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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

          Tuesday, April 20, 2021, Vol. 24, No. 73

                           Headlines



A U S T R A L I A

DBL FUNDING 1: Moody's Assigns Ba2 Rating to AUD1M Class E Notes
TRITON TRUST 8 2019-2: S&P Raises Class E Bonds Rating to BB+


C H I N A

CHINA AOYUAN: S&P Alters Outlook to Stable & Affirms 'B+' ICR
GUANGZHOU R&F: S&P Affirms 'B' LT ICR on Easing Liquidity Risk
TIMES CHINA: Fitch Assigns BB- Rating on Proposed USD Senior Notes
WEST CHINA CEMENT: Fitch Raises LT IDR to 'BB', Outlook Positive
[*] CHINA: Bad Loan Managers Face Growing Pressure on Core Business



I N D I A

AVVAS INFOTECH: Insolvency Resolution Process Case Summary
CAMBRIDGE ENERGY: Insolvency Resolution Process Case Summary
CLEANOPOLIS ENERGY: Insolvency Resolution Process Case Summary
FUTURE RETAIL: Debt Plan Passage Eases Some Immediate Woes
FUTURE RETAIL: Fitch Affirms 'C' IDR, Off Rating Watch Positive

HARSHA EXITO: Insolvency Resolution Process Case Summary
[*] INDIA: Covid-19 Pushes Middle Class Toward Poverty


I N D O N E S I A

INDOSURYA INTI: Fitch Lowers National LongTerm Rating to CC(idn)
MASKAPAI REASURANSI: Fitch Affirms BB+ IFS Rating, Outlook Stable
MODERNLAND REALTY: Fitch Affirms RD LongTerm Issuer Default Rating


N E W   Z E A L A N D

NZ ASSOCIATION OF CREDIT: Fitch Withdraws 'BB-/B' IDRs


S I N G A P O R E

GRAB HOLDINGS: Moody's Puts B3 CFR Under Review for Upgrade

                           - - - - -


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A U S T R A L I A
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DBL FUNDING 1: Moody's Assigns Ba2 Rating to AUD1M Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited in
its capacity as trustee of the DBL Funding Trust No. 1 in respect
of the Salute Series 2021-1.

Issuer: DBL Funding Trust No. 1 Salute Series 2021-1

AUD276.0 million Class A Notes, Assigned Aaa (sf)

AUD15.6 million Class B Notes, Assigned Aa2 (sf)

AUD3.0 million Class C Notes, Assigned A2 (sf)

AUD3.9 million Class D Notes, Assigned Baa2 (sf)

AUD1.0 million Class E Notes, Assigned Ba2 (sf)

The AUD500,000 Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
prime residential mortgages originated by Defence Bank Limited
(DBL, Baa1/P-2/A3(cr)/P-2(cr)).

DBL is an Australian mutually owned, authorised deposit-taking
institution providing financial products and services to the
members of Australian Defence Force (ADF), as well as the broader
community. As of December 2020, around 75% of DBL's home loans were
to current or former members of the ADF. DBL is one of the three
lenders selected to provide home loans to the members of the ADF
under the Defence Home Ownership Assistance Scheme (DHOAS). This
scheme, supported by the Commonwealth Government and administrated
by the Department of Veterans' Affairs, subsidises a material
portion of monthly home loan interest payments.

As of December 2020, DBL had total assets of over AUD2.8 billion,
with Australian residential mortgage assets representing AUD2.3
billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying mortgage loans, the evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 0.8% of the outstanding
principal balance of all performing receivables, the legal
structure, and the credit strength and experience of DBL as
servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 6.4%, while the expected loss is 0.50%.

MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

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

The key transactional features are as follows:

Principal collections will be distributed on a sequential basis at
first. All notes will start receiving their pro-rata share of
principal payments starting on the second anniversary of the
closing date, provided that Class A Notes subordination is at least
16.0%, and other step-down conditions are satisfied.

Principal pay-down will revert to sequential once invested balance
of all notes is less than 10% of the original balance of all notes,
if there are any un-reimbursed charge-offs or if average arrears
ratio is 3.00% or above.

The key features of the mortgage loan pool are as follows:

Around 75% of loans in the pool are to borrowers who at the time
of origination were "uniformed" employees of the ADF. They have a
lower default risk than an average borrower given their employment
stability. Furthermore, 37% of these loans benefit from the DHOAS,
which further reduces their default probability through subsidised
interest payments and higher likelihood of these borrowers
remaining in the ADF.

The weighted average scheduled loan to value ratio of the pool of
71%.

The pool is highly seasoned, with a weighted average seasoning of
around 33 months. This mitigates the risk of early payment
default.

All mortgage loans in the portfolio are amortising from loan
origination without interest-only periods. Their LTV ratios (based
on valuation at origination) improves over time, compared with
loans with initial interest-only payment periods.

Methodology Underlying the Rating Action:

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:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


TRITON TRUST 8 2019-2: S&P Raises Class E Bonds Rating to BB+
-------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of notes issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Trust No. 7
Bond Series 2017-1, Triton Trust No. 7 Bond Series 2017-2, and
Triton Trust No. 8 Bond Series 2019-2. At the same time, S&P
affirmed its ratings on 11 classes of notes. The three trusts are
securitizations of prime residential mortgages originated by
Columbus Capital Pty Ltd. (Columbus).

The rating actions reflect:

-- S&P's view of the credit support available, which is sufficient
to withstand the stresses we apply. Credit support comprises note
subordination for all rated notes as well as mortgage insurance
covering 69.4% of the loans in the Series 2017-1 portfolio, 67.2%
in the Series 2017-2 portfolio, and 66.0% in the Series 2019-2
portfolio.

-- That as of December 2020, the average seasoning of the pools is
between 48 months and 58 months and average loan-to-value ratios
are between 58.3% and 67.4%. Pool factor for the transactions is
33.3% for Series 2017-1, 43.2% for Series 2017-2, and 67.7% for
Series 2019-2.

-- That the transaction's cash flows support the timely payment of
interest and ultimate payment of principal to the noteholders under
our rating stress assumptions.

-- That S&P has factored into its analysis the arrears performance
of these transactions. That since close, arrears have been lower
compared with the Standard & Poor's Performance Index for prime
loans. As of December 2020, loans more than 30 days in arrears make
up no more than 0.2% of each pool. There have been no charge-offs
to any of the notes.

-- That COVID-19 hardship arrangements make up no more than 0.3%
in each of the three transactions, and during 2020 these levels
were low relative to the industry averages.

-- That the notes for the Series 2017-1 and Series 2017-2
transactions are currently paying on a pro-rata basis and will
continue to do so until step-down conditions are no longer met.
These include performance triggers and a call-option trigger.

-- S&P's expectation that the various mechanisms to support
liquidity within the transactions, including amortizing liquidity
facilities, principal draws, and loss reserves that build from
excess spread, are sufficient under its stress assumptions to
ensure timely payment of interest.

-- The benefit of fixed- to floating-rate interest-rate swaps for
each transaction to hedge any mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate notes.

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

  Ratings Raised

  Triton Trust No. 7 Bond Series 2017-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA- (sf) from A+ (sf)
  Class D: to A (sf) from BBB (sf)

  Triton Trust No. 7 Bond Series 2017-2
  Class B: to AAA (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)

  Triton Trust No. 8 Bond Series 2019-2
  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Triton Trust No. 7 Bond Series 2017-1
  Class A1-b: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)

  Triton Trust No. 7 Bond Series 2017-2
  Class A1-b: AAA (sf)
  Class A2: AAA (sf)
  Class A3: AAA (sf)
  Class AB: AAA (sf)

  Triton Trust No. 8 Bond Series 2019-2
  Class A1-AU: AAA (sf)
  Class A1-4Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)




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C H I N A
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CHINA AOYUAN: S&P Alters Outlook to Stable & Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings, on April 15, 2021, revised its outlook on China
Aoyuan Group Ltd. to stable from positive. At the same time, S&P
affirmed its 'B+' long-term issuer credit rating on Aoyuan and the
'B' long-term issue rating on the company's outstanding senior
unsecured notes.

The stable outlook for the next 12 months reflects Aoyuan's gradual
deleveraging supported by debt reduction commitment and steady
operations.

S&P said, "We revised the outlook on Aoyuan to stable from positive
because we believe the company will unlikely improve its credit
profile over the coming 12 months to a level commensurate with a
higher rating. Despite less certain revenue growth and margin
stabilization, the company remains committed on debt reduction. We
therefore affirmed our ratings on Aoyuan.

"We expect Aoyuan to ease its pace of land acquisition in 2021.
After expanding aggressively in the second half of 2020 contrary to
our expectations, the company spent Chinese renminbi (RMB) 45
billion on purchasing land on an attributable basis in 2020. That
spending is about 45% of Aoyuan's attributable contracted sales.
This has led to a 20% uptick in reported debt and a doubling of
financial guarantees to joint ventures.

"In our view, Aoyuan's landbank is sufficient for three years of
development. Based on this, we expect the company to scale down its
attributable land expenditure to RMB26 billion in 2021, helping to
preserve cash for debt reduction. Thus, we forecast Aoyuan's
adjusted debt to drop by 5%-7% in 2021."

Aoyuan's high minority interest is likely to decline gradually.
Following active project acquisitions, the company's minority
interest as a percentage of total equity further rose to 65% in
2020, from 59% in 2019. This level is high among sector peers, and
stems from Aoyuan's alternative land sourcing capability. Of the
RMB35.7 billion in minority interest, about 38% are related to
partnerships for urban redevelopment projects. S&P expects a large
proportion to wind down over the coming two years. A further 8%
belongs to the 70% non-controlling interest of the newly acquired
A-share listed company, Aoyuan Beauty Valley Technology Co. Ltd.,
while the remaining is mostly related to project partnerships,
which we believe will gradually decline as the projects are
completed.

The high minority interest ratio also implies that, while Aoyuan
consolidates 100% of its subsidiary projects' sales and revenue,
the proportion of attributable cash flow from sales available to
the company is lower. On the flip side, Aoyuan benefits from
capital injections from minority shareholders during the
development stage, which reduces its debt burden.

S&P said, "We expect Aoyuan's revenue growth to moderate as sales
taper. The company's rapid expansion ended in 2019 with contracted
sales growth slowing to 13% in 2020 amid the pandemic. We project a
similar growth rate of 10%-15% in 2021 and 2022. Therefore, the
strong revenue growth observed in previous years (65% in 2019 and
34% in 2020) will subside. We forecast revenue growth to further
ease to 18%-23% in 2021 and 10%-15% in 2022, when unrecognized
sales of RMB196 billion as of end 2020 are delivered."

Aoyuan's increased joint venture exposure is likely to further rein
in revenue growth. The company's attributable ratio on contracted
sales fell to about 74% in 2020 from 83% a year ago, and we expect
the ratio to stabilize at 70%-75% in 2021 and 2022. This is mainly
driven by Aoyuan's increasing use of joint venture models, through
partnership with developers in the public land market to control
capital expenditure and risk. In 2019, 15% of Aoyuan's new projects
acquired were those in which it had 50% interest or less; in 2020,
that proportion rose to 27%. Based on that trend, the gap between
Aoyuan's contracted sales and future revenue booking will widen as
its consolidation ratio declines. S&P also believes a look-through
approach to analyze the company's credit profile will gain more
importance in the future.

S&P said, "We believe Aoyuan's deteriorated margin will stabilize
in 2021, supported by its low land cost of urban redevelopment
projects and construction cost control. The company's gross margin
declined to 25.2% in 2020, from 29.7% in 2019, as average selling
prices were constrained by price restriction policies. We expect
higher profitability in Aoyuan's urban redevelopment projects at
above 30% gross margin because land cost is lower compared with the
highly competitive public auction projects. This will help
stabilize its gross margin at 24%-26% in the coming two years. We
also expect recognized average selling price to gradually increase
as the sales mix has moderately shifted toward higher-tier cities
in recent years.

"Based on our forecast, Aoyuan's ratio of debt to EBITDA will
recover to 5.8x-6.0x in 2021, mainly supported by its debt
reduction plan. The company's leverage worsened to 7.6x in 2020
from 6.5x in 2019, due its debt-funded land spending, margin
compression, and lower revenue recognition. Since Aoyuan has
extended full guarantees on some of its joint venture projects, its
external guarantee amount is considerably larger than its
attributable share of borrowing. Therefore, Aoyuan's leverage from
a look-through basis is better than its consolidated level.

"The stable outlook on Aoyuan reflects our view that the company
will gradually deleverage over the next 12 months, driven by
potential debt reduction. We also expect steady sales and revenue
growth, and profitability stabilizing at above the industry
average.

"We may lower the rating if Aoyuan's commitment on deleveraging
does not materialize, such that its debt-to-EBITDA ratio stays
above 6.5x sustainably. This may happen if Aoyuan's land
acquisition becomes more aggressive than we expect, or if its
revenue growth and profitability slip materially.

"We may raise the rating if Aoyuan deleverages significantly such
that its debt-to-EBITDA ratio improves to about 5.0x and shows
signs of further improvement. This may happen if Aoyuan commits to
its debt reduction plan over the coming two to three years, while
successfully ramping up revenue recognition and sustaining
margins."


GUANGZHOU R&F: S&P Affirms 'B' LT ICR on Easing Liquidity Risk
--------------------------------------------------------------
S&P Global Ratings, on April 15, 2021, affirmed its 'B' long-term
issuer credit ratings on Guangzhou R&F and its subsidiary R&F
Properties (HK) Co. Ltd. (R&F HK).

The stable outlook reflects S&P's view that Guangzhou R&F's
liquidity and leverage will continue to improve over the next 12
months, supported by the company's commitment to reduce debt.

S&P said, "We affirmed the ratings on Guangzhou R&F because we
expect the company's liquidity tightness to ease over the next 12
months, following a marked improvement over the past six months. We
also anticipate that Guangzhou R&F's deleveraging plan will
gradually improve its capital structure and capital market
standing, even though it may hamper operations over the next two
years.

"Guangzhou R&F's liquidity should continue to strengthen in 2021.
We believe the company's liquidity tightness have bottomed out,
given it has considerably less capital market maturities in the
rest of 2021. Its capital market repayment needs for 2021 are about
RMB10 billion, compared with about RMB17 billion in 2020. Guangzhou
R&F has resolved its sizable repayment burden, mainly onshore
corporate bonds, that was concentrated over the past six months. It
repaid over Chinese renminbi (RMB) 20 billion of bonds using
internal resources and proceeds from asset sales (of about RMB12
billion, including interests in a logistics asset and an office
tower).

"Guangzhou R&F's capital structure remains weaker than that of
higher-rated peers and continues to constrain the rating. As of
end-2020, the company's short-term debt concentration is high at
40% of total borrowings, with unrestricted cash coverage of these
maturities at only 40%. We believe this capital structure is
suboptimal and will hinder liquidity from strengthening to a
comfortable level. The situation may take longer than 12 months to
improve because Guangzhou R&F can only gradually pay down
short-term debt when they come due. We reflect this weakness in the
negative comparable rating analysis.

"We believe Guanghzou R&F's debt reduction efforts will continue in
2021. The company delivered on its guidance and reduced gross debt
by 19%, or RMB37.4 billion, to RMB159.7 billion in 2020. It
generated positive operating cash flow of RMB19.3 billion through
controlled land acquisition, accelerated inventory destocking, and
by raising additional capital through asset sales and a share
placement. In the first two months of 2021, Guangzhou R&F further
reduced its gross debt by about RMB13 billion. In our base case, we
forecast the company's gross debt will further decline to RMB133
billion-RMB138 billion by end-2021, as it continues to generate
positive cash flow and pay down debt.

"Guangzhou R&F is likely to remain conservative in land acquisition
over the next 12 months. In 2020, the company spent only RMB11.8
billion, or 9% of contracted sales, on land purchase, compared with
18% in 2019 and a peak of 71% in 2017. We expect the conservative
approach to continue in 2021 as Guangzhou R&F focuses mainly on
conversion of urban redevelopment projects, with spending on new
land likely at less than RMB10 billion. The company has RMB697
billion of attributable saleable resources as of end-2020,
sufficient for at least three years of development.

"We expect Guangzhou R&F to prudently pace its construction. As the
company slows down investments in new projects, we believe its
capital expenditure on construction will also decline. We forecast
Guangzhou R&F will spend RMB37 billion-RMB39 billion on
construction in 2021, compared with more than RMB40 billion in
2020. This will support positive operating cash flow and
deleveraging, but will limit future sales and revenue.

"Guangzhou R&F's sales will likely remain subdued in 2021, and may
even weaken. The company has RMB270 billion in saleable resources
available in 2021. We expect it to meet its total contracted sales
target of RMB150 billion for the year because this will imply a
sell-through rate of about 55%. However, Guangzhou R&F's sales
execution is uncertain, and the company has missed its annual
targets twice in a row. In the first three months of 2021,
Guangzhou R&F achieved total contracted sales of RMB30.6 billion,
20% of its full-year target. Given our expectation of scaled-back
investments and construction, we believe saleable resources in 2022
will drop, leading to a 8%-13% decline in contracted sales.

"We expect Guangzhou R&F's revenue to shrink from delayed project
deliveries. As of end-2020, the company's contract liabilities were
RMB48 billion, compared with RMB38 billion a year ago. However, we
believe the reduced pace of construction will affect project
delivery and revenue booking in the coming two years. We forecast
flattish revenue for 2021, as the solid recovery in its hotel
business will partially offset its weakened property development
segment. In 2022, we forecast a revenue decline of 5%-10%."

The deterioration in Guangzhou R&F's profitability could reverse
slightly. The company's property sales gross margin sunk to 25.2%
in 2020, from 34.9% a year ago. This was dragged down by inventory
sales (about 26% of recognized sales) with low margins of 14.1%.
Guangzhou R&F offered some price incentives on sale of these
inventory units in exchange for faster cash collections, resulting
in the margin dip. In addition, margin for delivered projects was
also weaker, at 29.1%, amid profitability pressure across
industry.

With the margin for locked-in contracted sales at about 30%, S&P
forecasts the company's margin will rebound to 25%-27% in 2021,
factoring in continued destocking. Nonetheless, this will be at a
more moderate pace as the company faces less immediate pressure to
generate cash.

Guangzhou R&F could gradually restore its solid capital market
access. The company has re-entered the offshore senior notes market
and issued about US$1.4 billion in notes for refinancing since
November 2020. S&P said, "Guangzhou R&F remains inactive in the
domestic market, and we expect it to continue to handle upcoming
corporate bond repayments with internal resources instead of
refinancing through new issuances. However, we believe the company
will continuously evaluate and seek opportunities to utilize its
quota on various domestic instruments to lengthen its maturity
profile."

S&P said, "We forecast Guangzhou R&F's ratio of debt to EBITDA to
decline to 7.2x-7.4x in 2021, compared with 9.1x in 2020, mainly
driven by the management's commitment on debt reduction. However,
the weaker revenue and margin for 2022 will limit the debt
reduction, leading to slight uptick in leverage to 7.3x-7.5x.

"We continue to equalize the ratings on R&F HK with that on
Guangzhou R&F. We believe R&F HK will continue to be a core
subsidiary of Guangzhou R&F, holding the group's key assets and
sharing the brand name. We also expect R&F HK to remain wholly
owned by Guangzhou R&F."

Guangzhou R&F Properties Co. Ltd.

S&P said, "The stable outlook reflects our view that Guangzhou R&F
will gradually improve its liquidity over the next 12 months by
maintaining good cash collections and controlling land
acquisitions. We also expect the company's leverage to improve on
the back of controlled expansion and debt reduction.

"We may lower the rating if Guangzhou R&F's liquidity weakens such
that the ratio of sources to uses falls below 0.8x. This may happen
if the company's internal cash generation weakens due to weak sales
or aggressive expansion.

"We could also downgrade Guangzhou R&F if the company faces
continual shrinkage in exposure to bank lending and capital market
funding, such that its funding channels further tighten.

"We could also lower the rating if Guangzhou R&F's revenue booking
or profitability drops such that EBITDA interest coverage falls
below 1.0x or consolidated debt-to-EBITDA ratio deteriorates to
more than 10x.

"We may upgrade Guangzhou R&F if the company's liquidity improves
to be more in line with that of higher rated peers in the 'B'
category, with liquidity sources comfortably above 1.2x uses. This
could happen if Guangzhou R&F reduces concentration in short-term
maturities.

"We would also need to observe that the company has sufficient
access to both onshore and offshore capital market and bank
financing, and maintains the debt-to-EBITDA ratio below 8x on a
sustainable basis."

R&F Properties (HK) Co. Ltd.

S&P sid, "The stable outlook on R&F HK reflects the outlook on its
parent, Guangzhou R&F, and our assessment that R&F HK will remain a
core subsidiary of Guangzhou R&F over the next 12 months.

"We could lower the rating on R&F HK if we downgrade Guangzhou R&F.
We could also lower the rating if: (1) we believe that R&F HK's
strategic importance to Guangzhou R&F has weakened; or (2)
Guangzhou R&F's control and supervision on R&F HK weaken.

"We could upgrade the rating on R&F HK if we upgrade Guangzhou
R&F."


TIMES CHINA: Fitch Assigns BB- Rating on Proposed USD Senior Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Times China Holdings
Limited's (BB-/Stable) proposed US dollar senior notes. The
proposed notes are rated at the same level as Times China's senior
unsecured rating, as they will represent its direct, unconditional,
unsecured and unsubordinated obligations.

Times China's ratings are supported by its quality and sufficient
land bank, strong brand recognition in Guangdong province, and a
healthy gross profit margin of 25%-30% for its property-development
business, despite a robust churn rate. Fitch thinks profitability
will benefit from the wider-margin urban-renewal business. The
ratings are constrained by the smaller scale of the
property-development business and higher leverage than 'BB' peers.

KEY RATING DRIVERS

URPs Support Rating: Times China started benefitting from its
urban-renewal projects (URP) in 2018, and Fitch expects the
company's margin to be sustained above the industry level in the
medium term. Times China receives government compensation for
carrying out primary-land development, which it is able to acquire
below market cost. Fitch expects URPs to account for 15%-20% of
Times China's land bank by 2021, based on a historical conversion
pace. Around 30% of the newly acquired land bank has been converted
from URPs.

Healthy EBITDA Margin: Fitch expects the EBITDA margin, after
adding back capitalised interest, to be sustained at 25%-27%.
Development-property projects converted from URPs have a wider
gross profit margin of above 40%, due mainly to lower land costs
relative to market prices. Times China's EBITDA margin, after
adding back capitalised interest, was 27% in 2020 and 29% in 2019.

Leverage to Stabilise: Fitch expects leverage (measured by net
debt/adjusted inventory, with proportionate consolidation of joint
ventures and associates) to stay at around 40% in 2021. Leverage
fell to 39.1% by end-2020 from 43.9% at end-2019 due mainly to
fewer land acquisitions. Fitch has included the receivables,
deposits and other prepayments related to URPs in Fitch's inventory
calculation, in line with the treatment for other homebuilders with
a significant URP business.

Limited Diversification and Scale: About 90% of Times China's land
bank is located in the Greater Bay Area, which is less diversified
than most other 'BB' category peers. Fitch expects total contracted
sales to rise 10% in 2021, supported by robust demand in the area,
after gaining 28% to CNY100.4 billion in 2020. Times China's annual
attributable sales scale of CNY60 billion-70 billion was smaller
than the more than CNY90 billion of 'BB' peers.

High Non-Controlling Interests: Times China's exposure to
non-controlling interests (NCI), at 45%-50% of total equity, is
higher than the average of 'BB-' rated peers. This reflects its
reliance on the capital contributions from non-controlling
shareholders, which are mostly developers, to finance its
expansion. This lowers Times China's need for debt funding, but
creates a potential for cash leakage, and reduces financial
flexibility further because homebuilders with lower NCI can dispose
of stakes in projects to cut leverage.

DERIVATION SUMMARY

Times China has a similar contracted sales scale to that of KWG
Group Holdings Limited (BB-/Stable). Times China's land bank is
less diversified than that of these peers as it is concentrated
mostly in the Greater Bay Area. However, it has a stronger pipeline
in URPs, and is less reliant on public auctions in new land
acquisitions, leading to more sustainable profit margins. Times
China's leverage (defined by net debt/adjusted inventory) of around
40% is slightly higher than that of KWG.

KEY ASSUMPTIONS

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

-- Contracted sales to increase by 5%-10% in 2021-2023;

-- Cash collected as a percentage of total sales at 77% in 2021
    2023;

-- Land premium outflow of around 50% of sale proceeds in 2021
    2023;

-- Overall EBITDA margin, excluding capitalised interest, at 25%
    30% in 2021-2023.

RATING SENSITIVITIES

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

-- Proportionally consolidated net debt/adjusted inventory
    sustained below 35%;

-- Attributable contracted sales scale expands to a level
    comparable with 'BB' rated peers.

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

-- Proportionally consolidated net debt/adjusted inventory above
    45% for a sustained period.

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: Times China had available cash of CNY33.5
billion, excluding restricted cash of CNY4.4 billion, as of
end-2020, against CNY19 billion in short-term debt. In January
2021, the company issued USD350 million of 5.75% senior notes due
2027. In March 2021, it raised USD100 million by tapping its USD350
million 6.2% senior notes due 2026. It will use the proceeds for
refinancing.

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.


WEST CHINA CEMENT: Fitch Raises LT IDR to 'BB', Outlook Positive
----------------------------------------------------------------
Fitch Ratings has upgraded West China Cement Limited's (WCC)'s
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
to 'BB' from 'BB-'. The Outlook on the IDR is Positive.

The upgrade is driven WCC's ability to maintain a strong financial
profile throughout the Covid-19 pandemic in 2020. The Positive
Outlook reflects Fitch's expectations that WCC's new capacity
additions outside of its home market in Shaanxi will increase its
scale and profits, and reduce geographical concentration after
2021. At the same time, Fitch expects the company to maintain low
leverage.

KEY RATING DRIVERS

Higher Diversification, Larger Scale: WCC's product and
geographical diversification has improved in the past few years.
Aggregate and concentrate sales accounted for 12% of total revenue
in 2020 compared with none in 2018. Revenue from outside of Shaanxi
will increase to close to 35% of total revenue in 2021, from 18% in
2019 and 2020, driven by acquisitions, including the Mozambique
project and Paomashan project in Sichuan, which will start to
generate revenue from 1H21 and 2H21, respectively.

Strong Financial Profile: WCC managed to maintain a strong
financial profile in 2020 despite the impact from Covid-19 and
large capex outflows for new projects. Fitch expects WCC to
generate around CNY3.0 billion of cash flow from operations in 2021
(2020: CNY2.5 billion) due to stable average selling prices and
margin, supported by a strong regional market position. This cash
flow is sufficient to cover its capex needs of CNY2.4 billion
(2020: CNY2.8 billion). As a result, Fitch expects the company's
FFO net leverage to peak in 2021 at 1.2x (2020: 1.1x) before
falling below 1.0x in 2022 as capex tapers off.

Strong Position in Regional Markets: WCC maintains a strong
position in Shaanxi, with market share of around 25%, the highest
in the province. In particular, it has a dominant position in
southern Shaanxi, with around 75% market share, and 30%-40% market
share in central Shaanxi. The company is prudent in choosing new
markets, and targets regions where there is limited production
capacity. Its market share in Hetian, Xinjiang was around 40%, and
that in Mozambique was over 60% at end-2020.

Appetite for Acquisitions: WCC has been fairly acquisitive in the
past few years as it continues to generate strong cash flow and
capacity additions in China are restricted. Fitch expects the
company to focus on developing its current acquired capacities in
the next 12-18 months and its current cashflow generation should be
sufficient to cover such capex. However, should the new projects be
successfully executed and start generating cash flow, Fitch expects
the company to continue to evaluate acquisition opportunities,
especially overseas.

Conch Shareholding Beneficial: Fitch expects the continued
collaboration between WCC and Anhui Conch Cement Company Limited
(Conch, A/Stable) to help WCC to improve its operating efficiency
and support its market position in Shaanxi. Conch is WCC's
second-largest shareholder, with a 21.11% stake at end-2020, and
has two non-executive directors on WCC's board. The combined market
share of WCC and Conch in Shaanxi is over 40% by cement and clinker
production capacity.

DERIVATION SUMMARY

Compared with Cementos Pacasmayo S.A.A. (BBB-/Negative), WCC has
smaller scale but a stronger financial profile with higher margin
and lower leverage. Compared with Elementia, S.A.B. de C.V
(BB-/Negative), WCC is of similar size, and has maintained a much
higher margin and much lower net leverage due to the efficiency of
its core cement business.

KEY ASSUMPTIONS

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

-- Sales revenue to increase by 27% in 2021 and rise by 10% in
    2022 and 1% in 2023 (2020: fall of 2%);

-- EBITDA margin of 41%-42% for 2021-2023;

-- Capex of CNY2.4 billion in 2021, CNY0.8 billion in 2022 and
    CNY0.8 billion in 2023.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action:

-- FFO adjusted net leverage of 1.0x;

-- Sustained positive FCF generation;

-- Successful execution of its new projects without deterioration
    in its financial profile.

Developments that may, individually or collectively, lead to
negative rating action:

-- Failure to achieve the upgrade sensitivities over the next 12
    months could result in a return to a Stable Outlook;

-- Material earnings disruption or deterioration in financial
    leverage could result in a return to a Stable Outlook or place
    downward pressure on the ratings.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: WCC had total available cash of CNY651 million
and unused banking facilities of CNY2.5 billion, adequate to cover
its short-term debt of CNY1.9 billion. WCC has two bonds
outstanding, including a three-year medium-term note with principal
of CNY500 million due in May 2022 and a three-year medium-term note
with principal of CNY700 million due in September 2023.

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.


[*] CHINA: Bad Loan Managers Face Growing Pressure on Core Business
-------------------------------------------------------------------
Charlie Zhu, Yinan Zhao, Xize Kang, and Zheng Li at Bloomberg News
report that China's distressed loan managers are facing mounting
pressure as the pandemic has made it harder to dispose of assets,
according to a closely watched survey by China Orient Asset
Management Co.

Increasing credit losses at the managers themselves threaten to
hurt profits and have adverse impact on their capital strength over
the long term, China Orient, one the nation's four state-owned bad
loan banks, said in a report published, according to Bloomberg
News.  It also warned of growing difficulties to manage the
maturity mismatch as their liabilities are mostly short-term,
Bloomberg News relays.

Concerns over the financial health of China Huarong Asset
Management Co. has fueled a sharp selloff in the company's and
peers' offshore bonds and stoked fears of market contagion,
Bloomberg News notes.  The embattled bad-debt manager, which
delayed its annual earnings at the end of last month, has so far
been quiet on the extent of its woes and details of its overhaul
plans, Bloomberg News relays.

China set up Huarong, Cinda, China Orient and China Great Wall
Asset Management Corp, known as AMCs, during the banking crisis of
the late 1990s to oversee 1.4 trillion yuan (US$214 billion) of
non-performing loans to salvage its banking system from the brink
of bankruptcy, Bloomberg News discloses.  After completing their
10-year mandate, the industry has rapidly expanded into licensed
financial firms doing everything from investment banking to trusts
and real estate, Bloomberg News says.

Among other key findings of the survey:

   -- Chinese banks' non-performing loan ratio may climb to 2.34%
      in 2021 from 1.84% by the end of last year

   -- Non-bank financial institutions' bad assets reach 1.14
      trillion yuan in 2021

   -- Over 43% of the bankers forecast financial system risks to
      climb




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

AVVAS INFOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Avvas Infotech Private Limited
        #40, KNo. 821/40, 15th CROSS
        6th Sector, HSR Layout
        Opp. JSS School
        Bangalore 560102

Insolvency Commencement Date: April 5, 2021

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Balady Shekar Shetty

Interim Resolution
Professional:            Balady Shekar Shetty
                         E-98, 7A Cross
                         Manyata Residency
                         Nagavara
                         Bangalore 560045
                         E-mail: bss.balady@gmail.com
                                 bss.avvas@gmail.com
                         Mobile: 9342482570

Last date for
submission of claims:    April 24, 2021


CAMBRIDGE ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Cambridge Energy Resources Pvt. Ltd.
        Unit No. 336A, 3rd Floor
        Tower B3 Spaze I-Tech Park
        Sector 49, Sohna Road Gurgaon
        Haryana 122018

Insolvency Commencement Date: March 26, 2021

Court: National Company Law Tribunal, Ghaziabad Bench

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

Insolvency professional: CS Vekas Kumar Garg

Interim Resolution
Professional:            CS Vekas Kumar Garg
                         D-4 B First Floor Ramprastha
                         Near Raghunath Temple Ghaziabad
                         Uttar Pradesh 201011
                         Ghaziabad
                         E-mail: vikasgarg_k@rediffmail.com

                            - and -

                         1/17 1B First Floor, Paras Chamber
                         Lalita Park, Laxmi Nagar
                         Delhi 110092
                         E-mail: irp.cambridgeenergy@gmail.com

Last date for
submission of claims:    April 14, 2021


CLEANOPOLIS ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Cleanopolis Energy Systems India Private Limited
        51/341, Rangapara-Bindu Guri Road
        Borpokhiajhar Village
        PO Depota, Mouza
        Halleshwar Tezpur
        Sonitpur AS 784502
        IN

Insolvency Commencement Date: April 7, 2021

Court: National Company Law Tribunal, Guwahati Bench

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

Insolvency professional: Amit Pareek

Interim Resolution
Professional:            Amit Pareek
                         4th Floor, Ram Prasad Complex
                         Chatribari, Guwahati 781001
                         E-mail: amitpareek99@yahoo.com
                                 cleanopolisirp@gmail.com

Last date for
submission of claims:    April 21, 2021


FUTURE RETAIL: Debt Plan Passage Eases Some Immediate Woes
----------------------------------------------------------
Rahul Satija at Bloomberg News reports that Indian
supermarket-operator Future Retail Ltd. approved a debt resolution
plan that eases some immediate concerns as a legal battle with
partner Amazon.com Inc. threatens to delay an asset sale to
Reliance Industries Ltd.

Future Retail's board agreed to a proposition to restructure its
secured bank debt and three rupee-denominated bonds, according to
an exchange filing, according to Bloomberg News. The plan, which
was accepted by lenders, is subject to approval by a committee
formed by the central bank and exchanges, Bloomberg News notes.

Failure to secure lenders' approval for the restructuring plan
would have caused "immediate liquidity pressure," Fitch Ratings
said in a note before the announcement, Bloomberg News relays.  The
rating company said it would evaluate the deal after approval from
lenders to see if it constitutes a distressed-debt exchange.

There are signs that the broader concerns about Future Retail's
tussle with Amazon may continue to weigh on the debt. India's top
court scheduled a final hearing in the matter to May 4 and said it
will decide the case for once and for all, Bloomberg News notes.  

Future Retail's dollar bonds due 2025, which aren't part of the
resolution plan, dropped about 0.2 cents on the dollar to 79.9,
according to data compiled by Bloomberg. The Mumbai-based company's
shares were down about 0.2% on April 19, while India's benchmark
Sensex index fell about 2.4%, Bloomberg News adds.

Some of the terms of the resolution plan:

For bank debt

-- Extending repayment of short-term loans, term loans, bonds,
    overdue working capital loans (converted into working capital
    term loans) by a maximum of two years
        
-- Interest moratorium between March 1, 2020 to Sept. 30, 2021

-- Interest during the period will be converted into funded
    interest term loan payable by December 2021
        
-- All penal interest and charges, default premiums, processing
    fees unpaid since March last year to implementation date
    to be fully waived
    
For bonds
   
-- Redemption under each series to be rescheduled

    * Series IA: Four equal quarterly installments in FY 2023

    * Series IB: Four equal quarterly installments in FY 2024

    * Series II: 100% on June 1, 2025

-- Interest up to June 2021 on Series II notes to be converted
    into funded interest term loan carrying interest rate of
    8.30% p.a.

                     About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2020, S&P Global Ratings assigned its 'CCC-' long-term issuer
credit rating to Future Retail Ltd. and its 'CCC-' long-term issue
rating to Reliance Retail Ventures Ltd.'s (RRVL) U.S.
dollar-denominated senior secured notes.

RRVL's acquisition of Future Retail's assets is positive for Future
Group and Future Retail's outstanding U.S. dollar notes.


FUTURE RETAIL: Fitch Affirms 'C' IDR, Off Rating Watch Positive
---------------------------------------------------------------
Fitch Ratings has affirmed Indian retailer Future Retail Limited's
(FRL) Issuer Default Rating (IDR) at 'C' and the rating on its
USD500 million 5.6% senior secured notes due 2025 at 'C' while
revising the Recovery Rating to 'RR5' from 'RR4'. Fitch has removed
the Rating Watch Positive (RWP), which had been placed on both
ratings on September 2, 2020 after FRL's announcement it was
selling its business to Reliance Retail and Fashion Lifestyle
Limited (RRFLL), an indirect subsidiary of Reliance Industries Ltd
(RIL; BBB-/Stable).

The removal of the RWP underscores the significant delay in
completing the sale, contrary to Fitch's previous expectations,
after a legal challenge to the deal by an entity controlled by
Amazon.com, Inc. (A+/Positive), which indirectly holds 4.8% of FRL.
FRL may also face more challenges in securing the required
shareholder and creditor approvals for the sale. This is because
the founding Biyani family's stake in FRL has been reduced
following lenders' invocation of pledges on FRL shares. FRL and
other Future Group entities that are part of the sale are
negotiating with the lenders under the Indian central bank's August
2020 One Time Restructuring (OTR) framework that was introduced to
help companies during the coronavirus pandemic.

The sale will be credit positive if completed successfully,
although it no longer remains the immediate rating driver due to
the uncertainty over the timing of its completion and the potential
downward rating implications from the debt-restructuring process in
the very near term.

The revision in the US dollar notes' Recovery Rating reflects the
lowering of Fitch's recovery estimates after including in the
waterfall analysis unpaid interest and accrued liabilities on
onshore obligations from March 2020, when FRL opted for a
debt-servicing moratorium, allowed by the Indian central bank.

FRL's IDR of 'C 'reflects its continued financial stress amid the
prolonged impact of the coronavirus pandemic, particularly in its
higher margin non-food business that faces more restrictions due to
its classification as a non-essential category. The second wave of
the virus in India could further delay the recovery in FRL's cash
flows during the financial year ending March 2022 (FY22) if the
curbs are imposed more widely in the country. Failure to secure
lenders' approval for the OTR scheme or a triggering of a
change-of-control event on its US dollar bonds will also cause
immediate liquidity pressure.

KEY RATING DRIVERS

OTR Implications: Invoking the OTR process in October 2020 enabled
FRL's onshore lenders, which account for the majority of its
outstanding debt, to treat the loans as current despite payment
delays. Failure to implement the OTR by 26 April 2021 will lead to
a conventional default if FRL fails to service the debt
subsequently in line with the terms. If the lenders agree on the
OTR within the deadline, Fitch will evaluate the final terms to
assess if they amount to a distressed debt exchange (DDE). Fitch
understands that FRL is in talks with onshore lenders to implement
the OTR before the deadline.

Sale Completion Positive for Credit: Fitch had earlier expected the
deal to be completed by March 2021. RIL remains keen to pursue the
deal, notwithstanding the litigation-related delays, as reflected
in its decision to extend the long-stop date for the completion to
September 2021 from March 2021.

FRL will cease to exist after the deal is completed, but its credit
profile could benefit in the meantime if its access to credit
improves after the deal announcement. The bond rating will depend
on which RIL entity assumes the debt, including any potential
enhancements and a review of the ties with RIL under Fitch's Parent
and Subsidiary Linkage Rating Criteria. Nevertheless, Fitch expects
RIL's better credit profile to be reflected in the bonds' rating,
if the deal is completed.

Increased Change-of-Control Risks: The stake of "permitted"
shareholders according to the bond documentation - mainly the
Biyani family and Amazon - fell to 20.5% by 31 March 2021 from 47%
at end-2019 after the lenders at FRL's main shareholder, Future
Corporate Resources Pvt Ltd (FCRPL), invoked the share pledges.
Their stake is below the 26% threshold that could trigger
repurchase on the US dollar notes under a change-of-control clause
defined in their indenture, if accompanied by a rating downgrade of
at least one notch subsequently.

ESG - Management Strategy: FRL has an ESG Relevance Score of '5'
for Management Strategy. Fitch believes management faces multiple
challenges in the current environment, notwithstanding a broadly
consistent execution record backed by adequate industry experience.
The pandemic had a severe impact on its financial flexibility,
leading to the OTR negotiations with lenders. Ongoing litigation
and delays around the sale to RIL pose significant impediments to
management's strategy to improve financial flexibility in the
current environment.

ESG - Governance: FRL has an ESG Relevance Score of '5' for
Governance Structure. The Biyani family has pursued growth
investment at its operating companies rather than limiting leverage
and preserving balance-sheet flexibility at the holding company.
This is evident from FCRPL's constrained financial flexibility,
which led to the share pledge invocation and the significant stake
reduction. The reduced stake will create additional hurdles in
securing shareholder approval for the sale to RIL and exposes FRL
to excessive liquidity risk if the change-of-control clause is
triggered on the US dollar notes.

Fitch believes the restrictions in the bond documentation limit the
risk of cash leakage to its shareholders. Nonetheless, a default of
its shareholders may cause significant reputational damage and
constrain FRL's ability to secure additional working capital to
mitigate its liquidity pressure.

DERIVATION SUMMARY

FRL's IDR 'C' is driven by its poor liquidity and further risks
from the ongoing debt restructuring negotiations with lenders.

KEY ASSUMPTIONS

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

-- Sales to drop by 71% in FY21 due to pandemic-related curbs in
    2020. Sales in FY22 to remain about 30% lower than FY20 as the
    virus' resurgence after March 2021 will slow the normalization
    of its business.

-- EBITDA margin to turn negative 17% in FY21 (FY20: 2.8%) on
    weak sales, which counterbalanced cost-saving initiatives
    implemented during the pandemic. EBITDA margin to improve to
    2.3% in FY22 on the back of normalising sales, particularly
    from the more profitable non-food segment.

-- Annual capex as percentage of sales to remain at around 3% in
    FY21 and FY22.

-- No dividends in FY21 and FY22.

Recovery Analysis Assumptions

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

-- The going-concern value is based on a going-concern EBITDA of
    INR5 billion and a 5x multiple. The EBITDA assumes a right
    sizing of the business such that interest, operating
    expenditure and maintenance capex are covered. The 5.0x
    multiple is towards the higher end of the 5.4x median multiple
    for retail going-concern reorganisations to reflect FRL's
    leading market position in India. It is lower than the around
    7x level at which FRL was trading on 31 March 2021.

-- Fitch used FRL's debt as of 29 October 2020 after including
    accrued liabilities. Secured working capital and secured US
    dollar notes account for the majority of FRL's debt. Fitch
    assumes that FRL's available but undrawn lines will be fully
    drawn.

-- The recovery waterfall results in a recovery-rate estimate
    corresponding to a 'RR5' Recovery Rating for the USD500
    million secured notes.

RATING SENSITIVITIES

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

-- An upgrade is unlikely given FRL's financial stress and the
    debt restructuring negotiations with lenders. However, an
    improvement in FRL's liquidity position could result in
    positive rating action.

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

-- Fitch will downgrade FRL's Long-Term IDR to 'RD' (Restricted
    Default) if, in Fitch's review, the final agreed terms of the
    OTR amount to a DDE. Fitch will thereafter reassess the
    company's IDR based on its post-OTR capital structure.

-- FRL defaulting on its debt obligations or entering into a
    formal winding-up procedure, such as bankruptcy or
    administration.

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

Severely Constrained Liquidity: Sustained operating losses, even
after 1QFY21 when the coronavirus-related curbs in India were
gradually relaxed, have severely impaired FRL's liquidity and
debt-servicing ability. FRL managed to pay the coupon on the US
dollar notes but only after the scheduled date and it had to opt
for the debt-restructuring plan with its onshore lenders. FRL's
ability to obtain new bank lines has been constrained amid the
discussions with its lenders to restructure existing debt. Fitch
believes FRL's liquidity will face additional setbacks in the
absence of the sale transaction with RIL.

ESG CONSIDERATIONS

FRL has an ESG Relevance Score of '5' for Management Strategy,
which reflects the limitations on management's ability to implement
its strategy due to the significant impact of the coronavirus on
the business and ongoing litigation delaying the progress on the
sale of the business. This has a negative impact on the company's
credit profile and is highly relevant to the rating.

FRL has an ESG Relevance Score of '5' for Governance Structure,
which reflects the shareholding concentration and presence of
highly leveraged related parties. This has a negative impact on the
company's credit profile and is highly relevant to the rating.

FRL has an ESG Relevance Score of '4' for Social Impact, reflecting
the risk to its business from a shift by consumers towards online
shopping. This has a negative impact on the credit profile and is
relevant in the rating in conjunction with other factors.

FRL has an ESG Relevance Score of '4' for Financial Transparency,
reflecting the limited information provided on liquidity and access
to capital. This has a negative impact on the credit profile and is
relevant in the rating in conjunction with other factors.

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


HARSHA EXITO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Harsha Exito Engineering Private Limited
        Survey No. 797/1A, & 797/1B1
        200 feet Inner Ring Road
        Madhavaram, Ambattur Taluk
        Thiruvallur District 600110

Insolvency Commencement Date: March 24, 2021

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

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

Insolvency professional: Mr. J. John Ohilvi

Interim Resolution
Professional:            Mr. J. John Ohilvi
                         No. 3/95A, East of Medical College
                         Asaripallam, Nagercoil
                         Kanyakumaru District 629201
                         E-mail: johnohilvi@yahoo.co.in
                                 irpjohnohilvi@gmail.com

Last date for
submission of claims:    April 16, 2021


[*] INDIA: Covid-19 Pushes Middle Class Toward Poverty
------------------------------------------------------
globalinsolvency.com, citing the New York Times, reports that
millions of people in India in danger of sliding out of the middle
class and into poverty due to the economic crisis as a result of
the COVID-19 pandemic.

Now a second wave of Covid-19 has struck India, and the middle
class dreams of tens of millions of people face even greater peril,
according to globalinsolvency.com.  Already, about 32 million
people in India were driven into poverty by the pandemic last year,
according to the Pew Research Center, accounting for a majority of
the 54 million who slipped out of the middle class worldwide, the
report notes.

The pandemic is undoing decades of progress for a country that in
fits and starts has brought hundreds of millions of people out of
poverty, the report relays.  Already, deep structural problems and
the sometimes impetuous nature of many of Mr. Modi's policies had
been hindering growth, the report notes.  

A shrinking middle class would deal lasting damage. "It's very bad
news in every possible way," said Jayati Ghosh, a development
economist and professor at the University of Massachusetts Amherst,
globalinsolvency.com discloses.  "It has set back our growth
trajectory hugely and created much greater inequality."

The second wave presents difficult choices for India and Mr. Modi.
India reported more than 216,000 new infections, another record.
Lockdowns are back in some states, the report relays.  With work
scarce, migrant workers are packing into trains and buses home as
they did last year. The country's vaccination campaign has been
slow, though the government has picked up the pace, the report
adds.




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

INDOSURYA INTI: Fitch Lowers National LongTerm Rating to CC(idn)
----------------------------------------------------------------
Fitch Ratings Indonesia has downgraded PT Indosurya Inti Finance's
National Long-Term Rating to 'CC(idn)' from 'CCC-(idn)'.

The downgrade reflects Fitch's belief that further forbearance from
Indosurya's lenders or other sources of liquidity will be necessary
to avoid a payment default in the next few months. Indosurya's
heightened liquidity risk has arisen from a sharp reduction in
collections from its customers stemming from the economic impact of
the coronavirus pandemic. A restructuring of almost all of its
funding facilities from June 2020 deferred principal repayments but
most of these facilities are set to revert to an amortisation
schedule from April 2021. Fitch believes that Indosurya's liquidity
position is highly uncertain at this juncture and a restructuring
of the capital structure may be unavoidable.

'CC' National Long-Term Ratings denote the level of default risk is
among the highest relative to other issuers or obligations in the
same country or monetary union.

KEY RATING DRIVERS

Indosurya's rating is based on Fitch's assessment of the company's
significantly weakened standalone credit profile, and reflects an
unstable funding and liquidity profile that is highly vulnerable to
lender confidence. The rating also takes into consideration the
company's small franchise with a limited record of operation, and a
financial profile that has deteriorated sharply due to the
pandemic.

Fitch believes Indosurya's access to funding is unstable under
prevailing stressed conditions. Inflows from customer collections
have fallen an average of 40%-50% below scheduled amounts as the
company's mostly SME borrowers continue to suffer from severely
reduced repayment capacity since the Covid-19 outbreak. The weak
performance of the portfolio and level of encumbered assets, with
all debt being on an unsecured basis at end-2020 (2019: 0.5%
unsecured), leaves the company with limited funding flexibility
barring a material infusion of capital.

Indosurya's financial statements for year-end 2020 have not yet
been audited but stress on the financial profile is visible in
management accounts received by Fitch. The company expects to
report a net loss of around IDR863 billion (around USD61 million)
in 2020, and Fitch believes profitability will continue to be
challenged in the short-term because credit costs are likely to
remain high. The net loss was driven by a sharp spike in provisions
due to very weak asset quality and a lower net interest margin, as
borrowers in some cases have struggled to continue to pay
interest.

The portion of non-performing receivables fell to 4.9% of the
company's total receivables by end-2020, from 21.0% at end-9M20
(2019: 1.7%; industry: 4.0%). The improvement was driven by a surge
in net charge-offs, which rose to around 27.0% of average net
managed receivables in 2020 (2019: 0.2%), and considerable
restructuring of receivables - around 71% of the total by end-2020
(industry: around 35%) - taking advantage of relaxed regulatory
rules. These rules allow receivables restructured due to the
pandemic to be classified as "current" to end-1Q22.

Fitch believes that Indosurya's capitalisation may be inadequate
relative to portfolio risks due to weak coverage of problem loans,
and Fitch expects capital to continue to be pressured by impairment
risk and Indosurya's weakened profitability. Leverage, as indicated
by the debt/tangible equity ratio, rose to 3.2 times (2019: 1.6
times) as a result of the large net loss in 2020, and the reduced
capital buffer was narrow compared to problem loans.

Indosurya, established in 2011, is a privately owned finance
company that extends mainly financing to SMEs. Indosurya's small
franchise has expanded rapidly since establishment, with net
managed receivables of IDR2.1 trillion (around USD150 million) at
end-2020, accounting for an industry share of around 0.4%. This is
one of the lowest shares among Fitch-rated Indonesian multi-finance
companies. Advances are typically secured on property and are used
mainly for business expansion or acquisition of capital goods
(around 60% of financing receivables), with average tenors of five
years.

RATING SENSITIVITIES

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

-- Failure to adequately address its near-term debt servicing
    requirements would lead to a downgrade. A downgrade could also
    stem from a restructuring of funding facilities that Fitch
    believes constitutes a distressed debt exchange under our
    criteria.

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

-- Meaningful improvement in Indosurya's liquidity position, such
    that it is able to meet debt servicing requirements and
    operating costs over a rolling 12-month period, may result in
    positive rating action. This may result from a material
    infusion of cash or reduced asset-quality risks resulting from
    a significant improvement in customer collections, although
    Fitch expects the latter to be protracted considering
    Indosurya's SME-focused book and recent collection trends.

-- An improved capital buffer could also provide the company with
    greater flexibility to resolve problem assets or pursue
    profitable growth, which would be positive for the credit
    profile.


MASKAPAI REASURANSI: Fitch Affirms BB+ IFS Rating, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed PT Maskapai Reasuransi Indonesia Tbk's
(Marein) Insurer Financial Strength (IFS) Rating at 'BB+'
(Moderately Weak). Fitch Ratings Indonesia has also affirmed the
company's National IFS Rating of 'AA-(idn)'. The Outlooks are
Stable.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country or monetary union, across all
industries and obligation types.

KEY RATING DRIVERS

The affirmation reflects Marein's 'Strong' capitalisation and
financial performance, and 'Moderate' business profile.

Fitch has assessed Marein's business profile as 'Moderate' due to
its substantive domestic franchise, which is balanced by its 'Least
Favourable' operating scale compared with its international peers.
Marein is one of the biggest life reinsurers in Indonesia. However,
Marein's share of the total reinsurance industry's (life and
non-life business) gross written premiums was small at 10% as of
end-2020. It also takes into account a risk appetite that is on a
par with the sector and somewhat diversified business lines.
Therefore, Fitch scores Marein's business profile at 'bb-' under
Fitch's credit-factor scoring guidelines in line with the ranking.

Fitch believes Marein's capitalisation is 'Strong', with a
risk-based capital (RBC) ratio of 357% at end-December 2020, above
the 120% regulatory requirement. The reinsurer's capital position
was scored at 'Extremely Strong' in terms of Fitch's Prism
Factor-Based Capital Model using end-2020 financials. Nonetheless,
the absolute amount of its capitalisation is small compared with
that of some major international reinsurers. The company is
committed to keeping the RBC ratio above 200% and it does not plan
to issue debt in the medium term. Fitch expects the company's
capitalisation to be continuously supported by surplus growth.

Marein's return on equity was 6% at end-2020 with a three-year
average non-life combined ratio of 96%. Its non-life combined ratio
increased to 98% by end-2020 (2019: 93%) due to a higher claim
ratio while premiums stagnated. Fitch expects Marein to keep its
underwriting businesses stable, underpinned by its selective
underwriting practices, premium growth and manageable claims.

The company's investment mix is conservative with cash equivalents
and fixed-income instruments accounting for more than 80% of
invested assets at end-2020. Exposure to risky assets is manageable
relative to equity capital. Fitch expects the company to maintain
the equity capital proportion in light of its prudent investment
approach.

RATING SENSITIVITIES

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

IFS and National IFS Ratings:

-- Weakening capitalisation with the local statutory ratio below
    200% on a sustained basis.

-- Material deterioration in business profile in term of
    marketing franchise and operating scale.

-- Significant deterioration in operating performance with a non
    life combined ratio consistently higher than 100%.

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

IFS and National IFS Ratings:

-- Significant and sustained improvement in the company's
    business profile in terms of operating scale.

-- Maintaining strong profitability, with a non-life combined
    ratio consistently below 93%.

BEST/WORST CASE RATING SCENARIO

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

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.

MODERNLAND REALTY: Fitch Affirms RD LongTerm Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has reviewed the ratings on Indonesia-based property
developer PT Modernland Realty Tbk (MDLN) and affirmed the
Long-Term Issuer Default Rating at Restricted Default (RD).

The 'RD' rating indicates an issuer that in Fitch's opinion has
experienced an uncured payment default, but has not entered into
bankruptcy filings and has not ceased operating.

KEY RATING DRIVERS

There is no change to Fitch's views on the Key Rating Drivers of
the ratings since the last rating action commentary on April 13,
2021.

RATING SENSITIVITIES

The Rating Sensitivities are unchanged from the last rating action
commentary published on April 13, 2021.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Modernland has ESG Relevance Scores of 5 for Management Strategy
and Financial Transparency based on Fitch's assessment that the
management of refinancing risks and the disclosure of pertinent
information has deteriorated. These have a negative impact on the
credit profile and are highly relevant to the rating.

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




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

NZ ASSOCIATION OF CREDIT: Fitch Withdraws 'BB-/B' IDRs
------------------------------------------------------
Fitch has affirmed and withdrawn the following ratings for New
Zealand Association of Credit Unions (NZACU):

Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-';

Short-Term Foreign-Currency IDR at 'B'; and

Support Rating at '3'

The Outlook is Stable.

Fitch is withdrawing the ratings on NZACU because the group has
undergone a reorganisation and NZACU will no longer be a holding or
trading entity under the new structure. Accordingly, Fitch will no
longer provide ratings or analytical coverage for NZACU.

KEY RATING DRIVERS

IDRS AND SUPPORT RATING

NZACU's IDRs and Support Rating reflect a moderate probability of
extraordinary institutional support from its shareholder, Credit
Union Baywide (CUB, BB/Stable/bb). While NZACU no longer has active
operations following the restructuring and has a limited role in
the group, Fitch believes a default by NZACU would still cause high
reputational damage for CUB with potential for significant negative
impact on other parts of the CUB group. Fitch reflects this by
notching NZACU's rating down once from that of CUB.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the ratings are
withdrawn.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

New Zealand Association of Credit Unions' ratings are driven by
institutional support. Its ratings are linked to the support
provider and its parent, Credit Union Baywide.

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.

Following the withdrawal of ratings for NZACU, Fitch will no longer
be providing the associated ESG Relevance Scores.




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

GRAB HOLDINGS: Moody's Puts B3 CFR Under Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed Grab Holdings Inc's ratings
under review for upgrade. These include the company's B3 corporate
family rating and the B3 rating on the company's senior secured
term loan. Grab and its wholly-owned subsidiary, Grab Technology
LLC, are the borrowers. The loan is guaranteed by subsidiaries
engaged in transport, food and delivery services.

The outlook has been changed to ratings under review from stable.

The rating action follows Grab's announcement [1] on April 13, 2021
that it has entered into a definitive agreement to merge with
Altimeter Growth Corp., a special purpose acquisition company
(SPAC), that will result in Grab's public listing on the NASDAQ.

"Grab's public listing will add $4.0-$4.5 billion of liquidity
buffer upon successful completion, which will support the company's
growth plans," says Stephanie Cheong, a Moody's Analyst. "More
importantly, all of Grab's convertible redeemable preference shares
will convert into equity upon listing, thereby eliminating the
redemption risk associated with these shares which currently weighs
on the company's credit profile."

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

Grab expects to raise $4.5 billion in cash from the proposed
transaction, comprising $500 million of cash from SPAC shareholders
and $4.04 billion from private investment in public equity (PIPE)
investors. The transaction is expected to close in July 2021, and
is subject to approval by Altimeter's shareholders, SEC regulatory
approvals and other customary closing conditions.

Cash proceeds from the transaction will increase Grab's high cash
balance of around $5.5 billion as of December 31, 2020 (pro-forma
for its $2.0 billion term loan raise in January 2021). Moody's
expects Grab to use the cash proceeds to fund its organic and
inorganic growth plans.

Upon successful listing, all of Grab's convertible redeemable
preference shares (CRPS) will be converted into new ordinary
shares. This eliminates the liquidity risk associated with the
CRPS, which would have -- absent a public listing -- become
redeemable anytime after June 2023. Grab has raised over $10
billion from investors since 2012, all of which are in the form of
CRPS.

Moody's does not expect a material change in management or a shift
away from the Grab's aggressive growth strategy after the merger,
as its founder and CEO Anthony Tan will continue to control the
company through his majority voting rights. Still, Moody's expects
that Grab will maintain a prudent funding approach toward
acquisitions and investments. Moody's also expects the company to
maintain a large cash buffer relative to its cash operating needs
over at least the next three years.

As a public company, Grab will also benefit from access to public
equity markets as an additional source of liquidity.

The rating action also takes into account governance considerations
including broader shareholder ownership following the merger and
better reporting transparency as Grab transitions to a publicly
listed company.

Moody's review will consider, among other things, the company's:
(i) final capital structure following the completion of the SPAC
merger; (ii) operating performance; (iii) financial policies as a
public company, in particular as it relates to share repurchases,
shareholder distributions, financial leverage, and acquisition
strategy; and (iv) structure of its board and management
continuity.

Moody's expects to conclude the review in 90 days.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Founded in 2012, Grab Holdings Inc is a leading ride-hailing and
food delivery company in Southeast Asia. Grab also offers digital
payments and other financial services via its mobile app across
Malaysia, Singapore, Indonesia, Vietnam, Philippines, Thailand,
Cambodia and Myanmar.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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