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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

          Monday, May 3, 2021, Vol. 24, No. 82

                           Headlines



A U S T R A L I A

BIRRIGA DEVELOPMENT: First Creditors' Meeting Set for May 10
CORONADO GLOBAL: S&P Rates New Guaranteed Sr. Secured Notes 'B'
ECO COFFEE: First Creditors' Meeting Set for May 10
HORIZON GLOBAL: Expects $198 Million Net Sales in First Quarter
JUSTKAPITAL FINANCING: First Creditors' Meeting Set for May 11

LXNDR GROUP: First Creditors' Meeting Set for May 10
NODLYAB PTY: First Creditors' Meeting Set for May 10
TUBI LIMITED: First Creditors' Meeting Set for May 7


C H I N A

HAINAN AIRLINES: Reports CNY64 Billion Annual Loss for 2020
NIO INC: Loss Narrows to CNY451MM in First Quarter Ended March 31


H O N G   K O N G

CONVOY GLOBAL: Shares to be Delisted in HK Stock Exchange on May 4


I N D I A

ADVANCE LAMINATES: CRISIL Keeps B+ Debt Rating in Not Cooperating
AGARWAL LIFE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
ARIKKAT TRADES: CRISIL Keeps B+ Debt Rating in Not Cooperating
ATHAVAN PAPER: CRISIL Keeps B Debt Ratings in Not Cooperating
BADRI KEDAR: CRISIL Keeps B+ Debt Rating in Not Cooperating

BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
CHANDRA MOULISHVAR: CRISIL Keeps D Ratings in Not Cooperating
CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
DELHI INT'L AIRPORT: S&P Affirs 'B-' ICR, Outlook Positive

FUTURE RETAIL: S&P Cuts ICR to 'SD' on Onshore Debt Restructuring
GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
GUPTA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
JAGDAMBA SPONGE: CRISIL Keeps B+ Debt Rating in Not Cooperating

LAXMI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
LAXMI RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
M. M. INTERNATIONAL: CRISIL Cuts Rating on INR13cr Loan to D
MAA SHITALA: ICRA Keeps B+ Debt Ratings in Not Cooperating
MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating

MAHAVIR GLOBAL: CRISIL Keeps B Debt Rating in Not Cooperating
MEFCO ENGINEERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MITTAL COT: ICRA Keeps B Debt Ratings in Not Cooperating
MITTER FASTNERS: ICRA Withdraws B+/A4 Rating on INR34.50cr Loan
NAVBHARAT BUIDCON: ICRA Withdraws B Rating on INR10.80cr Loan

OCEAN CONSTRUCTIONS: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
POWER MAX: Ind-Ra Affirms 'D' Long-Term Issuer Rating
R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating

RELIANCE INDUSTRIES: Flags Economic Pain as Virus Devastates India
RELIGARE FINVEST: Ind-Ra Corrects April 28 Rating Release
RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SAI KALYAN: CRISIL Reaffirms B+ Rating on INR48cr New Term Loan
SAIDEEP CARS: CRISIL Keeps C Debt Ratings in Not Cooperating

SOLAMALAI AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
VARANASI STP: Ind-Ra Hikes Bank Loan Rating to BB, Outlook Stable


I N D O N E S I A

BUANA LINTAS: Moody's Alters Outlook on B1 CFR to Negative
INDONESIA: Budget Deficit to Reach as High as 4.85% Next Year


J A P A N

DTC ONE SPECIAL: Fitch Raises Class E Notes to 'BB+sf'


S I N G A P O R E

HIN LEONG: Singapore Prosecutor Files 23 More Charges Vs. Founder


S O U T H   K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Raises ICR to 'B+', Outlook Stable


S R I   L A N K A

SRI LANKA: Declares Worst Economic Downturn in 73 Years

                           - - - - -


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

BIRRIGA DEVELOPMENT: First Creditors' Meeting Set for May 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Birriga
Development Pty Ltd will be held on May 10, 2021, at 11:00 a.m. at
the offices of Rodgers Reidy, Level 12, The University Centre, 210
Clarence Street, in Sydney, New South Wales and also virtually by
way of Zoom Application.

Andrew James Barnden and Joanne Monica Keating of Rodgers Reidy
were appointed as administrators of Birriga Development on April
28, 2021.


CORONADO GLOBAL: S&P Rates New Guaranteed Sr. Secured Notes 'B'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
Coronado Finance Pty Ltd.'s proposed senior secured notes due 2026.
The issuance will be of up to US$350 million and will be guaranteed
by Coronado Global Resources Inc. (Coronado). The recovery rating
on the proposed notes is '2', reflecting substantial recovery
prospects (rounded estimate: 80%) for noteholders in case of
payment default.

S&P said, "We anticipate this notes issuance will be leverage
neutral for the Coronado group. Coronado plans to use the proceeds
to fully repay its US$525 million senior secured syndicated
facilities (US$324 million drawn as of March 31, 2021). In our
opinion, repayment of the syndicated facilities will relieve
covenant pressure on the company.

"In addition, Coronado plans to launch a US$100 million asset-based
lending facility to support its liquidity. This facility will be
secured against the company's trade receivables and inventory. We
treat this facility as a priority claim in our recovery analysis.

"The asset-based lending facility should improve Coronado's
liquidity. However, we expect some of the newly available liquidity
to be consumed over the next 12 months, given our forecast of
negative free cash flow."

Coronado has also announced an equity raising of at least up to
US$100 million following a review of its capital structure. Some of
the proceeds will add cash to the company's balance sheet and some
will be used as collateral for bank guarantees.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors:

-- Coronado is seeking to issue guaranteed senior secured notes
due in 2026 of up to US$350 million. After the transaction, the
capital structure is likely to also include a US$100 asset-based
loan facility maturing in 2024 and US$70 million in cash will
temporarily collateralize bank guarantees.

-- S&P's 'B' long-term issue rating and '2' recovery rating on the
proposed senior secured notes indicate its expectation for
substantial recovery (70%-90%; rounded estimate: 80%) for
noteholders in case of payment default.

-- S&P's simulated default scenario contemplates a prolonged
downturn in international metallurgical (met) coal prices due to an
oversupply of met coal in the market or a significant decrease in
demand for the product. As a result, the company would idle certain
operations and continue to fulfil its fixed obligations, which will
lead to deteriorating liquidity and subsequently a default in
2023.

-- S&P assesses recovery prospects based on a going-concern value
of about US$385 million, reflecting US$77 million of emergence
EBITDA and a 5x multiple. The 5x multiple is consistent with that
for industry peers.

-- At the time of default, S&P assumes Coronado's asset-based loan
is 60% drawn.

Simulated default assumptions

-- Year of default: 2023
-- Emergence EBITDA: US$77 million
-- Valuation multiple: 5x
-- Gross enterprise value (EV): US$385 million

Simplified waterfall

-- Net enterprise value (gross enterprise value less 5%
administrative costs): US$365.8 million

-- Priority claims (asset-based loan): US$61.5 million

-- Remaining enterprise value: US$304.3 million

-- Total senior unsecured claims at default: US$363.1 million

-- Recovery expectation: 70%-90% (rounded estimate: 80%)

Note: All debt amounts include six months of accrued but unpaid
interest at default.


ECO COFFEE: First Creditors' Meeting Set for May 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Eco Coffee
Pty Ltd will be held on May 10, 2021, at 10:00 a.m. via virtual
meeting technology.

Richard Lawrence, Richard Albarran and Kathleen Vouris of Hall
Chadwick were appointed as administrators of Eco Coffee on April
28, 2021.


HORIZON GLOBAL: Expects $198 Million Net Sales in First Quarter
---------------------------------------------------------------
Horizon Global Corporation provided preliminary net sales results
for the first quarter of 2021 and announced a $10 million increase
in the maximum amount of credit available under its revolving
credit facility.

Horizon Global anticipates net sales for the first quarter of 2021
to be approximately $198 million.  This anticipated result would
reflect a net sales increase of approximately 22% compared to the
same period in 2020.

In connection with the continued success of Horizon Global's
operational and financial turnaround, the Company also executed an
amendment to its loan and security agreement with Encina Business
Credit, LLC to increase the maximum amount of credit available
under its revolving credit facility from $75.0 million to $85.0
million. The amendment also increased sub-limits relating to the
Company's ability to borrow against in-transit inventory as well as
inventory located at the Company's Reynosa, Mexico facilities.

"Horizon Global's strong sales performance, coupled with our
continuous improvement initiatives, are driving improved operating
leverage and margin performance across the business," stated Terry
Gohl, Horizon Global's president and chief executive officer.  "We
expect our continuous operational improvement, together with
heightened customer demand and order book momentum, to result in
substantially improved profitability in 2021."

Gohl continued, "As a result of our strong operational and
financial performance, we were able to increase the maximum
borrowing availability under our revolving credit facility.  This
provides us with additional liquidity and financial flexibility as
we continue to execute against our strategic plan.  We'd like to
thank the team at Encina for their continued support and confidence
in Horizon Global."

Martin Battaglia, chief executive officer of Encina Business
Credit, LLC, said, "Shortly after our transaction closed last year,
the pandemic hit and the country shut down.  Terry and his
leadership team have done a tremendous job of managing through this
unprecedented time to deliver strong operational and financial
results.  It is a pleasure to work with Horizon Global and our
support is unwavering as evidenced by the recent increase in our
financing commitment.  We are thankful for the relationship and
continue to hold this team in very high regard."

The Company will provide detailed quarterly financial results in
early May when it releases earnings and files its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2021.  Horizon Global
cautions that its actual results for the quarter ended March 31,
2021 may differ from the preliminary results shown above. Moreover,
the Company cautions that it has not finalized its financial
statement reporting process for the quarter ended March 31, 2021.

                       About Horizon Global

Horizon Global -- http://www.horizonglobal.com-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.

Horizon Global reported a net loss attributable to the Company of
$36.56 million for the 12 months ended Dec. 31, 2020, compared to
net income attributable to the company of $80.75 million on $690.45
million of net sales for the 12 months ended Dec. 31, 2019. As of
Dec. 31, 2020, the Company had $456.49 million in total assets,
$480.34 million in total liabilities, and a total shareholders'
deficit of $23.85 million.


JUSTKAPITAL FINANCING: First Creditors' Meeting Set for May 11
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of JustKapital
Financing Pty Ltd will be held on May 11, 2021, at 10:00 a.m. via
virtual meeting technology.

Martin Walsh of Walsh & Associates was appointed as administrator
of JustKapital Financing on April 30, 2021.


LXNDR GROUP: First Creditors' Meeting Set for May 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of LXNDR Group
Pty Ltd as Trustee for LXNDR Group Investments Trust will be held
on May 10, 2021, at 10:30 a.m. at the offices of Level 14, 440
Collins Street, in Melbourne, Victoria.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of LXNDR Group on April 28, 2021.


NODLYAB PTY: First Creditors' Meeting Set for May 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Nodlyab Pty
Limited, trading as Bayldon Ag, will be held on May 10, 2021, at
10:00 a.m. via Zoom.

Anthony Lane of Vincents was appointed as administrator of Nodlyab
Pty on April 28, 2021.


TUBI LIMITED: First Creditors' Meeting Set for May 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tubi Limited
will be held on May 7, 2021, at 4:00 p.m. via virtual meeting via
video conference/telephone conference.

Philip Patrick Carter and Daniel Austin Walley of
PricewaterhouseCoopers were appointed as administrators of Tubi
Limited on April 23, 2021.




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C H I N A
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HAINAN AIRLINES: Reports CNY64 Billion Annual Loss for 2020
-----------------------------------------------------------
South China Morning Post reports that Hainan Airlines Holding, the
aviation unit of debt-laden Chinese conglomerate HNA Group, has
posted the biggest-ever annual loss among listed Chinese
companies.

Hit by the outbreak of Covid-19 and provisions for asset losses
linked to a restructuring at its parent firm, the Haikou-based
carrier reported a loss of CNY64 billion (US$9.9 billion) for 2020,
or CNY3.83 per share, it said in an exchange statement on April 30,
SCMP discloses. And the airline continues to be unprofitable this
year too – it reported a first-quarter loss of CNY2.6 billion in
a separate filing.

While the epidemic has paralysed the aviation industry by deterring
travellers and grounding flights, HNA's business restructuring has
also added to Hainan Airlines' financial woes, according to SCMP.
The listed unit made provisions estimated at CNY30 billion for
deposits placed with its parent company, account receivables with
affiliated parties and financial guarantees, according to its
annual report. It also incurred investment losses totalling about
CNY22 billion from asset classes ranging from trust products and
equities to properties.

Hainan Airlines was the foundation on which magnate Chen Feng built
his conglomerate, which spanned hotels to financial institutions.
With money earned by the carrier and bank loans, Chen splurged on
overseas acquisitions, buying up stakes in the likes of Hilton
Hotels and Resorts, Deutsche Bank and Ingram Micro. The binge
grounded to a halt in 2017, when Beijing started to crack down on
purchases of overseas assets in a deleveraging campaign aimed at
defusing financial risks.

SCMP says the conglomerate, which was carrying combined debt of
CNY707 billion as of the end of June 2019, has been undergoing a
government-led revamp over the past year. Chen has been removed
from the Communist Party committee overseeing the company, a move
widely seen as him losing control over HNA.

Hainan Airlines' revenue dropped 59 per cent from a year earlier,
with sales from its aviation operations slumping by 62 per cent,
SCMP discloses citing the company's annual results. While its
passenger load fell by 55 per cent, its cargo flights declined by
47 per cent, the report notes.

The record for annual losses was previously held by Qinghai Salt
Lake Industry, which reported a loss of CNY45.9 billion for 2019,
adds SCMP.

Based in Haikou, Hainan Province, the People's Republic of China,
Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in
1993, is the fourth-largest carrier in China and the largest
non-government-owned airline in China.  Hainan Airlines is known
for its award-winning customer service, impeccable safety record
and on-time performance.  Hainan Airlines carries more than 14
million passengers annually.  Hainan Airlines currently flies to
more than 60 domestic and international cities, including the
capitals of every Chinese province.  Hainan Airlines' international
flights include Budapest, Brussels, Osaka and St. Petersburg.


NIO INC: Loss Narrows to CNY451MM in First Quarter Ended March 31
-----------------------------------------------------------------
Bloomberg News reports that Chinese electric vehicle startup Nio
Inc. reported a narrower first-quarter loss, while warning the
global chip shortage will keep a lid on deliveries.

Bloomberg relates that the Shanghai-based company posted a net loss
of CNY451 million (US$68.8 million) in the three months ended March
31, compared with CNY1.69 billion a year earlier, it said in a
statement. It also marked an improvement on the CNY1.39 billion net
loss it posted in the last quarter of 2020. Revenue rose to CNY7.98
billion, beating estimates of CNY7.16 billion, Bloomberg
discloses.

According to Bloomberg, Nio delivered 20,060 vehicles in the
quarter, a 423% increase from a year earlier when China was plunged
into lockdowns during the first outbreak of the coronavirus. It
forecast deliveries of between 21,000 to 22,000 vehicles this
quarter. Like the rest of the auto industry, Nio has been hit by
the global chip shortage. The company suspended vehicle production
for five days at the end of March.

"The overall demand for our products continues to be quite strong,
but the supply chain is still facing significant challenges due to
the semiconductor shortage," Bloomberg quotes Chief Executive
Officer William Li as saying in the statement.

A slew of automakers, including Honda Motor Co., BMW AG and Ford
Motor Co. this week flagged production cuts and lost revenue from
the debilitating chip drought, Bloomberg notes.

"The global chip shortage that has disrupted automakers' operations
in China since late 2020 will get worse before it gets better," S&P
Global Ratings said in a report on April 29, adding it "may slow
but not derail the recovery of the Chinese auto sector."

Bloomberg says investors dumped electric-vehicle stocks after
automakers across the globe warned about the severe impact from the
chip shortage. The sell-off extended Nio's decline to 20% so far
this year, after the stock surged more than 1,100% last year when
Tesla Inc.'s blistering rally prompted investors to pile into the
EV industry.

With its more expensive cars and clubby showrooms, Nio is seen as
the closest competitor to Tesla in China, Bloomberg states. Its SUV
range starts from CNY358,000, more expensive than Tesla's most
popular basic Model 3 sedans, which start from CNY249,900. Nio
unveiled its first all-electric sedan, the ET7, in January, a car
that will pit it more squarely against Elon Musk's EV pioneer.

Another point of difference between Nio and Tesla is that Nio has
embraced the so-called "battery-as-a-service" model, whereby
consumers are able to buy the car shell while leasing the battery
and upgrading it as technology changes and improves. This makes the
upfront cost of buying an EV cheaper, Bloomberg says.

Still, Nio has a way to go to catch Tesla, even as the Palo Alto,
California-based reels from a series of public relations missteps.
In March, 34,635 China-built Teslas were registered in the country,
Bloomberg discloses citing data from state-backed China Automotive
Information Net. That's more than Nio expects to deliver this
quarter.

Bloomberg says Nio and fellow New York-listed EV startups Xpeng
Inc. and Li Auto Inc. are leading the charge to stake a claim in
China's burgeoning EV market, which is already the world's largest.
Still, they face growing competition from established automakers
like BMW and Volkswagen AG which are committing tens of billions of
dollars to an electric future, domestic rivals such as Zhejiang
Geely Holding Group Co., and now even tech giants including Baidu
Inc. and Xiaomi Corp., who are planning to muscle in on the EV
market.

To keep pace, Nio is planning a second factory in the Xinqiao
Industrial Park in Hefei, Bloomberg notes. "To ensure sufficient
production capacity for our upcoming products, together with our
partners, we have kicked off the planning and building of a new
plant," Li said.

It's gross margin rose to 19.5% in the first quarter, from 17.2% in
the fourth quarter, mostly driven by the take up of Nio Pilot --
its advanced driving assistance package -- and 100kWH battery pack,
Bloomberg discloses.

                          About NIO Inc.

NIO Inc. (NYSE:NIO) -- https://www.nio.com/ -- designs,
manufactures, and sells electric vehicles in the People's Republic
of China, Hong Kong, the United States, the United Kingdom, and
Germany. The company offers five, six, and seven-seater electric
SUVs. It is also involved in the provision of energy and service
packages to its users; marketing, design, and technology
development activities; manufacture of e-powertrains, battery
packs, and components; and sales and after sales management
activities. In addition, the company offers charging solutions,
including Power Home, a home charging solution; Power Swap, a
battery swapping service; Power Mobile, a mobile charging service
through charging trucks; and Power Express, a 24-hour on-demand
pick-up and drop-off charging service. Further, it provides
value-added services, such as statutory and third-party liability
insurance, and vehicle damage insurance through third-party
insurers; repair and routine maintenance services; courtesy car
services during lengthy repairs and maintenance; and roadside
assistance, as well as data packages. The company has collaboration
agreements with various manufacturers for the manufacture of ES8, a
six or seven-seater high-performance electric SUV.

NIO Inc.'s working capital deficit was RMB4.6 billion at December
31, 2019.  The working capital was RMB3.6 billion as of December
31, 2018.

At December 31, 2019, the Company had total current assets of
RMB4.9 billion and total current liabilities of RMB9.5 billion.  At
December 31, 2018, the Company had total current assets of RMB12.2
billion and total current liabilities of RMB8.6 billion.




=================
H O N G   K O N G
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CONVOY GLOBAL: Shares to be Delisted in HK Stock Exchange on May 4
------------------------------------------------------------------
South China Morning Post reports that shares of Convoy Global
Holdings, the financial services company at the centre of Hong
Kong's biggest corporate scandal, will be delisted on May 2 as it
had failed to fulfil its obligation that would have allowed trading
to restart, the Hong Kong stock exchange said on April 30.

According to SCMP, trading of Convoy's shares had been suspended
since December 2017 as regulators began their investigations
following a scandal that saw its former director Roy Cho Kwai-chee
and two associates criminally charged. The trio was prosecuted and
acquitted in November 2020 of conspiring to defraud HK$89 million
(US$11.5 million) from Convoy, but the Independent Commission
Against Corruption (ICAC) is appealing the decision.

Hong Kong's stock exchange had announced last May that it would
expel Convoy, a decision which the company appealed against. The
exchange on April 30 announced that it had rejected the appeal and
would cancel the listing status of the company from May 4.

"We believe the [delisting] decision is unfortunate and unjustified
as this has effectively allowed wrongdoers to cause further griefs
to the shareholders, particularly minority shareholders," Lee
Jin-yi, chairman of Convoy, said in an open letter to shareholders
published on the exchange's website on April 30, SCMP relays.

The loss of the listing status would be another blow to Convoy's
shareholders who have faced several setbacks, including a power
struggle that has been going on for several years between two major
shareholders, with no resolution in sight. In February, Convoy
reported a combined loss of HK$2.6 billion (US$335 million) for
2017, 2018 and 2019, the report discloses.

According to SCMP, Mr. Lee said the company had considered seeking
judicial review against the stock exchange's decision, but said it
would take a long time for the legal battle and it was not in the
best interests of the shareholders.

"Even with a judicial review, we do not see the prospect of the
stock exchange allowing trading to resume in the near future," the
report quotes Mr. Lee as saying.

SCMP relates that Mr. Lee said Convoy would explore other methods
for its shareholders to trade the shares, including a possible
option to sell the shares to a blank-cheque Special Purpose
Acquisitions Company for it to list in the US. He, however, did not
give more details.

The lost of listing status would not affect the group's normal
business lines as its licences with the Insurance Authority,
Securities and Futures Commission as well as Mandatory Provident
Fund Schemes Authority, would not be affected by the delisting, Mr.
Lee, as cited by SCMP, said.

Convoy provides financial advice to more than 100,000 pension
holders in the city's retirement savings scheme, the report notes.

Convoy Global Holdings Limited is an independent financial adviser
with financial planning, insurance, asset management, MPF, and
other related services throughout China.




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ADVANCE LAMINATES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Advance
Laminates Private Limited (ALPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              2.0        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

ALPL, which was set up in 2005, manufactures laminates in its
facility at Rajkot (Gujarat). The director, Mr. Pranjivan Patel,
looks after the daily operations.

AGARWAL LIFE: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Agarwal Life
Sciences Private Limited's (ALSPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR67.6 mil. (increased from INR60 mil.) Fund-based working
     capital limits affirmed with IND BB+ /Stable/ IND A4+ rating;

     and

-- INR20 mil. (increased from INR10 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The rating reflects ALSPL's continued small scale of operations, as
indicated by revenue of INR323.92 million in FY20 (FY19: INR295.75
million). The revenue increased on account of higher realizations
and a rise in the number of orders received by the company. In
9MFY21, ALSPL achieved a revenue of INR205.33 million. Ind-Ra
expects the revenue to have declined on a yoy basis in FY21 owing
to the impact of COVID-19-led disruptions.

The ratings are supported by ALSPL's healthy EBITDA margins owing
to sustained control over operating expenditure. The margin
increased to 9.41% in FY20 (FY19: 7.00%) due to the increase in
realizations and a fall in the operating expenses. The ROCE was
25.9% in FY20 (FY19: 19.7%). Ind-Ra expects the EBITDA margins to
have fallen on a yoy basis in FY21 because of increased competition
in the market and the impact of pandemic-related issues.

The ratings factor in ALSPL's strong credit metrics due to its low
debt levels (FY20: INR25.06 million; FY19: INR44 million). In FY20,
the interest coverage (operating EBITDA/gross interest expense)
improved to 8.76x (FY19: 4.33x) on account of an increase in the
absolute EBITDA to INR30.49 million (FY19:  INR20.70 million). The
company turned net cash positive in FY20  (FY19: 1.98x) owing to
the decline  in the total debt due to lower utilization of the
working capital limits.  Ind-Ra expects the credit metrics to have
remained strong in FY21 owing to the absence of any major debt-led
capex.

Liquidity Indicator - Adequate: ALSPL's average utilization of the
fund-based limits and non-fund-based limits stood at 56.1% and 4.7%
over the 12 months ended January 2021. In FY20, the cash and cash
equivalent amounted to INR58.38 million (FY19: INR3.10 million).
The cash flow from operations improved to INR19.43 million in FY20
(FY19: INR9.59 million) on account of favorable changes in the
working capital and the increase in the absolute EBITDA. The
company did not avail the Reserve Bank of India-prescribed
moratorium or any COVID-19 loan. The net cash conversion cycle
elongated marginally to 41 days in FY20 (FY19: 33 days) because of
an increase in the inventory days to 38 days (27 days), resulting
from the global slowdown in the industry during 4QFY20 and the
pandemic-led lockdown at end-FY20.

The ratings benefit from ALSPL's diversified base of customers and
suppliers. The top 10 customers contributed about 21% to the
company's revenue in FY20 (FY19: 25%). Furthermore, the top 10
suppliers accounted for approximately 38% of the company's total
purchases in FY20 (FY19: 35%).

The ratings also continue to be supported by the promoter's
experience of more than two decades in the active pharmaceutical
ingredients industry.

RATING SENSITIVITIES

Negative: Any decline in the revenue or profitability, leading to
the interest coverage falling below 2.5x, could be negative for the
ratings.

Positive: A substantial improvement in the revenue and stability in
the EBITDA margins, while maintaining the credit metrics, all on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, ALSPL is engaged in the manufacturing and
trading of active pharmaceutical ingredients, mainly ferrous
fumarate.  Manufacturing contributes approximately 75% to the
revenues, and trading accounts for the balance. Ranju Pilani is the
managing director of the company. ALSPL's registered office is in
Mumbai, Maharashtra, and its manufacturing plant is located at
Boisar, Maharashtra.


ARIKKAT TRADES: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arikkat Trades
and Exports (ATE) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

ATE was set up in 1995. ATE is into extraction and refining of
copra/copra cake. ATE has an oil refinery at Thrissur, Kerala. It
has an extraction capacity of 20tpd (tonne per day). ATE was set up
by Mr. Benny J Arikkat, Mr. Rajesh Jose and Mr. Manish Varghese and
its day to day operation are managed by them.

ATHAVAN PAPER: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Athavan Paper
and Boards (APAB) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          1.5        CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Long Term     4.5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

APAB is based in Dindigul, Tamil Nadu. The firm is setting up a
Kraft paper manufacturing facility with a total capacity of 25 tons
per day. Operations are expected to commence from January 2019.


BADRI KEDAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Badri
Kedar Udyog Private Limited (SBKUPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

SBKUPL, incorporated in 2011 by Mr. Amit Sarawgi and based in
Ranchi (Jharkhand), trades in fabrics in the domestic market.
Initially, the company was in the civil construction business.
However, the promoters decided to discontinue the construction
business and entered the trading business in 2013-14 (refers to
financial year, April 1 to March 31).


BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji Paper
and Newsprint Private Limited (BPN) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          4         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       8.75       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         19.13      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term    5.53       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        3.59       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Incorporated in 1998 and promoted by Kolkata-based Mr. Ram Avtar
Agarwal, BPN initially traded paper. In 2004, the company purchased
the assets of Neptune Paper Mills Ltd, a company referred to the
Board for Industrial and Financial Reconstruction. The acquired
factory was refurbished and BPN commenced manufacturing of writing
and printing paper in 2005 with an installed capacity of 10 tonne
per day (tpd) capacity has expanded gradually to 130 tpd.


BENARA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Benara Autos
Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.25       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2.50       CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Bill           0.50       CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Letter of Credit       0.25       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         1.50       CRISIL D (Issuer Not
                                     Cooperating)
   Standby Fund-
   Based Limits           0.40       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components such
as engine bearing, hoses, rubber parts, and oil seals for the
domestic and global markets.

CHANDRA MOULISHVAR: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Chandra
Moulishvar Spinning Mills Private Limited (SCMSM) continue to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.09        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          10.00        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        7.75        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in September 2004 by Mr. M Ravichandran, SCMSM
manufactures hosiery yarn in Tirupur (Tamil Nadu).


CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Concept Homes
India Private Limited (CHIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              8.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2004 by Mr. Mahaganapathi, CHIPL undertakes residential
projects in Chennai.


DELHI INT'L AIRPORT: S&P Affirs 'B-' ICR, Outlook Positive
----------------------------------------------------------
S&P Global Ratings, on April 28, 2021, affirmed its 'B-' long-term
issuer credit rating on Delhi International Airport Ltd. (DIAL) and
its 'B-' long-term issue rating on the company's senior secured
notes. At the same time, S&P removed all the ratings from
CreditWatch, where it had placed them with negative implications on
March 20, 2020.

S&P said, "The positive outlook indicates that we may raise the
rating over the next 12 months if receipt of CPD income and
passenger traffic volumes support DIAL's FFO cash interest coverage
to improve to about 1.0x over fiscals 2023 and 2024.

"DIAL's interest servicing ratio could improve following the
completion of its CPD transaction. We now have greater visibility
on the timeline for DIAL's long-delayed CPD transaction with Bharti
Realty. The Delhi Urban Art Commission recently approved the
concept master plan for CPD land development at the airport, which
includes Bharti Realty's leased portion of 4.9 million square
meters. According to DIAL, no other regulatory approvals are
required, and we expect the transaction to conclude over the coming
weeks, pending board resolution and finalization of payment terms.

"In our view, cash receipts from the CPD will provide additional
cash flows to support DIAL's weak interest servicing ability, with
FFO cash interest coverage recovering to 1.0x-1.1x over fiscals
2023 (ending March 31, 2023) and 2024. In the absence of CPD cash
flows, FFO cash interest coverage would be about 0.8x over the
period. According to the current terms, DIAL could receive lease
rentals of about Indian rupee (INR) 3.6 billion a year and a
one-off upfront security deposit and advance development cost
totaling about INR14.4 billion upon closure of the transaction. Our
base case assumes the upfront payments to be staggered over the
next two years."

DIAL can sufficiently manage its liquidity needs amid a weak
operating environment.

The company's senior secured notes of US$450 million (about INR32.6
billion) issued through an offshore special-purpose vehicle,
Cliffton Ltd., in March 2021 has eliminated refinancing risk for
its US$289 million bond due in February 2022. The issuance also
provided adequate and timely funding for the company's large
committed capital expenditure over the next 12 months. With a high
cash balance of INR54 billion (as of March 31, 2021), DIAL's
liquidity sources will be sufficient to cover its operating
expenses, financial obligations, and capital spending over the 12
months to March 31, 2022. In S&P's opinion, the company's adequate
liquidity buffer helps to mitigate the weaker FFO cash interest
coverage of 0.7x in fiscal 2022 due to the negative carry on
interest costs.

Moreover, DIAL currently benefits from an interim stay on high
revenue share payments to AAI, which further supports its liquidity
position. S&P said, "Our base case assumes that the fee payments
will likely be deferred from January 2021 till March 2022, while
awaiting final decision by the arbitration tribunal. In our view,
the temporary stay order will provide about INR14 billion of cash
flow relief in fiscal 2022 and will be available to DIAL for
meeting both operational and financial obligations. We anticipate
that the deferred fee amounts could be payable in equal tranches
over two years, to help ease the company's liquidity as traffic
volumes steadily recover over the period."

Lower passenger traffic volumes continue to pressure DIAL's
earnings.

S&P said, "We believe passenger traffic volumes in India could
become weak as the country struggles to bring the COVID-19 pandemic
under control. Domestic and international travel restrictions are
already in place. We expect the recovery in domestic and
international traffic to be uneven, as seen in the company's
traffic volumes in fiscal 2021. Domestic passengers amounted to
about 19.3 million, 39% of fiscal 2020 (pre COVID-19) levels, while
international passengers were about 3.2 million, 18% of pre
COVID-19 levels. Data from the Directorate General of Civil
Aviation reveals that domestic traffic volume in India during
January-March 2021 rebounded close to 70% of the level during the
same quarter of the previous year, which is in line with our
estimates.

"We maintain our domestic traffic estimates as demand seems to be
intact and once the existing restrictions are lifted, traffic could
recover in line with our expectations. However, if restrictions
continue for longer or become tighter, affecting air traffic
movements, DIAL's financial metrics could be weaker than our
base-case assumptions. We continue to expect domestic traffic in
India could recover to pre-COVID levels by fiscal 2024. However,
international traffic could lag, and we now estimate a longer path
to recovery--until fiscal 2025 at the earliest.

"In our opinion, the subdued recovery in international traffic will
be partly offset by CPD cash flows. We estimate DIAL's EBITDA will
be about INR8.2 billion in fiscal 2022 and INR10.5 billion-INR13
billion over fiscals 2023-2024."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
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."

The positive outlook on DIAL reflects the possibility S&P may raise
the rating over the next 12 months if the company restores its FFO
cash interest coverage to about 1.0x over fiscals 2023 and 2024.
This could happen if the company receives the CPD income and
domestic passenger traffic volumes stay close to its expectation of
70% of pre-pandemic levels in fiscal 2022.

DIAL's adequate liquidity over the next 12 months will offset its
weak interest coverage in fiscal 2022. The company no longer faces
refinancing and liquidity pressures owing to its recent bond
issuance.

S&P could raise the rating if DIAL's FFO cash interest coverage
recovers sustainably to about 1.0x, following timely cash receipts
from completion of the CPD transaction and stability in its
operating environment.

S&P could revise the outlook on DIAL to stable if the company's FFO
cash interest coverage falls sustainably below 1.0x. This can
happen if:

-- The operating environment and passenger traffic volumes are
materially weaker than our estimates, leading to lower operational
cash flows; or

-- The CPD transaction fails to conclude in a timely manner or is
canceled.

DIAL holds the exclusive rights to operate, manage, and develop
Delhi International Airport. As the largest airport in India, Delhi
International Airport has a total capacity of around 66 million
passengers annually. DIAL's expansion plans include a fourth runway
and terminal expansion to accommodate 100 million passengers. In
fiscal 2020, the airport served 67.3 million passengers (impacted
by the COVID pandemic for two to three weeks), compared to close to
70 million passengers in the previous year.

Operating under a public-private partnership, DIAL is 64%-owned by
GMR Airports Ltd., an intermediate holding company of India-based
infrastructure company GMR Infrastructure Ltd. AAI, a strategic
shareholder, owns 26% and Fraport AG holds 10%.

S&P said, "We continue to believe that AAI's strategic shareholding
and right to approve DIAL's key decisions and related-party
transactions insulate DIAL from the weak credit profile of its
majority shareholder GMR Infrastructure. We believe Groupe ADP's
49% stake in GMR Airports could further reduce DIAL's exposure to
GMR group and improve governance."


FUTURE RETAIL: S&P Cuts ICR to 'SD' on Onshore Debt Restructuring
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
India-based Future Retail Ltd. to 'SD' from 'CCC-'. S&P's long-term
issue rating on the company's U.S. dollar-denominated senior
secured notes remains unchanged at 'CCC-'.

S&P expects to raise its issuer credit rating on Future Retail in
the coming days, most likely to the 'CCC' category, after
reevaluating the company's liquidity position post restructuring.

The downgrade comes after Future Retail announced the
implementation of a one-time restructuring plan by its onshore
lenders on debt aggregating about Indian rupees (INR) 102 billion.
The restructuring has been approved under the resolution framework
for COVID-related stress provided by the Reserve Bank of India.
Future Retail's liquidity position has weakened materially since
March 2020, exacerbated by the strict lockdown imposed in India to
contain the spread of COVID-19. The company's operating cash flows
remain depressed, given a near 70% decline in sales.

Future Retail's existing long-term debt obligations (term loans and
non-convertible debentures) will be extended from their original
schedule by 18-24 months at existing interest rates. The term loans
will now be repayable starting December 2021 and the
non-convertible debentures will be repayable on June 30, 2025.
Overdues under its short-term working capital borrowings (including
interest) will also be converted into working capital term loans
and funded interest term loans to be repaid from December 2021. The
company will have no interest and principal payments due on the
restructured debt until September 2021.

S&P said, "We view the restructuring as distressed and tantamount
to a default because original terms of the loans have been changed
without adequate offsetting compensation. The debt will be repaid
later than originally promised and there is no additional
collateral, amendment fee, or higher interest rates on the
rescheduled payments. Moreover, the likelihood of a conventional
default in the absence of this transaction was high owing to the
company's weak liquidity and subdued operating performance, in our
opinion.

"We kept the issue rating on Future Retail's US$500 million senior
secured notes at 'CCC-' because as of now, the company has been
regularly servicing the semi-annual coupon on the notes. The notes
are not covered under the regulations of the restructuring scheme
and we do not foresee any changes in the terms of the issuance.

"We plan to reevaluate our issuer credit rating on Future Retail in
the coming days post restructuring and will likely raise our rating
on the company to the 'CCC' category. Our review of the company
will focus on the viability of its capital structure and liquidity
position."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

Future Retail is an India-based retailer with about 1,388 stores
across more than 400 cities.

On Aug. 29, 2020, Reliance Retail Ventures Ltd., a subsidiary of
Reliance Industries Ltd., announced that it would acquire the
retail and wholesale business as well as the logistics and
warehousing business of Future Group. The completion of the deal
has been delayed by legal issues.


GANPATI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganpati
Steels (GS) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2          CRISIL D (Issuer Not
                                    Cooperating)

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

GS is a partnership of Mr. Ashish Gupta and Ms Nirupama Gupta. It
manufactures and trades in galvanised iron, barbed, and stay wires.
Manufacturing unit is in Bhilai, Chhattisgarh. Operations are
primarily managed by Mr. Ashish Gupta.

GUPTA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta Rice
and General Mills (GRGM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash          13.13      CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

GRGM is a partnership firm set up by Mr. Ram Pal Singh and his
brother, Mr. Sat Pal Singh in 1986. Mr. Satpal has left the firm.
Mr. Ashwini Singh and Mr. Ashish Singh are now partners, along with
Mr. Ram Pal. GRGM mills, processes, and markets rice. Its plant is
in Kaithal, Haryana.

HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel IDA
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility        2        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term        3        CRISIL D (Issuer Not  
   Bank Loan Facility                 Cooperating)

   Term Loan                 5        CRISIL D (Issuer Not
                                      Cooperating)

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

Set up as a partnership firm by Mr. Rabinder Aurora, Mr. Ratik
Aurora, and Mr. Maneet Aurora, Hotel IDA runs a hotel in Dehradun.


JAGDAMBA SPONGE: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jagdamba
Sponge Private Limited (JSPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2003, JSPL is promoted by Mr. Shiv Agrawal and Mr.
Ritesh Agarwal. The company, based in Raigad, manufactures mild
steel ingots.

LAXMI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Laxmi Oil
& Vanaspati Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        30.00      [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   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 2003 by the Gupta family, LOVPL was taken over by
the current management in June 2011. The company is primarily
engaged in the production of refined rice bran oil, in addition to
blended oil and refined palm oil at its refining unit situated in
Kanpur, Uttar Pradesh. The company has an installed refining
capacity of 30,000 TPA. LOVPL also trades in various edible oils;
however, the scale of the same remains small.

LAXMI RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Laxmi 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            13.00      [ICRA] B(Stable); ISSUER NOT
   fund based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term             1.80      [ICRA] B(Stable); ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Term Loan                       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.

LRM is a partnership concern which came into existence in 2009.
Presently the firm has two partners viz. Mr. Darshan Lal Garg and
Mrs. Anita Rani. The firm is primarily engaged in the business of
milling and processing of rice and has an installed milling
capacity at Muktsar, Punjab of 8 tonnes per hour of paddy and a
sorting capacity of 6 tonnes per hour of rice.


M. M. INTERNATIONAL: CRISIL Cuts Rating on INR13cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
M. M. International (MMI) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating,' as there are delays in repayment of term loan.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Packing Credit       13         CRISIL D (ISSUER NOT
   in Foreign                      COOPERATING; Downgraded from
   Currency                        'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Proposed Long        2.2        CRISIL D (ISSUER NOT
   Term Bank                       COOPERATING; Downgraded from
   Loan Facility                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

   Proposed             3.0        CRISIL D (ISSUER NOT
   Packing Credit                  COOPERATING; Downgraded from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Proposed             18.0       CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING; Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan             1.8       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL Ratings has been consistently following up with MMI for
obtaining information through letters and emails dated December 31,
2019 and June 17, 2020 and 26 March, 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
Rating failed to receive any information on either the financial
performance or strategic intent of MMI, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Rating believes that rating action on MMI is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the ratings on the bank facilities of MMI to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating', as there are delays in repayment of term
loan.

Incorporated in November 1996, MMI is a partnership firm into
processing and exporting spices (such as turmeric, coriander,
cumin, mustard and ginger) and food products (such as poha and
jaggery). The company is based in Mumbai and is promoted by the
Vora family. The manufacturing unit is in Navi Mumbai.

MAA SHITALA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maa
Shitala Agro private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT
COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           11.50      [ICRA] B+(Stable); ISSUER NOT
   Limits-Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based        0.24      [ICRA] B+(Stable); ISSUER NOT
   Limits-bank                     COOPERATING; Rating continues
   Gurantee                        to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated Limits    6.26      [ICRA] B+(Stable); ISSUER NOT
                                   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 2009, MSAPL is involved in milling of parboiled
rice. The plant is located at Raidighi in the South 24 Parganas
district of West Bengal, with an annual milling capacity of 60,000
metric tonnes (MT). The company is promoted by Kolkatabased Purkait
family, who has a long experience in the rice-milling industry.

MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Madhucon
Projects Limited 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-        477.05     [ICRA] D ISSUER NOT COOPERATING;
   Facilities                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non Fund based     728.20     [ICRA] D ISSUER NOT 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.

Originally incorporated in 1990 as Madhu Continental Constructions
Private Limited and subsequently converted into a listed public
limited company in March 1995, Madhucon Projects Limited (MPL) is
primarily engaged in the road construction and irrigation projects
business. MPL was promoted by Mr. N Seethaiah and Mr. N Krishnaiah.
It is currently engaged predominantly in construction of roads and
irrigation projects.

MAHAVIR GLOBAL: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahavir
Global Inc (MGI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating.'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        2.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit             1.0       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          0.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Export Packing          4.0       CRISIL B/Stable (Issuer Not
   Credit                            Cooperating)

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

Set up in 2011 as a partnership firm by Karnal-based Garg family,
MGI mills and processes paddy into rice, rice bran, broken rice,
and husk. Mr. Anil Garg and his son, Mr. Vishal Garg are partners
and also manage operations.

MEFCO ENGINEERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mefco
Engineers Private Limited (MEPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          6.3       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

MEPL was incorporated in 1974 by Mr. P. S. Shanmugam undertakes
design and fabrication of crystallizers, evaporators, pressure
vessels, heat exchangers, steam pipe lines, storage tanks and
others.

MITTAL COT: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mittal Cot
Fibers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             4.00      [ICRA] B(Stable); ISSUER NOT
   fund based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term             2.50      [ICRA] B(Stable); ISSUER NOT
   fund based                      COOPERATING; Rating continues
   Term Loan                       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.

MCF is a partnership concern, incorporated in June 2014, and has
been promoted by Mr. Mahesh Kumar Mittal and his brothers; the
partners have been associated with the cotton ginning and trading
business for more than two decades. The firm manufactures lint from
kapas (raw cotton) and undertakes pressing operation to produce
cotton bales. Cotton seed, which is a by-product of the ginning
operation, is sold to oil extraction units. The firm's
manufacturing facility is located at Sendhwa, Madhya Pradesh and is
equipped with 24 ginning mills and 1 press with a total ginning
capacity of 16,906 metric tons per annum (MTPA).

MITTER FASTNERS: ICRA Withdraws B+/A4 Rating on INR34.50cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Mitter Fastners 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/Short       34.50     [ICRA]B+ (Stable)/A4; ISSUER
   Term Fund Based                 NOT COOPERATING; Withdrawn
   Non Fund Based
   Limits                

Established in 1982, Mitter Fasteners, a proprietorship firm, is
promoted by Mr. Mukesh Sahani and his family members. The firm is
involved in the business of manufacturing of fasteners and other
fabricated items. The firm manufactures cold forged products, sheet
metal components, and machined products. It supplies its products
directly to reputed and established Original Equipment Manufacturer
(OEM) and ancillary units. The firm has set up its manufacturing
facility in Ludhiana, Lucknow, Doraha and Pantnagar (Uttarakhand).


NAVBHARAT BUIDCON: ICRA Withdraws B Rating on INR10.80cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Navbharat Buidcon 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, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based           10.80      [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Withdrawn

   Non Based             3.75      [ICRA]B (Stable); ISSUER NOT
                                   COOPERATING; Withdrawn

NBPL was established as a partnership firm in 1974. Later it was
reconstituted into a private limited company and registered in
1996. The company is involved in irrigation construction work for
dams and barrages, canals and tanks. Apart from the irrigation, the
company has also installed a wind turbine generator of
1.25-megawatt capacity in Jaisalmer and a solar plant of
1.00-megawatt capacity in Churu, Rajasthan. The company is promoted
by Mr. Mool Chand Lohadia and Mr. Ashok Kumar Lohadia, who have an
experience of nearly four decades in the civil construction sector.

OCEAN CONSTRUCTIONS: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ocean
Constructions (India) Private Limited (OCIPL)'s Long-Term Issuer
Rating to 'IND D' from 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR150 mil. (increased from INR40 mil.) Fund-based working
     capital limit (Long- term/Short-term) downgraded with IND D
     rating; and

-- INR600 mil. (increased from INR310 mil.) Non-fund-based limit
     (Short-term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects OAL's overutilization of the fund-based
-working capital facility during November 30, 2020 - January 17,
2021 due to delays in the receipt of receivables from its
customers, particularly from the state government of Karnataka. The
company overutilized the limits despite an additional grant of a
temporary overdraft facility of INR15 million.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

OAL was incorporated in 2008 but started commercial operations in
2014 and is an engineering, procurement and construction contractor
based in Mangalore, Karnataka.  


PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pacific
Garments Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term          4.97       [ICRA] D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Ter          3.75       [ICRA] D ISSUER NOT COOPERATING;
   Fund Based                    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 1995 by Mrs. Madhushree Gupta, PGPL is a private
limited company engaged in manufacturing and exporting of women's
garments. The firm's manufacturing unit is in Noida.

PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Paratus
Real Estate Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based        18.00      [ICRA] D ISSUER NOT COOPERATING;
   Term Loan                    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.

PREPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
holding 50.74% and 49.26% stake, respectively. It is developing a
residential project, 'Mega County', in Dehradun, Uttarakhand with a
saleable area of 174,335 square feet. The project consists of one
hundred and nineteen 2/3 BHK flats, in two towers, of six floors
each. The construction started in 2013-14 and as of Feb, 2016, ~70%
of the estimated construction cost had been incurred and ~77% area
had been sold. The total project cost is estimated at INR62.48
crore, with INR18.00 crore proposed to be funded through bank loan,
INR12.10 crore through promoter's contribution and the remaining
through customer advances.

POWER MAX: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Power Max (India)
Pvt Ltd's (PMIPL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR210 mil. Fund-based working capital limit (Long-term)
     affirmed with IND D rating; and

-- INR271.5 mil. Non-fund-based working capital limit (Short-
     term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects PMIPL's over-utilization of cash credit
facility for over 30 consecutive days during March 2021, due to
stretched liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
result in an upgrade.

COMPANY PROFILE

Incorporated in 1977, PMIPL provides integrated engineering
services, such as design, infrastructure development, construction,
and equipment erection, installation of pipelines, tanks and
vessels, majorly to power plants apart from steel, coal, alumina,
and other core industries.


R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R.S.V. Cotton
Industries continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Rupee         0.17       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Term Loan              2.83       CRISIL D (Issuer Not
                                     Cooperating)

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RSV and VS Cotton
Industries (VSC). This is because the two entities, together
referred to as the Kakad group, are under a common management and
in similar lines of business, and have significant financial
linkages.

                         About the Group

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses
cotton. The firm commenced operations in November 2013. Its
manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing facilities
are at Murtizapur in Akola, Maharashtra.

The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.

RELIANCE INDUSTRIES: Flags Economic Pain as Virus Devastates India
------------------------------------------------------------------
Bloomberg News reports that Reliance Industries Ltd., India's
largest company by market value and one that's considered a
bellwether for the broader economy, said it hasn't escaped a
devastating new wave of the coronavirus and warned of more pain
unless the surge is quickly curbed.

"The outbreak of coronavirus (COVID-19) pandemic globally and in
India is causing significant disturbance and slowdown of economic
activity. The Group's operations and revenue during the period were
impacted due to COVID-19," the company, led by Mukesh Ambani,
Asia's richest person, said in a footnote in its earnings statement
on April 30, Bloomberg relays. It added that the group has
accounted for the possible impact of the outbreak in preparing its
financial results.

According to Bloomberg, the disclosure underscores the impact
India's deep humanitarian and health care crisis is having on its
citizens -- billionaires or not -- either through desperate pleas
on social media for oxygen or via the earnings of large
conglomerates. India has reported more than 300,000 new infections
for the last nine days, making it the world's fastest surging
outbreak that can potentially derail the nation's economy.

Reliance, whose earnings missed analysts estimates for the March
quarter, has signaled more pain in the days ahead unless the virus
wave peaks out soon, Bloomberg says.

"Fresh lockdowns will impact demand growth for fuels," V. Srikanth,
the company's joint chief financial officer said in the
post-earnings call on April 30, adding that the resurgence of
infections in end of March had hurt the business.

Footfalls in Reliance's retail stores dropped to 40% of pre-Covid
levels in April compared to 88% in the March quarter, according to
Dinesh Thapar, who heads Reliance's retail unit. "We have reshaped
our priorities for this quarter to address new Covid wave
challenge," Anshuman Thakur, head of strategy at Reliance Jio
Infocomm Ltd. told reporters, Bloomberg relays.

The company, with businesses across refining, petrochemicals,
media, retail and digital sectors, is considered a proxy for the
broader Indian economy, which had just begun to recover from a
historic recession after a nationwide lockdown last year.

Bloomberg relates that Reliance, meanwhile, has pivoted its focus
on humanitarian aid -- with Ambani himself leading many of these
initiatives. It has been producing oxygen for medical use from its
twin refinery complex in Jamnagar in Gujarat. It has also taken
steps to swiftly transport medical oxygen across the nation.

Reliance Foundation -- the group's philanthropic arm -- is setting
up a 1,000-bed Covid-19 care facility there that will provide free
treatment to patients. A local media report said Ambani has flown
to Jamnagar to speed up relief efforts.

"To me, these contributions are far more satisfying than our
Company's strong, overall operational and financial performance for
the year," Ambani said in the statement.

                     About Reliance Industries

Reliance Industries Ltd -- http://www.ril.com/-- is the largest
private-sector company in India. It is involved in the oil
refining, petrochemical, gas, retail and textile businesses and
boasts consolidated sales of more than $60 billion.  It is a core
unit of Reliance Group, which ranks alongside Tata and Birla among
the country's major conglomerates.

Reliance Group was founded by Dhirubhai Ambani, who went into
business in the 1950s. The company expanded into textiles in the
1960s and entered the petrochemical sector in the 1980s, amassing a
fortune for Ambani.  After Ambani died in 2002, his sons Mukesh,
the eldest, and Anil had a row over corporate policy.  The group
was divided in 2005 as Mukesh took over the petrochemical and
textile operations while Anil took charge of the financial and
telecommunications segments.  Mukesh leads Reliance Industries as
chairman and expanded its operations by pushing into retail and
telecommunications services.

Mukesh, his family and group companies own nearly 40% in Reliance
Industries.


RELIGARE FINVEST: Ind-Ra Corrects April 28 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Religare Finvest
Limited's (RFL) rating published on April 28, 2021 to correctly
state that the company is in the process of submitting a revised
debt resolution plan (DRP).

The amended version is:

India Ratings and Research (Ind-Ra) has affirmed Religare Finvest
Limited's (RFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR4 mil. Lower tier 2 sub-debt# downgraded with IND D rating;

     and

-- INR150 mil. Long-term bank loans affirmed with IND D rating.

#Details in Annexure

KEY RATING DRIVERS

The ratings reflect RFL's continued delays in debt servicing due to
its stretched liquidity situation, along with a strained funding
profile. The company has informed the agency, as well as the NCD
holder (Axis Bank) that it is not in a position to service the
interest and principal amount of the non-convertible debentures on
the approaching maturity date of April 30, 2021.

The company is still under the corrective action plan as advised by
the Reserve Bank of India (RBI) since January 2018. A simultaneous
exercise for identifying potential investors was undertaken in
consultation with a consortium of banks, under which debt
resolution was proposed with TCG Advisory Services Pvt. Ltd.  as
the investor. However, the RBI did not approve of this request for
a change in RFL's control in favor of TCG Advisory Services.

The management has informed the agency that the company is in the
process of submitting a revised DRP with Religare Enterprises
Limited continuing as its promoter. The DRP, the management
believes, may not need prior approval from the RBI, as the latter
is a non-bank finance company-core investment companies registered
entity with the RBI. Further, RFL is also actively pursuing
recovery cases, including Lakshmi Vilas Bank, and expects to
recover its fixed deposits along with interest from the bank.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in the re-assessment of the credit profile.

COMPANY PROFILE

RFL is a non-bank finance company that primarily provides loans to
small and medium enterprises through its product offering of loan
against property and working capital loans. RFL had total assets
worth INR54.04 billion at end-March 2020. During FY20, RFL incurred
a net loss of INR8.96 billion (FY19: INR15.48 billion).

RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of RGTL
Industries Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Working Capital     
   Limits            125.00      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loan          29.32      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated         8.79      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non Fund
   based limits        1.00      [ICRA] D ISSUER NOT 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.

RGTL Industries Limited (RIL, erstwhile Rathi Rajasthan Steel Mills
Limited) is a public limited company engaged in the manufacturing
of Thermo Mechanically Treated (TMT) bars. RIL was promoted in 2004
by Mr. Raj Kumar Rathi and became a 100% subsidiary of Rathi
Graphic Technologies Limited in 2007-08. Rathi Graphic Technologies
Limited now holds 49.18% stake  in RIL. Rathi Graphic Technologies
Limited is a public limited listed company engaged in manufacturing
toners and developers which are used in photocopier machines, laser
and ink-jet printers. The promoter Mr. Raj Kumar Rathi belongs to
the Rathi family which has a long track record and established name
in manufacturing of TMT bars. RIL has its manufacturing unit in
Bhiwadi (Rajasthan), wherein the rolling mill capacity has recently
been enhanced to 150000 TPA.


SAI KALYAN: CRISIL Reaffirms B+ Rating on INR48cr New Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sai Kalyan Builders And Developers
Private Limited (SKBDPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan     48        CRISIL B+/Stable (Reaffirmed)
   Term Loan              27        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect geographic concentration in revenue
and susceptibility to cyclicality in the real estate sector in
India. These weaknesses are partially offset by the extensive
experience of the promoters in the real estate industry and the
track record of the company in executing residential projects in
Bengaluru.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographic concentration in revenue:  The company is currently
developing three projects, Sai Kalyan Ultima, Sai Kalyan Superia,
and Sai Kalyan Water Edge, in Bengaluru. Any slowdown in
infrastructure spending in Bengaluru or policy regulations may
affect the pace of completion of the ongoing projects and impair
the company's cash accrual. Geographic concentration in revenue
will persist over the medium term.

* Susceptibility to cyclicality in the real estate sector:
The real estate sector in India is characterized by swinging
fortunes and severe cyclicality besides being largely unregulated.
Though the company has a good reputation in Bengaluru, which
mitigates the risk to some extent, it is vulnerable to industry
upswings and downtrends as well as increasing regulation by
government authorities.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of 13 years in the real estate industry, which has
enabled them to gain valuable insight and understand the nuances of
the sector.

* Track record in executing residential projects: The company has
successfully completed three projects at Hebbal, Kempapura in
Bengaluru, where it is currently developing three projects. The
proven track record is likely to keep the company in good stead as
it constructs and sells units in its ongoing projects.

Liquidity: Stretched

SKBDPL is likely to fund the construction of its ongoing projects a
through a mix of customer advances, unsecured loans and bank loan.
Although cash flow from the projects is expected to be sufficient
to meet term debt obligation, any unforeseen delay in construction
might result in cost overrun, affecting repayment of term debt.
Furthermore, any delay in receipt of advances from customers is
likely to impact the company's liquidity in a significant way.

Outlook: Stable

CRISIL Ratings believes SKBDPL will continue to benefit from the
extensive experience of the promoters in the real estate industry.

Rating Sensitivity Factors

Upward factors:

* Improvement in the debt service coverage ratio (DSCR) to above 2
times, supported by higher-than-anticipated cash accrual

* Early completion of projects and higher customer advances,
leading to substantial cash flow

* Faster bookings in new projects

Downward factors:

* Drawdown of higher-than-expected debt or cost overrun, leading to
drop in DSCR to below 1 time

* Weak cash flow because of subdued response and delay in
completion of projects, weakening the financial risk profile and
liquidity

* Reduction in bookings and slower construction progress in fiscal
2022

SKBDPL is developing residential real estate in Bengaluru. The
company is promoted by Mr. Yerraguntla Venkatesulu Choudary and his
family members.

SAIDEEP CARS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saideep Cars
Private Limited (SCPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL C (Issuer Not
                                     Cooperating)

   Inventory              3.0        CRISIL C (Issuer Not
   Funding Facility                  Cooperating)

   Rupee Term Loan        1.5        CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCPL 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 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 continues to be 'CRISIL C Issuer Not Cooperating'.

Incorporated in 2008, SCPL is promoted by Chopra family. The
company is dealer of passenger vehicle Renault India Pvt Ltd. in
Ahmednagar (Maharashtra). The company has 1 showroom in Ahmednagar.
The operations of the company are managed by Chopra family.

SOLAMALAI AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Solamalai
Automobiles Private Limited (SAPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Inventory Funding        7.75      CRISIL B/Stable (Issuer Not
   Facility                           Cooperating)

   Proposed Long Term       1.40      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital         10.85      CRISIL B/Stable (Issuer Not
   Term Loan                          Cooperating)

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

SAPL was incorporated in 2003, promoted by Mr. K Mani, Mr.
Karthikeyan, and Mr. K Vikrant. The company was a dealer for Maruti
Suzuki passenger cars in Tamil Nadu till 2015.

VARANASI STP: Ind-Ra Hikes Bank Loan Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Varanasi STP
Project Private Limited's (VSPPL) instrument ratings, as follows:

-- INR570 mil. Term loans due on June 2029# upgraded IND BB/
     Stable rating; and

-- INR130 mil. Bank guarantee upgraded IND BB/Stable rating.

#Linked to the achievement of the actual commercial operations date
(COD). The debt tenor may be extended in case there is a further
delay from authority approved project completion timelines.

Ind-Ra has considered the standalone credit profile of the company
to review the rating of the rupee term loan. The unsecured loans
infused by the sponsor, Essel Infraprojects Limited, and the
sub-debt tie-up from the investors are fully subordinated to the
rupee term loan and have not been considered as additional debt in
Ind-Ra's analysis. Any deviation from this stated arrangement with
the lenders would be credit negative.

The upgrade reflects the limited residual construction risk owing
to the commencement of trial run operations on March 31, 2021. As
on April 25, 2021, the unutilized debt had been fully disbursed by
lenders, and the balance equity, worth INR25 million, had also been
infused in VSPPL through sub-debt by an investor. Additionally, the
project cost overruns have been fully managed from the proceeds of
the investment.

KEY RATING DRIVERS

Negligible Construction risk: As per the monthly progress report
for March 2021, the project had achieved physical progress of
95.65% as of March 31, 2021. While this is lower than the planned
progress of 100%, the main civil works and erection works of
equipment have been completed, and the plant successfully started
the trial run of the project on March 31, 2021. As per the
management, while the associated works such as landscaping,
internal roads completion and construction of staff quarters are
pending, they will not hinder the achievement of commercial
operations. The management expects the trial run to be successfully
completed within the next two months, latest by June 30, 2021.

The company had missed the scheduled COD in November 2019 due to
various reasons attributable to the authority, the impact of the
COVID-19-led disruptions, and the weakened credit profile of the
sponsor. Although the sponsor has a decent track record of
executing projects, its financial profile has deteriorated due to
the reduced financial flexibility of the Essel group's promoters.

Sub-Debt Investment Alleviates Equity Injection and Cost Overrun
Risks: The project's progress had been impeded since FY19 due to
several factors, such as significant delays in equity infusions,
resulting from the deterioration in the credit profiles and
financial flexibility of VSSTP's sponsor, Essel Infraprojects, as
well as its engineering procurement construction contractor – Pan
India Infraprojects Private Limited (PIIPL), both of which are part
of the Essel group. Subsequently, in FY21, the company received an
investment of INR50 million from an investor, which was used to
fund the shortfall in equity injections from the sponsor and
project cost overruns. As of April 25, 2021, the equity infusion by
the sponsor stood at INR218.5 million, lower than the envisaged
total project equity of INR243.5 million. Also, the cost of the
project had increased marginally to INR1,263.3 million from the
originally appraised project cost of INR1,234.7 million.

Moderate Sub-debt Investment Features:  The sub-debt is entirely
subordinated to the term loan. The interest on the same will accrue
and is payable only after the term loan is entirely repaid and at
the time of exit. The sub-debt will also have a second charge on
the project receivables, with the investor having the first right
of refusal for taking over the project.

Low Revenue Risk Profile: The rating reflects the proposed receipt
of quarterly annuities from the National Clean Ganga Mission
(NMCG), the funding agency-cum-concession authority of VSPPL. The
project counterparty, NMCG is the nodal agency to implement the
clean ganga mission and receives budgetary support to pay the
construction milestone-linked grant payments and annuities to the
concessionaire. VSPPL shall have the following five revenue streams
post the achievement of commercial operations:

i. Capex annuity – 60% of BPC,

ii. interest on the reducing balance of 60% of the completion cost
at the rate of SBI one-year MCLR plus 300bp,

iii. O&M charges,

iv. power charges for the facility subject to the cap of the power
charges based on the guaranteed energy consumption, and

v. power charges at actuals for the associated infrastructure, to
be paid by NMCG to the concessionaire during the O&M period. The
O&M expenses are inflation adjusted. The price index multiple
comprises 70% consumer price index and 30% wholesale price index.
While annuity payments are subject to variations in the inflation
index, the deductions for non-conformance due to the treated
effluent not meeting discharge standards or plant availability
below the guaranteed availability criteria are relatively
straightforward.

Debt Structure:  Financial risks take the form of an annual
variable interest rate, which is linked to the base rate of the
lead bank. Any significant fluctuations in loan interest rates not
covered by an equivalent increase in annuity payments, absent
sponsor support, would be credit negative. A debt service reserve
account that would be sufficient to meet the principal and interest
obligations for three months needs be created from the project
surplus cash flows after the achievement of the COD. The first
principal repayment needs to be made after the fifth quarter post
the actual COD, thereby providing additional cushion to the project
in the initial years.

The sponsor has undertaken to bring additional funds during the
operational period till debt maturity to maintain debt service
coverage ratio of 1.1x. Also, the sponsor has provided an
unconditional/irrevocable corporate guarantee to fund any default
in the payment/repayment or reimbursement of any outstanding in
case of any event of default (for up to six months after the
commencement of operations). However, considering the deterioration
in the sponsor's credit profile, Ind-Ra does not derive any comfort
from the aforementioned undertakings.

Moderate Technology Risk: The timely annuity payments from NMCG are
dependent on the effluent and digested sludge meeting specified
discharge standards stipulated in the concession agreement. Sewage
treatment plants typically face uncertainties due to several
reasons such as flow rate, influent standards, aeration and
chemical dosing. Ind-Ra believes these plants are prone to such
uncertainties and any non-conformance with effluent standards will
lead to liquated damages, thereby affecting the availability of
cash flows for debt servicing.

Moderate O&M Risk: Sewage treatment plants generally report high
consumption of electricity. The consumption of higher electricity
than the bid quoted electricity (guaranteed energy consumption) in
any quarter could lead to power consumption liquated damages. On
any given day, if the availability of the plant is lower than the
guaranteed value, it shall lead to liquated damages. The same will
be deducted from the O&M payment by NMCG on a quarterly basis. If
the amount exceeds the O&M quarterly payment, then NMCG may decide
to deduct it from the subsequent installments or recover the same
from the O&M security.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to a positive rating action are:

- commencement of timely commercial operations post-trial runs,
latest by June 30, 2021;

- sustained receipt of annuities without any performance-related
deductions

Negative: Future developments that may, individually or
collectively, lead to a negative rating action are:

- delays in the commencement of commercial operations post the
trial run, beyond June 30, 2021;

- non-conformance with effluent standards, leading to liquidated
damages being payable to the authority;

- absence of timely sponsor support for any material escalations
in the project cost during the trial run period;

- material penalties being levied by authority for delay in
achieving timely commercial operations;

- deterioration in the credit profile of the appointed contractor
during the trial run, O&M contractor or authority

- delays in the timely creation of debt service reserve account

COMPANY PROFILE

VSPPL is 74% owned by EIPL. Uttar Pradesh Jal Nigam and NMCG have
awarded VSPPL a concession to construct a 50 million liters per day
sewage treatment plant in Ramana, Varanasi, and restore allied
facilities under the hybrid annuity model. The O&M period as per
the concession agreement is 15 years from the commercial
operational date. The bid project cost of INR1,565.502 million
includes land, project cost and O&M. The appraised project cost of
INR1,234.7 million is proposed to be funded by term of INR568.3
million, construction grant of INR423.0 million and the balance
through equity.



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

BUANA LINTAS: Moody's Alters Outlook on B1 CFR to Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Buana Lintas Lautan Tbk
(P.T.)'s (BULL) B1 corporate family rating.

At the same time, Moody's has revised the outlook on the CFR to
negative from stable.

"The change in BULL's rating outlook to negative primarily reflects
BULL's thin liquidity given its low cash balance, large debt
amortization payments over the next 12-18 months and at the same
time, continued high investment in fleet expansion," says Stephanie
Cheong, a Moody's Analyst.

RATINGS RATIONALE

Moody's estimates that BULL's cash balance of $13 million as of 30
September 2020, free cash flow of $93 million and $15 million of
cash proceeds from a vessel sale in the first quarter (Q1) of 2021
will not be sufficient to fully cover its debt maturities of around
$149 million over the next 18 months, which include $17 million of
short-term debt and $132 million of scheduled debt amortization
payments. BULL also had $24 million invested in a fund as of
September 30, 2020, which the company can liquidate but with a
30-day notice.

While the company is exploring various refinancing arrangements for
its upcoming debt maturities, and a potential equity raising, the
execution timing of its plans -- and any fallback arrangements
should these measures not come to fruition - remains uncertain.

BULL's thin liquidity buffer provides the company with little
runway to continue its aggressive capacity expansion strategy.
Nevertheless, BULL has committed to adding six new vessels to its
fleet in the first half (1H) of 2021, on top of the 13 vessels it
purchased in 2020 and eight vessels in 2019. The acquisitions are
financed with a mix of cash on hand and secured financing.

As BULL expands its fleet, the company has also gradually shifted
away from chartering its fleet primarily with Pertamina (Persero)
(P.T.) (Baa2 stable) to chartering vessels in international waters.
This strategy shift provides upside potential when charter rates
are favourable but reduces revenue stability and visibility.

While around 85% of BULL's fleet remains underpinned by time
charter contracts, the contracts are short at around one to two
years, and hence, will mostly expire in 2021-2022. Time charter
rates fluctuate more in the international market and rechartering
risk is higher because the company is not protected by cabotage
laws, which mandate the use of Indonesia-flagged vessels for
domestic sea freight transportation.

Tanker charter rates remain weak and are unlikely to return to the
exceptional peaks seen in Q2 2020. Moody's expects adjusted
debt/EBITDA to remain elevated at around 3.7x from 3.5x for the
last 12 months ended September 30, 2020.

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

A rating upgrade is unlikely over the next 12-18 months, given the
negative outlook.

However, the outlook could revert to stable if BULL addresses its
substantial near-term debt maturities and improves its debt
structure. Financial metrics Moody's would consider for a change in
outlook to stable include adjusted debt/EBITDA below 4.5x and
adjusted (FFO + interest expense)/interest expense above 2.5x, both
on a sustained basis.

The rating could be downgraded if (1) BULL is unable to refinance
its debt maturities by June 2021; (2) industry fundamentals weaken,
resulting in lower charter rates or an inability to renew expiring
charter contracts; (3) there are adverse changes in cabotage laws;
(4) Pertamina shifts the management of its fleet, such that it
materially reduces its exposure to BULL; or (5) BULL undertakes
further material debt-funded capital spending or shareholder
returns.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 4.5x or adjusted (FFO + interest
expense)/interest expense below 2.5x.

The principal methodology used in this rating was Shipping
Methodology published in December 2020.

Headquartered in Jakarta, Indonesia and founded in 2005, Buana
Lintas Lautan Tbk (P.T.) (BULL) provides shipping services
primarily to oil and gas companies, including Pertamina (Persero)
(P.T.) (Baa2 stable) and its associates. BULL operated a fleet of
38 vessels as of December 31, 2020.


INDONESIA: Budget Deficit to Reach as High as 4.85% Next Year
-------------------------------------------------------------
Bloomberg News reports that Indonesia could face a challenging road
back to fiscal discipline as the government expects to keep
spending heavily to support the economy next year.

Bloomberg relates that the budget deficit is seen at 4.51%-4.85% of
gross domestic product in 2022, equivalent to as much as IDR879.9
trillion ($60.8 billion), Finance Minister Sri Mulyani Indrawati
said in a briefing on April 29.  That's an improvement from the
5.7% of GDP expected this year, but still a long way from returning
to its legal limit of 3% of GDP by 2023.

According to Bloomberg, fiscal policy will still focus on economic
recovery in 2022, with spending continuing for priority programs,
Indrawati said as she presented the latest estimates that will be
discussed in parliament for approval. The government had lifted the
budget deficit cap last year so it could pour money into stimulus
programs and cushion the blow of the pandemic.

"We will continue to explore how to increase the tax base to
improve revenue, as well as optimize state assets to generate
dividends," she said.

Bloomberg relates that investors are closely watching how
governments unwind the extraordinary fiscal support they've
provided during the pandemic, especially as developing nations
across the world realize recovery could be more protracted than
expected. Standard & Poor's and Fitch Ratings have both recently
affirmed Indonesia's credit rating despite its budget deficit.

Next year's budget gap estimate puts pressure on Indonesia to
reduce spending significantly to rein in the shortfall by 2023,
especially after cuts to corporate and other taxes weakened the
revenue stream, according to Mohamed Faiz Nagutha, an economist
with Bank of America Securities in Singapore, Bloomberg relays.

"They've been exploring revenue reforms for years, but nothing
significant has materialized yet," Bloomberg quotes Nagutha as
saying. "Indonesia's fiscal consolidation in the past had not been
the healthy kind -- it has been driven predominantly by lower
spending rather than by higher revenues."




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

DTC ONE SPECIAL: Fitch Raises Class E Notes to 'BB+sf'
------------------------------------------------------
Fitch Ratings has upgraded the class D and E notes of DTC One
Special Purpose Company, the class E notes of DTC Two Funding Ltd.
and DTC Three Funding Ltd. Fitch has affirmed the other nine
classes of notes of seven DTC transactions. The Outlooks on all the
notes are Stable. The full list of rating actions is as follows.

        DEBT                    RATING          PRIOR
        ----                    ------          -----
DTC One Special Purpose Company

Class D XS0158761311     LT  AAAsf   Upgrade    AAsf
Class E XS0158761402     LT  BB+sf   Upgrade    BBsf

DTC Two Funding Ltd.

Class D XS0172730946     LT  AAAsf   Affirmed   AAAsf
Class E XS0172731324     LT  BBBsf   Upgrade    BBsf
Class J XS0172732306     LT  AAAsf   Affirmed   AAAsf

DTC Three Funding Ltd.

Class D XS0186915400     LT  AAAsf   Affirmed   AAAsf
Class E XS0186915822     LT  BBB+sf  Upgrade    BBsf

DTC Four Funding Limited

Class A-1 XS0205566259   LT  AAAsf   Affirmed   AAAsf
Class A-2 XS0205566333   LT  AAAsf   Affirmed   AAAsf

DTC Five Funding Limited

Class A XS0213054132     LT  AAAsf   Affirmed   AAAsf

DTC Seven Funding Limited

Class A XS0273539089     LT  AAAsf   Affirmed   AAAsf

DTC Eight Funding Limited

Class A XS0289431727     LT  AAAsf   Affirmed   AAAsf
Class B XS0289436791     LT  AAsf    Affirmed   AAsf

TRANSACTION SUMMARY

The transactions are securitisations of mortgage loans backed by
multi-family apartment properties in Japan.

KEY RATING DRIVERS

Sufficient CE on Loss Expectations: The upgrades of the notes of
DTC One, DTC Two and DTC Three reflect improvement in
credit-enhancement (CE) levels while Fitch's loss expectations
remain stable. Fitch believes these notes have significant cushion
for their current ratings due to the stable performance in the
underlying loans and sequential principal repayment.

The affirmation of the nine classes reflects stable performance in
the underlying loans and Fitch's view that available CE levels are
sufficient to support the current ratings.

Steady Loan Performance: Stable economic conditions, a low interest
rate environment and the master lease structure in place have
resulted in stable loan performance since the closing of the
transactions. There have only been 13 defaults to date and the
cumulative loss rate is lower than 0.35% among the seven DTC
transactions.

Coronavirus-Related Stresses: Fitch forecasts Japan's GDP will
expand by 3.6% in 2021 and 1.7% in 2022, with an unemployment rate
of 2.8% in 2021 and 2.4% in 2022. However, the recovery has been
set back due to the rise in new coronavirus cases. Fitch continues
to assume high vacancy rates as Fitch's base case in the analysis.

Alternative Loss Considerations: The number of loans has declined
significantly from the closing in all transactions due to high
prepayments over the past several years. Prepayments are slowing,
but Fitch considers potential small-pool risk, which leads us to
assume greater volatility in the underlying property value in
stress scenarios.

Fitch continues to believe all the transactions have available cash
reserves to address liquidity risk, although their advance agents
have yet to be replaced, as stipulated under their transaction
documents.

RATING SENSITIVITIES

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

-- The 'AAAsf' rated notes are already at the highest level on
    Fitch's scale. The ratings of those notes cannot be upgraded.

-- Upgrade reasons for the other notes would include stable-to
    improved loan and property performance coupled with pay down
    that increases the CE. Upgrades of most junior rated tranches
    of DTC One, Two and Three would be limited based on
    sensitivity to concentrations or the potential for further
    concentration unless the CEs are improved sufficiently with
    buffers to the relevant rating levels.

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

-- Downgrades may arise from a decline in the performance of the
    underlying properties, an increase in defaults or losses from
    underperforming loans. Downgrades to the classes rated 'AAAsf'
    in DTC One, DTC Two and DTC Three are not considered likely as
    the current CEs are sufficient and Fitch expects them to
    increase further by paydown.

-- Downgrades of the other notes are possible if net cash flows
    decline unexpectedly, defaults occur or loss expectations
    increase.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

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




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

HIN LEONG: Singapore Prosecutor Files 23 More Charges Vs. Founder
-----------------------------------------------------------------
Reuters reports that a Singapore prosecutor filed 23 additional
forgery-related charges on April 30 against Lim Oon Kuin, the
founder of collapsed oil trading firm Hin Leong Trading Pte Ltd.

Last year, police had charged the 79-year-old former oil tycoon,
better known as O K Lim, with two counts of abetment of forgery for
the purpose of cheating, Reuters recalls.

According to Reuters, the latest charges accuse Lim of instigating
a Hin Leong employee to forge documents supposedly issued by UT
Singapore Services Pte Ltd.

The paperwork stated that Hin Leong had transferred cargoes of oil
products to China Aviation Oil (Singapore) Corp between June 2019
and March 2020, the charge sheets showed, Reuters relays.

Reuters relates that Lim was also accused of abetting and
conspiring with the employee to procure false records of oil
quality inspection documents from employees of Amspec Testing
Services Pte Ltd.

Reuters says Lim turned up in court after three attempts by
prosecutors to get him to appear for the additional charges to be
read to him.

The frail-looking Lim arrived in a van, wearing a black cap and
trousers with brown jacket, and had to be supported as he got into
a wheelchair, Reuters relates. His head hung down most of the time
and he did not respond to questions from reporters.

Deputy Public Prosecutor Navin Naidu sought six weeks for further
investigation. The next hearing was set for June 24, the report
notes.

Owned by Lim and his children Evan Lim and Lim Huey Ching, Hin
Leong, set up in 1973, was once one of Asia's top oil traders. But
it failed in a year-long effort to restructure debt of about $3.5
billion after an oil crash in the wake of the coronavirus pandemic
bared huge losses.

Lim admitted in a court document last year to directing the firm
not to disclose losses running into hundreds of millions of dollars
over several years, Reuters notes.

                      About Hin Leong Trading

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.




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

MAGNACHIP SEMICONDUCTOR: S&P Raises ICR to 'B+', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings, on April 28, 2021, raised its issuer credit
rating on Korea-based semiconductor manufacturer Magnachip
Semiconductor Corp. to 'B+' from 'B'.

S&P said, "The stable outlook on Magnachip reflects our view that
the company will continue to improve its operating performance over
the next 12 months, driven by demand growth and product mix
improvement in its display and power solutions businesses.

"Our upgrade reflects Magnachip's lower debt leverage following the
conversion of the company's exchangeable notes due March 2021.
Holders of US$84 million in exchangeable notes elected to exchange
the notes for the company's common stock to fully satisfy the
outstanding obligations under the notes prior to the notes'
maturity on March 1, 2021. In October 2020, Magnachip had fully
redeemed its US$224 million senior notes. The company now does not
have any outstanding debt on its balance sheet. We therefore
forecast Magnachip's adjusted debt (which includes pension
liabilities) will decline to about US$40 million at end-2021, from
US$120 million at end-2020. We also expect the company will
maintain a large liquidity buffer, given significant cash holdings
of US$280 million as of end-2020."

Magnachip's financial policy after a takeover by private equity
firm, Wise Road Capital, remains uncertain. On March 26, 2021,
Magnachip announced its agreement with Wise Road Capital in a
US$1.4 billion transaction that will eventually take Magnachip
private. Magnachip's shareholders will receive US$29 cash for every
common stock they hold. The transaction is fully backed by equity
commitments and not contingent on any financing conditions. After
the closing of the transaction, Magnachip's management team and
employees are expected to continue in their roles, and the company
will remain based in Korea. The transaction is expected to close
during the second half of 2021, subject to shareholder and
regulatory approvals.

S&P said, "Our base case does not factor in the transaction given
limited information and the uncertainty about its closing. We
believe the ownership by the financial sponsor may prevent
Magnachip from maintaining a debt-free balance sheet over the next
two to three years. This is because the sponsor is likely to
prioritize shareholder-friendly actions to maximize its return.
Nevertheless, given the company's current debt-free balance sheet,
significant cash holdings and currently strong EBITDA generation,
we believe the proposed privatization is less likely to result in a
more aggressive leverage risk than our ratings currently assume if
the transaction closes successfully.

"We expect Magnachip's operating performance to be robust over the
next one to two years, on the back of favorable demand and good
premium product mix. The company's display solutions and power
solutions businesses have expanded in recent years and have strong
growth prospects. Magnachip is well positioned in the rapidly
growing OLED display driver market, where the company is
benefitting from increased adoption of OLED panels by smartphone,
TV, and automotive manufacturers. A strong ramp-up in 5G will be an
important growth factor over the next one to two years, in our
view. The power solutions business also has good growth prospects
across all premium power products, including those supporting the
electric vehicles industry. As such, we project robust revenue
growth of 6%-10% for the company in 2021 and 2022. With lower debt
and improving operating performance, we expect Magnachip's
financial metrics to remain robust with adjusted debt-to-EBITDA
ratio of 0.7x-1.5x in 2021 and 2022, compared with 2.3x in 2020 and
6.5x in 2019.

"Potential volatility in Magnachip's financial metrics will remain
a key constraint to the company's credit quality. Our ratings on
Magnachip reflect high risk of cash flow volatility because of its
smaller scale relative to global semiconductor companies and its
concentrated customer base. The sale of the foundry business has
significantly reduced the company's scale and increased its product
and customer concentration. This exposes Magnachip to more
volatility in revenue and earnings, given the intense competition
in its existing businesses, which use relatively mature technology.
In addition, we believe Magnachip's financial policy, including
shareholder returns, capital expenditure or merger and acquisition,
will be crucial to maintaining its financial metrics.

"The stable outlook on the rating on Magnachip reflects our view
that the company will continue improving its operating performance
over the next 12 months, mainly due to demand growth and product
mix improvement in its display and power solution business. We
expect Magnachip's ratio of adjusted debt to EBITDA will not
materially exceed 2x, in the absence of any large debt-funded
investment or acquisition. The stable outlook also reflects below
one-third chance that the proposed acquisition by Wise Road Capital
will result in a more aggressive capital structure than our current
base case indicates, if the transaction closes successfully."

S&P may lower the rating on Magnachip if:

-- the company's financial policy (such as shareholder returns or
investments) becomes significantly more aggressive than S&P expects
after the completion of the acquisition by Wise Road Capital; or

-- the company's debt-to-EBITDA ratio exceeds 3x, possibly due to
a material deterioration in operating performance or a more
aggressive financial policy, while the planned acquisition by the
financial sponsor does not go through.

Although an upgrade is unlikely in the next 12 months, S&P may
raise the rating on Magnachip if the company grows substantially in
size and scale while continuing to improve its profitability.




=================
S R I   L A N K A
=================

SRI LANKA: Declares Worst Economic Downturn in 73 Years
-------------------------------------------------------
Channel News Asia reports that Sri Lanka announced on April 30 that
its economy shrank 3.6 per cent last year due to the COVID-19
pandemic, making it the worst downturn since independence from
Britain in 1948.

The unprecedented recession compared with a 2.3 per cent GDP growth
in 2019, the Central Bank of Sri Lanka said in its annual report
for 2020, CNA relates.

It hoped the economy would rebound in 2021 and record an optimistic
six per cent growth on the back of improved local manufacturing and
services, CNA says.

"The pandemic has also offered an opportunity to reset the
economy's focus and to address longstanding structural weaknesses
and establish a production-based, productivity-driven economy," the
bank said.

The pandemic hit the island's lucrative tourism sector while sharp
contractions were seen in construction, manufacturing as well as in
services, the bank said.

It said the central government's debt also rose to 101 per cent of
GDP last year, up from 86.8 per cent of GDP in the previous year,
underscoring the debt crisis faced by the South Asian nation.

International rating agencies have expressed fears for Sri Lanka's
ability to service its huge foreign debt as the country's foreign
reserves fell sharply in the past year.

According to CNA, the island's economy was trying to recover from
the effects of the 2019 Easter Sunday bombings that killed 279
people when the pandemic hit in early 2020.

Two weeks ago, Sri Lanka secured a US$500 million loan from China
to shore up its foreign exchange reserves as the local currency
came under intense pressure and fell to a record low, CNA
discloses.

Chinese influence in the South Asian nation has been growing in
recent years through loans and projects under its vast Belt and
Road infrastructure initiative, raising concerns among regional
powers and Western nations, according to the report.

Between 2005 and 2015, Colombo borrowed billions from China,
accumulating a mountain of debt for expensive infrastructure
projects, CNA notes.

Sri Lanka was forced to hand over its strategic Hambantota port on
a 99-year lease to a Chinese company in 2017 after it was unable to
service the US$1.4 billion debt from Beijing used to build it, says
CNA.



                           *********


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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                *** End of Transmission ***