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

                     A S I A   P A C I F I C

          Friday, June 11, 2021, Vol. 24, No. 111

                           Headlines



A U S T R A L I A

ACD GRANTSON: First Creditors' Meeting Set for June 22
ACE UP: Second Creditors' Meeting Set for June 21
BOART LONGYEAR: Moody's Lowers CFR to Ca on Recapitalization Plan
FE INVESTMENTS: First Creditors' Meeting Set for June 17
SSC ADMIN: First Creditors' Meeting Set for June 18



C H I N A

HNA GROUP: Juneyao Links Up With Trip.com While Eyeing HNA Assets
RADIANCE GROUP: Fitch Raises LT Foreign-Currency IDR to 'B+'
SHANDONG AIRLINES: Seeks Emergency Loan as Pandemic Losses Bite
TD HOLDINGS: Incurs $5.9 Million Net Loss in 2020


I N D I A

AGRO INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
ANAND RICE: ICRA Lowers Rating on INR39cr Fund Based Loan to D
AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
BISMAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
CARGO MOTORS: ICRA Lowers Rating on INR10cr Loan to B+

CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating
CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating
DEWAN HOUSING: 63 Moons to Challenge NCLT Piramal Order
ENMAX ENGINEERING: ICRA Keeps B+ Debt Rating in Not Cooperating
GOODEARTH MARITIME: ICRA Keeps D Debt Rating in Not Cooperating

HIGH TECH FILATEX: ICRA Keeps D Debt Ratings in Not Cooperating
HIGH TECH WEAVES: ICRA Keeps D Debt Ratings in Not Cooperating
ICOMM TELE: ICRA Keeps D Debt Ratings in Not Cooperating
JEPPIAAR POWER: ICRA Keeps D Debt Rating in Not Cooperating
KBJ JEWEL: ICRA Keeps D Debt Ratings in Not Cooperating Category

KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
KRISHNA STEVEDORES: ICRA Hikes Rating on INR18.51cr Loan to B+
KRUSHNA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
LUCKNOW MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating
MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating

MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating
MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating
MAHESH RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
PNB REALTY: ICRA Keeps D Debt Ratings in Not Cooperating
PRAGATI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating

PRAVEEN ELECTRICAL: ICRA Keeps D Debt Ratings in Not Cooperating
RAM PULSE: ICRA Keeps B+ Debt Rating in Not Cooperating
RATHNAVEL SUBRAMANIAM: ICRA Keeps D Rating in Not Cooperating
S.K. FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating

SIDDHNATH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

GAJAH TUNGGAL: S&P Alters Outlook to Developing, Affirms CCC+ ICR


N E W   Z E A L A N D

NORSKE SKOG: To Close Tasman Mill, Sell Assets


S I N G A P O R E

EAGLE HOSPITALITY: Sells Four Properties Under Ch. 11 for $116MM
HIN LEONG: Court Freezes Lim's Homes in Singapore, Australia
NEW SILKROUTES: Receives US$10.7 Million Letter of Demand
SAN YUEN: Creditors' Proofs of Debt Due July 9


T H A I L A N D

KTBST SECURITIES: Fitch Rates THB450MM Unsec. Debentures 'B(tha)'

                           - - - - -


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A U S T R A L I A
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ACD GRANTSON: First Creditors' Meeting Set for June 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of ACD Grantson
Pty Ltd will be held on June 22, 2021, at 11:00 a.m. at the offices
of SV Partners, 22 Market Street, in Brisbane, Queensland.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of ACD Grantson on June 10, 2021.

ACE UP: Second Creditors' Meeting Set for June 21
-------------------------------------------------
A second meeting of creditors in the proceedings of Ace Up The
Sleeve Pty Ltd, formerly trading as Aces Pizza & Liquor, has been
set for June 21, 2021, at 11:00 a.m. via teleconference.

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 18, 2021, at 4:00 p.m.

Daniel Lopresti of Clifton Hall was appointed as administrator of
Ace Up on April 15, 2021.


BOART LONGYEAR: Moody's Lowers CFR to Ca on Recapitalization Plan
-----------------------------------------------------------------
Moody's Investors Service downgraded Boart Longyear Limited's
Corporate Family Rating to Ca from Caa2 and Probability of Default
rating to Ca-PD from Caa2-PD. Moody's also downgraded the ratings
of Boart Longyear Management Pty Limited's senior secured notes to
Ca from Caa1 and senior unsecured notes to C from Caa3. The ratings
downgrades were prompted by the company's announcement on May 13,
2021 that it had reached an agreement with majority of lenders on
the proposed recapitalization plan that includes the conversion of
$795 million of debt into equity, amongst other provisions. The
speculative grade liquidity rating is downgraded to SGL-4 from
SGL-3. The outlook is negative.

Downgrades:

Issuer: Boart Longyear Limited

Corporate Family Rating, Downgraded to Ca from Caa2

Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
SGL-3

Issuer: Boart Longyear Management Pty Limited

Senior Secured Regular Bond/Debenture, Downgraded to Ca (LGD4)
from Caa1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD6)
from Caa3 (LGD5)

Outlook Actions:

Issuer: Boart Longyear Limited

Outlook, Changed To Negative From Stable

Issuer: Boart Longyear Management Pty Limited

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade of the CFR to Ca was driven by the initiation of the
recapitalization process by Boart as agreed with a substantial
majority of its lenders that is expected to reduce the company's
total debt to under $200 million from more than $900 million
currently. Under the signed Restructuring Support Agreement (RSA),
approximately $795 million of debt representing about 85% of the
company's existing total debt will be converted to equity with the
allocation of new common equity determined through designation of
secured and unsecured equity entitlements and based on the
respective conversion ratios, calculated as a percentage of the
face amount of debt. Boart entered into a forbearance agreement
with creditors to cover the cash interest instalment on senior
secured notes due in June 2021 and plans to commence proceedings to
seek the recognition of the Boart's Creditors Schemes under Chapter
15 of the U.S. Bankruptcy Code. The company also plans to
redomicile from Australia to the United States.

Negative outlook reflects a high likelihood of default and the
resulting a material impairment of the company's contractual
financial obligations with high probability of low recovery of
principal or interest.

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

The ratings upgrade in unlikely given the high likelihood of a
default. Ratings could be downgraded if the company misses an
interest or principal payment or if the company files for
bankruptcy.

The SGL-4 speculative grade liquidity rating reflects the company's
weak liquidity profile with cash position of $27 million at March
31, 2021 and availability of $17 million under its asset based
lending facility. Boart is working on securing short-term financing
of about $65 million to ensure it has adequate liquidity through
the restructuring process.

Headquartered in Salt Lake City, Utah, Boart Longyear Limited is
incorporated in Australia and listed on the Australian Securities
Exchange Limited. The company provides drilling services and
complimentary drilling products and equipment, principally for the
mining and metals industries. Revenues for the twelve months ended
December 31, 2020 were $657 million.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


FE INVESTMENTS: First Creditors' Meeting Set for June 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of FE
Investments Group Limited will be held on June 17, 2021, at 10:00
a.m. via virtual meeting facilities only.

Alan Walker of Walker Advisory & Capital Solutions Pty Ltd was
appointed as administrator of FE Investments on June 5, 2021.


SSC ADMIN: First Creditors' Meeting Set for June 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of SSC Admin
Services Pty Ltd will be held on June 18, 2021, at 2:00 p.m. via
Microsoft Teams for Business teleconference.

Bradley John Tonks of PKF was appointed as administrator of SSC
Admin on June 8, 2021.




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C H I N A
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HNA GROUP: Juneyao Links Up With Trip.com While Eyeing HNA Assets
-----------------------------------------------------------------
Jia Tianqiong and Han Wei at Caixin Global Shanghai-based carrier
Juneyao Airlines Co. Ltd. entered a strategic partnership with
online travel agency Trip.com Group, fueling speculation that the
pair may link up in a bid for part of bankrupt HNA Group.

Under the partnership, Juneyao and Trip.com will cooperate in
business development, strategic investment and digital innovation,
among other areas, the companies said June 8. The companies are
focusing on partnership in aviation and tourism services and may
consider deeper cooperation in the future, a Juneyao source said.

According to Caixin, Juneyao and Trip.com tied up in June 2020 when
they joined China Eastern Airlines, Hainan Province Transport
Investment Holding Co. Ltd. and Sanya Development Holding Co. to
create a new regional carrier based in Sanya, the tropical tourism
resort in Hainan province.

                         About HNA Group

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

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

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

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

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


RADIANCE GROUP: Fitch Raises LT Foreign-Currency IDR to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded China-based homebuilder Radiance Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR)
to 'B+' from 'B'. The Outlook is Positive. The agency has also
upgraded the senior unsecured rating to 'B+' with a Recovery Rating
of 'RR4' from 'B'/'RR4'.

The upgrade follows material improvement in leverage - measured by
net debt/adjusted inventory, with joint ventures (JVs) and
associates proportionately consolidated - to 36.7% in 2020. The
Positive Outlook reflects Fitch's view that Radiance will be
comparable with 'BB-' peers if leverage can be sustained below 40%
without material increase in non-controlling interests (NCI), while
maintaining healthy profitability.

Attributable sales scale, as well as land bank quality and
diversification are in line with most 'BB-' peers. Debt structure
continues to improve, with decreasing reliance on trust and
non-bank financial institution (NBFI) loans. Disclosure on
operational data has also improved after the successful listing of
Radiance's holding company on the Hong Kong Stock Exchange.

KEY RATING DRIVERS

Significant Decrease in Leverage: Fitch thinks Radiance's leverage
can be sustained below 40% over the next two years, supported by
robust internal cash generation and sufficient land bank. Leverage
improved to 36.7% by end-2020, from 58.1% in 2019. This was mainly
a result of the successful listing of the holding company, an
increase in NCI of CNY11.3 billion, lower land acquisition
expenditure (32% of sales proceeds against 57% in 2019), and lower
leverage at the JV level.

Fitch expects Radiance to spend no higher than 40% of sales
proceeds to purchase land in 2021. The company continues to be
cautious in land acquisition, spending only CNY7.4 billion on
attributable basis in 5M21 (1H20: CNY13 billion). Leverage at the
JV level was lower in 2020 as more projects entered a later stage
when the majority of properties were sold and construction loans
were repaid. Fitch expects leverage at the JV level to increase
once new projects start and new construction loans are acquired.

IPO Improved Leverage, Transparency: The holding company, Radiance
Holdings (Group) Company Limited, was listed in October 2020 and
raised CNY2.3 billion from equity issuance. Fitch understands there
is no other business under the holdco and the financials of the
listed entity are essentially the same as the rated entity. Fitch
estimates the listing contributed to a 3pp improvement in leverage.
The disclosure of operational data has also improved post-IPO, thus
Fitch revises its ESG Relevance Score for Financial Transparency to
'3' from '4'.

Increase in NCI: Radiance's NCI increased by CNY11.3 billion to
CNY15.4 billion in 2020. Fitch understands the rise mainly came
from capital injections from other developers. Higher reliance on
NCI lowers its need for debt funding, but creates potential cash
leakage and lower financial flexibility. Radiance's NCI was 43.2%
of total equity and despite the large increase was still in line
with most 'B+' and 'BB-' peers with similar scale.

Improving Debt Structure: Radiance reduced its reliance on trust
and NBFI loans and decreased short-term debt as a percentage of
total debt. Trust and NBFI loans fell to 13% of total borrowings by
end-2020 from 33% in 2019, while bank loans increased to 53% of the
total from 35%. Short-term debt (including bonds puttable in one
year) also decreased to 33% of total debt in 2020 from 42% in 2019.
Fitch believes this is sustainable in light of management's
commitment towards further improvement.

Sufficient Quality Land Bank: Fitch expects Radiance's sufficient
and diversified quality land bank will support sustainable
contracted sales growth and flexibility in land acquisition. The
company had over 190 projects in 32 cities across six regions in
China as of end-2020, focusing on provincial capital cities and
municipalities. Fitch estimates its attributable sellable gross
floor area was sufficient for 2.9 years of development at
end-2020.

Margin Supported by Low-Cost Land: Fitch expects Radiance's EBITDA
margin (excluding capitalised interest) to stay above 20% over the
next two years, which will be supported by the 20%-22% gross profit
margin of unrecognised sales at end-2020. Fitch thinks the recently
acquired low-margin projects, mainly in competitive strong tier-two
cities, can be balanced by company's low-cost land acquired in its
core market.

For example, in Xi'an, which constitutes one fourth of Radiance's
attributable land bank, the average land cost is less than
CNY1,500/sqm while the average selling price (ASP) is
CNY13,000-14,000/sqm. The gross profit margin for Radiance's
property-development business was flat at 23% in 2020.

DERIVATION SUMMARY

Radiance's ratings are supported by its large sales scale and
diversified land bank. Its attributable sales of around CNY66
billion (based on Fitch's estimate) is comparable with that of
'BB-' peers. Its land bank diversification and quality are also
comparable with those of higher-rated peers. Fitch thinks
Radiance's credit profile will be comparable with that of 'BB-'
peers if the company can sustain a leverage below 40% without
material increase in NCI.

Radiance and Hong Kong JunFa Property Company Limited (Junfa,
B+/Stable) have similar attributable sales scale of over CNY60
billion. Leverage - measured by net debt (including external
guarantee)/adjusted inventory- is at similar levels for the two
companies. Junfa's ratings are constrained mainly by its land bank
concentration in Yunnan, as well as weaker financial transparency
and governance structure. Junfa is unlisted and majority owned by
one individual. Junfa's land bank concentration risk is mitigated
by its strong market presence in Yunnan, which is reflected in its
higher EBITDA margin of over 25%. The concentrated land bank is not
a problem for a 'B+' rating but is likely to be a rating constraint
for upgrading Junfa to 'BB' category.

Zhenro Properties Group Limited's (B+/Positive) attributable sales
scale of CNY78 billion is larger than that of Radiance. The two
companies have similar leverage and EBITDA margins. However,
Zhenro's small land bank of around two years creates pressure to
replenish land, which may pose a challenge in keeping leverage at
the current level.

Zhongliang Holdings Group Company Limited's (B+/Positive)
attributable sales scale of CNY101 billion is larger than that of
Radiance. Zhongliang adopts a faster churn model than Radiance,
which results Zhongliang's thinner EBITDA margin. Zhongliang's
leverage, with JV proportionately consolidated, was around 10pp
lower than that of Radiance in 2020. However, as Zhongliang
provided large guarantee to JVs, its consolidated leverage
(including guarantee to JVs) was 15pp higher than that of Radiance.
Zhongliang's reliance on NCI and trust loans is higher than that of
Radiance.

KEY ASSUMPTIONS

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

-- Attributable contracted sales increasing by 8% in 2021 (2020:
    12%) and 5% thereafter;

-- Sales collection rate of around 85% in 2021 and 2022 (2020:
    86%);

-- Land replenishment rate at 0.9x in 2021 based on controlled
    bank acquisition activities in 5M21, and 1.1x from 2022 to
    maintain the current land bank life (2020: 0.8x);

-- Attributable land premium to represent 40%-50% of sales
    receipts in 2021 and 2022 (2020: 32%);

-- Funding costs at 7.5% for new borrowings.

KEY RECOVERY RATING ASSUMPTIONS

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

-- Fitch has assumed a 10% administrative claim.

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

-- Cash balance is adjusted such that only cash in excess of the
    higher of accounts payables and three months of contracted
    sales is factored in, at 60% advance rate;

-- 30% haircut to net inventory in light of Radiance's healthy
    EBITDA margin of 20%-25%;

-- 45% haircut to investment properties after considering rental
    yield of Radiance's investment property assets and location of
    those assets;

-- 40% haircut on buildings under property, plant and equipment
    (PPE), as these are property assets that can be sold to repay
    debt when needed. This treatment is in line with other Chinese
    developers;

-- 30% haircut to accounts receivables. This treatment is in line
    with other Chinese developers;

-- 0% haircut to restricted cash. This treatment is in line with
    other Chinese developers.

Fitch estimates the recovery rate of Radiance's offshore senior
unsecured debt to be within the 'RR2' recovery range, based on
Fitch's calculation of the adjusted liquidation value after
administrative claims. However, the recovery is capped at 'RR4'
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria. This is because China falls into Group D of creditor
friendliness, and the Recovery Ratings on instruments of issuers
with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- Leverage, measured by net debt/adjusted inventory with JV and
    associates proportionately consolidated, sustained below 40%,
    without material increase in non-controlling interests;

-- EBITDA margin, excluding capitalised interest, sustained above
    20%.

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

-- The Outlook will be revised to Stable if the positive rating
    triggers are not met within 12-18 months.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient liquidity: Radiance has available cash of CNY20.7
billion, excluding restricted security deposit of CNY448 million
and supervised pre-sale funds of CNY5.4 billion. This is sufficient
to cover its CNY15.6 billion debt maturing and CNY2 billion
corporate bond puttable in 2021. The company had total credit
facilities at end-2020 of CNY120.6 billion (uncommitted), of which
CNY86.2 billion was unused.

ISSUER PROFILE

Radiance, established in 1996, is a multi-regional property
developer in China. Its attributable contracted sales scale is
among the top-40 Chinese developers. Radiance's holding company,
Radiance Holdings (Group) Company Limited, was listed on the Hong
Kong Stock Exchange in October 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY80.7 billion adjusted inventory used
in proportionate consolidated leverage calculation at end-2020
mainly includes:

-- CNY116 billion of inventory;

-- CNY3.7 billion of prepayment and deposit for land costs;

-- CNY1.4 billion of prepaid investment for acquiring development
    property subsidiaries;

-- CNY8.6 billion of investment properties (value implied by 4%
    rental yield);

-- CNY0.3 billion of PPE (buildings);

-- CNY68 billion of contract liabilities; CNY2.6 billion of
    amounts due from NCI;

-- CNY1.6 billion of amounts due to NCI;

-- and CNY17.7 billion adjusted inventory of its JVs.

Fitch has included JV net debt of CNY3 billion to the net debt
calculation on the proportionate consolidated leverage
calculation.

ESG CONSIDERATIONS

Fitch has revised the ESG Relevance Score for Financial
Transparency to '3' from '4', as the company's disclosure of
operational data has improved post-IPO and this factor will no
longer be a constraint on Radiance's ratings.

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.

SHANDONG AIRLINES: Seeks Emergency Loan as Pandemic Losses Bite
---------------------------------------------------------------
Guo Yingzhe and Jia Tianqiong at Caixin Global reports that
state-backed Shandong Airlines Co. Ltd. is seeking an emergency
loan from leading policy lender China Development Bank (CDB),
highlighting its struggles under huge losses and surging debt even
as air travel rebounds across the country after slumping last year
amid the Covid-19 pandemic.

Caixin relates that the company is applying for no more than CNY2.6
billion ($406.6 million) in a one-year emergency loan from CDB to
replenish liquidity and cover "operational expenses" such as jet
fuel, salary and rent, according to a June 7 filing to the Shenzhen
Stock Exchange.

The loan will not involve collateral and reflects the support
offered by the government and financial institutions to
pandemic-hit industries, according to the filing cited by Caixin.

Shandong Airlines Co., Ltd. provides passenger and cargo air
transportation within Shandong province and from Shandong province
to other cities in China.


TD HOLDINGS: Incurs $5.9 Million Net Loss in 2020
-------------------------------------------------
TD Holdings, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $5.95
million on $28.27 million of total revenues for the year ended Dec.
31, 2020, compared to a net loss of $6.94 million on $663,013 of
total revenues for the year ended Dec. 31, 2019.

As of Dec. 31, 2021, the Company had $167.18 million in total
assets, $47.15 million in total liabilities, and $120.03 million in
total equity.

The Company has financed its operations primarily through
shareholder contributions, cash flow from operations, borrowings
from third parties and related parties, and equity financing
through public offerings of its securities.

The Company expects to use the proceeds from this equity financing
as working capital to expand its commodity trading business.

During the year ended Dec. 31, 2020, the Company had a cash inflow
from operating activities of $29,856,033, a change of $32,021,665
from a cash outflow of $2,165,632 for the same period ended Dec.
31, 2019.  For the years ended Dec. 31, 2020 and 2019, the Company
had a cash outflow of $125,133 and a cash inflow of $638,249 from
operating activities from discontinued operations, and the Company
incurred net loss of $3,551,258 and $1,722,158 from discontinued
operations, respectively.

Net cash used in investing activities for the year ended Dec. 31,
2020 was $132,582,547, which was primarily attributable to cash
payment of $82,227,328 in exchange for 100% equity interest in
Qianhai Biayu, loans of $47,114,208 and $173,673,614 made to
related parties and third parties, against collections of loans of
$170,432,603 from third parties.

Net cash used in investing activities for the year ended Dec. 31,
2019 was $8,873,916, which was primarily attributable to
investments in financial products of $1,000,000, loans made to
related parties and third parties of $2,865,070 and $576,647,
respectively, and cash of $4,432,199 used in investing activities
from discontinued operations.

During the year ended Dec. 31, 2020, the cash provided by financing
activities was mainly attributable to borrowings from related
parties of $1,613,696, cash raised of $18,500,000 from certain
private placements by issuance of 19,000,000 shares of common
stocks, cash raised of $20,000,000 from a registered direct
offering by issuance of 8,000,000 shares of common stocks, cash
raised of $66,000,000 from issuance of unsecured senior convertible
promissory notes in the aggregate principal amount of $30,000,000
and exercise of accompanied warrants to purchase 20,000,000 shares
of common stock at an exercise price of $1.80.

The Company said, "While the potential economic impact brought by
and the duration of COVID-19 may be difficult to assess or predict,
a widespread pandemic could result in significant disruption of
global financial markets, reducing our ability to access capital,
which could in the future negatively affect our liquidity.  In
addition, a recession or market correction resulting from the
spread of COVID-19 could materially affect our business and the
value of our common stock.  While it is too early to tell whether
COVID-19 will have a material effect on our business over time, we
continue to monitor the situation as it unfolds.  The extent to
which COVID-19 affects our results will depend on many factors and
future developments, including new information about COVID-19 and
any new government regulations which may emerge to contain the
virus, among others."

A full-text copy of the Form 10-K is available for free at:

https://www.sec.gov/Archives/edgar/data/1556266/000121390021030939/f10k2020_tdholdingsinc.htm

                         About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) has become a used
luxurious car leasing business as well as a commodities trading
business operating in China since the disposition of its direct
loans, loan guarantees and financial leasing services to
small-to-medium sized businesses, farmers and individuals in July
2018.  The Company's current operations consist of leasing of
luxurious pre-owned automobiles and operation of a non-ferrous
metal commodities trading business.




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I N D I A
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AGRO INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Friends
Agro Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based        9.60        [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Friends Agro Industries is a partnership firm established in
January 2010 by Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin
Kumar and Mr. Vikram Kumar as partners. The firm is involved in the
milling and processing of basmati and nonbasmati rice. It is based
out of Jalalabad, Punjab.

ANAND RICE: ICRA Lowers Rating on INR39cr Fund Based Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Anand
Rice Mills, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based        39.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating downgraded from
                                 [ICRA]B+(Stable) and continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in February 2020. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

ARM is involved in the business of milling basmati rice. The
company has a processing unit with a capacity of 8 tonne per hour
at Nissing (Karnal, Haryana). The company caters to both domestic
and export markets.

AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Axis
Garment Designer in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based         4.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund-Based         2.50       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Axis Garment Designer is a partnership firm that was established in
2012. The firm is promoted by Mr. Avinash Gaikwad, Ms. Rashmi Gupta
and Mr. Rajendra Manjrekar. It is primarily engaged in
manufacturing texturised yarn and fabrics. It also manufactures
readymade garments (RMG) on a small scale, mainly women's wear and
children's wear.


BISMAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bisman
Industries Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non-Fund Based     0.20      [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit             Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Bisman Industries Limited (BIL) was established in the year 1988 by
Mr. Subhash Kumar Poddar in the name of Limtex Industries Ltd
having its registered office at Kolkata. The company is engaged in
manufacturing of biscuits and trading of tea in the domestic
markets, primarily East India in Asansol, West Bengal.

CARGO MOTORS: ICRA Lowers Rating on INR10cr Loan to B+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Cargo
Motors (Guj.) Pvt. Ltd, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-Based          10.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Cargo Motors (Guj.) Pvt. Ltd's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.

As part of its process and in accordance with its rating agreement
with Cargo Motors (Guj.) Pvt. Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

Cargo Motors (Gujarat) Pvt Ltd was established in the year 1983 by
Mr. Pravesh Nanda at Ahmedabad, Gujarat. The company was one of the
first authorized Maruti Suzuki India Ltd dealers in the state of
Gujarat having operation across Ahmedabad, Baroda, Rajkot,
Gandhidham and Bhuj. The company had a long association with Maruti
upto January 2007 when it voluntarily surrendered the dealership
across all locations. As a Maruti dealer, the company had
facilities for sales, service and spares of Maruti vehicles.
Subsequently in May 2007, the company commenced the dealership
operations for PV segment of Ford India Pvt. Ltd. in Ahmedabad,
Baroda & Gandhidham and in Gandhinagar from Jan-12. In 2010, the
company acquired the dealership for the PV segment of General
Motors in Gandhidham.

CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Chaitanya
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         10.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based                    Rating continues to remain under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

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

Chaitanya Enterprises (CE), established in the year 2010, is
engaged in ginning and pressing of cotton. It is a partnership firm
promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The ginning
and pressing factory is located in Guntur district of Andhra
Pradesh. The ginning facility includes 36 Gins, Auto Pressing and
Auto feeder. Each gin has a capacity of producing 70 kgs of lint
per hour. Each baling press has a capacity of 15 bales per hour.


CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Choudhary
Gum and Derivatives in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Cash Credit        14.50     [ICRA] D; ISSUER NOT COOPERATING;
   Facilities                   Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 2013, CGD is a partnership firm involved in the
processing of guar seeds to obtain guar gum refined splits and
by-products such as churi and korma. The firm operates from its
facility at Saudulsahar in Rajasthan, with an installed guar gum
seeds-processing capacity of 75,000 metric tonne per annum (MTPA).
It is primarily a family-run concern with Mr. Om Prakash and Mr.
Amandeep as partners. The firm sells its products in the domestic
market with its sales fully concentrated in Rajasthan.


DEWAN HOUSING: 63 Moons to Challenge NCLT Piramal Order
-------------------------------------------------------
Moneycontrol.com reports that 63 Moons, one of the parties involved
in the DHFL case, has made a decision to challenge National Company
Law Tribunal (NCLT), order which approves Piramal Group's
resolution plan for Dewan Housing Finance (DHFL).

The firm believes that the resolution plan is contrary to law and
that this resolution plan is against the interest of all DHFL
credit holders including all NCD holders, CNBC-TV18 reported,
according to Moneycontrol.com.

Earlier, the NCLT had approved Piramal Group's overall resolution
plan for beleaguered mortgage lender DHFL, with a few conditions.
The NCLT rejected former DHFL promoter Kapil Wadhawan's plea to get
access to a copy of the resolution plan, the report notes.

In its order dated June 7, the tribunal asked the company's
Committee of Creditors (CoC) to consider giving more money to small
fixed deposit (FD) holders under the approved resolution plan.

However, this NCLT order is subject to final judgement from the
National Company Law Appellate Tribunal (NCLAT) and the Supreme
Court's judgement on Kapil Wadhawan in the matter, Moneycontrol.com
notes.

                             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.

ENMAX ENGINEERING: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Enmax
Engineering (India) Private Limited (EEIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B+
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            2.00       [ICRA] B+(Stable); ISSUER NOT
   Non fund based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Enmax Engineering (India) Private Limited (EEIPL) was incorporated
in 2007 by Mr. DVVS Narayana Reddy, Mr. K Jayavardhana Reddy and
Mr. G.S. Chandra Obul Reddy who have more than four decades of
cumulative professional experience in the waste heat recovery
engineering industry. The core activities of EEIPL are designing,
engineering, manufacturing and supply of waste heat recovery
systems for various applications. The manufacturing unit is
situated at Balanagar-Narasapur highway near Jeedimetla industrial
area in Hyderabad. The manufacturing facilities of the company are
approved by Indian Boiler Regulating authorities (IBR), and Lloyds
and Bureau VERITAS Quality Inspection (BVQI). EEIPL holds ISO
accreditation (9001:2008) through BVQI.

GOODEARTH MARITIME: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Goodearth
Maritime Limited in the 'Issuer Not Cooperating' category.  The
ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        242.96     [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Goodearth Maritime Limited is a part of the Chennai-based Archean
Group, promoted by Mr. P.B. Anandam and family. GML commenced its
operations in FY2002 by chartering ships and later acquired ships
at the trough of the cycle in the calendar year (CY) 2003. However,
due to sustained weakness in charter rates in the dry-bulk segment
in the last few years coupled with interest burden on high debt
levels, the company has been selling its vessels to reduce debt
levels and at present it has no operational vessel. GML also owns a
jetty in Jakhau, Gujarat from where the salt produced by Jakhau
Salt Company Private Limited (JSCPL), a group company, is loaded
onto barges for trans-shipment. GML also has a wholly-owned
subsidiary – GML BKS Private Limited, Jersey – which was
incorporated as a special purpose vehicle (SPV) for coal mining
operations in Indonesia. GML also has a wholly-owned subsidiary
called Drillco Exploration FZE (Drillco). Besides dry-bulk
shipping, the Archean Group is present in export of granite stones,
iron ore fines and industrial salts.

HIGH TECH FILATEX: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of High Tech
Filatex Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         6.18       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Cash Credit       3.50       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Incorporated in the year 2010, High Tech Filatex Private Limited is
engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.


HIGH TECH WEAVES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of High Tech
Weaves (India) Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         1.47       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Cash Credit       7.50       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Incorporated in the year 1991, High Tech Weaves (India) Private
Limited (HTWPL) is engaged in the manufacturing of sizing and
warping yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for over
a decade.

ICOMM TELE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Icomm Tele
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D/[ICRA] D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       452.50      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Fund Based-       347.17      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-       963.53      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based Limits                  the 'Issuer Not Cooperating'
                                 category


   Long Term–        627.44      [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating continues to remain under
   Limits                        the 'Issuer Not Cooperating'
                                 category

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

ICOMM Tele Limited is an EPC company providing infrastructure
solutions in power transmission & distribution, telecom, defense,
solar and water and waste water sectors. The company has one of the
largest manufacturing plants for power transmission towers with a
production capacity of 250,000 metric tons per annum. The plants
are located at Hyderabad, Andhra Pradesh and Yanam, Pondicherry. In
addition to towers, the company also manufactures products for
transmission conductors & distribution products, telecommunications
equipments, solar modules, defense communications equipment and
defense shelters.


JEPPIAAR POWER: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jeppiaar
Power Corporation Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        92.50      [ICRA]D; ISSUER NOT COOPERATING,
   Fund Based                   Rating continues to remain in the
   Facilities                   'Issuer Not Cooperating' category


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

Jeppiaar Power Corporation Private Limited (JPCPL) was incorporated
in October 2009 by the Jeppiaar Group which manages a diverse set
of businesses in the state of Tamil Nadu. The company is
establishing a coal-based Captive Power Plant (CPP) with a total
generating capacity of 30 MW in Kanchipuram, Tamil Nadu.


KBJ JEWEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KBJ Jewel
Industry India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        110.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
   CC                            the 'Issuer Not Cooperating'
                                 category

   Short-term-       (20.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Incorporated in May 2006, KBJ Jewel Industry India Private Limited
(KBJJPL) was promoted by Mr. Mohit D. Kamboj and his father Deepak
K. Kamboj with the aim to manufacture and market gold jewelry. The
Kamboj family has been in the jewellery business for more than five
decades with Mr. Mohit Kamboj representing the third generation of
the family in this business. The company's head office is located
in Mumbai and it has a branch office in Varanasi, UP, where the
family first commenced its jewelry business five decades ago.

KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Khosla
International in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        29.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in the year 2002, KI is a partnership firm engaged in
milling and processing and basmati and non-basmati rice. The firm
is mainly engaged into production and export of parboiled rice. KI
has its plant located in Batala, Punjab with a milling capacity of
6tons/hour.

KRISHNA STEVEDORES: ICRA Hikes Rating on INR18.51cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shree
Krishna Stevedores Private Limited (SKSPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term            18.51      Upgraded to [ICRA]B+(Stable)
   Fund-based–                     from [ICRA]D
   Term Loan            
                    
   Long-term–           17.00      Upgraded to [ICRA]B+(Stable)
   Fund-based/CC                   from [ICRA]D

   Long-term/            6.00      Upgraded to [ICRA]B+(Stable)/
   Short-term–                     [ICRA]A4 from [ICRA]D
   Unallocated           
                                   
Rationale

ICRA's rating upgrade considers the regular debt repayments by
SKSPL over the past five months and reduction in debt levels,
following the amicable foreclosure of marine intercarting contract
awarded by Afcons Infrastructure Limited (AIL) in November 2020.
Under the settlement, the company was to receive INR26.8 crore
between November 2020 and June 2021, of which ~INR19.2 crore has
been received till date and the same has been used for reduction in
SBM Bank (India) Limited's (SBIL) bank loans from INR18 crore as on
March 31, 2020 to INR7 crore as on date. The loan is expected to be
prepaid by June 2021, with receipt of the remaining payment under
the settlement.

The ratings, however, remain constrained by its stretched liquidity
position arising from elongated receivables, resulting in near to
full utilisation of working capital limits. ICRA notes that the
company has sizeable debtors outstanding over six months (~INR9.4
crore as on December 31, 2020, constituting ~ 25% of its net
worth), although there has been moderation since FY2019. The
ratings are further constrained by moderate scale of operations
with the company likely to achieve an operating income (OI) of
INR120-125 crore in FY2021. Moreover, with the cancellation of
contract with AIL and expected revision in some of the other
orders, the revenue growth visibility is limited and pickup in
scale will be dependent on timely order addition and execution.
Additionally, steady realisation of payments will remain critical
to generate sufficient cash flow to meet its nearterm debt
obligations.

The ratings, however, draw comfort from the extensive experience of
the promoters and established track record of SKSPL in the
logistics industry, along with its capability to provide end-to-end
logistic solutions and long relationships with the client
base, resulting in repeat orders.

The Stable outlook on the long-term rating reflects ICRA's belief
that SKSPL will benefit from the extensive experience of its
management and established relationships with its customers.

Key rating drivers and their description

Credit strengths

* Regularisation of delays in servicing debt obligations: The
company delayed the repayment of term loan instalments with SBM
Bank (India) Limited on October 31, 2020. However, the delays were
regularised on November 30, 2020 and SKSPL has been timely
servicing its SBM Bank (India) Limited's debt obligations since
then. The delay in debt servicing in this period was attributable
to the slow receivables from AIL, which led to cash flow mismatches
leading to irregularity in debt servicing. SKSPL and AIL have, in
November 2020, amicably foreclosed the marine intercarting contract
awarded in March 2019 due to change in scope and reached a
settlement agreement, under which the company will receive a
consideration of INR26.8 crore over the period November 2020 to
June 2021. Towards this, as on April 30, 2021, the company has
received INR19.2 crore and the remaining two tranches of INR3.8
crore each (excluding GST) are to be received in May and June 2021.
SKSPL plans to prepay the loan outstanding from SBIL through the
remaining two tranches to be received from AIL.

* Experienced promoters and established track record of SKSPL in
the logistics industry: SKSPL is the flagship company of the Shree
Krishna Group, set up by Mr. Gulabrai Kundalia to provide logistic
solutions. At present, his three sons, Mr. Ajay Kundalia, Mr.
Sanjay Kundalia and Mr. Abhay Kundalia are involved in the Group's
day-to-day operations. The promoters have extensive experience of
over three decades in the logistics industry. The Group has
interests across various industries such as mining, equipment
hiring, transportation, petrol pumps and trading of minerals
through various companies.

* End-to-end logistic services provider: SKSPL is a recognised
end-to-end logistics provider, offering services such as
stevedoring, sea transportation, loading/unloading, vehicle/rake
loading, road transportation and rail transportation (rake
loading). The company's business involves loading and unloading of
bulk cargo from or to the mother vessel and the delivery of the
same to the required destination, either by road, sea or rail. It
owns a large fleet of barges and on-shore equipment such as
excavators, pay-loaders, grabs, dumpers and trailers. Over the
years, the company has developed an established customer base as
reflected by repeat orders and range bound operating income (OI) of
INR100 – INR120 crore between FY2015 and FY2021 from stevedoring,
cargo handling, sea transportation, loading/ unloading, vehicle/
rake loading, road transportation and rail transportation (rake
loading), etc.

Credit challenges

* Modest scale of operations: The company's scale of operations
continues to be moderate with revenues of INR161.6 crore in FY2020,
which improved from INR104.2 crore in FY2019 owing to an increase
revenue from clinker/cement cargo handling and sale income from
supply of core and armour rock. Further, the revenue is likely to
be INR120-125 crore in FY2021. With the cancellation of contract
with AIL and expected revision in some of the other orders, the
revenue growth visibility is limited and pickup in scale will be
dependent on timely order addition and execution. The net margins
declined to 0.9% in FY2020 from 3.5% in FY2019 as the company had
written off bad debt of INR4.4 crore.

* Sizeable debt repayment obligations in the near-to-medium term
amidst stretched liquidity position: As on March 31, 2021, the
company's total debt comprised INR28.4 crore of term loan, INR19.7
crore of unsecured loans (from directors, related parties and other
corporates) and INR16.4-crore working capital borrowing. Its total
debt outstanding declined to INR64.4 crore as on March 31, 2021
from INR82.3 crore as on March 31, 2020. However, SKSPL has
sizeable repayment obligations of ~INR9 crore in FY2022 and ~Rs. 8
crore in FY2023 towards the term loans other than that from SBIL.
The term loan from SBIL (INR7 crore as of April 2021) is expected
to be prepaid by June 2021, with receipt of the remaining payment
under the AIL settlement. SKSPL also has capex creditors repayment
obligation amounting INR1.5 crore in FY2022 and INR1.2 crore in
FY2023 with respect to two vessels. Further, the company reported
sizeable capex creditor of INR15.1 crore as on March 31, 2021
towards another two vessels, of which one has been supplied to a
group company on back-to-back basis and SKSPL plans to return the
other vessel. The total outside liability-to-tangible net worth
stood high at 4.0 times as on March 31, 2020, indicating high
leverage.

* High working capital intensity emanating from sizeable debtors
over six months: The debtors outstanding over six months remained
high at INR9.4 crore as on December 31, 2020 (~25% of its net
worth), although there has been some moderation since FY2019.
Timely recovery of debtors will remain crucial for managing the
working capital cycle of the company. In FY2020, it had written off
bad debt of INR4.4 crore, which impacted its net worth.

Liquidity position: Stretched

SKSPL's liquidity profile is stretched as reflected by near to full
utilisation of its fund-based working capital limit for the past
six months that ended in March 2021. Further, it had external
long-term loans of INR28.4 crore from banks and FI's as on March
31, 2021. The company has sizeable repayment obligations of ~Rs. 9
crore in FY2022 and ~Rs. 8 crore in FY2023 towards the term loans
other than that from SBIL. It plans to prepay the INR7-crore term
loan outstanding from SBIL as on April 27, 2020 (Rs. 9 crore O/s as
on March 31, 2021) through proceeds to be received from AIL.
Further, its anticipated cash flows are likely to service the debt
obligation in a timely manner. However, timely receipt of payment
from customers and execution of orders remain critical to meet the
anticipated cash flow obligation. It had modest free cash and bank
balance of INR1.7 crore as on March 31, 2021.

Rating sensitivities

Positive factors – ICRA could upgrade the rating if SKSPL
improves its revenues and profitability on the back of timely
execution of orders and order addition, while managing its working
capital requirements. Further, improvement in liquidity profile, on
a sustained basis, would be a specific trigger for a rating
upgrade.

Negative factors – The rating may be downgraded if any delay in
execution of orders or inability to secure new orders results in a
decline in revenues or profitability margins, thereby adversely
impacting the debt coverage metrics on a sustained basis. Further,
delay in receipt of payments from customers considerably affecting
the liquidity position may result in a rating downgrade.

Incorporated in March 2010, SKSPL is the flagship company of the
Shree Krishna Group and is involved in providing cargo handling
services, which includes stevedoring, sea transportation (barging),
loading/unloading, road transportation and rail transportation
(rake loading). Its head office is located in Mumbai, while branch
offices are situated in Jamnagar, Sikka, Ratnagiri and Surat. The
company handles various kinds of cargoes, which includes coal,
pulses, cement, clinker, sulphur, steel plates and pipes,
fertilisers, iron ore, limestone and rock phosphate among others,
mainly at the ports of Mumbai, Dahanu, Ratnagiri, Magadalla and
Hazira.

KRUSHNA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Krushna
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         9.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 1995 as a partnership firm, Krushna Industries (KI)
is involved in the ginning and pressing of raw cotton to produce
cotton bales and cottonseeds. KI's manufacturing facility at Rajkot
(Gujarat) is equipped with 20 ginning machines and a pressing
machine, with a production capacity of 14,206 cotton bales and
4,400 cottonseeds per annum. The firm is managed by its partners,
Mr. Bhavesh Makwana and Mr. Kala Makwana who have extensive
experience in the cotton industry.


LUCKNOW MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lucknow
Medical Agencies in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           6.50       [ICRA] B(Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1999 as a partnership firm, LMA has been engaged in
the wholesaling and distribution of pharmaceutical drugs in the
domestic market for more than a decade in Delhi. The firm's product
portfolio consists of more than 9,000 branded drugs, which are
procured directly through the pharma manufacturers. Some of the key
suppliers include Cipla Ltd., Sun Pharma Limited, Sanofi India
Ltd., Abbott India Ltd. Etc. LMA's operating income has witnessed
steady growth over the years aided by deeper penetration in the
existing markets. Further, addition of new suppliers thereby
resulting in enhanced product portfolio has also supported volume
growth for the firm. Post FY13, LMA's revenues have witnessed
significant growth in the operating income owing to increasing
volume along with marginal increase in the realizations which have
been transferred by the pharmaceutical companies to the
distributors. Going forward, the firm's revenues are expected to
derive support from the management's increasing focus on expanding
its presence and adding new suppliers.


MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Maharaja Industries in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-       33.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Industries
(SMI) is engaged in trading of refined, bleached and deodorized
(RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells
refined palm oil to wholesalers across Southern states such as
Tamil Nadu, Andhra Pradesh and Kerala. Besides this, the entity
also operates a theatre and theme park (facilities leased from
Maharaja Theme Parks Private Limited, associate entity) in Erode.
The entity has discontinued its business operation since September
2016.


MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Maharaja Oil Imports And Exports India Private Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-        55.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term/          1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

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

SMOIEPL is engaged in trading of RBD palm olein and caters
predominantly to the South Indian market. SMOIEPL incorporated in
1991 as 'Sri Maharaja Dyeing and Processing Private Limited', (a
dyeing company) was changed to 'Sri Maharaja Oil Imports and
Exports India Private Limited' in 2011-12, in-line with change in
business activity (trading). Based out of Erode (Tamil Nadu), the
company is managed by Mr. K. Paramasivam and his son Mr. P.
Sathyamoorthy. SMOIEPL is a part of the Maharaja group, a
diversified business group based in Erode (Tamil Nadu) with
presence in 2 sectors including edible oil trading/refining,
textiles, educational institutions, hospitality and entertainment.
The entity has discontinued its business operation since September
2016.

MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Maharaja Refineries in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-        39.38      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Refineries
is engaged in trading of refined, bleached and deodorized (RBD)
Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined
palm oil to wholesalers across Southern states such as Tamil Nadu,
Andhra Pradesh and Kerala. The entity has discontinued its business
operation since September 2016.


MAHESH RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahesh
Rice Mill in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-Based           12.00      [ICRA]B(Stable) ISSUER NOT
   Limits                          COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

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

Mahesh Rice Mill (MRM) was established in 1993 as a partnership
firm. The firm is primarily involved in the milling of rice with an
installed capacity of 3 tonne per hour, which is located in
Taraori, Karnal district (Haryana). The firm has a sortex plant
with the capacity of 3 tonne/hour and is professionally managed by
Mr. Mukesh Goel.


PNB REALTY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of PnB Realty
Ltd in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.35       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based                    Rating continues to remain under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Long Term–         5.97       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term–         2.18       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

PnB Realty Ltd. (PnB), a part of the PnB Group of Companies, was
incorporated in March 2008 as a public limited company.  The group
is promoted by Mr. VGP Babudas, a second-generation entrepreneur,
with a track record of more than 20 years in real estate and
hospitality sectors. The company operates a hotel named Aurick
Hotel and is also involved in real-estate projects.


PRAGATI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pragati
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Fund based-        1.55       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 2011, Pragati Cotton Industries, as partnership
firm, is engaged in the business of ginning and pressing of raw
cotton and crushing of cottonseeds. The manufacturing facility of
the firm is located at Hirapar, Gujarat. The entire plant is
equipped with 24 ginning machines, 1 pressing machine and 4
expellers. The installed capacity of the plant is 220 cotton bales
and 2.5 MT of cottonseeds oil per day (24 hours operation).


PRAVEEN ELECTRICAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Praveen
Electrical Works in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         55.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
   CC                            the 'Issuer Not Cooperating'
                                 category

   Long-term-          9.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term/          6.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

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

Praveen Electrical Works was established as a proprietorship firm
in the year 1994 by Mr.Prakash. C. Angadi. The firm is an
electrical contractor and is a registered Class I contractor with
Government of Karnataka. The firm undertakes internal and external
electrification works and caters to various Government departments
in Karnataka such as Hubli Electricity Supply Company Limited,
Karnataka Slum Development Board, Public Works Department and The
Karnataka Power Transmission Corporation Limited among others.


RAM PULSE: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree Ram
Pulse Millsin the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

Established in 2003 as a partnership firm, SRPM processes and sells
pigeon peas (tuver dal), black gram pulse (urad dal) and gram pulse
(chana dal). The firm's plant at Gondal (Gujarat) is equipped with
sortex and processing machines that have an annual processing
capacity of 9,000 metric tonnes (MT) of pulses. It markets the
pulses under 'Ram Platinum', 'Ram Gold' and 'Ram Silver' brand
names to differentiate the various grades processed by it. The
partners of the firm have extensive experience in the pulse
processing industry through their association with other Group
concerns, namely Shree Ram Traders, Shree Ram Cleaning, Shree Ram
Agro Industries and Jay Siyaram Traders. In FY2017, the firm
reported a net profit of INR0.34 crore on an operating income (OI)
of INR46.12 crore, as compared to a net profit of INR0.31 crore on
an OI of INR48.08 crore
in the previous year.

RATHNAVEL SUBRAMANIAM: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rathnavel
Subramaniam Educational Trust in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         84.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loans                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

RVS was established in 1983 as a non-profit, charitable trust under
the Indian Trusts Act 1882. Its educational institutes are centered
in Sulur & Kannamapalaym in Coimbatore and in Dindigul. With an
established track record of over 30 years in the education sector
and its experienced trustees, RVS Educational Trust operates a
range of educational institutions starting from schools to higher
educational institutions. The trust's diversified income streams
are agricultural, women hostel and interest. It currently has two
trustees, with Dr. Kuppusamy as its current chairman.


S.K. FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.K Foods
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-Based           15.00      [ICRA]B+(Stable) ISSUER NOT
   Limits                          COOPERATING; Continues to
                                   remain Issuer Not Cooperating
                                   category

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

SKF is involved in milling basmati rice. The company has a
processing unit with a capacity of 5 tonne per hour at Nissing
(Karnal, Haryana). It caters only to domestic markets.


SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sai Radha
Pharma (India) Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           17.50      [ICRA] B+(Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2012, SRPL is involved in the retail and wholesale
distribution of pharmaceutical products. The Sai Radha Group has
presence in pharmaceutical distribution since 1989 through a retail
store operated under a partnership firm Radha Medicals and General
Stores. In 2007, the Sai Radha Group ventured into wholesale
distribution business through acquisition  of Panchavati Pharma.
With a view to consolidate the entire pharmaceutical distribution
business under one company, Mr. Manohar Shetty started SRPL in
January 2012. SRPPL has four retail stores at present, two in Udupi
and two in Mangalore. The wholesale segment caters to retail
medical stores, hospitals and doctors in and around Udupi,
Mangalore, Manipal and nearby regions. Some of its major suppliers
include Lupin Limited, Dr. Reddy's Laboratories, Abbott
Laboratories, Zydus Cadila, Mankind Pharma and Cipla Limited, among
others.

SIDDHNATH COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Siddhnath Cotex Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            66.00      [ICRA]B+(Stable) ISSUER NOT
   Fund-Based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term             3.00      [ICRA]B+(Stable) ISSUER NOT
   Fund-Based                      COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2008, Shree Siddhnath Cotex Private Limited (SCPL)
is engaged in the business of ginning and pressing of raw cotton
having an installed capacity of 85 TPD with its product profile
comprising of cotton bales and cotton seeds. The company also
commissioned crushing of cotton seeds from October 2014 thereby
expanding its portfolio to include cotton seed oil and oil cake.
The plant is located at Chotila in Surendranagar district of
Gujarat. The company is promoted by Mr. Suresh Lunagariya and his
family members. Mr. Lunagariya has a vast experience of around two
decades in the industry by the virtue of being a director/partner
in other cotton ginning companies.




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

GAJAH TUNGGAL: S&P Alters Outlook to Developing, Affirms CCC+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Indonesia-based tiremaker
PT Gajah Tunggal Tbk. to developing from negative. S&P affirmed its
'CCC+' long-term issuer credit rating on Gajah Tunggal and its
'CCC+' long-term issue rating on the company's outstanding US$250
million notes. S&P also assigned its preliminary 'B-' long-term
issue rating to Gajah Tunggal's proposed notes.

The developing outlook reflects the likelihood of either a positive
or negative rating action depending on Gajah Tunggal's ability to
complete the proposed issuance.

S&P revised the outlook to developing to reflect the prospect of
either a positive or negative rating action on the issuer credit
rating on Gajah Tunggal, depending on the company's ability to
close the notes issuance it announced on June 9, 2021.

S&P also assigned a preliminary rating of 'B-' to the proposed U.S.
dollar-denominated notes to reflect its view of the company's
lengthened debt maturity profile, reduction in exposure to foreign
currency risks, as well as improvement in leverage. Tempering these
strengths are Gajah Tunggal's margin sensitivity to raw material
prices, its expectations of growing working capital requirements in
line with increasing related parties transactions, more cautious
lending, and weak market access.

A successful closure of the notes issuance will lengthen Gajah
Tunggal's weighted average debt maturity profile to about four
years, from under two years now, as well as improve liquidity.The
targeted value of the notes, together with a proposed seven-year
amortizing term loan of Indonesian rupiah (IDR) 1.5 trillion will
be used to refinance the company's existing US$250 million bond,
removing near-term refinancing risk. A successful issuance, along
with the recent refinancing of Gajah Tunggal's senior secured
facilities in February 2021 to a seven-year amortizing senior
secured facility of IDR1.325 trillion will ease the company's
structurally tight cash flow. Along with the newly proposed term
loan, S&P estimates yearly principal amortization to reduce to
IDR282 billion-IDR424 billion, from IDR700 billion-IDR900 billion
under the previous facility.

The developing outlook also captures the downside credit risks of a
delay in closing the notes issuance.A delay in the notes issuance
will keep Gajah Tunggal's refinancing risk elevated. The company's
funding sources remain highly reliant on favorable bond markets and
investor sentiment. Foreign currency capital markets are likely to
remain volatile for the rest of the year, with only sporadic
fundraising opportunities for weaker credits in capital markets. An
inability to close the proposed transaction--either because of a
lack of investor demand, a coupon that Gajah Tunggal deems to be
too expensive, or unconducive capital market conditions--is likely
to translate into a few months delay before the company is able to
tap the markets again. This will increase refinancing risk as the
August 2022 notes maturity approaches.

Gajah Tunggal's currency risk related to debt servicing will
reduce. S&P said, "We estimate the company's foreign currency debt
will now account for less than 50% of its total debt from close to
70%, in view of its increased local currency capital raising. We
expect the company's U.S. dollar-denominated EBITDA to sufficiently
cover its dollar-denominated interest expenses. However, we believe
the company's growing working capital requirements would most
likely be funded by U.S. dollar lines, keeping a structural
exposure to fluctuations in the Indonesian rupiah."

S&P said, "We expect Gajah Tunggal's leverage to improve modestly.
Over the next three years, we forecast Gajah Tunggal's ratio of
funds from operations (FFO) to debt to be above 16%, compared to
11% in 2019. This is largely due to our expectations of close to a
20% reduction in debt load undertaken compared to 2019, along with
the continued growth in the business. EBITDA interest coverage
ratio will be maintained around mid-2x, and gradually improve
toward 3x over the period, compared with 1.9x in 2019. The
company's average interest rates are also expected to reduce
slightly, given the absence of withholding tax and hedging costs
for the Indonesian rupiah term loans.

Still, Gajah Tunggal is unlikely to sustain high profit margins
reported in 2020 despite our forecast of a modest recovery in tire
demand in 2021. Natural rubber costs about US$220 a ton now, an
increase of more than 50% from the same period last year, and could
remain at that level throughout 2021 according to current futures.
Given that approximately 80% of Gajah Tunggal's raw material costs
are linked to natural and synthetic rubber, and other related
chemicals, we believe the higher rubber costs will reduce the
company's EBITDA margins toward 13% in 2021 and 2022, compared with
15% in 2020. While Gajah Tunggal has historically been able to pass
on some increases in raw material prices to its customers, the
current weak consumer sentiment and intense competition may limit
its ability to do so in a timely manner in 2021. S&P also
anticipates a gradual rise in other operating costs, including
labor, transportation, and overheads, as the Indonesian economy
recovers gradually. S&P's base case assumes Gajah Tunggal's
reported EBITDA will be IDR1.8 trillion-IDR2.0 trillion in 2021,
compared with about IDR2.1 trillion in 2020, before improving
toward IDR 2.2 trillion in subsequent years.

Growing working capital requirements and a pickup in capital
spending are likely to translate into minimal discretionary cash
flow in 2021. The company generated IDR1 trillion of working
capital in 2020 amid reducing inventories and longer payables. S&P
expects this trend to reverse in 2021, with its forecast of IDR300
million-IDR500 million in working capital requirements, as demand
recovers and inventories and payables normalize. Capital spending
will likely also double in 2021 and 2022 from 2020 levels as Gajah
Tunggal modernizes machinery and equipment, and increases capacity
at its truck and bus radial (TBR) facility. The company's IDR242
billion land acquisition from PT Softex Indonesia, which was fully
paid earlier in March 2021, is part of its plan to grow its TBR
capacity to 3,500 tires per day by 2026, up from 2,000 tires per
day now.

S&P expects Gajah Tunggal's related-party exposure to rise
incrementally over the next few years as the company expands its
export market. Sales to related parties, notably GITI Tire Global
Trading Pte. Ltd. (which distributes Gajah Tunggal's tires in
export markets), have been growing steadily over the past five
years as Gajah Tunggal stepped up its development in export
markets. Such sales represented 22%-23% of total revenues in 2020
and the first quarter of 2021, compared with 11% in 2015. While
these sales are reflected in the company's reported EBITDA, S&P
believes there is uncertainty in timely cash conversion.

In addition, receivables from related parties have risen
significantly along with higher related-party revenues. Such
receivables were IDR2.3 trillion as of the first quarter of 2021,
more than triple the amount in 2015; meanwhile receivables from
third parties declined. S&P said, "We estimate that Gajah Tunggal's
average related party turnover was over 200 days in 2020 and 2019,
which is typically about 120 days longer than its payment terms to
its domestic customers. Export revenues--and therefore revenues
from related parties--are likely to rise, given that TBR tires are
the norm for trucks and buses in developed countries, where road
infrastructure is of relatively better quality. Given our
expectation of increasing working capital requirements, we believe
these risks related to growing related party exposure as well as
the limited transparency of information within the broader group
are likely to continue to constrain the ratings."

The drawdown of the new term loan will be contingent on the success
of the proposed bond raising. A portion of the collateral package
on the existing bond will be split from securities pledged to the
company's recently refinanced Indonesian rupiah senior-secured
facility, as well as its newly contemplated term loan. Plants D, E,
and R, which manufacture a range of passenger car radial, flaps,
and truck and bus radial tires, respectively, along with the
company's mixing center, Plant M, will not be pledged to the
proposed notes. S&P estimates that the total value of the
collateral will be about 160% of the proposed notes amount.

The new covenants on the notes are not materially different from
the existing ones, with a fixed charge coverage ratio of 2.5x
needed for the company to raise more debt. Allowed debt carve-outs,
at US$175 million, will be similar to those for the previous notes.
The terms and covenants of the proposed term loan will be largely
similar to that of the senior secured facility refinanced in
February 2021.

The developing outlook reflects the likelihood of either a positive
or negative rating action depending on Gajah Tunggal's ability to
successfully complete its proposed notes issuance.

S&P is likely to raise the ratings on Gajah Tunggal to 'B-' if the
proposed notes issuance closes successfully.

Downward rating pressure could arise if the proposed notes issuance
is postponed.

S&P said, "We may downgrade Gajah Tunggal if the company does not
refinance the notes by August 2021. We will also likely lower the
rating if Gajah Tunggal undertakes capital market transactions
related to its notes that we assess as constituting a distressed
exchange, including capital market purchases below initial
promise."




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

NORSKE SKOG: To Close Tasman Mill, Sell Assets
----------------------------------------------
Radio New Zealand reports that Norwegian company Norske Skog
announced the paper mill would be closed and its assets sold off,
with production wrapping up by June 30, 2021.

According to RNZ, the company said in a statement the decline of
the publication paper industry and the Covid-19 pandemic had
prompted a strategic review of the mill's viability last year.

It said the mill had produced "only very limited volumes" this
year.

RNZ relates that the company said it would honor all redundancy and
contractual obligations to the mills' employees as the workforce
was progressively reduced until it closed.

Norske Skog chief executive Sven Ombudstvedt said the decision to
close the Tasman Mill followed a detailed review over the past
eight months, RNZ relays.

"It will address the substantial imbalance between newsprint
production capacity and customer demand in the Australasian region.
The Tasman Mill has been an important contributor to the regional
economy in New Zealand for the past 66 years, producing more than
15 million tonnes of publication paper over its lifetime.

"I would like to thank everyone who has worked at the mill for
their outstanding contribution throughout the years, and their
significant efforts to ensure a long and good life for the mill."

Norske Skog's Tasman mill employs 160 people and has been operating
for 66 years.

Norske Skogindustrier ASA or Norske Skog, which translates as
Norwegian Forest Industries, is a Norwegian pulp and paper company
based in Oslo, Norway and established in 1962.




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

EAGLE HOSPITALITY: Sells Four Properties Under Ch. 11 for $116MM
----------------------------------------------------------------
Ameya Karve of Bloomberg News reports that Eagle Hospitality Trust,
whose units filed for bankruptcy protection earlier this year, sold
four of its 15 properties under Chapter 11 for a total of $116
million.

The company closed the sale of Sheraton Denver Tech Center, Four
Points by Sheraton San Jose Airport, Embassy Suites by Hilton
Anaheim North and Double Tree by Hilton Salt Lake City Airport on
June 3, 2021, it said in an exchange filing.

EHT expected to complete the sale of one more property, the Hilton
Atlanta Northeast, last June 8, 2021, for an estimated $37.4
million.

                    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.

HIN LEONG: Court Freezes Lim's Homes in Singapore, Australia
------------------------------------------------------------
The Straits Times reports that six residential properties in
Singapore and three in Australia belonging to the Lim family behind
insolvent Hin Leong Trading are among assets frozen by the High
Court to recoup US$3.5 billion (SGD4.6 billion) of debt from the
collapsed oil trader.

Judicial managers turned liquidators Goh Thien Phong and Chan Kheng
Tek from PricewaterhouseCoopers (PwC) scored a legal victory last
month to freeze the Lim family's assets worldwide, up to a value of
US$3.5 billion, according to the report.

The report relates that the High Court order covers assets from
real estate in Singapore and Australia to club memberships,
insurance policies, shares, cash and investments.

Details of the order filed on June 4 and seen by The Straits Times
showed that of the six properties in Singapore, three are
good-class bungalows in Bukit Timah and Tanglin Hill.

Hin Leong founder Lim Oon Kuin, better known as O.K. Lim, jointly
owns one bungalow with his wife, one with his son Evan Lim Chee
Meng, and one more with his daughter Lim Huey Ching, the report
discloses.

The remaining three Singapore properties include two condominium
units in Stevens Road - one owned by Mr Evan Lim and another by Ms
Lim.

                      About Hin Leong Trading

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.

NEW SILKROUTES: Receives US$10.7 Million Letter of Demand
---------------------------------------------------------
The Business Times reports that mainboard-listed New Silkroutes
Group has received a letter of demand for an alleged sum of US$10.7
million from a company, Iolani Shipping, it disclosed in a June 8
bourse filing.

According to BT, New Silkroutes is a corporate guarantor for a
lease-financing arrangement of a bare boat charter, entered into by
its subsidiary TXZ Tankers. It is currently reviewing the letter of
demand with its legal advisors.

The company was recently under regulatory scrutiny, the report
relates.  In January, Singapore Exchange (SGX) raised queries
regarding New Silkroutes' wholly-owned oil-trading subsidiary,
International Energy Group, which it had not been successful in
winding up.

Based in Singapore, New Silkroutes Group Limited (SGX:BMT) --
http://www.newsilkroutes.org/-- is an investment holding company
focused on healthcare and energy. The Company owns and operates
primary care medical and dental facilities in Singapore and
Vietnam, as well as pharmacy management systems in Singapore and
China. New Silkroutes's energy division is involved in physical oil
trades in SEA and North Asia.


SAN YUEN: Creditors' Proofs of Debt Due July 9
----------------------------------------------
Creditors of San Yuen Investment Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by July 9,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Chieng Leong Kwong
         190 Middle Road #13-01
         Fortune Centre
         Singapore 188979




===============
T H A I L A N D
===============

KTBST SECURITIES: Fitch Rates THB450MM Unsec. Debentures 'B(tha)'
-----------------------------------------------------------------
Fitch Ratings (Thailand) has assigned a National Short-Term Rating
of 'B(tha)' to KTBST Securities Public Company Limited's (KTBSTSEC,
BB(tha)/Stable/B(tha)) upcoming issue of up to THB450 million in
subordinated unsecured debentures.

The debentures will have a maturity of nine months. The company
plans to use the proceeds to refinance outstanding subordinated
debentures.

KEY RATING DRIVERS

The National Short-Term Rating of 'B(tha)' on the upcoming
subordinated debentures is derived from the implied National
Long-Term Rating of 'BB-(tha)' based on the rating correspondence
table in Fitch's Non-Bank Financial Institutions Rating Criteria.

The implied National Long-Term Rating for the subordinated
debentures of 'BB-(tha)' is one notch below KTBSTSEC's National
Long-Term Rating of 'BB(tha)' to reflect the subordinated
debentures' higher loss-severity risk relative to senior unsecured
instruments, as per Fitch's Corporate Hybrids Treatment and
Notching Criteria.

This arises from the debentures' subordinated status, as
subordinated noteholders rank after senior creditors in the
priority of claims. Additional notching has not been applied due to
the lack of going-concern loss-absorption and equity-conversion
features.

By Fitch's rating definition, a National Short-Term Rating of
'B(tha)' indicates an uncertain capacity for timely payment of
financial commitments relative to other issuers or obligations in
the same country.

For further detail on KTBSTSEC's Key Rating Drivers and Rating
Sensitivities, please see latest commentary titled "Fitch Revises
Outlook on KTBST Securities to Stable, Affirms National Rating at
'BB(tha)'" dated 18 January 2021.

RATING SENSITIVITIES

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

-- The National Short-Term Rating on the subordinated debentures
    is sensitive to the change in KTBSTSEC's National Long-Term
    Rating, which is the anchor rating. However, an upgrade
    appears unlikely to occur unless KTBSTSEC is upgraded by
    multiple notches to above 'BBB(tha)'.

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

-- A downgrade of KTBSTSEC's National Long-Term Rating to
    'B(tha)' category would result in a downgrade of the
    subordinated debenture rating.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***