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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 21, 2021, Vol. 24, No. 96

                           Headlines



A U S T R A L I A

BOURKE ABORIGINAL: First Creditors' Meeting Set for May 31
DOD BOOKKEEPING: ASIC Issues Civil Penalty Action Against Company
LA TROBE 2021-1: Moody's Assigns Ba3 Rating to AUD2.5M Cl. F Notes
MEDIACLOUD PTY: Second Creditors' Meeting Set for May 28
MEDINA PROJECTS: Second Creditors' Meeting Set for May 28

MY SHARED: First Creditors' Meeting Set for May 28
PINDAN GROUP: Collapses Into External Administration
PINDAN GROUP: First Creditors' Meeting Set for May 28
SAI GLOBAL: S&P Places 'CCC' Long-Term ICR on CreditWatch Positive
SVOROSUMO PTY: Second Creditors' Meeting Set for May 28



C H I N A

HNA GROUP: Fosun Retail Unit Mulls Bid for Airline Assets
ZHONGYU GAS: Fitch Assigns 'B+' LT IDR, Outlook Positive


I N D I A

APOORVA CONSTRUCTION: ICRA Withdraws B+ Rating on INR8cr Loan
BDA HEALTHCARE: ICRA Withdraws D Rating on INR12cr Loans
BNSR INDUSTRIES: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
COMMERCIAL AUTOMOBILES: ICRA Cuts Rating on INR25.59cr Loan to B+
DARLING DIGITAL: ICRA Lowers Rating on INR14cr LT Loan to B+

DIVA RAVI: ICRA Assigns B+ Rating to INR11.70cr Term Loan
FAIZ INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.50cr Loan
GVK JAIPUR: ICRA Lowers Rating on INR209.64cr Term Loan to D
JAVI HOMES: ICRA Withdraws B+ Rating on INR55cr Term Loan
JAYPEE INFRATECH: Suraksha ARC Seeks Fair & Unbiased Process

JSW STEEL: Fitch Affirms 'BB-' IDR, Alters Outlook to Positive
K.D. LIQUOR: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
KKB PROJECTS: ICRA Withdraws B+ Rating on INR13cr LT Loan
MAHAKALESHWAR TOLLWAYS: ICRA Cuts Issuer Rating to D
MEHADIA SALES: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating

NATIONAL CONTRACTORS: ICRA Reaffirms D Rating on INR14.35cr Loan
SAHASTRAA EXPORTS: ICRA Moves B+ Debt Rating to Not Cooperating
SCJ PLASTICS: ICRA Withdraws B+ Rating on INR5.50cr Loan
SDS INFRATECH PRIVATE: Insolvency Resolution Process Case Summary
SHREEJEE SAREES: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating

SMV COMMODITIES: Insolvency Resolution Process Case Summary
STURDY INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
SUGANYA CONSTRUCTIONS: Ind-Ra Affirms BB Long-Term Issuer Rating
TATA STEEL: Fitch Raises IDR to 'BB', Outlook Stable
UR REALTORS: ICRA Lowers Rating on INR10cr Term Loan to B+

V.P.S. TEXTILES: ICRA Withdraws B+ Rating on INR4.65cr LT Loan
VASANTHRAJ TEXTILES: ICRA Withdraws B+ Rating on INR3.97cr Loan


M A L A Y S I A

1MDB: Malaysia Fails to Link $28MM in Seized Cash to Stolen Funds


S I N G A P O R E

INVIDIA HOLDINGS: Creditors' Meeting Set for May 25
NAN HAI: Creditors' Meeting Set for June 3
NAN SIA: Creditors' Meeting Set for June 3
PRIME AVIATION: Creditors' Proofs of Debt Due June 17
SINGAPORE AIRLINES: Posts SGD4.27BB Net Loss in Year Ended March

XIN YA: Creditors' Meeting Set for June 3

                           - - - - -


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

BOURKE ABORIGINAL: First Creditors' Meeting Set for May 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bourke
Aboriginal Health Service Ltd will be held on May 31, 2021, at
11:00 a.m. via webinar facilities.

Anthony James Jonsson and Michael Gerard McCann of Grant Thornton
Australia Limited were appointed as administrators of Bourke
Aboriginal on May 19, 2021.

DOD BOOKKEEPING: ASIC Issues Civil Penalty Action Against Company
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced civil penalty proceedings in the Federal Court against
DOD Bookkeeping Pty Ltd (in liquidation), which was previously
called Equiti Financial Services Pty Ltd. ASIC alleges Equiti FS
breached the prohibition against conflicted remuneration and failed
to provide appropriate financial advice and discharge its best
interests duty in relation to financial advice to selected
clients.

Equiti FS was part of a group of companies called the Equiti Group,
which offered:

     * Self-managed superannuation fund (SMSF) establishment and
administration services through Equiti FS;

     * real estate services through Equiti Property Pty Ltd (Equiti
Property); and

     * mortgage broking services through Equiti Finance Pty Ltd.

ASIC alleges that, between October 26, 2015 to August 27, 2018,
Equiti FS paid three advisers bonuses totalling $164,750 upon
settlement of property purchases those advisers recommended their
clients make through either an existing SMSF or an SMSF to be
established. The bonuses applied to purchases arranged by Equiti
Property.

ASIC alleges that these bonus payments breached the ban on
conflicted remuneration under the Corporations Act 2001 because
they could reasonably be expected to influence the financial
product advice provided, or the choice of financial product
recommended, by Equiti FS advisers to retail clients.

Additionally, ASIC alleges that, between May 18, 2015 and February
13, 2018, Equiti FS breached the Corporations Act when its employed
advisers gave financial advice on 12 occasions that was not in
their clients' best interests and was not appropriate for their
clients.

Each advice contained a recommendation to establish an SMSF,
purchase a property through the SMSF and borrow funds in order to
do so.

ASIC is seeking civil penalties and other orders against Equiti
FS.


LA TROBE 2021-1: Moody's Assigns Ba3 Rating to AUD2.5M Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited
(the Trustee) as trustee of La Trobe Financial Capital Markets
Trust 2021-1.

Issuer: La Trobe Financial Capital Markets Trust 2021-1

AUD937.5 million Class A1 Notes, Definitive Rating Assigned Aaa
(sf)

AUD177.5 million Class A2 Notes, Definitive Rating Assigned Aaa
(sf)

AUD87.5 million Class B Notes, Definitive Rating Assigned Aa2
(sf)

AUD10 million Class C Notes, Definitive Rating Assigned A2 (sf)

AUD20 million Class D Notes, Definitive Rating Assigned Baa2 (sf)

AUD11.25 million Class E Notes, Definitive Rating Assigned Ba2
(sf)

AUD2.5 million Class F Notes, Definitive Rating Assigned Ba3 (sf)

AUD2.5 million Equity 1 Notes are not rated by Moody's

AUD1.25 million Equity 2 Notes are not rated by Moody's

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by La Trobe Financial Services Pty
Limited (La Trobe Financial, unrated).

La Trobe Financial has been an originator of mortgage loans for
over 69 years. As of March 31, 2021, La Trobe Financial had AUD12
billion in total funds under management consisting of a portfolio
of Australian mortgage assets. In December 2017, funds managed by
the New York-based asset management firm Blackstone acquired an 80%
equity stake in the La Trobe Financial group.

La Trobe Financial has extensive securitisation experience through
its various warehouse funding arrangements and eleven term RMBS
transactions it has completed since 2014. This will be its twelfth
term RMBS transaction and the first for 2021.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.50% of the notes balance, the legal structure, and the
experience of La Trobe Financial as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 10.1%. Moody's expected loss for this transaction is 1.3%.

Moody's analysis has considered the effect of the coronavirus
outbreak on the Australian economy as well as the effects that the
announced government measures, put in place to contain the virus,
will have on the performance of consumer assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to
Moody's forecasts in the event that the pandemic is not contained
and lockdowns have to be reinstated. As a result, the degree of
uncertainty around Moody's forecasts is unusually high. Moody's
regard the coronavirus outbreak as a social risk under Moody's ESG
framework, given the substantial implications for public health and
safety.

Key transactional features are as follows:

While the Class A2 Notes are subordinate to the Class A1 Notes in
relation to charge-offs, Class A2 and Class A1 Notes rank pari
passu in relation to principal payments, based on their stated
amounts, before the call option date. This feature reduces the
absolute amount of credit enhancement available to the Class A1
Notes.

Once step-down conditions are satisfied, all notes will receive
their pro-rata share of principal, with equity notes share
allocated towards repayment of notes in reverse sequential order,
i.e. starting from Class F Notes. Step down conditions include,
among others, no unreimbursed charge-offs.

The servicer is required to maintain the weighted-average interest
rates on the mortgage loans at least at 3.5% above one-month BBSW,
which is within the current portfolio yield of 4.8%. This generates
a high level of excess spread available to cover losses in the
pool.

Key pool features are as follows:

The pool has a relatively high weighted-average scheduled
loan-to-value (LTV) ratio of 72.0%. There are no loans with a
scheduled LTV ratio over 80.5%.

Around 68.2% of the borrowers are self-employed. The income of
these borrowers is subject to higher volatility than employed
borrowers, and they may experience higher default rates.

Around 55.1% of the loans were extended on an alternative
documentation basis.

Loans secured by investment properties represent 45.0% of the
pool.

Based on Moody's classifications, around 10.6% of borrowers have
adverse credit histories.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

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 consumer assets from a gradual and unbalanced
recovery in Australian economic activity.

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

MEDIACLOUD PTY: Second Creditors' Meeting Set for May 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mediacloud Pty
Ltd has been set for May 28, 2021, at 11:00 a.m. at the offices of
McGrathNicol, Level 12, 20 Martin Place, in Sydney, NSW.

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

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

Barry Frederic Kogan and Jonathan Philip Henry of McGrathNicol were
appointed as administrators of Mediacloud Pty on Nov. 9, 2020.


MEDINA PROJECTS: Second Creditors' Meeting Set for May 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Medina Projects
Group Pty Ltd has been set for May 28, 2021, at 11:30 a.m. via
virtual meeting technology.

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

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

Jason Bing-Fai Tang and Andre Lakomy of Cor Cordis were appointed
as administrators of Medina Projects on April 23, 2021.


MY SHARED: First Creditors' Meeting Set for May 28
--------------------------------------------------
A first meeting of the creditors in the proceedings of My Shared
Services Pty Ltd will be held on May 28, 2021, at 10:00 a.m. via
virtual meeting technology.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
My Shared on May 18, 2021.


PINDAN GROUP: Collapses Into External Administration
----------------------------------------------------
Lois Maskiell at SmartCompany reports that hundreds of suppliers
and subcontractors of the Western Australian construction company
Pindan could be left out of pocket by up to AUD80 million, after
the company collapsed into external administration on May 19.

Samuel Freeman of Ernst and Young was appointed as liquidator on
May 19 following unsuccessful efforts by Pindan's directors to
bring in new investors, SmartCompany says.

There are about 1,400 creditors in total who are owed a combined
AUD80 million, an Ernst and Young spokesperson confirmed.

Of those creditors, about 500 are subcontractors and 400 are trades
suppliers, the report says.

Pindan is a large construction company based in Perth that services
a number of Western Australian government projects.

The company has about 280 employees working on 68 current projects.
However, administrators expect that 135 employees will be let go
from the wider Pindan group, adds SmartCompany.

PINDAN GROUP: First Creditors' Meeting Set for May 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Pindan Group Pty Ltd;
     - Pindan Contracting Pty Ltd;
     - Pindan Asset Management Pty Ltd;

will be held on May 28, 2021, at 11:00 a.m. via virtual meeting
technology.

Samuel John Freeman, Vincent Smith and Colby O Brien of Ernst &
Young were appointed as administrators of Pindan Group et al. on
May 18, 2021.


SAI GLOBAL: S&P Places 'CCC' Long-Term ICR on CreditWatch Positive
------------------------------------------------------------------
On May 19, 2021, S&P Global Ratings placed its 'CCC' long-term
issuer credit rating on SAI Global Holdings I (Australia) Pty Ltd.,
'CCC' issue rating on the company's first-lien debt, and 'CC' issue
rating on its second-lien debt on CreditWatch with positive
implications.

S&P said, "The CreditWatch with positive implications reflects our
expectation that if the transaction and associated debt reduction
is completed as proposed, we will likely raise the issuer credit
rating on SAI Global into the 'B' rating category. The final rating
outcome will depend upon our view of the business prospects for the
company's Risk Services division, the group's financial policies,
liquidity position, and growth strategy.

"We placed the ratings on SAI Global on CreditWatch with positive
implications because we consider the company's sale of its
Assurance and Standards business to Intertek Group plc (unrated)
will significantly improve the group's overall creditworthiness in
the near term.

"In our opinion, the proposed sale will allay our concerns
regarding the sustainability of the group's capital structure as
the company intends to use the sale proceeds for full debt
repayment. The expected cash sale proceeds of about A$855 million
will be sufficient to prepay the group's outstanding term loans of
about A$816 million as at Dec. 31, 2020. We also note that the
group's debt instruments do not contain the requirement for a
make-whole premium to be paid.

"Further, we expect the sale proceeds to alleviate medium term
liquidity risks. We believe the group currently has a cash balance
of approximately A$166 million, with no material debt maturities
over the next six months. Following the completion of the Assurance
and Standards sale, we view the Risk Services division as the core
driver of the group's cash flows. It predominantly provides risk
software advisory services to companies globally, with a bolstered
market position from the company's BWise acquisition in early
2019."

On May 13, 2021, SAI Global announced that it had entered into a
definitive agreement to sell its Assurance and Standards businesses
to Intertek Group plc for A$855 million on a cash-free and
debt-free basis, subject to customary closing conditions including
Foreign Investment Review Board approval. The transaction is likely
to close in the first quarter of fiscal 2022. SAI Global's
Assurance and Standards business reported a fiscal 2020 revenue of
about A$233 million and an EBITDA of A$36 million.

S&P also notes that the company completed the sale of its Property
and Mortgage Settlements business in early 2021 to Dye & Durham
Ltd., with the sale proceeds of about A$90 million currently held
as cash on balance sheet.

CreditWatch

S&P said, "We would seek to resolve the CreditWatch upon the
completion of the Assurance and Standards sale, which we expect to
occur in the next 90 days. Our expectation is that sale proceeds
will be applied to the debt prepayment of the group's outstanding
term loans.

"We are likely to raise the long-term issuer credit rating on SAI
Global into the 'B' rating category if the transaction and
associated debt reduction is completed as proposed. The final
rating outcome will depend upon our view of the business prospects
for the Risk Services division, the group's financial policies,
liquidity position, and growth strategy."


SVOROSUMO PTY: Second Creditors' Meeting Set for May 28
-------------------------------------------------------
A second meeting of creditors in the proceedings of Svorosumo Pty
Ltd has been set for May 28, 2021, at 10:30 a.m. at the offices of
Jirsch Sutherland, Suite 1, Level 7, 28 O'Connell Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 27, 2021, at 5:00 p.m.

Peter John Moore of Jirsch Sutherland was appointed as
administrator of Svorosumo Pty on April 23, 2021.




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

HNA GROUP: Fosun Retail Unit Mulls Bid for Airline Assets
---------------------------------------------------------
Caixin Global reports that a unit of Chinese conglomerate Fosun
International became the latest company to show interest in buying
the aviation assets of HNA Group as the former highflyer continues
dumping assets in its bankruptcy restructuring.

Shanghai Yuyuan Tourist Mart Group, a retail unit of Fosun, plans
to set up a CNY40 billion ($6.2 billion) joint venture with
affiliates and strategic investors to buy into airline companies,
Yuyuan Tourist said on May 19. A source close to Fosun told Caixin
that the new venture aims to bid for HNA's airline assets.

Yuyuan Tourist plans to invest CNY10 billion in the new venture
with the additional CNY30 billion coming from other investors, the
company said in a filing without elaborating on specific targets,
Caixin relays.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.

On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.

HNA Group was designated as administrator of the merger, and
creditors will hold their first meeting June 4, according to a
statement issued March 15 by the Hainan High People's Court. The
320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.

ZHONGYU GAS: Fitch Assigns 'B+' LT IDR, Outlook Positive
--------------------------------------------------------
Fitch Ratings has assigned China-based city gas distributor Zhongyu
Gas Holdings Limited a Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'B+'. The Outlook is Positive. Fitch has also
assigned a 'B+' rating on the proposed US-dollar notes, with a
Recovery Rating of 'RR4'.

Proceeds from the proposed bonds will be used to refinance the
existing offshore debt.

Zhongyu's 'B+' rating is supported by a resilient business model of
city gas distribution, underpinned by strong natural gas sales and
a steady dollar margin. Its natural gas sales proportion from the
stable residential segment is higher than some major gas
distributors, providing resilience in economic downturns. Zhongyu
is also securing a higher proportion of gas supply from the oil
majors directly to optimise its gas procurement structure. This can
help to support the dollar margin over the rating horizon,
2021-2024.

The rating is constrained by Zhongyu's high leverage from a rapid
growth of rural coal-to-gas conversion projects in 2018-2020, which
led to high capex and high accounts receivable.

The Positive Outlook reflects Fitch's expectation that Zhongyu's
funds from operations (FFO) net leverage may improve towards 6.0x
in the next 12-24 months from 6.5x at end-2020. This is due to
lower investments in rural coal-to-gas conversion projects,
collection of receivables and continued EBITDA growth. However,
free cash flow (FCF) will remain negative due to Fitch's
expectation of high capex to support city-gas project expansion.

KEY RATING DRIVERS

Economic Recovery, Increasing Consumption: Fitch expects a recovery
in economic activity in 2021 to drive growth. Fitch forecasts CAGR
of 12% in retail gas sales in the medium term due to China's
increasing gas consumption and the ramp up of rural residential
consumption.

Robust Gas Sales Volume: Zhongyu achieved robust retail natural gas
volume CAGR of 23% between 2015-2020, on China's push for higher
natural gas penetration and the company's strong project
acquisition execution. Zhongyu also managed to increase retail gas
sales (residential, industrial, commercial, and CNG and LNG
refuelling stations) by 14.5% in 2020, driven by 40% growth in
residential gas sales, partially offset by 10.6% drop in commercial
gas sales due to the Covid-19 pandemic.

Potential Upside to Dollar Margin: The company setup a gas supply
management company to optimise gas supply in 2020, with an aim to
increase the gas supply proportion from the national oil majors
materially in 2021. This will support the dollar margin and may
bring some upside potential to the blended level of CNY0.53/m3
achieved in 2020.

The blended retail dollar margin was cut to CNY0.476/m3 in 2018
from CNY0.504/m3 in 2017, largely as a result of the high growth in
rural coal-to-gas projects. However, the downward trend in the
dollar margin reversed in 2019 when the residential dollar margin
improved to CNY0.07/m3 and then CNY0.29/m3 in 2020, against
-CNY0.03/m3 in 2018.

Connection Profit Share to Fall: Fitch expects Zhongyu's earnings
stability to improve gradually over the medium term, due to a
lowering of profit contribution from the one-off pipeline
connection business. Fitch expects the connection EBITDA
contribution to drop to 26% by 2024, as China has passed the
conversion peak, although Fitch expects non-rural connections to
increase, as the company continues to expand. The pipeline
connection business accounted for 47% of EBITDA in 2020, due mainly
to high contribution from rural coal-to-gas connections.

Expansion into Non-Gas Businesses: Fitch expects Zhongyu's non-gas
value-added business will achieve a CAGR of 22% in 2020-2024 and
the EBITDA contribution will increase to 17% in 2024 from 8% in
2020. Zhongyu is expanding in this segment like other city gas
distributors. Revenue of kitchenware, gas insurance and integrated
energy projects rose by 54% to HKD636 million in 2020. The margin
trend is quite volatile as Zhongyu recently started the business.
It will use the strength of its existing 3.96 million customer base
for the expansion.

Working Capital Days to Improve: Fitch expects accounts receivable
(AR) collections days to decline gradually over 2021-2024 as
Zhongyu's rural investment slows and it starts to collect payments
with completion of pipeline construction allowing the provision of
gas supply. However, Fitch expects 2021 working capital change will
continue to be negative due to a large payable balance at end-2020
due to high gas procurement price driven by a tight gas supply
environment. Fitch expects working capital to revert back to
positive in 2022.

AR collection for the coal-to-gas connection has been slow due to
the poor pipeline network in rural region and delayed payments from
local governments. This has negatively affected the working capital
days and cash flow conversion for Zhongyu since 2018

High Leverage May Improve: Fitch believes Zhongyu's FFO net
leverage (2020: 6.5x) may decline from 2021 as capex gradually
comes off from the peak level, albeit remaining high to support its
future expansion. Fitch believes scale will be the most important
factor for city gas distributors to secure low-cost gas from
upstream suppliers. The pace and extent of deleveraging remains to
be seen. The Positive Outlook is based on Fitch's expectation of
Zhongyu's FFO net leverage declining towards 6.0x in 2021-2022 due
to EBITDA growth and working capital improvement.

US Dollar Bond at 'B+'. The Recovery Rating of 'RR4' reflects
average recovery prospects for Zhongyu's offshore senior unsecured
creditors. Fitch used the going-concern value approach, which
derives a higher value available for claims distribution than the
liquidation approach. This assumes an enterprise value/EBITDA
multiple of 6.0x and a post-default restructuring EBITDA of around
HKD1.5 billion. This results in a recovery for the proposed US
dollar debt corresponding to a Recovery Rating of 'RR3', but the
Recovery Rating is capped at 'RR4' because Zhongyu operates in
China, which is in the Group D of countries for creditor
friendliness.

DERIVATION SUMMARY

Fitch's 'B+' rating assessment of Zhongyu reflects the high
leverage against a relatively stable and resilient business profile
as a city gas distributor in China. Zhongyu's leverage level is
higher than that of 'BB-' rated utility peers, such as China
Concord New Energy Group Limited (CNE, BB-/Stable) and ReNew Power
Private Limited (BB-/Positive). Zhongyu's business risk is largely
comparable with that of peers.

Fitch expects CNE's FFO net leverage ratio to remain at 5.0x-6.0x
over the medium term. Both Zhongyu and Concord face some risk of
receivable collection delays. However, the risk will be lower as
Zhongyu cuts investments in coal-to-gas conversion projects and
Concord's renewable energy projects will have lower reliance on
subsidies.

ReNew Power is much larger than Zhongyu in scale as it is the
leading renewable independent power producer in India. Both
companies share similar business risks facing delayed payments from
governments or government-related entities. Zhongyu has stronger
FFO interest coverage due to lower financing costs, although Fitch
expects ReNew Power to deleverage much faster with net debt/EBITDA
to drop below 4.8x over the next 18-24 months, aided by EBITDA
growth and equity financing.

KEY ASSUMPTIONS

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

-- Retail gas sales volume CAGR of 12% in 2020-2024, supported by
    increasing sales volume from rural coal-to-gas conversion
    projects and the increase in gas sales penetration in China;

-- Dollar margin to remain stable during 2021-2024 as Zhongyu has
    set up a centralised procurement management centre to optimize
    gas supply mix. This could be partially offset by the pressure
    on the regulation of the gas distribution return;

-- New connection numbers peaked in 2020 as new connections from
    rural regions dropped and urban new connection growth slowed.
    Factoring in a slight decline in overall new connection
    numbers over 2021-2024;

-- Assumes new rural connections to drop by 40% a year and city
    new connections to increase by up to 5% a year in 2021-2024;

-- Capex to decline to about HKD1.28 billion-1.58 billion a year
    in 2021-2024 from HKD1.87 billion in 2020;

-- Working capital change will be negative in 2021 due to a large
    payable balance at end-2020 on high gas procurement price.
    Working capital to revert back to positive in 2022.

RATING SENSITIVITIES

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

-- FFO net leverage lower than 6.2x over a sustained period.

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

-- Fitch would revert the Outlook back to Stable if Zhongyu fails
    to deleverage, with its FFO net leverage sustained above 6.2x;

-- The rating may be downgraded if FFO net leverage is sustained
    above 7.2x, FFO interest coverage is sustained below 2.5x, or
    if there is a deterioration in liquidity or refinancing
    capability, and/or the company fails to maintain a reasonable
    debt maturity profile.

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

Refinancing Risk Manageable: Zhongyu had available cash of HKD 1.7
billion at end-March 2021 and unused credit facilities of about
HKD541 million, against short-term debt of HKD 7.3 billion. Fitch
expects the working capital loan portion of the short-term debt,
roughly HKD 1.4 billion, can be rolled over, while the company
needs to refinance the remainder, mainly offshore loans with
maturities concentrated in June and December 2021.

The company plans to refinance those loans through a combination of
US dollar bond issuance and renewal of offshore syndicated loan
facility. Fitch expects refinancing risk to be manageable, even if
the bond issuance plan is not successful, based on the company's
multi-year record of offshore banking relationships and concession
assets available for collateralising against onshore loans, if
needed.

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.



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

APOORVA CONSTRUCTION: ICRA Withdraws B+ Rating on INR8cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Apoorva Construction Co. at the request of the company and based on
the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

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

   Long Term-Non         3.00      [ICRA] B+(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Withdrawn

Apoorva Construction Co., based in Tumkur, Karnataka is a
partnership firm incorporated in 2010 and is involved in the
business of construction of buildings for various government
departments like Karnataka Residential Educational Institution
Society (KREIS), Karnataka State Police Housing (KSPH) &
Infrastructure Development Corporation Ltd (IDCL). The promoter of
the firm is Mr. Palakshaiah who has been in this business for more
than two decades. The firm is registered as "Class 1 PWD Contractor
& Engineer's, Karnataka". The firm has executed many projects over
the years as a prime contractor.


BDA HEALTHCARE: ICRA Withdraws D Rating on INR12cr Loans
--------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of BDA
Healthcare Private Limited (BDA), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Fund  
   Based Limit-
   Term Loan            11.50      [ICRA]D; Withdrawn

   Long-Term Fund
   Based Limit-
   Cash Credit           0.50      [ICRA]D; Withdrawn

Rationale

The long-term rating assigned to the bank facilities of BDA has
been withdrawn at the request of the company and based on the No
Due Certificate received from the banker, and in accordance with
ICRA's policy on withdrawal and suspension. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.

BDA Health Care Private Limited has set up a greenfield project at
Nagpur for manufacturing formulations catering to therapeutic
segments such as generic drugs. The company is a part of Nagpur
based BDA group which comprises of two more companies namely BDA
Pharma Private Limited and ODY Pharma Private Limited. At present,
the company is managed by three partners, Mr. Santosh Deshpande,
Mr. Daniel Biakou and Mr. Ali Hatim.


BNSR INDUSTRIES: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BNSR Industries
Limited's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND BB- (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR26.50 mil. Fund-based working capital maintained to non-
     cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Non-fund-based limits maintained to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR7.50 mil. Term loan due on March 2022 maintained to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR23.50 mil. Proposed fund-based working capital withdrawn
     (The company did not proceed with the instrument as
     envisaged); and

-- INR15 mil. Proposed non-fund-based limits withdrawn (The
     company did not proceed with the instrument as envisaged)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 19, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1992, BNSR Industries (ISO 9001-2000) manufactures
cables and conductors.


COMMERCIAL AUTOMOBILES: ICRA Cuts Rating on INR25.59cr Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Commercial Automobiles Private Limited (CAPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based            5.00      [ICRA]B+ (Stable); revised
   Limits-Cash                     From [ICRA]BB- (Negative)
   Credit                
                                   
   Fund-based           25.59      [ICRA]B+ (Stable); revised
   Limits-Term                     From [ICRA]BB- (Negative)
   Loan                 
                                   
   Fund-based
   Limits               30.71      [ICRA]A4; reaffirmed

   Unallocated          11.53      [ICRA]B+ (Stable); revised
   Limits                          From [ICRA]BB- (Negative)

Rationale

The rating revision considers the weak operating and financial
performance of CAPL in FY2020 and FY2021, primarily because of the
weak demand in the domestic commercial vehicles (CV) segment owing
to the Covid-19 pandemic. CAPL's performance is likely to remain
weak in Q1 FY2022 as well, given the weak consumer sentiments due
to the second wave of the pandemic. This apart, ICRA takes note of
the company's rising long-term debt level owing to the emergency
Covid-19 funding drawn for loss funding and additional term loans
to construct a new commercial property.

The rating also remains constrained by the company's weak financial
risk profile, characterized by its highly leveraged capital
structure and weak debt coverage indicators. The margins in the
dealership business remain low due to limited bargaining power with
original equipment manufacturers (OEMs). The ratings further
continue to take into consideration the inherent cyclicality in the
CV dealership business and the fact that the company generates most
of its revenues from this segment; the balance comes from the
passenger vehicles (PV) segment.

The ratings take into account CAPL's position as one of the largest
dealers of Tata Motors Limited (TML) in eastern Madhya Pradesh,
with presence in 15 districts of the state. The ratings also factor
in the established relationship of CAPL with TML, given the
dealership of more than five decades.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that CAPL's operational and financial profile are likely to remain
stable, albeit under pressure in the near to medium term, due to
slow recovery in the CV segment and uncertainty over the impact of
the second wave of the pandemic.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in auto-dealership business:
The company has a track record of more than five decades in the
auto-dealership business. The key promoter, Mr. Kailash Chand
Gupta, has been involved in dealership business since 1971.

* Strong market position; among largest dealers of TML in eastern
Madhya Pradesh: CAPL has an established market position as an
authorised dealer of TML in eastern Madhya Pradesh. Given its
presence as a leading dealer of TML in 15 districts of the  state,
the company enjoys a strong market share in the heavy commercial
vehicles (HCV) and medium commercial vehicles (MCV) segments,
respectively.

* Increasing rental income likely to support low-margin auto
dealership business: CAPL has been earning substantial rental
income from its commercial property. The company has earned ~Rs.
2.50-crore rental income in FY2021, which is supporting the
low-margin dealership business.

Credit challenges

* Decline in revenues due to weak performance of both CV and PV
segments amid Covid-19 crisis: There has been a decline in CAPL's
revenues and profitability of due to the weak demand for CVs amid
the Covid-19 pandemic in FY2020 and FY2021 (estimated). Moreover,
due to the second wave of Covid-19 and the related lockdowns, the
profitability is likely to remain under pressure in FY2022 as
well.

* Thin margins in auto dealership business: The dealership business
is characterized by thin margins and low bargaining power of the
dealers as margins on vehicles are determined by OEMs.

* Weak financial risk profile characterized by high gearing and
weak coverage indicators: The financial risk profile of the company
is weak with gearing of 3.26 times and interest coverage of 0.42
times in FY2021 (estimated). Furthermore, CAPL's working capital
limits remain highly utilized, indicating its stretched liquidity
profile. Going forward, the financial risk profile of the company
is expected to remain under pressure due to additional debt drawn
in FY2021 in the form of Covid-19 funding to the tune of INR11
crore and term loan of INR15 crore to construct a new commercial
property.

Liquidity position: Stretched

CAPL's liquidity position is stretched due to limited cushion in
cash credit limit and high repayment liability. The company has
been utilizing more than 90% of its sanctioned working capital
limit. CAPL also has substantial repayment liability of more than
INR5 crore annually. The cash accruals from the business are likely
to be insufficient for the term loan repayment. Hence, the promoter
is expected to infuse funds into the business as and when
required.

Rating sensitivities

Positive factors – ICRA could revise the ratings upwards in case
there is a sustained improvement in revenues and profitability
supported by resumption of normal business operations post the
pandemic.

Negative factors – ICRA could downgrade the ratings in case there
is a further deterioration in the liquidity and financial profile
of the company.

Incorporated in 1971 as a partnership firm and subsequently
converted into a private limited company in 1997, CAPL is an
authorized dealer of TML for its CVs and PVs. The CV dealership
operates in eastern Madhya Pradesh, across Jabalpur and the
adjoining districts, which are serviced by its five
sales-spares-service (3S) outlets and eight sales (1S) outlets. The
company sells PVs in eight districts of Madhya Pradesh that are
serviced by 3S outlets at Waidhan and Shahdol, along with 1S
outlets in the remaining districts. CAPL is a closely held company,
with the promoter, Mr. Kailash Chand Gupta, holding an equity stake
of 38.5%. The remaining shares have been distributed among his
family and other companies in the Group.

DARLING DIGITAL: ICRA Lowers Rating on INR14cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Darling
Digital World Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit-         14.00      [ICRA]B+(Stable) ISSUER NOT
   Long Term                       COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   Rating moved to 'issuer not
                                   Cooperating category'

   Fund Based-           4.70      [ICRA]A4 ISSUER NOT
   Short Term                      COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and Rating
                                   moved to 'issuer not
                                   cooperating category'

Rationale

The rating downgrade is because of lack of adequate information
regarding Darling Digital World Private Limited's 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 Darling Digital World 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.

Darling Digital World Private Limited is a major retailer in
electronics and consumer home appliances retail in Vellore,
Thiruvannamalai, Villupuram, Cuddalore, Salem, Tanjore, Chengalpet
and Pondicherry regions. The company has 33 showrooms and 19
franchises, selling consumer durable products of leading brands
such as Samsung, LG, Sony, Panasonic, Whirlpool, IFB, Siemens,
Godrej, Videocon etc as well as furniture, mobiles and fitness
products.

DIVA RAVI: ICRA Assigns B+ Rating to INR11.70cr Term Loan
---------------------------------------------------------
ICRA has assigned rating to the bank facilities of Diva Ravi Agro
and Founders Private Limited (DRAFPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–
   Working Capital
   Facilities            7.50      [ICRA]B+(Stable); Assigned

   Fund-based–
   Term Loan            11.70      [ICRA]B+(Stable); Assigned

   Non fund based
   Facilities            0.50      [ICRA]A4; Assigned

Rationale

The assigned ratings consider DRAFPL promoters' experience of over
two decades in the castings industry, which notwithstanding the
limited operational track record of the company, provides support
to its business risk profile. The ratings also consider DRAFPL's
presence in the overseas markets, which not only provides comfort
with respect to the business growth prospects, but also augurs well
from the perspective of geographical diversification of addressable
markets. The ratings are, however, constrained by the company's
small scale of operations and its low net worth, which not only
restricts its financial flexibility, but also affects its ability
to withstand a prolonged period of a weak business environment.

The ratings also remain constrained by the company's exposure to
the cyclicality inherent in the end-user industry and
susceptibility of DRAFPL's profitability arising from temporary
mismatches in the prices of raw materials and finished products. As
exports constitute a significant percentage of the turnover, the
margins also remain exposed to fluctuations in foreign currency in
the absence of any firm hedging mechanism. The ratings also
consider the working capital-intensive nature of DRAFPL's
operations emanating from high receivable days and high inventory
days, which led to an elongated cash conversion cycle and negative
free cash flows. The ratings also remained constrained by the
company's adverse capital structure and likely deterioration of the
same, going forward.

The Stable outlook reflects ICRA's belief that DRAFPL will continue
to scale up its operations, supported by increased penetration of
its product portfolio in the overseas markets.

Key rating drivers and their description

Credit strengths

* Extensive experience of the promoters: Notwithstanding the
limited operational track record of the company, DRAFPL's promoters
have over two decades of experience in the foundry industry through
their Group company.

* Sizeable exports sales mix lead to diversification of
market/customer: Sizeable export sales of its DI pipe fittings
(constituting ~60% of the overall sales) provide comfort with
respect to the business growth prospects and augurs well from the
perspective of geographical diversification of addressable
markets.

Credit challenges

* Small scale of operations with limited operational track record:
DRAFPL's scale of operations remains small with an operating income
of INR16.9 crore in FY2020 and an estimated INR26.0 crore in
FY2021. The small scale of operations and low net worth (Rs.6.9
crore as on March 31, 2020) restrict not only its operational and
financial flexibility, but also constrains its ability to withstand
a prolonged period of a weak business environment. The operational
track record of DRAFPL remains limited as its commercial operations
commenced from December 2018.

* Profits remain exposed to cyclicality inherent in the end-user
industry; margins remain volatile to raw material prices,
endproduct realizations and exchange rates: Cast iron and ductile
iron being engineering materials, have a diversified range of
applications like pipes, machines and automotive industry parts and
hence the company remains exposed to demand cyclicality in these
segments. Raw materials account for the major portion of the
operational cost for foundry players, including DRAFPL, and are
thus important determinants of profitability. As demand from the
end-user industry is cyclical in nature, it is exposed to the
margin risks arising from temporary mismatches in the prices of raw
materials and the finished products, causing volatility in
profitability and cash flows, although the company makes efforts to
carry out procurement based on orders. With around 60% of its
revenues derived from exports, the margins also remain exposed to
fluctuations in foreign currency in the absence of any firm hedging
mechanism.

* Working capital intensive operations emanating from high
receivable and inventory days: DRAFPL's operations are working
capital intensive on account of its high receivable days and high
inventory holding period, which stood at 93 days and 111 days,
respectively as on March 31, 2020. Elevated receivable days along
with sizeable inventory holding requirements led to an elongated
cash conversion cycle. Consequently, the working capital intensity
of the company, as reflected by net working capital relative to
operating income (NWC/OI), remained high at 34.8% in FY2020.

* Adverse capital structure; moderate debt protection metrics:
Given the largely debt-funded capex done towards setting up the
greenfield project of DRAFPL, its leverage remained high, resulting
in an aggressive capital structure. ICRA notes that DRAFPL's
gearing is expected to increase from 1.6 times as on March 31, 2020
to over 2 times as on March 31, 2021. Further debt-funded expansion
capex, which is underway in the current fiscal and an expected
increase in working capital borrowings to support the increased
scale of operations, are likely to further deteriorate the capital
structure. Debt protection metrics, as reflected by interest
coverage, remained modest at 2.9 times in FY2020.

Liquidity position: Stretched

DRAFPL's liquidity is stretched due to its long cash conversion
cycle, which in turn resulted in negative free cash flows and a
corresponding high utilization of its fund-based limits. DRAFPL's
month-end utilization levels of working capital facilities exceeded
95% of its sanctioned limits during January and February 2021,
leading to a low liquidity headroom.

Rating sensitivities

Positive factors – Ability to scale up operations while
maintaining an adequate liquidity profile through efficient working
capital management may lead to ratings upgrade. The specific
trigger for upgrade would be TOL/TNW below 2.5 times on a sustained
basis.

Negative factors – Pressure on DRAFPL's rating could arise if
there is a sustained deterioration in profits, leading to weakening
of coverage metrics and liquidity profile.

Incorporated in 2008, Diva Ravi Agro and Founders Private Limited,
manufactures cast iron and ductile iron. The company started its
commercial operations from December 2018. The manufacturing unit of
the company is located at Burdwan, West Bengal with an installed
capacity of 11,950 metric tonnes per annum (MTPA).


FAIZ INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Faiz
Industries (FI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-
   Term Loan            0.19       [ICRA]B+(Stable) reaffirmed

   Fund-based-
   Cash Credit          9.50       [ICRA]B+(Stable) reaffirmed

   Unallocated
   Limits               0.56       [ICRA]B+(Stable) reaffirmed

Rationale

The rating reaffirmation remains constrained by FI weak financial
risk profile, characterized by low profitability, leveraged capital
structure and weak coverage indicators. The rating factors in the
vulnerability of the firm's profitability to adverse fluctuations
in raw material prices (raw cotton), considering the inherently low
value-added ginning business and the intense competition in the
industry. Further, its operations remain exposed to regulatory
risks with regard to the minimum support price (MSP), which is set
by the Government. ICRA notes the potential adverse impact on the
firm's net worth and gearing level in case of any substantial
withdrawal from the capital accounts, given its constitution as a
partnership concern.

The rating, however, favorably factors in the extensive experience
of the partners in the cotton industry and the proximity of the
firm's manufacturing plant to raw material sources.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that FI is expected to maintain its business positioning.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in cotton industry: FI is
managed by partners who have extensive experience of over two
decades in the cotton industry by virtue of their association with
other entities operating in the cotton business, resulting in
established relationships with customers.

* Location-specific advantage: The firm benefits in terms of low
transportation cost and easy access to raw cotton due to the
strategic location of its plant in the Saurashtra region of
Gujarat, an area of high cotton acreage and quality cotton crop.

Credit challenges

* Weak financial risk profile: FI's scale of operations remained
modest with an operating income (OI) of INR67.9 crore in FY2020.
Further, in 10M FY2021, the firm achieved revenues of INR63.9
crore. The operating profitability stood weak at 0.5% in FY2020 due
to commoditized nature of business and low value-added operations.
Consequently, the net profitability remained thin at 0.1% in
FY2020. The capital structure and coverage indicators remained
moderate, with gearing of 1.0 times. Total Debt/OPBDITA of 18.2
times and interest coverage of 2.0 times in FY2020.

* Vulnerability of profitability to adverse fluctuations in raw
material prices and regulatory changes: The firm's profitability
remains exposed to fluctuations in raw material (raw cotton)
prices, which depend on various factors such as seasonality,
climatic conditions, international demand and supply situations,
and export policy. Further, it is exposed to regulatory risks with
regards to the MSP set by the Government.

* Intense competition and fragmented industry structure: The firm
faces intense competition from other small and unorganized players
in the industry because of commoditization and low entry barriers.
This limits its pricing flexibility and bargaining power with
customers and puts pressure on its revenues and margins.

* Risk associated with partnership constitution: FI, being a
partnership firm, is exposed to adverse capital structure risk,
wherein any substantial capital withdrawal could negatively impact
its net worth and capital structure.

Liquidity position: Stretched

FI's liquidity is stretched because of high working capital
requirements. In FY2021, the liquidity was supported by Guaranteed
Emergency Credit Line of INR1.43 crore. Further, timely support
from partners through capital infusion/unsecured loans will remain
crucial in case of any cash flow mismatches.

Rating sensitivities

Positive factors – ICRA could upgrade the firm's rating if
substantial growth in revenues and profitability leads to
higher-than expected cash accruals, which along with better working
capital management strengthens the financial risk profile. Negative
factors – Negative pressure on the firm's rating could arise if
any decline in revenues and profitability leads to lower
than-expected cash accruals, or if any significant debt-funded
capital expenditure, or capital withdrawal or stretch in the
working capital impacts its capital structure and liquidity
profile.

Established in 1996, FI is involved in cotton ginning and pressing
to produce cotton bales and cottonseeds. Additionally, it is
involved in crushing of cotton seeds to produce cotton seed oil and
cake on a job-work basis. The firm is equipped with 32 ginning
machines and one fully-automatic pressing machine and has an
installed capacity to produce 450 bales per day at its
manufacturing facility in Wankaner, Rajkot (Gujarat).

In FY2020, the firm reported a net profit of INR0.2 crore on an OI
of INR67.9 crore compared to a net profit of INR0.2 crore on an OI
of INR119.9 crore in FY2019.


GVK JAIPUR: ICRA Lowers Rating on INR209.64cr Term Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of GVK
Jaipur Expressway Private Limited (GVKJEPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan           209.64      [ICRA]D; downgraded from
                                   [ICRA]B (Stable)

Rationale

The rating action follows the recent delays in servicing of the
debt obligations on the rated loans by GVKJEPL. The delays were due
to the stretched liquidity position arising from adverse impact of
the pandemic on toll collections coupled with cash outflow towards
the third periodic major maintenance expenditure being undertaken
currently. The payments to the lenders were cleared within ~4-8
days of the due date and there was no overdue at the end of the
month. Further, the company maintains a Debt Service Reserve
Account (DSRA) equivalent to one quarter's debt servicing with
banks but the same was not utilised by the lenders for timely debt
servicing. The rating continues to remain constrained by risks
inherent in toll-based projects which include uncertainties
involved in regulatory changes, estimating future traffic growth
rates, acceptability of annual toll rate hikes and the WPI-linked
escalation in toll rates, which could limit the growth in toll
collections during periods of low WPI rate as seen in the past.

The rating, however, factors in the long operational track record
of more than 19 years with established traffic density and growth
in traffic at a CAGR of 3.94% in Passenger Car Unit (PCU) terms
between FY2006 to FY2020. However, during FY2020, traffic declined
by 3.2% (in PCU terms) primarily on account of slowdown in economy
and suspension in tolling in the last week of March 2020. Post
resumption of tolling on April 20, 2020, the traffic has reached
75% of pre-covid levels in the first week of June 2020.
Nonetheless, the overall traffic for FY2021 declined by 8.3% in
FY2021 due to lower traffic in Q1FY2021. The project corridor falls
along the busy Delhi-Mumbai corridor wherein the movement of
commercial traffic is high. Commercial traffic accounts for around
61% of which multi-axle vehicles is the major segment. The rating
also considers the low alternate route risk with minimal toll
leakages and established willingness of users to pay toll.

Key rating drivers and their description

Credit strengths

* Important route and long operational track record: The project
stretch is part of Delhi - Mumbai Corridor (connects Delhi with
Mumbai and Gujarat). Further the alternate route risk is low with
minimal toll leakages and established willingness of users to pay
toll. The traffic had declined by 3.2% (in PCU terms) during FY2020
primarily on account of slowdown in economy and suspension in
tolling in last week of March 2020. Post resumption of tolling on
April 20, 2020, the traffic has reached 75% of pre-covid levels in
the first week of June 2020. Nonetheless, the overall traffic for
FY2021 declined by 8.3% in FY2021 due to lower traffic in
Q1FY2021.

Credit challenges

* Delay in servicing of debt obligations: The company had delayed
on servicing its debt obligations on the rated loan. While there is
no overdue at the end of the month, the payment is made within ~4-8
days of the due date due to stretched liquidity position. The
liquidity position weakened owing to adverse impact of the pandemic
on toll collections coupled with cash outflow towards the third
periodic major maintenance expenditure being undertaken currently.

* Revenues dependent on traffic volume and movement in WPI: The
project remains exposed to the risks inherent in build
operate-transfer (BOT) toll road projects, including risks arising
from variation in traffic volume over the project stretch and its
dependence on the economic activity in the surrounding regions,
movement in WPI (for toll rate hike), political acceptability of
toll rate hike over the concession period, development/improvement
of alternate routes and likelihood of toll leakages. Any reduction
in either of these will have an adverse impact on toll
collections.

Liquidity position: Stretched

The company's cash flows from operations are anticipated to tightly
match its debt repayment obligation on the rated loans, of ~INR210
crore in FY2022, resulting in a stretched liquidity position.

Rating sensitivities

Positive factors – Timely servicing of debt obligations on a
sustained basis.

Negative factors – Not Applicable

GVKJE is a special purpose vehicle promoted by GVK Transportation
Pvt Ltd (GVKTPL) (100%) for widening the existing two - lane
section of NH-8 between Jaipur and Kishangarh (from km 273.50 to
363.88) to six lane in the state of Rajasthan through Design,
Build, Finance, Operate and Transfer (DBFOT - Toll) model.
Concession period is 20 years (including a construction period of 2
years). The total project cost incurred was INR622.30 crore which
was funded through INR121.17 crore equity, INR211 crore of grant
from NHAI, INR7.8 crore of internal accruals and INR282.33 crore of
debt. From May 2016 onwards, the toll collections on GVKJE's
project stretch was split into two toll plazas instead of one
earlier.

JAVI HOMES: ICRA Withdraws B+ Rating on INR55cr Term Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Javi Homes Private Limited at the request of the company and based
on the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based-          25.00      [ICRA]B+(Stable); ISSUER NOT
   Working capital                 COOPERATING; Withdrawn

   Fun-based–           55.00      [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Interchangeable     (25.00)     [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING;
                                   Withdrawn

JHPL was incorporated in 2010 by Mr. Vibhor Jain and Mrs. Neeti
Jain. JHPL is involved in the manufacturing of handmade carpets,
rugs, poufs etc and manufactures machine-made blankets. However,
most of the revenue comes from the carpets and blankets segments,
where carpets cater primarily to the overseas buyers and blankets
mainly to the domestic buyers.


JAYPEE INFRATECH: Suraksha ARC Seeks Fair & Unbiased Process
------------------------------------------------------------
The Economic Times reports that Suraksha Asset Reconstruction
Company, one of the two bidders for Jaypee Infratech under the
insolvency procedure, has called upon the troubled real estate
developer's creditors and insolvency resolution professional (IRP)
to follow a "fair and unbiased process", a day before they meet to
consider the resolution proposals.

According to ET, the Mumbai-based ARC has also requested the IRP
and members of the committee of creditors to ensure the resolution
plan submitted by its rival bidder NBCC is compliant with the
Insolvency and Bankruptcy Code (IBC) as interpreted by the Supreme
Court in its March 24 judgment before CoC takes up the resolution
plans for voting and evaluation.

The CoC meeting was scheduled on May 20 and voting will be on for a
week.  Suraksha and NBCC submitted their proposals to the IRP on
May 18.

In its letter to the IRP and lenders, Suraksha highlighted NBCC's
alleged failure to comply with the stipulated deadline and the need
to comply with the code with regards to payment to dissenting
lenders, ET relays.

"Some lenders had tried to postpone the submission deadline
following NBCC's request even after three extensions were granted,"
a CoC member told ET, indicating a lack of consensus over
extension.

According to a fair market valuation report, Suraksha has offered
INR6,984 crore to lenders, while NBCC has offered INR5,248 crore,
ET discloses. Suraksha has also offered land worth INR400 crore to
homebuyers in stuck Jaypee Infratech projects to compensate for
past delays. Both have proposed to complete the stuck projects in
42 months. This is the fourth time both the entities have revised
their proposals, the report notes.

                      About Jaypee Infratech

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

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

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

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

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

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


JSW STEEL: Fitch Affirms 'BB-' IDR, Alters Outlook to Positive
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on India's JSW Steel
Limited's (JSWS) Issuer Default Rating (IDR) to Positive, from
Negative, while affirming the IDR at 'BB-'. The agency has also
affirmed the rating on the outstanding bonds of JSWS and its
subsidiary Periama Holdings, LLC, which are guaranteed by JSWS, at
'BB-' and assigned a Recovery Rating of 'RR4'.

The Outlook revision is based on Fitch's estimate that JSWS's
leverage in the financial year ended March 2021 (FY21), excluding
the impact of the Bhushan Power and Steel Ltd (BPSL) acquisition,
was materially lower yoy and compared with Fitch's previous
expectations. Fitch also expects leverage to continue to decrease.

Fitch expects JSWS's EBITDA to rise further from FY22, driven by
higher volumes after adding capacity of 5 million tonnes per annum
(mtpa), or more than a quarter of current capacity, from mid-FY22.
Fitch expects limited impact on JSWS's steel output despite a
resurgence in Covid-19 cases in India and see upside risk to
Fitch's FY22 margin assumption, if robust steel prices are
sustained.

Capex is also likely to increase after a cut in FY21 as the company
re-focuses on growth. Although Fitch has assumed higher capex from
FY22, a further increase in JSWS's spending plans remains a risk as
Fitch's expectation for leverage implies that it will stay well
within company's net debt to EBITDA ratio target of 3.75x.

KEY RATING DRIVERS

Lower-Than-Expected Leverage: Fitch expects JSWS's gross
debt/EBITDA leverage to have declined to below 4.5x and net
debt/EBITDA to near 3.5x by FYE21 due to a faster-than-expected
recovery in global steel markets, which drove wider margins for
JSWS. The company also benefitted from a capex cut in FY21. Fitch
expects gross leverage, after including BPSL, will fall to around
3.5x from FY22, with volume and EBITDA growth and use of excess
cash for debt repayment.

Higher Margins Drove FY21 EBITDA: JSWS's consolidated EBITDA,
excluding one-off items, jumped by 40% in 9MFY21, driven by a 31%
growth in standalone EBITDA (98% of consolidated). The rally in
global steel prices since May 2020 pushed JSWS's standalone
EBITDA/tonne (t) margin up by around 40% in 9MFY21. JSWS's
standalone steel margin, which was around USD200/t in 3QFY21, is
likely to have increased further in 4QFY21 due to higher
international and domestic prices. However, Fitch assumes the
margin will narrow to around USD140/t by FY23.

Sales Volume to Increase: The resurgence in coronavirus infections
in India is likely to affect domestic demand, but Fitch assumes
JSWS's sales volumes will rise by 12% in FY22, driven to capacity
addition and increased exports, and helped by its globally
competitive cost position. JSWS's steel output fell by 5% mom in
April 2021 and Fitch incorporates some impact on its 1HFY22 output
as JSWS and peers are supplying some oxygen used in steelmaking for
medical use in India.

Turnaround Likely at Overseas Assets: JSWS's overseas operations,
which mainly comprise the plate and pipe mill in Baytown and a flat
steelmaking facility in Mingo Junction (Acero Junction), both in
the US, and the Aferpi rolling mill for long products in Italy,
were unprofitable in FY20 and 9MFY21. JSWS restarted operations at
its US facilities in 4QFY21 after upgrading equipment and aims to
supply slabs from Mingo Junction to Baytown from FY22 and benefit
from vertical integration. Fitch expects overseas assets to
contribute EBITDA from FY22, helped by an improved demand outlook.

Limited Impact from BPSL Acquisition: JSWS acquired a 49% equity
stake in BPSL in March 2021 after reaching an agreement with its
creditors following lengthy insolvency proceedings and a guarantee
for new debt at BPSL. A sister company took the other 51% stake in
BPSL. There are appeals pending in the Indian Supreme Court, but
JSWS's agreement with creditors should allow it to unwind the deal
in case of an adverse judgment.

Fitch includes the guaranteed debt and BPSL's EBITDA in Fitch's
analysis. However, Fitch estimates the impact on JSWS's leverage
from FY22 will be limited based on Fitch's expectation that BPSL,
which has a steelmaking capacity of over 2.5mtpa, will continue
generating healthy EBITDA. JSWS should be able to improve and
expand operations at BPSL in the next one to two years, aided by
its experience with similar cases. This is likely to mitigate the
impact of weaker industry margins.

Capex Likely to Rise: Fitch expects JSWS's capex to rise in FY22
after it was cut to in FY21 to support the financial position.
Several projects, such as the expansion of crude steel capacity at
the Dolvi plant, a new coke oven battery and expansion of
cold-rolling capacity at Vijayanagar, and other downstream
projects, are on track for completion in FY22. Thereafter, Fitch
expects JSWS to continue to expand capacity, in line with its
long-term strategy, and spend on cost-saving and maintenance
projects. The rise in capex will offset EBITDA gains and turn FCF
margin broadly neutral on average over FY22-24.

Cost-Efficient Operations: JSWS's cost position benefits from high
yields and low labour costs. JSWS's main plant at Vijayanagar
(12mtpa) was in the first quartile of research group CRU's liquid
steel site cost curve for 2020. This lifted the weighted-average
cost position of its steelmaking operations to a level comparable
with that of peers in the second quartile of the cost curve. Fitch
thinks JSWS's cost position should improve in 2021 due to a higher
share of blast furnace-based steelmaking capacity at Dolvi
following the expansion, equipment upgrade in the US and
cost-saving projects.

Limited Vertical Integration Benefit: JSWS does not produce coking
coal. The company is producing around 2 million tonnes of iron ore
per month from its mines in Odisha and Karnataka states in India
and volume from its mines constituted 49% of JSWS's total iron ore
receipts in 3QFY21. JSWS should derive the benefit of improved
supply certainty and lower logistics costs. However, the cost of
production for JSWS's mines, including royalties, will remain close
to Indian benchmark prices due to the royalty structure that links
it to domestic iron ore prices.

DERIVATION SUMMARY

JSWS's close Indian peer Tata Steel Limited's (TSL, BB/Stable)
rating incorporates one-notch uplift from its Standalone Credit
Profile (SCP) of 'bb-' due to potential support from the parent
Tata Group. TSL's SCP factors in robust operations in India, which
have better vertical integration and a higher EBITDA margin than
that of JSWS. However, this is partly counterbalanced by JSWS's
efficient operations. Fitch thinks TSL's overall business profile
is weaker than that of JSWS, dragged down by structural weaknesses
of higher costs and weak demand at its significant European
operations. Fitch estimates JSWS's total debt to EBITDA leverage,
after including acceptances, to be higher than TSL's in FY21, but
it will decline thereafter to a similar level.

JSWS is rated lower than ArcelorMittal S.A. (AM, BB+/Positive) and
EVRAZ plc (BB+/Stable). AM's business profile is stronger as it is
the world's most diversified steel producer by product type,
industrial application and geography. AM is the second-largest
steel producer by output and capacity and benefits from vertical
integration into iron ore. In addition, it has a strong product mix
with a significant share of high value-added products, being the
global leader in automotive steels. Fitch also expects AM's
leverage and coverage metrics to be stronger than that of JSWS. The
higher rating of EVRAZ, which is one of the leading long steel
producers in Russia, reflects the integrated nature of its
operations, high self-sufficiency in raw materials and a
competitive cost profile, as well as lower leverage and higher
coverage ratios.

JSWS is rated higher than United States Steel Corporation (US
Steel, B/Positive), which suffered an EBITDA loss in 2020 due to
its significantly weaker profitability. US Steel's margins and
leverage have been highly volatile. Prior to its weak performance
in 2020, the company had an EBITDA margin of 4% in 2019 and 11% in
2018. Its total debt to EBITDA leverage stood at around 7x in 2019
and 2x in 2018.

KEY ASSUMPTIONS

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

-- Standalone sales volume to increase by CAGR of 9% over FY21
    FY24;

-- Annual standalone EBITDA per tonne of around INR11,800 in
    FY21, INR11,500 in in FY22, INR10,400 in FY23 and INR10,500 in
    FY24;

-- Annual EBITDA contribution from subsidiaries improving to
    INR25 billion on average over FY22-FY24, from INR7 billion in
    FY21;

-- Average annual consolidated capex of around INR120 billion
    over FY21-FY24;

-- Average annual dividend outflow of INR15 billion over FY22
    FY24.

RATING SENSITIVITIES

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

-- Total gross debt to EBITDA leverage remaining on track to be
    3.5x or lower from FY23;

-- Sustained neutral to positive FCF.

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

-- Fitch may revise the Outlook to Stable if performance is
    weaker than the sensitivities for positive rating action.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS reported consolidated cash and cash
equivalents of INR139 billion as of 31 December 2020. It had
short-term working capital debt and acceptances of around INR150
billion and long-term debt maturities (including long-term customer
advances) of around INR95 billion and INR130 billion in FY22 and
FY23, respectively.

Fitch expects JSWS to roll over its short-term debt and
acceptances, as is usually the case, supported by its healthy
business profile and industry conditions. Fitch expects JSWS to
rely on refinancing for its long-term debt maturities, but the
company should be able to meet its repayment obligations by using
cash freed from draw down of available capex and working-capital
facilities and by cutting discretionary capex, should market
conditions deter refinancing efforts.

JSWS had an undrawn capex facility of around INR40 billion and
fund- and non-fund-based working facilities of around INR100
billion as of 31 December 2020, while Fitch estimates its annual
maintenance capex requirements to be around INR25 billion.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material financial adjustments include:

1) Payment (FY20: INR40.5 billion) by Duferco S.A. under a five
   year advance payment and supply agreement for supply of steel
   products has been treated as debt. The advance is interest
   bearing and the repayable amount will be adjusted by export of
   steel to Duferco.

2) Acceptances, related to trade payables and payables for capital
   projects, have been treated as debt (FY20: INR125.1 billion).

3) Unamortised upfront fees on borrowing (FY20: INR3.6 billion)
   have been added back to debt.

4) Government tax incentive relating to earlier years (FY20:
   INR4.7 billion) and one-off income from fees for assignment of
   procurement contract (FY20: INR2.5 billion) have been excluded
   from revenue.

5) Forex losses (FY20: INR8.3 billion) have been excluded from
   operating costs. Interest on lease liabilities (FY20: INR2.5
   billion) and depreciation of right of use assets (FY20: INR2.6
   billion) have been treated as lease expenses and deducted from
   EBITDA.

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.

K.D. LIQUOR: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained K.D. Liquor and
Fertilizer Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based limits maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR5 mil. Proposed fund-based limits withdrawn (the company
     did not proceed with the instrument as envisaged);

-- INR80 mil. Non-fund-based limits maintained in non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995 by Pradyut Sinha, Kamal Pandey and Kedarnath
Banshal, K.D. Liquor and Fertilizer is engaged in the production
and packaging of country liquor in West Bengal.


KKB PROJECTS: ICRA Withdraws B+ Rating on INR13cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
KKB Projects Pvt. Ltd at the request of the company and based on
the No Due Certificate received from its banker. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

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

KKB Projects Pvt. Ltd (KPPL) was established in 1993 as a
proprietorship concern by K.K. Bhalala and was reconstituted into a
private limited company in May 2007. KKB is a Government-approved
contractor with an 'AA' category and Special Category I (road
works) class certification in Gujarat. The company constructs roads
for various Government and semi Government entities such as Gujarat
Industrial Development Corporation (GIDC) and Surat Municipal
Corporation (SMC).


MAHAKALESHWAR TOLLWAYS: ICRA Cuts Issuer Rating to D
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Mahakaleshwar Tollways Private Limited (MTPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer rating        0.00       Rating downgraded to [ICRA]D
                                   From [ICRA]BB- and removed
                                   from rating watch with
                                   developing implications

Rationale

The rating downgrade takes into account the recent irregularities
in servicing of debt obligations by MTPL. MTPL's liquidity position
had weakened in the past one year as the toll collections have been
lower and the company had to utilize debt service reserve (DSR) for
meeting part of the debt servicing. Further, the toll collections
in MTPL's project were impacted by the Covid-19 related challenges
as the project, which connects to a major pilgrimage site and has a
major share of passenger vehicles, witnessed significant decline in
traffic in April-2021. With lower toll collections in April-2021
and limited liquidity buffer, MTPL was not able to fully service
interest due for the month of April 2021.

The rating continues to be constrained by MTPL's leveraged balance
sheet, and its weak residual cash flows from operations that also
results in its inability to pay premium to the concession authority
and risks associated with it. The rating is also constrained by the
non-maintenance of major maintenance reserve that can result in
sizable funding requirement in the years with high cash outflow.
Further, the rating takes into consideration the revenue risks that
are inherent in a toll-based road project including traffic growth,
leakage of toll-paying traffic, diversion of traffic to alternate
routes, and user resistance to pay toll/accept increase in toll
rates, and sensitivity of toll rates to variation in the Wholesale
Price Index (WPI).

Key rating drivers and their description

Credit strengths – Not applicable

Credit challenges

* Irregularities in debt servicing: The toll collection in MTPL's
project has been impacted by the challenges arising from the second
wave of Covid-19, and regional lockdowns in April-2021 that
resulted in disruption in traffic flow and lower revenue for April
2021. This along with limited liquidity buffer resulted in MTPL not
being able to fully service its interest payment obligations for
the month of April 2021.

* Weak financial position and inability to pay premium: With weaker
than initially envisaged toll collections, MTPL had faced financial
stress in the past and its net-worth got completely eroded and
promoter had to infuse unsecured loans into the company. Further,
as per the concession agreement (CA), MTPL has to pay a
predetermined share of toll collection each year (26.4% for first
year, with the share increasing by 1% each year) to Madhya Pradesh
Road Development Corporation Limited (MPRDC, or concession
authority), which added to the stress. As the actual toll
collections have been significantly lower than the initial
estimates, the company has not been able to make the scheduled
premium payments to MPRDC. The non-payment of premium to MPRDC in
the past also adds to the uncertainty in respect of liability
towards accumulation of unpaid premium and remains a key risk. The
non-payment of premium may trigger action form the authority
including termination of the  concession. While the premium payment
has lower priority in cashflow waterfall, compared with senior debt
servicing, increasing share of revenue payable to MPRDC limits the
ability of the company to generate returns for equity holders of
the project. The debt service coverage indicators of the project
for the senior lenders have remained modest in the past. However,
the financial profile of the company had deteriorated in FY2019 due
to availment of a new external debt. Nevertheless, the coverage
ratios have deteriorated and there is a promised yield to be paid
after 10 years which will put pressure on cash flows during those
years. A part of the proceeds of this new debt has been utilized to
repay loans from related party and for extending inter corporate
loans. These factors have resulted in a considerable weakening of
the debt coverage metrics.

* Leveraged capital structure and volatility in cash flows on
account of non-maintenance of major maintenance reserve: The first
major maintenance for the project stretch is to be undertaken
during FY2021-FY2023. However, MTPL has not been able to build any
major maintenance reserve (MMR), due to weak residual cash flows
(post debt-servicing and O&M expenses). In the absence of MMR,
sizeable cash outflow will be required at the time of major
maintenance which could put pressure on debt servicing during that
period.

* Revenue risks associated with a toll road project: Like any toll
road project, MTPL's cash flows are susceptible to various risks
including traffic leakages, diversion and force majeure events.
MTPL's toll rates are revised in September every year and are
linked with average WPI for the last fiscal year. In case there is
a decline in WPI, the company's toll rates are revised
downwards, and will impact the overall cash flows.

Liquidity position: Poor

The company has a poor liquidity position as reflected by the
recent irregularity in debt servicing. Its cash flow from
operations are expected to be inadequate to meet the operations and
maintenance expenses, debt servicing obligations and premium
payable to MPRDC. The cash balance available with the company as on
March 31, 2021 was INR0.92 crore.

Rating sensitivities

Positive factors – Track record of regularization of debt
servicing would be a key factor for rating upgrade.

Negative factors – Not Applicable.

MTPL is a special purpose vehicle (SPV) promoted majorly by Bharat
Road Network Limited (BRNL) and SREI Infrastructure Finance
Limited, for implementing a BOT toll road project in Madhya
Pradesh, along the Indore-Ujjain Road, on SH-27 from km 5/2 at
Indore to Km 53 at Ujjain (Total length- 49 km). The 25-year
concession agreement for the project was signed in September 2008
with MPRDC, with appointed date of May 2009. The project achieved
COD in February 2011. In FY2021 (Provisional), the company reported
a net loss of INR31.5 crore on an OI of INR23.6 crore compared to a
net loss of INR3.2 crore on an OI of INR31.4 crore in the previous
year.


MEHADIA SALES: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mehadia Sales
Trade Corporation Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limit (Long-term) maintained in Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR200 mil. Non-fund-based limit (Short-term) maintained in
     Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR350 mil. Proposed fund-based limit (Long-term) withdrawn
     (the company did not proceed with the instrument as
     envisaged); and

-- INR300 mil. Proposed non-fund-based limit (Short-term)
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 3, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Mehadia Sales Trade Corporation trades mainly in thermo mechanical
treatment bars in Maharashtra, Karnataka, Odisha, Chhattisgarh and
Madhya Pradesh. Its registered office is in Nagpur.


NATIONAL CONTRACTORS: ICRA Reaffirms D Rating on INR14.35cr Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of National
(India) Contractors & Engineers (NICE), as:

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Fund-
   based Cash Credit       7.00      [ICRA]D; Reaffirmed

   Long-term/Short-
   term Nonfund-based     14.35      [ICRA]D/[ICRA]D; Reaffirmed

   Long term/Short
   term-Unallocated        3.15      [ICRA]D/[ICRA]D; Reaffirmed

Rationale

The rating reaffirmation considers the continued delays in
servicing debt obligations owing to the poor liquidity position.
The financial profile of NICE continues to remain weak,
characterized by volatile revenues, stretched capitalization and
coverage indicators. The rating also remains constrained by the
execution risk for the projects in hand, high customer
concentration risk and intense competition in the trading and
construction businesses. Further, ICRA notes that NICE is a
partnership firm and any significant withdrawals from the capital
account may impact its net worth and capital structure.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners and track record of NICE in the
construction industry: NICE was incorporated in 1962 and engaged in
the business of construction of buildings (residential and
commercial), townships and universities. The firm's partners have
extensive experience of over a decade in the construction industry.
Over the past three decades, the firm has completed more than 100
projects involving civil construction of residential, industrial
and institutional projects for Government as well as private sector
clients.

Credit challenges

* Continued delays in debt servicing in recent past: The firm's
liquidity position continued to remain weak, which has resulted in
continued delays in debt servicing in the recent past. NICE's
liquidity position remained poor as evidenced by consistently full
utilization of the fund-based working capital limits during the
last 12 months along with a few instances of overdrawals in the
recent past. The firm also has sizeable debt repayments in the next
three years, which is likely to keep the liquidity under
pressure.

* Weak financial profile characterized by volatile revenues,
stretched capitalization, coverage indicators and poor liquidity
Position: NICE is a modest sized player in the intensely
competitive trading and construction businesses. Its revenues have
witnessed considerable volatility in the last five fiscals
depending upon the progress of construction projects in hand. The
firm's capital structure remained leveraged with a gearing of 3.67
times due to high debt levels and weak net worth. ICRA notes that
there have been significant withdrawals by the partners in the
past. Any significant withdrawals from the capital account may
impact its net worth and capital structure Its debt coverage
indicators remained weak as reflected by interest coverage of 1.09
times, TD/OPBDITA of 6.20 times and NCA/TD of 2% as on  March 31,
2020. The firm's working capital intensity remained low  in FY2020
at -14% due to extended credit from suppliers. The receivables have
been stretched due to the longer clearance process of Government
institutes, standing at 154 days as on March 31, 2020 and 90 days
as on March 31, 2019. The firm's inventory levels also increased to
784 days as on March 31, 2020 from 409 days as on March 31, 2019
due to high work in progress and closing stock vis-a-vis sales.

* High customer concentration risk: In the construction business,
most of the firm's orders come from the Public Works Department
(PWD), Maharashtra, which enhances the customer concentration risk.
NICE's customer concentration risk remained high with its top five
customers driving ~37% of its total sales in FY2020 and ~65% in
FY2019.

* Intense competition in the trading and construction businesses:
The firm faces stiff competition from large and well-established
organisations as well as small, unorganized players in both the
trading and construction businesses. This limits its pricing
flexibility and bargaining power with customers, thereby putting
pressure on its revenues and margins.

Liquidity position: Poor

The firm's liquidity position is poor as evidenced by delays in
loan servicing and continued overdrawn CC account due to weak cash
accruals and highly working capital intensive nature of operations
due to a sluggish receivables cycle and high work in progress
inventory. The firm has long-term debt repayments, which remain
sizeable to its cash accruals as reflected by repayments of INR3.18
crore in FY2021, INR1.92 crore in FY2022 and INR1.92 crore in
FY2023.

Rating sensitivities

Positive factors – Regularization in debt servicing over a period
of three months shall trigger an upgrade in the ratings.

Negative factors – Not applicable.

NICE was set up in 1962 by Mr. Usmangani Khatri and is at present
managed by three partners, Mr. Faruk Khatri, Mr. Zuber Khatri and
Mr. Rizwan Khatri. The firm is involved in the construction of
buildings, factories, townships and universities, as well as in
trading metals and primarily steel. The firm is based out of Mumbai
and executes construction projects primarily in Maharashtra and
Rajasthan.

In FY2020, NICE reported a net profit of INR0.52 crore on an OI of
INR27.37 crore compared to a net profit of INR0.75 crore on an OI
of INR40.82 crore in the previous year.


SAHASTRAA EXPORTS: ICRA Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of
Sahastraa Exports Private Limited to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term fund-      7.50       [ICRA]B+/Stable; ISSUER NOT
   Based limit                     COOPERATING Rating moved to
                                   the Issuer Not Cooperating
                                   category

   Short-term          15.00       [ICRA]A4; ISSUER NOT
   non-fund                        COOPERATING Rating moved to
   based limit                     the Issuer Not Cooperating
                                   Category

Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in September 2020. As part of its
process and in accordance with its rating agreement with Sahastraa
Exports Private Limited, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
However, despite multiple requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating has been moved to the Issuer Not Cooperating category. The
ratings are now denoted as  [ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING.

Incorporated in 2000, SEPL trades in imported chemicals and caters
to both the export and domestic markets. SEPL trades in 40 to 50
chemicals which find applications in diverse industries such as
chemical manufacturing, cosmetics, pharmaceuticals, dyes and
dyestuffs, plywood, paints and resins. Methanol has been the
primary trading chemical, accounting for around 88% of the total
sales in FY2020. In FY2020, SEPL introduced new products like
Desmodur 44V20L, Titasyn TC 991, Petroleum Resin GA-120, PVC Resin
EM 2070, PVC Resin LB 110, Diisononyl Phtalate, Acrylic Acid to the
export markets. SEPL has its registered office in Mumbai and a
warehousing facility in Bhiwandi (Thane district, Maharashtra) on
rental basis. The company routes its pan-India sales through its
seven branch offices in Bhiwadi (Rajasthan), Delhi, Ghaziabad
(Uttar Pradesh), Hyderabad (Telangana), Kandla (Gujarat), Ludhiana
(Punjab) and Yamuna Nagar(Haryana). In FY2020, the exports were
made to UAE, Iran, Mauritius, Sri Lanka, Syria, Lebanon, Jordan,
Nigeria and Bangladesh.


SCJ PLASTICS: ICRA Withdraws B+ Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
SCJ Plastics Limited at the request of the company and based on the
No Dues Certificate received from its banker. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based           5.50       [ICRA]B+(Stable); ISSUER NOT
   Limits                          COOPERATING; Withdrawn

   Non-fund            16.00       [ICRA]A4; ISSUER NOT
   based limits                    COOPERATING; Withdrawn

   Unallocated          0.50       [ICRA]B+(Stable)/[ICRA]A4;
   limits                          ISSUER NOT COOPERATING;
                                   Withdrawn

SCJPL was incorporated in 1981. It started business with a
manufacturing facility at Okhla Industrial Area in Delhi in 1982.
Subsequently, the company set up another manufacturing facility at
Najafgarh Road in Delhi in 2004. The promoter, Mr. S. C. Jain,
started trading commodity polymers in the 1960s and moved on to
manufacture master batches in 1969. In 1981, he set up SCJPL. The
promoters have several other partnership and proprietorship firms
that manufacture similar products - SCJ Plastics with its
manufacturing facility at Baddi, SCJ Colorants with its
manufacturing facility at Daman, Kund Polymers with its
manufacturing facility at Delhi, SCJ Polybatch with its
manufacturing facility at Bangalore and SCJ Colorant with its
manufacturing facility at Baddi.

SDS INFRATECH PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: SDS Infratech Private Limited
        Bhagwati Business Centre S-561
        School Block-II, Shakarpur
        Delhi 110092

Insolvency Commencement Date: May 12, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 8, 2021
                               (180 days from commencement)

Insolvency professional: Deepak Kukreja

Interim Resolution
Professional:            Deepak Kukreja
                         31/36, Basement
                         Old Rajinder Nagar
                         New Delhi 110060
                         E-mail: csdeepakkukreja@yahoo.com
                                 sdsinfratechirp@gmail.com

Last date for
submission of claims:    May 27, 2021


SHREEJEE SAREES: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shreejee Sarees
Pvt. Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:     

-- INR90 mil. Fund-based limits maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based limits withdrawn (the company
     did not proceed with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Shreejee Sarees is a Kolkata-based company,
engaged in the trading of printed sarees and ladies garments.


SMV COMMODITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: SMV Commodities and Trading India Private Limited
        Plot No. 45, Flat No. 202
        Kamala Residency
        Kamalapuri Colony
        Hyderabad TG 500073

Insolvency Commencement Date: April 28, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 24, 2021
                               (180 days from commencement)

Insolvency professional: Krishna Komaravolu

Interim Resolution
Professional:            Krishna Komaravolu
                         H.No. 7-1-214, Flat No. 409
                         Vamsikrishna Apartments
                         Dharam Karan Road, Ameerpet
                         Hyderabad 500016
                         E-mail: kkvolu@gmail.com
                                 rp.smvc@gmail.com

Last date for
submission of claims:    May 18, 2021


STURDY INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the bank facilities of Sturdy Industries
Limited (SIL) continues to remain in the 'Issuer Not Cooperating'
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       127.69      [ICRA]D ISSUER NOT COOPERATING,
   Term Loan                     Rating continues to remain in
                                 ISSUER NOT COOPERATING category

   Fund based-        41.79      [ICRA]D ISSUER NOT COOPERATING,
   Cash Credit                   Rating continues to remain in
                                 ISSUER NOT COOPERATING category

   Short term non     74.18      [ICRA]D ISSUER NOT COOPERATING,
   fund based                    Rating continues to remain in
                                 ISSUER NOT COOPERATING category

   Long term and       1.34      [ICRA]D ISSUER NOT COOPERATING,
   short term                    Rating continues to remain in
   unallocated                   ISSUER NOT COOPERATING category

Rationale

As part of its process and in accordance with its rating agreement
with SIL, 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 July 1989, SIL manufactures aluminium cables and
conductors along with plastic pipes and drip irrigation systems.
The company has three manufacturing facilities at Baddi (Himachal
Pradesh), Kamrup (Assam) and Parwanoo (Himachal Pradesh). The
company is managed by the Gupta family, namely Mr. Mohan Lal Gupta,
Mr. Ramesh Gupta and Mr. Amit Gupta. SIL's equity shares are listed
on the Bombay Stock Exchange.


SUGANYA CONSTRUCTIONS: Ind-Ra Affirms BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Suganya
Constructions's (SC) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based facilities affirmed with IND BB/Stable
     /IND A4+ rating; and

-- INR80 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects SC's medium scale of operations and weak
order book. The revenue declined to INR909 million in FY20 (FY19:
INR1,038 million) due to delays in the realization of the bills
raised in March 2020. In 11MFY21, SC achieved revenue of INR787
million. On 1 February 2021, SC had an order book position of
INR1,238 million (1.4x of FY20 revenue), which the management
expects the company to execute by end-FY22. Ind-Ra expects the
revenue in FY21 to have remained stagnant due to the slowdown in
the rate of project execution because of  COVID-19 led
disruptions.

The ratings also reflect SC's continued moderate credit metrics. In
FY20, the interest coverage (operating EBITDA/gross interest
expense) fell to 3.5x in FY20 (FY19: 3.9x) and net leverage
(adjusted net debt/operating EBITDAR) increased to 2.4x (1.3x), due
to a fall in the absolute EBITDA to INR86.8 million (INR92.7
million) and an increase in the total debt to INR206.4 million
(INR123.1 million) due to higher utilization of the fund based
limits. In FY21 Ind-Ra expects the credit metrics to have remained
at the same level on account of few machinery loans availed and a
COVID-19 loan of INR33.7 million taken during in July 2020 for a
period of 48 months including 12 months of moratorium.

Liquidity Indicator- Stretched: The cash and cash equivalent
remained low at INR1.1 million in FY20 (FY19: INR0.9 million) while
the cash flow from operations turned negative INR6.4 million
(INR135.9 million) on account of an unfavorable change in the
working capital. The firm's fund-based and non-fund based
facilities were utilized at an average of 67.6% and 36.4%,
respectively, during the 12 months ended April 2021. In FY20, the
net cash conversion cycle deteriorated to 34 days (FY19: 6 days) on
account of an increase in the debtor days to 62 days (27 days) due
to COVID-19 lockdown at end-March 2020. No regulatory debt
moratorium benefits were availed by the firm.

The ratings continue to be constrained by SC's partnership nature
of business, customer concentration risk with the top three
customers contributing around 54% to the FY20 revenue and
geographic concentration risks as the firm undertakes only
government projects in Tamil Nadu and Andhra Pradesh.

The ratings, however, continue to be supported by SC's healthy
EBITDA margins of 9.5% in FY20 (FY19: 8.9%), led by the execution
of high-margin projects with return on capital employed at 18.9%
(24.2%). In FY20, the EBITDA margins improved on account of control
on the operating expenses and execution of higher margin orders. In
FY21, Ind-Ra expects the EBITDA margin to have marginally
deteriorated due to the COVID-19 impact on business.

The ratings also continue to be supported by SC's promoter's
experience of a decade into civil construction work, including
roads and bridges.

RATING SENSITIVITIES

Negative: A decline in the revenue or EBITDA margins, leading to
net leverage above 3.5x or any delay in getting mobilization
advance or retention money resulting in delays in order execution,
with stretched liquidity, on a sustained basis, could be negative
for the ratings.

Positive: An increase in the revenue and rise in EBITDA margins
leading to an improvement in the credit metrics, on a sustained
basis, could be positive for the ratings.

COMPANY PROFILE

SC is a partnership firm, incorporated in 2010. It executes civil
construction work including roads and bridge sin and around Tamil
Nadu.


TATA STEEL: Fitch Raises IDR to 'BB', Outlook Stable
----------------------------------------------------
Fitch Ratings has upgraded India's Tata Steel Limited's (TSL)
Issuer Default Rating (IDR) to 'BB', from 'BB-'. The Outlook is
Stable. The agency has also upgraded the rating on the USD1 billion
notes due July 2024, issued by TSL's subsidiary, ABJA Investment
Co. Pte. Ltd., and guaranteed by TSL, to 'BB', from 'BB-', and has
assigned a Recovery Rating of 'RR4'.

The upgrade follows a significant improvement in TSL's financial
profile in the financial year ended March 2021 (FY21), driven by a
jump in margins following a faster recovery in the global steel
market from the impact of the coronavirus pandemic than Fitch
expected. Leverage, based on Fitch's estimate of gross debt/EBITDA
after adjusting for items such as leases and long-term customer
advances, was around 3.5x in FY21, sharply lower than the 7.5x in
FY20. Fitch expects TSL's leverage to remain stable over the next
three years.

KEY RATING DRIVERS

High Margin, Resilient Volume: The consolidated reported EBITDA
jumped by over 70% in FY21, while reported EBITDA for TSL's
standalone operations at Jamshedpur and Kalinganagar, which
contributed around 70% to the total, was up more than 45%. The
standalone EBITDA growth was driven by a stronger EBITDA/tonne (t)
margin from a sharp global steel-price rally since May 2020. TSL's
standalone sales volume also recovered quickly from the
pandemic-related lockdown in 1QFY21, helped by higher exports,
resulting in stable FY21 volume.

Meanwhile, TSL's margin benefits from captive output for its entire
standalone iron-ore requirements and about a quarter of coking
coal. Its standalone EBITDA margin was over USD350/t in 4QFY21, but
Fitch assumes it will moderate to around USD190/t by FY23. The
resurgence in Covid-19 cases in India will affect domestic demand,
but TSL should be able to mitigate this by increasing exports.
Fitch also expects a limited impact on 1HFY22 output, as steel
companies, such as TSL, are supplying a portion of the oxygen used
in steelmaking operations for medical purposes in India.

Turnaround in European Operations: TSL's European operations were
EBITDA positive in 4QFY21, after incurring losses in 9MFY21 and
FY20, driven by improved demand, sales volume and margins. The
operations have been a drag on TSL's overall credit profile, as
they suffer from structural weaknesses of high costs and weak
demand growth in Europe. TSL has also suffered two setbacks in its
effort to cut its European exposure through deals with thyssenkrupp
AG (BB-/Stable) and SSAB AB.

TSL has been focusing on rationalising working capital and capex,
reducing its workforce and optimising its product mix to improve
profitability. Fitch expects this to sustainably improve the margin
and free cash flow profile of the European operations.

Significant Contribution from Bhushan Steel: Fitch estimates that
Tata Steel BSL Ltd (TSBSL), which TSL acquired in 1QFY19 and has an
annual steelmaking capacity of around 5.6 million t, contributed
over 15% to TSL's consolidated EBITDA in FY21. TSBSL's
profitability and sales volume have been improving and its
liquid-steel site cost position was in the first-half of the global
cost curve in 2020, according to CRU. TSL also has shareholder
approval to merge with TSBSL via a share-swap arrangement and
benefitted from lower taxes in FY21 due to TSBSL's accumulated
losses.

Kalinganagar Expansion Back in Focus: Fitch expects capex to
increase due to TSL's 5 million t per annum capacity expansion
project at its Kalinganagar plant. TSL cut FY21 capex by
rationalising spending in Europe and slowing its expansion project,
which involves total capex of around INR235 billion and also
comprises a 2.2 million t per annum cold-rolling mill to produce
high-end steel and a pellet plant. TSL aims to start the cold
rolling mill and pellet plant in FY23, and to commission the
additional capacity by FY24.

Tata Group Support: TSL's ratings benefit from a one-notch uplift
from its Standalone Credit Profile due to potential support from
its stronger parent, Tata Group. Fitch assesses overall linkage to
be moderate, despite weak legal ties, due to TSL's strategic
importance to the group. The strategic ties are underpinned by
TSL's large contribution to the group's asset base, history of
financial support and reputational risk to the parent should TSL
default.

Neutral FCF, Stable Leverage: Fitch estimates that TSL's free cash
flow (FCF) margin, which was significantly positive in FY21, will
be almost neutral over FY22-FY24, with benefits from a gradual
improvement in consolidated volume and operational improvements in
Europe offset by higher capex, tax payments and dividends as well
as lower industry margins. Fitch also expects leverage to remain
stable at around 3.5x over FY22-FY24. TSL benefited from follow-up
payments for certain partly paid-up shares created under its 2018
rights issue in FY21, but Fitch does not assume any further equity
inflow.

DERIVATION SUMMARY

JSW Steel Limited (JSWS, BB-/Positive) is TSL's close Indian peer.
TSL's Indian operations have better vertical integration and a
higher EBITDA margin than that of JSWS, but this is partly
counterbalanced by JSWS's efficient operations. Fitch thinks TSL's
overall business profile is slightly weaker than that of JSWS,
dragged down by structural weaknesses of its significant European
operations. Fitch estimates JSWS's total debt/EBITDA leverage,
after including acceptances, to be higher than TSL's in FY21, but
to decline thereafter to a similar level.

TSL is rated lower than ArcelorMittal S.A. (AM, BB+/Positive) and
EVRAZ plc (BB+/Stable). AM's business profile is stronger, as it is
the world's most diversified steel producer by product type,
industrial application and geography. AM is the second-largest
steel producer by output and capacity and benefits from vertical
integration into iron ore. In addition, it has a strong product mix
with a significant share of high value-added products, being the
global leader in automotive steel. Fitch also expects AM's leverage
and coverage metrics to be stronger than that of TSL. The higher
rating of EVRAZ, which is one of Russia's leading long-steel
producers, reflects the integrated nature of its operations, high
self-sufficiency in raw materials and a competitive cost profile,
as well as lower leverage and higher coverage ratios.

TSL is rated higher than United States Steel Corporation (US Steel,
B/Positive), which suffered an EBITDA loss in 2020 due to its
significantly weaker profitability. US Steel's margin and leverage
have been highly volatile. Prior to its weak performance in 2020,
the company had an EBITDA margin of 4% in 2019 and 11% in 2018. Its
total debt/EBITDA leverage stood at around 7x in 2019 and 2x in
2018.

KEY ASSUMPTIONS

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

-- Annual sales volume for standalone operations at Jamshedpur
    and Kalinganagar of around 12.5 million t over FY21-FY23,
    increasing to close to 14 million t in FY24;

-- EBITDA/t margin for standalone operations of around INR15,000
    in FY22, declining to around INR14,000 in FY23 and INR14,200
    in FY24;

-- EBITDA from other assets of INR80 billion in FY22, improving
    to above INR90 billion from FY23;

-- Average annual consolidated capex of around INR125 billion
    over FY22-FY24;

-- Annual dividend outflow of INR30 billion over FY22-FY24.

RATING SENSITIVITIES

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

-- Total debt/EBITDA leverage below 3.0x on a sustained basis;

-- Sustained neutral to positive FCF;

-- Strengthening of linkage with the parent.

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

-- Total debt/EBITDA leverage above 4.0x on a sustained basis;

-- Sustained negative FCF;

-- EBITDA/interest paid below 3.5x for a sustained period (FY20:
    2.2x);

-- Weakening of linkage with the parent.

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

Adequate Liquidity: TSL reported consolidated cash, bank balances
and current investments of INR131 billion as of end-FY21 and
short-term borrowings of INR95 billion. It also reported maturities
of long-term borrowings, excluding lease obligations, of INR18
billion in FY22 and INR73 billion in FY23 in its FY20 annual
report. Fitch expects TSL to be able to roll over its short-term
debt for working capital, given its healthy operating profile. The
company also enjoys strong banking relationships and access to
financial markets, which mitigate refinancing and liquidity risks.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material financial adjustments for TSL are: 1) The INR22.75 billion
of hybrid perpetual bonds issued by TSL have not been provided any
equity credit in line with Fitch's criteria. Distributions on
hybrid perpetual securities have been treated as interest; 2)
Current investments in mutual funds (FY20: INR34.3 billion), which
are highly liquid, have been treated as readily available cash; 3)
Capitalised debt transaction costs (FY20: INR22.6 billion) have
been added back to better reflect amount repayable at maturity, and
4) Net foreign exchange gains (FY20: INR7.1 billion) have been
excluded from EBITDA.

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.

UR REALTORS: ICRA Lowers Rating on INR10cr Term Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of UR
Realtors Private Limited (URR), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-          10.00      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB+(Stable) and
                                   continues to remain under
                                   Issuer Not Cooperating
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding URR 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 UR Realtors 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.

UR Realtors Private Limited (URR) was incorporated in 1999 by Mr.
Suresh Almal and Mrs. Ritu Almal. The company is involved in
leasing of commercial property and has also invested in shares of
group companies. URR owns a single floor of 44,918 sq. ft. in
Divyasree Towers in Bangalore, which has been given on lease to
Convergys India Services Private Limited. The commercial building
is located on Bannerghatta Road in Bangalore.


V.P.S. TEXTILES: ICRA Withdraws B+ Rating on INR4.65cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of V.P.S.
Textiles (India) Private Limited (VPS), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           3.00       [ICRA]B+ (Stable); upgraded
   Cash Credit                     From [ICRA]B (Stable) and
                                   Withdrawn

   Long-term–           0.35       [ICRA]B+ (Stable); upgraded
   Term Loan                       From [ICRA]B (Stable) and
                                   Withdrawn

   Long-term-           4.65       [ICRA]B+ (Stable); upgraded
   Unallocated                     From [ICRA]B (Stable) and
                                   Withdrawn

Rationale

The rating upgrade of VPS reflects the improvement in operating
performance and liquidity position in the recent quarters. The same
is on the back of recovery in demand, coupled with improved working
capital requirements with change in product profile from cotton
yarn to blended yarn. Despite the said improvement, the company's
financial risk profile remains moderate constrained by high
leverage indicators and modest coverage indicators. However, the
rating factors in the experience of the promoters in the business,
which lends stability to its volumes as witnessed over the years.
Nevertheless, the rating is constrained by the intense competition
in the fragmented domestic spinning industry, which limits VPS's
pricing flexibility and exposes its earnings to fluctuations in raw
material prices as witnessed in the recent quarters.

The rating for the bank facilities of VPS has been withdrawn at the
request of the company and based on the no objection certificate
received from the lender. The same is in accordance with ICRA's
policy on withdrawal and suspension.

Key rating drivers and their description

Credit strengths

* Experienced promoters; recent shift to blended yarn likely to
limit working capital requirements: The company's promoters have
over a decade of experience in the textile industry, resulting in
established relationship with customers, which lends stability to
volumes as witnessed over the years. It has also changed its
product profile from cotton yarn to blended yarn in the recent
fiscals. This has, further, resulted in demand stability, limited
fluctuations in raw material prices and working capital
requirements.

Credit challenges

* Modest financial profile characteriZed by high leverage
indicators: The capital structure remained leveraged on the back of
working capital requirements in the business owing to moderately
high debt levels and low net worth base. Consequently, the coverage
indicator remained weak, with TD/OPBITDA of 5.5 times and 3.6 times
and TOL/TNW of 1.1 times and 1.0 times in FY2020 and 9M FY2021
respectively. However, its DSCR is expected to remain adequate,
despite the proposed near-term debtfunded capital expenditure,
supported by the earnings.

* Small scale of operations amid intense competition: The company's
scale of operations has remained small over the years as witnessed
from revenue of INR15.8 crore and INR14.9 crore in FY2019 and
FY2020 respectively. Moreover, the spinning industry is highly
fragmented with presence of numerous small to mid-sized players.
Thus, small scale of operations amid stiff competition limits its
bargaining power and exerts pressure on its margins, which are
exposed to fluctuations in raw material
prices.

Liquidity position: Adequate

The company's liquidity position has improved on the back of better
earnings in the recent quarters, coupled with realiZation of loans
extended to its group company and better working capital cycle. The
same has resulted in a cash buffer of INR2.0 crore as of December
31, 2020 which includes free cash reserves and unutilised lines of
credit. The cash buffer and expected cash accruals of INR0.6 crore
in the near term is likely to support the debt repayment of INR0.4
crore in FY2022 and the margin money requirement for the ongoing
debt-funded capital expenditure.

Rating sensitivities

Positive factors – Not applicable as the rating is being
withdrawn
Negative factors – Not applicable as the rating is being
withdrawn

V.P.S. Textiles (India) Private Limited was incorporated in 2006
and manufactures cotton polyester yarn of the fine count range of
60's. Its spinning mill is in R. Vadipatti in Tamil Nadu and has a
spindle capacity of 11,636 spindles. It is a closely-held company
managed by Mr. Pradeep Sundar, who is also the Director of Shri
Vasanthraj Textiles Private Limited, which is into the same line of
business.


VASANTHRAJ TEXTILES: ICRA Withdraws B+ Rating on INR3.97cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Shri
Vasanthraj Textiles Private Limited, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           3.00       [ICRA]B+ (Stable); upgraded
   Cash Credit                     From [ICRA]B (Stable) and
                                   Withdrawn

   Long-term–           1.03       [ICRA]B+ (Stable); upgraded
   Term Loan                       From [ICRA]B (Stable) and
                                   Withdrawn

   Long-term-           3.97       [ICRA]B+ (Stable); upgraded
   Unallocated                     From [ICRA]B (Stable) and
                                   Withdrawn


Rationale

The rating upgrade of Vasanthraj reflects the improvement in its
operating performance and liquidity position in the recent
quarters. The same is on the back of recovery in demand, coupled
with improved working capital requirements with change in product
profile from cotton yarn to blended yarn. Despite the said
improvement, the company's financial risk profile remains moderate
constrained by high leverage indicators and modest coverage
indicators. However, the rating factors in the experience of the
promoters in the business, which lends stability to its volumes as
witnessed over the years. Nevertheless, the rating is constrained
by the intense competition in the fragmented domestic spinning
industry, which limits Vasanthraj's pricing flexibility and exposes
its earnings to fluctuations in raw material prices as witnessed in
the recent quarters.

The rating for the bank facilities of Vasanthraj has been withdrawn
at the request of the company and based on the no objection
certificate received from the lender. The same is in accordance
with ICRA's policy on withdrawal and suspension.

Key rating drivers and their description

Credit strengths

* Experienced promoters; recent shift to blended yarn likely to
limit working capital requirements: The company's promoters have
over a decade of experience in the textile industry, resulting in
established relationship with customers, which lends
stability to volumes as witnessed over the years. It has also
changed its product profile from cotton yarn to blended yarn in the
recent fiscals. This has, further, resulted in demand stability,
limited fluctuations in raw material prices and working capital
requirements.

Credit challenges

* Modest financial profile characterised by high leverage
indicators: The capital structure remained leveraged on the back of
working capital requirements in the business owing to moderately
high debt levels and low net worth base. Consequently, the coverage
indicator remained weak, with TD/OPBITDA of 5.0 times and 5.0 times
and TOL/TNW of 2.3 times and 2.3 times in
FY2020 and 9M FY2021 respectively. However, its DSCR is expected to
remain adequate, despite the proposed near-term debtfunded capital
expenditure, supported by the earnings.

* Small scale of operations amid intense competition: The company's
scale of operations has remained small over the years as witnessed
from revenue of INR21.0 crore and INR19.6 crore in FY2019 and
FY2020 respectively. Moreover, the spinning industry is highly
fragmented with presence of numerous small to mid-sized players.
Thus, its small scale of operations amid stiff competition limits
its bargaining power and exerts pressure on its margins, which are
exposed to fluctuations in raw material prices.

Liquidity position: Adequate

The company's liquidity position has improved on the back of better
earnings in the recent quarters, coupled with realisation of loans
extended to its group company and better working capital cycle. The
same has resulted in cash buffer of INR2.0 crore
as on December 31, 2020, which includes free cash reserves and
unutilised lines of credit. The cash buffer and expected cash
accruals of INR0.7 crore in the near term is likely to support the
debt repayment of INR0.3 crore in FY2022 and the margin money
requirement for the ongoing debt-funded capital expenditure.

Rating sensitivities

Positive factors – Sustained strong growth in revenues and
earnings, coupled with better working capital cycle, which would
result in an improvement in credit metrics and liquidity position
is likely to result in a rating upgrade in absence of the rating
withdrawal.

Negative factors – Sustained pressure on revenues or earnings, or
sharp elongation of the working capital cycle or any large
debt-funded capital expenditure or sizeable outflow in the form of
loans and advances to Group entities, which could adversely
impact the liquidity position and credit metrics of the company may
result in a rating downgrade in absence of the rating withdrawal.
Specific credit metrics for a rating downgrade include DSCR less
than 1.1 times on a sustained basis.

Shri Vasanthraj Textiles Private Limited was incorporated in 1992
and manufactures cotton polyester yarn of the fine count range of
60's. Its spinning mill is in R. Vadipatti in Tamil Nadu and has a
spindle capacity of 14,400 spindles. It is a closely-held company
managed by Mr. Pradeep Sundar, who is also the Director of V.P.S
Textiles (India) Private Limited, which is into the same line of
business.




===============
M A L A Y S I A
===============

1MDB: Malaysia Fails to Link $28MM in Seized Cash to Stolen Funds
-----------------------------------------------------------------
Hadi Azmi and Yantoultra Ngui at Bloomberg News report that
Malaysia's government has failed to prove the MYR114 million ($28
million) cash seized from a residence linked to former Prime
Minister Najib Razak was part of 1MDB's stolen funds, a judge ruled
on May 20.

Bloomberg relates that the ruling followed the government's attempt
to forfeit the money, which Najib had claimed was for election
purposes. The cash, in 26 different currencies, was part of the
MYR1.1 billion of items seized in 2018 amid investigations into the
troubled state fund, 1MDB.

"Prosecution also failed to tie the funds to any criminal breach of
trust case," Bloomberg quotes Judge Muhammad Jamil Hussin as
saying. He made the ruling in the civil forfeiture case at the
Kuala Lumpur High Court.

The decision comes as a Malaysian court is also hearing an appeal
by Najib to overturn his conviction and 12-year jail sentence
linked to the 1MDB scandal that brought down his government in
2018, Bloomberg says.

According to Bloomberg, the seizure of items by the police on
residences linked to Najib then was the single largest haul in
Malaysian history. The inventory included luxury goods such as a
MYR6.4 million diamond necklace, MYR51.3 million worth of Hermes
bags and hundreds of watches including Rolex timepieces.

The raids occurred a month after Najib's coalition lost the
national elections, the first change in government since Malaysia
achieved interdependence from Britain in 1957, the report adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operated as a
government agency. The Company offered financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focused on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.



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

INVIDIA HOLDINGS: Creditors' Meeting Set for May 25
---------------------------------------------------
Invidia Holdings Pte Limited and Invidia Capital Pte Limited will
hold a meeting for its creditors on May 25, 2021, at 11:00 a.m. and
12:00 p.m., respectively, via video conference.

Agenda of the meeting includes:

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

   b. to appoint Liquidator(s) or confirm members' appointment of
      Liquidator;

   c. to fix the remuneration of the Liquidator(s) based on
      his/their nominal scale of fees in carrying out the
      assignment plus disbursements; and

   d. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of winding up the Company.

The company's provisional liquidator is:

          Wong Joo Wan
          Alternative Advisors Pte Ltd
          1 Commonwealth Lane
          #06-21 One Commonwealth
          Singapore 149544


NAN HAI: Creditors' Meeting Set for June 3
------------------------------------------
Nan Hai Maritime (Pte) Ltd will hold a meeting for its creditors on
June 3, 2021, at 10:45 a.m., via electronic facilities.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up;

   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

The company's provisional liquidators are:

         Paresh Jotangia
         Ho May Kee
         Grant Thornton Singapore Private Limited
         8 Marina View, #40-04/05 Asia Square
         Tower 1, Singapore 018960


NAN SIA: Creditors' Meeting Set for June 3
------------------------------------------
Nan Sia Maritime (Pte) Ltd will hold a meeting for its creditors on
June 3, 2021, at 3:00 p.m., via electronic facilities.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up;

   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

The company's provisional liquidators are:

         Paresh Jotangia
         Ho May Kee
         Grant Thornton Singapore Private Limited
         8 Marina View, #40-04/05 Asia Square
         Tower 1, Singapore 018960


PRIME AVIATION: Creditors' Proofs of Debt Due June 17
-----------------------------------------------------
Creditors of Prime Aviation Holding Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 17,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Balasubramaniam Janamanchi
         JBS Practice Pac.
         137 Telok Ayer Street
         #05-03
         Singapore 068602


SINGAPORE AIRLINES: Posts SGD4.27BB Net Loss in Year Ended March
----------------------------------------------------------------
Nikkei Asia reports that Asian airlines have been restructuring
their operations to pave the way for a rebound from the COVID-19
pandemic, but the latest quarterly results show many continued to
log big losses, as the industry outlook dims over recent virus
flare-ups in the region.

One company greatly affected is Singapore Airlines, which on May 19
reported a net loss of about SGD660 million ($490 million) for the
January-March quarter, the last in its financial year, leading to
an annual net loss of SGD4.27 billion.

In the year ended March, it served just 596,000 passengers, down a
whopping 98% from a year ago due to global travel restrictions to
fend off the spread of COVID-19, Nikkei Asia discloses. Its cargo
business fared better, with volume down just 39% from the previous
year, thanks to high global demand for medical equipment and
e-commerce shipping.

Nikkei Asia says the airline marked a total impairment charge of
SGD1.7 billion for 45 aircraft in the year, scaling down its
operations to prepare for a recovery.

But the airline's outlook remains uncertain, especially as many of
its key markets, like India, Thailand and Japan, now face a
resurgence of the coronavirus and because vaccination speeds in
Asia has been slower than in the U.S. and Europe. In normal times,
Singapore Airlines flies to 13 cities in India, including Mumbai
and Chennai.

Earlier this week, Singapore and Hong Kong deferred a
quarantine-free "travel bubble" due to a COVID uptick in Singapore.
Nikkei Asia reports. Singapore Airlines and Cathay Pacific Airways
had been slated to operate the flights. Singapore also lost the
World Economic Forum's special annual meeting set for August, a big
event that would have helped the transport and tourism sectors.

Moreover, many of the recent COVID cases in Singapore were linked
to a cluster that emerged at Changi Airport, which resulted in the
temporary closure of passenger terminals, Nikkei Asia says.

"Even though mass vaccination exercises are in progress in most of
our major markets, the prognosis for the global airline industry
remains uncertain," the company, as cited by Nikkei Asia, said in a
statement. "While domestic markets have recovered in some
countries, international air travel remains severely constrained
and its recovery trajectory is still unclear."

It added that its passenger capacity will still only be about 28%
of pre-COVID levels next month.

According to Nikkei Asia, Singapore Airlines on May 19 also said
that it will raise an additional SGD6.2 billion through convertible
bonds to secure higher liquidity to weather the pandemic impact.
The airline earlier this month announced it had raised about SGD2
billion through the sale and lease-back of 11 aircraft.

                      About Singapore Airlines

Singapore Airlines Limited provides air transportation,
engineering, pilot training, air charter, and tour wholesaling
services.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
31, 2020, Egan-Jones Ratings Company, on December 22, 2020,
downgraded the foreign currency and local currency senior unsecured
ratings on debt issued by Singapore Airlines Limited to BB- from
BB.


XIN YA: Creditors' Meeting Set for June 3
-----------------------------------------
Xin Ya Shipping & Trading (Pte) Ltd will hold a meeting for its
creditors on June 3, 2021, at 11:30 a.m., via electronic
facilities.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

   c. to consider the judicial managers' remuneration and expenses

      as an expense of the winding-up;

   d. to be authorised to appoint solicitors to (i) assist the
      liquidators in the liquidators' duties; and/or (ii) to bring

      or defend any action or legal proceeding in the name and on
      behalf of the Company.

The company's provisional liquidators are:

         Paresh Jotangia
         Ho May Kee
         Grant Thornton Singapore Private Limited
         8 Marina View, #40-04/05 Asia Square
         Tower 1, Singapore 018960



                           *********


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 ***