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

                     A S I A   P A C I F I C

          Thursday, June 10, 2021, Vol. 24, No. 110

                           Headlines



A U S T R A L I A

FRESH FOOD: Second Creditors' Meeting Set for June 17
HALIFAX: Auditors Face Criminal Charges Over Auditing Breach
M.F. GORDON: Clifton Hall Appointed as Liquidators
ROYAL EXPRESS: Second Creditors' Meeting Set for June 17
THORN ABS WAREHOUSE: Fitch Affirms BB Rating on Class E Notes



C A M B O D I A

NAGA WORLD: Workers at Cambodia Casino Protest Mass Layoffs
NAGACORP LTD: Moody's Affirms B1 CFR on Sufficient Liquidity


C H I N A

CHINA EVERGRANDE: China Tells Banks to Stress Test Their Exposure
SICHUAN TRUST: Boss Detained Amid Probe Into Missing Billions


H O N G   K O N G

SAMSONITE INTERNATIONAL: S&P Raises Sr. Unsec. Note Rating to 'B'


I N D I A

AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating
ADITYA OIL: CARE Lowers Rating on INR11.53cr LT Loan to B
AISHWARYA FEEDS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
ANWESHA ENGINEERING: Ind-Ra Keeps 'D' Rating in Non-Cooperating
ASHISH IMPEX: CARE Lowers Rating on INR12.00cr LT Loan to B+

BALAJI FIBER: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
BNB INVESTMENT: Insolvency Resolution Process Case Summary
DAULAT RAM: CARE Keeps D Debt Rating in Not Cooperating
DEWAN HOUSING: To be Delisted Post Acquisition by Piramal
HANUMAN COTTON: CARE Keeps D Debt Rating in Not Cooperating

INDIA BELT: CARE Keeps C Debt Rating in Not Cooperating
JASOL CHAWAL: CARE Keeps C Debt Rating in Not Cooperating
JAYPEE INFRATECH: Suraksha Sweetens Offer by INR1,298cr
KESHVANAND CERAMIC: CARE Keeps B- Debt Rating in Not Cooperating
LAVIM DEVELOPERS: Ind-Ra Assigns 'B-' Loan Rating, Outlook Stable

M. B. ISPAT: CARE Lowers Rating on INR11.25cr LT Loan to B
M/S SURESH: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
MAHAMAYA FOODS: CARE Lowers Rating on INR13.27cr LT Loan to B
MANGAL COMMERCIAL: CARE Lowers Rating on INR10cr LT Loan to B-
MB SPONGE: CARE Lowers Rating on INR11.60cr LT Loan to B+

MOHAN GOLDWATER: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
MUKTAR MINERALS: Insolvency Resolution Process Case Summary
NATH MOTORS: CARE Lowers Rating on INR42cr LT Loan to D
NURSINGSAHAY MUDUNGOPAL: CARE Cuts Rating on INR9cr Loan to C
OMKAMAL STEEL: CARE Lowers Rating on INR4.62cr Loan to B-

POONIA WINES: CARE Lowers Rating on INR15cr LT Loan to B
PRABHU SPONGE: CARE Keeps B- Debt Rating in Not Cooperating
PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating
PREMIER PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
PRIME RETAIL: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating

RAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
RAVINDRA BHARATHI: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
S&J GRANULATE: CARE Lowers Rating on INR17.82cr LT Loan to C
SARAF TRADING: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
SAVIOUR MINES: CARE Keeps D Debt Rating in Not Cooperating

SIDDHARTH WORLD: Insolvency Resolution Process Case Summary
SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
SRR PROJECTS: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
STERLING OIL: CARE Keeps D Debt Rating in Not Cooperating
SUBIR DIAMONDS: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable

SUKH SAGAR: CARE Keeps B- Debt Rating in Not Cooperating
SUNLIT ELEMENTS: CARE Lowers Rating on INR9.50cr Loan to D
TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating
VARDAAN EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
VIDEOCON INDUSTRIES: India Court Allows Agarwal to Takeover

VIZAG PROFILES: CARE Keeps D Debt Ratings in Not Cooperating
VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

DRYMIX CONCRETE: Concrete Group Subsidiary Cleared to Acquire Firm


S I N G A P O R E

EAGLE HOSPITALITY: Unit Surrenders Queen Mary to California City

                           - - - - -


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FRESH FOOD: Second Creditors' Meeting Set for June 17
-----------------------------------------------------
A second meeting of creditors in the proceedings of Fresh Food
Wholesale Pty Ltd has been set for June 17, 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 16, 2021, at 5:00 p.m.

Adam Shepard of Setter Shepard was appointed as administrator of  
Fresh Food Wholesale on May 13, 2021.

HALIFAX: Auditors Face Criminal Charges Over Auditing Breach
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) said
that criminal charges against EC Audit Pty Ltd (known as Bentleys
NSW Audit Pty Ltd prior to May 14, 2021), an authorised audit
company, and its director and registered auditor, Robert James
Evett, for breaches of auditing standards were mentioned in the
Downing Centre Local Court, Sydney, on June 8, 2021.

ASIC has brought three charges against both EC Audit and Mr. Evett
relating to audits of the profit and loss statements and balance
sheets of Halifax Investment Services Pty Ltd for the financial
years ended June 30, 2016, June 30, 2017 and June 30, 2018.

ASIC alleges, in breach of sections 989CA(1) and (2) of the
Corporations Act (the Act) respectively, EC Audit failed to conduct
each of the audits in accordance with auditing standards and Mr.
Evett, as the lead auditor, failed to ensure that each of the
audits were conducted in accordance with auditing standards.  

The maximum penalty for the offences occurring before July 1, 2017
is a AUD9,000 fine for each charge against Mr. Evett and a
AUD45,000 fine for each charge against EC Audit. For the offences
occurring on or after July 1, 2017, the maximum penalty is
AUD10,500 for the charge against Mr. Evett and AUD52,500 for the
charge against EC Audit.

EC Audit and Mr. Evett are the first auditors in Australia to face
criminal prosecution for an alleged failure to comply with auditing
standards.

Auditors are important gatekeepers to the market and play a key
role in ensuring that financial statements are accurately stated.
ASIC relies on accurate and reliable audited financial statements
to ensure that Australian Financial Service Licence (AFSL) holders
have sufficient financial resources to conduct their financial
services business in compliance with the Act.

Halifax was a AFSL provider that was placed in administration in
November 2018. It entered liquidation in March 2019. ASIC cancelled
Halifax's AFSL in January 2021.

The charges against EC Audit and Mr. Evett follow an ASIC
investigation into Halifax which commenced in 2019. ASIC's
investigation into Halifax continues.

The charges against both EC Audit and Mr. Evett were adjourned to
July 6, 2021.

The Commonwealth Director of Public Prosecutions is prosecuting the
matter.

M.F. GORDON: Clifton Hall Appointed as Liquidators
--------------------------------------------------
Simon Miller of Clifton Hall was appointed as liquidator of M.F.
Gordon & Co Pty Ltd on June 8, 2021.

South Australia-based M.F. Gordon & Co Pty Ltd manufactures timber
windows, doors, stair cases and gates.


ROYAL EXPRESS: Second Creditors' Meeting Set for June 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of Royal Express
Pty Ltd has been set for June 17, 2021, at 2:00 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 16, 2021, at 4:00 p.m.

David Coyne of BRI Ferrier was appointed as administrator of Royal
Express on May 11, 2021.


THORN ABS WAREHOUSE: Fitch Affirms BB Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has upgraded three classes of Thorn ABS Warehouse
Trust No. 1 notes and affirmed two. Fitch has also removed the
Rating Watch Negative (RWN) from all notes due to improved asset
performance and strengthening macroeconomic conditions. The
transaction is backed by a pool of first-ranking Australian
automotive and commercial-finance receivables originated by Thorn
Group Limited. The notes were issued by Perpetual Corporate Trust
Limited as trustee for Thorn ABS Warehouse Trust No. 1.

     DEBT              RATING          PRIOR
     ----              ------          -----
Thorn ABS Warehouse Trust No. 1

A                LT  AAAsf  Affirmed   AAAsf
B AU3FN0043949   LT  AAAsf  Upgrade    AAsf
C AU3FN0043956   LT  AAAsf  Upgrade    Asf
D AU3FN0043964   LT  A+sf   Upgrade    BBBsf
E AU3FN0043972   LT  BBsf   Affirmed   BBsf

KEY RATING DRIVERS

Economic Rebound in the Medium-Term Supports Outlook: Fitch expects
performance to deteriorate, but to continue to support the Stable
Outlook on the notes. Fitch forecasts an unemployment rate of 6.0%
in Australia this year with GDP growth of 4.7%.

Removal of Pandemic Stress on Obligor Default Risk: Obligor default
rates are a key assumption in Fitch's quantitative analysis. Fitch
has removed the additional pandemic stress on defaults that was
implemented in July 2020 to reflect Fitch's expectations of a
worsening of asset performance. However, pandemic-affected loans
since then have either been recognised as defaults, been varied or
self-remediated, and Fitch expects similar long-term performance of
the portfolio to pre-pandemic levels.

Fitch took into consideration the historical and current
performance of the Thorn Equipment Finance portfolio in reviewing
base-case assumptions. Fitch believes the new base-case default
rates incorporate a buffer that is sufficient to account for any
pandemic-related uncertainty. This has led us to reduce the base
case defaults from 12.8% to 7.2%.

Recovery Rates Unchanged: Fitch maintained recovery rates of 0% to
reflect current data received from Thorn Equipment Finance and
incorporate any pandemic-related uncertainty.

Arrears Decrease: The portfolio's 30+ day arrears were 3.6% at
end-April 2021, significantly down from their peak in June 2020 of
34.4%. The portfolio has experienced defaults of AUD30.2 million
since August 2018, all of which have been absorbed by excess spread
and charge-offs to the Class F notes, with 33k of charge-offs
unreimbursed on the May 2021 payment date. Fitch expects the
charge-offs to be reimbursed at the next payment date. The
portfolio has been amortising since May 2020 due to an arrears
trigger being met, and the amortisation has increased credit
enhancement to the rated notes.

Cash flow analysis was performed and incorporates Fitch's default
and recovery expectations. Class A, B, C, D and E notes can
withstand all Fitch stresses at their assigned rating levels.

Granular PortfoIio: The securitised portfolio is highly granular,
with the largest single obligor accounting for no more than 0.5% of
the portfolio balance, whereas the largest 10 obligors account for
2.9%. The portfolio is also diversified across geography and
industry.

RATING SENSITIVITIES

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

-- Macroeconomic conditions, collateral performance and credit
    losses that are better than Fitch's baseline scenario or
    sufficient build-up of credit enhancement that would fully
    compensate for the credit losses and cash flow stresses
    commensurate with higher rating scenarios, all else being
    equal.

-- The class A, B and C notes are rated at 'AAAsf', which is the
    highest level on Fitch's scale. The ratings cannot be
    upgraded.

Upgrade Sensitivity:

Class D / E

-- Current rating: A+sf / BBsf

-- Decrease defaults by 25%; increase recoveries by 25%: AAAsf /
    BBBsf

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

-- A longer pandemic than Fitch expects that deteriorates
    macroeconomic fundamentals and consumers' financial position
    in Australia beyond Fitch's baseline scenario. Available
    credit enhancement ratios cannot fully compensate for credit
    losses and cash flow stresses associated with the assigned
    ratings, all else being equal.

Downgrade Sensitivity:

Rating sensitivity to increased defaults:

-- Current rating: AAAsf/AAAsf/AAAsf/A+sf/BBsf

-- Increase defaults by 25%: AAAsf/AAAsf/A+sf/BBB-sf/B-sf

-- Increase defaults by 50%: AAAsf/AAAsf/BBB+sf/BBsf/CCCsf

-- Rating sensitivity to decreased recovery proceeds:

-- Decrease recoveries by 25%: AAAsf/AAAsf/AAAsf/A+sf/BB-sf

-- Decrease recoveries by 50%: AAAsf/AAAsf/AAAsf/A+sf/BB-sf

Rating sensitivity to multiple factors:

-- Increase defaults by 25%; reduce recoveries by 25%:
    AAAsf/AAAsf/A+sf/BBB-sf/B-sf

-- Increase defaults by 50%; reduce recoveries by 50%:
    AAAsf/AAAsf/BBB+sf/BBsf/CCCsf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information.

As part of its ongoing monitoring during the revolving period,
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

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.



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NAGA WORLD: Workers at Cambodia Casino Protest Mass Layoffs
-----------------------------------------------------------
Nikkei Asia reports that workers at Cambodia's largest casino
NagaWorld have urged the government to stop the company's plan to
lay off more than 1,300 of its 8,000 employees.

According to Nikkei Asia, representatives of the Labor Rights
Supported Union of Khmer Employees of Naga World delivered a
petition signed by more than 2,000 members to the Labor Ministry on
June 8, requesting that officials intervene.

Nikkei Asia relates that the union said the company is using
COVID-19 as an excuse to target their leadership and members.

Union president Chhim Sithar is among those who have been given
notice of termination, along with the group's vice president,
secretary and treasurer, the report notes.

Nikkei Asia says Sithar called the company's plan "a clear attack"
on the union, saying a similar thing happened after the global
financial crisis. "There is a pattern," she told Nikkei Asia.
"Among the 1,300 [workers being fired], around 1,100 are union
members." The union has more than 3,700 members.

Sithar said about 500 employees who had been given notice had
rejected their termination offers, while the rest accepted, Nikkei
Asia relays.

She said workers, who had already suffered pay cuts during the
pandemic, were under a lot of economic pressure and called the
layoffs "irresponsible and inhumane."

The company recorded $102 million in net profit in 2020 despite
plummeting tourism in Cambodia and a three-month, state-enforced
shutdown from April that year. It exclusive rights to gambling
facilities in the Cambodian capital.

Parent company NagaCorp, which is majority-owned by Malaysian
billionaire CEO Chen Lip Keong, did not immediately respond to
Nikkei Asia's request for comment.

The company's gaming complex in Phnom Penh remains closed since
being shut for a second time in early March due to a nationwide
outbreak of COVID-19 that has resulted in more than 34,000 cases
since February.

According to the report, Hong Kong-listed NagaCorp addressed the
planned layoffs in an announcement to shareholders on June 7, which
dealt with the possibility of issuing new debt.

The company called the firings "a rationalization program to
improve cost efficiency." It said affected employees would receive
"enhanced termination compensation over and above payments required
by applicable Cambodian laws."

"We believe that these changes and other changes we have made as
part of our COVID-19 strategy will help with the quick return to
business normality and help deliver continued financial stability
over the long term," the company told shareholders, the report
relays.

Ministry of Labor spokesman Heng Sour told Nikkei Asia that
authorities would review the union's complaint.


NAGACORP LTD: Moody's Affirms B1 CFR on Sufficient Liquidity
------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of NagaCorp Ltd.

At the same time, Moody's has affirmed the B1 senior unsecured
rating of the company's US dollar bonds. The bonds are
unconditionally and irrevocably guaranteed by the major operating
subsidiaries of NagaCorp.

The outlook on all ratings remains negative.

"The rating affirmation reflects our expectation that NagaCorp's
tap issuance will provide the company with sufficient liquidity to
fund its cash burn over the next 18-24 months, should its casino
operations remain suspended. While leverage will stay weak in 2021,
we expect it will recover to within the company's B1 rating
parameters in 2022 as casino operations gradually resumes in the
second half of 2021," says Jacintha Poh, a Moody's Vice President
and Senior Credit Officer.

"The negative outlook reflects our expectation that NagaCorp's
earnings and credit metrics will stay weak in 2021 with the extent
and pace of recovery remaining uncertain for now," adds Poh.

RATINGS RATIONALE

The voluntary temporary suspension of NagaCorp's casino operations
since March 2, 2021, as announced by the company [1], will have a
significant impact on its earnings in 2021. Gaming revenue
accounted for more than 95% of NagaCorp's revenue and EBITDA in
2019 and 2020.

Moody's expects NagaCorp's revenue to be weaker in 2021 than in
2020, which will be equivalent to around 40% of its 2019 revenue
before the coronavirus pandemic, even if the current suspension
does not exceed three and a half months as in the previous year.
This is because the company's operating performance in the first
quarter of 2020 was not significantly affected by the pandemic.

Although the pandemic will likely delay NagaCorp's earnings
recovery to 2022, Moody's expects the company to have sufficient
liquidity to withstand its cash burn, which includes operating
expenses, interest payments and maintenance capital spending.
NagaCorp can also delay planned spending for the construction of an
integrated casino and hotel complex in Vladivostok, Russia, and
another integrated casino and hotel complex (Naga 3) in Phnom Penh,
Cambodia, with no financial penalties.

As of December 31, 2020, NagaCorp had cash and deposits of $452
million. After the redemption of its $300 million senior unsecured
notes at maturity in May 2021, the payment of its $82 million
declared dividend in July 2021 and the proposed tap issuance,
Moody's expects the company to have sufficient liquidity to cover
18-24 months of cash burn if its casino operations remain
suspended. Excluding the tap issuance, liquidity will be sufficient
for the next 6-9 months.

NagaCorp's leverage, as measured by debt/EBITDA, will weaken to
2.7x in 2021 from 2.6x in 2020, driven by high debt levels because
of the tap issuance and lower earnings. Nonetheless, Moody's
forecasts leverage will recover to around 1.0x in 2022 if the
company's casino operations are not suspended in that year.

In terms of environmental, social and governance (ESG) risks,
NagaCorp is exposed to high social risks in terms of the pandemic,
which has resulted in interruptions in its gaming operations; and
evolving demographic and societal trends, which may drive a change
in demand away from traditional casino-style gaming.

Beyond the temporary downturn caused by the pandemic, Moody's
expects the social risks relating to evolving demographic and
societal trends to be mitigated by the company's ability to adjust
capacity to meet market demand because there are no restrictions
under its casino license on operating hours or the number of gaming
tables and machines.

Moody's has also considered the governance risk surrounding the
controlling shareholder's concentrated ownership of NagaCorp.
However, the risk is partially tempered by the oversight exercised
through the board consisting of majority independent directors, and
the track record of support by the controlling shareholder, who has
funded the company's expansion by injecting equity.

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

Given the negative ratings outlook, an upgrade is unlikely over the
next 12-18 months. Nonetheless, the outlook could return to stable
if NagaCorp's casino operations resume, supporting a recovery of
its earnings and credit metrics.

Moody's could downgrade NagaCorp's ratings if Cambodia's sovereign
rating is downgraded; the operating environment deteriorates,
resulting in protracted weakness in operating cash flow; the
company fails to maintain its 100% ownership of Ariston Sdn. Bhd,
which holds its Cambodian casino license, and 100% ownership of
NagaWorld; or the company has insufficient cash to cover its cash
burn and short-term debt obligations.

Credit metrics indicative of a downgrade include adjusted
debt/EBITDA exceeding 2.5x and adjusted retained cash flow/debt
falling below 20% over the next 12-18 months.

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.

NagaCorp Ltd. was incorporated in the Cayman Islands in 2003 and
listed on the Hong Kong Stock Exchange in 2006. The company owns
and manages NagaWorld, the largest integrated casino and hotel
complex in Phnom Penh, Cambodia. NagaCorp was founded by Tan Sri
Dr. Chen Lip Keong, the company's chief executive officer and
largest shareholder with an approximate 67% stake as of December
31, 2020.



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CHINA EVERGRANDE: China Tells Banks to Stress Test Their Exposure
-----------------------------------------------------------------
Bloomberg News reports that Chinese regulators have instructed
major creditors of China Evergrande Group to conduct a fresh round
of stress tests on their exposure to the world's most indebted
developer, according to people familiar with the matter.

Bloomberg relates that authorities led by the Financial Stability
and Development Committee, China's top financial regulator,
recently told lenders including Industrial & Commercial Bank of
China Ltd. to assess the potential hit to their capital and
liquidity should Evergrande run into trouble, the people said,
asking not to be identified discussing a private matter. It's
unclear whether the results will lead to any official action.

While it's not the first time regulators have required banks to
report their Evergrande exposure, the directive suggests concerns
about the company's financial health have become serious enough to
once again reach the upper levels of China's government, according
to Bloomberg.

Bloomberg says Evergrande bonds and shares have slumped in recent
weeks amid a drumbeat of negative news, from late payments on
short-term debt by some of its affiliates to a media report that
authorities are scrutinizing the developer's dealings with a bank
in which it owns a major stake.

Angst over Evergrande's debt pile is resurfacing about nine months
after the last liquidity scare at billionaire Hui Ka Yan's property
behemoth, which reached a deal with investors in September to avoid
repayments that would have placed a significant strain on the
junk-rated company's balance sheet. Evergrande's dollar bonds
rallied at the end of last year and had traded in a relatively
stable range until they began tumbling anew at the end of May, the
report notes.

In a response to questions from Bloomberg, Evergrande denied that
regulators had asked banks to perform stress tests without saying
how it knew that to be the case. The company added that its
operations remain normal, echoing a statement earlier this week.
The developer has said that it was compliant in dealings with
Shengjing Bank Co., the lender in which it owns a stake, and that
various "rumors," including that it was resorting to widespread
price discounts, are false. Evergrande has said it will arrange
payment of a "very small amount" of commercial paper issued by some
affiliates that hadn't been repaid on time.

According to Bloomberg, Evergrande has long been a source of angst
for Chinese regulators. In 2018, the PBOC singled out the company
along with HNA Group, Tomorrow Holding Co. and Fosun International
Ltd. as businesses that might pose systemic risks to the nation's
financial system.

Evergrande's complex web of liabilities -- including dollar bonds,
bank loans and down payments from homebuyers -- swelled to CNY1.95
trillion at the end of last year, about 77% of which was due within
12 months, according to its annual report, Bloomberg discloses. As
much as 81% of Evergrande's debt due in 2021 is in the form of bank
loans, according to Bloomberg Intelligence analyst Kristy Hung.

With more than $20 billion of offshore bonds, Evergrande stands
alongside China Huarong Asset Management Co. as one of the most
prolific Chinese issuers of dollar debt. Like Huarong, it's also
considered a litmus test of the government's willingness support
embattled borrowers as it tries to balance sometimes competing
goals of maintaining financial stability and reducing moral hazard,
Bloomberg states.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on April
15, 2021, S&P Global Ratings on April 12, 2021, revised its
outlooks on China Evergrande Group, its property development arm,
Hengda Real Estate Group Co. Ltd., and its offshore financial
platform, Tianji Holding Ltd., to stable from negative. At the same
time, S&P affirmed its 'B+' long-term issuer credit ratings on the
three companies and its 'B' long-term issue ratings on the U.S.
dollar notes issued by Evergrande and those guaranteed by Tianji.

The stable outlook on Evergrande reflects S&P's view of its
strengthening liquidity profile over the next 12 months, given it
expects its short-term debt position and liquidity to continue to
improve. It also reflects our expectation that further margin
decline should be offset by Evergrande's ramp-up of revenue
recognition and debt reduction, and that Hengda and Tianji will
remain core subsidiaries of the parent.

SICHUAN TRUST: Boss Detained Amid Probe Into Missing Billions
-------------------------------------------------------------
Caixin Global reports that a Chinese businessman with family links
to the eldest son of jailed former security czar Zhou Yongkang, has
been detained by police investigating the collapse of Sichuan Trust
Co. Ltd., which was taken over by the provincial government and
banking regulator last year amid concerns it couldn't repay CNY25.3
billionn ($3.9 billion) of investors' money.

Caixin relates that Liu Canglong, who controls companies with a
combined 54.2% stake in the troubled trust firm, is being held by
the public security bureau in Chengdu, the capital of Sichuan
province, on suspicion of misappropriating trust funds, Sichuan
Hongda Co. Ltd. said in a brief statement to the Shanghai Stock
Exchange on June 7. Liu is the actual controller of Sichuan Hongda,
although Liu is not a director and doesn't hold any official
position in the company, according to the statement cited by
Caixin.

Liu, 66, controls mining-to-finance conglomerate Sichuan Hongda
Group Co. Ltd., which has a 32% stake in Sichuan Trust, while a
linked company, Shanghai-listed Sichuan Hongda, holds a further
22.2%, Caixin discloses citing public business records.  According
to Caixin, the two companies were among 19 entities named and
shamed by the banking and insurance regulator in May as having
committed "significant violations of laws and regulations" as
shareholders of banking and insurance institutions, including
illegally appropriating trust firms' capital and funds belonging to
investors.

Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.



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H O N G   K O N G
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SAMSONITE INTERNATIONAL: S&P Raises Sr. Unsec. Note Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Samsonite
International S.A.'s EUR 350 million 3.5% senior unsecured notes
due 2026 to 'B' from 'B-' after the company announced that it
repaid $125 million of its senior secured term loan A balance. The
company also plans to repay $100 million of its senior secured term
loan B balance as part of the repricing transaction for the
instrument. S&P revised the recovery rating on the senior unsecured
notes to '4' from '5'. Samsonite also repaid $100 million of its
outstanding balance on its $850 million revolving credit facility.
The company is utilizing its cash balances to make these payments,
lowering the amount of debt ahead of the senior unsecured notes,
improving the recovery prospects. The '4' recovery rating indicates
its expectation for average (30%-50%; rounded estimate: 35%)
recovery in the event of a payment default. S&P's ratings also
reflect the repayment of the term loan B balance, which is subject
to review upon the receipt of final documentation.

S&P said, "We also affirmed our 'B+' issue-level rating on the
company's senior secured facilities. The senior secured facilities
include an $850 million revolving credit facility due 2025 ($717
million outstanding as of June 7, 2021), an $800 million term loan
A due in 2025 ($655 million outstanding as of June 7, 2021), a $665
million term loan B due in 2025 ($547 million outstanding as of
June 7, 2021), and an incremental $600 million term loan B due in
2025 ($496 million outstanding pro-forma for $100 million debt
repayment as part of the announced repricing transaction). The '2'
recovery rating is unchanged and indicates our expectation for
substantial recovery (70%-90%; rounded estimate: 80%) in the event
of a default.

"All of our other ratings on the company, including the 'B' issuer
credit rating and negative outlook, are unaffected by this
transaction."




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AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aaryaman
Recreation Club Limited (ARCL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long 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 7, 2020, placed the
rating(s) of ARCL under the 'issuer non-cooperating' category as
ARCL 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. ARCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 23, 2021, April 2, 2021, April 12, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL) is
a closely held company, incorporated in 2014 is promoted by
Mr.Vimal Kalsariya, Mr.Ishwarlal Gehi, Mr. Kanaiyalal Gehi, Mr.
Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya and
Mr. Jayantilal Godhadara. ARCL is setting up a project to establish
a Recreational club. The club will have various amenities such as
follows Theatres, Eateries, Beauty salon/Spa/Wellness center, Guest
rooms, Conference hall, Party hall. The project will be executed in
two phases wherein three buildings namely Ruby, Sapphire and
Emerald will be constructed. In the first phase, ARCL is
constructing Ruby building for which the estimated cost is INR16.76
crore and the same is expected to completed by September 2019. The
Sapphire and Emerald will be constructed in the second phase which
is envisaged to start from October 2019 and expected to be
completed by March, 2021. Total cost of project is INR29.93 crore
which will be funded through term loan of INR7.50 crore, equity
capital of INR3.20 crore, unsecured loans of INR0.44 crore and the
rest amount will be obtained through membership fees.

ADITYA OIL: CARE Lowers Rating on INR11.53cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aditya Oil Industries (AOI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.53      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING and Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated April 30, 2020, had placed the
ratings of AOI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AOI continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated March 16, 2021, March 26,
2021 and April 5, 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 assigned to the bank facilities of AOI have been revised
on account of non-availability of requisite information to carryout
rating exercise.

Mehsana based (Gujarat) AOI was established in July 2007 and is
currently managed by three partners named Mr. Nitin Patel, Mr. Amit
Patel and Mr. Kaushal Patel. The partners have more than a decade
of experience in cotton industry. The firm is engaged into cotton
ginning, pressing, trading and seed crushing from its 16 ginning
machines and 12 oil expellers. AOI operates from its sole
manufacturing plant situated in Kadi, Gujarat with an annual
installed capacity of 5616 metric tons (MT) of cotton bales and
24,300 metric tons (MT) cotton seed crushing capacity.

AISHWARYA FEEDS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aishwarya Feeds'
Long-Term Issuer Rating at 'IND D' and has simultaneously migrated
the rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR290 mil. Fund-based limits (Long -term/Short -term)
     affirmed and migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating.

Note: Issuer did not corporate; based on the best available
information.

KEY RATING DRIVERS

The ratings reflect Aishwarya Feeds' overutilization of fund-based
facilities as of May 27, 2021 and the classification of its account
as a special mention account by the lender.

COMPANY PROFILE

Incorporated in 1975, Aishwarya Feeds is a Namakkal (Tamil
Nadu)-based partnership concern. It is involved in poultry feed
production and egg sales.


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

The instrument-wise rating actions are:

-- INR1.10 mil. Fund-based limit (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR1,921.2 bil. Non-fund-based limit (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR500 mil. Proposed non-fund-based limit (Long-term/Short-
     term)* is withdrawn; and

-- INR239.25 mil. Term loan (Long-term) due on March 2021
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

*The ratings have been withdrawn since the instruments were
outstanding for more than 180 days)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Anwesha Engineering & Projects is an engineering, procurement and
construction player engaged in the business of erection of oil,
comfier and fire water storage tanks, piping and pipe rack
foundation, and related civil and structural works for refineries
in India and overseas.


ASHISH IMPEX: CARE Lowers Rating on INR12.00cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashish Impex (AI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING and Rating
                                   continues to remain under
                                   ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2020, placed the
rating(s) of AI under the 'issuer noncooperating' category as AI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated May 7,
2021. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of non-cooperation by AI
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Ashish Impex (AI) was established in 2000 as a partnership firm by
Mr. Sanjay Bhai M Gabani, Mr. Vallabh Bhai M Gabani and Mr. Mukesh
Bhai R Gabani. The firm is engaged in processing (contributing to
~90% of sales in FY19 and in FY18) and trading (contributing to
~10% of sales in FY19 and FY18) of cut & polished diamonds in the
range of 0.5-10 cents. The firm primarily procures 40.41% of uncut
rough diamonds through imports from Belgium and U.A.E; while rest
is procured domestically. On the other hand, it earns 80.20% of
revenue by selling of its products in domestic market, while rest
constituting 19.80% in exports to US, Hong Kong, Japan & U.A.E.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits (Long-term) maintained to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR200 mil. Non-fund-based limits (Short-term) maintained to
     non-cooperating category IND D (ISSUER NOT COOPERATING)
     rating;

-- INR80 mil. Proposed fund-based limits (Long-term) withdrawn
     (the company did not proceed with the instrument as
     envisaged); and

-- INR70 mil. Proposed non-fund-based limits (Short-term)
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 23, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Balaji Fiber Reinforce was formed in 1963 by Shantilal D Patel. It
is an ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certified
company, engaged in the manufacturing of various types of glass
fiber reinforced plastic/fiberglass reinforced plastic pipes,
equipment and components used for water, oil and gas, and other
supply, and sewage treatment activity.


BNB INVESTMENT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. BNB Investment and Properties Limited

        Registered office:
        M-56, 3rd Floor
        M-Block Market
        Greater Kailash-II
        New Delhi 110048

        Office where books of accounts are being maintained:
        Unit No. 402, Fourth Floor
        Solitaire Plaza
        M.G. Road
        Gurgaon 122002
        Haryana

Insolvency Commencement Date: May 31, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 29, 2021

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 bnb.cirp@gmail.com

Last date for
submission of claims:    June 16, 2021


DAULAT RAM: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Daulat Ram
Industries (DRI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       16.97      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 12, 2020, had placed the
ratings of DRI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DRI continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated March 28, 2021, April 7, 2021
and 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 rating.

Bhopal (Madhya Pradesh) based Daulatram Industries (DI) was
incorporated in 1973 as a partnership firm between Mr. Shobit
Sharma and Ms. Aruna Sharma. The firm is a manufacturer and
supplier of dynamic braking systems for diesel and electric
locomotives and cooling systems (air conditioners) to Indian
Railways.


DEWAN HOUSING: To be Delisted Post Acquisition by Piramal
---------------------------------------------------------
Livemint.com reports that debt-ridden mortgage firm Dewan Housing
Finance Corporation Limited (DHFL)'s shares would be delisted from
stock exchanges post acquisition by Piramal Capital and Housing
Finance, which has emerged as the successful bidder for the
company.

As part of resolution process under the Insolvency and Bankruptcy
Code (IBC), lenders led by Union Bank of India in January this year
favoured the bid by Piramal Capital and Housing Finance to take
over the beleaguered housing finance firm.

According to the report, sources said shares of DHFL would be
delisted post acquisition as per the IBC guidelines and Sebi
delisting norms.

Besides, sources said, the company may merge itself with DHFL for
which call would be taken after all legal and regulatory clearances
are obtained.

The Mumbai-bench of the National Company Law Tribunal (NCLT) on
June 7 gave its conditional approval to Piramal Group's bid for
DHFL, Livemint.com notes.

Livemint.com says the resolution plan had already received
approvals from the RBI in February and Competition Commission of
India (CCI) in April 2021.  

According to Livemint.com, the tribunal, chaired by H P Chaturvedi
and Ravikumar Duraisamy, said the approval is subject to the final
judgement from the National Company Law Appellate Tribunal (NCLAT)
and the Supreme Court's judgement on the plea of erstwhile promoter
Kapil Wadhawan.

Last year, Wadhawan had made his settlement offer to the Committee
of Creditors (CoC), the report recalls. The offer was rejected by
the creditors, citing lack of credibility and the valuations
attached to the proposed asset sales. In the plan, Wadhawan had
proposed to repay lenders by selling assets.

Meanwhile, Piramal in a statement said "we are pleased with the
judgment today by the NCLT for approving our resolution plan for
DHFL. This follows the endorsement of 94 per cent of lenders, and
the subsequent approvals from RBI and CCI, and reiterates the
strength and quality of our bid."

The approval from NCLT is a significant milestone in DHFL's
resolution and an affirmation of the sanctity of the IBC process in
India, it said.

Piramal is committed to collaborating with all relevant
authorities, regulators, creditors and investors involved in this
resolution and looks forward to a speedy culmination of the
resolution process, it added, Livemint.com adds.

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.

HANUMAN COTTON: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman
Cotton Industries (HCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       8.01       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 5, 2020, had placed the
ratings of HCI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HCI continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated March 21, 2021, March 31,
2021 and April 10, 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.

Hanuman Cotton Industries (HCI) was constituted in March 2006 as a
partnership firm by Vekariya family based out of Amreli (Gujarat)
by eight partners. HCI is primarily engaged in cotton ginning &
pressing activities with an installed capacity of 10,886 Metric
Tonnes Per Annum (MTPA) for cotton bales, 18,380 MTPA for cotton
seeds and oil-seed crushing facility with a capacity of 1381 MTPA
as at its manufacturing facility located at Savarkundla in Amreli,
Gujarat.


INDIA BELT: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of India Belt
Company (IBC) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.00      CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 12, 2020, had placed the
ratings of IBC under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IBC continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated March 28, 2021, April 7, 2021
and 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 rating.

Mumbai based India Belt Company (IBC) was formed as a partnership
concern in 1995 by Mr. Rajeev Dev Malik, Mr. Sanjeev Dev Malik and
Mr. Ashok Kumar Agarwal and agreed to share profit & loss in the
ratio of 36:36:28. The firm procures leather mainly from Kanpur and
manufactures leather belt at its manufacturing facility located in
Mulund, Mumbai (Maharashtra). It also caters to various designer
brands such as Calvin Klein, Guess, Nautica and DKNY etc. It also
supplies leather belts to retail chains (like Walmart) abroad.

JASOL CHAWAL: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jasol
Chawal Private Limited (JCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      10.00      CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

   Short Term Bank      0.20      CARE A4; ISSUER NOT COOPERATING
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2020, placed the
rating(s) of JCPL under the 'issuer non-cooperating' category as
JCPL 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. JCPL continue to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 8, 2021, March 18, 2021 and March 28, 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.

Incorporated in May 2016, Jasol Chawal Private Limited (JCPL) is
engaged in the rice milling activities at its plant located at
Baloddistrict, Chhattisgarh with aggregate installed capacity of
28,800 MTPA. The company has started commercial operations of its
rice mill from January, 2018 onwards. Moreover, the company is also
engaged in the trading of paddy since April, 2017. Mr. Avant Kumar
Golechha, having around two decades of experience in the rice
milling industry, looks after the day to day operations of the
company. He is supported by other director Mrs. Rani Golchha and a
team of experienced professionals.


JAYPEE INFRATECH: Suraksha Sweetens Offer by INR1,298cr
-------------------------------------------------------
Business Standard reports that Mumbai-based Suraksha group has
sweetened its offer to the lenders of Jaypee Infratech by INR1,298
crore to INR7,736 crore.

It promised to bring in an additional interim funding of INR300
crore to build houses faster for Jaypee customers.

This offer was made on June 7 to the company's committee of
creditors (CoCs), Business Standard says.

Jaypee Infratech was referred to the National Company Law Tribunal
(NCLT) in August 2017 after the company failed to repay its
INR22,000-crore debt. Since then, various litigation and CoC's flip
flop has delayed the resolution.  Apart from Suraksha,
government-owned NBCC has also made an offer for the company.  Both
the offers include giving part of the land bank to the lenders and
home owners to clear past dues.

Business Standard says the CoC, in which homeowners are playing an
important role, will meet again on June 10 to decide on the voting
on both offers.

In its presentation, NBCC is offering 100 per cent of the land bank
company's shares to the financial creditors who agreed to the
resolution plan, the report relays.  

NBCC also agreed to transfer 90 per cent stake in the expressway
SPV, including concession rights of the Yamuna Expressway and land.
The offer will include 4,660 acres of expressway land and 137.85
acres of commercial land for development of facilities along the
Yamuna Expressway.

Business Standard relates that NBCC also offered an additional 100
acres, which will be earmarked for payment to the home buyers on
account of past delay penalty on a pro-rata basis.

The owners are waiting for over 11 years to get the keys to their
homes. Jaypee Infratech owns the Delhi-Agra expressway and the land
around it. Hence, interest is being shown by both the construction
firms -- NBCC and the Suraksha group.

According to the report, NBCC said its plan includes raising fresh
debt by way of non-convertible debentures (NCDs) to be issued by
the expressway SPV, amounting to INR2,000 crore. Simultaneously,
the expressway SPV will avail of fresh debt from the lenders by
securitising future toll cash flow receivables pertaining to the
Yamuna Expressway and utilise this to redeem the NCDs.

NBCC said it will sell the hospital business and use the proceeds
to retire debt of the lenders.

Business Standard adds that the lenders will send both the plans to
their legal team before taking a decision on voting. This is the
fourth round of bidding for the company, and according to a Supreme
Court order of March 24, the resolution plan has to be completed
within the deadline. The lenders plan to extend the deadline by
another 30 days, the report notes.

                       About Jaypee Infratech

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

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

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

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

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

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


KESHVANAND CERAMIC: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Keshvanand
Ceramic Industries (KCI) continues to remain in the 'Issuer Not
Cooperating' category.


                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       4.10      CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated April 30, 2020, had placed the
ratings of KCI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KCI continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated March 16, 2021, March 26,
2021 and April 5, 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.

Morbi (Gujarat) - based, Keshvanand Ceramic Industries (KCI) was
established in 2014 by Mr. Vinod Bhamani, Mr. Jayantilal Padaliya,
Mr. Manish Bhimani and Mr. Bipin Bhimani. KCI is engaged in
manufacturing of ceramic body minerals in the form of clay. The
ceramic body minerals are used in manufacturing of tiles. The
manufacturing plant is located at Morbi with an installed capacity
of 3000 MTPA of ceramic body minerals.

LAVIM DEVELOPERS: Ind-Ra Assigns 'B-' Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lavim Developers
Private Limited (LDPL)'s term loan rating of 'IND B-'. The Outlook
is Stable.

The detailed  rating action is:

-- INR400 mil. Term loan assigned with IND B-/Stable rating.

Ind-Ra has taken a standalone view of LDPL and its financials and
the project performance to arrive at the ratings. LDPL is a 100%
subsidiary of Paranjape Schemes (Construction) Limited (PSCL),
which along with all its subsidiaries is known as the Paranjape
group. LDPL's operations and the marketing of the project are
managed by PSCL. LDPL houses a single residential project,
Paranjape Broadway, located in Wakad, Pune. Furthermore, the other
entities of the Paranjape group have different shareholders with
considerable stakes, and there are no operational linkages between
LDPL and these other companies, even though all the entities are in
the same line of business.

KEY RATING DRIVERS

Weak Financial Flexibility of Parent: The parent, PSCL, has been
reporting delays in fulfilling its debt obligations and it is rated
in default by other credit rating agencies. However, LDPL's cash
flows are ring-fenced from the parent, and as per Ind-Ra's parent
subsidiary linkage criteria, if the cash flows of the subsidiary
are ring-fenced from the parent, the rating of the subsidiary can
be up to two notches higher than the rating of the parent.

High Geographical Concentration, Cyclicality and Regulatory Risk:
LDPL is a standalone project special purpose vehicle, and hence, is
heavily dependent on one micro market – Wakad in the Pune Pimpri
Chinchwad Municipal Corporation Region. Additionally, the real
estate industry remains highly cyclical, with volatile cash flows,
and it is also exposed to a number of regulatory requirements.
Therefore, timely regulatory approvals remain critical for the
timely launch of future projects/phases.

Liquidity Indicator – Stretched: At end-9MFY21, the company had
reported total sales of INR1,034 million, of which  the pending
collections from the already sold area amounted to INR672 million.
Against this, the balance project cost is about INR899 million,
including the finance cost of INR84 million over May 2021-October
2024. LDPL has a pending inventory of INR438 million. The
management expects a security deposit of INR150 million to be
refunded on an area share basis with its joint development
agreement partner. Apart from the complete collections from already
sold and future sales, Ind-Ra believes the settlement/ recovery of
the security deposit would be essential for LDPL to cover its
pending construction cost and the outstanding debt. As per Ind-Ra's
base case, only interest payments would be due till April 2024.
LDPL intends to use the new term loan for project construction.
PSCL does not plan to start any new projects in LDPL until the
ongoing one is completed.

No External Debt: At end-FY21, the cash and cash equivalents at
LDPL stood at INR24.6 million (FY20: INR23.6 million, FY19: INR34.6
million). PSCL had infused OCDs amounting to INR149 million in
2011, which were supposed to be redeemed in FY21; the schedule for
the same will been extended further by a year, subject to the
passing of a resolution. The management has confirmed that the
repayment of promoter loans (INR2.65 million in  FY20) and OCDs
will be subordinated to external debt and will be extended further.
Debt servicing on the same is subject to the availability of
surplus cash flows post the external debt obligation. At end-FY21,
LDPL did not have any outstanding debt on its books. PSCL had
secured debt against the cash flow receivables of LDPL along with
other projects at the parent level. The lenders of the same have
released their charge on the cash flows of LDPL housed project now
and the same cashflows will be escrowed via new term loan lender as
per the Real Estate Regulatory Authority's regulations.

Cash Flows Ring-Fenced from Parent with Presence of Debt Service
Reserve Account: LDPL's cash flows are ringfenced from the parent
because the term loan lender would have the 100% escrow charge on
the cash flows of the project, of which 70% would be used for the
project as per the Real Estate Regulatory Authority's regulations,
and the balance available for debt servicing and other use. The
term loan also has a debt service reserve account requirement of
INR20 million, which will be met in two parts; a portion of it
before disbursement, while the rest before drawdown of the term
loan above INR100 million. Based on the mentioned factors,  Ind-Ra
understands that the structure is not bankruptcy remote.

Strong Pre-Sales Performance; Timely Collections Remains Crucial:
The project witnessed strong pre-sales of 137,657 square feet (sf)
during 9MFY21 (FY20: 54,204sf; FY19: 87,562sf; FY18: 15,462sf).
Sales picked up post the lockdown period on account of various
relaxations and measures taken by the Maharashtra state government.
During 9MFY21, the project under LDPL had achieved a pre-sales of
204,92sf in terms of area and INR1,034 million in terms of value.
At end-9MFY21, LDPL had collected 35% (INR362 million) of the
pre-sales amount, while it had incurred construction cost of only
INR190 million; the balance was utilized for the procurement of a
pre-cast plant from Malaysia, providing the security deposit to the
joint venture land owner and dues for the debt taken at the parent
level. The collections from existing sales and future sales would
be sufficient to meet the pending construction cost of INR815
million, subject to timely realization of cash flows.   

Strong Track Record of Group: PSCL's promoters have been operating
in the real estate sector since more than three decades and have
executed over 20 real estate residential and commercial projects,
had more than 30 ongoing projects (each phase considered as a new
project) in Pune, Mumbai and other cities and many more projects in
pipeline as of December 2020.

RATING SENSITIVITIES

Negative: The booking being lower than Ind-Ra's expectations, slow
realizations of customer advances and/or future expansion of the
project, which is funded by significantly higher debt, or any
aggressive expansion by the group, resulting in poor liquidity,
could result in a negative rating action.

Positive: Successful project completion, the sale of flats as
planned and a significant increase in the sales realization,
leading to a strong cash flow visibility, could lead to a positive
rating action. Also, an improvement in the overall credit profile
of the PSCL group would lead to a positive rating action.

COMPANY PROFILE

LDPL is a private limited company that was incorporated on 21 March
1997.  At present, LDPL is executing a project named Paranjape
Broadway located at Wakad, Pimprichinwad, Pune.


M. B. ISPAT: CARE Lowers Rating on INR11.25cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M.
B. Ispat Corporation Limited (MBICL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.25      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING and 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 April 22, 2020, placed the
rating(s) of MBICL under the 'issuer non-cooperating' category as
MBICL 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. MBICL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 8, 2021, March 18, 2021, March 28, 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 non-availability of the
latest information from the public domain and noncooperation from
client. Further, banker could not be contacted.

M.B. Ispat and Corporation Limited (MBICL) incorporated in July 12,
2002 was promoted by Agarwal family of West Bengal, with Shri
Shankarlal Agarwal being the main promoter. The company commenced
operations in November, 2003. MBICL is engaged in the manufacturing
of sponge iron at its plant located at Bankura, West Bengal with a
current installed capacity of 60,000 metric tonne per annum (MTPA)
and trading of iron & steel related products like iron ore fines,
TMT bars, G.I Wires, Steel Round, M.S Wire, M.S Angle etc. Mr.
Shankar Lal Agarwal (Managing Director), having almost three
decades of experience in the similar line of business, looks after
the day to day operations of the company. He is supported by other
director Mr. Ritesh Kumar Agarwal, Mr. Raj Kumar Agarwal and Mr.
Arun Agarwal and a team of experienced professionals who are having
long experience in similar line of business.

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

The instrument-wise rating actions are:

-- INR130 mil. Fund-based working capital limit (long-and short-
     term) maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR13.4 mil. Term loan (long-term) due on December 2022
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR56.6 mil. Proposed fund-based limit(long-and short-term)
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
3, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Established in February 2006, M/S Suresh Kumar and Brothers is
engaged in the business of rice milling and packaging of basmati
rice.


MAHAMAYA FOODS: CARE Lowers Rating on INR13.27cr LT Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahamaya Foods & Grains Private Limited (MFGPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.27      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING and 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 March 5, 2020, placed the
rating(s) of MFGPL under the 'issuer non-cooperating' category as
MFGPL 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. MFGPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated April
7, 2021 and May 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 rating(s).

The ratings have been revised on account of lack of adequate
information regarding company's performance coupled with
uncertainty around its credit risk profile.

Mahamaya Foods and Grains Private Limited (MFGPL) was incorporated
in December 2007, jointly promoted by Mr. Anil Kumar Agrawal and
Mr. Madan Lal Agrawal to set up a flour manufacturing unit with an
installed capacity of 37,500 tpa. Prior to incorporation of MFGPL,
the promoters used to manufacture wheat flour though a partnership
concern named as M/s Gopi Flour Mill. Later, M/s Gopi Flour Mill
was converted into MFGPL in 2007. MFGPL manufactures wheat flour
and sell the same under the brand named as “Chetak” owned by
MFGPL. The manufacturing facility is located at Sarguja in
Ambikapur, Chhattisgarh. In 2016, the company has expanded its
operation to manufacture different types of cereals/dals (Arhar
Dal, Tur Dal, Moong Dal, Chana Dal etc.) with an installed capacity
of 25,000 tpa which commenced operation with effect from December
2016.


MANGAL COMMERCIAL: CARE Lowers Rating on INR10cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mangal Commercial Private Limited (MCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING and 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 March 5, 2020, placed the
rating(s) 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  April
7, 2021 and May 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 rating(s).

The ratings have been revised on account of lack of adequate
information regarding company's performance coupled with
uncertainty around its credit risk profile.

Mangal Commercial Private Limited (MCPL) is a Raipur based company
incorporated by Mr. Pankaj Agarwal in March, 2014. However MCPL
started operations in January, 2016 and trades in iron & steel
products comprising TMT Bars, Steel Wires, Mild Steel Structures,
etc. The traded goods are sold to retailers & wholesale traders
based out of Chhattisgarh, Madhya Pradesh, Maharashtra, Rajasthan
and Andhra Pradesh.


MB SPONGE: CARE Lowers Rating on INR11.60cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MB
Sponge and Power Limited (MBSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.60      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING and Rating
                                   continues to remain under
                                   ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2020, placed the
rating(s) of MBSPL under the 'issuer non-cooperating' category as
MBSPL 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. MBSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 8, 2021, March 18, 2021, March 28, 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 non-availability of the
latest information from the public domain and noncooperation from
client. Further, banker could not be contacted.

MB Sponge and Power Limited (MBSPL) incorporated in September 10,
2004, was promoted by Agarwal family of West Bengal, with Shri
Shankarlal Agarwal being the main promoter. The company commenced
operations in March 2006. MBSPL is engaged in the manufacturing of
sponge iron at its plant located at Burdwan with a current
installed capacity of 60,000 metric tonne per annum (MTPA) and
trading of iron & steel related products like iron ore fines, TMT
bars, G.I Wires, Steel Round, M.S Wire, M.S Angle etc.  Mr. Shankar
Lal Agarwal (Managing Director), having almost three decades of
experience in the similar line of business, looks after the day to
day operations of the company. He is supported by other director
Mr. Ritesh Kumar Agarwal, Mr. Raj Kumar Agarwal and Mr. Pawan Kumar
Agarwal and a team of experienced professionals who are having long
experience in similar line of business.


MOHAN GOLDWATER: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained The Mohan
Goldwater Breweries Limited's (MGBL) Long-Term Issuer Rating of
'IND BB (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR680 mil. Term loan due on April 2023 maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the company did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

The agency is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical or rating coverage for MGBL.

COMPANY PROFILE

Incorporated in 1969 by Mohan Meakin Breweries, MGBL manufactures
beer under the brand name Kingfisher for United Breweries Limited.


MUKTAR MINERALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Muktar Minerals Private Limited
        Plot No. B-2/B-3, Phase I
        Verna Industrial Estate
        Goa 403722

Insolvency Commencement Date: May 5, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 13, 2021

Insolvency professional: Mr. Anup Kumar Singh

Interim Resolution
Professional:            Mr. Anup Kumar Singh
                         162/D/702 Lake Gardens
                         Kolkata, West Bengal 700045
                         E-mail: anup_singh@stellarinsolvency.com

                            - and -

                         Stellar Insolvecny Professionals LLP
                         Suite-1A, 1st Floor
                         22/28A Manoharpukur Road of
                         Deshopriya Park
                         Kolkata 700029
                         E-mail: muktarminerals.sipl@gmail.com

Last date for
submission of claims:    June 1, 2021


NATH MOTORS: CARE Lowers Rating on INR42cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Nath
Motors Private Limited (NMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       42.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 15, 2020 placed the
rating(s) of NMPL under the 'issuer non-cooperating' category as
NMPL had failed to provide information for monitoring of the
rating. NMPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
email dated May 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. Further banker could not be contacted.

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

The revision in rating is on account of non-availability of
requisite information and no due-diligence conducted due to
non-cooperation by NMPL with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information availability risk
as a key factor in its assessment of credit risk. Further, based on
the information from public sources regarding the delay in timely
repayment of its debt obligations, CARE has downgraded its ratings
on the bank facilities of NMPL to 'CARE D; Issuer Not Cooperating'
from 'CARE C; Stable; Issuer Not Cooperating'

Incorporated in 2002, NMPL is an authorised dealer of passenger
vehicles and spare parts of Honda Cars India Ltd (Honda) operating
since April 2013. The company currently operates 2 showrooms, one
each in Delhi and Faridabad under the brand name Delight Honda,
equipped with 3S (sales, service and spares) facilities.

NURSINGSAHAY MUDUNGOPAL: CARE Cuts Rating on INR9cr Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Nursingsahay Mudungopal (engineers) Private Limited (SNM),
as:

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

   Short Term Bank      3.00      CARE A4; 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 27, 2020, placed the
rating(s) of SNM under the 'issuer non-cooperating' category as SNM
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its rating agreement. SNM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated May 2, 2021, April 22, 2021 and April 12, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The long-term rating has been revised on account of
non-availability of requisite information and no due-diligence
conducted due to non-cooperation by SNM with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained on
account of small scale of operations, weak financial risk profile
and competitive nature of the industry. The ratings, however, draw
comfort from experienced promoters in the electrical equipment
industry and moderate operating cycle.

Detailed description of the key rating drivers

At the time of last rating on May 27, 2020, the following were the
rating weaknesses and strengths (Updated for the information
available from the Registrar of Companies).

Key Rating Weakness

* Small scale of operations: The scale of operations continues to
remain small marked by total operating income of Rs 53.23 crore and
networth of INR 1.15 crore as on March 31, 2020. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

* Weak Financial risk profile: During FY20, the company has
suffered from operating and net loss. The capital structure of the
company continues to remain leveraged with overall gearing ratio of
16.24x as on March 31, 2020 (vis-a-vis 4.32 as on March 31, 2019)
owing to high reliance on external borrowings to meet the working
capital requirements. Moreover, the debt coverage indicators also
remained weak.

* Highly competitive nature of the industry: SNME operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized sectors. There are number of
small and regional players catering to the same market which has
limited the bargaining power of the company and has exerted
pressure on its margins.

Key Rating Strengths

* Experienced promoters: The operations of the company are managed
by Mr. Shyam Das Mundhra and Mr. Anand Das Mundhra, both the
directors have an experience of around four decade and three
decades respectively in trading and manufacturing of electrical
equipment through their association with the company and other
group associates. They collectively look after overall operations
of the company.

* Moderate operating cycle: The company normally allows an average
payable period of around 3-4 months to its customers due to
competitive industry. The company receives an average credit period
of around 1-2 months from its suppliers. Further, the company
maintains inventory of around a month to cater the immediate demand
of its customers; entailing all led to moderate operating cycle
which stood at 99 days for FY20.

Delhi based, Shree Nursingsahay Mudungopal Engineers Private
Limited was incorporated on January 26, 1949. The company is
currently being managed by Mr. Anand Das Mundra and Shyam Das. The
company is engaged in trading of electrical goods such as
generators, wires & cables, transformers, circuit breakers,
luminaries, etc. The company procures the traded products from
companies such as Siemens, Crompton Greaves, Kirloskar, Havels,
Kohler Power, etc. and sells the products across India to
government contractors, Public Sector Undertakings, private
builders and infrastructure companies.


OMKAMAL STEEL: CARE Lowers Rating on INR4.62cr Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Omkamal Steel Private Limited (OSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.62      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING and 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 April 23, 2020 placed the
rating of OSPL under the 'issuer non-cooperating' category as OSPL
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. OSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 9, 2021, March 19, 2021, March 29, 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 non-cooperation from
client and non-interaction with the banker and auditors.

Detailed description of the key rating drivers

Omkamal Steel Private Limited (OSPL), incorporated in August 2010,
was set up to carry on manufacturing of HB Wire, MS Wire, Binding
Wire, G.I Wire, Barbed Wire, Stay wire etc. The manufacturing
facility is located 16-G, Heavy Industrial Area, Hathkhoj, Bhilai,
Durg, Chhattisgarh. The commercial operation started from October
2010 with an installed capacity of around 29,200 MTPA. The day to
day affairs of the company are looked after by Mr. Mahesh Bansal,
with adequate support from other directors and a team of
experienced personnel.


POONIA WINES: CARE Lowers Rating on INR15cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Poonia Wines (Rewari) (PWR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING and Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2020, placed the
rating of PWR under the 'Issuer not cooperating' category as PWR
had failed to provide information for monitoring of the rating. PWR
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated February 19, 2021, February 24, 2021 and March 1, 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 revision in the rating assigned to the bank facilities of PWR
is on account of non-availability of update on operational and
financial performance for FY20 (refers to the period April 1 to
March 31) and 9MFY21 with continuous non-submission of Default if
any Statement by the firm.

Poonia Wines (Rewari) (PWR) was formed in 2006 as an association of
persons by Mr Bhagirath Poonia and his family members. PWR holds
wholesale and retail liquor supplier license in the state of
Haryana and undertakes wholesale and retail sale of Indian made
foreign liquor (IMFL) and beer. The shops are allotted in Haryana
by the state government through a competitive bidding process for a
period of one year. The firm's product profile comprises almost all
the major brands of IMFL such as Black Dog, Signature, McDowells
No.1, DSP Black, Antiquity, Green Label, Haywards whisky among
others. In addition, the firm also distributes leading beer brands
of UBL such as Kingfisher, Kingfisher Blue, Kingfisher Ultra as
well as Heineken beer.


PRABHU SPONGE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prabhu
Sponge Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22, 2020 placed the
rating of PSPL under the 'issuer non-cooperating' category as PSPL
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. PSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 8, 2021, March 18, 2021, March 28, 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. Further, the banker could not be contacted.

Prabhu Sponge Private Limited (PSPL) was incorporated in January
2001. Since its inception, the company is engaged in manufacturing
of sponge iron. The manufacturing unit of the company is located at
Rajgangpur, Sundargarh, and Odisha. PSPL's plant has an installed
capacity of 60000 metric tons per annum (MTPA). The major raw
materials for the company are iron ore and coal.


PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prakash
Plastic Industries (PPI) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/           7.50      CARE D/CARE D; ISSUER NOT
   Short Term                     COOPERATING; Rating continues
   Bank Facilities                to remain under ISSUER NOT
                                  COOPERATING category

   Short Term Bank
   Facilities           6.40      CARE D; ISSUER NOT COOPERATING
                                  Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 7, 2020, had placed the
ratings of PPI under the
'Issuer Non-cooperating' category as the firm had failed to provide
information for monitoring of the ratings and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PPI continues to be noncooperative despite
requests for submission of information through phone calls and
e-mails dated March 23, 2021, April 2, 2021 and April 12, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Dadra, Silvassa (Union Territory) based PPI was formed in March
2003 in the name of Prakash Plastic Industries by Bhimrajka family.
PPI is into the business of manufacturing of HDPE/PP Woven
Fabric/Bags. PPI is operating from its sole manufacturing plant
located in Dadra with an installed capacity of 2700 metric tonnes
per annum (MTPA). HDPE/PP Woven Fabric/Bags find applications in
the wide range of industry such as chemicals, fertilizers, cement,
polymers, salt, sugar, paper, textiles, flour, food grains etc.

PREMIER PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Premier
Plastics (PP) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      12.10      CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

   Short Term Bank      0.90      CARE A4; ISSUER NOT COOPERATING
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 21, 2020 placed the
ratings of PP under the 'issuer noncooperating' category as PP had
failed to provide information for monitoring of the rating. PP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 27, 2021, March 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. Further banker could
not be contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Premier Plastics with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Agra based, Premier Plastics (PP), is a proprietorship concern
established in 1997 by Mr Sudhir Gupta. The firm is engaged in
manufacturing of TPR soles, leather soles, rubber sheet sole and
heels. The key raw material used in manufacturing are TPR compound,
PVC, leather and thermo plastic rubber which is procured
domestically from the manufacturers and distributors located in
Delhi-NCR, Jammu, Silvassa, Agra etc. The firm mainly sells its
products to manufacturers of leather and leather products located
in Agra, Chennai, and Noida etc. The products mainly show sole
manufactured by the firm is sold under the brand "Bugatti." The
firm has an associate concern i.e. Royal Polymers; also engaged in
manufacturing of sole.


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

The instrument-wise rating actions are:

-- INR310 mil. Fund-based limits (Long-term) maintained to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR7.5 mil. Non-fund-based limits (Short-term) maintained to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR80 mil. Proposed fund-based limits (Long-term) withdrawn
     (the company did not proceed with the instrument as
     envisaged); and

-- INR12.5 mil. Proposed non-fund-based limits (Short-term)
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 1, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989, Prime Retail (India) is engaged in the retail
sale of luxury watches, mobiles, pens and other lifestyle items.
The company has showrooms in Kolkata, Jaipur, Raipur and Mumbai.


RAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ram
Industries (SRI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 21, 2020 placed the
rating(s) of SRI under the 'issuer non-cooperating' category as SRI
had failed to provide information for monitoring of the rating. SRI
continues to be noncooperative despite repeated requests for
submission of information through phone calls and emails dated
March 27, 2021, March 17, 2021 and March 7, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, banker could
not be contacted.

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

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

Shri Ram Industries (SRI) was established as a partnership firm in
1983. The firm is currently being managed by the partners; Mr
Suresh Chand Singhal and Mr Amit Singhal sharing profit and loss
equally. SRI is engaged in trading and processing (milling) of
agriculture products such as paddy (rice), wheat, rice bran etc.
The manufacturing unit is located at Shahjahanpur, Uttar Pradesh
with a total installed capacity of 3 lakh quintals as on March 31,
2016. SRI procures raw material and traded goods such as wheat,
rice, paddy etc. from local farmers and registered dealers located
in U.P. and near regions. SRI sells its products in the states of
Punjab and Haryana through a network of commission agents and
brokers. The firm also exports to Middle East countries through
export brokers. M.C. Roller Flour Mills Private Limited is an
associate concern of SRI engaged in processing and trading of agro
products.


RAVINDRA BHARATHI: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ravindra
Bharathi Educational Society's bank facilities' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR1,765.33 bil. Bank loans (Long- term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR250 mil. Fund-based working capital (Long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
5, 2019. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Ravindra Bharathi Educational Society, registered under the
Societies Registration Act XXI of 1860, established its first
school at Nellore in 1994.

S&J GRANULATE: CARE Lowers Rating on INR17.82cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S&J
Granulate Solutions Private Limited (S&J), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      17.82      CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category and
                                  Revised from CARE B; Stable

   Short Term Bank      3.00      CARE A4; 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 March 28, 2020, placed the
rating(s) of S&J under the 'issuer non-cooperating' category as S&J
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. S&J continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 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).

The ratings have been revised on account of non-cooperation by S&J
and CARE's efforts to undertake a review of the ratings
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

Incorporated in 2010 (commercial operations were started in
December, 2012), S & J Granulate Solutions Private Limited was
promoted by Mr. Amit Agarwal and Mr. Kunal Jiwarajka and is an ISO
9001:2008 certified company with its plant situated at Valsad,
Gujarat. S&J is engaged in manufacturing of Crumb Rubber Granules
(from scrap from truck, bus or OTR (Off the Road) radial tyres of
up to 20 mesh size), steel wire and nylon fiber which finds its
application in road construction industry, sport surfaces,
automotive industry, construction, tile manufacturing etc. Further
company imports nearly 40% of the total raw material from countries
like U.K, Italy, Australia, New Zealand, Middle East etc. and 2%
remaining raw material is procured domestically. The Company has
installed capacity of 120,000 metric tonnes per annum of crumb
rubber.


SARAF TRADING: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
-----------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Saraf Trading
Corporation Private Limited's (STCPL) Long-Term Issuer Rating to
'IND B+' from 'IND B-(ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits Long-term
     upgraded and short-term affirmed with IND B+/Stable/IND A4
     rating;

-- INR17.0 mil. (increased from INR8.1 mil.) Term loan due on  
     October 2027 upgraded with IND B+/Stable rating; and

-- INR0.5 mil. (reduced from INR9.4 mil.) Non-fund-based working
     capital limits affirmed with IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in STCPL's revenue to INR257.15
million in FY21 (FY20: INR201.6 million) driven by increased order
execution due to the addition of new customers in FY20. The
company's scale of operations remained small. As of May 2021, STCPL
had an order book of INR13.5 million, to be executed by end-June
2021. Ind-Ra expects the company's revenue to improve in FY22 due
to increased orders from the new customers. FY21 financials are
provisional in nature.

The ratings factor in STCPL's modest profitability. The company's
EBITDA margin expanded to 8.9% in FY21 (FY20: 8.04%) on reduced raw
material procurement cost. STCPL's return on capital employed stood
at 10% in FY21 (FY20: 8%).

Liquidity Indicator – Stretched: STCPL's average use of
fund-based limits was 89.5% for the 12 months ended April 2021. Its
elongated working capital cycle deteriorated to 220 days in FY21
(FY20: 181 days) due to a long inventory holding period of 210 days
(169 days) Resultantly, the company's cash flow from operations
turned negative to INR40.5 million in FY21 (FY20: INR27.6 million).
The company's free cash flow, too, was negative at INR75.45 million
in FY21 (FY20: INR24.2 million). At FYE21, the company had a cash
balance of INR2.79 million. The company has not availed with the
moratorium during March- August 2020.

The ratings are also constrained by intense competition in the tea
processing industry. The tea industry is price sensitive and has
substantial dependence on certain geographies and customers,
coupled with heavy competition from organized and unorganized
players. The ratings also reflect STCPL's increased customer
concentration with the top 10 customers accounting for 86% of the
revenue in FY21 (FY20: 84.5%).

The ratings continue to reflect the company's moderate credit
metrics. Its interest coverage (operating EBITDA/gross interest
expense) improved to 5.53x in FY21 (FY20: 2.20x) due to a decrease
in interest expenses to INR4.14 million (INR7.5 million) and an
improvement in the absolute EBITDA to INR22.9 million (INR16.2
million). However, the net leverage (net debt/operating EBITDA)
deteriorated to 6x in FY21 (FY20: 5.22x) owing to new debt of INR20
million taken by the company to purchase new machinery, and a rise
in short-term debt during March 2021.

The ratings, however, are supported by STCPL's 70 years of
operating experience and the current management's three-decade-long
experience in the tea industry, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: Substantial growth in the scale of operations, while
maintaining the EBITDA margin, leading to an improvement in the
credit metrics along with an improved liquidity position, could be
positive for the ratings.

Negative: Any decline in the scale of operations or EBITDA margin,
leading to the interest coverage falling below 2.5x, and/or further
deterioration in the overall liquidity profile, could be negative
for the ratings.

COMPANY PROFILE

Kerala-based STCPL was founded by V.G. Saraf in 1948 and
incorporated in 1994. It is engaged in the processing, blending,
and trading of packaged tea under the brand, Suntips.


SAVIOUR MINES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saviour
Mines and Minerals Private Limited (SMMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       8.50       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 April 27, 2020, placed the
rating(s) of SMMPL under the 'issuer non-cooperating' category as
Saviour Mines And Minerals Private Limited had failed to provide
information for monitoring of the rating for the rating exercise as
agreed to in its Rating Agreement. Saviour Mines And Minerals
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a email dated March 13, 2021, April 02, 2021 and 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).

Saviour Mines and Minerals Private Limited (SMMPL) was incorporated
in the year 2007 and taken over by Mr.Rama Krishnaiagh Alam and
Mr.U. Bhargav in 2013. The company is engaged in mining of granite
and processing of granite slabs. SMMPL started its commercial
operations from 2014 October. SMMPL has installed capacity of 15
tonnage p.a. The company has entered into lease agreement with
Telangana State Government for mining under 4 hectares of granite
land area located at Warangal for a tenure of 15 years. The
clientele of the company covers Maharashtra, Karnataka, Andhra
Pradesh, Tamilnadu and Orissa.


SIDDHARTH WORLD: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Siddharth World Trade Private Limited
        Plot No. 83
        Kundaim Industrial Estate
        Kundaim, Goa 403401

Insolvency Commencement Date: May 13, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 9, 2021
                               (180 days from commencement)

Insolvency professional: CA Sameer Kakar

Interim Resolution
Professional:            CA Sameer Kakar
                         105, Gulmohar Complex
                         Near Bus Depot
                         Station Road, Goregaon East
                         Mumbai 400063
                         E-mail: ip.siddharthwt@gmail.com
                                 sameerkakar@gmail.com

Last date for
submission of claims:    June 16, 2021


SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siyaram
Cotton Industry (SCI) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      13.90      CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 12, 2020, had placed the
ratings of SCI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCI continues to be
noncooperative despite requests for submission of information
through phone calls and e-mails dated March 28, 2021,  April 7,
2021 and 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 rating.

Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was
established in October, 2017 by Mr. Manoj Agrawal, Mr. DL Agrawal,
Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership concern.
The firm was formed with an objective to set up green field project
for cotton ginning and pressing at Ratlam, Madhya Pradesh. SCI
envisaged total project cost of INR6 crore towards the project
which envisaged to be funded through term loan of INR4.00 crore and
remaining of INR2.00 crore through unsecured loans and share
capital. The plant of the company will have installed
capacity to manufacture cotton bales of 400 Bales per Day (BPD).


SRR PROJECTS: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SRR Projects
Private Limited's (SRR) Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR430.0 mil. Fund-based working capital limits^ maintained in

     non-cooperating category and withdrawn;

-- INR1,562.5 bil. Non-fund-based working capital limits#
     maintained in non-cooperating category and withdrawn; and

-- INR162.5 mil. Proposed non-fund-based working capital limits
     withdrawn (the company did not proceed with the instrument as

     envisaged).

^maintained at IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) before being withdrawn

#maintained at IND A4+ (ISSUER NOT COOPERATING) before being
withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

SRR Projects was formed in 2006 by engineers experienced in the
execution of diverse projects such as power projects, pipeline
works, steel plants, roads and highways, transmission lines, along
with substations, and elevated commercial and housing projects.


STERLING OIL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Oil Resources Limited (SORL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      299.72      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 December 7, 2018, placed the
rating of SORL under the 'issuer non-cooperating' category as SORL
had failed to provide information for monitoring of the rating.
SORL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 23, 2021, April 20, 2021, and April 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(s).

Detailed description of the key rating drivers

At the time of last rating on May 18, 2020 the following were the
rating strengths and weaknesses are available.

Key Rating Weaknesses

Due to the weakened liquidity position, there are on-going delays
in servicing of interest and default in repayment of debt
obligation by the company

Sterling Oil Resources Limited (SORL), incorporated in March 2007,
a Sandesara Group company, was incorporated in India for
undertaking oil exploration and production activities in oil
prolific areas across the globe. SORL through its 100% subsidiaries
in Mauritius and British Virgin Island (BVI) holds 90% stake in
Sterling Oil Exploration & Energy Production Company Limited
(SEEPCO, the operator of the oil block), a company incorporated in
Nigeria to acquire and operate Oil Exploration and Production
businesses in Nigeria. Sterling Biotech Ltd (SBL) is the flagship
and a listed company of the Vadodara based Sandesara group. It is
mainly engaged in the manufacturing of pharmaceutical grade
gelatine which has wide range of applications such as capsules,
tablets, etc. The group has over 27 years of industrial experience
and has diversified interests ranging from Pharmaceuticals,
Healthcare, Oil & Gas, Engineering Infrastructure, etc. The other
companies of the Sandesara group are Sterling Biotech Ltd, Sterling
Port Ltd, Sterling SEZ & Infrastructure Ltd, PMT Machines Ltd, etc.


SUBIR DIAMONDS: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Subir Diamonds Pvt
Ltd's (SDPL) Long-Term Issuer Rating at 'IND B'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits affirmed with IND B/Stable
     rating.

KEY RATING DRIVERS

The affirmation reflects SDPL's continued small scale of
operations, with revenue of INR470.6 million in FY21 (provisional
numbers) (FY20: INR758.4 million). Ind-Ra expects the revenue to
rise on a yoy basis in FY22, backed by the company's continuous
operations during the whole year. The revenue had declined in FY21
as the company's operations had been affected by COVID-19-led
disruptions. During April-July 2020, the operations had come to a
halt, and over August-September 2020, the work had slowed down due
to labor issues, resulting from the impact of the pandemic. As per
the management, as of May 25, 2021, SDPL had an order book of
around INR300 million, out of which INR200 million orders will be
executed till end-August 2021.

The ratings reflect the continued EBITDA losses incurred by the
company since FY19. Ind-Ra expects the losses to reduce marginally
on a yoy basis in FY22 on account of stable operations, increase in
the final product prices and increase in demand. In FY21, the
EBITDA losses widened to negative INR1.9 million (FY20: negative
INR1.4 million) on account of a marginal increase in the operating
expenses and the sharp fall in the revenue. SDPL has been using its
cash and cash equivalents to meet its expenses.

The ratings factors in the continued weak credit metrics. Ind-Ra
expects the credit metrics to improve slightly in FY22 on account
of the likely narrowing of EBITDA losses.

Liquidity Indicator-Stretched: The average maximum utilization of
the fund-based limits was 48.4% during the 12 months ended April
2021. In FY21, the net cash conversion cycle deteriorated to 59
days (FY20: 37 days) on account of an increase in the inventory
days to 30 days (nine days) and decline in the creditor days to 69
days (78 days), resulting from early payments to suppliers. The
cash and cash equivalent, including unrestricted fixed deposits,
stood at INR21.6 million in FY21 (FY20: INR33.3 million), The cash
flow from operations turned positive at INR6.1 million in FY21
(FY20: negative INR8.8 million) on account of a favorable change in
the working capital.  The company had not availed the Reserve Bank
of India-prescribed moratorium or taken any COVID-19 loan.

The ratings continue to derive comfort from the promoter's
experience of around three decades in the diamond business.

RATING SENSITIVITIES

Negative: A decline in the scale of operations, leading to further
deterioration in the credit metrics, and/or deterioration in the
liquidity profile will be negative for the ratings.

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics, with the interest coverage
exceeding 1.5x, will be positive for the ratings.

COMPANY PROFILE

SDPL was incorporated in 1982 as a private limited company. Its
registered office is located in Mumbai. It is engaged in the
trading and manufacturing of rough, cut and polished diamond
business.


SUKH SAGAR: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Industries (SSI) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.02      CARE B-; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 12, 2020, had placed the
ratings of SSI under the 'Issuer Non-cooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSI continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated March 28, 2021, April 7, 2021
and 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 rating.

Sukh Sagar Industries (SSI) was established in the year 2006 by Mr
Virendra Kumar Tirthani as a proprietorship firm. SSI is engaged in
processing of Arhar Dal (Toor dal) and trading of Arhar chuni bhusi
(used as cattle feed) and sells its product under the brand name
'Nagarseth', 'Rajdhani' and 'Cow Bashra'. The entity's plant is
located at Katni, Madhya Pradesh with an installed capacity of
18,000 Metric Tonnes Per Annum (MTPA). SSI procures raw material
from the local market and sells it in Maharashtra, Madhya Pradesh,
Uttar Pradesh and Bihar through a network of dealers.


SUNLIT ELEMENTS: CARE Lowers Rating on INR9.50cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunlit Elements Private Limited (SEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      and Revised from CARE B-;
                                   Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 24, 2020, placed the
rating(s) of SEPL under the 'issuer non-cooperating' category as
SEPL 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. SEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
10, 2021, March 30, 2021 and 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 the rating considers ongoing delays in the term
loan account.

Detailed description of the key rating drivers

* Delay in debt servicing: There are ongoing delays in the term
loan facility due to cashflow mismatches.

Sunlit Elements Private Limited (SEPL) was incorporated in the year
2016, by Mr. Mohsin Khan, Mrs. Shazia Parveen Khan,Mr. Machiraju
Madhava Vasu and Mrs. V. Pranitha. The company is engaged in
manufacturing of High-density polyethylene (HDPE) drums. The
manufacturing unit is located at Ranga Reddy district, Telangana.

TRANFORMEX FERROUS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tranformex
Ferrous Private Limited (TFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       4.64       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 7, 2020, placed the
rating(s) of TFPL under the 'issuer non-cooperating' category as
TFPL 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. TFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 23, 2021, April 2, 2021, April 12, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Vadodara (Gujarat) based TFPL incorporated in 2013 is engaged into
the business of recycling of Steel Scrap, TFPL imports Light metal
scraps (LMS) from Istambul, Dubai. LMS comprised of rubber and
steel. TFPL removes the rubber and process the remaining steel it
in order to convert it into Mild Steel Scrap. TFPL is operating
from its sole manufacturing plant located in GIDC Estate, Ramanamdi
(Baroda) with an installed capacity of 12000metric tonnes per annum
(MTPA) for MS Steel Scrap.


VARDAAN EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vardaan
Exports (VES) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       14.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short term Bank       1.00      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 April 16, 2020, placed the
rating(s) of VES under the 'issuer noncooperating' category as VES
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. VES continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated May 11,
2021, March 22, 2021, March 12, 2021, etc.  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).

Vardaan Exports (VES) was established as a partnership firm in 2009
by Mr. J. B. Bansal and Mr. Sachin Garg with profit sharing ratio
of 3:7. The firm is engaged in milling, processing and trading of
basmati and non-basmati rice. VES procures paddy from local grain
markets through dealers and agents mainly from the state of Punjab.
VES sells its product under the brand name of 'Satkar' in Northern
India viz. Haryana, Himachal, Delhi, Rajasthan and Uttar Pradesh
through commission agents.


VIDEOCON INDUSTRIES: India Court Allows Agarwal to Takeover
-----------------------------------------------------------
Upmanyu Trivedi and Suvashree Ghosh at Bloomberg News report that
India's bankruptcy court has allowed billionaire Anil Agarwal's
Twin Star Technologies to takeover Videocon Industries Ltd.

Videocon's shares will be delisted as part of the plan submitted in
December, the company told the stock exchange on June 8, Bloomberg
relates. Twin Star, a part of Agarwal's Vedanta Group, will pay
about INR30 billion ($410 million) to Videocon's lenders, people
familiar with the matter had said earlier.

According to Bloomberg, the company will put up INR5 billion within
90 days and the rest as non-convertible debentures over a period of
time, they said, asking not to be identified as the details aren't
public.  Lenders had the bankruptcy court's approval in December
for the resolution plan submitted by Twin Star.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.


VIZAG PROFILES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vizag
Profiles Private Limited (VPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       40.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short term Bank      76.00      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 April 15, 2020, placed the
rating(s) of VPPL under the 'issuer non-cooperating' category as
VPPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. VPPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and 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(s).

Incorporated on November 20, 1997, Vizag Profiles Pvt Ltd (VPPL) is
primarily engaged in the trading of steel and steel products (like
TMT Bars, billets, steel wires etc) at Vijayawada, Andhra Pradesh.
However, the company is also engaged in cargo handling and trading
in oil and lubricants. The company is promoted by Mr. Bandi Suresh
Kumar who has more than two decades of experience in the trading
and manufacturing of steel and steel products. The promoter being
in the line of activity for more than two decades has established
long term relationships with both suppliers and clients.


VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vizag
RE-bars Private Limited (VRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       95.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short term Bank       5.00      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 April 15, 2020, placed the
rating(s) of VRPL under the 'issuer non-cooperating' category as
VRPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. VRPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and 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(s).

Incorporated on November 28, 1995, Vizag Rebars Pvt Ltd (VRPL) is
primarily engaged in the trading of steel and steel products at
Vijayawada, Andhra Pradesh. The company is promoted by Mr. T
Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao.
During November 2012, the company has forayed into manufacturing
activity by taking a re-rolling mill (with an installed capacity of
45,000 TPA) from Steel Exchange India Limited.




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

DRYMIX CONCRETE: Concrete Group Subsidiary Cleared to Acquire Firm
------------------------------------------------------------------
The Commerce Commission has granted clearance to Dunlop Drymix
Limited, a subsidiary of the Concrete Group Limited, to acquire the
assets and business of six companies that collectively trade in New
Zealand as Drymix. Each of the Drymix companies were placed into
receivership in mid-2020.

Division Chair Dr Derek Johnston said that the Commission is
satisfied that the acquisition is unlikely to substantially lessen
competition in any New Zealand market.

Central to the Commission's decision was its assessment of what
would happen to Drymix if it was not sold to the Concrete Group. In
particular, the Commission considered and tested whether there was
a realistic prospect that Drymix would be sold to an alternative
purchaser who would supply bagged concrete and mortar products in
competition with the Concrete Group.

"After careful consideration, the Commission is satisfied that
Drymix would not be sold as a going concern. We consider that the
receiver would close Drymix down and sell its assets individually.
The assets, primarily land and bagging machinery, would not be used
to compete against Concrete Group," said Dr Johnston.

"Given this, we are satisfied that the proposed acquisition is
unlikely to substantially lessen competition."

A public version of the written reasons for the decision will be
available on the Commission's case register in the near future.

Concrete Group Limited (under the 'Cemix' brand) and Drymix both
manufacture and supply a range of bagged concrete and mortar
products. These products are designed for use in DIY and projects
where small amounts of concrete are needed and are sold nationwide
in large building product stores (eg Mitre 10 and Bunnings),
hardware stores and other building products outlets.

Since the Drymix companies were placed into receivership in
mid-2020, the receiver for Drymix has continued to operate Drymix
as a going concern while it looked to sell the relevant assets
and/or businesses.



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

EAGLE HOSPITALITY: Unit Surrenders Queen Mary to California City
----------------------------------------------------------------
The Business Times reports that Urban Commons Queensway (UCQ), a
unit of embattled Eagle Hospitality Trust (EHT), has surrendered
the Queen Mary property - a former ocean vessel-turned-floating
hotel - to the City of Long Beach, California, on June 4.

BT relates that the entities of Eagle Hospitality Trust (EHT) under
Chapter 11 protection have also filed a motion with the US
Bankruptcy Court to reject lease and operational agreements for the
Queen Mary property, which is currently closed, DBS Trustee
announced in a June 8 bourse filing.

This includes the long-term ground lease agreements between the
City of Long Beach and UCQ. The hearing on the motion is expected
to be on July 7. If granted, UCQ would no longer hold the leasehold
interest in the Queen Mary property.

The EHT entities decided to file the motion due to a lack of viable
prospects of selling off the interest in the Queen Mary property in
an auction, DBS Trustee said, BT relays.

One challenge in finding a buyer would be the substantial cure
costs which a buyer will have to pay, and the substantial capital
improvements required by the Queen Mary property, it added.

According to BT, the property's expenses include about US$45,000
per month in rent to the City of Long Beach, US$300,000 per month
in caretaker costs, US$1.3 million for the hull and property
insurance premium due in July and US$150,000 of audit expenses also
due in July.

"There is also no viable prospect of re-opening in the foreseeable
future as it would require significant costs and expenses to do
so," the trustee added.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker.  COLE SCHOTZ P.C. is the Delaware
counsel.  RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel.  DONLIN, RECANO & COMPANY, INC., is
the claims agent.


                           *********


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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electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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