/raid1/www/Hosts/bankrupt/TCRAP_Public/210506.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, May 6, 2021, Vol. 24, No. 85

                           Headlines



A U S T R A L I A

D MASTERSON: Second Creditors' Meeting Set for May 12
HIRTES INSURANCE: Second Creditors' Meeting Set for May 14
HJIA PTY: Second Creditors' Meeting Set for May 12
ONWARDS UP: Second Creditors' Meeting Set for May 11
SAMS ALLOY: Second Creditors' Meeting Set for May 12



B A N G L A D E S H

FAREAST FINANCE: BSEC to Appoint Special Auditor


C H I N A

BEIJING JINGXI: Labeled 'ST' for Faulty Financial Reporting
GLP PTE: Fitch Assigns BB+ Rating on Proposed USD Securities
YANGZHOU ECONOMIC: S&P Alters Outlook to Stable & Affirms 'BB+' ICR


H O N G   K O N G

NEWOCEAN ENERGY: Creditor Scheme Meeting Dates Delayed


I N D I A

AI CHAMPDANY: CARE Lowers Rating on INR33.98cr LT Loan to D
AKHANDALAMANI ELECTRICALS: ICRA Keeps B+ Rating in Not Cooperating
ALIN CASHEWS: CARE Lowers Rating on INR3.00cr LT Loan to D
ANCHOR AGRITECH: CARE Keeps D Debt Rating in Not Cooperating
BISUI POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating

BMS PROJECTS: ICRA Keeps B- Debt Ratings in Not Cooperating
DHARANI SUGARS: CARE Keeps D Debt Rating in Not Cooperating
DIVINE ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
FUTURE ENTERPRISES: CARE Lowers Rating on INR800cr NCD to D

GEHLOT ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
INDIA: RBI Steps Up Loan Relief, Liquidity to Aid Virus Fight
JABALPUR ENTERTAINMENT: ICRA Keeps B+ Rating in Not Cooperating
JSW HYDRO ENERGY: Fitch Rates Proposed USD Sec. Notes 'BB+(EXP)'

JSW HYDRO ENERGY: Moody's Gives (P)Ba1 Rating on New USD Sec. Notes
KAMNA MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
MAA SARBAMANGALA: CARE Keeps D Debt Rating in Not Cooperating
MEGHA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating
N.R. CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating

OVERSEAS TRADERS: ICRA Lowers Rating on INR12cr Loan to D
PREMIER ENTERPRISES: CARE Lowers Rating on INR5.0CR LT Loan to D
RATAN HOUSING: ICRA Keeps B+ Debt Rating in Not Cooperating
RAVIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating

SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
SHILPA ELECTRIFICATION: CARE Cuts Rating on INR2.0cr Loan to C
SURYODAYA REALTORS: Insolvency Resolution Process Case Summary
SV SVS PROJECTS: Insolvency Resolution Process Case Summary
UDAIPUR ENTERTAINMENT: Insolvency Resolution Process Case Summary

VECTOR PROJECTS: CARE Lowers Rating on INR152.75cr Loan to D


I N D O N E S I A

INDONESIA: Economy Struggles to Bounce Back as Demand Drags
INDOSURYA: Fitch Withdraws CC National LongTerm Rating
SRI REJEKI ISMAN: Fitch Cuts LT Issuer Default Rating to 'RD'


S I N G A P O R E

DTR ASIA: Creditors' Meetings Set for May 14
KOBIAN PTE: Creditors' Meetings Set for May 12
SEALOUD ASIA: Creditors' Proofs of Debt Due June 4
XIHE INVESTMENT: Creditors' Proofs of Debt Due June 4


S O U T H   K O R E A

DOOSAN BOBCAT: S&P Affirms 'BB' Issuer Credit Rating, Outlook Neg.


T H A I L A N D

THAI AIRWAYS: Keep Politics Out of Rehab, Kla Party Leader Says

                           - - - - -


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

D MASTERSON: Second Creditors' Meeting Set for May 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of D Masterson Pty
Ltd, trading as Stud Park Panels, has been set for May 12, 2021, at
11:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2021, at 4:00 p.m.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of D Masterson on March 26, 2021.


HIRTES INSURANCE: Second Creditors' Meeting Set for May 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Hirtes
Insurance Brokers Pty Ltd has been set for May 14, 2021, at 11:00
a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2021, at 4:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Hirtes Insurance on March 29, 2021.


HJIA PTY: Second Creditors' Meeting Set for May 12
--------------------------------------------------
A second meeting of creditors in the proceedings of HJIA Pty Ltd
has been set for May 12, 2021, at 11:00 a.m. via ZOOM Meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2021, at 4:00 p.m.

Danny Vrkic & Daniel O'Brien of DV Recovery Management were
appointed as administrators of HJIA Pty on April 1, 2021.


ONWARDS UP: Second Creditors' Meeting Set for May 11
----------------------------------------------------
A second meeting of creditors in the proceedings of Onwards Up And
Gone Pty Ltd (Formerly: Pitard Knowles Pty Ltd) has been set for
May 11, 2021, at 3:30 p.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 10, 2021, at 5:00 p.m.

Con Kokkinos and Matthew Kucianski of Worrells Solvency & Forensic
Accountants were appointed as administrators of Onwards Up on March
29, 2021.


SAMS ALLOY: Second Creditors' Meeting Set for May 12
----------------------------------------------------
A second meeting of creditors in the proceedings of Sams Alloy
Welding Pty Ltd has been set for May 12, 2021, at 12:00 p.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2021, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Sams Alloy on March 27, 2021.




===================
B A N G L A D E S H
===================

FAREAST FINANCE: BSEC to Appoint Special Auditor
------------------------------------------------
The Daily Star reports that the Bangladesh Securities and Exchange
Commission (BSEC) will appoint a special auditor for Fareast
Finance and Investments to investigate the company's financial
situation.

The Daily Star relates that the stock market regulator took this
decision during a commission meeting on May 3.

Fareast Finance, a listed non-bank financial institution, has
failed to provide any dividends to investors since 2017 due to
considerable losses, the report notes.

The company's reserve stands at BDT117 crore in the negative while
its paid-up capital is BDT164 crore, The Daily Star discloses
citing data from the Dhaka Stock Exchange (DSE).

After its trading debut in 2013, Fareast Finance has so far
provided only 15 per cent cash dividends and 2.5 per cent stock
dividends.

But as the company's history of poor performance since then has
ultimately impacted its investors, the stock market regulator
decided to initiate a special audit, according to a top BSEC
official, the report relates.

It was also decided during the commission meeting that foreign
investors would be allowed to sponsor any mutual fund.

Mutual funds pool money from investors and channel it into
securities such as stocks, bonds and other assets. Once profits are
logged, the fund manager disburses it among the unit holders, The
Daily Star notes.




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

BEIJING JINGXI: Labeled 'ST' for Faulty Financial Reporting
-----------------------------------------------------------
Caixin Global reports that the Shenzhen-listed production company
linked to popular actress Zheng Shuang's tax evasion scandal is
facing the consequences of its own problems in financial
reporting.

Film and TV production company Beijing Jingxi Culture and Tourism
Co. Ltd. will be slapped with an "ST" label, signifying "special
treatment," to flag the risk to investors after its stock resumes
trading on May 6, according to its April 30 filing to the Shenzhen
Stock Exchange, Caixin relays.

Caixin relates that the reason behind the labeling is the company's
noncompliant internal controls. According to Caixin, the company's
auditor gave an adverse opinion on its 2020 internal control
report, causing a one-day suspension of the company's trading on
April 30 in accordance with the rules of the bourse. The auditor
said that the company failed to effectively manage its investment
in film and TV drama production, adds Caixin.

Beijing Jingxi Culture & Tourism Co., Ltd, engages in the film and
television entertainment industry.


GLP PTE: Fitch Assigns BB+ Rating on Proposed USD Securities
------------------------------------------------------------
Fitch Ratings has assigned GLP Pte. Ltd. (GLP, BBB/Negative)
proposed US dollar subordinated perpetual securities a rating of
'BB+'. The proposed securities will be issued by GLP and the
company will use the proceeds of the proposed securities for
refinancing a portfolio of green projects.

The ratings on the proposed securities, at two notches below GLP's
Long-Term Issuer Default Rating, reflect the highly subordinated
nature of the securities, which rank senior only to GLP's ordinary
shares and junior obligations. The securities qualify for 50%
equity credit, as they meet Fitch's criteria with regard to deep
subordination, effective maturity in excess of five years, full
discretion to defer interest coupon payments for at least five
years and limited events of default. Equity credit is limited to
50% and not higher, as deferral of interest coupon is cumulative.

Fitch notes that the offering memorandum contains replacement
provisions to 2046 but believes the new hybrid security will be a
permanent part of the group's capital structure, after discussions
with management that indicate GLP is committed to hybrid capital.
Fitch will continue to assess both management's intention and the
economic incentives for the notes to remain a permanent part of its
capital structure on an ongoing basis.

KEY RATING DRIVERS

Transition Reduces Predictability: GLP expects investment-property
and other asset monetisation to rise sharply over the next three
years as it pursues its strategy to reduce on-balance-sheet assets.
Asset monetisation proceeds will be reinvested in new business
services, such as internet data centres, and debt repayment.
However, Fitch believes the timing and scale of asset monetisation
and the investment in new businesses will affect the predictability
of GLP's earnings and cash flow in the near term.

Declining Near-Term Rental Contribution: GLP's performance-based
fee income and dividend streams from development funds under
jointly controlled entities (JCE) rose in 2020. Fitch projects they
will stay elevated in the near term while consolidated rental
income is likely to drop during the asset-rebalancing period. Fitch
includes recurring rental, fee income and recurring JCE dividends
in the calculation of GLP's recurring EBITDA, while certain
performance-based fee income and JCE dividends derived from
development income are excluded.

Fitch believes an increase in GLP's rental income will help
underpin the company's ratings, as visibility on cash flow from
long-term contractual rental income is a key driver for Asian
equity REITs and property investment companies.

Changing Leverage Profile: The increase in GLP's 2020 leverage due
to multiple acquisitions announced early last year was less than
Fitch's expectation. The consolidated loan-to-value ratio (net
debt-to-investment properties) rose to 53% (48% in 2019), lower
than the 56% Fitch had expected. However, asset recycling will lead
to a rapid decline in GLP's consolidated investment properties in
the near term.

Fitch believes GLP's net debt-to-recurring EBITDA ratio will be a
better reflection of GLP's leverage profile; the ratio was 16x in
2020 and will decline towards 9x by 2024. GLP calculates its
leverage on a net debt-to-total assets less cash basis, which was
31% at December 2020.

Deleveraging Commitment: Management stated one of its primary
objectives is to maintain financial discipline through balancing
capex and acquisitions with monetisation proceeds to ensure that
overall key financial metrics remain within its rating threshold.
Fitch believes management remains committed to its deleveraging
plan as the potential deterioration in certain credit metrics will
be temporary, caused by the timing of asset recycling and a ramp-up
period for its new businesses.

Good Asset-Monetising Ability: GLP has a good record in monetising
its assets, as most of its partners are large sovereign wealth and
pension funds. GLP completed USD5.6 billion in deals and received
USD4.5 billion in net monetisation proceeds in 2020. Management
said net asset monetisation proceeds will reach USD8 billion in
2021. Fitch believes investor demand for GLP's logistic properties
continues to be strong as they offer stable, visible and decent
returns amid the low interest rate environment.

Diverging Coverage: Fitch expects the holding company's
recurring-income interest coverage to stay above 3x to 2024.
However, consolidated recurring EBITDA interest coverage dropped to
1.6x in 2020, from 1.8x in 2019, as interest expense rose after
three acquisitions in 2020 and rising income contribution from
performance-based fee income and certain JCE dividends were
excluded from Fitch's recurring EBITDA calculations. Fitch expects
GLP's consolidated coverage to improve only modestly in the medium
term.

DERIVATION SUMMARY

GLP is a leading global provider of modern logistic facilities with
66 million sq m as of December 2020 across four continents, which
cover 75% of global GDP and 52% of the world's population. GLP's
business profile is generally stronger than that of other 'BBB'
rated logistic-property owners or operators.

It is larger in scale than global investment-property companies
such as SEGRO PLC (BBB+/Stable) and Global Switch Holdings Limited
(BBB/Stable). Its logistic portfolio is more geographically
diversified than that of companies such as Mapletree Industrial
Trust (BBB+/Stable). China remains the largest market for GLP,
although it is a less-mature market with shorter-dated lease terms
than the stable European markets that SEGRO focuses on.

However, GLP's financial profile is weaker than that of most of its
similarly rated global peers. Its consolidated net
debt-to-recurring operating EBITDA will most likely stay above 9x
and recurring EBITDA cash interest coverage will probably be below
2x in the near term.

KEY ASSUMPTIONS

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

-- Near-term operating assumptions are largely in line with
    management's base-case assumptions;

-- Capital recycling assumptions are based on management's
    guidance adjusted for potential timing delays; net
    monetisation proceeds to reach USD8 billion in 2020 and
    average USD4 billion per annum in 2022-2024;

-- Capex inclusive of acquisitions (on a consolidated basis) of
    USD6.4 billion in 2021 and average USD3.7 billion per annum in
    2022-2024.

RATING SENSITIVITIES

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

-- The rating Outlook on GLP could be revised to Stable if the
    company is able to stay within the negative leverage and
    coverage guidelines over the next 12 months.

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

-- Consolidated net debt-to-recurring operating EBITDA higher
    than 9x on a sustained basis;

-- Consolidated recurring EBITDA (including JCE dividends)-to
    cash interest that is lower than 2.0x on a sustained basis;

-- Recurring income-to-cash interest on a holding-company level
    that is lower than 2.5x on a sustained basis;

-- GLP's JCE prorated loan-to-value ratio (net debt-to-investment
    properties) sustained at more than 50%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Debt: GLP's Chinese operating entity holds 77% of its
debt, with 21% at the holding-company level as of December 2020.
The holding-company debt is supported by JCE dividends and
management-fee income from all operating entities except the one in
China. The company had total debt of USD13.3 billion at end-2020,
of which USD3.5 billion was short-term debt, while cash amounted to
USD1.4 billion. GLP also had USD1.2 billion in unused committed
banking facilities.

ESG CONSIDERATIONS

GLP has an ESG Relevance Score of '4' for Group Structure due to
its complex group structure with various forms of operating
entities, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

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

YANGZHOU ECONOMIC: S&P Alters Outlook to Stable & Affirms 'BB+' ICR
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Yangzhou Economic and
Technological Development Zone Development Corp. (YETDZ Dev. Corp.)
to stable from negative. S&P also affirmed its 'BB+' long-term
issuer credit rating on the company.

S&P said, "We revised our rating outlook on YETDZ Dev. Corp. to
reflect the resilience of Yangzhou's local economy during COVID-19,
including a stabilization of its weakening budgetary metrics.

"We expect the continued strong economic development to allow the
city to implement large transportation projects with a moderate
increase in its debt burden. Despite COVID-19's disruption in 2020,
Yangzhou's GDP expanded by 3.5% compared to the national trend of
2.3% growth. The local industrial sector bounced back especially
strongly in the second half of 2020 with a corresponding rebound in
tourism services toward the turn of the year.

"The strong performance of the local economy in 2020 has improved
the city's budgetary metrics compared to our previous expectations.
Specifically, the city's balance after capital accounts was
slightly stronger due to better capital revenues.

"We expect the city to continue to have large capital deficits for
the next few years due to a series of transport infrastructure
projects that have been planned. These projects will boost the
city's medium-term economic growth prospects but also moderately
weaken its fiscal position.

"We consider the likelihood of YETDZ Dev. Corp. receiving
extraordinary support from the Yangzhou government under a
distressed situation as extremely high. This is because the company
continues to be the dominant platform to execute the government's
infrastructure and other mandates in the economic zone.

"We expect the Yangzhou city government to maintain robust
oversight over YETDZ Dev. Corp.'s investment and financing
activities. The company's resettlement housing investments have
accelerated materially this year, providing more land to attract
manufacturing investments into the economic zone. The company
continues to work on environmental uplift projects in the zone,
especially along the Yangtze River. Also, YETDZ Dev. Corp. is
building manufacturing facilities for some high-profile projects
such as electronic vehicle battery and solar panel. These will
support industry upgrade within the zone.

"The stable rating outlook on YETDZ Dev. Corp. over the next 12
months reflects our view that the Yangzhou's continued strong
economic development will allow the city to implement large
transportation projects with a moderate increase in its debt
burden. We also expect an extremely high likelihood of
extraordinary government support for the company in times of
distress over the period.

"We would lower the rating on YETDZ Dev. Corp. if we believe the
Yangzhou government's creditworthiness has weakened. This could
happen if: (1) Yangzhou significantly ramps up borrowings to fund
large-scale infrastructure projects such that its fiscal metrics
deteriorate materially beyond our base case; or (2) The fiscal
metrics of the lower-tier governments in the city deteriorate,
increasing the debt sustainability and liquidity risks of the
city-level government.

"We could also downgrade YETDZ Dev. Corp. if we assess the
likelihood of extraordinary government support to the company to
have weakened. This could happen if the Yangzhou government's
strategy or priorities change unfavorably, such that the company's
role for, or linkage with, the Yangzhou government diminishes
significantly. Reduction in management control or government
ownership could indicate declining support from the government.
Opening up of YETDZ Dev. Corp.'s core businesses under the
government mandate to other state-owned or private companies could
also trigger a downgrade.

"We could also lower the rating if the company suffers material
credit losses from its on-lending to local state-owned enterprises
without timely reimbursement from the government.

"We may upgrade YETDZ Dev. Corp. if the city's economy continues to
outperform the national average, resulting in much stronger revenue
growth and budgetary performance, with budget deficit shrinking to
less than 10% of revenues. This is subject to our expectation that
extraordinary government support to the company will remain
unchanged."




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

NEWOCEAN ENERGY: Creditor Scheme Meeting Dates Delayed
------------------------------------------------------
Manifold Times reports that Hong Kong-listed NewOcean Energy
Holdings Limited on May 3 stated it will be delaying the scheduled
creditor scheme meeting dates at the Hong Kong Court and the
Bermuda Court till further notice.

Earlier in April, the company said it is rescheduling dates for
hearings of its current court schemes, earlier scheduled to take
place on April 16, at the Hong Kong Court and the Bermuda Court to
May 7, 2021 and June 16, 2021 respectively due to further
amendments with creditors, the report relates.

"Since several of the major terms and conditions of the New Court
Scheme are still under negotiation between the Company and the
major Scheme Creditors, the scheduled dates for the leaving hearing
and sanction hearing of the New Court Scheme on May 7, 2021 and
June 16, 2021 respectively becomes unrealistic," the company now
stated.

"Therefore, the Company applied to the Hong Kong Court to vacate
those scheduled dates and further necessary application on leaving
hearing and sanction hearing would be filed upon the completion of
the New Court Scheme. The approval to vacate the Scheduled Dates
has been granted by the Hong Kong Court on May 3, 2021."

NewOcean, which operates an oil bunkering business, on March 31
reported net loss of HKD2.366 billion for FY 2020.

Manifold Times in late April reported Deloitte Touche Tohmatsu
(Deloitte) resigning as auditor of the Company with effect from
April 29, 2021 due to outstanding significant supporting documents
and information.

Based in Hong Kong, NewOcean Energy Holdings Limited --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments. The Sales and Distribution of LPG segment is mainly
engaged in the sales of LPG to various customers. The Oil Products
Business segment is mainly engaged in the sales of oil products to
both wholesaler and retailer customers, as well as leasing of oil
vessels. The Sales of Electronic Products segment is mainly
involved in the trade of electronic products, such as integrated
circuit and mobile phones.




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

AI CHAMPDANY: CARE Lowers Rating on INR33.98cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of AI
Champdany Industries Limited (AICIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       33.98      CARE D Revised from CARE C;
   Facilities                      Stable

   Short term Bank
   Facilities           32.00      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
AICIL takes into account devolvement of letter of credits leading
to overdrawals in cash credit account for over 30 days.

The ratings continue to be constrained by deterioration in the
financial performance of the company with company incurring net
loss in FY20 (refers to the period from April 1 to March 31) and
9MFY21, poor liquidity position and suspension of work at its
Wellington Jute Mill, Rishra, exposure to volatility in
raw-material prices, labour intensive operations coupled with labor
problems associated with the industry along with stiff competition
in the industry and moderate capital structure. The ratings factor
in more than four decades of experience of the promoters in the
jute industry and presence in the export market, possession of
large unencumbered freehold land bank by the company, favourable
government policies for the jute industry.

Rating Sensitivities

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

* Default track free record of 90 days or more

* Increase in scale of operations with increase in PAT margin above
5% on a sustained basis

* Improvement in capital structure with overall gearing ratio


AKHANDALAMANI ELECTRICALS: ICRA Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Akhandalamani Electricals & Construction in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–         13.00       [ICRA]B+(stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based–     16.00       [ICRA]B+(stable); ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based–      2.00       [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

AEC was established in 1997 as a proprietorship entity by Mr.
Bhagban Biswal to execute Engineering, Procurement and Construction
(EPC) contracts in the power transmission and distribution segment.
The firm is also engaged in trading of electrical equipments and
manufacturing of transformers, conductors and machining of metallic
parts of the transmission and distribution equipment in its
manufacturing facility located at Cuttack in Odisha.

ALIN CASHEWS: CARE Lowers Rating on INR3.00cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Alin
Cashews (AC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             3.00      CARE D Revised from CARE B+;
   Bank Facilities                 Stable

   Short Term Bank
   Facilities           16.80      CARE D Revised from CARE A4


Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of AC
factors in the continuous overdues in the working capital
facilities for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in servicing debt obligations: CARE as part of its
due diligence exercise interacts with various stakeholders of the
company including lenders to the company and as part of this
exercise has ascertained that the working capital facilities are
overdue for more than 30 days.

Alin Cashews (AC) is a partnership firm engaged in processing &
wholesale trading of raw cashew and cashew kernel based out of
Kollam, Kerala. The firm exports cashews kernel to Middle East,
USA, Europe and does wholesale trading across all over India. The
day to day operations are overseen by Mr. Shihansha who has around
three decades of experience in the industry.

ANCHOR AGRITECH: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anchor
Agritech (ARG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.45      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 4, 2020, placed the
rating(s) of ARG under the 'issuer non-cooperating' category as ARG
had failed to provide information for monitoring of the rating. ARG
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
March 20, 2021, March 30, 2021 and April 9, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 4, 2020, the following was the
rating weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: As per banker interaction,
there are on-going delays in debt servicing.

M/s. Anchor Agritech (ARG) was initially setup by Mrs. Kalpana
Desai as a sole proprietorship firm in 2013 under the name of M/s.
Anchor Chemicals. It was reconstituted into a partnership firm in
September 2015, under its current name by adding Mrs Kalpana Desai,
Mr. Jayesh Desai as a partner in the firm. The firm is engaged in
storage and handling of fruit and vegetables and their ripening,
packaging and distribution.

BISUI POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bisui
Poultry Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan          4.16      [ICRA] D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Cash Credit        0.59      [ICRA] D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Untied Limit       5.11      [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
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 2012, BPPL is engaged in the business of commercial
layer poultry farming and is involved in sale of tableeggs.  The
poultry farm has a total capacity of 70,000 layer birds with
facilities located at Bankura, West Bengal. BPPL isalso setting up
another unit in the same premise, wherein the company plans to
operate poultry farm with a totalcapacity of 80,000 layer birds.

BMS PROJECTS: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of BMS
Projects in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based–          5.00       [ICRA]B-(stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based–      4.00       [ICRA]A4 ISSUER NOT
   Limit Bank                      COOPERATING; Rating continues
   Guarantee                       to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated Limit    1.00       [ICRA]B- (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Ratings continue 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
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.

Established in September 2014 as a partnership firm, BMS is engaged
in construction of buildings and roads in the state of
Chhattisgarh. The firm is a registered Class I category contractor
with P.W.D. - Chhattisgarh. The promoters have been engaged in the
civil construction business for around a decade through its
erstwhile company, Baldev Infra Projects Pvt. Ltd.

DHARANI SUGARS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dharani
Sugars and Chemicals Limited (DSCL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       573.71     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short term Bank       27.11     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 18, 2020 placed the
rating(s) of DSCL under the 'issuer non-cooperating' category as
DSCL had failed to provide information for monitoring of the
rating. DSCL continues to be non-cooperative despite repeated
requests for submission of information through e-mail dated
February 18, 2021; March 4, 2021 and April 12, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating takes into account the instances of delays in servicing
the debt obligations of the company. During FY20, DSCL has reported
net loss of INR30 crore on the total operating income of INR110
crore.

Detailed description of the key rating drivers

At the time of last rating on February 18, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Continuation of losses in FY18 and 9MFY19 with strained liquidity
position resulting in delays in debt servicing: During FY18, DSCL
reported net loss of INR85 crore on TOI of INR502 cr as against a
loss of INR17 crore on TOI of INR536 cr in FY17. During 9MFY19,
DSCL registered net loss of INR113 cr on TOI of INR211 cr as
against net loss of INR40 cr on TOI of INR421 cr during 9MFY18. The
loss is mainly on account of unfavourable sugar industry scenario
and high interest expense due to leveraged capital structure this
has led to strained liquidity position resulting in delays in
servicing of debt obligations.

* Cyclicality of Sugar Business: Cyclical nature of sugar industry
results in significant impact on operating performance of sugar
companies, thereby affecting their debt servicing ability. Only
companies which have adequate diversification are insulated from
downtrends of the industry.

Key Rating Strengths

* Experience of Promoters: Promoters have more than two decades of
experience in the industry. DSCL was promoted by Mr. Palani G
Periyasamy. He has obtained his masters in Economics from
University of Madras in 1962, Masters in Economics from University
of Pittsburgh, USA in 1969 and Doctorate in Advanced Micro/Macro
Economics from the University of Pittsburgh, USA in 1972. He has
also experience in hotel industry and in the field of education.

Dharani Sugars and Chemicals Limited (DSCL), part of the PGP group
of companies based in Tamil Nadu was established in the year 1987
by Dr Palani G Periyasamy and his NRI Associates. The company is
engaged in the manufacture of sugar, industrial alcohol and
co-generation of power. DSCL has three sugar mills located across
Tamil Nadu. These units are located in Dharani Nagar (Tirunelveli
Dist.), Sankarapuram (Villupuram Dist.) and Polur (Thiruvannamalai
Dist.). Aggregate capacity of the company as on March 31, 2018, was
10,000 tonnes of cane crushed per day (TCD), 160 Kilo Liter per day
(KLPD) Distillery and 37 MW co-generation plant.

DIVINE ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Divine
Alloys & Power Company Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan         209.46      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Cash Credit        99.74      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   WCTL               72.78      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   FITL               61.10      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   NTL                18.00      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Untied limits       0.91      [ICRA] D/[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.

Incorporated in 2004, DAPCL is engaged in the manufacturing of mild
steel billet and pig iron. The manufacturing facilities of the
company are located at Kaushalgarh, Jharkhand. The company has
commissioned an integrated steel plant with a capacity of 350,000
metric tonne per annum (MTPA) of mild steel structural items in
June, 2013. However, the company has not started commercial
operations of all the facilities except mild steel billet and pig
iron.

EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Earthcon
Developers 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        12.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits–Term                   Rating continues to remain
under
   Loan                          '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
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.

EDPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
with respective stakes of 50.002% and 49.998%. It is developing a
residential project, 'Rajpur Greens', in Dehradun, Uttarakhand. The
project comprises saleable area of 1,01,246 (96,720 earlier) square
feet and consists of 42 two BHK and 24 three BHK flats spread over
two towers, of six floors each. The construction started in
January, 2014 and the total project cost is estimated at INR47.27
crore (INR31.78 crore earlier), with INR16.0 crore (INR12.0 crore
sanctioned and INR4.0 crore of proposed enhancement) being funded
through bank loans, INR16.25 crore through promoter's contribution
and the remaining INR15.02
crore through customer advances.

FUTURE ENTERPRISES: CARE Lowers Rating on INR800cr NCD to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Enterprises Limited (FEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      800.00     CARE D Revised from CARE C
   Debenture Issue                 rating removed from credit
                                   watch with developing
                                   implications

   Long-term Bank       550.00     CARE C (CWD) (Under Credit
   Facilities–                     watch with Developing
   Term Loan                       Implications)

   Long-term fund       625.00     CARE C (CWD) (Under Credit
   based bank                      watch with Developing
   facilities–CC                   Implications)

   Short-term Bank      602.00     CARE A4 (CWD) (Under Credit
   Facilities–LC/BG                Watch with Developing
                                   Implications)

   Non-Convertible      100.00     CARE C (CWD) (Under Credit
   Debenture Issue                 watch with Developing
                                   Implications)

   Non-Convertible    1,824.00     CARE D
   Debenture Issue    

   Fixed Deposit        700.00     CARE C (FD) (CWD) (Under
   Programme                       Credit watch with Developing
                                   Implications)

Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to the instruments of FEL is on
account of default in servicing of interest due on April 17, 2021
on its Non-convertible Debentures bearing ISIN INE623B07685 and
INE623B07693.  Furthermore, as per the company due to ongoing poor
liquidity position it will not be in a position to service interest
on NCD bearing ISIN INE623B07701 due on April 24, 2021 and hence
CARE has also revised the rating of the said NCD to 'CARE D' as it
is likely to be in default soon.

The other issues raised by CARE in its press release dated March
31, 2021, viz., continued poor liquidity position leading to
reduced cash accruals on account of impact of COVID19, slower than
anticipated recovery of business of key customers Future Retail
Limited and Future Lifestyle Fashions Limited (FLFL) and ongoing
defaults (FLFL) continue to constrain the ratings.

FEL had availed both phases of moratorium from lenders as part of
the COVID19 - Regulatory Package announced by the RBI on March 27,
2020. Non-recognition of default in this case is as per the
guidance provided by the SEBI circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/53 dated March 30, 2020.

FEL applied for the One Time Restructuring (OTR) facility vide its
letter dated September 27, 2020 to all its lenders, under RBI
guidelines issued on August 6, 2020. Further FEL did not made debt
repayments that were due on September 30, 2020 to its lenders as
the OTR process has been initiated. Since the application for OTR
has been made before the due date, CARE has not treated the same as
default in line with the criteria issued on 'Analytical treatment
for one-time restructuring due to COVID-19 related stress', issued
on September 29, 2020. The successful implementation of
restructuring remains a key rating monitorable.

The ratings also factor in high promoter pledge and falling market
capitalization significantly impacting financial flexibility,
dependence on group companies for revenue and high working capital
cycle. The rating continues to derive strength from experienced
promoter group.

The ratings continue to be on credit watch with negative
implications on account of the company's announced scheme of
arrangement with FEL and OTR application. CARE will continue to
monitor the progress on said scheme of arrangement and OTR
application and will resolve the watch once clarity emerges on the
same.

Key Rating Sensitivities

Positive Factors

* Improvement in company's liquidity profile resulting from equity
infusion/divestment of investments/improved credit profile of its
key customer, FRL

* Regularization of ongoing defaults and default free track record
of three months

Negative Factors

* Rejection of OTR application or delays in implementation

Detailed description of the key rating drivers (As per PR dated
March 31, 2021)

Key Rating Weakness

* Weakened financial flexibility; considerable promoters' stake
pledged: As on December 31, 2020, the promoters of FEL have pledged
99.26% of their 34.83% stake in the company. Falling market
capitalization coupled with rising debt has led to significant
deterioration of debt to market-capitalization. Considerable
reduction in market capitalization and in absence of any additional
cover provided by the promoters, significant amount of pledged
shares have been invoked.

* Continued subdued operational performance for 9MFY21 due to
lingering effect of COVID19 pandemic: The quarterly performance
continues to remain weak in Q3FY21 on account of lingering effect
of the COVID19 pandemic on the economy. FEL has witnessed
significant shrinkage in volumes from FRL and FLFL despite the
government easing restrictions. Although, the financials have
improved on a sequential basis, fixed costs and interest has been
eroding the profitability and networth of the company. FEL has
reported cash losses for 9MFY21. Pickup in business from FRL and
FLFL leading to company posting profits remains a key rating
factor.

* Continued weakening of credit profile and liquidity of both
customers: FEL provides infrastructure support to group companies
and logistical support through its subsidiary Future Supply Chain
Solutions Limited. The company also designs, manufactures garments
for in-house brands and engages in trading for various group
companies. Sale of goods and services to its group companies has
shown an increasing trend. FEL is completely reliant on FRL and
FLFL for its sales. Due to the COVID19 pandemic, the retail sector
has been one of the most adversely affected sectors. The downward
revision in credit profile of FRL and FLFL primarily factors in
continued liquidity stretch on account of reduced cash accruals and
unavailability of additional working capital limits from lenders
along with decline in market capitalization, leading to default
(FLFL).  Liquidity and operating cash flow of FEL has consequently
been impacted in view of the foregoing. CARE takes cognizance of
the fact that FRL and FLFL both are currently undergoing
restructuring and a resolution plan.

* Disproportionately High Working Capital Cycle: FEL had elongated
gross working capital cycle of 258 in FY20 which deteriorated from
176 days in FY19. The company sources and manufactures on behalf of
group companies and goods are kept at various retail outlets across
the country thereby leading to high inventory period. The company
receives payment after 6-7 weeks from sale of goods. Due to the
lockdown imposed to contain COVID19 pandemic towards the end of
March 2020, the company could not liquidate its inventory and
realise its existing debtors thereby leading to disproportionately
elongated operating cycle. Furthermore, with the extension of
lockdown till May 2020 led to significant deterioration in FEL's
key customers' liquidity profile leading to a disproportionately
high working capital cycle.

* Ongoing default: Due to ongoing stress on the company's liquidity
position the company defaulted on its debt obligations towards
Several Non-Convertible debentures (NCD) and Commercial Papers (CP)
issued and the same has not been regularized.

* Deterioration in credit profile of Future Group: The share price
of various Future Group entities has witnessed a steep decline. The
weakening of market capitalization has impacted the financial
flexibility of the group.

Key Rating Strengths

* Experienced Promoters & Management: FEL is a part of Future Group
(FG), with the flagship company of group as Future Retail Limited
(FRL). The group is headed by Mr. Kishore Biyani and has business
interest across various sectors such as retail, FMCG, logistics,
financial services etc. The promoters are supported by a strong
management team having significant experience in retail industry.

* Divestment of investments to improve cash flows: FEL is looking
to divest its investments across various businesses. The divestment
includes stake sale in insurance and logistics business. The
divestment is expected to improve the company's cash flows and the
proceeds will be used towards debt reduction. Importance to Future
group in terms of sourcing and manufacturing fashion products: FEL
sources and manufactures goods for Future group which is sold to
the customer through FRL and FLFL's retail outlets. FEL continues
to an integral part of Future group's fashion business as both FRL
and FLFL, in FY20, sourced 23% and 12% of its products respectively
from FEL.

Industry Outlook

The lockdown that started from March onwards continued for almost 2
months with rules and regulations for retail stores differing as
per the respective state governments and municipalities. This
constrained the activities of retail stores at various locations.

Besides, the retail industry will face difficulty in making
payments to operational creditors and getting an extension from
them amid the Covid-19 situation. However, companies with deep
pocket promoters would be expected to tide over the liquidity
crisis better.

Also purchases at retail stores are expected to be impacted on
account of restriction in movement, social distancing and reduction
in purchasing power of consumers. Thus, non-essential items like
apparels, consumer durables, personal products etc. are expected to
be impacted more than essential items. This subdued consumption, in
turn, will affect sales of the retail industry during the year
FY21.

In addition to this, the retail industry will face challenges in
terms of inventories that have become out dated, liquidity issues
which will impact working capital needs, cash flows etc.

Liquidity Position: Poor

The company's liquidity profile has been severely impacted on
account of lockdown measures and weakened credit profile of its key
customer, FRL. FRL and FLFL both are facing severe liquidity
stress. The inability of FEL to realise its debtors during COVID19
pandemic and shut down of operations during Q1FY21 led to cash
crunch, increase in debtor days and subsequently default on its
debt service obligations. There have been substantial delays in
receipt from group entities and subsequent receipts have not been
significant.

Erstwhile Future Retail Ltd. has now been renamed as Future
Enterprises Ltd. (FEL) and houses the physical assets (store
formats of erstwhile FRL and Bharti Retail Limited including all
the infrastructure assets situated in the stores) apart from
strategic investments in various companies. The company is also in
the business of manufacturing and trading of men's wear, women's
wear and kid's wear in denim segment. Consequent to de-merger, the
long term debt (comprising bank term loans and NCDs of erstwhile
FRL) now resides in the books of FEL. FEL is also the holding
company for future group's various other businesses.

GEHLOT ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gehlot
Enterprise (GHE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 4, 2020, placed the
rating(s) of GHE under the 'issuer noncooperating' category as GHE
had failed to provide information for monitoring of the rating. GHE
continues to be noncooperative despite repeated requests for
submission of information through phone calls and emails dated
March 20, 2021, March 30, 2021 and April 9, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 4, 2020, the following was the
rating weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: As per banker interaction,
there are on-going delays in debt servicing.

Surat (Gujarat) based, GHE was established as a proprietorship firm
on August, 2015. GHE is currently executing a residential project
named 'Shree Umang Laxmi Residency (The firm has applied for RERA
Registration) with 287 units (72 flats and 215 row houses) at
Ankleshwar consisting total area under development of 24,382 square
meters. The implementation of Shree Umang Laxmi Residency commenced
since August 2015 and till December 1, 2017, GHE has incurred the
total cost of INR 12.29 crore (65% of total project cost) out of
the total cost of INR18.73 crore and rest will be incurred by end
of June 2018. Till December 20, 2017, out of total units 15 Row
houses have been booked and 1 row house has been sold and 14 flats
have been booked and 8 flats have been sold.


IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind Barath
Thermotek Private Limited (IBTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      779.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating of IBTPL under the 'Issuer Non-Cooperating' category as
IBTPL had failed to provide information for monitoring of the
rating. IBTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 20, 2021 and March 25, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to the instruments of Ind Barath Thermotek
Private Limited factors in the stretched liquidity position of the
company resulting in delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on May 4, 2020 the following were the
rating strengths and weaknesses.

Key rating weakness:

* Stretched liquidity position: The cashflows of IBTPL is majorly
dependent on the commencement of business operation and performance
of the company; Ind Barath Energy (Utkal) Limited (IBEUL) as IBTPL
was floated to provide O&M to the said company. On account of
delayed project implementation of IBEUL and non-commencement of
business operation, there has been no cashflow generation for IBTPL
also resulting in stretched liquidity and delays in debt servicing
obligation.

Key rating strengths:

* Long track record of group in the power segment: The group has
experience in successfully commissioning power projects with varied
fuels like Coal, Gas, Biomass, Hydro and Wind. Mr. K Raghu
Ramakrishna Raju, the promoter of the Ind-Barath group, has more
than 15 years of experience in the power sector.

Ind-Barath Thermotek Private Limited (IBTPL) belongs to IndBarath
Group and is a subsidiary (99.9%) of Ind-Barath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on
December 15, 2014, IBTPL was set-up to carry out Operation and
Maintenance (O&M) activity of the subsidiary Ind-Barath Energy
Utkal Limited which is setting up a 700 MW (2*350MW) coal-based
power plant in Orissa.

INDIA: RBI Steps Up Loan Relief, Liquidity to Aid Virus Fight
-------------------------------------------------------------
Anirban Nag and Suvashree Ghosh at Bloomberg report that India's
central bank announced new loan-relief measures for small
businesses and pledged to inject INR500 billion (US$6.8 billion) of
liquidity, including fresh lending to vaccine-makers, in a bid to
buffer the economy against a deadly new wave of virus cases.

Some small businesses will be eligible for loan restructuring to
give them more time to repay such debt and keep them going through
the pandemic period, Reserve Bank of India Governor Shaktikanta Das
said in an unscheduled address on May 5, Bloomberg relates. He also
announced steps to boost credit for expanding health care services
and a calendar for bond-buying.

"The devastating speed with which the virus affects different
regions of the country has to be matched by swift-footed and
wide-ranging actions that are calibrated, sequenced and well-timed
so as to reach out to various sections of society and business
right down to the smallest and the most vulnerable," Bloomberg
quotes Das as saying.

According to Bloomberg, some key takeaways from Das's speech are:

   - RBI to buy INR350 billion of bonds under 'Government
Securities Acquisition Programme' -- India's version of
quantitative easing -- on May 20

   - RBI sees outlook 'highly uncertain' and clouded with downside
risks, but doesn't see a major change to inflation forecast

   - Central bank allowed lenders to dip into their floating
provisions to set aside money for bad loans

   - Small businesses can avail a fresh loan recast, provided they
weren't part of a previous program last September and were
servicing debt regularly as of March 31

   - RBI will provide separate liquidity of up to INR100 billion
($1.4 billion) via three-year repo operations to small finance
banks to lend to poor borrowers

Bloomberg relates that Das has been meeting with bankers and shadow
lenders in recent weeks to discuss the economic situation, possible
stress to balance sheets and credit flow in the system.

Localized lockdowns imposed by Indian states to flatten the world's
fastest-rising pandemic curve has already begun hurting businesses
and jobs, with potential to inflate bad loans at Indian banks, the
report adds.


JABALPUR ENTERTAINMENT: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jabalpur
Entertainment Complex 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          6.85        [ICRA] B+ (Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         7.15        [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
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.

JECPL is promoted by Mr. Vishwa Mohan, who comes from the
well-known family of Raja Gokuldas of Jabalpur. The family has
contributed greatly to the development of the city of Jabalpur, the
freedom movement, literature, legislatures and the Indian
parliament. The family is influential and enjoys a good reputation
in the state.


JSW HYDRO ENERGY: Fitch Rates Proposed USD Sec. Notes 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned India-based JSW Hydro Energy Limited's
proposed US-dollar senior secured notes due 2031 an expected rating
of 'BB+(EXP)'. The Outlook is Stable.

The proposed notes will be issued directly by JSW Hydro to
primarily repay its existing indebtedness on its two operational
hydro projects; the 1000MW Karcham Wangtoo (KW) on the Satluj River
and 300MW Baspa II (B2) hydro power plants on the Baspa river, both
located in the Indian state of Himachal Pradesh.

The final rating is contingent upon the receipt by Fitch of final
documents conforming to information already received.

RATING RATIONALE

The rating reflects the credit quality of the portfolio of two
hydro power projects, supported by KW's contracted revenue with PTC
India Limited (PTC) and B2's contracted revenue with the Himachal
Pradesh State Electricity Board Limited (HPSEBL).

The rating is constrained at 'BB+' due to uncertainty around debt
refinancing and the systemic risk stemming from the ultimate
exposure to state-owned power-distribution companies, even though
the financial profile is better than the 'BBB-' threshold.

KEY RATING DRIVERS

ESTABLISHED IN-HOUSE RECORD - OPERATING RISK: MIDRANGE

JSW Hydro uses conventional commercially proven technology and has
a capacity-weighted operating history of around 11.5 years; KW
began commercial operation in 2011 and B2 in 2003. An in-house
operation and maintenance team runs the plants. Both are well
maintained and have consistent operating performance. Replacement
contractors are available, although the remote Himalayan location
requires careful spare management. The operating risk assessment is
constrained to 'Midrange' as operating cost forecasts are not
validated by an independent technical advisor and a maintenance
reserve account is not included in proposed bond's terms.

NO HYDROLOGY OR CURTAILMENT RISK - REVENUE RISK (VOLUME): STRONGER

JSW Hydro's regulated business model supports its credit profile,
ensuring profitability until projects are available, irrespective
of actual off-take. Each plant's fixed costs are payable by the
customer if it achieves regulatory benchmark availability, measured
by the plant availability factor, which is set at 90% for the
current regulatory period.

The contracts also allow for any shortfalls in design energy
generation due to non-operational issues to be recovered. Hence,
there is no hydrology risk, as any shortfall in energy charges on
account of hydrology can be recovered in the following year.
Notwithstanding, both projects have produced more energy than for
which they were designed, which is roughly equivalent to P90, in
90% of their operating years.

PRICES SUPPORT REVENUE RECOVERY - REVENUE RISK (PRICE): STRONGER

Fitch assesses price risk as 'Stronger' due to the limited
implication of tariff changes on profit as long as availability is
maintained. Required revenue can also be recovered under the
established tariff-determination framework within which the assets
operate. JSW Hydro's two-part cost-plus-tariff structure provides
for fixed-price payments based on available capacity to cover
operation and maintenance costs, depreciation, loan interest, taxes
and a regulated return on equity. It also allows variable costs to
be passed on to off-takers, subject to adherence to the normative
parameters stipulated in the tariff regulations.

JSW Hydro contracts its saleable capacity, excluding free power of
12%-18%, to the state government. KW has take-or-pay long-term
agreements with PTC, India's largest power trader, which is owned
by various central-government entities, while B2 is contracted with
state-owned HPSEBL. PTC in turn sells the energy to four
state-owned distribution companies.

BULLET DEBT, RINGFENCED STRUCTURE - DEBT STRUCTURE: MIDRANGE

Fitch assesses the debt structure as 'Midrange' due to the proposed
bond's bullet structure. However, refinancing risk is mitigated by
the mandatory cash sweep repayment and cash lock up for about 56%
of principal payable biannually under Fitch's rating case. The
remaining refinancing risk is low, given the balance life of the
public-private agreements and the issuer's good access to banking
and the capital market.

Noteholders are protected by the ringfenced structure and
covenants. Notes pay fixed interest rates, but the other covenants
are primarily 'Midrange', including a lock-up test at the
backward-looking graded debt service coverage ratio (DSCR) and a
six-month debt service reserve account. No additional indebtedness
is allowed other than a working capital basket of USD55 million.
The currency risk arising from the US-dollar and Indian rupee
exchange rate will be mitigated through hedging arrangements. The
proposed US-dollar notes are directly issued by JSW Hydro. A
project under construction (Kutehr) will be financed from proceeds
from JSW Hydro's distribution account in a subordinated position
below the ringfenced structure.

PEER GROUP

There are no comparable hydropower projects that Fitch rates in
India or the Asia-Pacific region. The most active region in term of
hydropower projects is Latin America, with Brazil featuring a
number of such rated projects. However, as these ratings are
assigned on the National Scale, the peers are not generally
comparable.

Among Indian renewable peers, JSW Hydro is rated a notch higher
than Azure Power Solar Energy Private Limited (Azure RG2, senior
secured rating BB/Stable). JSW Hydro has a pure hydro-energy
portfolio with minimal generation risk. It also benefits from an
average DSCR of 1.64x in Fitch's rating case, against Azure RG2's
average of 1.45x. JSW Hydro has lower direct exposure to state
distribution companies, at about 23% against 78% for Azure RG2.
Fitch assesses the overall debt structure of both peers at
'Midrange', but JSW Hydro benefits from tighter covenants,
including lock-up tests based on graded DSCRs, partial
amortisation, cash trap mechanism beginning in the first six months
and a mandatory cash sweep.

JSW Hydro can also be compared with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured rating BB+/Stable) and
Adani Green Energy Limited Restricted Group 2 (AGEL RG2, senior
secured rating BBB-/Negative). Both peers have exposure to state
distribution companies and sovereign-backed off-takers. AGEL RG1's
midrange debt structure is similar to that of JSW Hydro, reflecting
refinancing exposure upon bond maturity and protective structural
features, justifying the same rating for both. However, AGEL RG2
has a 'Stronger' debt structure due to limited exposure to
refinancing risk, as most of the note principal is amortising. This
justifies its higher rating.

The above Asia-Pacific renewable peers have a blended threshold for
DSCR metrics due to state-distribution companies acting as
counterparties, similarly to JSW Hydro. The thresholds adopted by
the restricted groups vary, given the different technology and
counterparty mixes of the assets. JSW Hydro has the highest
threshold among the peers due to its hydro-power assets.

RATING SENSITIVITIES

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

-- Fitch does not expect a rating upgrade in the near term, given
    the uncertainty around the debt refinancing and systemic risk,
    with ultimate exposure to state-owned power distribution
    companies.

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

-- Average synthetic annual DSCR in Fitch's rating case dropping
    persistently to below 1.3x. This could result from low plant
    availability due to operational issues, working capital issues
    due to off-takers' payment delays, less favourable refinancing
    terms and structure than Fitch's assumptions and adverse
    changes in the regulatory framework.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

JSW Hydro consists of two operational run-of-the-river hydro
projects, KW and B2, both located in the state of Himachal Pradesh,
India. The proposed issuance is a 10-year senior secured note, with
proceeds used to refinance existing Indian rupee debt.

FINANCIAL ANALYSIS

Fitch assumes JSW Hydro will refinance its bullet bond upon
maturity by fully amortising debt across the remaining power
purchase agreement terms at a higher refinancing interest rate of
12%, reflecting the uncertainty at the time of maturity in 10
years. Fitch focuses on the average DSCR over the refinancing
period until the end of the power purchase agreement terms given
the bullet structure. In Fitch's base case, Fitch includes full
design energy as well as secondary energy production assumptions,
plant availability at around 98%, in line with the long-term
operational history, and for an additional 91MW of the asset to
start evacuating in second half of the financial year ending March
2023 (FY23). Fitch assumes, in line with the sponsor case, a
liability of INR2 billion to be paid on account of over-recovery in
previous regulatory periods. Out base case generates an average
annual DSCR of 2.02x during the FY32-FY46 refinancing period.

Our rating-case production assumptions include design energy, a 50%
production haircut on secondary energy, 90% plant availability, in
line with minimum normative availability, and higher receivables.
Fitch also applies a 15% stress on operating expenses and, despite
the pass-through nature of the tariff, for 5% of the operating and
maintenance stress to absorbed without pass through. Fitch applies
a stress by reducing 0.2% in return on equity at each five-year
tariff determination period to account for revised
tariff-calculation regulations and an additional liability of
INR1.55 billion (total INR3.55 billion) to be paid on account of
over-recovery of revenue in previous regulatory periods. Along with
a higher refinancing rate, the assumptions generate an average
annual DSCR of 1.64x under Fitch's rating case.

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.

JSW HYDRO ENERGY: Moody's Gives (P)Ba1 Rating on New USD Sec. Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1 rating
to the proposed 10-year USD senior secured notes to be issued by
JSW Hydro Energy Limited (JSWH).

The outlook is stable.

JSWH owns and operates two run-of-river hydropower projects -- the
300-megawatt (MW) Baspa II plant and the 1,000 MW Karcham Wangtoo
plant in the state of Himachal Pradesh in India.

JSWH will use the proceeds from the USD notes to repay its
outstanding external debt.

The holders of USD notes will benefit from a majority pledge over
JSWH's shares and the first ranking pari passu charge over project
accounts, movable and immovable assets and project documents,
including power purchase agreements (PPAs).

Moody's will remove the provisional status of the rating upon
completion of the transaction on satisfactory terms, including the
hedging arrangement.

"The (P)Ba1 rating assigned to the proposed notes reflects (1)
JSWH's predictable cash flow profile from its long-term PPAs; (2)
the long and stable operating track record of its two hydropower
projects; (3) very competitive tariffs for its projects; and (4)
moderate financial leverage supported by the structural features of
the notes, including a mandatory cash sweep mechanism," says
Abhishek Tyagi, a Moody's Vice President and Senior Credit
Officer.

RATINGS RATIONALE

JSWH's credit profile reflects the long and efficient track record
of its hydropower projects, which have consistently outperformed
the regulatory targets allowing the company to earn incentives and
improve its cash flows.

The (P)Ba1 rating also considers the established and consistent
regulatory regime for hydropower projects in India, which further
improves the predictability of cash flows for the two projects.

JSWH's credit quality also considers its direct and indirect
exposure to financially weak state-owned distribution companies,
which can lead to delays in cash collections for the company.
Nevertheless, the "must-run" status for run-of-river hydropower
projects and very competitive tariffs for both projects, mitigate
this risk.

The (P)Ba1 rating factors in the ring-fence between the JSWH
standalone entity and its subsidiary, JSW Energy (Kutehr) Limited,
which is executing the 240 MW Kutehr hydropower project to be
commissioned by March 2025. The rating also considers that JSWH's
exposure to Kutehr will be limited to its equity commitments for
the project, which will also be routed through the distribution
account of the cash flow waterfall.

The (P)Ba1 rating considers the terms of the proposed USD notes,
which include a cash flow waterfall, a six-month debt service
reserve account, a security package, restrictions on debt
incurrence and distributions, and a mandatory cash sweep that
allows for 49.5% of the senior notes to be repaid during the bond
tenor.

Moody's expects JSWH will have moderate financial leverage, with
average funds from operations (FFO) to debt at 9%-11% for the
duration of the 10-year notes. Its leverage will weaken in fiscal
2025 on declining FFO, as a change in asset depreciation rate from
that year leads to a tariff reduction for the 1,000 MW Karcham
Wangtoo project. However, the financial metrics will recover over
time as JSWH repays more debt via the cash sweep mechanism.

These projected metrics are within Moody's expectation for a Ba1
rating.

Refinancing risk for JSWH is manageable, given the long residual
life of the PPAs for both hydro projects after the notes mature,
the established regulatory regime for hydropower projects in India,
and that 49.5% of the debt will be repaid during the bond tenor.

The (P)Ba1 rating is predicated on the successful implementation of
the proposed hedging strategy to substantially insulate the senior
notes from currency risk.

In terms of environmental, social and governance (ESG) factors,
JSWH has medium exposure to environmental risks as change in
weather patterns could lead to lower rainfall or flash floods which
may impact its business profile. These risks are however partially
mitigated given the regulatory nature of both projects and various
buffers built-in the project design to protect them from sharp
changes in external environment. JSWH also benefits from positive
macroeconomic and sectoral trends in renewable energy and its
business is aligned with India's target to reduce its carbon
footprint and meet its nationally determined contributions.

The (P)Ba1 rating of the notes factors in moderate governance risk
given the concentrated shareholding of JSWH. However, this risk is
partially mitigated by the experienced management team, which has
demonstrated its strong commitment and ability to manage hydro
power projects.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that JSWH will
maintain stable cash flow from its long-term PPAs and that there
will be no construction risk for the portfolio of assets in the
restricted group.

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

An upgrade of the rating is unlikely, given the limited
opportunities available to JSWH to meaningfully increase its
revenue, both organically and on a sustained basis. Over time,
Moody's could upgrade the rating if JSWH's FFO/debt exceeds 12% on
an average for the remaining tenor of the notes.

Moody's could downgrade the rating if JSWH's operating performance
weakens as a result of sustained liquidity stress or a negative
regulatory decision, or if its FFO/debt declines below 6% on a
sustained basis.

The principal methodology used in this rating was Power Generation
Projects Methodology published in July 2020.

JSW Hydro Energy Limited (JSWH) is a wholly owned subsidiary of JSW
Energy Ltd and is the largest private hydropower producer in India.
It owns and operates two hydropower plants, the 300 MW Baspa II and
the 1,000 MW Karcham Wangtoo, both of which are located in Himachal
Pradesh state in northern India. It's subsidiary, JSW Energy
(Kutehr) Ltd is constructing the 240 MW Kutehr hydropower plant in
the same state.

KAMNA MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamna
Medical Center Private Limited (KMC) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.76       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 28, 2020 placed the
rating(s) of KMC under the 'issuer non-cooperating' category as KMC
had failed to provide information for monitoring of the rating. KMC
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
April 5, 2021 and March 23, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

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

The rating takes into account non-availability of information and
no due diligence conducted due to non-cooperation by Kama Medical
Center Private Limited with CARE'S efforts to undertake a review of
the rating outstanding. CARE views information non-availability
risk as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on February 28, 2020, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Ongoing delays in servicing of debt obligation: There are ongoing
delays in servicing of its debt obligations based on publicly
available information. Current status on the same is not known as
CARE could not contact the banker.

Kamna Medical Center Private Limited (KMC) was incorporated in
August, 2004 and operates a 250 bedded general purpose hospital in
Meerut, Uttar Pradesh. KMC was promoted by Dr. Sunil Gupta, Dr.
Pratibha Agarwal and Dr. Tanay Garga. It provides a full array of
medical services. Apart from this, the company commenced
paramedical courses in 2007 under the medical college (300 seats
per batch) named "KMC College of Nursing." The medical college is
affiliated to Chaudhary Charan Singh University (Meerut) and also
has approvals from Medical Council of India (MCI).


MAA SARBAMANGALA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Sarbamangala Udyog (MSU) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       7.13       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MSU to monitor the rating
vide e-mail communications/letters dated April 2, 2021, April 6,
2021 and April 9, 2021 and numerous phone calls. However, despite
our repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Maa
Sarbamangala Udyog has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
MSU's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in February 28, 2020 the following were
the rating weaknesses:

Key Rating Weaknesses

* Ongoing delay in debt servicing: There are on-going delays in
servicing of debt obligations of the entity due to non-generation
of revenue owing to shut down of its plant owing to devastating
fire occurred on August 26, 2018.

Maa Sarbamangala Udyog (MSU) was established in May 2012 by Mr.
Brajagopal Ghoshal based out of Medinipur, West Bengal. The firm
has been engaged in processing of cashew nuts at its plant located
at Medinipur, West Bengal which has a processing capacity of 20
metric tonnes raw cashew nuts per day.  The plant was satisfactory
operational till August 25, 2018; however, the plant of the firm
completely destroyed due to devastating fire occurred on August 26,
2018. The entire plant & machinery and almost entire stock have
been destroyed. The forensic inspection has been conducted by the
National Insurance Company Limited and the same is reported to be
satisfactory. The final and preliminary surveyor report has been
done by the empanelled surveyor of the insurance company and the
same has been deposited to the insurance company.

MEGHA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Megha
Marketing in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-          15.00       [ICRA]B+(stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

The firm is engaged in the promotion and marketing of products
manufactured by Megha Springs Pvt. Ltd, Megha Bottling, Megha Fruit
Processing Pvt. Ltd and Mahima Shankar Processed Food Pvt. Ltd.,
together referred as 'Shankar group' which has more than 30 years
of experience in packaged food and beverages industry. The firm has
a diversified product mix comprising of bottled fruit juices under
the brand 'Sip On', aerated beverages like club soda, soft drinks
and packaged drinking water under the brand 'Bindu' and processed
food items (mostly potato chips, namkeen, extruded snacks) under
the brand 'Snak up'. The firm markets its products in the states of
Karnataka, Andhra Pradesh, Kerala, Tamil Nadu, South Maharashtra
and some parts of Orissa and Goa. The products are marketed through
a widespread distribution network of owned depots and through super
stockiest. The firm's financial profile remained moderate in FY2016
with weak margins and stretched coverage indicators. The operating
profitability of the firm declined on account of increase in price
of traded goods driven by increase in prices of key raw materials.


N.R. CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of N.R.
Constructions in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term            2.50       [ICRA] B+(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term          8.50        [ICRA] B+(Stable); ISSUER NOT
   Non Fund                        COOPERATING; Rating continues
   Based-Limits                    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
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.

N. R. Constructions (NRC) is a partnership firm which was started
in April 1998 by Mr. A. Narayana Raju and his family. The firm
undertakes civil contracts involving irrigation works, buildings
and bridges for government clients in the states of Andhra Pradesh
and Karnataka.

OVERSEAS TRADERS: ICRA Lowers Rating on INR12cr Loan to D
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Overseas Traders, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund      12.00      [ICRA]D ISSUER NOT COOPERATING;
   Based Limits                   Rating downgraded from
                                  [ICRA]B+(Stable) and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term          (18.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangable                 Rating downgraded from
   Limits                         [ICRA]B+(Stable) and continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term           2.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund                       Rating downgraded from [ICRA]A4
   Based Limits                   and continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

   Long Term and        5.00      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term                     COOPERATING; Rating downgraded
   Unallocated                    from [ICRA]B+(Stable)/[ICRA] A4
   Limits                         and continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

Rationale

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

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.
   
Overseas Traders is a partnership firm established in 1977 and is
involved in exporting agricultural commodities like onions,
potatoes, tendu (beedi) leaves, fresh fruits and vegetables, with
onion constituting majority of the sales. The commodities are
procured from the domestic market and exported majorly to Sri
Lanka, Malaysia, Pakistan and the UAE. OT has its registered office
in Mumbai and is managed by the Katharani family.

PREMIER ENTERPRISES: CARE Lowers Rating on INR5.0CR LT Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Premier Enterprises (PE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

   Short Term Bank     11.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from    
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PE to monitor the rating
vide e-mail communications/letters dated April 2, 2021, April 6,
2021 and April 9, 2021 and numerous phone calls. However, despite
our repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Premier
Enterprises has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on PE's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The revision in the ratings takes into account the on-going delays
in debt servicing of the entity.

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays in debt servicing: There are on-going delays in
the term debt servicing of the entity.

Premier Enterprises was initially established in 2004 as a
partnership firm by Mr.Hironya Kumar Saikia and Mr.Jibeswar Saikia
(Relative of Mr.Hironya Kumar Saikia). But, later on April 1, 2013,
the firm was converted into a proprietorship entity upon retirement
of Mr. Jibeswar Saikia. Since inception; the entity has been
engaged in supply, erection, commissioning of transmission lines
for Assam Power Distribution Company Ltd. (APDCL). The entity
procures its orders through participating in tender in the state of
Assam. Apart from execution of contracts it is also involved in
manufacturing of PSC Poles. The manufacturing facility of the unit
is located at Kothiatoli, Dist: Nagaon, Assam, having an installed
capacity of 272 pieces per day.


RATAN HOUSING: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ratan
Housing Developement 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          160.00      [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
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.

RHDL is a part of the Raj Ratan Group of companies. The group,
promoted by the Khatri family, is based in Kanpur. The group has
interests in textiles trading, textile retailing, real estate,
healthcare, BPO, detergent powder manufacturing and the steel
business. The management merged its textile and real estate
business in FY2015. The merger was undertaken with the sole purpose
of improving the overall financial statement of the company. In the
real estate division, RHDL has developed projects in Pune, Delhi,
Kanpur, Vasco, Mumbai and Lucknow. The company has developed
commercial, retail as well as residential projects. Currently there
are 12 residential projects and four commercial projects under
construction. In the textile division, the company is engaged in
trading readymade garments, including women's wear, bridal wear,
children's wear, men's wear, and winter wear. It has five showrooms
in Kanpur and two in Lucknow.


RAVIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raviraj
Ginning Pressing & Oil Industries (RGPOI) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 4, 2020, placed the
rating(s) of RGPOI under the 'issuer non-cooperating' category as
RGPOI had failed to provide information for monitoring of the
rating. RGPOI continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated March 20, 2021, March 30, 2021 and April 9, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 4, 2020, the following was the
rating weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: As per banker interaction,
there are ongoing delays in debt servicing.

Morbi (Gujarat) based RGPOI, a partnership firm, was constituted in
October 2005. The key partners of the firm are Mr. Mahendra
Jhalariya and Mr. Kalyanji Jhalariya. The firm is engaged in the
cotton ginning, pressing and oil extraction business with an
installed capacity of 32 metric tonnes per day (MTPD) of cotton
bales as on March 31, 2017.

REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rewa
Leisure Private Limited (RLPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       4.21       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated February 17, 2020, placed the
rating of RLPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings. RLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/e-mail dated April 02, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 17, 2020, the following were
the rating weakness (updated based on the best available
information)

Key Rating Weakness

* On-going Delays in debt servicing: As informed by the lenders,
there are delays in debt servicing by RLPL due to cash flow
mismatches on account of delay in project completion.

RLPL, a special purpose vehicle (SPV) of Ruchi Realty Holdings Ltd
(RRHL), was incorporated in November 2013 to set up an ecotourism
and adventure park in the city of Rewa, Madhya Pradesh. The
contract has been concessioned on a public private-partnership
(PPP) basis by Madhya Pradesh Ecotourism Development Board
(concessioning authority) to RLPL (concessionaire) and includes
development of facilities on two islands in the river 'Beehar'
along with a suspension bridge.

The concession agreement was signed on April 28, 2014 for a period
of 30 years, including two years of construction. The project was
largely completed in April 2016; however, 'Construction Completion
Certificate' was not received till July 2016 from M.P Ecotourism
Development Board due to pending construction of minor facilities.
Meanwhile, the project infrastructure and suspension bridge was
affected during September 2016 due to heavy rainfall and the
project was expected to be completed by around September 2019. The
total project cost of around INR9.80 crore is financed with a term
loan of INR4.72 crore and the balance through promoter funding
(equity and unsecured loans).

SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sahdev
Jewellers (SJW) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      51.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 29, 2020, placed the
ratings of SJW under the 'issuer noncooperating' category as SJW
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SJW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated April 4, 2021, March 30, 2021,
March 25, 2021 etc and a letter dated April 13, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The ratings have been reaffirmed on account of non-receipt of
information due to which CARE is unable to conduct appropriate
credit risk assessment.

Detailed description of the key rating drivers

At the time of last rating on April 29, 2020 the following were the
rating weaknesses:

Key Rating Weaknesses

* Delays in the servicing of debt obligations: The weak financial
profile is marked by the delays in the servicing of debt
obligations in the PCFC account. The company had defaulted on the
debt servicing in the PCFC account and had LC devolvements due to
poor liquidity position.

Mr. Ravi Sahdev (son of Mr. Vasdev Sahdev) as partners. During
FY17, the constitution of the firm has been changed to a
proprietorship firm following demise of Mr. Vasdev Sahdev. The firm
is an export oriented unit and is engaged in manufacturing, trading
and export of plain gold Jewellery. The firm has a manufacturing
unit at SEZ (Special Economic Zone) in Noida, Uttar Pradesh and has
a wholesale outlet in Karol Bagh, Delhi.

SHILPA ELECTRIFICATION: CARE Cuts Rating on INR2.0cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shilpa Electrification (SE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       2.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues   
  
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      5.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2020, placed the
rating(s) of SE under the 'issuer noncooperating' category as SE
had failed to provide information for monitoring of the rating. SE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated April 2020 to April 9, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

At the time of last rating on March 25, 2020 the following were the
rating strengths and weaknesses

Key Rating Weakness

* Small scale of operations with fluctuating total operating
income: The total operating income of the firm has been fluctuating
during review period. The total operating income (TOI) of the firm
increased and doubled from INR9.18 crore in FY15 to INR25.35 crore
in FY16 due to significant increase in the number of contracts
executed. However, the TOI of the firm decreased to INR15.95 crore
in FY17 due to unavailability of sufficient orders. Furthermore,
SE's size of operations is small compared to other peers in the
industry. Furthermore, the firm has achieved total income of INR12
crore in 11MFY18 (Prov.).

* Working capital intensive nature of operations: The firm operates
in working capital intensive business. The operating cycle of the
firm increased to 108 days in FY17 as compared to 47 days in FY16
due to increase in average collection period and average inventory
period as the firm needed to hold sufficient inventory levels due
to execute pending orders. The firm receives payment from the
government authorities within 30 days from the date of submission
of bill. The firm receives 70 per cent of the revenue through stage
wise milestone payments, 20 per cent after erection, commissioning
and the remaining 10 per cent after one year as retention money.
Furthermore, the firm avails the credit period from its suppliers
upto two month.  The utilization of cash credit facility in the
last 12 months ended with February 28, 2018 remained at 90 per
cent.

* Presence in the highly fragmented nature of the industry
characterized by intensive competition: The industry is highly
competitive with presence of number of players and further total
revenues and profitability margins of the company are tender
driven. However, the company is able to withstand the competition
and procure orders through its established track record and
experience of promoters.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: SE, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth.

Key Rating Strengths

* Satisfactory track record and experienced partners: SE has
established track record of close to one decade and promoters of
the firm have been engaged in the electrical industry for around
one decade since inception of the business. Mr. K. Nageswara Rao is
a BE (Electrical) graduate and has more than 20 years of experience
in the electric industry. Other partners, Mr. K. Sarva Rao and Mrs.
K.V.S Lakshmi have close to once decade of experience in the
industry. Further, the operations of the firm are also supported by
experienced executive team. Through their experience in the
industry, they have established healthy relationship with suppliers
and of customers.

* Comfortable profitability margins: The profitability margins of
the firm though fluctuating has remained comfortable during the
review period. The PBILDT margin of the firm has been fluctuating
in the range of 8%-9% due to fluctuations in the prices of
materials and labor charges. Moreover, the PAT margin of the firm
has seen increasing from 3.60% in FY15 to 4.07% in FY17 due to
satisfactory operating profit resulting in absorption of financial
expenses and depreciation provisions.

* Comfortable capital structure: The capital structure of the firm
marked by overall gearing ratio has been improving year-on-year
from 1.25x as on March 31, 2015 to 0.42x as on March 31, 2017 due
to satisfactory net worth commensurate with the size of operations
and year-on-year accretion of profits to the net worth coupled with
repayment of term loan installments. The debt profile of the firm
as on March 31, 2017 includes vehicle loans (2%) and working
capital bank borrowings (98%). The debt coverage indicators of the
firm though fluctuating remained comfortable during the review
period. The total debt/GCA, has improved from 7.18x in FY15 to
1.96x in FY16 due to significant increase in cash accruals on
account of increase in operating profit. However, the total
debt/GCA deteriorated to 2.77x in FY17 due to decrease in the
PBILDT levels. Furthermore, the PBILDT interest coverage ratio has
seen increasing from 2.25x in FY15 to 3.02x in FY17 due to increase
in operating profit.

* Medium term revenue visibility from order book position: The firm
has an order book of around INR56 crore as on March 15, 2018 which
translates 3.50x to the total operating income of FY17. The said
order book is related to supply, erection, commissioning and
testing transmission lines which are likely to be executed by
October 31, 2018.

* Reputed clientele albeit concentrated: The firm has reputed
customer base i.e Transmission Corporation of Telangana Limited
(ICRA D) and Transmission Corporation of Andhra Pradesh with whom
the firm has been associated close to one decade since inception of
the business. The firm's 100 per cent of the revenue comes from
providing services to these two clients resulting in high customer
concentration.

* Favorable demand outlook for power industry: India's power sector
is one of the most diversified in the world. Sources of power
generation range from conventional sources such as coal, lignite,
natural gas, oil, hydro and nuclear power. India ranks third among
40 countries in EY's renewable energy country attractiveness index,
on back of strong focus by the government on promoting renewable
energy and implementation of projects in a time bound manner.
Indian power sector is undergoing a significant change that has
redefined the industry outlook. Sustained economic growth continues
to drive electricity demand in India. The government of India focus
on attaining “Power for all” has accelerated capacity addition
in the country. At the same time, the competitive intensity is
increasing at both the market and supply sides. The installed
capacity of power stations in India stood at 330,860.58 (MW) as on
December 2017. However, government of India has released its
roadmap to achieve 175 GW capacity renewable electricity power by
2022 which includes 100 GW of solar power and 60 GW of wind power.

Shilpa Electrification (SE) was established as a partnership firm
in 2010 and promoted by Mr. K. Nageswara Rao and his family
members. The firm is engaged in electrical works such as erection,
installation, commissioning, and construction of 132 KV and 220 KV
sub stations and transmission lines. The firm receives 80 per cent
of the revenue from construction of transmission lines, sub
stations, services and the rest of 20 per cent receives from the
supply of material like insulators, bolts, nuts etc. The firm
renders services only to government bodies in the state of
Telangana and Andhra Pradesh and the firm's major customers are TS
Transco and AP Transco.

SURYODAYA REALTORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Suryodaya Realtors Private Limited
        P-535, Raja Basant Roy Road
        1st Floor
        Kolkata 700029
        West Bengal

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021

Insolvency professional: Kamal Nayan Jain

Interim Resolution
Professional:            Kamal Nayan Jain
                         Klass Insolvency Resolution
                         2/7, Sarat Bose Road
                         Vasundhara Apartment
                         2nd Floor
                         Kolkata 700020
                         E-mail: knjain@knjainco.com
                                 cirp.ssspl@gmail.com

Classes of creditors:    Land Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Anneel Saraogi
                         P1 Hyde Lane
                         7th Floor, Suite-7B
                         Kolkata, West Bengal 700073
                         E-mail: anneelsaraogi@gmail.com

                         Anup Kumar Sanghai
                         Centre Point
                         Sanghai and Company
                         Chartered Accountants
                         21 Hemanta Basu Sarani
                         2nd Floor, Suite No. 204
                         Kolkata, West Bengal 700001
                         E-mail: sanghaianup@gmail.com

                         Subhajit Guha
                         E3/402, Voctoria Greens Apartment
                         385 Garia Main Road
                         Kolkata, West Bengal 700084
                         E-mail: subhajitguha9@gmail.com

Last date for
submission of claims:    May 15, 2021


SV SVS PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s SV SVS Projects Private Limited
        Plot No. 31, 2nd Floor
        Phase-1, Kalyan Nagar
        Hyderabad 500038
        IN

Insolvency Commencement Date: April 26, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 22, 2021

Insolvency professional: Mr. Kasi Srinivas

Interim Resolution
Professional:            Mr. Kasi Srinivas
                         1-2-37/4B, Flat No. 4B
                         Jains Bhavani Residency
                         Street No. 3, Kakatiya Nagar
                         Habsiguda, Hyderabad
                         Telangana 500007
                         E-mail: srinivaskashyap111080@gmail.com

                            - and -

                         Flat No. 104, Kavuri Supreme Enclave
                         Kavuri Hills, Madhapur
                         Hyderabad 500033
                         E-mail: ip.svsvsprojects@gmail.com

Last date for
submission of claims:    May 10, 2021


UDAIPUR ENTERTAINMENT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Udaipur Entertainment World Private Limited
        Shop No. 13, Mrud Kishore Bldg
        Nr Dattapada Subway
        Opp S.V. Road
        Borivali (West)
        Mumbai, MH 400092
        IN

Insolvency Commencement Date: April 16, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 17, 2021

Insolvency professional: Mr. Neehal Mahamulal Pathan

Interim Resolution
Professional:            Mr. Neehal Mahamulal Pathan
                         Plot No. 27, R.S. No. 825
                         Sahjeevan Parisar
                         Near TPM Church
                         Behind Circuit House
                         Kolhapur 416003 MH
                         E-mail: ca.neehal@gmail.com
                                 cirp.udaipur@gmail.com

Classes of creditors:    Allotees under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Rakesh Kumar
                         Vithal M Dahake
                         Anish Gupta
                         The Insolvency and Bankruptcy
                         Board of India (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Last date for
submission of claims:    May 4, 2021


VECTOR PROJECTS: CARE Lowers Rating on INR152.75cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vector Projects (I) Private Limited (VPIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      152.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB+; Stable

   Short Term Bank      42.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4+

   Non-Convertible      70.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 28, 2020, placed the
rating(s) of VPIPL under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. VPIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2021, April 9, 2021, April 12, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. CARE's rating on
VPIPL bank facilities/instruments will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings have been revised on account of delay in debt servicing
and classification of the account as NPA as per the banker.

The ratings assigned to NCDs of VPIPL is revised on account of
default in redemption of the NCD as per exchange filling of
promoter company (Uniply Industries Limited).

The ratings assigned to bank facilities and instruments of Vector
Projects (I) Private Limited factors in delays in debt servicing
and default in redemption of NCDs.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing and default in redemption in NCD: Banker
has informed CARE that VPIPL is classified as NPA and the bank has
filed recovery suit against the company in Debt Recovery Tribunal
(DRT). Further, as per the exchange fillings of Uniply Industries
Limited, promoter company of VPIPL, the company has defaulted in
the redemption of Non-Convertible Debentures and the debenture
trustee as invoked pledge of shares provided as security for NCD.

Vector Projects (I) Private Limited [Vector] was originally set up
as a proprietorship firm in 2001 by Mr. Umesh Rao and his friends,
who have extensive experience in interior designing. The firm was
reconstituted as a private limited company with the current name in
fiscal 2004. The company is in the business of architectural
designs to complete interior fit-outs including modular work
stations and providing turnkey interior solutions. Vector has its
manufacturing facility at Pen, Maharashtra. With an in-house team
of 470 architects, designers and project managers Vector has
successfully delivered over 1500 projects covering over 15 million
square feet of area and installed over three lakh workstations and
chairs. Vector has domestic presence across India in major cities
such as Delhi, Pune, Bangalore, Chennai, Hyderabad & Kolkata and
international presence with offices in Dubai and Kuala Lumpur.
Vector is an ISO 9001:2008, ISO 14001 and OHSAS 18001- certified
organization. In April 2016; Uniply Industries Limited acquired
Vector.



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

INDONESIA: Economy Struggles to Bounce Back as Demand Drags
-----------------------------------------------------------
Grace Sihombing and Claire Jiao at Bloomberg News report that
Indonesia's economy contracted more than expected in the first
quarter, as one of the fastest vaccine rollouts in Southeast Asia
hasn't been enough to revive domestic demand.

Gross domestic product declined 0.74% in the first quarter from a
year ago, the statistics bureau said on May 5, worse than the
median estimate of -0.65% in a Bloomberg survey of economists.
Still, it represented an improvement from the 2.19% contraction in
the final quarter of 2020.

"The economic growth we have achieved has shown significant
improvement," Bloomberg quotes Suhariyanto, head of the country's
Statistics Office, as saying. "This shows signs that the economic
recovery will be increasingly realized and the economic recovery we
expect to occur in 2021 can actually be achieved."

GDP shrank 0.96% in the first three months of the year compared to
the previous quarter, worse than the 0.85% contraction economists
expected, Bloomberg discloses.

According to Bloomberg, the country's benchmark stock index pared
the day's gains to 0.2% after the announcement. The rupiah was
little changed at 14,428 to the dollar.

"The virus resurgence at the start of the year is likely to have
put a dent on consumption, even though there have been some signs
of nascent recovery more recently," Bloomberg quotes Wellian
Wiranto, an economist at Oversea-Chinese Banking Corp in Singapore,
as saying. "Bank Indonesia is most likely going to continue to keep
its policy rate unchanged, focusing on pushing for more forthright
transmission of its previous rounds of rate cuts by the banking
system."

Bloomberg says the government recently maintained its outlook for
4.5%-5.3% GDP growth for 2021, expecting consumption around Eid
celebrations in April-May to boost growth in the second quarter. On
May 4, it cut its forecast for 2022, now expecting growth of
5.2%-5.8% next year, down from an earlier projection of 5.4%-6.0%.

Solid performance in trade and investment have been the main growth
drivers early this year, Bloomberg says. Exports and imports bested
estimates, while foreign direct investment climbed to a three-year
high, mostly in provinces outside the main growth engine of Java.

"The process of economic recovery will differ between provinces and
sectors," Suhariyanto said, Bloomberg relays. "Sectors that are
highly dependent on public mobility, such as transportation and
accommodation, will take longer to be able to pick up."

While factory activity and consumer confidence have shown a steady
increase, core inflation and retail sales remain subdued as
movement curbs limits household spending, which accounts for almost
60% of the economy, according to Bloomberg.


INDOSURYA: Fitch Withdraws CC National LongTerm Rating
------------------------------------------------------
Fitch Ratings Indonesia has affirmed PT Indosurya Inti Finance's
'CC(idn)' National Long-Term Rating. The rating was withdrawn
following the affirmation.

The affirmation reflects Fitch's belief that there has been no
material change in the company's credit profile since the previous
rating action on 16 April 2021.

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

Fitch has chosen to withdraw Indosurya's rating for commercial
reasons.

KEY RATING DRIVERS

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

RATING SENSITIVITIES

Rating sensitivities do not apply as the rating has been
withdrawn.

BEST/WORST CASE RATING SCENARIO

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


SRI REJEKI ISMAN: Fitch Cuts LT Issuer Default Rating to 'RD'
-------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based textile manufacturer
PT Sri Rejeki Isman Tbk's (Sritex) Long-Term Issuer Default Rating
(IDR) to 'RD' (Restricted default) from 'C'. At the same time,
Fitch Ratings Indonesia has downgraded Sritex's National Long-Term
Rating to 'RD(idn)' from 'C(idn)'. Fitch has affirmed Sritex's
outstanding US dollar notes at 'C' with a Recovery Rating of
'RR4'.

Sritex missed the interest payment of around USD850,000 on its
USD350 million syndicated loan, which was due 23 April 2021, and
the banks did not roll over the revolver that was due on the same
day. The downgrade follows the expiry of the five-business-day cure
period allowed for the interest payment.

'RD' National Ratings indicate an issuer that, in Fitch's opinion,
has experienced an uncured payment default on a bond, loan or other
material financial obligation but that has not entered into
bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedure, and has not otherwise ceased
business.

KEY RATING DRIVERS

Uncured Payment Default: Failure to remedy the missed payment of
its syndicated loan interest upon the expiry of the cure period on
30 April 2021 constitutes an event of default under the loan
agreement. The banks may therefore decide to accelerate the loan
payments, although this requires the agreement of a majority of the
lenders, making up at least 66.67% of the outstanding amount. Debt
with principal amount of USD10 million or more that is declared to
be due and payable also constitutes an event of default under
Sritex's bond documentation.

Debt Restructuring Negotiations: Sritex is continuing discussions
with its lenders as it is dependent on funding access to continue
its business due to its high working-capital requirements. It
appointed Helios Capital and Assegaf Hamzah & Partners as its
financial and legal advisors for the debt restructuring
negotiations. At the same time, the company is in negotiations with
its bondholders.

Legal Processes, Debt Moratorium: Sritex and its subsidiaries are
in the process of various legal proceedings. A construction firm
filed a petition against Sritex and certain subsidiaries for a
court-supervised debt moratorium, known as PKPU, in the Indonesian
courts, which is due for a decision at the Commercial Court on 6
May. In addition, subsidiary Golden Legacy Pte Ltd has applied for
a payment moratorium order under Section 64(1) of the Insolvency,
Restructuring and Dissolution Act in Singapore related to USD150
million in bonds due 2024.

ESG - Governance: Sritex has an ESG Relevance Score of '4' for both
Management Strategy and Governance Structure due to delays in
securing the extension of its facilities, which is putting pressure
on its credit profile given the increasing refinancing risks. This
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

DERIVATION SUMMARY

The downgrade follows the expiration of its cure period five
business days from 23 April 2021 after Sritex missed the interest
payment on its syndicated loans.

KEY ASSUMPTIONS

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

-- Revenue to decline in 2021 by around 6%. Revenue growth of
    around 1.5% in 2022 and 2023;

-- Longer working-capital days in 2021 and 2022;

-- EBITDA margin of 17%-18% in 2021-2023;

-- Capex of around USD60 million per year in 2021-2022, mostly
    for maintenance.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Sritex would be reorganized
    as a going-concern in bankruptcy rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

-- The going-concern EBITDA estimate reflects Fitch's view of a
    sustainable, post-reorganisation EBITDA level upon which we
    base the enterprise valuation.

-- Fitch estimates EBITDA at USD210 million, which is around 10%
    lower than the EBITDA of USD231 million in the 12 months to
    December 2020, to reflect the industry's mid-cycle conditions
    and competitive dynamics.

-- An enterprise value multiple of 5x EBITDA is applied to the
    going-concern EBITDA to calculate a post-reorganisation
    enterprise value. The multiple reflects a discount from the
    median global multiple of 9x for completed M&A transactions in
    the textile industry over the past decade, based on Bloomberg
    data. The 5x multiple also reflects Sritex's smaller size than
    global manufacturers.

-- The going-concern enterprise value corresponds to a 'RR2'
    Recovery Rating for the senior unsecured notes after adjusting
    for administrative claims. Nevertheless, Fitch has rated the
    senior unsecured bonds 'C'/'RR4' because, under Fitch's
    Country Specific Treatment of Recovery Ratings Criteria,
    Indonesia is classified under the Group D of countries in
    terms of creditor friendliness, and the instrument ratings of
    issuers with assets located in this group are subject to a
    soft cap at the issuer's IDR and Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

-- Fitch will reassess Sritex's capital structure after the
    completion of its debt restructuring.

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

-- Fitch will further downgrade to 'D' if Sritex enters into
    bankruptcy proceedings, administration, receivership,
    liquidation or other formal winding-up procedures or if it
    ceases operations.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Missed Interest Payment: The company's missed interest payment on
23 April 2021 may lead to the majority lenders of its lenders
accelerating the payment of the USD350 million syndicated loan,
which is due January 2022. Sritex had a cash balance of USD187
million at end-December 2020, which the company is using to
continue operations due to the lack of access to working-capital
facilities. Other than the syndicated loan, the company also has
USD25 million in medium-term notes due 18 May 2021 and USD6 million
of the current portion of long-term debt.

ESG CONSIDERATIONS

Sritex has ESG Relevance Scores of '4' for Management Strategy and
Governance Structure due to significant delays in executing its
refinancing plan, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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



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

DTR ASIA: Creditors' Meetings Set for May 14
--------------------------------------------
DTR Asia Pte Ltd, which is in compulsory liquidation, will hold a
meeting for its creditors on May 14, 2021, at 3:00 p.m. via Zoom.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a Committee of Inspection, if thought fit;

   b. to approve the Liquidators' fees and disbursements; and

   c. discuss other business.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


KOBIAN PTE: Creditors' Meetings Set for May 12
----------------------------------------------
Kobian Pte Ltd, which is in liquidation, will hold a meeting for
its creditors on May 12, 2021, at 2:30 p.m., via electronic means.

Agenda of the meeting includes:

   a) to provide an update to creditors on the status of
      liquidation of the Company;

   b) to appoint a committee of inspection, if thought fit; and

   c) any other business.

The company's liquidators are:

         Oon Su Sun
         Ng Kian Kiat
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


SEALOUD ASIA: Creditors' Proofs of Debt Due June 4
--------------------------------------------------
Creditors of Sealoud Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 4,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

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


XIHE INVESTMENT: Creditors' Proofs of Debt Due June 4
-----------------------------------------------------
Creditors of Xihe Investment Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 4,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Chan Kheng Tek
         7 Straits View, Marina One
         East Tower, Level 12
         Singapore 018936




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

DOOSAN BOBCAT: S&P Affirms 'BB' Issuer Credit Rating, Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Doosan Bobcat Inc. (DBI). At the same time, S&P assigned its
'BB' long-term issue rating to the compact construction equipment
maker's proposed guaranteed US$500 million senior secured term loan
B. S&P also lowered the long-term issue rating on its existing
senior secured term loan B due in 2024 and senior secured notes due
in 2025 to 'BB' from 'BB+' in view of the company's incremental
debt.

The negative outlook on DBI reflects downside risks related to
Doosan group's ongoing restructuring over the next six to 12
months.

S&P said, "We anticipate DBI will maintain stable credit metrics
over the next 12-24 months thanks to its good and steady earnings.
DBI's strong market position in the compact construction equipment
segment in the U.S., which is showing signs of recovery, should
continue to support the company's resilient performance. North
America is a key market for DBI, accounting for 74% of its total
revenue in 2020.

"In our opinion, DBI's planned purchase of the forklift business
from the group's ultimate holding company, Doosan Corp., in July
2021 will improve its scale. The forklift business has a dominant
position in Korea, and recorded revenue of US$600 million-US$750
million in the past few years with mid- to high-single-digit
operating margin. In addition, DBI's efforts to diversify its
product offerings and improve its presence in Europe, China, and
India will help its top-line growth. However, we expect the new
businesses to weigh modestly on the company's margin, given the
increase in research and development and marketing activities, as
well as initial set-up costs.

"According to our base case, DBI's revenue will rise 13%-17% in
2021 and 8%-12% in 2022. The increase, together with the company's
broadly stable EBITDA margin of 11.5%-13%, should drive EBITDA
growth. DBI posted an EBITDA margin of 12.7% in 2020 and 13.2% in
2019.

"We estimate DBI's debt will climb to about US$1.3 billion in 2021,
from around US$700 million as of end-2020. We attribute the jump to
the proposed acquisition of the forklift business for US$650
million-US$700 million. However, we believe DBI can prevent further
debt growth over the next 12-24 months, given its earnings growth
and positive discretionary cash flows. We expect the company's
ratio of debt to EBITDA to remain at 2x-3x in 2021-2022, compared
with 1.5x in 2020.

"We see some downside risks relating to the parent group's tight
liquidity, restructuring, and degree of deleveraging over the next
six to 12 months. The issuer credit rating on DBI is capped at two
notches above its parent's group credit profile (GCP) of 'b+'. The
broader Doosan group has tight liquidity and has been restructuring
and deleveraging. The group has decided to divest Doosan Infracore
Co. Ltd. (DI), DBI's current parent, while keeping DBI within the
group. After the transaction, DI's parent, Doosan Heavy Industries
& Construction Co. Ltd. (DHIC), will become the new parent company
of DBI.

"In our view, the GCP of DHIC, especially its liquidity and
leverage, is modestly weaker than that of DI, based on the trend in
the past three years. Although we expect DHIC's liquidity and
leverage to benefit from ongoing restructuring and deleveraging
measures, the extent of the improvement remains uncertain. We plan
to revisit our view on the GCP and two-notch insulation after the
group completes its restructuring, which could be as early as July
2021.

"We revised the recovery rating on DBI's existing term loan to '3'
from '2' because of the company's additional secured debt. DBI's
U.S.-based subsidiary, Clark Equipment Co., plans to raise US$500
million in senior secured term loan B, which DBI will guarantee."
DBI also guarantees US$944 million in senior secured debt at the
subsidiary. DBI plans to use the proceeds to fund the acquisition
of the group's forklift business.

The proposed loan will rank equally with the company's existing
senior secured obligations. It is also secured by the same
collateral. Under the pro forma capital structure, the expected
recovery will drop to nearly 50% from over 70%, reflecting the
available enterprise value for the total senior secured debt in a
stressed scenario. S&P said, "The '3' recovery rating indicates our
expectation that lenders can expect a meaningful recovery (50%-70%)
in the event of a payment default. The revised recovery rating has
led us to lower the issue ratings to 'BB' from 'BB+' and assign the
same issue rating to the proposed loan." The issue rating is now
the same as the issuer credit rating, compared with a one-notch
uplift previously. The rating on the proposed loan is subject to
our review of the final issuance documentation.

The negative rating outlook on DBI reflects downside risks related
to Doosan group's ongoing restructuring over the next six to 12
months. S&P expects DBI's new parent, DHIC, to have tighter
liquidity, given its heavy reliance on short-term debt and higher
leverage.

S&P said, "We could lower the rating on DBI if we assess DHIC's GCP
to be lower than 'b+'. This could occur if the operational and
financial performance of DHIC is weaker than we expect, or the
improvement in DHIC's liquidity and financials is slower than we
anticipate following the group's restructuring. We could also
downgrade DBI if we see a higher possibility that DHIC will
increase control or negatively intervene in DBI.

"We may revise the outlook on DBI to stable if the credit profile
of DHIC stabilizes and becomes similar to that of DI after
restructuring."




===============
T H A I L A N D
===============

THAI AIRWAYS: Keep Politics Out of Rehab, Kla Party Leader Says
---------------------------------------------------------------
Bangkok Post reports that Kla Party leader Korn Chatikavanij has
warned the government to keep politics out of Thai Airways
International Plc's (THAI) debt-rehabilitation and not to seek to
revert the airline to its former state enterprise status.

On Facebook, the former finance minister said he was disappointed
with the options the Finance Ministry has floated for easing the
airline's financial predicament, the report says. One option was to
inject THB25 billion to recapitalise the carrier as well as
guarantee new loans worth another THB25 billion.

The second option was to guarantee a loan worth THB50 billion if
the government opted out of the recapitalization, Bangkok Post
says.

Bangkok Post relates that the loan guarantee would be financed by
state budget, meaning THAI would effectively be reinstated as a
state enterprise. The airline lost its state-owned status last year
when the ministry decided to reduce its stake to under 50% of the
total, in order to facilitate the debt-rehabilitation process.

According to Bangkok Post, Mr. Korn said if the airline returned to
profit in the future, the government would unlikely be able to
recoup the money it pours into the company. This is because any
profit would be divided up and most of it would go to the
creditors.

What should be done is for negotiations to be held with the
creditors to lower the debts, Bangkok Post relays. Without debt
being bargained down, THAI is in no position to mobilise new funds
from investors, which is why it is coming back to ask for an
infusion of funds from the government, according to the former
finance minister. When the government decided not to bail out the
financially troubled carrier last year and subsequently let it
enter the debt-restructuring process in the Central Bankruptcy
Court, most people agreed with the move as they hoped THAI would
emerge from the rehab as a professionally run and profitable
company, Mr. Korn, as cited by Bangkok Post, said. He added that by
being a privately operated airline, it would also be immune to
interference from political post holders and the military. The
airline board members are known to include top brass, most of whom
have served in the air force.

"The government must assert that no politicians or civil servants
will ever cast their influence over THAI again," he said.

Bangkok Post adds that Mr. Korn also suggested that if new state
funds were injected into THAI, there must be more money invested in
the airline from private firms.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.



                           *********


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

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

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

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

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



                *** End of Transmission ***