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

                     A S I A   P A C I F I C

          Friday, April 23, 2021, Vol. 24, No. 76

                           Headlines



A U S T R A L I A

ALEXANDRIA IMEX: Second Creditors' Meeting Set for April 29
CARBONCOR AUSTRALIA: Second Creditors' Meeting Set for April 29
GENERAL ADMISSION: Music Events Company Goes Into Liquidation
GFG ALLIANCE: Bain, Oaktree in Talks to Fund Some Australian Units
MILLENNIUM LTD: Second Creditors' Meeting Set for April 29

ONIT MEDIA: First Creditors' Meeting Set for May 3
SKB AUSTRALIA: First Creditors' Meeting Set for April 30
STR AUSTRALIA: First Creditors' Meeting Set for April 27
T&L PRODUCE: Second Creditors' Meeting Set for April 29
VERMILION BOND 2021: S&P Assigns Prelim. B Rating on Class F Notes

[*] AUSTRALIA: Personal Insolvencies Fell 52.9% in Q1 2021


C H I N A

ANTONG HOLDINGS: Seeks Lifting of Risk Warning on Shares
DATANG GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
GUANGZHOU R&F: Fitch Alters Outlook on 'B+' IDR to Stable
JINGRUI HOLDINGS: S&P Rates New USD Unsecured Notes 'B-'


F I J I

FIJI: Moody's Lowers Issuer Rating to B1, Outlook Remains Negative


H O N G   K O N G

CATHAY PACIFIC: To Close Pilot Base in Canada


I N D I A

ACCORD UDYOG: CRISIL Keeps C Debt Rating in Not Cooperating
ADIPARASHAKTI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
ARHYAMA SOLAR: ICRA Lowers Rating on INR31.65cr Loan to D
ARIHANT SYNCOTEX: Ind-Ra Gives 'BB' Issuer Rating, Outlook Stable
AUTOMARK INDUSTRIES: Ind-Ra Affirms & Withdraws BB+ Issuer Rating

AUTOMARK TECHNOLOGIES: Ind-Ra Affirms & Withdraws 'BB+' Rating
BABA BHUMAN: ICRA Keeps B Ratings in Not Cooperating Category
BAFNA MOTORS: ICRA Lowers Rating on INR59cr LT Loan to D
EASTMAN METTCAST: ICRA Keeps C+ Debt Ratings in Not Cooperating
FUTURE EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating

GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating
HANIEF MOTORS: ICRA Assigns B Rating to INR5.50cr Cash Loan
JAINALCO INDUSTRIES: ICRA Lowers Rating on INR15cr Loans to B+
JAYPEE INFRATECH: Lenders Ask NBCC, Suraksha Group to Improve Bid
M S GRAPHICS: Ind-Ra Cuts LT Issuer Rating to BB-, Outlook Stable

MOHAN ENERGY: ICRA Withdraws B+ Rating on INR83cr Loans
NAVIN GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
NORTH INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
NTS DAIRY: CRISIL Keeps D Ratings in Not Cooperating Category
OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating

PALANI VIJAY: ICRA Withdraws B+ Rating on INR26.59cr LT Loan
PARAMOUNT CONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating
PEARL ENGINEERING: ICRA Withdraws B+ Rating on INR10.89cr Loan
RAJRAJESHWAR COTTON: ICRA Keeps B+ Ratings in Not Cooperating
RAMNANDI ESTATE: CRISIL Keeps D Debt Ratings in Not Cooperating

RMP BEARING: ICRA Withdraws B+ Rating on INR13.0cr LT Loan
SATYA CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
SRINIVASA SPINTEX: ICRA Lowers Rating on INR63.95cr Loan to D
TECH INDIA: CRISIL Keeps B Debt Rating in Not Cooperating

VARMORA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAI ELECTRICALS: Ind-Ra Cuts Rating to 'BB-', Outlook Negative
YORK PRINT: Ind-Ra Downgrades LT Issuer Rating to 'BB+'


I N D O N E S I A

PAKUWON JATI: Moody's Gives Ba2 Rating on New Sr. Unsecured Bond
PT MEDCO ENERGI: S&P Alters Outlook to Stable & Affirms 'B+' ICR


N E W   Z E A L A N D

QEX LOGISTICS: Delisting Process Begins, Plans For Business Sale
QUENCH COLLECTIVE: Owes NZD3.16 Million to Unsecured Creditors


P A K I S T A N

PAKISTAN WATER: S&P Affirms 'B-' ICR, Outlook Stable


S I N G A P O R E

LIBERTY COMMODITIES: Court to Hear Wind-Up Petition on May 7
LIBERTY HOUSE: Court to Hear Wind-Up Petition on May 7
TRI-NEXUS PTE: Court Enters Wind-Up Order

                           - - - - -


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

ALEXANDRIA IMEX: Second Creditors' Meeting Set for April 29
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Alexandria Imex
Pty Ltd, trading as SES Fashion, has been set for April 29, 2021,
at 11:30 a.m. via Zoom facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 27, 2021, at 4:00 p.m.

Patrick Loi and John Chand of Greengate Advisory NSW Pty Ltd were
appointed as administrators of Alexandria Imex on March 18, 2021.


CARBONCOR AUSTRALIA: Second Creditors' Meeting Set for April 29
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Carboncor
Australia Pty Ltd has been set for April 29, 2021, at 10:00 a.m.
via teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 28, 2021, at 4:00 p.m.

Nathan Stubing and Daniel Woodhouse of FTI Consulting (Australia)
Pty Ltd were appointed as administrators of Carboncor Australia on
March 15, 2021.


GENERAL ADMISSION: Music Events Company Goes Into Liquidation
-------------------------------------------------------------
The Music Network reports that General Admission Events has gone
into liquidation with debts of AUD150,000.

The Adelaide music events company provided hospitality services,
including staff and bar operations, to national festivals Groovin'
The Moo, FOMO, Parklife, Soundwave and Future Music.

Its director Gareth Lewis told the Adelaide Advertiser that the
company was affected after the collapse of FOMO Festival last year,
which folded owing debts of AUD6.2 million, The Music Network
relays.

The Music Network says FOMO director Anand Krishnaswamy partly
blamed "breaches of contract" by its 2020 headliner Lizzo and
"significant" pressure from government officials to increase safety
measures.

"It left us holding the debts in South Australia," the report
quotes Mr. Lewis as saying. "With the festival industry shut down,
there was no other way to raise the money to pay off the debts.

"We did approach the state government last year to see if they
would pay the local suppliers who were owed money but they rejected
our pleas."

The suppliers lost AUD85,000, according to ASIC documents, while
the Australian Tax Office was the biggest creditor owed nearly
AUD125,000, the report discloses.

At an April 7 meeting, General Admission Events' company members
made the decision to wind up the company and appoint liquidator
Daniel Lopresti from Clifton Hall, according to the report.

The move does not affect the related General Admission
Entertainment, which runs the Adelaide UniBar and the Adelaide Beer
& BBQ Festival, The Music Network notes.


GFG ALLIANCE: Bain, Oaktree in Talks to Fund Some Australian Units
------------------------------------------------------------------
The Australian Financial Review reports that Bain Capital Credit,
Oaktree Capital Group and White Oak Global Advisors are in talks to
refinance some of Sanjeev Gupta's borrowing from Greensill Capital
at some of his Australian businesses.

AFR says the funds have been carrying out due diligence to provide
at least AUD430 million to GFG Alliance's Australian Mining and
Primary Steel units, including the Whyalla steel mill in the south
of the country. One of the funds could conclude a deal with GFG as
soon as early May, said the people, who asked not to be named
because the talks are private. There is no certainty the talks will
result in a deal, the people said, AFR relays.

According to AFR, the financing would provide relief for Gupta as
he attempts to secure the future of his teetering metals empire
following the demise of Greensill, his largest backer, in March.

Gupta's GFG has borrowed about US$5 billion from Greensill, of
which some AUD430 million was through a facility for the Australian
Mining and Primary Steel business. The refinancing of that facility
would allow Gupta to fend off an attempt by Credit Suisse Group to
wind up some of the Australian assets.

AFR relates that the Swiss bank is seeking to push some GFG units
into insolvency to recover part of the loans it made to the group
through Greensill.

A first hearing on the petition is scheduled for May 6.


MILLENNIUM LTD: Second Creditors' Meeting Set for April 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Millennium Ltd
has been set for April 29, 2021, at 10:00 a.m. via teleconference
only from the offices of Hall Chadwick, Level 40, 2 Park 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 28, 2021, at 5:00 p.m.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of Millennium Ltd on March 18, 2021.


ONIT MEDIA: First Creditors' Meeting Set for May 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Onit Media
Pty Ltd will be held on May 3, 2021, at 11:00 a.m. The meeting will
be held virtually only.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of Onit Media on
April 21, 2021.


SKB AUSTRALIA: First Creditors' Meeting Set for April 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of SKB
Australia Pty Ltd, as Trustee for KBS Family Trust trading as Darch
SUPA IGA, will be held on April 30, 2021, at 12:00 p.m. via virtual
meeting only.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of SKB Australia on April 19, 2021.


STR AUSTRALIA: First Creditors' Meeting Set for April 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of STR
(Australia) Construction Pty Ltd will be held on April 27, 2021, at
11:00 a.m. at the offices of PCI Partners Pty Ltd Chartered
Accountants, Level 8, 179 Queen Street, in Melbourne, Victoria.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of STR (Australia) on April 15, 2021.


T&L PRODUCE: Second Creditors' Meeting Set for April 29
-------------------------------------------------------
A second meeting of creditors in the proceedings of T&L Produce
Marketing Pty Ltd has been set for April 29, 2021, at 12:00 p.m.
via virtual meeting technology.

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 28, 2021, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
were appointed as administrators of T&L Produce on March 15, 2021.


VERMILION BOND 2021: S&P Assigns Prelim. B Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Vermilion
Bond Trust 2021 Series 1. This is the third, RMBS transaction rated
by S&P Global Ratings that consists of residential mortgage loans
to 100% nonresidents that were originated by Columbus Capital Pty
Ltd.

The preliminary ratings reflect:

-- S&P view of the credit risk of the underlying collateral
portfolio, which entirely comprises residential mortgage loans to
nonresidents of Australia. The structure features a prefunding
amount of A$40 million for a period up to the payment date in
August 2021, which means that new collateral loans may be added
during that period subject to a rating notification.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support is provided by note
subordination for all rated notes and a loss reserve funded by
excess spread.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a loss reserve,
principal draws, and an amortizing liquidity reserve are sufficient
under its stress assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread to the
extent available, if drawn.

-- The counterparty support to be provided by National Australia
Bank Ltd. as bank account provider. The transaction documents for
the bank account include downgrade language consistent with S&P's
"Counterparty Risk Framework: Methodology And Assumptions"
criteria, published on March 8, 2019, that requires the replacement
of the counterparty, should its rating fall below the applicable
rating.

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

  Preliminary Ratings Assigned

  Vermilion Bond Trust 2021 Series 1

  Class A1-MM, A$100.00 million: AAA (sf)
  Class A1-AU, A$110.55 million: AAA (sf)
  Class B, A$48.84 million: AA (sf)
  Class C, A$58.30 million: A (sf)
  Class D, A$43.90 million: BBB (sf)
  Class E, A$27.35 million: BB (sf)
  Class F, A$17.26 million: B (sf)
  Class G, A$6.33 million: Not rated
  Class H, A$6.32 million: Not rated


[*] AUSTRALIA: Personal Insolvencies Fell 52.9% in Q1 2021
----------------------------------------------------------
According to the latest personal insolvency statistics released by
Australian Financial Security Authority (AFSA), personal insolvency
fell 52.9% compared to the March quarter 2020 in the March quarter
2021.

AFSA said there were 2,545 personal insolvencies in the March
quarter 2021, a 52.9% fall compared to the March quarter 2020.
There were falls in all states and territories. The number of
personal insolvencies rose 5.8% compared to the December quarter
2020.

By type of personal insolvency:

   - bankruptcies fell by 47.3%
   - debtor's petitions, a subset of bankruptcies,
     fell by 45.1%
   - sequestration orders, a subset of bankruptcies,
     fell by 79.5%
   - debt agreements fell by 61.4%
   - personal insolvency agreements fell by 55.3%

In the March quarter 2021, 30.8% of bankruptcies were business
related, a fall from 37.3% in the March quarter 2020.

In the March quarter 2021, 23.3% of all personal insolvencies were
business related.




=========
C H I N A
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ANTONG HOLDINGS: Seeks Lifting of Risk Warning on Shares
--------------------------------------------------------
Jia Tianqiong and Timmy Shen at Caixin Global report that Antong
Holdings Co. Ltd. has applied to remove a high risk label placed on
its stock by the Shanghai bourse last year when it was being
swamped with debt and becoming embroiled in an embezzlement
scandal, now claiming it has resolved these issues.

The company's financial situation improved in 2020 and all the
funds embezzled by its former controlling shareholder had been
recovered, thus it no longer warranted the risk warning, Antong
said in two separate filings to the Shanghai Stock Exchange on
April 20, Caixin relays.  The bourse will make a decision within 10
working days of receiving the application, the company said.

"The financial situation that made it subject to the delisting risk
warning has been eliminated," the company said in the filing.

Antong Holdings Co.,Ltd. operates as an investment company. The
Company provides industrial investment, investment consulting, and
other services. Antong Holdings also operates cargo transportation,
warehousing, and other businesses.


DATANG GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings, on April 22, 2021, assigned its 'B' long-term
issuer credit rating to China-based property developer Datang Group
Holdings Ltd.

S&P said, "The stable outlook reflects our view that Datang will
maintain steady sales growth, albeit at lower margins, while
expanding into the Yangtze River Delta (YRD) region. We also expect
the company to sustain solid revenue growth over the next 12 months
on the back of its adequate sold but unrecognized revenue."

The rating on Datang reflects the company's progress in its
ambitious plan to expand beyond its home markets, transforming from
a small operating scale mainly focused around lower-tier cities. As
such, its high financial leverage could further weaken in the next
12 months. Datang's high reliance on alternative financing could
continue until the expansion is more underway. The company's good
market position and sales execution in its home market Nanning and
improving geographic diversification temper its risks.

Datang's large exposure in lower-tier cities exposes it to higher
market volatility. As of December 2020, about 47% of its Chinese
renminbi (RMB) 72 billion in saleable resources are located in
lower-tier cities, mainly in Fujian province. Although the company
has a long operating history and market know-how in Fujian, S&P
believes its sales in cities such as Zhangzhou and Quanzhou will
still be subject to execution risks as their historical
sell-through rates were low at around 50%.

S&P said, "We expect the company's gross margin to face downward
pressure as it expands into the YRD region. Due to stringent
regulatory control on selling prices and rising land costs, the
gross margin of developers operating in the region has been
declining. Despite short-term opportunities in certain cites, we
believe Datang's projects in the YRD will have a lower average
gross margin than for its existing home market projects. That said,
we believe the downside risk on the gross margin for the next 12
months is manageable. The company's contracted liability as at
end-2020 had a gross margin of 23%-25%, a level slightly lower than
its gross profit margin of 25.5% in 2020 and 27% in 2019.

"We anticipate Datang will continue to expand through joint
ventures. Its consolidation ratio will likely sustain at around 40%
in the next 12-24 months, which is low compared with peers'
50%-60%. With a decreasing consolidation ratio in 2018-2020, we
believe Datang's revenue growth will be 13%-23% in 2021. This is
slower than its total contracted sales growth in the past few
years, owing to a growing portion of sales that is not
attributable." Given that the majority of the company's revenue and
EBITDA will be off-balance-sheet, its consolidated leverage will
likely stay elevated in the next 12-18 months.

Datang has expanded through cooperation with peers such as Yango
Group Co. Ltd. (unrated) as early as 2018 in its home markets. As
Datang has expanded into the YRD since 2020, it has further
cooperated with strong local players such as Jiangsu Zhongnan
Construction Group Co. Ltd. (B+/Stable/--), Zhongliang Holdings
Group Co. Ltd. (B+/Stable/--), and Jinke Property Group Co. Ltd.
(BB-/Stable/--). As a result, Datang's consolidation ratio has been
further diluted to around 40% in 2020 from around 50% in 2019. Most
of the company's partners also seek to consolidate joint-venture
projects, and S&P believes it will be difficult for Datang to
meaningfully increase its consolidation ratio in the next 12-18
months.

S&P said, "We forecast Datang's 2021 contracted sales to be RMB47
billion-RMB49 billion based on a sell-through rate of 65%-68%, in
line with 66% in 2020. In our view, the company made solid progress
in contracted sales in January-March 2021 because its sales of
RMB9.35 billion already accounted for about 19% of our full-year
estimate. As the company increases its presence in the YRD, we
expect a gradual increase in sell-through rate since demand in YRD
is steadier given its good economic standing and population inflow.
Although the company's cash collection declined in 2020 due to
quota limits for customer mortgage loans with certain cooperating
banks, we believe Datang will maintain a satisfactory cash
collection rate of around 90% for the next 12 months, as the
company has seen a solid rebound in cash collection in the first
quarter of 2021."

Datang's leverage, in terms of debt to EBITDA, will weaken to
7.5x-8.0x in the next 12 months from 7.1x in 2020. This is mainly
driven by the company's land replenishment needs as it expands into
new markets. Under increasingly tightening regulatory controls
intended to curb debt growth in the sector, the company will take
advantage of the last window to grow its scale, in our view. S&P
believes Datang's debt to EBITDA on a look-through basis will be
6.5x-7.0x in the next 12 months, as the company starts to recognize
revenue for unconsolidated contracted sales in 2018 which accounted
for 36% of total sales in that year.

S&P said, "We expect Datang's financing costs to increase to
8.5%-9.0% amid its expansion outside of home markets. Therefore, we
estimate the company's debt servicing capability in terms of EBITDA
interest coverage will slightly weaken to 2.1x-2.5x in the next 12
months, from 2.5x in 2020. That said, Datang compares well against
its peers which typically have coverage of 1.5x-2.0x. The rise in
financing costs reflects our view that Datang will likely increase
its cooperation with regional banks in those new markets and that
the banks would likely charge higher interest rates. Furthermore,
the company is seeking to access the offshore U.S. dollar bond
market, which generally requires higher costs than domestic
borrowing.

"The stable outlook reflects our view that Datang will maintain
steady sales growth, albeit at lower margins, while expanding into
the YRD region. Although Datang's consolidation ratio may come
under pressure amid its increased participation in joint ventures,
we expect the company to sustain solid revenue growth over the next
12 months on the back of its adequate sold but unrecognized
revenue.

"We could lower the rating if Datang's debt-to-EBITDA ratio on
consolidated or see-through basis deteriorated sustainably above 8x
or its consolidated EBITDA interest coverage stays sustainably
below 2.0x. This could happen if margin compression is more severe
than our expectation or the company's debt-funded expansion is more
aggressive than we expected.

We could raise the rating if Datang improves its scale and
geographic diversity to be more comparable with its peers, while
improving its debt-to-EBITDA ratio to sustainably below 6x on both
consolidated and see-through basis."


GUANGZHOU R&F: Fitch Alters Outlook on 'B+' IDR to Stable
---------------------------------------------------------
Fitch Ratings has revised the Outlook on the Long-Term
Foreign-Currency Issuer Default Ratings (IDR) of China-based
Guangzhou R&F Properties Co. Ltd. and subsidiary, R&F Properties
(HK) Company Limited (RFHK), to Stable, from Negative, and has
affirmed the IDRs at 'B+'. Simultaneously, Fitch has affirmed
Guangzhou R&F's Local-Currency IDR at 'B+' and has withdrawn the
rating.

Fitch has also affirmed all the outstanding US-dollar notes issued
by Easy Tactic Limited, a wholly owned subsidiary of RFHK, at 'B+'.
RFHK provides an unconditional and irrevocable guarantee on the
notes, while Guangzhou R&F provides credit support via a keepwell
deed and deed of equity interest purchase and investment
undertaking.

RFHK is Guangzhou R&F's sole offshore financing and investment
platform. Its ratings are supported by strong linkages with its
parent, in line with Fitch's Parent and Subsidiary Rating Linkage
Criteria. RFHK's rating is equalised with that of its parent, based
on Fitch's assessment of moderate legal ties, strong operational
ties and strong strategic ties.

The Stable Outlook and affirmation reflects Fitch's view of
alleviated refinancing risk on Guangzhou R&F's upcoming
capital-market maturities. The company has successfully executed
asset disposals as well as offshore bond and equity issuance since
1H20. Its ratings are constrained by weaker-than-peer liquidity,
despite a strong business profile, while leverage is in line with
that of 'B+' peers. Fitch believes minimal land acquisitions, good
contracted sales and further project stake sales should help the
company deleverage.

GZRF's Local-currency Issuer Default Ratings is withdrawn with the
following reason: No Longer Considered by Fitch to Be Relevant to
The Agency's Coverage.

KEY RATING DRIVERS

Manageable Maturities: Guangzhou R&F reported 68% yoy growth in
contracted sales during 1Q21 and Fitch believes it can achieve its
flat yoy attributable contracted sales target of CNY139 billion in
2021, which will enable it to address upcoming maturities. It has
CNY12 billion and CNY10 billion of non-bank debt maturing or
becoming puttable in 2Q21 and 2H21, respectively, including CNY6
billion in onshore puttable bonds, CNY4 billion in US-dollar bonds
and CNY12 billion in trust loans.

Improved Liquidity: Guangzhou R&F has successfully dealt with CNY39
billion in short-term non-bank debt through asset disposals,
contracted sales proceeds, bond issuance, project stake sales and
stock issuance since end-1H20. Liquidity was also supported by its
attributable contracted sales and a 9% increase in its average
selling price. This helped reduce short-term non-bank debt to CNY28
billion in February 2021, from CNY39 billion at end-2020,
alleviating the need for asset disposals and allowing the company
to meet upcoming maturities via normal operation.

It had a cash balance of CNY38 billion at February 2021, including
restricted cash, of which it plans to maintain CNY35 billion for
normal operation. Fitch estimates that Guangzhou R&F's available
cash/short-term non-bank debt improved to above 0.9x in February
2021, from 0.6x-0.7x in 2017-2020, and expect the ratio to improve
to above 1.0x in 1H21.

Reduced Capital Market Access: Guangzhou R&F's access to the
onshore bond market appears limited. It has not issued onshore
bonds since its April 2020 CNY1 billion issuance, with its bonds
trading at yields of around 15% and challenging market conditions.
This led the company to repay its CNY19 billion onshore bonds that
matured or became puttable between July 2020 and January 2021 and
extend CNY8 billion. Fitch does not see the onshore bond market as
essential for Guangzhou R&F, as it has issued USD1.2 billion in
US-dollar bonds to refinance maturing bonds in the past six
months.

Gradually Deleveraging: Guangzhou R&F cut its net debt by CNY39
billion in 2020 without refinancing at high rates or selling
assets. Instead, it accessed cash flow from operations, which was
supported by disciplined land acquisitions and cost savings.
Leverage, measured by net debt/adjusted inventory, also fell to
46%, from 55% in 2019, and Fitch expects it to stay at a similar
level in the medium term. The company spent CNY12 billion on land
acquisitions in 2020, against CNY139 billion in attributable
contracted sales.

Increased funding of CNY10 billion from entities that are jointly
controlled by the company's major shareholders also helped cut
debt. Guangzhou R&F expects to retain low spending on land
acquisitions in 2021 and aims to reduce total debt and lengthen
short-term debt maturities to comply with two of China's 'three red
lines' rules on debt.

Asset Disposals to Deleverage: The company sold part of a logistics
park, an office building in Guangzhou and stakes in some urban
renewal projects for around CNY19 billion in the past six months
and is open for discussion on other disposals to help it
deleverage. Guangzhou R&F can monetise its large portfolio of
investment properties, which totaled CNY34 billion at end-2020, as
well as hotels with a market value of about CNY55 billion. However,
Fitch believes asset disposals are subject to execution risk.

Low Off-Balance-Sheet Debt: The company has low non-controlling
interests (NCI) at only 3% of equity; as a result, Fitch believes
risk from off-balance-sheet debt is lower than that of peers and
that Guangzhou R&F has more flexibility to dispose of stakes in
development projects than developers with high NCIs.

RFHK's IDR Equalised with Parent: RFHK's IDR is equalised with that
of Guangzhou R&F under Fitch's strong parent and weak subsidiary
approach. Fitch assesses overall ties as strong, with 'Moderate'
legal ties, 'Strong' operational ties and 'Strong' strategic ties
and believe that it is important for Guangzhou R&F to maintain RFHK
as a platform for raising long-term financing offshore and holding
overseas investments. RFHK holds all of Guangzhou R&F's offshore
projects and its total debt accounted for 35% of Guangzhou R&F's
total debt and around 29% of total assets at end-2019.

DERIVATION SUMMARY

Guangzhou R&F's CNY139 billion in attributable contracted sales in
2020 was much larger than the CNY50 billion-105 billion of 'BB-'
rated peers, except that of Greenland Holding Group Company Limited
(BB-/Stable). It was also larger than that of most 'B+' peers,
although it is lower than that of China Evergrande Group
(B+/Stable) and similar to that of Yango Group Co., Ltd.
(B+/Stable). Yango has a faster churn rate, but Guangzhou R&F's
revenue was higher and its land bank size is almost twice as large,
providing Guangzhou R&F with more flexibility on land acquisitions
to control leverage.

Guangzhou R&F has a long land-bank life compared with peers and its
geographical diversification is comparable with that of 'BB+' and
'BB' rated peers. Its operation, which is spread across more than
100 cities, is more geographically diversified than that of CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) more than 50 cities. The
geographical spread of both companies' operations should mitigate
risk from local policy intervention and economic volatility, but
Guangzhou R&F has a tighter liquidity position than 'BB-'category
peers. Fitch estimates Guangzhou R&F's leverage at above 47% in
2020-2023, against below 45% for most 'BB-' category issuers.

Guangzhou R&F's attributable contracted sales are nearly double
that of Zhenro Properties Group Limited (B+/Stable). Zhenro's
average selling price is 30% higher than that of Guangzhou R&F with
a faster churn rate. However, Zhenro has a shorter land-bank life
of around two years, which limits its control over land acquisition
costs. Zhenro's 2020 leverage was 5pp lower than that of Guangzhou
R&F, but Zhenro has a larger NCI position, which limits its
deleveraging ability.

RFHK's ratings are supported by the strong linkage with its parent,
Guangzhou R&F. RFHK is positioned as its parent's main offshore
financing platform, similar to Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK, BBB+/Stable), a subsidiary of China Vanke
Co., Ltd. (BBB+/Stable), and Tianji Holding Limited (B+/Stable), a
subsidiary of Hengda Real Estate Group Co., Ltd (B+/Stable).

Fitch believes offshore funding is crucial to property developers,
with offshore funding representing 18%-35% of as Guangzhou R&F,
China Vanke and Hengda's debt, against 5% for Wanda Commercial
Properties (Hong Kong) Co. Limited (BB/Stable). This explains why
the company is rated one notch below its parent, Dalian Wanda
Commercial Management Group Co., Ltd. (BB+/Stable), while the
ratings of RFHK, Vanke HK and Tianji are equalised with those of
their parents.

KEY ASSUMPTIONS

-- Attributable contracted sales of CNY141 billion in 2021-2023;

-- EBITDA margin, excluding capitalised interest from cost of
    sales, at around 25% in 2021-2023;

-- CNY14 billion-21 billion a year for land acquisition in 2021
    2023;

-- CNY54 billion-56 billion a year for construction in 2021-2023;

-- 10%-12% of revenue for selling, general and administrative
    costs in 2021-2023.

RECOVERY RATING ASSUMPTIONS:

-- 4x EBITDA multiple to derive Guangzhou R&F's and RFHK's going
    concern value;

-- Apply the liquidation value approach, as a liquidation of the
    assets results in a higher return to creditors;

-- 10% administration claims;

-- 70% advance rate to accounts receivable;

-- 70% advance rate to adjusted net inventory to reflect the
    above 20%-25% EBITDA margin;

-- 52% advance rate to Guangzhou R&F's investment properties and
    60% advance rate to RFHK's investment properties;

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

-- 100% advance rate to cash.

The resulting recovery rate corresponds to a Recovery Rating of
'RR2' for Guangzhou R&F and Recovery Rating of 'RR3' for RFHK.
However, the Recovery Rating is capped at 'RR4' because, under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
China falls into Group D of creditor friendliness, and instrument
ratings of issuers with assets in the group are subject to a soft
cap at the issuer's IDR and a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

For Guangzhou R&F:

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

-- Leverage, measured by net debt/adjusted inventory, at below
    50% for a sustained period;

-- Continual improvement in the maturity profile and funding
    access to be in line with 'BB-' category peers.

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

-- Leverage, measured by net debt/adjusted inventory, at over 60%
    for a sustained period.

For RFHK:

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

-- Improvement in Guangzhou R&F 's IDR.

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

-- Deterioration in Guangzhou R&F 's IDR;

-- Weakened linkage with Guangzhou R&F.

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

Manageable Liquidity: The company had CNY40 billion of cash,
including restricted cash, in 2020, which was just enough to cover
CNY39 billion of non-bank debt maturing or turning puttable in the
next 12 months. It managed to refinance or repay CNY17 billion in
short-term debt in 2M21 and Fitch believes its available cash as of
February 2021 can cover more than 0.9x of its non-bank debt
maturing in the coming 12 months.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY272 billion in adjusted inventory at
end-2020 includes properties under development, completed
properties held for sale, land-use rights, prepayments for the
acquisition of land-use rights, buildings, properties under
construction, investment properties, amounts due from
non-controlling interests as well as investment in and amounts due
from joint ventures and associates. Customer deposits, amounts due
to non-controlling interests and amounts due to joint ventures and
associates are deducted from the summation of items mentioned
previously. Fitch has adjusted the value of investment properties
based on the higher of 4% rental yield or cost.

Amounts due to major shareholders and entities controlled by them
are treated as other payables instead of Guangzhou R&F loans.

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.


JINGRUI HOLDINGS: S&P Rates New USD Unsecured Notes 'B-'
--------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issuance of U.S. dollar-denominated senior unsecured notes
by China-based property developer Jingrui Holdings Ltd.
(B/Stable/--). The issue rating is subject to its review of the
final issuance documentation.

S&P rates the notes one notch lower than the issuer credit rating
on Jingrui to reflect subordination risk. The proposed notes will
rank behind a material amount of priority debt in the company's
capital structure. As of Dec. 31, 2020, Jingrui's capital structure
consisted of Chinese renminbi (RMB) 11.9 billion in secured debt,
RMB8.1 billion in offshore senior unsecured notes, RMB1.5 billion
in domestic corporate bonds, and RMB0.9 billion in guarantees.
Jingrui's priority debt is about 64% of its total debt, above our
notching-down threshold of 50%.

The new issuance will not significantly affect Jingrui's credit
profile because the proceeds will be used to refinance existing
debt. However, the company's high exposure to U.S. dollar notes
(36% of its total debt as of Dec. 31, 2020) subjects it to offshore
funding volatility. Jingrui was able to refinance its offshore debt
maturities in 2020, albeit at a higher cost. In addition, the
company's cash balance of about RMB13.6 billion as of Dec. 31,
2020, sufficiently covered its short-term maturities.

The stable outlook on Jingrui reflects S&P's view that the company
will maintain prudent financial management and a mild growth
appetite over the next 12-24 months.




=======
F I J I
=======

FIJI: Moody's Lowers Issuer Rating to B1, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the Government of Fiji's
long-term issuer and senior unsecured ratings to B1 from Ba3 and
maintained the negative outlook.

The downgrade is driven by the erosion of Fiji's economic and
fiscal strengths in the wake of the pandemic-induced long-lasting
tourism shock. Specifically, Moody's assesses that Fiji faces
long-term economic scarring from a long delayed and likely only
gradual restart of tourism, leading to a sharp decline in
employment and tax revenue. As a result, Fiji will carry a much
higher debt burden for years to come.

The drivers of the negative outlook include ongoing risks to the
credit profile, including uncertainty surrounding the timing and
pace of tourism reopening and increased risks to government
liquidity. Further delays to the recovery of the tourism sector
would result in a greater degree of output losses with increased
risks to Fiji's fundamental economic strength, and higher
government borrowing needs for longer, which could raise liquidity
risks.

Concurrent to action, Moody's has changed Fiji's local currency
ceiling to Ba1 from Baa3, and the foreign currency ceiling to B1
from Ba3. The local currency ceiling is set three notches above the
issuer rating, reflecting moderate political risk, risks of
unpredictable government actions with negative effects for issuers,
and stable external balances, which Moody's expects to weaken
significantly without a rebound in tourism. The foreign currency
ceiling of B1, three notches below the local-currency ceiling,
reflects very limited capital account openness and a moderate but
rising stock of external debt, which may result in transfer and
convertibility restrictions at times of perceived need,
notwithstanding currently steady foreign reserves buffers.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO B1

DELAYED BORDER RE-OPENING WILL RAISE DEFICIT AND DEBT LEVELS

On-going border restrictions limiting the arrival of international
tourists to Fiji will weigh on GDP and tax revenue, of which the
tourism sector's direct contribution is approximately 20% and 30%,
respectively. With a return of tourism activity, at an uncertain
date, and likely staged over a period of time, Moody's expects Fiji
to carry a much higher government debt burden than before the
pandemic for the foreseeable future.

The government's efforts to diversify the economy into other
services such as business process outsourcing and regional
logistics are unlikely to offset economic pressures over the next
2-3 years. Agriculture will remain an important sector as it
accounts for nearly 40% of employment but just 8% of GDP, while
manufacturing accounts for just 14% of GDP.

Fiji's relatively constrained ability to pivot its economy to other
sources of growth in the immediate term, despite recent efforts to
diversify the economy, suggest that its fiscal strength will remain
heavily conditioned upon the success of ongoing efforts to restart
international tourism, particularly from Australia and New Zealand.
Moody's assumes that borders re-open to leisure travelers by the
end of 2021, with a gradual recovery of tourist arrivals through
2023. Consistently, GDP growth will be around 1.5% in 2021 and
close to 15% in 2022. However, after a 17.7% contraction last year,
Fiji will face a long-lasting loss in economic activity compared to
pre-pandemic expectations.

Lower levels of economic activity will lead to a significant
decline in government revenues and a widening in fiscal deficits.
Moody's expects government revenue for the fiscal year ending 31
July 2021 (FY 2021) to outperform the government's target but
remain approximately 30% below FY 2020 levels, on account of
reduced tax collections and cuts to tourism-linked taxes.
Expenditure will also likely finish FY 2021 slightly below the
budget target as the bulk of loan disbursements from official
creditors were delayed to the second half of the budget year.
Moody's expects fiscal deficits of 16% and 9% of GDP for fiscal
years 2021 and 2022.

As a result, Moody's forecasts that the general government debt
will rise to 84% of GDP by the end of FY 2022, an increase of
nearly 40 percentage points above the FY 2019 level. Debt levels
are likely to peak that year. Improved growth prospects into 2023
and efforts by the government to consolidate fiscal deficits as
tourism revenue recovers will support a decline in the debt burden
towards 70% by FY 2024, a level that nevertheless remains well
above the forecasted median for B-rated sovereigns and Fiji's
average debt burden over the five years preceding the pandemic
(44%).

The B1 rating also incorporates Fiji's credit strengths, including
relatively robust economic policymaking institutions and, as
explained below, access to external sources of low-cost finance and
technical assistance from development partners that will support
recovery. Meanwhile, sudden weather events and the effects of
long-term climate change pose risks to Fiji's narrowly diversified
economic base.

RATIONALE FOR MAINTAINING THE NEGATIVE OUTLOOK

TIMING OF TOURISM REBOUND REMAINS UNCERTAIN; DELAYS WOULD DEEPEN
LONG-TERM ECONOMIC LOSS

A number of constraints including health-related restrictions and
reduced airline and hotel capacity may push Fiji's tourism rebound
into the first half of 2022. The operation of a travel bubble
between Australia and New Zealand is a precursor to the possible
establishment of quarantine-free travel to Fiji, though this
arrangement may take several weeks if not months before there is
clarity on its application to Fiji. A full reopening of tourism
also necessitates comprehensive vaccine rollout in Fiji and its
tourists' countries of origin (mainly Australia, New Zealand).

A belated tourism rebound would further erode economic strength.
Further delays to reopening may cause further structural damage to
the tourism sector in the form of reduced tourism labor force
participation or business closures, which may require ongoing
fiscal support and external support to the economy.

In particular, further delays in the reopening of the border to
tourist arrivals is likely to present severe cash flow constraints
for small- to medium-sized operators that account for approximately
80% of the hospitality sector. Jobs for the more than one third of
the population employed in tourism-related activities are also
likely to recover only slowly, encouraging workers to leave the
cities and return to their home villages. As a result, when
activity does pick up, the sector may encounter labor shortages.

LARGER FISCAL DEFICITS WOULD WEAKEN LIQUIDITY BUFFERS

Moody's assesses that financing needs arising from larger fiscal
deficits will be partially met through the Fiji National Provident
Fund (FNPF), which historically has served as the primary source of
deficit financing, with total portfolio assets of near FJD 8
billion.

The government's measures to support households and businesses
during the pandemic included relaxation of regulations on
withdrawals from and contributions to the FNPF. The increased
outflow of cash presents limited risks to FNPF's core asset base,
with the Fund capable of servicing an increase in net fund outflows
to members through existing cash flows and investment returns.
However, Moody's believes the FNPF's ability to finance large
deficits will be diminished if the tourism sector remains closed
longer than expected, as a result of the government's measures to
permit member withdrawals and reduced employer contributions, as
well as reduced investment returns from the FNPF's portfolio.

Constraints on the FNPF's ability to support the majority share of
the government's funding needs will require a greater reliance on
external sources of finance to satisfy annual gross financing
requirements through at least FY 2022. Moody's expects these
financing needs to be met by official creditors using existing
lending pipelines and new budget-support loans. While the
concessional nature of these borrowings supports debt
affordability, the greater dependency of government finance on
external lenders introduces risks to domestic funding sources such
as the FNPF were external financing support to diminish.

Contingent liabilities pose further risks so long as revenue
strains remain. The most significant risk comes in the form of
guarantees on loans to Fiji Airways. The airline has received a
total of FJD 455 million in government-guaranteed loans from
lenders including the Asian Development Bank to support fixed costs
and other expenses. A more protracted tourism rebound may require
additional financial support and raise the risk of these borrowings
becoming a direct liability of the government.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Fiji's ESG Credit Impact Score is moderately negative (CIS-3),
reflecting its high exposure to physical climate risks mitigated in
part by proactive climate adaptation efforts, and moderately
negative social and governance risks.

Fiji's environmental issuer profile score is highly negative (E-4)
given the country's high exposure to short and longer-term physical
climate risks caused by severe tropical cyclones and rising sea
levels, that risk disruptions to the tourism sector. Physical
environmental risks are amplified substantially by Fiji's geography
and limited economic diversification away from tourism and
agriculture. While the government has been proactive on mitigation
efforts, risks to Fiji's agricultural and tourism sectors from
severe weather shocks remain. Fiji is also exposed to moderate
risks to water and natural capital due its island geography.

Fiji's social issuer profile score is moderately negative (S-3),
driven by a high level of youth unemployment, exacerbated by the
coronavirus-induced shutdown in tourism, and weak indicators for
health care provision and life expectancy. The large informal
sector and reliance on subsistence living in many communities
provide some flexibility to the labor market. Although
infrastructure efforts in Fiji are comparably better than in other
similar remote island economies, provision of basic services and
infrastructure are significant challenges due to the archipelago's
geography.

Fiji's governance issuer profile score is moderately negative (G-3)
and balances the challenges of policy administration due to the
small population size and lack of technical expertise with the
country's continued progress on institutional reforms -- backed by
ongoing technical assistance from development partners -- that have
improved rule of law and control of corruption.

GDP per capita (PPP basis, US$): 14,187 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -0.4% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): -0.9% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -3.5% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -12.7% (2019 Actual) (also known as
External Balance)

External debt/GDP: 17.85% (2019 Actual)

Economic resiliency: ba3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On April 15, 2021, a rating committee was called to discuss the
rating of the Fiji, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have materially decreased. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially decreased. The issuer's susceptibility to
event risks has not materially changed.

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

WHAT COULD CHANGE THE RATING UP

The negative outlook signals that a rating upgrade is unlikely over
the near term. The outlook would likely be changed to stable if
prospects for Fiji's tourism sector were to significantly improve
in the coming quarters, containing the deterioration in the
government's fiscal and debt metrics or resulting in a rapid
reversal of the sharp increase in government debt. Signs of faster
and sustained fiscal consolidation once the crisis passes, and
improved capacity of domestic investors to finance deficits, would
also be credit positive.

Over time, ongoing and further reforms that were to translate into
sustained improvements in economic competitiveness and the business
climate, supporting economic diversification and resiliency, could
further create conditions for a stable outlook and upward pressure
on the rating.

WHAT COULD CHANGE THE RATING DOWN

The rating would likely be downgraded if a weaker than expected
recovery in Fiji's tourism sector caused the country's economic
potential and fiscal outcomes to further deteriorate over the
medium term compared to pre-coronavirus levels. Signs that
commitments from bilateral and multilateral creditors to provide
financial support are diminishing would also be credit negative, as
they would signal worsening risks to government liquidity. The
emergence of a further large shock, possibly stemming from a
natural disaster, that the government were unable to cushion, would
put downward pressure on the rating if it were to affect fiscal or
economic strength. Balance of payments strains that were to result
in a significant decline in external buffers, threatening policy
credibility and macroeconomic stability, would additionally be
credit negative.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



=================
H O N G   K O N G
=================

CATHAY PACIFIC: To Close Pilot Base in Canada
---------------------------------------------
Reuters reports that Hong Kong's Cathay Pacific Airways Ltd will
close its Canadian pilot base and has proposed to also shut its
pilot bases in Australia and New Zealand, the airline said on April
22.

No decisions have been made on the fate of its pilots based in
Europe and the United States, the airline said in a statement that
noted all passenger fleet pilots on overseas bases had been stood
down since May 2020, Reuters relays.

Reuters relates that the decision to close the Canadian base is
final, while Australia and New Zealand is a proposal at this stage
and will involve a good-faith consultation process with employees,
Cathay said.

In Australia and New Zealand, employers must consult with staff
before redundancies as part of union agreements but it is rare for
publicly announced decisions to be reversed.

Qantas Airways Ltd and Air New Zealand Ltd made similar
announcements last year about consultations before proceeding with
their planned staff cuts, Reuters notes.

Cathay's proposed closures were first reported by the South China
Morning Post.

According to Reuters, Cathay had already closed overseas cabin crew
bases and shut its regional airline Cathay Dragon to help it
conserve cash during the pandemic, resulting in the loss of more
than 5,900 jobs.

Reuters says the remaining Hong Kong-based pilots and cabin crew
had to agree to permanent pay cuts to keep their jobs.

Cathay, which lacks a domestic market at a time when international
borders are largely shut, last month reported a record annual loss
of HK$21.65 billion ($2.8 billion), according to Reuters.

It has been burning through as much as HK$1.9 billion of cash a
month, though the carrier said last week that figure would begin to
reduce slightly due to an easing of cargo crew quarantine
requirements, adds Reuters.

                       About Cathay Pacific

Cathay Pacific Airways Ltd., also known as Cathay Pacific or
Cathay, is the flag carrier of Hong Kong, with its head office and
main hub located at Hong Kong International Airport. Cathay
operates scheduled airline services.

As reported in the Troubled Company Reporter-Asia Pacific on April
5, 2021, Egan-Jones Ratings Company, on March 22, 2021, maintained
its 'CC' foreign currency and local currency senior unsecured
ratings on debt issued by Cathay Pacific Airways Limited. EJR also
maintained its 'D' rating on commercial paper issued by the
Company.




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

ACCORD UDYOG: CRISIL Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Accord Udyog
Private Limited (AUPL) continues to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AUPL 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 AUPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AUPL continue to be 'CRISIL C Issuer Not Cooperating'.

AUPL was incorporated in 2008, by the promoters, Mr. Avinash Singh
and Ms Jyoti Singh. The Jamshedpur-based company trades in steel
products such as channels, pipes, angles, plates, chequer plates,
galvanized plain and corrugated sheets, thermo-mechanically treated
bars, bars, and other such products.

ADIPARASHAKTI AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Adiparashakti Agro Tech in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term–          7.00      [ICRA]B+(Stable) ISSUER NOT
   Fund-based–                   COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-          3.00      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2016, Sri Adiparashakti Agro Tech (Adiparashakti
Agro) is a partnership firm managed by Mr. M R Krishna and Mr. M R
Venkatesh. The commercial operations of the firm stared in December
2016. The firm is engaged in milling and trading of rice, broken
rice, bran and husk. The firm procures majority of its required raw
material from farmers located in Raichur and its neighboring
districts in Karnataka and sells them in the domestic market. The
firm sells Sona Masuri rice in bulk quantities under the brand name
Anmol and Aakash and has presence mainly in Karnataka and
Maharashtra. The firm's manufacturing facility is located in
Raichur in Karnataka with an aggregate installed capacity of 6 tons
per hour of milling. The firm is part of the MRV group which also
owns other entities in similar business.


ARHYAMA SOLAR: ICRA Lowers Rating on INR31.65cr Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Arhyama
Solar Power Private Limited (ASPPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan         31.65       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating downgraded from
                                 [ICRA]B+(Stable) and continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.

The rating is based on limited information on the entity's
performance since the time it was last rated in January 2020. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Arhyama Solar Power Private Limited (ASPPL) was incorporated in
September 2012. ASPPL has set up a 6-MW solar power plant at
Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana. The
solar power plant commenced its commercial operations from February
2014 and a power-purchase agreement has been signed with Dr Reddy's
Laboratories Limited (DRL) for 20 years. The company is promoted by
a group of entrepreneurs who have experience of more than 20 years
in solar power EPC, agriculture commodities and financial
management.

ARIHANT SYNCOTEX: Ind-Ra Gives 'BB' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arihant Syncotex
Mills Pvt. Ltd. (ASMPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR17.33 mil. Term loan due on February 2027 assigned with
     IND BB/Stable rating; and

-- INR400 mil. Fund-based working capital limit assigned with
     IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect ASMPL's medium scale of operations as indicated
by revenue of INR1,615.70 million in FY20 (FY19: INR1,430.82
million). The growth in the revenue was on the back of stable
demand in the textile industry. However, Ind-Ra expects the
company's revenue to have been significantly impacted in FY21,
owing to a reduction in demand due to the COVID-19 led economic
disruptions. The company booked revenue of INR962.01 million during
11MFY21.

The ratings also factor in the ASMPL's average EBITDA margin of
5.69% in FY20 (FY19: 5.12%) with a return on capital employed of
12% (12%). The increase in the operating margin was due to decline
in operating costs.

The ratings also reflect the company's moderate credit metrics as
indicated by the interest coverage (operating EBITDA/gross interest
expenses) of 1.72x in FY20 (FY19: 1.72x) and the net leverage
(adjusted net debt/operating EBITDA) of 6.52x (7.10x). The
improvement in the net leverage was driven by the increase in the
absolute EBITDA levels to INR91.99 million in FY20 (FY19: INR73.24
million).

Liquidity Indicator – Stretched: ASMPL's average utilization of
the fund-based limits was 99.7% along with the two instances of
overutilization during the 12 months ended March 2021; although the
same was regularized within a day. The cash flow from operations
and the free cash flows remained negative at INR57.55 million in
FY20 (FY19: negative INR103.81 million) and negative INR80.27
million (negative INR130.59 million), respectively, on account of
an increase in the working capital requirement. Furthermore, the
net cash cycle was elongated at 140 days in FY20 (FY19: 132 days),
on account of a decrease in average payable period to 20 days (42
days). The cash and cash equivalents was low at INR0.26 million at
FYE20 (FYE19: INR0.55 million), against the debt of INR600.48
million (INR520.35 million). ASMPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. It had availed the Reserve Bank of India
prescribed moratorium over March-August 2020 for its bank
facilities.

The ratings are, however, supported by the promoter's experience of
over four decades in the textile industry.

RATING SENSITIVITIES

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the gross interest
coverage exceeding 2.0x and/or a liquidity cushion of 5% for its
fund-based limits, all on a sustained basis, would lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2008, ASMPL manufactures cotton fabrics, both grey
and finished fabric at its facility is located at Hatkanangale
(Maharashtra). The company weaves fabrics from yarn and is
ultimately used in the manufacturing of cloth for suiting and
shirting. The company is part of Arihant Group which is owned by
the Lalwani family.Manakchand Lalwani, Arun Kumar Lalwani, Vivek
Kumar Lalwani, Sushila Devi Lalwani, Dimple Lalwani and Kavita
Lalwani are the  promoters.


AUTOMARK INDUSTRIES: Ind-Ra Affirms & Withdraws BB+ Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Automark
Industries (India) Limited's (AIIL) Long-Term Issuer Rating at 'IND
BB+' and has simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:  

-- INR140 mil. Fund-based working capital facilities* affirmed
     and withdrawn; and

-- INR40 mil. Non-fund-based working capital facilities**
     affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn
**Affirmed at 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no-objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

Analytical Approach: Ind-Ra continues to take a consolidated view
of AIIL and its wholly-owned subsidiary, Automark Technologies
(India) Pvt Ltd ('IND BB+'/Stable), together referred to as the
Automark Group, while arriving at the ratings, on account of
significant operational and financial linkages between them. Both
the companies operate in a similar line of business and have a
common management.

KEY RATING DRIVERS

The affirmation reflects the group's continued medium scale of
operations. The consolidated revenue grew to INR1,327.55 million in
FY20 (FY19: INR1,257.27 million), due to an increase in the number
of orders received and executed. The group achieved a turnover of
INR993.26 million during 9MFY21. As of March 31, 2021, it had an
order book of INR70 million-90 million, which is likely to be
executed within one month. The group has presence across the value
chain in the road marking business. Other than manufacturing road
marking materials, it has undertaken road marking contracts for
reputed contractors namely, L&T Chennai, Hindustan Construction Co
Ltd Mumbai, Oriental Structural Engineers Pvt. Ltd, Ircon
International  Limited  and Sadbhav Engineering Limited ('IND
A-'/Negative). The management expects the company to have achieved
revenue ofINR1,400 million to INR1,600 million in FY21. Ind-Ra
expects the revenue to improve further over the medium term on
account of a likely receipt of additional orders. The ratings
continue to factor in the group's modest margins. The consolidated
EBITDA margins declined to 6.4% in FY20 (FY19:  9.6%) due to an
increase in cost of raw materials. The return on capital employed
stood at 8% in FY20 (FY19: 13%). During 9MFY21, the consolidated
margins increased to 9.16%, on account of a decrease in raw
material cost. Ind-Ra expects the credit metrics to have improved
in FY21.

Liquidity Indicator - Adequate: The group's average maximum
utilization of the fund-based and the non-fund-based facilities was
40.9% and 55.8%, respectively, for the 12 months ended February
2021. The working capital cycle elongated to 148 days in FY20
(FY19: 142 days), due to a decrease in creditors period to 66 days
(101 days). The group's cash flow from operations turned positive
to INR63.53 million in FY20 (FY19: negative INR24.03 million),
owing to favorable changes in working capital. Consequently, the
free cash flow turned positive to INR59.99 million in FY20 (FY19:
negative INR36.19 million). The group had cash and cash equivalents
of INR22.73 million at FYE20 (FYE19: INR7.6 million), against the
total outstanding debt of INR189.08 million (INR236 million). The
company repaid INR19.3 million of debt in FY21. It has scheduled
repayment obligations of INR21.5 million and INR14.6 million for
FY22 and FY23, respectively, which are likely to be met through
internal accruals. The company availed the Reserve Bank of
India-prescribed moratorium over March-August 2020. Moreover,
during FY21, the company availed a COVID-19 emergency credit
facility of INR51 million under the guaranteed emergency credit
line scheme to support the working capital requirements.

The ratings also reflect the group's moderate credit metrics. In
FY20, the interest coverage (EBITDA/gross interest coverage)
deteriorated marginally to 2.83x (FY19: 3.02x) and the net
financial leverage (total adjusted net debt/operating EBITDAR)  to
1.95x (1.89x), on account of a decline in the operating EBITDA to
INR85.21 million (FY19: INR120.65 million). The agency expects the
credit metrics to improve gradually as the company has no major
debt-led capex plans in the near term.

The ratings are also constrained by fluctuations in input prices
(resin, titanium dioxide and wax). The group imports its entire
resin (about 60% of raw material) requirement from China and the
US. The company had temporality discontinued imports from China and
the US due to the COVID-19 pandemic; however, it has resumed
imports. The company also plans to procure raw materials from
Sweden, Russia and European countries, among others. Any adverse
fluctuation in the commodity prices will impact the group's
operating profitability.

The ratings, however, are supported by the Automark Group's
three-decade-long experience in the manufacturing of thermoplastic
road marking materials, leading to established relationships with
its customers. The Automark Group's management is vested in M Khara
and Amit Khara, who have a combined industry experience of 30
years.

Standalone Credit Profile: AIIL's revenue grew to INR1,212 million
in FY20 (FY19: INR1,207 million) owing to an increase in the number
of orders received. However, the EBITDA margins declined to 3.36%
in FY20 (FY19: 7.16%) due to a rise in the cost of the material
consumed. The gross interest coverage deteriorated to 2.54x in FY20
(FY19: 4.82x) and the net leverage to 2.95x (1.94x) on account of a
decline in the absolute operating EBITDA to INR41 million (INR86
million). During  9MFY21, the company's revenue was INR913.26
million, EBITDA margin was 4%, interest coverage was 7.7x and net
leverage was 1.0x.

COMPANY PROFILE

AIIL, a marketing arm of Automark Group, procures road marking
material from Automark Technologies (India) and undertakes road
marking contracts.


AUTOMARK TECHNOLOGIES: Ind-Ra Affirms & Withdraws 'BB+' Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Automark
Technologies (India) Private Limited's (ATIPL) Long-Term Issuer
Rating at 'IND BB+' and has simultaneously withdrawn it. The
Outlook was Stable.

The instrument-wise rating actions are:   
-- The 'IND BB+' rating on the INR60 mil. Fund-based working
     capital facilities* affirmed and withdrawn;

-- The 'IND A4+' rating on the INR150 mil. Non-fund-based working

     capital facilities# affirmed and withdrawn; and

-- The 'IND BB+' rating on the INR18.87 mil. Term loan** due on
     October 2024 affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn
#Affirmed at 'IND A4+' before being withdrawn
**Affirmed at 'IND BB+'/Stable before being withdrawn

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Analytical Approach: Ind-Ra continues to take a consolidated view
of ATIPL and its parent Automark Industries (India) Limited's ('IND
BB+'/Stable; 99.99% stake), together referred to as the Automark
Group, while arriving at the ratings, on account of significant
operational and financial linkages between them. Both companies
operate in a similar line of business and have a common
management.

KEY RATING DRIVERS

The affirmation reflects the group's continued medium scale of
operations. The consolidated revenue grew to INR1,327.55 million in
FY20 (FY19: INR1,257.27 million), due to an increase in the number
of orders received and executed. The group achieved a turnover of
INR993.26 million during 9MFY21. As of 31 March 2021, it had an
order book of INR70 million-90 million, which is likely to be
executed within one month. The group has presence across the value
chain in the road marking business. Other than manufacturing road
marking materials, it has undertaken road marking contracts for
reputed contractors namely, L&T Chennai, Hindustan Construction Co
Ltd Mumbai, Oriental Structural Engineers Pvt. Ltd, Ircon
International  Limited  and Sadbhav Engineering Limited ('IND
A-'/Negative). The management expects the company to have achieved
revenue of INR1,400 million-1,600 million in FY21. Ind-Ra expects
the revenue to improve further over the medium term on account of
likely receipt of additional orders.  The ratings continue to
factor in the group's modest margins. The consolidated EBITDA
margins declined to 6.4% in FY20 (FY19:  9.6%) due to an increase
in cost of raw materials. The return on capital employed stood at
8% in FY20 (FY19: 13%). During 9MFY21, the consolidated margins
increased to 9.16% , on account of a decrease in raw material cost.
Ind-Ra expects the credit metrics to have improved in FY21.

Liquidity Indicator - Adequate: The group's average maximum
utilization of the fund-based and the non-fund-based facilities was
40.9% and 55.8%, respectively, for the 12 months ended February
2021. The working capital cycle elongated to 148 days in FY20
(FY19: 142 days), due to a decrease in the creditors period to 66
days (101 days).  The group's cash flow from operations turned
positive to INR63.53 million in FY20 (FY19: negative INR24.03
million), owing to favorable changes in working capital.
Consequently, the free cash flow turned positive to INR59.99
million in FY20 (FY19: negative INR36.19 million). The group had
cash and cash equivalents of INR22.73 million at FYE20 (FYE19:
INR7.6 million), against the total outstanding debt of INR189.08
million (INR236 million). The company repaid INR19.3 million of
debt in FY21. It has scheduled repayment of INR21.5 million and
INR14.6 million for FY22 and FY23, respectively, which are likely
to be met through internal accruals. The company availed the
Reserve Bank of India-prescribed moratorium over March-August 2020.
Moreover, during FY21, the company availed a COVID-19 emergency
credit facility of INR51 million under the guaranteed emergency
credit line scheme to support the working capital requirements.

The ratings also reflect the group's moderate credit metrics. In
FY20, the interest coverage (EBITDA/gross interest coverage)
deteriorated marginally to 2.83x (FY19: 3.02x) and the net
financial leverage (total adjusted net debt/operating EBITDAR)  to
1.95x (1.89x), on account of a decline in the operating EBITDA to
INR85.21 million (INR120.65 million). The agency expects the credit
metrics to improve gradually as the company has no major debt-led
capex plans in the near term.

The ratings are also constrained by fluctuations in input prices
(resin, titanium dioxide and wax). The group imports its entire
resin (about 60% of raw material) requirement from China and the
US. The company had temporality discontinued imports from China and
the US due to the COVID-19 pandemic; however, it has resumed
imports. The company also plans to procure raw materials from
Sweden, Russia and European countries, among others. Any adverse
fluctuation in the commodity prices will impact the group's
operating profitability.

The ratings, however, are supported by the Automark Group's
three-decade-long experience in the manufacturing of thermoplastic
road marking materials, leading to established relationships with
its customers. The Automark Group's management is vested in M Khara
and Amit Khara, who have a combined industry experience of 30
years.

ATIL's revenue grew to INR1,179 million in FY20 (FY19: INR1,079
million) owing to an increase in the number of orders received.
However, the EBITDA margins declined to 3.5% in FY20 (FY19: 2.6%)
due to a rise in the cost of the material consumed. The gross
interest coverage improved to 2.96x in FY20 (FY19: 1.27x) and the
net leverage improved to 1.6x (2.3x). During  9MFY21, the company
revenue was INR865.50 million, EBITDA margin was 5.9%, interest
coverage was 14.0x and net leverage was 0.87x.

COMPANY PROFILE

Incorporated in 2002, Maharashtra-based ATIPL operates in the niche
segment of road marking. ATIPL specializes in the manufacturing of
thermoplastic road marking material/paint. It also manufactures
water-borne marking paint, and reflective paint. Its day-to-day
activities are managed by Mayur Khara and Amit Khara.


BABA BHUMAN: ICRA Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Baba
Bhuman Shah Ji Rice Mills in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          17.00       [ICRA]B (Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-           3.00       [ICRA]B (Stable); ISSUER NOT
   Fund Based TL                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2013, BSJR is a partnership firm engaged in
milling, processing and sorting of basmati and non basmati rice.
The firm has its plant at Fazilka (Punjab) with a milling capacity
and sorting capacity of 6 tonnes per hour each. It undertakes
milling of basmati as well as non-basmati rice, however ~80% of its
revenue is derived from basmati rice. The firm sells its products
directly to its customers as well as through commission agents.
BSJR supplies rice mainly in Delhi, Haryana and Punjab. The firm
sells its products mainly to wholesalers in domestic markets who
further export the same to overseas markets.

BAFNA MOTORS: ICRA Lowers Rating on INR59cr LT Loan to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Bafna
Motors (Mumbai) Private Limited (BMMPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term:          59.00       [ICRA]D; downgraded from
   Fund-based–                     [ICRA]B-; removed from rating
   Trade advance                   watch with developing
                                   implication

   Long-term:         150.00       [ICRA]D; downgraded from
   Fund Based-                     [ICRA]B-; removed from rating
   Term Loan                       watch with developing
                                   implication

Rationale

The rating action follows the recognition of default on the
overdues post-December 31, 2020, on account of non-invocation of
the resolution plan (RP) by all lenders except one, as confirmed to
ICRA. It is to be noted that in December 2020, ICRA had placed the
rating of [ICRA]B- on the bank facilities of Bafna Motors (Mumbai)
Private Limited (BMMPL) on rating watch with developing
implications, following an application made by the company to its
lenders for a one-time restructuring of its loans under the Reserve
Bank of India's (RBI) resolution framework for Covid-19 related
stress announced on August 6, 2020. In February 2021, ICRA had
received confirmation from the company regarding the invocation of
the resolution plan (RP) by all its lenders. ICRA could then
confirm the same only from one of the lenders and the confirmation
from the other lenders were awaited.

However, ICRA has now been given to understand the situation
regarding non-invocation of the RP by other lenders as well as the
overdues status since the start of Q4 FY2021. Since there were
defaults as of December 31, 2020 on the loans that were not
approved for restructuring, the overall bank facilities have been
downgraded to [ICRA]D as per ICRA's policy on default
recognition.

Key rating drivers and their description

Credit challenges

* Delays in debt servicing due to liquidity issues: The firm was
not able to service its debt obligations in a timely and regular
manner due to weak demand of the Commercial Vehicle sector coupled
with the ongoing pandemic, which impacted its revenues and
profitability severely in FY2020. The subsequent lockdown from
March 2020 due to the ongoing pandemic led to closure of the
company's dealership stores, further affecting its liquidity
position.

* Weak financial profile characterized by decline in sales and
operating losses in FY2020; negative net worth resulting in highly
leveraged capital structure and muted debt coverage indicators: The
company's operating revenues degrew by 43% to INR424.17 crore in
FY2020 compared to INR746.65 crore in FY2019, as a result of lower
sales volumes due to weak domestic CV demand. The company reported
operating losses of INR3.92 crore in FY2020, compared to operating
profit of INR11.31 crore in FY2019 due to lower sales resulting in
uneven distribution of fixed costs. Accumulated losses over the
years resulted in a negative net worth of INR61.84 crore as of
March 31, 2020. The scheduled debt repayments in the near term also
remains high, with almost full utilization of fund-based limits.

* Sizeable impending repayments; recovery of loans and advances
extended to Group entities remains critical for cash flow profile:
BMMPL has extended advances to Bafna Group companies, which stood
at INR102.57 crore as of March 31, 2020 over INR89.15 crore as on
March 31, 2019. Timely recovery of these advances, which are
repayable on demand, remains critical for the cash flow profile of
the company, given that there are sizeable debt repayments falling
due in the near-to-medium term.

* Vulnerability to downturn in the CV market; intense competition
leading to heavy sales discounts and resultant net losses: The CV
sector faced a demand slowdown in FY2020 as reflected by sales
contraction in the Medium & Heavy CV (M&HCV) and Light CV (LCV)
segments. This was further impacted by the liquidity crunch in the
NBFC segment leading to tightening of CV financing. For FY2020,
M&HCV volumes degrew by 47% YoY, while LCV volumes degrew by 22%
due to weak demand, primarily in the logistics sector. In the
Mumbai region - covering Mumbai, Navi Mumbai and Thane - BMMPL
typically faces competition from two other dealers of Tata Motors
Limited's CVs. The stiff competition from other CV manufacturers
has led to pricing pressures and, hence, heavy sales discounts by
TML and its dealers, leading to accumulated losses for the company
over the years.

* Inherently low operating margins in the auto dealership business:
Being an authorized TML dealer, the company receives a dealer
margin of ~3% of the ex-showroom price for each vehicle sold.
Institutional sales to clients like state municipalities are
carried out directly through TML, where BMMPL earns a commission to
the tune of ~70% of the basic margin on the vehicles sold. BMMPL
also receives additional income from performance incentives,
commission from insurance companies and commission from financing
institutions (for vehicles financed through it).

Liquidity position: Poor

BMMPL's liquidity position is poor, as reflected by the negative
cash accruals in FY2020 and sizable repayment obligations in the
near-to-medium term. The estimated cash flow from operations along
with the existing cash balance may not be adequate to meet the high
repayment obligations falling due over the short-to-medium term.
ICRA notes that BMMPL has applied for one-time restructuring of its
debt exposure and the same has been approved by one of the lenders.
Timely implementation of the RP in a manner that alleviates the
company's tight liquidity position would be crucial.

Rating sensitivities

Positive factors – Improvement in liquidity position and
regularisation of debt servicing as per ICRA`s policy will be key
to a rating upgrade.

BMMPL is an authorized dealer of TML, dealing in the OEM's
commercial vehicles as well as in its spare parts and servicing.
The company serves the three regions of Mumbai, Thane and Raigad
district in Maharashtra. It was established on November 5, 2001,
with its registered office at World Trade Centre, Cuffe Parade,
Mumbai. The Bafna Group was promoted by Mr. M. C. Bafna, with its
first dealership in Nanded, Maharashtra.


EASTMAN METTCAST: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Eastman
Mettcast Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C+ ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Cash Credit         15.00     [ICRA]C+; ISSUER NOT
                                 COOPERATING; Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

   Term Loan            2.00     [ICRA]C+; ISSUER NOT
                                 COOPERATING; Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited and
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries, at its manufacturing
facility located in Hambran, Ludhiana, Punjab. In December 2013,
the company was taken over by Mr. Subhash Goel and his family and
currently both the families are jointly managing the operations of
the company.

FUTURE EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Future
Education And Research Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund-based         112.57     [ICRA]D ISSUER NOT COOPERATING;
   Limits–Term                   Rating continues to remain
under
   Loan                          'Issuer Not Cooperating'
                                 Category

   Fund-based          6.50      [ICRA]D ISSUER NOT COOPERATING;
   Limits–                       Rating continues to remain
under
   Overdraft                     'Issuer Not Cooperating'
                                 Category

   Non-fund          (37.00)     [ICRA]D ISSUER NOT COOPERATING;
   Based Limits–                 Rating continues to remain
under
   FLC/LOC/LOU                   'Issuer Not Cooperating'
   For buyer's                   Category
   credit#           
    
   Non-fund          (37.00)     [ICRA]D ISSUER NOT COOPERATING;
   Based Limits–                 Rating continues to remain under

   FLC/LOC/LOU                   'Issuer Not Cooperating'
   For buyer's                   Category
   credit#           
                                 
   Unallocated         0.93      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2001, Future Education And Research Trust (FERT)
had set up its first college in 2002 under the name, Future
Institute of Engineering and Management (FIEM), in Sonarpur, near
Kolkata, catering to undergraduate and postgraduate courses across
streams including engineering and management. In 2005, the trust
had set up a school under the name Future Campus School, affiliated
to the Central Board of Secondary Education (C.B.S.E.). In 2015,
the trust had set up another college in Garia, Kolkata named Future
Institute of Technology (FIT), which offers B. Tech courses across
various streams. Both FIEM and FIT are approved by the AICTE and
are affiliated to the Maulana Abul Kalam Azad University of
Technology, West Bengal, formerly West Bengal University of
Technology (WBUT). In 2019, the trust set up another school in
Garia, Kolkata named Future Think School (FTS). In addition, FERT
is in the process of setting up an oncology hospital in Sonarpur,
near Kolkata.

GLOBAL INSTITUTE: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Global
Institute of Medical Science & Health Care in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-          20.00     [ICRA]B+(Stable); ISSUER NOT
   Fund Based TL                 COOPERATING; Continues to remain
                                 under the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in November 2011, GIMSH is a closely-held company
registered under section 25 (not for profit company) that is
setting up a 300-bedded multi-speciality hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, who are currently running a130
bedded hospital in Jabalpur, Madhya Pradesh. They are also managing
the affairs of medical and engineering institutes located in Madhya
Pradesh. The promoters of the company already have extensive
experience in the healthcare sector.

HANIEF MOTORS: ICRA Assigns B Rating to INR5.50cr Cash Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Hanief Motors
(HM), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          5.50       [ICRA]B(Stable); Assigned

Rationale

The assigned rating factors in the long track record of HM in the
auto dealership business and its established presence in Jammu and
Kashmir (J&K). The rating also considers HM's strong sub-dealer
network, apart from its dealership in multiple locations, that
helps it in improving its market reach.  The rating, however,
remains constrained by HM's small scale of operations, as reflected
by operating income (OI) of INR17.92 crore and INR13.15 crore in
FY2019 and FY2020, respectively, thus limiting its financial
flexibility. The rating is further constrained by the firm's weak
financial profile with high gearing and stretched coverage
indicators. ICRA also notes the thin margins of the entity, which
is inherent in the dealership nature of business. In FY2019 and
FY2020, the firm's operating margins remained at 3.1% and 5.3%,
respectively.

The Stable outlook on [ICRA]B rating reflects ICRA's opinion that
HM will benefit from its experienced promoters and its established
presence.

Key rating drivers and their description

Credit strengths

* Experienced promoters: The firm has been in the auto-dealership
business for more than three decades and has an established
presence in J&K.

* Healthy sub-dealers network: HM has a healthy network of
approximately 30 sub-dealers for two-wheelers, especially in
regions where it has limited presence. This helps it in improving
the market reach.

Credit challenges

* Small scale of operations limits financial flexibility: HM has a
small scale of operations with revenues of INR17.92 crore and
INR13.15 crore in FY2019 and FY2020, respectively. This limits its
financial flexibility.

* Weak financial profile with high gearing and stretched coverage
indicators: HM has a weak financial profile with high gearing of
2.7 times as of March 31, 2020 and stretched coverage indicators
with interest coverage ratio of 0.8 times.

* Thin margins inherent to dealership nature of the business: The
dealership business is characterized by thin margins and low
bargaining power of the dealer, as margins on vehicles are
determined by the principal. Inherently low value addition and
intense competition in the auto dealership business have resulted
in low operating margins. In FY2019 and FY2020, the firm's
operating margins remained at 3.1% and 5.3%, respectively.

Liquidity position: Stretched

The liquidity profile of the company is expected to remain
stretched as the cash accruals remain low, while the free cash
flows remained negative in the last four fiscal years. The cash
balances as of March 31, 2020 also remained negligible with very
low buffer in working capital. The firm's fund-based working
capital utilization (average) remained at 99% of the limits and 78%
of the drawing power for the 12-month period ending in December
2020. However, HM does not have any bank debt (except vehicle
loans), which keeps it repayment obligations remains low.

Rating sensitivities

Positive factors – The rating of HM can be upgraded if the firm
demonstrates sustained growth in its revenues and profits, coupled
with better working capital intensity and liquidity profile,
resulting in improvement in its credit metrics.

Negative factors – Downward pressure on the rating could emerge,
if there is sustained decline in its revenues or profitability.

Any further stretch in its working capital cycle resulting in
depletion in its liquidity position could also put negative
pressure on the rating of the firm.

Hanief Motors (HM), initially named National Cycle Works, was
incorporated in 1980 as a partnership firm by Mr Abdul Rahim. In
1981, its name was changed to the current one by Mr. Mohammad
Hanief, son of Mr. Rahim. The firm is the authorized dealer for
Yamaha Motors Limited for sales of motorcycles, mopeds and scooters
along with spares and services in four locations in J&K, namely
Srinagar, Anantnag, Pulwama and Sangrama. The company also deals in
agri-equipment and gensets and has a Panasonic store in Srinagar.


JAINALCO INDUSTRIES: ICRA Lowers Rating on INR15cr Loans to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jainalco
Industries Private Limited (JIPL; earlier called as Apart Impex
Private Limited/AIPL), as:

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term          7.00       [ICRA]B+ (Stable): Rating
   Fund Based–                   downgraded from
   Cash Credit                   [ICRA]BB-(Stable)
                                 and continues to remain
                                 under issuer non-cooperating
                                 category

   Long-term          8.00       [ICRA]B+ (Stable): Rating
   Fund Based–                   downgraded from
   Term loan                     [ICRA]BB-(Stable)
                                 and continues to remain
                                 under issuer non-cooperating
                                 category

Rationale

The rating downgrade is because of lack of adequate information
regarding Jainalco Industries Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2011, Jainalco Industries Private Limited (JIPL;
earlier called as Apart Impex Private Limited/AIPL) manufactures
aluminium sheets, strips, coils, etc. The manufacturing unit of the
company is located at Delhi Rohtak Road, Gandhara Road,
Ismailia village in the Rohtak district of Haryana. It has an
installed capacity of 3,500 tonnes per annum, which is to be
increased to 4,200 MT by the end of FY2020. The company was earlier
involved in trading of resins and commenced manufacturing of
aluminium products since August 2015.


JAYPEE INFRATECH: Lenders Ask NBCC, Suraksha Group to Improve Bid
-----------------------------------------------------------------
Livemint.com reports that Jaypee Infratech's lenders have asked
state-owned NBCC Ltd and Suraksha group to improve their bid and
offer more land parcels under an insolvency process to acquire
debt-laden realty firm.

Earlier this month, NBCC and Mumbai-based Suraksha group submitted
their revised bids to acquire Jaypee Infratech through an
insolvency process, as per the direction of the Supreme Court.

In their bids, NBCC has offered 1,526 acre land and Suraksha group
around 2,040 acre to lenders.

According to Livemint.com, sources said lenders during a meeting of
Committee of Creditors (CoC) on April 17 told both the interested
parties to improvise their bids and provide more land parcels under
the land-debt swap deal.

This is the fourth round of bidding process in the matter of Jaypee
Infratech, which went into an insolvency process in August 2017,
the report notes.

Livemint.com says lenders also asked both the bidders to specify
how they will settle dues of dissenting financial creditors,
sources said.

Homebuyers demanded that Suraksha group should reduce the timeline
for giving possession of their flats, they said.

Last month, the Supreme Court remitted to the Committee of
Creditors (CoC) the issue of approval of resolution plan for Jaypee
Infratech Ltd (JIL), saying no new expression of interest would be
entertained for taking over the firm and only NBCC and Suraksha
Realty could file revised proposals, Livemint.com recalls.

The apex court also directed to extend the resolution process by 45
days.

In the CoC meeting, which was held on April 12, NBCC was asked to
determine the locations where these land parcels are situated at
Noida and Greater Noida in Uttar Pradeh, according to the report.

Lenders had also asked the NBCC to take the government's approval
as well as the fair trade regulator nod on the bid.

In the current fourth round, NBCC and Suraksha have made some
changes in their revised plans in view of the apex court direction
to return INR750 crore with accrued interest to Jaiprakash
Associates Ltd (JAL), the promoter group of Jaypee Infratech, after
reconciliation of accounts between JAL and JIL, Livemint.com
notes.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In the first round of insolvency proceedings conducted in 2018, the
INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The Committee of Creditors (CoC) rejected the
bids of Suraksha Realty and NBCC Ltd in the second round held in
May-June 2018, according to The Economic Times.

On Nov. 6, 2019, the Supreme Court directed completion of Jaypee
Infratech's insolvency process within 90 days and said the revised
resolution plan will be invited only from NBCC and Suraksha Realty,
ET related.


M S GRAPHICS: Ind-Ra Cuts LT Issuer Rating to BB-, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M S Graphics
Private Limited's (MSGPL) Long-Term Issuer Rating to 'IND BB-' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160 mil. Fund-based limits downgraded with IND BB-/Stable
     rating; and

-- INR20 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

Liquidity Indicator: Poor: The downgrade reflects MSGPL's continued
poor liquidity profile, with its average maximum utilization of the
fund-based working capital limits being 97% during the 12 months
ended February 2021. Also, Ind-Ra expects the company's debt
service coverage to remain weak around 0.8x over FY21-FY22, due to
significant repayment & interest obligations. Moreover, the company
faces a long networking capital cycle (FY20: 189 days; FY19: 188
days) due to a long receivable period of 252 days (254 days), as
payments are received after the printing and publishing cycle is
complete. Resultantly, its cash flow from operations continued to
be negative at INR13.11 million in FY20 (FY19: negative INR27.57
million). At FYE20, it had cash and cash equivalents of just INR3.2
million. It had also availed the Reserve Bank of India-prescribed
moratorium for April-September 2020 on its fund-based limits.
However, the management has infused an unsecured loan of INR9.8
million to mitigate the liquidity risk.

Moreover, Ind-Ra expects MSGPL's credit metrics to have
deteriorated in FY21 due to an increase in the total borrowings as
the company had availed an INR30.4 million guaranteed emergency
credit line. MSGPL had modest credit metrics in FY20  with an
interest cover (operating EBITDA/gross interest expense) of 1.3x
(FY19: 1.2x) and the net leverage (total adjusted net
debt/operating EBITDAR) of 7.5x (7.7x). The marginal improvement in
the credit metrics was due to a rise in the absolute EBITDA to
INR29.67 million in FY20 (FY19: INR27.17 million).

The ratings continue to be constrained by the company's continued
small scale of operations and modest EBITDA margin. In FY20, the
revenue improved to INR516.09 million (FY19: INR485.40 million) on
account of the addition of customers, whereas the margins improved
to 5.75% (5.6%) due to a decline in the administrative expenses
with a ROCE of 9.1% (9%). In FY21, the company booked revenue of
INR535 million; the revenue growth was suppressed, due to various
challenges faced during the COVID-19 led lockdown. In FY21, the
margins are expected by the management to have been in line with
FY20's.

However, the ratings are supported by MSGPL's promoters' over 25
years of experience in the trading of printing plate machineries
and inks.

RATING SENSITIVITIES

Positive: Substantial growth in the scale of operations, leading to
interest coverage exceeding 1.8x on a sustained basis and along
with the improvement in the liquidity will be positive for the
ratings.

Negative: Deterioration in the scale of operations or liquidity
leading to the interest coverage reducing below 1.3x will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1991, MSGPL is engaged in the trading of printing
plates and printing ink. The company is managed by Chandra Mohan
Shroff and Mohit Shroff. Its sales offices are located in Kolkata,
Chennai, Delhi, Guwahati and Bengaluru.

MOHAN ENERGY: ICRA Withdraws B+ Rating on INR83cr Loans
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Mohan Energy Corporation Pvt Ltd at the request of the company and
based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities have
not been captured as the rated instruments are being withdrawn.  

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund based/
   Cash Credit        2.00       [ICRA]B+ (Stable); Withdrawn

   Non-Fund
   Based/Bank
   Guarantee         81.00       [ICRA]B+ (Stable); Withdrawn

MECPL is an ISO 9001 company, which was incorporated in May 2006 by
Mr. Mohan Puri and Mrs. Neeru Puri (mother of Mr. Mohan Puri). The
company's main product lines include turnkey projects in electrical
generation, sub-stations, transmission and distribution. It is also
involved in solar electrification and mini hydro-electric projects.
The company operates in the export as well as the domestic market.
The export market is dominated by West African nations such as
Ghana, Zambia, Sudan, Angola, Mozambique, Gambia, Benin and Mali,
and Togo. Most of the projects undertaken by MECPL have been either
funded by the GoI's line of credit (LOC) to African countries
(through EXIM Bank) or by various multilateral funding agencies
like World Bank, Asian Development Bank, African Development Bank
and UN agencies.

NAVIN GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Navin Ginning
Factory (NGF) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with NGF 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 NGF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NGF continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Setup in 2010 as a proprietorship firm by Mr. Kishor Tayal, NGF
gins and presses raw cotton and sale cotton bales and seeds. Its
manufacturing unit is in Sendhwa (Madhya Pradesh) and has ginning
and pressing capacity of 200 bales per day.

NORTH INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of North
India Surgical Company in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Fund based        11.00     [ICRA]D; ISSUER NOT COOPERATING;
   Limits                      Continues to remain under the
                               'Issuer Not Cooperating' category

   Non-Fund           1.00     [ICRA]D; ISSUER NOT COOPERATING;
   Based limits                Continues to remain under the
                               'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

NISC, a partnership firm, commenced operations in April 2012 by
taking over the operational business of a medical segment of Jagat
Steels Private Limited. NISC is the exclusive dealer of stents made
by Abbott Healthcare, spinal implants made by Medtronic Plc, and
pacemaker of St. Jude. It also trades various disposable surgical
items and medicines.

NTS DAIRY: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NTS Dairy and
Foods Private Limited (NTS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             0.2        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               7.0        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with NTS 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 NTS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NTS continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated on March 15, 2013, and promoted by Mr. Nandkishor T
Sonawane, NTS currently processes and distributes milk and milk
products. It has a milk processing capacity of 20,000 liters per
day (lpd) at Bhadane in Dhule (Maharashtra). It is setting up a new
unit at the same location for an additional milk processing
capacity of 50,000 lpd and a facility to manufacture value-added
products.


OM SHAKTHI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of OM Shakthi
Exports (OM) continues to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Overdraft Facility        5          CRISIL D (Issuer Not
                                        Cooperating)

CRISIL Ratings has been consistently following up with OM 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 OM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of OM
continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2013, OM is a partnership firm of Mr. Gulhatty Shekhar
and Mr. Raghunath Babu. The firm is engaged in mining, processing
and exports of granite blocks, slabs and tiles.

PALANI VIJAY: ICRA Withdraws B+ Rating on INR26.59cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Palani Vijay Cottspin Private Limited at the request of the company
and based on the No Objection Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term–         13.50      [ICRA]B+ (stable):ISSUER NOT
   Cash Credit                   COOPERATING; Withdrawn

   Long Term–          2.96      [ICRA]B+ (stable):ISSUER NOT
   Term Loans                    COOPERATING; Withdrawn

   Long Term-         26.59      [ICRA]B+ (stable):ISSUER NOT
   Unallocated                   COOPERATING; Withdrawn

   Short Term–         1.50      [ICRA]A4; ISSUER NOT
   SLC (Secured                  COOPERATING; Withdrawn
   Line of Credit)     
                                 
Incorporated in 2005 by Mr. A. Ramalinga Appasamy, PVCPL is engaged
in the manufacture of cotton yarn. It started its commercial
production in 2008. The Company primarily produces combed knitting
yarn, semi-combed knitting yarn, combed warp yarn, carded warp yarn
and doubled yarn. It also has modern scanning and quality assurance
equipment to identify and remove impurities and contamination in
cotton, and air handling equipment to protect and improve the
quality of yarn.

PARAMOUNT CONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Conductors Limited (PCL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           11         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       6         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             0.75       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PCL for
obtaining information through letters and emails dated January 30,
2021 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 PCL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCL continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1971 and promoted by Mr. G K Tapadia and his
family, PCL manufactures winding wires (aluminium and copper),
coils (high tension and low tension), and machines for
manufacturing coils (testing machines and motor rewinding). Units
are in Nagpur and Goa.

PEARL ENGINEERING: ICRA Withdraws B+ Rating on INR10.89cr Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Pearl Engineering Co. at the request of the company and based on
the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           8.00       [ICRA]B+(Stable); ISSUER NOT
   Fund Based/                     COOPERATING; Withdrawn
   Cash Credit          
                                   
   Long Term-           3.61       [ICRA]B+(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Withdrawn
   Term Loan            

   Long Term–          10.89       [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

   Short Term–         17.50       [ICRA]A4; ISSUER NOT
   Non-fund Based                  COOPERATING; Withdrawn

Pearl engineering Co. (PEC) was established in 1982 and is into
manufacturing & exporters of Electrical Stampings for Motors and
Fans like Traction Motor & Rotor Lamination, Stator & Rotor
Lamination, Electric Motor Parts, Stator & Rotor Stack, and
Progressive Stamping. The company has a manufacturing capacity of
about 2000 M.T. of Stampings per month.


RAJRAJESHWAR COTTON: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Rajrajeshwar Cotton Industries in the 'Issuer Not Cooperating'
category.  The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long term fund      4.75      [ICRA]B+(Stable); ISSUER NOT
   based (CC Limit)              COOPERATING; Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

   Long term fund      1.25      [ICRA]B+(Stable); ISSUER NOT
   based (Term Loan)             COOPERATING; Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

RCI is a partnership concern of Mr. Vrandavandas Hajarilal Tayal,
Mr. Sunil Kumar Gyarsilal Mangal and Mr. Govind Kumar Gyarsilal
Mangal. It is involved in the ginning and pressing of cotton in
Sillod, Maharashtra. The company's installed capacity was 230 bales
per day (370 quintal/day) as on March 31, 2016. It procures 'kapas'
from farmers and local mandis through cash or demand draft. The
company sells the ginned cotton to traders and sometimes to
spinning companies. The company sells cotton seeds to the oil
extraction companies.

RAMNANDI ESTATE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramnandi
Estate Private Limited (REPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.04        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              4.93        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with REPL 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 REPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on REPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
REPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in August 2011, REPL is promoted by Mr. Akhouri Gopal.
The company is the sole authorized dealer of HMIL passenger
vehicles in the Gaya district of Bihar. It has one
showroom-cum-workshop in Gaya.

RMP BEARING: ICRA Withdraws B+ Rating on INR13.0cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
RMP Bearing Limited at the request of the company and based on the
No Objection Certificate received from its banker. However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          13.00       [ICRA]B+(Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Withdrawn

   Long Term-           1.12       [ICRA]B+(Stable); ISSUER NOT
   Fund Based TL                   COOPERATING; Withdrawn

   Inland LC            0.10       [ICRA]A4; ISSUER NOT
                                   COOPERATING; Withdrawn

Incorporated in 1978, RMP Bearings Limited (RBL) is involved in
manufacturing bearings, yokes and races with its plant located at
Ranpur in Ahmedabad district of Gujarat. The company caters mainly
to automobile sector as well as textile machinery segment and
manufactures products based on specific requirements of OEMs. The
company also has presence in retail segment in both domestic and
export markets.

SATYA CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya
Constructions Private Limited (SCPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         19.1       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     45.9       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated January 30,
2021 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2003 by Mr. Maddirala Sambasiva Rao and Mr. Popuri
SatyaNarayana, SCPL undertakes residential and commercial real
estate construction business in Guntur. It has five ongoing
projects and has completed 24 projects.


SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SHL Agro
Foods Inc in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Cash Credit          6.50     [ICRA]B+(Stable); ISSUER NOT
                                 COOPERATING; Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

   Term Loan            7.19     [ICRA]B+(Stable); ISSUER NOT
                                 COOPERATING; Continues to
                                 remain under the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

SHL Agro Foods Inc is a partnership firm located in Chandigarh. It
was established in 2013 by Mr. Surjit Singh Kohli. The firm is into
poultry processing and supplies fresh and frozen raw-ready to cook
chicken products packaging material.


SRINIVASA SPINTEX: ICRA Lowers Rating on INR63.95cr Loan to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Sri
Srinivasa Spintex (India) Limited (SSSIL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         55.00       [ICRA]D ISSUER NOT COOPERATING;

   Fund Based/                    Rating downgraded from
   Cash Credit                    [ICRA]B+ (Stable) and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term-         63.95       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating downgraded from
   Term Loan                      [ICRA]B+ (Stable) and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term-          2.47       [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund                       Rating downgraded from
   Based                          [ICRA]B+ (Stable) and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term–          2.83       [ICRA]D ISSUER NOT
COOPERATING;
   Unallocated                    Rating downgraded from
                                  [ICRA]B+ (Stable) and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade reflects delays in debt servicing as mentioned
in publicly available sources.  The rating is based on limited
information on the entity's performance since the time it was last
rated in January 2020. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Sri Srinivasa Spintex (India) Limited (SSSIL) was incorporated in
July 2006 and is engaged in manufacturing of grey cotton spun yarn.
The company has a spinning mill at Tadepalligudem in West Godavari
district of Andhra Pradesh (A.P.). SSSPL started commercial
production of yarn in August 2008 with 4,000 spindles which was
increased gradually to 18,000 spindles in January 2009, 42,480
spindles in January 2011 and 55,440 spindles from mid-June 2012.

TECH INDIA: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tech India
Engineering and Automation (TIEA) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       2.5       CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with TIEA 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 TIEA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TIEA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TIEA continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

TIEA was Established in 2018 as a partnership firm and is engaged
in manufacturing of electronic connectors.

VARMORA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Varmora Foods
Private Limited (VFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            3.15        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.10        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              6.75        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with VFPL 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 VFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VFPL continue to be 'CRISIL D Issuer Not Cooperating'.

VFPL, incorporated in August 2013, has a processing unit to
manufacture spray-dried fruit powder, spray dried vegetable powder
and caramel color. Its operations commenced in April 2014.

VIJAI ELECTRICALS: Ind-Ra Cuts Rating to 'BB-', Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vijai
Electricals Limited's (VEL) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR1,178.4 bil. Fund-based facilities Long-term rating
     downgraded; Short-term rating affirmed with IND BB-/
     Negative/IND A4+ rating; and

-- INR11,412.5 bil. (reduced from INR11.774 bil.) Non-fund-based
     facilities affirmed IND A4+ rating.

Ind-Ra continues to consider VEL's standalone financials for
arriving at its ratings, while adjusting them for the equity
required to be infused by the company in its under-construction
special purpose vehicle in Algeria, in which VEL holds 40%.

The downgrade reflects the deterioration in VEL's liquidity profile
due to a longer-than-expected working capital cycle, resulting in
rising net debt levels and thus a weaker-than-expected credit
profile in FY20 and 1HFY21. The Negative Outlook factors in the
delayed debtor recovery process along with lower revenue visibility
on account of slow order inflow amounting to INR3.4 billion during
11MFY21 (FY20: INR0.9 billion), coupled with higher working capital
lockup. Any delay in the recovery of the retention money from the
counterparties will result in cash flow mismatches and would result
in further negative rating actions.

KEY RATING DRIVERS

Liquidity Indicator - Poor: VEL's average utilization of its
fund-based limits stood at 98.5% and that of its non-fund-based
limits stood at 59.5% for the 12 months ended February 2021, due to
an elongated working capital cycle. The company's net working
capital cycle elongated to 1,058 days in 1HFY21 from 474 days in
FY20 (FY19: 255 days; FY18: 262 days). The elongation was majorly
due to an increase in debtor days (including retention money) to
around 1,179 days during the same period as against 521 in FY20
(FY19: 295; FY18: 282), due to a slowdown in the payments by
counterparties, which are majorly government entities operating in
the power sector. A weak operational performance, coupled with
incremental working capital lock up, resulted in negative cash flow
from operations in FY20 and FY21.

VEL had opted for the Reserve Bank of India-prescribed moratorium
over April-September 2020 and has cleared its accrued interest due
on time. VEL has total debt obligation of INR1.8 billion over
FY22-FY24, along with equity commitments of INR0.3 billion in its
Algeria subsidiary, which will be met using the INR2.5 billion of
realizations from debtors likely to be collected in FY22. The debt
obligation includes the redemption of the zero coupon bonds
subscribed by the lenders during the time of corporate debt
restructuring amounting to INR1.0 billion. The company does not
plan to incur any major capex, apart from the commitments in
Algeria, over the near term. Ind-Ra has factored in, in its base
case, a recovery of a portion of the stuck retention money, which
would be used to service debt obligations. Any change in the
expectation will result in cash flow mismatches of the entity and
may result in a negative rating action. This will remain a key
rating monitorable for the agency over the next six months.

Timely Debtor Realization Key for Survival in FY22: VEL's net
working capital, including retention money and mobilization
advances, increased to INR6.1 billion in 1HFY21 (FY20: INR6.2
billion; FY19: INR5.7 billion), resulting in incremental working
capital lockup. At end-September 2020, the top five counterparties
delaying receivables were Jharkhand Bijli Vitran Nigam Limited,
Power Grid Corporation of India Limited, Andhra Pradesh Eastern
Power Distribution Company Limited, South Bihar Power Distribution
Company Limited and NTPC Limited ('IND AAA'/Stable). The debtors
outstanding from these counterparties amounted to INR5.7 billion at
end-September 2020 (FY20: INR5.65 billion), out of overall INR7.0
billion (INR6.8 billion). However, the company has intimated Ind-Ra
that out of the total debtors at end-September 2020, INR6.2 billion
is ageing over 180 days. The agency was intimated that around
INR2.5 billion of debtors are likely to be recovered in FY22; this
is a key rating monitorable. Any delay in this will further impact
VEL's liquidity profile and could result in a delay in the
repayment of the Corporate Debt Restructuring zero coupon bonds of
INR1.0 billion, due in March 2022.

The agency was earlier intimated that INR2.5 billion of the debtors
will be recovered by 1HFY21. However, that did not materialize on
account of delays in securing completion certification due to
COVID-19-led disruptions. The company has received completion
certificates from counterparties and is now expecting the payments
in FY22. Ind-Ra has factored in a portion of the retention money
recovery to take place in FY22, which would be used to honor the
bank obligations, backed by the completion certificate and the
track record of the company to deal with the discoms since several
decades.

Deterioration in Operational Performance and Credit Profile: The
operational performance of the company was impacted in FY20 and
further in 1HFY21, majorly due to the slower executions of its
order book. The revenue declined to INR1.0 billion in 1HFY21 (FY20:
INR4.7 billion, FY19: INR8.5 billion) and the EBIDTA margin turned
negative (FY20: 9.3%, FY19: 13.5%). Ind-Ra expects the FY21 revenue
to have likely declined to about INR2.5 billion, before recovering
to about INR4.0 billion in FY22 due to an improvement in orderbook
execution.

The deterioration in the scale of operations to small, with an
increase in the working capital utilization, led to increased
finance costs and resulted in a negative interest coverage ratio
(EBIDTA/interest) in 1HFY21 (FY20: 1.2x; FY19: 2.1x; FY18: 3.2x)
after excluding debtors write off from post a plant sell off) and
the net adjusted leverage (including corporate guarantees) not
being meaningful, due to negative EBITDA (FY20: 5.4x; FY19: 2.0x;
FY18: 1.0x). Ind-Ra expects the interest coverage ratio to remain
under 1.0x over FY21-FY22, before exceeding 1x FY23 onwards. The
net leverage is likely to have remained elevated in FY21 and to
continue to do so over FY22-FY23 due to slower-than-expected EBITDA
recovery.

Moderate Revenue Visibility; Order Book Concentration: The
company's order inflows declined in FY20, due to the election
season persistent across the country along with the company's
strategy to participate in only high-margin bids. The order inflow
deteriorated further during 11MFY21 to INR3.4 billion (FY20: INR0.9
billion; FY19: INR 2.2 billion; FY18: INR13.0 billion), due to
COVID-19-led disruptions. This led to a decline in the overall
order book to INR3.9 billion at end-11FY21 (excluding lowest 1 (L1)
order of INR3.2 billion; 0.78x FY20 revenue) (FY20: INR 5.8
billion; FY19:13.9 billion). The recent L1 order of INR3.2 billion
is likely to improve the revenue visibility moderately over the
near term. According to the management, the company is likely to
see lower margins in new orders due to high competition.

Out of the order book at February 2021, 80% is from the project
division of the company which is majorly into electrification of
rural villages while the rest is of manufacturing of transformers,
conductors and related products. However, the company is planning
to expand in the overhead electrification railways and smart
metering segments.

Experienced Promoter: VEL's promoter has a track record of over
four decades in the manufacture of electrical equipment with a
specialization in transformer design.

Inherent Industry Risk: VEL is an engineering, procurement, and
construction player exposed to high industry competition, delays in
the realization of receivables, project delays, cost and timeline
overruns and litigation. Since the majority of the existing order
book is concentrated in the transmission & distribution (T&D)
sector, the company is also exposed to cyclicality in transmission
& distribution. Also, any pressure on the cash flows of the
counterparties could adversely impact VEL's collections.

RATING SENSITIVITIES

Outlook Revision to Stable: The following collective developments,
on a sustained basis, may result in VEL's Outlook being revised to
Stable:

- an improvement in liquidity profile through a recovery of
debtors and retention money

- an increase in revenue visibility through fresh order inflows

- an improvement in the credit profile through an increase in its
scale of operations while maintaining the existing margins,
resulting in the interest coverage of over 1x FY22 onwards

Negative:  The following developments, individually or
collectively, all on sustained basis will result in a rating
downgrade:

- a delay in the recovery of debtors and retention money resulting
in a longer working capital cycle, further impacting the liquidity
profile

- an inability to improve the revenue visibility due to the lack
of order build up with existing margins

- deterioration in the credit profile with the interest coverage
ratio being under 1x on a sustained basis

- an inability to execute its order book, resulting in the smaller
scale of operations

COMPANY PROFILE

VEL manufactures electricity distribution transformers. In 2005, it
entered the business of execution of rural electrification
projects. It has a transformer production site in Haridwar and a
conductor manufacturing facility in Roorkee.


YORK PRINT: Ind-Ra Downgrades LT Issuer Rating to 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded York Print
Private Limited's (YPPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB' and has simultaneously migrated it to the non-cooperating
category. The Outlook was Negative. The rating will now appear as
'IND BB+ (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the ratings.

The instrument-wise rating actions are:       

-- INR267.64 mil. Term loan due on February 2025 downgraded and
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating;

-- INR355.50 mil. Fund based limit downgraded and migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR81 mil. Non-fund-based limit downgraded and migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR30.00 mil. Proposed fund-based limit withdrawn (the company

     is no longer proceeding with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The downgrade reflects the company's tight liquidity profile as
reflected from its almost full utilization of its working capital
limits during the 12 months ended March 2021.

COMPANY PROFILE

YPPL is a packaging company incorporated in 2002. It manufactures
folding box cartons at its units in Meghalaya and Assam. It offers
a wide range of cartons, which is complemented by print finishes
such as stamping, foiling, embossing and varnishing.




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

PAKUWON JATI: Moody's Gives Ba2 Rating on New Sr. Unsecured Bond
----------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of Ba2 to the proposed senior unsecured bond to be issued by
Pakuwon Jati, Tbk. (P.T.) (Ba2 stable). The bond is unconditionally
and irrevocably guaranteed by most of Pakuwon Jati's subsidiaries.

The rating outlook is stable.

Pakuwon Jati will use the net proceeds to redeem in full the $250
million 2024 bond issued by Pakuwon Prima Pte. Ltd. and for general
corporate purposes.

"The senior unsecured bond is not exposed to legal or structural
subordination risk; hence the rating is aligned with Pakuwon Jati's
Ba2 corporate family rating," adds Poh, who is also Moody's lead
analyst for Pakuwon Jati.

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

RATINGS RATIONALE

As of December 31, 2020, around 89% of Pakuwon Jati's total debt
was unsecured. Moody's estimates the proportion of unsecured
borrowings will remain at more than 90% over the next 12-18 months.
The bonds proposed will also be guaranteed by most of Pakuwon
Jati's subsidiaries, which account for nearly all of the company's
earnings.

Pakuwon Jati's Ba2 ratings reflect the company's strong credit
metrics and very good liquidity, supported by a well-balanced
income stream from its portfolio of development and investment
properties. The company's portfolio includes high quality
investment properties, comprising retail malls, office towers and
hotels.

Despite the operational disruptions caused by the coronavirus
pandemic in 2020, Pakuwon Jati's key credit metrics stayed strong.

Moody's expects the metrics will further strengthen in 2021 and
2022. Recurring EBITDA coverage of interest paid will improve to
around 5.5x in 2021 and 7.5x in 2022, from around 4.0x in 2020.
Leverage, as measured by adjusted debt/homebuilding EBITDA, will
stay broadly stable at 1.5x-1.7x in 2021 and 2022 because debt will
increase slightly following its proposed bond issuance.

Pakuwon Jati's ratings are constrained by the company's small scale
compared with that of its regional and global peers, and lack of
geographic diversification.

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

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

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

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

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

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

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


PT MEDCO ENERGI: S&P Alters Outlook to Stable & Affirms 'B+' ICR
----------------------------------------------------------------
S&P Global Ratings, on April 21, 2021, revised its outlook on PT
Medco Energi Internasional Tbk. to stable from negative. At the
same time, S&P affirmed its long-term issuer credit rating on the
Indonesia-based oil and gas company and the long-term issue ratings
on its guaranteed senior unsecured notes at 'B+'.

S&P said, "The stable outlook reflects our expectation that Medco's
ratio of funds from operations (FFO) to debt will recover to
12%-15% over the next 12-24 months, helped by the improved oil
price environment and steady production levels of about 100
thousand barrels of oil equivalent per day (kboe/d).

"We anticipate Medco's financial performance will improve in 2021
and 2022, given our higher Brent crude oil price assumptions of
US$60/bbl over the period.

"We forecast the company will generate consolidated EBITDA of
US$750 million-US$800 million in 2021 and 2022, about 10% higher
than our previous estimates. This should support a recovery in
Medco's credit measures, including an improvement in its
FFO-to-debt ratio to 12%-15% in 2021, from our estimate of 6%-7% as
of end-2020. Our consolidated earnings forecast also incorporates
earnings from Medco's wholly owned power subsidiary, PT Medco Power
Indonesia (MPI), which our base case projects will contribute an
average EBITDA of US$50 million annually."

Medco will largely realize the benefits of higher oil prices toward
the second half of 2021 and into 2022. Medco's index-linked gas
contracts generally include a lagging pricing mechanism by one
quarter that is linked to Brent crude oil prices. Such contracts
cover about 30% of the company's production. S&P also notes that
Medco's existing hedges of about 11% of 2021 production will not
prevent the company from benefiting from higher hydrocarbon prices
in 2021 because the majority of the hedges are in put options
instead of zero cost collar hedges. These put options will provide
downside protection should oil prices fall significantly below
US$50/bbl.

Medco's current debt levels are manageable but S&P will continue to
monitor the company's growth aspirations and expect it to maintain
financial discipline. According to its base-case expectations, a
US$10/bbl increase in hydrocarbon prices will help Medco to
generate US$25 million-US$50 million in annual incremental
discretionary cash flows over 2021 and 2022, resulting in slightly
positive discretionary cash flow (excluding acquisitions). This
will allow the company some flexibility to ramp up its production
to above 105 kboe/d should hydrocarbon demand in Indonesia recover
faster than we expect.

S&P said, "While Medco is likely to reevaluate its investment plans
under a higher oil price environment, we expect the company to
focus on exploration and production (E&P) assets that can yield
additional production and cash flow in a short period of time.
Sensitivity analysis on our base case shows that Medco has the
capacity to absorb about US$300 million of additional investment
spending (capital expenditure or acquisitions) over the next two
years, excluding any associated incremental earnings. We believe
the company's management remains committed to preserving its
financial profile in accordance with our 'B+' ratings.

"In our opinion, Medco will receive sizable cash amounts of US$150
million-US$200 million from prospective asset sales in 2021. This
would provide further support to Medco's financial profile and
bolster its liquidity. Conversely, any material deviation or delay
in cash receipts from asset sales could reduce the company's
financial capacity to pursue future growth strategies. It may call
into question the company's ability to implement its stated
strategies, which forms part of our management and governance
assessment. Medco's current corporate transaction activities
include the stake sale in PT Amman Mineral Internasional and PT
Medco Geopower Sarulla, and the alliance with The Kansai Electric
Power Co. Inc."

Medco's track record of managing its balance sheet and debt
maturities supports its liquidity profile. S&P expects higher cash
flows from favorable oil prices and potential cash proceeds from
asset sales to provide Medco with some financial flexibility to
manage its US$374 million of upcoming debt maturities and any
ramp-up in capital expenditure beyond those captured by our base
case. Medco has demonstrated a record of improved liquidity
management over the past few years, as indicated by its series of
asset sales and US$120 million equity raising in September 2020 to
shore up the company's liquidity amid the weak operating
environment. Medco also managed to refinance the bulk of its
maturities across 2021 and 2022 last year, prior to the COVID-19
pandemic, lengthening its debt maturity profile to about 5.1 years
as of Sept. 30, 2020.

Medco's smaller scale and higher leverage relative to similarly
rated E&P peers constrain the ratings. S&P expects Medco's
relatively mature oil and gas fields and 1P reserve life of about
seven years to limit the company's ability to organically expand
its production profile materially over the next 12-18 months. This
implies that Medco's production volume will remain at the lower end
of the 100 kboe/d range, smaller than its similarly rated peers. At
the same time, Medco's largely mature assets will require high
levels of capital expenditure to maintain production levels, which
will hinder the company's ability to reduce debt levels organically
given our oil price assumptions.

S&P said, "The stable outlook reflects our view that Medco will
maintain a production rate of at least 100 kboe/d and achieve an
FFO-to-debt ratio of 12%-15% over the next 12-24 months. We expect
the company to remain disciplined in its growth aspirations over
the period and preserve its financial buffer while maintaining an
adequate liquidity profile.

"We could lower the rating if Medco fails to replenish its reserves
consistently, such that its production falls permanently well below
100 kboe/d. Downward rating pressure could also arise if we believe
the company's creditworthiness will erode due to negative
regulatory developments in Indonesia, falling hydrocarbon prices,
or large debt-funded investments with no marked contribution to
earnings, such that Medco's FFO-to-debt ratio falls below 12% on a
sustained basis.

"Downside pressure could also emerge if we observe a weakening in
the company's transparency or governance practices.

"We currently consider ratings upside to be remote. We could raise
the rating if Medco manages to sustainably reduce leverage,
establishing a record of adequate funding and an FFO-to-debt ratio
of above 25%. This would also require Medco to maintain its scale
of operations comfortably above 100 kboe/d, with sustainable proven
reserves life well beyond five years."




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

QEX LOGISTICS: Delisting Process Begins, Plans For Business Sale
----------------------------------------------------------------
Radio New Zealand reports that QEX Logistics plans to delist from
the stock market and become a private company again, after listing
just over three years ago.

RNZ relates that the company, which was put in a trading halt by
the NZX in February when its independent directors resigned en
masse, said delisting was a necessary step to deliver the best
possible outcome for its shareholders.

"QEX appreciates that the trading suspension and negative publicity
surrounding the company in recent months has caused a high level of
uncertainly and it is focused on achieving an outcome that is in
the best interests of all shareholders," the company said in an
announcement to the market, RNZ relays.

The move was subject to approval from the market operator and
shareholders.

"If the delisting proceeds, a process will be undertaken to prepare
and position the group for a third-party business sale," the
company said in an announcement to the stock exchange.

According to RNZ, the announcement followed a trying six months for
the company, which primarily ships online baby formula purchases to
China.

The difficulty began last October when about NZD4 million worth of
stock was lost from a bonded warehouse in Shanghai and was unlikely
to be covered by its insurance, the report recalls.

This led the company to report a NZD4 million half-year loss.

In mid-February, the company's independent directors resigned after
the firm failed to meet its debt repayments, and cited issues with
chief executive Ronnie Xue, RNZ relates.

That action caused stock exchange regulator NZ RegCo to suspend the
firm's trading until it found replacements.

The next week, the company revealed the Ministry for Primary
Industries (MPI) had brought charges against the firm in November
for allegedly breaching the Animal Products Act, RNZ relays.

According to RNZ, MPI said Xue and its trading subsidiary had
attempted to export milk powder and honey without making necessary
declarations.

The charges carry maximum penalties of NZD100,000 for the chief
executive and NZD500,000 for the subsidiary.

Matters went from bad to worse a week later when NZ RegCo confirmed
it was looking into a number of matters relating to the company's
compliance with listing rules and regulations around continuous
disclosure.

Last month, the company's chief financial officer Lin Zhuo and its
auditor RSM Hayes Audit resigned, the report adds.


QUENCH COLLECTIVE: Owes NZD3.16 Million to Unsecured Creditors
--------------------------------------------------------------
John Anthony at Stuff.co.nz reports that an alcoholic drinks
distribution business owned by Hawke's Bay winery Sacred Hill has
gone into liquidation owing unsecured creditors NZD3.16 million, a
first liquidators report says.

Quench Collective, which marketed and distributed premium wine,
beer and cider brands throughout New Zealand, was placed into
liquidation by its shareholder Sacred Hill Family Vineyards on
April 12, Stuff discloses.

Stuff relates that Sacred Hill's majority owner David Mason said he
was confident most creditors would be paid.

"That's absolutely the intent," Stuff quotes Mr. Mason as saying.

A first liquidators report by Colin Owens and David Webb of
Deloitte said the company had debts totalling nearly NZD4m, of
which NZD829,000 was owed to secured creditors, NZD1.38 owed to
unsecured creditors and NZD1.78 in intercompany loans, Stuff
relays.

The company had assets worth nearly NZD1.9 million leaving a
shortfall to creditors of NZD2.1 million before the costs of
liquidation, the report said.

According to Stuff, the company had been winding down its operation
a month before liquidation. In March, it told staff they would be
made redundant, and it would cease trading immediately due to
various financial reasons and the loss of potential investors, the
report said.

Stuff relates that Mr. Mason said it had made 14 staff plus 10
part-time merchandise roles redundant.

The group company was focusing on export and internalisation, he
said.

"We had a strategy about a year ago to reduce the emphasis on New
Zealand domestic distribution and concentrate on export."

Stuff says two options were considered: Merge with another company
and grow, or move to the different distribution model, he said.

It had been in negotiations with a major investor to come on board,
but the deal fell over about a month ago, he said.

"They were incapable of settling. So we decided to go with the
distribution model."

According to Stuff, the liquidators' report included a list of
about 200 known creditors including numerous supermarkets, alcohol
shops and brewers including 8 Wired Brewing, Zeffer and Liberty
Brewing.

The liquidators were not prepared to discuss the liquidation with
Stuff but said in a statement, via a Deloitte spokeswoman, that
they were re still working through the financial affairs of the
company.




===============
P A K I S T A N
===============

PAKISTAN WATER: S&P Affirms 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings, on April 22, 2021, affirmed its 'B-' long-term
issuer credit rating on Pakistan Water and Power Development
Authority (WAPDA).

S&P said, "The stable outlook reflects that on the sovereign rating
on Pakistan, as well as our view of an extremely high likelihood
that the Pakistani government will provide timely and sufficient
financial support to WAPDA.

"We view WAPDA's creditworthiness to be closely tied to that of the
government of Pakistan. We consider WAPDA to be a
government-related entity with an extremely high likelihood of
timely and sufficient extraordinary support from the Pakistani
government. We expect WAPDA to maintain its very important role for
the government as a major generator of hydroelectric power, which
comprises about 25% of the country's installed capacity. In
addition, WAPDA has an essential role in managing irrigation, water
supply, and flood control in the country.

"In our view, WAPDA has an integral link with the government,
reflecting its 100% government ownership through the Ministry of
Water Resources, and our expectation that this will not change in
the next three years. All of WAPDA's debt is borrowed from the
government, guaranteed by the state, or directly borrowed by the
government and then on-lent to WAPDA. The government closely
oversees WAPDA's operations and defines the company's strategies,
including its investments and borrowings, and WAPDA understands
that a default would put the sovereign's reputation at risk. The
government also appoints WAPDA's chairman and the key management
team. Grants provided by the government to compensate WAPDA for a
lower return on equity (ROE) of 10%, which was recently reduced
from 17%, also indicate continuing government support."

WAPDA will remain highly leveraged in the next three years due to
its heavy capital spending plan, which will be largely debt funded.
WAPDA is tasked with carrying out an ambitious capital expenditure
(capex) plan, which includes the construction of three new mega
hydroelectric power plants (HPPs) worth US$13.5 billion in total.
This will add 4.8 gigawatts (GW) of capacity by fiscal 2026 (year
ending June 30), and 4.5 GW more by fiscal 2029. Due to the size of
these projects, capex (net of government grants) will be elevated
at Pakistani rupees (PKR) 200 billion-PKR320 billion over fiscals
2022 and 2023. This will lead to significant negative free
operating cash flows of PKR140 billion-PKR245 billion over the
period. S&P said, "We forecast the company's leverage will stay
high, with the debt-to-EBITDA ratio in the range of 7.0x-8.0x, and
ratio of funds from operations (FFO) to debt at 6.8%-8.0% over
fiscals 2022 and 2023. In our view, timely receipt of government
grants and access to external funding will be crucial to execute
the large capex plan in a timely manner."

Pakistan's weaker and less predictable regulatory framework
constrains WAPDA's credit profile. S&P said, "We believe Pakistan's
tariff framework lacks predictability and stability compared with
established regulatory regimes in other countries. In our view,
tariff adjustments under the cost-plus mechanism are not automatic
and are subject to delays. The tariff reset cycle is not fixed and
we expect a time lag of about two to three years for new tariff
implementation in line with past trends. As a result, we believe
WAPDA is unlikely to realize higher tariff returns on a timely
basis, and under-recovery of tariffs will be recurring for the
company amid large spending plans." There could be further cash
flow risks if such shortfall is not fully recovered in the next
reset. For instance, the recently approved tariff for fiscal 2021
was lower than requested, leading to lower revenue expectations
over the next three fiscal years.

Despite having an independent regulator, National Electric Power
Regulatory Authority (NEPRA), there is some government interference
in the regulatory process as seen by the recent revision in ROE.
S&P said, "In our view, a material reduction in return estimates
across the power industry undermines the tariff framework in
Pakistan. This will affect WAPDA's cash flow and equity injection
capabilities for ongoing large strategic projects. That said, we
believe the government (via the Ministry of Planning) is committed
to providing special grants to support the construction of projects
and plug WAPDA's cash flow shortfall."

Delays in payments for electricity remain a drag on WAPDA's cash
flow. S&P said, "We expect payment delays from WAPDA's sole
customer, the Central Power Purchasing Agency (CPPA), to continue,
given the structural circular debt problem in Pakistan's
electricity sector; the delays are possibly worsened by the
COVID-19 outbreak. We project WAPDA will face working capital
outflows of about PKR15 billion annually over the next three fiscal
years, and do not assume significant collection of past overdues."
The company has receivables built up of about PKR29 billion in
fiscal 2019 and PKR4.5 billion in fiscal 2020. These amounts
exclude net hydroelectric profits, which are pass-through items and
payable to provinces only when related payments are received from
CPPA.

WAPDA has flexibility in making cash interest payments on
government-related loans (foreign relent loans and cash development
loans), depending on payments received from CPPA. Foreign relent
loans refer to loans borrowed by the government and then on-lent to
WAPDA. The company has deferred on its cash interest payments over
the past three years amid continuous payment delays from CPPA. S&P
said, "This helps to ease WAPDA's cash flow pressure, in our
opinion. Our base case assumes about 65% of the interest cost will
be paid in cash over the projected period, which sufficiently
covers interest servicing on external borrowings by WAPDA."

The stable outlook on WAPDA reflects that on the sovereign rating
on Pakistan, as well as S&P's view that there is an extremely high
likelihood that the Pakistani government will provide timely and
sufficient financial support to WAPDA.

The outlook also reflects WAPDA's leveraged balance sheet with an
FFO-to-debt ratio of 7%-8% and debt-to-EBITDA ratio of 7.0x-8.0x
over 2021-2023, given its ambitious capex program. S&P said, "We
project that free operating cash flows will remain significantly
negative in the next three years, which the company will fund with
new borrowings. We also expect WAPDA will appropriately manage its
leverage and liquidity with timely receipt of grants and interest
payment flexibility in line with receivables collection."

S&P may lower the rating on WAPDA if:

-- S&P lowers the sovereign rating on Pakistan; or

-- WAPDA's financial commitments appear to be unsustainable in the
long term such that its interest-servicing ability weakens
materially.

Rating upside potential is limited as S&P does not expect to rate
WAPDA above the sovereign rating on Pakistan due to the company's
large exposure to the local economy and regulation.




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

LIBERTY COMMODITIES: Court to Hear Wind-Up Petition on May 7
------------------------------------------------------------
A petition to wind up the operations of Liberty Commodities Group
Pte Ltd will be heard before the High Court of Singapore on May 7,
2021, at 10:00 a.m.

Citibank N.A. (London Branch) filed the petition against the
company on April 12, 2021.

The Petitioner's solicitors are:

          Wong & Leow LLC
          8 Marina Boulevard
          #05-01 Marina Bay Financial Centre Tower 1
          Singapore 018981


LIBERTY HOUSE: Court to Hear Wind-Up Petition on May 7
------------------------------------------------------
A petition to wind up the operations of Liberty House Group Pte Ltd
will be heard before the High Court of Singapore on May 7, 2021, at
10:00 a.m.

Citibank N.A. (London Branch) filed the petition against the
company on April 12, 2021.

The Petitioner's solicitors are:

          Wong & Leow LLC
          8 Marina Boulevard
          #05-01 Marina Bay Financial Centre Tower 1
          Singapore 018981


TRI-NEXUS PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 16, 2021, to
wind up the operations of Tri-Nexus Pte. Ltd.

Cost Engineers (S.E.A.) Private Limited filed the petition against
the company.

The company's liquidator is:

          Mr. Seah Chee Wei
          Rock Stevenson Pte Ltd
          60 Paya Lebar Road
          #08-05 Paya Lebar Square
          Singapore 409051



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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