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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

          Friday, April 9, 2021, Vol. 24, No. 66

                           Headlines



A U S T R A L I A

2MATES GROUP: First Creditors' Meeting Set for April 15
BLUESTONE CBA: Fitch Affirms B Rating on Class F Notes
CITY STEEL: Second Creditors' Meeting Set for April 16
EUNEEKE CATTLE: First Creditors' Meeting Set for April 16
GREENSILL CAPITAL: Administrator Wins Australian Asset Freeze

IKER PTY: First Creditors' Meeting Set for April 16
KRALCOPIC PTY: Second Creditors' Meeting Set for April 15
ON TREND FASHION: Second Creditors' Meeting Set for April 16
SHOFER PTY: Second Creditors' Meeting Set for April 16
SOLARIS TRUST 2021-1: S&P Assigns Prelim. BB- Rating on E Notes

TORRENS TRUST 2021-1: S&P Assigns Prelim. BB Rating on E Notes


C H I N A

ANBANG INSURANCE: China Revives $3 Billion Sale of Rescued Insurer
CHINA HUARONG: Plans Asset Sales to Avoid Debt Restructuring
DANKE APARTMENT: Faces Delisting From New York Stock Exchange
JINKE PROPERTY: S&P Hikes LongTerm ICR to 'BB-', Outlook Stable
PUTIAN STATE-OWNED: Fitch Assigns BB+ Rating on Proposed USD Bonds

REDCO PROPERTIES: Fitch Rates Proposed 364-Day USD Sr. Notes 'B+'
YUZHOU GROUP: Fitch Lowers LT Foreign Currency IDR to 'B+'


I N D I A

A2Z INFRASERVICES: CARE Reaffirms C Rating on INR33.40cr Loan
CMJ BREWERIES: CARE Moves D Debt Rating to Not Cooperating
DIVINE INFRASTRUCTURE: CARE Lowers Rating on INR3.65cr Loan to D
FUTURE ENTERPRISES: CARE Keeps C Rating Under Watch Developing
GANESH JEWELLERS: CARE Reaffirms B+ Rating on INR21.6cr LT Loan

GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR721.28cr Loan
HIGH BREETD: CARE Lowers Rating on INR9.50cr Loan to D
IMPERIAL FASTNERS: CARE Lowers Rating on INR11.30cr LT Loan to D
JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
MALWA AUTOMOTIVES: CARE Cuts Rating on INR20cr Loan to B

MEDEOR HOSPITAL: CARE Reaffirms D Rating on INR447.19cr LT Loan
MGM HEALTHCARE: CARE Reaffirms B+ Rating on INR322.50cr LT Loan
OYO HOTELS: Denies Seeking Bankruptcy After US$22,000 Claim
PREET LAND: CARE Reaffirms D Rating on INR9.50cr LT Loan
RAYAT EDUCATIONAL: CARE Moves D Debt Rating to Not Cooperating

RENEW POWER 3: Fitch Alters Outlook on $325MM Secured Notes to Pos.
SAMAROH HOSPITALITY: CARE Withdraws D Rating on Bank Facilities
SANYA EXIM: Insolvency Resolution Process Case Summary
SHONAN ENGINEERING: CARE Assigns B Rating to INR9.75cr LT Loan
SHREEVELU BUILDERS: CARE Lowers Rating on INR50cr Loan to D

TGB BANQUETS: CARE Lowers Rating on INR11cr LT Loan to D
WAINGANGA EXPRESSWAY: CARE Lowers Rating on INR298.99cr Loan to D
[*] INDIA: Government Doesn't See Rush of MSME Insolvency Cases


I N D O N E S I A

REJEKI ISMAN: Fitch Lowers LongTerm IDR to 'CCC-', Off Watch Neg.
SAKA ENERGI: Moody's Confirms B2 CFR & Alters Outlook to Negative


M A L A Y S I A

NAJIB RAZAK: Malaysian Ex-PM Faces Bankruptcy Over Tax Bill


V I E T N A M

VIETNAM OIL & GAS: Fitch Affirms 'BB' IDR & Alters Outlook to Pos.

                           - - - - -


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A U S T R A L I A
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2MATES GROUP: First Creditors' Meeting Set for April 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of 2Mates Group
Pty Ltd, trading as "Chalk Espresso Bar", will be held on April 15,
2021, at 11:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 14, 2021, at 4:00 p.m.

Gavin Moss and Mohammad Najjar of Chifley Advisory Pty Ltd were
appointed as administrators of 2Mates Group on March 2, 2021.


BLUESTONE CBA: Fitch Affirms B Rating on Class F Notes
------------------------------------------------------
Fitch Ratings has affirmed six note classes from Bluestone CBA
Warehouse Trust 2015. The transaction consists of notes backed by
pools of first-ranking Australian residential conforming and
non-conforming mortgage loans. All mortgages were originated by
Bluestone Group Pty Ltd and the notes were issued by Permanent
Custodians Limited in its capacity as trustee of Bluestone CBA
Warehouse Trust 2015.

DEBT        RATING          PRIOR
----        ------          -----
Bluestone CBA Warehouse Trust 2015

A     LT  AAAsf  Affirmed   AAAsf
B     LT  AAsf   Affirmed   AAsf
C     LT  Asf    Affirmed   Asf
D     LT  BBBsf  Affirmed   BBBsf
E     LT  BBsf   Affirmed   BBsf
F     LT  Bsf    Affirmed   Bsf

KEY RATING DRIVERS

Asset Performance Resilient to Pandemic: Arrears of 30+ days and
90+ days at end-February 2021 were 7.7% and 3.8%, respectively,
above Fitch's 4Q20 Dinkum Non-Conforming RMBS Index of 2.3% and
1.3%, respectively. At end-February 2021, the pool had 4.1% of
loans on Covid-19 hardship arrangements.

The transaction has a rolling one-year revolving period, and
therefore Fitch's analysis is based on a proxy pool that was
stressed based on pool parameters and historical data and to
reflect Fitch's expectation of the pool's future composition. The
loan portfolio is shaped by the parameters set for the portfolio
characteristics. These include: maximum obligor exposure, maximum
loan size, maximum percentage of reduced documentation mortgages
and interest-only loans.

Fitch applied an arrears adjustment of 1.5 times the five-year
average of Bluestone mortgage portfolio arrears to December 2019
for each arrears bucket, to take into account any future increases
in arrears as part of the stressed portfolio.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 34.4%
is driven by the Fitch stressed weight-average (WA) unindexed
loan/value ratio (LVR) of 69.6%, loans with LVR greater than 80%
making up 15.4% of the stressed portfolio, Fitch stressed
non-conforming loans to 59.1%, Fitch stressed investment loans of
35.3%, Fitch stressed interest-only loans of 24.3% and
Fitch-adjusted 30+ day arrears of 14.7%. The 'AAAsf' WA recovery
rate (WARR) of 50.7% is driven by the stressed portfolio's WA
indexed scheduled LVR of 70.2% and the portfolio's 'AAAsf' WA
market value decline of 59.2%.

Fitch has removed the additional coronavirus RMBS stress scenario
analysis that was implemented at the last rating action, as Fitch
believes the stresses contained in the APAC RMBS criteria are
sufficient to account for any increased defaults related to the
pandemic. The Stable Outlook on the notes reflects their liquidity
support and ability to withstand the sensitivity to higher defaults
stemming from the coronavirus pandemic.

Credit Enhancement Supports Ratings: Each tranche of rated notes
benefits from credit enhancement (CE) provided by the respective
subordinate notes and will revert to sequential paydown, building
up credit enhancement, if performance significantly deteriorates
and triggers an amortisation event or if the revolving period is
not extended.

Limited Liquidity Risk: The transaction benefits from a liquidity
facility, sized at the higher of 2.5% of the aggregate outstanding
note balance and AUD250,000, which is available to cover the
transaction's required payments in a payment interruption event.
Fitch's cash flow analysis incorporates the availability of excess
spread to cover for losses on defaulted mortgages and interest
shortfalls.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities. Bluestone's collection
timelines, policies, procedures and origination practices are
largely in line with those of other lenders in Australia after
considering the mix of conforming and non-conforming borrowers, as
evident from the transaction's historical performance. The
servicer's operations have not been disrupted by the pandemic, as
staff are able to work remotely and have access to the office.

Economic Rebound to Support Stable Outlook Fitch expects loan
performance to deteriorate in the near term, but to continue to
support the Stable Outlook on the rated notes. Fitch forecast
Australia's unemployment rate at 6.0% in 2021 with GDP growth of
4.7%. Fitch expects GDP growth to stabilise in 2022 at 2.4% and the
unemployment rate to continue to improve to 5.4%.

RATING SENSITIVITIES

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

This section provides insight into the model-implied sensitivities
the transaction faces when assumptions - WAFF or WARR - are
modified, while holding others equal. The modelling process uses
the modification of default and loss assumptions to reflect asset
performance in up and down environments.

The results below should only be considered as one potential
outcome, as the transaction is exposed to multiple dynamic risk
factors. Fitch modifies the recovery rate to isolate the effect of
a change in recovery proceeds at the borrower level.

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

-- The rated notes are presently constrained by tail risk
    concentration and therefore cannot be upgraded.

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

-- A longer pandemic than Fitch expects that leads to
    deterioration in macroeconomic fundamentals and consumers'
    financial positions in Australia beyond Fitch's baseline
    scenario. Available credit enhancement cannot compensate for
    higher credit losses and cash flow stresses, all else being
    equal.

Fitch conducted sensitivity analysis by increasing gross default
levels and decreasing recovery rates over the life of the
transaction.

Upgrade Sensitivity:

-- Notes: A / B / C/ D / E / F

-- Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Downside Sensitivity:

Expected impact on note ratings of increased defaults:

-- Increase defaults by 15%: AAsf / A+sf / A-sf / BBBsf / BBsf /
    Bsf

-- Increase defaults by 30%: AA-sf / Asf / BBB+sf / BBB-sf / BB
    sf / below Bsf

Expected impact on note ratings of decreased recoveries:

-- Reduce recoveries by 15%: AAsf / Asf / BBB+sf / BBB-sf / B+sf
    / below Bsf

-- Reduce recoveries by 30%: AA-sf / A-sf / BBB-sf / BB-sf / <
    Bsf / below Bsf

Expected impact on note ratings of multiple factors:

-- Increase defaults by 15% and reduce recoveries by 15%: AA-sf /
    A-sf / BBBsf / BBsf / Bsf / below Bsf

-- Increase defaults by 30% and reduce recoveries by 30%: A-sf /
    BBB-sf / B+sf / below Bsf / below Bsf / below Bsf

Upgrade Sensitivity:

Rating sensitivity to decreased charge-offs:

-- Notes: A / B / C/ D / E / F

-- Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

-- Decrease defaults by 15% and increase recoveries by 15%: AAAsf
    / AAAsf / AAsf / A+sf / BBB+sf / BB+sf

Upgrade to the ratings for class D and E are constrained by the
tail-risk concentration.

Coronavirus Downside Scenario Sensitivity

Under Fitch's downside scenario, re-emergence of infections in the
major economies prolongs the health crisis and confidence shock,
prompts extensions or renewals of lockdown measures and prevents a
recovery in financial markets. Fitch tested this scenario by
increasing defaults by 15% and decreasing recoveries by 15% across
all rating levels.

Coronavirus downside impact on note ratings of multiple factors:
AA-sf / A-sf / BBBsf / BBsf / Bsf / below Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for this transaction.

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

Overall, and together with any assumptions referred to above,
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.


CITY STEEL: Second Creditors' Meeting Set for April 16
------------------------------------------------------
A second meeting of creditors in the proceedings of City Steel Pty.
Ltd. has been set for April 16, 2021, at 11:00 a.m. via virtual
facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 15, 2021, at 4:00 p.m.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of City Steel on March 11, 2021.


EUNEEKE CATTLE: First Creditors' Meeting Set for April 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Euneeke
Cattle Company Pty Ltd will be held on April 16, 2021, at 10:00
a.m. via virtual meeting technology.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Euneeke Cattle on April 6, 2021.


GREENSILL CAPITAL: Administrator Wins Australian Asset Freeze
-------------------------------------------------------------
BloombergQuint reports that a German lawyer handling the insolvency
of Greensill Capital's bank unit won a request to freeze the
collapsed lender's Australian assets, as part of an effort to
cooperate with counterparts to recover as much as possible for the
supply-chain finance firm's creditors.

Michael Frege had submitted an application to the Federal Court of
Australia on March 31 asking for the court to hand over insolvency
proceedings on the business to the German unit, where the entity
has its "main interest," BloombergQuint relates citing court
documents.

The administrator also filed a lawsuit in London last week to
safeguard the position of the bank, which collected deposits from
German investors and has liabilities estimated to exceed EUR4
billion (US$4.7 billion), according to the filing cited by
BloombergQuint.

A group of lenders that runs a deposit insurance fund is seeking
EUR2 billion from Greensill Bank while uninsured depositors also
want their money back.

BloombergQuint says the case makes no mention of Greensill's
Australian holding company, Greensill Capital Pty Ltd, which is
based in founder Lex Greensill's hometown of Bundaberg,
Queensland.

                      About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
The Company offers structures trade finance, working capital
optimization, specialty financing and contract monetization.
Greensill Capital Pty is the parent company for the Greensill
Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, as voluntary administrators in
Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. The petition was
signed by Jill M. Frizzley, director. It listed assets of between
$10 million and $50 million and liabilities of between $50 million
and $100 million. The case is handled by Honorable Judge Michael E.
Wiles.  Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the
Debtor's counsel.


IKER PTY: First Creditors' Meeting Set for April 16
---------------------------------------------------
A first meeting of the creditors in the proceedings of Iker Pty Ltd
will be held on April 16, 2021, at 10:30 a.m. via virtual meeting
technology.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of Iker Pty on April 6, 2021.


KRALCOPIC PTY: Second Creditors' Meeting Set for April 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of Kralcopic Pty
Ltd has been set for April 15, 2021, at 10:30 a.m. via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 14, 2021, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrators of Kralcopic Pty on March 2, 2021.


ON TREND FASHION: Second Creditors' Meeting Set for April 16
------------------------------------------------------------
A second meeting of creditors in the proceedings of On Trend
Fashion Services Pty Ltd has been set for April 16, 2021, at 3:00
p.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 14, 2021, at 5:00 p.m.

Darren John Vardy of SV Partners was appointed as administrator of
On Trend Fashion Services on March 3, 2020.


SHOFER PTY: Second Creditors' Meeting Set for April 16
------------------------------------------------------
A second meeting of creditors in the proceedings of Shofer Pty Ltd
has been set for April 16, 2021, at 11:00 a.m. via electronic
means.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 15, 2021, at 4:00 p.m.

Matthew Donnelly of Deloitte was appointed as administrator of
Shofer Pty on March 4, 2020.


SOLARIS TRUST 2021-1: S&P Assigns Prelim. BB- Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of residential mortgage-backed securities (RMBS) to be issued by
AMAL Trustees Pty Ltd. as trustee for Solaris Trust 2021-1. Solaris
Trust 2021-1 is a securitization of prime residential mortgages
originated by Brighten Home Loans Pty Ltd.

The preliminary ratings reflect the following factors:

-- The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account
Brighten Home Loans Pty Ltd.'s underwriting standards and approval
process, and its servicing quality.

-- The rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

-- S&P's ratings also take into account the counterparty exposure
to Westpac Banking Corp. as bank account provider.

-- S&P also has factored into its ratings the legal structure of
the trust, which is established as a special-purpose entity and
meets our criteria for insolvency remoteness.

-- S&P has assessed the servicing and standby servicing
arrangements in this transaction under its "Global Framework For
Assessing Operational Risk In Structured Finance Transactions"
criteria, published Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Preliminary Ratings Assigned

  Solaris Trust 2021-1

  Class A-S, A$39.28 million: AAA (sf)
  Class A-L, A$91.07 million: AAA (sf)
  Class B, A$35.84 million: AA (sf)
  Class C, A$36.07 million: A (sf)
  Class D, A$25.97 million: BBB (sf)
  Class E, A$19.63 million: BB- (sf)
  Class F1, A$6.96 million: Not rated
  Class F2, A$6.96 million: Not rated


TORRENS TRUST 2021-1: S&P Assigns Prelim. BB Rating on E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for TORRENS
Series 2021-1 Trust.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination and lenders' mortgage insurance to 15.0% of the
portfolio, which covers 100% of the face value of these loans,
accrued interest, and reasonable costs of enforcement.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread (subject to conditions),
a liquidity facility equal to 0.80% of the aggregate principal
balance outstanding of the loan portfolio and principal draws, are
sufficient under our stress assumptions to ensure timely payment of
interest.

-- The benefit of a standby fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

-- The legal structure of the trust, which is established as a
special-purpose entity, and meets our criteria for insolvency
remoteness.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Preliminary Ratings Assigned

  TORRENS Series 2021-1 Trust

  Class A1, A$460.000 million: AAA (sf)
  Class A2, A$13.750 million: AAA (sf)
  Class AB, A$4.000 million: AAA (sf)
  Class B, A$8.250 million: AA (sf)
  Class C, A$6.550 million: A (sf)
  Class D, A$3.550 million: BBB (sf)
  Class E, A$1.800 million: BB (sf)
  Class F, A$2.100 million: Not rated




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C H I N A
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ANBANG INSURANCE: China Revives $3 Billion Sale of Rescued Insurer
------------------------------------------------------------------
Manuel Baigorri and Vinicy Chan at Bloomberg News report that China
is reviving a sale of Dajia Insurance Group Co., the company that
took over most of the operations of troubled Anbang Insurance Group
Co., as the government seeks to turn the firm over to private
investors, according to people with knowledge of the matter.

Bloomberg relates that advisers are working on a sale of Dajia that
could value the state-owned company at about $3 billion, the people
said, asking not to be identified because the matter is private.
The Beijing-based insurer has drawn preliminary interest from
bidders including other insurers and investment funds, and
non-binding offers are set to be received as soon as this month,
one of the people said.

This would be at least the second attempt to sell the business
following an effort last year, Bloomberg News has reported. The
divestment may be spread out across multiple transactions, the
people said.

Deliberations are ongoing and there's no certainty the current
process will lead to a deal, the people, as cited by Bloomberg,
said.

According to Bloomberg, Anbang became emblematic of the unbridled
appetite for international trophy assets displayed by some of
China's biggest conglomerates.  Authorities seized control of
Anbang in February 2018 and later sentenced former chairman Wu
Xiaohui to 18 years in prison for fundraising fraud and
embezzlement.

As part of Anbang's restructuring under state control, China
created Dajia Insurance Group in 2019 to take over its main
insurance operations.  The new entity acquired the stakes of Anbang
Life Insurance, Anbang Annuity Insurance and Anbang Asset
Management, as well as some assets of Anbang Property & Casualty
Insurance.


CHINA HUARONG: Plans Asset Sales to Avoid Debt Restructuring
------------------------------------------------------------
Bloomberg News reports that China Huarong Asset Management Co. is
preparing to offload non-core and loss-making units as part of a
broad plan to revive profitability that would avoid the need for a
debt restructuring or government recapitalization, according to
people familiar with the matter.

The state-owned manager of non-performing loans, which spooked
investors this month after delaying its earnings report, has
submitted the plan to regulators and received positive initial
feedback, the people said, asking not to be identified discussing
private information, Bloomberg relates.

Huarong is still determining the value of its stakes in some units
and finalizing which ones will be sold, part of the reason it held
off releasing 2020 results, the people said. The company is also
awaiting final approvals from Chinese authorities.

According to Bloomberg, the overhaul proposal may come as a relief
to investors, who have dumped Huarong's bonds and those of several
peers on speculation the delayed earnings report was a harbinger of
stress at a company that's deeply intertwined in China's financial
system. Huarong's financial health has in fact improved over the
past year, the people said.

Beijing-based Huarong is one of four Chinese companies formed in
1999 to help clean up bad debt in the country's banking system,
which had about CNY2.7 trillion ($412 billion) of non-performing
loans as of Dec. 31, Bloomberg notes. Huarong held a $2.5 billion
initial share sale in 2015, giving it a market value of more than
$15 billion.

The company is now worth about $5 billion, based on the closing
price of its Hong Kong shares on March 31. Trading in the stock has
been halted since then, the report states. It may remain so until
Huarong receives a sign-off from regulators on its overhaul plan,
one of the people said.

Huarong's former chairman, Lai Xiaomin, was sentenced to death in
January on bribery charges and later executed. He had expanded the
company into areas including securities trading, trusts and other
investments, deviating from the original mandate of disposing bad
debt.

China Huarong Asset Management Co., Ltd., together with its
subsidiaries, provides various financial asset management
services.


DANKE APARTMENT: Faces Delisting From New York Stock Exchange
-------------------------------------------------------------
Niu Mujiangqu and Han Wei at Caixin Global report that China's
embattled online home rental platform Danke Apartment faces
delisting by the New York Stock Exchange (NYSE) for failing to
report financial results on time.

Caixin relates that the New York bourse said on April 6 in a
statement that it will commence proceedings to delist the company's
American depositary shares (ADSs), which trade under the name of
Phoenix Tree Holdings using the ticker DNK.

Danke has not reported financial results since the first quarter of
2020 when it posted a net loss of CNY1.23 billion (US$188 million),
Caixin says. The NYSE in mid-March halted trading in the company's
stock.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
19, 2020, Danke Apartment, one of China's largest rental
specialists, has not been paying rent to property owners, the
service's tenants said, causing an uproar that could leave some of
its users out on the street. Danke, which is run by New York-listed
Phoenix Tree Holdings Ltd., is one of the latest rental agents
whose financial troubles have worsened in the wake of China's
coronavirus epidemic, raising questions about a business model that
requires immense sums of cash up front to fund a rapid expansion,
according to Caixin.


JINKE PROPERTY: S&P Hikes LongTerm ICR to 'BB-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings, on April 7, 2021, raised its long-term issuer
credit rating on Jinke Property Group Co. Ltd. (Jinke) to 'BB-'
from 'B+', and its long-term issue rating on the company's
guaranteed outstanding senior unsecured notes to 'B+' from 'B'.

S&P said, "The stable outlook reflects our view Jinke will focus
more on improving its operating efficiency than scale expansion in
the next 12 months, such that its financial leverage will
moderately decline from the current level.

"We upgraded the company because Jinke has enhanced its business
standing through improved operational scale and geographic
diversity." This will bring about earnings stability despite
tougher industry conditions. The company's shifting focus to
operational efficiency from scale expansion will also allow it to
lower its financial leverage in the next 12-24 months.

S&P said, "Jinke can maintain its improved business standing with
solid operating efficiency and scale expansion, in our view.   This
is supported by its ability to sustain a 65% sell-through rate,
85%-90% cash collection ratio, and 13% return on capital through
fast-churn projects, which has been consistent for two years and
considered to be above industry average. In our view, Jinke has
transformed from a regional player to a national developer, with
its track record outside its home city in recent years.

"The company's focus on operational efficiency will allow it to
reduce its reliance on debt and lower its leverage.   Despite
Jinke's shorter track record of maintaining low leverage than
peers, we expect its leverage ratio to gradually improve in the
next 24 months, supported by higher revenue booking and controlled
growth appetite amid tight funding conditions. Jinke has a smooth
revenue recognition schedule such that its revenue growth closely
tracks that of contracted sales. Its delivery cycle is usually two
years after project acquisitions, hence 60%-70% of presales at
year-end can be booked in revenue within the next year. As of
end-2020, about Chinese renminbi (RMB) 135 billion of unrecognized
sales were recorded on its balance sheet as contracted liability,
which supports our revenue forecast.

"We expect Jinke's look-through debt-to-EBITDA ratio (after
proportionally consolidating joint-venture projects) will improve
to 4.5x at end-2021, from 4.7x in 2020, while consolidated
debt-to-EBITDA ratio will stay at about 5x, from 5.3x in 2020. We
incorporate the strength of maintaining the company's scale and
improved leverage commensurate with other similar rated peers in a
one-notch uplift in its comparable rating analysis."

Jinke has reduced its concentration risk in Chongqing to bolster
its future earnings stability.   S&P expects the company to keep a
stable and balanced development portfolio with about 40% sales from
eastern China, about 20% from Chongqing, and the remaining 40%
evenly distributed in southwestern, central, and southern China.
Chongqing's contribution to contracted sales and land bank has
declined below 20% in 2020, from 40% in 2018, indicating the
company's lower reliance on regional market and policies. This
could avoid volatility in the Chongqing market, which has affected
Jinke's margins and earnings in the past industry cycles.

S&P believes Jinke's profitability is under pressure, similar with
the industry trend.   Its gross margin will dip to 21%-22% in 2021
and 2022, because 70%-80% of its land acquisitions are from public
auctions in recent years. Jinke has no extra edge to achieve
margins higher than the industry average. Its newly acquired land
in 2020 cost 35%-40% of its estimated average selling price, which
is above the industry average. Jinke aims to increase land
acquisitions through non-public auctions, such as project
acquisitions, mixed-use complex, cultural tourism, and senior
housing projects. It has yet to establish a track record in
expanding alternative land banking approaches.

Its shift toward upgrader and higher-end customers from a pure
mass-market focus is how the company adjusts to the changing
industry conditions with lower profitability. While some pricing
premium may be possible, execution risks could emerge given this is
a move away from product standardization and cost-efficient
operating strategy the company previously used.

S&P said, "We expect moderate annual debt growth of 5%-10% in 2021
and 2022, driven by robust cash flow from fast-churn projects.  
This will partly mitigate execution risks in expanding new
projects, which may require larger capital layout and longer
repayment cycle. The company achieved a positive operating cash
flow of RMB6.6 billion (after interest expense, before investment
activities) in 2020 while its debt level remained flat. We believe
fast-churn projects from land auctions will still be a "cash cow"
to support larger and longer projects in the next 12-24 months."

Jinke's minority interest as a percentage of total equity is likely
to decline mildly as it balances project consolidation and increase
in revenue and profits.   The ratio of 50% (including proceeds of
its property management company's public listing) in 2020 is high
for sector peers. The high minority interest is due to Jinke's
consolidating many of the joint-venture projects it partnered with
other developers since 2016.

S&P said, "The stable outlook reflects our view that Jinke will
place more focus on improving operating efficiency than scale
expansion in the next 12 months. Its robust contracted sales will
drive its cash flow, leading to a lower reliance on debt to fund
its business needs. Therefore, the company's financial leverage
will decline moderately.

"We may lower the rating if Jinke's profitability substantially
declines because of rising land costs and increasing competition in
its targeted cities, or its revenue booking is slower than our
expectation due to unexpected delays in project delivery. Such
deterioration may indicate execution setbacks at the project level.
Consolidated debt-to-EBITDA rising above 6x or look-through
debt-to-EBITDA ratio exceeding 5.5x without signs of improvement
could trigger a downgrade.

"We may raise the rating if Jinke achieves strong revenue growth
because of robust contracted sales, and it adopts an even stricter
financial policy via disciplined land acquisitions and debt growth,
such that its consolidated and look-through debt-to-EBITDA ratio is
below 4.5x on a sustained basis."


PUTIAN STATE-OWNED: Fitch Assigns BB+ Rating on Proposed USD Bonds
------------------------------------------------------------------
Fitch Ratings has assigned China-based Putian State-Owned Assets
Investment Co., Ltd.'s (PTSI; BB+/Stable) proposed US dollar bonds
a rating of 'BB+'. The proceeds will be used for domestic project
construction and working-capital purposes.

PTSI, established in 2004, is fully owned and controlled by the
government of Putian municipality, a city on the south-eastern
coast of China. The government has appointed PTSI as its
comprehensive state-owned asset investment platform. PTSI is mainly
engaged in primary-land development, urban-infrastructure
construction, railway and port investment, and the promotion of
investments in the industrial and financial sectors. PTSI also has
commodity trading and real-estate operations.

KEY RATING DRIVERS

The proposed bonds will be issued directly by PTSI. The bonds will
constitute the issuer's direct, unconditional, unsubordinated and
unsecured obligations and will at all times rank pari passu and
without any preference among themselves and at all times rank at
least equally with all its other present and future unsecured and
unsubordinated obligations. As a result, Fitch equalises the rating
of the proposed bonds with PTSI's Issuer Default Rating (IDR).

RATING SENSITIVITIES

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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


REDCO PROPERTIES: Fitch Rates Proposed 364-Day USD Sr. Notes 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned Redco Properties Group Ltd's (B+/Stable)
proposed US dollar 364-day senior notes a 'B+' rating, with a
Recovery Rating of 'RR4'. The proposed notes are rated at the same
level as Redco's senior unsecured rating because they will
constitute its direct and senior unsecured obligations. Redco
intends to use the net proceeds from the issue to refinance
existing debt and in accordance with the company's sustainable
finance framework.

Redco's rating reflects its expanded attributable contracted sales,
which rose by 49% to CNY21.3 billion in 2020, and adequate land
bank that can sustain attributable contracted sales growth in 2021
that is closer to that of 'B+' rated peers. Redco also maintained
its geographical diversification, with 126 projects in 36 cities.
Furthermore, Fitch forecasts leverage - measured by net
debt/adjusted inventory, including proportional consolidation to
joint ventures and associates - to remain below 35%.

Fitch believes Redco can maintain a low leverage ratio as it
continues to build a sufficient land bank to sustain rising
contracted sales. Redco has saleable resources for around three to
four years of development.

KEY RATING DRIVERS

Continued Strong Growth: Fitch expects attributable sales of at
least CNY26.0 billion in 2021 and CNY30.0 billion in 2022, closer
to that of some 'B+' category peers. Redco continued to build
attributable sales scale to CNY21.3 billion in 2020, from CNY14.5
billion in 2019. Redco relies on a fast-churn model that entails
swift sales turnover and fast sales growth.

Total contracted sales, including joint ventures, rose by 49% to
CNY41.0 billion in 2020 and by more than 25% in 2019. Attributable
contracted sales accounted for slightly more than half of 2020's
contracted sales, similarly to 2019. Redco maintained sales
efficiency in 2020, with attributable sales/total debt, including
joint-venture debt, at 1.1x and attributable sales/adjusted
inventory at 0.7x.

Leverage to Stay Low: Redco will continue acquiring land to sustain
rising contracted sales to develop a sustainable market presence,
without significant deterioration in leverage, in Fitch's view.
Leverage rose to 32% in 2020, from 15% in 2019, on higher land
acquisitions, but should remain below 35% in 2021, the level above
which Fitch would consider negative rating action. Redco spent
around 87% of sales receipts for land acquisition in 2020.

Land Bank Supports Growth: Fitch estimates Redco's land bank is
sufficient for around three years of attributable sales. Redco
would need to continue to secure low-cost land to sustain a healthy
land-bank life if it were to reach its higher contracted sales
target. The company boosted its land bank to around 20 million
square metres (sq m) in 2020, from 15 million sqm in 2019 and 10
million sqm in 2018, with the cities of Tianjin, Nanchang, Hefei,
Zhejiang and Jinan accounting for the majority of gross floor
area.

Weakened Profit Margin: Fitch estimates that Redco's EBITDA margin,
excluding capital interest in costs of goods sold, fell to 21% in
2020, from 30% in 2019, as a greater proportion of gross floor area
was delivered for low-margin projects; the average selling price
dropped to CNY8,615, from CNY10,584 in 2019. Fitch expects the
property development EBITDA margin to remain at around 21%-22%, as
Redco delivers an increased proportion of lower-margin fast-churn
projects, while the average selling price is likely to remain
stable.

Redco acquires land mainly through M&A, allowing it to keep the
average cost of the unsold land bank at around CNY1,949/sqm.

High Non-Controlling Interests: Redco's non-controlling interests
(NCI) as a percentage of total equity were at 47% in 2020, and
Fitch expects NCIs to rise to 50%-55% in 2021, which is above the
'B+' peer average. This reflects Redco's reliance on cash from
contracted sales and capital contributions from non-controlling
shareholders, which are mainly developers, as a source of financing
to expand scale. This reduces the need for debt funding, but
creates potential cash leakage and reduces financial flexibility.
However, this is mitigated by Redco's lower leverage compared with
peers.

DERIVATION SUMMARY

Redco has the lowest attributable contracted sales among 'B+'
peers, at CNY21.3 billion in 2020. This was lower than that of
Fantasia Holdings Group Co., Limited (B+/Stable) and Hong Yang
Group Company Limited (B+/Stable). However, Redco's leverage was
lower than that of both companies. Redco has a similar land-bank
life to Fantasia, while Hong Yang has a longer land-bank life.
Redco's EBITDA margin of 21% is lower than that of Fantasia, at
25%. Redco also has higher NCIs/total equity than both peers.

Companies rated one notch above Redco, at 'BB-', generally have
proven sustainable business models, with attributable sales of over
CNY60 billion. Redco has similar leverage to 'BB-' peers of below
40%, but 'BB-' homebuilders have a stronger nationwide presence and
better regional project diversification.

Redco has lower leverage than 'B' peers, such as Modern Land
(China) Co., Limited (B/Stable) and Jiayuan International Group
Limited (B/Positive), and larger scale than Modern Land, but
similar scale to Jiayuan. Jiayuan has stronger profitability, while
Redco has higher profitability than Modern Land. All three
companies have land-bank life of around three to four years.
Jiayuan's ratings are constrained by the presence of large
related-party transactions and tight liquidity.

KEY ASSUMPTIONS

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

-- Total contracted sales, including joint ventures, reaching
    CNY51 billion in 2021 and CNY59 billion in 2022. Attributable
    sales at 52% of total contracted sales;

-- Gross profit margin from property development maintained at
    between 25%-26% during 2020-2023;

-- Land premium accounting for around 87% of annual sales
    receipts in 2020 and about 55%-60% in 2021-2023, and average
    land acquisition costs increasing at 3% annually from 2021;

-- Contracted sales average selling price falling by 19% in 2020
    and no change in 2021-2023;

-- Construction costs accounting for around 40%-45% of annual
    sales receipts in 2020-2023.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Redco would be liquidated
    in a bankruptcy rather than reorganised as a going-concern
    because it is an asset-trading company.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach:

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

-- Cash balance is adjusted such that only cash in excess of the
    higher of accounts payable and three months of contracted
    sales is factored in;

-- Advance rate of 70% is applied to adjusted inventory, as Redco
    has an EBITDA margin of above 20%;

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

-- Investment property advance rate at 60%;

-- 70% advance rate applied to accounts receivable;

-- Advance rate of 100% applied to restricted cash, which is
    mainly guarantee deposits for construction and buyers'
    mortgages for pre-sold properties.

Fitch estimates the recovery rate for the offshore senior unsecured
debt to be within the 'RR4' Recovery Rating range, based on Fitch's
calculation of adjusted liquidation value after administrative
claims. The allocation of value in the liability waterfall results
in a recovery corresponding to 'RR1' for the offshore senior notes,
but the recovery is capped at 'RR4', according to Fitch's
Country-Specific Treatment of Recovery Ratings Criteria. This is
because China falls into Group D of creditor friendliness, and the
Recovery Ratings on instruments of issuers with assets in this
group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- No positive rating action is envisaged until attributable
    sales scale and geographical diversification increase to be in
    line with 'BB-' peers.

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

-- Net debt/adjusted inventory above 35% for a sustained period;

-- EBITDA margin, excluding capitalised interest, below 20% for a
    sustained period;

-- Continued decrease in attributable contracted sales.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Redco had total cash of CNY13.8 billion,
including restricted cash of CNY4.2 billion, at end-2020, compared
with short-term debt of CNY6.7 billion. Available cash of CNY9.6
billion was also sufficient to cover short-term debt of CNY6.7
billion.

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.


YUZHOU GROUP: Fitch Lowers LT Foreign Currency IDR to 'B+'
----------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Yuzhou Group
Holdings Company Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'B+' from 'BB-'. Fitch has also downgraded
senior unsecured rating and the rating on its outstanding US dollar
senior notes' to 'B+' from 'BB-', with a Recovery Rating of 'RR4'.
The Outlook on the IDR is Stable.

The downgrade is driven by Yuzhou's weaker-than-expected revenue
recognition in 2020, which reflects its high reliance on sales
through unconsolidated joint ventures (JVs) and associates relative
to peers. Given its complex group structure, its scale in terms of
attributable revenue no longer is in line with that of 'BB'
category peers. Fitch sees uncertainty over the company's ability
to stabilise or increase its revenue recognition in the near term.

KEY RATING DRIVERS

Sharply Lower Revenue: Yuzhou reported revenue of CNY10 billion for
2020, down 55% from 2019, despite registering total contracted
sales of CNY105 billion in 2020, CNY75 billion in 2019 and CNY56
billion in 2018. Fitch believes Yuzhou's low revenue recognition
relative to total contracted sales is driven by its high reliance
on sales through unconsolidated JVs and associates. The reliance on
the unconsolidated entities appear to have risen over the last two
years, resulting in a less clarity about the true scale of its
business.

Management has indicated that its low revenue recognition in 2020
was driven by the impact of Covid-19 on its development and
delivery schedule. It expects the delivery of finished homes, and
hence revenue recognition, to increase significantly in 2021. Fitch
believes that materially higher revenue in 2021 is possible given
the exceptionally high levels of inventory held at end-2020, but it
may still be insufficient to be in line with that of 'BB' category
peers.

Profitability Trending Down: The estimated 2020 EBITDA margin of 2%
could be an anomaly, but margins have been narrowing. The ratio of
average selling price to average land cost dropped to 1.3x in 2020
from 2.5x in 2017. In addition, the company reported profits from
JVs and associates of only CNY230 million, despite a high
proportion of its projects conducted through these entities.

Leverage Remains Low: Fitch estimates that 2020 leverage, as
measured by net debt to adjusted inventory, including proportional
consolidation of JVs and associates, to have been around 37%
compared to 30% in 2019. This is lower than that of 'BB' rating
category peers, and is not a constraint on Yuzhou's ratings.

Relatively Small Land Bank: Fitch estimates Yuzhou's unsold
attributable land bank at end-2020 was sufficient for around 2.2
years of development. Fitch believes the company needs to
continuously replenish land to sustain contracted sales growth,
which will limit its ability to keep land costs low and leverage at
current levels, especially as it buys more parcels in Tier 2
cities, where competition among developers is more intense.

Adequate Liquidity: Yuzhou's active issuance of offshore and
onshore bonds in the past few years means that its debt maturity
profile is well managed. Cash to short-term non-bank maturity was
2x at end-2020. Management has indicated that it has sufficient
offshore cash to redeem the USD352 million bonds due in May 2021.

ESG - Group Structure: Yuzhou has an ESG Relevance Score of '4' for
Group Structure' as it has a high proportion of sales coming from
unconsolidated JVs and associates. The performance of projects
under these JVs and associates are not fully captured in Yuzhou's
financial statements, which limits its financial transparency.

Yuzhou's revenue and implied cash collection (the change in
customer deposits plus revenue booked during the year) are low
relative to the company's reported total contracted sales, and the
difference has widened in the past two to three years. Fitch
estimates that more than half of Yuzhou's contracted sales came
from its JVs and associates, whose assets and liabilities are not
disclosed in detail in the company's consolidated financial
statements.

DERIVATION SUMMARY

Yuzhou's rating is constrained to the 'B' category by its
consolidated revenue, which is lower than that of most peers rated
at 'BB-'. Yuzhou's 2019 revenue of CNY22 billion was on the low end
of the range of 'BB-' peers, and was comparable to that of China
SCE Group Holdings Limited (BB-/Stable) and KWG Group Holdings
Limited (BB-/Stable). The latter two developers increased their
revenue to CNY33 billion and CNY30 billion, respectively, in 2020.

Yuzhou's estimated leverage of 37%, and adequate liquidity places
it in the higher end of the 'B' rating category, in line with peers
like Zhongliang Holdings Group Company Limited (B+/Stable) and
Zhenro Properties Group Limited (B+/Stable). However, Yuzhou's
revenue recognition is lower.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY55 billion-67 billion a
    year in 2020-2023 (2019: CNY45 billion);

-- Average selling price to rise 8% per year on average in 2021
    2023 from CNY16,756/sq m in 2020;

-- Land bank life will be raised to around 2.5 years in 2023;

-- Constant land cost at 2020-2023;

-- Selling, general and administrative expense at 3.2% of
    contracted sales in 2021-2023.

KEY RECOVERY RATING ASSUMPTIONS

-- As Yuzhou is an asset trading company, the recovery analysis
    assumes it will be liquidated in bankruptcy rather than
    reorganised to continue as a going-concern.

Fitch has also assumed the following:

-- A 10% administrative claim;

-- 70% advance rate to accounts receivable;

-- 30% advance rate to investment properties;

-- 60% standard advance rate to net property, plant and
    equipment;

-- 100% advance rate to restricted cash and non-pledge deposits;

-- 60% advance rate to adjusted net inventory of Yuzhou to
    reflect below 20% EBITDA margin;

-- 60% advance rate to excess cash, which is defined as available
    cash less three months of attributable sales.

The Recovery Rating is capped at 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into the Group D of creditor friendliness, and instrument
ratings of issuers with assets in the group are subject to a soft
cap at the issuer's Long-Term Issuer Default Rating and Recovery
Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Attributable contracted sales and revenue scale comparable to
    that of 'BB-' rated peers;

-- Leverage, measured by proportionately consolidated net
    debt/adjusted inventory, sustained below 40%;

-- No decrease in land bank life (defined by saleable land bank
    as of year-end divided by expected gross floor area sold in
    the next year).

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

-- Revenue and implied cash collection sustained below CNY15
    billion;

-- EBITDA margin (after adding back capitalised interest)
    sustained below 18%;

-- Leverage sustained above 50%;

-- Material deterioration in liquidity.

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: Yuzhou had a total cash balance of CNY34.5
billion, including restricted cash of CNY2.7 billion and CNY8.1
billion of non-pledged time deposits, as of end-2020. Its available
cash, excluding restricted cash and non-pledged time deposits, was
1.2x its CNY18.9 billion short-term debt or 2.0x its non-bank
financing maturing within a year.

ESG CONSIDERATIONS

Yuzhou has an ESG Relevance Score of '4' for Group Structure as it
has a high proportion of sales from JVs and associates. The
performance of projects under these JVs and associates are not
fully captured in the company's financial statements. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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




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

A2Z INFRASERVICES: CARE Reaffirms C Rating on INR33.40cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of A2Z
Infraservices Limited (A2Z), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           33.40      CARE C; Stable Reaffirmed

   Long Term Bank
   Facilities           10.63      CARE D Reaffirmed

   Short Term Bank
   Facilities           21.60      CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings to the bank facilities of A2Z continue to consider the
ongoing delays in the debt obligations of the term loan. Further,
the ratings continue to remain constrained on account of
competitive nature of the industry and dependence on availability
of manpower and high attrition.  The ratings, however, draw comfort
from by experienced promoter group and geographically diversified
operations and reputed customer base.

Key Rating Sensitivity

Positive Factors

* Improvement in liquidity position of the company as reflected by
the timely repayment of debt obligations.

Negative Factors

* Decline in scale of operations as marked by total operating
income below INR130 crore on sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in servicing of debt obligations: The company is making
delays in meeting the debt obligations in term loan facility
availed by the company from YES Bank. The overdues in term loan
have crossed 90 days but due to Supreme Court ban on NPA
recognition on September 3, 2020, the account has not yet been
classified as NPA. However, there are no overdraws in cash credit
limits or invocation in BG.

* Competition from organized and unorganized players: The company
operates in a highly fragmented industry marked by the presence of
a large number of players in the organized and unorganized sector.
Small and medium sized unorganized players with few clients and
services dominate the market. International players have also
entered the Indian market to tap the growing opportunity which
makes the market even more competitive.

* Dependence on availability of manpower and high attrition: AZIL's
services are totally dependent on availability of the requisite
manpower. To meet the increasing need of the manpower, the company
recruits through references from its existing employees. The
company recruits semi-skilled or unskilled labor and provides them
training. The prominent concern for the company is employee
attrition as majority of the laborers are unskilled/semi-skilled
and belonging to generally daily/weekly wage type category.

Key Rating Strengths

* Experienced promoter group: The company is a part of the A2Z
group, which includes multiple entities providing engineering
procurement and construction for power transmission & distribution
Lines, facility management services, renewable energy generation,
and municipal solid waste (MSW) management services etc. The
flagship company of the group, A2Z Infra Engineering Limited (AIEL)
was incorporated in 2002 and provides design, testing,
installation, construction and commissioning services on a turnkey
basis in the power distribution and transmission sector. The
services provided by the company include commissioning of
sub-stations and transmission lines, cabling and rural
electrification.

* Geographically diversified operations and reputed customer base:
AZIL has a pan-India presence with offices in 13 locations
including Bangalore, Chennai, Hyderabad, Kolkata, Bhubaneshwar,
Delhi, Noida, Pune, Ahmedabad, Mumbai, Punjab, Coimbatore and
Indore. The company serves customers across sectors like telecom,
information technology, transportation, oil and gas, cement,
hospitality, power, healthcare, infrastructure, and Banking &
Finance. Its major customers include the Indian Railways Integral
Coach Factory, Society of Integrated Coastal Management, GMR (Delhi
International Airport, T-3), Tata Consultancy services, Delhi Metro
Rail Corporation, etc.

Liquidity analysis: Poor

There are ongoing delays in servicing of debt obligation in term
loan facility availed by the company from YES Bank. However, there
are no overdraws in cash credit limits and invocation in BG. The
company has availed moratorium provided by the financial
institutions in line with the RBI guidelines in wake of Covid-19
pandemic.

A2Z Infraservices Ltd (AZIL), a wholly-owned subsidiary of A2Z
Infra Engineering Limited (AIEL) (erstwhile A2Z Maintenance and
Engineering Services Ltd) (rated CARE D) was initially incorporated
in April 2008 as A2Z Facilities Management Services Private
Limited. The company was incorporated with the objective of taking
over the Facility Management Services (FMS) business of AIEL. AZIL
is engaged in providing facility management, security management
and property management services such as housekeeping services,
security services, operations and maintenance (O&M), cleaning
services etc.

CMJ BREWERIES: CARE Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of CMJ
Breweries Pvt Ltd to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       260.92      CARE D; ISSUER NOT COOPERATING
   Facilities                       Rating moved to ISSUER NOT
                                    COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CMJ to monitor the rating(s)
vide e-mail communications dated Oct 27, 2020, Mar 15, 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, CMJ Breweries Pvt
Ltd has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on CMJ'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 April 2, 2020 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Ongoing delays in debt servicing: On interaction the bankers,
have confirmed that there are ongoing delays in debt servicing and
account has been classified as NPA.

* Deteriorating profitability with cash losses and stressed capital
structure with negative networth: TOI declined to INR260.18 cr in
FY20 vis-à-vis INR358.12 cr in FY19. The company reported loss of
INR36.69 cr in FY20 vis-à-vis loss of INR88.15 cr in FY19. Capital
structure is stressed with negative overall gearing and TDGCA owing
to negative networth and GCA of the entity.

* Changes in government regulations impacting the spirit industry:
In the past few years, particularly since 2016, the industry faced
a string of issues ranging from alcohol ban, demonetization,
highway ban and exclusion from GST. These factors had a telling
impact on alcohol production. Even beer production declined or
remained flat during 2016-19.

Key Rating Strengths

* Experienced Promoters: Mr. Ronak Jain S/o Mr. Rohit Jain, is a
Commerce Graduate with MBA degree from Monash University of
Australia. He is Director of the company. After completing his
studies, he is actively involved in the family business of CMJ
Group. He has an experience of more than a decade in this company.

* Association with leading brands: The company is manufacturing
beer under bottling agreement/Job work and own brands such as Asia
72 , Meakins 1000, Heman 9000, Kingfisher Strong & lager,
Godfather, Magpie, Savage, Red Indian, Shimla, etc. The company has
bottling agreement in the Indian-made foreign liquor (IMFL) unit
with "United Spirits Limited", Allied Blenders & Distillers Private
limited. It also manufactures under its own brands namely "Armada"
Rum, "Zino" and "Caravan" Whisky. In the Extra Neutral Alcohol
(ENA) Unit, the company has tie-up with United Spirits Limited,
Allied Blenders, Distillers Private limited & other local bottling
units in northeastern states.

CMJ Breweries Pvt Ltd (CMJ), incorporated in November 2007, is
promoted by the Meghalaya-based Jain family. For the Brewery
segment - The annual installed capacity was increased from 2,00,000
HLPA in 2013 and to 700,000 HLPA in 2018. The distillery commenced
operations in October 2014. The company has set up a 100 KLPD state
of art grain-based Extra Neutral Alcohol (ENA) Plant at Byrnihat,
Meghalaya. The grain-based ENA caters to the Eastern and North
Eastern region where the demand is high. A Captive power plant of
4.00 MW has been set up alongside the distillery. It has an
Indian-made foreign liquor (IMFL) manufacturing installed capacity
of 24,00,000 cases per year.

DIVINE INFRASTRUCTURE: CARE Lowers Rating on INR3.65cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Divine Infrastructure (DI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.65      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Short Term Bank       8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DI to monitor the ratings
vide e-mail communication dated March 31, 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 ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on DI's bank facilities will now be denoted as CARE D/ CARE
D; ISSUER NOT CO-OPERATING.

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

The revision in the ratings assigned to the bank facilities of DI
is primarily due to ongoing delays in servicing its debt
obligations.

Key Rating Weaknesses

* On-going delays in debt servicing: DI has exhibited ongoing
delays in servicing its debt obligation for its term loan facility
owing to poor liquidity position of the firm.

Tikamgarh (Madhya Pradesh, MP) based DI was formed as a partnership
firm by Mr. Pranav Jaiswal and Mr. Anshul Khare. DI is registered
as 'A5' class contractor and is engaged in Government civil
construction for construction of roads, buildings, bridges, and
tunnels etc. The firm mainly executes civil construction contract
for Public Works Department (PWD), MP Rural Road Development
Authority and Railway Department.


FUTURE ENTERPRISES: CARE Keeps C Rating Under Watch Developing
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Future
Enterprises Ltd. (FEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       550.00     CARE C (CWD) (Under Credit
   Facilities–                     watch with Developing
   Term Loan                       Implications) Continues to
                                   be on Credit watch with
                                   Developing Implications

   Long-term fund      625.00      CARE C (CWD) (Under Credit
   based bank                      watch with Developing
   facilities–CC                   Implications) Continues to
                                   be on Credit watch with
                                   Developing Implications

   Short-term Bank
   Facilities–LC/BG    602.00      CARE A4 (CWD) (Under Credit
                                   Watch with Developing
                                   Implications)

   Non-Convertible     900.00      CARE C (CWD) (Under Credit
   Debenture Issue                 watch with Developing
                                   Implications) Continues to
                                   be on Credit watch with
                                   Developing Implications

   Non-Convertible
   Debenture Issue   1,824.00       CARE D Reaffirmed

   Fixed Deposit       700.00       CARE C (FD) (CWD) (Under
   Programme                        Credit watch with Developing
                                    Implications) Continues to be
                                    On Credit watch with
                                    Developing Implications

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities and instruments of FEL
primarily factors in continued poor liquidity position leading to
reduced cash accruals on account of impact of COVID19, slower than
anticipated recovery of business of key customers Future Retail
Limited and Future Lifestyle Fashions Limited and ongoing
defaults.

FEL had availed both phases of moratorium from lenders as part of
the COVID19 - Regulatory Package announced by the RBI on March 27,
2020. Non-recognition of default in this case is as per the
guidance provided by the SEBI circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/53 dated March 30, 2020.

FEL applied for the One Time Restructuring (OTR) facility vide its
letter dated September 27, 2020 to all its lenders, under RBI
guidelines issued on August 6, 2020. Further, FEL did not made debt
repayments that were due on September 30, 2020 to its lenders as
the OTR process has been initiated. Since the application for OTR
has been made before the due date, CARE has not treated the same as
default in line with the criteria issued on 'Analytical treatment
for one-time restructuring due to COVID-19 related stress', issued
on September 29, 2020. The successful implementation of
restructuring remains a key rating
monitorable.

The ratings also factor in high promoter pledge and falling market
capitalization significantly impacting financial flexibility,
dependence on group companies for revenue and high working capital
cycle. The rating continues to derive strength from experienced
promoter group.

The ratings continue to be on credit watch with negative
implications on account of the company's announced scheme of
arrangement with FEL and OTR application. CARE will continue to
monitor the progress on said scheme of arrangement and OTR
application and will resolve the watch once clarity emerges on the
same.

Key Rating Sensitivities

Positive Factors

* Improvement in company's liquidity profile resulting from equity
infusion/divestment of investments/improved credit profile of its
key customer, FRL

* Regularisation of ongoing defaults

Negative Factors

* Rejection of OTR application or delays in implementation

Detailed description of the key rating drivers

Key Rating Weakness

* Weakened financial flexibility; considerable promoters' stake
pledged: As on December 31, 2020, the promoters of FEL have pledged
99.26% of their 34.83% stake in the company. Falling market
capitalization coupled with rising debt has led to significant
deterioration of debt to market capitalisation. Considerable
reduction in market capitalization and in absence of any additional
cover provided by the promoters, significant amount of pledged
shares have been invoked.

* Continued subdued operational performance for 9MFY21 due to
lingering effect of COVID19 pandemic: The quarterly performance
continues to remain weak in Q3FY21 on account of lingering effect
of the COVID19 pandemic on the economy. FEL has witnessed
significant shrinkage in volumes from FRL and FLFL despite the
government easing restrictions. Although the financials have
improved on a sequential basis, fixed costs and interest has been
eroding the profitability and networth of the company. FEL has
reported cash losses for 9MFY21. Pickup in business from FRL and
FLFL leading to company posting profits remains a key rating
factor.

* Continued weakening of credit profile and liquidity of both
customers: FEL provides infrastructure support to group companies
and logistical support through its subsidiary Future Supply Chain
Solutions Limited. The company also designs, manufactures garments
for in-house brands and engages in trading for various group
companies. Sale of goods and services to its group companies has
shown an increasing trend. FEL is completely reliant on FRL and
FLFL for its sales. Due to the COVID19 pandemic, the retail sector
has been one of the most adversely affected sectors. The downward
revision in credit profile of FRL and FLFL primarily factors in
continued liquidity stretch on account of reduced cash accruals and
unavailability of additional working capital limits from lenders
along with decline in market capitalization, leading to default
(FLFL). Liquidity and operating cash flow of FEL has consequently
been impacted in view of the foregoing. CARE takes cognizance of
the fact that FRL and FLFL both are currently undergoing
restructuring and a resolution plan.

* Disproportionately High Working Capital Cycle: FEL had elongated
gross working capital cycle of 258 in FY20 which deteriorated from
176 days in FY19. The company sources and manufactures on behalf of
group companies and goods are kept at various retail outlets across
the country thereby leading to high inventory period. The company
receives payment after 6-7 weeks from sale of goods. Due to the
lockdown imposed to contain COVID19 pandemic towards the end of
March 2020, the company could not liquidate its inventory and
realize its existing debtors thereby leading to disproportionately
elongated operating cycle. Furthermore, with the extension of
lockdown till May 2020 led to significant deterioration in FEL's
key customers' liquidity profile leading to a disproportionately
high working capital cycle.

* Ongoing default: Due to ongoing stress on the company's liquidity
position the company defaulted on its debt obligations towards
Several Non-Convertible debentures (NCD) and Commercial Papers (CP)
issued and the same has not been regularised.

* Deterioration in credit profile of Future Group: The share price
of various Future Group entities has witnessed a steep decline. The
weakening of market capitalization has impacted the financial
flexibility of the group.

Key Rating Strengths

* Experienced Promoters & Management: FEL is a part of Future Group
(FG), with the flagship company of group as Future Retail Limited
(FRL). The group is headed by Mr. Kishore Biyani and has business
interest across various sectors such as retail, FMCG, logistics,
financial services etc. The promoters are supported by a strong
management team having significant experience in retail industry.

* Divestment of investments to improve cash flows: FEL is looking
to divest its investments across various businesses. The divestment
includes stake sale in insurance and logistics business. The
divestment is expected to improve the company's cash flows and the
proceeds will be used towards debt reduction. Importance to Future
group in terms of sourcing and manufacturing fashion products: FEL
sources and manufactures goods for Future group which is sold to
the customer through FRL and FLFL's retail outlets. FEL continues
to an integral part of Future group's fashion business as both FRL
and FLFL, in FY20, sourced 23% and 12% of its products respectively
from FEL.

Industry Outlook

The lockdown that started from March onwards continued for almost 2
months with rules and regulations for retail stores differing as
per the respective state governments and municipalities. This
constrained the activities of retail stores at various locations.

Besides, the retail industry will face difficulty in making
payments to operational creditors and getting an extension from
them amid the Covid-19 situation. However, companies with deep
pocket promoters would be expected to tide over the liquidity
crisis better.

Also purchases at retail stores are expected to be impacted on
account of restriction in movement, social distancing and reduction
in purchasing power of consumers. Thus, non-essential items like
apparels, consumer durables, personal products etc. are expected to
be impacted more than essential items. This subdued consumption, in
turn, will affect sales of the retail industry during the year
FY21.

In addition to this, the retail industry will face challenges in
terms of inventories that have become outdated, liquidity issues
which will impact working capital needs, cash flows etc.

Liquidity Position: Poor

The company's liquidity profile has been severely impacted on
account of lockdown measures and weakened credit profile of its key
customer, FRL. FRL and FLFL both are facing severe liquidity
stress. The inability of FEL to realize its debtors during COVID19
pandemic and shut down of operations during Q1FY21 led to cash
crunch, increase in debtor days and subsequently default on its
debt service obligations. There have been substantial delays in
receipt from group entities and subsequent receipts have not been
significant.

Erstwhile Future Retail Ltd. has now been renamed as Future
Enterprises Ltd. (FEL) and houses the physical assets (store
formats of erstwhile FRL and Bharti Retail Limited including all
the infrastructure assets situated in the stores) apart from
strategic investments in various companies. The company is also in
the business of manufacturing and trading of men's wear, women's
wear and kid's wear in denim segment. Consequent to de-merger, the
long-term debt (comprising bank term loans and NCDs of erstwhile
FRL) now resides in the books of FEL. FEL is also the holding
company for future group's various other businesses.

GANESH JEWELLERS: CARE Reaffirms B+ Rating on INR21.6cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shree
Ganesh Jewellers Limited (SGJL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            21.60     CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of SGJL continues to be
constrained by the small scale of operations and elongated
operating cycle. The rating is further constrained by the weak debt
coverage indicators, geographical concentration risk and
competition from players in the organised and the unorganised
sectors. The rating, however, derives strength from the experienced
promoters, long track record of operations with an established
brand in the Ludhiana (Punjab) market and comfortable PBILDT
margins.

Rating Sensitivities

Positive Factors

* Sustainable improvement in the scale of operations of the company
to over INR50 cr. in medium term.

* Consistent improvement in gross current asset days to below 300
days in the medium term.

Negative Factors

* PBILDT margins falling below ~10% on a sustained basis.

* Any major debt funded capex or increase in working capital
borrowings resulting in deterioration of overall gearing to above
2x.

* Gross current asset days exceeding above 900 days on a consistent
basis.

Key Rating Weaknesses

* Small scale of operation: Though the scale of operations
increased by ~14% in FY20, on a year-on-year basis, it continued to
remain small. In 11MFY21 (Prov.), the company has achieved a total
operating income of INR14.68 crore which declined by ~20% on a
y-o-y basis from INR18.22 cr. achieved in 11MFY20 (Prov.). Weak
debt coverage indicators: The overall gearing ratio of the company
stood comfortable at 0.95x as of March 31, 2020 (PY: 1.03x). The
total debt to GCA ratio continued to remain weak, though improved
to 45.61x, as of March 31, 2020 from 87.94x, as on March 31, 2019.
The interest coverage ratio of the company also remained weak at
1.18x in FY20 (PY: 1.10x). Geographical concentration risk: SGJL
has a single showroom located in Ludhiana (Punjab) and sells
jewellery under its own brand name- 'Ganpati Jewellers'. The
company also has a manufacturing unit located at Ludhiana (Punjab)
where it manufactures bangles and does casting work. SGJL also gets
the jewellery manufactured through contract manufacturers. Since
the operations of the company are highly concentrated in the
Ludhiana market, it substantially increases the business risk of
SGJL and limits its scale of operations too.

* Fragmented nature of the industry with vulnerability of margins
to gold price fluctuations: The company faces competition from
other players in the organised and unorganised sectors. Though
Covid-19 pandemic had impacted the business of jewellery retailers,
the long term demand is expected to remain steady led by factors
such as an increasing female working class population, growing
consciousness of branded jewellery and increasing purchasing power.
The prices of gold have experienced high volatility in the past.
Therefore, any adverse change in prices of the same is likely to
have a significant impact on SGJL's margins. However, the company
tries to somewhat mitigate this risk by adopting a regular
inventory replenishment policy.

Key Rating Strengths

* Experienced promoters and long operational track record: SGJL is
running the retail store in Ludhiana for more than two decades. All
the directors in the company have vast experience in varied fields.
The directors are also running other companies including 'Deepak
Fasteners Limited (DFL)', which is engaged in the manufacturing and
export of fasteners since 1990 and 'Deepak Fibres Ltd' which is
engaged in the manufacturing/trading of clothes/fabrication clothes
since 1997. In 1997, the directors of DFL decided to diversify from
their mainline business of manufacturing of fasteners, and entered
into the jewellery business. Over the period, the directors have
managed to establish a strong brand image of SGJL in the Ludhiana
market.

* Comfortable profitability margins though declined in FY20: The
PBILDT margins of the company stood comfortable at 19.02% in FY20.
The same, however, declined marginally from 20.30% in FY19 on
account of lower income derived from sale of designer jewellery on
a y-o-y basis which is associated with higher margins (~72% in FY20
compared to ~89% in FY19).

Liquidity: Stretched- The working capital cycle of the company
stood elongated at ~25 months, as on March 31, 2020, on account of
elongated inventory days. The company has to maintain high level of
inventory of jewellery at the showroom for increased visibility to
the customers which has led to elongated average inventory days.
Due to which, the quick ratio of the company stood low at 0.05x, as
on March 31, 2020 (PY: 0.01x). The current ratio of the company,
however stood at 1.44x, as on March 31, 2020 (PY: 1.32x). The
company had free cash & bank balance of only INR0.10 Cr., as on
March 31, 2020. The average working capital remained almost fully
utilized for the last 12 months period ended February-21. The
company does not have any major capex plans in the near future.
Further, the company had nil term debt obligation outstanding, as
on March 31, 2020, with no repayment obligation in FY21.

SGJL, incorporated in the year 1997, is engaged in the business of
manufacturing and trading of gold jewellery, diamond/precious
stones, gold coins, etc. The company sells its jewellery and
precious stones to retail customers at its showroom located at
First Mall, Mall Road, Ludhiana under the brand name of 'Ganpati
Jewellers'.


GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR721.28cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ghaziabad Aligarh Expressway Private Limited (GAEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           721.28     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GAEPL continues to be
constrained by the on-going delays in debt servicing due to
stressed liquidity position resulting from delayed commencement of
commercial operation of partial project stretch and insufficient
toll collection.

Rating Sensitivities

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

* Regularization of debt servicing for a continuous period of 3
months.

* Company earning sufficient cash accruals so as to meet its debt
repayment obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: There are on-going delays in
debt servicing obligation of the company. Collection of inadequate
toll vis-à-vis the repayment obligations of the company has
resulted in a stretched liquidity position of the company, thus
resulting into delays. The promoters of the company had been
infusing funds in GAEPL in the form of unsecured loans to fund the
debt repayments of the company. However, in FY21, till March 16,
2021, the promoters have infused only INR1.14 crore as against
INR119.38 crore in FY20.

* Improvement in financial performance in FY20 and profitability
margins in 9MFY21: The total operating income of the company
witnessed a growth of ~19% y-o-y in FY20. The increase was on
account of IND-AS adjustment relating to booking of construction
income amounting to INR43 crore and simultaneously booking of
construction expenses. PBILDT continued to remain at the same level
of INR190.37 crore in FY20 (Rs.193.33 crore in FY19), however,
PBILDT margin witnessed a decline from 81.55% in F19 to 67.54% in
FY20 on account of booking of construction income. PAT margin
however, witnessed an improvement from 0.77% in FY19 to 6.58% in
FY20 on account of reduction in interest cost due to repayment of
term loans. Interest coverage ratio though witnessed slight
improvement, continued to remain low at 1.49x in FY20.

In 9MFY21, the revenue witnessed a decline of ~37% compared with
9MFY20 on account of IND-AS adjustment relating to reduction in
booking of construction income amounting to INR0.09 crore in 9MFY21
in comparison with INR43 crore in 9MFY20 and simultaneously booking
of construction expenses. Also, toll collection was impacted during
April 2020 and May 2020 which impacted the revenue during 9MFY21.
PBILDT margin witnessed an improvement from 65.60% in 9MFY20 to
79.11% in 9MFY21 on account of reduction in the amount of
construction expenses booked in 9MFY21. PAT margin also witnessed
an improvement from 6.49% in 9MFY20 to 12.05% in 9MFY21 on account
of reduction in finance cost.

Liquidity analysis: Poor

The company has poor liquidity position and there has been on-going
delay in debt servicing. Out of the scheduled debt repayment
obligation of INR318 crore in FY21 (including overdue amount for
previous years), the company received moratorium under covid-19
relief package of Reserve Bank of India for INR118 crore and
already repaid INR77 crore till 9MFY21. The company earned GCA of
INR49.03 crore in 9MFY21 against repayment (amount actually paid)
of INR77 crore and the shortfall in debt repayment was met out of
company booking interest in its books but which has not yet become
due for payment till December 31, 2020 amounting to INR42.61 crore.
The company has cash and bank balance amounting to INR2.65 crore as
on December 31, 2020 against INR2.18 crore as on March 31, 2020.

GAEPL, incorporated in December 2009, was promoted by SREI
Infrastructure Finance Ltd. (SIFL; rated: CARE D), PNC Infratech
Ltd. (PNC; rated: CARE AA; Stable/CARE A1+) and Galfar Engineering
and Contracting India Pvt. Ltd as a Special Purpose Vehicle (SPV)
to undertake the four laning of Ghaziabad to Aligarh section of
NH-91 spanning 126.3 km, under NHDP Phase III in the state of Uttar
Pradesh on Build, Operate and Transfer (BOT)–Toll Basis. The
Concession Agreement (CA) was executed between GAEPL
(Concessionaire) and National Highways Authority of India (NHAI) on
May 20, 2010 for a concession period of 24 years from the appointed
date (i.e. February 25, 2011). The project had already commenced
partial tolling whereby 103.89 k.m. of stretch out of total project
stretch of 126.30 k.m. had become operational from June 23, 2015
onwards vis-à-vis the scheduled COD of end of March 2015. Such
scheduled COD of the project had been further extended to April 26,
2016 by NHAI. The company had received provisional completion
certificate for additional length of 19.41 k.m. on December 20,
2016 and tolling has started for this additional length from
December 22, 2016. The company has further completed 700 metres and
now the total operational length is 124 km out of the total project
length of 126.30 km. Out of the balance 2.3 km stretch, the company
has completed 1.3 km and applied for COD of the same while for the
rest 1 km stretch, the company has applied for de-scope. The
concession period of the project being 24 years and toll collection
has commenced from June 23, 2015. The total cost which has already
been incurred till March 31, 2020 is INR2265.76 crore.

HIGH BREETD: CARE Lowers Rating on INR9.50cr Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of High
Breetd Fashion (HBF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank
   Facilities            9.50      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of HBF
takes into account of delays in debt servicing marked by overdues
in packaging credit facilities owing to weak liquidity position.
The rating continues to derive strength from experienced promoters
and their financial support in the past and operational support
from group entities with presence across textile value chain and
location advantage.

Key Rating Sensitivities

Positive Factors

* Timely servicing of debt obligations along with efficient
utilization of its working capital limits on sustained basis.

Detailed description of the key rating drivers

Key rating Weakness

* Delay in debt servicing: As per banker feedback there is
continuous overdues for more than 30 days in its packaging credit
facilities on account of on account of a stretched liquidity
position. The account is classified as SMA1 since March 29, 2021.
Stretched l liquidity: Liquidity is marked by tightly matched
accruals to repayment obligations, highly utilized bank limits and
modest cash balance of INR0.13 crore as of March 31, 2020 (prov.).

Key Rating Strengths

* Experience of promoter for more than three decades in the textile
industry: Mr. MK Sunderam, being the proprietor of the firm has
more than three decades of experience in the textile industry.
Prior to establishment, he was engaged in the manufacture of
garments and trading it to the domestic market. Since 1991, he was
also engaged in pre-export. The firm is likely to be benefited by
the long experience of the proprietor.

* Long track record of the operations of the firm & established
relationship with the suppliers and customers: HBF has established
a good relationship with the customers and suppliers due to the
long track record of operations of the firm for more than a decade.
The major suppliers of raw material with whom HBF maintains a long
relationship are Bhuvaneshwari Cotspin India Private Limited,
Tirupur, Sulochana Cotton Spinning Mills Private Limited, Tirupur
and Sri Akshaya fabrics, Tirupur.

High Breetd Fashions (HBF) is a proprietorship concern established
in the year 2004 by Mr. MK Sunderam to manufacture knitted and
woven garments. Prior to establishment, Mr.MK Sunderam was engaged
in manufacturing of garments and trading in domestic market. Since
2004, they started concentrating only on the export market. Mr. MK
Sunderam is also an active partner of High Breetd Colours (HBC),
which is engaged in dying and colouring of garments. High Breetd
Colours supports HBF in dying and colouring of garments which is
been manufactured by the latte.


IMPERIAL FASTNERS: CARE Lowers Rating on INR11.30cr LT Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Imperial Fastners Private Limited (IFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Short Term Bank       0.15      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 18, 2020 placed the
ratings of IFPL under the 'issuer non-cooperating' category as IFPL
had failed to provide information for monitoring of the rating.
IFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 8, 2021, March 16, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, the banker
could not be contacted. Hence, based on the information from public
sources regarding the delay in timely repayment of its debt
obligations, CARE has downgraded its ratings on the bank facilities
of IFPL to 'CARE D; Issuer Not Cooperating' from 'CARE B; Stable;
Issuer Not Cooperating'.

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

Gurgaon (Haryana) based Imperial Fastners Private Limited (IFPL)
was incorporated in 1982 by Mr. Jugal Kishore, Mr. Naval Kishore,
Mr. Sanjeev Sagar and Mr. Puneet Sagar. The company is engaged in
manufacturing of fasteners such as nuts and bolts that finds its
application in the automobile industry. The company has its
manufacturing facility located at Gurgaon, Haryana with an
installed capacity of 400 metric tonnes per month as on March 31,
2018. The company procures raw materials i.e. mild steel wires and
mild steel rounds from the manufacturers located in Haryana and
Chhattisgarh. In 2005 the company also entered into the power
generation business and acquired the 20 megawatts Kathara captive
thermal power plant in Jharkhand on lease for 20 years from Central
Coal Fields Limited (CCL) located in Bokaro, Jharkhand. IFPL also
entered into a long-term power purchase agreement (PPA) with CCL
wherein it would use the washery reject- procured from CCL's coal
washery in the vicinity.


JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagabandhu
Enterprisers Private Limited (JEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   Short Term Bank       7.90      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JEPL to monitor the rating
vide e-mail communications/letters dated February 18, 2021,
February 22, 2021 February 24, 2021, 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 publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, JEPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on JEPL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.  Further due diligence with the banker and auditor
could not be conducted.

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

Detailed description of the key rating drivers

At the time of last rating in January 30, 2020 the following were
the rating strengths and weaknesses.

(Updated the information available from Ministry of corporate
Affairs)

Key Rating Weaknesses

* Delay in debt servicing: There were various instances of delay in
debt servicing of the company.

Jagabandhu Enterprisers Private Limited (JEPL) was incorporated in
April 2000 by Mr. Jagabandhu Muduli, Mrs. Anjali Bala Muduli and
Mr. Sunil Prasad Muduli. Since its inception, the company has been
engaged in trading of petrol, diesel and other related products
through its sole petrol pump located at Mancheswar Industrial
Estate, Bhubaneswar in Odisha. This apart, the company also engaged
in supply, installation, erection, testing equipment on a turnkey
basis for various power transmission companies like Odisha Power
transmission Corporation Ltd., Madhya Pradesh Power Transmission
Company Limited, Bihar Pradesh Power Transmission Company Limited
etc.

MALWA AUTOMOTIVES: CARE Cuts Rating on INR20cr Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Malwa Automotives Private limited (MAPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       20.00       CARE B; Stable; ISSUER NOT
   Facilities                       COOPERATING Rating continues
                                    To remain under ISSUER NOT
                                    COOPERATING category and
                                    Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 18, 2020 placed the
ratings of MAPL under the 'issuer non-cooperating' category as MAPL
had failed to provide information for monitoring of the rating.
MAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 8, 2021, March 16, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

The rating has been revised by taking into account non-availability
of information and no due diligence conducted due to
non-cooperation by MAPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings continue to remain constrained owing by small scale of
operations with low net worth base, working capital-intensive
nature of operations with weak liquidity position and intense
competition in automobile industry, regional concentration and
growth linked to with the performance of JLR. The ratings, however,
continue to take comfort from experienced director and association
with reputed brand name.

Detailed description of the key rating drivers

At the time of last rating on February 18, 2020 the following were
the rating weaknesses and strengths: (Updated for the information
available from the Registrar of Companies).

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with low net worth base: MAPL's scale
of operations has stood small marked by total operating income and
gross cash accruals of INR46.67 crore and INR0.58 crore
respectively for FY20 as against INR41.22 crore and INR0.69 crore
in FY19. (FY refers to period April 1 to March 31). Further, the
net worth base stood low at INR1.87 crore as on March 31, 2020. The
small scale of operation limits the company's financial flexibility
in times of stress and deprives it of scale benefits.

* Working capital intensive nature of operations with weak
liquidity position: The average operating cycle stood at around 243
days for FY20 owing to high inventory holding period of around 212
days. The high inventory period is attributable to the need for
stocking different models of vehicles and spares in the showrooms
in order to ensure sufficient availability and visibility also
contributes to inventory holding period. The sales made through
auto finance schemes are generally realized in three months which
has resulted in average collection period of 32 days for FY20. The
company receives credit period of around one week from its supplier
of spare parts. The average creditors' period stood at 1 day for
FY20.

* Intense competition in automobile industry, regional
concentration and growth linked to with the performance of JLR: The
fortunes of MAPL are closely linked to those of Jaguar Land Rover,
being the only supplier for the company. The sales and distribution
of automobiles, especially the passenger vehicle and Light
Commercial vehicle as marked by intense competition attributable to
presence of several dealers in the nearby areas. The already
existing competition is further worsened by the major automobile
manufacturers extending similar discounts and promotional schemes
to lure customers for purchases. The profitability margin on
products is set at a particular level by Jaguar Land Rover thereby
restricting the company to earn incremental income. Further, with
the large dealership network of Jaguar Land Rover, the bargaining
power of the dealer with the customer is further reduced. In light
of the same, the margins are likely to remain severely constrained
for the dealers and distributors. Also, in order to capture the
market share, the auto dealers have to offer better buying terms
like providing credit period or allowing discounts on purchases
which create margin pressure and negatively impact the earning
capacity of the company.

Key Rating Strengths

* Experienced director: The company is managed by Mr Chandra Mohan
Sharma and Mr Bal Kishan Sharma. Mr Bal Kishan Sharma has around
four and a half decades of experience in the auto dealership
industry through MAPL and its associates. He is further supported
by Mr. Chandra Mohan Sharma who has around two decades of
experience in the industry through his association with MAPL.

* Association with reputed brand name: MAPL is an authorized dealer
of JLR which is one of the largest automobile manufacturers in
passenger cars. In the domestic passenger car market, JLR has
established market position underpinned by the strong position of
its healthy presence in the Hatchback, Sedan, SUV and MUV segment
in domestic market.


MEDEOR HOSPITAL: CARE Reaffirms D Rating on INR447.19cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Medeor Hospital Limited (MHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           447.19     CARE D Reaffirmed

   Short Term Bank
   Facilities            58.00     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MHL continues to
factor in delays in debt servicing by the company.

Rating Sensitivities

Positive rating sensitivities

* Improvement in operational performance on sustained basis.

Negative rating sensitivities

* Continuous delays in repayment of term liabilities

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in servicing of debt obligations: As per the discussion
with the banker, there are ongoing delays in repayment of debt
obligation that was due in January 2021; mainly on account of its
poor liquidity, as the operations of the hospital got impacted due
to COVID 19.

Liquidity: Poor

Liquidity is poor with delays in the debt servicing of bank
facilities. Further, the company had availed moratorium for its
debt obligation under the COVID-19 regulatory package announced by
RBI.

Medeor Hospital Limited was promoted by Mr. Rajesh Srivastava and
family was incorporated in 2004. In 2016, the company was acquired
by VPS Healthcare Group of Dubai. MHL operates three
multi-specialty hospitals in NCR with a combined capacity of 808
beds.


MGM HEALTHCARE: CARE Reaffirms B+ Rating on INR322.50cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of MGM
Healthcare Private Limited (MHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          322.50      CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           30.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MHPL are constrained
by the nascent stage of operations, highly leveraged capital
structure, presence in the highly competitive Chennai market and
reliance on scarcely available qualified medical professionals.
The ratings however derive strength from the vast experience of the
promoters in the healthcare sector and focus on high end surgeries,
especially in the transplant segment.

Key Rating Sensitivities

Positive Factors

* Ability of the hospital to break even on its operations.

Negative Factors

* Extension of losses beyond the estimated break-even year

* Deterioration in the liquidity position

Detailed description of the key rating drivers

Key Rating Weaknesses

* Nascent stage of operations: The hospital had a soft launch in
January 2019 and commenced operations in earnest in July 2019. The
hospital currently has a total capacity of 360 beds and
construction of the premises was completed by around December 2018.
The Company reported operating income of INR94.1 crore in FY20 as
against INR0.48 crore in FY19. With higher operating expenses such
as employee costs and overheads, higher interest costs MHPL
reported loss after tax of INR96.4 crore in FY20. Until November
2020 MHPL reported a total operating income of about INR124.3
crore.

* Highly leveraged capital structure: The Company has incurred
significant capex of around INR425 crore as of March 31, 2020
towards construction of the hospital premises and buying equipment.
This was almost entirely debt funded through bank term loan of
INR347.5 cr and the balance through unsecured loans from the
promoter. As on March 31, 2020, the company had a negative networth
of INR143.40 crore with only INR0.01 crore as equity share capital
which makes the capital structure highly leveraged.

* Presence in the highly competitive Chennai region with a single
hospital: MHPL's income depends on a single hospital unit that
exposes it to increasing competition in the region. The hospital
faces high competition from established multi-speciality hospitals
providing tertiary health care services, regional government and
private hospitals providing primary care and secondary care
services which increases the revenue risk of the company.
Dependence on a single unit exposes the hospital to intense
competition and revenue vulnerability.

* Dependence on scarcely available professionals and growing
regulation in the industry: The healthcare industry is highly
dependent on the availability of qualified and experienced medical
professionals. As per World Health Statistics primary data
2007-2018, the density of physicians per 10,000 population for
India stands at 8 which is very low compared to that of other major
countries. The increasing competition and the scarcity of medical
specialists, the ability of the hospital to retain its current pool
would be a key differentiator. Furthermore, the performance of the
hospital sector has been affected due to multiple regulatory
interventions; further apart from licensing and approvals, the
Government is also constantly regulating the prices of drugs and
consumables.

Key Rating Strengths

* Experienced Promoters: The Chairman and Managing Director of
MHPL, Mr M K Rajagopalan has extensive experience in the healthcare
and hospital sector. He is the chairman of the Sri Balaji
Educational & Charitable Public Trust and Sri Balaji Vidyapeeth
trust which runs the Mahatma Gandhi Medical College & Research
Centre (MGMCRI) established in 2001 in Pondicherry and Sathya Sai
Medical College in Kanchipuram district, Tamil Nadu which was
established in 2007. Sri Balaji Vidyapeeth reported total revenue
of around INR636 crore with a surplus of INR345 crore in FY20.
MGMCRI is equipped with 1280 beds in the college premises and this
gives the promoters considerable experience in the hospital sector.
MGM Healthcare was established to enter the Chennai healthcare
market. As of March 31, 2020, the promoters have given support in
the form of unsecured loans of around INR158 crore through entities
controlled by the promoter.

* Focus on high end surgeries, especially in the transplant
segment: MHPL was established in Chennai in 2019 as a quaternary
care multi-speciality hospital catering to patients in Chennai and
surrounding regions. The hospital has around 360 beds, over 200 of
which are operational after accounting for beds for ICU care,
dialysis etc. The hospital has over 55 outpatient consultant rooms,
12 operation theatres and more than 30 specialities including
Cardiology, Orthopaedics, Neuro Surgery, Nephrology, ENT,
Paediatrics etc. The hospital has seen good traction in the
transplant segment and has performed 6-10 transplants in Q3FY21.
The hospital earned total revenue of around INR124 crore till
November 2020 and mainly focuses on high end surgeries. The
hospital has employed over 98 doctors including in house doctors of
which about 80 were consultants, and over 420 nurses and over 102
paramedical technicians.

* Industry Analysis: Healthcare has become one of India's largest
sector, both in terms of revenue and employment. The Indian
healthcare sector is growing at a brisk pace due to its
strengthening coverage, services and increasing expenditure by
public as well private players. India's competitive advantage lies
in its large pool of well-trained medical professionals. India is
also cost competitive compared to its peers in Asia and Western
countries. The healthcare market is expected to increase three-fold
to INR8.6 trillion (US$ 133.44 billion) by 2022. Hospitals and
diagnostic centers attracted Foreign Direct Investment (FDI) worth
US$ 6.72 billion between April 2000 and March 2020, according to
the data released by Department for Promotion of Industry and
Internal Trade (DPIIT). The Government of India aims to increase
healthcare spending to three percent of the Gross Domestic Product
(GDP) by 2022.

Liquidity - Stretched

Total Cash and Bank balance as on March 31, 2020 stood at INR1.98
crore of which INR1.82 crore is held in fixed deposits as margin
money. The Company has over-draft facility of INR10.00 crore with
Indian Bank for funding working capital requirements. Over, 60% of
the payments are made via cash and the remaining is mostly through
insurance (both private and govt schemes like Chief Minister's
comprehensive health insurance in Tamil Nadu). The Company is
highly dependent on the promoter funds to maintain liquidity and
fund its losses. The company has not availed interest or principal
moratorium for Covid-19.

MGM Healthcare Private Limited (MHPL) is a Chennai-based private
limited company providing advanced healthcare services. MHPL was
incorporated in September 2016 by Mr. M K Rajagopalan (Chairman &
Managing Director) and Dr. Prashant Rajagopalan (Son of Mr. M K
Rajagopalan). The hospital commenced operations from July 14, 2019.
As of December 2020, MHPL operates a multi-specialty hospital with
360 beds at Chennai having various departments such as Neurology,
Interventional Cardiology, Cardiothoracic & Vascular Surgery,
Nephrology, Urology, Gastroenterology, Pediatrics etc., equipped
with latest health care facilities.

OYO HOTELS: Denies Seeking Bankruptcy After US$22,000 Claim
-----------------------------------------------------------
Saritha Rai at Bloomberg News reports that Oyo Hotels founder
Ritesh Agarwal took to Twitter to reject reports the lodging and
vacation home rental startup has filed for bankruptcy after a
supplier's $22,000 claim.

According to Bloomberg, the entrepreneur tweeted on April 7 his
company had initially disputed an unidentified supplier's claim for
16 lakh rupees or about $22,000, but eventually paid "under
protest." Agarwal, also Oyo's chief executive officer, was
responding to a document widely circulated on social media he said
appeared to show his startup had sought bankruptcy protection,
which he called "absolutely untrue," the report relays.

Oyo, one of the larger startups in SoftBank Group Corp.'s
portfolio, was struggling to restructure and whittle down
loss-making operations even before the pandemic obliterated travel,
says Bloomberg.  Its breakneck expansion, encouraged and financed
by SoftBank founder Masayoshi Son, led to operational missteps and
soured partnerships. The company ended up laying off or furloughing
thousands of employees. It reached a valuation of $10 billion
before global lockdowns in the wake of Covid-19.

In December, Agarwal was said to have told employees the Indian
startup was making progress toward recovering from the coronavirus
fallout and had about $1 billion to fund operations until an
initial public offering. Agarwal tweeted on April 7 that the
startup's business was recovering steadily and its largest markets
were profitable, Bloomberg relates.


PREET LAND: CARE Reaffirms D Rating on INR9.50cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Preet
Land Promoters and Developers Private Limited (PLP), as:


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            9.50      CARE D Reaffirmed

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of PLP continues to be
constrained by ongoing delays in debt servicing and low project
preparedness level. The rating is further constrained by
marketability risk and market competition and cyclicality
associated with real estate industry and exposure to local
demand-supply dynamic. The rating, however, derives strength from
experienced promoters in real estate industry and land acquired and
relevant approvals in place.

Rating Sensitivities

Positive Factors:

* Ability of the company to meet its debt obligations in timely
manner

* Ability of the company to execute the project as per the
projected schedules

* Ability of the company to achieve envisaged sales of its
residential projects at projected sales price

Negative Factor:

* Any adverse change in the regulatory guidelines

Key rating Weaknesses

* Ongoing delays in the servicing of term debt obligation: There
are on-going delays in the servicing of the interest and principal
repayment of the term debt obligation. The account has been
classified as NPA. The delays were on account of weak liquidity as
the company was unable to generate sufficient funds on timely
manner.

* Low project preparedness level: In respect to the project
preparedness, the project is at nascent stage of development with
sale of only 17.19 acres of building and plot area out of total
saleable are of INR42.57 acres. Also, construction work is also
under development. The company is exposed to the execution risk for
the project under development. Thus, with major area unsold, the
ability of the company to make the sales at the projected sales
price and in a timely manner will remain a key rating sensitivity.

* Marketability risk and market competition: The risk of marketing
and selling of the commercial as well as residential buildings and
plots remains. Further, the Indian real estate industry is highly
fragmented in nature with the presence of a large number of
organized and unorganized players spread across various regions.
Many townships are emerging in cities like Mohali and Chandigarh
and small players are coming with projects in these areas.

* Cyclicality associated with real estate industry and exposure to
local demand-supply dynamic: The company is exposed to the
cyclicality associated with real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. This exposes these companies to the vagaries of
property markets. A high interest rate scenario could discourage
the consumers from borrowing to finance the real estate purchases
and may depress the real estate market.

Key Rating Strength

* Experienced promoters in real estate industry: The company is
managed by Mr. Raghubir Singh Dhiman, Mr. Charan Singh Saini and
Mr. Kanwal Jit Singh collectively having an industry experience of
10 years, 14 years and 15 years respectively their association with
PLP and other regional entities. The promoters have adequate acumen
about various aspects of real estate business which is likely to
benefit PLP.

* Land acquired and relevant approvals in place: project stood at
INR50.00 crore and construction has already started. As per
management, the company has taken all requisite approvals and
clearances for the project namely construction approval, fire &
safety, etc. However, they have applied for Real Estate Regulate
and Development Act (RERA) certificate.

* Poor liquidity position: There are on-going delays in servicing
of the interest and principal repayment of the term debt
obligation. The account has been classified as NPA. The delays were
on account of weak liquidity as the company was unable to generate
sufficient funds on timely manner.

Preet Land Promoters and Developers Private Limited (PLP) was
incorporated as a private limited company in November 2005 and is
currently being managed by Mr. Raghubir Singh Dhiman, Mr. Charan
Singh Saini and Mr. Kanwal Jit Singh collectively. PLP is engaged
in real estate business and is currently developing its first real
estate project named- "Preet City" at Mohali (Punjab) on a total
area of 100 acres. PLP commenced land acquisition for the project
in 2006-07 (refers to financial year, April 1 to March 31). The
project cost is estimated at INR140.68 crore, to be funded through
term loan of 95.18 crore and promoters' capital of INR45.50 crore.
The project is being developed in commercial as well as residential
buildings and plots.

RAYAT EDUCATIONAL: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Rayat
Educational & Research Trust (RERT) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       33.36      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RERT to monitor the rating
vide e-mail communications/letter dated March 4, 2021, March 8,
2021 , March 15, 2021 and March 23, 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. The rating on RERT'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.

The rating assigned to the bank facilities of Rayat Educational and
Research Trust (RERT) takes into account ongoing delays in the
servicing of the debt obligation.

Detailed description of the key rating drivers

At the time of last rating on January 7, 2021, the following was
the rating weakness:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Rayat Educational & Research Trust (RERT) was established in 2001.
Currently, the trust is running one campus having six colleges and
two schools located in Ropar, Punjab. The Trust was established
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education), PTU (Punjab Technical University) - Jalandhar, SCERT
(State Council of Educational Research and Training) - Punjab, PU
(Punjab University) - Chandigarh and PSBTE (Punjab State Board of
Technical Education) - Chandigarh.


RENEW POWER 3: Fitch Alters Outlook on $325MM Secured Notes to Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on ReNew Power Private
Limited Restricted Group 3's (ReNew RG3) USD325 million senior
secured notes due 2024 to Positive from Stable. The bond's rating
is affirmed at 'BB-'.

RATING RATIONALE

The rating action follows the revision of the Outlook of ReNew
Power Private Limited's (ReNew Power) 'BB-' Issuer Default Rating
(IDR) to Positive from Stable on 29 March 2021.

ReNew Power's Outlook was revised as Fitch believes it will be able
to deleverage after the company said it raised USD610 million from
a primary equity sale as part of its public listing plans. Fitch
forecasts its net leverage, measured as net debt/EBITDA, to fall to
around 4.8x over the next 18-24 months. The proposed Nasdaq listing
should help widen ReNew Power's equity access and strengthen
corporate governance standards over the medium term.

KEY RATING DRIVERS

ReNew RG3's credit profile is assessed as the same as that of its
parent, ReNew Power. Prior to the maturity of ReNew RG3's US-dollar
bonds, ReNew Power will repay the initial parent guarantor loan,
which ReNew RG3 will use to partially redeem the US-dollar bond
while refinancing the outstanding amount. ReNew RG3 will not be
able to fully amortise its refinanced debt over the refinancing
period if ReNew Power does not repay the initial parent guarantor
loan under Fitch's rating case. Hence, the rating on the US-dollar
bond relies on ReNew Power's credit quality, and it is in line with
ReNew Power's IDR.

RATING SENSITIVITIES

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

-- An upgrade of the IDR on the parent guarantor to above 'BB-'.

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

-- The Outlook is Positive and Fitch therefore does not expect
    negative rating action. The Outlook will be revised to Stable
    if ReNew Power's Outlook is revised to Stable

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.

CRITERIA VARIATION

Fitch applied a variation to the Renewable Energy Project Rating
Criteria with respect to the counterparty risk related to the state
distribution companies and private customers. Fitch does not rate
the state distribution companies or private customers that purchase
power from ReNew RG3 under power purchase agreements, but Fitch
does not believe a default by one of the companies would
necessarily lead to a default of the transaction given its exposure
to multiple entities. However, Fitch sees it as prudent to apply
the merchant project threshold for the revenue from these
off-takers. Therefore, Fitch applies a revenue-based
weighted-average threshold to determine the rating, while cash flow
is evaluated based on contracted prices.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings on ReNew RG3's bonds are directly linked to the credit
quality of its parent, ReNew Power. A change in Fitch's assessment
of the credit quality of the parent would automatically result in a
change in the rating on the bond.

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.


SAMAROH HOSPITALITY: CARE Withdraws D Rating on Bank Facilities
---------------------------------------------------------------
CARE has reaffirmed the rating assigned to the bank facilities of
Samaroh Hospitality LLP (SHL) to 'CARE D; Issuer Not Cooperating'
and has simultaneously withdrawn it, with immediate effect. The
rating reaffirmation prior to its withdrawal factors in the delays
in debt servicing owing to the poor liquidity of the firm.

The rating withdrawal is at the request of SHL and 'No Objection
Certificate' received from the bank that has extended the
facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: Due to its poor liquidity, there had
been delays in debt servicing. The firm had opted for a moratorium
of six months from March 2020 to August 2020 on its term loan
installments.

Samaroh Hospitality LLP (SHL) was formed in October 2014 as a
limited liability partnership by Mr. Sanjay Somani, Mr. Randeep
Singh Saluja, Mr. Shantanu Singh Thakur, Mr. Yogesh Maheshwari, Mr.
Vicky Saluja and Mr. Guneet Singh Saluja. The firm was formed with
an objective to establish a hotel at Indore (Madhya Pradesh) with
brand name "The Solaris". The hotel facility is constructed at
1,20,000 square feet area with total 53 rooms having three
categories viz. standard, deluxe and premium. Further, the hotel
property has a cafeteria, two restaurants one at rooftop and other
near swimming pool, one banquet hall with capacity of 250 persons
and marriage garden with capacity of 2000 person.


SANYA EXIM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s. Sanya Exim Private Limited

        Registered office:
        A-145/75, Gali No. 1
        Krishna Puri, Mandawali
        Delhi 110092

        Accounts office:
        Flat No. 204-A, Pocket-A
        Mayur Vihar Phase II
        New Delhi 110091

Insolvency Commencement Date: March 31, 2021

Court: National Company Law Tribunal, Special Bench, Court VI
       New Delhi

Estimated date of closure of
insolvency resolution process: September 27, 2021

Insolvency professional: Amit Agrawal

Interim Resolution
Professional:            Amit Agrawal
                         H-63, Vijay Chowk
                         Laxmi Nagar
                         Delhi 110092
                         E-mail: amitagcs@gmail.com
                                 sanyaexim.cirp@gmail.com

Last date for
submission of claims:    April 19, 2021


SHONAN ENGINEERING: CARE Assigns B Rating to INR9.75cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shonan
Engineering Works Private Limited (SEWPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            9.75      CARE B; Stable Assigned

   Short Term Bank
   Facilities           17.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SEWPL are
constrained on account of the moderate scale of operations and
profitability, moderate capital structure and weak debt coverage
indicators and stretched liquidity position.  The ratings are
further constrained on account of the segment & client
concentration risk, susceptibility of margins to fluctuation in raw
material prices and presence in highly fragmented industry with
exposure to the tender driven process. The ratings, however, are
underpinned by the established track record and experience of the
promoters, moderate order book position and synergies from
associate company engaged in manufacturing of pipes.

On account of covid-19 specific disruptions in Q1FY21, progress of
the projects was stopped leading to lower revenues during the
period. The operations were resumed from July 2020 onwards and
ramped up from November 2020 onwards with gradual recovery of
revenues.

Rating Sensitivities

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

* Sustained improvement in total operating income above INR55
crore

* Improvement in order book above INR75 crore on sustained basis

* Improvement in profitability marked by PBILDT and PAT margins
above 9% and 2% respectively

* Improved collection efficiency on sustained basis with
realization of pending dues from the clients

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

* Deterioration in capital structure with overall gearing falling
beyond 2.00x

* Inordinate delay in execution of current orders in hand with
resultant disruption of billing cycle

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate scale of operations and profitability margins: The scale
of operations of the company is modest despite track record of 16
years in the industry reflected by total operating income of
INR49.05 crore in FY20 and tangible net worth base of INR11.81
crore as of March 31, 2020. The total operating income of the
company improved by 3.72% on Y-O-Y basis with higher billings
during the year. The profitability margins of the remained within
moderate range with PBILDT and PAT margins within 5-10% and
0.45-3.00% respectively during last three years ended FY20. The
procedural hurdles and payment bottlenecks in the projects led to
higher labor and site overheads leading to decline in PBILDT
margins from 9.44% in FY29 to 5.56% FY20. Further, enhanced debt
levels to meet working capital gap led to increase in finance
charges during the year. The same has let to decline in PAT margins
from 2.75% in FY19 to 0.45% in FY20. Further, owing to covid-19
specific disruptions in Q1FY21, progress of the projects was
stopped leading to lower revenues during the period. The operations
were resumed from July 2020 onwards and ramped up from November
2020 onwards leading to revenues of INR26.19 crore till February
28,2021(11MFY21). However, the company has booked net losses till
February 28, 2021 owing to fixed cost burden vis-a-vis muted
revenues.

* Moderate capital structure and weak debt coverage indicators:
Modest net worth base of INR11.81 crore as against relatively
higher debt profile resulted in moderate capital structure as
indicated by an overall gearing of 1.81x as on March 31, 2020.
(P.Y. 1.72x). The additional short term loans availed during the
year to meet working capital gap led to deterioration in gearing
levels. Further, the debt coverage indicators stood weak with
moderate profitability and relatively high debt. PBILDT/interest
coverage ratio was deteriorated to 0.88x in FY20 from 1.72x in FY19
mainly on account of rising interest charges on additional loans
taken during the year. Further Total debt to GCA deteriorated to
67.53x in FY20 from 14.15x in FY19 owing to decline in absolute
profit levels and cash accruals.

* Presence in a highly fragmented industry: The construction sector
is plagued by numerous unorganized and organized players making it
highly competitive. The high concentration on government contracts
makes the Company susceptible to any drop in government spends on
infrastructure projects and changes pertaining to government policy
regarding awarding of tenders to contractors.

* Exposure to tender-driven process and susceptibility of margins
to fluctuation in raw materials prices: SWEPL has to participate in
the tenders floated by the government departments which are
characterized by intense competition due to entry of new players
and increasing number of bidders for projects. The prices of major
raw materials used to build the water supply infrastructure i.e
steel, cement etc and are fluctuating in nature. Given the
elongated nature of contracts, the price fluctuation in the
materials or additional labor charges may impact the profitability
of the company. Further, the price variation clause is absent for 2
out of 3 orders leading to margin contraction in case of
unfavorable price variation.

* Segment and client concentration risk: SEWPL has concentrated its
activities in executing government contracts for laying of
pipelines in the water supply and sewage departments only and
having presence in the state of Maharashtra and Karnataka.
Furthermore, the company is exposed to customer concentration risk
with major revenue booked from various government institutions in
Maharashtra and Karnataka.

Key Rating Strengths

* Long track record and experienced promoters: Established in 2004,
SEWPL has a long track record of more than a decade in the industry
and is promoted by Mr D. B. Panase, Mr S. S. Ranade and Mrs J. D
Patharkar having an experience of about three decades in the pipe
manufacturing and project engineering industry. Furthermore, the
long-standing experience of the directors has enabled the company
to reinforce its footing in the construction business.

* Moderate order book position: The current order book of INR53.63
crore provides the revenue visibility for 1 year (till December
2021) resulting in order book to sales ratio of 1.09x based on FY20
sales. The order book is concentrated with government clients and
includes contracts for water supply infrastructure. Orders in hand
were delayed beyond due date of completion, owing to procedural
hurdles and the authorities have given extension without
application of penalties as per the agreed terms of contract. Owing
to limited cushion in non-fund based limits to bid for additional
orders, the company did not secure any fresh orders during FY20 and
11MFY21.

* Operational synergies from group entity: SEWPL has a group
concern namely Surya Engineers (Surya) located at Ahmednagar,
engaged in the manufacturing of M.S. pipes. SEWPL procures these
pipes from Surya, which is a key raw material thereby reducing its
dependence on outside suppliers and ensuring smooth availability of
raw materials without causing any hindrance in project execution.

Liquidity: Stretched

The liquidity position of the company is stretched with ~95% of
working capital limits for the last 12 months ended February 28,
2021, tightly matched accruals to repayment obligations and modest
cash and bank balance of INR0.90 crore and free fixed deposits
stood at INR2 crore as on March 8, 2021. With halted execution of
projects from April-September 2020 due to country-wide lockdown and
procedural hurdles in the orders in hand; execution of the company
was disrupted leading to muted cash flows during the stated period.
The billing done during the period was limited to the supply of
materials done. The company has receivables of INR3.20 crore
outstanding as on March 08, 2021 which include the debtors of
INR2.32 aged more than 6 months. The working capital cycle of the
company is elongated at 124 days owing to amount stuck in debtors,
security deposits and work in progress inventory.

Moratorium: Availed for March-August 2020(covid-19 regulatory
package announced by RBI). COVID-19 assistance loans have been
availed; with sanctioned limits of INR1.50 crore and INR0.75 crore

Established in the year 1983 as a partnership concern, Shonan
Engineering Works Private Limited (SEWPL) was reconstituted as a
private limited company in the year 2004. SEWPL is promoted by Mr.
D.B. Panase, Mr. S.S. Ranade and Mrs. J.D Patharkar having an
industry experience of about three decades in the pipe
manufacturing and project engineering industry. The company
primarily functions as a civil contractor for various government
bodies for fabrication, supply and laying of Mild steel (MS) pipes
for water supply, sewerage and irrigation activities. The company
is a registered class I contractor with Public Works Department
(PWD) Karnataka, Pune Municipal Corporation (PMC) and for Bangalore
Water Supply and Sewerage Board (BWSSB) which enables it to bid for
orders of all sizes.

SHREEVELU BUILDERS: CARE Lowers Rating on INR50cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shreevelu Builders Private Limited SBPL, as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank        50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                       Revised from CARE B+; Stable
                                    and moved to ISSUER NOT
                                    COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBPL to monitor the
rating(s) vide e-mail communications dated March 12, 2021, March
30, 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. The rating on
Shreevelu Builders Private Limited'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).

The revision in ratings takes into account delays in servicing of
debt obligations.

Detailed description of the key rating drivers

At the time of last rating on May 11, 2020 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

* Nascent Stage of Project with slow progress of project execution:
The project, Sree Arpana, envisages a gated community at Yercaud
spread over 12 Lakh Square Feet (lsf). The project consists of 68
independent villas and 594 apartments including amenities like
Swimming Pool, Club house, Squash Court, etc. The total project
construction is planned in phases and phase-1 includes construction
of 32 independent villas and 270 residential apartments. SBPL's
share in the same includes 26 independent villas and 220
residential apartments. The company is presently implementing
Phase-1 of the project which is at nascent stage. The estimated
project completion date for phase-1 which was December 2020 after
delay of almost a year it is further extended up to December 2021.
As of December 31, 2019, the company has incurred cost of INR49.7
cr out of the total project cost of INR170.7 crore. The project
progress has been slow with only 29% of the cost incurred as of
December 31, 2019 as against 24% incurred as of December 31, 2018.
With the construction still at a nascent stage, the ability of the
company to attract customers would be critical as the project has
high dependence on customer advances (customer advances being 52%
of the total project cost). Further, the ability of the company to
complete the project within the envisaged cost and timelines would
also be crucial.

* High Dependence on Debt and Customer Advance: The total project
cost of INR170.69 crore is to be funded by debt of INR50 crore,
customer advance of INR88.99 crore and equity contribution of
INR31.70. As of December 31, 2019, the company has tied up entire
bank debt and has availed INR11.76 crore of the total INR50 cr. The
customer advance received was INR4.40 crore as on even date. The
higher dependence on customer advance exposes the company to risks
associated with timely sales and timely collection of customer
advances. The company has availed moratorium on principle and
interest repayment for term debt for the months of March'20,
April'20, and May'20.

* Industry risks and intense competition in the sector: The
performance of the company is susceptible to inherent risks
associated with the real estate sector. Owing to general economic
slowdown, the real estate market has been subdued during the past
few years. Further, the sector is highly fragmented with presence
of large number of developers which exposes the company to intense
competition.

Key Rating Strengths

* Experienced promoters: Mr NVK Velan is the founding chairman and
managing director of SBPL. He is a civil engineer with vast
experience in construction industry. He is ably supported by Mr.
Bharath Srinivasan and Mr. Ajay Velan who are also part of the
board of directors. The company has developed and built over 15
Lakh Square Feet (lsf) of living spaces and most of the projects
are located in prominent locations in Chennai.

SBPL incorporated in October 1994 operates under the brand name
"Taraka". The company has been in the construction business for
nearly two and half decades and has successfully built over 15 lsf
of living spaces. The company has an ongoing project "Sree Arpana"
at Salem which is a residential project of around 12 lsf to be
built at Yercaud. The project is planned in phases, where in
phase-1, the company plans to construct 32 independent villas and
270 residential apartments. Phase-1 was started in July 1, 2017 and
its estimated completion date is December 31, 2021. Of the total
saleable area of 5.51 lsf, the company's share is at 81.58% which
includes 26 independent villas and 220 residential apartments.

TGB BANQUETS: CARE Lowers Rating on INR11cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of TGB
Banquets and Hotels Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category; and revised from
                                   CARE BB-; Stable; ISSUER NOT
                                   COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated February 19, 2021, placed the
rating of TGB under the 'Issuer Non-cooperating' category as the
company had not provided requisite information and surveillance
fees for monitoring the ratings. Further, TGB has not submitted
monthly No Default Statement (NDS) for the month of January,
February and March 2021 and continues to be non-cooperative. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which, however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The revision in rating assigned to the bank facilities of TGB takes
into account delays in its debt servicing obligations as informed
by its lender.

Key Rating Weakness

* Delays in debt servicing: As per interaction with the lender of
TGB, the lender has informed that the company had availed
moratorium for the period March-August 2020 for interest on working
capital limit and the accumulated interest of this period was
converted into Funded Interest Term Loan (FITL) of INR0.52 crore
which was required to be paid in full on or before March 31, 2021.
However, the same remained unpaid as of March 31, 2021. Further,
the banker has informed that there are instances of overdrawal in
its cash credit account for a period of 8-10 days mainly due to
non-payment of interest charged at the end of the month.

Ahmedabad-based TGB (renamed on April 19, 2013) was incorporated in
1999 as Bhagwati Banquets & Hotels Ltd by Mr. Narendra Somani. TGB
commenced its operations in June 2002 with a three-star hotel
property located in Ahmedabad, Gujarat. Presently, TGB owns a hotel
property at Ahmedabad. TGB also provides outside catering service
and manages properties such as Karnavati club, Agrasen Foundation
and Patang (a revolving restaurant) in Ahmedabad on
management contract basis.


WAINGANGA EXPRESSWAY: CARE Lowers Rating on INR298.99cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Wainganga Expressway Private Limited (WEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      298.99      CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of WEPL
takes into account on-going delays in debt servicing obligations as
per 'No Default Statement' submitted by company and also confirmed
through lender interaction on the back of poor liquidity.

Rating Sensitivities:

Positive Factors:

* Establishing a track record of timely servicing of debt
obligations for a period of at least 90 days

Detailed description of the key rating drivers:

Key Rating Weaknesses:

Liquidity: Poor

* On-going delays in debt servicing: As per 'No Default Statement'
submitted by client for the month of February 2021 dated March 30,
2021, there are ongoing delays in debt servicing. Furthermore, as
per banker interaction, debt servicing of WEPL is irregular with
delays in payment of interest. WEPL's liquidity is poor on account
of lower toll collection due to lower than envisaged traffic
coupled with high operational (including premium) and debt
servicing obligations.

Incorporated in June 2011, WEPL is a SPV sponsored by JMC Projects
(India) Limited (JMC; rated CARE A+; Stable/CARE A1) promoted to
undertake four-laning of Nagpur to Wainganga Bridge section of
National Highway (NH) 6, spanning 46 KMs, under National Highways
Development Programme (NHDP) Phase-III on Design, Build, Finance,
Operate and Transfer (DBFOT) – Toll basis. JMC, a 67% subsidiary
of KPTL, is engaged in various types of civil and mechanical
construction activities like infrastructure, real estate,
industrial and institutional buildings as well as power plants with
a strong presence across the country.

The Concession Agreement between WEPL and National Highways
Authority of India (NHAI; rated CARE AAA; Stable) was executed on
June 21, 2011 for a concession period of 18 years (incl. 2.5 years
construction period). The project was completed at a cost of INR455
crore funded through term loan of INR328 crore and balance through
equity and unsecured loan from JMC. Toll collection on the stretch
started with receipt of provisional COD on January 7, 2015, three
months behind the scheduled COD in October 2014. In December 2014,
NHAI approved the partial premium deferment application of WEPL.


[*] INDIA: Government Doesn't See Rush of MSME Insolvency Cases
---------------------------------------------------------------
The Times of India reports that the Indian government does not
expect a rush of insolvency cases from micro, small and medium
enterprises (MSMEs) after it promulgated an ordinance to open a
special fast track window for them.

The ministry of corporate affairs - which will set the floor for
initiating cases under "pre-packaged" insolvency - and the
Insolvency & Bankruptcy Board of India (IBBI) are expected the
notify the regulations for initiating insolvency resolution under
the new scheme, sources told TOI.

While the default floor for corporate insolvency resolution was
increased from Rs 1 lakh to Rs 1 crore last year under the
Insolvency and Bankruptcy Code, in case of MSMEs the threshold will
be set lower with the maximum amount of default capped at Rs 1
crore, according to TOI.

"Only serious entrepreneurs facing genuine problems due to the
special situation will have the opportunity to use the scheme meant
for MSMEs, especially because banks will also need to have
comfort," corporate affairs secretary Rajesh Verma told TOI.

He said in a large and diverse country such as India, ‘a one size
fits all approach' may not serve the requirements. "That is why
there is a framework within a framework. There are enough
safeguards to ensure that only the genuine needs are met," Verma
said.

He also said apart from aiding resolution, a key thrust was job
preservation in MSMEs, TOI relates. The scheme will be available to
around seven lakh MSME businesses that are registered under the
Companies Act, either as corporate entities or as limited liability
partnership firms.

TOI says the law comes with stiff penalties too in case of
violations and frauds, including a possible jail term.




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

REJEKI ISMAN: Fitch Lowers LongTerm IDR to 'CCC-', Off Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based textile manufacturer
PT Sri Rejeki Isman Tbk's (Sritex) Long-Term Issuer Default Rating
(IDR) to 'CCC-' from 'B-'. Fitch has also downgraded Sritex's
outstanding US dollar notes to 'CCC-' from 'B-' with a Recovery
Rating of 'RR4'. At the same time, Fitch Ratings Indonesia has
downgraded Sritex's National Long-Term Rating to 'CCC-(idn)' from
'BB(idn)'. All ratings were removed from Rating Watch Negative
(RWN), on which they were placed on March 25, 2021.

The downgrade reflects Sritex's weakening liquidity as a result of
the uncertainty surrounding the extension of its bilateral loans
with various maturities in 2021. Sritex has requested amendments to
its bilateral facilities from all of its lenders under the
Financial Services Authority's (OJK) regulation scheme introduced
during the pandemic to help borrowers whose operations have been
affected by Covid-19. Fitch believes the company has picked this
option due to the mounting liquidity pressure. Sritex has also
appointed Helios Capital and Assegaf Hamzah & Partners (AHP) as
financial and legal advisors, respectively, to represent the
company in its negotiations with all of its lenders.

'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.

KEY RATING DRIVERS

Weak Financial Flexibility: Sritex currently has bilateral
facilities with 21 banks, some of which are also its lenders for a
USD350 million syndicated loan. Continued access to these
facilities is crucial to Sritex's operations and liquidity due to
its high working-capital requirements. Fitch believes the prolonged
discussions to conclude an agreement to extend its syndicated
facility have in turn hampered Sritex's ability to extend the
bilateral loans.

Uncertain Funding Access: Sritex's difficulty in extending the
maturity of its syndicated loan due January 2022 reflects its
weakening funding access. This is mostly driven by lenders'
negative sentiment towards the textile industry despite Sritex's
revenue growth, especially during the coronavirus pandemic.
Sritex's performance in 2020 was resilient relative to that of
peers, with 8% revenue growth and a stable EBITDA margin of around
18%.

However, Sritex's credit profile and cash flow generation have been
under pressure from rising working capital days. Improvement in
Sritex's credit profile depends on its ability to significantly
reduce its cash conversion cycle and generate healthy positive cash
flow from operations (CFO) above its maintenance capex, which will
remain challenging, in Fitch's view. Sritex had negative CFO of
USD59 million in 2020 after generating neutral CFO of USD1.3
million in 2019.

Loan Relaxation Proposal, Advisor Appointments: The OJK's loan
relaxation scheme, which Sritex used to request for the amendments
to its bilateral facilities, gives its lenders the discretion on
the final approval for any relaxation of terms. Sritex's
appointment of the financial and legal advisors is aimed at helping
the company with its lender negotiations.

Liquidity Pressure: Sritex reported cash of around USD187 million
at end-December 2020, which Fitch believes will not all be readily
available for debt repayment. Sritex will have to rely on its
available cash balance if its access to working-capital lines
becomes increasingly limited. Fitch estimates Sritex's free cash
flow in 2021 will be insufficient to cover the syndicated loan when
it matures in January 2022.

ESG - Governance Structure: Sritex has an ESG Relevance Score of
'4' for both Management Strategy and Governance Structure due to
delays in securing the extension of its facilities, which is
putting pressure on its credit profile given the increasing
refinancing risks. The Governance Structure score of '4' has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

DERIVATION SUMMARY

Sritex's rating reflects the mounting liquidity pressure with
USD277 million in bilateral facilities maturing in 2021, while the
extension of these facilities and the terms of any extension are
increasingly uncertain in light of the company's request for a
relaxation under the OJK scheme.

KEY ASSUMPTIONS

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

-- Revenue growth of around 1.5% in 2021 and 2022;

-- EBITDA margin of around 18% in 2021 and 2022;

-- Stable working-capital days of around 260-270 days;

-- Annual capex of around USD55 million-65 million through to
    2022, mostly for maintenance.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Sritex would be reorganized
    as a going-concern in bankruptcy rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

-- The going-concern EBITDA estimate reflects Fitch's view of a
    sustainable, post-reorganisation EBITDA level upon which we
    base the enterprise valuation.

-- Fitch estimates EBITDA at USD210 million, which is 5% lower
    than the last-12-month 3Q20 EBITDA of USD221 million to
    reflect the industry's mid-cycle conditions and competitive
    dynamics.

-- An enterprise value multiple of 5x EBITDA is applied to the
    going-concern EBITDA to calculate a post-reorganisation
    enterprise value. The multiple reflects a discount from the
    median global multiple of 9x for completed M&A transactions in
    the textile industry over the past decade, based on Bloomberg
    data. The 5x multiple also reflects Sritex's smaller size
    compared with global manufacturers.

-- The going-concern enterprise value covers 71%-90% of Sritex's
    total debt, which is unsecured, corresponding to a 'RR2'
    Recovery Rating for the senior unsecured notes after adjusting
    for administrative claims. Nevertheless, Fitch has rated the
    senior unsecured bonds 'CCC-'/'RR4' because under Fitch's
    Country Specific Treatment of Recovery Ratings Criteria,
    Indonesia is classified under the Group D of countries in
    terms of creditor friendliness, and the instrument ratings of
    issuers with assets located in this group are subject to a
    soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- Successful refinancing of both syndicated and bilateral loans.

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

-- Non-payment of material financial obligations and/or
    announcement of distressed debt exchange.

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

Weak Liquidity, High Refinancing Requirements: Sritex's liquidity
position has weakened significantly. Sritex had USD187 million in
cash at end-December 2020 against USD277 million in outstanding
bilateral working capital facilities with various maturity dates in
2021. Its access to these facilities and the syndicated loan
extension are key to supporting the company's liquidity position.

Sritex's debt maturity is concentrated, with the USD350 million
syndicated loan in 2022, USD155 million in bonds in 2024 and USD225
million in bonds in 2025.

ESG CONSIDERATIONS

Sritex has an ESG Relevance Score of '4' for Management Strategy
due to significant delays in executing its refinancing plan, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Sritex has an ESG Relevance Score of '4' for Governance Structure
due to delays in finalising its refinancing, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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


SAKA ENERGI: Moody's Confirms B2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has confirmed the corporate family rating
and senior unsecured rating of Saka Energi Indonesia (P.T.) at B2.

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

The rating action concludes the review for downgrade, which was
initiated on January 7, 2021.

"The confirmation of Saka's B2 rating is based on our assessment
that the imminent risk to Saka's liquidity has been partially
mitigated by its plan to seek judicial review of its $127.7 million
tax dispute," says Hui Ting Sim, a Moody's analyst. "At the same
time, we now expect free cash flows at Saka over the next 12 months
will be higher than our previous forecast because of improved oil
prices, lower capital spending and certain tax refunds," add Sim.

"The negative outlook reflects potential deterioration of Saka's
liquidity over the next six to nine months if the outcome of the
judicial review of tax penalty is not in favor of the company or if
Saka fails to get an extension of its $361 million shareholder loan
maturing in January 2022," adds Sim.

RATINGS RATIONALE

Saka faces a potential tax penalty liability of $127.7 million
relating to its purchase of a 65% stake in Pangkah block from Hess
Corporation (Ba1 stable) in 2014. While the company is currently
preparing its application to seek judicial review, it will take
some time for its appeal to be filed with the Supreme Court in
Indonesia (Baa2 stable). Saka does not expect to receive a tax
invoice over this period. An unexpected acceleration of this tax
penalty liability will put downward pressure on the rating.

While Saka's parent, Perusahaan Gas Negara (P.T.) (PGN, Baa2
stable), has extended the maturity of shareholder loans in the
past, the partial repayment of shareholder loan in January 2021 has
increased uncertainty with respect to further extensions. Further
repayment of its $361 million shareholder loan due January 2022
will be credit negative.

Saka's liquidity will be good with cash holdings above $150 million
in 2022 if the company is not required to service the potential tax
penalty or repay its shareholder loan. Saka expects to receive a
refund of $39.8 million from the tax office in 2021, following a
favorable verdict by the Supreme Court in December 2020 for another
tax dispute involving Saka Pangkah LLC.

Moody's estimates Saka will produce around 23-27 thousand barrels
of oil equivalents (kboepd) over the next two years and maintain
capital spending at around $80 million per year. Moody's forecasts
are based on its medium-term Brent crude oil price assumption of
$45-$65 per barrel.

The one-notch uplift from parental support incorporated in Saka's
B2 ratings takes into account (1) the cross-default clauses between
PGN and Saka, and (2) the reputational and funding risks to PGN and
its ultimate shareholder, Pertamina (Persero) (P.T.) (Baa2 stable),
should Saka default.

ESG CONSIDERATIONS

Saka's ratings consider the very high environmental risk it faces
through its oil and gas operations. Specifically, oil and gas
exploration and production companies such as Saka are exposed to
very high carbon transition risk. However, this risk is mitigated
by the very high proportion of natural gas in Saka's production
mix, which accounts for about 83% of total production.

Saka is also exposed to social risks, especially in terms of
responsible production and health and safety issues. However, this
risk is mitigated by the company's long track record of operating
its businesses without any major incidents.

In terms of governance considerations, the rating incorporates
Saka's concentrated 100% ownership by PGN and its status as a
private company. Despite being unlisted, Saka publishes quarterly
financial statements and maintains a reasonable degree of
transparency of its operating performance.

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

Given the negative outlook, a rating upgrade is unlikely.

Nonetheless, the rating outlook could be revised to stable if (1)
there are positive developments and clarity on Saka's strategic
role within the consolidated Pertamina/PGN group; (2) there is
clear financial support from PGN including equity injections and
conversion of shareholder loans to equity that significantly
improves Saka's liquidity position, and (3) Saka improves its
operating profile without further straining its credit metrics.

Saka's ratings could be downgraded if Moody's lowers its assessment
of parental support incorporated in the ratings. This could be
driven by (1) a material change in Saka's ownership structure; or
(2) Saka's importance to PGN deteriorates such that it does not
qualify as a material subsidiary under the terms and conditions of
the unsecured notes due in 2024 issued by PGN.

In addition, Moody's would downgrade Saka's ratings if (1) it does
not secure an extension of the remainder of the shareholder loan
due in January 2022, (2) its financial profile is materially hurt
by amendments to the terms of the shareholder loans; (3) Saka
partially repays the outstanding shareholder loan, materially
straining its liquidity; or (4) the outcome of judicial review of
the tax penalty is not in favor of the company and it is required
to pay the tax penalty.

The ratings could also be downgraded if Saka's standalone credit
profile deteriorates because of weak liquidity or if the company's
reserves and production continue to decline.

Credit metrics indicative of a downgrade include adjusted retained
cash flow/debt falling below 10% or adjusted EBITDA/interest
falling below 2.5x.

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

Saka Energi Indonesia (P.T.) is an independent oil and gas
exploration and production company in Indonesia. The company holds
working interests in 11 oil and gas blocks, six of which are
producing. In the first nine months of 2020, Saka reported net
production of 25.7 kbpoed per day.

Saka is wholly owned by natural gas distribution and transmission
company, Perusahaan Gas Negara (P.T.) (PGN). In turn, PGN is 56.96%
owned by Indonesia's 100% state-owned national oil company,
Pertamina (Persero) (P.T.).




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

NAJIB RAZAK: Malaysian Ex-PM Faces Bankruptcy Over Tax Bill
-----------------------------------------------------------
Agence-France Presse reports that Malaysia's scandal-plagued former
prime minister Najib Razak is facing bankruptcy for allegedly
failing to pay more than $400 million in taxes, which could bring
his political career to an end.

According to AFP, Najib lost power in 2018 when his party, which
had governed the Southeast Asian nation for six decades, was
defeated at the polls after he became embroiled in a financial
scandal.

AFP relates that the leader and his cronies were accused of
stealing billions of dollars from state investment fund 1MDB, and
he has since been convicted and sentenced to 12 years in jail in
the first of several trials he is facing over the fraud.

Last year, a court ordered Najib -- who remains free on bail and is
still an MP -- to pay MYR1.69 billion ($409 million) in taxes owed
between 2011 and 2017, AFP recalls.

Late April 6, Najib said that tax officials issued a notice
demanding he settle the bill, plus additional costs, otherwise they
will launch bankruptcy proceedings, the report says.

If he is declared bankrupt, the ex-premier will lose his seat in
parliament and be barred from standing in elections.

According to the report, the 67-year-old insisted he had always
paid his taxes, and that the case against him is politically
motivated.

"I will continue to stand up and fight against every attempt to
bully and intimidate me by those in power," he wrote on Facebook,
adding he had asked his lawyers to try to get the proceedings
halted, AFP relays.

AFP says the prospect of bankruptcy comes as different factions
battle for control of Najib's party, the United Malays National
Organisation, of which he remains an influential member.

Despite his involvement in the 1MDB scandal, Najib is still a
popular figure, with more than four million Facebook followers.

He began an appeal against his conviction over the 1MDB scandal
last year. He denies any wrongdoing, the report notes.




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

VIETNAM OIL & GAS: Fitch Affirms 'BB' IDR & Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Vietnam Oil and Gas Group
(PVN), Vietnam Electricity (EVN) and six rated EVN subsidiaries to
Positive from Stable, and affirmed the Long-Term Issuer Default
Ratings (IDRs) at 'BB'. The rating action follows the revision of
the Outlook on Vietnam's 'BB' sovereign rating to Positive from
Stable on April 1, 2021.

The six EVN subsidiaries are National Power Transmission
Corporation (EVNNPT), Southern Power Corporation (EVNSPC), Hanoi
Power Corporation (EVNHANOI), Ho Chi Minh City Power Corporation
(EVNHCMC), Vietnam Electricity Northern Power Corporation (EVNNPC)
and Vietnam Electricity Central Power Corporation (EVNCPC).

Fitch has also affirmed the senior unsecured ratings of PVN, EVN
and EVNNPT at 'BB'.

KEY RATING DRIVERS

EVN's ratings reflect its Standalone Credit Profile (SCP), which is
at the same level as the Vietnam sovereign rating. Under Fitch's
Government-Related Entities (GRE) Rating Criteria, EVN's ratings
will be equalised to that of the sovereign in case of any weakening
in the SCP because of the company's strong linkages with the
state.

PVN's ratings are capped by those of the sovereign under the GRE
criteria given the company's strong linkages with the state. PVN's
SCP is assessed as 'bb+'.

EVNNPT's ratings are based on the consolidated profile of EVN,
which wholly owns EVNNPT, in line with Fitch's Parent and
Subsidiary Linkage (PSL) Rating Criteria. The consolidated rating
approach is driven by strong linkages between EVNNPT and its
parent. EVNNPT's SCP is assessed as 'bb+'.

Ratings of five power corporations (PCs) - EVNHANOI, EVNHCMC,
EVNSPC, EVNNPC and EVNCPC - are based on the consolidated credit
profile of EVN, which wholly owns these PCs, in line with Fitch's
PSL criteria. The consolidated rating approach is driven by the
strong integration of these PCs' credit profile with that of its
parent. Fitch assesses all the PCs' SCP as 'bb', the same as that
of EVN.

RATING SENSITIVITIES

PVN

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

-- Positive rating action on the sovereign.

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

-- Negative rating action on the sovereign.

EVN

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

-- Positive rating action on the sovereign, provided the
    likelihood of state support does not deteriorate
    significantly.

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

-- Negative rating action on the sovereign.

-- Deterioration in EVN's SCP, along with significant weakening
    in linkages with the state. Fitch sees this as a remote
    prospect in the medium term.

EVNNPT

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

-- Positive rating action on EVN;

-- Fitch does not expect positive action on EVNNPT's standalone
    profile in the absence of consistent implementation of the
    current tariff framework and improvement in EVN's credit
    profile.

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

-- Negative rating action on EVN;

-- Fitch would lower the company's SCP upon adverse regulatory
changes that result in deterioration of EVNNPT's business profile.

EVNHANOI

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

EVNHCMC

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

EVNNPC

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

EVNSPC

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

EVNCPC

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

-- Positive rating action on EVN.

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

-- Negative rating action on EVN.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of EVN, PVN, EVNNPT and the five PCs are directly
linked to the credit quality of their parents, the sovereign in the
case of EVN and PVN; and EVN in case of EVNNPT and the five PCs. A
change in Fitch's assessment of the credit quality of the
respective parent would automatically result in a change in the
ratings of these entities.

ESG CONSIDERATIONS

PVN has an ESG relevance score of '4' for financial transparency,
due to the below-average timeliness and transparency of financial
disclosure compared with other rated corporates, which has a
negative effect on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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



                           *********


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

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

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

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