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

                     A S I A   P A C I F I C

          Friday, May 14, 2021, Vol. 24, No. 91

                           Headlines



A U S T R A L I A

ALIGNMENT HEALTH: Second Creditors' Meeting Set for May 20
BLUE TONGUE: First Creditors' Meeting Set for May 20
DIAMOND OFFSHORE: Former Pacific Drilling Chief Named New CEO
GREENSILL CAPITAL: Committee Retracts Plea to File Docs Under Seal
L'AQUILA OF AUSTRALASIA: 2nd Creditors' Meeting Set for May 26

METRO FINANCE 2020-1: Moody's Hikes Rating on Class E Notes to Ba1
STR (AUSTRALIA): Second Creditors' Meeting Set for May 19
VIRK BROS: First Creditors' Meeting Set for May 21


C H I N A

GREENLAND HOLDING: S&P Alters Outlook to Stable & Affirms 'BB' ICR
HOPSON DEVELOPMENT: Fitch Rates Proposed USD Unsec. Notes 'B+'
LEADING HOLDINGS: Moody's Assigns First Time B2 Corp Family Rating
LESHI INTERNET: Founder Jia Yueting Sued for Fraud
SKYFAME REALTY: Fitch Alters Outlook on 'B-' IDR to Negative

[*] CHINA: Express Delivery Giants Struggle to Stem Losses
[*] CHINA: Surge in Factory-Gate Prices Adds to Inflation Worries


H O N G   K O N G

CIFI HOLDINGS: Moody's Assigns Ba3 Rating to Proposed USD Notes
JIAYUAN INT'L: Moody's Assigns B3 Rating to New USD Notes
YANLORD LAND: Moody's Assigns Ba3 Rating to Proposed USD Notes


I N D I A

ABHI S.K.HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
AHITRI SPINNING: Insolvency Resolution Process Case Summary
CLARION TOWNSHIPS: Insolvency Resolution Process Case Summary
DELHI DIAMONDS: Insolvency Resolution Process Case Summary
DHARAMCHAND PARASCHAND: ICRA Keeps D Rating in Not Cooperating

DHIRAJ FOUNDATION: ICRA Keeps B- Debt Ratings in Not Cooperating
DUSMER TOOLS: ICRA Keeps C+ Debt Ratings in Not Cooperating
FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
INDO ALUSYS: Insolvency Resolution Process Case Summary
MAHENDRA INVESTMENT: Insolvency Resolution Process Case Summary

MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating
MEHTA BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating
NEW INDIA: ICRA Lowers Rating on INR44cr Fund Based Loan to B+
NEWJHON INVESTMENTS: Second Creditors' Meeting Set for May 20

PRINCE SWR SYSTEMS: Insolvency Resolution Process Case Summary
PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
R K BABU: ICRA Withdraws B+ Rating on INR11cr LT Loan
RADIUS ESTATES: Insolvency Resolution Process Case Summary
RAJVIR INDUSTRIES: Insolvency Resolution Process Case Summary

S. K. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
S.K. ELITE INDUSTRIES: Insolvency Resolution Process Case Summary
SAPPHIRE LAND: Insolvency Resolution Process Case Summary
SASPACK VENTURES: ICRA Keeps B Debt Ratings in Not Cooperating
SATWI INFRA: ICRA Keeps B Debt Rating in Not Cooperating

SIVA SANKAR: ICRA Keeps B+ Debt Rating in Not Cooperating
SPECIALITY POLYMERS: ICRA Keeps D Debt Ratings in Not Cooperating
SYNNOVA CERAMIC: ICRA Keeps B- Debt Ratings in Not Cooperating
TAURUS THERMOPLASTICS: ICRA Keeps B+ Ratings in Not Cooperating
TCS AND ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating

UNIVERSAL INDIA: ICRA Keeps B Debt Rating in Not Cooperating
V.M AND CO: ICRA Moves B Debt Rating to Not Cooperating
VAISHNAVI LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating
Y.V.S SPICES: ICRA Lowers Rating on INR6cr LT Loan to B+


N E W   Z E A L A N D

ID POWER: To Stop Trading After Failing to Keep Up With Payments


S I N G A P O R E

CHINA FISHERY: HSBC-HK Agrees to Restated RSA; June 9 Hearing Set
HATTEN LAND: Net Loss Widens to MYR7.3MM in Qtr Ended March 31
PUMA ENERGY: Moody's Affirms B1 CFR & Alters Outlook to Stable

                           - - - - -


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A U S T R A L I A
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ALIGNMENT HEALTH: Second Creditors' Meeting Set for May 20
----------------------------------------------------------
A second meeting of creditors in the proceedings of Alignment
Health Pty Ltd has been set for May 20, 2021, at 11:00 a.m. 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 19, 2021, at 5:00 p.m.

Terry John Rose and Anne Meagher of SV Partners were appointed as
administrators of Alignment Health on April 15, 2021.


BLUE TONGUE: First Creditors' Meeting Set for May 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of Blue Tongue
Pools Pty Ltd will be held on May 20, 2021, at 10:00 a.m. via
virtual meeting.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Blue Tongue on May 11, 2021.


DIAMOND OFFSHORE: Former Pacific Drilling Chief Named New CEO
-------------------------------------------------------------
Diamond Offshore Drilling, Inc., on May 10, 2021, announced that
Bernie G. Wolford Jr. has been named the Company's President and
Chief Executive Officer and will also serve on the Board of
Directors. Mr. Wolford succeeds Marc Edwards, who retired from the
Company as Chairman, President and Chief Executive Officer on April
23, 2021 when the Company and its debtor affiliates emerged from
their chapter 11 financial restructuring.

Mr. Wolford brings 40 years of industry and related experience to
his leadership role at Diamond. He served as the Chief Executive
Officer of Pacific Drilling S.A., from November 2018 to April
2021.

From 2010 to 2018, Mr. Wolford served in senior operational roles
at Noble Corporation, including five years as the company's Senior
Vice President – Operations. He began his career with Transworld
Drilling Company in 1981 and has worked in numerous locations
across the globe.

Mr. Wolford stated, "I am honored to be named Diamond's CEO, and
I'm excited to lead the Company in its next phase. Diamond
responsibly operates valuable assets, has an excellent operational
and safety reputation and maintains a competitive market position.
I look forward to meeting with our employees both on the rigs and
in offices around the world. I am committed to working with the
Board and the rest of the leadership team to ensure a seamless
transition for our clients and stakeholders."

The Company also announced that on May 7, 2021, the Board of
Directors elected Neal P. Goldman as the Company's new Chairman of
the Board. Mr. Goldman commented, "I am excited to work with Bernie
through the company's next chapter. Throughout his career, Bernie
has demonstrated a keen ability to revitalize the organizations he
leads, delivering operational and financial excellence. These
skills will be critical on Diamond's path to drive operational
efficiency and achieve profitable growth, while continuing to
deliver best of class value for our customers."

                      About Diamond Offshore

Diamond Offshore Drilling, Inc., provides contract drilling
services to the energy industry worldwide. The company operates a
fleet of 15 offshore drilling rigs, including 4 drillships and 11
semi-submersible rigs. It serves independent oil and gas companies,
and government-owned oil companies. The company was founded in 1953
and is headquartered in Houston, Texas. Diamond Offshore Drilling
is a subsidiary of Loews Corporation. The company has major offices
in Australia, Brazil, Mexico, Scotland, Singapore, and Norway.

Diamond Offshore Drilling, Inc., along with its affiliates, filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April
26, 2020. The petitions were signed by David L. Roland, senior vice
president, general counsel, and secretary.

As of Dec. 31, 2019, the Debtors disclosed $5,834,044,000 in total
assets and $2,601,834,000 in total liabilities.

The case is assigned to Judge David R. Jones.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP
are acting as the Company's legal counsel and Alvarez & Marsal is
serving as the Company's restructuring advisor. Lazard Freres & Co.
LLC is serving as financial advisor to the Company. Prime Clerk LLC
is the claims and noticing agent.


GREENSILL CAPITAL: Committee Retracts Plea to File Docs Under Seal
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Greensill Capital,
Inc., filed with the U.S. Bankruptcy Court for the Southern
District of New York a notice of withdrawal without prejudice of
its ex parte request to file under seal certain exhibits in
connection with Greensill Capital's proposed bidding procedures
relating to the sale of its 100% ownership interests in Finacity
Corp. to Adrian Katz, Finacity's CEO, Dana Katz, and the Katz
Family Trust for total consideration of approximately $24 million,
subject to overbid.

By its request, the Committee sought entry of an order authorizing
it to file redacted versions of the Confidential Information in the
Chapter 11 Case, and file unredacted versions of the Confidential
Information under seal with Court, which will remain under seal
until further order of the Court.

                      About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
The Company offers structures trade finance, working capital
optimization, specialty financing and contract monetization.
Greensill Capital Pty is the parent company for the Greensill
Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, as voluntary administrators in
Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. The petition was
signed by Jill M. Frizzley, director. It listed assets of between
$10 million and $50 million and liabilities of between $50 million
and $100 million. The case is handled by Honorable Judge Michael E.
Wiles. Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the
Debtor's counsel.


L'AQUILA OF AUSTRALASIA: 2nd Creditors' Meeting Set for May 26
--------------------------------------------------------------
A second meeting of creditors in the proceedings of L'Aquila of
Australasia Pty. Ltd. has been set for May 26, 2021, at 11:00 a.m.
at the offices of Suite 3, 167 The Entrance Road, in Erina, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 25, 2021, at 4:00 p.m.

Tim Heesh and Amanda Lott of TPH Insolvency were appointed as
administrators of L'Aquila of Australasia on Feb. 15, 2021.


METRO FINANCE 2020-1: Moody's Hikes Rating on Class E Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Metro Finance 2020-1 Trust.

The affected ratings are as follows:

Issuer: Metro Finance 2020-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Jul 9, 2020
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Jul 9, 2020
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Jul 9, 2020
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jul 9, 2020
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

Following the April 2021 payment date, the credit enhancement
available for the Class B, Class C, Class D and Class E Notes has
increased to 14.7%, 9.9%, 7.7% and 3.7% from 11.4%, 7.7%, 6.0% and
2.9% at closing.

The deal has also been performing well. As of end-March 2021, 0.25%
of the outstanding pool was 30-plus day delinquent, 0.03% was
90-plus day delinquent, and 0.04% of loans were under
COVID-19-related hardship payment arrangements. The portfolio has
incurred AUD64,317 losses (equivalent to 0.02% of original pool) to
date, all of which have been covered by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has maintained
its expected default assumption at 3.5% as a percentage of the
outstanding pool (equivalent to 2.75% as a percentage of original
pool balance).

Moody's has also lowered the Aaa portfolio credit enhancement to
18% from 20%.

Moody's analysis has also considered various stress scenarios of
higher mean default rates and backloading of losses to evaluate the
resiliency of the note ratings.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of small businesses from a gradual and unbalanced
recovery in Australian economic activity.

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

The transaction is a cash securitisation of auto loans and leases
originated by Metro Finance Pty Limited and extended to prime
commercial obligors located in Australia.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


STR (AUSTRALIA): Second Creditors' Meeting Set for May 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of STR (Australia)
Construction Pty Ltd has been set for May 19, 2021, at 11:00 a.m.
at the offices of PCI Partners Pty Ltd, Level 8, 179 Queen Street,
in Melbourne, Victoria.

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 18, 2021, at 5:00 p.m.

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


VIRK BROS: First Creditors' Meeting Set for May 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of Virk Bros
Trucking Pty. Ltd. will be held on May 21, 2021, at 11:00 a.m. via
virtual technology.

Neil Cussen and Matthew Joiner of Cor Cordis were appointed as
administrators of Virk Bros on May 11, 2021.




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C H I N A
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GREENLAND HOLDING: S&P Alters Outlook to Stable & Affirms 'BB' ICR
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Greenland Holding
and its strategically important subsidiary Greenland Hong Kong
Holdings Ltd. (Greenland HK) to stable from positive. At the same
time, S&P affirmed the 'BB' long-term issuer credit rating on
Greenland Holding and 'BB-' long-term issue rating on the senior
unsecured notes that the company guarantees. S&P also affirmed its
'BB-' long-term issuer credit rating on Greenland HK.

The stable outlook on Greenland Holding reflects S&P's expectation
that the company will generate sizable cash flows for debt
reduction and repayment over the next one to two years, while
maintaining healthy access to banking lines.

The outlook revision on Greenland Holding reflects S&P's belief the
company's tighter funding access could add to capital structure
challenges. Given the sizable maturities due in the second half of
2021 and 2022, the company may need to prioritize its internal cash
generation for repayment, rather than repaying certain higher cost,
short-term borrowings. Any refinancing through the offshore and
domestic capital markets will likely be costlier and with shorter
tenors.

The tighter access will likely shift Greenland Holding's debt mix
to be more concentrated in bank borrowings. Although bank loans
continue to be stable and supportive, it will narrow Greenland
Holding's funding options against peers and dampen future business
growth. The company is also less likely to get a new quota from the
regulator for refinancing once existing bonds are repaid. As of end
2020, about 74% of the company's debt are from banks, followed by
17% in bonds (5% domestic and 12% offshore), 3% in trust financing,
and 6% in entrusted loans and finance leases. S&P expects the share
of bonds may reduce toward 10% over the next two years, increasing
the reliance on other channels.

S&P said, "Our rating affirmation reflects Greenland Holding's
commitment to reduce debt. Through accelerating cash generation and
controlling spending, the company will secure sufficient repayment
sources despite tighter funding. We project it will generate
Chinese renminbi (RMB) 19 billion-RMB21 billion of cash inflow in
2021, and RMB17 billion-RMB19 billion in 2022. In 2020, Greenland
Holding reported RMB42.8 billion of net cash inflow from its
operating and investing activities, and a further RMB7.2 billion in
the first quarter of 2021."

Greenland Holding plans to deleverage and meet regulatory
guidelines. The company is among one of the 12 pilot developers in
China that have to meet the "three red lines" before June 2023,
which covers ratios of cash to short-term debt, liabilities to
assets, and net debt to equity. It has met the ratio of cash to
short-term debt in the first quarter of 2021, and targets to meet
the others over the next two years.

Greenland Holding's cash generation, unrestricted cash, and liquid
investments should well cover its debt maturities. S&P said, "We
understand the company is also maintaining a cross-border cash pool
sufficient for remitting cash externally. In addition, we estimate
about RMB5 billion in cash generated from its offshore project
sales annually over the next two years, located mainly in
Australia, U.S., U.K., Malaysia, and South Korea." In December 2020
and the first quarter of 2021, Greenland Holding repaid RMB18
billion in domestic bonds and about RMB4.6 billion equivalent in
offshore notes through internal resources, including RMB6.2 billion
from the delivery of its projects in Korea and Canada. As of end
March 2021, the company has domestic and offshore bonds totaling
about RMB10.1 billion due or putable in 2021 and RMB14.8 billion in
2022; of that, US$1.47 billion (RMB9.6 billion equivalent) and
US$1.67 billion (RMB10.9 billion equivalent) are offshore bonds.
Meanwhile, the company had RMB88.2 billion in unrestricted cash and
liquid investments as of March 2021.

Greenland Holding's debt reduction plan will improve its liquidity
position and debt leverage, but it may temper business growth. S&P
said, "We anticipate the company's contracted sales growth from
property development may continue to lag behind peers, as it slows
down land acquisitions. We estimate Greenland Holding will spend
RMB75 billion-RMB85 billion in land acquisitions annually over the
next two years, about the same level as in 2020. Therefore, we
estimate its contracted sales will remain at RMB350 billion-RMB370
billion. In 2020, the company spent about RMB92.9 billion on land
(attributable portion: RMB83.8 billion), potentially converting
saleable resources of RMB333 billion. The level is slightly lower
than its contracted sales. From this slower growth, we estimate
Greenland Holding's debt-to-EBITDA ratio will improve toward
5.0x-5.5x in 2021 and 4.5x-5.0x in 2022."

S&P said, "The company's engineering and construction segment has
grown rapidly over the past two years and will become an important
growth driver. We expect segment revenue to increase by about 55%
in 2021, mainly due to the acquisition of Guangxi Engineering &
Construction in November 2020. We forecast the segment margin at
about 4% for 2021 (dropping from 4.6% in 2020 due to the
consolidation of Guangxi E&C), which is still low compared with
peers. As Greenland Holding is taking steps to centralize sourcing
and project management of its E&C platforms, we expect sector
margins to improve toward 4.5% in 2022 or 2023.

"We revised the outlook on Greenland HK because we continue to view
the company as a strategically important subsidiary of Greenland
Holding. We expect Greenland Holding to remain the controlling
shareholder and control Greenland HK's management and strategy.

"Greenland HK will further enhance its market position in Yangtze
River Delta and Greater Bay Area after consolidating projects from
Greenland Holding. Greenland HK acquired Guangzhou Greenland in
2020, including 15 projects in Guangzhou, nine projects in Foshan,
and the rest in other Guangdong cities. We believe these projects,
with saleable resources of about RMB100 billion, will support its
sales growth over the next one to two years. In addition, YRD will
continue to be Greenland HK's key market as nearly 38% of its land
reserves were located there in 2020. We anticipate Greenland HK to
achieve its annual sales target of RMB60 billion in 2021 and
further grow to RMB64 billion-RMB66 billion in 2022, from RMB54.5
billion in 2020.

"We believe Greenland HK's leverage, despite moderate increase,
will remain relatively low due to reasonable land spending and
construction costs. The company's land bank increased to 27 million
square meters as of March 25, 2021, including projects totaling 6.9
million square meters from Guangzhou Greenland. We therefore expect
the company has more flexibility in terms of land replenishment
needs for scale expansion because its current land reserves are
sufficient to further development over the next three to five
years.

"However, gross margin contraction will push leverage higher over
the next one to two years, in our view. A significant EBITDA margin
deterioration is unlikely as the company has actively implemented
cost controls initiatives, such as e-commerce platform, to reduce
costs and selling, general and administrative expenses. Besides,
controlling leverage will remain a key group initiative within the
Greenland Group. We therefore expect its leverage ratio to hover at
4.4x-4.6x in 2021 and 2022, from 3.9x in 2020."

Greenland HK's short maturity profile indicate continued
refinancing pressure. The company has about 45% of total debt due
within a year and a weighted average maturity of 1.9 years overall.
Its relatively clean capital structure with domestic banking
relationships and status as a subsidiary of a state-owned
enterprise partially offset the above weaknesses.

GREENLAND HOLDING

S&P said, "The stable outlook on Greenland Holding reflects our
expectation that the company will generate sizable cash inflows for
debt reduction through accelerating cash collection while being
disciplined in land and other business acquisitions. That will help
the company to improve its leverage over the next 12-24 months. We
also expect Greenland Holding to maintain healthy banking access
and manage its bond maturities through internal resources.

"We could lower the rating if the company's market position weakens
which could be demonstrated by sales execution and earnings growth
from property development and other segments lagging behind peers.
In this case, a debt-to-EBITDA ratio not improving toward 5x would
lead to a downgrade.

"In a less likely scenario, we could lower the rating if the
company maintains its market position through significant
contracted sales growth but fails to reduce debt and maintain
profitability. In this case, a debt-to-EBITDA ratio of above 6.5x
could lead to a downgrade.

"We may raise the rating on Greenland Holding if the company
significantly grows its contracted sales and revenue generation,
such that its market position will remain comparable with the
strongest peers in the sector. At the same time, it also widens its
access to both domestic and offshore capital markets and improves
its debt-to-EBITDA ratio sustainably below 5x."

GREENLAND HK

The stable outlook on Greenland HK reflects the outlook on
Greenland Holding. S&P also expects Greenland HK to focus on key
markets over the next 12 months to increase its contracted sales
despite a lower attributable ratio due to more partnerships. The
company will also control debt to be in line with Greenland
Holding's deleveraging initiatives.

S&P said, "We may lower the rating if the same happens to Greenland
Holding. We may also lower the rating on Greenland HK if: (1) we
believe the company's importance within the group has weakened
because of a change in the parent's strategy; or (2) in a less
likely scenario, the group's control and supervision of Greenland
HK weakens, which a fall in the parent's shareholding in the
company would indicate."

S&P may upgrade Greenland HK if we upgrade Greenland Holding.

S&P could raise its assessment of Greenland HK's stand-alone credit
profile if: (1) the company improve its sales execution and
demonstrate a track record of increasing significant portion of
contract sales from its newly acquired projects in Guangzhou
Greenland; and (2) the company sustainably improves its capital
structure over the next 12 months with lengthening of its weighted
average debt maturity to above two years.


HOPSON DEVELOPMENT: Fitch Rates Proposed USD Unsec. Notes 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned China-based Hopson Development Holdings
Limited's (B+/Stable) proposed US dollar senior unsecured notes a
'B+' rating with a Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Hopson's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. The company plans to use the net proceeds
for refinancing.

Hopson's ratings are supported by the company's moderate leverage,
sizeable and high-quality land bank, healthy margins and rising
recurring income from its high-quality investment property (IP)
portfolio. The ratings are constrained by Hopson's small scale
relative to higher-rated peers.

KEY RATING DRIVERS

Large, Well-Located Land Bank: Hopson's good-quality land bank
continues to support the company's ability to meet its higher sales
target of CNY50 billion in 2021, from CNY36 billion in 2020. Hopson
had 28 million square metres of land bank for sale as at end-2020,
spread across the cities of Guangzhou, Huizhou, Beijing, Tianjin
and Shanghai. Hopson acquired the majority of its land bank many
years ago at a low cost, as reflected in its high development
property EBITDA margin after adding back capitalised interest of
over 40%.

Reduced Leverage Headroom: Leverage, measured by adjusted net
debt/adjusted inventory, rose to 42% by end-2020 from 35% at
end-2019, driven by land acquisitions and equity investments.
Hopson adopts an opportunistic strategy and has gone through
periods of debt-funded expansion, including in 2013, 2017 and 2020.
Fitch expects leverage to stay below 50% in the absence of further
large investments, and would consider negative rating action above
this level. The reduced leverage headroom is mitigated by Hopson's
high margin.

Equity Investments Heighten Risk: Fitch regards Hopson's equity
investments as negative for its credit profile, given potential
volatility and the company's limited record in these investments.
Hopson's equity portfolio totalled HKD28 billion at end-2020 and
comprised private and listed investments. Fitch applies a 40% cash
credit to the listed portfolio, but no cash credit to the private
portfolio, to assess leverage. Fitch may revise the cash credit
applied to the listed securities if there is evidence of heightened
volatility or weakened liquidity in the portfolio.

Rising Rental Income: Hopson's IP portfolio had a leased floor area
of around 1.1 million square metres at end-2020 and generates
annual commercial property income of around CNY3.3 billion. The
majority of rental income is from properties in Beijing, Shanghai
and Guangzhou. Fitch expects rental income will continue rising due
to new IP completions and room for positive rental reversion at
existing IPs based on increased maturity and prime locations.

Recurring EBITDA/gross interest expense should be stable at around
0.4x in the coming few years, as higher rental income is offset by
rising interest expense, which will support Hopson's credit
profile.

Scale Constrains Rating: Hopson's total contracted sales rose 54%
to CNY36 billion in 2020, meeting management's target for the year.
However, its attributable contracted sales remain substantially
lower than 'BB-' peers' more than CNY50 billion, despite the strong
sales growth, which continue to constrain Hopson's ratings.

ESG - Governance: Hopson has an ESG Relevance Score of '4' for
Governance Structure. Its sister companies such as Pearl River Life
Insurance Co., Ltd. and Guangdong Pearl River Investment Holding
are much more leveraged than Hopson and may need support from the
Chu family that owns 71% of Hopson. However, Fitch believes Hopson
has sufficient corporate governance safeguards as a Hong
Kong-listed company, evident from its clean record on related-party
transactions for the past five years after checks from independent
directors.

Fitch believes the amount of purchase from related parties remains
reasonable at 11% of cost of sales in 2020. As such, Fitch does not
consider related-party transactions as a rating constraint at the
current rating level.

DERIVATION SUMMARY

Hopson's leverage of around 45% is comparable with the 40%-50%
leverage of 'B+' rated peers, such as Fantasia Holdings Group Co.,
Limited (B+/Stable), Helenbergh China Holdings Limited (B+/Stable)
and Hong Kong JunFa Property Company Limited (B+/Stable). Its
contracted sales scale is also comparable with or slightly smaller
than that of 'B+' peers, but this is compensated by its much
larger, well-located land bank and high-quality IP portfolio, with
non-development property EBITDA interest coverage of 0.4x.

Hopson's leverage is comparable with that of some 'BB-' rated
homebuilders, such as Times China Holdings Limited (BB-/Stable),
but its substantially lower attributable contracted sales scale
justifies the one-notch rating difference.

KEY ASSUMPTIONS

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

-- Annual contracted sales growth of 10%-15% in 2021-2023 (2020:
    70%);

-- Cash collection rate of 80% in 2021-2023 (2020: 76%);

-- Land premium at 40% of sales proceeds in 2021-2023 (2020:
    133%);

-- Construction costs at 30% of sales proceeds in 2021-2023
    (2020: 36%);

-- Annual rental income growth of 10%-15% in 2021-2023 (2020:
    20%).

RATING SENSITIVITIES

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

-- Attributable contracted sales expand to a level that is
    comparable with that of 'BB-' peers on a sustained basis;

-- Net debt/adjusted inventory below 40% for a sustained period.

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

-- Significant decline in attributable contracted sales;

-- Net debt/adjusted inventory above 50% for a sustained period;

-- Material increase in related-party asset transactions that do
    not significantly enhance Hopson's business or financial
    profile and are beyond the company's business scope.

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

Comfortable Liquidity: Hopson had available cash of HKD27.9 billion
and listed equity investments of HKD19.5 billion at end-2020,
sufficient to address short-term debt of HKD27.0 billion, including
a USD500 million bond puttable in June 2021. Subject to market
conditions, the company plans to roll over the bonds or refinance
with new issuance. It is also prepared to address any shortfall by
liquidating its equity investments, if needed. Hopson issued USD400
million in 364-day notes at a coupon of 5.8% in January 2020.

ESG CONSIDERATIONS

Hopson has an ESG Relevance Score of '4' for Governance Structure,
which reflects the shareholding concentration and presence of
highly leveraged related parties. This 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.


LEADING HOLDINGS: Moody's Assigns First Time B2 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Leading Holdings Group Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"Leading Group's B2 CFR reflects the company's long operating track
record in its key markets of Sichuan province," says Celine Yang, a
Moody's Vice President and Senior Analyst. "The rating also
considers Leading Group's good credit metrics compared with many of
its B2-rated peers, as well as its adequate liquidity."

"On the other hand, the B2 CFR is constrained by Leading Group's
small operating scale and the execution risks associated with its
expansion plans, high exposure to lower tier cities, limited
funding channels, and large trust loan financing," adds Yang, who
is also Moody's Lead Analyst for Leading Group.

Leading Group has over 20 years of property development experience
in China with a focus on Sichuan province. Many of the senior
management has been working with the company for over 10 years, and
has a good understanding of its key local markets.

Moody's forecasts Leading Group will further grow its contracted
sales to around RMB25 billion over the next 12-18 months. In the
first four months of 2021, gross contracted sales reached RMB8.2
billion. The business had grown rapidly over the past two to three
years with contracted sales increasing to RMB23.4 billion in 2020
from RMB 6.9 billion in 2017.

Contracted sales will rise on the back of the company's continued
focus in its key markets in Sichuan province. Specifically, Moody's
estimates Sichuan province will account for around 70%-75% of the
company's contracted sales over the coming one to two years.

At the same time, revenue will rise in the coming 12-18 months,
which will largely offset debt growth during the same period. As
such, Moody's expects the company's debt leverage, measured by
revenue/adjusted debt, will remain largely stable at 80%-85% over
the next 12-18 months, from 83% in 2020.

Meanwhile, the company's adjusted EBIT/interest coverage will
weaken to 2.0x-2.2x over the next one to two years from 2.6x in
2020, as higher land costs curb gross margins. Specifically,
Moody's expects Leading Group's reported gross margin to reduce to
21%-22% over the next 12-18 months from 27% in 2020.

The B2 CFR is constrained by Leading Group's small operating scale
and execution risk stemming from its expansion plans outside
Sichuan province, where it lacks operating experience in these new
markets. Moody's expects the company to increase joint ventures
(JVs) with other developers or enterprises. This strategy will
reduce its capital outlay for new property projects, but it will
reduce its corporate transparency and weaken its control on the
cash flow of these projects.

Leading Group also has significant exposures to lower-tier cities,
which are mainly located in Sichuan province. These lower-tier
cities have more volatile housing demand in general due to their
less developed infrastructure and weaker economies compared with
higher tier cities.

Leading Group's liquidity is adequate. Its total cash balance of
RMB5.9 billion as of the end of 2020 covered 1.4x of short-term
debt of RMB4.1 billion as of the same date. Moody's expects the
company's cash holdings, along with its projected operating cash
flow, to be sufficient to cover its short-term debt, committed land
premiums and dividend payments over the next 12 months.

That said, Leading Group's funding channels are limited, and it has
large amounts of trust financing. As of the end of 2020, trust loan
and asset management loans accounts for 28% and 15% respectively of
the company's reported debt -- a high level compared with many of
its B-rated peers. These trust loans generally have higher interest
costs and carry higher refinancing uncertainty given their shorter
tenor and higher regulatory risk due to the central government's
continued efforts to reduce shadow banking activities.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership. Mr.
Liu Yuhui, Leading' Group's largest shareholder, and his brothers,
together hold a 72% equity stake in the company as of February 28,
2021.

Moody's has also considered (1) the presence of three independent
nonexecutive directors out of a total of seven board members and
(2) the presence of other internal governance structures and
standards as required by the Hong Kong Stock Exchange (HKEX).

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

The stable rating outlook reflects Moody's expectation that Leading
Group will maintain sufficient balance sheet liquidity and grow its
scale as planned, while maintaining a disciplined approach to land
acquisitions.

Moody's could upgrade Leading Group's rating if the company (1)
executes its business plan and grows its scale without sacrificing
profitability; (2) strengthens its financial profile, with
EBIT/interest above 2.5x-3.0x consistently; (3) maintains
sufficient liquidity, with cash/short-term debt consistently above
1.5x; and (4) improves its funding channels and significantly
reduces its reliance on trust financing.

On the other hand, Moody's could downgrade the rating if the
company (1) suffers from weaker contracted sales; or (2)
accelerates its land acquisitions beyond Moody's expectations,
worsening its financial metrics and liquidity; or (3) fails to
improve funding access.

Financial metrics indicative of a downgrade include: (1)
EBIT/interest coverage below 1.5x; (2) revenue/adjusted debt below
50%-55%; or (3) a weaker liquidity position or higher refinancing
risk, such that its cash/short-term debt falls below 1.0x on a
sustained basis.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases materially. This could be the
result of a material deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investments towards new JV projects.

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

Established in 1999, Leading Holdings Group Ltd (Leading Group) is
a Sichuan-based Chinese property developer with over 20 years of
property development experience. As of the end of 2020, the company
had 106 property development projects with a gross land bank of
16.5 million square meters. In 2020, Leading Group reported gross
contracted sales of RMB23.4 billion, with 75% of the sales
attributable to the company.


LESHI INTERNET: Founder Jia Yueting Sued for Fraud
--------------------------------------------------
Caixin Global reports that Leshi Internet Information & Technology
Corp. and its fugitive founder Jia Yueting were sued by 11
individual investors alleging fraud after China’s top securities
regulator imposed penalties on similar charges.

Caixin relates that the Beijing Financial Court said May 12 it
accepted the case brought by the Leshi investors, whose suit names
the company and 21 parties including founder Jia.

The case was the first securities dispute accepted by the Beijing
court, which opened in March as the country’s the second tribunal
created to specialize in civil and commercial financial disputes,
Caixin says. The first such court was established in Shanghai.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.

Leshi Internet has been mired in massive debt woes since its parent
LeEco was hit with a cash crunch after years of aggressive
expansion, according to Caixin Global. Founder Jia Yueting fled
China to the U.S. and has not returned since the summer of 2017,
leaving behind CNY11.9 billion (US$1.7 billion) of debts. Mr. Jia
was blacklisted as a debt defaulter by a Chinese court. In October,
Mr. Jia filed for bankruptcy in the U.S.


SKYFAME REALTY: Fitch Alters Outlook on 'B-' IDR to Negative
------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
homebuilder Skyfame Realty (Holdings) Limited to Negative from
Stable, and affirmed the Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B-'. The agency also affirmed Skyfame's senior
unsecured rating and the ratings on its outstanding bonds at 'B-',
with a Recovery Rating of 'RR4'.

The revision of Outlook reflects Skyfame's weakened liquidity
position, and the risk of the company having difficulties in
refinancing or repaying the USD87.5 million senior notes due in
July 2021 and USD249 million senior notes due in July 2022. The
ratings are also constrained by the company's small scale, with
attributable contracted sales of CNY6.4 billion in 2020.

The ratings are supported by the company's stable leverage and
good-quality land bank. Skyfame was confirmed as the operating
entity of the Guangzhou Fengwei redevelopment project in December
2020, and Fitch expects the project to roughly double the size of
Skyfame's existing land bank.

KEY RATING DRIVERS

Weak Liquidity Position: Skyfame's available cash to short-term
debt ratio decreased to 0.4x by end-2020 from 0.8x at end-2019. Its
short-term debt (CNY4.5 billion) comprised mostly of trust loans
(CNY1.1 billion), US dollar bonds (USD274 million that turn
puttable in July 2021 and USD87.5 million maturing in July 2021)
and private offshore bonds (CNY0.3 billion), which are subject to
higher refinancing risk than bank borrowings.

Although, Fitch expects holders of only USD25.5 million of the
USD274 million bonds that turn puttable in July 2021 to exercise
their options, the remainder will mature in July 2022. Fitch
considers the company's debt maturity profile to be weaker than
those of its peers in the 'B' rating category.

Refinancing Risk to Resurface: Skyfame plans to refinance the bonds
puttable (USD25.5 million) and maturing (USD87.5 million) in July
2021 with new US dollar bonds. While this carries execution risk,
cash on hand should be enough to address the maturities, if
required. However, Skyfame will face refinancing risk again when
the remaining USD249 million of the USD274 million bonds mature in
July 2022. The company will also have to address USD80 million of
bonds puttable in December 2022, and any short-dated US dollar
bonds that may be issued to refinance the USD87.5 million bonds
maturing in July 2021.

Decline in Contracted Sales: Skyfame's attributable contracted
sales is one of the lowest among 'B-' rated peers. Attributable
contracted sales fell 24% in 2020 to CNY6.4 billion, even though
total contracted sales rose by a third to CNY16 billion in 2020, as
it included CNY8 billion of contracted sales from JVs in which it
has just 4%-5% interest. Sales were weaker than expected in 2020,
due to less saleable resources after construction delays during the
pandemic, and Skyfame's focus on profitability (gross profit margin
was stable at 28% in 2020) while competitors reduced prices to
drive sales growth.

Some of Skyfame's delayed saleable resources were launched in 1Q21
and the company had consolidated contracted sales of CNY1.8 billion
in 1Q21. Given that the demand for properties in the Tier-2 cities
that the company focuses on (such as Chongqing, Kunming and
Nanning) remains robust, Fitch believes the company's contracted
sales can recover in 2021.

Stable Leverage: Skyfame's leverage, measured by net debt /adjusted
inventory, rose slightly to 55% by end-2020, from 53% at end-2019.
The increase was limited despite weaker-than-expected contracted
sales performance because the company did not acquire land during
the year, other than spending CNY1.6 billion on villager
compensation for the Guangzhou Fengwei redevelopment project. In
Fitch's rating case, Fitch forecasts leverage to rise to 57% by
end-2021, assuming that the company spends 33% of sales proceeds on
land acquisitions (including the land premium for Guangzhou
Fengwei).

Quality Land Bank: Skyfame will pay an estimated CNY1.1 billion of
land premium for the Guangzhou Fengwei redevelopment project this
year. Fitch expects the project to add 740,000 square metres (sqm)
of saleable area, or CNY24 billion of saleable resources. Fitch
estimates the total cost of acquiring the land at CNY9,000/sqm and
expect the project to achieve high profit margin, with pre-sales
from late-2022 or 2023. With this project, Skyfame will have
sufficient land for around five years of development based on its
2021 sales target, giving it some flexibility in land bank
replenishment.

DERIVATION SUMMARY

Both Skyfame's and Guorui Properties Limited's (B-/Negative)
ratings are constrained by weak liquidity and high refinancing
risk, as both companies have significant amounts of capital market
debt with relatively short tenure.

Guorui's business profile is stronger as it has a larger land bank
that can support 10 years of sales, compared with around five
years, including the Guangzhou Fengwei project, for Skyfame. Guorui
also has higher and more consistent contracted sales (consolidated
contracted sales of around CNY12 billion, compared with Skyfame's
CNY6 billion), and a more geographically diversified land bank.
However, Skyfame appears to have better access to the US dollar
bond market based on its lower bond yields, and the longer tenor of
its most recent issuances.

KEY ASSUMPTIONS

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

-- 22% attributable contracted sales growth in 2021, followed by
    7%-8% growth per annum (2020: decrease of 24%);

-- 25%-26% EBITDA margin in 2021-2022 (2020: 27%);

-- 90% cash collection rate in 2021-2022 (2020: 80%);

-- 33% and 18% of sales proceeds spent on land acquisitions in
    2021 and 2022, respectively (2020: 28%);

-- 40% of sales proceeds spent on construction costs in 2021-2022
    (2020: 55%).

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Skyfame would be
    liquidated.

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Advance rate of 75% on net inventory given EBITDA margin of
25-30%.

Advance rate of 25% on investment properties based on a 6.5%
capitalisation rate, given 1.5% rental yield on completed
investment properties.

Advance rate of 60% on property, plant and equipment, which include
buildings, assets under construction, and land-use rights

Advance rate of 70% on receivables, which includes trade
receivables, sales proceeds kept by government and tender deposit
in development project

Advance rate of 100% on available cash and restricted cash, with
payables (including trade payables, construction costs payable and
tender payable to suppliers) added to the liability waterfall as it
exceeds the available cash balance.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR4' Recovery Rating for offshore
unsecured debt.

RATING SENSITIVITIES

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

-- The Outlook may return to Stable if there is material
    improvement in attributable contracted sales and the debt
    maturity profile.

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

-- Failure to access capital markets to refinance bond maturities
    in a timely manner, including the USD87.5 million of bonds
    maturing in July 2021 and USD249 million of bonds maturing in
    July 2022;

-- No meaningful improvement in liquidity position and debt
    maturity profile;

-- No meaningful recovery in attributable contracted sales;

-- Leverage, measured by net debt/adjusted inventory, sustained
    at above 65%.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY11.7 billion in adjusted inventory at
end-2020 includes properties under development, properties held for
sale, prepayment for proposed projects, investment properties,
buildings, assets under construction, land use rights, interest in
joint ventures, amounts due from minority shareholders of
subsidiary companies and unpaid capital to be contributed by a
non-controlling shareholder. Contract liabilities are deducted from
the summation of the above items. Fitch adjusted the value of
investment properties based on a 4% capitalisation rate on rental
income plus the fair value of investment properties under
construction.

ESG CONSIDERATIONS

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


[*] CHINA: Express Delivery Giants Struggle to Stem Losses
----------------------------------------------------------
Caixin Global reports that most of China's express delivery giants
lost money last year despite delivering significantly more parcels,
as a new entrant backed by Pinduoduo exacerbated an ongoing price
war that has squeezed margins.

The four listed Chinese courier firms that had reported by April 30
lost a total of CNY480 million (US$74.16 million) in the first
quarter, an analysis of their quarterly earnings showed, Caixin
relays.

STO Express and SF Holding both posted their first ever quarterly
losses, while Yunda Express and YTO Express (600233.SH) both posted
slimmer profits, Caixin discloses.  Two more listed firms, ZTO
Express and Best Express, have not yet reported their first quarter
results.


[*] CHINA: Surge in Factory-Gate Prices Adds to Inflation Worries
-----------------------------------------------------------------
Stella Yifan Xie at The Wall Street Journal reports that China's
factory-gate prices jumped by the most in 3 1/2 years in April,
driven by surging commodities prices, raising concerns that
inflationary pressures could spread globally.

The country's consumer-price index, a measure of inflation that
tracks prices for a basket of goods and services, rose 0.9% in
April from a year earlier, reaching a seven-month high, according
to The Wall Street Journal.  The producer-price index, a gauge of
factory-gate prices, rose 6.8% last month, the fastest pace since
October 2017, China's National Bureau of Statistics said, the
report notes.

The report relays that the producer figure was higher than the
median forecast of 6.5% among economists polled by The Wall Street
Journal.  The consumer number was in line with expectations.

A prolonged disruption in global supply chains and the resurgence
of Covid-19 in some emerging markets fueled commodities prices'
climb, the report notes.  That in turn pinched profit margins for
Chinese producers, who gained share in global exports during the
pandemic and saw overseas demand continue to boom this year, the
report discloses.

"If the bargaining power of Chinese producers is strong, there is a
certain possibility that the rise in Chinese product prices will
spill over onto global inflation," said Zhang Ning, an economist at
UBS, the report adds.




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

CIFI HOLDINGS: Moody's Assigns Ba3 Rating to Proposed USD Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the USD notes to be issued by CIFI Holdings (Group) Co.
Ltd. (Ba2 stable).

CIFI plans to use the proceeds from the proposed notes to refinance
its existing debt.

RATINGS RATIONALE

"CIFI's Ba2 corporate family rating (CFR) reflects the company's
ability to execute its property development strategy, which is
focused on catering to housing demand from upgrades in key Tier 1
and Tier 2 cities. This focus helps the company achieve a rapid
asset turnover," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

The rating also takes into account the company's good liquidity,
expanding scale and diversified geographic coverage.

At the same time, CIFI's credit profile is constrained by its
moderate debt leverage and material exposure to its joint venture
(JV) businesses, which hinders the transparency of its credit
metrics, although this is mitigated by the good reputation of its
JV partners.

The proposed issuance will improve CIFI's liquidity profile and not
materially affect its credit metrics, because the company will use
the proceeds to refinance its debt.

Moody's expects CIFI's debt leverage -- as measured by
revenue/adjusted debt, excluding adjustments for its JVs and
associates -- will improve to 65%-70% over the next 12-18 months,
from 59% for 2020. The improvement will be driven by the company's
(1) robust revenue recognition on the back of strong contracted
sales over the past 2-3 years, (2) disciplined approach to growth,
and (3) controlled debt increases.

In addition, Moody's expects CIFI's EBIT/interest, excluding
adjustments for its JVs and associates, will improve to 3.1x-3.3x
from 2.8x over the same period, driven by Moody's expectation for
strong growth in the company's revenue, stable profit margins, and
lower average funding costs.

Moody's believes CIFI's sizable salable resources, strong sales
execution and solid housing demand in the company's core markets
will enable the company to further grow its contracted sales to
RMB250 billion-RMB260 billion over the next two years. CIFI's total
contracted sales grew 15.2% yearly to RMB231 billion in 2020.

The Ba3 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. The majority of CIFI's
claims are at its operating subsidiaries and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

CIFI's liquidity is good. The company's cash balance of RMB51.1
billion covered 2.7x of its short-term debt as of the end of 2020.
Moody's expects the company's cash holdings, together with expected
operating cash inflow, will be able to cover its maturing
short-term debt, committed land purchases, dividend payments, and
capital spending and payables for previous acquisitions over the
next 12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account CIFI's concentrated ownership. Its
controlling shareholders, Lin Zhong and his family members,
collectively held a 52.2% stake in the company as of March 31,
2021. Moody's has also considered (1) the fact that the company's
audit and remuneration committees comprise independent
non-executive directors who maintain oversight of the company; (2)
the application of the Listing Rules of the Hong Kong Stock
Exchange and the Securities and Futures Ordinance in Hong Kong to
oversee related-party transactions; and (3) CIFI's moderate
dividend policy. The company distributed 30%-35% of its profits as
dividend during 2018-2020.

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

The stable outlook reflects Moody's expectation that CIFI will
continue to adopt a disciplined financial management to achieve its
business plan and maintain good liquidity over the next 12-18
months.

Moody's could upgrade CIFI's CFR if it (1) successfully executes
its sales plan through the cycles, (2) improves its financial
metrics, and (3) maintains strong liquidity and prudent financial
management practices. Specifically, Moody's could upgrade the
rating if CIFI's (1) revenue/adjusted debt exceeds 80%; and (2)
EBIT/interest coverage is above 4.0x-4.5x, both on a sustained
basis.

A significant reduction in contingent liabilities associated with
JVs or a lower likelihood of providing funding support to JVs could
also be credit positive. This could be the result of reduced usage
of JVs or a significant improvement in the financial strength of
its JV projects.

On the other hand, Moody's could downgrade the rating if CIFI's (1)
contracted sales deteriorates; (2) credit metrics weaken, with
EBIT/interest coverage falling below 3.0x-3.5x or revenue/adjusted
debt falling below 65% on a sustained basis; or (3) liquidity
deteriorates, as reflected by cash/short-term debt falling below
1.25x.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases significantly. This could be the
result of a significant deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investments in new JV projects.

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

CIFI Holdings (Group) Co. Ltd. (CIFI) was founded in 2000,
incorporated in the Cayman Islands in May 2011 and listed on the
Hong Kong Stock Exchange in November 2012. As of March 31, 2021, it
was 52.2% owned by the Lin family.


JIAYUAN INT'L: Moody's Assigns B3 Rating to New USD Notes
---------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Jiayuan International
Group Limited (B2 positive).

The rating outlook is positive.

Jiayuan will use the proceeds from the notes to refinance its
existing debt.

RATINGS RATIONALE

"Jiayuan's B2 corporate family rating (CFR) reflects (1) the
company's track record in its core markets in the Yangtze River
Delta, underpinned by its strong sales execution; and (2) its
low-cost and quality land bank," says Kelly Chen, a Moody's
Assistant Vice President and Analyst.

"On the other hand, the B2 CFR is constrained by (1) Jiayuan's
developing operating scale, (2) the financial risks associated with
its debt-funded business growth, and (3) its narrow but improving
funding access," adds Chen.

The proposed notes will improve Jiayuan's liquidity and debt
maturity profile without substantially impacting its credit
metrics, because the company will mainly use the proceeds to
refinance its existing debt.

Moody's expects Jiayuan's revenue/adjusted debt will improve to
83%-92% over the next 12-18 months from 85.8% in 2020, as revenue
growth from strong pre-sales over the past two years will outpace
debt growth.

Meanwhile, the company's adjusted EBIT/interest will remain strong
at 3.2x-3.6x from 3.1x over the same period, because an expected
decline in gross margin will be offset by ongoing improvements in
debt structure as the company refinances trust loans with low-cost
bank borrowings.

Moody's expects that Jiayuan's contracted sales will grow to around
RMB40 billion over the next 12-18 months from RMB30.8 billion in
2020, considering its sufficient salable resources and solid
housing demand in its core markets. The company's contracted sales
grew 7% to RMB30.8 billion in 2020 and 43% in 2019.

Jiayuan's senior unsecured rating of B3 is one notch below its B2
CFR because of legal and structural subordination risk. Most of the
claims are at the operating subsidiaries and in the event of a
bankruptcy, they have priority over claims at the holding company.
In addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the expected
recovery rate for claims at the holding company will be low.

Jiayuan's liquidity is adequate. Its cash holdings of RMB10.9
billion at the end of December 2020 covered 155% of its short-term
debt. Moody's expects the company's cash holdings, together with
its projected operating cash flow, will enable the company to meet
its refinancing needs over the next 12 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the risks associated with the concentration
of the company's ownership in Mr. Shum Tin Ching, who held a 69.7%
stake in Jiayuan and pledged around 10.1% of the company's total
outstanding shares for financing as of March 31, 2020.

Moody's has also considered the company's listed status on the Hong
Kong Stock Exchange and the application of the Hong Kong Listing
Rules and Securities and Future Ordinance on the company. In
addition, Mr. Shum has demonstrated his commitment to the company
by injecting assets to strengthen its operations and equity base,
and reducing his share pledge loan to lower the risk of a change in
control.

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

The positive rating outlook reflects Moody's expectation that
Jiayuan will grow its operating scale without impeding
profitability, maintain strong credit metrics and improve its
capital structure over the next 12-18 months.

Moody's could upgrade the ratings if Jiayuan (1) demonstrates
sustainable growth in its contracted sales and revenue without
impeding profitability, (2) strengthens its credit metrics, with
adjusted revenue/debt above 70% and EBIT/interest higher than 3.0x
on a sustained basis, (3) further diversifies its funding channels,
and (4) maintains its change control risk at a low level.

A rating downgrade is unlikely, given the positive outlook.

However, the outlook on the ratings could return to stable if the
company records weaker growth in its contracted sales or revenue
than Moody's expectation, or if the company's credit metrics
weakens, such that (1) EBIT interest coverage trends toward 2.5x;
(2) revenue/adjusted debt falls below 65%; (3) liquidity weakens,
with its cash holdings slipping below 1.5x of short-term debt; (4)
funding channels narrow, or (5) risk of change in control
increases.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 17.7 million square meters
at the end of December 2020. It also develops and operates
commercial properties alongside its residential property projects.


YANLORD LAND: Moody's Assigns Ba3 Rating to Proposed USD Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the proposed USD notes to be issued by Yanlord Land (HK)
Co., Limited, a wholly-owned subsidiary of Yanlord Land Group
Limited (Yanlord, Ba2 stable), and guaranteed by Yanlord.

The outlook is stable.

Yanlord plans to use the proceeds from the proposed notes to
refinance its existing offshore debt and other general corporate
purposes.

RATINGS RATIONALE

"The proposed issuance will lengthen Yanlord's debt maturity
profile and have a limited impact on its credit metrics, because
the proceeds will be mainly used for refinancing," says Cedric Lai,
a Moody's Vice President and Senior Analyst.

Yanlord's Ba2 corporate family rating (CFR) reflects the company's
established brand name and high-quality products, which provide it
with strong pricing power. The company's sales strategy, aimed at
catering to a broader spectrum of market demand, helps to reduce
the negative impact from regulatory measures that constrain
property demand. The rating also takes into consideration Yanlord's
good liquidity profile and strong access to onshore and offshore
funding.

However, its rating is constrained by the company's geographic
concentration, moderate debt leverage, and material exposure to
joint venture (JV) businesses, which hinders the transparency of
its credit metrics. However, the latter is mitigated by the
company's reputable JV partners.

Moody's expects Yanlord's debt leverage, as measured by
revenue/adjusted debt, will strengthen to 65%-72% in the next 12-18
months from 49% in 2020 and 30% in 2019. This is driven by Moody's
expectation of Yanlord's strong revenue recognition on the back of
its strong contracted sales growth in the past two years, as well
as its disciplined approach to pursuing growth and controlling debt
increase.

Meanwhile, Moody's projects Yanlord's EBIT/interest coverage will
improve to 3.5x-4.0x from 3.0x over the same period, reflecting the
effect of revenue growth and declining interest costs, which will
more than offset Moody's expected decline of gross profit margin.
The company's gross profit margin will likely weaken to around 28%
in the next 12-18 months from 36% in 2020, due to rising land costs
and regulatory measures on property selling prices in its home
base.

Yanlord's total contracted sales grew 41% yearly to RMB78.5 billion
in 2020. Moody's believes Yanlord's sizable saleable resources,
strong sales execution and solid housing demand in the company's
core markets will enable its contracted sales to grow to RMB80
billion--RMB85 billion in 2021 and 2022.

Yanlord Land (HK) Co., Limited's Ba3 senior unsecured debt rating
is one notch lower than the Yanlord's Ba2 CFR due to structural
subordination risk. The subordination risk refers to the fact that
the majority of Yanlord's claims are at its operating subsidiaries
and, in the event of a bankruptcy, have priority over claims at the
holding company. In addition, the holding company lacks significant
mitigating factors for structural subordination. Consequently, the
expected recovery rate for claims at the holding company will be
lower.

Yanlord's liquidity is good. The company's cash balance of RMB17.3
billion covered 2.1x of its short-term debt as of the end of 2020.
Moody's expects the company's cash holdings, together with
operating cash flow, will be sufficient to cover its maturing
short-term debt, unpaid committed land purchases and dividend
payments in the next 12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account the concentrated ownership by
Yanlord's largest shareholder and chairman, Mr. Zhong Sheng Jian,
who held approximately 71.191%, direct and indirect, stake in the
company as of May 4, 2021. Moody's has also considered (1) the
presence of five independent non-executive directors on Yanlord's
nine-member board of directors, who also chair the audit,
nominating, remuneration as well as risk management and
sustainability committees; (2) the company's moderate 18%-25%
dividend payout ratio over the past three years; and (3) the
presence of other internal governance structures and standards, as
required under the Corporate Governance Code for companies listed
on the Singapore Exchange.

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

The stable outlook reflects Moody's expectation that Yanlord's
credit metrics will continue to improve in the next 12-18 months,
supported by its strong revenue recognition and controlled debt
increase. Also, Moody's expects the company will maintain its
financial discipline and good liquidity position over the same
period.

Moody's could upgrade Yanlord's CFR if it successfully diversifies
the operations geographically and executes its sales plan through
the cycle, while maintaining strong financial and liquidity
profiles.

Specifically, Moody's could upgrade the rating if Yanlord's (1)
revenue/adjusted debt exceeds 85%; and (2) EBIT/interest coverage
is above 4.5x-5.0x, both on a sustained basis.

On the other hand, Moody's could downgrade the rating if (1)
Yanlord's contracted sales growth slows or (2) it pursues
aggressive expansion, such that its credit metrics weaken, with
EBIT/interest coverage falls below 3.25x-3.5x and revenue/adjusted
debt reduces below 60%-65% on a sustained basis; or (3) its
liquidity weakens, as reflected by cash/short-term debt declining
below 125%.

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

Yanlord Land Group Limited is a real estate developer in China and
Singapore. The company operates across a number of major Chinese
cities, including Shanghai, Nanjing, Suzhou, Hangzhou, Nantong,
Taicang, Yancheng, Shenzhen, Zhuhai, Zhongshan, Tianjin, Tangshan,
Shenyang, Jinan, Haikou, Sanya, Wuhan and Chengdu. Yanlord also has
two residential developments in Singapore.

Yanlord Land Group Limited is listed on the Singapore Exchange in
2006. The company had a total land bank of 10.9 million square
meters by gross floor area as of December 31, 2020.




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

ABHI S.K.HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of ABHI
S.K.Hospital Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           6.32       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long Term-           4.93       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                     COOPERATING; Continues to
                                   remain 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.

ASKHPL was promoted in December 2010 by Dr. Senthilnathan and his
wife Dr. Suseela. The Company currently operates a 110 bed
multi-specialty hospital. The hospital offers specialized treatment
in Gynaecology, Neurosurgery, Plastic surgery, Trauma care,
Obstetrics, Neonatology, and General medicine, among others. The
hospital has a 25-bed intensive care unit, including an 8-bed
new-born intensive care unit, and 5 operation theaters. The
hospital is well equipped with a digital X-ray unit, 3D ultrasound
and Colour Doppler Echo, fully automated computerized laboratory,
and CT-scan. The Company has tieups with corporate, major insurance
Companies, third party administrators (TPAs) and State and Central
government agencies to offer cashless treatment.

AHITRI SPINNING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ahitri Spinning Mills Private Limited
        Survey No. 317, Dholi-Kharati Village Road
        Mouje Dholi Village, Taluka Dholka
        Ahmedabad 382240

Insolvency Commencement Date: May 3, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 30, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Bhupendra Singh Narayan Singh Rajput

Interim Resolution
Professional:            Mr. Bhupendra Singh Narayan Singh Rajput
                         A-309, ATMA House
                         Opp. Old RBI, Ashram Road
                         Ahmedabad 380009
                         E-mail: cabsrajput309@gmail.com
                                 ip.ahitri@gmail.com

Last date for
submission of claims:    May 22, 2021


CLARION TOWNSHIPS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Clarion Townships Private Limited
        Flat No. 2, First Floor
        F-50 B Madhu Vihar Ext.
        Patparganj, New Delhi
        East Delhi, DL 110092
        IN

Insolvency Commencement Date: May 3, 2021

Court: National Company Law Tribunal, New Delhi, Court No. VI

Estimated date of closure of
insolvency resolution process: October 29, 2021
                               (180 days from commencement)

Insolvency professional: Mukesh Gupta

Interim Resolution
Professional:            Mukesh Gupta
                         F-1, Milap Nagar
                         Uttam Nagar
                         New Delhi 110059
                         E-mail: camukeship@rediffmail.com
                                 cirp.clarion@gmail.com

Classes of creditors:    Real Estate Allottees/Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Arvind Mittal
                         1900, Madanpur Khaddar
                         JJ Colony, Phase 3
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: clarion.arcirp@gmail.com

                         Mr. Devendra Umrao
                         B-43A, First Floor
                         Kalkaji
                         New Delhi 110019
                         E-mail: dev.umrao@gmail.com

                         Mr. Ashish Singh
                         811, 8th Floor
                         Aggarwal Millenium Tower 1
                         Netaji Subhash Place
                         Pitampura
                         New Delhi 110034
                         E-mail: lsaadvocates@gmail.com

Last date for
submission of claims:    May 17, 2021


DELHI DIAMONDS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Delhi Diamonds Private Limited
        H.No. 3318, Basement
        Bank Street, Karol Bagh
        New Delhi, Central Delhi
        Delhi 110005

Insolvency Commencement Date: May 3, 2021

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: October 30, 2021

Insolvency professional: Ms. Deepa Gupta

Interim Resolution
Professional:            Ms. Deepa Gupta
                         B-2/110, Sector-16
                         Rohini, Delhi
                         North East
                         National Capital Territory of Delhi
                         110089
                         E-mail: advocate.deepa.gupta@gmail.com
                                 ip.dd@resolvegroup.co.in

Last date for
submission of claims:    May 17, 2021


DHARAMCHAND PARASCHAND: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Dharamchand Paraschand Exports in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–         58.00       [ICRA]D ISSUER NOT
COOPERATING;
   Pre and-Post                    Rating continues to remain
   Shipment                        under 'Issuer Not Cooperating'
   Financing                       category

   Fund-based–        (58.00)      [ICRA]D ISSUER NOT
COOPERATING;
   Interchangeable                 under 'Issuer Not Cooperating'
                                   category

   Unallocated          8.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                          Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Established in 1974, Dharamchand is involved in the business of
trading, manufacturing and exporting cut and polished diamonds
(CPD). The firm currently operates from Bharat Diamond  Bourse in
Bandra Kurla Complex and has a processing facility in Surat,
Gujarat.

DHIRAJ FOUNDATION: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dhiraj
Foundation in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term-
   Term Loan           20.63       [ICRA]B-(stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer Not
                                   Cooperating' category

   Long term–  
   Unallocated          0.13       [ICRA]B-(stable); ISSUER NOT
                                   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.
  
Dhiraj Foundation registered in December 2010 is promoted by Mr. A.
Dhirajlal Gandhi. DF commenced operations in July 2011 with
'Dhirajlal Gandhi College of Technology' (DGCT) at Salem, Tamil
Nadu. The college offers five UnderGraduate (UG) courses and four
Post-graduate (PG) courses. The college is approved by the AICTE
(All India Technical Council for Technical Education) and is
affiliated to Anna University, Tamil Nadu.

DUSMER TOOLS: ICRA Keeps C+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dusmer
Tools Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] C+/[ICRA] A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based Limit     3.00       [ICRA]C+ ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based       3.00       [ICRA]A4 ISSUER NOT
   Limit                           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 1991, Dusmer Tools Private Limited (DTPL) is
promoted by the Kolkata-based Chakravarti family. It is involved in
assembling of tyre dismantling machines and trading of hydraulic
torque wrenches, laser proximity warning systems and portable oil
filtration machines. It started with a dealership of Hytorc, U.S.
for selling hydraulic torque wrench to mining companies, oil
companies, Indian Railways, etc. Over the years, the company has
diversified its product line and has started assembling and trading
of various products.


FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ferromet
Steels Private Limited in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term–         25.00       [ICRA]D ISSUER NOT
COOPERATING;
   Cash Credit                    Rating continues to remain under

                                  the 'Issuer Not Cooperating'
                                  category

   Long-term–          3.55       [ICRA]D ISSUER NOT
COOPERATING;
   Term Loan                      Rating continues to remain under

                                  the 'Issuer Not Cooperating'
                                  category

   Long-term–          0.50       [ICRA]D ISSUER NOT
COOPERATING;
   ILG                            Rating continues to remain under

                                  the 'Issuer Not Cooperating'
                                  category

   Short-term
   FLC/ILC             4.00       [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain under

                                  the 'Issuer Not Cooperating'
                                  category

   Short-term         (4.00)      [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable                Rating continues to remain under

                                  the 'Issuer Not Cooperating'
                                  category

The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING.

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.

Ferromet Steels Private Limited (FSPL) is engaged in the
manufacturing of structural steel products such as Mild Steel (MS)
Flat, MS Angle, MS Round, MS Square, MS Channels. The company
started its manufacturing operations with a capacity of 19,200 TPA
in 2008 and later added additional capacity by setting up another
rolling mill with a capacity of 21,600 TPA, which commenced
operations during April 2012 (total installed capacity of 40,800
TPA). Apart from manufacturing structural steels, FSPL also engages
in trading of structural steels to cater to customer orders, which
are not produced in house. FSPL was initially incorporated under
the name of S. R. M. C. Exports Limited in the year 1995 and was
subsequently renamed in 2008. FSPL is promoted and managed by Mr.
Manmohan Mittal and Mr. Ashok Kumar Goel, current directors of the
company.

INDO ALUSYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Indo Alusys Industries Limited

        Registered office:
        B-292, Office No. 303
        Chandra Kanta Complex
        New Ashok Nagar
        Delhi 110096

        Corporate office:
        Wasme, Plot No. 4
        Institutional Area
        Noida Sector-16A, Noida
        Uttar Pradesh 201301

        Factory address:
        SP-2/333 Industrial Area
        Bhiwadi, Dist. Alwar
        Rajasthan

Insolvency Commencement Date: May 3, 2021

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: October 30, 2021
                               (180 days from commencement)

Insolvency professional: Vikram Bajaj

Interim Resolution
Professional:            Vikram Bajaj
                         308, 3rd Floor
                         Pearls Business Park
                         Netaji Subhash Place
                         Pitampura, New Delhi 110034
                         E-mail: bajaj.vikram@gmail.com
                                 ip.indoalusys@gmail.com

Last date for
submission of claims:    May 17, 2021


MAHENDRA INVESTMENT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mahendra Investment Advisors Private Limited
        104/105, 4th Floor
        Surya Towers
        Sardar Patel Road
        Secunderabad
        Hyderabad 500003
        Telangana

Insolvency Commencement Date: April 28, 2021

Court: National Company Law Tribunal, Secunderabad Bench

Estimated date of closure of
insolvency resolution process: October 25, 2021

Insolvency professional: Adinarayana Babji Kota

Interim Resolution
Professional:            Adinarayana Babji Kota
                         3-1-211 Upstairs
                         Somasundaram Street
                         Secunderabad 500003
                         E-mail: kotababji@gmail.com
                                 cirpmiapl@babji.co.in

Last date for
submission of claims:    May 17, 2021


MANN MEDICITI: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mann
Mediciti Wellness Centre Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-           5.80      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

   Unallocated           1.50      [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 1999, MMWC operates a hospital by the name of 'Mann
Mediciti Super Speciality Hospital'. MMWC was established in 2009
and at present it is a 100-bedded facility located in Jalandhar,
Punjab. It specialises in medicine, cardiology, neurology,
orthopaedics and plastic and reconstructive surgery, among other
branches of medical science. The company is empanelled with
ex-servicemen contributory health Scheme (ECHS), employee state
insurance scheme (ESIC) and the Food Corporation of India (FCI).
Dr. J.S. Mann serves as a senior cardiologist at MMWC and is also
the Managing Director of the company.

MEHTA BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mehta
Brothers Gems Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           35.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based                      COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long-Term           (35.00)     [ICRA]B+(Stable) ISSUER NOT
   Interchangeable                 COOPERATING; Continues to
                                   remain 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.

Mehta Brothers Gems Private Limited was established in 1966 as a
partnership firm by Mr. Dinesh Mehta & Mr. Jagdish Mehta. In 2005,
the entity's legal status was converted into a private limited
company. The company is engaged in the business of manufacturing
cut and polished diamond of size ranging medium to high carat in
different shapes and colour. The company has its registered office
at Mumbai and dedicated processing facilities at Borivali and
Goregaon in Mumbai.


MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Murugan Flour Mills (P) Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA] D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        30.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based                    Rating Continues to remain under
                                 'Issuer Not Cooperating'

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.

Shree Murugan Flour Mills (P) Ltd was established in 1986 by Mr. G
Balasubramanian. The manufacturing facility of SMFMPL is located in
Coimbatore and has an installed capacity to grind 70 MT of wheat
per day. RMFPL manufactures various wheat products including
'maida', wheat flour ('atta') and 'sooji', among others. The
products are sold under the brand name Bell. Besides, the company
is involved in trading of wheat and sale of by-products including
bran, bran flakes and dust.

NEW INDIA: ICRA Lowers Rating on INR44cr Fund Based Loan to B+
--------------------------------------------------------------
ICRA has revised the rating on the bank facility of New India
Cables Trading Private Limited to [ICRA]B+ (Stable).

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based           44.00      [ICRA]B+ (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

As part of its process and in accordance with its rating agreement
with New India Cables Trading Private Limited, 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. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Incorporated in 1982 by Mr. Suresh Pherwani and his family, New
India Cables Trading Private Limited (NTPL or the company) is an
authorized sole distributor for Polycab Wires Private Limited's
light duty cables (LDC) in Maharashtra. It is an authorized dealer
of PVC pipes and fittings works, switches and switchgears, fans of
various reputed OEMS. The company's head office is located in Pune
and has exclusive showrooms for its principals across Pune.


NEWJHON INVESTMENTS: Second Creditors' Meeting Set for May 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Newjhon
Investments Pty Ltd has been set for May 20, 2021, at 10:30 a.m. at
Commercial Club Albury, 618 Dean Street, in Albury, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 19, 2021, at 5:00 p.m.

Chris Chamberlain of Chamberlain's SBR was appointed as
administrator of Newjhon Investments on April 16, 2021.


PRINCE SWR SYSTEMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Prince SWR Systems Private Limited
        A101/102, 1st Floor
        Sunshine Plaza
        Naigaon Cross Road
        Dadar East Mumbai
        Mumbai City
        MH 400014
        IN

Insolvency Commencement Date: April 16, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 27, 2021
                               (180 days from commencement)

Insolvency professional: Hirachand Nemichand Bafna

Interim Resolution
Professional:            Hirachand Nemichand Bafna
                         1502, Girner Towers
                         Sheth Motisha Lane
                         Mazgaon, Mumbai 400010
                         E-mail: hnb1502@rediffmail.com
                         Tel: 9820428608

Last date for
submission of claims:    May 14, 2021


PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pv Knit
Fashions in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term–         0.09       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term–         7.50       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long-Term–        3.58        [ICRA]D ISSUER NOT COOPERATING;

   Proposed                      Rating continues to remain under
   Facilities                    the 'Issuer Not Cooperating'
                                 category

   Short-Term–        0.15       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
   Facilities                    the 'Issuer Not Cooperating'
                                 category

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

PV Knit Fashions, incorporated in the year 1989 by Mr Ramasamy, is
engaged in manufacturing and export of garments, primarily to
European markets. The firm manufactures knitted garments like
T-shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts,
skirts, trousers etc. It has in-house facilities for knitting,
printing, embroidering, cutting, stitching, and packaging, and
outsources dyeing and bleaching to sister concerns. PVKF has 10
knitting machines with a capacity to produce 1,600 kg of fabric per
day and 250 sewing units to manufacture up-to 10,000 pieces of
garments (basic style).

R K BABU: ICRA Withdraws B+ Rating on INR11cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the ratings for the bank facilities of R K Babu
Trading Private Limited (RKB) as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–           1.20       [ICRA]B+(Stable); ISSUER NOT
   Fund Based TL                   COOPERATING; Withdrawn

   Long Term–          11.00       [ICRA]B+(Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Withdrawn

   Short Term-          2.00       [ICRA]A4; ISSUER NOT
   Non-Fund Based                  COOPERATING; Withdrawn

Rationale

The Issuer rating assigned to RKB have been withdrawn at the
request of the company, and in accordance with ICRA's policy on
withdrawal and suspension. ICRA is withdrawing the rating and it
does not have information to suggest that the credit risk has
changed since the time the ratings were last reviewed.

The key rating drivers, liquidity position, rating sensitivities
and key financial indicators have not been captured as the rated
instruments are being withdrawn.

Incorporated in 2012, R K Babu Trading Private Limited (RKB) is
based out of Jalna (Maharashtra), involved in trading of cement and
fertilizers and has distributorship of renowned fertilizer and
cement manufacturing companies. The company is promoted by Mr.
Rajendra Jindal who has experience of more than two decades in
fertilizers and cement trading business. Till FY2013, Mr. Jindal
was operating the distributorship business under his own
proprietorship concern however the business has been transferred to
RKB from FY2014 onwards.

RADIUS ESTATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Radius Estates and Developers Private Limited
        One BKC, A Wing 1401
        Plot No. C-66, G Block
        Bandra Kurla Complex
        Bandra East
        Mumbai 400051

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021
                               (180 days from commencement)

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park
                         Takka, Panvel 410206
                         Raigad Zilla, Maharashtra
                         E-mail: gopi63.ip@gmail.com

                            - and -

                         A-42, 2nd Floor
                         Raj Industrial and Commercial Complex
                         Military Road, Marol
                         Andheri East
                         Mumbai 400059
                         E-mail: radiusedpl.cirp@
                                 sparkresolutions.co.in

Classes of creditors:    Allottees of a Real Estate Project
                         Under Sec. 5 (8)(f) of the Insolvency
                         And Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    CMA Padma Ganesh
                         C-1, 1503
                         Integrated Kamal, Hira Nagar
                         Goregaon-Mulund Link Road
                         Mulund (W), Mumbai 400080
                         E-mail: padmaganeshandco@gmail.com

                         CA Alok Kumar Murarka
                         Marigold-1 CHSL, B-701
                         Beverly Park
                         Mira Road 401107
                         E-mail: murarkalok@gmail.com

                         Mr. Rajesh Sureshchandra Sheth
                         B55, Shatdal Society
                         Azad Lane, Off S.V. Road
                         Andheri West, Mumbai 400058
                         E-mail: rajeshshethsbi@gmail.com

Last date for
submission of claims:    May 22, 2021


RAJVIR INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rajvir Industries Ltd
        1st Floor, Surya Towers
        105, S.P. Road
        Secunderabad
        Andhra Pradesh
        TG 500003
        IN

Insolvency Commencement Date: April 26, 2021

Court: National Company Law Tribunal, Hyderabad (Court Hall I)

Estimated date of closure of
insolvency resolution process: October 25, 2021

Insolvency professional: Sivanagaraja Taduvai

Interim Resolution
Professional:            Sivanagaraja Taduvai
                         #16 (11-20-18), Shop Cum Flat
                         Huda Complex, Kothapet
                         Hyderabad 500035
                         India
                         E-mail: tsnraja@gmail.com

Last date for
submission of claims:    May 12, 2021


S. K. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S. K.
Exports (Lower Parel) 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-          13.60      [ICRA]B+ (Stable) ISSUER NOT
   Export Packing                  COOPERATING; Rating continues
   Credit/Packing                  to remain under 'Issuer Not
   Credit in Foreign               Cooperating' category
   Currency             
                                   
   Non-fund based      (0.50)      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Unallocated limit    0.40       [ICRA]B+ (Stable)/[ICRA]A4
                                   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.

S.K. Exports was established on 1st of April 1989 as a partnership
firm by Mr. Sanjay Jawaharlal Khanna and Mr. SaileshJawaharlal
Khanna. The firm is engaged in the business of manufacturing and
exporting leather goods. SKE has a registered office at Lower
Parel, Mumbai. SKE has two manufacturing units, located in Mumbai
and Kolkata with a combined manufacturing capacity of 10,000 pieces
of handbags, 10,000 pieces of wallets and 15,000 pairs
(approximately) of footwear per month.

S.K. ELITE INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: S.K. Elite Industries (India) Limited
        Plot No. D-405
        TTC Industrial Area
        M.I.D.C. Turbhe
        Navi Mumbai 400705

Insolvency Commencement Date: May 7, 2021

Court: National Company Law Tribunal, Mumbai Bench-II

Estimated date of closure of
insolvency resolution process: November 3, 2021

Insolvency professional: Arun Kapoor

Interim Resolution
Professional:            Arun Kapoor
                         G-601, Army Co-operative Housing Society
                         Sector-09, Nerul (East)
                         Navi Mumbai
                         Maharashtra 400706
                         E-mail: arun.kapoor58@yahoo.in
                                 cirp.skelite@gmail.com

Last date for
submission of claims:    May 24, 2021


SAPPHIRE LAND: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sapphire Land Development Private Limited
        Room No. 5, Capri, 3rd Floor
        Anant Kanekar Marg
        Bandra (East)
        Mumbai 400051

Insolvency Commencement Date: May 10, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 6, 2021

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 sapphire-cirp@ezylaws.com

Last date for
submission of claims:    May 24, 2021


SASPACK VENTURES: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Saspack
Ventures Pvt Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           5.00       [ICRA]B(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long Term-           8.40       [ICRA]B(Stable) ISSUER NOT
   Fund Based TL                   COOPERATING; Continues to
                                   remain 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 2017, the Pune based Saspack Ventures Private
Limited is involved in manufacture of rigid paper board which has
applications across multiple industries. The 15,000 MTPA (to be
increased to 25,000 MTPA till September 2019) manufacturing unit is
located in Kolhapur district of Maharashtra. The company has
recently acquired the 25,000 MTPA paper unit of Kolhapur based Shri
Tatyasaheb Kore Warana Sahakari Sakhar Kakhana Limited on lease for
manufacture of base paper, the key input to the paper board
manufacture. The company markets the paper board under the brand
'Lotus Board'.

SATWI INFRA: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Satwi
Infra in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term–           20.00      [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Satwi Infra, incorporated in year 2011, is engaged in real estate
business in residential and commercial projects in Bangalore. The
firm laid its footage in the construction, development and real
estate business in the year 2011 through Satwi's Clarinet project
in Bangalore. Over the years, the firm has completed two projects,
Satwi's Clarinet and Satwi's Vielle in Horamavu, Bangalore.

SIVA SANKAR: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sree Siva
Sankar Automobiles in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            7.50       [ICRA] B+(Stable); ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   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/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.

Sree Siva Sankar Automobiles (SSSA) was founded in the year 1992 as
a partnership firm. The firm is an authorised dealer of two-wheeler
vehicles of Hero Moto Corp Limited (HMCL) in the Visakhapatnam
region. It operates three showrooms with 3S facilities in
Visakhapatnam city and 10 sub-dealers in the Visakhapatnam
district.


SPECIALITY POLYMERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Speciality
Polymers Private limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based           55.50      [ICRA]D ISSUER NOT COOPERATING;
   Limits–Cash                     Rating continues to remain
   Credit &                        under 'Issuer Not Cooperating'

   Term loan                       category

   Fund based           (8.50)     [ICRA]D ISSUER NOT COOPERATING;

   Sub-limits of                   Rating continues to remain
   Cash Credit-                    under 'Issuer Not Cooperating'
   FDPN/FDBP/FDBD                  category

   Non Fund             16.10      [ICRA]D ISSUER NOT COOPERATING;
   based Limits–                   Rating continues to remain
   Letter of Credit                under 'Issuer Not Cooperating'
   & Bank Guarantee                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 October, 1988, Speciality Polymers Private Limited
(SPPL) is engaged in the business of manufacture of various types
of emulsions, adhesives, binders, construction chemicals etc. The
company has its manufacturing unit located at Badlapur, Thane with
an installed capacity of 12,000 metric ton per annum (MTPA) and a
new manufacturing set up with an installed capacity of 63000 MTPA
in Ambernath MIDC, Thane.

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

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan            3.43       [ICRA]B-(Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Cash Credit          2.50       [ICRA]B-(Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Bank Guarantee       0.40       [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/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 August 2013, Synnova Ceramic Private Limited (SCPL)
is engaged in manufacturing of ceramic sanitary ware products like
wash basins, closets, urinals and pans under the brand" Synnova".
The unit is based out of Surendranagar district in Gujarat and
commenced production in February 2015 with a manufacturing capacity
of 5,75,000 pieces per annum.

TAURUS THERMOPLASTICS: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Taurus
Thermoplastics Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           2.75       [ICRA]B+(Stable) ISSUER NOT
   Fund Based                      COOPERATING; Continues to
   CC Limit                        remain Issuer Not Cooperating
                                   category

   Long Term-           5.75       [ICRA]B+(Stable) ISSUER NOT
   Fund Based                      COOPERATING; Continues to
   Term Loan                       remain Issuer Not Cooperating
                                   category

   Unallocated          1.50       [ICRA]B+(Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Continues to remain 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.

Taurus Thermoplastics Private Limited (TTPL) was incorporated in
December 2010 but began operations only in December 2012. Its
manufacturing facility located at Greater Noida has installed
capacity of 1200 MTPA enhanced from 3000 MTPA during FY2013.The
Taurus Group (through its companies Taurus Thermoplastics Private
Limited and Taurus. Packaging Private Limited) has two
manufacturing facilities; one each in Greater Noida (Uttar Pradesh)
and New Delhi. While Taurus Packaging Private Limited manufactures
laminated printed flexible packaging material; Taurus
Thermoplastics Private Limited is engaged in the manufacturing of
PVC films and PP sheets along with flexible packaging material.

TCS AND ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of TCS and
Associates Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           39.29      [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long Term-            0.71      [ICRA]B+(Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Continues to
                                   remain 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.

TCS & Associates Private Limited (TCSA) was incorporated in 2002
and commenced with the dealership of Hyundai Motors India Limited.
During 2008, the company received letter of intent for the
dealership of Maruti Suzuki India Limited (MSIL) for Faridabad
district and the dealership operations for the same started during
Q2 FY10. The company runs one showroom and one workshop in
Faridabad. TCSA's workshop was recently awarded by MSIL for having
the best workshop infrastructure in Northern India. The company is
run by Mr. Sanjeev Saluja who is in the line of business since past
~40 years.

UNIVERSAL INDIA: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Universal
India Agro Foods in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            5.00       [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Cash Credit                     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.

UIAF was incorporated in 2013 and currently operates a rendering
plant in Meerut. The unit was commissioned in FY2014 and produces
Tallow and Meat and Bone Meal (MBM) from animal waste. The unit
procures animal waste such as bones, fat, and offal from slaughter
houses and produces Tallow which finds usage in soap manufacturing,
lubricants etc. and MBM which is used in cattle/poultry feed. The
company is promoted by Mr. Haji Aas Mohd and Mrs. Shabana Parveen.
The promoter's family has been engaged in trading of meat products
in the unorganized sector for past several years.

V.M AND CO: ICRA Moves B Debt Rating to Not Cooperating
-------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of V.M
and Co to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–          10.00       [ICRA]B(stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Long-term–          30.00       [ICRA]B(stable); ISSUER NOT
   Non-fund based                  COOPERATING; Rating moved to
                                   '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.

V.M and Co is a partnership firm based out of Ramanathapuram, Tamil
Nadu. The entity was established by Mr. V. Manoharan as a
proprietorship concern and it was converted to a partnership entity
in 2011. Apart from Mr. V. Manoharan, there are three other
partners - Mr. Manikandan, Mr. Paranthaman and Mr. Parthasarathy.
The company at present is managed and run by Mr. V. Manoharan and
his son Mr. Parthasarathy. The company is predominantly involved in
construction of Roadways for government entities like Tamil Nadu
Public Works Department (PWD) and National Highway Authority of
India (NHAI).

VAISHNAVI LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vaishnavi
Life Care Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           0.25       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long Term-           5.72       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/TL                    COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

   Long term/           0.63       [ICRA] B+(Stable)/[ICRA]A4;
   Short term                      ISSUER NOT COOPERATING;
   Unallocated                     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 December 2014, Vaishnavi Lifecare Pvt. Ltd. (VLPL)
runs a diagnostic center under the brand name, Image Diagnostics at
Bangalore, Karnataka. VLPL is involved in the business of providing
comprehensive range of diagnostic services spanning across
radiology & imaging and conventional & specialist lab services. It
started its commercial operations in October 2015. It operates from
a lease cum rented building consisting of 5 floors (including
basement) of 17,800 total sqft area in HBR layout in North
Bangalore.

Y.V.S SPICES: ICRA Lowers Rating on INR6cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the rating on the bank facility of Y.V.S Spices
and Co to [ICRA]B+ (Stable).

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term–          6.00        [ICRA]B+(stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   category

Rationale

The ratings are downgrade because of lack of adequate information
regarding Y.V.S Spices and Co and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
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.

As part of its process and in accordance with its rating agreement
with Y.V.S Spices and Co, 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. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

The Y.V.S Group was set up by Mr. Y. V. Seshachalam in 1945 under
the name of YV Seshachalam & Co and is involved in manufacturing
turmeric powder and kumkum powder, which is sold under the brand
name of Gopuram. Y.V.S Spices and Co. (YVSSC), established in 2004,
is involved in manufacturing turmeric powder with manufacturing
plant in Azhinjivayakkam village in Tamil Nadu.

Y.V.S Kumkumam Company (YVSKC), established in 1998, is involved in
manufacturing kumkum powder and has its manufacturing plant in
Bandikavanoor village in Tamil Nadu. The Group sells through
various wholesale and retail outlets. The Group manufactures
turmeric and kunkum powder for edible as well as for puja purposes.



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

ID POWER: To Stop Trading After Failing to Keep Up With Payments
----------------------------------------------------------------
rnz.co.nz reports a small central North Island power company in New
Zealand appears to have fallen victim to high wholesale power
prices.

rnz.co.nz relates that the Electricity Authority has told customers
of ID Power they need to find a new power supplier.

"ID Power will stop trading on the wholesale electricity market
because it failed to keep up with its wholesale market payments,"
the authority said in a statement, according to rnz.co.nz.

"If you are a customer of ID Power, we encourage you to switch to
another retailer before May 19, 2021."

Any consumers who did not switch would be automatically transferred
to another power company and then informed, but no customer would
be disconnected, the authority said, the report notes.

ID Power had been offering electricity based on wholesale rates,
which have sky rocketed in recent months because of low hydro lake
levels and disruption to gas supplies, the report relays.

The authority said it had started its default trader procedures,
the report discloses.

"The default process is designed to ensure customers are looked
after, while maximizing the opportunity for the trader to resolve
the default. This in turn minimizes the risk of reduced payments to
generators," the report relays.

However, it warned other power companies which might owe money to
be prepared for possible losses, the report notes.

"It is normal in a competitive market for companies to start up in
the sector and to leave the sector. Businesses will enter and exit
the market, as for any sector," the report adds.




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

CHINA FISHERY: HSBC-HK Agrees to Restated RSA; June 9 Hearing Set
-----------------------------------------------------------------
Creditor plan proponents Burlington Loan Management DAC and Monarch
Alternative Capital LP submitted a Disclosure Statement for Chapter
11 Plan of Plan Debtors CFG Peru Investments Pte. Ltd. (Singapore)
and Smart Group Limited (Cayman) dated May 6, 2021.

China Fishery Group Limited ("CFGL") is the holding company of a
group of companies (collectively, the "CF Group"), including the
Plan Debtors (the Plan Debtors, together with the Other Debtors,
the "Debtors"), with interests in a leading, Peru-based global
fishmeal and fish oil business.

As of the date hereof, Consenting Creditors holding approximately
88% of the principal amount of creditors holding approximately
87.888% of the principal amount of the Senior Notes and
approximately 94% of the principal amount of the Club Facility have
executed the Restructuring Support Agreement.

The Restructuring Support Agreement contemplates a comprehensive
restructuring and recapitalization transaction for the Plan Debtors
and certain of their non-debtor affiliates that will safeguard and
provide funding for the fishmeal business of the Peruvian OpCos.

The material terms of the Plan are as follows:

   * each Allowed Administrative Claim, Secured Claim, and Other
Priority Claim will be paid in full in Cash or receive such other
treatment that renders such Claim Unimpaired;

   * unless otherwise provided for under the Plan, each Holder of
an Allowed General Unsecured Claim shall receive its pro rata share
of the Wind-Down Trust Interests; and

   * each Holder of the BANA-CFG Peru Claim shall receive its pro
rata share of $30,998,083.56 in Cash, which Cash shall be remitted
by NewCo or the Peruvian OpCos.

The Plan contemplates the following additional transactions (the
"Transaction") will occur pursuant to the UK Proceeding and/or
Singapore Scheme in accordance with the terms of the Restructuring
Support Agreement:

   * a change in ownership of the Peruvian OpCos through a transfer
of the equity in CFGI to NewCo;

   * the recapitalization of the Peruvian OpCos through the
provision of the committed $150 million New Money Facility to fund
working capital and transaction costs. The New Money Facility will
accrue cash interest at the rate of LIBOR plus 9% per annum and
mature 10 years from the date of the drawdown of the New Money
Facility (which is anticipated to occur on or around the Effective
Date); and

   * the New Money Facility will be backstopped by certain
Consenting Creditors that commit to backstop the New Money Facility
on the terms and deadlines set forth in the Restructuring Support
Agreement. The Backstop Parties are entitled to a backstop
commitment fee equal to 5% of their respective backstop commitments
on the New Money Facility, payable in cash at the closing of the
Transaction.

Class 4 General Unsecured Claims with $620 million to $1.6 billion
projected amount of claims are projected to recover 0% to 39.5%.
Unless otherwise provided for under the Plan, in full and final
satisfaction, compromise, settlement, and release of and in
exchange for each General Unsecured Claim, each Holder of an
Allowed General Unsecured Claim shall receive its pro-rata share of
the Wind-Down Trust Interests.

HSBC-HK, which holds more than 23% of the Club Loans, and the Ad
Hoc Group have engaged in regular dialogue for some time about the
financial restructuring of CFG Peru and its subsidiaries. In recent
months, the Creditor Plan Proponents and HSBC-HK have engaged in
dialogue regarding the terms of the restructuring contemplated by
the Plan and the conditions under which HSBC-HK would agree to
accede to the Restructuring Support Agreement and support the
transactions contemplated.

As a result of the discussions, HSBC-HK has agreed to support the
restructuring contemplated by the Restructuring Support Agreement
and has acceded to an amended and restated version of the
Restructuring Support Agreement, dated as of May 6, 2021.

Additionally, the parties have begun to work together regarding
certain steps necessary to effectuate the restructuring, including
the related schemes of arrangement.

Distributions under the Plan will be funded with Cash available at
the Plan Debtors or the Peruvian OpCos on the Effective Date, the
proceeds of the New Money Facility, and/or the proceeds of any
non-Cash assets held by the Plan Debtors. For the avoidance of
doubt, the Creditor Plan Proponents expect that the Interim
Distributions and SFR Distributions will be funded prior to the
Effective Date with Cash on hand at the Plan Debtors or the
Peruvian OpCos, and not with any proceeds of the New Money
Facility.

The Confirmation Hearing shall commence on June 9, 2021 at 11:00
a.m.; provided, however, if, prior to 12:00 p.m. on June 2, 2021,
the Chapter 11 Trustee provides Houlihan Lokey, Inc. with copies of
non binding indications of interest on the sale of the CFGI equity
interests and any related materials submitted by potentially
interested parties, the Confirmation Hearing shall commence on June
29, 2021 at 11:00 a.m.

Objections to Confirmation must be filed and served on the Creditor
Plan Proponents, and certain other parties, by no later than May
28, 2021 at 4:00 p.m.

Counsel to the Creditor Plan Proponents:

         Patrick J. Nash, Jr., P.C.
         Heidi M. Hockberger
         KIRKLAND & ELLIS LLP
         300 North LaSalle
         Chicago, Illinois 60654
         Telephone: (312) 862-2000
         Facsimile: (312) 862-2200

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore). Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors. The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent. Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves as the
trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


HATTEN LAND: Net Loss Widens to MYR7.3MM in Qtr Ended March 31
--------------------------------------------------------------
The Business Times reports that Hatten Land's net loss widened to
MYR37.2 million (SGD12 million) for the three months to March 31,
from MYR32.3 million in the previous year.

Revenue rose to MYR14.7 million from MYR7.2 million in the same
period last year due to higher sales for completed projects, BT
discloses.

Loss per share was 2.40 sen for the quarter, compared with 2.30 sen
before, while net asset value shrank to 7.33 sen, from 11.15 as at
June 30, 2020.

For the nine months, the net loss was MYR77.9 million, against
MYR29.5 million previously, BT discloses. Turnover was down by 80.1
per cent year on year to MYR28.3 million.

Despite the vaccination programme and the implementation of the
movement control order, the Malaysian economy and property market
continue to be negatively impacted, said Hatten Land in its
financial statement, BT relays.

According to BT, the group therefore expects its financial
performance to "remain challenged and lacklustre" for 2021 amid
weak consumer sentiments.

It will, however, focus on monetising its property inventories,
cost containment measures and more stringent cashflow management to
ensure its long-term sustainability against the challenging
operating environment and for better operational efficiency, said
the group, adds BT.

Hatten Land Limited operates as a property developer. The Company
develops malls, hotels, and residential properties. Hatten Land
serves customers in Singapore and Malaysia.


PUMA ENERGY: Moody's Affirms B1 CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has changed Puma Energy Holdings Pte.
Ltd's (Puma, the company) outlook to stable from negative.
Concurrently, Moody's has affirmed the B1 corporate family rating
and the B1-PD probability of default rating of Puma and the B1
rating of the backed senior unsecured notes issued by Puma
International Financing S.A. and guaranteed by Puma due in 2024 and
2026. Puma International Financing S.A.'s outlook has also been
changed to stable from negative.

RATINGS RATIONALE

The outlook stabilization reflects the EUR500 million rights issue,
that was subscribed by Trafigura and a small number of minority
investors, received in April 2021 and since then applied towards
the repayment of the 3y Term Loan, outstanding for $500 million,
that was maturing in May 2021.

The rights issue is in the form of a mandatory convertible loan,
with a maturity in April 2029, and its conversion into equity is
subject to 13 regulatory/merger approvals, of which 3 have already
been secured. The rating action also reflects the acquisition of
Sonangol's 31.5% stake in Puma by Trafigura and the disposal of the
Angolan activities to Sonangol, both for a $600 million
consideration.

These transactions are subject to regulatory approvals in a number
of jurisdictions and closings of these transactions are expected in
by the end of 2021. Trafigura's stake in Puma is expected to
increase to more than 90% after the conversion of the mandatory
convertible loan into equity.

The rating agency views positively the envisaged disposal of
Angolan operations, which used to represent around 27% of the
company's EBITDA in 2017 and have been performing weakly since then
(Angola accounted for approximately 5% of Puma's EBITDA in 2020),
although this reduces the diversification and the absolute
profitability and cash flow generation of Puma.

The rating action recognizes an improvement in the adjusted
leverage of Puma by approximately 1.0x, pro-forma for the rights
issue, and a clear improvement in the liquidity profile, as Puma
will have limited debt coming due until the maturity of the $600
million in October 2024.

In 2021, Moody's expects the company's Moody's adjusted EBITDA to
decline to approximately $600-620 million, as the continuous
recovery in volumes and the reduction of fixed costs, will not
offset the impact of the disposal of Angola and the $82 million
extraordinary support that was granted by the shareholders in
2020.

The rating action also reflects the recovery in the volumes of fuel
and refined oil products sold by the company towards the levels
seen before the coronavirus outbreak, with the exception of
Aviation fuel that will take longer to recover. Also, whilst
Moody's highlights the lack of visibility of the use of the $600
million proceeds of the disposal of the Angolan activities, the
stabilization of the outlook is predicated on the expectation that
these proceeds are used either for debt repayment, to reinvest in
the business, supporting the liquidity profile of Puma.

Moody's continues to highlight the significant exposure of Puma to
emerging markets, although the company provides products that are
considered a necessity and in many markets subject to fully or
semi-regulated pricing regimes, although the company is not immune
from macroeconomic shocks, as confirmed by the experienced in
Angola in recent years.

LIQUIDITY

Puma's liquidity is adequate despite its lack of access to
multi-year committed bank facilities.

At the end of 2020, Puma had access to approximately $507 million
of cash and cash equivalents, of which $94 million were restricted.
Puma has recently renewed committed bank credit lines of $606
million, expiring in May 2022, to which Moody's continues to give
limited credit in its liquidity assessment.

Puma continues to have access to a $500 million committed
shareholder loan from Trafigura, which remains undrawn and matures
in September 2023, but Moody's cautions that this loan is dependent
on the credit quality of Trafigura, and therefore gives a lower
credit to it in its liquidity assessment than the one given to a
traditional revolving credit facility (RCF) granted by a banking
group.

The envisaged rights issue will also have a positive a positive
impact as the headroom under the net worth and net leverage
covenants, with the former being limited, will increase.

ESG CONSIDERATIONS

Following conclusion of the rights issue, Trafigura will hold over
90% of the capital of Puma and it will start consolidating Puma in
its financial accounts. In this context, Moody's notes that any
material weakening or strengthening of Trafigura's credit profile
may have an effect on Puma's rating.

Trafigura supplies about half of the refined oil products
distributed and marketed by Puma, which also uses its parent's
trading platforms to hedge its fuel inventories.

Moody's highlights that there is limited visibility on confirmation
of the financial policy, in addition to the management strategy,
following the change in control and that it expects more clarity
after the closing of the rights issue. In that regard, Moody's also
highlights the unexpected resignation of the CEO, although it
assumes that any related decision will be taken in accordance with
the chosen management strategy and financial policy.

OUTLOOK

The stable outlook reflects Moody's expectation that Puma's
operating profitability will be broadly stable on a comparable
basis in 2021, as the volumes of fuel sold continue to return to
the levels seen before the coronavirus pandemic.

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

The ratings may be downgraded should Puma fail to (i) achieve a
material and sustainable recovery in operating profitability; (ii)
reduce financial leverage after its planned divestments so that
Moody's-adjusted total debt to EBITDA falls below 5x in the next 12
months; or (iii) maintain adequate liquidity, including
insufficiently pro-active management of its debt maturity profile.

A rating upgrade would require: (i) some material strengthening in
the group's business profile underpinning a sustained improvement
in operating profitability and (ii) some permanent deleveraging
ensuring that Moody's-adjusted total debt to EBITDA keeps
sustainably below 4x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Puma Energy Holdings Pte. Ltd ("Puma ") is an integrated midstream
and downstream oil products group active in Africa, Latin America,
North East Europe, the Middle East and Asia-Pacific. Trafigura
Beheer B.V., a global commodity and logistics firm, established
Puma in 1997 as a storage and distribution network in Central
America, and the company has since grown into a global network
operating across 43 countries worldwide, with approximately 7.6
million cubic metres of storage capacity and a network of
approximately 3,000 retail service stations across Africa, Latin
America, Asia and Australia. In 2020, Puma sold 20.1 million cubic
metres of oil products and its facilities handled around 14.5
million cubic metres of petroleum products.



                           *********


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 ***