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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

          Thursday, May 27, 2021, Vol. 24, No. 100

                           Headlines



A U S T R A L I A

ECO COFFEE: Second Creditors' Meeting Set for June 2
LXNDR GROUP: Second Creditors' Meeting Set for June 2
PROGRESS 2021-1: S&P Assigns Prelim BB(sf) Rating to Class E Notes
RESIMAC BASTILLE 2017-1NC: Moody's Upgrades F Notes From B1 (sf)
WIRRALIE MINES: Second Creditors' Meeting Set for June 2



C H I N A

HONGHUA GROUP: Fitch Affirms 'B' LT Foreign Currency IDR
KAISA GROUP: Moody's Assigns B2 Rating to Proposed USD Notes
PUJIANG INTERNATIONAL: S&P Alters Outlook to Neg., Affirms 'B' ICR


I N D I A

ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating
AMAZON ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
ANDAL AZHAGAR: CRISIL Keeps B Debt Ratings in Not Cooperating
ARYAN SILK: CRISIL Keeps D Debt Rating in Not Cooperating
ASHA RAM: CRISIL Keeps D Debt Rating in Not Cooperating

BAPASHREE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
BARNALA STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
BESTO TRADELINK: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE FROG: Insolvency Resolution Process Case Summary
BS LTD: NCLT Junks Liquidator Bid to Make Banks Respondents

CREATIVE YARN: CRISIL Keeps B- Debt Ratings in Not Cooperating
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANSHREE SEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating

EXIM LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
FABTECH SUGAR: Insolvency Resolution Process Case Summary
GEM BATTERIES PRIVATE: Insolvency Resolution Process Case Summary
GHANSHYAM FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GLOBAL FOODS: CRISIL Keeps B- Debt Rating in Not Cooperating

INDIA: Developers Seek Protection From Insolvency for a Year
JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
KESHAV ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
KEYA SETH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LAXMI ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating

MAA MANGLA: CRISIL Keeps D Debt Ratings in Not Cooperating
MAYURA INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
MIKU POLYMERS: CRISIL Lowers Rating on INR69cr Cash Loan to D
NANGALI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
PADAM CARS: CRISIL Keeps B Debt Ratings in Not Cooperating

RAJYALAKSHMI R & B: CRISIL Keeps B Debt Rating in Not Cooperating
SUSHIL KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating
V. G. SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
VENUS ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
VIJAYA AERO: CRISIL Keeps D Debt Ratings in Not Cooperating



J A P A N

UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B-', On Watch Negative


M O N G O L I A

MONGOLIA: Fitch Affirms 'B' LT Foreign Currency IDR, Outlook Stable


N E W   Z E A L A N D

MAINZEAL: Liquidators to Appeal Partial Setback in Claim Damages


S I N G A P O R E

CONTINENTAL PLATFORM: Court to Hear Wind-Up Petition on June 4
MARY CHIA: Seeks More Time to Announce FY2021 Financial Statements
SPICE LAB: Creditors' Proofs of Debt Due June 24
SPINDEX INDUSTRIES: Movement Control to Impact Malaysia Factory
STICKY SINGAPORE: Creditors' Meeting Set for June 1



V I E T N A M

VIETNAM TECHNOLOGICAL: Moody's Affirms Ba3 LT Issuer Rating

                           - - - - -


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

ECO COFFEE: Second Creditors' Meeting Set for June 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Eco Coffee Pty
Ltd has been set for June 2, 2021, at 9:00 a.m. via virtual meeting
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2021, at 4:00 p.m.

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

LXNDR GROUP: Second Creditors' Meeting Set for June 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of LXNDR Group Pty
Ltd as Trustee for LXNDR Group Investments Trust, trading as The
Coffee Group, has been set for June 2, 2021, at 10:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2021, at 4:00 p.m.

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


PROGRESS 2021-1: S&P Assigns Prelim BB(sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Progress 2021-1 Trust.
Progress 2021-1 Trust is a securitization of prime residential
mortgages originated by AMP Bank Ltd.

S&P said, "The preliminary ratings reflect our view of the credit
risk of the underlying collateral portfolio and the credit support
provided to each class of notes are commensurate with the ratings
assigned. Credit support is provided by subordination, lenders'
mortgage insurance (LMI), and excess spread, if any. Our assessment
of credit risk takes into account AMP Bank's underwriting standards
and approval process, which are consistent with industrywide
practices, the servicing quality of AMP Bank, and the support
provided by the LMI policies on 21.45% of the portfolio.

"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
interest-rate swap, the mechanism for trapping excess spread into
an excess reserve, the provision of a liquidity reserve, and the
provision of an income reserve--funded by AMP Bank at closing to
cover extraordinary expenses--sized at a level consistent with the
ratings. All rating stresses are made on the basis that the trust
does not call the notes at or beyond the first call-option date,
and that all rated notes must be fully redeemed via the principal
waterfall mechanism under the transaction documents.

S&P's ratings also consider the counterparty exposure to
appropriately rated financial institutions (to be determined) as
bank account providers and to BNP Paribas as fixed-rate swap
provider. The fixed-rate swap will be provided to hedge the
fixed-rate mortgage loans and the floating-rate obligations on the
notes. The transaction documents include downgrade remedies
consistent with our counterparty criteria. The legal structure of
the trust is established as a special-purpose entity and meets our
criteria for insolvency remoteness.

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

  Preliminary Ratings Assigned

  Progress 2021-1 Trust

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$19.95 million: AAA (sf)
  Class B, A$6.95 million: AA (sf)
  Class C, A$5.60 million: A (sf)
  Class D, A$3.35 million: BBB (sf)
  Class E, A$1.95 million: BB (sf)
  Class F, A$2.20 million: Not rated


RESIMAC BASTILLE 2017-1NC: Moody's Upgrades F Notes From B1 (sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by RESIMAC Bastille Trust Series 2017-1NC.

The affected ratings are as follows:

Issuer: RESIMAC Bastille Trust Series 2017-1NC

C, Upgraded to Aa1 (sf); previously on Nov 26, 2019 Upgraded to
Aa2 (sf)

D, Upgraded to Aa3 (sf); previously on Nov 26, 2019 Upgraded to A2
(sf)

E, Upgraded to A3 (sf); previously on Nov 26, 2019 Upgraded to
Baa3 (sf)

F, Upgraded to Baa3 (sf); previously on Nov 26, 2019 Upgraded to
B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available to the affected notes and good collateral performance to
date.

Following the April 2021 payment date, notes subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 11.5%, 7.9%, 5.6%, and 4.3%, respectively from 10.2%,
6.6%, 4.3%, and 2.7% at the time of the last rating action in
November 2019.

The deal has also been performing well. As of end-March 2021, 1.1%
of the outstanding pool was 30-plus day delinquent, 0.5% was
90-plus day delinquent, and 2.0% was under COVID-19-related
hardship assistance. The portfolio has incurred AUD8,584 losses to
date, which have been reimbursed by excess spread.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has lowered its expected loss
assumption at 2.1% of the outstanding pool (equivalent to 0.7% of
the original balance) from 2.3% of the outstanding pool in November
2019.

Moody's has decreased its MILAN CE assumption to 11.8% from 12.7%
at the time of the last rating action in November 2019, based on
the current portfolio characteristics.

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 its
ESG framework, given the substantial implications for public health
and safety.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated by RESIMAC Limited, an
Australian non-bank mortgage lender. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories or made on a limited documentation basis.

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:

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

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

WIRRALIE MINES: Second Creditors' Meeting Set for June 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Wirralie Mines
Pty Ltd has been set for June 2, 2021, at 10:30 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 June 1, 2021, at 5:00 p.m.

Moira Kathleen Carter of BRI Ferrier was appointed as administrator
of Wirralie Mines on April 29, 2021.




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

HONGHUA GROUP: Fitch Affirms 'B' LT Foreign Currency IDR
--------------------------------------------------------
Fitch Ratings has affirmed China-based oilfield equipment and
service company Honghua Group Limited's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B'. The Outlook is Stable.

Fitch assesses Honghua's Standalone Credit Profile (SCP) at 'b-',
as it is constrained by the company's high leverage, weak coverage
and large exposure to the volatile oilfield service sector. The IDR
incorporates a one-notch uplift from the SCP, based on potential
support from Honghua's controlling shareholder, China Aerospace
Science and Industry Corporation Limited (CASIC). This is in line
with Fitch's Parent and Subsidiary Rating Linkage Criteria on the
basis of a strong parent, weak subsidiary and a moderate linkage
assessment.

The Stable Outlook reflects Fitch's expectation of Honghua's
stabilising business performance in 2021 and continued support from
CASIC.

KEY RATING DRIVERS

High Financial Leverage: Honghua's high leverage and weak coverage,
caused by its large exposure to the volatile downstream industry,
constrains its SCP at 'b-'. FFO net leverage was 9x at end-2020,
and Fitch expects it to remain in the high single digits due to
small-scale earnings, working capital outflow and mandatory
maintenance capex, despite an oil price recovery from 2021.
Honghua's interest coverage has been thin, at around 2x, but
remains comfortable for credit profile.

Honghua's Fitch-defined operating EBITDA margin was at 12.5% in
2020, but revenue declined by 11% due to the low oil price
pressuring downstream oil companies' capex requirements as well as
the impact from the pandemic on overseas projects. Honghua has
controlled its overall operational costs, with administration and
selling cost accounting for 18.5% of sales in 2020 (2019: 19.4%).

Sales, Margin Fluctuate With Oil Price: Fitch expects an oil price
recovery to smooth Honghua's earnings and cash flow and for the
company to maintain adequate liquidity and keep its financial
metrics within Fitch's sensitivity rating guidelines. Honghua's
core businesses sales and margin fluctuate with the oil price and
downstream oil and gas industry capex demands. Fitch expects
Honghua to explore fracturing and offshore wind power businesses in
China, with support from its parent, to achieve diversification
benefits.

Further Concentration in China: China accounted for 74% of
Honghua's 2020 revenue. This was up from 51% in 2019 due to rising
domestic demand and the adverse impact from the pandemic on
overseas projects. Fitch expects concentration to stay high. The
overseas business should recover from 2021, benefiting from the
stabilisation in the oil price, though revenue growth from China
could outrun that from overseas. The company also has operations in
the Middle East, Europe and Central Asia.

Prolonged Cash Cycle: Fitch expects Honghua's expanding businesses
with domestic oil majors and state-owned entities to prolong it
cash cycle, as Honghua tends to give them longer receivable days.
However, the receivables are less subject to impairment, given the
customers' stronger credit, and the company aims to control its
receivable and inventory scale in line with its parent's financial
policy.

Moderate Linkage with Parent: CASIC became Honghua's largest
shareholder after a 2017 equity placement; it owns 29.98% of
Honghua's shares and consolidates the subsidiary in its accounts.
CASIC controls Honghua by appointing three board members and
several key senior managers, including the chairperson and chief
financial officer.

Honghua's and CASIC's operations are largely independent, although
Honghua says that CASIC regards it as one of its five pillar
segments - equipment manufacturing business. CASIC and its other
subsidiaries also co-operate with Honghua on business opportunities
and provide it with financial support.

DERIVATION SUMMARY

Honghua's rating incorporates a one-notch uplift for potential
support from CASIC. It also reflects Fitch's expectation that the
company will maintain adequate liquidity to meet its debt
obligations and keep its financial metrics within the sensitivities
for its rating level in the medium term.

Honghua's weak SCP, constrained by high leverage, small scale and
large exposure to the volatile oil and gas industry, is comparable
with that of 'B' category oilfield equipment services peers, such
as Precision Drilling Corporation (B+/Stable). Honghua is smaller
in scale and more leveraged, but both companies are exposed to the
same volatile downstream industry.

Fitch assesses Honghua's SCP as weaker than that of Chinese
industrial peers, such as China Grand Automotive Services Group
Co., Ltd. (B+/Stable) and eHi Car Services Limited (B/Rating Watch
Positive), due to its smaller scale, lower business stability and
much higher leverage.

KEY ASSUMPTIONS

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

-- Revenue to rise by 4%-5% a year in 2021-2024;

-- EBITDA margin to remain at around 11%;

-- Capex of CNY150 million a year in 2021-2022;

-- No dividend payout.

Recovery Rating Assumptions:

Our recovery analysis is based on liquidation value. The
liquidation value is derived from the value of balance sheet assets
that can be realised in a sale or liquidation process, and a 10%
administrative claim.

The Recovery Rating assigned to Honghua's senior unsecured debt is
'RR4' because, under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, China falls into the Group D of countries
in terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

-- Evidence of stronger legal, operational and strategic linkages
    with CASIC;

-- FFO net leverage of below 4.5x.

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

-- Evidence of weaker legal, operational and strategic linkages
    with CASIC;

-- FFO interest coverage of below 1.2x for a sustained period
    (2020: 1.8x).

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

Liquidity Support from Parent: Honghua had CNY2.3 billion of
short-term debt at end-2020. This should be covered by CNY952
million of available cash and CNY5.5 billion of undrawn borrowing
facilities, including unused facilities of around CNY1.5 billion
provided by CASIC. However, these facilities are uncommitted, as
committed credit facilities are not common in the Chinese banking
environment. Fitch believes CASIC's shareholding enhances Honghua's
financing capability, including intra-group lending.

FITCH (HONG KONG) LIMITED is providing this rating solely for use
in connection with transactions that are consistent with the
Executive Order 13959 from Nov. 12, 2020 (the "EO") and the
implementing guidance issued by the US Treasury's Office of Foreign
Assets Control. This rating is not meant for, and should not be
used by, any "US persons," as that term is defined in the EO, who
are engaging in transactions that are prohibited by the EO.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Honghua's ratings incorporate a one-notch uplift from potential
support of its parent.

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.


KAISA GROUP: Moody's Assigns B2 Rating to Proposed USD Notes
------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by Kaisa Group Holdings Ltd
(B1 stable).

Kaisa plans to use the proceeds from the proposed notes to
refinance its offshore debt.

RATINGS RATIONALE

"Kaisa's B1 corporate family rating (CFR) reflects the company's
well-established market position and quality land bank in
higher-tier cities in the Great Bay Area (GBA); robust gross profit
margin, supported by material revenue contribution from its urban
redevelopment projects; and good liquidity," says Danny Chan, a
Moody's Assistant Vice President and Analyst.

"Meanwhile, the company's B1 CFR is constrained by its moderate
credit metrics; high geographic concentration; narrow funding
channels and high funding costs because of its history of debt
restructuring; and increasing exposure to joint ventures (JVs),"
adds Chan.

The proposed bond issuance will lengthen Kaisa's debt maturity
profile and improve its liquidity without having a material impact
on its credit metrics, because the company will use the proceeds to
refinance maturing debt.

Moody's forecasts Kaisa's debt leverage, as measured by
revenue/adjusted debt, will improve to 55%-60% over the next 1-2
years from 48% in 2020, reflecting the company's strong revenue
growth due to solid sales and controlled debt growth over the past
two years.

Moody's also projects Kaisa's EBIT/interest coverage will improve
to 1.9x-2.0x over the next 1-2 years from 1.7x in 2020, because its
revenue growth and declining borrowing costs will offset a mild
contraction in its gross profit margin. Moody's forecasts the
company's gross profit margin will edge down to around 28% from 29%
over the same period due to rising land and construction costs.

Moody's expects Kaisa's annual contracted sales growth to slow down
but remain healthy at 10%-15% each year to around RMB120 billion in
2021 and around RMB130 billion in 2022. These sales growths will be
supported by its sufficient saleable resources, which are mainly
located in higher-tier cities, strong housing demand in its core
markets, and its strong sales execution ability, despite a
tightening in credit conditions in China. Moderating contracted
sales growth will also contain Kaisa's debt funding needs.

Kaisa's attributable contracted sales rose strongly, by 134% to
RMB42.2 billion for the first four months of 2021 when compared
with RMB18.0 billion in the corresponding period a year earlier.
The substantial growth was largely due to the low base in the first
half (H1) of 2020 caused by the coronavirus pandemic.

Kaisa's B2 senior unsecured debt rating is one notch lower than the
company's B1 CFR due to structural subordination risk. The
subordination risk refers to the fact that the majority of Kaisa's
claims are at its operating subsidiaries and, in the event of a
bankruptcy, have priority over claims at the holding company. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

Kaisa's liquidity is good. The company's ample cash balance
provides sufficient buffer against its material exposure to
offshore senior debt. Moody's expects the company's cash holdings,
together with its likely operating cash inflow, to cover its unpaid
land premiums, dividend payments and maturing debt over the next
12-18 months. As of the end of 2020, the company had a cash balance
of RMB42.3 billion (including restricted cash of RMB6.2 billion),
which could cover about 1.8x of its total short-term debt of
RMB23.1 billion as of the same date.

In terms of environmental, social and governance (ESG)
considerations, Moody's has factored in the company's history of
debt restructuring and share suspension, as well as high debt
leverage. In addition, the company has a concentrated shareholder
structure, with a 39.04% stake in the company owned by its founder,
Kwok Ying Shing, and his family members as of the end of 2020.

Kaisa has maintained a low level of related-party transactions over
the past two to three years. However, in March 2021, the company
proposed to acquire a property project in Beijing from its chairman
for about RMB13 billion. The quality of the property is good
because it is in a prime location in Beijing, and the associated
financial risk is tempered by the fact that part of acquisition
will be funded by internal cash resources and debt financing, and
cash proceeds from a planned rights issuance.

Governance concerns pertaining to Kaisa are also partly tempered by
the governance structures and disclosure standards as required
under the Corporate Governance Code for companies listed on the
Hong Kong Stock Exchange. For example, the aforementioned
related-party transaction will be subject to shareholder approval,
and Kwok Ying Shing and his family members will abstain from
voting.

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

The stable rating outlook reflects Moody's expectation that Kaisa
will maintain stable contracted sales growth without embarking on
aggressive debt-funded acquisitions, improve its credit metrics and
maintain good liquidity over the next 12-18 months.

Kaisa's rating could be upgraded if the company (1) maintains its
adequate liquidity; (2) diversifies its funding channels; and (3)
improves its EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.

On the other hand, Moody's could downgrade the rating if the
company fails to achieve its expected sales growth or aggressively
acquires land beyond Moody's expectation, such that its financial
metrics and liquidity deteriorate.

Credit metrics indicative of a downgrade include the company's (1)
cash to short-term debt falling below 1.0x-1.5x; (2)
revenue/adjusted debt falling below 50%; and (3) EBIT/interest
coverage falling below 2.0x, all on a sustained basis.

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

Kaisa Group Holdings Ltd is in real estate development in China,
including urban redevelopment projects in the Greater Bay Area. As
of December 31, 2020, the company's land bank comprised an
aggregate gross floor area of 28.7 million square meters of
saleable resources across 51 cities in China.

PUJIANG INTERNATIONAL: S&P Alters Outlook to Neg., Affirms 'B' ICR
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Pujiang
International Group Ltd. to negative from stable. At the same time,
S&P affirmed its 'B' long-term issuer credit rating on the
Shanghai-based manufacturer of bridge cables and prestressed
materials.

S&P said, "The negative outlook reflects our view that Pujiang's
debt-to-EBITDA ratio could remain above 4.0x in 2021 and 2022
following the spike in 2020, owing to higher capital expenditure
(capex) and lower earnings.

"We revised the rating outlook on Pujiang to negative to reflect
our view that the company's leverage could stay above our downside
rating trigger on a sustained basis."

Pujiang's debt-to-EBITDA ratio could stay high at 4.0x-5.0x in
2021-2022 because of significant capex, after surging to 5.2x in
2020 on debt-fueled acquisitions. The company's elevated debt
burden remains the main drag on its credit profile. Pujiang's
leverage increased notably last year, primarily attributable to its
mounting debt following the acquisition of Shanghai International
Superconductor Technology Co. Ltd., spending on the upcoming
privatization of subsidiary Ossen Innovation Co. Ltd., and working
capital requirements. In S&P's opinion, Shanghai International
Superconductor will not contribute to Pujiang's earnings in the
next two years because the company is still at the early stage of
commercial production. S&P's base case does not factor in any
potential acquisitions.

Pujiang's elevated capex should weigh on its leverage in the next
two years. S&P said, "We anticipate its annual capex, which should
be partly debt-funded, will jump to Chinese renminbi (RMB) 150
million-RMB205 million in 2021-2022, from our earlier forecast of
an average of RMB124 million over the same period." The change
reflects project delays into 2021-2022 amid the COVID-19 pandemic
and the company's growing business. Spending will be mainly on
capacity expansion of its cables and galvanized prestressed
materials businesses, reconstruction of the Jiujiang-based plant,
and construction of the research center. The company's capex was
RMB17 million in 2020.

Significant working capital requirements amid business growth will
also keep Pujiang's leverage at relatively high levels. S&P said,
"We estimate Pujiang's annual working capital outflows will rise to
RMB405 million-RMB450 million in 2021-2022 for prepayments and
deposits, from RMB182 million in 2020. We therefore forecast the
company's operating cash flow will be negative this year and next.
Material deleveraging will hinge on Pujiang's ability to
effectively manage its working capital." Measures include being
selective with new projects, negotiating favorable terms with
suppliers and clients, and monitoring receivables closely.

Pujiang's earnings for its key cables business could face
uncertainty and volatility because of project delays, though the
company should benefit from China's infrastructure spending.We
believe Pujiang has fair growth prospects over the next three
years, underpinned by the favorable infrastructure environment
following the pandemic and capacity expansion of its high-margin
galvanized prestressed materials and cables businesses. Capacity
for these two businesses should double by 2022 and 2023,
respectively, from 2020. According to our forecasts, Pujiang's
revenue will rise 15%-21% annually in 2021-2022, reaching RMB2.2
billion-RMB2.7 billion, and adjusted EBITDA will expand by 20%-28%
per year, reaching RMB385 million-RMB495 million. Several new
super-large bridge cable projects--secured or pending
bidding--should also provide growth opportunities. In our view,
Pujiang has a decent chance of winning these contracts given the
projects' scale and technical requirements, based on the company's
track record.

However, construction projects could be subject to delays, which
are an inherent risk in the industry. This was evident from
COVID-19 disruptions in 2020. Project delays will lead to
volatility in Pujiang's profitability, especially given the
company's small scale. Our rating on the company reflects such
volatility.

S&P said, "We do not expect Pujiang to face imminent liquidity
pressure or significant deterioration in liquidity.Almost all of
Pujiang's debt is in the form of bank loans, which the company
should be able to roll over in the next 12 months. Our view is
based on its track record and relatively stable banking
relationships and operations. Pujiang's bank facilities have
increased steadily over the years." Its average financing cost was
about 5.6% in 2020, a moderate drop from 2019, thanks to the
supportive financing environment amid the pandemic. Additionally,
Pujiang should have flexibility to expand its business and adjust
its working capital requirements to meet liquidity needs.

Having said that, Pujiang's reliance on short-term debt will
continue to weigh on its capital structure and liquidity. This may
lead to refinancing pressure if financing conditions tighten in
China, or if the company's banking relationships deteriorate.
Pujiang has improved its capital structure moderately by securing
more long-term loans. The company's weighted average debt maturity
was 1.7 years as of Dec. 31, 2020, versus 1.1 years as of Dec. 31,
2019.

S&P said, "The negative outlook reflects our view that Pujiang's
debt-to-EBITDA ratio could remain above 4.0x in 2021-2022 following
the company's debt-funded acquisitions in 2020. We expect the
company's leverage to stay elevated owing to higher capex for
business expansion and lower earnings because of project delays.

"We could lower the rating on Pujiang if the company's
debt-to-EBITDA ratio stays above 4.0x for a sustained period. This
could happen if: (1) Pujiang's earnings fail to improve
significantly in 2021-2022; or (2) the company's debt continues to
increase on the back of business expansion and working capital
requirements.

"We could also lower the rating on Pujiang if the company's
liquidity deteriorates significantly. This could happen if the
company's banking relationships worsen significantly, operating
cash flow weakens, or short-term debt increases.

"We may revise the outlook to stable if Pujiang's debt-to-EBITDA
ratio falls below 4.0x for a sustained period. This could happen
if: (1) Pujiang's profitability improves significantly as the
company controls its costs and its business expands better than we
expect; or (2) the company significantly reduces debt by repaying
debt with operating cash flows or equity financing."




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

ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhay
Nutrition Private Limited (ANPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           120         CRISIL D (Issuer Not
                                     Cooperating)

   Pledge Loan            50         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     11         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              22         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ANPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ANPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ANPL was incorporated in 2008 and is promoted by the Mantri family.
The company processes cotton and other seeds for extracting oil and
producing fortified de-oiled cakes. It has its manufacturing units
in Jalna and Dhulia in Maharashtra. The day-to-day operations are
currently managed by Mr. Ashish Mantri.


AMAZON ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amazon
Enterprises Private Limited (AEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.95       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.47       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.58       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AEPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEPL continues to be 'CRISIL D Issuer Not Cooperating'.

AEPL was incorporated by Mr. M Kamalnath and Mr. K Radhkrishana in
2013. It collects, sorts, and grades waste paper, and sells to
paper mills in Telangana and Andhra Pradesh. The company has
processing capacity of 500 tonne per annum (tpa) in Moosapet,
Telangana, and is setting up 2000-tpa capacity in Suraram,
Telangana.

ANDAL AZHAGAR: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Andal
Azhagar Enterprises (SAAE; part of the Thai Andal group) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SAAE for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAAE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAAE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAAE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SAAE and Sri Thai
Moogambigai Enterprises (STME) together referred to as the 'Thai
Andal' group. The consolidated approach is because both the
entities are engaged in similar line of business, belong to the
same promoter group and derive considerable operational and
business synergies from each other.

Established in 2012 as a proprietorship firm, SAAE is engaged in
granite quarrying and trading. Based in Chennai, Tamil Nadu, the
firm is promoted by Mr. A.M. Babu.


ARYAN SILK: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aryan Silk
Mills (ASM) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ASM for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASM continues to be 'CRISIL D Issuer Not Cooperating'.

ASM, based in Mumbai, is a partnership firm set up in 1982 by Mr.
Subhash Arya and his family. It manufactures man-made and cotton
fabrics (shirtings and suitings) under the brand, Aryan Silk. The
firm's facility for design work is in Bhiwandi, Maharashtra. ASM
follows an asset-light model and outsources the manufacturing and
processing work to vendors.


ASHA RAM: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asha Ram Tek
Ram Educational Trust (ARTRET) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)  

CRISIL Ratings has been consistently following up with ARTRET for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ARTRET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ARTRET is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ARTRET continues to be 'CRISIL D Issuer Not
Cooperating'.

ARTRET, registered in 2011, operates Asha Jyoti Vidyapeeth School
in Faridabad (Haryana). The school is affiliated to the Central
Board of Secondary Education. Mr. Satyavir Dagar and Mrs Prem Lamba
are the key promoters.


BAPASHREE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bapashree
Infrastructure Private Limited (BIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       20         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BIPL continues to be 'CRISIL D Issuer Not Cooperating'.

BIPL, set up in 2007 by Mr. Jagdish Patel and Mr. Ketan Patel, is
engaged in residential real estate development in Ahmedabad. It has
two ongoing projects.


BARNALA STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Barnala Steel
Industries Private Limited (BSIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        5         CRISIL D (Issuer Not
   under Letter                      Cooperating)
   of Credit               

   Cash Credit            60         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BSIL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild-steel tor bars, coils, wire rods, and other
steel rolled products. The company has a manufacturing plant in
Muzaffarnagar (Uttar Pradesh) with installed capacity of 150,000
tonnes per annum. BSIL is promoted by two brothers, Mr. Sajid Mian
Nasir and Mr. Hamid Mustafa, along with a family friend, Mr. Ameed
Ahmed Khan.


BESTO TRADELINK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Besto
Tradelink Limited (BTPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Packing Credit          3         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     11         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BTPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1997, BTPL trades in commodities, including
agro-commodities (primarily rice), metals, cotton, and fabrics. The
company is based in Ahmedabad (Gujarat) and is promoted by Mr.
Rakesh Patel and his family.

BLUE FROG: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Blue Frog Media Private Limited
        98, Jolly Maker Chambers No. 2
        225 Nariman Point
        Mumbai 400021

Insolvency Commencement Date: May 19, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 15, 2021

Insolvency professional: Vishram Narayan Panchpor

Interim Resolution
Professional:            Vishram Narayan Panchpor
                         B 506, 5th Floor
                         Building No. 83
                         Chembur Sindhoo CHS
                         Tilak Nagar, Chembur
                         Mumbai 400089
                         E-mail: vishramp@gmail.com

Last date for
submission of claims:    June 2, 2021


BS LTD: NCLT Junks Liquidator Bid to Make Banks Respondents
-----------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
(NCLT), Hyderabad has dismissed a petition filed by a liquidator
who was urging the tribunal to rope in the banks that lent huge
monies to BS Limited company under liquidation as respondents to
the case.

According to the report, the tribunal bench comprising Justices
Madan B Gosavi and Binod Kumar Sinha passed this order after
hearing the petition filed by the liquidator pertaining to BS Ltd.
The liquidator marked IFCI, State Bank of India, Bank of India,
Punjab National Bank, IDBI Bank, Syndicate Bank, United Bank of
India, Bank of Maharashtra and Lakshmi Vilas Bank as respondents.

Stating that the available material is suggesting that these
bankers were in cahoots with the old management of the company, the
liquidator sought the help of the tribunal to obtain proper answers
from the banks, TOI relays.

The bench, however, felt that they are all bank officers who were
not benefited by the fraud committed by the previous management and
said that they cannot be questioned now, says TOI. "The liquidator
has no jurisdiction to conduct such inquiries," the tribunal bench
said.

The banks had a total dues of INR2,042 crore at the time of
commencement of corporate insolvency resolution process, TOI
discloses.  The report relates that the liquidator wanted the
tribunal to bring the banks on board to see how and when they
granted the loan, the basis for the same, etc. He had even cited
section 66 of the Insolvency and Bankruptcy Code, 2016, stating
that this provision would enable the authorities to do so.

BT Limited provides telecommunication services. The Company sells
phone, broadband, television, and mobile broadband services. BT
serves customers worldwide.


CREATIVE YARN: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative Yarn
Private Limited (CYPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term      1.89     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               1.11     CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CYPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CYPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CYPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CYPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

CYPL, incorporated in 2002, is a Ludhiana-based company that
primarily trades in hosiery and RMG. It also manufactures yarn.
Operations are managed by Mr. Anil Kapoor.


DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dauji and Co. (DC)
continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Post Shipment           8         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Pre Shipment            1         CRISIL D (Issuer Not
   Packing Credit                    Cooperating)

   Proposed Short          0.99      CRISIL D (Issuer Not
   Term Bank                         Cooperating)
   Loan Facility           
                
CRISIL Ratings has been consistently following up with DC for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of DC
continues to be 'CRISIL D Issuer Not Cooperating'.

DC was set up in 1976 as a partnership firm by Mr. Dauji Johari and
his family members. The firm trades in polished diamonds, and is
based in Mumbai. It currently has three partners: Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari.


DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanpati Agro
Udyog Private Limited continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.07      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Dhanpati for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Dhanpati, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Dhanpati is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Dhanpati continues to be 'CRISIL D Issuer Not
Cooperating'.

Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and
non-basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.

DHANSHREE SEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanshree
Seeds Private Limited (DSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           21.39       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1.11       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DSPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DSPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2012 by Mr. Prakash Shah, DSPL is into processing
of non-basmati rice with its processing unit based in Moriya
(Gujarat). The total processing capacity of unit is 5 tonnes per
hour.

DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dharti Cotton
Industries (DCI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL D (Issuer Not
                                     Cooperating)     

CRISIL Ratings has been consistently following up with DCI for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCI continues to be 'CRISIL D Issuer Not Cooperating'.

DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.


EXIM LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Exim
Logistics Private Limited (ELPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          1         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Line            1         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Working Capital         9         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with ELPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ELPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ELPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ELPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ELPL was set up in 2006 by Mr. Himadri Pattnayak. The company
provides logistics services, mainly road transport, and also acts
as a custom-house agent.


FABTECH SUGAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Fabtech Sugar Limited
        J 504, MIDC Bhosari Pune
        Maharashtra Pin 411026
        IN

Insolvency Commencement Date: May 13, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: November 9, 2021

Insolvency professional: Mr. Ritesh R Mahajan

Interim Resolution
Professional:            Mr. Ritesh R Mahajan
                         B-203, Devgiri
                         Ganeshmala Sinhagad Road
                         Pune, Maharashtra 411030
                         E-mail: riteshmahajancs@gmail.com
                                 fabtechsugar@riteshmahajan.in

Last date for
submission of claims:    June 2, 2021


GEM BATTERIES PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Gem Batteries Private Limited
        B-II/11, Mohan Industrial Estate
        Badarpur, New Delhi 110044

Insolvency Commencement Date: December 4, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: 180 days from commencement

Insolvency professional: Chandra Prakash

Interim Resolution
Professional:            Chandra Prakash
                         58-B, Pocket-4
                         Mayur Vihar, Phase-1
                         Delhi 110091
                         E-mail: cppumba2409@gmail.com

                            - and -

                         812, Indra Prakash Building
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: ip.gemcirp@gmail.com

Last date for
submission of claims:    December 22, 2020


GHANSHYAM FOODS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ghanshyam
Foods Private Limited (GFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.9        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              0.19       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GFPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

GFPL, incorporated in 1997, processes and trades in agricultural
products such as toor dal, moong dal, and chana dal. Its processing
unit is at Hoshangabad in Madhya Pradesh. GFPL is promoted by Mr.
Ghanshyam Das Maheshwari, who has experience of over three decades
in the business.


GLOBAL FOODS: CRISIL Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings the rating on bank facilities of Global
Foods - Nagpur (GF) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan                9        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GF for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GF
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

GF was set up in 2014 as a partnership firm in Nagpur for setting
up a cold storage and frozen food processing unit for various
vegetables, fruits, and spices. Mr. Ritesh Chelani, Mr. Umesh
Jagwani, Mr. Akash Satija, Mr. Kamlesh Tejwani, Mr. Niyaz Ahmed,
and Mr. Aqeel Ahmed are the partners of the firm.


INDIA: Developers Seek Protection From Insolvency for a Year
------------------------------------------------------------
The Hindustan Times reports that Indian real estate developers on
May 25 demanded protection from insolvency proceedings for at least
a year as the sector had been severely hit financially due to the
pandemic.

They also wrote to the Centre and the Uttar Pradesh Real Estate
Regulatory Authority (UP-Rera) seeking more time to repay loans,
the report relates.

"Section 7 of Indian Bankruptcy Code (IBC) allows a financial
creditor to file for initiating the corporate insolvency resolution
process against a corporate debtor. Section 9 provides for
application of insolvency by an operational creditor, while Section
10 is for initiation of insolvency proceedings by a corporate
applicant. We have requested that applicability of these three
sections be suspended for a year like it was done in 2020 in view
of Covid-19 pandemic," the report quotes RK Arora, Uttar Pradesh
president of National Real Estate Development Council, as saying.

Last year's relief expired on March 31, 2021, The Hindustan Times
notes.

According to the report, there are at least 600 ongoing realty
projects in Gautam Budh Nagar district that consists of Noida,
Greater Noida and Yamuna Expressway areas. As per the Confederation
of Real Estate Developers Association of India (Credai), around
INR50,000 crore investment is at stake in these projects.

"The real estate sector saw worst phase in terms of sales and
construction in 2020, when first Covid 19 wave arrived halting work
at realty projects. As the sentiment began to revive in the market,
the second wave struck and further deteriorated the sector and
forcing a liquidity crisis," the report quotes Prashant Kumar
Tiwari, president of Western UP Credai as saying.

The Hindustan Times says the UPRERA will look into all these issues
in its meeting next week.

"We are going to consider their (developer's) proposal next week in
authority meeting and take appropriate action in this regard," said
Balvinder Kumar, UP-Rera member.


JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jayarathana Exports
(JE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           4          CRISIL D (Issuer Not
   Discounting                       Cooperating)


   Long Term Loan         0.2        CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         4.3        CRISIL D (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with JE for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

JE was set up as a proprietorship firm by Mr. Pradeep Shetty in
1992. It manufactures and exports readymade garments. The
manufacturing facilities are in Tirupur, Tamil Nadu.


KESHAV ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keshav
Enterprises (KE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter of Credit         3        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KE for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13 , it procured its
first ship for breaking.


KEYA SETH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Keya Seth's Ayurvedic
Solution (Cosmetic Division) (KSASCD) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.99       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.51       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KSASCD for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSASCD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KSASCD is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of KSASCD continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         About the Group

The Keya group is established by the Kolkata-based Mr. Seth and
family. The group manufactures cosmetic products, and provides
services for hair and skin solutions such as hair treatment,
enrichment of hair, enhancing shine and skin conditioning
solutions. Incorporated in 2004, KSASCD manufactures ayurvedic
cosmetic products under the brand, Keya Seth, at its facility in
Kolkata.

Incorporated in 2012, Keya Seths Marketing (KSM) markets and
distributes cosmetic products manufactured by KSASCD. KSM was set
up to streamline the group's administrative operations.

Incorporated in 2008, Keya Seth Ayurvedic Solution Pvt Ltd provides
hair and skin solution.


LAXMI ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Laxmi
Enterprises (SLE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               0.75      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLE for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLE continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SLE was established as a partnership firm in 2004 by Mr. Omprakash
Agarwal and his family members. It gins and presses raw cotton at
its ginning unit in Adilabad. It currently has four partners: Mr.
Amit Agarwal, Mr. Omprakash Agarwal, Ms. Arti Agarwal, and Ms. Usha
Agarwal.


MAA MANGLA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Mangla
Ispat Private Limited (MMIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9.5       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        0.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.45      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital         5.55      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with MMIPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MMIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2004, MMIPL manufactures sponge iron. The company
is promoted by Mr. Manoj Kumar Agarwal and Mr. Ravi Kumar Agarwal.
The facility is in Raigarh (Chhattisgarh).


MAYURA INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mayura
Industries (MI) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          1.56     CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up MI for obtaining
information through letters and emails dated October 24, 2020 and
April 20, 2021 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MI
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Established as a partnership firm in 2012, MI is engaged in trading
and fractionation of palm oil. Based in Kakinada (Andhra Pradesh),
the firm is promoted by Mr. M.V.V.Satyanarayan Rao. The firm
started its commercial production in July, 2014.


MIKU POLYMERS: CRISIL Lowers Rating on INR69cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Miku Polymers and Plastics Limited (MPPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          18        CRISIL D (Downgraded from
                                     'CRISIL A4+ ')

   Cash Credit             69        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Channel Financing        6        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The ratings reflects to reflect delays in servicing of debt
obligation and channel financing limit remain unpaid for more than
30 days from due date.

The ratings continue to reflect experience of the promoter. These
weaknesses are partially offset by thin profitability margin and
high supplier and geographical concentration.


Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing: Due to stretched liquidity, there has
been delays in servicing of debt obligation and channel financing
limit remain unpaid for more than 30 days from due date.

* Thin profitability margin: Being a distributor and a del-credre
agent for various polymer products, operating margin of the firm
remain thin. For FY20, the operating margins stood at 1.01% in FY20
(against 1.83% in FY19). The low operating margins are also
associated to the trading nature of business wherein there is no
value-addition done in the final product offered.

* High supplier and geographical concentration: Being a del-credre
agent for IOCL in geographical area between Anand and Vapi in the
state of Gujarat the revenue remains highly concentrated to this
region as MPPL procures about 70% of its supplies from IOCL. Hence,
MPPL is exposed to risk associated with high supplier and
geographical concentration, wherein any slow-down in the demand
from this region or lower production by IOCL will have a direct
impact on the business.

Strength

* Experience of the promoters: The promoters have an experience of
over two decades in automobile dealership industry. This has given
them an understanding of the dynamics of the market, and enabled
them to establish relationships with suppliers and customers.

Liquidity: Poor

The liquidity is poor marked with delay in servicing of debt
obligation and channel financing limit remain unpaid for more than
30 days from due date.

Rating Sensitivity factors

Upward factor

* Track record of timely debt servicing for atleast over 90 days
* Improvement in working capital cycle

Set up in 1979, Miku Traders was converted into (MPPL) in March
2019. It is promoted by Vadodara-based Hathi and family. The firm
is a distributor and agent for various polymer products in
Vadodara.


NANGALI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Nangali
Rice Mills Private Limited (SNRL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             54        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SNRL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SNRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNRL continues to be 'CRISIL D Issuer Not Cooperating'.

SNRL was established in 2004 by Mr. Anil Aggarwal and his brothers,
Mr. Vijay Aggarwal and Mr. Satish Aggarwal, in Gurdaspur, Punjab.
The company mills and markets rice, mainly basmati rice, under its
Sri Nangali, Raj Mahal, White, and Swami brands. It is managed by
the three Aggarwal brothers, and their nephew, Mr. Manoj Aggarwal.

PADAM CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padam Cars
Private Limited (PCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             30        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Inventory Funding       26        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with PCPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PCPL, based in Amritsar, is promoted by Mr. Amarijt Mehta and his
wife Ms. Babita Mehta. The company is a dealer for passenger cars
of Renault and GM. It has 10 showrooms spread across Punjab.


RAJYALAKSHMI R & B: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sree
Rajyalakshmi R & B Rice Mill (SRERBM) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRERBM for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRERBM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SRERBM is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SRERBM continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Set up 2002 as a partnership firm by Mr. K.Ravi, Mr. K. Ramanamma,
Mr. K. Rajeshwari, and Mr.B. Santhi , Mr. B.Vasantha SRERBMin
processes steamed and raw rice at its facility in nellore, Andhra
pradesh. The promoters have been in the rice milling business since
2002.

SUSHIL KUMAR: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sushil Kumar
Munish Kumar (SKMK) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Warehouse Receipts       10        CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SKMK for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKMK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKMK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKMK continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Based in Hissar (Haryana), SKMK is engaged in trading of cotton
bales. The firm was incorporated in 2005 as a partnership firm by
partners Mr.Sushil Kumar and his son, Mr. Munish Kumar.


V. G. SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. G.
Shipbreakers Private Limited (VGS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VGS for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VGS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VGS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VGS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VENUS ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Venus
Enterprises - Chennai continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       10        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with Venus for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Venus, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Venus
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Venus continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up as a proprietorship firm by Mr. Pandurangan Murali in 2008,
Venus provides manpower services to manufacturing and logistics
companies. The firm is based in Chennai and has a workforce of 1200
workers (as on June 30, 2017).


VIJAYA AERO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya Aero
Blocks Private Limited (VABPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         24.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VABPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VABPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2012, VABPL manufactures AAC bricks and blocks at
the manufacturing unit in Mahabub Nagar District, Telangana. The
company started commercial operations in January 2016, and
operations are managed by Mr. Prasanna Kumar and Mr. Ram Prasad.




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

UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B-', On Watch Negative
------------------------------------------------------------------
S&P Global Ratings has lowered by one notch to 'B-' from 'B' its
long-term issuer and issue credit ratings on Japan-based gaming
machine and casino company Universal Entertainment Corp. (UE). S&P
has also placed the ratings on CreditWatch with negative
implications.

S&P said, "The downgrade reflects our view that prospects for UE's
liquidity have weakened rapidly and materially because of continued
weakness of its domestic gaming machine business in addition to a
delay in recovery of its casino resort business. The company's
EBITDA is likely to remain at about JPY10 billion in fiscal 2021
(ending Dec. 31, 2021), in our view. We also expect UE's free cash
flow to remain negative toward the end of fiscal 2021, given that
the company recently indicated it will delay rollouts of key
"pachislot" (combination pachinko and slot) titles to October 2021
or later. We believe that UE's liquidity could be weakened further,
given its cash and deposits at hand were JPY30.7 billion as of
March 31, 2021, while short-term debt was JPY27 billion on the same
date.

"Our CreditWatch placement with negative implications for UE
reflects our view that prospects for its liquidity could worsen
further. This is because the company may not be able to refinance
its loans and bonds smoothly over the short term. The business
environment for the company has been difficult due to the pandemic
and stricter regulations in the domestic gaming machine market. In
addition, the company is constrained from issuing additional debt
due to the covenants embedded in the documents of existing debt,
and more than JPY13 billion in corporate debt is due in December
2021. Accordingly, the company will need to refinance its existing
debt steadily while working to improve its performance by replacing
old gaming machine models currently installed in parlors with new
ones that satisfy regulatory requirements. The company will also
seek financing through means such as asset sales, in our view.
However, uncertainties over refinancing and asset sales will likely
increase if its business environment grows even more difficult.

"We aim to resolve the CreditWatch placement within 90 days after
we examine prospects for debt refinancing; asset sales; and cash
flow generation, including from the rollout of new pachislot titles
that meet regulatory requirements; in addition to the company's
plans for debt repayment and capital expenditures. We may lower the
rating by more than one notch if we believe that the company has
not secured financial sources to repay the more than JPY13 billion
in debt that matures in December 2021. After a downgrade in such
circumstances, we would expect the ratings to remain on CreditWatch
with negative implications."




===============
M O N G O L I A
===============

MONGOLIA: Fitch Affirms 'B' LT Foreign Currency IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

KEY RATING DRIVERS

Mongolia's ratings are supported by governance and per capita
income that is high relative to 'B' range peers, as well as its
favourable medium-term growth outlook. The ratings are constrained
by Mongolia's narrow economic base, vulnerability to external
shocks and recurring bouts of political volatility. The Stable
Outlook reflects Fitch's assessment that the economic recovery will
continue during the remainder of this year and facilitate a modest
decline in the government debt/GDP ratio, despite temporary
disruptions associated with a spike in Covid-19 cases since March
2021.

Fitch forecasts Mongolia's economy to rebound by 5.0% in 2021,
following a contraction of 5.4% in 2020. Growth of 15.5% yoy was
reported in 1Q21, due in large part to strong export performance.
Border restrictions on mineral exports to China, Mongolia's most
important trading partner, were subsequently imposed in April and
May as a pandemic containment measure, following Covid-19 cases
among cross-border truck drivers. Fitch believes this may
temporarily disrupt, but will not derail, Mongolia's recovery, with
the Mongolian authorities reporting a resumption of cross-border
customs traffic after recent health enhancements at the border,
including increased vaccinations and testing capacity.

Fitch expects domestic activity to gain momentum in the coming
quarters, underpinned by Mongolia's nationwide vaccination rollout,
a phased easing of social distancing measures, and targeted relief
measures to support households and businesses. As of mid-May, the
authorities report that 87% of eligible individuals over 18 years
old have received at least one dose of a Covid-19 vaccine, with
plans to fully vaccinate the target population by end-June. Fitch
believes this will pave the way for a recovery in consumption,
services and other non-mining activity in 2H21, though
implementation risks remain, including the success of vaccines in
halting new transmissions.

Fitch projects the budget deficit will moderate to 5.3% of GDP in
2021, from 9.5% in 2020. Fitch's forecast is wider than the
government's baseline of 2.0%, as Fitch expects the social
distancing measures and border disruptions of recent months to
weigh on government revenue, and lead to a more gradual unwinding
of fiscal support. The government has extended part of its fiscal
relief package through end-June from end-December 2020, including
targeted tax exemptions and various subsidies. In April 2021, the
government also launched a one-time cash handout equivalent to MNT1
trillion (about 2.4% of GDP) to support households.

Fitch forecasts general government debt will edge down by 2pp to
74% of GDP by end-2021, still above the current 'B' median of 68%.
At the same time, Fitch believes Mongolia's robust medium-term
growth prospects and nascent pre-pandemic record of keeping fiscal
outturns in line with approved budgets will facilitate an ongoing
normalization of fiscal policy, and put public debt dynamics on a
modest downward trajectory.

The Bank of Mongolia cut its benchmark policy rate by a cumulative
500bp in 2020, to a record low of 6%, and extended temporary
forbearance measures for financial institutions through end-1H21.
In February, the government approved a three-year MNT10 trillion
economic policy support plan, in which banks will provide soft
loans to support employment, SMEs, agricultural and housing
programmes. The central bank will also increase repurchase
operations and facilitate banks to refinance loans and support the
private sector recovery.

Mongolia remains vulnerable to external shocks in light of its
narrow economic base and heavy reliance on external funding.
Near-term external risks have declined after the issuance of a
USD600 million sovereign bond in late-September 2020. The sovereign
faces no marketable external bond maturities until December 2022.
Foreign-currency reserves stood at a record high of USD4.8 billion
at end-1Q21. Fitch forecasts FX reserves will rise to USD5 billion
by end-2021, equivalent to 5.6x current-external payments, and
against approximately USD3.2 billion in sovereign external debt
maturities over 2022-2024.

Recurring bouts of political volatility are underscored by the
sudden resignation of the former prime minister in January 2021
following protests in the capital city, and a recent legal
controversy surrounding a failed attempt by the current president
to run for re-election in the upcoming June elections. Relations
between the government and foreign investors involved in the
massive Oyu Tolgoi (OT) copper-gold mine have long been fractious.
The government working group in April 2021 started negotiations
with Rio Tinto on improving the project's framework agreement and
commercial terms. Fitch's assumption remains that the two sides
will seek to avoid material disruption in the ongoing OT
development project.

Mongolia's economy is exposed to the impact of global efforts to
reduce greenhouse gas emissions, given that coal has averaged about
one-third of total exports over the past five years. In the near
term, Fitch believes carbon transition risks are mitigated by the
majority of Mongolia's coal exports being metallurgical coal, an
essential ingredient in steel-making that is less immediately
substitutable than thermal coal, which is primarily used for
electricity generation. Mongolia's share of global carbon emissions
is also comparatively low (estimated below 0.2%), given its small
economic size.

Fitch's sector outlook on Mongolian banks is improving, which
reflects Fitch's expectation that a rebound in economic growth in
2021 and the prospects of economic policy continuity will be
conducive to banks' business environment. The recently announced
economic policy support plan with financing support would alleviate
some of the asset-quality pressures for banks in 2021 despite the
surge in banks' Covid-19 related restructured loans by 3Q20,
accounting for about 22% of total loans. Recognition of true
asset-quality will likely be delayed as forbearance could stretch
well into 2H21 or in 2022.

ESG - Governance: Mongolia has an ESG Relevance Score of '5' for
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch's proprietary Sovereign Rating Model. Mongolia has a medium
WBGI ranking in the 51st percentile, reflecting a recent track
record of peaceful political transitions, a moderate level of
rights for participation in the political process, moderate
institutional capacity, established rule of law and a moderate
level of corruption.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade:

-- Public Finances: Narrowing of the budget deficit consistent
    with putting government debt/GDP on a firm downward path.

-- External Finances: The accumulation of larger foreign-currency
    reserve buffers and the implementation of a debt-management
    strategy that lowers refinancing risks and improves external
    debt sustainability.

-- Macroeconomic: A resumption of stronger economic growth and
    export trends without the emergence of imbalances, and the
    maintenance of a favourable business environment conducive to
    robust FDI inflows.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

-- External Finances: Evidence of heightened external stress, for
    example as a result of restricted access to external financing
    sources or a marked decline in foreign reserves.

-- Public Finances: Failure to reduce the budget deficit and
    stabilise the government debt/GDP ratio.

-- Structural Features: Political instability sufficient to
    significantly disrupt strategic mining projects or FDI
    inflows.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

-- External Finances: -1 notch, to reflect high vulnerability to
    external shocks, given the country's narrow economic base,
    which is exposed to commodity prices and developments in
    China, moderate level of foreign-currency reserves,
    substantial amortisations on external marketable debt, and
    high net external debt ratios.

-- Structural Features: -1 notch, to reflect recurring bouts of
    political volatility and strained relationships with major
    foreign investors, which increases the risk of economic
    shocks.

-- Macroeconomic: +1 notch, to reflect Mongolia's strong medium
    term growth prospects, which are not reflected in the current
    SRM output. Fitch believes the deterioration of the GDP
    volatility variable in the SRM will be temporary, driven by
    the impact of the coronavirus, and would otherwise add
    excessive cyclicality to the rating.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

International trade with China, Mongolia's largest trading partner,
remains uninterrupted.

ESG CONSIDERATIONS

Mongolia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight.

Mongolia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Mongolia has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver.

Mongolia has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Mongolia, as for all sovereigns.

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.



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

MAINZEAL: Liquidators to Appeal Partial Setback in Claim Damages
----------------------------------------------------------------
Stuff.co.nz reports that liquidators of Mainzeal Property have
applied to the Supreme Court to reverse a partial setback in their
fight for compensation for the failed construction group's
creditors.

Mainzeal was put into liquidation in 2013 owing nearly 1,400
unsecured creditors NZD111 million.

In March, the Court of Appeal ruled Mainzeal directors, including
former prime minister Dame Jenny Shipley and Richard Yan, failed in
their bid to overturn a decision in the High Court in Auckland that
they were liable for damages for the company's collapse, Stuff
recalls.

But the directors were successful in persuading the Court of Appeal
to order a fresh High Court hearing into the level of damages they
would have to pay.

Now, liquidators Andrew Bethell and Brian Mayo-Smith from BDO said
they had applied to the Supreme Court to appeal the decision to
order a fresh compensation hearing in the High Court, Stuff
relates.

In February 2019, Mainzeal directors, Shipley, Yan, Peter Gomm and
Clive Tilby were found liable for breaching director duties by
trading recklessly, and ordered to pay a total of NZD36 million in
damages and NZD2.3 million in costs to Mainzeal.

When the March judgment from the Court of Appeal was published, the
liquidators said it was likely to lead to a significant increase in
the award for damages for the creditors, the report notes.

According to Stuff, Mr. Bethell said the court had opened up "the
real prospect" of all directors being jointly and severally liable
for the full amount of damages.

But the liquidators were unhappy that yet another High Court
hearing would be held and feared any judgment in that court would
be once again appealed by the directors.

In the application for leave to appeal against the March Court of
Appeal decision, the liquidators say the Court of Appeal was wrong
to order the High Court hearing.

Stuff relates that the liquidators said the court had enough
evidence to quantify the damages the directors should pay.

But they also argue that the Court of Appeal was wrong in its
reasoning over the level of damages directors should pay and that
it is an important aspect of company law that needs revisiting.

The liquidators also said that if their appeal was not allowed,
then a substantial miscarriage of justice, including unnecessary
delay, might occur.

Throughout the whole civil trial, the directors have maintained
they believed the company would be able to meet its obligations as
they fell due, Stuff states.

                       About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZD11.3 million to the BNZ, NZD70
million to unsecured creditors and NZD5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.



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

CONTINENTAL PLATFORM: Court to Hear Wind-Up Petition on June 4
--------------------------------------------------------------
A petition to wind up the operations of Continental Platform Pte
Ltd will be heard before the High Court of Singapore on June 4,
2021, at 10:00 a.m.

PTT International Trading filed the petition against the company on
May 14, 2021.

The Petitioner's solicitors are:

         Withers Khattarwong LLP
         80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


MARY CHIA: Seeks More Time to Announce FY2021 Financial Statements
------------------------------------------------------------------
Olivia Poh at The Business Times reports that Mary Chia Holdings on
May 24 applied for an extension of time to announce the group's
unaudited financial statements for the financial year ended March
31, 2021.

It is asking for a month's reprieve so it can file its financial
statements by June 30 instead of May 30, BT relays.  Explaining its
request, the group said that its finance team in Malaysia have had
to work from home due to the latest Movement Control Order (MCO)
and had "limited access to the accounting system". Its outlets were
also "either closed or disallowed to operate at full capacity".

"The finance team had to work from home between Jan 13 and Feb 15,
and again between May 9 and May 11," the group said.

That, along with the additional coordination and rescheduling of
accounting activities resulted in the delayed commencement of audit
and the closing of the management accounts of the Group for FY2021,
it noted, BT relays. "Although the finance team in Malaysia is back
to office now, the team still needs additional time to finalise the
management accounts".

According to the report, the delay in Malaysia will in turn affect
the progress of the group's audit by its auditors, Foo Koo Tan LLP.
Mary Chia said that it is the group's practice to have the
auditors review the unaudited financial statements, even though the
announcement does not require an audit to have been performed.

Meanwhile, the group's unaudited financial statements for its
Singapore entities have been prepared by the Singapore finance team
and is currently undergoing review by its auditors, it said.

BT adds that the preparation of the unaudited financial statements
for the Singapore entities also required more time than expected,
it noted. This is because the finance team in Singapore needed to
reconcile the accounting practices of five newly acquired
subsidiaries during FY2021 with the group's accounting practices.

Mary Chia Holdings Limited (SGX:MCH) -- https://www.marychia.com/
-- provides lifestyle and wellness services in Singapore. The
Company's principal business activity is the provision of beauty
and facial services, slimming services and spa services for both
women and men at its lifestyle and wellness centers.

SPICE LAB: Creditors' Proofs of Debt Due June 24
------------------------------------------------
Creditors of Spice Lab Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by June 24, 2021, to be
included in the company's dividend distribution.

The company's liquidator is:

         Mitani Masatoshi
         10 Anson Road
         #14-06 International Plaza
         Singapore 079903


SPINDEX INDUSTRIES: Movement Control to Impact Malaysia Factory
---------------------------------------------------------------
Olivia Poh at The Business Times reports that Spindex Industries on
May 24 warned of an impact on its Malaysia factory as it limits
operations in line with tightened Movement Control Orders by the
Malaysian government.

According to the report, the Tightened Movement Control Order
(TMCO3.0) has regulated that only 60 per cent of all staff are
allowed to be at the workplace, and the balance 40 per cent has to
work from home, the group said, adding that this was to take effect
on May 25, and last till June 7. Spindex said that this will affect
the number of operational staff available to work on site, and
"there will be an impact to its Malaysia factory as operations are
reduced".

"However, as there are other factors -- such as supply and demand
-- that remain volatile, the financial impact of the TMCO3.0 is not
quantifiable currently," the group, as cited by BT, noted.  "As a
general update, the Covid-19 impact worldwide has and will continue
to have a volatile impact on the group's operations, customers,
supply chain for the foreseeable future. The company is closely
monitoring the situation and shall keep shareholders informed of
any material developments as and when they arise."

Spindex Industries Limited manufactures, imports, exports, and
deals mechanical, electrical, and electronic parts. The Company
also manufactures and trades precision machine parts, plastic molds
and injections, and other related plastic and engineering
materials.


STICKY SINGAPORE: Creditors' Meeting Set for June 1
---------------------------------------------------
Sticky Singapore Pte Limited will hold a meeting for its creditors
on June 1, at 3:00 p.m., via Zoom.

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);  

   c. to appoint a committee of inspection of not more than 5
      members, if thought fit; and

   d. any other business.





=============
V I E T N A M
=============

VIETNAM TECHNOLOGICAL: Moody's Affirms Ba3 LT Issuer Rating
-----------------------------------------------------------
Moody's has affirmed the ratings and assessments of Asia Commercial
Bank (ACB), JSC Bank for Foreign Trade of Vietnam (Vietcombank),
Military Commercial Joint Stock Bank (MB) and Vietnam Technological
and Commercial Joint Stock Bank (Techcombank).

The outlooks on the long-term ratings of Vietcombank and
Techcombank remain positive, in line with the positive outlook on
the Government of Vietnam (Ba3 positive) rating. The outlooks on
the long-term ratings of ACB and MB remain stable.

RATINGS RATIONALE

The rating actions reflect the maintenance of adequate solvency and
liquidity by the four banks despite the pandemic. The banks have
strengthened their loan loss buffers, including their capital and
loan loss reserves, to withstand mild increases in nonperforming
loans (NPLs) over the next 12-18 months.

Asset quality was solid across all four banks, with NPL ratios
ranging from 0.5% to 1.1% as of the end of 2020, lower than the
average of around 2.6% for other rated banks in Vietnam. At the
same time, all four banks boosted their NPL coverage to an average
of around 208% as of the end of 2020, significantly higher than the
average of around 83% for other rated domestic banks, and up from
140% in 2019.

All four banks recorded a good return on tangible assets, averaging
around 1.9%, in 2020. Nevertheless, Moody's expects profitability
could decline mildly over the next 12-18 months given that loan
loss provisions will likely remain higher in 2021 than pre-pandemic
levels. This is because of new NPLs and the banks' need to create
specific provisions against restructured loans in accordance with
the State Bank of Vietnam's regulation.

In addition, capital at these four banks will be stable over the
next 12--18 months given that internal capital generation will
support asset growth. Among the four banks, Techcombank stood out
with the highest level of capital, with tangible common equity as a
percentage of risk-weighted assets of 14.3% as of the end of 2020.

Funding and liquidity remained stable at all four banks. The banks
rely predominantly on customer deposits to fund their assets, with
a moderate reliance on market funds. Risks related to their funding
from market sources are also mitigated by their good stock of
liquid assets.

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

Moody's could upgrade the long-term ratings of ACB and MB if both
the Vietnamese government's sovereign rating and the banks'
Baseline Credit Assessments (BCA) are upgraded. The banks' BCAs
could be upgraded if they maintain their current financial
performance and strengthen their core capital. Improvements in the
macroeconomic conditions in Vietnam, leading to a higher Macro
Profile for the country, will also be positive for the banks'
BCAs.

For Vietcombank and Techcombank, assuming all other factors remain
constant, an upgrade of the Vietnamese government's sovereign
rating will likely result in an upgrade of the banks' long-term
ratings.

Moody's could downgrade the long-term ratings of these banks if
there is a severe deterioration in their credit fundamentals
including a spike in NPLs leading to higher loan loss provisions,
which weigh on the banks' profitability and capital. A significant
worsening of the banks' funding and liquidity could also be
negative for the ratings.

The principal methodology used in these ratings was Banks
Methodology published in March 2021.

Asia Commercial Bank (ACB), headquartered in Ho Chi Minh City,
reported total assets of VND445 trillion as of 31 December 2020.

JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered
in Hanoi, reported total assets of VND1,326 trillion as of 31
December 2020.

Military Commercial Joint Stock Bank (MB), headquartered in Hanoi,
reported total assets of VND495 trillion as of December 31, 2020.

Vietnam Technological and Commercial Joint Stock Bank
(Techcombank), headquartered in Hanoi, reported total assets of
VND440 trillion as of December 31, 2020.

Outlook Actions:

Issuer: Asia Commercial Bank

Outlook, Remains Stable

Issuer: JSC Bank for Foreign Trade of Vietnam

Outlook, Remains Positive

Issuer: Military Commercial Joint Stock Bank

Outlook, Remains Stable

Issuer: Vietnam Technological and Comm'l JSB

Outlook, Remains Positive

Affirmations:

Issuer: Asia Commercial Bank

Adjusted Baseline Credit Assessment, Affirmed ba3

Baseline Credit Assessment, Affirmed ba3

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Assessment, Affirmed Ba2(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed Ba2

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

Long-term Issuer Rating (Foreign and Local Currency), Affirmed
Ba3, outlook stable

Short-term Deposit Rating (Foreign and Local Currency), Affirmed
NP

Long-term Deposit Rating (Foreign and Local Currency), Affirmed
Ba3, outlook stable

Issuer: JSC Bank for Foreign Trade of Vietnam

Adjusted Baseline Credit Assessment, Affirmed ba3

Baseline Credit Assessment, Affirmed ba3

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Assessment, Affirmed Ba2(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed Ba2

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

Long-term Issuer Rating (Foreign and Local Currency), Affirmed
Ba3, outlook positive

Short-term Deposit Rating (Foreign and Local Currency), Affirmed
NP

Long-term Deposit Rating (Foreign and Local Currency), Affirmed
Ba3, outlook positive

Issuer: Military Commercial Joint Stock Bank

Adjusted Baseline Credit Assessment, Affirmed ba3

Baseline Credit Assessment, Affirmed ba3

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Assessment, Affirmed Ba2(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed Ba2

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

Long-term Issuer Rating (Foreign and Local Currency), Affirmed
Ba3, outlook stable

Short-term Deposit Rating (Foreign and Local Currency), Affirmed
NP

Long-term Deposit Rating (Foreign and Local Currency), Affirmed
Ba3, outlook stable

Issuer: Vietnam Technological and Comm'l JSB

Adjusted Baseline Credit Assessment, Affirmed ba3

Baseline Credit Assessment, Affirmed ba3

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Assessment, Affirmed Ba2(cr)

Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed Ba2

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

Long-term Issuer Rating (Foreign and Local Currency), Affirmed
Ba3, outlook positive

Short-term Deposit Rating (Foreign and Local Currency), Affirmed
NP

Long-term Deposit Rating (Foreign and Local Currency), Affirmed
Ba3, outlook positive


                           *********


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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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