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

                     A S I A   P A C I F I C

          Thursday, April 22, 2021, Vol. 24, No. 75

                           Headlines



A U S T R A L I A

15 GREEN: Second Creditors' Meeting Set for April 27
BLOCKOUT BLINDS: First Creditors' Meeting Set for April 26
BLUESTONE MORTGAGES: Fitch Affirms B Rating on Class F Notes
HAMELIN BRANDS: Second Creditors' Meeting Set for April 26
JUST GROUP: Faces Legal Action Over Unpaid Rent

NELFARS PTY: First Creditors' Meeting Set for April 28
NOLD TRADING: First Creditors' Meeting Set for April 28
PACIFIC INVESTMENT: First Creditors' Meeting Set for April 27
THOR DEMOLITION: First Creditors' Meeting Set for April 28


C H I N A

CHINA AOYUAN: Moody's Alters Outlook on B1 CFR to Stable
CHINA HONGQIAO: S&P Upgrades ICR to 'BB-', Outlook Stable
REDSUN PROPERTIES: Moody's Affirms B2 CFR, Outlook Positive
TAHOE GROUP: Fitch Withdraws Ratings


I N D I A

AJANTA GARTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
ARIISTO DEVELOPERS: Prestige Takes Over Housing Project in Mulund
ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
DEORA WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category

FIBREMARX PAPERS: CARE Keeps D Debt Ratings in Not Cooperating
ISWARYA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
KCS INFRATECH: CRISIL Cuts Rating on INR7.5cr Term Loan to D
NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating
NAVYA FOODS: CARE Lowers Rating on INR8.95cr LT Loan to B+

NUTRI AGROVET: CRISIL Keeps B Debt Ratings in Not Cooperating
OMVISHKAR EXPORTS: CRISIL Keeps B+ Ratings in Not Cooperating
PNS METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
PRABHA KALYAN: CRISIL Keeps B Debt Rating in Not Cooperating
PRAKHHYAT INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating

R. D. SALES: CRISIL Keeps B Debt Ratings in Not Cooperating
SHREEYA PEANUTS: CARE Keeps C Debt Ratings in Not Cooperating
SIDHANT CREATIONS: CARE Keeps D Debt Ratings in Not Cooperating
SUDARSHAN STEEL: CARE Lowers Rating on INR6.21cr LT Loan to B
SWASTIK COTEX: CRISIL Lowers Rating on INR10cr Cash Loan to B

TATYASAHEB KORE: CARE Withdraws D Ratings on Bank Debts
THIRU AROORAN: NCLT Enters Order to Liquidate Sugar Firm
TNR INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
VISWAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating


I N D O N E S I A

PAKUWON JATI: Fitch Assigns BB Rating on Proposed Unsec. Notes
PAKUWON JATI: S&P Rates New Senior Unsecured Notes 'BB'


J A P A N

[*] BOJ Warns of Risks to Banks from Archegos-type Overseas Funds


N E W   Z E A L A N D

BANZPAY TECHNOLOGY: Fitch Assigns First-Time 'BB-' LT IDR
[*] NEW ZEALAND: Insolvencies in Hospitality Expected to Rise


S I N G A P O R E

KRISENERGY LTD: Restructuring Plan No Longer Viable
MINISTRY OF FOOD: Court Enters Wind-Up Order
SAA GLOBAL: Creditors' Meetings Set for May 5


X X X X X X X X

WIRECARD AG: Sells Subsidiaries in Asia-Pacific Region

                           - - - - -


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

15 GREEN: Second Creditors' Meeting Set for April 27
----------------------------------------------------
A second meeting of creditors in the proceedings of 15 Green Square
Pty Ltd, formerly trading as Regus Fortitude Valley Pty Ltd, has
been set for April 27, 2021, at 10:30 a.m. at the offices of Jones
Partners Insolvency & Restructuring, Level 13, 189 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 26, 2021, at 4:00 p.m.

Bruce Gleeson and Alan Godfrey Topp of Jones Partners were
appointed as administrators of 15 Green Square on March 12, 2021.


BLOCKOUT BLINDS: First Creditors' Meeting Set for April 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Blockout
Blinds Pty. Limited will be held on April 26, 2021, at 11:00 a.m.
via a Zoom meeting at the office of GS Andrews Advisory, 22
Drummond Street, in Carlton, Victoria.

Andrew Juzva of G S Andrews Advisory was appointed as administrator
of Blockout Blinds on April 14, 2021.


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

DEBT        RATING         PRIOR
----        ------         -----
Bluestone Mortgages Warehouse Trust

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

KEY RATING DRIVERS

Asset Performance Resilient to Pandemic: Arrears of 30+ days and
90+ days at end-March 2021 were 7.7% and 1.9%, respectively, above
Fitch's 4Q20 Dinkum Non-Conforming RMBS Index of 2.3% and 1.3%,
respectively. At end-March 2021, the pool had 2.8% of loans on
Covid-19 hardship arrangements.

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

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

The 'AAAsf' weighted-average (WA) foreclosure frequency of 39.7% is
driven by the Fitch-stressed WA unindexed loan/value ratio (LVR) of
69.4%, loans with LVR greater than 80% making up 16.6% of the
portfolio, non-conforming loans stressed by Fitch to 80%,
Fitch-stressed investment loans of 34.3%, Fitch-stressed
interest-only loans of 23.3% and Fitch-adjusted 30+ day arrears of
15.2%. The 'AAAsf' WA recovery rate of 51.5% is driven by the
stressed portfolio's WA indexed scheduled LVR of 70.0% and the
portfolio's 'AAAsf' WA market value decline of 59.0%. Fitch has
removed the additional coronavirus RMBS stress scenario analysis
that was implemented on 28 July 2020, as Fitch believes the
stresses contained in the APAC RMBS criteria are sufficient to
account for any increased defaults related to the pandemic.

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

Limited Liquidity Risk: The transaction benefits from a liquidity
reserve, sized at 2.4% of the outstanding note balance, which is
available to cover the transaction's required payments in a payment
interruption event. Fitch's cash flow analysis incorporates the
availability of excess spread to cover for losses on defaulted
mortgages and interest shortfalls.

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

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

RATING SENSITIVITIES

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

This section provides insight into the model-implied sensitivities
the transaction faces when assumptions - WA foreclosure frequency
or the WA recovery rate - are modified, while holding others equal.
The modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. Fitch modifies the recovery rate to isolate
the effect of a change in recovery proceeds at the borrower level.

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

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

Upgrade Sensitivity:

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

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

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

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

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

Downside Sensitivity

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

Expected impact on note ratings of increased defaults:

Increase defaults by 15%: AAsf / A+sf / A-sf / BBB-sf / B+sf /
below Bsf

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

Expected impact on note ratings of decreased recoveries:

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

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

Expected impact on note ratings of multiple factors:

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

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

Coronavirus Downside Scenario Sensitivity

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Prior to the transaction closing, Fitch did not review the results
of a third-party assessment conducted on the asset portfolio
information.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

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


HAMELIN BRANDS: Second Creditors' Meeting Set for April 26
----------------------------------------------------------
A second meeting of creditors in the proceedings of Hamelin Brands
Pty Ltd has been set for April 26, 2021, at 2:00 p.m. via via Zoom
video-conference.

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 22, 2021, at 4:00 p.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as
administrators of Hamelin Brands on January 27, 2021.


JUST GROUP: Faces Legal Action Over Unpaid Rent
-----------------------------------------------
SmartCompany reports that a landlord of billionaire retailer
Solomon Lew's Just Group has taken legal action against several of
the groups chains, demanding more than $3.5 million in allegedly
unpaid rent.

According to SmartCompany, real estate investment management group
Fortius Funds Management claims that Just Group, which owns Peter
Alexander, Dotti, Jay Jay's, Smiggle and Portmans, did not pay rent
of four stores in Sydney's Mid City Centre shopping complex.

SmartCompany relates that Fortius filed its claim on January 13 in
the NSW Supreme Court, demanding relief of all unpaid rent,
expenses, costs and levies for the four stores from April 2020
until the legal dispute is resolved.

Documents filed by Just Group on February 10 in response to the
claim summarised communication the retailing group had conducted
with its landlord about rent throughout the height of COVID-19
restrictions last year.

Just Group stated that it requested temporary leasing arrangements
in line with the federal and state governments' COVID-19 commercial
leasing code of conduct, SmartCompany relays.

The leasing code was put in place to ensure small-to-medium
business tenants and landlords could negotiate - in good faith -
amendments to rental contracts.

Just Group, however, argued that Fortius "refused to negotiate in
good faith with Just Jeans Group and the tenants for appropriate
temporary leasing arrangements during the COVID-19 pandemic and
subsequent recovery period".

SmartCompany says Just Group stated that its four stores did not
receive an appropriate reduction in operating expenses during the
COVID-19 pandemic, or any reduction in Fortius' statutory charges,
such as land tax and insurance.

SmartCompany notes that the case, which returns to court this week,
is expected to spark a string of similar legal battles as rental
disputes between retailers and landlords increased throughout the
pandemic.

Retailers argue that rent should have been reduced when stores were
closed or foot traffic declined, but landlords argued tenants are
legally obliged to pay rent in accordance with their agreements.

The federal government's commercial leasing code also played a
role. The code was administered by the states, with small business
commissioners assisting small businesses with any disputes when
negotiations failed.

On top of requiring landlords to renegotiate rents with
consideration for the decline in their tenant's turnover, the code
saw states offer land tax support to landlords, and prevented
landlords and tenants from terminating a lease.

The code expired about the same time as the JobKeeper wage subsidy,
SmartCompany notes.

Just Group Ltd. -- https://www.justgroup.com.au/ -- provides men's
and women's clothing apparels. The Company offers street wear
apparel such as sleepwear, loungewear, homewear, and footwear
gifts. Just Group operates retail outlets across Australia.


NELFARS PTY: First Creditors' Meeting Set for April 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Nelfars Pty
Ltd will be held on April 28, 2021, at 10:30 a.m. via
teleconference only from the offices of Hall Chadwick, Level 40, 2
Park Street, in Sydney, NSW.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
Nelfars Pty on April 16, 2021.


NOLD TRADING: First Creditors' Meeting Set for April 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Nold Trading
Pty Ltd, trading as "Arnold's Boat Shop", "240V LED Solutions
Australia" and "Marine LED Solutions Australia", will be held on
April 28, 2021, at 10:30 a.m. via teleconference only.

Andrew Blundell of Worrells Solvency & Forensic Accountants was
appointed as administrator of Nold Trading on April 16, 2021.


PACIFIC INVESTMENT: First Creditors' Meeting Set for April 27
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific
Investment Holding Pty Ltd, trading as Orbis Investments Pty Ltd,
will be held on April 27, 2021, at 10:00 a.m. at the offices of
Hall Chadwick, Level 40, 2 Park Street, in Sydney, NSW.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of Pacific Investment on April 16,
2021.


THOR DEMOLITION: First Creditors' Meeting Set for April 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Thor
Demolition Pty Ltd will be held on April 28, 2021, at 2:00 p.m. at
the offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.

Anne Meagher and David Stimpson of SV Partners were appointed as
administrators of Thor Demolition on April 15, 2021.




=========
C H I N A
=========

CHINA AOYUAN: Moody's Alters Outlook on B1 CFR to Stable
--------------------------------------------------------
Moody's Investors Service has changed the rating outlook on China
Aoyuan Group Limited to stable from positive.

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

"The change in outlook to stable from positive reflects China
Aoyuan's weaker-than-expected 2020 financial metrics and our
expectation that the company's slowly improving credit metrics will
be more consistent with a B1 CFR over the next 12-18 months," says
Celine Yang, a Moody's Assistant Vice President and Analyst.

Specifically, China Aoyuan's debt leverage remains high. Its
adjusted debt increased 35% to RMB140 billion as of end of 2020,
significantly higher than Moody's previous expectation. However,
Moody's expects the company to gradually reduce debt in 2021 and
2022.

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

RATINGS RATIONALE

China Aoyuan's B1 CFR continues to reflect its (1) strong execution
capability even during previous down cycles; (2) established brand
in the economically strong Guangdong Province; and (3) good access
to onshore and offshore funding.

On the other hand, the B1 CFR is constrained by China Aoyuan's high
debt leverage, and modest debt capital structure, given its
relatively large short-term debt, at 46% of its total reported debt
as of the end of 2020.

Moody's forecasts China Aoyuan's debt leverage - as measured by
revenue/adjusted debt - will continue to improve to 60%-66% over
the next 12-18 months from 48% in 2020. This will be driven by the
company's gradual debt reduction and improved revenue recognition
from strong contracted sales growth over the past one to two years.
Similarly, China Aoyuan's adjusted EBIT/interest coverage will
improve to about 2.5x-2.8x over the same period from 2.3x in 2020.
These key credit metrics are appropriate for its B1 CFR when
compared with rated peers.

China Aoyuan has rapidly grown its minority interest and provided
guarantees to joint ventures (JV) and associates as a result of its
increased partnership for its development projects, including its
urban redevelopment businesses. Such a strategy could add
uncertainty to its control over project cash flow and weaken the
transparency of its contingent liabilities.

Moody's also expects the company to prudently pursue growth and use
internal resources to reduce debt over the next one to two years.
As a result, its total adjusted debt will likely decrease slightly
to RMB130 billion-RMB 135 billion over the coming 12-18 months from
RMB140 billion as of December 2020.

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

China Aoyuan's liquidity position is good. The company's cash
balance of RMB70.0 billion as of the end of 2020 covers 134% of its
short-term debt. Such cash holdings, together with the company's
operating cash flow, will be sufficient to cover its short-term
debt and estimated committed land payments over the next 12-18
months.

With respect to governance risk, China Aoyuan's B1 CFR incorporates
the company's concentrated ownership by its key shareholders, Guo
Zi Wen and Guo Zi Ning, who held a total 55.2% stake in the company
as of March 29, 2021. Moody's has considered the presence of
internal governance structures and disclosure standards, as
required under the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange. The company has three special
committees, namely an audit committee, remuneration committee and
nomination committee. All these committees are either chaired or
dominated by independent nonexecutive directors and exercise
supervision over the company. In addition, the company has a stable
dividend policy, with a dividend payout of around 35%-40% of its
net profit for the year attributable to owners of the company over
the past three years.

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

Moody's could upgrade China Aoyuan rating if the company (1)
sustainably grows its contracted sales and revenue through the
cycles without sacrificing its profitability; (2) maintains a
prudent approach to its land acquisitions and financial management;
(3) improves its credit metrics, such that its EBIT/interest
registers 2.5x-3.0x and revenue/adjusted debt improves to 70%-75%
on a sustained basis; and (4) maintains good liquidity, such that
its cash on hand consistently covers its short-term debt and there
is sufficient capacity under its maintenance covenants for bank
loans.

China Aoyuan's rating could be downgraded if growth in its
contracted sales deteriorates, or if the company's credit metrics
weaken, such that its (1) EBIT interest coverage falls below 2.0x;
(2) revenue/adjusted debt fails to trend towards 60%; or (3)
liquidity weakens, with its cash holdings slipping below 1.0x of
short-term debt.

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

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

China Aoyuan Group Limited is one of the leading property
developers in China focusing on the development of mass-market
properties. In March 2019, China Aoyuan spun off its property
management arm, Aoyuan Healthy Life Group Company Limited. (Aoyuan
Healthy Life), which was listed on Hong Kong Stock Exchange.

As of December 31, 2020, the company had property projects in
China, Australia, Canada, Hong Kong and Macao, with a total land
bank of about 57.2 million square meters in gross floor area, which
can cover around three years of property development.

CHINA HONGQIAO: S&P Upgrades ICR to 'BB-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
China Hongqiao Group Ltd. to 'BB-' from 'B+'.

The stable outlook reflects S&P's view that Hongqiao's improved
financial discipline and a robust industry outlook will keep the
company's FFO-to-debt ratio above 40% over the next 12-24 months.

Resilient aluminum prices and higher production volumes will
support Hongqiao's strong EBITDA and operating cash flow
generation.

S&P said, "We expect Hongqiao's annual EBITDA to reach Chinese
renminbi (RMB) 20 billion–RMB23 billion in 2021 and 2022, from
RMB21.9 billion in 2020. A robust recovery in global aluminum
demand will likely support aluminum prices over the next 24 months.
We expect production ramp-up at Hongqiao's new plant in Yunnan
province to drive the volume addition. The company has already
deployed 330,000 tons of production capacity in its phase one 1
million tons relocation to Yunnan, and we expect the remaining
670,000 tons to commence production during the second half of 2021.
As a result, we forecast a 4%-6% increase in aluminum production
volume in 2021, from 5.7 million tons in 2020.

"Hongqiao has become more financially disciplined and will
deleverage over the next 12-24 months. We forecast the company's
annual capital expenditure (capex) will be RMB4.5 billion-RMB5.5
billion in 2021 and 2022. The greater control over spending,
combined with resilient aluminum prices, should help Hongqiao
generate discretionary cash flow of more than RMB2 billion per
year, supporting debt reduction. The company's ratio of funds from
operations (FFO) to debt will likely stay above 40% over the next
two years, higher than 35.4% in 2020 and 26.7% in 2019. We believe
Hongqiao's debt-funded growth phase is over, given the company is
already one of the largest primary aluminum producers globally and
the Chinese government's cap on national aluminum capacity. The
company maintained its annual capex below RMB6.0 billion during
2018-2020, from a recent peak of RMB21 billion in 2016. Its
adjusted debt declined to RMB75 billion at end-2020, from RMB82
billion at end-2018. We anticipate the adjusted debt will fall
further to RMB60 billion-RMB65 billion by end-2022."

Ample cash on hand and diversified financing channels will help
improve the debt maturity profile.

Hongqiao faces substantial debt maturities in 2021. The company has
RMB22.8 billion of short-term bank borrowings due this year. It
also has RMB8.6 billion of public debt due through the rest of 2021
and RMB7.8 billion of bonds puttable in October 2021. An ample cash
balance of RMB45 billion as of end-2020 and the favorable industry
outlook will help Hongqiao manage these debt maturities. The
company's diversified financing channels, including equity
placements, convertible bonds issuance, and offshore syndicated
loans, will also support debt repayment and the lengthening of its
debt maturity profile. Hongqiao has redeemed RMB16 billion of
public debt and rolled over all its bank loans for the year to
date.

S&P said, "The stable outlook on Hongqiao reflects our view that
more disciplined financial management will support the company's
credit strength. We forecast Hongqiao's discretionary cash flows
will remain positive in the next one to two years, supported by
robust aluminum prices and stable production volume, despite
potentially higher production cost. We also expect the company to
continue paying down debt using its cash on hand, building up
buffer at the current rating level.

"We could lower the rating on Hongqiao if the company's FFO-to-debt
ratio falls below 30% over a sustained period. This could happen if
aluminum prices are lower than our expectation or operating costs
and capex are above our estimates. This could also happen if the
unit production cost of the Yunnan project turns out to be much
higher than we expect or if the favorable power tariff in Yunnan is
not sustainable in the long term.

"We could raise the rating on if Hongqiao's FFO-to-debt ratio
exceeds 45% over a sustained period, while its discretionary cash
flow remains positive and it significantly reduces its reliance on
short-term debt for financing. This could happen if the company
further lowers unit production cost, while maintaining disciplined
capex."


REDSUN PROPERTIES: Moody's Affirms B2 CFR, Outlook Positive
-----------------------------------------------------------
Moody's Investors Service has affirmed Redsun Properties Group
Limited's B2 corporate family rating and its B3 senior unsecured
debt rating on its existing notes.

The outlook remains positive.

"The affirmation of Redsun's B2 CFR reflects the company's
well-established market position, especially in Jiangsu province,
and improved funding channels while it pursues stable business
growth," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"The positive outlook reflects our expectation that the company
will continue to grow its operating scale, improve its credit
metrics and maintain good liquidity over the next 12-18 months,"
adds Lai.

RATINGS RATIONALE

Redsun's B2 CFR reflects the company's long operating history of
developing mass-residential properties in Jiangsu province, its
high-quality land bank and growing operating scale, underpinned by
its strong sales execution in the past 2-3 years.

Meanwhile, its rating is constrained by the company's moderate,
though improving, credit metrics, highly concentrated geographic
coverage and significant exposure to its joint venture (JV)
businesses, which weakens corporate transparency.

Moody's expects Redsun's debt leverage, as measured by
revenue/adjusted debt, will strengthen to 60%-65% over the next
12-18 months from 53% in 2020, underpinned by its strong contracted
sales growth over the past 1-2 years, as well as its disciplined
approach to pursuing growth and controlling debt increase.

Moody's also expects Redsun's EBIT/interest coverage will improve
to 2.1x-2.3x over the next 12-18 months from 1.9x in 2020,
reflecting the effect of revenue growth and declining interest
costs, which will more than offset an expected gross profit margin
decline. The company's gross profit margin will slightly decline to
20%-21% over the same period from 22% in 2020, due to rising land
costs and regulatory measures on property selling prices in its
home base.
Redsun's total contracted sales grew 33% to RMB86.5 billion in 2020
from 2019, after recording strong 38% growth to RMB65.1 billion in
2019 from 2018.

Moody's believes Redsun's sizable salable resources, strong sales
execution ability and solid housing demand in the company's core
market, the Yangtze River Delta Area, will enable the company to
further grow its contracted sales to about RMB95 billion-RMB105
billion annually in 2021 and 2022.

Redsun has improved its access to funding over the past 12 months,
especially in the debt capital markets. The company has lengthened
the debt maturity profile and reduced its exposure to trust loans
and asset management borrowings to about 14% of reported total debt
as of the end of 2020, down from 19% at the end of 2019 and 26% at
the end of 2018. These borrowings usually bear higher interest
rates and have shorter maturities than bonds or bank loans.

Redsun's liquidity position is good. Moody's expects the company's
cash holdings, together with expected operating cash inflow, will
be able to cover its maturing short-term debt, unpaid land premiums
and dividend payments over the next 12-18 months. The company's
cash balance of RMB18.5 billion covered 1.6x of its short-term debt
of RMB11.4 billion as of the end of 2020.

The B3 senior unsecured debt rating is one notch lower than the
company's B2 CFR due to structural subordination risk. Majority of
Redsun's claims are at its operating subsidiaries and have priority
over claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG)
considerations, Redsun's CFR considers the company's concentrated
ownership by its key shareholder, Zeng Huansha, who held a 72.29%
direct and indirect stake as of the end of 2020. Moody's has also
considered (1) the presence of three independent nonexecutive
directors on Redsun's seven-member board of directors, (2) the fact
that independent nonexecutive directors chair both the audit and
remuneration committees; (3) Redsun's moderate 25%-30% dividend
payout ratio over the past three years; and (4) the presence of
other internal governance structures and standards as required
under the Corporate Governance Code for companies listed on the
Hong Kong Stock Exchange.

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

Moody's could upgrade Redsun's rating if the company improves its
debt leverage and funding channels while maintaining strong
contracted sales growth.

Credit metrics indicative of a potential upgrade include (1)
revenue/adjusted debt rising above 55%, (2) EBIT/interest coverage
rising above 2.0x-2.25x, and (3) cash/short-term debt above 1.25x,
all on a sustained basis.

Given the positive outlook, it is unlikely that Redsun's rating
will be downgraded in the near term. However, Moody's could revise
the outlook to stable if the company fails to improve its credit
metrics or maintain adequate liquidity over the next 12-18 months.

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

Founded in 1996, Redsun Properties Group Limited listed on the Hong
Kong Stock Exchange in July 2018. Its headquarters are in Shanghai
and Nanjing.

Redsun engages in real estate development, commercial properties
and hotel operations in China. As of the end of 2020, the company's
total saleable resources comprised a gross floor area of around 20
million square meters, with its footprint spread across 60 cities
in China.


TAHOE GROUP: Fitch Withdraws Ratings
------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Tahoe Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'RD' (Restricted Default), and the senior unsecured rating of
'C' with a Recovery Rating of 'RR4'.

Tahoe has chosen to stop participating in the rating process.

Fitch has withdrawn the ratings because the agency does not have
sufficient information to provide ratings on the entity or its debt
instruments.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

Not applicable, as the ratings have been withdrawn.

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

Tahoe has an ESG relevance score of '4' for Management Strategy due
to its weak liquidity management.

Tahoe has an ESG relevance score of '4' for Financial Transparency
due to its application of aggressive accounting policies before it
changed its auditor to Dahua CPA, whose stricter accounting
standards led to the reclassification of some long-term borrowings
as short-term debt in 2019.

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.

Fitch will no longer be providing the associated ESG Relevance
Scores for the issuer following the withdrawal of Tahoe's ratings.




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

AJANTA GARTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajanta Gartex
Processors Private Limited (AGPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Long Term       0.8         CRISIL B/Stable (Issuer
   Bank Loan Facility                   Not Cooperating)

   Term Loan                7.5         CRISIL B/Stable (Issuer
                                        Not Cooperating)

   Working Capital          0.7         CRISIL B/Stable (Issuer
   Facility                             Not Cooperating)

CRISIL Ratings has been consistently following up with AGPPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AGPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

AGPPL, incorporated in April 2005 is an Uttar Pradesh based company
promoted by Sh. Rajender Kumar Chindalia and Sh. Babu Lal Daga.
AGPPL is engaged in the processing and dyeing of fabric and
garments. The plant of AGPPL is located in Ghaziabad District,
U.P., having built up on an area of 10,000 square feet
approximately. The manufacturing facility is owned by a group
partnership firm in which Shri Babu Lal Daga is a partner. The
company is paying rent to the partnership firm for using the said
facility.


ALM METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ALM Metals
and Alloys Limited (ALM) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        0.22         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           3.50         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      6.00         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    9.06         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan             1.22         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ALM for
obtaining information through letters and emails dated September
28, 2020 and March 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ALM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALM continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2010-11, ALM commenced production in February 2012.
The company manufactures aluminium ingots from aluminium scraps,
for use in the automobile industry. The company is part of
Dubai-based AnM group which runs 6-7 similar units in the Middle
East, the US and South Africa. Operations are managed by promoters
Mr. Asif Rab and Mr. Pragnesh Patel. The company's facilities are
located in Rajkot, Gujarat.

ARIISTO DEVELOPERS: Prestige Takes Over Housing Project in Mulund
-----------------------------------------------------------------
The Times of India reports that Bengaluru-based Prestige Estates
Projects has stepped in to take over a project in Mumbai's Mulund
suburb by cash-strapped Ariisto Developers, which will benefit 350
to 400 homebuyers and lenders to the stuck project.

According to the report, the committee of creditors representing
the lenders had approved a hybrid plan where Prestige will pay
upfront cash of INR370 crore and provide the lenders with 8 lakh
square feet built-up commercial area. This has led to the
resolution of INR1,650 crore of debt of the approximately INR2,200
crore owed by Ariisto Developers.

This is one of the largest real estate resolutions in Maharashtra
in recent times, the report notes. The project was stuck for over a
decade due to legislation. The property was planned on a 30-acre
hill-facing plot in Mulund. This will be Prestige's first major
project in Mumbai.

Legal firm Rajani Associates acted as adviser to the corporate
insolvency resolution professional of Ariisto Developers. Speaking
to TOI, Ashish Parwani, partner at Rajani Associates, said that the
National Company Law Tribunal has approved the transaction. "This
is a win-win resolution for the buyers and the lenders as the
project was stuck for more than 12 years," said Parwani.

Prestige has agreed to complete the project and has also promised
to deliver the commercial premises to the lenders in four years,
TOI says.  Parwani said that the lenders would be free to sell the
commercial property to anyone.

There are 104 financial creditors admitted under the insolvency
process. Some of the big names in the list are HDFC, IIFL Trustee,
Indiabulls Housing Finance and JM Financial, TOI discloses.

                      About Ariisto Developers

Ariisto Realtors Private Limited operates as a real estate
developer. The Company owns and develops residential and commercial
properties. Ariisto Realtors serves customers in India.

In November 2018, the National Company Law Tribunal (NCLT) admitted
insolvency proceedings against the developer. Ariisto Realtors owed
around INR2,500 crore to various lenders that includes HDFC Ltd,
IIFL Trustee Ltd and Indiabulls Housing Finance Ltd.


ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aso Agro
Private Limited (AAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AAPL to monitor the rating
vide e-mail communications/letters dated February 4, 2021, February
8, 2021 February 10, 2021, and numerous phone calls. However,
despite our repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further, AAPL
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on AAPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further due diligence with the banker and auditor could not be
conducted.

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

Detailed description of the key rating drivers

At the time of last rating on January 20, 2020 the following were
the rating strengths and weaknesses. (Updated the information
available from Ministry of Corporate Affairs).

Key Rating Weaknesses

* Delay in debt servicing: There was delay in servicing of term
debt of the company.

Incorporated in April 2017, Aso Agro Private Limited (AAPL) was
promoted by the Agarwal family of West Bengal to set up a rice
milling and processing plant. The company has successfully set up
its milling and processing plant with aggregate cost of INR19.15
crore funded at debt equity of 4.64x and started its commercial
operations from March 2019. The plant of the company is located at
Gurap, West Bengal with an installed capacity of 60000 metric tons
per annum (MTPA). The company procures its raw material from local
farmers and traders and finished products sells to the local
traders and wholesales.

DEORA WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deora Wires
N Machines Private Limited (DWMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term
   Bank Facilities      2.45       CARE D; ISSUER NOT COOPERATING  
      
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

CARE had, vide its press release dated February 11, 2020, placed
the rating of DWMPL under the 'issuer non-cooperating' category as
DWMPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. DWMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 2, 2020, January 8, 2021 and February 18, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account delay in servicing of its debt
obligations.

Key rating weakness

At the time of last rating on February 11, 2020 the following was
the rating weakness:

* Delay in debt servicing: There are delays in repayment of debt
obligations of the company in last 90 days.

Surat-based (Gujarat) SCPL was incorporated in 2008 as a private
limited company by Dhingra family. SCPL is into the business of
manufacturing of designer sarees and lehengas. SCPL is operating
from its sole manufacturing plant located in Surat (Gujarat) with
an installed capacity of manufacturing 40,000 pieces of designer
sarees p.a. and 40,000 pieces of lehengas p.a. as of March 31,
2018. The promoters also run another entity Sidhant Fabrics which
undertakes embroidery-related job work for SCPL.

FIBREMARX PAPERS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fibremarx
Papers Private Limited (FPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       38.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.50      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 March 12, 2020, placed the
rating(s) of FPPL under the 'issuer non-cooperating' category as
FPPL had failed to provide information for monitoring of the
rating. FPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated March 31, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been reaffirmed on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on March 12, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Stressed liquidity and delays in debt servicing: There are delays
in debt servicing by the company due to its stressed liquidity
position.

Fibremarx Papers Private Limited was incorporated in January 2006
and commenced its commercial operations in May 2006. The company is
promoted by Mr Jasdeep Singh Goraya and his brother Simrandeep
Singh Goraya. It is engaged in manufacturing of writing & printing
paper (WPP) paper, kraft paper and newsprint paper at its
manufacturing facility located at Udham Singh Nagar, Kashipur,
Uttrakhand. The main raw material used by the company is waste
paper which is procured domestically and also imported.

ISWARYA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Iswarya
Enterprises (IE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Overdraft Facility         9        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with IE for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of IE
continues to be 'CRISIL D Issuer Not Cooperating'.

Formed in 2004 as a partnership firm, IE is engaged in processing
of groundnut kernels. The firm is based out of Nallacheruvu, Andhra
Pradesh and is promoted by Mr. Ramanath.

KCS INFRATECH: CRISIL Cuts Rating on INR7.5cr Term Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of KCS Infratech LLP (KCS) to 'CRISIL D' from 'CRISIL
B-/Stable'.  The rating downgrade reflects the delays servicing
debt obligation in the last three months.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             6          CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Term Loan               7.5        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating continues to reflect the firm's average financial risk
profile and large working capital requirement. These weaknesses are
partially offset by the strategic location of the plant and
extensive experience of the promoters in the construction materials
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing debt obligation: KCS has availed term loan
amount of INR7.50 crore and GECL loan 2.52 crore from the Punjab
National Bank. There have been instances of delays in principal as
well as interest payments by the firm over the past few months on
account of weak liquidity.

* Average financial risk profile: Gearing has been high at around
2.90 times as of March 31, 2020. Debt protection metrics are
subdued, with interest coverage and net cash accrual to total debt
ratio estimated at 1.27 times and 0.02 time, respectively, in
fiscal 2020.

* Large working capital requirement: As stone extraction cannot be
carried out during monsoon, inventory during June-August (though
build-up starts during February to March) is sizeable at 180-300
days.

Strengths

* Strategic location of the plant: The plant is near the Gaula
river bed in Haldwani, Uttarakhand, which has ample stones. This
substantially lowers transportation cost.

* Extensive experience of the promoters in the construction
materials industry: The promoters' experience of 2 decades, strong
understanding of local market dynamics, and healthy relationships
with customers and suppliers will continue to support the
business.

Liquidity: Poor

Liquidity is likely to remain under pressure over the medium term,
mainly due to large working capital requirement, which has led to
delays in payment to the bank. Bank limit utilization is fully
utilized in the 12 months through Mar'21

Rating Sensitivity Factors

Upward factors

* Track record of timely payment of interest and regularisation of
cash credit for more than three months
* Improvement in scale of operations along with profitability.

Set up as a limited liability partnership firm in November 2017 by
Mr. Ajay Vaish, Mr. Mahesh Tiwari, Mr. Rakesh Jaiwal, Mr. Ramesh
Vaish, and Mr. Suresh Chandra, KCS crushes stone. Its plant has
capacity of 200 tonne per month.


NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of National
Rice Mill (NRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NRM to monitor the rating
vide e-mail communications/letters dated March 31, 2021, April 6,
2021, April 7, 2021 and numerous phone calls. However, despite
repeated requests, the entity 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 the
publicly available information which, however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on NRM's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further, the banker could not be contacted.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: There is continuous overdrawn in cash
credit account more than 30 days.

Established in January 2009, National Rice Mill (NRM) is engaged in
the rice milling and processing activities at its plant located at
Hooghly, West Bengal with aggregate installed capacity of 16,800
MTPA. Mr. Bansi Badan Dey, having around two decades of experience
in the rice milling industry, looks after the day-to-day operations
of the entity. He is supported by other partner Mrs. Lekha Dey and
a team of experienced professionals.


NAVYA FOODS: CARE Lowers Rating on INR8.95cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Navya Foods Private Limited (NFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.95      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 had, vide its press release dated February 28, 2020, placed
the rating(s) of NFPL under the 'issuer non-cooperating' category
as NFPL had failed to provide information for monitoring of the
rating. NFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated March 2020 to April 1, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by Navya Foods Private
Limited with CARE's effort to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile.

Detailed description of the key rating drivers (Updated for the
information available in ROC)

The revision in the ratings assigned to the bank facilities of
Navya Foods Private Limited (NFPL) takes into account decline
profitability margins in FY20. The ratings continue to be tempered
by small scale of operations along with Presence in highly
fragmented and competitive industry with high customer
concentration risk. However, the rating continues to derive benefit
from Long track record with experienced promoters for more than
three decades in food industry, Satisfactory capital structure and
debt coverage indicators, Location advantage with presence in mango
cultivation area, Healthy demand outlook for processed food.

Key Rating Weakness

* Small scale of operations along with decline profitability
margins in FY20: The scale of operations of the company stood
Modest marked by Total operating income of INR50.25 crore in FY20
increased from INR40.78 crore in FY19 with Moderate net worth base
of INR12.32 crore as of March 31, 2020 as against INR11.07 crore as
of March 31, 2019 as compared to other peers in the industry. The
PBILDT margins of the company has decreased from 9.76% in FY19 to
7.62% in FY20, However PAT margin of the company has marginally
increased from 2.40% in FY19 to 2.48% in FY20.

* Presence in highly fragmented and competitive industry with high
customer concentration risk: The company is engaged in the
processing of pulps and tomato paste wherein there are large number
of units operating in similar business. Thus, the competition among
the players remains very high resulting in high fragmentation and
further restricts the profitability. The company has 90% of total
orders from Exotic Fruits Private Limited resulting in customer
concentration risk.

Key Rating Strengths

* Long track record with experienced promoters for more than three
decades in food industry: The promoters have been engaged in the
food processing industry for more than three decades. Mr Ramesh,
has more than three decades of experience in this industry and was
handling family business. Mrs. Ramadevi is a qualified graduate,
while Mr. Ramesh is a qualified Engineer and actively involved in
the day-to-day operations of the company, i.e., the production and
other operational activities.

* Satisfactory Capital Structure and Debt coverage indicators: The
Capital Structure of the company marked by Overall gearing ratio
improved from 1.18x as of March 31, 2019 to 1.01x as on March 31,
2020 at back of increase in the net worth.  The debt coverage
indicators of the company remained Satisfactory during review
period. Total debt/GCA Stood at 4.78x in FY20 deteriorated from
4.92x in FY19 due to decreased in GCA. Furthermore, interest
coverage ratio has improved from 2.98x in FY19 to 3.07x in FY20 due
to decreased in interest charges. Total debt/CFO stood at 5.00x as
on March 31, 2020.

* Location advantage with presence in mango cultivation area: NFPL
is well connected to prominent mango growing belts. The company
enjoys proximity to the mango growing areas of Chittoor. Hence, it
derives benefits from lower logistics expenditure (both on
transportation and storage), easy availability of labor and
procurement of mangoes at competitive prices, and consistent demand
for finished goods resulting in sustained revenue visibility.

* Healthy demand outlook for processed food: India is the largest
producer of mango, due to its tropical climate and it accounts for
16 lakh hectare cultivation or roughly half of the total world's
total area under mango cultivation. Mexico, China, Philippines and
African countries are other major producers of the fruit. There are
30 main varieties under cultivation in India, chiefly Dashehari,
Alphonso, Kesar, Banganpalli and Langda.

Andhra Pradesh based, Navya Foods Private Limited (NFPL) was
incorporated in 2009 and promoted by Mr. Ramesh and his relatives
and started commercial operations subsequently. Mr. Ramesh has more
than three decades of experience in food processing industry. The
company is engaged in processing of mango pulp, guava and other
fruit pulps and the processing unit is located at Chittoor
district, Andhra Pradesh, with an installed capacity of 250 metric
tons (MT) per day. The company procures its raw materials (fruits)
from the local market i.e., from local farmers. NFPL sells more
than 90% of its products to Exotica Foods Pvt Ltd (IND BBB-(ISSUER
NOT COOPERATING) as of May 29, 2018).


NUTRI AGROVET: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nutri Agrovet
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             5          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan               2          CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Nutri for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Nutri, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Nutri
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Nutri continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Nutri, set up in 2013, manufactures poultry feed with capacity of
100 tonne per day. The firm has a manufacturing facility in Kanpur,
Uttar Pradesh. Nutri is a partnership firm with Mr. Ajay Tiwari,
Mr. Mohammad Imran, Mr. Jitendra Dixit, Mr. Mahanand Pathak and Mr.
Mohammad Naseem as partners.


OMVISHKAR EXPORTS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Omvishkar
Exports (OE) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Working        3         CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

   Export Packing         12         CRISIL B+/Stable (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with OE for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of OE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 1996, OE trades in agro commodities. The firm's
operations are managed by Mr. MD Siva Kumar.

PNS METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PNS Metals
Limited (PML) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             9          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Cash           9          CRISIL B/Stable (Issuer Not
   Credit Limit                       Cooperating)

CRISIL Ratings has been consistently following up with PML for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PML, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PML continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PML, incorporated in 2001, is promoted by Jamnagar (Gujarat)-based
Mr. Ajay Sayani and family. The company manufactures, exports, and
trades in brass fasteners and fittings.


PRABHA KALYAN: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prabha Kalyan
Samiti (PKS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan               6.5        CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with PKS for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PKS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PKS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Formed in 2003, PKS runs a college and school in Kanpur and
Lucknow, respectively. The trust is managed by Mr. Akhilesh Katiyar
and Mr. Ravikant Gadiyal.


PRAKHHYAT INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prakhhyat
Infraprojects Private Limited (PIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Drop Line               5          CRISIL D (Issuer Not
   Overdraft                          Cooperating)
   Facility                
                                       
   Proposed Long           3           CRISIL D (Issuer Not
   Term Bank                           Cooperating)
   Loan Facility           
                                       
   Term Loan              19           CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL D Issuer Not Cooperating'.

PIPL was promoted in 2008 by Mr. Naresh Sharma, Mr. Rakesh Jain,
Mr. Sandeep Bagla, Mr. Sumeet Balotia, Mr. Manish Shah, and Mr.
Satyanarayan Rathi. The promoters are business acquaintances with
interests mainly in the textile sector. The company develops
commercial real estate and is implementing a commercial project, K
Square, comprising warehouses and industrial buildings near
Bhiwandi (Maharashtra). Its registered office is in Mumbai.


R. D. SALES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. D. Sales
(RDS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             4          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Electronic Dealer       4          CRISIL B/Stable (Issuer Not
   Financing Scheme                   Cooperating)
   (e-DFS)                 
                                      
   Proposed Long Term      4          CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with RDS for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RDS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RDS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RDS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RDS was set up as a proprietorship concern by Mr. Anil Bansal in
2007 and is based in Delhi. It was reconstituted as a partnership
firm in 2012. The firm trades in steel and is an authorized dealer
of Steel Authority of India Ltd for north Delhi.

SHREEYA PEANUTS: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shreeya
Peanuts Private Limited (SPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.46      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Long Term/           15.00      CARE C/CARE A4; ISSUER NOT  
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable/
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 8, 2020 placed the
ratings of SPPL under the 'issuer non-cooperating' category as SPPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SPPL have been
revised on account of IBBI's (Insolvency and Bankruptcy Board of
India) public announcement, under which it has been noted that the
Hon'ble National Company Law Tribunal, Ahmedabad Bench, vide its
order dated March 24, 2021 has ordered the admission of a Corporate
Insolvency Resolution Process (CIRP) against Shreeya Peanuts
Private Limited with respect to default in payment to its financial
creditor, under the provisions of the Insolvency and Bankruptcy
Code, 2016. However, there are no delays in debt servicing of its
bank facilities rated by CARE, as per banker interaction.

Detailed description of the key rating drivers

At the time of last rating done on May 08, 2020 the following were
the rating strengths and weaknesses.

Key rating weaknesses

* Moderate scale of operations and profitability, leveraged capital
structure and moderate debt coverage indicators: The scale of
operations as marked by Total Operating Income (TOI) of SPPL
remained moderate during FY18 at INR67.31 crore as against INR40.24
crore in FY17. PBILDT margin decreased by 286 bps y-o-y and
remained moderate at 6.17% in FY18 as against 9.03% in FY17.
However, SPPL has booked net profit of INR0.30 crore in FY18 as
against net loss of INR0.26 crore in FY17. As on March 31, 2018,
financial risk profile continued to remain leveraged marked by an
overall gearing of 4.32 times as against 5.08 times as on March 31,
2017 while debt coverage indicators of SPPL remained moderate
marked by interest coverage ratio of 2.07 times and total debt to
GCA of 10.11 times as against interest coverage ratio of 1.94 times
and total debt to GCA of 12.40 times as on March 31, 2017.

* Presence in highly competitive and fragmented industry with
seasonality associated with availability of raw material; thus
exposing profitability to fluctuation in raw material prices: The
Indian edible oil industry is characterized by a high degree of
competition, resulting from high fragmentation due to the low entry
barriers and low capital intensity of the business. Further, the
prices of agricultural commodities are volatile in nature and are
linked to production in domestic market and global demand-supply
situation. The prices of agro commodities are also affected by the
changes in government regulations and vagaries of weather affecting
production of peanuts. With limited value addition and raw material
being the major cost component, its profitability is exposed to
fluctuation in raw material prices.

Key Rating Strengths

* Experienced Promoters: SPPL's is managed by Mr Dayabhai Thumar
and Mr Usmanbhai Kasmani. Mr Dayabhai Thumar, Chief Executive
Officer, has more than three decades of experience in the industry
and Mr Usmanbhai Kasmani (Director) has six years of experience in
the industry.

* Proximity to raw material procurement area of Gujarat: The
processing facility of SPPL is located at Gondal (Gujarat). Gujarat
is considered as one of the leading groundnut growing states in the
country. SPPL's presence in groundnut producing region results in
benefit derived from lower logistic expenditure, easy availability
and procurement of raw materials at effective prices and consistent
demand for finished goods resulting in sustainable and clear
revenue visibility

Incorporated in October 2013, Shreeya Peanuts Private Limited
(SPPL) is engaged in groundnut oil milling, solvent extraction and
refinery of edible oil with an installed capacity for the oil mill
plant is 22,000 MTPA, 44,000 MTPA for the solvent plant and 22,000
MTPA for the refinery plant.

SIDHANT CREATIONS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sidhant
Creations Private Limited (SCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.56       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

CARE had, vide its press release dated February 12, 2020, placed
the rating of SCPL under the 'issuer non-cooperating' category as
SCPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 25, 2020, January 8, 2021 and February 18, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account on-going delay in servicing of its
debt obligations.

Key rating weakness

At the time of last rating on February 12, 2020 the following was
the rating weakness:

* Delay in debt servicing: There are on-going delays in repayment
of debt obligations of the company.

Surat-based (Gujarat) SCPL was incorporated in 2008 as a private
limited company by Dhingra family. SCPL is into the business of
manufacturing of designer sarees and lehengas. SCPL is operating
from its sole manufacturing plant located in Surat (Gujarat) with
an installed capacity of manufacturing 40,000 pieces of designer
sarees p.a. and 40,000 pieces of lehengas p.a. as on March 31,
2018. The promoters also run another entity Sidhant Fabrics which
undertakes embroidery related job work for SCPL.

SUDARSHAN STEEL: CARE Lowers Rating on INR6.21cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Sudarshan Steel (SSS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.21      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 SSS to monitor the rating
vide e-mail communications/letters dated March 18, 2021, March 22,
2021, March 24, 2021 and numerous phone calls. However, despite
repeated requests, the entity 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 the
publicly available information which, however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on SSS's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING. Further, the banker could not be contacted.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Proprietorship nature of constitution: SSS, being a
proprietorship firm, is exposed to inherent risk of proprietor's
capital being withdrawn at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of the
proprietor. Furthermore, proprietorship firms have restricted
access to external borrowing as credit worthiness of proprietor
would be the key factors affecting credit decision for the
lenders.

* Small scale of operation with low profitability margin: SSS is a
small player in iron and steel products manufacturing business with
total operating income of INR59.64 crore and PAT of INR0.30 crore,
respectively, in FY18. Furthermore, the total capital employed was
also modest at INR9.77 crore as of March 31, 2018. The small scale
restricts the financial flexibility of the firm in times of stress.
During H1FY19, the firm has achieved total operating income of
INR72.95 crore. Furthermore, the profitability of the firm has been
low over the years. PBILDT margin and PAT margin were 2.04% and
0.51%, respectively, during FY18.

* Lack of backward integration vis-à-vis volatility in prices The
degree of backward integration defines the ability of the firm to
minimize price volatility risk and withstand cyclical downturns
generally witnessed in the iron and steel industry. SSS does not
have any backward integration for its basic raw material (iron
billets or ingots) and will purchase the same from open market.
Since the raw material is the major cost driver and raw material
prices are volatile in nature, the profitability margin of the firm
will remain susceptible to fluctuation in raw material prices.

* Highly competitive and fragmented industry: The spectrum of the
steel industry in which the firm operates is highly fragmented and
competitive marked by the presence of numerous players in India.
Hence the players in the industry do not have pricing power and are
exposed to competition-induced pressures on profitability. This
apart, SSS's products being steel-related, it is subjected to the
risks associated with the industry like cyclicality and price
volatility.

* Working capital intensive nature of operation: SSS's business,
being manufacturing of steel products, is working capital
intensive. During FY18, operating cycle was around 29 days. Average
utilization of bank borrowing was around 95% during the last 12
months ended Nov 2018.

Key Rating Strengths

* Experienced promoters with satisfactory track record of
operation: SSS is currently managed by Mr. Naresh Agrawal,
proprietor, and a team of experienced personnel. The proprietor is
having over two decades of experience in similar line of business.
This apart, the firm is in operation from the year 2012, thus
enjoying a long track record of operation.

* Weak financial risk profile marked by moderately leveraged
capital structure and moderate debt coverage indicators: The
financial risk profile of the firm was moderate. Debt-Equity ratio
and Overall gearing ratio was at 0.33x and 1.36x respectively as of
March 31, 2018. Moreover, debt protection indicators were also
moderate as marked by interest coverage ratio of 2.17x and total
debt to gross cash accruals ratio was high at 6.54x during FY18.
Current ratio was adequate at 1.30x as of March 31, 2018.

Shree Sudarshan Steel (SSS) was incorporated during the year 2012
to initiate an iron and steel products manufacturing unit. The firm
installed a manufacturing unit at Urla Industrial Area in Raipur
with an installed capacity of 5,000 MTPA. The firm manufactures
iron and steel products like MS Angle, channel, round etc. The
day-to-day affairs of the firm are looked after by Mr. Naresh
Agrawal, Proprietor, along with a team of experienced personnel.

SWASTIK COTEX: CRISIL Lowers Rating on INR10cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Swastik Cotex (SC) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SC for
obtaining information through letters and emails dated September
28, 2020 and March 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SC
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

SC, a partnership firm set up in 2013, is promoted by members of
the Rajkot (Gujarat)-based Sangani and Sejpal families, who have
experience of over 35 years in the cotton industry. The firm gins
and presses cotton and commenced commercial operations in January
2014.

TATYASAHEB KORE: CARE Withdraws D Ratings on Bank Debts
-------------------------------------------------------
CARE Ratings has withdrawn the ratings on certain bank facilities
of Shree Tatyasaheb Kore Warana Sahakri Sakhar Karkhana Limited
(STKSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/             -        Rating continues to remain
   Short Term                      under ISSUER NOT COOPERATING
   Bank Facilities                 category; Reaffirmed at
                                   CARE D/CARE D; ISSUER NOT
                                   COOPERATING and Withdrawn

   Long Term              -        Rating continues to remain
   Bank Facilities                 under ISSUER NOT COOPERATING
                                   category; Reaffirmed at
                                   CARE D/CARE D; ISSUER NOT
                                   COOPERATING and Withdrawn

Detailed Rationale & Key Rating Drivers

CARE has reviewed and reaffirmed the rating assigned to the bank
facilities of STKSL at CARE D; Issuer not Cooperating and has
simultaneously withdrawn it, with immediate effect. The
reaffirmation of the ratings continues to factor in the delays in
the debt servicing.  The rating withdrawal is at the request of
STKSL and 'No Objection Certificate' received from the banker that
has extended the facilities rated by CARE.

Detailed description of the key rating drivers

At the time of last rating on December 22, 2020 the following were
the rating weaknesses

Key Rating Weaknesses

* Delay in debt servicing: As per the banker feedback, there are
ongoing delays in the debt servicing due to stretched liquidity
position.

STKSL was incorporated by Late Mr. Tatyasaheb Kore in September
1955 under 'The Maharashtra Co-operative Societies Act 1960'as
Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Cooperative Society
Limited. STKSL is a part of the Kolhapur-based 'Warana Group'. The
spectrum of operations of the 'Warana Group' spans areas of
education, cooperative bank (Warana Sahakari Bank Limited),
co-operative poultry farm and processing and manufacturing of dairy
products housed under Shree Warana Sahakari Dudha Utpadak Prakriya
Sangh Limited. STKSL is engaged in crushing of sugar and the
Partially integrated sugar factory of Warana is in Taluka Panhala,
District Kolhapur, and Maharashtra.


THIRU AROORAN: NCLT Enters Order to Liquidate Sugar Firm
--------------------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT),
Chennai, has ordered liquidation of Thiru Arooran Sugars Ltd. after
lenders did not find any viable plan for revival of the company.

In 2019, the NCLT had ordered insolvency proceedings against Thiru
Arooran Sugars in a case filed by the State Bank of India (SBI) for
alleged default of INR149.36 crore, The Hindu notes.

An SBI-led consortium, which included Punjab National Bank, IDBI
Bank, UCO Bank and Union Bank of India, had granted credit facility
to the tune of INR159.94 crore to the company in 2016, the report
recalls.

In his petition, R. Raghavendran, the resolution professional for
Thiru Arooran Sugars, said that the liquidation value for the land
and building had been fixed at about INR183.2 crore, according to
The Hindu.

A resolution plan was submitted by M/s KALS Distilleries Private
Ltd., which was rejected by the committee of lenders, having a
voting share of 76.02% and hence deemed to have voted for
liquidation of Thiru Arooran Sugars, he added.

The NCLT appointed Ramakrishnan Sadasivan as the liquidator to
carry out the liquidation process, the report notes.

In May 2019, the Economic Offences Wing (EOW) of the Cuddalore
district police had arrested R.V. Tyagarajan, chairman-cum-managing
director of Thiru Arooran Sugars, on charges of cheating more than
1,500 sugarcane farmers to the tune of INR80 crore.

Incorporated in 1954, Thiru Arooran Sugars Limited is one of the
oldest sugar companies in India. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD of
cane crushing capacity in its two plants, and a 60-KLPD distillery.
The plants are integrated with a 47.10-MW cogeneration unit of the
company's subsidiary Terra Energy Limited (TASL holds 66.19% stake
in Terra Energy Limited), with which it has barter arrangement for
supply of steam and power.


TNR INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of TNR
Industries Private Limited (TIPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             7          CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Long Term      8          CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with TIPL for
obtaining information through letters and emails dated September
28, 2020 and March 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TIPL continues to be 'CRISIL C Issuer Not Cooperating'.

TIPL, set up in 2011, manufacture of Unplasticized Polyvinyl
Chloride (UPVC) and leasing of RMC facility. Based in Hyderabad,
the company is promoted by Mr. T Narsimha Rao and his family.

VISWAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viswam
Educational Society (VES) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan         4.96        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.04        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft      4.00        CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with VES for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VES continues to be 'CRISIL D Issuer Not Cooperating'.

VES, a society was established in 1991, and the overall operations
of the trust are being managed by its secretary Mr. Prabhakar
Reddy. It runs 5 educational institutions under the Viswam brand.
Its schools and colleges are located in and around Chittoor (Andhra
Pradesh).




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

PAKUWON JATI: Fitch Assigns BB Rating on Proposed Unsec. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based developer PT Pakuwon
Jati Tbk's (PWON, BB/Stable) proposed senior unsecured notes a 'BB'
rating. The proposed notes will be issued by PWON and guaranteed by
certain subsidiaries. The notes are rated at the same level as
PWON's Issuer Default Rating (IDR), as they will constitute its
direct, unsecured and unsubordinated obligations. PWON plans to use
the proceeds to refinance USD250 million in notes due February 2024
and for general corporate purposes.

PWON's high cash balance, low leverage and mature investment
properties allow the company to absorb the impact of the
coronavirus pandemic while maintaining a high rating headroom. PWON
reported non-development EBITDA/net interest expense of around 12x
at end-2020, which was comfortably above its negative rating
sensitivity of 3x. This ratio remains strong even after accounting
for a sharp decline in non-development EBITDA and lower cash
balance due to the acquisition of two shopping malls and a hotel in
November 2020. Fitch expects the non-development EBITDA/net
interest ratio to remain stable at around 12x in 2021 before
increasing further in 2022 in line with a gradual economic
recovery.

KEY RATING DRIVERS

Easing Rebates, High Occupancy: Fitch expects rent rebates to ease
and gradually improve from 2H21 in line with Fitch's expectation of
economic recovery. Fitch expects non-development EBITDA to improve
to 80% of 2019's level in 2021 and fully recover by end-2022, from
60% in 2020. Average monthly rents fell by 30%-50% in 2020, led by
temporary rebates to tenants to account for lower traffic at its
malls. The rebates, however, helped PWON to maintain average
occupancy above 90%, which supported revenue from service charges
to pay for operating costs.

Risks to Recovery: The government's efforts to roll out the
coronavirus vaccination programme, coupled with stimulus to bolster
the economy such as income-tax relief and cash transfers, will
boost consumption and consumer sentiment. However, any delay to the
vaccine rollout, including supply shortages, leading to a return to
stricter social distancing measures, is a key risk to Fitch's
recovery expectations.

Robust Portfolio, Concentrated Assets: PWON's rating is driven by
its portfolio of mature and well-located investment properties in
Jakarta and Surabaya, which provide strong net interest coverage of
more than 10x. PWON's rating is constrained by its high asset
concentration, with more than 70% of its investment property EBITDA
stemming from four mature mixed-use projects in two cities.

The new assets acquired in November 2020 are small relative to its
existing portfolio. The pandemic may also delay the execution of
greenfield projects, which means Fitch does not expect asset
concentration to improve meaningfully over the medium term to
warrant a higher rating.

Prudent Project Execution: PWON's financial profile is supported by
a prudent strategy in developing its mixed-use projects. It has
only one greenfield project in Bekasi, a satellite city east of
Jakarta, where the construction of residential and commercial
components will be done in stages.

PWON has also secured enough pre-sales for the construction of the
first tower it launched for the project. Fitch thinks execution
risk for PWON's other development projects is manageable because
they are part of existing projects, and most have secured enough
pre-sales to fund construction.

Weak Links with Parent: Fitch assesses the ties between PWON and
its parent, PT Pakuwon Arthaniaga, a closely held business of the
Tedja family that owns 68.7% of PWON, as weak. The weak legal and
operating linkages with the parent are evident from the protection
for bondholders in bond documents and local regulatory oversight of
related-party transactions. The weak linkages allow PWON's rating
to be notched up from the parent's consolidated profile.

DERIVATION SUMMARY

PWON's profile is comparable with that of Indonesian property
developer PT Bumi Serpong Damai Tbk (BSD, BB-/Stable) and
real-estate investment trust Lippo Malls Indonesia Retail Trust
(LMIRT, BB-/Negative).

PWON's rating is driven by its larger non-development EBITDA scale
of around IDR1.1 trillion in 2020, which Fitch expects to rise to
IDR1.6 trillion in 2021, compared with BSD's below IDR1 trillion in
2020-2021. PWON's larger non-development EBITDA is due to sizeable,
well-located and mature mixed-use properties, compared with BSD's
portfolio of standalone offices, less-prime hotels and smaller
malls. This, together with PWON's stronger balance sheet, supports
a one-notch higher rating than BSD, and offsets PWON's more risky
property-development business, which is smaller in scale and
focuses on narrower products and price points than that of BSD.

PWON is rated one notch higher than LMIRT due to its stronger
investment-property portfolio, which has larger and better-quality
retail malls with higher occupancy and rent per square foot that
are located in mixed developments with office and hospitality
properties. This, together with PWON's stronger financial profile,
more than offsets its development-property risks compared with
LMIRT. PWON's strong financial profile stems from its conservative
approach to property development and expansion.

KEY ASSUMPTIONS

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

-- Non-development EBITDA of IDR1.6 trillion in 2021 and IDR2
    trillion in 2022 (2020: IDR1.1 trillion);

-- Pre-sales of IDR1.1 trillion in 2021 and 2022 (2020: IDR1
    trillion);

-- Mixed-use construction, capex and land acquisition totalling
    IDR2.2 trillion in 2021 and IDR2.8 trillion in 2022 (2020:
    IDR2.1 trillion).

RATING SENSITIVITIES

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

-- Positive rating action is not probable in the medium term.
    PWON would need to have a larger, more granular and more
    mature portfolio of assets before positive rating action would
    be considered.

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

-- Weakening investment-property portfolio performance, which
    would be indicated by falling occupancy rates and negative
    rental reversions for a sustained period.

-- Evidence of increased risk appetite and greenfield projects,
    leading to negative net operating cash flow over an extended
    period.

-- Non-development EBITDA/net interest expense falling below 3.0x
    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

Low Leverage Supports Strong Liquidity: PWON's liquidity is
supported by IDR2.9 trillion in cash at end-2020 against short-term
debt of IDR398 billion due 2021 and Fitch-estimated neutral free
cash flow. PWON's earliest significant debt maturity is the USD250
million senior unsecured bond due February 2024. Fitch expects PWON
to maintain a prudent balance sheet in line with its record, with
leverage, defined as net debt/adjusted inventory, remaining below
10%, underscored by a conservative approach to property
development.

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.


PAKUWON JATI: S&P Rates New Senior Unsecured Notes 'BB'
-------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to PT
Pakuwon Jati Tbk.'s (BB/Stable/--) proposed senior unsecured
notes.

The proposed issuance will not materially increase the
Indonesia-based property developer's debt. The company will use the
issuance proceeds to refinance its US$250 million notes ahead of
their 2024 maturity and for general corporate purposes. If the
issuance is successful, the company will have no major debt
maturing over the next five years.

S&P said, "In our view, Pakuwon has sufficient financial cushion to
support its gradual operational recovery over the next two years.
The company has maintained sound liquidity buffer even after
acquiring three commercial assets in November 2020. It has ample
cash balance of Indonesian rupiah (IDR) 2.9 trillion as of Dec. 31,
2020, and limited debt maturities over the next two years. In our
view, these factors allow Pakuwon to focus on ensuring a solid and
sustainable recovery.

"We expect Pakuwon's EBITDA to improve by 30%-35% in 2021, lowering
its adjusted debt-to-EBITDA ratio to 1.8x-2.0x in 2021 and
1.6x-1.8x in 2022. This is backed by recent regulatory easing,
including value-added tax relief, which will drive sales of the
company's existing inventory. We also anticipate that the company
will maintain solid EBITDA interest coverage of 7.3x-7.6x in 2021.

"The ongoing economic recovery in Indonesia and improving consumer
sentiment will also improve overall marketing sales and spending at
Pakuwon's retail malls. We forecast the company's marketing sales
will recover 25%-30% in 2021 to reach IDR1.3 trillion-IDR1.4
trillion, after declining 32% in 2020. Rental earnings are also
likely to improve 25%-30% in 2021 as rental discount tapers off,
but this is still almost 20% below the 2019 level.

"We expect a full operational recovery for Pakuwon only in 2022 on
the basis of successful vaccination roll out in Indonesia curbing
the spread of the pandemic."

Pakuwon demonstrated prudent financial management amid the pandemic
by reducing debt and dividend payment and maintained moderate
capital expenditure to protect its credit profile. In 2020, the
company's reported gross debt declined 18% to the lowest level in
five years. Its debt-to-EBITDA ratio peaked in 2020 at 2.2x due to
a 49% decline in EBITDA because of weaker marketing sales and
rental earnings.

The rating on Pakuwon remains constrained by the company's small
scale, limited geographical diversification, and exposure to
cyclicality in the real estate sector. Pakuwon's good brand
recognition, high proportion of recurring income, and track record
of prudent financial management mitigate some of the risks.

S&P said, "We rate the proposed notes the same as the issuer credit
rating on Pakuwon. We do not notch down the issue rating for
subordination risk because a majority of the company's assets are
in Indonesia, a jurisdiction where we believe the priority of
claims in a bankruptcy scenario is highly uncertain."




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

[*] BOJ Warns of Risks to Banks from Archegos-type Overseas Funds
-----------------------------------------------------------------
Reuters reports that Japanese financial institutions have become
more exposed to market risks triggered by non-bank and overseas
funds, the central bank warned on April 20, in the wake of losses
caused by the collapse of family office Archegos Capital
Management.

Since the global financial crisis in 2018, Japan's financial sector
has become increasingly linked to global market moves as foreign
investment funds pile into the country and domestic banks invest
more in overseas securities, the BOJ said, Reuters relays.

That has increased overlaps in portfolios between domestic and
foreign financial institutions, the central bank said in a
semi-annual report analysing Japan's banking system.

"This suggests that the market risks Japanese financial
institutions face can be amplified through trading activities of
overseas investment funds and other entities more than before," the
report, as cited by Reuters, said.

"Studies have shown that an investment fund holding more illiquid
assets tend to face more pressure for redemption when market prices
fluctuate, and that the degree of price impact by such a fund tends
to be more significant," it said.

Reuters says the collapse of Archegos, which defaulted on margin
calls late last month and triggered a fire sale of stocks across
Wall Street, has led to huge losses among some investment banks
including Japan's Nomura Holdings Inc and the securities unit of
Mitsubishi UFJ Financial Group Inc.

While the BOJ made no direct mention of Archegos, the focus on
overseas funds underscore its caution over the impact of their
behaviour on domestic financial institutions, Reuters states.

Reuters relates that the BOJ said Japan's banking system had
sufficient buffers to weather the lingering battle with COVID-19,
even as a renewed spike in infections stokes uncertainty about the
outlook.

But it warned that banks must guard against potential risks such as
rising credit costs, losses in securities holdings from abrupt
market moves and dollar funding strains.

"Even after the pandemic subsides, financial institutions' profits
will remain under pressure from low interest rates and structural
factors," the report said, Reuters relays.




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

BANZPAY TECHNOLOGY: Fitch Assigns First-Time 'BB-' LT IDR
---------------------------------------------------------
Fitch Ratings has assigned Banzpay Technology Holdings Limited
(BTH) a first-time Long-Term Issuer Default Rating (IDR) of 'BB-'
with a Stable Outlook. At the same time, Fitch has assigned a
first-time Short-Term IDR of 'B'.

The assignment of BTH's ratings follows a reorganisation of the New
Zealand Association of Credit Unions (NZACU) group structure in
April 2021. The restructure resulted in Fitch affirming and
withdrawing NZACU's ratings on 16 April. Fitch has assigned BTH's
ratings at the same level that NZACU had previously.

KEY RATING DRIVERS

IDRS AND SUPPORT RATING

BTH's IDRs and Support Rating reflect a moderate probability of
extraordinary institutional support from its shareholder, Credit
Union Baywide (CUB, BB/Stable/bb). BTH is strategically important
to CUB because it provides critical banking and transactional
services, in Fitch's view. CUB and other credit unions rely on
these services to operate their businesses. The Outlook on BTH is
aligned with the Outlook on CUB.

BTH's Long-Term IDR is notched down once from that of CUB to
reflect Fitch's view that, while BTH is important to CUB's
operation and has a moderate level of integration, some of its
operations relate to the sale of products and services to third
parties. Fitch believes a default by BTH would cause high
reputational damage for CUB, and has the potential to negatively
affect other parts of the CUB group, because of CUB's 100%
ownership and complete control of BTH's businesses. Any required
support is likely to be manageable for CUB.

RATING SENSITIVITIES

IDRS AND SUPPORT RATING

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

-- Positive rating action on BTH's Long-Term IDR would occur if
    CUB's Long-Term IDR is upgraded and the propensity to support
    remains unchanged. The Long-Term IDR may also be upgraded if
    Fitch viewed BTH as a core and integral subsidiary of CUB.

-- An upgrade of the Short-Term IDR and Support Rating would
    require CUB's Long-Term IDR to be upgraded by at least three
    notches, which appears unlikely.

-- BTH's Support Rating could also be upgraded in the unlikely
    event of an upgrade of CUB's Long-Term IDR to within a 'BBB'
    category.

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

-- BTH's Long-Term IDR and Support Rating could be downgraded if
    CUB's Long-Term IDR is downgraded. BTH's Long-Term IDR could
    be downgraded, possibly by multiple notches, if Fitch believed
    there was a reduced propensity from CUB to provide ongoing
    support to BTH.

-- A downgrade of the Short-Term IDR would require the Long-Term
    IDR being downgraded to 'CCC', which appears unlikely provided
    the propensity and ability for CUB to provide support remains
    unchanged.

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

BTH's ratings are driven by institutional support. Its ratings are
linked to the support provider and parent, CUB.

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.


[*] NEW ZEALAND: Insolvencies in Hospitality Expected to Rise
-------------------------------------------------------------
Otago Daily Times reports that the hospitality industry is expected
to see a large increase in the number of insolvencies once the
Government's Covid-19 lockdown support runs out for heavily
indebted businesses.

A survey of practitioners and members by Restructuring Insolvency &
Turnaround Association (RITANZ) indicated the numbers of
appointments of liquidators for January and February at the lowest
levels in three years, ODT says.

"This suggests there may be a number of 'zombie' businesses
continuing to operate with the help of Government funding, but we
may see a number of liquidations in the coming years for those that
are unable to repay their debts," ODT quotes RITANZ chair John Fisk
as saying.

"And that's a problem for our economy because essentially we know
that they are eventually going to fail and usually once they do,
the debts are higher than they would have been otherwise, and also
they end up taking business away from good businesses."

He said 83 percent of members were expecting a big increase in
insolvencies over the next 12 months, with another 60 percent
expecting rises over the next two-to-three years, according to
ODT.

Ninety percent expected to see a rise in insolvency levels and
appointments in the hospitality industry, followed by tourism,
retail, and accommodation.

According to ODT, Mr. Fisk said the survey suggested Covid-19 would
have long-term, wide ranging impacts on businesses as opposed to
short-term knocks.

ODT relates that the survey also found just over half of members
expected to see an increase in insolvency appointments when the
Debt Hibernation Scheme comes to an end in October.

He said RITANZ members were generally feeling confident in their
positions and in their firms, with 77 percent unconcerned about the
viability of their job in the next six months, and 80 percent not
concerned about the stability of their firm, adds ODT.




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

KRISENERGY LTD: Restructuring Plan No Longer Viable
---------------------------------------------------
Kelly Ng at The Business Times reports that the continued
"disappointing" results of KrisEnergy's Apsara oil field in
Cambodian oil concession Block A means its restructuring plan is no
longer viable, the troubled oil and gas group said in a bourse
filing on April 20.

There remains "material uncertainty" over the company's ability to
continue as a going concern.

BT relates that KrisEnergy also said it has not been able to
propose an alternative restructuring plan to DBS, the provider of a
US$200 million revolving credit facility and Keppel Corporation
Limited, which holds the key economic risk in the revolving credit
facility.

Therefore, the revolving credit facility will not be extended as
stipulated conditions have not been fulfilled, BT relays.

In a separate filing on April 20, Keppel Corporation said the
amount outstanding under the facility and carrying values of
KrisEnergy's investment, loan receivable and contract asset "would
be significantly and negatively impacted by the current situation",
especially if the company cannot continue to be a going concern, BT
reports.

The amount outstanding under the revolving credit facility
currently stands at SGD250.8 million.

According to BT, Keppel Corporation said it is evaluating the
potential financial impact on the values and determining its best
course of action to preserve value for shareholders.

The Apsara field lies over the Khmer Basin, an unproduced
geological basin in Cambodian maritime waters in the Gulf of
Thailand, BT notes. The current development phase, which KrisEnergy
calls Mini Phase 1A, was an initial small-scale project aimed at
appraising reservoir performance in Cambodia Block A (CBA).

BT says the development of CBA formed the basis of KrisEnergy's
restructuring as it had expected the bulk of the group's future
revenue to come from CBA, once the Apsara Mini Phase 1A commenced
production.

In an update in March, however, KrisEnergy said the five
development wells "appear less productive and continuous in nature"
than expected, compared with results from the original appraisal
wells.

These "disappointing results" have not improved since, the company
said in its update on April 20, BT adds.

KrisEnergy devised a restructuring plan after its revenue took a
hit from lower oil prices and lower sales in 2019. As at June 30,
2019, total debt on the group's balance sheet was US$476.8 million,
while gearing stood at 110.8 per cent.

KrisEnergy shares last traded at SGD0.03 before suspension in
August 2019, BT notes.

                         About KrisEnergy

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Trading in its shares has been suspended pending the restructuring,
BT noted.

As at Dec. 31, 2019, the group had about US$503 million in
borrowings and debt securities repayable within the next one year
or on demand.


MINISTRY OF FOOD: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 9, 2021, to
wind up the operations of Ministry of Food Pte. Ltd.

Chua Ngak Hwee filed the petition against the company.

The company's liquidator is:

         Tam Chee Chong
         Kairos Corporate Advisory Pte Ltd
         4 Third Avenue
         Singapore 266576


SAA GLOBAL: Creditors' Meetings Set for May 5
---------------------------------------------
SAA Global Education Centre Pte Limited will hold a meeting for its
creditors on May 5, 2021, at 5:00 p.m., thru video conferencing via
Zoom.

Agenda of the meeting includes:

   a. to nominate Liquidator(s) or confirm members' nomination of
      Liquidator;

   b. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company.

Mr. Helmi Bin Ali Bin Talib and Mr. Farooq Ahmad Mann of M/s Helmi
Talib LLP were appointed as provisional liquidators of SAA Global
Education Centre on April 9, 2021.




===============
X X X X X X X X
===============

WIRECARD AG: Sells Subsidiaries in Asia-Pacific Region
------------------------------------------------------
In the insolvency proceedings concerning the assets of Wirecard AG
and Wirecard Sales International Holding GmbH, additional companies
of the group have been successfully sold off. Following an
extensive international bidding process, agreements have been
reached on the sale of several subsidiaries in the Asia-Pacific
region.

Insolvency administrator Michael Jaffé secured a sale of the
shares in Wirecard e-Money Philippines, Inc., Wirecard Payment
Solutions Malaysia Sdn. Bhd., Wirecard (Thailand) Co., Ltd. and
Wirecard Payment Solutions Hong Kong Limited to Nomu Pay Ltd, a
company owned by British and Dutch Technology Investment Firm Finch
Capital following a further investor process. The sales agreement
signed this week also covers assets and licences associated with
the data warehouse of Wirecard Asia Holding Pte. Ltd. and Wirecard
Singapore Pte. Ltd. At least 110 jobs will be retained at the
various sites in Asia as a result. The transaction is still partly
subject to approval by local banking regulators. The creditors
committee of Wirecard AG has already approved the transaction.

The companies sold provide financial institutions and regional
merchants with a range of payment processing solutions. These also
include the Merchant & Acquiring business and licences for
accessing the major payment card networks. Wirecard Payment
Solutions Hong Kong Limited provides acquiring services for
merchants in the digital and mobility, consumer goods retail and
tourism sectors. Wirecard e-Money Philippines, lnc. opens up both
online channels (e-commerce) and offline channels (POS terminals)
for payment processing to merchants. It also holds a licence for
issuing electronic money (EMI).

Wirecard Payment Solutions Malaysia Sdn Bhd likewise provides
services for online e-commerce and offline merchants services as
well as loyalty and e-wallet solutions for one of the largest
operators of customer loyalty programmes in Malaysia.

Apart from this, PT Wirecard Technologies Indonesia, which has
around 360 staff at sites in Indonesia and Malaysia, was sold to
the technology holding company of an Indonesian company group. PT
Wirecard Technologies Indonesia is a leading provider of digital
software products for banks in Indonesia, Malaysia and other
Southeast Asian countries. The award-winning PrimeCash software for
transaction banking allows banks to offer their corporate and
private clients solutions for managing payment flows.

Prior to this, Wirecard Australia A&I Pty Ltd. was successfully
sold to an Australian payment services provider. The transaction is
still subject to customary closing conditions.

"The sale of these shareholdings marks another positive result for
the creditors. Despite the difficult initial situation, following a
challenging bidding process we succeeded in selling the companies
for the best possible price and securing substantial flows to the
debtors' assets in Germany. We have found a solution which allows
business segments worth retaining to be continued as going concerns
and at the same time leads to a very good result for the creditors.
This is particularly pleasing, as it was not to be expected when
the insolvency proceedings began," said insolvency administrator
Michael Jaffé.

Munich Local Court appointed Michael Jaffé as the insolvency
administrator of Wirecard AG and Wirecard Technologies GmbH,
Wirecard Issuing Technologies GmbH, Wirecard Service Technologies
GmbH, Wirecard Acceptance Technologies GmbH, Wirecard Sales
International Holding GmbH and Wirecard Global Sales GmbH in a
court order given on August 25, 2020.



                           *********


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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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