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

                     A S I A   P A C I F I C

          Thursday, April 15, 2021, Vol. 24, No. 70

                           Headlines



A U S T R A L I A

BRICOL BUILDING: First Creditors' Meeting Set for April 21
DIAMOND OFFSHORE: Court Okays $2B Plan After Axing Compromise
GLOBAL ONE: Second Creditors' Meeting Set for April 20
IMPELUS LIMITED: Second Creditors' Meeting Set for April 20
INTRACON PTY: First Creditors' Meeting Set for April 20

NOVOQ AUSTRALIA: First Creditors' Meeting Set for April 22


C H I N A

CHINA EVERGRANDE: Fails 'Three Red Lines' Test as Peers Improve
CHINA HUARONG: China Mulls Shifting Stake to Sovereign Wealth Fund
CHINA SCE: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
CHINA WATER: Moody's Assigns Ba1 Rating to Proposed USD Notes
EVERGRANDE GROUP: S&P Alters Outlook on 'B+' ICR to Stable

JINKE PROPERTY: Moody's Affirms B1 CFR & Alters Outlook to Positive
LESHI INTERNET: Founder, Other Execs Banned From Securities Market
RONSHINE CHINA: Fitch Alters Outlook on 'BB-' IDR to Negative
RONSHINE CHINA: S&P Alters Outlook to Negative & Affirms 'B+' ICR
TD HOLDINGS: Delays Filing of 2020 Annual Report

ZIJIN MINING: S&P Alters Outlook to Positive & Affirms 'BB+' ICR


I N D I A

B S BUILDTECH: CARE Lowers Rating on INR45cr LT Loan to B
B. D. ROADWAYS: CARE Lowers Rating on INR9.07cr LT Loan to B+
B. G. TRANSPORT: CARE Lowers Rating on INR7.56cr Loan to B+
BE BE RUBBER: CRISIL Reaffirms B- Rating on INR5.35cr Cash Loan
DEVAS MULTIMEDIA: US Court Refuses to Stay Proceedings in NCLT

DHARAM EDUCATIONAL: CRISIL Reaffirms D Rating on INR14.5cr Loan
G. S. ROADWAYS: CARE Lowers Rating on INR8.86cr LT Loan to B+
IMP POWERS: CARE Keeps D Debt Rating in Not Cooperating Category
INKEL LIMITED: CARE Lowers Rating on INR40cr Loan to C (FD)
K R ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to B+

KAMLESH GREENCRETE: CRISIL Reaffirms B Rating on INR7cr Loans
KILBURN ENGINEERING: CARE Reaffirms D Rating on INR95cr LT Loan
MAHALAXMI JEWELLERS: CRISIL Assigns B+ Rating to INR7.5cr Loan
MANSA PRINT: ANG Lifesciences Acquires Publisher
MITHRA COACHES: CARE Keeps D Debt Rating in Not Cooperating

MOTHERSON SUMI: Moody's Alters Outlook on Ba1 CFR to Stable
NECTAR BOTTLING: CRISIL Assigns B Rating to INR7.12cr Loan
NUPOWER RENEWABLES: CARE Lowers Rating on INR180.20cr Loan to D
OSL AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR47.75cr Loans
R. K. ENTERPRISE: CARE Lowers Rating on INR7.89cr LT Loan to B+

SAHA INFRATECH: Insolvency Resolution Process Case Summary
SHRI TUBES & STEELS: Insolvency Resolution Process Case Summary
SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
T. K. ROADLINES: CARE Lowers Rating on INR8.83cr LT Loan to B+
T. K. ROADWAYS: CARE Lowers Rating on INR9.28cr LT Loan to B+

VEGA JEWELDIAM: CARE Keeps D Debt Rating in Not Cooperating
VYAS MERCANTILE: Insolvency Resolution Process Case Summary


I N D O N E S I A

GOLDEN ENERGY MINES: Fitch Affirms 'B+' LT IDR, Outlook Stable


J A P A N

RAKUTEN GROUP: S&P Assigns 'BB' Rating on New Subordinated Bonds


N E W   Z E A L A N D

CFS TRUSTEES: Owners Promotes New Apartment Amid Liquidation
TARATAHI AGRICULTURAL: Former Employee Still Unpaid


S I N G A P O R E

GOLDEN ENERGY AND RESOURCES: Fitch Affirms 'B+' IDR, Outlook Stab
TEE INTERNATIONAL: Net Loss Widens to SGD6.4MM in Q3 Ended Feb. 28


T H A I L A N D

NOK AIR: Gets Final One-Month Extension on Rehabilitation Plan
THAI AIRWAYS: 4,000 Employees Fail Screening to Keep Jobs

                           - - - - -


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A U S T R A L I A
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BRICOL BUILDING: First Creditors' Meeting Set for April 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bricol
Building Projects Pty Ltd will be held on April 21, 2021, at 10:00
a.m. via virtual meeting technology.

Stephen Dixon of Hamilton Murphy was appointed as administrator of
Bricol Building on April 9, 2021.


DIAMOND OFFSHORE: Court Okays $2B Plan After Axing Compromise
-------------------------------------------------------------
Law360 reports that a Texas bankruptcy judge on Thursday, April 7,
2021, approved oil and gas company Diamond Offshore Drilling's $2
billion debt-swap Chapter 11 plan after rejecting a compromise
between Diamond and the U. S. trustee's office over the plan's
legal releases.

At a virtual hearing, U.S. Bankruptcy Judge David Jones approved
the plan without the proposed compromise language, saying he would
not be bound by the language and calling the U. S. trustee's
objection part of a "concerted" effort to try to limit legal
releases in bankruptcy plans.

                      About Diamond Offshore

Diamond Offshore Drilling, Inc., provides contract drilling
services to the energy industry worldwide. The company operates a
fleet of 15 offshore drilling rigs, including 4 drillships and 11
semi-submersible rigs. It serves independent oil and gas companies,
and government-owned oil companies. The company was founded in 1953
and is headquartered in Houston, Texas. Diamond Offshore Drilling
is a subsidiary of Loews Corporation. The company has major offices
in Australia, Brazil, Mexico, Scotland, Singapore, and Norway.

Diamond Offshore Drilling, Inc., along with its affiliates, filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April
26, 2020. The petitions were signed by David L. Roland, senior vice
president, general counsel, and secretary.

As of Dec. 31, 2019, the Debtors disclosed $5,834,044,000 in total
assets and $2,601,834,000 in total liabilities.

The case is assigned to Judge David R. Jones.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP
are acting as the Company's legal counsel and Alvarez & Marsal is
serving as the Company's restructuring advisor. Lazard Freres & Co.
LLC is serving as financial advisor to the Company. Prime Clerk LLC
is the claims and noticing agent.


GLOBAL ONE: Second Creditors' Meeting Set for April 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Global One
Mobile Entertainment Pty Ltd has been set for April 20, 2021, at
11:15 a.m. at Level 1, 84 Pitt Street, in Sydney, NSW.

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 16, 2021, at 4:00 p.m.

David Joseph Levi of Levi Consulting was appointed as administrator
of Global One on
March 8, 2021.


IMPELUS LIMITED: Second Creditors' Meeting Set for April 20
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Impelus Limited
and Impelus APAC Pty Ltd has been set for April 20, 2021, at 10:00
a.m. and 11:45 a.m., respectively at Level 1, 84 Pitt Street, in
Sydney, NSW.

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 16, 2021, at 4:00 p.m.

David Joseph Levi of Levi Consulting was appointed as administrator
of Impelus Limited on March 8, 2021.


INTRACON PTY: First Creditors' Meeting Set for April 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Intracon Pty
Ltd will be held on April 20, 2021, at 3:30 p.m. via a Zoom
meeting.

Gregory Stuart Andrews of G S Andrews Advisory was appointed as
administrator of Intracon Pty on April 9, 2021.


NOVOQ AUSTRALIA: First Creditors' Meeting Set for April 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Novoq
Australia Pty. Ltd. ATF Novoq Australia Unit Trust, trading as Novo
Q Design, will be held on April 22, 2021, at 10:30 a.m. via
telephone conference.

Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of Novoq Australia on April 13, 2021.




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C H I N A
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CHINA EVERGRANDE: Fails 'Three Red Lines' Test as Peers Improve
---------------------------------------------------------------
Bloomberg News reports that Evergrande is falling further behind
the vast majority of its largest peers in meeting stricter Chinese
borrowing limits, raising refinancing risks for the country's most
indebted developer.

China Evergrande Group remained in breach of all key measures for
debt levels at the end of last year, even as almost half of the
country's 66 major developers met them, up from 14 six months
earlier, according to data compiled by Bloomberg. Of those largest
real estate companies, only four violated all three metrics.

With China's property sector accounting for about 29% of economic
output, regulators are determined to rein in its risk, introducing
so-called "three red lines" that cap borrowing. That's prompted
developers to cut leverage, spin off non-core assets and even
bolster balance sheets by raising equity for affiliates, Bloomberg
says.

The "deleveraging progress is happening faster than the market
expected, driven by a combination of intention to meet regulatory
requirements and a tighter financing environment," Bloomberg quotes
Nomura International Hong Kong Ltd. analyst Iris Chen as saying.
"The greater improvement developers make on the three-red-line
metrics, the less hurdles they might face when negotiating with
financial institutions."

Despite the new rules only applying to a small number of companies,
most Chinese developers have embraced them, Bloomberg discloses
citing China International Capital Corp. analysts.

Underscoring the urgency for regulators, China's property
developers are behind a record wave of corporate bond defaults this
year, accounting for 27% of last quarter's $15 billion missed
payments, data compiled by Bloomberg show.

As companies work toward improving their metrics, analysts warn
that some might be window dressing financial statements.

"A material increase of minority interests can boost developers'
equity base," the report quotes Ms. Chen as saying. "This can be an
easier way to lower the net gearing ratio than actually decreasing
the net debt."

Evergrande's goal of cutting about $100 billion in debt partly
hinges on aggressive equity fundraising for its non-core
businesses, Bloomberg Intelligence analysts said. Its long-term
rating was affirmed by S&P at B+, with an outlook to stable from
negative. The total amount of bonds and loans outstanding reached
CNY199 billion (US$30 billion) as of April 12.

According to Bloomberg, Evergrande and Guangzhou R&F Properties Co.
were the only two major firms that didn't show any material
improvement, both in breach of all three metrics. The data tracks
the 66 companies that reported full-year earnings last year among
China's largest 100 listed developers.  

Policy makers have set a deadline for mid-2023 to meet the
requirements, giving companies a three-year transition period,
Evergrande President Xia Haijun said on an earnings call last
month, Bloomberg recalls.  The company is trying to reach the
targets by the end of next year, Xia said. The country's largest
developer China Vanke Co. expects to be compliant by the first
quarter, the report notes.

R&F's Chairman Li Sze Lim said he's confident that the firm will
meet net-debt-to-equity metric by this year and reach full
compliance by the end of next year, local media quoted him saying
on an earnings call, Bloomberg relays.

"Meeting the three red lines is a matter of survival for Chinese
developers," Bloomberg quotes Ma Dong, a partner at Beijing-based
fund BG Capital Management, as saying. "Under ever stricter
property curbs, only by meeting these metrics can a developer
secure its refinancing."

Of the three metrics, developers showed the biggest improvement in
the ratio of their cash to short-term debt. The number of companies
breaching the liquidity gauge shrank 64% from half a year earlier,
data compiled by Bloomberg show.

Bloomberg says large developers including Sunac China Holdings Ltd.
and China Jinmao Holdings Group lengthened their debt maturities
and cut borrowings due within a year, according to S&P Global
Ratings. Spending less on land purchases, an easy way to boost
cash, also helped.

Many firms still struggled with their liabilities-to-assets ratio,
with 30 remaining non-compliant, Bloomberg notes. Improvement for
this metric could mean companies have to substantially increase
earnings and boost equity, which is more difficult than improving
the other two metrics, S&P Global Ratings analysts wrote in a note
last week.

The number of developers breaching a 100% ceiling of net debt to
equity, a gauge of leverage, halved from six months earlier,
according to data compiled by Bloomberg.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on  Sept.
17, 2020, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings of China Evergrande Group and subsidiary
Hengda Real Estate Group Co., Ltd at 'B+' with Stable Outlooks.  At
the same time, Fitch has affirmed Evergrande's senior unsecured
rating at 'B' with a Recovery Rating of 'RR5'. Fitch has also
assigned Hengda's wholly owned offshore financing platform, Tianji
Holdings Limited, a Long-Term IDR of 'B+' with Stable Outlook and a
senior unsecured rating of 'B' with a Recovery Rating of 'RR5'.

The Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited have been downgraded to 'B' with a Recovery Rating
of 'RR5', from 'B+' with a Recovery Rating of 'RR4', to reflect
Fitch's revised rating approach, whereby the bond rating is linked
to Tianji, the guarantor, rather than Hengda, the keepwell
provider. Fitch affirmed Hengda's 'B+' senior unsecured rating with
a Recovery Rating of 'RR4' and then withdrew the rating because the
senior unsecured rating was no longer relevant to the agency's
coverage.

The affirmation of Evergrande's and Hengda's IDRs reflects the
group's large business scale and diversification, but higher
leverage and weaker liquidity than that of peers. The Stable
Outlook reflects the expectation that the Evergrande will be able
to deleverage after 2020, with improving contracted sales and
collection ratio, as well as its stated intention to reduce land
acquisitions. In addition, the Stable Outlook also reflects its
expectation that Evergrande will be able to negotiate with Hengda's
strategic investors not to redeem the CNY130 billion investment in
early 2021.

On Sept. 24, 2020, S&P Global Ratings revised the outlooks on China
Evergrande Group, the company's property arm Hengda Real Estate
Group Co. Ltd., and offshore financial platform Tianji Holding Ltd.
to negative from stable. At the same time, S&P affirmed its 'B+'
long-term issuer credit ratings on the three companies and its 'B'
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji.


CHINA HUARONG: China Mulls Shifting Stake to Sovereign Wealth Fund
------------------------------------------------------------------
Bloomberg News reports that China's finance ministry is considering
transferring its stake in China Huarong Asset Management Co. to a
unit of the nation's sovereign wealth fund that invests in
financial companies, according to a person familiar with the
matter.

One motivation for the proposed transfer to Central Huijin
Investment Ltd. is that the unit has more experience resolving debt
risks, the person said, asking not to be identified discussing
private information, Bloomberg relates. Deliberations over a
transfer have continued as investor concern over China Huarong's
financial health sent the company's dollar bonds tumbling to record
lows this month, the person said.

Such a transfer has previously been discussed under the auspices of
streamlining supervision of China Huarong and other bad-debt
managers and wouldn't represent a change in the level of government
backing for the company, said another person who wasn't involved in
the most recent talks, Bloomberg relays.

It's unclear whether Chinese leaders have discussed the fate of
China Huarong's bondholders or outlined specific measures that
Huijin would take if it assumes control of the China Huarong stake.
The finance ministry aims to complete a transfer in the next few
months, though any final decisions will require approval from
China's State Council, one of the people, as cited by Bloomberg,
said.

While Huijin is a unit of sovereign fund China Investment Corp.,
its investment decisions are overseen by the State Council, as are
appointments to its board, Bloomberg notes. Huijin holds the
government's stakes in some of the nation's biggest banks and
brokerages. In 2019, it injected CNY60 billion (US$9.2 billion)
into troubled Hengfeng Bank Co., expanding its portfolio to 18
financial institutions, according to CIC's 2019 annual report.

By playing the role of "activist shareholder," Huijin has delivered
"outstanding performance" in growing state assets over the years,
according to the report. The unit's equity interests combined with
accumulated profits stood at more than 7 times the amount of
government capital injected into the businesses.

In an emailed response to questions from Bloomberg, Huarong said it
has "adequate liquidity" and plans to announce the expected date of
its 2020 earnings release after consulting with auditors. It was
Huarong's failure to release annual results that helped trigger the
selloff in its bonds this month.

The company's dollar debt got a slight boost after Bloomberg
reported the potential stake transfer. Some notes rose by about 2
cents on the dollar, though they were still headed for record lows
on a closing basis. Prices tumbled earlier on April 13 as traders
circulated a Caixin commentary that discussed various scenarios for
the company that included bankruptcy, Bloomberg says.

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


CHINA SCE: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
-----------------------------------------------------------
S&P Global Ratings, on April 12, 2021, affirmed its 'B+' long-term
issuer credit rating on China SCE Group Holdings Ltd. (CSCE) and
its 'B' long-term issue rating on the company's outstanding senior
unsecured notes.

The negative outlook reflects S&P's view that CSCE's leverage may
not reduce significantly over the next 12 months due to extensive
land acquisitions, heavy capex on investment properties, and
weakening profitability.

S&P said, "We affirmed the rating because we believe CSCE's revenue
growth will remain strong and its cash sources will be sufficient
to meet its capex and refinancing needs over the next 12 months.

"We believe CSCE's deleveraging over 2021-2022 will be limited by
its increased expansion appetite and weakening profitability. The
company's sales execution and shopping mall expansion in newly
entered, lower-tier cities are untested and could elevate execution
risks. Faster revenue growth and a more controlled increase in debt
in 2020 helped CSCE to deleverage.

"CSCE's growth plan, especially in investment properties, is
ambitious, in our view. The company targets to own 100 shopping
malls by 2025, up from five in 2020. This strategy may bring
execution risks and require significant capex. We expect CSCE to
spend about Chinese renminbi (RMB) 2 billion in 2021 to construct
malls; the company has committed to open four new malls during the
year."

CSCE's investments in shopping malls, mainly focused in lower-tier
cities, have yet to produce a meaningful return. Rental income of
RMB315 million in 2020 covered only 10% of interest expenses. S&P
expects the company's recurring income to gradually grow on the
back of its strong project pipeline, and cover 15%-25% of interest
expenses in 2021-2022.

CSCE's land acquisitions are likely to be extensive in 2021-2022 to
support scale expansion. S&P estimates the company will spend
55%-60% of its proceeds from contracted sales on land over the next
one to two years; it spent 61% of sales on land in 2020. As a
result, CSCE's adjusted debt will grow to RMB52
billion-RMB54billion in 2021 from RMB50 billion in 2020, by our
estimate.

Steady sales execution and an improving attributable ratio should
support revenue growth over the next two years. S&P expects the
company's consolidated revenue to grow 18%-20% annually in
2021-2022. This will be supported by an increasing attributable
ratio of newly acquired land--at 80% in 2020 versus 63% in 2019.
CSCE's enlarged sold but unrecognized contracted sales base of
RMB53 billion at end-2020 should also underpin revenue growth.

CSCE's margin should slightly decline to 21%-23% in 2021-2022, from
24.1% a year ago. This will be due to revenue recognition from
lower-margin projects in higher-tier cities. S&P believes margins
for contracted sales in 2021-2022 will improve moderately.
Mixed-use residential and commercial developments acquired in
2019-2020 will result in higher-margin sales in 2021-2022, and
therefore higher recognized margin in long-term after 2022.

CSCE's "look-through" leverage will be slightly higher than the
consolidated ratio. The company has several joint venture (JV)
projects that are in the early stages of development. These have
high outstanding debt and are yet to contribute revenue. Besides,
gross margin for JV projects are often lower at 15%-16% because
some of them are in higher-tier cities such as Xiamen with more
expensive land and the presence of price caps.

S&P said, "We anticipate CSCE's attributable debt will rise to
RMB11 bilion-RMB12 billion in 2021-2022 from RMB10 billion in 2021.
Meanwhile, annual EBITDA from these projects will likely rise to
RMB800 million-RMB1.2 billion in 2021-2022 from about RMB700
million in 2020. The proportionally consolidated look-through
debt-to-EBITDA ratio will therefore be 7.0x-7.2x in 2021, compared
with 7.7x in 2020. We expect the consolidated debt-to-EBITDA ratio
to improve to 6.7x-6.9x in 2021 from 7.2x in 2020."

CSCE has built in some liquidity buffer through its high cash
balance and well-managed debt maturity profile. The company has
29.7% of its reported debt due within one year, 24.6% due in one to
two years, and the rest 45.7% has maturity of more than two years.
Its weighted average maturity is close to 2.8 years. S&P believes
CSCE's good accessibility to debt capital markets and well-managed
debt maturity profile could enhance its financial flexibility for
growth.

S&P said, "The negative outlook reflects our view that CSCE's
deleveraging, both consolidated and proportionate, is uncertain
over the next 12 months. This is due to the company's strong growth
appetite for investment properties and the need to replenish its
land bank. CSCE's moderate contracted sales growth and improvement
in attributable ratio over the next one to two years could temper
the risks.

"We could downgrade CSCE if the company's debt growth remains
significant or its margin, both consolidated and proportionate, is
weaker than our forecast. The debt-to-EBITDA ratio (on a
consolidated or proportionate consolidated basis) sustainably above
6.5x would indicate such deterioration.

"We may revise the outlook to stable if CSCE demonstrates
consistent financial management, a disciplined investment policy,
and willingness to rein in its appetite for debt growth. The
company's debt-to-EBITDA ratio (on a consolidated and proportionate
consolidated basis) sustainably improving to about 6.5x could
trigger such an action."


CHINA WATER: Moody's Assigns Ba1 Rating to Proposed USD Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to the proposed USD notes to be issued by China Water
Affairs Group Limited (CWA, Ba1 stable).

The outlook is stable.

CWA plans to use the net proceeds mainly to redeem the outstanding
USD notes.

RATINGS RATIONALE

"The proposed issuance will have a limited impact on CWA's total
debt given the proceeds will be primarily used to redeem its
outstanding USD notes due in 2022," says Ralph Ng, a Moody's Vice
President and Senior Analyst.

"The proposed notes will also lengthen the company's debt maturity
profile," adds Ng.

The rating on the notes is in line with CWA's Ba1 corporate family
rating. Despite CWA's status as a holding company with most of the
claims at operating subsidiaries, its creditors benefit from the
group's diversified business profile, with cash flow generation
across 184 operating subsidiaries, which mitigates structural
subordination risks. As of the end of 2020, the single-largest
subsidiary accounted for only 4% of total revenue and the
subsidiary claim/total consolidated claim was about 60% as of the
end of March 2020.

The Ba1 corporate family rating is underpinned by CWA's stable
business profile with low volume risks and favorable industry
policies to support growth in the water utility sector. However,
these strengths are offset by CWA's exposure to connection fees
that are more volatile that water supply and its investment in
Kangda International Environmental Company Limited, which elevates
its financial leverage.

Moody's estimates that CWA will incur capital expenditure of about
HKD2 billion-HKD3 billion per year in 2021 and 2022. In addition,
its adjusted funds from operations (FFO)/net debt will be around
20% on a consolidated basis, and 17%-18% after pro rata
consolidation of its 28.46%-owned Kangda over the same period.

The stable rating outlook reflects Moody's expectation that over
the next 12-18 months, CWA's business operations and financial
profile will remain stable and that no significant changes will
occur in the current regulatory regime.

Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.

Moody's considers CWA's environmental risk to be moderate, because
water supply operations are, by nature, threatened by drought,
water diversion and pollution. That said, the water utilities
business enhances CWA's essential position in securing water for
its respective regions and importance to society even though it is
a privately owned company.

CWA's social risks are moderate, based on its monopolistic position
under individual concessions, although there could be
pollution-related or reputational concerns if questions occur over
the quality of drinking water or sewage discharge. The social risks
relating to its employees, in particular during the restructuring
of acquired assets, may result in pay disputes.

CWA is a private company controlled and owned by its founder. It is
therefore exposed to key personnel risk, which can affect the
company's strategies and expansion appetite. However, the business
fundamentals are unlikely to change under the existing concession,
even if there is a major change in management. However, operating
statistics are not mandatory disclosures and are verified by third
parties; as a result, Moody's relies on CWA's voluntary disclosure
on such statistics.

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

Moody's would consider upgrading CWA's rating if (1) there are
substantial improvements in the regulatory regime and the tariff
adjustment mechanism, and (2) the company's business and financial
profiles improve significantly.

Financial indicators for an upgrade include consolidated FFO/net
debt in excess of 25% on a sustained basis.

The rating could be downgraded if (1) there are adverse changes in
the regulatory regime; (2) CWA's business and financial profiles
weaken substantially because of a deterioration in its asset
quality and capital structure; or (3) the company engages in
significant debt-funded expansion and non-water-utility-related
businesses, or both.

Financial indicators for a downgrade include consolidated FFO/net
debt below 15% over a prolonged period.

Moody's will reassess Kangda's impact on CWA's credit profile if
CWA further increases its ownership in Kangda, or provides
additional financial support such as guarantees or related-party
lending.

The principal methodology used in this rating was Regulated Water
Utilities published in June 2018.

Established in 2003, China Water Affairs Group Limited (CWA) mainly
engages in the provision of city water supply and water treatment
services in China. The company's daily capacity was 9.64 million
cubic meters (m3) as of September 30, 2020, covering more than 60
cities in China.

CWA is listed on the Hong Kong Stock Exchange. As of September 30,
2020, the company was 29.58% owned by its chairman and founder Duan
Chuan Liang, 18.29% by ORIX Corporation (A3 negative) and 52.13%
publicly.


EVERGRANDE GROUP: S&P Alters Outlook on 'B+' ICR to Stable
----------------------------------------------------------
On April 12, 2021, S&P Global Ratings revised its outlooks on China
Evergrande Group, its property development arm, Hengda Real Estate
Group Co. Ltd., and its offshore financial platform, Tianji Holding
Ltd., to stable from negative. At the same time, S&P  affirmed its
'B+' long-term issuer credit ratings on the three companies and its
'B' long-term issue ratings on the U.S. dollar notes issued by
Evergrande and those guaranteed by Tianji.

The stable outlook on Evergrande reflects S&P's view of its
strengthening liquidity profile over the next 12 months, given it
expects its short-term debt position and liquidity to continue to
improve. It also reflects our expectation that further margin
decline should be offset by Evergrande's ramp-up of revenue
recognition and debt reduction, and that Hengda and Tianji will
remain core subsidiaries of the parent.

S&P said, "We revised the outlooks on Evergrande and the two group
entities to stable because we believe tight liquidity is improving.
We expect Evergrande to continue to focus on using ample cash
inflow from sales and capital raised via various means to reduce
debt. Its short-term debt, including trust financing, should
continue to decline accordingly, and we see this as the key to the
sustainable improvement of its capital structure.

"Evergrande now has a stronger commitment to execute its debt
reduction plan, in our view." This is because of the regulator's
unofficial three red lines, which are aimed at addressing
developers' leverage and liquidity. A failure to comply could
result in more restrictions on funding access. A sign of its
compliance is shown in Evergrande's total reported debt and
short-term maturities as of end-2020, which dropped by 14% and 15%,
respectively, compared with the interim 2020 levels.

Evergrande can generate sufficient cash to reduce debt. As the
asset-rich developer has strong sales execution, S&P believes it
can mobilize various resources to achieve its debt reduction
target. Evergrande's contracted sales outperformed its peers' in
2020 with 20% growth and it had a high cash collection rate of 90%.
Although S&P expects the company's sales to grow only slightly in
2021, sales inflow will still be substantial, with a contracted
sales target of Chinese renminbi (RMB) 750 billion. The key is
whether Evergrande can get spending on land and other segments
under control, areas that are likely to be deprioritized under its
deleveraging plan.

Evergrande will continue to use other additional means for
fundraising. S&P expects the company to continue selling minority
stakes in some of its projects, given its huge land bank of 230
million square meters (sqm). In addition, its subsidiary Fangchebao
Group Co. Ltd. (FCB), an online property trading platform, may be
listed. Evergrande recently completed a sizable share placement for
China Evergrande New Energy Vehicle Group Ltd. (Evergrande Vehicle)
at HK$26 billion and strategic investors injected HK$16.35 billion
into FCB. The listing of its property management unit, Evergrande
Property Services Group Ltd., and share placements for Evergrande
itself and Evergrande Vehicle also brought in substantial new
equity capital of HK$45.9 billion in 2020. S&P expects Evergrande
to use the proceeds from capital raising for the repayment of
offshore bonds, as a means of deleveraging.

In addition, Evergrande persuaded nearly all of the investors for
the "A-share" pre-listing of its property arm to convert their
RMB130 billion investments into common shares in November 2020.
This highlights the company's ability to enhance liquidity when
needed.

Evergrande's suboptimal capital structure will likely remain a
rating constraint over the next 12 months.Despite notable progress,
its short-term maturities still stand at a weighty RMB335 billion.
S&P believes further improvement of its liquidity and capital
structure, though foreseeable, can only take place gradually.

S&P said, "For Evergrande to maintain large contracted sales and
good cash collection amid credit tightening, we expect more
promotions and flexible pricing from the company. As such, we
project Evergrande's gross margin will further decline to 20%-21%
in 2021-2022, from 24% in 2020." The average pricing of the
company's recent contracted sales was around RMB8,500 per sqm,
moderately below its 2020 level and considerably lower than its
peak at over RMB10,000 per sqm.

S&P said, "In our opinion, Evergrande can still achieve moderate
deleveraging, with mild EBITDA growth and decreasing debt. We
forecast Evergrande's EBITDA in 2021-2022 will be 10%-20% below its
peak in 2018 as the margin contracts. Nevertheless, EBITDA should
still increase moderately by about 5% from 2020 as revenue picks up
amid more project deliveries. We anticipate a 10%-15% decrease in
adjusted debt, leading the debt-to-EBITDA ratio to hover at
5.5x-6.5x in 2021-2022, a level commensurate with the current
rating, in our view."

Evergrande's core subsidiary, Hengda, has similar trends in
liquidity and leverage. The property developer arm accounts for
about 70% of Evergrande's debt, and 85%-90% of its sales and
profit.

CHINA EVERGRANDE GROUP

S&P said, "The stable outlook reflects our expectation that
Evergrande's tight liquidity will continue to improve thanks to
debt reduction efforts over the next 12 months. Short-term
maturities will also continue to shrink accordingly. The outlook
also reflects our view that Evergrande's stable sales and steady
revenue growth, coupled with lower debt, should be able to offset
its ongoing margin decline.

"We may lower the rating if Evergrande's liquidity fails to remain
at a level at which its liquidity sources will be able to cover
uses. This could happen if Evergrande's debt reduction efforts will
not be able to further address the substantial short-term
financing, including trust loans, to below the current levels of
about 47% of outstanding debt. This could also happen if its sales
inflow or other means of capital raising is weaker than we
expected. We could also consider Evergrande's liquidity profile to
have deteriorated if we believe its access to bank or capital
market funding has weakened."

The rating could also come under pressure if Evergrande engages in
substantial debt-funded additions to its land bank or other major
nonproperty investments, such that its debt-to-EBITDA ratio
deteriorates to beyond 8x.

S&P could raise the rating if:

-- Evergrande further improves its capital structure by extending
its debt maturity profile and bringing in substantial longer-term
capital, such that the ratio of short-term liquidity sources to
uses will be sustainably over 1.2x and that its weighted average
debt maturity profile is well above two years; and

-- The company's profitability stabilizes and performs
considerably better than S&P expected, potentially due to a gradual
increase in selling prices, while its debt reduction efforts are
stronger than it anticipated, such that its debt-to-EBITDA ratio
will stay below 5x on a sustainable basis.

HENGDA REAL ESTATE GROUP CO. LTD.

The stable outlook mirrors that on Hengda's parent company,
Evergrande.

S&P may lower the rating on Hengda if we downgrade its parent.

In a remote case, S&P may also lower the rating on Hengda if the
company's strategic importance within the group declines, while its
stand-alone credit profile deteriorates and becomes weaker than
that of the group. That could happen if Evergrande substantially
lowers its stake in Hengda and shifts its strategic focus to other
business segments, while Hengda's leverage or liquidity materially
deteriorates from current levels.

S&P may raise the rating on Hengda if it takes a similar rating
action on Evergrande.

TIANJI HOLDING LTD.

The stable outlook on Tianji reflects the outlook on its parent,
Hengda. S&P also expects Tianji to maintain its status of being a
core subsidiary of Hengda over the next 12 months.

S&P could downgrade Tianji if it take a similar action on Hengda.

S&P said, "We could also lower the rating on Tianji if its core
status weakens. This could happen if: (1) we believe Tianji's
strategic importance to Hengda has weakened, possibly because of a
change in the parent's strategy; or (2) Hengda's supervision and
control of Tianji weakens."

S&P may raise the rating on Tianji if it takes a similar rating
action on Hengda.


JINKE PROPERTY: Moody's Affirms B1 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Jinke
Property Group Co., Ltd. to positive from stable.

At the same time, Moody's has affirmed Jinke Property's B1
corporate family rating and B2 senior unsecured rating.

"The change in outlook to positive from stable reflects our
expectation that Jinke Property's credit metrics will continue to
improve over the next 12-18 months, supported by its strong revenue
growth and controlled debt growth," says Celine Yang, a Moody's
Assistant Vice President and Analyst.

Specifically, Jinke Property's revenue growth will be driven by its
strong sales execution. Its total contracted sales grew 20% to
RMB217.8 billion in 2020, despite the coronavirus outbreak. This
growth was preceded by the company's 57% growth in contracted sales
to RMB181.4 billion in 2019.

"The rating affirmation reflects our expectation that the company
will maintain good liquidity, good access to onshore funding and
stable contracted sales growth over the next 12-18 months," adds
Yang.

RATINGS RATIONALE

Jinke Property's B1 CFR reflects the company's (1) established
track record of developing residential properties and
well-recognized brand in the Chinese city of Chongqing; (2) growing
scale and geographic diversification; and (3) good liquidity,
supported by strong cash flow from property sales and good access
to onshore funding.

Jinke Property's CFR also considers its execution risk associated
with fast expansion, as well as its increased exposure to trust
loans. The latter will raise the company's funding costs and weaken
its funding stability if its exposure does not lessen in the next
6-12 months.

Moody's expects Jinke Property's debt leverage - as measured by
revenue/adjusted debt - will continue to improve to 77%-80% over
the next 12-18 months from 74.4% in 2020. This will be driven by
Jinke Property's strong revenue recognition, as well as its
disciplined approach to pursuing growth. Similarly, Jinke
Property's EBIT/interest coverage will improve to about 2.7x-3.0x
over the same period from 2.5x in 2020.

Moody's expects Jinke Property's sizable salable resources and
strong sales execution will enable it to further grow its
contracted sales to RMB240 billion-RMB250 billion annually in the
next 12-18 months. Proceeds from contracted sales will provide the
funds for the company to execute its business expansion, as well as
support its revenue growth and liquidity over the next 12-18
months.

Moody's also expects the company will take a measured approach to
pursing growth in the next 1-2 years. As a result, its annual debt
growth will be contained at 10%-15% in the next 1-2 years. Jinke
Property's adjusted debt grew only 6% in 2020 to RMB118 billion as
of December 2020.

The company's B2 senior unsecured debt rating is one notch lower
than the CFR, due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Jinke Property's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

Jinke Property's liquidity position is good. The company's cash
balance of RMB43.5 billion as of the end of 2020 covers 134% of its
short-term debt. Such cash holdings, together with the company's
operating cash flow, will be sufficient to cover its short-term
debt and estimated committed land payments over the next 12-18
months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Jinke Property's relatively concentrated
ownership in Huang Hongyun and persons acting in concert, who
together held 29.99% of the company's shares as of December 31,
2020. Moody's notes that 15.5% of its total outstanding shares were
pledged by its major shareholder. A material change in the
ownership of these major shareholders would warrant a reassessment
of the company's credit position.

Moody's has also considered (1) the presence of three independent
non-executive directors on a board of nine directors; (2) the
company's moderate 35%-37% dividend payout ratio over the past
three years; and (3) the application of the listing rules of the
Shenzhen Stock Exchange.

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

Moody's could upgrade the CFR if Jinke Property (1) demonstrates
sustained growth in its contracted sales and revenue through
economic cycles without sacrificing profitability; (2) demonstrates
discipline in its land spending and financial management; (3)
improves its credit metrics, such that its EBIT/interest rises to
above 2.5x-3.0x and revenue/adjusted debt rises to above 70%-80% on
a sustained basis; and (4) maintains good liquidity.

A rating downgrade is unlikely given the positive outlook. However,
Moody's could revise Jinke Property's outlook to stable if the
company (1) generates weak contracted sales; or (2) significantly
increases its debt leverage due to aggressive expansion, such that
its adjusted EBIT/interest falls under 2.5x-3.0x or
revenue/adjusted debt declines to below 70%.

Any signs of weakening liquidity or access to funding would also be
negative for the company's rating.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Jinke Property Group Co., Ltd. is a residential property developer
based in Chongqing. It was listed on the Shenzhen Stock Exchange in
2011 through a backdoor listing. Huang Hongyun and persons acting
in concert owned 29.99% of the company as of December 31, 2020.

Jinke Property generates more than 90% of its revenue from property
development. The company reported RMB87.7 billion of revenue in
2020. As of December 31, 2020, the company had a land bank of
around 71 million square meters in gross floor area (GFA), which is
sufficient for around three years of property development.


LESHI INTERNET: Founder, Other Execs Banned From Securities Market
------------------------------------------------------------------
Caixin Global reports that China's securities regulator banned
Leshi Internet Information & Technology Corp.'s founder Jia Yueting
and other former executives from the securities market for life in
connection with their role in the company's financial fraud from
2007 to 2016.

In addition to Mr. Jia, other individuals banned include: Yang
Lijie, former financial chief of Leshi, former vice chairman and
deputy general manager Liu Hong, former chairman of supervisory
board Wu Meng, and former deputy general manager Jia Yuemin,
brother of Jia Yueting, according to a statement released on April
13 by the China Securities Regulatory Commission (CSRC), Caixin
relates.

Caixin adds that these individuals are also banned from acting as
director, supervisors, or senior executives at listed companies or
non-listed companies, or conducting securities business at any
institutions, the CSRC said.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.


Leshi Internet has been mired in massive debt woes since its parent
LeEco was hit with a cash crunch after years of aggressive
expansion, according to Caixin Global. Founder Jia Yueting fled
China to the U.S. and has not returned since the summer of 2017,
leaving behind CNY11.9 billion ($1.7 billion) of debts. Mr. Jia was
blacklisted as a debt defaulter by a Chinese court. In October, Mr.
Jia filed for bankruptcy in the U.S.


RONSHINE CHINA: Fitch Alters Outlook on 'BB-' IDR to Negative
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Ronshine China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
Negative, from Stable, and has affirmed the ratings at 'BB-'. Fitch
has also affirmed the Chinese homebuilder's senior unsecured rating
and the rating on its outstanding US dollar senior notes at 'BB-'.

The Negative Outlook reflects Fitch's view that Ronshine's EBITDA
margin (after adding back capitalised interest) should trend
towards 20% in 2021, after it dropped to about 15% in 2020 from 29%
in 2019. However, Fitch believes there are some uncertainties in
the pace of the margin recovery, as policy risks remain high in the
first- and second-tier cities. The ratings may be stabilised if
Ronshine can achieve a significant improvement in margins or sales
churn in 2021.

KEY RATING DRIVERS

Low Profitability: Ronshine's profitability declined in 2020 as its
EBITDA margin, after adding back capitalised interest in cost of
goods sold (COGS), while its sales churn (attributable contracted
sales/total debt) remained at about 1.0x. The thin EBITDA margin
was due to the booking of a few projects in high-tier cities in the
Yangtze River Delta where the price caps were imposed by the
government. Its average land bank cost increased by 15% to
CNY7,902/sq m, and accounted for 37% of its contracted average
selling price.

Margin May Recover: The proportion of low-margin projects to be
booked will decline, according to the revenue recognition schedule.
Fitch also believes Ronshine's land acquired in 2019 and 2020 will
support its margin recovery in the long term. Demand is more robust
in high-tier cities, where Ronshine is focusing, but the pace of
the margin recovery is uncertain as the policy risks in these
cities remain high.

Leverage to Stabilise: Fitch expects leverage (net debt/adjusted
inventory, including guarantees provided to - and net assets of -
JVs and associates) to stay at around 43%-45% over the next two
years. Fitch assumes the company will spend around 40% of
attributable sales proceeds to acquire land, as it has sufficient
land bank to support its contracted sales scale with a moderate
sales growth target. Ronshine spent CNY29 billion on land
acquisition on an attributable basis in 2020, which represents 54%
of sales proceeds, while it spent only 32% in 2019 and 15% in
2018.

Diversified Land Bank: Fitch expects Ronshine's diversified land
bank and focus on higher-tier cities to sustain sales scale over
the next two years. Ronshine had an attributable land bank of 14.6
million sq m at end-2020 (including presold but unbooked areas),
sufficient for about three years of development. Ronshine's 247
projects cover 52 cities across China, with a focus on Tier 1 and 2
cities, which accounted for 82% of its land bank by area.

Sales Growing Steadily: Fitch estimates that attributable sales
scale will grow by 5% to about CNY74 billion in 2021, while
expanding total contracted sales by 5% to CNY163 billion. The
company boosted total contracted sales by 10% in 2020, driven
mainly by higher gross floor area sold. Fitch believes the moderate
sales growth means that it will not need to increase land reserves
aggressively.

High Non-Controlling Interest: Ronshine's non-controlling interest
(NCI) accounted for about 65% of total equity, which is high among
peers. This reflects its reliance on capital contributions from
non-controlling shareholders - mostly developers - to finance its
expansion. This reduces Ronshine's need for debt funding, but
creates the potential for cash leakage and reduces financial
flexibility because homebuilders with lower NCI can dispose of
stakes in projects to cut leverage.

DERIVATION SUMMARY

Ronshine's attributable contracted sales scale of about CNY70
billion is comparable with that of 'BB-' peers. Its high quality
and diversified land bank is comparable with that of KWG Group
Holdings Limited (BB-/Stable). Ronshine's leverage, based on net
debt/adjusted inventory, including guarantees to JVs and
associates, has been sustained below 45%, which is slightly lower
than that for Times China Holdings Limited (BB-/Stable). However,
it has a slimmer EBITDA margin than its peers, as some of its
projects in high-tier cities were acquired during 2016-2017 when
price caps were in place.

Ronshine also has a stronger record of sustaining its leverage,
including guarantees to JVs and associates, than those of 'B+'
rated peers such as Zhongliang Holdings Group Company Limited
(B+/Stable).

KEY ASSUMPTIONS

-- Total contracted sales growth of 5% per year in 2021-2023
    (2020: 10%);

-- EBITDA margin, after adding back capitalised interest in cost
    of goods sold (COGS), of around 20% in 2021-2023 (2020:
    15.4%);

-- Land acquisitions to account for around 40% of contracted
    sales proceeds in 2021-2023 (2020: 52%);

-- Construction cash outflow to account for around 30%-32% of
    contracted sales proceeds in 2021-2023 (2020:33%).

RATING SENSITIVITIES

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

-- The Outlook may revert to Stable if the EBITDA margin, after
    adding back capitalised interest in COGS, trends back to 20%,
    while maintaining its current sales churn and leverage.

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

-- Leverage, measured by net debt/adjusted inventory, including
    guaranteed debt for joint ventures and associates, above 45%
    for a sustained period;

-- EBITDA margin, after adding back capitalised interest in COGS,
    remains below 20% without significant improvement in sales
    churn.

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: Ronshine had an unrestricted cash balance of
CNY26.8 billion at end-2020, sufficient to cover its short-term
debt of CNY24.9 billion (including corporate bonds which are
puttable). The company issued USD300 million of 7.1% senior
unsecured notes due 2025 for refinancing purposes in January 2021.

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.


RONSHINE CHINA: S&P Alters Outlook to Negative & Affirms 'B+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Ronshine China Holdings
Ltd. to negative from stable. At the same time, S&P affirmed its
'B+' long-term issuer credit rating on the company.

S&P said, "The negative outlook reflects our view that Ronshine's
profitability is likely to remain weak over the next six to 12
months amid challenging operating and funding conditions.

"We revised the rating outlook to negative because we expect
Ronshine's weakening profitability to linger over the next 12
months given its significant undelivered low-margin projects. In
addition, the company's land replenishment needs make it difficult
for it to reduce absolute debt, or at least keep total debt at the
current level, in the next 12 months.

"We affirmed the rating because we believe Ronshine's good sales
and cash collection prospects in higher-tier cities could temper
the above weaknesses. Besides, the company is less reliant on
alternative nonbank financing and doesn't have exposure as of
end-2020, making it less vulnerable to policy changes on shadow
banking.

"We believe Ronshine's low-margin projects will dent the company's
margins. Ronshine did not fully recognize outstanding low-margin
projects in 2020. We anticipate the company has about Chinese
renminbi (RMB) 25 billion of projects with gross margins of less
than 10% set to be completed and recognized in 2021; it has another
RMB20 billion of such projects from 2022. These projects will
represent about 40% of the company's revenue recognized in these
years. We therefore expect Ronshine's gross margin to remain low at
12%-13% in 2021 and moderately improve to 14%-16% in 2022."

Most of these low-margin projects have been presold, with RMB5
billion-RMB7 billion remaining. These projects were acquired in
2016-2018 and have high land cost. They are mainly in higher-tier
cities in the Yangtze River Delta, which face severe price
restrictions. Ronshine's gross margin decreased to 11.0% from 24.2%
a year ago because of such project completions and recognition.

Ronshine's strong investment appetite in higher-tier cities will
also limit margin recovery. Besides primary and secondary land
development in Zhengzhou and Taiyuan, the company relies heavily on
public auctions for land replenishment in large cities with strong
demand. Public auctions accounted for nearly 90% of its saleable
resources in 2020. S&P forecasts gross margins for newly acquired
projects will remain at 15%-18% due to intense competition in these
cities.

Ronshine's land bank remains thin for its pace of growth. S&P said,
"As of end-2020, the company's unsold total land bank was about
19.0 million square meters, which we estimate can only support
growth for around two years. We believe Ronshine's land
replenishment needs are mainly to maintain its current scale and
potentially seek better-margin projects." The company's more
aggressive land acquisition in 2020 should result in reduced
spending on land purchases in 2021(45%-50% of cash proceeds from
contracted sales), compared with 57% in 2020. This should lead to
more moderate debt growth in 2021 to RMB72 billion-RMB74 billion,
from RMB71.9 billion in 2020.

Besides, around nine key cities in which Ronshine operates are
subject to new land auction centralization policies, resulting in
higher land-sourcing uncertainties over the next one to two years.
This may also pressure the company's cash buffer because new
auction policies may require higher deposits.

S&P said, "We believe Ronshine's accelerated revenue could help it
to considerably improve its leverage in 2021. We anticipate the
company's revenue will reach RMB56 billion-RMB58 billion in 2021,
from RMB48.5 billion in 2020, supported by an enlarged contract
liability of RMB64 billion." Ronshine's leverage (ratio of debt to
EBITDA) could therefore improve to 7.5x-7.7x in 2021-2022, from a
peak of 9.7x in 2020, albeit lower than our previous expectation.

The negative outlook reflects Ronshine's likely weak profitability
in 2021-2022 owing to price restrictions in its key markets and
higher land cost.

S&P also believe the company's land replenishment need will remain
high and could hamper control over debt growth. Ronshine's likely
accelerated construction and revenue could partially offset the
risk.

S&P may lower the rating if: (1) Ronshine has more aggressive
growth aspirations, such that its debt rises; or (2) its strong
revenue growth and gradual margin recovery fail to materialize as
we forecast. Downgrade triggers indicating such weaknesses could
be:

-- Ronshine's debt-to-EBITDA ratio (on a consolidated or
look-through basis) exceeding 7.5x in 2021; or

-- The company's debt-to-EBITDA ratio failing to improve to close
to 6.5x on a consolidated basis and to about 6.0x on a
proportionately consolidated basis by end-2022.

S&P may revise the outlook to stable if Ronshine significantly
improves its leverage through higher revenue growth, stronger
profitability, and more controlled debt growth than it expects. The
company's consolidated and proportionately consolidated
debt-to-EBITDA ratio improving to below 7.5x in 2021, and its
consolidated debt-to-EBITDA ratio sustainably improving to close to
6.5x and proportionately consolidated leverage falling to about
6.0x by end-2022 could trigger such an action.


TD HOLDINGS: Delays Filing of 2020 Annual Report
------------------------------------------------
TD Holdings, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its Annual
Report on Form 10-K for the year ended Dec. 31, 2020.  

TD Holdings was unable to file its Annual Report on a timely basis
because it requires additional time to finalize the 2020 Quarterly
Reports for the periods ended March 31, 2020, June 30, 2020, and
September 30, 2020.  The Company anticipates that it will file the
Form 10-K no later than the fifteenth calendar day following the
prescribed extended filing date relying on the Order (Release No.
34-88318) issued by the SEC.

On March 26, 2021, the Audit Committee of the Board of Directors of
TD Holdings, after discussion with the management, concluded that
the Company's previously issued financial statements contained in
its Quarterly Reports on Form 10-Q for the periods ended March 31,
2020, June 30, 2020, and Sept. 30, 2020, originally filed on June
26, 2020, Aug. 14, 2020, and Nov. 13, 2020, respectively, should no
longer be relied upon.

It is expected that for the fiscal year ended Dec. 31, 2020, the
Company will report a net loss of approximately $12.4 million
compared to a net loss of approximately $5.9 million for the fiscal
year ended Dec. 31, 2019.

                          About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) has become a used
luxurious car leasing business as well as a commodities trading
business operating in China since the disposition of its direct
loans, loan guarantees and financial leasing services to
small-to-medium sized businesses, farmers and individuals in July
2018.  The Company's current operations consist of leasing of
luxurious pre-owned automobiles and operation of a non-ferrous
metal commodities trading business.

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


ZIJIN MINING: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
----------------------------------------------------------------
On April 13, 2021, S&P Global Ratings revised its outlook on
China-based Zijin Mining Group. Co. Ltd. to positive from stable.
At the same time, S&P affirmed its 'BB+' long-term issuer credit
rating on the mine operator and 'BB+' long-term issue rating on its
guaranteed senior unsecured notes.

The positive outlook indicates that S&P could raise the rating if
Zijin Mining smoothly executes key projects to substantially
increase its gold and copper production in the next 24 months,
while keeping its debt-to-EBITDA ratio below 3.0x with adequate
liquidity.

Zijin Mining is on track to be a top 10 gold and copper producer
globally by 2022. The company plans to increase production volume
to 69 tons of gold and 800,000 tons of copper in 2022, from 40.5
tons and 453,447 tons in 2020, an increase of 70%-80%. Volume
additions will come from the ramp-up of production capacity at
existing and newly acquired mines. The Buritica and Aurora gold
mines in Latin America, the Paddington gold mine in Australia, the
Kamoa-Kakula copper mine in Congo, and the Qulong copper mine in
China will be the major contributors. The company's production will
become more geographically diversified, further strengthening its
competitive position, in S&P's view.

Project execution remains key to growth. Zijin Mining plans to
start production at Kamoa-Kakula, Qulong, and the upper zone of
Timok copper mine in 2021. This will test the company's project
execution, given the large size of these projects. Zijin Mining has
a good track record of operating newly acquired assets, such as the
Serbia Zijin copper mine and Buritica. But project execution risk
related to the timing, volume, and cost of production may slow the
company's production growth and cash flow generation.

Strong operating cash flow can support higher capital expenditure
(capex) in 2021. Volume growth and resilient gold and copper prices
will lead to a 55%-75% increase in Zijin Mining's EBITDA to Chinese
renminbi (RMB) 29 billion-RMB35 billion in 2021 and 2022, from
RMB21 billion in 2020. This will be sufficient to cover the
elevated capex of RMB17 billion–RMB20 billion in 2021. S&P
expects capex to decline from 2022 as several large copper projects
are completed and commence production during the year. The
company's cost of production will likely moderately decline in the
next two years, given these new mines are of higher quality. Its
debt-to-EBITDA ratio will likely fall to 2.4x-2.7x in 2021 and
2.0x-2.3x in 2022, after peaking at 3.7x in 2020, on strong
operating cash flow, absent further debt-funded acquisitions.

High appetite for mergers and acquisitions may delay deleveraging.
Zijin Mining has shown a strong appetite for expansion through
acquisitions in recent years, spending RMB35 billion since late
2018, which is roughly 75% of its total adjusted EBITDA during
2018-2020. As a result, the company's debt-to-EBITDA ratio surged
to 3.7x in 2020, from 2.5x in 2017. That said, Zijin Mining's
strong operating cash flow supported by volume growth and robust
prices is building up buffer for potential acquisitions at the
current rating level.

S&P said, "The positive outlook reflects our view that Zijin
Mining's business position will strengthen substantially over the
next two years. The company's production scale and geographic
diversity of assets will improve through ramp-up of production
capacity at existing and newly acquired mines. At the same time, we
estimate Zijin Mining's debt-to-EBITDA ratio will fall and stay
below 3.0x, supported by robust cash flow from resilient gold and
copper prices and volumes, absent further debt-funded acquisitions.
We expect the company's capex to decline starting 2022 when it
completes construction of large copper mining projects.

"We could raise the rating if Zijin Mining's increase in production
meets our expectation, while: (1) its debt-to-EBITDA ratio stays
below 3.0x for a sustained period; and (2) its liquidity improves
and remains adequate.

"We may revise the outlook to stable if we see higher risks in
Zijin Mining's business operations. This may happen if ramp-up of
production in the company's key projects, including Kamoa-Kakula
and Qulong, are significantly delayed."

S&P may also revise the outlook to stable if Zijin Mining's
deleveraging trend reverses and its debt-to-EBITDA ratio approaches
4.0x. This may happen if:

-- The company makes large debt-funded acquisitions;

-- Its cost in gold and copper mining is significantly above S&P's
expectation; or

-- Gold or copper price is significantly below its expectation.




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

B S BUILDTECH: CARE Lowers Rating on INR45cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of B S
Buildtech (BSB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      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 January 8, 2020 placed the
ratings of BSB under the 'issuer noncooperating' category as BSB
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BSB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated April
2, 2021 and April 5, 2021. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of lack of information on
the financial performance and inability to monitor the performance
of the company going forward which is critical for assessing the
credit profile of the company.

Detailed description of the key rating drivers

At the time of last rating on January 8, 2020 the following were
the rating weaknesses and strengths:

Key rating Weaknesses

* Project Construction Risk: The construction of the project
commenced in Q3FY14 and currently around 50% of the project is
completed in physical terms with almost all the necessary approvals
in place. The firm has expended around INR149.60 crores till
31.3.2016(~54%, against total project cost of INR280.40 crores)
till 31.3.2016, the firm has sold 425 flats (~44% of the total
saleable area) and with the repayment of the term loan commencing
form Q3FY17, there persists the risks/ concerns like liquidity
issues, project delays, and cost over-runs.

* Greater reliance on customer advances and average sales: Around
53% of the project cost is being financed through customer advances
thereby exposing the project to risks/concerns like liquidity
issues, project delays and cost overruns. Moreover, the firm has
only booked ~44% of total saleable area [advance received 79.98
crore till March 2016]; thereby adding to the risk of timely and
successful completion of the project.  The promoters have however
infused its entire share of contribution (i.e INR29.64 crore) and
has availed term loan of INR40.0 crore (Rs. 45.0 sanctioned) till
March 2016.

* Financial closure: The total cost of the Project is INR280.40
crore, being financed through promoter contribution of INR29.16
crore, debt of INR45.00 crore and customer advances of INR206.24
crore. Debt portion has already tied up and the firm has already
drawn INR40.0 crore for the project. However, till March 31, 2016,
the firm has sold ~44% of total saleable area at an aggregate value
of INR154.35 crore (with customer advances received: INR79.98
crore) against project cost of INR280.40 crore. Till March 31,
2016, M/s BS Buildtech has incurred INR149.6 on the project, which
is mainly being financed through promoter's contribution of
INR29.64 crores, customer advance of INR79.98 cr and debt to the
tune of INR40 crore.

* Increasing competition: Real estate sector in Noida is highly
fragmented. With plethora of ongoing large size projects in and
around Greater Noida and in the vicinity of the project, the firm
faces strong competition.

Key Rating Strengths

* Experienced promoters and satisfactory track record of the group
in real estate development: BCPL was incorporated in the year 1987
by Mr. Braj Kishor Singh. BCPL has participated in the construction
of various civil and road construction works. Mr. Braj Kishor Singh
(Chairman of BS Buildtech) possesses an experience of more than 35
years in the field of civil construction and real estate
development. Mr. Abhay Kumar Singh (Managing Director of BS
Buildtech) is a qualified engineer and has over 15 years of
experience in handling infrastructure projects across Bihar,
Jharkhand and Chattisgarh. SCTPL is a partnership firm incorporated
in the year 2000 by Mr. Rakesh Ranjan. Mr. Ranjan (Managing
Director of BS Buildtech) is a civil engineer and has an experience
of more than 15 years in the field of civil, road and building
construction.

* Association with renowned architects and consultants: The firm is
associated with renowned architects, consultants and contractors.
These architects and consultants have soundtrack record and
execution capabilities. Major regulatory approvals already in place
for the Project The project plan has a total constructed area of
12.06lsf with saleable area of 11.85 lsf over a land of 5 acres.
Lease Agreement with the GNIDA (Greater Noida Development
Authority) has already been executed and building permit has been
obtained. The firm has received all the major approvals from the
appropriate authority(s) (such as police department, airport
authority, urban land ceiling, height clearance, microwave, water,
electricity, fire & emergency, environmental clearance).

* Favorable location of the Project, equipped with all the modern
amenities: The proposed residential project is located in Greater
Noida which is considered to be a posh hub for residential and
commercial activities. Many premium category residential and
commercial projects of renowned builders are coming up in the same
location. Further the project has good road connectivity. The
proposed project is full of modern facilities and the project will
have an excellent view of the landscape and plains. The facilities
proposed to be provided in the project include landscaped garden,
beautiful park, and swimming pool with deck, commercial complex
with front plaza, sand pit and children ply park. The project will
also include jogging track, skating rink, tennis court, badminton
court, basketball and volleyball court, cricket pitch, exercise
station and yoga station coupled with a 24-hour water supply and
24-hour power back-up etc. The apartments have been designed having
modular kitchens, fire detection and warning units.

M/s BS Buildtech, incorporated in 2011 is a joint venture between
Baibhaw Construction Pvt. Ltd (BCPL)-70% and M/s Seimens
Construction Tech Private Limited (SCTPL) -30%. M/s BS Buildtech is
constructing a Group Housing Residential Township real estate
project Vaibhav Heritage Height at Greater Noida (West). The
residential township project comprising of seven high-rise towers
(B+22), spreading over 5 acres of land, involving 819 flats with
super built-up area of 11.85lsf is being developed at a total
project cost of INR280.40 crore. The project is expected to be
completed by Sept.2018. The project cost is being financed through
promoter contribution of INR29.16 crore, debt of INR45.00 crore and
customer advances of INR206.24 crore. Till March 31, 2016, the firm
has sold off around 420 flats (area – 5.16lsf) comprising around
43.55% of total saleable area for total consideration of INR154.35
crore. The firm has received INR79.98 crore as advances from
customers till March 2016 and has expended around INR149.60 crore
(~53% of the total project cost) on the project.

B. D. ROADWAYS: CARE Lowers Rating on INR9.07cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of B.
D. Roadways (BDR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.07      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-;
                                   Stable

   Short Term Bank      0.30       CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BDR to monitor the rating
vide e-mail communications/letters dated February 17, 2021,
February 19, 2021, February 22, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, BDR has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on BDR's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING and CARE A4; 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 24, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations with low profit margins: The scale of
operations of BDR remained relatively small marked by total
operating income of INR8.95 crore (FY17: INR8.00 crore) and a PAT
of INR0.34 crore (FY17: INR0.33 crore) in FY18. Furthermore, the
total capital employed was also moderate at INR5.89 crore as on
March 31, 2018. The profit margins remained satisfactory marked by
PBILDT margin of 23.29% (31.36% in FY17) and PAT margin of 3.79%
(4.13% in FY17) in FY18.

* Volatility in input prices: Fuel expenses form one of the major
expenses for the transportation and allied activities. The
profitability of the firm is vulnerable to diesel price
fluctuations in case the actual consumption of diesel is in excess
of norms allowed in the contract.

* Partnership nature of constitution: BDR, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by
the partners, restricted access to funding and risk of dissolution
on account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

* Client concentration risk albeit reputed clientele: BDR is
engaged in transportation of LPG tankers only for the major oil
companies such as BPCL, IOCL and HPCL, which reflects high level of
customer concentration. However, the concentration risk is
mitigated to a certain extent on account of its established
relationship with the said companies as reflected by the repeated
orders in the recent past. Considering the client profile of BSE,
the risk of default is very minimal.

* Weak capital structure: The capital structure of the firm
remained weak marked by debt equity ratio of 6.66x (FY17: 6.08x)
and overall gearing ratio of 10.70x (FY17: 7.69x) as on March 31,
2018. Weak capital structure was mainly on account of high debt
level as on the account closing dates.

* Competitive and fragmented nature of the transportation industry:
The transportation industry is highly fragmented due to low entry
barriers. As a result, there is high competition from the
unorganized market. The highly fragmented and unorganized nature of
the industry results in price competition. However, the players
with superior quality of service and presence in different
locations across country and clientele across various industries
would enjoy competitive edge and would be able to garner more
business and long-term contracts.

Key Rating Strengths

* Experienced partners with moderate track record of operations:
The firm started its commercial operations since 2011 and thus has
moderate track record of operations. Moreover, the key partner, Mr.
Bhupinder Singh Gujral is having more than 25 years of experience
in the transportation business, looks after the day to day
operations of the firm. They are supported by other partners and a
team of experienced professionals. Furthermore, due to experienced
partners and moderate track record of operations, the promoters
have established satisfactory relationship with its clients.

* Healthy profit margins and satisfactory debt coverage indicators:
The profitability margins of the firm remained healthy marked by
PBILDT margin of 23.29% (FY17: 31.36%) and PAT margin of 3.79%
(FY17: 4.13%) in FY18. However, the PBILDT margin deteriorated in
FY18 on account of higher cost of operations. Further, the debt
coverage indicators remained satisfactory marked by interest
coverage of 3.53x (FY17: 3.44x) and total debt to GCA of 3.99x
(FY16: 3.53x) in FY18. The interest coverage improved in FY18
mainly on account of low interest expenses. However, the total debt
to GCA deteriorated in FY18 due to lower generation of cash
accruals during the year.

Howrah (West Bengal) based, B.D. Roadways (BDR) was constituted as
a partnership firm on June 10, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.


B. G. TRANSPORT: CARE Lowers Rating on INR7.56cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of B.G.
Transport Company (BGTC), as:
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.56      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-;
                                   Stable

   Short Term Bank      0.30       CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BGTC to monitor the rating
vide e-mail communications/letters dated February 19, 2021,
February 22, 2021, February 24, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, BGTC has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on BGTC's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING and CARE A4; 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 23, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the firm
remained relatively small marked by total operating income of
INR8.15 crore (FY17: INR8.51crore) and a PAT of INR0.29 crore
(FY17:Rs.0.33 crore) in FY18. Furthermore, the total capital
employed was also moderate at INR8.09 crore as on March 31, 2018.

* Volatility in input prices: Fuel expenses form one of the major
expenses for the transportation and allied activities. The
profitability of the firm is vulnerable to diesel price
fluctuations in case the actual consumption of diesel is in excess
of norms allowed in the contract.

* Partnership nature of constitution: BGTC, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Client concentration risk albeit reputed clientele: BGTC is
engaged in transportation of LPG tankers only for the major oil
companies such as BPCL, IOCL and HPCL, which reflects high level of
customer concentration. However, the concentration risk is
mitigated to a certain extent on account of its established
relationship with the said companies as reflected by the repeated
orders in the recent past. Considering the client profile of the
firm, the risk of default is very minimal.

* Weak capital structure: The capital structure of the firm
remained weak marked by debt equity ratio of 14.21x (FY17: 14.40x)
and overall gearing ratio of 19.09x (FY17: 16.21x) as on March 31,
2018. Weak capital structure was mainly on account of high debt
level as on the account closing dates.

* Competitive and fragmented nature of the transportation industry:
The transportation industry is highly fragmented due to low entry
barriers. As a result, there is high competition from the
unorganized market. The highly fragmented and unorganized nature of
the industry results in price competition. However, the players
with superior quality of service and presence in different
locations across country and clientele across various industries
would enjoy competitive edge and would be able to garner more
business and long-term contracts.

Key Rating Strengths

* Experienced partners with moderate track record of operations:
The firm started its commercial operations since 2011 and thus has
moderate track record of operations. Moreover, the key partner, Mr.
Bhupinder Singh Gujral is having more than 25 years of experience
in the transportation business, looks after the day to day
operations of the firm. They are  supported by other partners and a
team of experienced professionals. Furthermore, due to experienced
partners and moderate track record of operations, the promoters
have established satisfactory relationship with its clients.

* Healthy profit margins and satisfactory debt coverage indicators:
The profitability margins of the firm remained healthy marked by
PBILDT margin of 42.10% (FY17: 42.43%) and PAT margin of 3.60%
(FY17: 3.92%) in FY18. However, the PBILDT margin deteriorated
marginally during FY18 on account of higher cost of operations.
Further, the debt coverage indicators remained satisfactory marked
by interest coverage of 3.44x (FY17: 2.87x) and total debt to GCA
of 3.34x (FY17: 4.21x) in FY18. The interest coverage improved in
FY18 mainly on account of low interest expenses. Furthermore, the
total debt to GCA also improved in FY18 on account of relatively
lower debt levels as on March 31, 2018.

Howrah (West Bengal) based, B. G. Transport Company (BGTC) was
constituted as a partnership firm on June 10, 2011. The firm is an
associate concern of Gujral Group of companies. The group is
promoted by Mr. Bhupinder Singh Gujral and engaged in
transportation of LPG tankers for the major oil companies such as
Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation
Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL)
and hotel and restaurant business. The group is having 975 LPG
tankers and the loading point is Haldia, West Bengal.

BE BE RUBBER: CRISIL Reaffirms B- Rating on INR5.35cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
The Be Be Rubber Estates Limited (TBBREL) at 'CRISIL B-/Stable'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          5.35       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       1.20       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   0.68       CRISIL B-/Stable (Reaffirmed)

The ratings reflect the firm's small scale of operations, intense
competition in the industry and weak financial risk profile.
However, these weaknesses are partially off-set by the extensive
experience of the promoter in the rubber plantation industry of
over 9 decades.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations and intense competition: The scale of
the operations has remained modest, as indicated by the revenue of
around INR2.79 crore in fiscal 2020. The same is constrained by
intense competition in the rubber plantation industry. The industry
has low entry barriers due to minimal capital requirement,
resulting in presence of several unorganized players. Further,
climatic conditions also play a major role in the production.

* Weak financial risk profile: The Company has a weak financial
risk profile due to modest net-worth and high gearing levels. The
net-worth has deteriorated due to accumulated losses incurred
during the past financial years. Further, the debt protection
metrics were also weak due to negative interest coverage and net
cash accruals to total debt in FY2020.

Strength:

* Extensive experience of promoters in the industry: TBBREL
benefits from the extensive experience of the promoter in the
rubber plantation business of over 9 decades. This longstanding
experience has helped the company sustain in the industry, despite
regular volatility.

Liquidity: Stretched

Bank limit utilization was high at around 91 percent for the past
twelve months ended February 2021. Cash accruals from core business
operations are insufficient against repayment obligations over the
medium term. However, proceeds from sale of land and other assets
are expected to support the liquidity risk profile of the company.
Current ratio was low at 0.06 times on March 31, 2020. Negative net
worth limits its financial flexibility, and restrict the financial
cushion available to the company in case of any adverse conditions
or downturn in the business.

Outlook Stable

CRISIL Rating believes that TBBREL will benefit over the medium
term from the extensive experience of the promoters and their
established relationships with suppliers and customers in trading
business.

Rating Sensitivity factors

Upward Factor

* Improvement in the revenue profile to over INR5 crore

* Substantial improvement in operating margins and cash accruals of
over INR25 lakh.

Downward Factor

* Decline in revenue to less than INR2.5 crore

* Stretch in the working capital requirements or large debt-funded
capital expenditure that weakens the company’s capital structure

Incorporated in the year 2007, TBBREL is engaged in production of
latex from rubber trees. The company owns 650 acres of land in
Kollam, Kerala, where it carries out rubber tree plantation.
Besides the company also has 121 acres of land in Palghar district
for plantation of Cardamom and Coffee.

DEVAS MULTIMEDIA: US Court Refuses to Stay Proceedings in NCLT
--------------------------------------------------------------
The Indian Express reports that citing the need to preserve
international comity, a US federal court has refused to impose a
stay on proceedings initiated in India by Antrix Corporation - the
ISRO's commercial arm - to liquidate Devas Multimedia Pvt Ltd,
which has been awarded a $1.2 billion compensation by an
international arbitration forum over a failed 2005 satellite deal.

According to the report, the court of Western District of
Washington in Seattle refused to stay the proceedings in a National
Company Law Tribunal (NCLT) bench in Bengaluru in a March 29 order,
despite issuing a temporary restraining order in the matter on
February 24.

The Indian Express relates that three foreign investors in Devas
Multimedia, and US subsidiary Devas Multimedia America Inc,
approached the US court expressing fears of Devas Multimedia
entering an agreement with Antrix Corporation on compensation
payment in the wake of the latter moving to liquidate the
Bengaluru-headquartered Devas Multimedia in the NCLT.

"Although substantial evidence suggests that collusive conduct may
be afoot, thereby frustrating this court's interests in
prevent[ing] vexatious or oppressive litigation in a foreign forum
and in protect[ing] [its] jurisdiction, the court concludes that
the interests in preserving international comity should carry great
weight in this case," US federal judge Thomas Zilly said in his
order, refusing intervention in the proceedings in India, The
Indian Express relays.

Earlier in a February 24 temporary order, the court had stated that
Devas Multimedia and "its shareholders, directors, officers,
agents, employees, and legal representatives, are prohibited from
taking any action with respect to the award" of $ 1.2 billion
confirmed by the US court in November 2020 "without first obtaining
the approval of the court," the report recalls.

The Indian Express says the court has also allowed three foreign
investors in Devas Multimedia - CC/Devas (Mauritius) Ltd., Devas
Employees Mauritius Private Limited, Telecom Devas Mauritius
Limited and Devas Multimedia America Inc - to intervene on behalf
of Devas Multimedia in an appeal filed by Antrix Corporation
against the confirmation of the $ 1.2 billion compensation award.

According to the report, the foreign investors and the US
subsidiary of Devas Multimedia moved US courts after reportedly
learning that an effort was being made to abort the payment of the
compensation by getting Devas Multimedia declared as a fraudulent
entity. The foreign investors claimed that India's Law Ministry has
issued an ordinance amending the Indian Arbitration and
Conciliation Act of 1996 to allow courts to stay an arbitration
award if it is proven that an "arbitration agreement or contract
which is the basis of the award . . . was induced or effected by
fraud or corruption".

They claimed that the NCLT appointed a government official as
"provisional liquidator" of Devas Multimedia following a plea by
Antrix, which moved a liquidation plea after it was ordered to
compensate for the failed 2005 satellite deal.

The Indian Express says the US federal court stated that it issued
a temporary restraining order on legal proceedings in India in
February to prevent Devas Multimedia from being "unfairly
liquidated" and that new briefings suggest that the intervenors of
Devas Multimedia are actively participating in legal proceedings in
India.

"The court is satisfied that intervenors' participation in the
proceedings in India may work to mitigate any threat of irreparable
harm to them or petitioner. Further, in the event the award is set
aside by the Supreme Court of India, respondent will still be
required to file a motion in this court to vacate the confirmation
order and judgment, and intervenors will have an opportunity to
respond to any such motion," judge Zilly, as cited by The Indian
Express, stated. "Because the court concludes that intervenors have
not sustained their burden to show a likelihood of irreparable harm
in the absence of the injunctive relief they seek, and that
international comity concerns counsel against a preliminary
injunction, the court denies the motion for a preliminary
injunction."

The US federal court also denied a motion moved by the NCLT
appointed provisional liquidator M Jayakumar to intervene seeking a
stay on proceedings in the US court, The Indian Express adds.

Devas Multimedia and Antrix Corporation signed an agreement on
January 28, 2005 for ISRO to lease two communication satellites for
12 years at a cost of INR167 crore to Devas Multimedia, the report
recalls. The latter, a start-up firm, was to provide multimedia
services to mobile platforms in India using the space band or
S-band spectrum transponders on ISRO's GSAT 6 and 6A satellites
built at a cost of INR766 crore by ISRO. The deal was annulled by
the UPA government in February 2011 in the backdrop of the 2G scam
and allegations of a sweetheart deal in allocation of the S-band
spectrum to Devas Multimedia.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
26, 2021, The Economic Times said the National Company Law Tribunal
(NCLT) has admitted the petition filed by Antrix Corporation, the
commercial arm of Indian Space Research Organisation, for winding
up Devas Multimedia and has appointed a provisional liquidator for
the company. A two-member NCLT Bengaluru bench of the NCLT has
directed the provisional liquidator to take control of the
management, properties and actionable claims of Devas Multimedia.
The tribunal has also directed the existing management of Devas
Multimedia to extend full cooperation to the provisional liquidator
appointed by it.


DHARAM EDUCATIONAL: CRISIL Reaffirms D Rating on INR14.5cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Sri Dharam Educational Trust (SDET) at 'CRISIL D'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         14.5       CRISIL D (Reaffirmed)

The rating reflects instances of delay by SDET in servicing its
interest repayments towards term debt obligation, owing to weak
liquidity. The rating also factors in the small scale of operations
and intense competition from other institutes in the vicinity.
However, the trust benefits from the management's extensive
experience in the educational sector.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the trustee: The decade-long experience
of the founder, Mr. H Bablasa, and the track record and operational
capabilities of all trustees, will continue to support the business
risk profile.

Weakness:

* Small scale of operations and intense competition:  The trust
derives its revenue mainly from the nursery school- Aakrutii, and
primary school- Sri Dharamchand Jain School affiliated to Central
Board for Secondary Education (CBSE) in Tindivanam (Tamil Nadu).
Intense competition from other established local schools, and time
required to ramp up operations of the new school, limit the
trust’s ability to scale up.

Liquidity: Poor

Net cash accruals against repayment obligations is stretched, same
has resulted in delays of term loan interest repayments. However,
liquidity is partially supported by need-based unsecured loans from
related parties.

Rating Sensitivity factors

Upward Factors:

* Timely repayments of term debt repayment obligations backed by
net cash accruals in excess of INR1 crore marked by improvement in
scales of operations while maintaining healthy operating margin.

* Efficient working capital management and continuation of moderate
capital structure

Set up in 2013, SDET runs a nursery school in Tindivanam (Tamil
Nadu), Aakrutii School and a secondary school (Sri Dharamchand Jain
School) affiliated to CBSE. Daily operations are overseen by the
key promoter-trustee, Mr. Bablasa.

G. S. ROADWAYS: CARE Lowers Rating on INR8.86cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G.
S. Roadways (GSR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.86      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank       0.30      CARE A4; 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 GSR to monitor the rating
vide e-mail communications/letters dated February 17, 2021,
February 19, 2021 February 22, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, GSR has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on GSR's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING* and CARE A4; 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 on January 23, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations: The scale of operations of GSR
remained relatively small marked by total operating income of
INR6.68 crore (FY17: INR6.91 crore) and a PAT of INR0.24 crore
(FY17: INR0.26 crore) in FY18. Furthermore, the total capital
employed was also moderate at INR5.86 crore as on March 31, 2018.
Volatility in input prices: Fuel expenses form one of the major
expenses for the transportation and allied activities. The
profitability of the firm is vulnerable to diesel price
fluctuations in case the actual consumption of diesel is in excess
of norms allowed in the contract.

* Partnership nature of constitution: GSR, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Client concentration risk albeit reputed clientele: GSR is
engaged in transportation of LPG tankers only for the major oil
companies such as BPCL, IOCL and HPCL, which reflects high level of
customer concentration. However, the concentration risk is
mitigated to a certain extent on account of its established
relationship with the said companies as reflected by the repeated
orders in the recent past. Considering the client profile of GSR,
the risk of default is very minimal.

* Weak capital structure: The capital structure of the firm
remained weak marked by debt equity ratio of 8.81x (FY17:6.51x) and
overall gearing ratio of 12.54x (FY17: 8.35x) as on March 31, 2018.
Weak capital structure was mainly on account of high debt level as
on the account closing date.

* Competitive and fragmented nature of the transportation industry:
The transportation industry is highly fragmented due to low entry
barriers. As a result, there is high competition from the
unorganized market. The highly fragmented and unorganized nature of
the industry results in price competition. However, the players
with superior quality of service and presence in different
locations across country and clientele across various industries
would enjoy competitive edge and would be able to garner more
business and long-term contracts.

Key Rating Strengths

* Experienced partners with moderate track record of operations:
The firm started its commercial operations since 2011 and thus has
moderate track record of operations. Moreover, the key partner, Mr.
Bhupinder Singh Gujral is having more than 25 years of experience
in the transportation business, looks after the day to day
operations of the firm. They are supported by other partners and a
team of experienced professionals. Furthermore, due to experienced
partners and moderate track record of operations, the promoters
have established satisfactory relationship with its clients.

* Healthy profit margins and satisfactory debt coverage indicators:
The profitability margins of the firm remained healthy marked by
PBILDT margin of 34.28% (FY17: 37.09%) and PAT margin of 3.61%
(FY17: 3.71%) in FY18. However, the PBILDT margin deteriorated in
FY18 on account of higher cost of operations. Further, the debt
coverage indicators remained satisfactory marked by interest
coverage of 3.32x (FY17: 3.13x) and total debt to GCA of 3.59x
(FY16: 4.02x) in FY18. The interest coverage improved in FY18
mainly on account of low interest expenses. Furthermore, the total
debt to GCA also improved during FY18 on account of relatively
lower debt level as on March 31, 2018 mainly owing to schedule
repayment of term loans.

Howrah (West Bengal) based, G.S. Roadways (GSR) was constituted as
a partnership firm on June 10, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.

IMP POWERS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IMP Powers
Limited continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      284.76      CARE D; Issuer not cooperating;
   Facilities                      Based on best available

Short term Bank Facilities 98.30

Detailed Rationale & Key Rating Drivers

IMP has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on IMP's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account numerous instances of delays in debt
servicing due to stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on August 28, 2020 the following were
the rating weaknesses:

Key Rating Weaknesses

* Instances of delays in debt servicing, more than 100% utilization
of fund-based limits and numerous instances of LC devolvement for
more than 30 days due to its stretched liquidity position. The
company has term debt obligations against negative gross cash
accruals. The company's interest coverage ratio stood at 0.54x for
FY20. The company's operating cycle remains stretched at 215 days
in FY20 owing to higher inventory period.

Incorporated in 1961 and promoted by Mr. Ramnivas R. Dhoot, IPL is
engaged in the manufacturing of an entire range of transformers.
The company has its manufacturing facility at Silvassa, for
manufacturing of transformers ranging from 1 MVA to 315 MVA, up to
400 kV Class with an installed capacity of 16,000 MVA (Mega
Volt-Ampere) as on March 31, 2019 (P.Y: 15,000 MVA). IPL
incorporated a subsidiary company 'IMP Energy Limited' (IEL) in
August 2012. IEL is engaged in complete EPC work of small
hydropower (SHP) business. The Company sets up small hydropower
plants of upto 5 MW capacity and does the entire EPC work.


INKEL LIMITED: CARE Lowers Rating on INR40cr Loan to C (FD)
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Inkel Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB+; Stable and moved
                                   to ISSUER NOT COOPERATING

   Short-term Bank      85.00      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4+ and moved

                                   to ISSUER NOT COOPERATING

   Fixed Deposit        40.00      CARE C (FD); Stable; ISSUER NOT
   Programme                       COOPERATING; Revised from
                                   CARE BB+(FD); Stable; and moved

                                   to ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

Inkel has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on Inkel's bank facilities and
instruments will now be denoted as CARE C; Stable/CARE A4; ISSUER
NOT COOPERATING for bank facilities and CARE C (FD); Stable.

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

The ratings of Inkel Ltd have been revised on account of
non-payment of dues/guaranteed amount by Inkel ltd to the lenders
on invocation of Corporate Guarantee extended by it to the bank
facilities of Seguro-Inkel Consortium LLP (SICL).

The ratings are also constrained by moderate financial performance
during FY20 (refers to period from April 1 to March 31), moderate
order book position, continuing volatility in revenue due to
project-based nature of its business and its exposure to joint
ventures/associates in the form of capital investments & advances
and guarantees extended to these entities.

The ratings continue to draw strength from its business association
with Government of Kerala (GoK) entities, presence of diversified
board of directors, supported by an experienced senior management,
potential for development of infrastructure facilities in the state
of Kerala, Inkel's association with various companies in the field
of infrastructure development and comfortable capital structure.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Invocation of Corporate Guarantee extended by Inkel to Seguro
Inkel Consortium LLP: Inkel has extended an unconditional and
irrevocable corporate guarantee to SICL. During FY20, SICL has
defaulted in servicing of interest for its cash credit facility for
more than 30 days following which unsupported rating was downgraded
to CARE D/CARE D; Issuer Not Co-operating on March 17, 2020.
Bankers of SICL have invoked the corporate guarantee extended by
Inkel Ltd on behalf of bank facilities availed by SICL from its
bankers.

* Moderation in the total income during FY20: During FY20, the
total income dropped to INR28 crore from INR40 crore in FY19 on
account of drop in revenue from PMC and solar division. However,
during 9mFY21, total income improved to INR40 crore from INR20
crore in 9mFY20 with high share of income from solar division.

* Volatility in revenue due to project-based nature of its
business: Inkel commenced its commercial operations in FY08.
Majority of the equity which has been periodically infused by the
promoters were deployed in fixed deposits and only part of it was
invested in one of the projects under INKEL-KSIDC Projects Limited
till FY14. Until FY14, Inkel derived a majority of its revenue from
interest income earned on surplus funds in the form of fixed
deposit with the banks. Later, Inkel was primarily engaged in
construction of Inkel Tower and Mallappuram community centre.
During FY15-FY16, Inkel towers contributed to major portion of
income. With Inkel forming new ventures and these
ventures securing new orders, the scope of revenue from diversified
stream has expanded. It is worthwhile to note that share of income
from PMC (Project Management Consultancy) and solar division has
witnessed significant increase in 9mFY21 as compared to FY19 and
FY20. It is to be noted that income level is likely to remain
volatile unless the projects are developed and leased periodically.
Also timely completion/sale of projects undertaken will be a key
rating sensitivity.

* Exposure to joint venture and associates which are generating
lower return on investments: Total investments and loans & advances
in JV/partnerships stood at INR117 crore translating to 58% of
networth (PY: INR115 crore) as on March 31, 2020. However, these
investments are generating lower return on investments (ROI).
During FY20, Inkel reported interest income of INR4.87 crore, of
which major portion corresponds to interest income from advances
extended to group entities. However, Inkel is yet to reap any
significant benefits from these investments. In the medium term,
investment in INKEL-EKK Roads Private Limited alone is expected
generate notable ROI.

* Weak Credit profile of subsidiaries and delays in debt servicing
by its subsidiaries: Inkel has floated a limited liability
partnership firm Seguro-Inkel Consortium LLP (Seguro-Inkel) with
Seguro Foundations and Structures Private Limited (SFPL) for
executing bridge projects. So far, Seguro-Inkel Consortium has
completed two bridge projects and three are in different stages of
progress which is expected to be completed during the course of the
year. During FY18 Inkel has acquired around 65% of the total stake
in SFPL. After completion of projects in Seguro-Inkel, Inkel was
expected to execute bridge projects on its own since it has gained
the technical expertise after it acquired SFPL. However, during
FY20 both Seguro-Inkel and SFPL has defaulted in their repayment
obligations. Lenders of Seguro-Inkel have invoked corporate
guarantee extended by Inkel Ltd to its bank facilities. However,
same remained unpaid as on March 30, 2021.

Key Rating Strengths

* Association with Government of Kerala entities: Inkel was formed
as a PPP initiative for setting up infrastructure facilities to
address the requirements of industrialists and entrepreneurs in the
state of Kerala by mobilizing large-scale investments from the
private sector under government control. As on March 31, 2020, GoK
holds 22.78% equity stake in Inkel and its public sector
undertakings, viz. Kerala Industrial Infrastructure Development
Corporation (KINFRA) & Kerala State Industrial Development
Corporation Limited (KSIDC) hold equity stake of 3.37% each.

* Diversified board of directors: There are twelve directors on the
board of Inkel, of which three are representatives of GoK and the
rest of the members are from the business fraternity in the state
of Kerala. The government nominated directors include Managing
Director, Chairman and Mr. K Ellangovan (IAS).

* Comfortable capital structure on a standalone basis; however debt
levels increased during FY19: The capital structure of Inkel stood
comfortable with overall gearing of 0.09x as on March 31, 2020 (PY:
0.10x) backed by significant reduction in Public Deposits. The
interest coverage ratio stood at 1.24x in FY20 as against 4.25x in
FY19. Potential for infrastructure facilities in Kerala.

The state of Kerala holds significant potential for development of
infrastructure facilities especially for small-scale export-based
units, educational institutions, warehouses, service-based
industries. Most of the businesses are small-scale units which
require processing capacity, warehousing facility and office space.
With the initial cost of purchasing land/building cut down
significantly, the projects by Inkel may find interest among the
buyers in the small/medium scale businesses.

Incorporated in the year 2007, Inkel Limited (Inkel) is a
public-private partnership initiative by Government of Kerala (GoK)
established with the objective of channelizing private capital and
professional expertise into large scale infrastructure projects
which includes setting up of industrial parks, special economic
zone, trade centers and construction of roads and bridges required
for various manufacturing and service-based industries in the
state.

Inkel achieves its objectives by forming joint ventures with
various companies which has expertise in their respective fields
since the company does not have the technical expertise to bid for
certain Infrastructure projects. Apart from this, other major
divisions which contribute to Inkel's revenue are the project
management consultancy division (26% of income in FY20) and solar
division (10% of income in FY20). Table below provides the details
of the joint ventures, subsidiaries and associate companies
established by Inkel for executing various projects.

K R ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K R
Enterprises (KRE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KRE to monitor the rating
vide e-mail communications/letters dated February 17, 2021,
February 22, 2021 and February 24, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, K R Enterprises (KRE) has not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. The
rating on K R Enterprises (KRE)'s bank facilities will now be
denoted as CARE B+; Stable; 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 20, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations with moderate profitability margins:
The total operating income witnessed year on year growth during
last three years with a CAGR of 14.16% and year on year growth of
29.10% in FY18 vis-a-vis FY17 on account of higher demand of its
products in the market. Due to improvement in total operating
income, the profit levels improved during FY18 and the firm has
reported PBILDT and PAT of INR1.73 crore (FY17: INR1.42 crore) and
INR0.91 crore (FY17: INR0.60 crore) respectively during FY18. The
cash accrual also improved to INR0.98 crore during FY18 as against
INR0.66 crore in FY17. Moreover, the overall scale of operations of
the firm remained small marked by total operating income of
INR29.87 crore (FY17: INR23.13 crore) with a PAT of INR0.91 crore
(FY17: INR0.60 crore) in FY18. Further, the firm has reported total
operating income of INR31.53 crore with a PBT of INR0.70 crore
during 7MFY19. Considering its trading nature of operations, the
profitability margins of the firm remained satisfactory marked by
PBILDT margin of 5.80% and PAT margin of 3.06% during FY18.

* Volatility in prices of traded goods: The firm is into trading of
iron and steel scrape products and the prices of the same are
volatile in nature. As the firm procures its traded goods on stock
and sell basis and thus, the firm is exposed to volatility in
prices of traded goods to the extent of stock holdings.

* Working capital intensive nature of operations: The operations of
the firm remained working capital intensive in nature marked by its
high operating cycle at 91 days during FY18. The firm allows credit
of one to two months to its customers whereas it avails credit of
around a month from its suppliers. Furthermore, the firm maintains
inventory of around two months for timely supply of its customers'
demands. Accordingly, the average utilization of working capital
limit was around 95% during last 12 months ended on November 30,
2018.

* Leverage capital structure and moderate debt coverage indicators:
The capital structure of the firm improved as of March 31, 2018
with improvement in overall gearing ratio. The overall gearing
ratio improved to 2.51x as of March 31, 2018 as against 4.11x as of
March 31, 2017 on account of infusion of capital and accumulation
of profit into capital during the period. The interest coverage
ratio improved to 2.30x in FY18 from 1.85x in FY17 on account of
lower interest expenses. Furthermore, the total debt to GCA also
improved during FY18 on account of higher cash accruals during the
year. Moreover, the debt coverage indicators remained moderate
marked by interest coverage ratio of 2.30x (1.85x times in FY17)
and total debt to GCA of 6.67x (9.91x in FY17) in FY18.

* Intense competition due to low entry barrier: The firm is dealing
with mild steel scraps which are highly fragmented and competitive
in nature due to low entry barriers. Furthermore, all the entities
dealing with the same products with a little product
differentiation resulting into price driven sales. Intense
competition restricts the pricing flexibility of the firm in the
bulk customer segment.

Key Rating Strengths

* Experienced promoters and satisfactory track record of
operations: KRE is into trading of iron and steel scrape since 2008
and thus, has satisfactory track record of operations. The key
partner, Mr. Kailash Rai Malhotra, has over a decade of experience
in iron and steel industry through his family business.
Furthermore, he is supported by Mr. Vivek Malhotra who is also
associated with this firm since its inception. Furthermore, the
partners are well assisted by a team of experienced professionals.

K.R. Enterprises (KRE) was constituted as partnership firm on
October 01, 2008 by Mr. Kailash Rai Malhotra and Mr. Vivek
Malhotra. The firm has been engaged in trading of iron and steel
scrapes. The firm procures the iron and steel scraps from steel
manufactures like Caparo Engineering India Ltd, Steel Strips Wheels
Ltd etc.


KAMLESH GREENCRETE: CRISIL Reaffirms B Rating on INR7cr Loans
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Kamlesh Greencrete Pvt Ltd (KGPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash
   Credit Limit            2         CRISIL B/Stable (Reaffirmed)

   Proposed Term
   Loan                    5         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations, net
losses due to high interest and depreciation costs, and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and net losses: Turnover was subdued
at around INR23 crore for fiscal 2020 because of intense
competition in the building material industry. Moreover, high
interest and depreciation costs have increased pressure on profit
after tax (PAT) margin, which was negative at 4.3% in fiscal 2020.

* Below-average financial risk profile:  Negative networth of
INR0.35 crore led to negative gearing of around 43 times, as on
March 31, 2020. Net losses incurred in fiscals 2019 and 2020 eroded
networth. Financial risk profile is expected to improve gradually
over the medium term with moderate accretion to reserves.

Strength

* Extensive industry experience of the promoters: Presence of over
10 years in the building products industry has enabled the
promoters to understand market dynamics and establish strong
relationships with suppliers and customers.


Liquidity: Stretched

Cash accrual is expected to be INR2-3 crore per annum against
yearly debt obligation of INR0.76 crore, over the medium term.
Liquidity is partially supported by unsecured loans from the
promoters, which stood at INR10.88 crore as on March 31, 2020.
Though liquidity will remain stretched over the medium term,
promoter funding is expected to benefit operations.

Outlook Stable

The company will continue to benefit from the extensive experience
of its promoters and established relationships with clients.

Rating Sensitivity factors

Upward factors

* Substantial growth in revenue and profitability leading to cash
accrual of over INR3 crore
* Improvement in capital structure

Downward factors

* Decline in operating profitability to less than 8% resulting in
weaker cash accrual
* Any large, debt-funded capital expenditure further weakening
financial risk profile

Incorporated in 2011 and promoted by Mr. D Mallikarjuna Rao
Daggubati, Ms Sandhya Daggubati, Mr. Sameer Vayyuru and Mr. Kamlesh
Daggubati, KGPL manufactures autoclaved aerated concrete blocks.
Facility is in Gummidipoondi, Tamil Nadu.

KILBURN ENGINEERING: CARE Reaffirms D Rating on INR95cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kilburn Engineering Limited (KEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           25.00      CARE C Reaffirmed

   Long Term Bank
   Facilities           95.00      CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities      75.00      CARE C/CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings assigned to the bank facilities of KEL
factors in the ongoing delays in servicing of its debt obligation
for its term loan facilities. According to the company, it is in
active discussion with the lenders of the term loan for
restructuring the same. Earlier, the group company to which KEL has
provided significant Inter Corporate Deposits (ICD's), has faced
significant liquidity issues and deterioration in its financial
risk profile.

According to the lender's interaction, there has been no delays in
servicing of KEL's working capital facilities. Furthermore, while
the overall operations during 9M FY21 were impacted, the company
recorded a positive EBITDA, during this period. The ratings
continue to derive comfort from steady standalone business
performance of KEL with healthy profitability margins.

Rating Sensitivities

Positive Rating Sensitivities

* Restructuring of its term loan facilities
* Sustenance of a satisfactory track record of its debt repayment
obligations

Negative Rating Sensitivities:

* Any further instances of delay in servicing of its debt repayment
obligations

Detailed description of the key rating drivers

Key Rating Strengths

* Experienced track record in manufacturing customized process
equipment: KEL has over three decades of experience in
manufacturing customized process equipment in various industries
ranging from chemicals, petrochemicals, oil, gas, refineries,
fertilizers, nuclear power plants and food processing industries
covering tea, sugar, paddy and coconut. The company has developed
machinery for tea industry which is now used across the world. The
company has also manufactured certain niche products such as Rotary
Dryer for Carbon Black, Instrument and Utility gas drying System
(IUGS), Soda ash Calciners.

* Steady standalone business performance: Total operating income of
KEL declined by around ~8% during FY20. PBILDT margin improved from
16.56% during FY19 to 17.44% during FY20. Due to Covid-19 pandemic,
the company reported loss of INR4.26 crore during H1FY21. There was
improvement in performance during Q3FY21, as the company reported
PAT of INR1.32 crore, an improvement of 41.94% on Y-o-Y basis.
Apart from the default in repayment of term loan, the company has
satisfactory record of repaying debt obligation.

Key Rating Weaknesses

* Delay in servicing of debt obligations: There have been ongoing
delays in servicing of interest and principal payment of the term
loan.

* Significant exposure to group companies with stressed financial
position: During FY17, KEL had availed loans from banks, supported
by Letter of Comfort received from Mcleod Russel India Limited
along with unconditional and irrevocable corporate guarantee
provided by Williamson Financial Services Limited and Bishnauth
Investments Limited. These funds were transferred as Inter
Corporate Deposits (ICD's) to group companies - Babcock Borsig
Limited (BBL), Williamson Financial Services Ltd. and Williamson
Magor & Co. Limited (WMCL). Owing to significant deterioration in
the financial profile of the group companies to which KEL has
significant financial exposure, debt coverage indicators of KEL has
weakened. The ICDs receivable from these group companies is
aggregating to INR108.26.

Liquidity: Stretched

With overall gearing already above unity, KEL does not have enough
headroom to raise additional debt. Overall gearing of KEL
deteriorated further to 1.18x on March 31, 2020 compared with 1.15x
on March 31, 2019. Deterioration of overall gearing was on account
of increase in total debt of the company.

Incorporated on September 7, 1987, Kilburn Engineering Limited
(KEL) is a Williamson Magor Group Enterprise listed on Bombay Stock
Exchange (BSE) and Calcutta Stock Exchange (CSE). KEL manufactures
drying systems, pneumatic handling systems, heat exchangers, etc
with specialized expertise in design, engineering, manufacturing
and installation of drying systems for solids, liquids and gases.
KEL caters to various industries ranging from Chemicals,
Petrochemicals to Food, Oil & Gas, Refinery, Power Plants & Steel.
KEL also provides services for erecting, commissioning and annual
maintenance of the equipment manufactured.


MAHALAXMI JEWELLERS: CRISIL Assigns B+ Rating to INR7.5cr Loan
--------------------------------------------------------------
CRISIL Rating has assigned its 'CRISIL B+/Stable' ratings to the
bank facilities of Mahalaxmi Jewellers Pvt Limited (MJPL).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.5         CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     0.5         CRISIL B+/Stable (Assigned)

   Term Loan              1           CRISIL B+/Stable (Assigned)

The rating reflects MJPL's susceptibility of revenue and
profitability to intense competition in a fragmented industry,
geographical concentration in revenue, modest scale of operation,
working capital intensive operations and weak financial profile .
These weakness are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility of revenue and profitability to intense
competition in a fragmented industry, and to volatility in gold
prices: The presence of a large number of players, both small and
big, in the retail jewelry market leads to pressure on
profitability. Also, the profitability is susceptible to volatility
in gold prices.

* Geographical concentration in revenue: Although the entity has
been in the retail jewelry business for three decades, it operates
through a single store at Gulbarga, Karnataka. Gold buying is a
localized activity, and its accrual depends on the level of
economic activity in the region. The geographical concentration in
operations exposes volatility in demand because of local factors

* Modest scale of operation: MJPLs business profile is constrained
by its scale of operations in the intensely competitive Gold
Jewellery & Diamond industry. MJPLs scale of operations will
continue to limit its operating flexibility.

* Working capital intensive operations: Gross current assets were
at 222- 277 days over the three fiscals ended March 31, 2020. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 277 days as on March 31, 2020. Its large
working capital requirements arise from its high debtor and
inventory levels. It is required to extend long credit period.
Furthermore, due to its business need, it hold large work in
process & inventory.

* Weak financial profile:  MJPL has average financial profile
marked by gearing of 3.4 times and total outside liabilities to adj
tangible net worth (TOL/ANW) of 3.9 times for year ending on 31st
March 2020.  MJPL's debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.42 times and 0.04 times for fiscal
2020.MJPL debt protection measures are expected to remain at
similar level with high debt levels.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 30 years in Gold Jewellery & Diamond
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

Liquidity: Stretched

Bank limit utilisation is high at around 97.28 percent for the past
twelve months ended Jan-2021. Cash accrual are expected to be over
INR50 lakhs which are sufficient against term debt obligation of
INR30 lakhs over the medium term. In addition, it will be act as
cushion to the liquidity of the company.

Current ratio are low at 1.34 times on March 31, 2020. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook Stable

CRISIL Rating believe MJPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals

* Improvement in working capital cycle

Downward factor

* Decline in operating profitability by over 200 basis points on a
sustainable basis leading to net cash accrual lower than INR30
lakhs

* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

MJPL was incorporated in 1998. MJPL is engaged retailing of gold
jewellery. MJPL operate through a store at Gulbarga, Karnataka.
MJPL is owned & managed by Raghavendra Kashinath Mailapur &
family.


MANSA PRINT: ANG Lifesciences Acquires Publisher
------------------------------------------------
Outlook India reports that ANG Lifesciences India Ltd on April 2
said it has acquired Mansa Print & Publishers Ltd, which has
undergone corporate insolvency resolution plan, as part of its
strategic backward integration.

Located at Baddi in Himachal Pradesh, Mansa Print & Publishers Ltd
is engaged in printing and packaging business covering
manufacturing of packaging products including cartons, corrugated
boxes and aluminium foil.

In addition to this, it has a separate stationery division with
high-tech machinery giving good business opportunity, ANG
Lifesciences India (ALI) said in a regulatory filing, Outlook India
relays.

While it did not disclose the value of the acquisition, ALI said it
"acquired above infrastructure at a very economical cost under
Corporate Insolvency Resolution Plan."

Explaining the reasons for the acquisition, ALI said, "it is a
strategic backward integration move for the company since it is
expanding at a fast pace in the pharma segment. The packaging cost
in formulation segment is almost 15-20 per cent of the cost of
product," according to Outlook India.

It will be helpful for the company to optimise costs and ensure
timely availability of packaging products for formulation business,
the filing added.

"The acquisition holds a good potential for growth and
profitability in the Baddi region, being a pharma hub," it said.

Moreover, the plant of ALI comprises excellent manufacturing set up
with the best of the machinery infrastructure, it said adding the
company would also be able to leverage fully automated excellent
infrastructure for stationery products in the market, the report
adds.


MITHRA COACHES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mithra
Coaches Private Limited (MCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.11      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 27, 2020, placed the
rating(s) of MCPL under the 'issuer non-cooperating' category as
MCPL had failed to provide information for monitoring of the
rating. MCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated March 1, 2021, March 5, 2021, March 8, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 27, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in meeting debt obligations: The company has been facing
subdued operational and financial performance leading to strained
liquidity position resulting in delays in meeting its debt
obligation on time.

Liquidity: Poor

The liquidity profile of the company is poor, marked by cash losses
incurred y-o-y, completely eroded net-worth and fully utilized bank
limits. This has constrained the ability of the company to repay
its debt obligations on a timely basis.

Mithra Coaches Private Limited (MCPL) was incorporated in 2008 and
is engaged in manufacturing of structural bodies for buses,
containers, light commercial vehicle, bunk houses, trailers, water
tankers, and oil tankers. The company is promoted by Mr. Maganti
Subrahmanyam (Chairman), Mr. M. Venugopal (Director), Mr. N.
Seshadri Sekhar (Director). Mr. Madhusudhana Sarma, Mr. M.
Chandramouli (Director). The manufacturing facility of the company
is located in Veerapanenigudem village, Andhra Pradesh and has a
capacity of manufacturing 300 buses and 240 containers in a year.


MOTHERSON SUMI: Moody's Alters Outlook on Ba1 CFR to Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating on Motherson Sumi Systems Limited. Concurrently, the rating
outlook has been changed to stable from negative.

"The rating affirmation and outlook change to stable reflect the
sustainable recovery in Motherson's revenue and profitability from
the trough during the coronavirus pandemic in the first quarter of
the fiscal year ending March 2021. We expect the company to sustain
the recovery over the upcoming 12 to 18 months, strengthening its
credit metrics, in particular debt/EBITDA leverage tracking below
3.0x," says Kaustubh Chaubal a Moody's Vice President and Senior
Credit Officer.

RATINGS RATIONALE

The rating action reflects Moody's view that Motherson's revenue
will grow by around 8%-10% during fiscal 2022, following almost a
12% decline in the prior year because of the pandemic. The
company's strong business profile based on its long-standing
relationships with leading automotive original equipment
manufacturers (OEMs), as well as good geographic and product
diversification, will aid the recovery.

The rebound in operations, which has also occurred in recent
quarters, mirrors a continued recovery in global vehicle sales from
the second half of 2020, which underpins Moody's stable outlook on
the global automotive manufacturing industry. Moody's expects
global auto unit sales to grow by 7% in 2021 and around 6% in 2022,
following a steep fall of around 14% in 2020 amid the pandemic.

Meanwhile, the turnaround of the company's previously loss-making
greenfield operations will accelerate the improvement in
profitability, earnings and operating metrics, supported by a
better operating environment. Moody's expects Motherson's EBITA
margin to increase to the mid-single-digit percentage during fiscal
2022; a 100-basis point (bps) increase over the prior year, but
weaker than the 8% levels in fiscal 2017.

Due to the negative impact of the coronavirus outbreak, Moody's
estimates Motherson's leverage to have increased to around 3.5x at
March 2021, before gradually de-levering to below 3.0x by March
2022. Higher earnings will also support sustained positive free
cash flow generation.

Motherson's 2025 vision aims at achieving a quarter of its revenues
from non-automotive divisions to somewhat insulate the company from
the inherently volatile automotive industry. The company is working
towards further diversifying its business profile such that no
customer, component or country will account for more than 10% of
its revenues. And the company intends to achieve US$36 billion in
annual revenues by 2025.

Moody's favorably views the company's diversification strategy
given it will somewhat derisk its credit profile. In addition,
Moody's expects Motherson to continue a measured and disciplined
approach in evaluating acquisitions and executing only those that
fit not only the company's quantitative criteria but also other
qualitative criteria. These include synergies such as vertical
integration, access to technology and stipulated financial
guidelines such as a return on capital of 40% on a steady-state
basis and net reported leverage correcting to less than 2.5x within
12-15 months of any acquisition.

Motherson is transitioning into a cashless reorganization, where it
will split its Indian wiring harness operations to form a new
entity. The reorganization also entails a merger of Motherson with
its 33% shareholder, Samvardhana Motherson International Limited
(SAMIL). Since SAMIL currently holds the balance 49% shareholding
in Motherson's 51% owned subsidiary, Samvardhana Motherson
Automotive Systems Group B.V. (SMRP), the reorganization will
result in Motherson emerging as SMRP's sole shareholder. The
transaction currently awaits regulatory approvals and is likely to
be completed by September 2021.

The reorganization will only marginally increase Motherson's
leverage by an estimated 0.2x. As such, the business benefits --
such as a 100% shareholding in SMRP and operational synergies with
SAMIL -- should outweigh the marginal increase in leverage.

Motherson's Ba1 CFR reflects the company's: (1) strong business
profile, stemming from long-standing relationships with leading
automotive OEMs; (2) demonstrated track record of financial
discipline; and (3) improving operations underscoring the
strengthening credit metrics.

On balance, the CFR is constrained by Motherson's: (1) exposure to
the inherently cyclical global automotive industry, as well as
pricing pressures that auto suppliers face from large, influential
OEM customers; and (2) significant concentration in Europe.

OUTLOOK

The stable outlook reflects Moody's expectation that Motherson will
continue to gradually recover from the materially negative impact
of the global coronavirus outbreak on credit metrics in fiscal
2021. Against previous expectations, Moody's anticipates in its
base case that Motherson's key credit metrics will recover close to
expectations for the Ba1 CFR with leverage tracking below 3.0x and
an adjusted EBITA margin in the mid-single digits.

LIQUDITY

Motherson has very good liquidity.

Cash and cash equivalents totaling INR50.9 billion (US$700 million)
as of December 2020 along with likely cash flow from operations of
around INR70 billion (US$950 million) over the 18 months until June
2022 should be more than sufficient to meet the company's INR80
billion (US$1 billion) cash needs over the same period towards
capital expenditure, debt repayments (including short term) and
dividends.

Further supplementing the company's liquidity are the multi-year
revolving credit facilities of EUR350 million at SMRP and a
factoring limit of EUR775 million (EUR380 million drawn at December
2020). In India, Motherson has INR5.3 billion (US$70 million) 364
day working capital facilities that are renewable annually --
although given their short-term nature, Moody's does not consider
these in its liquidity analysis.

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

Given the current market situation, Moody's does not anticipate any
immediate upward rating pressure.

However, upward rating pressure could build if Motherson's adjusted
EBITA margin improves to at least 7%, leverage stays comfortably
below 3.0x and positive free cash flows are maintained; all over a
sustained period.

Moody's would consider a rating downgrade if Motherson's EBITA
margin falls below 5.0%; or if leverage stays above 3.5x or free
cash flows stay negative for a sustained period.

Execution risks associated with a timely and smooth integration of
an acquisition could also pressure the Ba1 CFR. Downward pressure
could also build if the company undertakes a large debt-financed
acquisition without an immediate and meaningful counterbalancing
effect on earnings, materially skewing its financial profile.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Automotive
Supplier Methodology published in January 2020.

COMPANY PROFILE

Headquartered in Delhi, Motherson Sumi Systems Limited is the
flagship entity of the Samvardhana Motherson Group (SMG), with
global operations. Motherson was formed in 1986 through a technical
and financial collaboration with Sumitomo Wiring Systems, Japan, a
wholly owned subsidiary of Sumitomo Electric Industries, Ltd. (A2
stable).

As of December 2020, Sumitomo Wiring held a 25.1% stake in
Motherson, while the founding Sehgal family held a 3.4% direct
stake and a 33.4% indirect stake through their investment vehicle,
Samvardhana Motherson International Limited (SAMIL).

The wiring harness business is housed under Motherson and PKC Group
(PKC), a Finnish company that Motherson acquired in 2017. Its
rearview mirror business is held at Samvardhana Motherson Reflectec
(SMR). Meanwhile, the polymers operations are undertaken by
Samvardhana Motherson Peguform (SMP) and Samvardhana Motherson
Reydel Company (SMRC). The SMR, SMP and SMRC businesses are
collectively known as SMRP operations.


NECTAR BOTTLING: CRISIL Assigns B Rating to INR7.12cr Loan
----------------------------------------------------------
CRISIL Rating has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Nectar Bottling & Marketing LLP
(NBML).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft
   Facility               7.12       CRISIL B/Stable (Assigned)

The rating reflects NBML's modest scale of operation and weak
financial profile. These weaknesses are partially offset by its
extensive industry experience of the partner.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: NBML's business profile is constrained
by its scale of operations in the intensely competitive distillers
& vintners industry. The company registered revenue of INR3.04
crore in fiscal 2020 as against INR10.41 crore in the previous
year. The operations are susceptible to material changes in
government policies with respect to production, distribution of
liquor, taxation, and state excise duty; or any material change in
the duty structure. Furthermore, NBML has limited geographical
reach with major revenue coming from Andhra Pradesh.

* Weak financial profile: NBML has average financial profile marked
by gearing of and total outside liabilities to adj tangible
networth (TOL/ANW) of 8.28 percent for year ending on 31st March
2020.  NBML’s debt protection measures have also been at weak
level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at -7.6 times and -5.6 times for fiscal
2020.NBML debt protection measures are expected to improve over
medium term supported by scale up in operations and will remain a
key monitorable.

Strength:

* Extensive industry experience of the partner: The partner have an
extensive experience of over 3 decades in manufacturing and
marketing of IMFL. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.


Liquidity: Stretched

Bank limit utilization is moderate at around 55% percent for the
past three months ended Jan-2021. Cash accrual are expected to be
over INR1.00 crore in fiscal 2022 which will be sufficient against
no significant term loans. Current ratio are healthy at 2.62 times
on March 31, 2020.

Outlook Stable

CRISIL Ratings believe NBML will continue to benefit from the
extensive experience of its promoter.

Rating Sensitivity factors

Upward factor

* Improvement in capital structure reflected in gearing of less
than 3 times in medium term

* Sustained revenue growth and steady operating margin leading to
higher cash accrual on consistent basis

Downward factor

* Any large, debt-funded capex or elongation in working capital
cycle leading to weakening in financial risk profile

* Decline in operating performance and steep fall in cash accrual
(below Rs.1 cr)

Established in 2017, NBML is located in Hyderabad. The firm
manufactures Indian Made Foreign Liquor and is owned & managed by
Vikram Reddy K, Vijay Kumar Reddy K and family.


NUPOWER RENEWABLES: CARE Lowers Rating on INR180.20cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nupower Renewables Private Limited (NRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     180.20     CARE D Revised from
   Fund based                      CARE BB (CWN) and removed
   LT-Term Loan                    From Under Credit watch with
                                   Negative Implications

Detailed Rationale

The revision in long-term rating of NRPL is on account of delay in
servicing of debt
obligations.

Positive rating sensitivities

* Timely servicing of debt obligations (i.e., principal and
interest) for minimum continuous 3 months

* Improvement in operational performance of all operational
capacities on sustained manner and release of assets of the company
by the Enforcement Directorate

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: NRPL reported delay in serving of debt
obligations (i.e., principal installment) on account of poor
liquidity position due to delay in realization of receivables from
counter party (i.e. Maharashtra State Electricity Distribution
Company Limited). As of April 3, 2021 the delay was regularized.

Liquidity analysis:

Liquidity - Poor

NRPL has free cash and cash equivalent of INR 0.37 crore as of
December 31, 2020 as against debt servicing of around INR 13.63
crore for FY22 exhibits poor liquidity position. DSRA is yet to
replenish. Further, the company has been recently granted working
capital term loan by its lenders (due to COVID-19) in order to meet
cash flow mismatch. However, the receivable position of the company
stood at INR 27.46 crore as on December 31, 2020. Timely
realization of these receivables is a key rating monitorable.

NuPower Renewables Private Limited (NRPL) incorporated on December
24, 2008, is the promoter company of Nupower Group. The major
shareholders of NRPL are DH Renewables Holding Limited (holds
54.99% stake), Pinnacle Energy (a Private Discretionary Trust in
India Mr. Deepak Virendra Kochhar is the managing trustee of
Pinnacle Energy, holds 33.17% stake) and Supreme Energy Private
Limited (holds 10.10% stake). The company is engaged in generation
of power through wind with operational capacity of 45.15 MW as of
December 31, 2020 (2.05 MW is yet to be commissioned). Apart from
NRPL, the group also has operational capacities in its subsidiaries
i.e. Echanda Urja Private Limited (100.50 MW in Tamil Nadu) and
NuPower Wind Farms Limited (34.25 MW in Tamil Nadu).

OSL AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR47.75cr Loans
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of OSL Automotives Private Limited
(OAPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL B+/Stable (Reaffirmed)

   Inventory
   Funding Facility     42.75      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the subdued financial risk profile
of the company and exposure to intense competition and low
operating margin in the trading business. These rating weaknesses
are offset by the extensive experience of the promoter in the
automobile dealership industry, established relationship with the
principal supplier, Tata Motors Ltd (TML; ‘CRISIL
AA-/Stable/CRISIL A1+’), and prudent working capital management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low profitability: OAPL operates on a modest scale in comparison
to larger auto dealership players. Revenue and profitability
further depend on the principal, TML with limited scope for value
addition in the dealership model. The operating margin has thus
been low at 2.5-3.9% in the three years through fiscal 2020.

* Average financial risk profile: Financial risk profile remains
constrained by the small networth of INR19.47 crore and high total
outside liabilities to tangible networth (TOLTNW) ratio of 2.81
times, as on March 31, 2020, mainly due to sizeable working capital
debt. Debt protection metrics were subdued with interest coverage
and net cash accrual to total debt ratios of 1.23 times and 0.03
time, respectively, in fiscal 2020.

* Exposure to intense competition: Revenue of INR262.34 crore in
fiscal 2020, reflects the modest scale of operations. Sale of
commercial vehicles contributes to around 90% of revenue. Presence
of several manufacturers makes the segment highly competitive.

Strengths:

* Extensive experience of the promoter and healthy relationship
with TML: The promoter has been engaged in the auto dealership
business for over eight years. His longstanding presence and
healthy relationship with TML has helped the company scale up
operations in a short period by identifying untapped markets.

* Prudent working capital management: Gross current assets (GCAs)
were healthy at 71 days as of March 31, 2020. The company faces
negligible receivable risk as sales are diversified across a large
clientele, and typically backed by financial institutions, which
release payments in 8-10 days.

Liquidity: Stretched

Liquidity is marked by tightly matched cash accrual and moderate
bank limit utilization. Expected cash accrual of over INR0.70 crore
should cover the maturing term debt of INR0.55-0.75 crore in the
medium term. Bank limit utilization averaged around 75% for the six
months ended February 28, 2021. The resultant gap will be supported
by funding support from the promoters and short-term limit (if
required). Current ratio was moderate at 1.03 times on March 31,
2020.

Outlook: Stable

CRISIL Ratings believes OAPL will continue to benefit from the
extensive experience of its promoter in the auto dealership
business and established relationship with TML.


Rating Sensitivity Factors

Upward Factors

* Sustained revenue growth of 10%, leading to cash accrual of over
INR1.05 crore over the medium term, while ensuring improvement in
the financial risk profile
* Strong relationships with major vendors
* Better working capital management, marked by lower GCAs

Downward Factors

* Stagnation in business due to weak demand, or a stretch in
receivables or pile-up of inventory straining liquidity
* Decline in cash accrual to below INR60 lakh
* Weakening of relationships with major vendors

Incorporated in 2007, OAPL is an authorized dealer for the entire
range of commercial vehicles of TML in North Bengal. The area of
operations spans five districts: Jalpaiguri, Cooch Behar, Uttar
Dinajpur, Siliguri and Darjeeling. Operations are managed by the
promoter-director, Mr. Pawan Kumar Goyal.


R. K. ENTERPRISE: CARE Lowers Rating on INR7.89cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R.
K. Enterprise (Howrah) (RKE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.89      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-;
                                   Stable

   Short Term Bank      0.30       CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RKE 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 firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, RKE has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on RKE's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING and CARE A4; 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 on January 24, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the firm
remained relatively small marked by total operating income of
INR6.07 crore (FY17: INR6.63 crore) and a PAT of INR0.21 crore
(FY17: INR0.24 crore) in FY18. Furthermore, the total capital
employed was also moderate at INR7.02 crore as on March 31, 2018.

* Volatility in input prices: Fuel expenses form one of the major
expenses for the transportation and allied activities. The
profitability of the firm is vulnerable to diesel price
fluctuations in case the actual consumption of diesel is in excess
of norms allowed in the contract.

* Partnership nature of constitution: RKE, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Client concentration risk albeit reputed clientele: RKE is
engaged in transportation of LPG tankers only for the major oil
companies such as BPCL, IOCL and HPCL, which reflects high level of
customer concentration. However, the concentration risk is
mitigated to a certain extent on account of its established
relationship with the said companies as reflected by the repeated
orders in the recent past. Considering the client profile of BSE,
the risk of default is very minimal.

* Weak capital structure: The capital structure of the firm
remained weak marked by debt equity ratio of 11.94x (FY17: 10.41x)
and overall gearing ratio of 15.85x (FY17: 12.51x) as on March 31,
2018. Weak capital structure was mainly on account of high debt
level as on the account closing dates.

* Competitive and fragmented nature of the transportation industry:
The transportation industry is highly fragmented due to low entry
barriers. As a result, there is high competition from the
unorganized market. The highly fragmented and unorganized nature of
the industry results in price competition. However, the players
with superior quality of service and presence in different
locations across country and clientele across various industries
would enjoy competitive edge and would be able to garner more
business and long-term contracts.

Key Rating Strengths

* Experienced partners with moderate track record of operations:
The firm started its commercial operations since 2011 and thus has
moderate track record of operations. Moreover, the key partner, Mr.
Bhupinder Singh Gujral is having more than 25 years of experience
in the transportation business, looks after the day to day
operations of the firm. They are supported by other partners and a
team of experienced professionals. Furthermore, due to experienced
partners and moderate track record of operations, the promoters
have established satisfactory relationship with its clients.

* Healthy profit margins and satisfactory debt coverage indicators:
The profitability margins of the firm remained healthy marked by
PBILDT margin of 46.22% (FY17: 46.86%) and PAT margin of 3.45%
(FY17: 3.57%) in FY18. However, the PBILDT margin deteriorated in
FY18 on account of higher cost of operations. Further, the debt
coverage indicators remained satisfactory marked by interest
coverage of 3.23x (FY17: 2.81x) and total debt to GCA of 3.55x
(FY16: 4.50x) in FY18. The interest coverage improved in FY18
mainly on account of low interest expenses. Furthermore, the total
debt to GCA also improved in FY18 due to relatively lower debt
level as of March 31, 2018.

Howrah (West Bengal) based, R.K. Enterprise (RKE) was constituted
as a partnership firm on June 10, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.

SAHA INFRATECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Saha Infratech Private Limited

        Registered office:
        F-1, 1st Floor, Plot No. 1
        Village Kilokri
        Ring Road Near Bus Stop
        New Delhi 110014

        Place of Maintenance of Books of
        Accounts & Papers:
        B-4, Matrix Tower
        Sector-132, Noida
        Expressway Noida
        UP 201301

Insolvency Commencement Date: February 28, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 2, 2021
                               (180 days from commencement)

Insolvency professional: Shiv Nandan Sharma

Interim Resolution
Professional:            Shiv Nandan Sharma
                         129 Navjeevan Vihar
                         Near Aurobindo College
                         New Delhi 110017
                         E-mail: sharmasn@gmail.com

                            - and -

                         908, D-Mall
                         Netaji Subhash Place
                         Pitampura, Delhi 110034
                         E-mail: cirp.sahainfra@gmail.com

Classes of creditors:    Home Buyers/Allottees of Real Estate
                         Project(s) as per clause (f) of Section 5
                         (8) of the IBC Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Abhishek Anand
                         Mr. Alok Chandra Singh
                         Mr. Loveneet Handa

Last date for
submission of claims:    April 19, 2021


SHRI TUBES & STEELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shri Tubes & Steels Private Limited
        SY. No. 223/2, Neeralakatti Gram
        Garag Road, Dharwad Karnataka 581105

Insolvency Commencement Date: March 31, 2021

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: September 27, 2021
                               (180 days from commencement)

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional:            Srinivas Thatikonda
                         Flat No. 006, Nanda Ashirwad Apartments
                         No. 1, Canara Bank Colony
                         2nd Main, Chandra Layout
                         Bengaluru 560072
                         Karnataka
                         E-mail: srinivas@srinivasthatikonda.com

Last date for
submission of claims:    April 22, 2021


SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SRK Group
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       41.09      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 16, 2020, placed the
rating(s) of SRK under the 'issuer non-cooperating' category as SRK
had failed to provide information for monitoring of the rating. SRK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 30, 2021, March 31, 2021 and April 1,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating assigned to the facilities of SRK Group (SRK) continues
to take into account delays in servicing debt obligations on
account of stressed liquidity position.

Detailed description of the key rating drivers

At the time of last rating on January 16, 2020 the following were
the rating weaknesses:

* Delay in debt servicing due to stressed liquidity: Due to change
in the project scope, time & cost overrun and lower than envisaged
booking status, the liquidity position of the firm was impacted
resulting in delay in servicing its debt obligations.

SRK Group (SRK) is a partnership firm constituted in September 2012
to develop a residential cum commercial project 'Mansarovar' near
Kamrej in Surat – Gujarat. It is a partnership amongst three
partners sharing equal profits to jointly develop the project. The
project is envisaged to be developed on 7.94 Lakh square feet
(lsft) land owned by SRK and have total estimated saleable area of
around 13.88 lsft.


T. K. ROADLINES: CARE Lowers Rating on INR8.83cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of T.
K. Roadlines (TKR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.83      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank      0.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues   
     
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TKR to monitor the rating
vide e-mail communications/letters dated February 22, 2021,
February 24, 2021, March 3, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, TKR has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on TKR's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING and CARE A4; 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 on January 24, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations: The total operating income of the firm
witnessed erratic trend during last three years and after increased
by 40.57% in FY17, the same has declined by 0.88% during FY18 due
to lower execution of orders during the year. The overall scale of
operations of the firm remained small marked by its total operating
income of INR7.83 crore with a PAT of INR0.30 crore in FY18
Further, the total capital employed was also low at INR5.76 crore
as on March 31, 2018. The small size restricts the financial
flexibility of the firm in times of stress and deprives it from
benefits of economies of scale.

* Volatility in input prices: Fuel expenses form one of the major
expenses for the transportation and allied activities. The
profitability of the firm is vulnerable to diesel price
fluctuations in case the actual consumption of diesel is in excess
of norms allowed in the contract.

* Partnership nature of constitution: TKR, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Client concentration risk albeit reputed clientele: TKR is
engaged in transportation of LPG tankers only for the major oil
companies such as BPCL, IOCL and HPCL, which reflects high level of
customer concentration. However, the concentration risk is
mitigated to a certain extent on account of its established
relationship with the said companies as reflected by the repeated
orders in the recent past. Considering the client profile of TK,
the risk of default is very minimal.

* Leveraged capital structure: The capital structure of firm
deteriorated and remained leveraged marked by debt equity ratio of
7.29x (FY17:6.22x) and overall gearing ratio of 9.29x (FY17: 7.97x)
as of March 31, 2018. Leveraged capital structure was mainly on
account of high debt levels as on account closing date.

* Competitive and fragmented nature of the transportation industry:
The transportation industry is highly fragmented due to low entry
barriers. As a result, there is high competition from the
unorganized market. The highly fragmented and unorganized nature of
the industry results in price competition. However, the players
with superior quality of service and presence in different
locations across country and clientele across various industries
would enjoy competitive edge and would be able to garner more
business and long-term contracts.

Key Rating Strengths

Rationale cum Press Release

* Experienced partners with moderate track record of operations:
The firm started its commercial operations since 2011 and thus has
moderate track record of operations. Moreover, the key partners,
Mr. Bhupinder Singh Gujral and Mrs. Simran Gujral (aged about 32
years) are having more than 26 years of experience in
transportation business, looks after the day to day operations of
the firm. They are further supported by another partner, Mr.
Surojit Biswas (aged about 43 years), having more than a decade of
experience in the same line of business and a team of experienced
professionals.

* Healthy profit margins and satisfactory debt coverage indicators:
The profitability margins of the firm remained healthy marked by
PBILDT margin of 31.11% (FY17: 36.78%) and PAT margin of 3.77%
(FY17: 4.29%) in FY18. However, the PBILDT margin deteriorated in
FY18 on account of higher cost of operations. Furthermore, the debt
coverage indicators also remained moderate marked by interest
coverage of 3.64x (FY17: 3.50x) and total debt to GCA of 3.15x
(FY17: 3.30x) in FY18. Marginal improvement in the interest
coverage was due to higher decline in PBILDT level vis-a-vis
decline in interest expenses during FY18.

Howrah (West Bengal) based, T. K. Roadlines (TKR) was constituted
as a partnership firm on June 25, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.


T. K. ROADWAYS: CARE Lowers Rating on INR9.28cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of T.
K. Roadways (TKR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.28      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-;
                                   Stable

   Short Term Bank       0.30      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TKR to monitor the rating
vide e-mail communications/letters dated February 22, 2021,
February 24, 2021, March 03, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, TKR has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on TKR's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING and CARE A4; 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 on January 24, 2020 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Small scale of operations: The total operating income of the firm
witnessed erratic trend during last three years and after increased
by 23.66% in FY17, the same has declined by 5.92% during FY18 due
to lower execution of orders during the year. The overall scale of
operations of the firm remained small marked by its total operating
income of INR8.26 crore with a PAT of INR0.31 crore in FY18.
Further, the total capital employed was also low at INR8.17 crore
as on March 31, 2018. The small size restricts the financial
flexibility of the firm in times of stress and deprives it from
benefits of economies of scale.

* Volatility in input prices: Fuel expenses form one of the major
expenses for the transportation and allied activities. The
profitability of the firm is vulnerable to diesel price
fluctuations in case the actual consumption of diesel is in excess
of norms allowed in the contract.

* Partnership nature of constitution: TKR, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Client concentration risk albeit reputed clientele: TKR is
engaged in transportation of LPG tankers only for the major oil
companies such as BPCL, IOCL and HPCL, which reflects high level of
customer concentration. However, the concentration risk is
mitigated to a certain extent on account of its established
relationship with the said companies as reflected by the repeated
orders in the recent past. Considering the client profile of TK,
the risk of default is very minimal.

* Leveraged capital structure: The capital structure of firm
deteriorated and remained leveraged marked by debt equity ratio of
9.53x (FY17:5.49x) and overall gearing ratio of 13.48x (FY17:
7.41x) as on March 31, 2018. Leveraged capital structure was mainly
on account of high debt levels as on account closing date.

* Competitive and fragmented nature of the transportation industry:
The transportation industry is highly fragmented due to low entry
barriers. As a result, there is high competition from the
unorganized market. The highly fragmented and unorganized nature of
the industry results in price competition. However, the players
with superior quality of service and presence in different
locations across country and clientele across various industries
would enjoy competitive edge and would be able to garner more
business and long-term contracts.
  
Key Rating Strengths

* Experienced partners with moderate track record of operations:
The firm started its commercial operations since 2011 and thus has
moderate track record of operations. Moreover, the key partners,
Mr. Bhupinder Singh Gujral (aged about 56 years) and Mrs. Tejinder
Kour (aged about 51 years) are having more than 26 years of
experience in transportation business, looks after the day to day
operations of the firm. They are further supported by another
partner, Mr. Debdulal Talukdar (aged about 50 years), having around
two decades of experience in the same line of business and a team
of experienced professionals.

* Healthy profit margins and satisfactory debt coverage indicators:
The profitability margins of the firm remained healthy marked by
PBILDT margin of 32.37% (FY17: 36.78%) and PAT margin of 3.72%
(FY17: 4.43%) in FY18. However, the PBILDT margin deteriorated in
FY18 on account of higher cost of operations. Furthermore, the debt
coverage indicators also remained satisfactory marked by interest
coverage of 2.99x (FY17: 3.01x) and total debt to GCA of 4.59x
(FY17: 3.96x) in FY18. Deterioration in the interest coverage was
due to higher decline in PBILDT level vis-à-vis decline in
interest expenses during FY18. Furthermore, the total debt to GCA
also deteriorated during FY18 due to lower cash accruals during the
year.

Howrah (West Bengal) based, T. K. Roadways (TKR) was constituted as
a partnership firm on June 10, 2011. The firm is an associate
concern of Gujral Group of companies. The group is promoted by Mr.
Bhupinder Singh Gujral and engaged in transportation of LPG tankers
for the major oil companies such as Bharat Petroleum Corporation
Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan
Petroleum Corporation Limited (HPCL) and hotel and restaurant
business. The group is having 975 LPG tankers and the loading point
is Haldia, West Bengal.


VEGA JEWELDIAM: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vega
Jeweldiam Private Limited (VJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 9, 2020, placed the
rating(s) of VJPL under the 'issuer non-cooperating' category as
VJPL had failed to provide information for monitoring of the
rating. VJPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated March 4, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 9, 2020 the following were
the rating strengths and weaknesses: (updated for the information
available from ROC):

Key Rating Weaknesses

* Delay in debt servicing: As per the publicly available data and
interaction with the management, it was known that packing credit
facility of Vega Jeweldiam Private Limited has remained overdue for
more than 30 days due to delay in realization of
export bills.

* Stretched liquidity: The liquidity position of VJPL is marked by
tightly matched accruals to repayment obligations, highly utilized
bank limits and modest cash balance.

Key rating strengths

* Experienced promoters: Mr. Jitendra Shah, promoter director, has
an extensive experience of around four decades in the industry.
Moreover, the promoters are also ably supported by experienced
management of the firm to carry day to day activities. In addition
to that, the promoters have been providing financial support to run
the operations of the firm.

Incorporated in 2008, Vega Jeweldiam Private Limited (VJPL,
erstwhile Amy Diam Creation Pvt. Ltd. (ACPL) which was the holding
company of Amy Diam Vega Jewellery Pvt. Ltd. (AVPL) was merged with
ACPL in Feb 2013) is engaged in business of exporting cut and
polished diamonds (up to 5 carat in size). The company, till FY14,
was also engaged in manufacturing of diamond-studded jewellery,
however in FY14, has ceased operations therein, to focus on the
diamond polishing segment. Though the company was incorporated in
2008, the promoters were engaged in the business since the last
four decades in the industry through their partnership firms (viz.
Kailash Bros., Tirath Exports and Vega Jewellery), operations of
which have been transferred to this entity. Moreover, earlier the
promoters were engaged in diamond trading, wherein they procured
diamonds from various domestic players and got the diamonds
polished on contract basis. However, in January 2014, the company
has commenced its captive diamond cutting and polishing unit in
Surat. Furthermore, VJPL's associate company Amy Diam Limited (ADL)
is situated in Hong Kong and acts as the primary distributor for
VJPL for South East Asia and Middle Eastern markets.

VYAS MERCANTILE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vyas Mercantile Private Limited
        402, Corporate Annex
        Next to Udyog Bhavan Sonawala Lane
        Goregaon East
        Mumbai 400063

Insolvency Commencement Date: April 5, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 2, 2021

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 vyas-cirp@ezylaws.com

Last date for
submission of claims:    April 19, 2021




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

GOLDEN ENERGY MINES: Fitch Affirms 'B+' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Golden Energy Mines
Tbk's (GEMS) Long-Term Issuer Default Rating (IDR) at 'B+' with a
Stable Outlook. At the same time, Fitch Ratings Indonesia has
affirmed GEMS's National Long-Term Rating of 'A(idn)' with a Stable
Outlook.

The rating is based on the proportionately consolidated credit
profile of parent Golden Energy and Resources Limited (GEAR,
B+/Stable), which owns 62.5% of GEMS, based on Fitch's Parent and
Subsidiary Linkage Rating Criteria, as Fitch assesses their linkage
as moderate, due to moderate legal and operational ties. GEAR's
standalone holding company credit metrics are moderate, mitigating
structural subordination risk. The rating reflects the robust
financial profile of GEMS, as its operating performance remained
strong despite the decline in coal prices in 2020.

Fitch assesses GEMS's Standalone Credit Profile at 'b+' as it
benefits from a competitive cost position, long reserve life and
strong financial profile. GEMS's steady production ramp-up over the
last four years should result in volume that is comparable with
that of 'BB-' rated peers such as PT Bayan Resources Tbk
(BB-/Stable) and PT Indika Energy Tbk (BB-/ Negative). Fitch
expects its production volume to rise further, subject to
regulatory approval, which together with its large reserves and
strong financial profile should support improvement in its
Standalone Credit Profile.

Fitch expects GEMS's EBITDA to increase to USD195 million in 2021
from USD150 million in 2020 on its increasing production scale and
ability to maintain profitability even with low coal prices. The
difference in their calorific value of coal means GEMS's current
EBITDA scale is smaller than that of Bayan and Indika. GEMS's
financial profile, however, is stronger than that of most of its
coal mining peers, including Indika, in Fitch's view.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Cost Flexibility: Fitch expects GEMS's flexibility to manage its
costs to move in line with coal prices and its low-cost structure
with a life-of-mine strip ratio of 4.2x to supports its operating
cash flow. GEMS's EBITDA per tonne improved to USD4.4 in 2020
(2019: USD4.0), driven by its ability to meaningfully curtail cash
costs from a reduction in the strip ratio, lower contract mining
rates to third-party contractors and declining fuel costs. Fitch
expects GEMS to maintain EBITDA per tonne at USD4-5 after peaking
at USD5.5 in 2021.

Increasing Production Scale: Fitch expects GEMS's production to
rise to close to 40 million tonnes (mt) in 2022 (2021 forecast:
35mt, 2020: 34mt), in line with management expectations, subject to
regulatory approval on the production quota. Fitch believes GEMS's
strong compliance with regulatory requirements, including domestic
market obligations, will help mitigate risks.

GEMS's capex on infrastructure to support the higher volume will be
minimal, about USD20 million-25 million annually over the next
three years to upgrade the capacity of hauling roads, coal-handling
plants and barge-loading facilities. Fitch expects GEMS's robust
operating cash flows and limited capex to support its strong
financial profile with a net cash position. Fitch expects GEMS to
continue its policy of paying about 80% of its net profit as
dividends to its shareholders.

Limited Mine Diversity: GEMS's mine, PT Borneo Indobara (BIB),
accounts for more than 90% of its total production and above 67% of
proven and probable (2P) reserves. BIB's production ramp-up plans
mean the contribution from GEMS's other mines will remain small, at
least until 2024. The reserve concentration risk is partly offset
by geographical diversification, with about 30% of the 2P reserves
outside the island of Kalimantan.

Fitch believes the operational risk is mitigated by GEMS's
contracts with leading Indonesian mining contractors, such as PT
Saptaindra Sejati, a subsidiary of PT Adaro Energy Tbk, and PT
Putra Perkasa Abadi.

Long Reserve Life: GEMS has the fourth-largest reserves in
Indonesia, with proven reserves of around 807mt at end-2020 and
proven and probable reserves of 1,033mt, or a reserve life of 20.2
years based on its target annual production of 40mt. GEMS's BIB
mine contributes to 72% of the proven reserves at 589mt, with a
second-generation license valid until 2036.

GEAR's Robust Profile: Fitch expects GEAR's consolidated financial
profile to improve as GEMS's volume growth continues and Stanmore
Coal Limited's operations settle into a new mining area. GEAR
acquired a 60% stake in Stanmore, an Australia-based metallurgical
coal-mining company, which supports its business profile
diversification. Fitch expects GEAR's consolidated net debt/EBITDA
(with proportionate consolidation of GEMS and full consolidation of
Stanmore adjusted for minority interests) to remain at or below 1x
starting 2021 (2020: 1.5x).

Moderate Linkages with GEAR: GEAR retains majority representation
on GEMS's board and is involved in GEMS's operations. GEAR's
standalone operations are not significant and it depends solely on
dividends from its subsidiaries, primarily GEMS, to service debt.
An agreement between GEMS's shareholders ensures that it will
maximise profit distribution by paying at least 80% of free cash
flow as dividends. GMR Coal Resources Pte. Ltd, which owns 30% of
GEMS, also appoints key management personnel and has veto power in
major corporate transactions.

DERIVATION SUMMARY

The ratings of GEMS are based on the proportionately consolidated
financial metrics of the GEAR group. The ratings factor in the
group's adequate financial profile, large reserve base of both its
key assets, GEMS's low-cost position and limited but improving
scale of operations and track record.

Indika has more integrated operations across the thermal-coal value
chain, but GEAR benefits from improving diversification after
acquiring Stanmore, although the Australian company's contribution
to cash flow will be minimal in the next two years. Indika's larger
scale in terms of EBITDA and well-established operations justifies
the one-notch difference in their IDRs, as GEAR's key assets, GEMS
and Stanmore, are still boosting production. The Negative Outlook
on Indika reflects the limited headroom in its rating because of
Fitch's expectations of a weakening financial profile with high
leverage.

The National Long-term Rating of GEMS is comparable with that of PT
Tunas Baru Lampung Tbk (TBLA, B+/A(idn)/Negative). TBLA's business
encompasses plantation and refining of palm oil and sugar. Both
GEMS and TBLA are exposed to commodity price movement but the
latter's sugar business has provided the company with stability
when crude palm oil price was volatile. This results in higher
EBITDA margin for TBLA at more than 20% versus around 10%-15% for
GEMS. However, GEMS' much better leverage profile with net
debt/EBITDA of less than 1.0x (TBLA: >3x) offsets this advantage
and therefore the two companies are rated on the same level on the
national scale.

KEY ASSUMPTIONS

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

-- Index coal prices in line with Fitch's mid-cycle commodity
    price assumptions, adjusted for the difference in calorific
    value (thermal coal average Newcastle 6,000 kcal/kg, free on
    board (FOB)): USD72/tonne in 2021, USD66/tonne in 2022 and
    2023 and USD63/tonne thereafter, and hard coking coal
    (Australia premium spot, FOB): USD135/tonne in 2021 and 2022,
    and USD140/tonne thereafter.

-- GEMS's total coal sales volume to be at 34.9mt in 2021,
    thereafter increasing by 3mt-5mt a year until 2024.

-- Capex incurred by GEMS at USD20 million in 2021, USD25
    million-27 million in 2022-2023 before declining to USD12
    million in 2024.

-- Outflow of USD50 million in 2021 at GEAR for the equity
    injection into Ravenswood gold mine.

-- Metallurgical coal sales volume of 2.1mt-2.3mt in 2021-2024,
    and EBITDA contribution of around USD16 million-75 million
    from Stanmore from 2021-2024.

-- Stanmore capex of USD35 million-45 million in 2021 and 2022,
    declining to USD12 million and USD8 million in 2023 and 2024,
    respectively.

RATING SENSITIVITIES

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

-- GEAR holding company's standalone EBITDA/interest cover above
    2.5x on a sustained basis;

-- Sustainable improvement in the group's operational scale;

-- Net adjusted debt/EBITDA of less than 2x, based on a
    proportionate consolidation of GEMS and full consolidation of
    Stanmore adjusted for minority interests.

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

-- GEAR holding company's standalone EBITDA/interest cover below
    2.0x;

-- Net adjusted debt/EBITDA of more than 3x, based on a
    proportionate consolidation of GEMS and full consolidation of
    Stanmore adjusted for minority interests.

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: The GEAR group's healthy cash flow generation
and well-spread debt maturities underpin its adequate liquidity.
The group had USD380 million of debt at end-2020 (end-2019: USD320
million), which includes USD110 million of short-term debt, of
which USD58 million is a revolving working-capital facility at
GEMS. In comparison, it had cash and cash equivalents of USD275
million. The debt increased primarily to fund the investment in
Stanmore. The group's debt, both at GEMS and the holding-company
level, has a gradual repayment structure except for a bond
repayment in 2023. Fitch expects the group to require partial
refinancing of the bond before 2023. Fitch regards the refinancing
risk as low, taking into account GEAR's adequate credit profile and
access to banks and capital markets.

On a standalone basis, GEMS has improving cash flow generation,
moderate debt levels and well-distributed amortising debt, which
support its adequate liquidity position. Fitch does not expect the
debt at GEMS to increase over the next three-to-four years due to
its modest capex requirements. The entity's short-term debt is
about USD75 million, which is easily covered by its cash position
of about USD203 million as of end-2020.

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.



=========
J A P A N
=========

RAKUTEN GROUP: S&P Assigns 'BB' Rating on New Subordinated Bonds
----------------------------------------------------------------
S&P Global Ratings has assigned its 'BB' issue credit ratings to
Japan-based internet services company Rakuten Group Inc.'s
(BBB-/Watch Neg/--) proposed U.S. dollar- and euro-denominated
perpetual subordinated bonds and placed the ratings on CreditWatch
with negative implications. S&P placed them on CreditWatch because
its 'BBB-' long-term issuer credit rating on the company is on
CreditWatch negative.

S&P said, "We will assess hybrid securities comprising up to 15% of
the capitalization of Rakuten's nonfinancial unit as having
intermediate equity content as long as the hybrid documentation and
issuer intent meet our standards for deeming them to have
intermediate equity content. For the proposed bonds classified as
having intermediate equity content, we will regard 50% as equity
and the remaining 50% as debt, and we will reflect this in our
adjustments of the company's financial ratios.

"The ratings on the subordinated bonds are two notches lower than
our long-term issuer credit rating on Rakuten. The two-notch
differential reflects our notching methodology, whereby we deduct
one notch for subordination of the bonds and one additional notch
for the issuer's option to defer interest payments. In Rakuten's
case, we incorporate into our ratings on the issuer and its hybrid
bonds the benefits it reaps from its control of financial
subsidiaries with somewhat high credit quality.

"If we downgrade Rakuten to 'BB+' or lower upon resolving the
CreditWatch placement, we will lower our ratings on the proposed
subordinated bonds to 'B+' or lower, which is three notches lower
than the long-term issuer credit rating. This is because we would
deduct one additional notch for subordination for issuers rated
'BB+' or lower.

"As long as our long-term issuer rating on Rakuten is 'BBB-' or
higher, we will classify the proposed subordinated bonds as having
intermediate equity content until 2026 in the case of the NC5
bonds, which are not callable for five years; until 2027 in the
case of the NC6 bonds, which are not callable for six years; and
until 2031 in the case of the NC10 bonds, which are not callable
for 10 years, up to 15% of its capitalization. The characteristics
of the subordinated bonds--Rakuten's option to defer interest
payments, a sufficiently long residual time, and subordination in
liquidation or bankruptcy proceedings--meet our standards for
deeming them to have intermediate equity content."

While callable after a certain period, the bonds will have no legal
maturity. Interest to be paid on the bonds increases 25 basis
points (bps) in year 5 (2026) for those designated NC5, year 6
(2027) for NC6, and year 10 (2031) for NC10. It then rises a
further 75 bps in year 25 (2046) for NC5, year 26 (2047) for NC6,
and year 30 (2051) for NC10. Because we consider the cumulative
100-bps increase a material step-up under S&P's criteria, it
believes Rakuten has an incentive to call the bonds on the dates of
their second step-ups.

S&P said, "We consider the dates of the second step-ups the
effective maturity dates because Rakuten has not included
statements on replacement that meet our criteria. As long as our
long-term issuer credit rating on Rakuten is 'BBB-' or higher, we
will reclassify the bonds as having no equity content from having
intermediate equity content when the period remaining to effective
maturity shortens to less than 20 years.

"We see an at least 50% chance of downgrading Rakuten to 'BB+' or
lower in the next three months or so. This is because the long-term
issuer rating is 'BBB-' and is on CreditWatch with negative
implications due to large deficits in in its mobile business. If we
rate the company 'BB+' or below and the period remaining to
effective maturity shortens to less than 15 years, we would
reclassify the bonds as having no equity content from having
intermediate equity content. Specifically, we would reclassify the
equity content in year 10 (2031) for NC5, in year 11 (2032) for
NC6, and year 15 (2036) for NC10.

"The bonds become callable in 2026 for NC5, 2027 for NC6, and 2031
for NC10. However, even if we reclassify our assessment of the
bonds' equity content, we understand Rakuten intends to maintain
the subordinated bonds or refinance them with securities with
equivalent or higher equity content except in the case where the
issuer's credit quality improves and prepayment would not cause us
to take downward actions on our long-term issuer rating or rating
outlook on the company. Rakuten has indeed indicated it intends to
refinance the bonds with hybrid securities with equivalent or
higher equity content when it prepays the bonds.

"If our rating on Rakuten is 'BB+' or below on the first call
option dates (in 2026 for NC5, 2027 for NC6, and 2031 for NC10), we
would likely continue to classify the equity content on the
proposed bonds as intermediate. Such a case may give Rakuten a
stronger incentive to shelve prepayment of the bonds on the first
call option dates. Even in such cases, we expect the company to
maintain the subordinated bonds or refinance them with securities
with equivalent or higher equity content. This is because Rakuten
would likely have more reason to maintain the subordinated bonds
longer under greater financial stress, such as from a weaker
rating.

"We assume total hybrid bonds (including ¥182 billion in hybrid
bonds issued in December 2018 that we assess as having no equity
content) as a percentage of total capitalization of its
nonfinancial unit will likely climb to about 25% after the proposed
issuance and repurchase of some of its existing hybrid bonds. We
see it as relatively high level. However, we assume additional
financing will lower the percentage to about 20% in the next year
or two.

"Despite Rakuten's somewhat high reliance on hybrid bonds in its
capitalization, we will assess hybrid bonds totaling up to 15% of
capitalization of Rakuten's nonfinancial unit as having
intermediate equity content mainly for two reasons. One, we believe
the company demonstrates a strong intent to maintain or replace
hybrid capital on its balance sheet for a sufficiently long period
as loss-absorbing capital, especially when under financial stress.
Two, we believe the company has the ability and sufficient
incentive to defer interest payments to protect its balance sheet
regardless of the size of its total hybrid securities. Our view
also considers to some extent the significantly larger scale of the
group's consolidated capital structure (including its financial
services subsidiaries), which in turn reduces its overall reliance
on hybrid capital.

"Notwithstanding, if we see material changes in the issuer's intent
and financial policy to maintain its hybrid bonds longer as
loss-absorbing capital, we may revisit our assessment of their
equity content.

"Our rating on Rakuten is likely to remain under heavy pressure
even though issuance of subordinated bonds will likely improve its
debt-to-EBITDA ratio, a key financial metric, to some extent. The
issuance alone will not sufficiently ease Rakuten's rapidly growing
investment burden, in our view. We expect negative free operating
cash flow in Rakuten's nonfinancial unit to total nearly ¥1
trillion in the coming two years or so. While it conducted a
third-party share allocation in March 2021 and will issue the
proposed hybrid bonds, the financing falls far short of what it
needs to fill the deficit."




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

CFS TRUSTEES: Owners Promotes New Apartment Amid Liquidation
------------------------------------------------------------
Otago Daily Times reports that a Queenstowner whose former
development company's in hock to creditors for NZD1 million is
flogging luxury apartments through a new company.

Lachlan Francis' company was to build a 16-unit apartment complex,
Freshwater, on the corner of Hallenstein and York Streets, the
report says.

His company, CFS Trustees Ltd, was placed in liquidation on May 4
last year at the request of out-of-pocket contractor, Amalgamated
Builders Ltd.

According to ODT, liquidators said the company owes 16 unsecured
creditors NZD1,021,474.94.

Seventeen days later, Mr. Francis formed a new company, The Mont
Blanc Ltd, which in January this year applied for consent for a
similar-looking 23-unit complex on the same site, the report
relates.

Six apartments have already sold off the plans for about NZD2
million or above, Invest Queenstown agent Simon Green said.

ODT, citing the first liquidators' report, adds that works ceased
on Freshwater in late 2018 due to a dispute between CFS Trustees
and "the head contractor", believed to be Amalgamated, "arising
from the building contract budget".

"In 2019, the company sought to engage a new contractor . . .
however the previous contractor issued a statutory demand in
respect of unpaid payment claims.

"The company was then put into liquidation on 4 May, 2020, by an
order of the High Court in Whangarei."

Shortly before then, CFS Trustees had sold the site to a Wellington
company which was the first mortgagee, thereby satisfying its debt,
the report notes.

According to ODT, the liquidators, PKF Corporate Recovery &
Insolvency, said in their second report they're investigating this
sale "and other related matters with a view to determining whether
there may be an avenue for recovery for the company's creditors".

"This involves a review of [Francis'] conduct to determine whether
he may be held liable for breaches of any duty under the
[Companies] Act."

Meantime, the remaining 17 apartments in The Mont Blanc - ranging
from two to four bedrooms - are selling from NZD1,099,000 plus GST
to NZD2,399,000 plus GST.


TARATAHI AGRICULTURAL: Former Employee Still Unpaid
---------------------------------------------------
Times-Age reports that a former employee of the Taratahi
Agricultural Training Centre said he is not holding his breath for
the money owed to him.

Earlier this month, the Times-Age reported that all entitlements of
former training centre employees had been paid out in full. That
was inaccurate, the report says.

While all employee preferential entitlements had been paid in full,
unsecured employee entitlements remained unpaid.

According to the Ministry of Business, Innovation and Employment,
when a company went into liquidation, employees were not entitled
to preferential payment of any wages or salary earned four months
prior to the liquidation, the report notes.

They were not entitled to preferential payment of any wages or
salary earned for work after the business went into liquidation,
nor any bonuses or other incentives.

Times-Age relates that the former employee of Taratahi, who asked
not to be named, said that he and other former employees had been
paid preferential claims consisting of holiday pay, redundancy pay,
and suspension pay.

In their first report, liquidators David Ruscoe and Malcolm Moore
of Grant Thornton had estimated total employee preferential
entitlements at more than NZD2 million, Times-Age discloses.

According to Times-Age, sales of livestock and equipment had
generated funds that helped to pay off these claims.

However, the former employee said he was still owed more than
NZD5,500 in unsecured claims, including pay in lieu of notice and
alternative leave.

Liquidators had received 247 unsecured creditors' claims to date,
totalling more than NZD15 million, Times-Age adds citing
liquidators' fifth report published earlier this month.

Times-Age says the number of claims had been greater, but 20 staff
had transferred their payments to the Southern Institute of
Technology [SIT] as part of the sale agreement of the Telford
Campus in August 2019.

Taratahi had employed 250 staff, of whom about 40 had worked at the
Telford Campus in the South Island.

Taratahi was placed in interim liquidation on Dec. 19, 2018, and on
Feb. 5, 2019, it was placed in full liquidation by a High Court
order.

Financial problems surfaced at Taratahi in 2014 when it was found
to not be providing the teaching it was funded to deliver from 2009
to 2014, according to Wairarapa Times-Age.  As a result, Taratahi
was left with debts of NZD7.5 million due to under-delivery.




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

GOLDEN ENERGY AND RESOURCES: Fitch Affirms 'B+' IDR, Outlook Stab
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) on Golden Energy and Resources Limited (GEAR) at 'B+'. The
Outlook is Stable. The agency also affirmed GEAR's senior unsecured
US dollar bond at 'B+' with a 'RR4' Recovery Rating, which reflects
average recovery prospects for bondholders.

The affirmation reflects the strong business profile of GEAR's key
thermal coal mining subsidiary, PT Golden Energy Mines Tbk (GEMS,
B+/Stable). GEMS' production volumes rose, and it maintained its
profitability in spite of coal price weakness in 2020. GEAR's
rating also benefits from its diversification via investments in
metallurgical coal and gold in Australia. The acquisitions are
expected to enhance the group's credit profile over the medium
term, although contribution to GEAR's cash flow is likely to remain
minimal over the next two years.

GEAR's rating is based on the credit metrics with proportionate
consolidation of 62.5%-owned GEMS, as Fitch assesses GEAR's linkage
with GEMS as moderate, and full consolidation of Stanmore Coal
after adjusting for minority leakages. GEAR's standalone holding
company credit metrics are moderate, mitigating structural
subordination risk.

KEY RATING DRIVERS

Cost Flexibility: Fitch expects GEMS' flexibility to manage its
costs in line with coal price movements and its low-cost structure
with life-of-mine strip ratio of 4.2x to support its operating cash
flows. GEMS EBITDA per tonne improved modestly to USD4.4 in 2020
from USD4.0 in 2019, driven by its ability to meaningfully curtail
cash costs by reducing the strip ratio and cutting contract mining
rates to third-party contractors, and the benefits from declining
fuel costs. Fitch expects GEMS to maintain its EBITDA per tonne a
USD4-5 after peaking at USD5.5 in 2021.

Increasing Production Scale: Fitch expects GEMS's production to
increase to close to 40 million tonnes (mt) in 2022 (2021E: 35mt,
2020: 34mt), in line with management expectations, subject to
regulatory approval of the production quota. Fitch believes GEMS'
strong compliance with requirements, including domestic market
obligations (DMO), mitigate the regulatory risk. GEMS needs minimal
capex on infrastructure to support rising volumes, and will spend
USD20 million-25 million annually over the next three years to
upgrade the capacity of hauling roads, coal handling plants and
barge loading facilities.

Robust Financial Profile: Fitch expects GEAR's consolidated
financial profile to improve as EBITDA contribution from Stanmore
Coal increases after operations ramp up at its new mining area.
GEAR raised its effective stake in Stanmore Coal, an Australian
metallurgical coal-mining company, to 60% in 2020, which supports
GEAR's efforts to diversify its business profile.

Fitch expects GEAR's consolidated group leverage, measured by net
debt/EBITDA, to remain at or below 1x from 2021 (2020: 1.5x). Fitch
also expects GEAR's holding company standalone interest cover to
improve to about 2.8x in 2021, after weakening in 2020 to around
1.2x (excluding final dividend of 2020); assuming the company
refinances its maturing loan facility.

Acquisitions Support Diversification: Fitch expects acquisition of
the Stanmore Coal stake and a 50% stake in the Ravenswood gold mine
to support GEAR's business diversification. Fitch expects Stanmore
Coal to contribute to 20%-25% of the group's EBITDA starting 2022.
However, dividends from the acquisitions will remain minimal over
the next two years in light of their own large capex plans.

GEMS' Limited Mine Diversity: The PT Borneo Indobara (BIB) mine
accounts for more than 90% of GEMS' total production and 67% of its
proven and probable (2P) reserves. BIB's production ramp-up plans
mean the contribution from GEMS' other mines will remain small over
the next four years. The reserve concentration risk is partly
offset by the geographical spread, with about 30% of 2P reserves
outside of Kalimantan. Operational risk is mitigated by agreements
with leading Indonesian mining contractors, such as PT Saptaindra
Sejati, a subsidiary of PT Adaro Energy Tbk, and PT Putra Perkasa
Abadi.

Long Reserve Life: GEMS has one of the largest reserves among
coal-mining peers in Indonesia. GEMS' reserves are the
fourth-largest in Indonesia, with proven reserves of around 807mt
at end-2020 (proven and probable reserves: 1,033mt), or a reserve
life of 20.2 years based on its target annual production of 40mt.
GEMS' BIB mine accounts for 72% of the proven reserves at 589mt,
with a second-generation licence valid until 2036.

Moderate Linkages: Fitch maintains its assessment of moderate
linkages between GEAR and GEMS under Fitch's Parent and Subsidiary
Linkage Rating Criteria, with moderate legal and operational ties
GEAR has majority representation on GEMS' board, and is involved in
managing the operation. GEAR's standalone operations are not
significant and it depends on dividends from its subsidiaries,
primarily GEMS, to service its debt.

An agreement with GEMS' shareholders ensures that the company will
maximise profit distribution by paying at least 80% of its free
cash flow as dividends. However, GMR Coal Resources Pte. Ltd, which
owns 30% of GEMS, has also appointed key management personnel to
the company and has veto power in major corporate transactions.

DERIVATION SUMMARY

The ratings on GEAR are based on the financial metrics of the
group, and factor in the group's adequate financial profile, large
reserve base of its key assets, the low-cost position of GEMS, and
the limited but improving scale of operations.

PT Indika Energy Tbk (BB-/Negative) has more integrated operations
across the thermal coal value chain, but GEAR benefits from
improving diversification after acquiring Stanmore Coal, although
the latter's contribution to cash flow will be minimal in the next
two years. The expected ramp-up in thermal coal production of
GEAR's key subsidiary - GEMS - should result in its volumes
reaching those of Indika in 2021. Indika's larger scale in terms of
EBITDA and well-established operations justify the one-notch
difference in their IDRs, as GEAR's key assets, GEMS and Stanmore,
are still ramping up production. The Negative Outlook on Indika
reflects the limited headroom in its rating because of Fitch's
expectations of weakening financial profile with high leverage.

Compared with PT Bayan Resources Tbk (BB-/Stable), GEAR's business
profile benefits from diversification into hard coking coal. While
GEMS now has larger scale in terms of volume, Bayan's better
profitability from its stronger energy-adjusted cost position
supports its stronger operating cash flow, explaining the one-notch
differential in their ratings. GEAR and Bayan have strong financial
profiles.

KEY ASSUMPTIONS

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

-- Index coal prices in line with Fitch's mid-cycle commodity
    price assumptions, adjusted for the difference in calorific
    value (thermal coal average Newcastle 6,000 kcal/kg, free on
    board (FOB): USD72/tonne in 2021, USD66/tonne in 2022 and
    2023, and USD63/tonne thereafter) and hard coking coal
    (Australia premium spot, FOB: USD 135/tonne in 2021 and 2022,
    and USD 140/tonne thereafter).

-- GEMS' total volume of coal sales to be at 34.9mt in 2021;
    thereafter increasing by 3mt-5mt a year until 2024.

-- Capex incurred by GEMS at USD20 million in 2021, USD25
    million-27 million a year during 2022-2023 before declining to
    USD12 million in 2024.

-- Outflow of USD50 million in 2021 at GEAR for the equity
    injection to acquire stake in Ravenswood gold mine.

-- Metallurgical coal sales volumes of 2.1mt-2.3mt per year in
    2021-2024, and EBITDA contribution of around USD16 million-75
    million per year from Stanmore Coal in 2021-2024.

-- Stanmore Coal capex of USD35 million-45 million a year during
    2021 and 2022, declining to USD12 million and USD8 million in
    2023 and 2024, respectively.

RATING SENSITIVITIES

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

-- GEAR's holding company's standalone EBITDA/interest cover of
    above 2.5x on a sustained basis (2020: 1.2x);

-- Sustainable improvement in the scale of operations for the
    group;

-- Net adjusted debt/EBITDA of less than 2x, based on a
    proportionate consolidation of GEMS and full consolidation of
    Stanmore Coal after adjusting for minority interests.

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

-- GEAR's holding company's standalone EBITDA/interest cover of
    below 2.0x;

-- Net adjusted debt/EBITDA of more than 3x, based on a
    proportionate consolidation of GEMS and full consolidation of
    Stanmore Coal after adjusting for minority interests.

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: GEAR's healthy cash flow generation and
well-spread debt maturities underpin the group's adequate
liquidity. The group had USD380 million of debt at end-2020
(end-2019: USD320 million), which includes USD110 million of
short-term debt, of which USD58 million is a revolving
working-capital facility at GEMS. In comparison, it had cash and
cash equivalents of USD275 million. The debt increased primarily to
fund the investment in Stanmore Coal.

The group's debt, at GEMS and the holding-company level, has a
gradual repayment structure except for the bond repayment in 2023.
Fitch expects the group to require partial refinancing of the bond,
before 2023. Fitch regards the refinancing risk as low, after
taking into account GEAR's adequate credit profile and access to
banks and capital markets.

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.

TEE INTERNATIONAL: Net Loss Widens to SGD6.4MM in Q3 Ended Feb. 28
------------------------------------------------------------------
The Business Times reports that Tee International's net loss
widened to SGD6.4 million for its third quarter ended Feb. 28, from
a SGD4.1 million loss during the same period a year earlier, it
said on April 12.

The higher net loss came as revenue fell by more than half to
SGD46.7 million for the three months, from SGD100.6 million a year
earlier, BT says. The company said this was mainly due to
substantial completion of a major project and slowdown of project
progression due to Covid-19.

During the quarter, the group also reported a gross loss of SGD2.1
million, mainly due to its engineering and construction segment,
Tee International said. However, it noted that its environmental
business and rental income from its investment properties "remains
stable, healthy and have positive contribution to the group".

For the nine months ended Feb 28, Tee International's revenue was
down 58.4 per cent to SGD113.6 million. The group recorded a net
loss of SGD5.4 million for the nine months, from a loss of SGD41.8
million a year earlier, BT discloses.

According to BT, the higher losses from a year earlier included
losses from discontinued operations of SGD31.2 million, relating to
the disposal of its entire stake in Tee Land in February 2020.

In terms of outlook, Tee International said its engineering and
construction business "remains challenging".

BT relates that the company said that manpower deployment for
engineering and construction projects would continue to be affected
in the near term as higher cost and time resources are required to
comply with Covid-safe management measures. It added that the
supply chain for materials may be disrupted due to the evolving
Covid-19 situation in the region.

"As a result, costs to complete the construction projects may be
impacted," Tee International said. "The group will continue to take
all necessary steps to monitor and contain the project cost for
ongoing projects."

As at end-February, the group's engineering and construction order
book stood at SGD218.2 million, BT adds.

For its environmental business, Tee International said it plans to
expand into the municipal solid waste sectors by actively
participating in the upcoming tenders for public waste collection,
where it has already been pre-qualified to bid for these tenders.

Net asset value for the group stood at 2.6 Singapore cents as at
end-February, down from 3.4 cents in May 2020.

                      About Tee International

TEE International Limited (SGX:M1Z) -- http://www.teeintl.com/--
an investment holding company, engages in engineering, real estate,
and infrastructure businesses. TEE International Limited has
operations in Singapore, Malaysia, Thailand, Vietnam,
Hong Kong, Australia, and New Zealand. The company was founded in
1980 and is headquartered in Singapore.

TEE International reported net losses of SGD7.60 million, SGD18.17
million and SGD59.55 million for years ended May 31, 2018, 2019,
and 2020, respectively.




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

NOK AIR: Gets Final One-Month Extension on Rehabilitation Plan
--------------------------------------------------------------
FlightGlobal reports that Nok Air has been granted a second and
final one-month extension, until May 15, to submit its
rehabilitation plan.

"The Central Bankruptcy Court has considered and issued a further
order approving the extension of the submission period of the
rehabilitation plan to 15 May 2021, which is the last extension of
time as permitted by law," the airline said in a April 12
disclosure to the Stock Exchange of Thailand, FlightGlobal relays.

The airline requested the extension on April 7, in accordance with
Thailand's Bankruptcy Act.

According to the report, Nok said it requires more information for
the draft rehabilitation amendment to "prepare a complete and
comprehensive rehabilitation plan", one that is appropriate for its
airline business amid the Covid-19 pandemic and will receive
creditors' approval.

It added that the rehabilitation plan "contains several important
aspects which required the consideration and suggestions from
several relevant parties".

Once the plan has been submitted, the official receiver is due to
hold a creditors' meeting to consider the rehabilitation plan.

If it is satisfied with the plan, the Central Bankruptcy Court will
approve it and appoint plan administrators. Nok Air will then
proceed to implement the rehabilitation plan and provide updates on
its progress, FlightGlobal relates.

FlightGlobal notes that the Central Bankruptcy Court accepted Nok's
application for business rehabilitation on July 30, 2020 and
approved Nok for the process on November 4, appointing the
airline's chief executive Wutthiphum Jurangkool – plus four other
individuals, and Grant Thornton Special Advisory Services – to
prepare the restructuring plan. They were given a three-month
deadline from December 15 to submit the plan by March 15.

                        About Nok Airlines

Nok Airlines Public Company Limited (SET:NOK) --
https://www.nokair.com/ -- is a Thailand-based low-cost airline
operator. The Company offers point-to-point regional air services
using small to medium-sized aircrafts. Its services include
scheduled air services, which operates flights to various
destinations in Thailand and abroad, including Chiang Mai, Hat Yai,
Krabi, Vientiane, Yangon and others; charter flight services, which
offers flights to group passengers and additional services for
scheduled flight passengers, including booking services via
Internet, airport counter, call center services, counter check-in,
online check-in services, reservation change services, excess
baggage service, and others. The Company also offers in-flight food
and beverages, as well as souvenir merchandise to its customers.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
3, 2020, loss-making Nok Airlines, a budget carrier listed on the
Stock Exchange of Thailand, will undergo a court-supervised
rehabilitation, becoming the second Thai airline to file such a
request this year, following national flag carrier Thai Airways
International.

The Central Bankruptcy Court has issued an order to accept the
petition for consideration, according to a Nok Air statement filed
at the SET on Aug. 1, according to Nikkei Asian Review. The
carrier's board of directors decided to lodge the application at a
meeting held on July 31; it was submitted the same day, the Nikkei
said.


THAI AIRWAYS: 4,000 Employees Fail Screening to Keep Jobs
---------------------------------------------------------
Bangkok Post reports that a total of 4,000 Thai Airways
International Plc (THAI) employees have failed a screening
programme to keep their jobs and will have little option but to
accept early retirement, according to a source at the airline.

The number was calculated from the 13,554 employees who applied to
continue working for the company. They were screened and 9,304
passed, the source said.

That leaves about 4,000 employees who failed. However, they can
either join the early retirement scheme of the airline or register
for a second round of screening.

According to Bangkok Post, the results of the first screening round
were announced on April 8.

Bangkok Post relates that the process divided the employees into
three groups; those sailing through who will sign a new employment
contract in the middle of this month; those who passed but wish to
enter the early retirement programme; and those who failed.

Employees who passed and intend to continue working for the airline
will be employed under new contracts effective from May 1.

Those who passed but wish to forfeit their places in favour of
early retirement must apply for the scheme by the end of today and
they will be not replaced.

Those in the so-called fah mai (New Sky) group who failed the
screening can either accept the early retirement package or apply
for a second round of screening. This is because some positions
were left unfilled after the first round.

Applications for the second screening round open from April 12 to
April 15.  The screening will get under way from April 19-23 with
the results announced on April 28, Bangkok Post notes.

Bangkok Post says the second screening is only for positions where
there had been applicants though nobody was qualified to assume
them. Some successful applicants had also declined the positions
earlier.

Those who clear the second screening and accept temporary positions
will be offered a one-year working contract. On the expiry of this
they will be automatically given a place in the early retirement
scheme, Bangkok Post relates.

Applicants for the second screening who decide at the last minute
to withdraw their applications are entitled to vie for different
early retirement packages.

Bangkok Post relates that the packages involve disbursing payouts
at different times in four instalments. The first package, known as
MSP B, commences the first tranche of payouts in June with the
second MSP C package paying out in September.

The airline has tried to dispel criticism of the new employment
contracts and benefits which have been attacked as being unfair.

THAI has maintained that the contracts were carefully considered
and executed in compliance with the bankruptcy and labour
protection laws, adds Bangkok Post.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on  May
19, 2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.



                           *********


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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thereof are US$25 each.  For subscription information, contact
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