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

                     A S I A   P A C I F I C

          Friday, April 16, 2021, Vol. 24, No. 71

                           Headlines



A U S T R A L I A

GREENSILL CAPITAL: Second Creditors' Meeting Set for April 22
GROCON GROUP: Vote Postponed as Grollo Tries to Sweeten Deal
PEPPER I-PRIME 2019-1: S&P Raises Class F Notes Rating to B+
PEPPER RESIDENTIAL 19: Moody's Raises Rating on Cl. F Notes to Ba2
STREET SWAGS: Second Creditors' Meeting Set for April 22



C H I N A

CHINA HUARONG: Moody's Puts B1 BCA Under Review for Downgrade
CHINA ZHESHANG: Moody's Reviews Ba1 Deposit Ratings for Upgrade
JIAYUAN INT'L: Moody's Affirms B2 CFR & Alters Outlook to Positive
YESTAR HEALTHCARE: Moody's Lowers CFR to Caa1 on Weak Liquidity
[*] CHINA: To Stress Test All 4,024 of Its Banks



I N D I A

A B MOTION: ICRA Withdraws B+ Rating on INR73.29cr LT Loan
ALOKA EXPORTS: ICRA Reaffirms B+ Rating on INR3.0cr LT Loan
ALUMILITE ARCHITECTURALS: ICRA Withdraws D Rating on INR7cr Loans
ANANDA SAW: ICRA Reaffirms B+ Rating on INR1.50cr LT Loan
BALBIR FOOD: ICRA Lowers Rating on INR6.0cr LT Loan to B

CIGORA EXIM: ICRA Assigns B- Rating to INR8.40cr Loans
CREVITA GRANITO: ICRA Reaffirms B+ Rating on INR25.50cr Loan
EDWARD FOOD: ICRA Reaffirms C+ Rating on INR36cr NCD
GOKAK POWER: ICRA Lowers Rating on INR86cr Term Loan to D
INDIA: To See 'K-Shaped' Recovery as Demand Hit, Ex-RBI Head Says

KARNA INTERNATIONAL: ICRA Reaffirms B Rating on INR12.50cr Loan
KEEZIA TILES: ICRA Reaffirms B+ Rating on INR7cr Term Loan
LAKSHMI VACUUM: CARE Lowers Rating on INR5.37cr Loan to B
LASA CERA: ICRA Withdraws B+ Rating on INR4.0cr Cash Loan
LENORA VITRIFIED: ICRA Reaffirms B Rating on INR13cr Term Loan

MAHAGANAPATI FINCORP: CARE Assigns B+ Rating to INR10cr Loan
MANGALORE FISHMEAL: CARE Keeps D Debt Rating in Not Cooperating
PRAGATI ENGINEERING: ICRA Withdraws B+ Rating on INR3cr Loan
SHIVACHAYA SUGARCANE: CARE Keeps D Debt Rating in Not Cooperating
SRIYA FARM: CARE Lowers Rating on INR21cr LT Loan to B+

SUPERSHINE ABS: CARE Lowers Rating on INR13.85cr LT Loan to B
TARA FOODS: ICRA Withdraws B+ Rating on INR12cr Loan


I N D O N E S I A

BUANA LINTAS: Fitch Lowers LongTerm IDR to 'B', On Watch Negative
PAKUWON JATI: Moody's Affirms Ba2 CFR on Strong Credit Metrics


J A P A N

SHOEI KISEN: Ship Impounded Over Suez Canal Compensation Bill


N E W   Z E A L A N D

MAINZEAL: Ruling Likely to Lead to Significant Increase in Payout
PACIFIC AEROSPACE: Owes Creditors About NZD41MM, Liquidators Say


S I N G A P O R E

ACTIVE MARKETING: Court Enters Wind-Up Order
CITY RIDGEVIEW: Creditors' Proofs of Debt Due on May 17
GALLANT VENTURE: Files Notice of Three Straight Years of Losses
KENT SHIPPING: Court Enters Wind-Up Order
MERCATOR INTERNATIONAL: Court Enters Wind-Up Order

SEALOUD ASIA: Court to Hear Wind-Up Petition on April 23
SEASHORE RESOURCES: Court to Hear Wind-Up Petition on April 23


S O U T H   K O R E A

SSANGYONG MOTOR: Placed Under Court Receivership


V I E T N A M

BIM LAND: Fitch Assigns First-Time 'B' LT IDR, Outlook Stable

                           - - - - -


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

GREENSILL CAPITAL: Second Creditors' Meeting Set for April 22
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Greensill
Capital Pty Limited has been set for April 22, 2021, at 11:00 a.m.
via Webinar/Teleconference only.

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 21, 2021, at 4:00 p.m.

Matthew James Byrnes, Philip Campbell-Wilson and Michael McCann of
Grant Thornton were appointed as administrators of Greensill
Capital on March 9, 2021.


GROCON GROUP: Vote Postponed as Grollo Tries to Sweeten Deal
------------------------------------------------------------
Australian Financial Review reports that a make-or-break creditors
meeting to decide the fate of Daniel Grollo's collapsed Grocon
companies has been adjourned after a last-minute request from his
lawyers for more time to improve on the proposed deed of company
arrangement (DOCA).

AFR relates that in a surprise twist, KordaMentha administrator
Craig Shepard told a virtual meeting of creditors on April 15 that
lawyers for the "proponents of the DOCA" had that morning issued a
request to postpone meeting for up to 35 days.

The adjournment would allow them "further time to consider whether
any aspect of the proposed DOCA can be amended for the benefit of
creditors of the Grocon group", Mr. Shepard said before adjourning
the meeting, AFR relays.

According to AFR, the last-minute delay comes after fierce
opposition to the proposed DOCA from some large creditors,
including listed fund manager APN Property.

The decision to postpone the vote "totally vindicates" APN's
position, a spokesman for the Melbourne-based fund manager said.

"The DOCA proposal was manifestly inadequate, both in terms of the
quantum offered to creditors and the level of information provided
in support," he said.

"APN's position remains that transparency is essential to
considering whether a DOCA versus liquidation is a better result
for creditors, who are owed tens of millions of dollars and are
still in the dark on the web of related party transactions."

AFR says creditors in 88 collapsed Grocon companies who are owed
over AUD104 million, were due to vote on whether to accept the
proposed DOCA or proceed with a liquidation.

Under the DOCA proposal, a group of former Grocon employees and
small creditors (those with claims of less than AUD10,000) would
have had their entitlements and claims paid out in full from a
AUD10 million upfront cash payment.

But the expected return in the dollar for large creditors, many of
them subcontractors, ranged from just 3 cents up to 100 cents. Much
of that return was tied to the outcome of a complex court case Mr.
Grollo is pursuing against Infrastructure NSW, which he blames for
much of his troubles, AFR states.

He has accused the state government entity of "unacceptable and
unconscionable" conduct over its handling of the Central Barangaroo
project Grocon had won the rights to develop in 2018, the report
says. Grocon eventually exited the project in 2019, sustaining
heavy losses.

Two years after that fiasco, Grocon came finally unstuck on a
Melbourne project, a AUD111 million Collingwood office building
that it was constructing for Impact Investment Group which is
backed by the wealthy Liberman family.

                           About Grocon

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

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


PEPPER I-PRIME 2019-1: S&P Raises Class F Notes Rating to B+
------------------------------------------------------------
S&P Global Ratings assigned its rating to the class AR-u prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2019-1 Trust. At the
same time, S&P raised its ratings on the class B, class C, class D,
class E, and class F notes, affirmed its ratings on the class A1-a
and class A2 notes, and withdrew our rating on the class A1-p2
notes. Pepper I-Prime 2019-1 Trust is a securitization of prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

The issuance of class AR-u notes has been applied to redeem the
class A1-p2 notes on their final legal maturity date of Aug. 15,
2050. The class AR-u notes are floating-rate amortizing notes with
the same final legal maturity as all other existing classes of
notes issued by the trust.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio. As of March 31, 2021, the pool's current
weighted-average loan-to-value ratio was 71.6% and weighted-average
seasoning was 29.1 months.

-- That for the classes of notes with raised ratings there has
been a build-up in the percentage of credit support, which is now
commensurate with the revised rating levels.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note and excess spread to the
extent available.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which are all funded by
excess spread to cover potential yield shortfalls and loss
reimbursements, and to repay principal on the notes at various
stages of the transaction's term.

-- The relatively high percentage of investment loans to which it
applies an adjustment to reflect the relative risk associated with
these loans. As of March 31, 2021, investment loans represent 58.8%
of the pool.

That the arrears performance generally has been higher relative to
the Standard & Poor's Performance Index for prime loans in the past
12 months. As of March 31, 2021, loans greater than 30 days in
arrears make up 1.9% of the pool, of which those more than 90 days
in arrears represent 0.7%. However, losses to date have been
minimal and all have been covered by excess spread. There have been
no charge-offs to any of the notes and there are no loans under
COVID-19 hardship arrangements in the pool.

S&P's expectation that the various mechanisms to support liquidity
within the transaction, including a liquidity facility equal to
2.2% of the outstanding balance of the notes, and principal draws,
are sufficient under our stress assumptions to ensure timely
payment of interest.

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

  Rating Assigned

  Pepper I-Prime 2019-1 Trust

  Class AR-u: AAA (sf)

  Ratings Raised

  Pepper I-Prime 2019-1 Trust
  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  Pepper I-Prime 2019-1 Trust
  Class A1-a: AAA (sf)
  Class A2: AAA (sf)

  Rating Withdrawn

  Pepper I-Prime 2019-1 Trust
  Class A1-p2: to not rated from A-1+ (sf)


PEPPER RESIDENTIAL 19: Moody's Raises Rating on Cl. F Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by Pepper Residential Securities Trust No. 19.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 19

Class D Notes, Upgraded to Aa3 (sf); previously on September 27,
2019 Upgraded to A1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on November 2,
2017 Upgraded to B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by the level of credit enhancement
available for the affected notes and the collateral performance to
date, with low level of losses from defaulted loans and low level
of loans under COVID-19-related hardship payment arrangements.

Following the March 2021 payment date, note subordination available
for the Class D Notes has increased to 6.9% from 6.8% at the last
rating action for these notes in September 2019, and for the Class
F Notes it has increased to 2.9% from 1.0% at closing.

The deal has been making pro-rata payments among all rated notes
since November 2019. The Class F Notes currently benefit from
additional principal repayments from the turbo principal
allocation, which is used to make principal repayments to the rated
notes in reverse sequential order starting with the Class F Notes.

As of the end of February 2021, 5.1% of the outstanding pool was
30-plus day delinquent and 2.1% was 90-plus day delinquent. The
deal has incurred AUD616,744 in losses, which have been covered by
excess spread.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance, and considering the gradual
and uneven recovery, Moody's has revised its expected loss
assumption to 2.5% as a percentage of the outstanding pool
(equivalent to 1.0% of the original pool), compared with 2.4% at
the last rating action in October 2019.

Moody's has also lowered its MILAN CE assumption to 13.6% from
15.5% at the last rating action in October 2019, based on the
current portfolio characteristics.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year.

While persistent virus fears remain the main risk for a recovery in
demand, the economy will recover faster if vaccines and further
fiscal and monetary policy responses bring forward a normalization
of activity. As a result, there is a heightened degree of
uncertainty around Moody's forecasts. Moody's analysis has
considered the effect on the performance of consumer assets from a
gradual and unbalanced recovery in Australian economic activity.

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

The transaction is an Australian RMBS secured by portfolio of
residential mortgage loans, originated and serviced by Pepper Group
Pty Limited, an Australian non-bank lender. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

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

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

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

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


STREET SWAGS: Second Creditors' Meeting Set for April 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Street Swags
Limited has been set for April 22, 2021, at 10:30 a.m. via virtual
facilities.

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 21, 2021, at 5:00 p.m.

Michael John Griffin of Worrells Solvency & Forensic Accountants
was appointed as administrator of Street Swags on March 23, 2021.




=========
C H I N A
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CHINA HUARONG: Moody's Puts B1 BCA Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the A3 long-term and P-2
short-term issuer ratings, as well as the b1 baseline credit
assessment, of China Huarong Asset Management Co., Ltd. (Huarong
AMC) under review for downgrade.

In addition, Moody's has placed the debt ratings and medium-term
note (MTN) program ratings of Huarong AMC's offshore financing
vehicles under review for downgrade. These include the Baa1
long-term backed senior unsecured debt ratings and the (P)Baa1
backed senior unsecured MTN program ratings of Huarong Finance 2017
Co., Ltd and Huarong Finance II Co., Ltd, as well as the Baa1
long-term backed senior unsecured debt rating, the (P)Baa1
long-term and (P)P-2 short-term backed senior unsecured MTN program
ratings of Huarong Finance 2019 Co., Ltd.

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

The rating actions reflect the uncertainty stemming from Huarong
AMC's announcement on March 31, 2021 that the publication of its
2020 annual results would be delayed as a relevant transaction is
still being finalised and the auditor would need more information
and time to complete the necessary audit procedures[1].

It is unclear what the details of the relevant transaction are and
when its 2020 annual results will be published. The potential
impact on Huarong AMC's credit profile is uncertain, because there
are a number of diverse scenarios that could affect its BCA and
potential government support.

Moody's assesses that Huarong AMC may face increasing refinancing
risk due to market volatility following its announcement, which is
partially tempered by the fact that the amounts of maturing bonds
over the next 12 months are not significant when compared with
Huarong AMC's total assets. Huarong AMC relies heavily on
confidence-sensitive wholesale funding to support its assets.

Moody's regards Huarong AMC's delayed publication of its 2020
annual results as a governance risk under Moody's environmental,
social, and governance (ESG) framework, given its implications for
the company's compliance and reporting. The actions reflect the
impact that such governance weakness can have on Huarong AMC's
credit quality.

The review will focus on (1) the impact of the relevant transaction
on Huarong AMC's financial position and BCA; (2) implications for
the level of government support to be assumed for Huarong AMC and
its offshore funding platforms; and (3) whether Huarong AMC can
maintain diversified funding sources and adequate liquidity.

Given that Huarong AMC's ratings are under review for downgrade, it
is unlikely that they will be upgraded in the next 12-18 months.

Huarong AMC's ratings could be confirmed if (1) the relevant
transaction does not materially negatively affect its financial
position and BCA, and (2) the structure of the relevant transaction
does not bring into question the assumption of a very high level of
support from the Government of China (A1 stable) for Huarong AMC
and its offshore funding platforms.

Huarong AMC's ratings could be downgraded if (1) the relevant
transaction significantly weakens its financial position and BCA,
or (2) Moody's assesses that there is a material weakening in the
level of government support for Huarong AMC and its offshore
funding platforms.

Huarong AMC's BCA could be downgraded if (1) its asset quality,
profitability or capital base weakens materially because of
significant impairment losses or potential changes in its
businesses and organizational structure; (2) its funding and
liquidity deteriorate due to the disruption caused by the delayed
publication of its 2020 annual results; or (3) there is a major
correction in China's property market, reducing recovery prospects
for the company's property-related exposures.

The ratings of Huarong AMC's offshore financing vehicles could be
downgraded if (1) Huarong AMC's long-term issuer rating is
downgraded, or (2) Moody's assesses that Huarong AMC's ability and
willingness to support its overseas subsidiaries has weakened.

The methodologies used in these ratings were Finance Companies
Methodology published in November 2019.

Headquartered in Beijing, China Huarong Asset Management Co., Ltd.
reported consolidated assets of RMB1,732 billion as of June 30,
2020.

LIST OF AFFECTED RATINGS

China Huarong Asset Management Co., Ltd.:

Placed under review for downgrade

Long-term (local and foreign currency) issuer rating, currently
A3

Short-term (local and foreign currency) issuer rating, currently
P-2

Entity-level outlook changed to rating under review from stable

Huarong Finance 2017 Co., Ltd:

Placed under review for downgrade

Long-term (local currency) backed senior unsecured MTN, currently
(P)Baa1

Long-term (local currency) backed senior unsecured debt rating,
currently Baa1(hyb)

Long-term (local and foreign currency) backed senior unsecured
debt rating, currently Baa1

Entity-level outlook changed to rating under review from stable

Huarong Finance II Co., Ltd:

Placed under review for downgrade

Long-term (local currency) backed senior unsecured MTN, currently
(P)Baa1

Long-term (local currency) backed senior unsecured debt rating,
currently Baa1

Long-term (local currency) backed senior unsecured debt rating,
currently Baa1(hyb)

Entity-level outlook changed to rating under review from stable

Huarong Finance 2019 Co., Ltd.:

Placed under review for downgrade

Long-term (local and foreign currency) backed senior unsecured
MTN, currently (P)Baa1

Short-term (local and foreign currency) backed senior unsecured
MTN, currently (P)P-2

Long-term (local currency) backed senior unsecured debt rating,
currently Baa1

Entity-level outlook changed to rating under review from stable


CHINA ZHESHANG: Moody's Reviews Ba1 Deposit Ratings for Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed China Zheshang Bank Co.,
Ltd.'s (CZBANK) Ba1 foreign and local currency long-term deposit
ratings, NP foreign and local currency short-term deposit ratings,
ba3 Baseline Credit Assessment and ba3 Adjusted BCA on review for
upgrade. Moody's has also placed the bank's all other ratings and
assessments on review for upgrade. The previous outlook on CZBANK
was stable.

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

The review for upgrade reflects the improvement in CZBANK's
standalone credit profile in recent years, in particular its
improved liquidity and reduced shadow banking exposure. Although
its 2020 performance was negatively impacted by coronavirus, with
the broad recovery in China's economy, Moody's expects that its
asset quality, profitability and capitalization will gradually
stabilize.

Services offered through its fintech platform bring cost
efficiencies and flexibility to its clients, enabling CZBANK to
expand its customer base and improve customer retention. As a
result of more stringent interbank business regulations and its
expanding deposit base partly benefited from the fintech platform,
the bank's market funds/tangible banking assets declined to 25.7%
as of the end of December 2020 compared with 35.7% at the end of
2017. In addition, the bank has increased its focus on retail
deposits in recent years, further supporting its liquidity.

The bank's exposure to shadow banking products has declined
consistently in recent years, which benefits its future performance
as shadow banking products can negatively impact banks' asset
quality and profitability. Its investments in trust plans, asset
management plans and wealth management products only represented
3.7% of total assets as of the end of 2020, significantly reduced
from 23.2% at the end of 2017 for related investments.

New NPL formation amid structural adjustments in the Chinese
economy will remain a key risk to CZBANK's asset quality. But it is
likely to stabilize in the coming 12-18 months with the recovery of
the economy. Meanwhile, CZBANK's asset quality indicators will
remain better than the system average, benefiting from the bank's
focus on economically advanced regions and high NPL coverage ratio
by international standards. Its fintech platform strategy will also
help with customer selection and monitoring, although it still
takes time to set up a proven track record.

The bank's reported Common Equity Tier 1 ratio declined to 8.8% as
of the end of 2020 from 9.6% at the end of 2019 because the growth
of its risk-weighted assets outpaced its internal capital
generation capacity. Its capital position will stabilize to a level
close to the current ratio as the bank's profitability will
gradually improve and its asset growth slows.

CZBANK's profitability should recover from its 2020 levels as its
loan pricing stabilizes. Fees and commissions are continuing to
grow with the recovery in the economy as well, although impairment
charges will stay elevated. On the other hand, the bank's funding
costs remain relatively high compared with the average for its
rated joint-stock commercial banks (JSCBs) peers given its
relatively small franchise. And its contribution of fees and
commissions will remain relatively low. The bank's return on
average assets was 0.65 % in 2020, lower than 0.76% in 2019.

The review for upgrade on CZBANK's Ba1/NP long-term/short-term
deposit ratings and all other ratings and assessments reflects the
review for upgrade on the bank's ba3 BCAs.

During the review period, Moody's will assess the drivers and
sustainability of the improvement in CZBANK's client base and
liquidity, as well as the impact of the further wind-down of its
shadow banking products. In addition, Moody's will assess the
forward-looking view of the bank's asset quality, profitability and
capital, as well as the level of government support in comparison
with other JSCBs.

CZBANK's rating is based on China's Moderate+ Banking System Macro
Profile. Its BCA is ba3, and its ba3 Adjusted BCA does not
incorporate any affiliate support. China does not have an
operational bank resolution regime, as a result, Moody's applies
its basic Loss Given Failure approach to rating CZBANK's debt
securities and assumes a high level of support from the Chinese
government in times of need. Given this, CZBANK's deposit ratings,
Counterparty Risk Assessment and Counterparty Risk Ratings
incorporate two notches of uplift.

Moody's assessment of a high level of government support for CZBANK
is based on the bank's status as the only national JSCB
incorporated in the Zhejiang province, and its 24.5% public
ownership as of December 31, 2020 through wholly provincial
government-owned entities. Moody's also expect it to be designated
as a domestic systemically important banks given its size and
interconnectedness with the Chinese economy.

The bank's deposit ratings could be upgraded if Moody's assesses
the Chinese government's capacity or willingness to support the
bank indicates a higher government support level than current
government support uplift, or if its BCA is upgraded.

CZBANK's BCA could be upgraded if Moody's assess that (1) the
bank's deposit growth and current market funding levels would be
sustained, (2) any further wind-down of its shadow banking products
would not have significant impact on its financials, and (3) the
bank's asset quality, profitability and capital position stabilize
with the recovery of the economy.

Given the current review for upgrade, its BCAs and deposit ratings
are unlikely to be downgraded. Its BCA and ratings could be
confirmed if macroeconomic conditions in China weakens
significantly, whereby China's economic growth moderates or
corporate financial leverage continues to increase.

Its BCA and ratings could also be confirmed if (1) the bank would
change its funding strategy to use more market funds while its
liquidity deteriorates significantly, (2) the continuous wind-down
of its shadow banking products significantly impacts its asset
quality or profitability, or (3) the bank's asset quality,
profitability and capital position weaken and are more in line with
its current ratings and assessments.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2021.

Headquartered in Zhejiang province, China Zheshang Bank Co., Ltd.
reported total assets of around RMB2.0 trillion as of the end of
December 2020.

The local market analyst for this rating is Yulia Wan, +86 (21)
2057-4017.

LIST OF AFFECTED RATINGS/ASSESSMENTS

Adjusted Baseline Credit Assessment, Placed on Review for Possible
Upgrade, currently ba3

Baseline Credit Assessment, Placed on Review for Possible Upgrade,
currently ba3

Short-term Counterparty Risk Assessment, Placed on Review for
Possible Upgrade, currently NP(cr)

Long-term Counterparty Risk Assessment, Placed on Review for
Possible Upgrade, currently Ba1(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Placed on Review for Possible Upgrade, currently NP

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Placed on Review for Possible Upgrade, currently Ba1

Short-term Deposit Rating (Foreign and Local Currency), Placed on
Review for Possible Upgrade, currently NP

Long-term Deposit Rating (Foreign and Local Currency), Placed on
Review for Possible Upgrade, currently Ba1; Outlook, Changed To
Rating Under Review From Stable

Outlook, Changed To Rating Under Review From Stable


JIAYUAN INT'L: Moody's Affirms B2 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook of
Jiayuan International Group Limited to positive from stable.

At the same time, Moody's has affirmed the company's B2 corporate
family rating and B3 senior unsecured debt rating.

"The positive ratings outlook reflects our expectation that Jiayuan
will grow its operating scale without sacrificing profitability,
maintain strong credit metrics and improve its capital structure
over the next 12-18 months," says Kelly Chen, a Moody's Assistant
Vice President and Analyst.

Specifically, Jiayuan's low-cost land bank allows the company to
generate stable and healthy margins. Jiayuan's gross profit margin
was high at around 32.3% in 2020, compared with 32.6% in 2019 and
31.6% in 2018. In addition, Jiayuan's exposure to non-bank
financing channels has significantly declined in 2020.

"At the same time, the rating affirmation reflects our expectation
that the company will maintain its financial discipline and
adequate liquidity position over the next 12-18 months," adds
Chen.

RATINGS RATIONALE

Jiayuan's B2 corporate family rating (CFR) reflects (1) the
company's track record in its core markets in the Yangtze River
Delta, underpinned by its solid sales execution; and (2) its
low-cost and quality land bank.

On the other hand, the B2 CFR is constrained by (1) Jiayuan's
developing operating scale, (2) the financial risks associated with
its debt-funded business growth, and (3) narrow though improving
funding access.

Moody's forecasts Jiayuan's revenue/adjusted debt will improve to
83%-92% over the next 12-18 months from 85.8% in 2020, as revenue
growth from strong pre-sales over the past two years will outweigh
debt growth.

Meanwhile, the company's adjusted EBIT/interest will further
improve to 3.2x-3.6x from 3.1x over the same period. This is given
the likely revenue growth will offset a moderate decline in gross
margins, while average funding costs will be lower due to reducing
trust loans, which are usually of higher costs than other funding
channels.

Moody's projects that Jiayuan's contracted sales will grow to
around RMB35 billion-RMB40 billion in 2021 from RMB30.8 billion for
2020, considering its sufficient salable resources and the solid
housing demand in its core markets. The company's contracted sales
grew 7% to RMB30.8 billion in 2020 and 43% in 2019.

Jiayuan's senior unsecured rating of B3 is one notch below its B2
CFR because of legal and structural subordination risk. Most of the
claims are at the operating subsidiaries and, in the event of a
bankruptcy, they have priority over claims at the holding company.
In addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the expected
recovery rate for claims at the holding company will be low.

Jiayuan's liquidity is adequate. Its cash holdings of RMB10.9
billion as of the end of December 2020 covered 155% of its
short-term debt. Moody's expects the company's cash holdings,
together with its contracted sales proceeds after deducting basic
operating cash flow items, will enable the company to meet its
refinancing needs over the next 12 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the risks associated with the concentration
of the company's ownership in Mr. Shum Tin Ching, who held a 69.7%
stake in Jiayuan and pledged around 10.1% of the company's total
outstanding shares for financing as of 31 March 2021.

Moody's has also considered the company's listed status on the Hong
Kong Stock Exchange and the application of the Hong Kong Listing
Rules and Securities and Future Ordinance on the company. In
addition, Mr. Shum has demonstrated his commitment to the company
by injecting assets to strengthen its operations and equity base,
and reducing his share pledge loan to lower the risk of a change in
control.

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

Moody's could upgrade the ratings if Jiayuan (1) demonstrates
sustainable growth in its contracted sales and revenue without
sacrificing profitability, (2) strengthens its credit metrics of
adjusted revenue/debt above 70% and EBIT/interest higher than 3.0x
on a sustained basis, (3) further diversifies its funding channels,
and (4) maintains its risk of a change in control at a low level.

A rating downgrade is unlikely, given the positive outlook.

However, the outlook on the ratings could return to stable if the
company records weaker growth in its contracted sales or revenue
than Moody's expectation, or if the company's credit metrics
weakens, such that (1) EBIT interest coverage trends toward 2.5x;
(2) revenue/adjusted debt falls below 65%; (3) liquidity weakens,
with its cash holdings slipping below 1.5x of short-term debt; (4)
funding channels narrow, or (5) risk of change in control
increases.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 17.7 million square meters
as of the end of December 2020. It also develops and operates
commercial properties alongside its residential property projects.


YESTAR HEALTHCARE: Moody's Lowers CFR to Caa1 on Weak Liquidity
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured rating of Yestar Healthcare Holdings
Company Limited to Caa1 from B3.

The outlook on the ratings remains negative.

In its 2020 results announcement dated April 7, Yestar indicated
that there are significant uncertainties as to whether the company
can continue as a going concern. The company's ability to continue
as a going concern will depend on successful negotiation with
lenders and bond holders on the due dates of maturing debts and
with non-controlling shareholders on the due dates of its payables,
as well as obtaining additional financing facilities within the
next 12 months.

In addition, the company has appointed a financial advisor
regarding the upcoming maturity of its USD200 million senior notes
due on September 15, 2021.

"The downgrade to Caa1 and negative outlook reflect Yestar's higher
probability of default given its increased liquidity risk, with a
USD200 million bond due in September 2021," says Gerwin Ho, a
Moody's Vice President and Senior Credit Officer.

RATINGS RATIONALE

Yestar's Caa1 corporate family rating is constrained by its modest
size, high supplier concentration, large repayment and working
capital needs over the next 12 months and weak financial
management. These credit challenges offset its solid position in
the distribution of medical consumable products in China and strong
and sustained partnership with leading global companies, including
Roche Holding AG (Aa3 positive) and FUJIFILM Holdings Corporation
(A2 stable); the latter held a 9.8% stake in Yestar as of June 30,
2020.

Yestar's liquidity is weak. As of December 31, 2020, the company's
cash reserves -- including restricted cash -- of RMB587 million
were insufficient to cover its short-term debt, which includes a
USD200 million bond due in September 2021.

Moody's expects Yestar's working capital needs to rise with the
growth of its IVD distribution and service provision business,
given the longer payment terms associated with this business. The
company's medical business, which includes the higher margin IVD
business, accounted for 92% of total revenue in 2020.

At the same time, Moody's expects Yestar's short-term debt to
increase to fund its higher working capital needs and payments
associated with previous acquisitions.

Moody's forecasts Yestar's revenue will grow about 9% over the next
12-18 months from the level in 2020. The rise reflects the
continued growth in demand for medical consumable products in China
supported by the company's increased market share and growing
geographical coverage, and partially offsetting weakening demand in
its non-medical businesses.

Moody's expects Yestar's leverage, as measured by adjusted
debt/EBITDA, will stay at about 3.7x over the next 12-18 months
from about 4.0x in 2020 as the increase in EBITDA resulting from a
revenue recovery outpaces the rise in debt to fund its business
growth and acquisition-related payments.

From a governance perspective, management had also adopted an
acquisitive growth strategy and exhibited weak financial management
in terms of addressing its near-term maturities.

Yestar's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because creditors at the holding company benefit from cash flow
generation across a number of operating subsidiaries, mitigating
structural subordination risk.

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

The negative outlook reflects the high uncertainty over Yestar's
ability to arrange funding on a timely basis to meet its near-term
refinancing needs.

The outlook on Yestar's ratings could return to stable if the
company executes its refinancing plan and improves its liquidity
position and capital structure.

Yestar's ratings could be further downgraded if it fails to meet
its payment obligations.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is a distributor of Roche Holding AG's (Aa3 positive)
diagnostics products in China and is also a distributor of FUJIFILM
Holdings Corporation's (A2 stable) film products in the country.


[*] CHINA: To Stress Test All 4,024 of Its Banks
------------------------------------------------
Caixin Global reports that China's central bank plans to expand its
stress test regime to all of the country's 4,024 banks this year to
better prevent risks to the financial system, according to a
central bank publication.

The People's Bank of China (PBOC) aims to better identify high-risk
banks and systemic risks through the stress tests, thus improving
the effectiveness of risk monitoring and early warning systems,
Caixin relates citing an article published earlier this week by
China Finance, a magazine overseen by the PBOC.

The central bank will also work with other financial regulators to
build up a prudential management framework on financial risks
related to climate change, and conduct climate-risk stress tests in
due course, the article said, Caixin relays.




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

A B MOTION: ICRA Withdraws B+ Rating on INR73.29cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of A
B Motion Private Limited at the request of the company and based on
the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-           73.29      [ICRA]B+ (Stable); ISSUER NOT
   Fund based–                     COOPERATING; Withdrawn
   LRD Loan             

ABMPL was incorporated in the year 2001 and is promoted by the
Chadha group (a conglomerate with diverse business interests in
construction and operation of multiplexes, shopping malls, land
development, sugar, liquor, paper, health, food and trading of
liquor). The company owns and operates a multiplex cum mall by the
name of "The Westend Mall" located at Ferozpur Road, Ludhiana,
Punjab. The mall which commenced operations in 2007, is set up on a
freehold land (of area 2.16 acres) purchased from the Punjab Urban
Development Authority (PUDA). The built-up area of the mall is 4.5
lacs square feet (sq. ft.) comprising retail area of approximately
1.97 lacs sq ft, multiplex area of 0.68 lacs sq ft and parking area
of 1.84 lacs sq ft. The company also runs four cinema screens in
the mall with a total seating capacity of 1042 seats, under the
name of "Wave Cinemas".

ALOKA EXPORTS: ICRA Reaffirms B+ Rating on INR3.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Aloka
Exports (AE), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term,           3.00       [ICRA]B+ (Stable); Reaffirmed
   Fund-based
   Limits/CC            

   Short-term,         15.00       [ICRA]A4; reaffirmed
   Fund-based
   Limits              

   Short-term,          0.60       [ICRA]A4; reaffirmed
   Non-fund
   Based Limits         

   Long Term &          4.86       [ICRA]B+ (Stable)/[ICRA]A4
   Short Term,                     Reaffirmed
   Unallocated
   Limited              
                                
Rationale

The rating reaffirmation for AE continues to favorably factor in
the extensive experience of the partners in the textile industry,
comfortable capital structure coupled with unsecured loans in the
business, being a considerable part of the total debt of the firm.

The ratings, however, continue to take into account the weak
financial risk profile of the firm, as reflected by the declining
operating income owing to the challenging market conditions in key
consuming markets, continued pressure on scale of operations in the
current year owing to Covid-19 induced disruptions, and significant
losses at operating and net levels witnessed till FY2020. ICRA
notes the marginal improvement in the operating margin in the
current year, however, the sustainability of the same is yet to be
ascertained. The ratings also remain constrained by the working
capital-intensive nature of the business owing to slow receivables
and high inventory levels. This, coupled with the operating losses,
has led to a poor liquidity position, which is somewhat offset by
extended credits from the suppliers. Further, ICRA takes note of
the vulnerability of the profitability to fluctuations in raw
material prices due to high inventory holding as well as the
currency fluctuation risks owing to the export-oriented business.
ICRA also has considered the vulnerability of the profitability to
Government incentives as any adverse change is likely to affect the
firm's margins because of limited margin flexibility, given the
highly competitive international and domestic markets. ICRA also
notes the high customer concentration and counterparty risks as the
top ten customers account for more than 90% of the total revenues
during the last two years. Further, due to its partnership status,
AE remains exposed to the risk of capital withdrawals, which will
have a negative impact on its capital structure.

The Stable outlook reflects ICRA's belief that extensive experience
of partners in the industry and several cost-saving measures taken
by the management will enable gradual turnaround and stabilization
of the operations of the firm.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in the textile industry:
Incorporated in 1980, Aloka Exports is promoted by the Agrawal
family, which has been in the garment-manufacturing business since
1968 with the incorporation of Silk Asia, a ladies' garments
manufacturer and a sister concern of AE. The key promoters and
shareholders, Mr. Chandra Agrawal and Mr. Alok Agrawal, have an
experience of around five decades in the textile industry.

* Comfortable capital structure: The firm's capital structure
remains comfortable with a gearing of 0.30 times as of March 31,
2020 and 0.28 times as of December 31, 2020, due to limited
dependency on external borrowings to fund operations. Further,
around ~37% of the total debt consists of unsecured loans from the
promoters as of March 31, 2020, which provides comfort to the
capital structure.

Credit challenges

* Declining operating income owing to challenging market
conditions, pressure on scale of operation continues in FY2021
owing to covid-19 induced demand disruption: The operating income
(OI) of the firm declined by ~13% to INR28.58 crore in FY2020 from
INR32.97 crore in FY2019, primarily due to the challenging market
conditions leading to weak order inflow from the US and the
European markets, which drive the major share of the firm's
operating revenues. Further, the underabsorption of fixed costs led
to an increase in the operating loss of INR4.51 crore in FY2020
from a loss of INR1.51 crore in FY2019. The OI further declined by
43% to INR13.11 crore during 9MFY2021 against a revenue of INR22.82
crore achieved during 9M FY2020, which is attributed to Covid-19
induced demand disruptions. However, margins improved in the
current year with an operating profit of INR0.82 crore during 9M
FY2021, against operating loss of INR3.22 crore in 9M FY2020 due to
higher sales of value-added products in terms of better printing
and dyeing, as well as cost-cutting measures, including reduction
in employee base. However, sustainability of the better margins is
yet to be ascertained.

* High working capital intensity due to high inventory holding
period and elongated debtors' position: The working capital
intensity remains high as represented by the NWC/OI from 32.06% as
on March 31, 2020, though the same improved marginally from ~40.22%
as on March 31, 2019, owing to higher credits from the supplier.
Further, NWC/OI increased to 54.66% as on December 31, 2020 owing
to an increase in debtors' level as well as the inventory level.
Extended credit period from suppliers offset the high working
capital intensity in the business to some extent.

* Profitability vulnerable to fluctuations in raw material prices,
forex movements and any adverse changes in fiscal incentives; stiff
competition restrict margin flexibility: The firm's profitability
remains exposed to adverse fluctuations in raw material prices and
labour costs for fabric processing activities. Given the increased
competition from domestic players as well as international players
in China, Bangladesh and Turkey, the firm's ability to pass on an
increase in costs to its customers remains limited, as reflected by
the decline in the profitability margins over the last five
fiscals. Further, as AE derives its revenues mainly from the export
markets, it remains exposed to fluctuations in foreign exchange
rates as there is no formal hedging policy. The firm receives
fiscal benefits from the GoI (Government of India) to support the
industry to some extent. The Government has introduced the
Remission of Duties and Taxes on Export Products (RoDTEP) benefits
post scrapping of the previous benefit schemes. However, Lack of
clarity of rates under the RoDTEP may impact the profitability to
some extent in the near term. Comparable reimbursement rates under
the new RoDTEP scheme against the earlier schemes remain critical
going ahead.

* High customer and geographical concentration risk: The customer
concentration risk remains high with the top 10 customers
accounting for more than 90% of the total sales in the last two
years. The US and Europe are the key geographies contributing
to the firm's revenues. Weak demand for products from its customer
base in international markets limits AE's scale of operations.
Further, high customer concentration also increases counterparty
risks.

* Risks inherent in partnership nature of the business: AE remains
vulnerable to the risks inherent in the partnership nature of the
firm such as the risks of capital withdrawal as is evident from the
past. This is likely to affect the firm's capital structure.

Liquidity position: Poor

The firm does not have any long-term loans, apart from unsecured
loans of ~Rs. 2.10 crore as on March 31, 2020. The unsecured loans
do not have any fixed repayment schedules. However, the operating
losses as well as the decline in the scale of operations has led to
a negative cash flow from operations till FY2020. The operating
losses, in turn, led to weak coverage indicators and the financial
obligations are primarily served through the partners'
contribution. In the current year for 9M FY2021, the company has
witnessed a marginal turnaround in its profitability with positive
operating profits, however, sustainability of the same is yet to be
ascertained in these challenging market condition. Weak
profitability, high working capital intensity and limited free cash
of INR0.78 crore as on March 3, 2021, indicates a poor liquidity
position. The ability of the partners to infuse capital in a timely
manner remains critical for the timely servicing of the firm's debt
obligations.

Rating sensitivities

Positive factors – Significant scale-up in the operations with a
sustained improvement in the profitability and coverage indicators
along with an improvement in the liquidity position would be key
positive factors for the rating

Negative factors – Further decline in the scale of operations and
continued losses at the operating or net level would remain key
negative factor for the rating

Aloka Exports was incorporated as a proprietary concern in 1980 and
was converted into a partnership firm on October 23, 1987. The firm
is currently positioned as a mid-premium manufacturer and exporter
of customized fashion accessories such as scarves, bandanas, wraps
and semi-garments such as ladies' kurtas, shrugs and ruanas. These
products are manufactured for prominent mass fashion houses based
in Europe, the US and Japan, and are sold under individual client
brands. The firm has sales and design offices in Mumbai and Delhi.

ALUMILITE ARCHITECTURALS: ICRA Withdraws D Rating on INR7cr Loans
-----------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Alumilite Architecturals Private Limited (AAPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         3.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based/CC                 Withdrawn

   Short Term-        3.50       [ICRA]D; ISSUER NOT COOPERATING;
   NonFund Based                 Withdrawn

ICRA has withdrawn the ratings assigned to the bank facilities of
AAPL at the request of the company and based on the No objection
Certificate and No Due Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn. The previous detailed rating
rationale is available at the following link: Click here

Promoted by Mr. SK Damani, Alumilite Architecturals Private Limited
(AAPL) was incorporated in 1992. The company is engaged in
providing facade systems and solutions for doors, windows,
partitions, structural glazing, automatic doors, cladding systems
and skylights for various types of constructions including
residential and commercial, etc. The company has its designing &
fabrication facility setup in Bhiwandi, Mumbai.


ANANDA SAW: ICRA Reaffirms B+ Rating on INR1.50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Ananda
Saw Mills, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term
   Fund-based/CC         1.50      [ICRA]B+ (Stable); Reaffirmed

   Short-term
   Non-fund based       10.00      [ICRA]A4; Reaffirmed

Rationale

The ratings remain constrained by Ananda Saw Mills' small-scale
operations, which along with the highly competitive and fragmented
industry structure, results in subdued profitability and limits its
financial and operational flexibility. Further, the firm's profit
margins remain exposed to the foreign exchange fluctuations, as it
relies on imports for raw material procurement, and to inventory
risks, given the sizeable inventory holding requirement of the
business. The firm's capital structure is stretched as reflected in
its high gearing (total debt/tangible net-worth) of 4.0 times and
total outside liabilities to tangible net-worth (TOL/TNW) of 8.1
times as of March 31, 2020. The assigned ratings, nonetheless,
positively factor in the long track record of the firm's promoters
in the timber industry and the firm's established relationship with
its customers, which impart revenue stability.

The Stable outlook on the long-term rating reflects ICRA's opinion
that Ananda Saw Mills will continue to benefit from the experience
of the promoters in the timber business, its operational track
record, and the long-standing relationship with its customers.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in timber trading industry: The
firm's promoters have over two decades of experience in the timber
business. The firm has an established relationship with its key
customers, which aids in repeat business and provides some revenue
stability.

Credit challenges

* Small scale of operations: With an operating income of INR12.2
crore in FY2020, the firm is a small-sized player in the fragmented
timber-processing industry with limited financial flexibility.

* Stiff competition and fragmented industry structure put pressure
on profitability: Timber processing is a low value-additive
business and has numerous players operating in the industry. The
fragmented and competitive nature of the industry limits pricing
flexibility of participants and keeps margins under pressure.
Further, the firm's margins are exposed to fluctuations in exchange
rates, as it relies on imports to meet a major portion of its raw
material requirements. The margins are also exposed to raw material
price fluctuation risk, given the sizeable inventory held by the
firm.

* Financial profile characterized by stretched capital structure
and weak coverage indicators: The firm's financial profile has been
weak with TOL/TNW of 8.1 times as of March 31, 2020 due to its low
net-worth position and relatively high reliance on borrowings and
creditors. The coverage indicators have remained weak, with total
debt/OPBIDTA of 10.4 times in FY2020 as compared to 11.9 times in
FY2019, owing to the company's modest operating profits. The
interest coverage stood moderate at 1.6 times and 2.4 times in
FY2019 and FY2020, respectively.

Liquidity position: Adequate

Ananda Saw Mills' liquidity is adequate, characterized by
availability of moderate buffer in its working capital facilities
and maintenance of moderate cash balances. The average utilization
of its cash credit facility stood at 83.1% of the sanctioned limits
from January 2020 to January 2021.

Rating sensitivities

Positive factors: ICRA could upgrade the firm's rating if the firm
demonstrates a sustained improvement in its scale of operations and
accruals. Specific credit metrics that could lead to an upgrade of
the firm's rating include OPBITDA/Interest of more than 2.0 times
on a sustained basis.

Negative factors: Negative pressure on the firm's rating could
arise if the firm's liquidity profile deteriorates further because
of stretched working capital cycle.

ICRA had earlier taken a consolidated view of Ananda Saw Mills and
its sister concern, Arunesh Saw Mills, owing to the common
management and the significant operational linkages between the two
companies. However, the management has informed that Arunesh Saw
Mills will be wound up; hence, ICRA has revised its approach to
standalone view of Ananda Saw Mills.

The firm was established in 1982 by Mr. Alagaraja and is involved
in importing sawn timber and round timber logs and processing them
into various commercial sizes as per the requirement of its
customer. The firm's saw mills are located at Tenkasi (Tamil Nadu)
and have a cumulative installed capacity of 100 cubic meters/per
day.

BALBIR FOOD: ICRA Lowers Rating on INR6.0cr LT Loan to B
--------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Shree
Balbir Food Product Private Limited (SBFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-       6.00      [ICRA]B (Stable) Downgraded
   Based Limits/CC                 From [ICRA]B+ (Stable) ISSUER
                                   NOT COOPERATING, Rating
                                   Removed from Issuer Not
                                   Cooperating Category

   Long-term Fund-       1.17      [ICRA]B (Stable) Downgraded
   Based Term Loan                 From [ICRA]B+ (Stable) ISSUER
                                   NOT COOPERATING, Rating
                                   Removed from Issuer Not
                                   Cooperating Category

   Short-term Non-       1.00      [ICRA]A4; Assigned
   Fund Based
   Limits                

Rationale

The rating downgrade for SBFPL reflects the weakening of the
financial risk profile as reflected by the continued net losses
witnessed during the last two years and the modest scale of
operations. This has also resulted in a significant erosion of net
worth as of March 31, 2020, leading to considerable weakness in the
capital structure and weak coverage indicators. The rating
continues to remain constrained by the company's highly fragmented
nature of the flour-milling industry, resulting in intense
competition, agro-climatic risks and Government policies, which
impact the availability and prices of the raw material, which in
turn affect its revenues and profitability.  The rating, however,
favorably factors in the presence of Group support through
financial assistance provided by the Group companies by extending
interest-free unsecured loan to the company.

The Stable outlook on the rating indicates ICRA's expectation that
the company will benefit from the demand prospects of the sector in
the near to medium term.

Key rating drivers and their description

Credit strengths

* Presence of Group support in the form of unsecured loan extended
by the Group companies: SBFPPL is a wholly-owned subsidiary of
Balbir Structures Private Limited. The company benefits from the
financial support extended by the parent company by way of
unsecured loans. Almost 62% of the total debt consists of
interest-free unsecured loans from the holding company as of March
31, 2020.

Credit challenges

* Weak financial risk profile indicated by modest scale of
operations, continued losses at net level, eroded net worth
impacting capital structure and weak coverage indicators: The scale
of operations remains modest and it further declined by ~14% to Rs.
66.55 crore during FY2020. This has been primarily due to the
decrease in volume sales, which declined by ~20% from ~37390 MT in
FY2019 to 29875 MT in FY2020. The margins in the business remain
low due to limited value additive nature of the business coupled
with a modest scale of operation, which restricts the benefits from
economies of scale. Further, reduced operating income has led to
lower cover to fixed cost. The OPM of the company declined to 0.86%
in FY2019 from ~2.43% in  FY2018 and continued to remain lower at
~0.84% in FY2020. A lower operating margin has led to net losses of
~Rs. 0.38 crore and ~Rs. 0.36 crore in FY2019 and FY2020
respectively. Due to limited net worth in the business, coupled
with net losses, the net worth position of the company has almost
been eroded to ~Rs 0.01 crore as on March 31, 2020 leading to a
stretched capital structure. However, ~62% of total debt consists
of interest-free unsecured loans from the holding company, which
provides comfort to some extent. Weak profitability has in turn led
to weak coverage indicators as reflected by OPBDITA/I&F charges of
0.92x during FY2020 and DSCR of 0.48x as on March 31, 2020. Thus,
indicating a weak financial risk profile of the company.

* Intense competition in the industry and low value-additive nature
of business limits margin flexibility: The flour-milling industry
is very competitive with the presence of many organised and
unorganised players. Stiff competition, coupled with the limited
value-additive nature of the business, limits the pricing
flexibility and margins.

* Susceptibility to agro-climatic risks and Government regulations:
The flour-milling industry is susceptible to agro-climatic risks,
which can affect the availability of wheat in adverse weather
conditions. Further, being an essential commodity in India, any
unfavourable change in the policies and fluctuations in supply due
to adverse weather conditions, exposes the company to volatility in
scale and profitability.

Liquidity position: Poor

SBFPPL had external term loans of INR1.01 crore on its books as on
March 31, 2020. Further, the company has availed ECLGS loans of
INR1.09 crore in the current year. Considering the same, the
company has an annual repayment of INR0.71 crore in FY2021, INR0.57
crore in FY2022 and INR0.36 crore in FY2023. Owing to weak
profitability, the coverage indicators of the company is expected
to remain weak. As on 12th March 2021, the company had free cash of
~INR0.10 crore, and unutilized FB limits of ~ INR1.7 crore, which
indicates a poor liquidity profile.

Rating sensitivities

Positive factors – Improvement in net worth position along with
sustained growth in its operating income coupled with improved
profitability and thereby strengthening the coverage indicators
would remain the key positive factors for an upward revision in the
rating

Negative factors – A further decline in its scale of operations
or profitability or deterioration in the liquidity profile would be
a key negative factor for a downward revision in the rating.

Shree Balbir Food Product Private Limited is promoted by the Balbir
Vikas Bhushan Group. The Group is involved in the manufacture and
trading of steel products such as thermo-mechanical-treatment (TMT)
bars, mild steel angles, channels and beams etc. The Group ventured
into manufacturing food products with the establishment of Shree
Balbir in 2015. It is a wholly-owned subsidiary of Balbir
Structures Private Limited (BSPL). Its manufacturing facilities are
located at Silvassa (Dadra and Nagar Haveli). The mill has an
installed capacity of 200 MT per day (72,000 MTPA). The company
started commercial production from mid-December 2016.

CIGORA EXIM: ICRA Assigns B- Rating to INR8.40cr Loans
------------------------------------------------------
ICRA has assigned ratings to the bank facilities of Cigora Exim
Private Limited (CEPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term
   Fund-based–
   Cash Credit          7.00       [ICRA]B- (Stable); assigned

   Long-term
   Fund-based–
   Term Loan            1.40       [ICRA]B- (Stable); assigned

Rationale

The rating factors in the diversified revenue stream (trading of
coal, agricultural produce and home appliances) of CEPL, which
limits the impact of cyclicality and aids in revenue growth. The
rating, further, considers the order-backed procurement of coal and
home appliances, which is likely to protect margins against raw
material price fluctuations to some extent. The rating, however, is
constrained by the small-scale operations and the company's
stretched financial risk profile, characterized by thin profit
margins, leveraged capital structure and modest coverage
indicators. The rating is further constrained by the high working
capital intensity, emanating from the elongated receivables and the
high inventory levels against low creditor levels. The company's
customer base is limited, given that the operations commenced in
FY2020, resulting in a moderately high customer concentration. The
rating also takes note of the highly fragmented trading industry,
which results in intense competition.

The Stable outlook reflects ICRA's expectation that the operational
and financial performances of the company will benefit from the
revenue diversification across three segments and the order-backed
procurement of raw materials.

Key rating drivers and their description

Credit strengths

* Diversified revenue stream; order-backed procurement to shield
margins against raw material price fluctuations: The company is
involved in trading coal, agricultural produce and home appliances.
It derives ~43% of its revenue from coal trading currently. The
diversification of revenues across three streams is likely to aid
revenue growth going forward. The operating margin is protected to
some extent from price fluctuations as procurement of coal and home
appliances is order-backed.

Credit challenges

* Small-scale operations; earnings to remain thin and range-bound
due to inherent nature of the business: The scale of operations is
small, evident from the revenue of INR20.0 crore in the current
fiscal. Going forward, with revenue diversification across three
segments, the company is likely to witness revenue growth of
~40-50% in the near term. CEGL's operating margin has remained thin
and range bound in the last two fiscals due to inherent nature of
the business and the intense industry competition. It is likely to
moderate slightly with expected increase in revenue share from coal
segment.

* Moderately high customer concentration: Being a recent entrant,
the company has access to a limited customer base. Cumulatively,
the total revenue from the top customer in each of the segments
adds to 78% of the total sales in 9MFY2021, resulting in a
moderately high customer concentration. This is expected to remain
in the near term, given the limited customer base. The ability of
the company to add customers to its portfolio will aid in
mitigating the risk to some extent.

* Leveraged capital expenditure, modest coverage indicators and
high working capital intensity: The capital structure is stretched
with modest net worth. The coverage indicators are weak with
TD/OPBITDA and interest coverage of 9.9 times and 1.3 times as of
Dec 31, 2020 compared to 29.7 times and 0.9 times as on Mar 31,
2020, respectively. DSCR, which stood at 1.3  times as on Dec 31,
2020, is likely to deteriorate with term loan repayments of INR0.26
crore and INR0.47 crore in FY2022 and FY2023, respectively. The
working capital intensity is high, at 259.4% in FY2020 and 74.9% in
9MFY2021, due to high debtor and inventory levels against
relatively low creditor levels. It is likely to remain high because
of the company's small-scale operations and relatively high credit
terms offered to the customers.

Liquidity position: Stretched

The company's liquidity position is stretched as evident from the
weak cash flow from operations, the limited free cash and the high
average working capital utilization of ~99% over the past 12 months
ended Mar 21. The stretch in the liquidity position is because of
the thin profit margins and the high working capital intensity with
high debtor and inventory levels against relatively low creditor
levels. However, the moratorium benefit availed for six months and
the guaranteed emergency credit lines of Rs. 1.4 crore supported
the company's liquidity position to some extent in the last fiscal.
CEPL's liquidity is likely to remain stretched in the near term,
with expected minimal cash flow from operations, due to low
profitability, limited buffer in the working capital limits,
coupled with a term loan repayment obligation of INR0.27 crore in
FY2022 and INR0.47 crore in FY2023 and FY2024, respectively.

Rating sensitivities

Positive factors – ICRA could upgrade CEPL's ratings if the
company demonstrates a significant improvement in its revenue and
profitability on a sustained basis, along with a shorter working
capital cycle, thereby improving its debt metrics and liquidity
position.

Negative factors – Any sustained pressure on the company's scale
and earnings along with a stretch in the working capital cycle,
resulting in further weakening of the liquidity, could result in a
rating downgrade. Specific metrics include DCSR decreasing to below
1.0 times.

Incorporated in 2015, and with the commencement of operations in
FY2020, CEPL is involved in the trading of coal, agricultural
produce and home appliances. About 40% of the sales is from coal
trading and the rest is from agricultural produce and home
appliances. The company procures coal locally and caters to
customers in Tamil Nadu, primarily in the sugar and the steel
industries. Agricultural produce and home appliances are imported.
Mr. Hemanth is the managing director of the company and takes care
of the day-to-day activities.

CREVITA GRANITO: ICRA Reaffirms B+ Rating on INR25.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Crevita
Granito Pvt. Ltd (CGGL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-
   based Term Loan      25.50      [ICRA]B+ (Stable); reaffirmed

   Long-term Fund-
   based Cash Credit    10.00      [ICRA]B+ (Stable); reaffirmed

   Short-term
   Non-fund-based
   Bank Guarantee        4.00      [ICRA]A4; reaffirmed

Rationale

The rating reaffirmation takes into account the firm's average
financial risk profile, characterized by moderate scale, average
coverage indicators and high working capital intensity. The ratings
also factor in the intense competition in the ceramic industry and
the exposure of the firm's profitability to volatility in raw
material and fuel prices. Furthermore, ICRA notes the exposure of
the firm's operations and cash flows to the cyclicality of the
real-estate industry, which is the main end-user sector.  The
ratings, however, continue to favorably factor in the extensive
experience of CGGL's promoters in the ceramic industry, the
benefits derived from its established group concerns in terms of
marketing and distribution, and its proximity to raw material
sources by virtue of its presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that CGPL will continue to benefit from the extensive experience of
its promoters in the ceramic industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of management in ceramic industry: The
promoters have a decade-long experience in the ceramic industry,
vide their association with other companies in the ceramic
industry, which helped the company to scale up its operations.

* Location-specific advantage: The location of the company's
manufacturing facility in the ceramic hub of Morbi (Gujarat)
provides easy access to quality raw materials, such as body clay,
feldspar and glazed frit.

Credit challenges

* Average financial risk profile: The firm's financial profile
remains average, as evident from its moderate scale of operations
(operating income of INR46.19 crore in FY2020 and INR39.17 crore in
~10MFY2021 (up to February 10, 2021)), low profitability and return
indicators (PAT/OI at 2.85% and RoCE at 9.67% in FY2020), and
average coverage indicators (Total Debt/OPBDITA at 4.21 times and
NCA/Debt at 12% in FY2020). The working capital intensity remained
high, as reflected by NWC/OI at 39% in FY2020, owing to high
receivables and inventory holding period. The working capital
requirements are partially funded by stretching the creditors,
leading to high TOL/TNW of 2.26 times as on March 31, 2020.

* Margins vulnerable to intense competition and cyclicality in
real-estate industry: The tile manufacturing industry is highly
fragmented with stiff competition from the organized and
unorganized segments, apart from imports. A large number of players
in the unorganized segment, with most of them located in Gujarat
and operating on low-cost structures, create a pressure on the
prices. Moreover, the demand for tiles remains exposed to the
cyclicality in the real-estate sector.

* Profitability susceptible to volatility in raw material and fuel
prices: Despite the location-specific advantage of raw material
procurement, the company has limited control over the prices of
other key inputs such as natural gas and coal. Thus, its margins
remain exposed to adverse movements in gas and coal prices.

Liquidity position: Stretched

CGPL's liquidity is likely to remain stretched in the near term,
with its accruals tightly matching the impending term loan
repayments (scheduled repayment of INR5.73 crore as against
estimated NCA of INR5.81crore, DSCR of 1.01 times in FY2022).
Nonetheless, the same is supported by the moderate cushion
available in the form of unutilized working capital limit of
~INR5.78 crore as of February 10, 2021.

Rating sensitivities

Positive factors

* Significant scale up of operations, while maintaining profit
margins on a sustained basis
* Improvement in working capital cycle

Negative factors

* Substantial decline in scale of operations or erosion in
operating margins

* Any large debt-funded capex or stretch in working capital cycle

Incorporated in 2016, as a private limited company, CGPL commenced
commercial production in January 2017. Its product profile
comprises double charged vitrified tiles of 600X600 mm and 600X1200
mm. CGPL's manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat, and is equipped to manufacture 56,160
metric tonnes (MT) of tiles per annum.


EDWARD FOOD: ICRA Reaffirms C+ Rating on INR36cr NCD
----------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Edward
Food Research and Analysis Centre Limited (EFRAC), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible
   Debenture            36.00      [ICRA]C+; Reaffirmed

Rationale

The reaffirmation of the rating considers EFRAC's poor liquidity
position, relatively small scale of current operations and a weak
financial profile, characterized by significant cash losses, an
adverse capital structure and depressed coverage indicators,
witnessed during the past few years. ICRA notes that cash accruals
generated by EFRAC are still insufficient for meeting its debt
repayments, which are likely to get deferred and are also dependent
on external financing. ICRA also notes that EFRAC has a high
working capital intensity of business because of a stretched
receivables position that continues to exert pressure on its cash
flows. The rating also considers the high coupon rate on
non-convertible debentures (NCDs), which results in a high-interest
outgo.

The rating, however, derives comfort from the established track
record of the Keventer Group, which supports EFRAC's market
position to an extent, and a reputed client base, which mitigates
the counterparty credit risk to a large extent. The rating
positively considers the receipt of accreditation/ certification
from most of the approving agencies in the food, drug and
environment division, which are likely to support the operations,
going ahead.

Key rating drivers and their description

Credit strengths

* Established track record of the Keventer Group: EFRAC is a part
of the Keventer Group, which comprises various entities involved in
diversified businesses like fast-moving consumer goods (FMCG), real
estate, food products and agro-related businesses. The Group has
supported EFRAC in the operational aspects as well as by extending
financial assistance through infusion of equity/ unsecured loans,
as and when required.

* Accreditation/certification in place from most of the approving
agencies: The company operates a testing and research laboratory
for food and food products, drugs and cosmetics, and environment.
EFRAC has received accreditation/ certification from most of the
approving agencies for all the divisions that it caters to, which
is likely to support its operations, going ahead.

* Reputed customer profile reduces counterparty risk to an extent:
The company has established relationships with reputed clients and
has received repeat orders from them. The reputed client base
reduces the counterparty risk to a large extent.

Credit challenges

* Relatively small scale of operations: The company's scale of
operations continues to remain small. The operating income (OI)
stood at INR19.42 crore in FY2020, depicting an increase of around
37% over FY2019. It registered an OI of INR7.52 crore in H1 FY2021
(unaudited), registering a YoY decline of ~7% over the
corresponding period of the previous fiscal primarily due to lower
testing activities amid the ongoing Covid-19 pandemic.

* Weak financial profile characterized by significant cash losses,
an adverse capital structure and depressed coverage indicators: The
company posted cash losses of INR3.95 crore and INR2.45 crore in
FY2020 and H1 FY2021 (unaudited),  respectively, because of its
small scale of operations, and high interest and finance costs. The
company's capital structure was adverse as on September 30, 2020
(unaudited) on account of an erosion of net worth due to losses
incurred over the past few years. High debt levels and low profits
kept the debt coverage indicators depressed. ICRA notes that cash
accruals generated by EFRAC are still insufficient for meeting the
debt repayments, leading to dependence on external financing.

* Sizeable debt servicing obligations; high coupon rate on NCDs:
EFRAC has sizeable debt servicing obligation of INR48.19 crore,
including NCDs of INR35.18 crore and accrued interest of INR13.01
crore, which is scheduled to be redeemed on June 15, 2021. As the
company is incurring cash losses, the redemption is likely to get
deferred. Moreover, the coupon rate of NCDs is high at 18%, which
results in high-interest outgo.

* High working capital intensity of business exerts pressure on the
company's liquidity: The company's working capital intensity of
operations has remained high, as reflected in the net working
capital relative to operating income (NWC/OI) of 66% in H1 FY2021
(unaudited), primarily on account of stretched receivables. This in
turn, has stretched the company's liquidity position. Consequently,
the payments to the suppliers have also been delayed.

Liquidity position: Poor

EFRAC's fund flow from operations (FFO) continues to remain
negative primarily because of cash losses registered by the
company. Moreover, high receivables of the company increased the
working capital requirements. The same would continue to exert
pressure on its liquidity position, going forward. The liquidity
position of the company is likely to remain poor in the near term,
at least, with sizeable debt servicing obligations along with
absence of adequate cash flows from operations.

Rating sensitivities

Positive factors – ICRA may upgrade EFRAC's rating if the company
demonstrates a significant increase in its scale of operations and
profitability, improving its liquidity position on a sustained
basis.

Negative factors – Pressure on EFRAC's rating may arise if there
is any further deterioration in the liquidity position, which may
lead to a delay in the debt servicing obligations of the company.

Edward Food Research and Analysis Centre Limited (EFRAC), a part of
the Keventer Group, was established in August 1921 by Mr. Edward
Keventer as Edward Keventer Private Limited. In 1986, the company
was acquired by Mr. M. K. Jalan, Promoter and Chairman of the
Keventer Group. Subsequently, the company's name was changed to
Edward Keventer Life Science Limited before being further changed
to Edward Food Research and Analysis Centre Limited. Mandala Food
Co-Investments II Ltd. and Mandala Litmus SPV, based out of
Mauritius, made an equity investment in FY2017, post which, the
Mandala Group holds an equity stake of 51% in EFRAC. The company
operates a testing and research laboratory for food and food
products, drugs and cosmetics, and environment at Subhash Nagar in
North 24 Parganas district, West Bengal.

GOKAK POWER: ICRA Lowers Rating on INR86cr Term Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Gokak
Power & Energy Limited (GPEL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan            86.00      [ICRA]D; downgraded from
                                   [ICRA]BB- (CE)

This rating is specific to the rated instrument/facility, its terms
and its structure and does not represent ICRA's opinion on the
general credit quality of the entity concerned.

Rationale

The rating action follows a delay in debt servicing by GPEL in
March 2021 due to delays in receiving payments from its off-takers.
The company had been servicing the debt obligations in the past
with promoter support in the form of inter-corporate deposits. The
rated term loan facility is backed by an unconditional, irrevocable
and revolving debt service reserve account (DSRA; six months of
ensuing debt obligations) undertaking by Shapoorji Pallonji and
Company Private Limited (SPCPL). However, the DSRA mechanism did
not work leading to delays in debt servicing obligations in March
2021. Given the non-invocation of DSRA mechanism backed by
undertaking from SPCPL, the revised rating does not factor in the
explicit credit enhancement.

Key rating drivers and their description

Credit challenges

* Delays in debt servicing: There has been a delay in debt
servicing by Gokak Power & Energy Limited in March 2021 due to
delays in receiving payments from its off-takers. Moreover, the
DSRA mechanism (backed by undertaking from SPCPL) was not invoked
in a timely manner leading to delays in debt servicing obligations
by GPEL.

Liquidity position: Poor

The liquidity profile of GPEL is poor as reflected in the ongoing
delays in debt servicing. The cash flow from operations are
inadequate to meet the repayment obligations owing to delays in
receivables from its off-takers.

Rating sensitivities

Positive factors – The rating could be upgraded if the company is
able to service its debt obligations in a timely manner, on a
sustained basis, in line with ICRA's Policy.

GPEL is a subsidiary of Gokak Textiles Limited (GTL). GTL holds 51%
equity stake and Shapoorji Pallonji and Infrastructure Capital
Company Limited (SPICCL) holds the remaining 49%. GPEL was
incorporated in January 2012, with the objective of generation,
transmission, distribution and trading of hydro power and other
renewal and non-renewal sources of energy. On September 20, 2012,
the hydro power business of Gokak Textiles Limited (10.8 MW
aggregate capacity) was transferred to GPEL by way of slump sale
for a consideration of Rs.120 crore. The power plants are situated
in Karnataka, at the foothills of Sahyadri hills on the river
Ghataprabha, 70 kms from Belgaum City and 6 kms away from Gokak
Town. The 10.8-MW hydro power capacity is distributed into three
units viz. Old Power House has a capacity of 3.5 MW, D.J. Madan
Power House of 2.8 MW capacity and the new unit with 4.5 MW
capacity. The power generation from all the three hydro power units
is entirely utilized by Gokak Textiles Limited for in-house
consumption. GPEL has a firm PPA with GTL for sale of electricity
for 20 years.

INDIA: To See 'K-Shaped' Recovery as Demand Hit, Ex-RBI Head Says
-----------------------------------------------------------------
Anirban Nag at Bloomberg News reports that the Indian economy's
recovery is likely to be shaped like a K rather than a V, as rising
inequality is poised to hit consumption and growth prospects, the
country's former central bank governor said.

"An important consequence of the pandemic has been the sharpening
of inequalities," Bloomberg quotes Duvvuri Subbarao as saying in an
April 9 interview. "Growing inequalities are not just a moral
issue. They can erode consumption and hurt our long-term growth
prospects."

India's gross domestic product is forecast to grow by as much as
12.5% in the fiscal year that began April 1, which would make it
the world's fastest growing major economy, Bloomberg notes. While
that prediction followed a string of fiscal and monetary steps that
stoked economic activity once pandemic curbs were eased, a new
surge in Covid-19 cases has raised fears that any potential new
restrictions could cripple an economy that relies on domestic
consumption.

On April 12, economists at Nomura Holdings Inc. downgraded their
forecasts amid the second wave of virus cases. They cut India's GDP
estimate for 2021 to 11.5% growth, from an earlier forecast of
12.4%, Bloomberg says.

This time around policy makers will have limited options, said
Subbarao, who helmed the Reserve Bank of India during the global
financial crisis, for five years beginning from September 2008.
While worries about ballooning public debt may could restrict
fiscal support, concerns about inflation could keep the central
bank from cutting interest rates, he said, Bloomberg relays.

These limitations could drag on the recovery, with a K shape
representing an uneven rebound compared to a V shape that suggests
a quick return to growth, relates Bloomberg.

Rising inequalities are "particularly painful" for a low-income
country like India, where upper segments of the population have
seen their wealth rise while lower sections have lost jobs,
incomes, savings and purchasing power, Subbarao, as cited by
Bloomberg, said.

About 122 million people -- mostly daily wage earners and those
employed by small businesses -- lost their jobs to one of the
world's strictest lockdowns around this time last year, Bloomberg
says. Now, new localized lockdowns by Indian states are pushing the
unemployment rate higher.

Bloomberg relates that Subbarao, who holds a masters degree in
economics from Ohio State University and was a Humphrey Fellow at
the Massachusetts Institute of Technology, said that despite
double-digit growth forecasts from the International Monetary Fund
and RBI, India's economy would be worse off than it was before the
pandemic.


KARNA INTERNATIONAL: ICRA Reaffirms B Rating on INR12.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Karna
International (KI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-
   Fund Based           12.50      [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation favorably factors in KI's successful
operating history of close to three decades and the partners'
extensive experience in the fasteners industry, resulting in
high-value repeat orders from some of its customers over the past
many years. The rating also takes into consideration the firm's
comfortable capital structure with gearing of 0.74 times as on
March 31, 2020.

Nonetheless, the rating is constrained by the firm's geographical
concentration to the UK, from where it generates 90–95% of
business and earns revenues in pound sterling. As a result, its
profitability remains vulnerable to foreign currency fluctuation
risk in the absence of a strong hedging policy. ICRA also notes
KI's modest scale of operations and the highly competitive and
fragmented industry where it operates, given the numerous players
in both the organized and the unorganized sectors. Moreover, the
firm is exposed to raw material price fluctuation risk in the
absence of price variation clauses in the agreements with its
customers. The rating is further constrained by the high
client-concentration risk to which KI is exposed. ICRA also notes
the working capital-intensive operations, as export payments from
customers are prolonged against low payable days.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that the firm will continue to benefit from its long track record
in the fasteners industry. Its experienced management, established
relationship with customers and comfortable capital structure are
other credit strengths.

Key rating drivers and their description

Credit strengths

* Experienced management with long track record in fasteners
industry: The promoters have been manufacturing bolts, nuts,
washers and other related products for close to three decades. KI's
long presence in the industry has helped it to establish strong
relationships with suppliers and customers. Further, the firm's
established relationship with its customers over a long period has
helped it to secure repeat orders from the same.

* Comfortable capital structure: The firm's capital structure
remained comfortable with gearing of 0.74 times (previous year:
0.94 times) as on March 31, 2020. The comfortable capital structure
was primarily supported by adequate tangible net worth of INR15.43
crore and less long-term debt as on March 31, 2020. The firm
operates mainly on working capital (WC) bank facilities. The
gearing further improved in FY2020, chiefly led by adequate cash
accruals, decreased WC borrowings and scheduled repayments on term
debt.

Credit challenges

* Vulnerability to foreign currency risk: As the firm is mainly an
export-oriented unit, its sales are exposed to forex risk. Further,
it does not hedge its foreign currency and hence, its profitability
remains exposed to foreign exchange rate fluctuation risk in case
of adverse movements in foreign currency rates. However, it has not
recorded any major forex losses in the past six years on the
foreign exchange front (as per the management).

* Modest scale of operations restricts competitive position: KI's
scale of operations remains modest with an OI of ~INR60.97 crore
(audited) and ~Rs. 39.30 crore (based on management discussion) in
FY2020 and 10M FY2021, respectively. Its existing scale of
operations remains smaller than big-sized players in the fasteners
and related products manufacturing industry. This constrains KI's
ability to benefit from economies of scale and weighs on its
competitive position vis-à-vis the large-sized entities. Further,
a modest scale exposes the firm to the risk of regional weakness or
business downturn and impacts its ability to absorb a temporary
disruption and leverage fixed costs.

* High working capital intensity: The firm's working capital cycle
remains high as the receivable days are high due to elongated
realizations from customers and prompt payments to suppliers. The
firm offers high credit period to its existing clientele to retain
the same, which leads to its high working capital intensity
position. The working capital intensity (NWC/OI) stood at 27% in
FY2020 against 24% in FY2019.

* Profitability remains exposed to price variation risk: KI
manufactures a wide range of mild steel and iron-based products,
making its profitability vulnerable to adverse fluctuations in the
key raw material prices. In the absence of any price-variation
clauses in its orders and low bargaining power of the firm, the
profitability margins remain weak.

* High client-concentration risk: KI has high client-concentration
risk as most of the revenues originate from a few customers. The
firm derived 92% and 95% of its overall sales from the top five
clients in FY2020 and 9M FY2021 (in FY2019: 93%), respectively. The
client-concentration risk, although is high, is mitigated to some
extent by the firm's established relationship with these clients
and repeat high-value orders secured by it from the same.

* Stiff competition from other exporters and domestic players puts
pressure on profitability: The companies in the UK and Europe have
been importing fasteners from various Asian countries. This has
resulted in stiff competition among fastener manufacturing
companies in both indigenous and international markets. As a
result, the firm has had to resort to increased usage of sales
promotion activities, various cost-cutting measures and attractive
credit terms to attain competitive edge.

Liquidity position: Stretched

The firm's liquidity position is stretched. With thin profitability
and moderate scale of operations, the liquidity position of the
firm remains tight. The liquidity position is further constrained
by prolonged export payments from customers against prompt payments
to suppliers. This is evident from the high utilization of working
capital limits by the firm. The average utilization of fund-based
limits was 84% during April 2019–January 2021.

With its business expected to chart a modest growth trajectory with
thin profitability metrics and high working capital (WC)
requirements, its liquidity is estimated to remain stretched. In
addition, the continuation of significant withdrawal of capital in
the coming years may further exert pressure on the liquidity
position.

Rating sensitivities

Positive factors – ICRA could upgrade the above long-term rating
if the firm demonstrates a healthy and sustained improvement in its
scale and profitability with improvement in the working capital
intensity. Specific credit metrics that could lead to an upgrade of
KI's rating include interest coverage greater than 2.4 times on a
sustained basis.

Negative factors – Significant decline in OI or operating
profitability could exert negative pressure on the firm's rating.
Any deterioration in the debt coverage metrics (TD/OPBDITA) above
5.0 times on a sustained basis could lead to rating downgrade.
Stretch in the working capital cycle or significant withdrawal of
capital could also exert negative pressure on the rating.

KI was established in 1992 as a partnership concern with Mr.
Karnajit Lamba and Ms. Monica Lamba as partners. The firm is a
Government of India-recognised export house and an ISO 9001:2008
certified unit. The firm manufactures cold and hot forged bolts,
nuts, washers, fasteners, anchors, brackets and other equipment,
which are used in hardware item manufacturing, architectural and
construction activities. Its manufacturing facility is in the
Ludhiana district of Punjab. The firm derives most of its revenues
from export sales, primarily in the UK.

KEEZIA TILES: ICRA Reaffirms B+ Rating on INR7cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Keezia
Tiles LLP's (KTL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Term Loan             7.00      [ICRA]B+(Stable) reaffirmed

   Fund-based-
   Cash Credit           3.00      [ICRA]B+(Stable) reaffirmed

   Non-fund based-
   Bank Guarantee        1.00      [ICRA]A4 reaffirmed

Rationale

The reaffirmation of the ratings remains constrained by the KTL's
moderate financial risk profile, characterised by relatively
small-scale operations, low net profitability, moderate capital
structure and coverage indicators, along with a high working
capital intensity. The ratings factor in the intense competition in
the ceramic industry and the exposure of the firm's profitability
to volatility in raw material and fuel prices. The ratings further
note the exposure of KTL's operations and cash flows to the
cyclicality in real estate industry, which is the key end-user
sector. ICRA also notes the potential adverse impact on its net
worth and gearing level in case of any substantial withdrawal from
the capital accounts, given its constitution as a limited liability
partnership.

The ratings, however, favourably factor in the extensive experience
of the partners in the ceramic industry and the proximity to raw
material sources, by virtue of its presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that KTL is expected to maintain its business positioning.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in ceramic industry: KTL is
managed by partners who have extensive experience in the ceramic
industry by virtue of their association with other entities
involved in the ceramic business.

* Location-specific advantage: KTL benefits from the low
transportation cost and the easy access to quality raw materials,
as well as power and fuel sources by virtue of the plant's
strategic location in the Morbi region of Gujarat, which is
considered to be the ceramic hub of India.

Credit challenges

* Average financial risk profile: KTL's scale of operations
remained small with an operating income (OI) of INR22.6 crore in
FY2020. In the current fiscal, the firm has achieved revenues of
INR21.2 crore in 10M FY2021 (on a provisional basis). The operating
profitability stood at 10.2% in FY2020. However, the net
profitability was low at 0.7% in FY2020 because of high interest
and depreciation charges. This coupled with low net worth base
results in moderate capital structure and coverage indicators, with
gearing of 1.5 times and Total Debt/OPBDITA of 3.7 times in FY2020.
Further, it has undertaken significant capex in the current fiscal
to double its existing capacity, funded by a mix of debt and
equity, which will elevate the debt levels and moderate its capital
structure as well as coverage indicators in the near to medium
term. The working capital requirements remained high because of
elongated receivables and high inventory holding. Consequently, the
creditors remained stretched to support the liquidity.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: The firm's profitability remains exposed
to fluctuations in raw materials (body clay, feldspar and glazed
frit) as well as power and fuel (PNG) prices. Raw materials and
fuel are the two major components that determine the cost
competitiveness in the ceramic industry. The firm has little
control over the prices of key inputs. KTL's margins are exposed to
raw material and fuel price fluctuations due to its limited ability
to pass on any upward movement in prices to its customers.

* Intense competition and cyclicality in real estate industry –
The ceramic tile manufacturing industry faces stiff competition
because of low-entry barriers. The presence of both organized as
well as numerous unorganized players in Gujarat limits the firm's
pricing flexibility and the bargaining power with customers,
thereby putting pressure on revenues and margins. Further, the real
estate industry is the major end-user of ceramic tiles. Therefore,
KTL's profitability and cash flows are highly vulnerable to the
cyclicality in the real estate industry.

* Risk associated with LLP constitution: KTL, being a limited
liability partnership, is exposed to adverse capital structure
risk, wherein any substantial capital withdrawal could negatively
impact its net worth and the capital structure.

Liquidity position: Stretched

KTL's liquidity is stretched because of high working capital
requirements, impending debt repayments and significant capex being
undertaken in the current fiscal, which is expected to keep the
liquidity position tight in the near to medium term. In the current
fiscal, the liquidity will be supported by a moratorium on loan
repayments by lenders from March 2020 to August 2020 and Guaranteed
Emergency Credit Line of INR1.72 crore. Further, timely support
from partners through capital infusion/unsecured loans will remain
crucial in case of any cash flow mismatches.

Rating sensitivities

Positive factors – ICRA could upgrade KTL's ratings if sustained
increase in revenues and profitability leads to higher-than
expected cash accruals, and better working capital management
strengthens the overall financial risk profile.

Negative factors – Negative pressure on KTL's ratings could arise
if any decline in revenues and profitability leads to
lower-than-expected cash accruals, or if any major debt-funded
capital expenditure, or stretch in the working capital cycle,
further
weakens the firm's capital structure and liquidity profile.

Analytical approach

Established in 2018, Morbi-based Keezia Tiles LLP is managed by Mr.
Shailesh Dhoriyani and Mr. Shailesh Jivani, who have extensive
experience in the ceramic industry. KTL commenced operations in
November 2018 and manufactures ceramic digital wall tiles. It had
an installed capacity of ~24 lakh boxes per annum and has
undertaken capex towards doubling its existing capacity to ~48 lakh
boxes per annum in FY2021.

In FY2020, the firm reported a net profit of INR0.2 crore on an OI
of INR22.6 crore compared to a net loss of INR1.0 crore on an OI of
INR2.8 crore in FY2019 (five months of operations).

LAKSHMI VACUUM: CARE Lowers Rating on INR5.37cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lakshmi Vacuum Heat Treaters Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.37       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 13, 2020, placed the
rating(s) of Lakshmi Vacuum Heat Treaters Private limited under the
'issuer non-cooperating' category as the company had failed to
provide information for monitoring of the rating. The company
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 2, 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 13, 2020 the following were
the strengths and weaknesses.

Key Rating Weakness

* Small Scale of operations: Despite the company has a track record
of one decade, the total operating income (TOI), remained at INR
23.98 crore in FY19 and with low net worth base of INR 5.00 crore
as of March 31, 2019 as compared to other peers in the industry.

* Leveraged capital structure and moderate debt coverage
indicators: The capital structure marked overall gearing has
deteriorated and stood leveraged at 2.58x as of March 31, 2019 as
compared to 1.60x as of March 31, 2018 due to increase in total
debt levels. The debt profile of the company consists of term loans
of INR 7.05 crore, working capital limits of INR 2.01 crore and
unsecured loan of INR 3.84 crore as on March 31, 2019. The debt
coverage indicators has been deteriorated due to increase in total
debt levels. The total debt to GCA has deteriorated from 3.49x in
FY18 to 7.40x in FY19. However, interest coverage ratio improved
from 2.67x in FY18 to 3.52x in FY19 due to absolute amount of
increase in PBILDT.

* Elongated creditor period: Operating cycle of the company
remained negative at -70 days due elongated creditor days of 179
days in FY19.

Key Rating Strengths

* Satisfactory track record and long experience of promoters in
vacuum heat treatment services: LVHTPL has been in the vacuum heat
treatment services for the last 11 years and has established a
reasonable track record of operations with its ability to bag
repeated orders from its existing customers and acquire new
customers. Mr. L N Prasad, promoter of the company, has been in
this field for more than 20 years and is well acquainted to carry
out the business. The company has also appointed metallurgists with
considerable experience which makes LVHTPL technically strong.

* Geographical diversification with plants based in the vicinity of
customers: LVHTPL is geographically well-diversified with its heat
treatment services located in seven different locations viz.
Bangalore, Hosur, Delhi, Coimbatore, Chennai, Hyderabad, and Pune.
The company typically tries to set up facility closer to its
customer's plants in order to attain competitive advantage and
ensure faster turnaround of orders.

* Well-established customer relationship: Over his two decades of
operations in the similar line of business, the promoter has
developed good long-term relationship with many of the company's
existing customers. Some of the major customers that the company
caters to are, Bosch Limited, Rico Auto Industries Ltd, Bajaj Auto
Ltd, Larsen & Tourbo Limited, Endurance Group, Bill Forge Private
Limited and Sundaram Clayton.

* Satisfactory profit margins: Despite of decline in profitability
margins, the PBILDT margin stood satisfactory at 13.29% in FY19 as
compared to 15.59% in FY18. Further, PAT margin has declined by 64
bps and stood at 3.21% in FY19 as compared to 3.85% in FY18.

Lakshmi Vacuum Heat Treaters Private Limited was incorporated in
the year 2008 and promoted by Mr. L N Prasad and Ms. K S
Varalakshmi. LVHTPL is engaged in providing heat treatment services
to attain different levels of hardness. The company's customers
mainly belong to automobile engineering, textile engineering,
medical engineering, aerospace, and other allied engineering
industries.

LASA CERA: ICRA Withdraws B+ Rating on INR4.0cr Cash Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Lasa Cera Pvt. Ltd. (LCPL) at the request of the company and based
on the No Objection Certificate received from the banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-
   Cash Credit          4.00       [ICRA]B+ (Stable); Withdrawn

   Fund Based-
   Term Loan            6.24       [ICRA]B+ (Stable); Withdrawn

   Non-Fund Based-
   Bank Guarantee       3.00       [ICRA]A4; Withdrawn

Incorporated in 2014, Lasa Cera Pvt. Ltd. (LCPL) manufactures
ceramic digital wall tiles of sizes – 12"x12" and 18"x12". The
manufacturing facility of the company is located in Morbi, Gujarat
and has an installed capacity of manufacturing 18 lakh boxes of
tiles per annum. LCPL is promoted by the Manvar family, which has
extensive experience in the ceramic industry.

LENORA VITRIFIED: ICRA Reaffirms B Rating on INR13cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Lenora
Vitrified LLP (LVL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Term Loan            13.00      [ICRA]B(Stable) reaffirmed

   Fund-based-
   Cash Credit           9.00      [ICRA]B(Stable) reaffirmed

   Non-fund based-
   Bank Guarantee        2.50      [ICRA]A4 reaffirmed

   Unallocated Limits    7.50      [ICRA]B(Stable)/A4 reaffirmed

Rationale

The reaffirmation of the ratings remains constrained by the LVL's
moderate financial risk profile, characterized by low net
profitability, moderate capital structure and coverage indicators
and high working capital intensity. The ratings factor in the
intense competition in the ceramic industry and the exposure of the
firm's profitability to volatility in raw material and fuel prices.
The ratings consider the vulnerability of its operations and cash
flows to the cyclicality in the real estate industry, which is the
key end-user sector. ICRA also notes the potential adverse impact
on the firm's net worth and gearing level in case of any
substantial withdrawal from the capital accounts, given its
constitution as a limited liability partnership.

The ratings, however, favorably factor in the extensive experience
of the partners in the ceramic industry and its proximity to raw
material sources, by virtue of its presence in Morbi (Gujarat).

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that LVL is expected to maintain its business position.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in ceramic industry: LVL is
managed by partners who have extensive experience in the ceramic
industry by virtue of their association with other entities
involved in the ceramic business.

* Location-specific advantage: LVL benefits from the low
transportation cost and the easy access to quality raw materials as
well as power and fuel sources by virtue of the plant's strategic
location in the Morbi region of Gujarat, which is considered to be
the ceramic hub of India.

Credit challenges

* Moderate financial risk profile: LVL's scale of operations
remained modest with an operating income (OI) of INR65.2 crore in
FY2020. Further, in 11M FY2021 (on a provisional basis), the firm
has achieved revenues of ~inr55 crore. The operating profitability
stood at 11.7% in FY2020. However, the net profitability was low at
2.3% in FY2020 because of high interest and depreciation charges.
The capital structure and coverage indicators remained moderate,
with a gearing of 1.5 times, Total Debt/OPBDITA of 3.0 times and
DSCR of 1.3 times in FY2020. The working capital requirements
remained high because of elongated receivables and high inventory
holding. Consequently, the creditors remained stretched to support
the liquidity.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: The firm's profitability remains exposed
to fluctuations in raw materials (body clay, feldspar and glazed
frit) as well as power and fuel (PNG) prices. Raw materials and
fuel are the two major components that determine the cost
competitiveness in the ceramic industry. The firm has little
control over the prices of key inputs. LVL's margins are exposed to
raw material and fuel price fluctuations since it has limited
ability to pass on any upward movement in prices to its customers.

* Intense competition and cyclicality in real estate industry: The
ceramic tile manufacturing industry is characterized by stiff
competition because of low-entry barriers. The presence of both
organized as well as numerous unorganized players in Gujarat limits
the firm's pricing flexibility and the bargaining power with
customers, thereby putting pressure on its revenues and margins.
Further, the real estate industry is the major end-user of ceramic
tiles. Therefore, LVL's profitability and cash flows
are highly vulnerable to the cyclicality in the real estate
industry.

* Risk associated with LLP constitution: LVL, being a limited
liability partnership, is exposed to adverse capital structure
risk, wherein any substantial capital withdrawal could negatively
impact its net worth and the capital structure.

Liquidity position: Stretched

LVL's liquidity is stretched because of high working capital
requirements with stretched receivable position and impending debt
repayments, which has resulted in limited cushion in working
capital limits (average utilization was ~81% from May 2020 to
January 2021). In FY2021, the liquidity was supported by a
moratorium on loan repayments by lenders from March 2020 to August
2020. Further, timely support from partners through capital
infusion/unsecured loans will remain crucial in case of any cash
flow mismatches.

Rating sensitivities

Positive factors – ICRA could upgrade LVL's ratings if sustained
increase in revenues and profitability leads to higher-than
expected cash accruals, and improvement in the receivable position
strengthens the overall financial risk profile.

Negative factors – Negative pressure on LVL's ratings could arise
if a decline in revenues and profitability leads to lower-than
expected cash accrual, or if any major debt-funded capital
expenditure or capital withdrawal or stretch in the working capital
cycle weakens the firm's capital structure and liquidity profile.

Established in July 2016, Lenora Vitrified LLP is involved in
manufacturing glazed vitrified tiles. LVL commenced operations in
April 2017. Its manufacturing facility is located at Morbi (Rajkot,
Gujarat) with an installed capacity of manufacturing ~63,000 MTPA
(~25.4 lakh boxes per annum).

In FY2020, the firm reported a net profit of INR1.5 crore on an OI
of INR65.2 crore compared to a net profit of INR0.5 crore on an OI
of INR56.5 crore in FY2019.

MAHAGANAPATI FINCORP: CARE Assigns B+ Rating to INR10cr Loan
------------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of
Mahaganapati Fincorp Private Limited (MFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term bank
   facilities          10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Mahaganapati Fincorp
Private Limited is constrained due to its relatively small scale of
operations, geographical and product concentration of portfolio,
weak asset quality with exposure to relatively riskier borrower
segment, concentrated resource base and high unsecured loan
portfolio.

The rating, however, continues to factor in the experience of the
promoters, long track record of operations, moderate earnings
profile and capital adequacy and adequate internal control and MIS
system.

Rating Sensitivities

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

* Significant improvement in scale of operations along with
product, resource base and geographical diversification.
* Sustained improvement in asset quality.

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

* Deterioration in profitability on sustained basis.
* Deterioration in capital adequacy below threshold limits as per
RBI guidelines
* Significant decline in liquidity position due to impact on
collection efficiency in the wake of Covid-19 pandemic situation
and non-availability of fresh funding.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Geographical and product concentration of portfolio: As on March
31, 2020, entire portfolio of MFPL's business was concentrated in
Rajasthan (mainly around Jaipur region) resulting in geographical
concentration of operations. MFPL has total 8 branches (Including
Head Office) as on March 31, 2020. Further, as of March 31, 2020
loan portfolio of MFPL was concentrated with unsecured loans (given
to women borrowers) comprising 76.34% of total loan portfolio
followed by Personal loans (12%), LAP (11%) and Auto loans
(0.72%).

* Exposure to relatively risker borrower segment: MFPL mainly
caters to the financing needs of the self-employed segment in the
lower to middle-income category, which is unserved by banking
sector, at higher rate of interest. Since self-employed segment is
highly susceptible to the impact of economic downturn, asset
quality will remain a key monitorable.

* Weak Asset Quality: MFPL's asset quality remained weak marked by
Gross NPA (as a % of Gross Advances) and Net NPA (as a % of Net
Advances) of 3.78% and 3.20% respectively as of March 31, 2020.
Further Net NPA to Net worth also stood weak at 10.54% as of March
31, 2020. Further Gross NPA + Write offs as percentage of gross
loan portfolio deteriorated to at 8.24% as of March 31, 2020 as
against 7.38% as of March 31, 2019, further it stood at 4.54% as of
September 30, 2020.

* Risk associated with the volatility in interest rates: The
borrowings of the company are at floating rates while entire asset
book is at fixed rates. Hence, the company's spreads are exposed to
volatility in the interest rates. The said risk is mitigated to
some extent due to the higher interest rates charged by the company
on its loans.

* Small scale of operations with high unsecured portfolio along
with low seasoning of loan portfolio: The scale of operations of
the company have remained small with total income of INR2.57 crore
in FY20 which improved from INR1.91 crore in FY19 with an increase
in loan portfolio. Further in 9MFY21 (Prov.) the company has
reported total income of INR0.86 crore. Further, the outstanding
loan portfolio stood at INR8.37 crore as of March 31, 2020 (PY:
INR8.00 crore) and the same stood at INR6.73 crore as of September
30, 2020. Further majority of loan portfolio (around 88% of total
outstanding loan portfolio) is of unsecured nature comprising
Unsecured loans to women borrowers (76% as of March 31, 2020) and
Personal loans (12%). Further, as these loans have relatively
shorter tenure ranging from 12 to 24 months, therefore seasoning
for the majority portion of the portfolio is low.

* Concentrated resource base: MFPL's operations are majorly funded
through funds infused by promoters as of March 31, 2020. MFPL had
total assets of INR8.80 crore which were mainly funded through own
funds (Unsecured loans from directors and Net Worth) and fund-based
working capital limit of INR1.48 crore outstanding as of March 31,
2020 (Sanctioned amount: INR1.50 crore). During 11MFY21 MFPL has
raised term loans of INR0.14 crore and INR0.20 crore from SBI.
Raising of additional funds for funding portfolio would be crucial
going forward.

Key Rating Strengths

* Experienced promoters with long track record: MFPL is currently
managed by Mr. Raju Saraf (Whole Time director & Founder) and his
daughter Ms. Vedita Saraf (Managing Director). Mr. Raju holds
master's degree in economics and has vast experience of over 25
years in finance, construction and other SME businesses. He looks
after the overall operations of MFPL. Ms. Vedita Saraf holds
master's degree in Business administration. She has experience of
more than 5 years and looks after marketing, credit, risk analysis
and collection functions of MFPL. They are also supported by
experienced key personnel.

* Comfortable capital adequacy: MFPL's operations are mainly funded
through funds infused by promoters mainly in the form of equity
share capital and unsecured loans from directors. Further as of
March 31, 2020, MFPL had total assets of INR8.80 crore which were
funded through shareholder's funds (Equity + Reserves) to the
extent of INR2.52 crore, INR3.21 crore through unsecured loans
(interest rate: 15% p.a.) from directors, while the balance was
funded through borrowed funds in the form of fund-based working
capital limit from one bank. MFPL's Capital Adequacy Ratio (CAR)
deteriorated to 67.58% as of March 31, 2020 from 79.33% as of March
31, 2019; mainly on account of increase in loan portfolio of
unsecured nature leading to higher increase in risk-weighted
assets. However, the same has improved to 81% as of September 30,
2020. Further, overall gearing has marginally deteriorated to 1.86
times as of March 31, 2020 as compared to 1.82 times as of March
31, 2019 mainly on account of increase in unsecured loans from
promoters by INR0.43 crore in FY20, however overall gearing
improved to 1.43 times as on September 30, 2020, mainly on account
of lower debt levels due to lower outstanding fund-based working
capital limit.

* Moderate profitability: Profitability of the company has remained
in the similar range, ROTA has been in the range of 1.60% to 1.80%
during FY19 and FY20. However, MFPL's yield on advances has
increased from 25% in FY19 to 30% in FY20, while it has relatively
lower cost of funds which remained in the range of 13-13.20% in
FY20 and FY19 (Interest Expense / Avg. Total Borrowings) due to
promoter funded growth in operations, leading to higher NIM of
21.86% in FY20 (FY19: 17.23%). Further MFPL's Operating expense as
% of Average Total Assets has deteriorated from 14.47% in FY19 to
17.09% in FY20 mainly on account of increase in employee cost and
administration expenses.

* Adequate internal control and MIS system: MFPL currently uses
Jaguar's standalone version and all the loan files are managed
through this. Further, hardcopy of documents is received at head
office where whole processing of file takes place. The company has
laid down internal policies pertaining to Credit, KYC, Recovery,
etc. for smooth functioning of its operations. Entire process
involving credit approval, sanction and disbursement is carried out
from its Head Office with the entire decision-making being promoter
centric. Loan origination is done through repeat customer/ own
employees while collection is done through own employees in case
Cheque/NACH bounces. However, MIS system needs regular updation
with increase in scale of operations for sourcing of the required
reports from the MIS system.

Liquidity: Adequate

MFPL had free cash and bank balance of INR0.05 crore as of February
28, 2021 and further it had Unutilized working capital limits of
INR 0.43 crore as on February 28, 2021. However, average fund-based
working capital limit utilization for trailing 12 months ended
February 2021 remained high at 99%. However since majority of the
assets have been funded through promoter's funds therefore MFPL had
lower debt repayments of INR0.03 crore and INR0.15 crore in next 3
months and 12 months respectively as of February 28, 2021 leading
to moderate liquidity coverage ratio (LCR) with LCR (3 months) of
1600% and LCR (1 year) of 320%. Further, MFPL has comfortable ALM
as of March 31, 2020 with no negative cumulative mismatch in any
time bucket up to 3 years.

* Impact of Covid-19: During 6MFY21, MFPL earned total income of
INR0.84 crore and Profit After tax of INR0.20 crore. Total loan
portfolio outstanding as of March 31, 2020 of INR8.37 crore was
under moratorium for the period from March to August 2020, however
MFPL was receiving installments from its customers during the
period of moratorium. Monthly collections % (Total Collection
including prepayments/ Total dues (Excluding Op Dues)) declined to
9.28% in April 2020 but have improved back to 116.22% in February
2021. Further disbursements were completely stopped for a period of
2 months from April 2020 and May 2020, however from June 2020
onwards MFPL gradually resumed the disbursements, further in 9MY21
MFPL has done total disbursements of INR2.49 crore (Rs.8.38 crore
in FY20).

Industry Outlook: Due to subdued economic environment, last three
years have been challenging period for the NBFCs with moderation in
growth and rising delinquencies resulting in higher provisioning
thereby impacting profitability. However, comfortable
capitalization levels and liquidity management continue to provide
comfort to the credit profile of NBFCs despite impact on
profitability. Also, with the improvement in economic environment,
asset quality pressures should ease which will partially offset the
impact of migration towards 90-day NPA recognition norm.

Further, the spread of the COVID-19 pandemic has led to a
nationwide lockdown which is likely to impact the overall growth
and collections of NBFCs/HFCs sector. As a result, in CARE's view
the credit risk profile of NBFCs/HFCs is expected to deteriorate
over the medium term. Liquidity profile, resource raising ability,
funding support from parent/group and exposure to vulnerable asset
classes and operating profiles in terms of geographies and borrower
types would be critical monitorable factors in the NBFCs/HFCs
sector.

Mahaganapati Fincorp Private Limited (MFPL) was incorporated in
1996 as Manwani Fincorp Private Limited. Subsequently, in September
2012, the company was acquired by Mr. Raju saraf and his friends
and name of the company was changed to its current name. MFPL is a
Jaipur (Rajasthan) based small-sized (Total Assets (excluding
Deferred tax asset) as on March 31, 2020 – INR8.80 crore) RBI
registered Non-Deposit taking NBFC, engaged in financing of
Unsecured loans, Personal loans, Loan against Property (LAP) and
Auto loans. MFPL operates from its head office at Jaipur and its 7
branches and most of the business is concentrated in rural and
semi-urban areas of Jaipur and surrounding districts within
Rajasthan. MFPL has loan portfolio of INR8.37 crore as of March 31,
2020.

MANGALORE FISHMEAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mangalore
Fish Meal and Oil (MFMO) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.67      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 22, 2020, placed the
rating(s) of MFMO under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated April 05, 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 22, 2020 the following were
the strengths and weaknesses.

Key Rating Weakness

* Delays in serving debt obligations: The banker has classified
account as non-performing asset (NPA).

Key Rating Strengths

* Experience of the Promoters: Mr Iqbal Ahmed, the Managing
Director, is a B.E (Civil) graduate, has more than 22 years of
experience in the construction business and has about six years of
experience in the current firm. He is actively involved in the day
to day operations of the firm with support from his wife Mrs Mumtaz
Sahul, a B.Com graduate, having experience of more than one and
half decade in construction business. She handles the operations
and administration functions of the firm

Mangalore Fish Meal and Oil (MFMO) is a partnership firm started in
2008 by 4 partners namely, Mr Mohammed Mustafa and Mr B M Mumtaz
Ali, Mr A K Faisal, and Mr B A Moidin Bava. The partnership was
reconstituted and the firm was acquired by Mr Iqbal Ahmed and his
wife Mrs Mumtaz Sahul in 2010. The firm is engaged in manufacturing
of Fish Meal, Fish Oil, Allied-Fish Products and Concentrated fish
soluble.


PRAGATI ENGINEERING: ICRA Withdraws B+ Rating on INR3cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Pragati Engineering Belgaum Private Limited (PEBPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          3.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Fund Based-          4.28       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Unallocated          2.72       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Withdrawn

Rationale

The Long-term rating assigned to PEBPL have been withdrawn at the
request of the company and based on the No Due Certificate received
from the banker, and in accordance with ICRA's policy on withdrawal
and suspension. ICRA is withdrawing the rating and that it does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.
  
Pragati Engineering Belgaum Private Limited was promoted by Mr.
Suresh Bhirangi and his son, Mr. Mahesh S Bhirangi, in 1996. The
company is based in Belgaum (Karnataka) and is involved in
manufacturing sub-assemblies and precision components, which find
application in the machine tool industry. The founders have also
promoted two other entities, Pragati Automation Private Limited and
Pragati Transmission Private Limited, which manufacture precision
machinery parts.

SHIVACHAYA SUGARCANE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivachaya
Sugarcane Bio-Products Private Limited (SSBPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      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 10, 2020 placed the
rating of SSBPL under the 'issuer non-cooperating' category as
SSBPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SSBPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated March 10, 2021,
March 17, 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.

Detailed description of the key rating drivers

At the time of last rating on January 10, 2020, the following were
the rating weaknesses.

Key Rating Weaknesses

* Delays in servicing of debt obligations: As per the interaction
with the management, there are delays in the repayments of
principal and interest payments of the term loan account and the
account is classified as NPA by the bank.

Established in December-2016, Shivachaya Sugarcane Bio-Product
Private Limited (SSPL) is a Bagalkot (Karnataka) based private
limited company registered under the Companies Act 2013 and
promoted by Mr. Anand Suryavanshi and Mrs. Swati Suryavanshi. SSPL
is setting up a jaggery manufacturing unit at Bagalkot, Karnataka.
The installed capacity of jaggery manufacturing unit, will be 300
tonnes of sugarcane crushed per day (TPD) with 0.75 mega-watt (MW)
captive co-generation plant.


SRIYA FARM: CARE Lowers Rating on INR21cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sriya Farm (SF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       21.00      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 SF to monitor the rating
vide e-mail communications/letters dated April 5, 2021and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Sriya Farm's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

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 considered:

Key Rating Weaknesses

* Financial risk profile marked by leveraged capital structure and
moderate debt coverage indicators: The capital structure of the SF
stood leveraged marked by a debt-equity and overall gearing of
1.23x and 3.99x respectively as of March 31, 2018. However, the
overall gearing has improved from 4.04x as of March 31, 2017 to
3.99x as of March 31, 2018 due to accretion of profits to reserves
and repayment of debts on timely manner. The debt profile of the
firm majorly consist of cash credit of INR16.65 crore, housing loan
of INR9.06 crore and unsecured loan of INR5 crore as of March 31,
2018. The debt coverage indicators of the company marked by TD/GCA
and interest coverage stood moderate at 6.60x and 2.93x
respectively in FY18 due to low profitability. However, TD/GCA and
interest coverage improved from 9.37x and 2.21x respectively in
FY17 due to increase in cash accruals along with reduction in
financial expenses on back of repayment of term loan and lesser
utilization of working capital.

* Working capital nature intensive nature of operation: The
operating cycle of the firm is moderate in FY18 and stood at 38
days. The firm mostly gives credit period up to one week to its
customers. SF receives average credit of 30-40 days on purchases of
its inputs. Due to its nature of business, wherein the firms
engaged in poultry integration business, firm is required to keep
high inventory of poultry feeds to supply it to the farmers who can
feed the birds in different growing stages and to mitigate
fluctuation in raw material prices. Further birds are kept in
hatchery for 21 days then it is sent to broiler farm for 40 days
where birds are fed in different growing stages and proper
vaccinations are done to increase the weight of the birds resulting
in high inventory days of 71 days in FY18. Firm is paying to the
farmers on cash basis. To meet the working capital gap, the firm is
dependent on Working capital and the average working capital
utilization of the firm stood high at 70%-80% during the period
ending on September 30, 2018.

* Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Being a Proprietorship firm, SF is exposed
to inherent risk of Proprietor capital being withdrawn at a time of
personal contingency and firm being dissolved upon the
death/retirement and insolvency of the proprietor. Moreover,
proprietorship business has restricted avenues to raise capital
which could prove hindrance to its growth. However there is capital
withdrawal of INR3.44 crore in FY18 though the same was invested in
associate concern Sriya Farm and Feeds Private Limited.

* Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw materials
price movements:  SF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the firm. Further, the prices of inputs i.e. poultry feed which
accounts to around 80% of the total cost of sales and are volatile
in nature based on the availability and demand, also have an impact
on the profitability of the firm.

* Cyclical nature of poultry industry and risk associated to any
outbreaks of bird flu and other diseases:  Intermittent outbreaks
of bird flu have affected sales of eggs and chicks in the last few
years. These avian flu outbreaks lead to a drastic fall in demand
followed by crash in poultry prices. News of bird flu outbreak in
previous years had led to banning poultry and related products in
many states. Such a ban could lead to poultry products being piled
up leading to an excess supply situation thereby causing a sharp
fall in poultry prices. In case of such scenario against an
increasing trend noted in feed prices (maize and soya) could
pressurize the firm's revenue flows as well as profitability.

Key Rating Strengths

* Established track record of operation and experience of the
proprietor in poultry industry: SF was established in 2003 and has
been in the poultry integration business from last fifteen years.
It has established a long track record of operation with its
ability to bag repeat orders from its existing customers and
acquire new customers. Proprietor of SF Dr. M.L. Suresh Babu is a
veterinary physician by qualification and has more than two decades
of experience in poultry industry and day to day operations are
managed by him only.

* Increase in total operating income (TOI) along with increase in
PAT margin during review period albeit fluctuation in PBILDT
margin: The total operating income of the firm has shown an
increasing trend during review period. The total operating income
of the entity has grown at a CAGR of 35.18% during review period
and reached to INR137.89 crore in FY18 as compared to INR73.20
crore in FY16 due to increase in demand for product from existing
customers as well as addition of new customers. Profitability of SF
has also seen and improvement due to increase in total operating
income in absolute terms. PBILDT margins although fluctuated in the
range of 5.20%-5.40% during review period due to movement in prices
of poultry feeds based upon demand and supply factors along with
fluctuation in freight inward charges, direct contract charges
(being paid to farmers for poultry farming) and other operating
overheads. Furthermore, the PAT margin of the firm improved and
stood satisfactory in the range of 1.5%-3.00% during review period
with increase in operating profit resulting in absorption of
financial expenses.

* Location advantage: SF is located in Bangalore, it has six
branches Devanhalli, Sarjapur, Hollekere, Pavaguda and Mysuru in
Karnataka and Madanapalli in Andra Pradesh, covering most of the
Karnataka and having a market share of 6.5% approximately. Sriya
Farm and Feeds Private Limited is an associate concern of SF based
in Bangalore and manufactures poultry feeds. It's a sole supplier
to SF for poultry feeds and close to Davangere. Davangere is
geographically blessed in producing agriculture products like
paddy, jowar, maize, bajra and cereals. These agricultural products
are the main raw material for poultry feed manufacturing and easily
available for Sriya Farms and Feeds Private Limited. The proximity
to its market centers and suppliers helps SF to reduce its
transportation costs thus improving its profit margins.

* Favorable demand outlook of Indian poultry industry: Poultry
products like eggs have large consumption across the country in the
form of bakery products, cakes, biscuits and different types of
food dishes in home and restaurants. The demand has been driven by
the rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Bangalore-based M/s Sriya Farm (SF), established in 2003 as a
Proprietorship Firm by Dr. M.L. Suresh Babu, and is engaged in
poultry integration business, where a contract is given to the
framers for production of broiler chicken. SF produces small chicks
and keeps them in their hatchery for 21 days after which it is sent
to the farmers for further hatching process in their respective
local areas. The firm has a capacity of 200 lakhs per annum
hatchery eggs production of their own and 130 lakhs broiler birds
per annum under contract with local farmers. The firm purchases
poultry feeds from its associate concern Sriya Farm and Feed
Private Limited which manufacture poultry feed and sole supplier
for SF. The firm sells broiler chicken majorly in Karnataka and
Andhra Pradesh.

SUPERSHINE ABS: CARE Lowers Rating on INR13.85cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Supershine ABS Platers Private Limited (SABS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.85       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 has been seeking information from SABS to monitor the ratings
vide e-mail communications/letters dated March 2, 2021, March 3,
2021 and March 4, 2021 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
Supershine ABS Platers Private Limited's bank facilities will now
be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The revision in long term rating factors in non-cooperation by SABS
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on January 28, 2020, the following were
the rating strengths and weaknesses (updated with FY20 (Audited)
financials from MCA website).

Key Rating Weaknesses

* Small scale of operations: Scale of operation of the company
continued to remain small however marginally grew with the total
operating income of INR18.41 crore in FY20. The tangible net-worth
base also stood small at INR6.28 crore as on March 31, 2020
(vis-à-vis INR5.48 crore as of March 31, 2019), thereby limiting
the financial flexibility of the company to a greater extent.

* Highly leveraged capital structure & weak debt coverage
indicators: The capital structure of SABS marginally improved with
the overall gearing of 4.40 times as of March 31, 2020 from 4.70
times as on March 31, 2019 owing to increase in net worth base with
accretion of profit to reserves. Debt coverage indicators continued
to remain weak however total debt/GCA improved from 34.10 times in
FY20 to 11.62 times in FY20 on account of increase in gross cash
accruals, however the interest coverage ratio has deteriorated
marginally from 2.19 times in FY19 to 2.06 times in FY20 owing to
increase in interest cost.

* Working capital intensive nature of operations: The inventory
holding of SABS elongated marginally from 14 days in FY19 to 81
days in FY20. Further the collection period also stretched from 43
days in FY19 to 87 days in FY20. On the other hand, the creditors'
period also stretched to 114 days in FY20 (vis-a-vis 30 days in
FY19). Given all of the above, the operating cycle elongated from
27 days in FY19 to 54 days in FY20. Further, the current ratio and
quick ratio stood low at 0.72 times and 0.44 times respectively as
of March 31, 2020 (vis-à-vis 0.64 times and 0.53 times
respectively as of March 31, 2019).

* Risks associated to execution & stabilization of the ongoing
expansion project: SABS is undertaking an expansion project for
setting up of a new manufacturing facility at Tarapur, Maharashtra,
at which the company will also undertake manufacturing of injection
molds and subsequently will also undertake plating on them. The
said project is highly funded through external debt. The company is
exposed to timely project execution & stabilization risk, since
18.37% of the total estimated project cost is yet to be incurred as
of March 31, 2018, whereas the subsequent stabilization of
operations would also be critical.

* Presence in highly competitive & fragmented industry: SABS
operates in a highly competitive & fragmented plating industry
wherein a large number of unorganized players are engaged in the
plating activities on a job-work basis. Moreover, the increasing
demand for the plated products from the reputed players in the
market intensifies the prevailing competition in the market. This
is evident from the high collection period marked by high credit
period required to be extended by the company to its reputed
customers.

Key Rating Strengths

* Long track record of operations, highly experienced promoters
with operational and financial synergies with group: SABS possesses
a long track record of over 15 years of operations in
electroplating of various pen parts, various automobile parts and
various household articles on a job-work basis. The overall
operations of SABS are looked after by the promoters – Mr. Suresh
Shah with his son Mr. Ranjan Shah, who possess a total experience
of over 33 years and 20 years respectively in the electroplating
activities. Furthermore, SABS derives operational and financial
synergies with its group entities viz. Spencer & Spencer (S&S) and
Arihant Enterprises (AE) who are also engaged in the similar line
of business.

* Established relationship with reputed albeit concentrated
clientele: SABS has established long-term relationships with its
various reputed customers which include manufacturers of pens,
automobile parts and household articles. However, the customer
profile of the company is highly concentrated with the top 5
customers comprising 75.84% of the net sales in FY18 (prov.)
(vis-à-vis 96.24% in FY17).

* Healthy profit margins albeit susceptibility to volatile raw
material prices: The PBILDT margin of SABS improved from 10.50% in
FY19 to 28.42% in FY20 on account of decline in cost of material
consumed to 45.13% in FY20 vis-à-vis 72.62% in FY19. PAT
margin also improved from 3.64% in FY19 to 4.32% in FY20 with
improvement in PBILDT margin.

Incorporated in February 2004 as a private limited company by Mr.
Suresh Shah, SABS is engaged in surface finishing on various ABS
(Acrylonitrile Butadiene Styrene) plastics & metals. The said
activity comprises electroplating of various pen parts, automobile
parts and household articles. The operations of the company are
completely undertaken on a job-work basis, wherein the molds are
provided by the customers to the company, after which the latter
applies plating on them. The services of the company are catered to
the manufacturers of pens, automobile parts and household articles
to various states & union territories across India, viz.
Pondicherry, Tamil Nadu, Maharashtra, Daman, Goa, etc. On the other
hand, the primary raw materials viz. metals and various chemicals
are procured from the local manufacturers & traders across Mumbai
and Dadra & Nagar Haveli.

TARA FOODS: ICRA Withdraws B+ Rating on INR12cr Loan
----------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Tara
Foods (TF), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Unallocated          12.00      [ICRA]B+ (Stable)/[ICRA]A4;
                                   Withdrawn

Rationale

The Long-term rating and the Short-term assigned to TF have been
withdrawn in accordance with ICRA's policy on withdrawal and
suspension at the request of the company. ICRA is withdrawing the
rating and that it does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed.  ICRA is withdrawing the rating and it does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key rating drivers,
Liquidity position, Rating sensitivities, Key financial indicators
have not been captured as the rated instruments are being
withdrawn.

Tara Foods, established as a partnership firm in 2010, primarily
involved in trading of RCNs. Besides, the firm is involved in
processing of cashew kernels. However, the firm had stopped its
operations in the recent past. The firm's promoter Mr. Narayan
Bharathan has an extensive experience of nearly two decades in the
cashew processing industry. Tara Foods is the successor company to
'Asiatic Export Enterprises', a partnership firm, which was wound
up on 2010 following the demise of its founder Mr. P. Bharathan
Pillai (father of Mr. Narayan Bharathan). The Asiatic Export
Enterprises has been in the cashew business for more than four
decades and was a part of the broader KPP Group, which had an
established presence in Kerala.



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

BUANA LINTAS: Fitch Lowers LongTerm IDR to 'B', On Watch Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based tanker operator PT
Buana Lintas Lautan Tbk's (BULL) Long-Term Issuer Default Rating to
'B', from 'B+'. Fitch Ratings Indonesia has downgraded the National
Long-Term Rating to 'BBB+(idn)', from 'A-(idn)'. The ratings have
also been placed on Rating Watch Negative (RWN).

The RWN reflects risks that BULL may struggle to meet its
substantial long-term debt maturities in 2021 in the absence of
prompt refinancing or equity raising. Additional debt raised in
2021 may also present liquidity risks in subsequent years.

BULL is working to refinance a portion of its debt and raise
additional debt against working capital and through other means to
boost liquidity. The company may also raise further equity in 2021.
The latest appraisal value of BULL's shipping fleet of over USD600
million and its record of equity inflows in the last four years
suggest that the company should succeed in its efforts. However,
these efforts are subject to risks from adverse market conditions,
and a further rating downgrade is likely if BULL is unable to raise
adequate funding within the next few months.

The rating action also factors in higher business risk due to
increased exposure to the international market where there is much
more competition and higher rate volatility than within Indonesia.
This also indicates a shift in management's strategy. However, BULL
is looking to mitigate volatility by seeking time charter
contracts.

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

KEY RATING DRIVERS

Sharp Rise in Debt: Fitch estimates that BULL's debt has more than
tripled since end-2018, driven by vessel acquisitions, to around
USD400 million by end-2020, including USD170 million added in 2020.
As a result, debt due in 2021 is significantly more than in 2020,
and Fitch estimates that the company's free cash flow will be
insufficient to address it.

Risks from Rapid Fleet Growth: BULL acquired 13 ships in 2020,
increasing fleet capacity by 91%, but placed only one ship with PT
Pertamina (Persero) (BBB/Stable), the national oil company and main
domestic driver of demand for BULL. The rest were chartered by
customers such as Maersk, Trafigura and Shell and are in
international waters. The average duration of BULL's time-charter
contracts is short at around two years and the risk of contract
non-renewal by international customers is higher than Pertamina as
BULL enjoys protection from foreign competition in Indonesia due to
cabotage laws.

The fleet growth beyond Pertamina's demand has lowered BULL's
revenue visibility. It also makes the company prone to weaker capex
discipline, in Fitch's view. Larger international exposure is also
a shift from management's previous strategy to limit fleet capacity
in the international market to 10% and focus on demand from
Pertamina.

Increased Spot Rate Exposure: BULL's share of fleet capacity under
standard time-charter contracts fell to 51% by end-2020, from 93%
at end-2019. Of the remaining capacity at end-2020, 18% was part of
a pool of ships managed by a pool operator and earned revenue based
on spot rates, while 27% was under time-charter contracts with a
base rate and upside if spot rates are higher. Thus, around 45% of
BULL's fleet was exposed to spot rates by end-2020.

Spot tanker rates are volatile and pool rates declined by over 70%
during 2020 for BULL as weaker global oil demand and supply due to
the impact of Covid-19 hit trade flows. Rates picked up in 1Q21,
but sustained cuts to global oil supply by OPEC are risks. Time
charters linked to spot rates will allow BULL to take advantage of
rate increases and protect it from a sharp drop, but they reduce
its revenue visibility, in Fitch's view. For BULL's forecast, Fitch
assumes spot rates to rise to around the 10-year average by 4Q21
and remain steady thereafter. Fitch also adjusts rates to account
for the company's old fleet.

Old Fleet, Small Size: Fitch estimates the average age of BULL's
fleet, weighted by capacity, at around 17 years, against a typical
useful ship life of 25-30 years. The company's fleet age is in line
with its strategy to operate older ships, the norm in Indonesia.
The average age of Indonesian-flagged vessels is more than 20
years. However, older vessels usually earn shorter time-charter
contracts than newer ones, are costlier to maintain, have lower
efficiency and have more operational issues. BULL's 38 ships at
end-2020 is fewer than global peers', but Fitch expects the fleet
to increase over the next three years.

Lower Reliance on Pertamina: Pertamina is BULL's largest customer
and accounted for over 60% of BULL's 9M20 revenue. Fitch expects
this share to fall to below 50% in 2021 and possibly decline
further in the next few years. The risks related to the reliance on
Pertamina are offset by the stable demand growth outlook for oil
and its transportation in Indonesia, and Pertamina's robust credit
profile. Fitch expects most of BULL's time-charter contracts with
Pertamina to be extended upon expiry and day rates to be stable.

Further Acquisitions May Delay Deleveraging: Fitch estimates BULL's
FFO adjusted gross leverage at 3.5x at end-2020, higher than
Fitch's previous forecast of around 3.0x due to a
larger-than-expected spending to acquire ships and negative free
cash flow. Recent weakness in spot rates is likely to affect BULL's
EBITDA in 2021 and Fitch estimates leverage to rise to 4.0x.
Thereafter, Fitch expects better rates and a larger fleet to reduce
leverage gradually to 3.5x by 2023, despite assuming sustained
vessel acquisitions. Deleveraging may be delayed if BULL's fleet
increases faster than Fitch's assumption.

ESG - Management Strategy: BULL has an ESG Relevance Score of '4'
for Management Strategy. The large upcoming debt maturities and
management's inability to address it sufficiently in advance has
raised liquidity risks significantly for BULL. Improved visibility
on the company's ability to meet its debt obligations in 2021 and
beyond could lead Fitch to revise the score to '3'.

DERIVATION SUMMARY

BULL's rating can be compared with that of PT Soechi Lines Tbk
(B/Stable), which is a very close peer focusing on oil
transportation in Indonesia. Soechi had a fleet of 31 ships at
end-September 2020, with an average age, weighted by capacity, of
around 20 years. Soechi's fleet under time-charter contracts was
high at 98% at end-September 2020 and Pertamina is also the largest
customer, contributing 71% of 9M20 revenue.

Soechi's fleet has an older average age and smaller size than
BULL's. Fitch also expects Soechi's FFO adjusted gross leverage to
remain higher. However, these are offset by higher revenue
stability for Soechi as the company is focused on standard
time-charter contracts within Indonesia and demand from Pertamina
is likely to remain the main driver of fleet growth. Soechi's
Stable Outlook also incorporates a lower liquidity risk than BULL,
in addition to Fitch's expectations for a steady operating and
financial profile.

BULL can also be compared with PAO Sovcomflot (BBB-/Stable), whose
Standalone Credit Profile of 'bb+' benefits from a one-notch uplift
reflecting the links to the parent, the Russian sovereign
(BBB/Stable). Sovcomflot is one of Russia's largest shipping
companies and a global leader in maritime transportation of
hydrocarbons. Its business profile benefits from servicing a
diversified customer base of large international and Russian oil
and gas companies.

Sovcomflot EBITDAR in 2020 was more than 7x that of Fitch's
estimate for BULL and its fleet is also fairly young with an
average age of 11.6 years. Sovcomflot has expanded from being a
pure tanker business into the industrial segment (LNG/LPG carrier
and offshore services), which accounted for just over half of time
charter equivalent revenue in 2020. The company aims to increase
this to 70% by 2025. This segment remains more profitable and
benefits from long-term, fixed-rate contracts. Sovcomflot's
significantly stronger business profile than BULL's justifies a
higher rating.

BULL's National rating can be compared with that of PT Bali
Towerindo Sentra Tbk (Bali Tower, BBB+(idn)/Positive), a
telecommunication tower and fibre optic provider. Bali Tower's
smaller EBITDA size compared with BULL is offset by higher revenue
stability because of solid telco demand for towers and increasing
data usage from residential and corporate segments. Fitch expects
Bali Tower's FFO adjusted gross leverage to be similar to BULL's at
around 4.0x in 2021 and 2022.

KEY ASSUMPTIONS

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

-- Deadweight tonnage capacity to increase at a CAGR of 27% over
    2020-2023.

-- Standard time-charter rates to stay flat, while spot rates to
    improve to around the long-term average by 4Q21.

-- Average annual capex, including upfront docking charges, of
    around USD110 million over 2021-2023.

-- Direct costs for vessel operations, excluding port charges and
    bunker fuel, to decline by 2% per year after adjusting for an
    increase in fleet capacity due to efficiency gains.

-- Administrative expenses to increase by 7% per year.

RATING SENSITIVITIES

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

-- Fitch will resolve the RWN upon further clarity on BULL's
    ability to meet its debt maturities.

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

-- Lack of visibility regarding BULL's ability to meet its debt
    maturities in 2021 with the help of refinancing and equity
    issuance, and the company's ability to repay obligations after
    2021 from free cash flow excluding discretionary vessel
    acquisitions.

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

Liquidity Risk from Large Maturities: BULL had readily available
cash of USD13 million as of end-3Q20, compared with current
maturities of long-term loans and finance leases of USD81 million
and a short-term loan of USD9 million. BULL also had USD24 million
invested in a fund named Suisse Charter Investment Ltd., which
Fitch does not include as readily available cash. BULL had total
debt of USD354 million consisting of secured bank loans and finance
leases.

Fitch thinks BULL is likely to struggle to meet its large long-term
debt maturities in 2021 using its free cash flow, even if Fitch
excludes spending on vessel acquisitions. Therefore, the company is
highly reliant on refinancing and other means such as equity
inflows to boost its liquidity. While the latest appraisal value of
BULL's ships appears adequate and should aid its refinancing
efforts, the short time-frame available to the company presents
risks from adverse market events. The latest appraised value of 38
ships is around USD630 million, according to BULL, and a
loan-to-value ratio of 75% justifies secured loans of around USD470
million.

SUMMARY OF FINANCIAL ADJUSTMENTS

Key financial adjustments include:

-- Unamortised transaction costs (2019: USD1.2 million) have been
    added back to debt.

-- Advances to ship manager, prepaid insurance and accrued
    expenses for vessel operations and docking have been included
    under working capital.

-- Income-tax expense in income statement and tax paid in cash
    flow statement have been increased to reflect applicable tax
    on shipping revenues in Indonesia. Corresponding offsetting
    adjustments have been made to operating expense items.

ESG CONSIDERATIONS

BULL has an ESG Relevance Score of '4' for Management Strategy.
Management's inability to address upcoming debt maturities
sufficiently in advance indicates some weakness in the execution of
the refinancing plan. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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


PAKUWON JATI: Moody's Affirms Ba2 CFR on Strong Credit Metrics
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Pakuwon Jati, Tbk. (P.T.).

At the same time, Moody's has affirmed the Ba2 backed senior
unsecured rating on the 2024 bond issued by Pakuwon Prima Pte.
Ltd., a wholly owned and guaranteed subsidiary of Pakuwon Jati. The
bond is unconditionally and irrevocably guaranteed by Pakuwon Jati
and most of its subsidiaries.

The outlook on all ratings remains stable.

"The rating affirmation reflects Pakuwon Jati's strong credit
metrics and very good liquidity, supported by a well-balanced
income stream from its high-quality portfolio of development and
investment properties, despite an earnings reduction as a result of
the pandemic," says Jacintha Poh, a Moody's Vice President and
Senior Credit Officer.

The stable outlook reflects Moody's expectation that Pakuwon Jati's
credit metrics will remain strong, supported by recurring income
from its investment properties and its financial discipline while
pursuing growth.

RATINGS RATIONALE

In 2020, Pakuwon Jati achieved IDR1 trillion in marketing sales, a
30% decline from 2019 because of weak demand and higher
cancellations as a result of the pandemic. Nonetheless, based on
quarterly data, sales picked up in the fourth quarter of 2020.
Moody's expects marketing sales will improve to around IDR1.3
trillion in 2021 but remain lower than pre-pandemic levels.

The weak marketing sales coupled with the adoption of the IFRS15
accounting standard in 2020, under which Indonesian property
developers will recognize revenue only after handing over a
property to buyers and not by percentage of completion, will drive
a decline in Pakuwon Jati's development revenue in 2021 and 2022.

Nonetheless, Moody's expects Pakuwon Jati's total revenue will
improve to IDR5.0 trillion in 2021 and IDR5.7 trillion in 2022,
driven by a recovery in its recurring revenue. In particular,
reduced rent relief to tenants now that its malls have reopened and
increased shopper traffic as large-scale social restrictions ease
will support the company's leasing income from its retail malls.
Pakuwon Jati's cash acquisition of Hartono Mall Solo and Hartono
Mall and Marriott Hotel Yogyakarta in November 2020 will also add
to its recurring revenue.

Pakuwon Jati's key credit metrics stayed strong despite operational
disruptions caused by the pandemic in 2020, and Moody's expects the
metrics will further strengthen in 2021 and 2022. Recurring EBITDA
coverage of interest paid will improve to around 5.5x in 2021 and
7.5x in 2022, from around 4.0x in 2020. Leverage, as measured by
adjusted debt/homebuilding EBITDA, will stay broadly stable at
1.5x-1.7x in 2021 and 2022.

Pakuwon Jati's liquidity will remain very good in 2021 and 2022. As
of December 31, 2020, the company had cash and cash equivalents of
IDR2.9 trillion. Moody's expects Pakuwon Jati will generate around
IDR3.5 trillion of operating cash flow in 2021 and 2022, which will
be more than sufficient to cover its debt obligations of around
IDR450 billion, estimated dividend payment of around IDR500 billion
and projected capital spending of around IDR4.3 trillion.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered governance risk stemming from Pakuwon Jati's
concentrated ownership by its promoter and three-member board of
commissioners, of which one member is independent.

These governance concerns are partially balanced by the company's
(1) diversified operations that provide a well-balanced income
stream; and (2) track record of maintaining strong credit metrics,
modest dividend payouts and very good liquidity since 2012.

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

Pakuwon Jati's ratings are unlikely to be upgraded, given its small
revenue base and geographic concentration. However, positive
momentum could build if the company grows and diversifies its
revenue while maintaining strong financial metrics and very good
liquidity in the form of cash balances and committed facilities.
Metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 1.5x, and adjusted homebuilding
EBIT/interest expense above 4.0x on a sustained basis.

Moody's could downgrade Pakuwon Jati's ratings if (1) the company
fails to implement its business plans; (2) it embarks on an
aggressive development growth strategy; and/or (3) the property
market deteriorates, leading to protracted weakness in the
company's operations and credit quality. Metrics indicative of a
potential downgrade include adjusted debt/homebuilding EBITDA above
2.5x and recurring EBITDA/interest expense below 2.0x on a
sustained basis.

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

Pakuwon Jati, Tbk. (P.T.), which is listed on the Indonesia Stock
Exchange and controlled by the Tedja family, develops, manages and
operates retail malls, office buildings, hotels, condominium towers
and residential townships in Surabaya and Jakarta.




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

SHOEI KISEN: Ship Impounded Over Suez Canal Compensation Bill
-------------------------------------------------------------
CNN Philippines reports that Egyptian authorities have seized a
massive cargo ship which blocked the Suez Canal for almost a week
last month, amid a dispute over financial damages.

According to CNN, an Egyptian court ordered the vessel's Japanese
owner, Shoei Kisen Kaisha, to pay $900 million in compensation as a
result of losses inflicted when the Panamanian-flagged Ever Given
prevented marine traffic from transiting through the vital global
trade waterway, the state-run Al Ahram news outlet said on April
13.

The hefty bill also includes maintenance fees and the costs of the
rescue operation, Al Ahram reported, CNN relays.

CNN says an international salvage operation worked around the clock
to dislodge the ship from the banks of the canal, intensifying in
both urgency and global attention with each passing day, as ships
from around the world, carrying vital fuel and cargo, were
prevented from entering the canal.

CNN relates that the Ever Given was successfully re-floated on
March 29 and moved to the nearby Great Bitter Lake to be inspected
for seaworthiness and to allow repairs to be carried out. A crew of
25 Indian nationals remain on board the vessel.

Shoei Kisen Kaisha said insurance companies and lawyers were
working on the compensation claim, and refused to comment further,
CNN notes.

According to CNN, the ship's technical managers, Bernhard Schulte
Shipmanagement (BSM), said on April 14 that the ship had been
declared safe for onward passage to Port Said on the Mediterranean
Sea, but was being detained because of the dispute between the Suez
Canal Authority (SCA) and the vessel's owners.

"The SCA's decision to arrest the vessel is extremely
disappointing," CNN quotes BSM CEO Ian Beveridge as saying in a
statement. "From the outset, BSM and the crew on board have
cooperated fully with all authorities, including the SCA and their
respective investigations into the grounding . . . BSM's primary
goal is a swift resolution to this matter that will allow the
vessel and crew to depart the Suez Canal," he added.

UK Club, one of the Ever Given's insurers, said on April 13 that it
had responded to a claim from the SCA for $916 million, and
questioned its basis.

"Despite the magnitude of the claim which was largely unsupported,
the owners and their insurers have been negotiating in good faith
with the SCA. On 12 April, a carefully considered and generous
offer was made to the SCA to settle their claim," the statement
said.

CNN relates that UK Club said it is the insurer of the Ever Given
for certain third-party liabilities including obstruction claims or
infrastructure issues, but is not the insurer for the vessel itself
or the cargo.

Its statement went on to explain why UK Club believes the magnitude
of the claim is not valid.

"The SCA has not provided a detailed justification for this
extraordinarily large claim, which includes a $300 million claim
for a 'salvage bonus' and a $300 million claim for 'loss of
reputation.' The grounding resulted in no pollution and no reported
injuries. The vessel was re-floated after six days and the Suez
Canal promptly resumed their commercial operations. The claim
presented by the SCA also does not include the professional
salvor's claim for their salvage services, which owners and their
hull underwriters expect to receive separately," the UK Club
statement, as cited by CNN, said.

The ship's cargo has been seized until the dispute is resolved,
according to the Suez Canal Authority, relays CNN.

More than 400 ships were blocked from passing through the crucial
shipping lane when the Ever Given ran aground on March 23, recalls
CNN. The circumstances that led to the situation are still being
probed separately by Egyptian authorities.

Shoei Kisen Kaisha, Ltd. operates ship leasing business. The
Company provides container vessel leasing, oil vessel leasing,
cargo ship leasing, and other services. Shoei Kisen Kaisha also
offers related ship repair and maintenance services.




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

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

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

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

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

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

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

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

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

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

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

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

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

There should be no award of costs in respect of the appeal, but the
liquidators should receive costs in respect of the cross-appeal,
the judgement said.

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

"Many creditors were put into serious financial difficulty when the
directors, including Dame Jenny Shipley and Richard Yan knowingly,
and recklessly exposed creditors to illegitimate risk and allowed
the company to continue trading while insolvent over an extended
period of time," Stuff quotes Mr. Bethell as saying.

The court had opened up "the real prospect" of all directors being
jointly and severally liable for the full amount of damages, he
said.

This was likely to be substantially higher than insurance policies
held by the directors and would facilitate recovery of creditors'
losses, he said.

                      About Mainzeal Property

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

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

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

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

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

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


PACIFIC AEROSPACE: Owes Creditors About NZD41MM, Liquidators Say
----------------------------------------------------------------
John Anthony at Stuff.co.nz reports that insolvent Hamilton
aircraft maker Pacific Aerospace has debts of NZD41 million, a
first liquidators' report indicated.

According to Stuff, liquidators are trying to sell the Hamilton
plane manufacturing business after its shareholders weren't
initially prepared to put any more money into it. So far 30 parties
have expressed interest in buying it, both local and international,
the report said.

In February, Pacific Aerospace (PAL) had its Civil Aviation
Authority (CAA) certificates suspended because it was insolvent and
unable to meet its obligations under the Civil Aviation Act, Stuff
says. But the CAA said aircraft produced by Pacific Aerospace would
be able to continue flying despite the company's financial
situation.

The company was placed into interim liquidation by the High Court
on February 12 with Steven Khov and Kieran Jones appointed as
liquidators.

A first liquidators' report published on April 14 said when
liquidators were appointed on March 8, the company had NZD37,641 in
the bank, Stuff discloses.

The company owed secured creditors NZD1.7 million and unsecured
creditors about NZD41.21 million, the report said.

It is yet to be determined what the total deficit of the company
was.

The company is half owned by Chinese-owned BAIC International (Hong
Kong) and half owned by New Zealand shareholders of Pacific
Aerospace Group.

According to Stuff, the report said the company had operated for
more 70 years as an aircraft design, manufacturing and maintenance
business and employed 93 staff.

Aircraft supplied by the company are commonly known in the aviation
industry as a "PAC" aircraft. As the company were the manufacturers
of the PAC aircraft, they were also the only supplier of certified
replacement parts to any PAC aircraft, the report said.

The company's inability to pay wages resulted in its workforce
being sent home on February 10 pending further funding becoming
available, it said.

The shareholders later engaged with the liquidators in relation to
a proposed recapitalisation of the business with a view to
terminating the liquidation of the company, the report, as cited by
Stuff, said.

"Unfortunately, no satisfactory progress has been made in this
regard as at the time of this report."

Stuff says the company's assets at the date of liquidation were
aircraft, buildings, plant and equipment, inventory, vehicles,
intangible assets, debtors and cash.

"Due to the ongoing sale process which is yet to be completed, the
liquidators have elected to withhold the estimated asset values for
the company's assets."

A large proportion of the debtors' ledger consists of debts (NZD35
million) owed to the company by related entities which the
liquidators believe may be uncollectable.

It was too early to comment on any recoveries and the likelihood of
a distribution of funds to creditors at this stage, the report
said, Stuff relays.

The report said due to the interest from parties based overseas the
liquidators had been navigating issues with the CAA and Overseas
Investment Office (OIO) requirements, Stuff adds.

Further information regarding the sale process and interested
parties was commercially sensitive and not disclosed, it said.




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

ACTIVE MARKETING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 9, 2021, to
wind up the operations of Active Marketing & Events Pte. Ltd.

Astro Productions Sdn. Bhd filed the petition against the company.

The company's liquidators are:

         Mr. Abuthahir Abdul Gafoor
         Ms. Yessica Budiman
         144 Robinson Road
         #14-02 Robinson Square
         Singapore 068908


CITY RIDGEVIEW: Creditors' Proofs of Debt Due on May 17
-------------------------------------------------------
Creditors of City Ridgeview Pte Ltd and related entities, which are
in voluntary liquidation, are required to file their proofs of debt
by May 17, 2021, to be included in the company's dividend
distribution.

City Ridgeview related entities:

   - Glengary Pte. Ltd
   - Eton Properties Pte. Ltd
   - Dathan Holdings Pte. Ltd.
   - Island City Garden Development Pte. Ltd
   - Urban Lofts Pte. Ltd
   - Kaizen Eternal Pte. Ltd

The liquidators may be reached at:

         Don M Ho
         David Ho Chjuen Meng
         DHA+ pac
         63 Market Street
         #05-01A Bank of Singapore Centre
         Singapore 048942


GALLANT VENTURE: Files Notice of Three Straight Years of Losses
---------------------------------------------------------------
The Business Times reports that Gallant Venture on April 15 gave
notice of recording three consecutive years of pre-tax losses,
based on its audited full-year consolidated accounts.

BT relates that Gallant Venture, a developer, master planner and
manager for industrial parks and resorts in Batam and Bintan, said
its six-month average daily market capitalisation as at April 14
was SGD709.8 million. This means it still meets the financial entry
criteria to avoid being placed on the Singapore Exchange's (SGX)
watch list.

Firms are placed on the SGX watch list if they record losses for
the three latest consecutive financial years and have an average
daily market cap of under SGD40 million over the last six months,
BT notes.

For the full year ended Dec. 31, 2020, the group's net loss from
continuing business operations widened to SGD59.1 million, from
SGD52.4 million the year before, BT discloses. This brings its loss
per share (LPS) for FY2020 to 1.089 Singapore cents, from a
restated FY2019 LPS of 0.981 cent, on a continuing operations
basis.

According to BT, the group's loss was largely confined to its
resort segment - which was impacted by the Covid-19 outbreak and
results from discontinued operations. Excluding the share of
associated company's Indomobil Sukses Internasional's post-dilution
results of SGD20.6 million loss, Gallant Venture would have
reported a net loss of SGD38.5 million, it said.

No dividend was declared for the financial year, the report says.

The group has been lossmaking since FY2017, BT notes. Last year, it
also issued a notice that it had recorded pre-tax losses for three
consecutive years. Its six-month average daily market
capitalisation at the time was SGD624.1 million as at April 14,
2020.

Singapore-based Gallant Venture Ltd owns and operates industrial
parks, supplies telecommunications services, electricity and water
and wastewater management services, operates resorts and hotels,
and develops real estate.


KENT SHIPPING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 9, 2021, to
wind up the operations of Kent Shipping Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

         Mr. Gary Loh Weng Fatt
         c/o BDO Advisory Pte. Ltd.
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


MERCATOR INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on April 9, 2021, to
wind up the operations of Mercator International Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

         Ms. Lim Soh Yen
         Ms. Lynn Ong Bee Ling
         c/o Acutus Advisory Pte Ltd
         133 New Bridge Road
         #24-01/02 Chinatown Point
         Singapore 059413


SEALOUD ASIA: Court to Hear Wind-Up Petition on April 23
--------------------------------------------------------
A petition to wind up the operations of Sealoud Asia Pte Ltd will
be heard before the High Court of Singapore on April 23, 2021, at
10:00 a.m.

Marketlend Pty Ltd filed the petition against the company on April
1, 2021.

The Petitioner's solicitors are:

         Cavenagh Law LLP
         Marina Bay Financial Centre
         25th Floor, Tower 3
         12 Marina Boulevard
         Singapore 018982


SEASHORE RESOURCES: Court to Hear Wind-Up Petition on April 23
--------------------------------------------------------------
A petition to wind up the operations of Seashore Resources Pte Ltd
will be heard before the High Court of Singapore on April 23, 2021,
at 10:00 a.m.

Marketlend Pty Ltd filed the petition against the company on April
1, 2021.

The Petitioner's solicitors are:

         Cavenagh Law LLP
         Marina Bay Financial Centre
         25th Floor, Tower 3
         12 Marina Boulevard
         Singapore 018982




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

SSANGYONG MOTOR: Placed Under Court Receivership
------------------------------------------------
Yonhap News Agency reports that SsangYong Motor Co. was placed
under court receivership once again on April 15 as its Indian
parent Mahindra & Mahindra Ltd. has failed to attract an investor
amid the prolonged COVID-19 pandemic and its financial status is
further worsening.

According to Yonhap, the Seoul Bankruptcy Court approved the
debt-rescheduling process for SsangYong Motor as U.S. vehicle
importer HAAH Automotive Holdings Inc. didn't submit a letter of
intent (LOI) to acquire the financially troubled carmaker.

Mahindra had been in talks with HAAH to sell its majority stake in
the Korean unit as part of its global reorganization plan amid the
pandemic.

Yonhap says the court demanded the sole potential investor submit
an LOI through SsangYong by March 31, but the U.S. company didn't
send the documents.

This is the second time for the SUV-focused carmaker to be under
court receivership after undergoing the same process a decade ago,
the report notes.

Court receivership is one step short of bankruptcy in South Korea's
legal system. In receivership, the court will decide whether and
how to revive the company.

SsangYong filed for court receivership on Dec. 21 after failing to
obtain approval for the rollover of KRW165 billion (US$148 million)
worth of loans from creditors. But it obtained a three-month
suspension of its obligation to pay the debts due to the talks with
HAAH.

Under court receivership, SsangYong's survival depends on whether
there will be a new investor to acquire a streamlined SsangYong
after debt settlement and other restructuring efforts.

As the process begins, the accounting firm EY Hanyoung will conduct
due diligence on the carmaker's financial status to figure out its
overall debt size and to decide on whether the company's going
concern value is bigger than its liquidation, court spokeswoman Kim
Joo-mi said over the phone, Yonhap relates.

EY Hanyoung is required to submit its financial report on SsangYong
to the court by June 10, she said.

According to Yonhap, SsangYong reportedly has yet to pay KRW370
billion in wages to its employees and payments to its
subcontractors.

Given this, the carmaker's liquidation appears to be inevitable,
but massive job cuts could be a burden for authorities in the
run-up to the presidential election next year, Yonhap says.
SsangYong currently hires 4,500 people.

The court usually opens an auction for a company under its
receivership after an accounting firm's due diligence, but it may
put up SsangYong Motor for sale in an auction before EY Hanyoung
completes the financial report on the carmaker, the court
spokeswoman said, Yonhap relays.

Last week, SsangYong Motor President and Chief Executive Yea
Byung-tae stepped down, taking responsibility for failing to
attract investment from HAAH, Yonhap reports.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra
Ltd., failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

Mahindra acquired a 70% stake in SsangYong for KRW523 billion in
2011 and now holds a 74.65% stake in the carmaker.




=============
V I E T N A M
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BIM LAND: Fitch Assigns First-Time 'B' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Vietnamese property developer BIM Land
Joint Stock Company (BIML) a first-time Long-Term Issuer Default
Rating (IDR) of 'B'. The Outlook is Stable.

BIML's 'B' rating is driven by its record as a property developer
in several high-growth, tourism-led regions in Vietnam,
counterbalanced by the cyclicality of demand for its tourism-led
investment products, such as condotels and rental villas, compared
to residential property. The 'B' rating therefore incorporates
BIML's smaller residential contracted sales than higher-rated
peers. These risks are mitigated by the company's healthy balance
sheet.

KEY RATING DRIVERS

Significant Tourism-Centric Exposure: Fitch expects 50%-60% of
BIML's contracted sales over the next few years to stem from
tourism-led investment products, such as condotels and rental
villas. Contracted sales fell by 61% to VND3.8 trillion in 2020 - a
sharper fall than most international peers in residential housing -
as BIML paused new launches amid Covid-19 social distancing and
demand uncertainty.

Contracted Sales to Improve: However, project launches resumed in
4Q20, driving VND1.7 trillion in sales in that quarter and VND800
billion in 1Q21. Fitch expects attributable contracted sales
(excluding minorities' share) to recover to VND7.5 trillion in 2021
on improving demand and a solid project launch pipeline. However,
demand may falter in the medium term if international tourist
arrivals remain weak, as healthy domestic tourism does not
necessarily support higher occupancy and rental rates for the
high-end condotels and rental villas that BIML sells.

Concentrated Portfolio: BIML's contracted sales originate in the
city of Ha Long in the north-eastern province of Quang Ning, two
hours' drive from the capital Ha Noi, and on Phu Quoc island in the
southern province of Kien Giang. BIML's new project in Vinh Phuc,
around an hour's drive from Ha Noi, should contribute to contracted
sales from 2022, improving diversification.

Its Ha Long township offers both residential and tourism products,
amid strong economic growth and industrialisation of the Quang Ning
province. However, Phu Quoc is still focused on tourism products,
but the recent approval of its "island city" status should support
a rising mix of residential sales.

Robust Economic Prospects: Fitch believes BIML's contracted sales
will benefit from Vietnam's strong medium-term economic growth,
underpinned by strong foreign direct investment (FDI) inflows
feeding a growing manufacturing economy and a strong demographic
profile. Fitch expects GDP to rise by 6.5% in 2021 as exports
bounce back amid a normalisation in global demand.

Pandemic Management; Trade Diversion Benefits: The country's GDP
rose by 2.9% in 2020 despite the uncertain environment. The growth
was driven by a well-managed pandemic locally, FDI and trade
diversion from rising costs in China and the US-China trade war, as
well as government incentives and subsidies, including low interest
rates.

Demand Risks Higher then Peers: Vietnam's per capita GDP is lower,
and its middle class is much smaller, than countries such as China
and Indonesia where most of BIML's rated peers are based. This
could leave demand for BIML's property more susceptible to economic
downturns than for regional peers.

Healthy Balance Sheet: Fitch expects BIML's leverage, measured as
net debt/adjusted inventory, to rise to 25%-30% over the next 24
months (2020: 9%) on increased capex. However, this is still lower
than its rated peers' and counterbalances the cyclicality of its
tourism-led products. Fitch expects cash flow from operations to
partially fund its large capex plan of around 25% of revenue. BIML
has flexibility to slow capex - as they relate to the recurring
income components of its mixed-use projects - if contracted sales
do not hold up.

BIML reports its undeveloped land bank at fair market value, in
line with International Financial Reporting Standards. However,
Fitch reduces the fair value using a two-year average of BIML's
property sales-gross profit margin to arrive at a net debt/adjusted
inventory ratio based on the carrying cost of land, which is more
comparable with regional peers.

Limited Recurring Cash Flow: Fitch expects BIML's recurring EBITDA
to hover around VND200 billion in 2021 and VND300 billion in 2022,
before rising to around VND500 billion in 2023-2024, as the company
plans to build more hotels and condotels, combined with a gradual
increase in international tourists. Fitch expects the property
development EBITDA to hover around VND3.5 trillion-4 trillion over
the same period. The occupancy rate of BIML's hotels fell to 29% in
2020 (2019: 51%), but Fitch expects a recovery to 35% in 2021 and
45% in 2022.

Strong Linkages with Parent: BIML has strong operational ties with
its weaker parent, BIM Group Company Limited. Therefore, Fitch
rates BIML based on the parent's consolidated profile, excluding
its ringfenced and self-sufficient renewable energy business. BIML
is wholly owned by BIM Group, which is owned by the chairman, Mr
Doan. The Doan family hold key management positions in all group
companies. The group has interests in food processing and health
clubs, but these are small in scale with low leverage and therefore
do not diminish BIML's credit profile.

DERIVATION SUMMARY

BIML's ratings are comparable with those of Indonesia's PT Bumi
Serpong Damai Tbk (BSD, BB-/Stable), PT Ciputra Development Tbk
(CTRA, B+/Stable), PT Lippo Karawaci TBK (Lippo, B-/Stable), PT
Kawasan Industri Jababeka Tbk (B-/Stable), and China's Modern Land
(China) Co., Limited (B/Stable).

Fitch believes Vietnam's property market has a similar competitive
intensity to Indonesia's market, being highly fragmented with
multiple players of a similar size in each region or niche segment.
However, Vietnam is at an earlier stage of its economic development
than Indonesia with lower per capita income and a smaller middle
class, although it is likely to see stronger economic growth in the
medium term.

BSD and CTRA are rated higher than BIML because of their stronger
business risk profile with larger contracted sales scale, a focus
on residential products, and operations in more regions in
Indonesia. Their housing products are more diverse across
price-points and end-customers, allowing them to shift product mix
to cater to varying demand even during downturns. Both also have
larger recurring income portfolios that provide more financial
flexibility and a degree of downside protection to debt-servicing
obligations if contracted sales decline. BIML's leverage is lower
than CTRA's and similar to that of BSD, although this alone is not
sufficient to offset its weaker business risk profile. BSD is rated
higher than CTRA on account of its larger contracted sales scale.

Lippo and KIJA are rated lower than BIML on account of their weaker
business risk profiles reflected in smaller contracted sales scale
and higher leverage. KIJA's B- rating is underpinned by the
considerable recurring cash flows stemming from its power plant,
dry port and other non-development sources which cover annual
interest expense by 0.8-1.0x. This mitigates the risks associated
with its small scale and cyclicality of its contracted sales of
mostly industrial land. Lippo's B- reflects Fitch's view that its
cash on hand is sufficient to meet its operating- and debt service
costs through to end-2022, although it may need to resort to asset
sales to support liquidity thereafter.

BIML's contracted scale is much smaller than Modern Land's,
reflecting narrower project and geographical diversity. Modern Land
caters for affordable homes and somewhat speculative investment
demand in lower-tier cities in China, although it has no exposure
to tourism-led developments. Furthermore, China's economy is at a
more developed stage than that of Vietnam and is home to a
substantially larger middle class, which supports more
discretionary spending across economic cycles. Therefore, Fitch
regards Modern Land's business profile as stronger than that of
BIML, but BIML's significantly stronger financial profile
compensates for the higher business risks, resulting in both
companies being rated the same.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of around VND7.5 trillion in
    2021-2022;

-- Cash flow from operations of VND216 billion in 2021 and VND650
    billion in 2022, which is net of construction costs on for
    sale projects, interest, and tax, and a one-off payment on
    additional land bank in BIML's Ha Long Marina township in
    2021;

-- Capex of VND2 trillion in 2021 and VND2.2 trillion in 2022 on
    recurring-income projects;

-- One-off investments of VND1.2 trillion in 2021 on the balance
    payment for acquiring the Vinh Phuc project;

-- Dividends of around VND500 billion in 2021-2022.

RATING SENSITIVITIES

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

-- Sustained attributable contracted sales excluding tourism-led
    investment products such as condotel/rental villas, of more
    than VND6 trillion;

-- Net debt/adjusted inventory (calculated using implied land
    bank cost) sustained below 40%.

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

-- Attributable contracted sales (including condotels/rental
    villas) falling below VND4 trillion on a sustained basis;

-- Net debt / adjusted inventory (calculated using implied land
    bank cost) sustained above 45%.

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: BIML had VND2.5 trillion of cash and
equivalents at end-2020 and VND2.6 trillion committed bank lines,
of which VND2 trillion consisted of pre-approved construction loans
which could be drawn only to reimburse construction costs incurred
by BIML or contractors. The balance VND600 billion consisted of
undrawn working capital lines subject to a 12-month renewal cycle.
The company issued a VND1 trillion domestic bond in March 2021,
further supporting its 2021 liquidity.

Fitch estimates that BIML's liquidity sources should sufficiently
cover Fitch-projected negative free cash flow of VND3.6 trillion,
which includes the balance acquisition cost of the Vinh Phuc
project and an estimated VND500 billion of discretionary dividends,
as well as VND980 billion debt maturing in 2021.

BIML has cultivated diversified onshore banking relationships and
has demonstrated some access to foreign-currency loans from
offshore lenders. BIML's debt was 43% denominated in US dollars as
of end-2020. This exposes the company to foreign-exchange risk
because its cash flow is denominated in Vietnamese dong. The
near-term currency risk is mitigated by Vietnam's strong external
finances, allowing the local currency to remain broadly stable
against the US dollar.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

BIML reports undeveloped land bank at fair market value in line
with International Financial Reporting Standards. However, Fitch
reduces the fair value using BIML's average gross profit margin on
property sales over a two-year period to arrive at a net
debt/adjusted inventory ratio based on the carrying cost of land,
which is more comparable with regional peers.



                           *********


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.

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