution status
of the project. At end-December 2020, the company had completed
around 80% of its construction in Victoria Heights Phase II and
incurred INR680 million out of the total project cost of INR854
million. The company expects to complete its construction by
end-March 2022.

The ratings benefit from the project's strategic location, as all
civic amenities are within a 1km radius. The ratings also continue
to be supported by the promoters' experience of over a decade in
executing real estate projects in Chennai.

RATING SENSITIVITIES

Positive: An improvement in the sales and the timely receipt of
advances from customers, leading to stronger cash flows, could lead
to a positive rating action.

Negative: Time and cost overruns or the cancellations of the sold
units, leading to stressed cash flows, could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2010, FMPL is engaged in real estate development.
It has an ongoing project - Victoria Heights Phase II in Zirakpur,
a satellite town, in Mohali District (Punjab), neighboring
Chandigarh. The total built-up area of the projects is 276,528
square feet.

GOPAL SHIVHARE: CARE Reaffirms C Rating on INR5.0cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Gopal
Shivhare (GS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE C; Stable Reaffirmed
   Facilities            

   Long Term/Short       3.00      CARE C; Stable/CARE A4
   Term Bank                       Reaffirmed
   Facilities            
                                   
Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of GS remain constraint
on account of its moderate scale of operations with thin
profitability margins and weak solvency position along with
stretched liquidity during FY20 (FY refers to period from April 01
to March 31). The ratings, further, continue to remain constrained
on account of its presence in the highly competitive and fragmented
industry, high business risk due to regulated nature of the liquor
industry and constitution as a proprietorship concern.

The ratings, however, continue to favorably take into account
experienced management.

Key Rating Sensitivities

Positive Factor

* Sustained improvement in Total Operating Income (TOI) with TOI
more than INR80 crore
* Sustained improvement in PBILDT margin above 4%
* Sustained improvement in capital structure with overall gearing
less than 5 times.

Negative Factor

* Decrease in TOI by 40% and registration of net loss
* Deterioration of liquidity position

* Deterioration of solvency position with overall gearing more than
10 times

Detailed description of the key rating drivers

Key Rating Weakness

* Moderate scale of operation with thin profitability margins:  The
scale of operation of the firm improved significantly by 90.25%
y-o-y and remained at INR71.65 crore during FY20 as against
INR37.66 crore during FY19 owing to higher number of shops as well
as demand during the period. In absolute terms, PBILDT and PAT
improved by 22.19% and 51.60% y-o-y respectively and remained at
INR1.61 crore and INR0.51 crore during FY20 [Rs.1.31 crore and
INR0.34 crore during FY19] on the back of improved scale of
operations during FY20.  However, profitability margins of the firm
decreased and continued to remain thin due to trading nature of its
operations marked by PBILTD and PAT margin of 2.24% and 0.72%
respectively in FY20 as against 3.49% and 0.90% respectively in
FY19.  Further, GCA of the firm continued to remain modest at
INR0.51 crore in FY20.

* Weak Solvency Position: The capital structure of the firm
remained leveraged with stable overall gearing of 8.31 times as on
March 31, 2020 as against 8.49 times as on March 31, 2019.
Leveraged capital structure was on account of relatively higher
total debt against modest tangible net worth base as on March 31,
2020. The debt coverage indicators of the firm improved marginally
over the previous year on the back of improved GCA and PBILDT
during FY20, however, continued to remain weak as marked by total
debt to GCA of 33.87 times as on March 31, 2020 [44.66 times as on
March 31, 2019] and interest coverage ratio of 1.47 times as on
during FY20 [1.35 times during FY19].

* Trading nature of business characterized by low profitability and
high competition: GS is engaged in wholesale and retail business of
liquor in Madhya Pradesh. As the business operations are of trading
nature, the profitability margins of the firm are restricted.
Further, liquor trading business is highly fragmented due to
presence of large number of outlets thereby limiting the
profitability margins of the firm.

* High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impacts the pricing flexibility of the industry. The State
Governments levy various duties like excise duty, sales tax,
license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc.

The state governments are also given liberty to enact the bye-laws
for liquor industry on their own; hence any significant policy
changes adversely affect the whole industry. Further, the liquor
retailing is tender driven and the successful bidders' get license
for trading for a period of one year and has to go through same
process for renewal of licenses. Hence, it leads to aggressive
bidding by the players resulting into pressure on the profitability
margins and also uncertainty over future revenue visibility in case
of non-renewal of licenses.

* Constitution as proprietorship concern: GS's constitution as
proprietorship firm with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Also, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of the
proprietor.

Key Rating Strengths

* Experienced promoters: The management of the firm has vast
experience in the liquor industry being present in the industry
since long period of time through group concern. Shivhare Liquor
group has other associate concern namely Ram Swaroop Shivhare,
Gopal Shivhare, Laxmi Narayan Shivhare, Kalpna Shivhare, Kamala
Shivhare, Ranjeet Shivhare and Rahul Shivhare which are engaged in
similar business activity. The overall affairs of the firm are
managed by Mr Rahul Shivhare. Further, the proprietor is assisted
by a team of experienced personnel.

* Impact of Covid-19: The epidemic Covid-19 has halted the business
operations of the firm during period of March 25, 2020 to May 4,
2020. However, GS does not experience any major impact during FY21
on account of COVID-19 except business impact during
lockdown as confirmed by the management.

Liquidity Position: Stretched

Liquidity position of the firm remained stretched as marked by
negative cash flow from operating activities of INR0.92 crore
during FY20 coupled with modest GCA of INR055 crore in FY20,
however, there is nil long term debt repayment during FY21. As on
March 31, 2020, working capital borrowings remained high as during
period of February- April of every year, the firm requires large
amount of fund for bidding for the shop licenses and hence, it has
taken ad-hoc facility of INR2 crore from bank for these months. The
firm has averagely utilized 75% of its fund based working capital
limit in past 12 months ended February 2021. GS has availed
moratorium for six months during March, 2020 to August, 2020 for
its bank facilities as a COVID-19 relief
measure.

Madhya Pradesh-based Gopal Shivhare (GS) was formed in 2006 as a
proprietorship concern by Mr Gopal Shivhare. The shops are allotted
in Madhya Pradesh by the state government through a competitive
bidding process for a period of one year. The company's product
profile comprises almost all the major brands of Indian Made
Foreign Liquor (IMFL) such as Seagram, Signature, Mc Dowells No.1,
DIG whisky among others. The firm has license of 6 shops in FY19-20
and FY20-21.


GOPIKRISHNA INFRASTRUCTURE: Ind-Ra Cuts LT Issuer Rating to 'BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri Gopikrishna
Infrastructure Private Limited's (SGIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB' while maintaining it on Rating Watch
Negative (RWN).

The instrument-wise ratings are:

-- INR600 mil. Fund-based limits downgraded; maintained on RWN
     with IND BB+/RWN/IND A4+/RWN; and

-- INR6.440 bil. Non-fund-based limits downgraded; maintained on
     RWN with IND BB+/RWN/IND A4+/RWN

The maintenance of RWN reflects the imminent requirement of the
company to raise additional funds or to collect a major chunk of
its receivable to meet its upcoming debt maturity of INR244.6
million in March 2021 and INR260 million in June 2021. The company
had INR205.8 million of funds available with it in the afternoon of
March 31, 2021 and was expecting to realize another INR166 million
of receivables later in the day.

The downgrade reflects deterioration in SGIPL's financial and
operating performance, credit metrics and liquidity during 9MFY21.
While the deterioration resulted mainly from the COVID-19-led
disruptions and may prove to be temporary in nature, the agency is
concerned by the aggressive financial policy of the company as it
tends to have meager unencumbered cash and undrawn fund-based
limits even as significant debt maturities approach. The maximum
monthly utilization of SGIPL's fund-based limits averaged 98% over
December 2018 to February 2021.

KEY RATING DRIVERS

Deterioration in Financial Performance: The company had a revenue
of INR6,040 million and EBITDA of INR757 million in FY20 (FY19:
INR6,486 million and INR755 million). The revenue and EBITDA dipped
in 9MFY21 to INR1,704 million and INR254 million, respectively, as
the company's operations were disrupted by the COVID-19 outbreak.
The agency expects the revenue and EBITDA to decline to INR2,416
million and INR356 million, respectively, in FY21.

Deterioration in Credit Metrics: SGIPL's net debt rose sharply to
INR1,273 million at end-December 2020 and INR939 million at FYE20
(FYE19: INR281 million), as receivables rose. The rise in the net
debt, along with the deterioration in the EBITDA (in 9MFY21)
resulted in significant deterioration in the credit metrics. The
net interest coverage (EBITDA/net finance expense) deteriorated
1.2x in 9MFY21 and 2.8x in FY20 from 3.5x in FY19. Ind-Ra expects
the coverage to be 1.3x in FY21 and 1.9x in FY22. The net leverage
(net debt/EBITDA) rose to 1.2x in FY20 from 0.4x in FY19. Ind-Ra
expects it to stand at 2.4x and 1x at FYE21 and FYE22,
respectively.

Stretched Working Capital Cycle: The company's net working capital
cycle (inventories + receivables + other current assets - payables
- other current liabilities - mobilization advances) elongated to
148 days in FY20 and further to 439 days during 9MFY21 (FY19: 69
days). The unusually long working capital cycle during 9MFY21
largely reflects the sharp decline in revenue, which was not
accompanied by a similar decline in the net working capital.

Liquidity Indicator - Poor: SGIPL's maximum monthly utilization of
fund-based facilities averaged 98.7% for the 12 months ended
February 2021. The company had unencumbered cash of INR13 million
as of December 31, 2020. SGIPL has debt repayments totaling over
INR560 million over 1H2021. The company expects to realize over
INR625 million of payments from customers over the last 10 days of
March 2021. The successful realization of the receivables or an
infusion of fresh funds by the promoters is required for the
company to meet its upcoming repayment over 1H2021. The company
historically realized around INR1 billion of receivables every
March (except in March 2020 due to COVID-19). Ind-Ra expects the
receivables to decline over FY22 and believes the decline in the
receivables is likely to result in improved liquidity by FYE22.
However, the timing of the realization of the receivables is
uncertain.

Strong Support of Controlling Shareholders: The promoters have over
a decade of experience in the engineering procurement and
construction industry and have a strong track record of successful
project execution. Most of the debt outstanding at FYE20 had a
personal guarantee of all the directors and 15 relatives of the
managing directors. In addition, the debt was backed by equitable
mortgage on 64 properties belonging to the company, all the
directors and 12 relatives of the managing director. This creates a
robust convergence of interest between debtholders and controlling
shareholders in Ind-Ra's opinion.

Order Book Stabilizing after a decline but is Concentrated: The
orderbook of the company peaked at about INR9,550 million at FYE19
before declining to INR5,559 million at FYE20. It rose to INR6,583
million on December 31, 2020. The 31 December 2020 orderbook,
however, includes an order worth INR2,103 million, for which the
final agreement has not yet been signed. Two orders account for
nearly 69% of the order book resulting in high project
concentration. Haryana and Jammu & Kashmir account for 37% and 32%,
respectively, of the order book while Uttar Pradesh and Bihar
account for 11% and 9%, respectively.  

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded.
The RWN will be resolved once clarity emerges on the liquidity
situation of the company.

COMPANY PROFILE

SGIPL was incorporated in 2007 in Hyderabad. It was earlier a
partnership firm. The company is promoted by K. Gopal Raju. It is
an engineering, procurement, and construction company, involved in
rural electrification and electricity transmission projects. The
company also has a small presence in civil construction work (5% of
the order book at end-December 2020).


JAGJIT ENTERPRISES: CARE Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Jagjit
Enterprises Private Limited (JEPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       13.00      CARE D ISSUER NOT COOPERATING  
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JEPL to monitor the ratings
vide e-mail communications/letters dated March 15, 2021, March 10,
2021, February 12, 2021, January 27, 2021, January 19, 2021 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on JEPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of non-availability of
requisite information and due to non-cooperation by Jagjit
Enterprises Private Limited with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit risk.
The rating takes into account the poor liquidity position and
on-going delays in servicing of debt obligation.

Detailed description of the key rating drivers

At the time of last rating on November 9, 2020 the following were
the rating weaknesses and strengths: (Updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses

* Poor Liquidity position and On-going delays in servicing of debt
obligation: There have been delays reported in the term debt
obligations availed from other financial institutions as per
information provided through the No default statements and
confirmation received from the company. The company has stressed
liquidity position mainly attributed to slowdown in commercial
vehicles industry which increases the likelihood of default in
honoring the other repayment obligations of the company.

Jagjit Enterprises Private Limited (JEPL) was incorporated in July
18, 1994 and is engaged in manufacturing of auto components for
heavy commercial vehicles including Cross Members, Cross Member
Assembly, Bumper Cross Member Assembly, Assy Air Tanks, Power
Steering Brackets and Steering Gearbox Mounting. JEPL is promoted
by directors Mr. Harprem Mann, Mr. Harmeet Mann and Mrs. Satwinder
Kaur Mann. Currently, the present directors are Mr. Harmeet Mann
and Mr. Satwinder Kaur Mann. The firm is Tier -1 supplier for TATA
Motors Limited (TATA), Lucknow which in turn sells to TATA. JEPL
has manufacturing unit and registered office situated at Lucknow,
Uttar Pradesh. The Raw material is HR sheets which is being
procured from TATA Steel Ltd and SR Steel and other traders.


JOSE BROTHERS: CRISIL Withdraws B Rating on INR10cr Cash Credit
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Jose Brothers Gold Super Market (JBGSM), as:

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           10        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL Ratings has been consistently following up with JBGSM for
obtaining information through letters and emails dated March 16,
2021 and March 22, 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 JBGSM. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on JBGSM is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
JBGSM to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
JBGSM on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 1998 in Thrissur, Kerala, JBGSM operates two gold
jewelry showrooms in Thrissur and Vadanapally. The firm is owned
and managed by Ms Zeena Jomon.


KAMLA SHIVHARE: CARE Reaffirms C Rating on INR7.70cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Kamla
Shivhare (KS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.70      CARE C; Stable Reaffirmed
   Facilities                

   Long Term/Short       3.00      CARE C; Stable/CARE A4
   Term Bank                       Reaffirmed
   Facilities            
                                   
Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of KS remain constraint
on account of its moderate scale of operations with thin
profitability margins and weak solvency position along with
stretched liquidity during FY20 (FY refers to period from April 01
to March 31). The ratings, further, continue to remain constrained
on account of its presence in the highly competitive and fragmented
industry, high business risk due to regulated nature of the liquor
industry and constitution as a proprietorship concern.

The ratings, however, continue to favorably take into account
experienced management.

Key Rating Sensitivities

Positive Factor

* Sustained improvement in Total Operating Income (TOI) with TOI
more than INR65 crore
* Sustained improvement in PBILDT margin above 4%
* Sustained improvement in capital structure with overall gearing
less than 4 times.

Negative Factor

* Decrease in TOI by 40% and registration of net loss
* Deterioration of liquidity position
* Deterioration of solvency position with overall gearing more than
7 times

Detailed description of the key rating drivers

Key Rating Weakness

* Moderate scale of operation with thin profitability margins: The
scale of operation of the firm improved by 15.01% y-o-y and
remained at INR56.17 crore during FY20 as against INR48.84 crore
during FY19 owing to higher number of shops as well as demand
during the period. Profitability margins of the firm continued to
remain thin due to trading nature of its operations marked by
PBILDT and PAT margin of 2.94% and 0.90% respectively in FY20 as
against 3.10% and 1.27% respectively in FY19. Further, GCA of the
firm continued to remain modest at INR0.59 crore in FY20.

* Weak Solvency Position: The capital structure of the firm
remained leveraged with overall gearing of 4.18 times as on March
31, 2020 as against 5.79 times as on March 31, 2020. Leveraged
capital structure was on account of relatively higher total debt
against modest tangible net worth base as on March 31, 2020.  The
debt coverage indicators of the firm continued to remain weak as
marked by total debt to GCA of 39.40 times as on March 31, 2020
[35.98 times as on March 31, 2019] and interest coverage ratio of
1.55 times during FY20 [1.72 times during FY19]. Marginal
deterioration was on account of increase in total debt, and
subsequently, interest expense along with marginal decrease in GCA
during FY20.

* Trading nature of business characterized by low profitability and
high competition: KS is engaged in wholesale and retail business of
liquor in Madhya Pradesh. As the business operations are of trading
nature, the profitability margins of the firm are restricted.
Further, liquor trading business is highly fragmented due to
presence of large number of outlets thereby limiting the
profitability margins of the firm.

* High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The State
Governments levy various duties like excise duty, sales tax,
license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc.  The state governments are also given liberty to
enact the bye-laws for liquor industry on their own; hence any
significant policy changes adversely affect the whole industry.
Further, the liquor retailing is tender driven and the successful
bidders' get license for trading for a period of one year and has
to go through same process for renewal of licenses. Hence, it leads
to aggressive bidding by the players resulting into pressure on the
profitability margins and also uncertainty over future revenue
visibility in case of non-renewal of licenses.

* Constitution as proprietorship concern: KS's constitution as
proprietorship firm with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Also, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of the
proprietor.

Key Rating Strengths

* Experienced partners: The management of the firm has vast
experience in the liquor industry being present in the industry
since long period of time through group concern. Shivhare Liquor
group has other associate concern namely Ram Swaroop Shivhare,
Gopal Shivhare, Laxmi Narayan Shivhare, Kalpna Shivhare, Gopal
Shivhare, and Rahul Shivhare which are engaged in similar business
activity.  The overall affairs of the firm are managed by Mrs
Kamala Shivhare. Further, the proprietor is assisted by a team of
experienced personnel.

* Impact of Covid-19: The epidemic Covid-19 has halted the business
operations of the firm during the period of March 25, 2020 to May
4, 2020. However, KS does not experience any major impact during
FY21 on account of COVID-19 except business impact during lockdown
as confirmed by the management.

Liquidity: Stretched

Liquidity position of the firm remained stretched as marked by
modest cash flow from operating activities of INR0.63 crore during
FY20 coupled with modest GCA of INR059 crore in FY20, however,
there is nil long term debt repayment during FY21. As on March 31,
2020, working capital borrowings remained high as during period of
February- April of every year, the firm requires large amount of
fund for bidding for the shop licenses and hence, it has taken
ad-hoc facility of INR2 crore from bank for these months. The firm
has averagely utilized 75% of its fund-based working capital limit
in past 12 months ended February 2021. KS has availed moratorium
for six months during March, 2020 to August, 2020 for its bank
facilities as a COVID-19 relief measure.

Madhya Pradesh-based Kamla Shivhare (KS) was formed in 1995 as a
proprietorship concern by Mrs. Kamla Shivhare. The shops are
allotted in Madhya Pradesh by the state government through a
competitive bidding process for a period of one year. The company's
product profile comprises almost all the major brands of IMFL such
as Seagram, Signature, Mc Dowells No.1, DIG whisky among others.
The firm has license of 8 shops in FY19-20 and FY20-21.

KASHIPUR INFRASTRUCTURE: Ind-Ra Moves BB Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kashipur
Infrastructure and Freight Terminal Private Limited's Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR390.1 mil. Term loan due on March 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Working capital limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 10, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kashipur Infrastructure and Freight Terminal is a JV between India
Glycols Limited ('IND A-'/RWP) and Apollo Logisolutions Limited. It
has been set up to operate an inland container depot in Kashipur,
Uttarakhand.

IGL manufactures green technology-based bulk, specialty and
performance chemicals and natural gums, spirits, industrial gases,
sugar and nutraceuticals. Its product offerings include glycols,
ethoxylates, glycol ethers and acetates, and various performance
chemicals.

ALL, a 90% subsidiary of Apollo International Limited, provides
integrated logistics services through its global network. It
operates two container freight stations spread over 59 acres of
developed premises.


LOTUS GREENS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures
(NCDs) of Lotus Greens Constructions Pvt. Ltd (LGCPL) continues to
be 'CRISIL D Issuer Not Cooperating'.


                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Non Convertible         450         CRISIL D (ISSUER NOT
   Debentures                          COOPERATING)

CRISIL Ratings has been consistently following up with LGCPL for
obtaining information through letters and emails dated October 31,
2020, November 30, 2020, February 26, 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 LGCPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LGCPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management co-operation, the rating on the non-convertible
debentures (NCDs) of LGCPL continues to be 'CRISIL D Issuer Not
Cooperating'.

LGCPL, as a consortium lead, along with other Lotus Green/3C
special purpose vehicles (SPVs), had won the contract for
developing 300 acres in Sector-150, Noida, where it was to set up a
sports-centric residential township. The company owns 25.15 acres
of the land, while the rest is owned by other SPVs including Allure
Developers Pvt. Ltd and Elate Realtors Pvt. Ltd.

Of the total land cost of INR2,331 crore, 20% was paid upfront and
80% was to be paid over eight years to Noida Authority.

The Lotus Greens group is a real estate developer in the National
Capital Region, and its promoters have experience of over 25 years.
The group has built residential, commercial and retail projects,
and information technology special economic zones. The promoters
have also set up schools in Noida (Uttar Pradesh) and Gurugram
(Haryana).


NASSCO TRADING INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: NASSCO Trading India Private Limited
        Building No. 7/1245
        Karavaram Panchayath
        Alamcode P.O, Attingal
        KL 695102
        IN

Insolvency Commencement Date: March 23, 2021

Court: National Company Law Tribunal, Cochin Bench

Estimated date of closure of
insolvency resolution process: September 21, 2021

Insolvency professional: Mr. Renahan Vamakesan

Interim Resolution
Professional:            Mr. Renahan Vamakesan
                         Villa 23, Skyline Rosemount Homes
                         Kunjan Bava Road
                         Vyttila PO, Ernakulam
                         Kerala 682019
                         E-mail: renahanv@gmail.com

Last date for
submission of claims:    April 8, 2021


OSWAL OVERSEAS: CRISIL Withdraws D Rating on INR7.62cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Oswal Overseas Limited (OOL), as:

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee        0.2      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Cash Credit           5.0      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Cash         3.18     CRISIL D (ISSUER NOT
   Credit Limit                   COOPERATING; Rating Withdrawn)

   Term Loan             7.62     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Working Capital       5.00     CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with OOL for
obtaining information through letters and emails dated November 30,
2019, May 11, 2020 and February 22, 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 OOL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on OOL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
OOL to 'CRISIL D/CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
OOL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

OOL, incorporated in 1984, was promoted by the late Mr. Manjeet
Singh and his brother Mr. Paramjeet Singh. It manufactures sugar
(more than 90% of revenue) and steel ingots. Its manufacturing unit
in Bareilly has crushing capacity of 3500 tonne per day. Mr.
Paramjeet Singh manages the company's operations.

P Z ESTATES: CRISIL Withdraws B Rating on INR20cr Term Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of P Z Estates Private Limited
(PZEPL) to 'CRISIL B/Stable Issuer not cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of PZEPL following a
request from the company. Consequently, CRISIL Ratings is migrating
the ratings on bank facilities of PZEPL from 'CRISIL B/Stable
Issuer Not Cooperating' to 'CRISIL B/Stable'. The rating action is
in line with CRISIL Rating's policy on withdrawal of bank loan
ratings.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Proposed Term Loan      20         CRISIL B /Stable (Migrated
                                      from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING';
                                      Rating Withdrawn)

PZEPL was established in 1996 as a special-purpose vehicle by
Silverline Holdings Pvt Ltd to set up a naturopathy centre in
Village Sarai, District Mewat, and Haryana.

PM COLD: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: PM Cold Storage Private Limited
        1A, Madan Mohan Burman Street
        Kolkata 700007
        West Bengal

Insolvency Commencement Date: March 25, 2021

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Bimal Kanti Choudhury

Interim Resolution
Professional:            Mr. Bimal Kanti Choudhury
                         77A/50 Raja S.C. Mallick Road
                         8 S.P.B. Block
                         Kolkata 700092
                         E-mail: bimalkantichoudhury@gmail.com
                                 ip.pmcoldstorage@gmail.com

Last date for
submission of claims:    April 8, 2021


QUEBEC PETROLEUM: CRISIL Withdraws B Rating on INR29.98cr Loans
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Quebec Petroleum Resources Limited (QPRL), as:

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          28.00      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan             1.98      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with QPRL for
obtaining information through letters and emails dated January 14,
2020 and July 17, 2020 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 QPRL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on QPRL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
QPRL to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
QPRL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

QPRL, incorporated in 2005, manufactures lubricants for automotive
and industrial applications. It also trades in lubricating oil,
used for industrial applications, as an authorised distributor for
IOCL. The products QPRL manufactures in-house are sold under its
own brand, Motorol. The Vadodara (Gujarat)-based company is owned
and managed by Mr. Deepak Sadarangani and his family.

RACHIT PRINTS: CRISIL Withdraws B Rating on INR6.4cr Loans
----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Rachit Prints Private Limited (RPPL), as:

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan            1.9        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letters and emails dated August 31,
2019, February 6, 2020 and November 21, 2020 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 RPPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on RPPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the rating on the bank facilities of
RPPL to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
RPPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

RPPL is a Meerut (Uttar Pradesh)-based company, established and
promoted in 1985, by Mr. Atul Kansal and Mr. Anupam Kansal. The
company is a trader of bed sheets, bed covers, mattress cover
material and garments, and has recently commenced manufacturing of
knitted fabric, mattresses and bed covers.


RADHA STEEL: Ind-Ra Affirms & Withdraws 'BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Radha Steel's (RS)
Long-Term Issuer Rating at 'IND BB-' and has simultaneously
withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limits* affirmed and
     withdrawn.

*Affirmed at 'IND BB-/Stable/IND A4+' before being withdrawn

Ind-Ra has withdrawn the rating as the facility with the existing
bank has been repaid in full and is taken over by another bank.

KEY RATING DRIVERS

The affirmation reflects RS' continued medium scale of operations
as indicated by revenue of INR1,719.5 million in FY20 (FY19:
INR1,112.5 million). The rise in the revenue was owing to an
increase in the number of orders executed. The firm achieved
revenue of INR1,164.5 million in 9MFY20.

The ratings also continue to factor in the firm's modest EBITDA
margins, due to the trading nature of the business. The margins
declined to 2.1% in FY20 (FY19: 3.5%) due to expansion undertaken
across several states, leading to an increase in overhead expenses.
The firm's return on capital employed was 9.4% in FY20 (FY19:
11%).

The ratings also reflect RS' continued moderate credit metrics. The
net leverage (adjusted net debt/operating EBITDAR) deteriorated to
7.5x in FY20 (FY19: 6.5x) and the interest coverage (operating
EBITDA/gross interest expense) to 1.3x (1.6x), due to an increase
in interest expense, resulting from a rise in unsecured loans.

Liquidity Indicator – Stretched: RS' average use of the working
capital limits was 90% during the 12 months ended February 2021. At
FYE20, it had cash and cash equivalents of INR1.6 million, against
the total outstanding debt of INR272.6 million. The cash flow from
operations remained negative at INR9.8 million in FY20 (FY19:
negative INR12.1 million), mainly due to unfavorable changes in the
working capital. Consequently, the free cash flow remained negative
at INR15.4 million in FY20 (FY19: negative INR19.5 million). The
firm has repayment obligations of INR2.8 million in FY21, which is
likely to be met from internal accruals. RS did not avail the
Reserve Bank of India-prescribed debt moratorium for any of its
facilities.

The ratings remain constrained by the partnership structure of the
organization.

However, the ratings continue to benefit from the founders'
experience of over three decades in the steel industry. Moreover,
the founders have demonstrated the ability to support the firm's
working capital requirements through unsecured loans and capital
infusion.

COMPANY PROFILE

RS trades in steel products including thermo-mechanically treated
bars, mild steel rods, sheets, scrap, structural and sponge iron.
In FY20, the firm diversified its operations into manufacturing of
sponge-iron through job work. The firm's registered office is
located in Hyderabad.

RAMKRIPA AGRO: CRISIL Withdraws D Rating on INR7.50cr Loans
-----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Ramkripa Agro Foods Private Limited (RAFPL), as:

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          4.95        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from  
                                    'CRISIL D'; Rating Withdrawn)

   Long Term Loan       2.55        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from  
                                    'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with RAFPL for
obtaining information through letters and emails dated March 09,
2021 and March 15, 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 RAFPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on RAFPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
RAFPL to 'CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
RAFPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.

RAFPL was established in 2007, promoted by the Delhi-based Mr.
Rajinder Arora. The company manufactures invert sugar syrup, which
has applications in the confectionery, beverages, pharmaceuticals,
distillery, and other industries. The plant, located in Una,
Himachal Pradesh, has a capacity of 4,500 tonne per annum.


RASHTRIYA ISPAT: Ind-Ra Cuts' Long-Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rashtriya Ispat
Nigam Limited's (RINL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR105,226.3  bil. (reduced from INR117,273.6 bil.) Fund-based

     working capital limits downgraded with IND BB+/Negative/IND
     A4+ rating;

-- INR32.650 bil. (increased from INR22.650 bil.) Non-fund-based
     working capital limits downgraded with IND A4+ rating;

-- INR8.0 bil. Non-fund-based limits downgraded with IND BB+/
     Negative rating;

-- INR124,468.3 bil. (reduced from INR125,616.0 bil.) Term loans
     due on October 2034 downgraded with IND BB+/Negative rating;
     and

-- INR 20.0 bil. Commercial paper (CP)* 7 – 365 days is
     withdrawn.

*Carved out of the existing fund-based working capital limits; the
rating has been withdrawn on request by RINL and confirmation of
nil outstanding.

The downgrade reflects Ind-Ra's view that RINL's operational cash
flows would remain insufficient for its normal debt servicing
requirements. Furthermore, the company's continued capex towards
capacity augmentation along with frequent refinancing has led to
its debt remaining at elevated levels. Historically, RINL has been
successfully refinancing its debt obligations supported by its
strong parentage of Government of India (GoI). However, Ind-Ra
believes RINL's refinancing ability would be affected by the GoI's
stated intention to fully divest its stake in RINL. Ind-Ra has
maintained the Negative Outlook in view of the likelihood of RINL's
credit metrics remaining weak over the medium term.

KEY RATING DRIVERS

Continued EBITDA Losses in 9MFY21; Recovery Could Take Time: During
9MFY21, RINL continued to incur EBITDA losses and witnessed a
decline in revenue on a yoy basis due to the impact of COVID-19-led
disruptions. Despite marginally higher blended realizations (up
2.2%), RINL's revenue declined to INR115.27 billion in 9MFY21
(9MFY20: INR122.10 billion; FY20: INR159.21 billion) owing to a
fall in overall volumes (by 6.7%), as the capacity ramp-up was
delayed because of pandemic-related issues.

The company's gross interest coverage (EBITDA/gross interest) and
net leverage ((debt-cash)/EBITDA) remained stretched in 9MFY21
owing to the EBITDA losses and continued high gross debt. The
EBITDA interest coverage has ranged from negative to sub-1x over
FY15-FY20. The agency believes RINL's credit metrics will remain
stretched for at least three-to-four years even after the
utilization of the entire liquid steel capacity of 7.3 million tons
per annum (mtpa) is ramped-up to 85%-90% (9MFY21: 60%; FY20: 79%).

However, over 9MFY21, the utilization of the liquid steel capacity
improved consistently on a qoq basis (3QFY21: 87%; 2QFY21: 56%;
1QFY21: 38%). This supported by improved realizations led to higher
fixed cost absorption, resulting in the EBITDA margin turning
positive at 15.66% in 3QFY21 (2QFY21: EBITDA loss; 1QFY21: EBITDA
loss). Furthermore, driven by the strong performance in 3QFY21, the
absolute EBITDA losses narrowed significantly to INR1.52 billion in
9MFY21 (9MFY20: loss of INR17.81 billion). However, even with the
normalization of per ton EBITDA, the cash flows generated would be
insufficient to reduce debt substantially in the medium term.

Debt-Funded Capex to Continue: RINL had planned a total capex
program of INR254 billion since 2010, of which around INR220
billion shall be completed up to FY21 and around INR20 billion is
likely to be executed over FY22-FY24. The capex has been primarily
directed towards the revamping of the existing 3mtpa plant, a new
blast furnace of 3.3mtpa, and the enhancement of another 1mtpa,
which shall take the company's total capacity to 7.3mtpa. RINL is
likely to achieve the full capacity in FY23.

The company plans to incur capex of around INR10.1 billion and
INR6.7 billion over FY22 and FY23, respectively. The capex would be
aimed at building a downstream capacity in the wheel plant, which
will enhance the utilization of the liquid pour capacity to produce
a higher proportion of value-added products. According to the
management, as of March 2021 undrawn loans worth INR24.5 billion
have been sanctioned for the balance capex to be executed over
FY22-FY24. An improvement in capacity utilizations along with an
improvement in techno-economic parameters shall be critical to
yield benefits in terms of operating leverage.

Refinancing Requirements: At end-December 2020, RINL had an unused
working capital limit of INR11.3 billion and cash and equivalents
of INR0.18 billion. For FY22, the company's repayment requirements
are INR11.4 billion towards principal repayment and around INR15
billion towards interest dues. Considering the insufficiency of
internal accruals, the agency believes the repayment obligations
shall be predominantly met by rollovers/refinancing. Ind-Ra
believes the company will be able to refinance these requirements,
given its strong parentage – the government of India – until
disinvestment. Furthermore, the agency expects RINL's debt service
coverage ratio to be less than 1x in FY22 due to moderate EBITDA
earnings.

GOI Disinvestment to Impact Financial Flexibility: RINL is a
Navratna central public sector enterprise (CPSE) under the Ministry
of Steel, the government of India (100% holding as of December 31,
2020). RINL has received the board's approval to borrow up to
INR140 billion for working capital purposes and INR150 billion for
capex. Also, as a Navratna CPSE, RINL has been receiving support
from banks; this is evident from public sector banks taking
unsecured exposure (around INR48 billion, as of March 2021) in the
company. Given the company's 100% government of India ownership,
the ratings had factored in strong probability of support to RINL
from the government, as and when required. However, with the
proposed disinvestment, RINL shall lose its CPSE status and the
associated benefits. Any further details pertaining to prospective
investors or the timeline involved is not known at this point. The
agency shall closely monitor the disinvestment process and
associated developments. Nevertheless., the company's scale of
operations and established market position as a manufacturer of
long steel products that cater to the construction segment shall
support the ratings.

Liquidity Indicator – Stretched: Ind-Ra expects RINL's core
liquidity to remain stretched over FY21-FY22 owing to moderate
EBITDA profits. In the past, the company's losses were funded by
additional short-term borrowings, which mounted significantly over
FY17-FY20. The average fund-based limit utilization remained high
at around 90%, against the sanctioned limits, during the 12 months
ended January 2021. Furthermore, as of December 31, 2020, the free
cash balances were marginal around INR0.18 billion (FYE20: INR0.06
billion; FYE19: INR1.09 billion). RINL had availed the Reserve Bank
of India prescribed debt moratorium over March–August 2020, post
which the interest on term loans and additional interest on
interest have been added back to the principal amount and the
repayment schedule has been modified accordingly. RINL also availed
additional COVID-19-related funding and further invoked a one-time
restructuring option on December 31, 2020. Inter-creditor
agreements were signed/executed on January 12, 2021 and a detailed
resolution plan is yet to be submitted to bankers. However, the
company has been regular in the servicing of interest/principal on
working capital and term loans from September 2020 up to the date
of invocation and thereafter.

High Margin Volatility: Being a partially integrated player, RINL's
margins are vulnerable to volatility in raw material prices. The
company's ability to pass on an increase in raw material prices
remains limited due to the high share of commoditized offerings in
its product mix and the high competition in the sector. This is
reflected in the historically volatile EBITDA margins (9MFY21:
EBITDA loss; FY20: EBITDA loss; FY19: 7.11%; FY18: 0.56%; FY17:
EBITDA loss). However, the agency believes the volatility may
reduce over the medium-term if there is any improvement in the
company's ability to negotiate with its suppliers, though this
would be subject to expansion in scale, cost efficiencies and
improvement in the share of value-added products in the product
mix. The share of finished steel sales in the overall sales mix was
64% in 9MFY21 (FY20: 79%; FY19: 82%).

RATING SENSITIVITIES

Positive: An increase in the sales volumes, profitability and fund
flows from operations along with reduction in net debt levels on a
sustained basis could lead to a Stable Outlook.  

Negative: Lower-than-estimated sales volumes and/or a continued
stretched liquidity position and/or further restructuring
requirements would be negative for the ratings.

COMPANY PROFILE

RINL is a Navratna central public sector enterprise under the
Ministry of Steel (100% holding by GOI as on 31 December 2020).
Established in 1982, the company has its registered office at
Visakhapatnam, Andhra Pradesh. It is an integrated manufacturer of
long steel products, with a liquid steel manufacturing capacity of
around 6.3mtpa, likely to increase to 7.3mtpa by FY23. It also has
a 541.6MW captive power plant (meeting around 85%-90%
requirements).

RK ENTERPRISES: Ind-Ra Gives 'B+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned RK Enterprises a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects RK Enterprises' small scale of operations as
indicated by revenue of INR27.89 million in FY20 (FY19:
INR31.25million). The decline in revenue in FY20 was due to the
economic disruptions caused by the COVID-19 led lockdown in the
last week of March 2020. During 11MFY21, the firm booked revenue of
INR21.5 million; it expects to achieve revenue of INR25 million in
FY21.

Liquidity Indicator – Stretched: The firm's average maximum use
of its fund-based limits was around 75% during the 12 months ended
February 2021. The cash flow from operations were negative at
INR0.50 million in FY20 (FY19: negative INR1.96 million), on
account of high working capital requirements. The net cash cycle
was elongated at 25 days in FY20 (FY19: 10 days) on account of long
debtor collection period. The firm does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. It did not avail the Reserve Bank of India
prescribed moratorium for debt repayment.

However, the rating is supported by RK Enterprises' healthy EBITDA
margin of 2.72% in FY20 (FY19: 2.94%) with return on capital
employed of 24% (41.3%) because the company is into assembling and
does not have many fixed assets. The decline in the margin was due
to an increase in cost of raw material. Ind-Ra expects the EBITDA
margin to be at 2%-2.5% over the medium term.

The rating also benefits from RK Enterprises' comfortable credit
metrics due to low debt levels. The interest coverage (operating
EBITDA/gross interest expenses) improved to 19.0x in FY20 (FY19:
11.50x) and the net leverage (adjusted net debt/operating EBITDA)
to 0.89x (0.91x) driven by a decrease in borrowings and associated
interest expenses. However, Ind-Ra expects the credit metrics to
deteriorate in FY21 due to an increase in external borrowing on
account of its recently sanctioned cash credit facility of INR4
million.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations,
along with an improvement in the overall credit metrics and
liquidity profile, all on a sustained basis, would lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics or a further pressure
on the liquidity position, will be negative for the rating.

COMPANY PROFILE

Established in 2016 as a proprietorship firm, RK Enterprises is
engaged in the assembling of solar street lights. It has two plants
in Noida and Uttarakhand.

SAMARTH FABLON: Ind-Ra Cuts' Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Samarth Fablon
Private Limited's (SFPL) Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'. The
issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating actions are:

-- INR700 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best-available information

KEY RATING DRIVERS

The downgrade is pursuant to the SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer having an investment-grade rating remaining
non-cooperative with a rating agency for over six months should be
downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect SFPL's credit strength as the issuer has been
non-cooperative with the agency since July 22, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

Incorporated in 2008, SFPL manufactures polypropylene woven sacks
for packaging purposes. The company is also engaged in the trading
of polypropelene granules.

SHREEYA PEANUTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Shreeya Peanuts Private Limited
        N.H. 8B, Nr. Pipaliya Toll
        Naka Pipaliya-Gondal Road
        Gondal, Rajkot
        GJ 360311
        IN

Insolvency Commencement Date: March 24, 2021

Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench

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

Insolvency professional: Sunil Kumar Agarwal

Interim Resolution
Professional:            Sunil Kumar Agarwal
                         Tower 6/603, Devnandan Heights
                         Near Podar School
                         New CG Road
                         Chandkheda, Ahmedabad
                         Gujarat 382424
                         E-mail: anil91111@hotmail.com
                                 cirp.shreeyapeanuts@gmail.com

Last date for
submission of claims:    April 10, 2021


STANZEN ENGINEERING: Ind-Ra Affirms 'B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Stanzen
Engineering Private Limited's (SEPL) Long-Term Issuer Rating at
'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit affirmed with
     IND B-/Stable rating; and

-- INR11.45 mil. (increased from INR1.86 mil.) Term loan due on
     August 2024 affirmed with IND B-/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SEPL's continued small scale of operations
with the revenue of INR501.21 million in FY20 (FY19: INR600.77
million). The yoy decline in the revenue in FY20 was due to the
fewer number of work orders executed. SEPL's performance has been
adversely impacted by the overall slowdown in the automobile
industry, which worsened due to the COVID-19 outbreak. During
9MFY21, the company achieved a revenue of only INR245.44 million
due to continued disruptions. Consequently, Ind-Ra expects the
revenue to decline on a year-on-year basis in FY21.

Liquidity Indicator – Poor: SEPL's average maximum utilization of
fund-based limits was 93.2% during the 12 months ended February
2021, with an instance of overutilization. However, the
over-utilization instance was regularized within a day. The cash
flow from operations and free cash flows remained negative at
INR35.08 million in FY20 (FY19: negative INR4.69 million) and
negative INR37.18 million (negative INR13.05 million),
respectively, on account of an increase in the working capital
requirement during the period. Furthermore, the net cash cycle
deteriorated to 10 days in FY20 (FY19: negative 14 days) on account
of an increase in the average inventory days. Additionally, the
company had an unencumbered cash of INR0.23 million in FY20 (FY19:
INR8.04 million). Furthermore, the entity does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. SEPL availed the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings also reflect SEPL's modest EBITDA margin of 2.41% in
FY20 as against the operating losses in FY19. The yoy improvement
in the EBITDA margin in FY20 was on account of a decline in the
cost of raw material and the reduced administration cost during the
period. Its return on capital employed stood at 1% in FY20 (FY19:
negative 19%).

The ratings also reflect SEPL's moderate credit metrics with the
gross interest coverage (operating EBITDA/gross interest expense)
of 1.52x in FY20 (FY19: negative 0.33x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 4.40x (negative
19.35x). The improvement in the credit metrics in FY20 was due to a
positive EBITDA of INR12.07 million as against an operating loss in
FY19.

The ratings, however, continue to be supported by SEPL's promoters'
over three decades of experience in the automotive components
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

RATING SENSITIVITIES

Positive: A substantial rise in the revenue and operating
profitability, along with an improvement in the liquidity, leading
to an improvement in the overall credit metrics, all on a sustained
basis, could be positive for the ratings.

Negative: Any deterioration in the revenue and operating
profitability, leading to deterioration in the liquidity position
and credit metrics, will be negative for the ratings.

COMPANY PROFILE

Established in 2010, SEPL manufactures auto components such as
clutch, pedal, airbags and other auto components used in passenger
cars. Moreover, the company also undertakes job work of stamping,
wherein it embosses logos on auto components.

SVM NONWOVENS: CRISIL Withdraws D Rating on INR10.6cr New Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of SVM Nonwovens Private Limited (SVM), as:

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          1.2         CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)


   Long Term Loan       3.2         CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Proposed Fund-      10.6         CRISIL D (ISSUER NOT
   Based Bank                       COOPERATING; Migrated from
   Limits                           'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with SVM for
obtaining information through letters and emails dated March 16,
2021 and March 22, 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 SVM. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SVM is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
SVM to 'CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SVM on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 1998, SVM manufactures nonwoven fabric, nonwoven
filter cloths, and geotextiles. The company is promoted by Mr. P.V.
Rao and Mrs P. Maruti and is located at Shadnagar, Telangana.


VARADARAJA FOOD: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sri Varadaraja Food Exports Private Limited
        60, Varalakshmi Nagar
        Maduravoyal
        Chennai 600095

Insolvency Commencement Date: February 11, 2020

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 10, 2020

Insolvency professional: Srividhya Subramanian

Interim Resolution
Professional:            Srividhya Subramanian
                         2/583 Singaravelan Main Road I
                         Cross Chinna Neelangarai
                         Chennai 600115
                         E-mail: srividhya.subramanians@gmail.com

                            - and -

                         Ground Floor Shristi Crescendo
                         24 Desika Road, Mylapore
                         Chennai 600004
                         E-mail: svfeplcirp@gmail.com

Classes of creditors:    Financial Creditors
                         Operational Creditors
                         Workmen or Employee
                         Creditors

Last date for
submission of claims:    March 24, 2020


VEETEEJAY MOTORS: CRISIL Lowers Rating on INR10cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long-term bank
facilities of Veeteejay Motors Private Limited (VMPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.  The downgrade reflects the delay in
servicing of term debt obligation.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit/            10         CRISIL D (Downgraded from
   Overdraft                          'CRISIL B-/Stable')
   facility                
                                      
The rating continues to reflect the company's susceptibility to
intense competition in the automotive dealership segment and
average financial risk. These weaknesses are partially offset by
promoter's extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to intense competition in the automotive
dealership segment: The company faces intense competition from
dealers of other major car brands such as Maruthi Suzuki, Toyota,
Ford, and also from other dealers of Hyundai in Kerala. The intense
competition has resulted in fall in revenues from last few fiscals
and has mad revenues of INR62.6 crores in fiscal, 2020. Operation
were impacted for brief period due to COVID-19 lockdown and now
have resumed to normalcy.

* Average financial risk profile: Financial risk profile is marked
by an average  capital structure, as reflected in gearing and total
outside liabilities to tangible net worth ratio of 3.5 times and
1.6 times estimated as on March 31, 2020, albeit constrained by a
modest net worth of INR7.65 crore. Going ahead, financial risk
profile is expected to be at similar levels.

Strengths:

* Extensive experience of the promoter: The business risk profile
is benefited by the entrepreneurial experience of three decades of
promoter Mr. Thomas J Vayalat. Prior to the setting up of VMPL in
2010, Mr. Vayalat was engaged in the seafood industry. CRISIL
believes that the company will continue to benefit over the medium
term from its promoter's extensive experience.

Liquidity: Poor

There have been delays in debt servicing.

Rating Sensitivity factors

Upward factor

* Track record of timely debt servicing for at least 90 days
* Improvement in business performance, leading to better liquidity

The company is an authorized dealer of passenger vehicles of
Hyundai Motor India Ltd (HMIL) and is based in Kochi, Kerala. It
operates two 3S (sales, service and spares) showrooms and three
sales outlets in Kochi. It is promoted by Mr. Thomas J.


VETRIVEL EXPLOSIVES: CRISIL Withdraws D Rating on INR31.45cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Vetrivel Explosives Private Limited (VEPL), as:

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           15        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of Credit       4        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan             31.45     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with VEPL for
obtaining information through letters and emails dated September
28, 2020 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 VEPL, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VEPL continues to be 'CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on INR4 Crore Bank
Guarantee, INR15 Crore Cash Credit, INR4 Crore Letter of Credit and
INR25.29 Crore Term Loan of VEPL on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

VEPL was set up as a partnership firm in Salem, Tamil Nadu, in
1999, and was reconstituted as a closely held private limited
company in 2000. Till fiscal 2013, it only manufactured civil
explosives. Since fiscal 2014, post-merger with Sivasakthi Hotels,
it has been operating a 4-star hotel in Salem.


VISHNU SALES: CRISIL Withdraws B Rating on INR1.0cr Loans
---------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Vishnu Sales Agencies (VSA), as:

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            0.3         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL B/Stable'; Rating
                                      Withdrawn)

   Proposed Long Term     0.7         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Migrated from
                                      'CRISIL B/Stable'; Rating
                                      Withdrawn)

CRISIL Ratings has been consistently following up with VSA for
obtaining information through letters and emails dated March 09,
2021 and March 15, 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 VSA. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on VSA is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
VSA to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
VSA on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

VSA was set up in 2013 by the proprietor, Mr. Vishnu Kumar Rajput.
This Mathura (Uttar Pradesh)-based firm trades in textile products.
Mr. Kapil Rajput currently manages the business.


YSM BUILDCON: CRISIL Withdraws B+ Rating on INR4.04cr LT Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of YSM Buildcon Private Limited (YSMBPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.70       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Proposed Long Term    4.04       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Term Loan             0.26       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL Ratings has been consistently following up with YSMBPL for
obtaining information through letters and emails dated March 9,
2021 and March 15, 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 YSMBPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on YSMBPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
YSMBPL to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
YSMBPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.

YSMBPL, incorporated in 2014, is owned and managed by Mr. Yogesh
Singh, Mr. Manish Kumar, and Mr. Hariom Singh. Based in Jhansi,
Uttar Pradesh, the company undertakes construction of roads and
bridges, canal works, irrigation works, and electrification works.




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

LIFETIME INCOME: A.M. Best Lowers Fin. Strength Rating to B-(Fair)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B- (Fair)
from B (Fair) and the Long-Term Issuer Credit Rating to "bb-" from
"bb" of Lifetime Income Limited (LIL) (New Zealand). Concurrently,
AM Best has maintained the under review with negative implications
status for these Credit Ratings (ratings).

The ratings reflect LIL's balance sheet strength, which AM Best
assesses as adequate, as well as its marginal operating
performance, very limited business profile, and marginal enterprise
risk management.

These ratings were placed under review with negative implications
on November 5, 2020, following regulatory license conditions
imposed on the company by the Reserve Bank of New Zealand (RBNZ),
which require LIL to hold additional capital margins in excess of
existing regulatory minimums to better withstand severe adverse
scenarios that might occur in the future. The current low interest
rate environment, together with heightened market volatility and
the uncertainty of COVID-19 contributed to the requirement to hold
more capital. These license conditions also followed volatility in
the company's regulatory solvency position, with breaches of the
minimum solvency margin identified in fiscal-year 2020.
Subsequently, LIL's parent group, Retirement Income Group Limited
(RIG), initiated a capital raising exercise in late 2020.

The under review with negative implications status was maintained
on January 22, 2021, as RIG had been unable to raise sufficient new
capital to meet the additional regulatory capital requirements of
the license conditions at LIL, and while the company was
considering alternative regulatory capital options, in consultation
with the RBNZ and the Financial Markets Authority (FMA). AM Best
notes that during this period, the Lifetime Income Fund (LIF) has
been closed to new investments from new and existing
policyholders.

The latest rating actions follow a communication on March 29, 2021
to LIL's variable annuity policyholders with investment holdings in
the LIF to advise that fund will be wound up. These policyholders
have been given the option to either transfer their investment to
an alternative fund with income payments not supported by an
insurance guarantee, or have their account balances returned to
them. In light of the LIF wind up, policyholders are expected to
receive a supplementary payment to recognize the loss of the income
guarantee currently provided by LIL. The RBNZ, supported by legal
and actuarial advice, is considering the value of this
supplementary payment. The completion of the LIF wind-up is
expected to occur in early May 2021.

The rating downgrades reflect a deterioration in AM Best's view of
LIL's business profile assessment. LIL's core product offering
includes the provision of an insurance guarantee for investors in
the LIF. As such, AM Best views the closing of this fund and the
variable annuity product associated with it as having a material
negative impact on LIL's business volume and profile of LIL.
Furthermore, LIL's unit-linked and fixed annuity portfolios are
also currently in run-off.

The maintaining of the under review with negative implications
status reflects continued uncertainty over the company's
prospective balance sheet strength, including the materiality of
the supplementary payment to be made to policyholders, which
remains undetermined at this time, and LIL's ability to comply with
its license conditions during the run-off of its liabilities.

The ratings will remain under review until AM Best can fully assess
the impact of these factors on LIL's balance sheet strength
fundamentals.


MAINZEAL PROPERTY: Court Case Throws Companies Act Into Limelight
-----------------------------------------------------------------
Radio New Zealand reports that the Institute of Directors is
backing calls for a review of insolvency laws, following a Court of
Appeal ruling on the failed construction company Mainzeal.

According to RNZ, the court found the former directors of the
company acted recklessly for continuing to trade the business while
insolvent, but overturned penalties against them for $36 million.


However, it ruled the directors breached a separate part of the
Companies Act by entering into new contracts with various parties
in 2011 while the company was unable to meet its obligations.

It has sent the case back to the High Court to determine damages on
that count, RNZ relays.

RNZ says the Court of Appeal commented that the current insolvency
law was unsatisfactory and needed to be reviewed to provide a clear
and coherent regime that protects creditors.

Institute of Directors general manager Felicity Caird agreed,
saying the Companies Act was nearly 30 years old and the Mainzeal
case presented a good opportunity to review directors'
responsibilities, RNZ relates.

"There's some complexities around the role that [has] evolved over
time, so taking a step back and looking at director duties, looking
at . . . a range of types of companies in New Zealand from the
small director running their own business through to your big
publicly listed companies."

She said the review should consider if a director's current
obligations were fit for current and future purposes.

One of the Mainzeal liquidators, BDO partner Andrew Bethell,
supported a review, but said the insolvency legislation was still
satisfactory, according to RNZ.

"They are pretty clear rules and the reality is, I think, in the
Mainzeal case, the directors fell well short of [their obligations]
whichever you way you look at it, so they are most certainly
adequate in this case."

                      About Mainzeal Property

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 NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.


Q CARD TRUST: Fitch Affirms B Rating on 3 Tranches
--------------------------------------------------
Fitch Ratings has affirmed the ratings on notes issued by The New
Zealand Guardian Trust Company Limited in its capacity as trustee
of Q Card Trust. The transaction, a securitisation of New Zealand
credit card receivables, is an asset-backed note programme
featuring a multiclass structure that purchases eligible
receivables from related entities of Humm Group Limited (hummgroup,
formerly FlexiGroup Limited) on a revolving basis.

        DEBT                    RATING          PRIOR
        ----                    ------          -----
Q Card Trust

A-2017-4 NZFPFD1013R9    LT  AAAsf  Affirmed    AAAsf
A-2018-2 NZFPFD1023R8    LT  AAAsf  Affirmed    AAAsf
A-2019-1 NZFPFD1030R3    LT  AAAsf  Affirmed    AAAsf
A-2019-2 NZFPFD1033R7    LT  AAAsf  Affirmed    AAAsf
A-2019-3 NZFPFD1034R5    LT  AAAsf  Affirmed    AAAsf
B-2017-1 NZFPFD1016R2    LT  AAsf   Affirmed    AAsf
B-2018-1 NZFPFD1025R3    LT  AAsf   Affirmed    AAsf
B-2019-1 NZFPFD1031R1    LT  AAsf   Affirmed    AAsf
B-2019-2 NZFPFD1035R2    LT  AAsf   Affirmed    AAsf
C-2017-1 NZFPFD1017R0    LT  Asf    Affirmed    Asf
C-2018-1 NZFPFD1026R1    LT  Asf    Affirmed    Asf
C-2019-1 NZFPFD1032R9    LT  Asf    Affirmed    Asf
C-2019-2 NZFPFD1036R0    LT  Asf    Affirmed    Asf
D-2017-1 NZFPFD1018R8    LT  BBBsf  Affirmed    BBBsf
D-2018-1 NZFPFD1027R9    LT  BBBsf  Affirmed    BBBsf
D-2019-1 NZFPFD1037R8    LT  BBBsf  Affirmed    BBBsf
E-2017-1 NZFPFD1019R6    LT  BBsf   Affirmed    BBsf
E-2018-1 NZFPFD1028R7    LT  BBsf   Affirmed    BBsf
E-2019-1 NZFPFD1038R6    LT  BBsf   Affirmed    BBsf
F-2017-1 NZFPFD1020R4    LT  Bsf    Affirmed    Bsf
F-2018-1 NZFPFD1029R5    LT  Bsf    Affirmed    Bsf
F-2019-1 NZFPFD1039R4    LT  Bsf    Affirmed    Bsf
VFN                      LT  AAAsf  Affirmed    AAAsf

KEY RATING DRIVERS

Shift in Steady State Performance: Historical performance has
shifted marginally, partially driven by a decreasing portfolio size
since the start of the pandemic as customers limited spending and
focused on reducing debt; the average 12-month steady state for
gross charge-offs, the monthly payment rate (MPR) and yield have
all increased slightly, while gross charge-offs averaged 4.0% over
the past 12 months, 0.5% higher than the previous 12-month period.
The MPR, a measure of how quickly consumers are paying off
credit-card debt, steadily increased to an average of 10.2% over
the 12 months, up by 0.5% from the previous period. The rise also
reflects the portfolio's changing composition towards open-loop
credit cards away from closed-loop cards. Yield increased only
slightly to a 12-month average of 20.7%, from 19.5% for the
previous period.

Fitch has removed the additional pandemic stress on charge-offs
that was implemented in May 2020 to reflect Fitch's expectations of
a long-term worsening of asset performance. However, economic
performance has been better than Fitch expected and Fitch believes
the steady states incorporate a buffer that is sufficient to
account for any pandemic-related uncertainty. This has led us to
decrease the charge-off steady state to the pre-pandemic level of
4.5%. Fitch has not changed the MPR, yield or purchase rate steady
states, despite slight shifts in historical performance over the
last 12 months. This is because Fitch expects portfolio growth to
return to net positive over the next 12 months, negating the
primary driver of recent movements in performance.

Portfolio performance is also supported by New Zealand's effective
suppression of the virus and macro-policy response, which
facilitated a V-shaped recovery, with GDP returning to pre-pandemic
levels by 3Q20. The economy is set to remain on a modest positive
quarterly trajectory, with GDP growth (production measure)
rebounding to 4.6% in 2021 and 3.6% in 2022 in Fitch's projections,
from an estimated -2.6% in 2020. Fitch expects unemployment to peak
at 6.2% in 1Q21, then trend to 5.1% by end-2022.

Performance deterioration at a portfolio level has been mitigated
by temporary support measures, such as reduced or deferred payments
or interest offered by hummgroup. Fitch does not expect the
cessation of assistance measures to affect portfolio performance
given the small take-up at end-February 2021 of 0.5%.

The transaction was cash-flow modelled using the steady-state
assumptions, with the notes passing all relevant cash-flow
modelling stresses. A summary of the steady states and rating
stresses applied in the cash flow modelling analysis is shown
below:

Charge-offs: 4.5%

MPR: 7.5%

Gross yield: 17.0%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Charge-offs (increase): 4.75x / 4.00x / 3.10x / 2.40x / 1.90x /
1.30x

MPR (% decrease): 35.0% / 30.0% / 25.0% / 20.0% / 10.0% / 5.0%

Gross yield (% decrease): 35.0% / 30.0% / 25.0% / 20.0% / 15.0% /
10.0%

Purchase rate (% decrease): 90.0% / 85.0% / 75.0% / 65.0% / 55.0% /
45.0%

Some of the outstanding subordinate tranches of Q Card Trust may be
able to support higher ratings based on the output of Fitch's
proprietary cash flow model. Enhancement levels are set to maintain
a constant rating level per class of issued notes and may provide
more than the minimum enhancement necessary to retain issuance
flexibility, since the credit card programme is set up as a
continuous funding programme and requires that any new issuance or
note reductions do not affect the rating of existing tranches.
Therefore, Fitch may decide not to assign or maintain ratings above
the current outstanding ratings in anticipation of future issuance
or reductions.

The Stable Outlook reflects Fitch's long-term view that the ratings
will not be downgraded due to the strong level of subordination
available at each rating level.

Originator and Servicer Risk Mitigated: Fitch reviewed hummgroup's
servicing capabilities and found that the operations were
comparable with those of other credit card providers in APAC. The
pandemic has not disrupted collection or servicing activity, as
staff are able to work remotely and have access to the office, if
needed.

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

RATING SENSITIVITIES

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

-- An improvement in long-term asset performance, such as
    decreased charge-offs, increased MPR or increased portfolio
    yield, driven by a sustainable positive change of underlying
    asset quality would contribute to positive revisions of
    Fitch's asset assumptions, which could positively affect the
    notes' ratings. Increased credit enhancement ratios, which are
    able to fully compensate for credit losses and cash flow
    stresses commensurate with higher rating scenarios, all else
    being equal.

Upgrade Sensitivity:

Rating sensitivity to decreased charge-offs:

Current rating: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf', 'Bsf'

Decreased charge-offs by 25%: 'AAAsf'; 'AAAsf'; 'AAsf', 'A+sf';
'BBB+sf'; 'BBBsf'

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

-- A longer pandemic than Fitch expects that leads to material
    deterioration in macroeconomic fundamentals and consumers'
    financial positions in New Zealand beyond Fitch's baseline
    scenario. Credit enhancement ratios cannot fully compensate
    for credit losses and cash flow stresses associated with the
    assigned ratings, all else being equal.

Downgrade Sensitivity:

Fitch evaluated the sensitivity of the ratings to decreased yields,
increased charge-offs and decreased MPRs over the life of the
transactions. The model indicates that note ratings are sensitive
to an increase in defaults and a reduction in MPRs, with less
sensitivity to lower yields. The full results of the analysis are
shown below:

Rating sensitivity to increased charge-off rate:

Current ratings: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf', 'Bsf'

Increase steady state by 25%: 'AAAsf'; 'AA-sf'; 'Asf', 'BBBsf';
'BBsf'; 'Bsf'

Increase steady state by 50%: 'AA+sf'; 'A+sf'; A-sf', 'BBBsf';
'BBsf', 'Bsf'

Increase steady state by 75%: 'AAs+f'; 'Asf'; 'BBB+sf', 'BBB-sf';
'BB-sf', 'Bsf'

Rating sensitivity to reduced MPR:

Current ratings: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf'; 'BBsf','Bsf'

Decrease steady state by 15%: 'AA+sf'; 'AA-sf'; 'Asf', 'BBBsf';
'BBsf', 'Bsf'

Decrease steady state by 25%: 'AAsf'; 'A+sf'; 'A-sf', 'BBBsf';
'BBsf', 'Bsf'

Decrease steady state by 35%: 'A+sf'; 'A-sf'; 'BBB+sf', 'BBB-sf';
'BBsf', 'Bsf'

Rating sensitivity to reduced yield:

Current rating: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf', 'Bsf'

Decrease steady state by 15%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf',
'BBsf', 'Bsf'

Decrease steady state by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf',
'BBsf', 'Bsf'

Decrease steady state by 35%: 'AAAsf'; 'AAsf'; 'Asf', 'BBB-sf',
'BBsf', 'Bsf'

Rating sensitivity to combined increase in charge-off rate and
reduced MPR:

Current rating: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf', 'Bsf'

Increase steady state by 25% and decrease by 15%: AA+sf; A+sf;
A-sf; BBBsf; BBsf, 'Bsf'

Increase steady state by 50% and decrease by 25%: A+sf; A-sf;
BBBsf; BB+sf; BB-sf, 'Bsf'

Increase steady state by 75% and decrease by 35%: A-sf; BBBsf;
BB+sf; BB-sf; B+sf, 'Bsf'

Coronavirus Downside Scenario Sensitivity:

Fitch believes its current assumptions are adequate to sustain its
base coronavirus pandemic scenario. Fitch also examined a downside
scenario that envisions a re-emergence of infections in major
economies and no meaningful recovery until around the middle of the
decade. This stress, while only employed to examine rating
sensitivity, would not result in downgrades to any of the classes
of notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch did not review the results of any
third-party assessment of the asset portfolio information.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of hummgroup's origination files and found
the information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG CONSIDERATIONS

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




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

PAKISTAN: Moody's Gives (P)B3 Rating on Medium-Term Note Programme
------------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency senior
unsecured programme rating of (P)B3 to the Government of Pakistan's
global medium-term note programme, as well as B3 ratings to the
senior unsecured, US dollar denominated notes issued under the
programme with maturities of 5, 10 and 30 years.

The payment obligations associated with the notes representing
drawdowns from the programme are direct, unsecured obligations of
the Government of Pakistan and rank pari passu with all its other
unsecured and unsubordinated obligations. Pakistan intends to use
the net proceeds from each issuance for general budgetary
purposes.

The ratings mirror Pakistan's long-term issuer rating of B3.

RATINGS RATIONALE

Pakistan's B3 rating is underpinned by the country's robust
long-term growth potential, a relatively large but low-income
economy, and a stable banking sector. Ongoing reforms and
institutional enhancements also raise policy credibility and
effectiveness, although from a low base. Moody's expects economic
activity in Pakistan to continue to rebound over the next two years
as the country recovers from the coronavirus shock. Supply-side
improvements, including through projects under the China-Pakistan
Economic Corridor (CPEC), coupled with improvements in domestic
security and trade policy, will also help spur long-term
investments, with the potential to revitalise the economy's
industrial base over time.

Balanced against these credit strengths are the government's narrow
revenue base that weakens debt affordability, the country's still
material structural constraints to economic and export
competitiveness and still low, although rising, foreign exchange
reserve adequacy, and long-term political risks. In particular,
while revenue as a share of GDP grew in fiscal 2020 (ending June
2020), it remains low and continues to limit fiscal flexibility in
the face of shocks and the ability of the government to reduce its
debt burden. That said, Moody's expects fiscal reforms, including
under the country's International Monetary Fund (IMF) programme and
projects with other development partners, to mitigate risks related
to debt sustainability and government liquidity.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Pakistan's ESG Credit Impact Score is highly negative (CIS-4),
reflecting its high exposure to environmental and social risks, as
well as its weak governance profile. Relatively weak institutions
constrain the government's capacity to address ESG risks.

The exposure to environmental risk is highly negative (E-4 issuer
profile score) because of Pakistan's vulnerability to climate
change and the limited supply of clean, fresh and safe water. With
varied climates across the nation, Pakistan is significantly
exposed to extreme weather events, including tropical cyclones,
drought, floods and extreme temperatures. In particular, the
magnitude and dispersion of seasonal monsoon rainfall influence the
agricultural sector growth and rural household consumption. The
agricultural sector accounts for around 20% of GDP and exports, and
nearly 40% of total employment. Overall, around 70% of the entire
population live in rural areas. As a result, both droughts and
floods can create economic, fiscal and social costs for the
sovereign.

The exposure to social risk is highly negative (S-4 issuer profile
score), driven primarily by safety concerns that have limited
investment and diversification opportunities. Still very low
incomes as well as the limited access to quality healthcare, basic
services, housing and education, especially in rural areas, are
also important social issues. That said, the government is focused
on reducing poverty and inequality, strengthening social safety
nets, and promoting human capital as key priorities through its
expansive "Ehsaas" programme, although effects will take time to
materialise and are limited by still weak institutions and
governance.

The influence of governance is highly negative (G-4 issuer profile
score). International surveys of various indicators of governance,
while showing some early signs of improvement, continue to point to
weak rule of law and control of corruption, as well as limited
government effectiveness. These weaknesses are balanced against a
lengthening track record of effective checks and balances and
judicial independence for the level of development in the country,
and gradually increasing transparency and dialogue in
policymaking.

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

Upward pressure on Pakistan's rating would develop if ongoing
fiscal reforms were to expand the government's revenue base, raise
debt affordability, and lower its debt burden beyond our current
expectations. Further reduction in external vulnerability risks,
including through higher levels of foreign exchange reserve
adequacy and/or increased economic competitiveness that were to
lift export prospects, would also put upward pressure on the
rating.

Downward pressure on the rating would stem from renewed
deterioration in Pakistan's external position, including through a
significant widening of the current account deficit and erosion of
foreign exchange reserve buffers, which would threaten the
government's external repayment capacity and heighten liquidity
risks. A continued rise in the government's debt burden, without
prospects for stabilisation over the medium term, would also put
downward pressure on the rating. A rising probability of private
sector participation in the G20 Debt Service Suspension Initiative
(DSSI) would likely point to a lower rating, commensurate with the
potential losses to be incurred.

GDP per capita (PPP basis, US$): 5,204 (2019 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): -0.4% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 8.6% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -8.0% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -1.1% (2020 Actual) (also known as
External Balance)

External debt/GDP: 40.1% (2020 Actual)

Economic resiliency: ba2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On March 8, 2021, a rating committee was called to discuss
assigning a provisional rating to the new Global Medium Term Note
programme of the Pakistan, Government of. The main points raised
during the discussion were: The terms and conditions of the Global
Medium Term Note programme and the conclusion that notes issued
under the programme would rank pari passu with other senior
unsecured debt obligations of the Pakistan, Government of.

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




=====================
P H I L I P P I N E S
=====================

OCCIDENTAL MINDORO RURAL: Placed Under PDIC Receivership
--------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Occidental Mindoro Rural Bank, Inc. from doing business
in the Philippines through MB Resolution No. 338.A dated March 25,
2021, which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.  The PDIC took over the bank on March 29,
2021.

For the safety of the bank clients and local residents, the PDIC
field personnel complied with the health, quarantine and travel
protocols in accordance with Resolution No. 98-A issued by the
Inter-Agency Task Force for the Emerging Infectious Disease (IATF).
The same Resolution also authorized the PDIC personnel to travel on
official business unimpeded to ensure that the PDIC is able to
fulfill its mandates under the law.

Occidental Mindoro Rural Bank, Inc. is a single-unit rural bank
located at OMRI Bldg., Quezon St., Brgy. Bagong Sikat (Pob.),
Lubang, Occidental Mindoro.

Latest available records show that as of December 31, 2020,
Occidental Mindoro Rural Bank, Inc. has 1,868 deposit accounts with
total deposit liabilities of PHP61.3 million, of which 96.5% or
PHP59.2 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below, and who have no outstanding obligations
nor have not acted as co-makers of obligations with Occidental
Mindoro Rural Bank, Inc., are not required to file deposit
insurance claims. These individual depositors must ensure that they
have complete and updated addresses with the bank.

Depositors may update their addresses by submitting Mailing Address
Update Forms (MAUF) until April 26, 2021, either through the
dropbox available at the bank premises, or by sending a scanned
copy of said Form and valid ID to email address,
occminrb-pad@pdic.gov.ph. MAUF will be made available at the bank
premises or may be downloaded from the PDIC website at
www.pdic.gov.ph.

Insurance payments for valid deposits with balances of
PhP100,000.00 and below will be made through postal money order and
targeted to be sent via mail starting on May 17, 2021.

For business entities and all other depositors who are required to
file claims for insured deposit, receiving of claims is targeted to
start by 25 May 2021. Details will be announced through the PDIC
website www.pdic.gov.ph, and PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Occidental Mindoro Rural Bank, Inc. and
to transact only with designated PDIC representatives. The
procedures for settlement of loan obligations are available in the
PDIC website.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
virtual Depositors-Borrowers' Forum scheduled on 11 May 2021.
Details of the Forum will also be announced in the PDIC website and
Facebook page.

As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating Occidental Mindoro Rural Bank, Inc.
Letters of intent should be submitted within 60 days from takeover
date subject to compliance with the requirements prescribed under
the Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.

To ensure the safety of all concerned and observance of health
protocols, all clients of the bank may communicate with PDIC
through any of the following modes: Public Assistance Hotline
during office hours at (02) 8841-4141, Toll-Free Hotline at
1-800-1-888-PDIC (7342) during office hours for those outside Metro
Manila, e-mail to occminrb-pad@pdic.gov.ph or Facebook private
message.

In view of the strict health protocols, visits to the PDIC will be
on appointment basis only. Appointment schedule may be secured
through telephone, email or Facebook private message.




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

CHANDRA MAID: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 29, 2021, to
wind up the operations of Chandra Maid Agency Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


MANDALA MERANGIN: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Mandala Merangin III Pte Ltd and Mandala Sumbagsel Pte
Ltd, on March 25, 2021, passed a resolution to voluntarily wind up
the company's operations.

The company's liquidator is:

          Cosimo Borrelli
          Mark Peter O'Reilly
          Borrelli Walsh Pte Limited
          One Raffles Place
          Tower 2, #10-62
          Singapore 048616


SEN YUE: Placed Under Interim Judicial Management
-------------------------------------------------
The Business Times reports that Sen Yue Holdings and its
subsidiary, SMC Industrial (SMCI), have been placed under interim
judicial management (IJM), following the court's rule on April 1.

Chee Yoh Chuang and Lin Yueh Hung have been appointed as the joint
and several IJMs of Sen Yue and SMCI with immediate effect, said
the group in a bourse filing on April 2, BT relays.

Last month, DBS, its bank creditor, applied to the High Court for
Sen Yue and SMIC to be placed under judicial management.

SMCI owes DBS around SGD5.9 million and has about US$9 million
outstanding, plus all accrued interest and legal costs on an
indemnity basis, BT discloses. In January, it received a letter of
demand from DBS, which had recalled banking facilities on the
grounds of default.

The lender had demanded that the sums be paid in three weeks,
failing which SMCI would be liable to be compulsorily wound up.

Prior to the appointment of Mr. Chee and Mr. Lin as IJMs, Sen Yue
had on March 17 engaged independent financial adviser Borrelli
Walsh to assist in providing an independent assessment of the
financial position of Sen Yue and SMCI, as well as to develop a
restructuring proposal to be presented to their creditors.

"In consultation with Borrelli Walsh, the company aims to produce a
restructuring proposal for discussion with the company's creditors
in the next three to five weeks," it said in a separate bourse
filing on April 1, BT relays.

The same day, the group also said in a third statement that on
March 26, SMCI had received a letter of demand from Kase Logistics
(S), a logistics provider to the subsidiary.

According to BT, Kase had demanded payment of the outstanding
amounts of some SGD118,000 and US$44,200 within seven days from the
date of the letter, failing which Kase would then take steps "as it
may be advised" to recover the amounts and/or losses and damages,
as well as all interests and costs, as it may be entitled to in
law.

Sen Yue said that the subject matter of the letter of demand has
since been "amicably resolved" with Kase on March 31, the report
adds.

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


WISE AUTO: Court to Hear Wind-Up Petition April 16
--------------------------------------------------
A petition to wind up the operations of Wise Auto Pte Ltd will be
heard before the High Court of Singapore on April 16, 2021, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 24, 2021.

The Petitioner's solicitors are:

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




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

VIETNAM: Fitch Alters Outlook on 'BB' Foreign Currency IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has revised Vietnam's Outlook to Positive from Stable
and affirmed the Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BB'.

KEY RATING DRIVERS

The Positive Outlook reflects Vietnam's growth and public finances'
resilience to the Covid-19 pandemic shock, and continued
strengthening of external finances due to persistent current
account surpluses and rising international reserves.

Vietnam was among the few economies in the Asia Pacific region and
the 'BB' rating category to maintain positive growth in 2020, at
2.9%. The relative strength of Vietnam's performance was largely
due to its success in bringing the coronavirus outbreak swiftly
under control, despite the pandemic's impact on domestic economic
activity and tourism inflows, alongside strong policy support and
export demand. The rollout of Vietnam's vaccination programme is
off to a slow start, but Fitch nevertheless expects GDP growth of
about 7% in 2021 and 2022, in line with a broader global economic
recovery sustaining export growth and a gradual normalisation of
domestic economic activity based on Fitch's expectation of
continued success by the authorities in containing domestic
coronavirus infections.

Vietnam's external finances have strengthened further despite the
pandemic. Exports rose by about 7% in 2020 in US dollar terms, and
the current account recorded a surplus of about 3.6% of GDP. Strong
export performance reflects a surge in demand for high-tech
components associated with strong sales of IT equipment in the US
and other advanced economies as well as continued benefits of trade
diversion, associated with rising costs in China and the US-China
trade war. Fitch forecasts Vietnam's current account to remain in
surplus at 1.2% and 2% of GDP in 2021 and 2022, respectively,
compared with an average deficit of 1.7% for the 'BB' median.

Foreign-exchange reserves rose to USD95.2 billion by end-2020
likely due to a combination of factors, including a current-account
surplus and foreign currency purchased by the State Bank of Vietnam
(SBV). Fitch projects foreign-exchange reserves will continue to
cover around 3.5 months of current external payments in 2021 and
2022, compared with a forecast 'BB' median of 5.2 and 4.7 months,
respectively. Nevertheless, Vietnam's external liquidity ratio,
measured by the ratio of the country's liquid external assets to
its liquid external liabilities, also improved further to 388% in
2021, more than double the forecast of the 'BB' median.

The bulk of the strong FDI inflows in 2020 went into the
manufacturing sector. Net FDI in 2020 was USD15.4 billion (about 4%
of GDP), close to the previous year's level. Fitch expects FDI
inflows to stay healthy as Vietnam is likely to benefit from the
ongoing trade diversion and also its entry into trade agreements
such as the EU-Vietnam Free Trade Agreement and the Regional
Comprehensive Economic Partnership.

Vietnam's economic prospects will remain susceptible to shifts in
external demand due to the economy's high degree of openness.
Vietnam was designated as a currency manipulator by the US Treasury
in a report dated 16 December 2020, which complicates its economic
relationship with the US. Nevertheless, Fitch expects the two
countries to engage in discussions in the coming months to reduce
tensions, and in the near term, Fitch does not expect this
development to have a significant impact on Vietnam's external
finances. Separately, Fitch does not anticipate a rapid rebound of
inbound tourism, an important driver of the economy, until well
after 2021.

The pandemic had a smaller impact on Vietnam's public finances than
'BB' peers. Fitch estimates the general government deficit widened
modestly in 2020 to 3.5% of GDP (7.2% for the BB median), as
spending was targeted mainly at alleviating the impact of the
pandemic. Vietnam introduced a fiscal support package of VND292
trillion (about 3.6% of 2020 GDP), which included tax cuts and
deferrals, and cash transfers to affected workers and households.
Fitch expects some of the government fiscal support measures to
remain in place in 2021 and fiscal consolidation to begin from
2022.

General government debt remained stable at 38.5% of GDP in 2020
compared with the 'BB' median's 13pp increase to 59%. Vietnam's
general government debt-to-GDP ratio will remain at about 39% in
2021 and 2022, still below the median for 'BB' rated sovereigns,
under Fitch's baseline of primary deficits remaining around 2% and
a rapid return to high growth. Vietnam's revenue base is low
compared with that of peers. Fitch has based Fitch's calculations
of the budget deficit and government debt ratios on the revised GDP
series.

The 'BB' IDR also reflects the following key rating drivers:

In Fitch's view, contingent liability risks associated with legacy
issues at large state-owned enterprises are a weakness for
Vietnam's broader public finances. Government guarantees issued to
state-owned entities, potential banking-sector recapitalisation
costs and institutional weaknesses also weigh on public finances.
As authorities are taking steps to control provision of guarantees,
explicitly guaranteed government debt to GDP fell to about 4.2% in
2020 from 5.3% in 2019.

Structural weaknesses in the banking sector weigh on the sovereign
rating. The capital-adequacy ratio of state-owned banks was around
9.5% at end-September 2020. The banking system's non-performing
loans remain under-reported and asset quality is likely to be
weaker than official data indicate, with loan forbearance on
pandemic-related exposures likely underestimating the underlying
deterioration in loan quality. These structural weaknesses in the
banking sector, along with low capital buffers, have already
dragged on the sovereign rating, though the improving economic
outlook is likely to provide support to banking-system asset
quality and profitability in the near term.

The SBV has eased policy rates since January 2020 by a cumulative
150-200bp cut. The exchange rate has remained generally stable
against the US dollar. Vietnam's foreign-exchange reserves have
been rising in recent years, providing the central bank some
capacity to stabilise exchange-rate volatility. An adequate
management of domestic liquidity derived from large capital inflows
will help policy transmission and preserve macroeconomic stability
improvements.

Vietnam's per capita income and human development indicators are
weaker than those of peer medians. Fitch estimates per capita
income was USD3,603 at end-2020, against the 'BB' median of
USD5,009. Furthermore, Vietnam is in the 38th percentile on the UN
Human Development Index, compared with the 'BB' median's 50th
percentile. In the latest World Bank Governance Rankings, Vietnam's
score improved on regulatory quality, voice and accountability,
political stability and government effectiveness. However, the
country's World Bank Governance Indicator ranking is in the 41st
percentile, still below the peer median.

ESG - Governance: Vietnam has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in Fitch's
proprietary Sovereign Rating Model. Vietnam has a medium ranking at
the 41st percentile, reflecting a recent peaceful political
transition, a moderate level of rights for participation in the
political process, moderate institutional capacity, and a high
level of corruption compared with peers.

RATING SENSITIVITIES

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

-- Macroeconomic Policy and Performance: Sustained high growth
    that reduces the GDP per capita gap vis-à-vis Vietnam's peers
    while maintaining macroeconomic stability.

-- Public Finances: Further improvement in public finances, for
    example, through sustainable fiscal consolidation and debt
    stabilisation over the medium term, as well as a higher
    revenue base or a reduction in the risk of contingent
    liabilities.

-- Structural: A material reduction in risks posed to the
    sovereign balance sheet from weaknesses in the banking sector,
    for instance, through improvements in capitalisation,
    transparency regarding asset quality and the regulatory
    framework.

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

-- Macroeconomic: A deterioration in Vietnam's policy mix that
    creates risks for macroeconomic stability or leads to an
    increase in macroeconomic imbalances, for instance, resulting
    in a sustained decline in foreign-currency reserves.

-- Public Finances: Crystallisation of contingent liabilities on
    the sovereign's balance sheet, which leads to a failure to
    stabilise government debt over the medium term.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

-- Structural Factors: -1 notch to reflect structural weaknesses
    in Vietnam's large financial sector (about 162% of GDP)
    related to unresolved legacy issues in banks, weaker asset
    quality than official data indicate and low capitalisation.

-- Public Finances: -1 notch to reflect relatively high
    contingent liability risks stemming from a large state-owned
    enterprise sector, including government guarantees for state
    owned enterprises and potential banking-sector
    recapitalisation costs, as well as institutional weaknesses in
    public-finance management.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Global economic assumptions are consistent with Fitch's latest
Global Economic Outlook.

ESG CONSIDERATIONS

Vietnam has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight.

Vietnam has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Vietnam has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver.

Vietnam has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Vietnam, as for all sovereigns.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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