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

                     A S I A   P A C I F I C

          Monday, June 21, 2021, Vol. 24, No. 117

                           Headlines



A U S T R A L I A

COMMERCIAL PROJECT: Second Creditors' Meeting Set for June 25
GREEN COAST: First Creditors' Meeting Set for June 29
IMAN BUSINESS: First Creditors' Meeting Set for June 29
L DAVY: First Creditors' Meeting Set for June 24
LIBERTY SERIES 2019-1: Moody's Ups Class F Notes Rating to Ba2 (sf)

NPH GROUP: First Creditors' Meeting Set for June 28
PEPPER SPARKZ 2: Fitch Raises Class F Notes to 'BB'
RUBY BOND 2021-1: S&P Assigns Prelim B (sf) Rating to Class F Notes


C H I N A

BEIJING ENTERPRISES: Gets Help from Three Gorges Dam Owner
FANTASIA HOLDINGS: S&P Rates USD Senior Unsecured Notes 'B'


H O N G   K O N G

APPLE DAILY: Running Low on Funds to Print Newspaper


I N D I A

ADHUNIK METALIKS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
ALLWELD ENGINEERS: ICRA Reaffirms B Rating on INR7.50cr LT Loan
AMBATI SUBBANNA: ICRA Keeps B+ Debt Rating in Not Cooperating
ANNAI INFRA: Ind-Ra Corrects June 14, 2021 Rating Release
ANNAI INFRA: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable

ATHANI SUGARS: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
BUDS TEA: ICRA Keeps D Debt Ratings in Not Cooperating
C P AND ASSOCIATES: Ind-Ra Moves 'B+' Rating to Non-Cooperating
EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating
FIRESTAR DIAMOND FZE: Ind-Ra Keeps 'D' Rating in Non-Cooperating

FIRESTAR DIAMOND INT'L: Ind-Ra Keeps 'D' Rating in Non-Cooperating
FIRESTAR DIAMOND LTD: Ind-Ra Keeps D Loan Rating in Non-Cooperating
FIRESTAR DIAMOND: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
FIRESTAR INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
GANESH FIRE: ICRA Keeps C- Debt Rating in Not Cooperating

GEMTREE NATURAL: ICRA Withdraws B+ Rating on INR15cr Loans
HIMALAYA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating
INFRES METHODEX: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating
JANARDHAN RAW: ICRA Keeps B+ Debt Rating in Not Cooperating

JINDAL WOOD: Ind-Ra Moves 'D' LT Issuer Rating to Non-Cooperating
LAKSHMI JANARDHAN: ICRA Keeps B+ Debt Rating in Not Cooperating
LAVISH EXIM: Ind-Ra Withdraws 'D' Bank Loan Rating on INR51.5MM
MAHAMAYA CASHEW: ICRA Keeps B Debt Ratings in Not Cooperating
MALAPRABHA SAHAKARI: Ind-Ra Moves 'B' Rating to Non-Cooperating

MANGALORE CASHEW: ICRA Lowers Rating on INR20cr Loans to D
NG FERTILIZERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
PADMASHRI DR: ICRA Lowers Rating on INR413cr Cash Loan to D
PROFIVE ENGINEERING: Ind-Ra Moves 'BB' Rating to Non-Cooperating
QUBE CINEMA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'

SHYAM SPONGE: ICRA Keeps B+ Debt Rating in Not Cooperating
SIVANNI AGRIBUSINESS: ICRA Keeps B+ Ratings in Not Cooperating
SUAVE CORPORATION: ICRA Keeps B Debt Rating in Not Cooperating
SUSHEE INFRA: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
SVR ELECTRICALS: ICRA Keeps B Debt Ratings in Not Cooperating

SVS MOOKAMBIKA: ICRA Withdraws B+ Rating on INR13.80cr LT Loan
VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
VIDYUT BONDS: ICRA Reaffirms D Rating on INR589.70cr Bond
VIJAY TRANSFORMERS: ICRA Keeps B- Debt Ratings in Not Cooperating
ZEN SHIPPING: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating



I N D O N E S I A

ABM INVESTAMA: Moody's Puts B1 CFR Under Review for Downgrade
GARUDA INDONESIA: Puts Off Debt Payment Again Amid Funding Crunch


J A P A N

KOBE STEEL: Egan-Jones Hikes Senior Unsecured Ratings to B
MARUI GROUP: Egan-Jones Hikes Senior Unsecured Ratings to BB
MITSUBISHI CHEMICAL: Egan-Jones Keeps BB Senior Unsecured Ratings
MITSUI E&S: Egan-Jones Keeps CC Senior Unsecured Ratings
NISSAN MOTOR: Egan-Jones Keeps BB- Senior Unsecured Ratings

TOYOBO COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings


M A L A Y S I A

NAM CHEONG: Current Assets Unlikely to Adequately Meet Liabilities


P H I L I P P I N E S

CEBU AIR: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
PHILIPPINE AIRLINES: Parent Posts PHP71.8BB Net Loss in 2020

                           - - - - -


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

COMMERCIAL PROJECT: Second Creditors' Meeting Set for June 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Commercial
Project Services (Aus) Pty Ltd has been set for June 25, 2021, at
10:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 24, 2021, at 4:00 p.m.

David Ian Mansfield and David Orr of Deloitte Financial Advisor
were appointed as administrators of Commercial Project Services on
June 3, 2021.


GREEN COAST: First Creditors' Meeting Set for June 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Green Coast
Resources Pty Ltd will be held on June 29, 2021, at 10:00 a.m. via
virtual means only at Level 27, 10 Eagle Street, in Brisbane.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Green Coast on June 17, 2021.


IMAN BUSINESS: First Creditors' Meeting Set for June 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Iman
Business Solutions Pty Ltd will be held on June 29, 2021, at 10:30
a.m. via virtual meeting technology.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Iman Business on June 17, 2021.


L DAVY: First Creditors' Meeting Set for June 24
------------------------------------------------
A first meeting of the creditors in the proceedings of L Davy
Nominees Pty Ltd ATF L Davy Investment Trust will be held on June
24, 2021, at 10:00 a.m. via virtual meeting technology.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of L Davy on June 15, 2021.


LIBERTY SERIES 2019-1: Moody's Ups Class F Notes Rating to Ba2 (sf)
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Liberty Series 2019-1 SME.

The affected ratings are as follows:

Issuer: Liberty Series 2019-1 SME

Class B Notes, Upgraded to Aaa (sf); previously on Oct 10, 2019
Definitive Rating Assigned Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Oct 10, 2019
Definitive Rating Assigned Aa2 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Oct 10 2019
Definitive Rating Assigned A2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Oct 10, 2019
Definitive Rating Assigned Baa3 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Oct 10, 2019
Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

Following the April 2021 payment date, note subordination available
for the Class B, Class C, Class D, Class E and Class F Notes has
increased to 14.6%, 10.9%, 7.7%, 4.6% and 2.2% respectively, from
12%, 9%, 6.3%, 3.8% and 1.8% at closing.

The Guarantee Fee Reserve Account, fully funded at AUD2.75 million,
provides additional credit support of 0.6% of the current note
balance.

As of April 2021, 0.8% of the outstanding pool was 30-plus day
delinquent and 0.4% was 90-plus day delinquent. The deal has
incurred no losses to date. The proportion of bullet loans, which
rely on either refinancing or sale of the underlying property to
repay the loan at maturity, has decreased to 2.2% from 5.3% at
closing.

Based on the observed performance to date, loan attributes and
considering the gradual and uneven recovery, Moody's has lowered
its expected loss assumption to 2.1% of the outstanding pool
(equivalent to 1.7% of the original balance) from 2.2% of the
outstanding pool at closing.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of small businesses from a gradual and unbalanced
recovery in Australian economic activity.

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

The transaction is a securitisation of loans to self-managed
superfunds, small-to-medium enterprises and individuals, originated
by Liberty Financial Pty Ltd, an Australian non-bank lender. The
loans are secured by residential or commercial properties, or a mix
of both. A portion of the portfolio consists of loans extended to
borrowers with impaired credit histories or made on a limited
documentation basis, or no documentation basis.

Due to the mixed nature of the pools, Moody's has categorised the
portfolios into separate residential loan and SME sub-pools in its
analysis.

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

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

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

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

NPH GROUP: First Creditors' Meeting Set for June 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of NPH Group
Pty Ltd will be held on June 28, 2021, at 11:00 a.m. via virtual
meeting technology.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
NPH Group on June 16, 2021.


PEPPER SPARKZ 2: Fitch Raises Class F Notes to 'BB'
---------------------------------------------------
Fitch Ratings has upgraded 15 and affirmed four classes of
asset-backed floating-rate notes from three Pepper SPARKZ
transactions due to improved asset performance, the removal of
Fitch's pandemic stress and strengthening macroeconomic conditions.
The Outlook is Stable on all notes.

The transactions consist of notes backed by pools of first-ranking
Australian automotive and equipment loan and lease receivables
originated by Pepper Asset Finance Pty Limited, a subsidiary of
Pepper Group Pty Limited (Pepper). The notes were issued by BNY
Trust Company of Australia Limited as trustee.

     DEBT                  RATING         PRIOR
     ----                  ------         -----
Pepper SPARKZ Trust No. 1

A1-a AU3FN0048633   LT  AAAsf   Affirmed  AAAsf
B AU3FN0048658      LT  AAAsf   Upgrade   AA+sf
C AU3FN0048666      LT  AA+sf   Upgrade   Asf
D AU3FN0048674      LT  A+sf    Upgrade   BBBsf
E AU3FN0048682      LT  BBB+sf  Upgrade   BBsf
F AU3FN0048690      LT  BBB-sf  Upgrade   Bsf

Pepper SPARKZ Trust No.2

A1-a AU3FN0052338   LT  AAAsf   Affirmed  AAAsf
B AU3FN0052353      LT  AAAsf   Upgrade   AA+sf
C AU3FN0052361      LT  AAsf    Upgrade   A+sf
D AU3FN0052379      LT  A-sf    Upgrade   BBB+sf
E AU3FN0052387      LT  BBB-sf  Upgrade   BB+sf
F AU3FN0052395      LT  BBsf    Upgrade   B+sf

Pepper SPARKZ Trust No. 3

A1-a AU3FN0057469   LT  AAAsf   Affirmed  AAAsf
A1-x AU3FN0057477   LT  AAAsf   Affirmed  AAAsf
B AU3FN0057485      LT  AA+sf   Upgrade   AAsf
C AU3FN0057493      LT  AA-sf   Upgrade   Asf
D AU3FN0057501      LT  A-sf    Upgrade   BBBsf
E AU3FN0057519      LT  BBBsf   Upgrade   BB+sf
F AU3FN0057527      LT  BB+sf   Upgrade   B+sf

KEY RATING DRIVERS

Better-than-Expected Performance: Obligor default is a key
assumption in Fitch's quantitative analysis. The performance of the
underlying assets has been better than Fitch's base-case default
expectations for Pepper SPARKZ Trust No. 1 (SPARKZ 1) and Pepper
SPARKZ Trust No.2 (SPARKZ 2). Pepper SPARKZ Trust No. 3 (SPARKZ 3)
closed in December 2020, resulting in limited reporting. SPARKZ 1,
SPARKZ 2 and SPARKZ 3 had cumulative defaults of 1.3%, 0.7% and
0.1%, respectively, at end-March 2021. The 30+ day arrears ranged
from 1.0% (SPARKZ 3) to 2.2% (SPARKZ 1) and 60+ day arrears ranged
from 0.4% (SPARKZ 3) to 0.9% (SPARKZ 1). SPARKZ 1 and 2 were below
the 1Q21 ABS Dinkum Index 30+ day arrears of 1.7% while all three
transactions were below the Dinkum 60+ day arrears of 1.0%. Strong
excess spread since closing covered all realised losses across all
transactions.

Fitch has removed the additional pandemic stress on defaults and
recoveries that was implemented in July 2020 to reflect Fitch's
expectations of a long-term worsening of asset performance.
Economic performance has been better than Fitch expected, and Fitch
believes the steady states incorporate a buffer that is sufficient
to account for any pandemic-related uncertainty. This has led us to
adjust the default and recovery expectations to the pre-pandemic
level.

Fitch has lowered the base-case remaining weighted-average (WA)
default rate since the last review to:

SPARKZ 1: 4.8% (from 7.3%)

SPARKZ 2: 4.9% (from 7.3%)

SPARKZ 3: 5.0% (from 7.4%)

'AAAsf' default multiples for each transaction at the credit risk
tier level are returned to the below pre-pandemic levels:

Tier A: 6.00x

Tier B: 5.25x

Tier C: 4.50x

Base-case recovery expectations (and 'AAAsf' recovery haircuts) are
returned to their pre-pandemic level of 20.0% (60.0% haircut).

Portfolio performance is also supported by Australia's effective
suppression of the virus and macro-policy response, facilitating a
robust recovery for the country. Fitch forecasts an unemployment
rate of 5.4% in Australia this year with GDP growth of 5.8%.

The Stable Outlook reflects Fitch's long-term view that the ratings
are not susceptible to negative rating action due to the strong
level of subordination available at each rating level.

Notes Pass Cash Flow Modelling at Assigned Rating: Cash flow
analysis was performed and incorporates Fitch's default and
recovery expectations. All notes can withstand all Fitch stresses
at their assigned rating levels.

Satisfactory Originator and Servicer Quality: All receivables were
originated by Pepper Asset Finance, which demonstrated an adequate
capability as originator, underwriter and servicer. Fitch undertook
an operational review and found that the operations of the servicer
were consistent with the market standards for auto and equipment
lenders. Collection and servicing activities have not been
disrupted by the pandemic, as staff members are able to work
remotely and have access to the office, if needed.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

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

Upgrade Sensitivity

The SPARKZ 1 class A1-a and B notes, SPARKZ 2 class A1-a and B
notes and SPARKZ 3 class A1-a and A1-x notes are all rated 'AAAsf',
which is the highest level on Fitch's scale. The ratings cannot be
upgraded.

SPARKZ 1

-- Note classes: C / D / E / F

-- Current ratings: AA+sf / A+sf / BBB+sf / BBB-sf

-- Decrease defaults by 10% and increase recoveries by 10%: AA+sf
    / A+sf / A-sf / BBBsf

SPARKZ 2

-- Note classes: C / D / E / F

-- Current ratings: AAsf / A-sf / BBB-sf / BBsf

-- Decrease defaults by 10% and increase recoveries by 10%: AA+sf
    / Asf / BBBsf / BBsf

SPARKZ 3

-- Note classes: B / C / D / E / F

-- Current ratings: AA+sf / AA-sf / A-sf / BBBsf / BB+sf

-- Decrease defaults by 10% and increase recoveries by 10%: AAAsf
    / AA+sf / Asf / BBB+sf / BBB-sf

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

-- A longer pandemic than Fitch expects that leads to
    deterioration in macroeconomic fundamentals and consumers'
    financial position in Australia beyond Fitch's expectations.
    Available credit enhancement cannot compensate for the higher
    credit losses and cash flow stresses, all else being equal.

Downgrade Sensitivity

SPARKZ 1

-- Note classes: A1-a / B / C / D / E / F

-- Current ratings: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB
    sf

-- Increase defaults by 10%: AAAsf / AAAsf / AA-sf / Asf / BBBsf
    / BB+sf

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

-- Increase defaults by 50%: AAAsf / AAsf / Asf / BBBsf / BB+sf /
    B+sf

-- Reduce recoveries by 10%: AAAsf / AAAsf / AAsf / Asf / BBB+sf
    / BB+sf

-- Reduce recoveries by 25%: AAAsf / AAAsf / AAsf / Asf / BBB+sf
    / BB+sf

-- Reduce recoveries by 50%: AAAsf / AAAsf / AAsf / Asf / BBB+sf
    / BB+sf

-- Increase defaults by 10% and reduce recoveries by 10%: AAAsf /
    AAAsf / AA-sf / Asf / BBBsf / BB+sf

-- Increase defaults by 25% and reduce recoveries by 25%: AAAsf /
    AA+sf / A+sf / BBB+sf / BBB-sf / BBsf

-- Increase defaults by 50% and reduce recoveries by 50%: AAAsf /
    AA-sf / A-sf / BBB-sf / BBsf / B+sf

SPARKZ 2

-- Note classes: A1-a / B / C / D / E / F

-- Current ratings: AAAsf / AAAsf / AAsf / A-sf / BBB-sf / BBsf

-- Increase defaults by 10%: AAAsf / AA+sf / AA-sf / BBB+sf /
    BB+sf / BB-sf

-- Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBBsf / BBsf
    / Bsf

-- Increase defaults by 50%: AA+sf / AA-sf / A-sf / BBB-sf / BB
    sf / B-sf

-- Reduce recoveries by 10%: AAAsf / AAAsf / AAsf / A-sf / BBB-sf
    / BB-sf

-- Reduce recoveries by 25%: AAAsf / AAAsf / AA-sf / A-sf / BBB
    sf / BB-sf

-- Reduce recoveries by 50%: AAAsf / AAAsf / AA-sf / BBB+sf /
    BB+sf / BB-sf

-- Increase defaults by 10% and reduce recoveries by 10%: AAAsf /
    AA+sf / AA-sf / BBB+sf / BB+sf / B+sf

-- Increase defaults by 25% and reduce recoveries by 25%: AAAsf /
    AAsf / Asf / BBBsf / BBsf / Bsf

-- Increase defaults by 50% and reduce recoveries by 50%: AA+sf /
    A+sf / BBB+sf / BB+sf / B+sf / B-sf

SPARKZ 3

-- Note classes: A1-a / A1-x / B / C / D / E / F

-- Current Ratings: AAAsf / AAAsf / AA+sf / AA-sf / A-sf / BBBsf
    / BB+sf

-- Increase defaults by 10%: AAAsf / AAAsf / AA+sf / A+sf /\
    BBB+sf / BBB-sf / BBsf

-- Increase defaults by 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
    BB+sf / BB-sf

-- Increase defaults by 50%: AA+sf / AAAsf / A+sf / A-sf / BBB-sf
    / BBsf / B+sf

-- Reduce recoveries by 10%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf
    / BBBsf / BB+sf

-- Reduce recoveries by 25%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf
    / BBBsf / BB+sf

-- Reduce recoveries by 50%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf
    / BBB-sf / BBsf

-- Increase defaults by 10% and reduce recoveries by 10%: AAAsf /
    AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf

-- Increase defaults by 25% and reduce recoveries by 25%: AA+sf /
    AAAsf / AAsf / Asf / BBBsf / BB+sf / BB-sf

-- Increase defaults by 50% and reduce recoveries by 50%: AAsf /
    AAAsf / Asf / BBB+sf / BB+sf / BB-sf / Bsf

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged period of stress, with
recovery to pre-crisis GDP levels delayed until around the middle
of the decade. Under this more severe scenario, Fitch tested a 2.0x
increase in defaults combined with a 1.15x increase at the 'AAAsf'
level, which is scaled down with the lower rating stresses, and a
0.77x decrease in recoveries combined with a 0.90x decrease at the
'AAAsf' level.

This results in a higher WA default base case (shown below) and a
lower recovery base case of 15.5%. The WA 'AAAsf' default multiple
is reduced to 3.3x to reflect the higher degree of stress already
included in the base case, while the 'AAAsf' recovery haircut is
also reduced to 53.5%, from 60.0%.

SPARKZ 1

-- Note classes: A1-a / B / C / D / E / F

SPARKZ 1 downside default base case: 9.6%

-- Current Ratings: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB
    sf

-- Downside scenario: AAAsf / AAAsf / A+sf / BBBsf / BBsf / Less
    than Bsf

SPARKZ 2

-- Note classes: A1-a / B / C / D / E / F

SPARKZ 2 downside default base case: 9.8%

-- Current ratings: AAAsf / AAAsf / AAsf / A-sf / BBB-sf / BBsf

-- Downside scenario: AAAsf / AA+sf / Asf / BB+sf / Bsf / Less
    than Bsf

SPARKZ 3

-- Note classes: A1-a / A1-x / B / C / D / E / F

-- SPARKZ 3 downside default base case: 10.0%

-- Current ratings: AAAsf / AAAsf / AA+sf / AA-sf / A-sf / BBBsf
    / BB+sf

-- Downside scenario: AAAsf / AAAsf / AAsf / A-sf / BBB-sf / BB
    sf / Less than Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available to Fitch for these
transactions.

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

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis, according to its applicable
rating methodologies, indicates that it is adequately reliable.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG CONSIDERATIONS

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

RUBY BOND 2021-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Ruby Bond
Trust 2021-1. Ruby Bond Trust 2021-1 is a securitization of prime
residential mortgages originated by BC Securities Pty Ltd.

The preliminary ratings reflect the following factors.

The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account BC
Securities Pty Ltd.'s underwriting standards and approval process,
and the servicing quality of BC Asset Management Pty Ltd.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the loss reserve, the
principal draw function, the liquidity reserve, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as bank
account provider.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published Oct. 9, 2014 and concluded that there are no constraints
on the maximum rating that can be assigned to the notes."

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

  Preliminary Ratings Assigned

  Ruby Bond Trust 2020-1

  Class A1-MM, A$120.00 million: AAA (sf)
  Class A1-AU, A$152.00 million: AAA (sf)
  Class B, A$59.50 million: AA (sf)
  Class C, A$61.10 million: A (sf)
  Class D, A$46.10 million: BBB (sf)
  Class E, A$29.30 million: BB (sf)
  Class F, A$18.50 million: B (sf)
  Class G, A$13.50 million: Not rated




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

BEIJING ENTERPRISES: Gets Help from Three Gorges Dam Owner
----------------------------------------------------------
Caixin Global reports that China Three Gorges Corp., the country's
largest renewable energy group, plans to make a strategic
investment in debt-laden utilities company Beijing Enterprises
Group Co. Ltd.

Caixin relates that the undisclosed sum will help to develop the
heavily populated Yangtze River region in an environmentally
sustainable way, Beijing Enterprises' holding company said in a
filing to the Hong Kong stock exchange on June 15.

It is also likely to ease the pressure on Beijing Enterprises,
whose spiraling losses in recent years have come amid a growing
reliance on external financing, Caixin says.

Beijing Enterprises Group Company Limited provides gas utility line
construction services. The Company offers gas pipeline
construction, equipment installation, and other services. Beijing
Enterprises Group provides its services throughout China.


FANTASIA HOLDINGS: S&P Rates USD Senior Unsecured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to an
issue of U.S.-dollar-denominated senior unsecured notes by Fantasia
Holdings Group Co. Ltd. (B/Stable/--). The issue rating is subject
to its review of the final issuance documentation.

S&P said, "We equalize the issue rating with the issuer credit
rating on Fantasia, due to the absence of significant priority debt
to cause material subordination risk. As of Dec. 31, 2020,
Fantasia's capital structure consisted of Chinese renminbi (RMB)
10.7 billion in secured debt and RMB7.2 billion in unsecured debt
issued by the company's subsidiaries, which we consider as priority
debt. Fantasia also had RMB29 billion of unsecured debt at the
parent level that is mainly offshore senior notes. Its priority
debt ratio was 37%, below 50%, which is our threshold for notching
down an issue rating."

The issuance should lengthen the China-based property developer's
debt maturity profile because Fantasia intends to use the proceeds
to refinance its existing debt. It also offered to repurchase its
offshore senior notes due in October 2021. Fantasia's extensive use
of offshore financing subjects it to market volatilities, in S&P's
view. As of end-2020, the company had outstanding senior notes of
about US$4.4 billion, of which about US$1.8 billion will mature
within one year. That said, the refinancing risk is partially
mitigated by Fantasia's proactive debt management, and satisfactory
refinancing track record particularly amid difficult credit market
conditions in 2020 and earlier this year.




=================
H O N G   K O N G
=================

APPLE DAILY: Running Low on Funds to Print Newspaper
----------------------------------------------------
Iain Marlow and John Cheng at Bloomberg News report that Hong
Kong's pro-democracy Apple Daily newspaper has enough cash on hand
to continue operating as normal only for a couple of weeks,
according to a person familiar, after authorities used a sweeping
national security law to freeze company assets and arrest top
editors and executives.

To continue print operations and pay staff, the quarter-century-old
tabloid is planning on seeking relief through the courts and is
also looking to use its Taiwan operation to manage digital
donations through GoFundMe.com and PayPal, said the person, who
asked not to be named due to the sensitivity of a police
investigation into the company, Bloomberg relays.

Executives are now examining the practicalities of keeping the
newspaper running, including checking supplies of ink and paper in
its warehouse, the person, as cited by Bloomberg, said. It's
unclear how the newspaper can pay staff and even whether regular
suppliers and vendors will continue doing business with it, the
person added, after local news outlet HK01 reported that
authorities warned more than a half dozen banks not to deal with
the company's bank accounts.

The HK$18 million ($2.3 million) in Apple Daily assets frozen by
police are only a small part of parent company Next Digital Ltd.'s
HK$521.4 million in cash as of end-March, Bloomberg notes citing an
exchange filing. But, the person said, it's uncertain if the
newspaper can access that cash given the various court orders and
warnings to financial institutions to avoid handling accounts
linked to alleged national security violations.

On June 20, the newspaper reported on its stressed financial
situation, saying its remaining resources can only keep the company
running for a few weeks, Bloomberg relays. It said the board of
Next Digital plans to write to the city's Security Bureau on Monday
to request the release of some frozen assets so it can pay the
wages of its employees by the end of the month.

Some staffers are concerned about getting paid and planning to
leave for other jobs after the raid on June 17, according to three
reporters who asked not to be identified. They are also worried
that companies or media outlets won't hire anyone who worked at
Apple Daily.

According to Bloomberg, roughly 500 police officers on June 17
descended on the headquarters of Apple Daily, which is owned by the
now-jailed democracy activist and Next Digital founder Jimmy Lai.
Police searched the company's offices, barred journalists from
their desks and eventually carted away nearly 40 computers
belonging to journalists, the paper said.

A Hong Kong court on June 19 denied bail to Editor-in-Chief Ryan
Law, and Cheung Kim-hung, the newspaper's publisher and chief
executive officer of Next Digital. The others arrested included
Chief Operating Officer Royston Chow and Apple Daily deputy
editors, Chan Pui-man and Cheung Chi-wai.

Bloomberg relates that the city's Security Bureau had earlier
frozen some of Lai's assets and sent letters to some of his
bankers, threatening them with years in jail if they deal with any
of his accounts in Hong Kong.

"The government always has ways to freeze all of its assets, and
that will cause a lot of problems for paying salaries and cash
flows," Bloomberg quotes Ka-chung Law, an Apple Daily columnist who
was previously the chief economist and strategist at the Bank of
Communications Hong Kong, as saying. "Companies which do business
with Next Digital may also ask for payments immediately."

Bloomberg adds that police said Apple Daily published articles that
violate the security law but they haven't disclosed details about
the articles in question, prompting confusion about what would
amount to illegal journalism. It was the first time the national
security law -- which bars subversion, secession, terrorism and
foreign collusion -- was used to arrest journalists, though Hong
Kong Secretary for Security John Lee said they were not targeting
"normal journalistic work."




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

ADHUNIK METALIKS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Adhunik Metaliks
Limited's (AML) Long-Term Issuer Rating of 'IND BB' on Rating Watch
Negative (RWN) and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR600 mil. Proposed fund-based limits* maintained on RWN and
     withdrawn; and

-- INR2.40 bil. Proposed non-fund-based limits* maintained on RWN

     and withdrawn.

(*) maintained at 'IND BB'/RWN/'IND A4+'/RWN before being
withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for the withdrawal of current ratings from
the issuer considering no debt has been availed against the
proposed rated facilities. This is consistent with the Securities
and Exchange Board of India's circular dated March 31, 2017 for
credit rating agencies.

KEY RATING DRIVERS

The maintenance on RWN reflects the continued uncertainty regarding
the ramping up of AML's operations, which is subject to the
additional funding tie-up of both short-term funds for working
capital and long-term funds for capital repairs due to
higher-than-estimated spending of around INR320 million required
for capital repairs.

No long-term/short-term funds were mobilized as of June 10, 2021.
Hence, the ratings have been maintained on RWN and simultaneously
withdrawn.

COMPANY PROFILE

AML, incorporated in November 2001, has an integrated steel plant
(integrated capacity of 0.45mtpa) along with a 34MW captive power
plant (coal and waste heat) located in Chadrihariharpur near
Rourkela in Odisha. The unit produces specialized steel and alloy
steel products. AML has its registered office at Sundargarh,
Odisha. Its key product offerings include sponge iron, pig iron,
cast billets, rolled products and ferro alloys.


ALLWELD ENGINEERS: ICRA Reaffirms B Rating on INR7.50cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Allweld
Engineers Pvt Ltd (AEPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-
   Fund Based/CC         7.50      [ICRA]B (Stable); reaffirmed

   Short Term-
   Non Fund Based        2.00      [ICRA]A4; reaffirmed

   Fund Based-
   Term Loan             0.50      [ICRA]B (Stable); reaffirmed

Rationale

The ratings continue to remain constrained by AEPL's small scale of
operations as depicted by its turnover of INR7.8 crore in FY2021.
ICRA takes note of the weak capital structure, owing to the low
capital base and stretched coverage indicators. Additionally, high
working capital intensity, with elevated inventory levels owing to
long manufacturing process involving tests and trials, constrains
the liquidity position. The ratings are constrained by the moderate
order book position of INR8.08 crore as of May 2021 and high
customer concentration risk with the top five clients contributing
to ~100% of its revenue. Nevertheless, the Make in India programme
and the Government's thrust on the indigenisation of defence
equipments, are likely to support order inflow from various reputed
clients providing near-to-medium-term revenue visibility.  However,
the ratings continue to take comfort from the extensive experience
and established track record of AEPL's promoters in manufacturing
defence-related equipment. Further, the established relationship
with its customers, along with being sole domestic supplier for
many of the products it manufactures, ensures repeat orders.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: The promoters have been in the
business of manufacturing engineering equipment for over three
decades. Mr. J. K. Mohapatra, Managing Director of the company, is
an alumnus of NIT and has five years of experience with Larsen &
Toubro. It has successfully indigenised the manufacture of certain
components, which were being imported. The promoters' technical
experience support AEPL in designing products, which are in line
with the customers' specifications.

* Established relationship with reputed customers: AEPL, with its
quality products and established relations, have managed to get
repeat orders from reputed customers such as Bharat Electronics Ltd
(BEL), Bharat Earth Movers limited (BEML), Ordinance Factory Medak,
etc. Further, the company is the sole supplier for many of the
components it manufacturers, which enhances its competitive
position.

Credit challenges

* Small scale of operations: AEPL's scale of operations continues
to remain small with an operating income (OI) of INR7.8 crore in
FY2021 restricting scale economies to a large extent. Its revenue
increased by ~1.4% in FY2021, on a YoY basis, despite disruption in
operations in Q1 FY2021 due to the Covid-19 pandemic. Nevertheless,
its sales are expected to improve in and FY2023, given the orders
in hand (~INR8.08 crore as of May 2021) and fresh order inflows
envisaged due to an improvement in demand.

* High working capital intensity: AEPL's business is working
capital-intensive in nature, with high inventory levels due to the
elongated manufacturing cycle. This resulted in high working
capital intensity of 109% in FY2021. This necessitates significant
funding requirements in order to scale up the operations. Given the
modest cash accruals, the high working capital intensity resulted
in a tight liquidity position.

* Average financial profile characterised by leveraged capital
structure and stretched coverage indicators: The company's capital
structure remained leveraged due to low net worth base and weak
accruals, with a gearing of 2.9 times as on March 31, 2021. The
coverage indicators remained weak with interest coverage of 1.7
times, total debt/OPBITDA of 5.7 times and NCA/TD of 5.4% in
FY2021, owing to the high debt levels vis-à-vis its accruals.
Given the rise in debt level in FY2021, the capital structure and
coverage indicators are likely to remain stretched over the short
to medium term.

Liquidity position: Stretched

AEPL's liquidity position is stretched with high average working
capital utilisation of 89% for the past 12 months ending in March
2021. The company's liquidity is likely to remain stretched with
high inventory holding due to the long manufacturing process. The
estimated annual cash accruals are expected to tightly match
against the scheduled repayment obligation of INR0.8 crore in
FY2022. AEPL's liquidity was supported by enhancement in its limits
to INR7.5 crore from INR4.5 crore, along with Covid-19 loan of
INR0.89 crore in FY2021.

Rating sensitivities

Positive factors – ICRA could upgrade AEPL's ratings if the
company demonstrates significant improvement in its revenues, while
maintaining its operating margins and bringing down the working
capital intensity substantially, leading to improved liquidity
position.

Negative factors – Negative pressure on AEPL's ratings could
arise if there is any reduction in cash accruals, or any further
increase in working capital intensity weakens the liquidity
position.

Incorporated as private limited company from partnership concern in
1995, AEPL is involved in manufacturing precision components such
as hydraulic shock absorber, advanced feed coupling, castor wheel,
hydro pneumatic suspension unit, etc, for the defence segment. The
company gets the product designs and specifications from its
customers and primarily does the machining and assembly work. The
ancillary work such as casting, forging, heat treatment, etc, are
outsourced to third parties. Its customers include defence entities
such as Ordinance Factory Medak (OFMK), Machine Tool Prototype
Factory (MTPF) and Bharat Electronics Ltd (BEL), etc. The facility
is in Peenya, Bangalore with team of around 44 employees. With the
Make in India programme, it has successfully indigenised 15
products and more products are in the process.


AMBATI SUBBANNA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ambati
Subbanna & Company Oil Firm in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            8.00       [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.

Ambati Subbanna & Company Oil Firm was established in the year 1910
with the objective of manufacturing and marketing edible oils like
sesame oil, ground nut oil, rice bran oil etc. The firm operates
its sesame seed crushing unit in Samarlakota in East Godavari
district in Andhra Pradesh with an installed capacity of 5250 MTPA.
The firm sells its products under brand names such as A.S.Brand,
Mansion and Pooja which have been established in the market over
the years. The firm has depots in Secunderabad, Tenali and
Vijayawada to facilitate the distribution of its products across
the states of Andhra Pradesh and Telangana.


ANNAI INFRA: Ind-Ra Corrects June 14, 2021 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Annai Infra
Developers Limited's (ADIL) rating published on June 14, 2021 to
correctly state the amount of the non-fund-based limit.

The amended version is:

India Ratings and Research (Ind-Ra) has upgraded Annai Infra
Developers Limited's (ADIL) Long-Term Issuer Rating to 'IND BB+'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR603.8 mil. (reduced from INR608.8 mil.) Fund-based limit
     upgraded with IND BB+/Stable rating;

-- INR1,755.2 bil. (reduced from INR1.827 bil.) Non-fund-based    

     limit upgraded with IND A4+ rating;

-- INR41.2 mil. Proposed fund-based limit is withdrawn*; and

-- INR23 mil. Proposed non-fund-based limit is withdrawn*.

  *The ratings have been withdrawn since it was outstanding for
more than 180 days.

The upgrade reflects an improvement in ADIL's operating performance
in FY21 and progress on the GST dispute which began in October
2019.

KEY RATING DRIVERS

Progress on Resolution of GST Dispute: The upgrade reflects
progress on the resolution of the goods and services tax (GST)
dispute for the wrongful availment of an input tax credit (ITC) for
a disputed turnover of around INR4,500 million by ADIL. The
management has clarified that the company was liable on account of
the subcontractors' failure to pay the GST portion, which ADIL had
claimed as ITC. According to the management, the ITC claimed by
ADIL was in turn passed on to various customers and was not used by
the company. The management estimates a liability of only around
INR32.37 million, along with applicable interest and penalties
under the provision of the GST Act. ADIL had made a provision of
INR64.8 million in FY20 for the same and also deposited INR50
million against the liability in FY20.

Growth in Revenue; Healthy Order Book: According to FY21
provisional financials, the revenue grew to INR6,705.32 million
(FY20: INR4,842.67 million, FY19: INR8,418.37 million), although
remained lower than FY19, owing to the execution of a higher number
of orders. During FY20, the revenue plunged 42% yoy due to a change
in the company's operating model to direct contract from
sub-contract orders. As of May 2021, AIDL had an unexecuted order
book of INR18,529.84 million (2.76x of FY21 revenue), of which 46%
is to be executed in FY22 and the remaining in FY23. The company's
scale of operations is medium. Furthermore, the company was
declared as the L1 bidder for a project worth INR4,540 million in
May 2021. Ind-Ra expects the revenue to grow moderately over the
medium term on account of its strong order book.

Healthy EBITDA Margins: The operating profitability expanded to
16.6 % in FY21 (FY20: 10.8%) on account of the execution of a large
high-margin irrigation project, which contributed 58% to the FY21
revenue and reduction in subcontracting expenses. The company plans
to focus on irrigation projects in the medium term and the margins
are likely to remain at similar levels. ADIL's return on capital
employed was 37% in FY21 (FY20: 19%).

Improvement in Credit Metrics: The interest coverage (operating
EBITDA/gross interest expense) improved to 7.76 x in FY21(FY20:
3.49x) and the net leverage (adjusted net debt/operating EBITDAR)
to 0.57x (1.49x), on account of an improvement in the operating
EBITDA to INR1,113.84 million (INR523.15 million). Nearly 34% of
AIDL's debt consists of long-term loans from related parties or
shareholders/promoters in FY21, and the remaining consists of
working capital debt from banks. The credit metrics likely to
remain strong in FY22 on the back of the healthy absolute EBITDA.

Liquidity Indicator - Stretched: AIDL's average use of the
fund-based and the non-fund-based facilities was around 94% and
68%, respectively, over the 12 months ended April 2021. The company
had cash and cash equivalents of INR333.39 million at FYE21 (FYE20:
INR94.7 million). The net working capital cycle including retention
money (both receivables and payables), and mobilization advances
was moderate at negative 34 days in FY21 (FY20: negative 16 days),
as the company manages its gross working capital with back-to-back
payment contracts. The cash flow from operations improved to
INR534.02 million in FY21 (FY20: INR367.69 million), due to the
increase in revenue. Consequently, the free cash flow improved to
INR392.51 million in FY21 (FY20:  INR327.19 million). The company's
fund flow from operations remained positive over FY18-FY21 (FY21:
INR164.35 million, FY20: INR178.89 million). ADIL has scheduled
debt repayments of INR42.7 million and INR42 million in FY22 and
FY23, respectively, which are likely to be met through internal
accruals. The company had availed a moratorium for its fund-based
facilities and also postponed the interest payment over
March-August 2020 under the Reserve Bank of India's COVID-19
regulatory package scheme. Moreover, during January 2021, the
company availed of a COVID-19 emergency credit facility of INR29.8
million under the Guaranteed Emergency Credit Line Scheme to
support its working capital requirements.

Segmental and Geographic Concentration Risks: About 60% of the
orders comprise of irrigation and stormwater projects, and the
remaining is a mix of construction of building and civil works.
ADIL derives almost 90% of its revenue from Tamil Nadu and 10% from
Kerala. A slowdown in tenders in the region or changes in state
government policies could impact the company's revenue.

Auditor Qualification: The auditor has provided a qualified opinion
on the financial statements of FY20 on the debtors and creditors it
was unable to obtain balance sufficient/appropriate audit evidences
to verify the existence. The management expects to resolve the
qualification upon conclusion of the GST dispute and reconciliation
of the balances to the satisfaction of the auditor.

Exposure to Intense Competition in Fragmented Industry: Since
AIDL's sales are predominantly tender-based, revenue depends on the
ability to bid successfully for tenders. Competition from major
players, as well as many local and small unorganized players,
constrains profitability.

RATING SENSITIVITIES

Positive: Confirmation on the amount payable under GST dispute,
removal of audit qualification, along with an improvement in the
liquidity and maintaining of the credit metrics will be positive
for the ratings.

Negative: Higher than estimated payable amount to the GST
department, a significant decline in the scale of operations or a
substantial deterioration in the credit profile will be negative
for the ratings.

COMPANY PROFILE

AIDL, incorporated in 2008, is headquartered in Erode, Tamil Nadu.
The company undertakes dam and bridge; canal mining; pond building;
earthmoving industrial site work; transmission and distribution and
water supply projects.


ANNAI INFRA: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Annai Infra
Developers Limited's (ADIL) Long-Term Issuer Rating to 'IND BB+'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR603.8 mil. (reduced from INR608.8 mil.) Fund-based limit
     upgraded with IND BB+/Stable rating;

-- INR1,775.9 bil. (reduced from INR1.827 bil.) Non-fund-based
     Limit upgraded with IND A4+ rating;

-- INR41.2 mil. Proposed fund-based limit is withdrawn*; and

-- INR23 mil. Proposed non-fund-based limit is withdrawn*.

*The ratings have been withdrawn since it was outstanding for more
than 180 days.

The upgrade reflects an improvement in ADIL's operating performance
in FY21 and progress on the GST dispute which began in October
2019.

KEY RATING DRIVERS

Progress on Resolution of GST Dispute: The upgrade reflects
progress on the resolution of the goods and services tax (GST)
dispute for the wrongful availment of an input tax credit (ITC) for
a disputed turnover of around INR4,500 million by ADIL. The
management has clarified that the company was liable on account of
the subcontractors' failure to pay the GST portion, which ADIL had
claimed as ITC. According to the management, the ITC claimed by
ADIL was in turn passed on to various customers and was not used by
the company. The management estimates a liability of only around
INR32.37 million, along with applicable interest and penalties
under the provision of the GST Act. ADIL had made a provision of
INR64.8 million in FY20 for the same and also deposited INR50
million against the liability in FY20.

Growth in Revenue; Healthy Order Book: According to FY21
provisional financials, the revenue grew to INR6,705.32 million
(FY20: INR4,842.67 million, FY19: INR8,418.37 million), although
remained lower than FY19, owing to the execution of a higher number
of orders. During FY20, the revenue plunged 42% yoy due to a change
in the company's operating model to direct contract from
sub-contract orders. As of May 2021, AIDL had an unexecuted order
book of INR18,529.84 million (2.76x of FY21 revenue), of which 46%
is to be executed in FY22 and the remaining in FY23. The company's
scale of operations is medium. Furthermore, the company was
declared as the L1 bidder for a project worth INR4,540 million in
May 2021. Ind-Ra expects the revenue to grow moderately over the
medium term on account of its strong order book.

Healthy EBITDA Margins: The operating profitability expanded to
16.6 % in FY21 (FY20: 10.8%) on account of the execution of a large
high-margin irrigation project, which contributed 58% to the FY21
revenue and reduction in subcontracting expenses. The company plans
to focus on irrigation projects in the medium term and the margins
are likely to remain at similar levels. ADIL's return on capital
employed was 37% in FY21 (FY20: 19%).

Improvement in Credit Metrics: The interest coverage (operating
EBITDA/gross interest expense) improved to 7.76 x in FY21(FY20:
3.49x) and the net leverage (adjusted net debt/operating EBITDAR)
to 0.57x (1.49x), on account of an improvement in the operating
EBITDA to INR1,113.84 million (INR523.15 million). Nearly 34% of
AIDL's debt consists of long-term loans from related parties or
shareholders/promoters in FY21, and the remaining consists of
working capital debt from banks. The credit metrics likely to
remain strong in FY22 on the back of the healthy absolute EBITDA.

Liquidity Indicator - Stretched: AIDL's average use of the
fund-based and the non-fund-based facilities was around 94% and
68%, respectively, over the 12 months ended April 2021. The company
had cash and cash equivalents of INR333.39 million at FYE21 (FYE20:
INR94.7 million). The net working capital cycle including retention
money (both receivables and payables), and mobilization advances
was moderate at negative 34 days in FY21 (FY20: negative 16 days),
as the company manages its gross working capital with back-to-back
payment contracts. The cash flow from operations improved to
INR534.02 million in FY21 (FY20: INR367.69 million), due to the
increase in revenue. Consequently, the free cash flow improved to
INR392.51 million in FY21 (FY20: INR327.19 million). The company's
fund flow from operations remained positive over FY18-FY21 (FY21:
INR164.35 million, FY20: INR178.89 million). ADIL has scheduled
debt repayments of INR42.7 million and INR42 million in FY22 and
FY23, respectively, which are likely to be met through internal
accruals. The company had availed a moratorium for its fund-based
facilities and also postponed the interest payment over
March-August 2020 under the Reserve Bank of India's COVID-19
regulatory package scheme. Moreover, during January 2021, the
company availed of a COVID-19 emergency credit facility of INR29.8
million under the Guaranteed Emergency Credit Line Scheme to
support its working capital requirements.

Segmental and Geographic Concentration Risks: About 60% of the
orders comprise of irrigation and stormwater projects, and the
remaining is a mix of construction of building and civil works.
ADIL derives almost 90% of its revenue from Tamil Nadu and 10% from
Kerala. A slowdown in tenders in the region or changes in state
government policies could impact the company's revenue.

Auditor Qualification: The auditor has provided a qualified opinion
on the financial statements of FY20 on the debtors and creditors it
was unable to obtain balance sufficient/appropriate audit evidences
to verify the existence. The management expects to resolve the
qualification upon conclusion of the GST dispute and reconciliation
of the balances to the satisfaction of the auditor.

Exposure to Intense Competition in Fragmented Industry: Since
AIDL's sales are predominantly tender-based, revenue depends on the
ability to bid successfully for tenders. Competition from major
players, as well as many local and small unorganized players,
constrains profitability.

RATING SENSITIVITIES

Positive: Confirmation on the amount payable under GST dispute,
removal of audit qualification, along with an improvement in the
liquidity and maintaining of the credit metrics will be positive
for the ratings.

Negative: Higher than estimated payable amount to the GST
department, a significant decline in the scale of operations or a
substantial deterioration in the credit profile will be negative
for the ratings.

COMPANY PROFILE

AIDL, incorporated in 2008, is headquartered in Erode, Tamil Nadu.
The company undertakes dam and bridge; canal mining; pond building;
earthmoving industrial site work; transmission and distribution and
water supply projects.


ATHANI SUGARS: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Athani Sugars
Limited's (ASL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR771.5 mil. (reduced from INR827 mil.) Term loan due on
     August 2028 affirmed with IND BB-/Stable rating;

-- INR3,378.5 bil. (increased from INR2.65 bil.) Fund-based
     working capital facilities affirmed with IND BB-/Stable/IND
     A4+ rating; and

-- INR500 mil. Short-term loans affirmed with IND BB-/Stable/IND
     A4+ rating.

KEY RATING DRIVERS

Liquidity Indicator- Stretched: ASL's maximum average fund-based
limit utilization was 87.39% over the 12 months ended March 2021.
The cash flow from operations turned positive to INR565.43 in FY21
(FY20: negative INR678.75 million) due to the improvement in
absolute EBITDA, but the company has repayment obligations of
INR638.37 million for FY22 and INR655.08 million in FY23. Ind-Ra
thus expects the debt service coverage ratio for FY22 to remain
below 1x; the shortfall will continue to be funded through other
income or unsecured loans. Also, the company has high working
capital requirements owing to a long inventory period. Its working
capital cycle improved to 146 days in FY21 from (FY20: 215 days)
due to a decrease in inventory days to 203 days (284 days).

The affirmation reflects continued ASL's weak credit metrics.
Ind-Ra expects the credit metrics to improve in FY22, on the back
of an increase in operating EBITDA. The company's interest coverage
(EBITDA/gross interest expense) was 1.67x in FY21 (FY20 : 1.5x) and
net leverage (adjusted net debt/operating EBITDA) was 8.75x
(11.72x). The improvement in metrics was due to an increase in
absolute EBITDA to INR1,139.3 million in FY21 (FY20: INR867.85
million). FY21 financials are provisional in nature.

The ratings also factor ASL's modest EBITDA margins. Ind-Ra expects
an improvement in the EBITDA margins in FY22 (FY21: 9.24%; FY20:
10.4%) due to the full-year operations of its distillery division
and better availability of cane. The fall in margins in FY21 was
due to an increase in cane cost. The margins of sugar players are
vulnerable to various factors such as government-led changes in
minimum support price and fair and remuneration price of sugarcane
in the states of Maharashtra and Karnataka. Return on the capital
of the company was 6.6% in FY21 (FY20: 4.6%).

The ratings are supported by ASL's large scale of operations. The
management expects the company's revenue to increase in FY22 (FY21:
up 47.9% yoy to INR12,335 million) on bumper sugarcane production
and water availability in both Maharashtra and Karnataka. The sharp
rise in FY21 revenue was on account of increased capacity and
better availability of cane for crushing. The company booked 72.4%
of revenue from the sugar segment, 22.1% from the distillery
segment and 4.1% from the co-generation segment in FY21 (FY20:
77.5%, 17.5% and 3.4%, respectively). The revenue had declined by
15.18% in FY20, mainly on account of floods in the Krishna river in
August 2019 just before the commencement of crushing season, which
had severely affected the cane availability for crushing. The
floods had hit the district of Athani where ASL has a major
crushing unit.

The ratings consider the company's integrated operations with
co-generation and distillery units in Maharashtra, which gives
stability and visibility to its EBITDA.

The ratings are also supported by ASL's promoters about 22 years of
experience in the sugar industry, leading to established
relationships with suppliers (farmers).

RATING SENSITIVITIES

Positive: Substantial improvement in the EBITDA margin and
liquidity position, while maintaining the revenue, leading to an
improvement in the interest coverage above 1.75x could lead to a
positive rating action.

Negative: Further stretch in the liquidity position, and/or a
decline in the revenue or EBITDA resulting in the interest coverage
reducing below 1.50x on a sustained basis could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 1995, ASL has an integrated sugar plant, with an
18,000 tons per day cane crushing capacity, a 52MW co-generation
unit with power generation capacity, and a 180klpd distillery
unit.


BUDS TEA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Buds Tea
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

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

   Fund-Based-       12.75       [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund           0.50       [ICRA] D ISSUER NOT COOPERATING;
   Based Bank                    Rating continues to remain under
   Guarantee                     '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.

Buds Tea Industries Limited was established in the year 2006 and is
engaged in manufacturing CTC variety of tea. Theplant is located
near Jalpaiguri, West Bengal.

C P AND ASSOCIATES: Ind-Ra Moves 'B+' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated C P And Associates
Private Limited (CPAPL) Long-Term Issuer Rating of 'IND B+' to the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn;

-- INR50 mil. Proposed fund-based working capital limit withdrawn

     (the company did not proceed with the instrument as
      envisaged);

-- INR10 mil. Non-fund-based working capital limit# migrated to
     non-cooperating category and withdrawn; and

-- INR60 mil. Proposed non-fund-based working capital limit
    withdrawn (the company did not proceed with the instrument as
    envisaged).

* Migrated to 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn

# Migrated to 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

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

COMPANY PROFILE

CPAPL is a closely held private limited company incorporated in
2001 in Delhi and engaged in the development of infrastructure
projects. The company's clientele includes Delhi Metro Rail
Corporation, Nagpur Metro, ITD Cementation India Ltd., JMD Limited,
among others.


EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of East Coast
Energy Private Limited the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term fund      4927.00     [ICRA] D; ISSUER NOT
   Based-CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          668.00     [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.

ECEPL was developing a 1320 MW (2 X 660 MW) supercritical
coal-based power project near Kakarapalli village in the Srikakulam
district of Andhra Pradesh. The company is promoted by Asian Genco
Pte Limited, Cobalt Power Private Limited (majorly held by Navayuga
group), Athena Energy Ventures Private Limited, Abir Infrastucture
Limited & Associates and PTC India Financial Services Limited.


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

The detailed rating action is:

-- INR8,105.95 bil. (USD111)^ Fund-based working capital
     facilities (Long-term/Short-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

^Reserve Bank of India Reference Rate dates June 4, 2021: USD1 =
INR73.0266

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond FZE is a step-down subsidiary of Firestar
International Private Limited (IND D(ISSUER NOT COOPERATING)),
which is a global diamond and jewelry company founded by Nirav
Modi.


FIRESTAR DIAMOND INT'L: Ind-Ra Keeps 'D' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Firestar Diamond
International Private Limited's bank loan ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR3.824 bil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in the non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.059 bil. Non-fund-based working capital facilities
     (Short-term) maintained in the non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond International was incorporated in 2006 as a
jewelry manufacturing company for exports. It operates Firestar
International Private Limited's (a global diamond and jewelry
company founded by Nirav Modi) domestic retail business, which
functions under the Nirav Modi brand.


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

The instrument-wise rating action is:

-- INR2,555.93 bil. (USD35)^ Fund-based working capital
     facilities (Long-term/Short-term) maintained in the non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

^Reserve Bank of India Reference Rate dates June 4, 2021: USD 1 =
INR73.0266

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar Diamond is a step-down subsidiary of Firestar
International Private Limited ('IND D (ISSUER NOT COOPERATING)'), a
global diamond and jewelry company founded by Nirav Modi.


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

The detailed rating action is:

-- INR3,505.27 bil. (USD48)^ Fund-based working capital
     facilities (Long-term/Short-term) maintained in the non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

^Reserve Bank of India Reference Rate dates June 4, 2021: USD 1 =
INR73.0266

COMPANY PROFILE

Firestar Diamond BVBA is a step-down subsidiary of Firestar
International Private Limited ('IND D' (ISSUER NOT COOPERATING)), a
global diamond and jewelry company founded by Nirav Modi.


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

The instrument-wise rating actions are:

-- INR17.132 bil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in the non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR2.272 bil. Non-fund-based working capital facilities
     (Short-term) maintained in the non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Firestar International, founded by Nirav Modi, is a global diamond
and jewelry company.

GANESH FIRE: ICRA Keeps C- Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Ganesh Fire Equipments (P) Limited the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] C-/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term fund       3.00       [ICRA] C-; ISSUER NOT
   Based-CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-          3.00       [ICRA] A4; 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.

Shri Ganesh Udyog (India) was established in 1981 as a
proprietorship firm of Mr. Shri Gahesh Lal. Subsequently the firm
was reconstituted into a private limited company (Shri Ganesh Fire
Equipment Private Limited - SGFEPL) in 2010. Currently, it is
being managed by Mr. Lal's son, Mr. Raj Kishore. The company has
three manufacturing facilities, two in Delhi and one in Bihar.
SGFEPL, an ISO 9001:2008 certified company has been engaged in the
manufacturing of complete range of fire fighting vehicles, pumps,
equipments and accessories. SGFEPL is engaged in fabrication of
fire fighting vehicles like water tender, foam tender, DCP tender,
crash fire tender, trailer fire pumps etc. and special purpose
vehicles such as water cannon vehicles for riot control
operations.


GEMTREE NATURAL: ICRA Withdraws B+ Rating on INR15cr Loans
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Gemtree Natural Produce Private Limited (GNPPL) at the request of
the company and based on the no-objection certificate (NOC) from
its lenders. This is in accordance with ICRA's policy on withdrawal
and suspension. ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key rating drivers, Liquidity position, Rating
sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based–          13.0       [ICRA]B+ (Stable); Rating
   Cash Credit                      Withdrawn

   Unallocated           2.0       [ICRA]B+ (Stable); Rating
                                   Withdrawn

GNPPL was incorporated in 2011 as a private limited company under
the name of Fortuna Nature Produce Private Limited. The company's
name was subsequently changed to GNPPL in 2013. It is involved in
the business of grading and storing apples. The entity has its
registered office at 17, Indra Nagar, Dehradun, Uttarakhand. The
grading line and controlled atmosphere storage (CA storage) is a
leased premise located at Tarol Tikker, Shimla. The company has a
two CA storage, a grading line and a marketing office at present.

HIMALAYA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Himalaya
Communications Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Long Term-            1.92      [ICRA] B+(Stable); ISSUER NOT
   Fund based/                     COOPERATING; Rating continues
   Term loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–          21.50      [ICRA]A4; 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.

HCL, incorporated in 2000, is promoted by Mr S C Jain; it began
operations in 2002. The company manufactures optical fiber cable
(OFC) and polyethylene insulated jelly filled cable (PIJF) in its
manufacturing facility at Baddi, Himachal Pradesh. HCL has annual
capacity to manufacture 15.4 lakh conductor kilometre of PIJF
cables and 28.56 kilometre of OFC in three shifts.


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

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR368 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
21, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in January 1987, Infres Methodex manufactures and
trades office automation systems. It also provides technical
services to customers through annual maintenance services contracts
and supplies spare parts.


ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ishwar Oil
Mill in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term         13.00      [ICRA] D; ISSUER NOT COOPERATING;
   Fund based-                  COOPERATING; Rating continues
   Cash Credit                  to remain under 'Issuer Not
                                Cooperating' category

   Long Term–         0.51      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based–                  Rating continues to remain under
   Term Loan                    '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.

Ishwar Oil Mill (IOM) was established in 2012 by Mr. Ashok Gamdha
and Mr. Ramesh Gamdha as a partnership firm and is engaged in
manufacturing of edible cottonseed oil and cottonseed oil cake as
well as trading of cotton bales. The firm markets crude cottonseed
oil in loose form to bulk dealers and cottonseed oil cake as cattle
feed to dairies. IOM operates from its plant located in Rajkot,
Gujarat with a total installed capacity of crushing ~113 MT of
cottonseeds per day.

JANARDHAN RAW: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Janardhan Raw and Boiled Rice Mill in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+ (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             9.00      [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)/[ICRA]A4
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     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.

Founded in 1998 as a partnership firm, Sri Janardhan Raw and Boiled
Rice Mill (SJRBRM) is engaged in the milling of paddy to produce
raw and boiled rice. It has installed capacity of 4 TPH (Tons per
Hour) and the unit is located at Nellore district of Andhra
Pradesh. The firm is promoted by Mr. Boyapati Janardhan and his
wife, Mrs. Boyapati Sireesha.

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


The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits (Long-term/Short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR119.7 mil. Non-fund-based working capital limits (Short-  
     term) migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
20, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, Jindal Wood Products is engaged in the
trading and processing of timber logs, mainly teak and hard wood.


LAKSHMI JANARDHAN: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Lakshmi Janardhan Rice Industries in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+ (Stable)/[ICRA] A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             9.50      [ICRA] B+(Stable); ISSUER NOT
   Fund based-CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/            0.50      [ICRA] B+ (Stable)/[ICRA] A4
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     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.

Sri Lakshmi Janardhana Rice Industries (SLJRI) was established in
the year 1991 by Mr. Boyapati Janardhan and three others and it was
registered as "Sri Lakshmi Ganapathi Raw & Boiled Rice Mill".
However, there were changes made to partnership deed over the years
and consequently in 2007 Mr. Boyapati Janardhan and his wife, Mrs.
Boyapati Sireesha had taken over all the assets and liabilities of
Sri Lakshmi Ganapathi Raw & Boiled Rice Mill and registered under
the name "Sri Lakshmi Janardhan Rice Industries". The firm is
engaged in milling of paddy to produce raw and boiled rice and the
plant located in Nellore District of Andhra Pradesh. The milling
capacity of the plant is 4 tonnes per hour.

LAVISH EXIM: Ind-Ra Withdraws 'D' Bank Loan Rating on INR51.5MM
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lavish Exim
Private Limited's (LEPL) bank loan rating.

The detailed rating action is:

-- The 'IND D' rating on the INR51.5 mil. Term loan (Long term)*
     due on March 2019 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as it has
received a no dues certificate from the lenders.

COMPANY PROFILE

Incorporated on December 23, 2005, Lavish Exim operates an
international school under the name Greater Noida World School, in
Greater Noida, Uttar Pradesh.


MAHAMAYA CASHEW: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahamaya
Cashew Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            9.50       [ICRA] B(Stable); ISSUER NOT
   Fund based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–           2.50       [ICRA] B(Stable); ISSUER NOT
   Fund Based-                     continues to remain under
   Term Loan                       '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 2014, Mahamaya Cashew Industries is a partnership
firm engaged in the processing of raw cashew nuts (RCN) to cashew
kernels. MCI started operations from June 2015 onwards at its
manufacturing unit in Hosanagara, Karnataka with an installed
capacity of 6 MT per day. The promoters have close to four decades
of experience in cashew industry and have served as partners in the
sister concerns Mangalore Cashew Industries, Mangala Cashew
Industries and Mahalaxmi Cashew
Industries, prior to the establishment of Mahamaya Cashew
Industries. At present, majority of the sales are to its sister
concern - Mangalore Cashew Industries.


MALAPRABHA SAHAKARI: Ind-Ra Moves 'B' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Malaprabha
Sahakari Sakkare Karkhane Niyamit's bank facilities' ratings to
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.


The detailed rating actions are:

-- INR250 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND B (ISSUER NOT COOPERATING)
     rating;

-- INR15.3 mil. Term loan due on FY21 migrated to non-cooperating

     category with IND B (ISSUER NOT COOPERATING) rating;

-- INR522.7 mil. Proposed bank facilities* migrated to non-
     cooperating category with Provisional IND B (ISSUER NOT
     COOPERATING) rating; and

-- INR12 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 2020. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Shri Malaprabha Sahakari Sakkare Karkhane Niyamit was registered on
March 13, 1961, under the Mysore Cooperative Societies Act, 1959.
The cooperative operates a 3,500 tons crushed per day (tcd)
capacity sugar plant and 30,000 liters per day (lpd) thanol
production plant in Hubli, Karnataka.


MANGALORE CASHEW: ICRA Lowers Rating on INR20cr Loans to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Mangalore Cashew Industries (MCI), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-           4.00       [ICRA]D; Downgraded from  
   Fund based-                     [ICRA]B+ (Stable)
   Cash Credit          
                                   
   Long-term-          16.00       [ICRA]D; Downgraded from
   Fund based-                     [ICRA]B+ (Stable)
   Term Loan           
                                   
Rationale

The rating downgrade reflects the delays and irregularities in
servicing of long-term loans by the MCI, based on the feedback
received from the banker and the confirmation from the management.

Key rating drivers and their description

Credit strengths: NA

Credit weaknesses
Delays in debt servicing – There has been a delay by MCI in the
repayment of its long-term loans.

Liquidity position: Poor

The entity has annual debt repayment obligation of around INR1.70
crore in FY2022. Its liquidity position remains poor, as reflected
by the delays in the repayment of long-term loans during the
current fiscal on account of slowdown in revenues due to lockdown
imposed by the state government.

Rating sensitivities

Positive factors - Regularization of debt servicing on a sustained
basis may lead to a rating upgrade.

Negative factors – Not Applicable

Established in 1977, MCI is involved in the processing of RCNs into
cashew kernels and trading of RCNs and processed cashew. The firm
procures majority of its raw material via imports from Benin,
Tanzania and Indonesia. The RCNs are processed at the firm's
manufacturing facilities in Siddhapura and Hosanagara. Besides own
processing, the firm outsources a part of its processing on job
work basis to its sister concern, Sapthami Cashew Industries, and
also procures processed kernels from another sister concern,
Mahamaya Cashew Industries. The processed cashew kernels are packed
and sold to domestic and foreign wholesalers.

NG FERTILIZERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of NG
Fertilizers & Chemicals Private Limited the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B+ (Stale);
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            46.00      [ICRA] B+(Stable); ISSUER NOT
   Fund based-CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term            20.00      [ICRA] B+(Stable); ISSUER NOT
   Fund based-TL                   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 2012, NG Fertilizers & Chemicals Private Limited
was promoted by Mr. N. Harikiran and his wife Mrs. Prasanthi.
NGFCPL commenced operations from April 2014 and is primarily
engaged in the manufacturing of Single Super Phosphate (SSP) in
granule & powder form; Soil nutrients and plant conditioners with a
total installed capacity of 200,000 MTPA. The manufacturing unit of
the company is located in Krishna district of Andhra Pradesh. The
promoter of the company Mr. N. Harikiran who is managing director
has around 13 years of experience in various businesses. Major
products manufacture by the company are SSP, Plant nutrient and
Soil conditioner, Growth booster and NPK which is sold under their
own brand name Aadhar Gold Akshaya, Abhaya Athidhi and Amravathi
respectively in South India through dealer network of 682 which is
spread across Andhra Pradesh, Telangana, Orissa, Karnataka, Tamil
Nadu and Kerala. Also the company has marketing agreement with
Nagarjuna Fertilizers and Chemicals limited (NFCL, CARE D/D)
Greenstar Fertilizers Limited (ICRA BBB/Stable), and Indian potash
Limited (BWR A1+) for supply of SSP powder and granule. NGFCPL has
total 493 employees including marketing and manufacturing division.

PADMASHRI DR: ICRA Lowers Rating on INR413cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Padmashri Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana
Limited (PSSK), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based          413.00      Downgraded to [ICRA]D from
   Cash Credit                     [ICRA]BB (Stable)

   Fund-based          135.00      Downgraded to [ICRA]D from
   Term Loan                       [ICRA]BB (Stable)

Rationale

The rating downgrade takes into account the recent irregularities
in servicing of debt obligations by PSSK owing to its poor
liquidity position. The ratings are also constrained by the risks
associated with inherent cyclicality in the sugar business, the
agro-climatic risks related to cane production and the Government
policies on cane pricing and sugar trade.

Key rating drivers and their description

Credit strengths – Not applicable

Credit challenges

* Delays in debt servicing: Poor liquidity position resulted in
delays in debt servicing.

* Vulnerability of profitability to agro-climatic risk and
regulatory risks: The profitability of sugar mills remains exposed
to the cyclicality of the sugar industry, the agro-climatic risks
related to cane production, the Government policies related to
sugar trade and the counterparty credit risk associated with the
sale of power to the utility.

Liquidity position: Poor

PSSK's liquidity position is poor with almost full utilization of
its working capital limits as seen in the past and is expected to
have worsened with subsidy receivables being piled up.

Rating sensitivities

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

Negative factors – Not Applicable

Padmashri Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana
Limited was set up in 1950 under the Maharashtra Cooperative
Societies Act, 1960, as a role model for the development of a newly
independent India through the cooperative movement. PSSK, the first
sugar factory set up in the cooperative sector in Asia, is located
in the Pravaranagar village in Ahmednagar (Maharashtra). The
company has over 12,500 cane grower members and over 18,000
non-producer members. It undertook its first SS in 1950-1951 with a
crushing capacity of 500 tonnes crushed per day (TCD). The crushing
capacity was subsequently enhanced in stages, with the present
installed capacity as on March 31, 2018 of 5,000 TCD. The company
also has a multipressure distillery unit with a capacity of 120
KLPD. In FY2015, the company took over a sugar mill (with 1,750 TCD
capacity) located in Ganeshnagar, Ahmednagar from the Government of
Maharashtra to operate for eight years. Thus, PSSK's combined
capacity from both the units stands at 6,750 TCD as on date.

Status of non-cooperation with previous CRA: Padmashri Dr.
Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana Limited: Issuer not
cooperating, based on best-available information; Rating Revised to
'CRISIL B/Stable Issuer not cooperating' as of  November 24, 2020.

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

The instrument-wise rating actions are:         

-- INR50 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/ IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR35.708 mil. Term loan due on January 2026 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Profive Engineering  manufactures precision
machine components, sheet metal, components, fabricated components
and assemblies surface treated with shot blasting, painting and
powder coating. The manufacturing unit of the company is located in
Chakan, Pune (Maharashtra).


QUBE CINEMA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Qube Cinema
Technologies Private Limited's (QCT) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB+' and has simultaneously placed it on
Rating Watch Evolving (RWE).

The instrument-wise rating actions are:

-- INR450.0 mil. Fund-based working capital limits downgraded;
     placed on RWE with IND BB+/RWE/IND A4+/RWE rating;

-- INR50.0 mil. Non-fund-based limits downgraded; placed on RWE
     with IND A4+/RWE rating; and

-- INR350 mil. (reduced from INR373.08 mil.) Term loan due on
     March 2025 downgraded; placed on RWE with IND BB+/RWE rating.

Analytical approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of QCT and its foreign subsidiary Qube
Cinema, Inc (QCT holds 100% stake), due to the operational and
strategic linkages between the two. Qube Cinema, Inc was
established to distribute QCT's Indian content abroad. The
consolidated view also includes QCT's interest in a
joint-controlled entity Justickets Private Limited, in which it
holds a 41.33% stake, using the equity method.

The downgrade reflects QCT's operational and financial profiles,
and liquidity deteriorating beyond Ind-Ra's expectation, due to the
closure of theaters amid the COVID-19-led lockdown.

The RWE reflects the uncertainty on the revival of the media and
entertainment industry and the re-opening of theaters considering
the second wave of the pandemic and the associated regional
lockdowns. Ind-Ra will resolve the RWE once it has a greater
visibility about the normalization of operations and its impact on
QCT's financial and liquidity profile.

KEY RATING DRIVERS

QCT's operating performance deteriorated significantly in FY21,
much below Ind-Ra's expectations. According to the provisional
financials for FY21, the consolidated revenue fell significantly by
83.7% yoy to INR586 million, due to the closure of theaters across
India from end-March to mid-October 2020 as QCT's revenue largely
depends on the release of new movies. The company receives the
rights to exploit on-screen advertising time and playback of movie
content. Even though theaters reopened in October 2020, there were
restrictions on the occupancy levels and delays in the release of
new movies. Also, QCT had to provide discounts on the virtual print
fee (VPF) over October-November 2020 to enable producers and
distributors release films during the festive season to help
kick-start cinema operations.

In FY21, 58.5% of QCT's consolidated revenue was derived by the
trading segment and the  remaining from VPF and related business,
and the advertising segment. Despite the cost reduction measures
implemented by the company, it reported significant EBITDA loss to
the tune of INR748 million in FY21, higher than Ind-Ra's
expectation. Also, the estimated operating cash loss after
providing for provisions such as doubtful debts, unpaid salary and
the scrapping of fixed assets stood at INR531 million in FY21.

Ind-Ra expects, the operating performance of the company to
continue to be impacted in FY22 due to the second wave of COVID-19
and the resultant regional lockdowns, leading to the closure of
theaters. Though the management is expecting a recovery in
performance from 2HFY22, the reopening of theaters is contingent
upon the ramping up the vaccination drive for the 18-44 age group.
Ind-Ra believes the revenue generation from the VPF and the related
business will be nil till 1HFY22. However, according to the
management, QCT is trying to explore other business opportunities
such as partnering with over-the-top media platforms that will
boost its revenue in FY22. Basis Ind-Ra's estimates, the company
will continue to report EBITDA losses in FY22 and the quantum of
the same will remain a key monitorable.

The overall credit metrics of the company deteriorated
significantly in FY21, with the interest coverage turning negative
at 8.90x (FY20: 3.07x; FY19: 7.59x) and the net leverage at
negative 0.96x (2.20x; 1.66x). The total debt position of the
company, however, improved to INR898 million in FY21 (FY20: INR944
million) due to the scheduled repayment of term loans. Ind-Ra
expects the consolidated credit metrics to remain weak in FY22 due
to the continued EBITDA loss.

Liquidity Indicator- Stretched: QCT's average maximum utilization
of fund-based working capital limits was 74.1% over the 12 months
ended April 2021. The net cash conversion cycle of the company
elongated significantly to 441 days (FY20: 69 days), on account of
high debtor days of 288 (66) and inventory days of 309 (88). The
creditors days also extended to 156 (85). The debtors remained high
at FY21, on account of delays in realizing the receivables from
theaters. The cash flow from operations turned negative at INR183
million in FY21, on account of the company's EBITDA loss and
stretched working capital cycle. Despite the EBITDA loss reported
in FY21, QCT serviced its interest expenses of INR84 million (FY20:
INR124 million) and repaid its term loans and other fixed
obligation from the cash available, unsecured loan infused by the
promoters to the tune of INR90 million, along with the overdraft
facility availed against fixed deposits to the tune of INR147
million.

Ind-Ra believes the company's liquidity position will remain
stretched in FY22; however, the debt repayment obligation of INR157
million in FY22 will be met by the unsecured loans of INR60 million
infused by the promoters in April 2021. Also, the company has
received the sanction for a working capital term loan to the tune
of INR253.25 million under the emergency credit line guaranteed
scheme and there will be an equity infusion from the promoters to
the tune of INR150 million by end-June 2021. QCT had cash and cash
equivalents of INR32 million at end-March 2021. According to
Ind-Ra's estimates, any delay in the revival of operations will
further strain QCT's liquidity position as there will be a further
stretch in the receivables and cash inflows of the company. Hence,
the ability of the promoter to infuse funds on a timely basis to
support QCT's liquidity position will remain key monitorable.

The ratings continue to factor in QCT's strong presence in South
India with a network of 4,080 screens at FYE21 across single-screen
and multiplex theatres. The largest markets for the company, in
terms of the number of screens at FYE21, were undivided Andhra
Pradesh (1,089), Tamil Nadu (755), Karnataka (338) and Kerala (395)
and together, they accounted for 63.2% of the total screens for the
company (FY20: 63.3%; FY19: 53.5%). In March 2021, SS Theaters LLP,
an established player in the movie theater segment in India
acquired a 56% stake in QCT's equity. The benefit arising out of
this change in the shareholding is yet to be established.

RATING SENSITIVITIES

The RWE indicates that the rating may be affirmed, downgraded or
upgraded based on the evolvement of the media and entertainment
industry, the reopening of theaters and the resultant impact on
QCT's operational, financial and liquidity position.

COMPANY PROFILE

Incorporated in 1986, QCT sells media technology equipment and
provides digital cinema technology solutions and services. It
generates revenue from advertisement virtual print fees, leasing
out equipment and trading digital cinema equipment.


SHYAM SPONGE: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Shyam Sponge & Power Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA] A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           10.00      [ICRA] B+(Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund            (6.00)      [ICRA] A4; ISSUER NOT
   Based Limits                    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 2003, SSSPL was originally promoted by the
Raipur-based Mahamaya Group. In March 2017, the company was
acquired by the Sita Group. The company is currently managed by Mr.
Manoj Agarwal and Mr. Sanjay Agarwal, who have experience of more
than a decade in steel industry through another group company.
SSSPL is involved in the sponge iron manufacturing business with an
annual production capacity of 30,000 metric tonne (MT). The
manufacturing facility of the company is located at Bachhera
village in Raipur (Chhattisgarh).


SIVANNI AGRIBUSINESS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sivanni
Agribusiness Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA] A4;
ISSUER NOT COOPERATING".

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

   Fund based            2.08      [ICRA] B+(Stable); ISSUER NOT
   Limits-Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated           0.92      [ICRA] B+(Stable)/[ICRA]A4;
   Limits                          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 2009 as a private limited company, Sivaani
Agribusiness Private Limited is engaged in the processing of red
lentil, with an installed capacity of 18,000 metric tonne per annum
(MTPA). The manufacturing facility of the company is located at
Bodhgaya in Bihar. The commercial operation of the unit commenced
from 2011-12.


SUAVE CORPORATION: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Suave
Corporation (India) 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/          10.00       [ICRA] B (Stable) ISSUER NOT
   Unallocated                     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.

Suave Corporation (India) Private Limited (SCIPL) was incorporated
in August 2012 by Mr Srihari Charan Damaraju. The company is
involved in the trading of steel products like TMT bars, GI Sheets,
MS Sheets, MS Flats, MS Rounds, billets and others. The company
primarily buys steel products from various distributors and traders
and sells to builders and construction companies in Andhra Pradesh
and Telangana.

SUSHEE INFRA: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sushee Infra &
Mining Limited's (SIML) Long-Term Issuer Rating to 'IND BB+' from
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.0 bil. Fund-based limits upgraded with IND BB+/Stable/IND

     A4+ rating; and

-- INR4.740 bil. (reduced from INR4.840 bil.) Non-fund-based
     limits upgraded with IND BB+/Stable/IND A4+ rating.

The upgrade reflects SIML's improved revenue visibility and cash
inflows resulting in an improved credit profile. The ratings,
however, remain constrained by SIML's stretched liquidity  on
account of  its commitment to support a debt servicing shortfall,
if any, at its subsidiary -  Sushee IVRCL Arunachalhighways Limited
(SIAL; 'IND B'/Stable).

KEY RATING DRIVERS

The upgrade reflects SIML's improved medium term revenue visibility
of 3.43x average FY19-FY21 revenue. At FYE21, the company had an
active order book of INR24.09 billion (excluding the stuck orders
or orders heading for pre-closure). While 87% of the orders are
moving slow, majorly on account of the COVID-19 pandemic and change
in priorities of the state governments for irrigation projects, the
execution of the remaining orders commenced in 1QFY22. The recently
commenced order is of the removal of an open cast mine's overburden
with The Singareni Collieries Company Limited ('IND AA'/Positive),
with whom SIML has an established execution track record. This
provides some comfort to SIML's order book, which is majorly
dominated by slow-moving projects. The concessioning authority-
National Highways and Infrastructure Development
Corporation(NHIDCL), has placed five slow-moving orders of SIML
(amounting to INR2.7 billion) in the negative list for two years
owing to its delayed execution. SIML can come out of the negative
list either by completing the projects or by the end of the
negative listing tenor (FYE23), whichever is sooner. The negative
listing prevents SIML from bidding for any of the NHIDCL's projects
over these two years. However, Ind-Ra believes that these five
projects are likely to be completed in a time bound manner. FY21
financials are provisional in nature.

SIML's revenue grew 15.1% yoy to INR7.14 billion in FY21 mainly due
to a change of scope (CoS) component of INR3,402 million getting
approved by the Ministry of Road Transport and Highways for its
design-build-finance-operate-transfer annuity project being
undertaken under SIAL. Resultantly, the company's margin jumped
41.9% in FY21 (FY20: 28.7%); adjusting for the CoS revenue, the
margin would  have been negative 11%. Excluding this one-time
benefit, the execution remained slow with projects getting affected
due to COVID-19 lockdowns. The company's margins on average were
18.6% over FY17-FY20. In the medium term, and in the absence of the
one-off income, Ind-Ra expects the margins to moderate to 14%-15%.

SIML's credit metrics improved in FY21 as reflected by net leverage
(net debt/EBITDAR) of 0.66x in FY21 (FY20: 1.24x; FY19: 4.21x;
FY18: 3.41x) and gross interest coverage (EBITDAR/gross interest
expense) of 4.52x (2.03x; 1.51x; 1.83x). While the improvement in
credit metrics in FY21 is largely on account of the CoS benefit,
the improvement over FY18-FY20 is a combination of deleveraging and
improvement in EBITDAR. However, Ind-Ra believes sustaining the
credit metrics at FY21 levels will be challenging since SIML
intends to take up capex-backed orders in mining in the medium
term.

Liquidity  Indicator-Stretched: SIML had cash and cash equivalents
of INR115 million at FYE21 and average fund-based working capital
utilization of about 95% of sanctioned limits of INR1 billion.
SIML's gross working capital cycle increased to 55 days in FY21
after remaining negative in FY20, due to a surge in the debtor days
to 108 days (38 days) owing to a significant increase in
receivables from SIAL, in lieu of the pending last installment of
the CoS payment. Owing to the resultant increase in net working
capital locked up, the company's short-term borrowings/utilization
remain high.

The management expects the recovery of receivables from pre-closed
irrigation project (FYE21: INR44 million in withheld money and
security deposits) to provide some comfort to its liquidity.
Furthermore, the agency was informed that there may be a further
recovery of unbilled debtors from the irrigation projects in FY22
and the agency believes that such inflows would improve the
liquidity profile. However, SIML's commitment to fund part of the
balance project cost of a SIAL project (INR245 million out of INR
445million) in FY22, along with supporting debt servicing shortfall
of SIAL remains a key monitorable. Also, any excess than assessed
outflow for supporting the SIAL project, thus impacting the
liquidity profile of SIML, may be negative for the ratings.  

RATING SENSITIVITIES

Positive: A strong growth in the order book and execution,
improvement in margins and efficient working capital management
leading to a sustained improvement in the credit metrics, with the
interest coverage sustaining above 2x, and in the liquidity
position, may be positive for the ratings.

Negative: A negative rating action can, individually or
collectively, result from:

- any increase in the equity commitment/ debt servicing support
other than projected in the base case for the SIAL projects
impacting the liquidity profile of SIML

- a substantial fall in the scale of operations and profitability
leading to deterioration in the liquidity position and resulting in
delay in the debt servicing

COMPANY PROFILE

Incorporated in 1986, SIML is engaged in the business of executing
projects in the verticals of mining, irrigation roads and
tunnelling projects. Its clients include the Irrigation Department
of Andhra Pradesh and Telangana, The Singareni Collieries Company
Limited, the Indian Railways, Ministry of Road Transport & Highways
and NHIDCL.


SVR ELECTRICALS: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SVR
Electricals Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA] A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-            7.25      [ICRA] B(Stable); ISSUER NOT
   Fund based/                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short term–          12.00      [ICRA]A4; ISSUER NOT
   NonFund Based                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Long Term/            5.75      [ICRA]B (Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     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.

SVR Electricals Private Limited was established in 1978 by Mr.
Venkateswara Rao in Guntur district in Andhra Pradesh. It started
its operations as a service provider for transformers following
which it ventured into manufacturing of transformers in 1992. The
company is involved in manufacturing of various ranges of
distribution transformers. Majority of its clients are Andhra
Pradesh and Telangana government power distribution companies.


SVS MOOKAMBIKA: ICRA Withdraws B+ Rating on INR13.80cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
SVS Mookambika Constructions Private Limited (SMCPL) at the request
of the company and based on the No Objection Certificate received
from its banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           13.80      [ICRA]B+(Stable); ISSUER NOT
   Fund Based/                     COOPERATING; Withdrawn
   Cash Credit          
                                   
   Short Term–          11.00      [ICRA]A4; ISSUER NOT
   Non-fund                        COOPERATING; Withdrawn
   Based Limits         
                                   
   Long Term/           15.20      [ICRA]B+(Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     Withdrawn

SMCPL was incorporated in 2009 by Mr. MSN Raju and undertakes civil
construction projects in Andhra Pradesh, Orissa and Karnataka. The
promoters of the company have an experience of over a decade in
civil construction business.

VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vasundhara
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            10.00      [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.

Vasundhara Developers (VD) is a partnership firm founded in 2014
and is engaged in the business of construction of residential
apartments with its head office is located in Guntur District of
Andhra Pradesh. The firm has developed Vasundhara Orchids in
Vijayawada on a land area of 4360 sq. Yards.

VIDYUT BONDS: ICRA Reaffirms D Rating on INR589.70cr Bond
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Vidyut
Bonds by Transmission Corporation of Andhra Pradesh Limited (AP
TRANSCO), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bond Programme      589.70      [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in the non-adherence to the
timelines prescribed in the structured payment mechanism for
servicing of AP TRANSCO, which led to delays in debt servicing.
While the liabilities with respect to these Vidyut Bonds have been
provisionally allocated between the two successor entities of AP
TRANSCO i.e. Transmission Corporation of Telangana Limited (TS
TRANSCO) and AP TRANSCO (for residual Andhra Pradesh) post
bifurcation of the state of Andhra Pradesh in June 2014, the
entities are not adhering to the terms of the bond payment
structure, leading to delays in servicing of the bonds in certain
instances. Further, ICRA takes note of the delay in finalisation of
bifurcation of assets and liabilities between AP TRANSCO and TS
TRANSCO, because of which further disputes with respect to exact
liabilities that are to be discharged by each of the entities
cannot be ruled out.

Key rating drivers and their description

Credit strengths

* State-owned transmission utility: AP TRANSCO is the state
government-owned transmission utility in Andhra Pradesh with
monopoly over power transmission operations in the state.

* Regulated operations: The operations of AP TRANSCO are regulated
in nature and are guided by multi-year tariff (MYT) principles
approved by the State Electricity Regulatory Commission (SERC).

Credit challenges

* Delays in servicing of Vidyut Bonds: The AP Transco Vidyut Bonds
are being serviced by Andhra Pradesh and Telangana based on
provisional bifurcation of bonds. There were delays witnessed due
to non-adherence to the structured payment mechanism, mainly with
respect to deposit of payments prior to the due date.

* Delay in finalization of apportionment of assets and liabilities
between AP TRANSCO and TS TRANSCO: Post bifurcation of the state of
Andhra Pradesh in 2014, the assets and liabilities were bifurcated
based on the AP Reorganization Act, 2014.  However, the
finalization of apportionment of assets and liabilities between
various entities in the two states remains pending. This has
resulted in delays in servicing the obligations under Vidyut Bonds
raised by AP TRANSCO.

Liquidity position: Poor

The servicing of AP Transco Vidyut Bonds takes place via budgetary
support from the Government of Andhra Pradesh and Telangana.
However, there has been a delay in servicing of the debt
obligations, given the pending completion of the division of
liabilities between the two states and the consequent delay in
receiving funds for servicing of these bonds.

Rating sensitivities

Positive factors – ICRA could upgrade the long-term rating if the
company demonstrates timely payments of debt servicing obligations
as per the payment structure agreed with the bond holders.

Negative factors – Not applicable.

AP Transco was incorporated in 1998, subsequent to the first
transfer scheme of State Electricity Reform Act for unbundling of
erstwhile Andhra Pradesh State Electricity Board into two entities,
Andhra Pradesh Power Transmission Corporation Limited and Andhra
Pradesh Power Generation Corporation Limited (APGENCO). As per the
Electricity Act, 2003, Transcos are not allowed to trade in power,
thus necessitating separation of trading and transmission
functions. At present, AP Transco is involved in transmission and
state load dispatch-centre activities. Post bifurcation of Andhra
Pradesh in June 2014, the entity has been bifurcated into two
entities, namely TS Transco and AP Transco (for residual Andhra
Pradesh).

VIJAY TRANSFORMERS: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vijay
Transformers in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B- (Stable)/[ICRA] A4 ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-            2.50      [ICRA] B-(Stable); ISSUER NOT
   Fund based/                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–           5.45      [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

   Long Term/            4.05      [ICRA]B-(Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     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.

Vijay Transformers (VT) was established in 1992 by Mr Venkateswara
Rao as a proprietorship firm. The firm is involved in the
manufacturing of various ranges of distribution transformers. VT
has a sister concern called SVR Electricals Private Limited which
is also into the same line of business.

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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating; and

-- INR253 mil. Term loan due on June 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 4, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Zen Shipping & Ports India is private
stainless steel chemical tanker vessel operator. The company
initially commenced operations as a ship management services
provider engaged in marketing and crew operations. In 2014, the
company acquired two second hand mid-sized stainless steel chemical
tanker vessels; MT Tulip (10,280 deadweight tonnage) and Bon
Atlantico (14,003deadweight tonage).




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

ABM INVESTAMA: Moody's Puts B1 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed ABM Investama Tbk (P.T.)'s
ratings on review for downgrade. This includes the company's B1
corporate family rating and the B1 rating on its $350 million
senior unsecured notes due in August 2022. At the same time,
Moody's has changed the outlook to ratings under review from
negative.

"The ratings review reflects the likelihood of a downgrade if the
company fails to refinance its $350 million notes 12 months ahead
of its scheduled maturity on August 1, 2022," says Maisam Hasnain,
a Moody's Assistant Vice President and Analyst.

"While we expect the company will seek to issue new US dollar notes
to refinance its existing notes, the planned issuance is still
subject to market conditions and investor appetite. Should the
planned issuance fall through, we believe the company's concrete
back-up funding options to address its large notes maturity will be
limited in the near term," adds Hasnain, who is also Moody's lead
analyst for ABM.

The ratings review will focus on ABM's ability to alleviate
near-term refinancing risk with its planned US dollar notes
issuance, and any countermeasures including back-up funding plans
should the notes refinancing not proceed in the near term.

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

Moody's expects ABM will seek to issue new US dollar notes in the
coming weeks to refinance its $350 million notes due on August 1,
2022. The company had obtained shareholder approval via an
extraordinary general meeting for shareholders in May to issue up
to $400 million in US dollar notes with a maximum interest rate of
9.5%.

While strong earnings amid rising coal prices and lower yields on
its existing notes should aid the proposed notes issuance, the
transaction remains exposed to capital market uncertainty that is
outside of the company's control. In the event of an unforeseen
delay in its issuance plans, alternative fundraising plans could
take time and further elevate near-term refinancing risk.

The rating action is driven primarily by elevated refinancing risk.
Moody's expects ABM's earnings and cash flow to improve at its coal
mining and mining services subsidiaries over the next 12 months,
amid increased production volumes and higher coal prices.

Moody's estimates ABM's adjusted leverage -- as measured by
adjusted debt to EBITDA -- to improve to 2.0x-2.5x in 2021 from
around 3.2x in 2020. Absent material refinancing risk, such low
leverage levels would be supportive of ABM's B1 ratings.

ABM's liquidity is weak, as its internal cash balance of around
$109 million as of December 2020 and projected cash from operations
will be insufficient to redeem its $350 million notes.

In recent months, ABM has signed two $50 million working capital
facilities, which could help meet a temporary liquidity shortfall
but would not alleviate refinancing risk, as the drawn-down portion
of the facilities will be due in 12 months.

Given the rating action, an upgrade is unlikely over the coming 12
months. However, Moody's could confirm the ratings if ABM fully
addresses its US dollar notes maturity while maintaining enough
internal cash sources to meet its cash needs over the next 12-18
months.

Moody's could downgrade the rating by at least two notches if ABM
is unable to raise sufficient funds with its proposed US dollar
notes to eliminate refinancing risk associated with its existing
notes at least 12 months ahead of its scheduled maturity.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

ABM's ESG Credit Impact Score is highly negative (CIS-4),
reflecting the company's very high exposure to environmental risks
and high exposure to social risks stemming from its operations
within the thermal coal mining sector, and high exposure to
governance risks stemming from its inability in recent years to
effectively execute on its growth plan.

The company's exposure to environmental risk is very highly
negative (E-5 issuer profile score), driven by very high carbon
transition risks associated with thermal coal; thermal coal mining
and coal mining services will continue to generate a majority of
ABM's revenue over the next few years. While coal demand in Asia
remains stronger than in other regions, Asian coal miners are
increasingly exposed to material credit implications, including
reduced access to funding. In addition, policies favoring
renewables, the declining costs of renewables and the development
of disruptive technologies will increase the long-term risk for
coal miners.

ABM's exposure to social risk is highly negative (S-4 issuer
profile score), driven primarily by its coal mining operations'
high exposure to human capital, health and safety, responsible
production and demographic and societal trends. Although the
company had on occasion received complaints around its coal mining
operations related to environmental management in 2020, these have
reportedly been resolved and have not materially impact its
operations. ABM has also implemented processes to ensure
occupational safety and conducts safety training and health checks
for its employees. The company also engages with and supports the
local communities where its mines are located.

ABM's exposure to governance risk is highly negative (G-4 issuer
profile score), reflecting its inability thus far to effectively
execute on its growth plans, and its increased reliance on
debt-funded acquisitions to replace depleting coal reserves at a
key mine.

The principal methodology used in these ratings was Mining
published in September 2018.

Listed on the Indonesian Stock Exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in coal
mining, mining services, engineering and logistics, and power
generation.

The Hamami family controls 79% of ABM through PT Tiara Marga
Trakindo (23%) and Valle Verde PTE LTD (56%). The remaining shares
are held by the public.

GARUDA INDONESIA: Puts Off Debt Payment Again Amid Funding Crunch
-----------------------------------------------------------------
Tassia Sipahutar and Harry Suhartono at Bloomberg News report that
PT Garuda Indonesia put off the payment on its Islamic debt once
again, highlighting its financing crunch as the firm tries to avoid
bankruptcy.

Bloomberg relates that the Southeast Asian airline, struggling as
the pandemic depresses air travel worldwide, said it "will continue
to defer the periodic distribution amount due June 3," in a filing
to the Singapore stock exchange on June 17.

According to Bloomberg, the state-owned company missed the
distribution payment on a $500 million sukuk on June 3, and a
14-day grace period ended on June 17. The Sharia-compliant note due
in June 2023 has tumbled around 46 cents on the dollar so far this
month to a record low of about 30 cents, prices compiled by
Bloomberg show.

The Indonesian government said early this month that it's
considering a debt standstill for the carrier to allow it to
restructure, Bloomberg recalls. New variants of the coronavirus are
adding uncertainty to the outlook for airlines around the world, as
tentative plans to open up travel destinations are delayed or
shelved. Dozens have collapsed or been forced to restructure and
adjust their fleets to ride out the crisis, the report notes.

Among them in Asia, Thai Airways International Pcl said this week
it's seeking new loans to help fund operations after the court
approved its plan to rehabilitate at least THB170 billion($5.4
billion) of debt.

According to Bloomberg, Garuda also added Guggenheim Securities to
its list of financial advisers, which already include Mandiri
Sekuritas, Cleary Gottlieb Steen & Hamilton, as well as Assegaf
Hamzah & Partners.

Garuda's Finance Director Prasetio had said on June 15 that the
firm is thoroughly reviewing the adequacy of its cash flow for
operational needs, when asked by Bloomberg about whether it would
be able to meet the sukuk payment deadline.

Bloomberg says the company has offered early retirement for its
staff and is renegotiating contracts with lessors. President
Director Irfan Setiaputra said last month that the carrier needs to
completely restructure its business, potentially reducing the
number of planes to less than half its main fleet.

The airline is in the process of appraising several units to be
divested as part of its total restructuring plan, Setiaputra said
on Metro TV late on June 15, adds Bloomberg.

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




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

KOBE STEEL: Egan-Jones Hikes Senior Unsecured Ratings to B
----------------------------------------------------------
Egan-Jones Ratings Company, on June 11, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Kobe Steel, Ltd. to B from B-.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.


MARUI GROUP: Egan-Jones Hikes Senior Unsecured Ratings to BB
------------------------------------------------------------
Egan-Jones Ratings Company, on June 10, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by MARUI GROUP CO., LTD. to BB from BBB-.

Headquartered in Japan, MARUI GROUP CO., LTD. operates department
stores which sell clothing, accessories, home appliances, and
food.


MITSUBISHI CHEMICAL: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 9, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsubishi Chemical Holdings Corporation.

Headquartered in Chiyoda City, Tokyo, Japan, Mitsubishi Chemical
Holdings Corporation manufactures and distributes chemical
products.



MITSUI E&S: Egan-Jones Keeps CC Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on June 10, 2021, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui E&S Holdings Co., Ltd. EJR also maintained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Chuo City, Tokyo, Japan, Mitsui E&S Holdings Co.,
Ltd. offers shipbuilding services.


NISSAN MOTOR: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on June 11, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by NISSAN MOTOR CO., LTD.

Headquartered in Yokohama, Kanagawa, Japan, NISSAN MOTOR CO., LTD.
manufactures and distributes automobiles and related parts.


TOYOBO COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on June 7, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Toyobo Co., Ltd.

Headquartered in Osaka, Osaka, Japan, Toyobo Co., Ltd. manufactures
and sells natural and synthetic fibers.




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

NAM CHEONG: Current Assets Unlikely to Adequately Meet Liabilities
------------------------------------------------------------------
The Business Times reports that Nam Cheong, which is trying to
restructure its debts to "ride out this incredibly challenging
market environment", on June 18 said its board is still unable to
confirm the group's ability to continue as a going concern.

In response to the Singapore Exchange's (SGX) queries, Nam Cheong
noted that the group's current assets of MYR266 million (SGD86.2
million) in Q1 2021 are "unlikely to adequately meet" its
short-term liabilities of MYR1.38 billion during the quarter, BT
discloses.

This was a result of the depressed utilisation of vessels and
realisable value of the group's vessels, which are operating in the
challenging oil and gas industry, it said on June 18.

BT relates that the short-term liabilities mainly comprised loans
and borrowings of about MYR1.01 billion as well as trade and other
payables of MYR327 million.

According to BT, Nam Cheong told SGX that the group has been
holding discussions with its principal lenders and has appointed
advisers to help address significant debt maturities, which may
include an extension of the maturities and/or restructuring of
existing loans, as announced previously.

Since November 2020, its wholly-owned subsidiary Nam Cheong
Dockyard has been engaging actively with both financial creditors
and trade creditors, "with more steady progress in the latter", and
the group is hopeful for a positive outcome, it said on
June 18.

BT relates that the group has also been reviewing its cash-flow
projections and discussing with various parties regarding possible
actions to contain operating costs and preserve working capital to
fund its operations.

However, no definitive agreements in relation to the debt
restructuring have been entered into by the group, Nam Cheong said
in its response to SGX.

In the event its debt restructuring is "not favourably completed in
a timely manner, the company and the group will continue to be
faced with a going concern issue", Nam Cheong added.

The board voluntarily suspended trading in Nam Cheong shares in
April 2020, as it was unable to reasonably assess the company's
financial position and demonstrate that the company was able to
continue as a going concern, the report notes.

Malaysia-based Nam Cheong Limited operates as a global offshore
marine group. The Company specializes in providing Offshore Support
Vessels(OSVs), as well as owns and operates ship building yards for
OSVs in Malaysia for use in the offshore oil and gas exploration
and production and oil services industries.




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

CEBU AIR: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on June 11, 2021, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Inc. EJR also upgraded the rating on
commercial paper issued by the Company to B from C.

Headquartered in Pasay, Cebu Air Inc. operates an airline that
provides air transportation services.



PHILIPPINE AIRLINES: Parent Posts PHP71.8BB Net Loss in 2020
------------------------------------------------------------
Ditas B Lopez at Bloomberg News reports that Philippine Airlines
Inc.'s parent company posted a record loss last year, reflecting
the "extraordinary" impact of the coronavirus pandemic on the
carrier.

PAL Holdings Inc. reported a PHP71.8 billion ($1.48 billion) loss
in calender 2020, compared to a PHP10.3 billion shortfall the year
before, the company said in a stock exchange filing June 17,
Bloomberg discloses. In the first quarter of this year, its loss
narrowed to PHP8.6 billion from PHP9.4 billion a year earlier.

Bloomberg relates that the company, controlled by billionaire Lucio
Tan, said it reduced expenses by 46% in 2020, but this was offset
by a 64% drop in revenue as global travel restrictions forced it to
limit flights.

According to Bloomberg, PAL Holdings said management and
stakeholders are working on the final stages of a comprehensive
restructuring plan for the airline. The flag carrier has drawn on
bridge funding and support from its majority shareholder, deferred
payments to lessors as well as lenders and suppliers, and carried
out a retrenchment program.

"PAL's flights and operations will not be affected in any
restructuring," the company said in the statement. "We will
increase our international and domestic flights as the market
recovers with easing of travel restrictions."

Philippine Air has increased regular flights on most of its
pre-pandemic routes while adding all-cargo services and special
repatriation flights in North America, Middle East and Asia, the
parent company said, Bloomberg relays.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia
and the oldest of those currently in operation. With its corporate
headquarters in Makati City, Philippine Airlines flies both
domestic and international flights.  First taking off in 1941, the
carrier has grown into a fleet of about 40 aircraft (including five
Boeing 747-400s) flying to more than 20 domestic points and about
30 foreign destinations.

Citing data from Cirium, online aviation news and information
website FlightGlobal reported that PAL was seeking a restructuring
agreement with creditors ahead of filing Chapter 11 proceedings
potentially by the end of May.

PAL had some $5 billion in total liabilities, including its
outstanding obligations to foreign aircraft suppliers. Nineteen
lessors are exposed to PAL to the tune of 49 aircraft, Cirium data
shows.

According to reports, Norton Rose Fulbright is the airline's
counsel on the restructuring, and Seabury Capital has been hired as
a restructuring adviser.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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