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

                     A S I A   P A C I F I C

          Monday, June 7, 2021, Vol. 24, No. 107

                           Headlines



A U S T R A L I A

BLUECHAIN PTY: Second Creditors' Meeting Set for June 11
DATA REPUBLIC: Second Creditors' Meeting Set for June 11
INCITEC PIVOT: Egan-Jones Keeps BB+ Senior Unsecured Ratings
MCWILLIAM'S WINES: Calabria, Medich Seal AUD50 Million Takeover
NOW TRUST 2021-1: Moody's Assigns (P)B2 Rating to AUD3.4M F Notes

REDZED TRUST 2019-1: Moody's Ups Class E Notes Rating to Ba1 (sf)
SAFA SCAFFOLDING: First Creditors' Meeting Set for June 14
SUNSHINE CITY: Second Creditors' Meeting Set for June 15
WELLNESS AND BEAUTY: Second Creditors' Meeting Set for June 11


C H I N A

CHINA HUARONG: Bond Repayment Fails to Quiet Investor Doubts
KUNMING TRAFFIC: Fitch Lowers LT IDRs to 'BB+', Outlook Stable
RISESUN REAL: Fitch Affirms 'BB-' LT Foreign Currency IDR
ZHANGZHOU TRANSPORTATION: Fitch Affirms 'BB+' IDRs, Outlook Stable


I N D I A

ADANI GREEN: Fitch Corrects June 2 Ratings Release
AIRCEL LTD: Lenders Approach Supreme Court Over NCLAT Order
ARYA EDUCATIONAL: CARE Lowers Rating on INR9cr LT Loan to D
BALU IRON: CARE Lowers Rating on INR100cr LT Loan to B
BHAGAWATI FRONTLINE: CARE Keeps B Debt Rating in Not Cooperating

G. R. MULTIFLEX: CRISIL Keeps D Debt Ratings in Not Cooperating
GNRC LIMITED: CRISIL Keeps B Debt Ratings in Not Cooperating
GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating
H K TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating

HANUMAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
LAL CHINTA: CRISIL Lowers Rating on INR5cr Cash Loan to B
LINK ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
MAA GANGA: CARE Keeps C Debt Ratings in Not Cooperating
MADHYA BHARAT: CRISIL Withdraws D Rating on INR45cr Loans

MINEX INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
MISHAL CONSTRUCTION: CARE Lowers Rating on INR10cr Loan to C
MLC PROPERTIES: CRISIL Keeps B Debt Rating in Not Cooperating
NOOR INDIA: CARE Keeps D Debt Rating in Not Cooperating Category
OM SAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category

PARAMOUNT WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
PAWAN ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
PNS METALS: CRISIL Lowers Rating on INR9cr Cash Loan to D
PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating
RAJSON HOTELS: CRISIL Lowers Rating on INR15cr New Loan to B

RANGOLI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SHIVOHUM TEXTILES: CARE Keeps B Debt Rating in Not Cooperating
SVM CERA: CARE Keeps D Debt Ratings in Not Cooperating Category
TIRUPATI FIBERS: CARE Keeps B- Debt Rating in Not Cooperating


I N D O N E S I A

GARUDA INDONESIA: To Seek Debt Payment Suspension


J A P A N

JAPAN AIRLINES: Egan-Jones Lowers Senior Unsecured Ratings to B-
RICOH COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
SAPPORO HOLDINGS: Egan-Jones Cuts Senior Unsecured Ratings to B


M A L A Y S I A

SERBA DINAMIK: Fitch Corrects June 2 Ratings Release


P H I L I P P I N E S

ABS-CBN CORP: Gets Debt Reprieve After Putting Up Collateral


S I N G A P O R E

HYFLUX LTD: JM Files for Liquidation After Investor Talks Fail

                           - - - - -


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

BLUECHAIN PTY: Second Creditors' Meeting Set for June 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of Bluechain Pty
Ltd has been set for June 11, 2021, at 11:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 10, 2021, at 4:00 p.m.

James Patrick Downey of JP Downey & Co was appointed as
administrator of Bluechain Pty on May 18, 2021.


DATA REPUBLIC: Second Creditors' Meeting Set for June 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of Data Republic
Pty Ltd has been set for June 11, 2021, at 2:00 p.m. via Zoom.

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 10, 2021, at 4:00 p.m.

Barry Frederic Kogan, Robert Smith and Jonathan Henry of
McGrathNicol were appointed as administrators of Data Republic on
March 6, 2021.


INCITEC PIVOT: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on May 24, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Incitec Pivot Ltd.

Headquartered in Southbank, Australia, Incitec Pivot Ltd. is a
diversified industrial chemicals company that manufactures and
distributes industrial explosives, industrial chemicals and
fertilizers.


MCWILLIAM'S WINES: Calabria, Medich Seal AUD50 Million Takeover
---------------------------------------------------------------
Australian Financial Review reports that Calabria Family Wines and
the Medich Family Office have sealed their AUD50 million takeover
and carve-up of the 144-year-old McWilliam's Wines business after
seeing off a late challenge from rival winemaker De Bortoli.

AFR relates that a note to creditors from administrator KPMG said
settlement of Calabria's land sale agreement for the renowned
Hanwood Estate and business near Griffith in the NSW Riverina had
occurred on May 25, while settlement of the Mount Pleasant
business, including the winery and vineyards in Pokolbin in the
Hunter Valley, to Medich had occurred on May 21.

The acquisition of the remaining assets of the McWilliam's Wines
Group (MWG) by Calabria occurred on May 12, KPMG deed administrator
Gayle Dickerson wrote, the report relays.

AFR says the settlements concluded the painful final chapter for
one of Australia's oldest family-owned winemakers, whose history
dates back six generations to 1877.

McWilliam's Wines collapsed in February 2020 owing creditors more
than AUD34 million. At the time it operated as an unlisted public
company and was owned by about 70 McWilliam family members.

Administrators identified pressure on margins, a decline in sales,
the loss of a distribution agreement in 2015, which limited the
group's exposure to overseas markets, an increasing debt burden and
loan defaults as the main factors in the group's collapse.

An initial AUD46 million sale in July last year to private equity
group Prcstnt Asset Management under a deed of company arrangement
(DOCA) was overwhelmingly supported by creditors.

However, this rescue package collapsed in December, forcing the
extensive McWilliam's portfolio of wineries, vineyards, stock and
brands back on the market through Colliers International's Tim
Altschwager and Nick Dean.

In April, The Australian Financial Review reported that McWilliam's
would be carved up between Calabria and Medich in a AUD40
million-plus deal.

Under this arrangement, NSW-based Calabria Family Wines would
acquire more than 75 per cent of the McWilliam's Wines operations,
including the Hanwood Estate winery and brands, for AUD32.4
million, the report relays. The Medich Family Office, which has
interests across beef cattle, property development and hotels,
would buy the smaller Mount Pleasant winery and brand for AUD14
million.

In a final twist to the saga, in late April De Bortoli Family
Wines, with the support of family member David McWilliam, lobbed in
a last-ditch AUD47.5 million offer to acquire the whole group.

AFR relates that the minutes of an April 26 creditors meeting
lodged with ASIC reveal that Calabria lifted its offer by AUD3.75
million to take the total purchase price for McWilliam's Wines to
AUD50 million.

A vote taken on the Calabria/Medich proposal was supported by 99.7
per cent of creditors by value but not a majority by number (one
out of three), requiring a casting vote from Ms Dickerson as
chairperson of the meeting and deed administrator. This she did in
favour of the Calabria/Medich proposal, according to AFR.

Former employees will be paid their entitlements in full, as will
secured creditors Gordon Brothers. The estimated return to
unsecured creditors is between 52 cents and 90 cents in the
dollar.

AFR adds that Mr. Altschwager said the conclusion of the
McWilliam's sale was "a good result for the wine industry".

                      About McWilliam's Wines

McWilliam's Wines Group is an unlisted publicly owned company with
a rich heritage of 143 years, across 6 generations of family
ownership. It has an extensive product range marketed under a
portfolio of owned brands, including McWilliam's and Mount
Pleasant. McWilliams is also currently the sole Australian
distributor for global brands; Taittinger and Framingham.

Gayle Dickerson, Ryan Eagle and Tim Mableson of KPMG Australia
Restructuring Services were appointed Administrators of McWilliam's
Wines Group Ltd and Mount Pleasant Wines Pty Ltd on Jan. 8, 2020.

McWilliam's Wines was placed in the hands of administrators in
January after racking up about AUD90 million in cumulative losses
dating back to 2015.

NOW TRUST 2021-1: Moody's Assigns (P)B2 Rating to AUD3.4M F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited, as trustee
of NOW Trust 2021-1.

Issuer: NOW Trust 2021-1

AUD156.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD12.2 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.2 million Class C Notes, Assigned (P)A2 (sf)

AUD5.8 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.4 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.4 million Class F Notes, Assigned (P)B2 (sf)

The AUD2.0 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured (primarily by motor vehicles)
personal loans originated by Now Finance Group Pty Ltd (NFG,
unrated). This is NOW Finance's second personal loans transaction
from its NOW Trust ABS Program.

NFG is a private company (52.9% owned by Wingate Group), operating
as a non-bank lender in the Australian personal loan market under
its registered trademark NOW FINANCE. NFG began originating
personal loans in 2013 and has settled approximately AUD750 million
of new loans to about 33,000 customers as of May 28, 2021.

NOW Trust 2021-1 is NFG's second personal loan ABS transaction.
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes will benefit from 22.0%, 15.9%, 10.8%, 7.9%, 2.7% and
1.0% of note subordination, respectively. The notes will be repaid
on a sequential basis until the credit enhancement of the Class A
Notes is at least 30.0%, and as long as cumulative gross principal
losses remain below 7.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes, unreimbursed principal
draws, if 60+ day arrears exceed 4.0%, or if the first call option
date has passed. At all other times, the structure will follow a
pro-rata repayment profile (assuming pro-rata conditions are
satisfied).

Moody's analysis also accounts for the risk of the transaction
being over or under-hedged. This risk arises because the notional
amount in the swap agreement is based on the repayment profile of
the pool, assuming a certain level of prepayments and expected
defaults. If these actuals deviate from this assumption, the
transaction is exposed to the risk of being over-hedged or
under-hedged.

As of the May 17, 2021 cut-off date, the securitised pool consisted
of 8,796 personal loans. The total outstanding balance of the
receivables was AUD195,049,695 comprising 79.7% unsecured and 20.3%
secured loans. The average account balance was AUD22,175 with a
weighted average interest rate (including fees) of 13.9% and a
weighted average seasoning of 13.9 months.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The limited amount of historical data. NFG was established in
2013, with significant origination growth beginning in 2017. The
static loss data used for Moody's extrapolation analysis reflects
NFG's short origination history, which is limited to the
origination vintages Q4 2013 through to Q1 2021 and covers the full
cycle for only three vintages. To address this limited data,
Moody's have overlaid additional stresses into Moody's default
assumptions to account for the limited data.

The high degree of dependency on NFG. NFG acts as the sponsor,
originator, servicer and trust manager. This dependency is
mitigated by the inclusion of AMAL Asset Management Limited (AMAL,
unrated) as a backup servicer, as well as by various replacement
and notification triggers. AMAL is an experienced third-party
servicer in the Australian Market.

The interest rate swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) and the fact that the notional balance of
the swap is based on a schedule.

The minimum credit enhancement levels set for each class of
notes.

The availability of a significant amount of excess spread over the
life of the transaction.

The liquidity facility in the amount of 1.5% of the note balance
subject to a floor of AUD500,000.

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.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 7.25%, a
recovery rate of 10.0% and a portfolio credit enhancement of 32.0%.
Moody's assumed default rate and recovery rate are stressed
compared to the historical levels of 6.1% (extrapolated) and 11.6%
(observed) respectively.

The difference between the actual and assumed default rate and
recovery rate is in part explained by the addition of several
stressed curves (for example, average default rate multiplied by
three) to address the lack of long origination history.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

REDZED TRUST 2019-1: Moody's Ups Class E Notes Rating to Ba1 (sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 13 classes of
notes issued by RedZed Trust Series 2018-1, RedZed Trust Series
2019-1, and RedZed Trust Series 2020-2.

The affected ratings are as follows:

Issuer: RedZed Trust Series 2018-1

Class B Notes, Upgraded to Aaa (sf); previously on Jun 17, 2019
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Sep 3, 2020
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jun 17, 2019
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jun 17, 2019
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Sep 3, 2020
Confirmed at B2 (sf)

Issuer: RedZed Trust Series 2019-1

Class B Notes, Upgraded to Aaa (sf); previously on Jun 5, 2020
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 5, 2020
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Aug 1, 2019
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Aug 1, 2019
Definitive Rating Assigned Ba2 (sf)

Issuer: RedZed Trust Series 2020-2

Class B Notes, Upgraded to Aa1 (sf); previously on Sep 10, 2020
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Sep 10, 2020
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Sep 10, 2020
Definitive Rating Assigned Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Sep 10, 2020
Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date, with a moderate level of loans in arrears and
low or no losses.

RedZed Trust Series 2018-1

Following the May 2021 payment date, note subordination available
for Class B, Class D and Class E Notes has increased to 15.80%,
8.4% and 5.1%, respectively from 9.3%, 5.0% and 3.0% at the last
rating action for these notes in June 2019. Note subordination
available for Class C and Class F Notes has increased to 12.3% and
4.1%, respectively from 10.5% and 3.1% at the last rating action
for these notes in September 2020.

As of April 2021, 6.6% of the outstanding pool was 30-plus day
delinquent, and 2.9% was 90-plus day delinquent. The portfolio has
incurred losses of AUD175,007 (equivalent to 0.05% of the original
pool) since closing, which has been covered by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has revised
its expected loss assumption to 3.0% of the outstanding pool
(equivalent to 1.3% of the original pool) from 2.6% of the
outstanding pool as of the last rating action in September 2020.

Moody's has also reduced its MILAN CE assumption to 14.0% from
14.7% in September 2020, based on the current portfolio
characteristics.

RedZed Trust Series 2019-1

Following the May 2021 payment date, note subordination available
for Class B Notes and Class C Notes has increased to 12.9% and
10.8%, respectively from 9.0% and 7.5% at the last rating action
for these notes in June 2020. The note subordination available for
Class D Notes and Class E Notes has increased to 6.7% and 3.7%,
respectively from 3.7% and 2.1% as of closing.

As of April 2021, 3.7% of the outstanding pool was 30-plus day
delinquent, and 1.7% was 90-plus day delinquent. The portfolio has
incurred no losses since closing.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has revised
its expected loss assumption to 2.7% of the outstanding pool
(equivalent to 1.4% of the original pool) from 3.4% of the
outstanding pool as of the last rating action in September 2020.

Moody's has also decreased its MILAN CE assumption to 13.0% from
14.7% in September 2020, based on the current portfolio
characteristics.

RedZed Trust Series 2020-2

Following the May 2021 payment date, note subordination available
for the Class B, Class C, Class D and Class E Notes has increased
to 9.5%, 8.0%, 5.4% and 3.7%, respectively from 7.2%, 6.1%, 4.2%
and 2.9% as of closing.

As of April 2021, 2.2% of the outstanding pool was 30-plus day
delinquent, and 0.5% was 90-plus day delinquent. The portfolio has
incurred no losses since closing.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has revised
its expected loss assumption to 2.7% of the outstanding pool
(equivalent to 2.0% of the original pool) compared to 2.3% of the
original pool as of closing.

Moody's has maintained its MILAN CE assumption of 14.5% at closing,
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 transactions are residential mortgage-backed securities (RMBS)
originated by RedZed Lending Solutions Pty Limited (unrated), an
Australian non-bank mortgage originator. The portfolios consist of
mortgage loans extended largely to self-employed borrowers. A
portion of the portfolios consist 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.

SAFA SCAFFOLDING: First Creditors' Meeting Set for June 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Safa
Scaffolding Pty Ltd will be held on June 14, 2021, at 10:30 a.m.
via teleconference.

Terry Grant Van der Velde of SV Partners was appointed as
administrator of Safa Scaffolding on June 2, 2021.

SUNSHINE CITY: Second Creditors' Meeting Set for June 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sunshine City
Developments Pty. Ltd. has been set for June 15, 2021, at 10:30
a.m. via telephone conference.

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 14, 2021, at 4:00 p.m.

Stirling Lindley Horne and Petr Vrsecky of PKF Melbourne were
appointed as administrators of Sunshine City on Feb. 22, 2021.


WELLNESS AND BEAUTY: Second Creditors' Meeting Set for June 11
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Wellness and
Beauty Solutions Limit has been set for June 11, 2021, at 4:00 p.m.
via virtual meeting technology.

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

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

Laurence Fitzgerald of William Buck was appointed as administrator
of Wellness and Beauty on March 30, 2021.




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C H I N A
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CHINA HUARONG: Bond Repayment Fails to Quiet Investor Doubts
------------------------------------------------------------
Nikkei Asia reports that China Huarong Asset Management on June 3
successfully completed its biggest bond redemption since default
worries erupted in April, but investors remain concerned about its
long-term health and that of its peers.

Nikkei Asia relates that the company, originally set up to manage
soured loans extended by Industrial and Commercial Bank of China,
repaid a $900 million bond right on time, according to two people
familiar with the debt.

Huarong over the weekend also repaid a CNY500 million ($78.3
million) domestic bond, according to Bloomberg.

However, Huarong bonds due later are trading at prices suggesting
investors still see a high chance of default, the report says. A
3.75% coupon bond due next year was trading at 76.6 cents on the
dollar on June 3, while a 4.5% perpetual bond changed hands at 59.9
cents, Nikkei Asia discloses citing data from Refinitiv.

Bonds issued by China Cinda Asset Management, Great Wall Asset
Management and China Orient Asset Management are faring little
better, Nikkei Asia notes. The trio, along with Huarong, have
$135.7 billion in outstanding offshore and domestic bonds,
according to Refinitiv data, but are set to play a crucial role in
draining mounting bad loans from the world's largest banking system
by total assets.

The yield on Cinda's January 2031 bond rose to 3.6% on June 3,
while China Orient's perpetual dollar bond yield reached 3.67%,
according to Refinitiv, Nikkei Asia relays. The yields, which move
opposite to the bonds' prices, are the highest seen since Huarong
first jolted the market at the end of March by missing a deadline
to release its annual financial results. Great Wall's perpetual
bond yield, meanwhile, reached a record 4.465%.

"There is concern at least some of Huarong's debt will have to be
taken over by the other distressed asset managers," Nikkei Asia
quotes Hao Hong, head of research at Bocom International in Hong
Kong, as saying. "The Chinese philosophy is to make more people
bear the pain so that it becomes bearable."

Nikkei Asia relates that Hong expects an eventual "orderly
resolution" for Huarong, with its three peers also receiving
capital injections. Given the high stakes, however, he expects
investors to remain concerned until authorities detail plans to
resolve Huarong's troubles.

According to Nikkei Asia, media reports have said the government is
considering a range of steps including a bailout, capital
injections from state investment funds and the formation of a
holding company over the four big distressed asset managers.

Huarong is majority-owned by the nation's Finance Ministry, though
its shares are listed on the Hong Kong Stock Exchange; trading
there has been suspended since April 1, the report notes.

While the Finance Ministry has said little about Huarong's
situation, the China Banking and Insurance Regulatory Commission in
April said it was maintaining ample liquidity and normal
operations.

According to Nikkei Asia, the four big distressed debt managers
were set up by Beijing in 1999 as the nation's banks were grappling
with bad debts that then made up a fifth of their loan books. Over
time, the companies branched out to offer other financial services,
including their own loans, trusts and investment management, with
the help of ample bond market financing.

Concerns surrounding Huarong have mounted since 2018, when
then-Chairman Lai Xiaomin was arrested, Nikkei Asia notes. He was
found guilty of accepting bribes and bigamy and executed five
months ago. Most of the asset manager's troubles stem from excesses
during his term, when Huarong used easy access to cheap funding to
expand into unrelated businesses.

                      About China Huarong

China Huarong Asset Management Co., Ltd., together with its
subsidiaries, provides various financial asset management
services.

As reported in the Troubled Company Reporter-Asia Pacific on April
16, 2021, Moody's Investors Service has placed the A3 long-term and
P-2 short-term issuer ratings, as well as the b1 baseline credit
assessment, of China Huarong Asset Management Co., Ltd. (Huarong
AMC) under review for downgrade.  In addition, Moody's has placed
the debt ratings and medium-term note (MTN) program ratings of
Huarong AMC's offshore financing vehicles under review for
downgrade. These include the Baa1 long-term backed senior unsecured
debt ratings and the (P)Baa1 backed senior unsecured MTN program
ratings of Huarong Finance 2017 Co., Ltd and Huarong Finance II
Co., Ltd, as well as the Baa1 long-term backed senior unsecured
debt rating, the (P)Baa1 long-term and (P)P-2 short-term backed
senior unsecured MTN program ratings of Huarong Finance 2019 Co.,
Ltd.


KUNMING TRAFFIC: Fitch Lowers LT IDRs to 'BB+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Kunming Traffic Investment
Co., Ltd.'s (KMTI) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'BB+' from 'BBB-'. The Outlook is Stable.

Fitch has also downgraded KMTI's USD300 million 6.2% notes due 2022
and the USD2 billion medium-term note programme the notes were
issued under to 'BB+' from 'BBB-'. The notes were issued directly
by KMTI and are rated at the same level as its IDR as they
constitute its direct, unconditional, unsubordinated and unsecured
obligations and rank pari passu with all its other senior unsecured
obligations.

The downgrade reflects the revision in Fitch's assessment of the
financial implications of default by KMTI to 'Strong', from 'Very
Strong', under Fitch's Government-Related Entities (GRE) Rating
Criteria.

KMTI is a state-owned investment and financing platform that is
majority owned by the Kunming State-Owned Assets Supervision and
Administration Commission (Kunming SASAC). The entity is mainly
responsible for the investment, financing, construction and
operation of transportation infrastructure, as well as the
allocation of resources to and development of supporting industries
in Kunming.

KEY RATING DRIVERS

'Strong' Financial Implications of Default: Fitch lowered its
assessment of the financial implications of a KMTI default, as the
company's expansion of its commercially driven logistics and
trading business has limited the direct financial implications for
the municipality. KMTI's revenue from logistics and trading rose by
57% to CNY37.5 billion in 2020, making up over 90% of total
operating revenue. The reassessment also takes into account the
increase in non-standard financing at KMTI. At end-March 2021,
non-standard financing made up around one-third of its total
outstanding debt.

Fitch continues to believe a financial failure at KMTI would have
'Strong' implications for other GREs' funding, as the company
remains the largest GRE in Kunming in terms of asset size and has
various funding channels, including regular onshore bond issuance
and banking facilities. A default at KMTI would push up the funding
costs of other GREs in the region, impair their funding access and
damage the municipal government's reputation.

'Very Strong' Status, Ownership and Control: KMTI is a limited
liability company 90% owned by Kunming SASAC, a sub-department of
the city government. The remaining 10% is now owned by Yunnan
province's Ministry of Finance, with the Kunming government
retaining ultimate control. Kunming SASAC has strong control and
oversight of the company's board and monitors its strategic
planning and financial events. All major corporate events require
government approval.

'Strong' Support Record: KMTI receives recurring financial support
from the government to assist it with its transportation
infrastructure policy role. Fitch expects government financial
support to continue as KMTI is important to the transportation
programme. KMTI receives solid support, which is based on the
government's budget and project progress. It received CNY200
million of capital injections, CNY230 million of asset injections
and CNY1.7 billion in subsidies, which accounted for around 97% of
profit before tax in 2020.

'Moderate' Socio-Political Implications of Default: KMTI plays an
important role in Kunming's transportation infrastructure
development, including in railways, toll roads and airports.
However, the socio-political implications of a default by KMTI are
not likely to be significant and the government would be inclined
to use administrative and fiscal measures to ensure that the
operations of key subsidiaries are not disrupted. Other GREs in
Kunming can also serve as substitutes, if needed.

'b' Standalone Credit Profile: Fitch rates KMTI's revenue
defensibility as 'Weaker' under Fitch's Public Sector,
Revenue-Support Entities Rating Criteria because it is exposed to
the general economic cycle and has low price-bargaining power.
Fitch rates KMTI's operating risk as 'Midrange' based on its
predictable costs. The financial profile is assessed at 'Weaker',
due to the company's high leverage, with net debt/EBITDA of around
20x at end-2020. Fitch expects leverage to slightly rise to around
22x in the next five years under the rating case.

DERIVATION SUMMARY

KMTI's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting the entity's control and
ownership by the Kunming municipality, the government's support
record as well as the socio-political and financial impact on the
government from a default by KMTI.

KMTI's IDRs were derived from the four factors under Fitch's
Government-Related Entities Rating Criteria and the Standalone
Credit Profile of 'b' under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

-- An upgrade of Fitch's credit view on Kunming municipality's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations.

-- Increased incentive for Kunming municipality to provide
    support to KMTI, including stronger socio-political and
    financial implications of default, or a stronger record of
    government support.

-- An upgrade in KMTI's IDR will result in a similar change in
    the rating of the notes.

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

-- A downgrade of Fitch's credit view on Kunming municipality's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations.

-- Weaker assessment of the socio-political and financial
    implications of default, a weaker record of government
    support, or a dilution in the government's shareholding.

-- A downgrade in KMTI's IDR will result in a similar change in
    the rating of the notes.

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.

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.

RISESUN REAL: Fitch Affirms 'BB-' LT Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Risesun Real
Estate Development Co.,Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-'. The Outlook is Stable. Fitch has
also affirmed Risesun's senior unsecured rating at 'BB-'.

The IDR is supported by a deleveraging trend that Risesun's large
size in terms of contracted sales, land bank and EBITDA can
sustain. A diversified land bank covers 79 cities in the Bohai Rim,
Yangtze River Delta, Pearl River Delta, and central, northern and
south-western China. In addition, the EBITDA margin, after adding
back capitalised interest, has been sustained above 25% on lower
land costs from a competitive advantage in the Bohai area and
strong government relationships in the region.

However, Fitch believes Risesun's leverage will increase slightly
to sustain the land-bank life of around 2.5 years. Risesun's IDR is
also constrained by lower cash collection compared with peers.

KEY RATING DRIVERS

Leverage Improvement Sustainable: Fitch expects Risesun's leverage
- measured by net debt/adjusted inventory including guarantees to
its parent - to be around 35%-40% in 2021-2022, in line with that
of 'BB-' peers. Leverage improved to 36% in 2020, from 40% in 2019
and 45% in 2018, on slower land acquisition and a higher proportion
of joint-venture projects.

Land-bank life was 2.3 years in 2020. Fitch forecasts Risesun to
replenish land at a rate of 1.1x to 1.3x of contracted sales gross
floor area (GFA) to increase land-bank life to 2.5 years, with the
land acquisition premium likely to be about 45%-50% of cash
collected from sales.

Lower Cash Collection: Fitch expects Risesun to maintain a higher
implied cash collection. The implied cash collection ratio (change
in customer deposits plus revenue booked during the year divided by
total contracted sales) was 44% for Risesun in 2020, down from 57%
in 2019. Fitch believes the lower implied cash collection rate was
the result of inclusion of VAT and business tax in contracted
sales, lower consolidation of projects and decreasing cash
collection. The company-reported cash collection rate was 76% in
2020 (2019: 74%, 2018: 80%).

Land Bank Concentration: Fitch believes there are continued policy
risks associated with the land bank in the Bohai area because of
regulations on prices in tier 1 and 2 cities in the area. Risesun
is therefore more exposed to these policy risks than other 'BB-'
rated peers. Risesun's large land bank reserve was around 28
million sq m at end-2020. Around 60% of the land reserves are in
Beijing and the Bohai area, where Risesun has home-market
advantages.

The company has been expanding geographical diversification,
selectively entering cities that have a net population inflow in
the Yangtze River Delta, Pearl River Delta and central and western
China. It has a presence in 79 cities.

Healthy but Declining Margin: Fitch expects Risesun's land costs to
rise because it will acquire more land outside of the Bohai area,
where the company has less competitive advantage. This may lead to
a decrease in the EBITDA margin. Risesun's EBITDA margin, excluding
capital interest, declined to 27% in 2020 from 29% in 2019, but
remained higher than that of peers. The healthier margin is due to
Risesun's ability to acquire lower cost land in the Bohai area
where the majority of Risesun's projects are located.

Large Business Scale: Fitch forecasts Risesun's total contracted
sales to be around CNY130 billion in 2021, a slight increase from
the CNY127 billion in 2020. Attributable contracted sales were
CNY110 billion in 2020 and CNY105 billion in 2019, and more than
85% of total contracted sales were attributable to Risesun.

Moderate Liquidity: Fitch forecasts Risesun's liquidity to remain
stable in 2021 as the company refinances maturing onshore and
offshore bonds and uses long-term loans to spread out debt
maturity. Liquidity - measured by available cash/short-term debt -
was 1.2x in 2020, higher than 0.9x in 2019. Risesun's liquidity is
weaker than that of 'BB-' peers, which have cash/short-term debt of
around 1.5x.

DERIVATION SUMMARY

Risesun's credit profile improved in 2020. Leverage - measured by
net debt/adjusted inventory - is lower than some 'BB-' rated
homebuilders. Risesun's leverage of 36% is higher than Central
China Real Estate Limited's (CCRE, BB-/Stable) 24%, but lower than
Ronshine China Holdings Limited's (BB-/Negative) 43%. Risesun has
weaker profitability than that of KWG Group Holdings Limited
(BB-/Stable), which has an EBITDA margin of 30%, and similar
profitability to CCRE, which has EBITDA margin of 23%. Risesun's
attributable sales scale is one of the largest among 'BB-' rated
peers, and the company has more limited use of joint ventures but a
shorter land-bank life compared with above-mentioned peers.

In comparison with two 'BB' peers, Risesun has larger attributable
sales scale than that of China Aoyuan Group Limited (BB/Stable),
but smaller scale than that of Logan Group Company Limited
(BB/Stable). Both Logan and Aoyuan have stronger profitability
compared with Risesun. Logan and Aoyuan have stronger liquidity
with available cash/short-term ratio of 1.4x and 1.5x,
respectively. In addition, Risesun has more exposure in lower tier
cities, which is reflected by its lower average selling price (ASP)
of around CNY11,700/sq m.

KEY ASSUMPTIONS

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

-- Contracted sales to increase by 3% in 2021-2023, with no
    increase in the ASP;

-- Land replenishment at 1.3x in 2021 and 1.1x 2022-2023 of
    contracted sales GFA, with land-bank life at 2.5 years;

-- EBITDA margin, excluding capitalised interest, to remain above
    20% in 2021-2023.

RATING SENSITIVITIES

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

-- Leverage, measured by net debt/adjusted inventory, sustained
    below 35% (2020: 36%);

-- Material improvement in cash collection.

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

-- Leverage, measured by net debt/adjusted inventory, above 45%
    for a sustained period;

-- EBITDA margin, after adding back capitalised interest in cost
    of goods sold, below 20% for a sustained period;

-- Further decrease in land-bank life.

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

Sufficient Liquidity: Risesun had available cash of CNY31.4 billion
at end-2020, against CNY26.1 billion of short-term debt, including
an onshore puttable bond of CNY400 million.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Fitch's calculation of CNY133 billion in adjusted inventory at
    end-2020 includes: properties under development; completed
    properties held for sale; land-use rights; prepayments for the
    acquisition of land-use rights; buildings; properties under
    construction; investment properties; amounts due from non
    controlling interests; and investment in and amounts due from
    joint ventures and associates.

-- Customer deposits, amounts due to non-controlling interests
    and amounts due to joint ventures and associates are deducted
    from the summation of items mentioned previously. Fitch has
    adjusted the value of investment properties based on the
    higher of 4% rental yield or cost.

-- Fitch has included CNY1.32 billion of guarantees provided to
    the parent company, Risesun Holdings Co Ltd, and CNY350
    million of guarantees to joint ventures as debt.

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.

ZHANGZHOU TRANSPORTATION: Fitch Affirms 'BB+' IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Zhangzhou Transportation
Development Group Co., Ltd.'s (ZTDG) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB+'. The Outlook
is Stable. Fitch has also affirmed ZTDG's USD500 million 6.5%
senior unsecured note due 2022 at 'BB+'.

ZTDG is a key government-related entity (GRE) in Zhangzhou city
within Fujian province. It is responsible for developing the city's
toll roads, railways, bus operation and urban infrastructure
construction.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: ZTDG is wholly
controlled by the Zhangzhou municipal government, which appoints
its board members, approves its major decisions and controls its
operational and financing activities. Major events, including
strategic development, acquisitions, disposals, long-term plans and
major capex, require government approval.

'Strong' Support Record: ZTDG has a solid government support record
as the city's major GRE. It has received over CNY8 billion in asset
and capital injections from the government over the past few years,
which represented around 20% of its total assets at end-2020. The
government has also provided substantial amounts of special bonds
to support ZTDG's toll road and railway projects as well as
government subsidies amounting to CNY347 million in 2020. Fitch
expects government support to continue.

'Moderate' Socio-Political Implications of Default: ZTDG plays an
important role in Zhangzhou's bus operation as well as railway,
toll road and urban infrastructure construction. However, all the
businesses are operated by subsidiaries, which means its default
may not immediately disrupt its business activity and would have a
moderate socio-political impact on the municipal government.

'Strong' Financial Implications of Default: ZTDG has received
substantial borrowings from state-owned banks and the debt markets
over the past few years. A financial default by ZTDG would damage
the government's reputation and affect funding for other local
GREs. The government has a strong incentive to avoid the company's
default.

'b' Standalone Credit Profile: Fitch assesses ZTDG's Standalone
Credit Profile under Fitch's Public Sector, Revenue-Supported
Entities Rating Criteria. Fitch assesses revenue defensibility at
'Weaker', as the pricing of the company's transportation
infrastructure projects is constrained by the government. Operating
risk is assessed at 'Midrange', as ZTDG has well-identified cost
drivers and the government provides large annual subsidies to cover
operating losses. The financial profile is assessed at 'Weaker',
due to the company's high leverage, which Fitch expects to exceed
30x by 2025 under Fitch's rating-case scenario.

The weak Standalone Credit Profile is mitigated by ZTDG's strategic
links with the government, which may provide financial support to
the company.

DERIVATION SUMMARY

The ratings are assessed under Fitch's GRE Rating Criteria,
reflecting Zhangzhou municipality's ownership and oversight, 'Very
Strong' government control, 'Strong' government support, as well as
'Moderate' socio-political and 'Strong' financial implications of a
company default.

ZTDG's IDRs were derived from the four factors under Fitch's GRE
Rating Criteria and the Standalone Credit Profile under Fitch's
Public Sector, Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

-- The ratings could be upgraded if Fitch revises its perception
    of Zhangzhou municipality's ability to provide subsidies,
    grants or other legitimate resources allowed under the
    country's policies and regulations.

-- Positive rating action could also arise from a revised
    assessment of the government support record as well as the
    socio-political and financial implication of a company
    default.

-- An improvement in ZTDG's Standalone Credit Profile could also
    affect the ratings.

-- An upgrade in ZTDG's IDRs will result in a similar change in
    the rating of its notes.

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

-- The ratings could be downgraded if Fitch revises its
    perception of Zhangzhou municipality's ability to provide
    subsidies, grants or other legitimate resources allowed under
    the country's policies and regulations.

-- A downgrade could also be triggered by a weakening of the
    socio-political and financial implications of a default, a
    weaker support record and expectation from the government, or
    a dilution of the municipality's shareholding.

-- A downgrade of ZTDG's IDRs will result in a similar change in
    the rating of its notes.

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.

ESG CONSIDERATIONS

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



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

ADANI GREEN: Fitch Corrects June 2 Ratings Release
--------------------------------------------------
This is a correction of a release published on 2 June 2021. It
includes the Rating Sensitivities that were omitted from the
original release and a clarification about the ESG Relevance
Scores.

Fitch Ratings has affirmed Adani Green Energy Limited Restricted
Group 1's (AGEL RG1) USD500 million senior secured notes due 2024
at 'BB+'. The Outlook is Stable. AGEL RG1 includes three
subsidiaries of Adani Green Energy Limited (AGEL).

The US dollar notes are issued in part by each of the three SPVs in
the restricted group (RG). The notes are stapled together to mimic
the structure of the restricted pool. The issuers directly own
operating assets and are not merely lenders to the operating
entities, unlike other rated issuance from most Indian restricted
groups. All covenants or triggers are on an aggregate basis. Each
SPV guarantees the note obligations of the other two SPVs, although
the notes constitute each issuer's obligations only on a several
basis.

RATING RATIONALE

The affirmation reflects the credit profile of AGEL RG1, which
operates solar generation assets across India with a combined
capacity of 930MW. The rating is underpinned by long-term
fixed-price power purchase agreements (PPAs), commercially proven
technology with a pure solar portfolio and experienced operations
and maintenance (O&M) contractors.

Noteholders benefit from a standard security package and robust
covenants restricting distributions. The notes have a bullet
repayment due in 2024. However, the refinancing risk is mitigated
by the remaining terms of the PPAs, the group's established access
to banking and capital markets, and a senior debt restricted
amortisation account. Fitch assumes the notes will be refinanced at
maturity, with the refinancing debt to be amortised across the
remaining PPA terms.

Fitch considers revenue from sovereign-backed NTPC Limited
(BBB-/Negative) and Solar Energy Corporation of India (SECI), to
which AGEL RG1 contracts 57% of its total capacity, as fully
contracted revenue and apply the fully contracted project
threshold. SECI's credit quality does not constrain the rating, as
revenue exposure to SECI presents a systematic sector risk.

Fitch does not rate the state-owned distribution companies that
purchase power from some projects of the restricted group. The
counterparties have weak credit profiles and varying history of
payment delays, although exposure to multiple counterparties
mitigates the risk. Fitch believes that it is prudent for such
projects to meet a higher threshold to achieve the same rating as
other projects with strong counterparties, all else being equal.
Hence, Fitch bases the credit assessment of the notes on the
indicative debt service coverage ratio (DSCR) thresholds applicable
to merchant projects for the revenue-weighted exposure to the
state-owned distribution companies instead of the ones for fully
contracted projects, while the cash flow is evaluated based on the
contracted prices.

The RG generates an average annual DSCR of 1.36x, with a minimum of
1.15x under Fitch's rating case, which is commensurate with a 'BB+'
rating.

KEY RATING DRIVERS

Experienced Contractors; Proven Technology: Operation Risk −
Midrange

AGEL RG1 consists of 930MW polycrystalline solar projects, which
are a proven technology with a long operating history. Fitch
regards the operation of these types of solar projects as
straightforward. The solar modules are provided by internationally
known suppliers. Operation and maintenance work is carried out by
an affiliate company, Adani Infrastructure Management Services
Limited, under seven-year fixed-price contracts with 2% annual
price escalation. Replacement operators are readily available in
the market.

However, the operation risk assessment is constrained to
'Midrange', as the operating cost forecast is not validated by an
independent technical advisor and the solar projects have a
modestly variable operating history.

Moderately Variable Operating Record: Revenue Risk (Volume) −
Midrange

The energy-yield forecast produced by third-party experts indicates
an overall P50/one-year P90 spread between 6% and 16%, leading to a
'Midrange' volume risk assessment. The performance of the projects
has been moderately volatile and slightly below their P90 forecasts
in the past two years. Generation was lower in the 12 months ended
March 2021 on account of lower irradiation and grid curtailment at
PSEPL (40 MW Kallur) plant and stood at 1,908 million units, which
was 3% lower than the P90 generation forecast of 1,960 million
units for the same period. Overall, availability of the RG for the
financial year ended March 2021 (FY21) was 99.6%.

Curtailment risk is limited because of the must-run status of
renewable energy plants in India and the curtailment faced at
PSEPL, Kallur plant is due to load congestion, which AGEL RG1
expects to improve after the augmentation of evacuation
infrastructure.

Long-Term Fixed-Price PPAs: Revenue Risk (Price) − Stronger

AGEL RG1 contracts 40% of its total capacity with NTPC and 17% with
SECI, with the remaining capacity contracted with various state
distribution companies under 25-year fixed-price PPAs, which
protect the portfolio from merchant price volatility. Fitch
assesses price risk as 'Stronger'.

Refinancing Risk Mitigated by Protective Structural Features: Debt
Structure - Midrange

The debt is a senior secured five-year bullet bond. The bullet
repayment structure presents significant refinancing risk. However,
the notes benefit from a senior debt restricted amortisation
account that requires issuers to pre-fund a proportion of debt by
maturity. The notes also require issuers to submit a refinancing
plan 12 months before maturity. The refinancing risk is also
mitigated by the remaining terms of the PPAs and the group's
established access to banking and capital markets.

Noteholders benefit from protective structural features to restrict
distributions. The debt has a six-month debt service reserve. All
cash will be trapped if the 12-month backward-looking DSCR drops to
below 1.35x or if the project life cover ratio drops to below 1.6x.
Distribution will also be restricted if there is a reduction of the
EBITDA mix from sovereign-backed off-takers to less than 55% or if
aggregate cash flow available for debt service (CFADS) from
sovereign-backed off-takers over the remaining PPA lives is
insufficient to cover 75% of the outstanding debt.

PEER GROUP

AGEL RG1 is rated a notch lower than Adani Green Energy Limited
Restricted Group 2 (AGEL RG2 , note rating: BBB-/Negative;
underlying credit rating: bbb). AGEL RG2 has a much tighter
structure with largely amortising and longer-dated debt, higher
contribution from capacity contracted with sovereign-owned entities
(61%) than AGEL RG1, and a better financial profile with a rating
case DSCR of 1.45x. The Negative Outlook on the 'BBB-' rating on
the senior notes of AGEL RG2 reflects the Negative Outlook on the
'BBB-' Indian sovereign rating.

Fitch also views Azure Power Solar Energy Private Limited (Azure
RG2, note rating: BB/Stable) to be comparable with AGEL RG1. AGEL
RG1 is rated a notch higher than Azure RG2, even though its rating
case DSCR of 1.35x is lower than that of Azure RG2. AGEL RG1's
credit profile is supported by a higher share of capacity
contracted with sovereign-owned entities (57% versus 15%), which
allows lower rating thresholds for AGEL RG1. The debt term for
Azure RG2 and AGEL RG1 are both five-year bullet bonds. However,
AGEL RG1 benefits from a stronger distribution lock-up test, debt
service reserve account and capex reserve account.

AGEL RG1 can be also compared with Continuum Energy Levanter Pte.
Ltd. (Continuum RG1, note rating: BB+/Stable). Unlike, AGEL RG1
which is a pure solar portfolio, wind resources make up 89% of
Continuum RG1's assets, but it has a much higher rating case DSCR
of 1.71x, which supports its rating. Continuum RG1 has partial debt
amortisation and cash sweep in the bond document, which will result
in 53% of the senior notes' principal to be refinanced, unlike the
AGEL RG1 bullet structure that requires about 91% of the bond
amount to be refinanced at the end of the five-year period.

RATING SENSITIVITIES

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

-- Positive rating action appears unlikely given the uncertainty
    of the refinancing terms, structure and future coverage
    profile upon the maturity of the notes.

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

Average annual DSCR across the PPA terms drops below 1.30x
persistently as a result of:

-- Energy production underperforming long-term projections due to
    low solar resource or operational issues; or

-- Less favourable refinancing terms and structure than the
    assumptions made in Fitch's financial analysis.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

AGEL RG1 is a RG consisting of three SPVs under Adani Green Energy
Limited, with total capacity of 930MW across India. The RG issued
five-year senior secured notes due 2024 to refinance its debt.

CREDIT UPDATE

Impact of Covid-19

There has been no major impact on AGEL RG-1 operational portfolio
despite the Covid-19 pandemic, as electricity generation has been
notified as an essential service. The RG operated with a plant
availability of 99.6%. Management has informed that electricity
offtake continued as per normal course of business without any
major curtailments and are receiving regular collections from
off-takers.

Operational Performance

Plant availability of AGEL RG1 portfolio was 99.6% for FY21. AGEL
RG1 performed about 3% lower than P90 levels in terms of generation
due to lower radiation and curtailment faced at the Kallur 40 MW
plant. The Kallur 40 MW plant is connected at the Kushtagi
substation where other wind plants and solar plants are also
connected. All connected generators are curtailed during high wind
season and high irradiation days, due to load congestion and
overloading of power transformer at the Kushtagi substation.

AGEL RG1 took a number of steps to improve the grid availability,
including upgrading evacuation infrastructure, which resulted in
better grid availability at Kallur of about 96% in FY21 against
about 93% in FY20. A new 220 kilovolt substation is planned near
the existing Kushtagi substation as a long-term solution, which is
expected to be commissioned by FY23.

FINANCIAL ANALYSIS

Fitch assumes the bullet principal repayment will be refinanced
upon maturity by fully amortising debt across the remaining PPA
terms at a higher refinancing interest rate of 12%. Fitch also
assumes that the RG will continue to have historical O&M costs that
are higher and include the overhead charges. This is in contrast
with management's strategy of accounting for the entire overhead
cost at the group level instead of project/SPV level. Fitch's base
case assumes a P50 energy production throughout the forecast period
until the end of the PPAs and a 5% production haircut to reflect
variability in the operating history. Fitch also applies a
three-month stress to the receivable day assumption for state
distribution company off-takers. Fitch's base case generates an
average annual DSCR of 1.50x, with a minimum of 1.29x.

Fitch's rating case assumes a one-year P90 energy yield throughout
the forecast period, 5% production haircut and 0.6% annual solar
degradation. Fitch also applies a 10% stress on operating expenses
and a three-month stress to the receivable day assumption for state
distribution company off-takers. The assumptions generate an
average annual DSCR of 1.36x, with a minimum of 1.15x.

Fitch's CFADS calculation is different from that in the legal
documentation for the notes. Fitch's CFADS calculation includes
funding of capex for repowering and working capital movement but
does not include opening cash available in the operating account,
if not distributed, at the start of the financial year.

ESG CONSIDERATIONS

Fitch has updated the ESG Relevance Scores of the RG to align with
the default scores for this sector while the overall ESG assessment
remains unchanged. These modifications do not imply any change in
the project's credit profile.

Fitch has updated the ESG relevance scores of the SEGWW's to align
with the default scores for this sector while the overall ESG
assessment remaining unchanged. These modifications do not imply
any change in the project's credit profile. 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.

SECURITY

The US dollar bonds issued by three SPVs in the RG benefit from a
standard security package, including a charge over certain immobile
and movable assets of the co-issuer, and a share pledge over 100%
shares of each of the SPV issuers.

AIRCEL LTD: Lenders Approach Supreme Court Over NCLAT Order
-----------------------------------------------------------
Tanay Singh at Telecomtalk reports that the Committee of Creditors
(CoC) of Aircel has approached the Supreme Court (SC) to overrule
the order of the National Company Law Appellate Tribunal (NCLAT)
that restrict them from selling the spectrum before the overall
dues of the company are cleared. Because of the order, Aircel might
have to move towards liquidation, which will hurt all of its
lenders who are trying to recover their money from the company.

To recall, the NCLAT order came back in April 2021, and it affected
not only Aircel but also RCom, which is in a similar battle of
paying dues to the Department of Telecommunications (DoT), the
report relates.

A senior State Bank of India (SBI) official told ET Telecom that
the bank has moved to SC for going against the NCLAT order. As per
the report, other parties involved with Aircel, including UVARCL,
which has the National Law Company Tribunal's (NCLT) permission to
take over the assets of the company along with the resolution
professional Deloitte, will soon move to the SC separately to
complain against the NCLAT order.

For the unaware, NCLAT gave an order which said that companies
would need to clear all their dues without which they cannot
utilise the spectrum they hold, the report says. The only way for
companies like Aircel to clear dues is to enter the Corporate
Insolvency Resolution Procedure (CIRP) under the Insolvency and
Bankruptcy Code (IBC). This would force Aircel to go into the
liquidation process.

It is worth noting that RCom is also in a similar battle with the
DoT over dues, the report states. RCom owes the government
INR26,000 crore in adjusted gross revenue (AGR) dues, while Aircel
owes INR12,389 crore.

According to Telecomtalk, DoT has asked for INR14,000 crore from
Aircel. But since DoT is an operational creditor of the company, it
won't get what it is looking for. The operational creditors, along
with DoT, have already been provided with INR28.50 crore, which is
only 0.16% of the INR17,462 crore they wanted to recover.

The creditors have moved to the SC to seek the reversal of the
NCLAT order, the report relates. Spectrum is a big asset for the
company, and it can help a ton with the resolution plans. If the
NCLAT order isn't reversed, SBI would be the one to lose out on
most of the money.


                       About Aircel Limited

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, is a telecom service provider with a
pan India presence. Aircel offers GSM-based 2G services in all the
22 telecom circles and has also introduced 3G services in select
geographies.

Aircel Ltd filed for bankruptcy on Feb. 28, 2018, pressured by a
high debt pile and mounting losses following a price war triggered
by a telecom upstart, according to Reuters. Talks between Aircel,
74% owned by Malaysia's Maxis Communications Bhd, and Reliance
Communications Ltd (RCom) to combine their wireless business was
called off in late 2017 due to regulatory and legal uncertainties
and interventions by various parties.

Aircel, whose debt amounts to INR155 billion (US$2.38 billion),
then tried unsuccessfully to restructure its debt, Reuters
related.


ARYA EDUCATIONAL: CARE Lowers Rating on INR9cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Arya
Educational and Cultural Society (AECS), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 17, 2021, placed the
rating(s) of AECS under the 'issuer non-cooperating' category as
AECS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AECS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
1, 2021 March 11, 2021, and March 21, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating has been revised on account of on-going delays in the
account as confirmed by the banker.

Arya Educational and Cultural Society (AECS) was registered in Apr.
2015under the Societies Registration Act, 1860 for establishing and
operating educational institute in Purnia, Bihar with an objective
to provide education services. AECS is setting up a school from
pre-nursery up to VII standard and has applied for a franchisee
with 'Delhi Public School Society, Delhi' (DPS)wherein the society
will manage the school in accordance with the guidelines (relating
to fees, infrastructure, teacher-student ratio, faculty etc.)
issued by DPS and the day-to-day management of the school will be
looked after by the society. The school will be affiliated to
Central Board of Secondary Education (CBSE) and would commence its
first academic session (2019-20) up to Class VII with effect from
Apr. 2019 and expansion up to standard XII will take place in the
subsequent years. The initial intake capacity will be 950 students
and it will gradually increase in line with extension of the higher
classes.

BALU IRON: CARE Lowers Rating on INR100cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Balu
Iron and Steel Company (BISC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
   Term Loan                       to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2018, placed the
rating(s) of BISC under the 'issuer non-cooperating' category as
BISC had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. BISC continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated May 11,
2021 and May 16, 2021 among others.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in rating assigned to the bank facilities of Balu Iron
& Steel Company (BISC) takes into account the absence of
information required for the purpose of monitoring the rating. The
rating continues to be constrained by the low profitability of the
firm due to its trading nature of operations, high gearing of the
firm and the constitution of the entity as a partnership firm. The
rating is also constrained due to the cyclical nature of the steel
Industry. The rating however is strengthened by the vast experience
of the promoters of the firm, increasing scale of operations and
the firm having exclusive distributorship rights for JSW steel.

Balu Iron and Steel Company (BISC) was formed in 2013 to get into
Iron & steel trading business. The firm was started to be a dealer
in TMT bars, Cold Rolled and Hot Rolled Steel. The Firm now
functions as an exclusive dealer for JSW steel in 12 districts of
Western and Southern Tamilnadu. The Firm has a warehouse
headquarters at Coimbatore. The Firm was started by 4 partners –
Mr. G. Kanagachalam, Mr. B. Karthick, Mrs. K. Jagatha & Mrs. B.
Bhagyalakshmi.


BHAGAWATI FRONTLINE: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagawati
Frontline Motorizer Private Limited (BFMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.80      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 02, 2020, placed the
rating of BFMPL under the 'issuer non-cooperating' category as
BFMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BFMPL continues to
be noncooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated January
12, 2021, February 3, 2021 and April 27, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings assigned to the bank facilities of BFMPL have been
revised on account of non-availability of requisite information to
carry out rating exercise.

Bhopal (Madhya Pradesh) based BFMPL was incorporated in June 2016
to take up the dealership of Mahindra & Mahindra (M&M) vehicles and
servicing in Singrauli & Sidhi districts of Madhya Pradesh (MP).
BFMPL is a part of Gwalior based Bhagawati group which has varied
business interests in the state of MP. The group is engaged in
dealership of Mahindra & Mahindra and Indo farm tractors through
Bhagawati Cools Private Limited and Bhagawati Development Services
Private Limited. The group also extends warehousing facilities
through Bhagawati Estate Warehouse, Kolaras. BCPL and BDSPL are
also engaged in trading of agro-commodities like wheat, potato,
soya etc. The group also manages Bhagawati India Motorizer Private
Limited which undertakes the dealership of Mahindra & Mahindra
(M&M) vehicles and servicing in four districts of Madhya Pradesh
(MP) namely Shahdol, Mandla, Dindori and Anuppur. Another group
entity named Bhagawati Estate Warehouse, Ashoknagar is also engaged
in warehousing and trading of agro-commodities like potatoes and
wheat.


G. R. MULTIFLEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of G. R. Multiflex
Packaging Private Limited (GMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term      0.32      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.68      CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2002 and promoted by members of the Kolkata-based
Jaiswal family, GRMPPL manufactures flexible packaging materials
such as polyester laminated rolls, multilayer flexible films, oil
print films, water printed films, and bags and pouches. The
company's manufacturing facilities are located in Kolkata and its
day-to-day operations are managed by its promoter-director, Mr.
Rabindar Jaiswal.

GNRC LIMITED: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of G N R C Limited
(GNRC) 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       0.45     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               60.76     CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 1986, GNRC operates a chain of multi-speciality
hospitals in Guwahati, Assam. The company established its first
hospital in Dispur, Guwahati, in 1986; in 2008, it commercially
opened its second multi-speciality hospital at Six Mile, Guwahati.
GNRC commenced commercial operations of its third multi-speciality
in North Guwahati in January 2014. The newly started North Guwahati
hospital is eligible for central subsidy, which represents 30
percent of the total project cost. The hospital has also received a
grant from World Bank.


GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gupta Infotech (GI)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        9         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Import Letter of        3         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Letter of Credit        0.05      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      6.95      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Cash Credit/            2         CRISIL D (Issuer Not
   Overdraft facility                Cooperating)

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

A proprietorship firm set up in 2003 by Mr Saurabh Gupta, GI
manufactures compact fluorescent lamps (CFLs). It recently
diversified into the light-emitting diodes (LED) segment.


H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of H K Lumbers
LLP (HKLL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        1.35      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       4.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 12, 2020, placed the
rating(s) of HKLL under the 'issuer noncooperating' category as
HKLL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement.  HKLL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated March 28
2021, April 7, 2021, April 17, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Gandhidham (Gujarat) based HKLL was incorporated in 2014 by Rudani
and Patel Family and currently managed by Mr. Rajeshkumar Rudani
and other family members. Mr. Rajeshbhai Rudani possesses 10 years
of experience in wood and wood products industry. HKLL is engaged
into saw milling and planning of wood. H K Timbers Private Limited
is the group entities of HKLL, which is engaged in manufacturing of
veneer sheets, manufacturing of plyboard, particle board and other
plyboard Products.

H K TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of H K Timbers
Private Limited (HKTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       7.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 12, 2020, placed the
rating(s) of HKTL under the 'issuer non-cooperating' category as
HKTL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HKTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated March 28
2021, April 7, 2021, April 17, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Mr. RajeshkumarRudani and other family members. Mr.
RajeshbhaiRudani possesses 10 years of experience in wood and wood
products industry. HTPL is engaged into manufacturing of veneer
sheets, manufacturing of plyboard, particle board and other
plyboard products. H K Lumbers LLP Is the group entities of HTPL,
which is engaged in same line of business saw miling and planning
of wood.

HANUMAN GINNING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman
Ginning & Pressing Factory (HGPF) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       7.00      CARE B-; ISSUER NOT COOPERATING,
   Facilities                     Rating continues to remain under
   Term Loan                      ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 12, 2020, placed the
rating of HGPF under the 'issuer non-cooperating' category as HGPF
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. HGPF
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
April 17, 2021, May 7, 2021, May 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Hanuman Ginning and Pressing Factory (HGPF) was formed in 2016 as a
proprietorship concern by Mr. Kailash Chandra Bansal to set up
cotton ginning unit at Khandwa district, Madhya Pradesh. HGPF has
envisaged total cost of the project of INR4.00 crore for setting up
Greenfield plant which envisaged to be funded through term loan of
INR3 crore and remaining INR1 crore by proprietors capital.

LAL CHINTA: CRISIL Lowers Rating on INR5cr Cash Loan to B
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lal Chinta
Rice Mills Private Limited (LCRMPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Long Term Loan           2        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Working         3        CRISIL B/Stable (ISSUER NOT
   Capital Facility                  COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

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

Established in 2007 and based in Mirganj, Bihar, LCRMPL is promoted
by the Rai family. It sorts and mills rice. It has installed
capacity of 10 tonne per hour for milling and sorting. It sells raw
rice, par-boiled rice, and broken rice.

LINK ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Link Enterprises
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           9        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              6        CRISIL D (Issuer Not
                                     Cooperating)

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

Link was established in 1998 as a partnership firm between Mr Anil
Jaitly and his family. It constructs roads and buildings for state
public works and irrigation departments, and the National Highway
Authority of India.


MAA GANGA: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa Ganga
Rice Mill (MGRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.80      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
   Term Loan                       to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       0.32      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 17, 2020, placed the
rating(s) of MGRM under the 'issuer non-cooperating' category as
MGRM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MGRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 3, 2021, March 13, 2021, March 23, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of these ratings (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings. Further, banker could not be contacted.

Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the
year 1996 by Shri Rajendra Prosad Agarwala and his brother Shri
Tarak Nath Agarwala of Burdwan, West Bengal. Later on, in 2000, it
has been converted into proprietorship entity in the name of
Rajendra Prasad Agarwala. The entity is engaged in the processing
and milling of rice. The milling unit of the entity is located at
Burdwan, West Bengal with processing capacity of 18,000 Metric
Tonne Per Annum (MTPA). MGRM procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors in the state of West Bengal.


MADHYA BHARAT: CRISIL Withdraws D Rating on INR45cr Loans
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Madhya Bharat Phosphate
Private Limited (MBPPL) to 'CRISIL D/CRISIL D/Issuer not
cooperating'. CRISIL Ratings has withdrawn its ratings on bank
facility of MBPPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of MBPPL
from 'CRISIL D/CRISIL D/Issuer Not Cooperating to 'CRISIL D/CRISIL
D'. The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.9       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Cash Credit           20.0       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Letter of Credit       8.0       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Proposed Long Term    16.1       CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilizers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).


MINEX INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Minex India continues
to be 'CRISIL D Issuer Not Cooperating'.

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

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

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


MISHAL CONSTRUCTION: CARE Lowers Rating on INR10cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mishal Construction Private Ltd. (MCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
   Term Loan                       to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      15.00      CARE A4; ISSUER NOT
   Facilities–                     COOPERATING; Rating continues
   Bank Guarantee                  to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2020, placed the
rating of MCPL under the 'issuer non-cooperating' category as MCPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated January
31, 2021, February 9, 2021 and February 19, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of expected continuation
of key rating weaknesses considering business risk and significant
fall in revenue, profitability and deterioration in the debt
servicing ability of the company.

Incorporated in 2008, Mishal Construction Private Limited (MCPL) is
engaged in real estate developments in Mumbai. The company was
founded by Mr. Ajit Kumar Jain & Mr. Navin Kumar Jain and has been
primarily focusing on redevelopment project in and around Mumbai.
The company currently has eight on-going residential buildings
which is under construction with saleable area around 1.45 lakh
square feet (lsf). The total cost of the project is estimated
around INR201 crore with expected revenue of INR224 crore. In
addition to the on-going projects, the company has also undertaken
redevelopment of nine buildings for which approvals are in
process.


MLC PROPERTIES: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of MLC Properties LLP
(MLPRLL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       40        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

MLC is a Limited Liability Partnership firm incorporated on 30
March 2013 and is based out of Bangalore. The firm, earlier, was a
partnership firm started on September 25, 2003 and is partnered by
the Sundarmurthy family. MLC derives its revenues from leasing out
commercial properties situated in Bangalore and Goa. Presently, the
firm has 3 properties- two in Bangalore and one in Goa out of which
only one is operational and the other two are yet to become
operations in 2015-16.


NOOR INDIA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Noor India
Buildcon Private Limited (NIBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 8, 2020, placed the
rating of NIBPL under the 'issuer non-cooperating' category as
NIBPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. NIBPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated April 13, 2021, May 8, 2021, May 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Vapi-based NIBPL, was incorporated by Mr. Amin Yasid Saiyed in the
year 2006. NIBPL is registered as a 'Class AA' contractor (highest
on a scale of AA to E2), certified by Public Work Department of
Gujarat and secures all the contracts through open bidding process.
The company is in the business of undertaking turnkey projects
involving civil works, erection, commissioning and electrical works
of industrial buildings. NIBPL is executing the contract works for
public and private companies.

OM SAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Om Sai Aqua (OSA)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Long Term Loan         1.33       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     8.42       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)    

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

OSA is a proprietary firm set up in 2000 by Mr. B Venkateshwarlu.
The firm manufactures fish meal, shrimp head meal, and fish oil,
which are intermediary products used in manufacturing aqua feed.

PARAMOUNT WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paramount Wheels
Private Limited (PWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           20.75       CRISIL D (Issuer Not
                                     Cooperating)

   Drop Line             4.25        CRISIL D (Issuer Not
   Overdraft Facility                Cooperating)

   Inventory Funding     15.0        CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with PWPL for
obtaining information through letters and emails dated October 31,
2020 and April 28, 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 PWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PWPL continues to be 'CRISIL D Issuer Not Cooperating'.

PWPL, incorporated in 2010, was promoted by Mr Sanjeev Arora and Mr
Rajeev Arora. It is an authorised dealer of MSIL on Mira Bhayandar
road near Mumbai for passenger cars manufactured by MSIL. It
operates from four sales outlets located in Mira Road (parent
outlet), Wada (extended outlet) and Dahisar (true value outlet) and
has also commissioned a Nexa showroom in March 2017. Along with the
sales outlets, the company also has four service outlets in Mira
Road, Wada and Goregaon, one driving school outlet in Mira Road. In
addition to sale of vehicles and spare parts, the company provides
a diversified portfolio of value added services including
insurance, registration, trade finance and annual maintenance
contracts.


PAWAN ENTERPRISES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Pawan Enterprises -
Bikaner (PEB) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash           8.5       CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

Established in 1999 in Bikaner, Rajasthan as a partnership between
Mr Vinod Kumar Sipani, Mr Shikhar Chand Sipani, Ms Poonam Devi
Sipani, and Mr Prem Chand Agarwal, PEB trades in cattle feed,
grains, and pulses.


PNS METALS: CRISIL Lowers Rating on INR9cr Cash Loan to D
---------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facility of PNS Metals Ltd (PML) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' as the
company has delayed servicing of its debt obligation.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash           9         CRISIL D (ISSUER NOT
   Credit Limit                      COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with PML through
letters and emails (dated September 28, 2020, and March 17, 2021,
among others), apart from telephonic communication, for obtaining
information. However, the issuer has remained non cooperative.

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 entity. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. Ratings with the 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.

Detailed Rationale

Despite repeated attempts to engage with the management of PML,
CRISIL Ratings has not received any information on the financial
performance or strategic intent of the company, which restricts the
ability to take a forward-looking view on the entity's credit
quality. The rating action on PML is consistent with the CRISIL
Ratings policy detailed in 'Assessing information adequacy risk'.

CRISIL Ratings has downgraded the rating on the long-term bank
facility of PML to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating' as the company has delayed
servicing of its debt obligation.

PML, incorporated in 2001, is promoted by Jamnagar (Gujarat)-based
Mr Ajay Sayani and his family members. The company manufactures,
exports and trades in brass fasteners and fittings.


PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Prompt Pulp And
Fibers Private Limited (PPFPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.25       CRISIL C (Issuer Not
                                     Cooperating)

   Long Term Bank         5.25       CRISIL C (Issuer Not
   Facility                          Cooperating)

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

PPFPL was set up in 2006 by Mr. Anand Dayama, Mrs. Renu Agarwal,
Mr. Vijay Agarwal, and their family members. The company
manufactures tissue, napkin, and poster papers. It commenced
operations in 2014 at its plant in Medak district, Telangana.


RAJSON HOTELS: CRISIL Lowers Rating on INR15cr New Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Rajson Hotels
Private Limited (RHPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     15        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

RHPL, incorporated in 2017 operates a hotel, Fairfield by Marriott,
in Jodhpur. Mr Omprakash Soni and Mr Vinod Purohit along with their
families are the promoters.

RANGOLI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rangoli Industries -
Banaskantha (RI) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.25       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         2.14       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.11       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Set up in 2013, RI is a partnership firm promoted by members of the
Thakkar family. The firm undertakes cotton ginning and pressing
operations at its facility in Bhabhar, Gujarat.


SHIVOHUM TEXTILES: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivohum
Textiles (ST) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.40      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 21, 2020, placed
the rating of ST under the 'issuer noncooperating' category as ST
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement.

ST continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 12, 2021 February 26, 2021, March 10,
2021 and May 18, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

ST based out of Solapur, Maharashtra, is a partnership concern,
promoted by Mrs. Sunayana Samandariya and Mr. Shreyas Gokul Marda,
established in the year 2015. ST proposes to set up a terry towel
manufacturing plant with a total cost of INR7.24 crore, which is
proposed to be funded at a debt to equity ratio of 2.93x. The plant
is expected to commence its operations by March 2018.

SVM CERA: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SVM Cera
Private Limited (SCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 8, 2020, placed the
rating of SCPL under the 'issuer non-cooperating' category as SCPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. PAL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
April 13, 2021, May 8, 2021, May 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Ankleshwar-based (Gujarat), SCPL (formerly known as SVM Cera Tea
Limited and SVM Cera Limited) was incorporated in January, 1986.
The management of the company was handled by Mr K.M. Bhandari
(Director) under the leadership of Mr S.V. Mohta (Director) and Mr
Ghanshyam Chomal (Director). Initially the company was engaged into
the real estate business. In 1994, the company diversified its area
of operations by entering into the manufacturing of ceramic glaze
frit by setting up a manufacturing unit in Ankleshwar.

TIRUPATI FIBERS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Fibers (TF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING, Rating continues
   Term Loan                       to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 18, 2020, placed the
rating of TF under the 'issuer noncooperating' category as TF had
failed to provide information for monitoring of the rating for the
rating exercise as agreed to in its Rating Agreement. TF continues
to be non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 13, 2021,
May 08, 2021, May 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

TF was formed as a partnership concern in 2003 by Mr Vijay Om
Prakash Goyal, Mrs Neha Vijay Goyal and Mrs Radha Govind Goyal and
share profit & loss equally. TF is engaged in the business of
cotton ginning and pressing. The manufacturing unit of the firm is
located at Jalna (Maharashtra). It procures raw cotton directly
from farmers and local mandis.




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

GARUDA INDONESIA: To Seek Debt Payment Suspension
-------------------------------------------------
Channel News Asia reports that Garuda Indonesia will seek a
suspension of debt payments to creditors and lessors under a
'standstill agreement' in order to avoid bankruptcy, a senior
government official said on June 3.

CNA relates that the coronavirus pandemic has put the
state-controlled airline's finances under serious strain with a
negative cashflow of about US$100 million a month and ballooning
debt, Kartika Wirjoatmodjo, Indonesia's deputy minister of
state-owned enterprises (SOEs), told a parliamentary hearing.

The carrier needed a "fundamental restructuring" to reduce its debt
to around US$1 billion to US$1.5 billion, from US$4.5 billion
currently, to continue as a going concern, he said, the report
relays.

"We are appointing legal and financial consultants to begin this
process and we must immediately conduct a moratorium (of debt
repayments) or a standstill in the near term," CNA quotes Kartika
as saying.  "Because without a moratorium, it will run out of cash
in a very short time," he added.

According to CNA, Kartika said the process will be complicated by
having parties within and outside Indonesia, including holders of
its US$500 million Islamic bonds (sukuk) in the Middle East, with
risks of disagreements leading to legal problems.

"We hope that 270 days after the moratorium, we can conclude the
restructuring", Kartika said, warning failure to reach a quorum
"could lead to bankruptcy and this is what we're trying to avoid."

Garuda previously extended the maturity of its sukuk, due last
June, by three years after a drop of passenger volume during the
pandemic, the report notes.

There was also an IDR8.5 trillion (US$594.41 million) government
bailout via a convertible bond sale in 2020, but Kartika said the
finance ministry halted payments after just IDR1 trillion because
Garuda did not meet some covenants, CNA relays.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.



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

JAPAN AIRLINES: Egan-Jones Lowers Senior Unsecured Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 26, 2021, downgraded foreign
currency and local currency senior unsecured ratings on debt issued
by Japan Airlines Co. Ltd. to B- from BB. EJR also downgraded the
rating on commercial paper issued by the Company to B from A2.

Headquartered in Shinagawa City, Tokyo, Japan, Japan Airlines Co.
Ltd. provides air transportation services.


RICOH COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on May 25, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ricoh Company, Ltd.

Headquartered in Ota City, Tokyo, Japan, Ricoh Company, Ltd.
manufactures and markets office automation equipment, electronic
devices, and photographic instruments.


SAPPORO HOLDINGS: Egan-Jones Cuts Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on May 27, 2021, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Sapporo Holdings Limited to B from BB. EJR also downgraded the
rating on commercial paper issued by the Company to C from A3.

Headquartered in Japan, Sapporo Holdings Limited produces and sells
alcoholic and non-alcoholic beverages.




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

SERBA DINAMIK: Fitch Corrects June 2 Ratings Release
----------------------------------------------------
This is a correction of a release published on 2 June 2021. It
corrects the list of ratings at the end of the commentary. The text
is unchanged.

Fitch Ratings has downgraded Malaysia-based energy-service provider
Serba Dinamik Holdings Berhad's (SDHB) Long-Term Issuer Default
Rating to 'B-' from 'BB-'. At the same time, Fitch has downgraded
SDHB's senior unsecured sukuk due 2022 and 2025 to 'B-' from 'BB-'
with a Recovery Rating of 'RR4'. The ratings have been placed on
Rating Watch Negative (RWN).

The downgrade reflects the pressure on SDHB's liquidity and the
elevated refinancing risk from its short-term debt maturities in
2021 and its USD222 million sukuk due May 2022. Fitch believes the
company's access to debt funding has been compromised after its
auditor, KPMG, requested an independent review when a 2020
statutory audit raised multiple questions over the company's
operations. The RWN takes into account the plans for the
independent review and the uncertainty over the completion of the
review, and the limited time to maturity of its bonds. Fitch
expects to resolve the RWN following the completion of the review
and the company demonstrating it has access to funding to enable it
to refinance its upcoming debt maturities.

KEY RATING DRIVERS

Independent Review: KPMG, in the process of the 2020 statutory
audit, requested for an independent firm to review SDHB to assess
the veracity and accuracy of parts of its business. This includes a
review of some of its suppliers as well as 11 customers accounting
for total sales transactions of MYR2.32 billion, trade receivables
balance of MYR652 million and materials-on-site balance of MYR569
million. An independent firm will be appointed within the next few
days to start the review.

Undetermined Scope, Completion: The scope of the work to ascertain
the accuracy of the details is not finalised, making the review's
duration uncertain. SDHB has indicated it plans to complete the
review within one month. Fitch believes the process is generally
complex, necessitating ground checks to ascertain accuracy, which
may take longer than anticipated.

Refinancing Risk: Fitch believes the issues raised by KPMG and the
review will constrain SDHB's ability to access capital markets to
manage its liabilities. It had MYR836 million in cash at end-2020
versus short-term debt due of MYR807.5 million. It raised MYR508.6
million in a private placement in February 2021 and drew down
MYR100 million from Islamic commercial paper (ICP). It also has
USD225 million of sukuk due in 2022 for which it may have to
consider other refinancing options.

Fitch thinks the company had strong access to multiple forms of
capital before the KPMG findings, which, combined with its
proactive refinancing strategy, would have enabled it to refinance
its short-term debt and undertake liability management. However,
the independent review has hurt its ability to address its
short-term maturities, resulting in the multiple-notch downgrade.

Cash Preservation a Priority: Fitch believes SDHB's top priority
under these circumstances will be to ensure the continuity of its
operations. In Fitch's opinion, cash will be deployed to ensure
that its oil and gas service contracts are carried out smoothly,
rather than servicing or redeeming debt. SDHB has indicated that
its banks have not frozen or withdrawn any facilities to date.
However, SDHB may face limited access to funds if the independent
review reveals any anomalies.

High Working Capital, Capex: SDHB's working-capital needs surged to
MYR1 billion in 2020, from Fitch's earlier projection of about
MYR420 million, due to a disproportionate increase in inventory.
Fitch estimates that, even if SDHB reins in its dividend
distribution, its working capital and capex needs will use up cash
of about MYR90 million-100 million per month. Hence, SDHB is
reliant on increasing working-capital facilities to smoothen
operations and bridge the time lag between the rendering of its
services and the receipt of cash.

DERIVATION SUMMARY

SDHB's 'B-' rating and RWN reflects its heightened liquidity risk
following the questions raised over the quality of its earnings by
its auditor, which gives rise to the possibility lenders may cut
their exposure to the company, and investor or lender interest in
the company may be constrained, if the audit review is unresolved
or prolonged. Its rating can be compared with Indonesia-based
engineering and construction company PT Wijaya Karya (Persero)
Tbk's (WIKA; BB-/Negative) Standalone Credit Profile (SCP) of 'b-',
as well as the rating of US-based Infrastructure and Energy
Alternatives, Inc. (IEA; B/Stable).

WIKA's 'b-' SCP and Negative Outlook reflect its tight liquidity,
underpinned by a sharp increase in leverage, following a decline in
new orders and slowdown in construction activity amid the Covid-19
pandemic. Fitch expects the company to have sufficient access to
state-owned banks in light of its state ownership and status as one
of the largest construction companies in Indonesia. However,
evidence of liquidity tightening further or failure to address
upcoming maturities could lead to negative rating action.

IEA's 'B' rating reflects the company's significant execution risk,
demonstrated by cost overruns in 2018, followed by strained
liquidity in 2019. Pro forma margins are in line with or stronger
than those of other 'B' category engineering and construction
peers. However, IEA's margins may be more volatile given its small
scale and low order backlog relative to its size. The one-notch
difference and RWN on SDHB reflect its elevated liquidity risk
compared with IEA.

KEY ASSUMPTIONS

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

-- Bid book to increase by 5%-10% annually from 2020;

-- New order book win rate of 25% in 2020-2022;

-- Order book renewal rate of 30% in 2020-2022;

-- EBITDA margin of around 18% over 2020-2022 (2019: 18%).

KEY RECOVERY RATING ASSUMPTIONS

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

-- Fitch has assumed a 10% administrative claim.

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

-- Fitch estimates EBITDA at MYR700 million, which considers
    EBITDA in 2018 to 2019, and factors in queries raised by KPMG
    over the earnings quality from certain customers.

-- An enterprise value multiple of 4x EBITDA is applied to the
    going-concern EBITDA to calculate a post-reorganisation
    enterprise value. In determining the multiple, Fitch has taken
    into consideration SDHB's customer quality as well as revenue
    and cash flow history and outlook, although its high working
    capital and capex requirements will constrain free cash flow
    generation.

-- The going-concern enterprise value corresponds to a 'RR4'
    Recovery Rating for the senior unsecured notes after adjusting
    for administrative claims.

RATING SENSITIVITIES

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

-- Fitch will remove the RWN and affirm the ratings after a
    successful completion of the independent review and timely
    refinancing of all its upcoming debt maturities

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

-- Fitch may take negative rating action if the independent
    review is protracted, thereby negatively affecting its ability
    to service or refinance its outstanding debt.

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 Pressure: SDHB had readily available cash of around
MYR836 million as of end-December 2020, against short-term debt
maturities of MYR807.5 million. It also raised MYR508.6 million in
the February private placement. SDHB said it drew down the MYR100
million of ICPs in May 2021 to repay part of the term loans due and
expects the balance of MYR519.6 million, which consists of mostly
revolving credit facilities as part of daily operations, to be
repaid when it receives contract payments, or rolled over.

The company had around MYR750million in unused credit facilities as
of 31 March 2021, which have not been withdrawn by the banks to
date. Nevertheless, SDHB's USD222 million sukuk due in May 2022,
which it was originally planning to refinance with another bond,
may face delays if the independent review cannot be completed
swiftly. The company appears to have sufficient cash and ample
credit lines, but the impending independent review may put pressure
on its liquidity, should some of its banks withdraw or freeze the
available facilities.

ISSUER PROFILE

SDHB is one of Malaysia's leading oil-and-gas service and equipment
companies, ranked fourth by sales in 2019. It has operational
facilities in Malaysia, Indonesia, United Arab Emirates, Bahrain,
the UK and India.

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.



=====================
P H I L I P P I N E S
=====================

ABS-CBN CORP: Gets Debt Reprieve After Putting Up Collateral
------------------------------------------------------------
Miguel R. Camus at Inquirer.net reports that ABS-CBN Corp. reached
a crucial debt standstill agreement with lenders after putting up
assets as collateral.

According to the report, the deal shields ABS-CBN from being
declared in default amid the devastating impact of the loss of its
franchise and mass layoffs following the shut down of its main
television broadcast business by the Duterte administration in
2020.

In a stock exchange filing on June 3, ABS-CBN said the standstill
agreement with lenders took effect on May 31 this year, although it
did not disclose the details of the agreement and assets that were
covered, Inquirer.net relays.

The network's latest financial filings as of the third quarter of
2020 showed debts of PHP21.5 billion, most of which were long-term
with PHP294.52 million falling due within 12 months, Inquirer.net
discloses.

Inquirer.net says ABS-CBN accounted for the bulk of nearly
PHP16 billion while the balance were debts of subsidiaries SkyCable
and ABS-CBN International. ABS-CBN ended the period with cash and
cash equivalents of PHP11.2 billion.

While assuring creditors they would be paid on time, the company's
loan agreements required it to have an "active governmental license
to operate."

Because this requirement was breached, ABS-CBN said the standstill
was only reached "after compliance by the company with the lenders'
condition of the creation of a mortgage and security interest over
certain assets of the company," the report relays.

ABS-CBN's efforts to renew its 25-year broadcast franchise
languished in Congress for years.

On July 10, 2020, Duterte's allies in the House of Representatives
finally voted to deny its franchise application, following through
with the President's earlier threats.

Inquirer.net notes that despite the shutdown, ABS-CBN continued to
air on online platforms, pay television and through airtime leasing
agreements with other TV broadcast companies.

It controls equipment, land assets, such as its sprawling
headquarters in Quezon City, and a vast library of content,
including popular movies and TV shows.

The company has yet to disclose full-year 2020 earnings. As of the
third quarter, it recorded a PHP7.3-billion loss versus PHP2.3
billion in profit in the previous year. Revenues, half of which
comes from advertising, fell 47 percent to PHP17.03 billion,
Inquirer.net discloses.

ABS-CBN earlier told investors it planned to capitalize on emerging
opportunities in digital and focus on its businesses that do not
require a legislative franchise, adds Inquirer.net.

                         About ABS-CBN Corp

ABS-CBN Corporation operates a network of TV & radio stations in
the Philippines. The Company produces entertainment and news
programs for basic and cable channels. The Company has interests in
film and music production and distribution as well as online and
mobile services and magazine publishing. Content is broadcasted
through TFC Channel via cable, sattelite and internet.

ABS-CBN Corp. stands to suffer millions of pesos in foregone
advertising revenues daily, impair its credit standing, and risks
defaulting on debts after it was forced to stop broadcasting with
the issuance of a cease-and-desist order (CDO) by the National
Telecommunications Commission (NTC), BusinessWorld Online said. CNN
Philippines said ABS-CBN will stay off the air as a House of
Representatives panel denied its application for a fresh 25-year
franchise on July 5, 2020.



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

HYFLUX LTD: JM Files for Liquidation After Investor Talks Fail
--------------------------------------------------------------
The Business Times reports that Hyflux Ltd's judicial managers have
filed an application with the court to wind up the crisis-hit
company after failed negotiations with an investor.

In a bourse filing on June 4, the judicial managers from Borrelli
Walsh said a restructuring is not possible and that the remaining
value of Hyflux is "best realised in a liquidation," BT relays.

They noted that judicial management is no longer needed, and that
its objectives are no longer capable of achievement, following the
conclusion of the investor process.

According to BT, the judicial managers had previously been granted
an extension for their terms of office until July 14 to determine
whether a potential restructuring of the group is possible.

They had received seven bids in respect of stage two of the
investor process, the report notes. These seven bids include one
bid for an investment in the entire group and six bids for specific
assets of the group. The six bids involving the purchase of
Hyflux's individual assets in the group can be facilitated through
a winding-up of the group.

When Hyflux was placed under judicial management last November,
there were only three offers on the table. These were from US-based
Strategic Growth Investments (SGI), Middle Eastern utility firm
Utico, and Pison.

By January, the judicial managers were in talks with 17 potential
investors, which had included SGI, Spain-based FCC Aqualia and
Utico, says BT.

Trading in Hyflux securities has been suspended since May 2018.

                         About Hyflux Ltd

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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