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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

          Wednesday, June 23, 2021, Vol. 24, No. 119

                           Headlines



A U S T R A L I A

DATA REPUBLIC: IXUP Acquires Technology Assets
GREATSKIN PTY: Second Creditors' Meeting Set for June 30
LIBERTY SERIES 2018-4: Moody's Upgrades Class F Notes to Ba1 (sf)
MOVE IT VIC: Second Creditors' Meeting Set for June 29
MOVE IT: Second Creditors' Meeting Set for June 29

PEDLEY'S SOLAR: Second Creditors' Meeting Set for June 30
PROGRESS 2021-1: S&P Assigns BB (sf) Rating to Class E Notes
STRATA VOTING: Second Creditors' Meeting Set for June 30


C H I N A

CHINA OIL: Moody's Assigns Ba2 Rating to Proposed USD Bond
FOSUN INTERNATIONAL: S&P Rates New Guaranteed Sr. Unsec. Notes 'BB'
GLP PTE: Fitch Rates Proposed USD Perpetual Securities 'BB+'
HEALTH AND HAPPINESS: S&P Affirms 'BB+' LT Issuer Credit Rating
ZHENRO PROPERTIES: Fitch Rates Proposed 363-Day Yuan Bonds 'B+'



I N D I A

ALECTRONA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
AMR INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
ANJANEYA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
B. M. OVERSEAS: CARE Lowers Rating on INR9.46cr LT Loan to B-
BHAVANI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating

BIJAPUR EDUCATION: CARE Lowers Rating on INR10cr LT Loan to B-
BR DESIGNS: CARE Lowers Rating on INR9.04cr LT Loan to D
GAJRAJ HOTEL: CARE Keeps D Debt Rating in Not Cooperating
JET AIRWAYS: Can Restart Operations Under New Owner, Court Rules
KARISHMA FINISHERS: CARE Keeps B- Debt Rating in Not Cooperating

KARTHIKEYA AGRO: CARE Keeps D Debt Rating in Not Cooperating
KGP GOLD: CARE Lowers Rating on INR5cr LT Loan to C
KGP SILKS: CARE Lowers Rating on INR5.00cr LT Loan to C
KRISH CEREALS: CARE Lowers Rating on INR23cr LT Loan to C
LIBRA AUTO: CARE Keeps D Debt Rating in Not Cooperating Category

MANIKYAM POULTRY: CARE Keeps D Debt Rating in Not Cooperating
NAGRAJ INDUSTRIES: CARE Lowers Rating on INR6.20cr LT Loan to C
OM SHIVASHAKTHI: CARE Keeps C Debt Rating in Not Cooperating
PROTIMA ALU: CARE Keeps B- Debt Rating in Not Cooperating
QUARTZART STONES: CARE Lowers Rating on INR20cr LT Loan to B-

RATHI STYLE: CARE Keeps B- Debt Rating in Not Cooperating
SEGURO-INKEL CONSORTIUM: CARE Keeps D Ratings in Not Cooperating
SINNAR TALUKA: CARE Lowers Rating on INR9.16cr LT Loan to B-
SURAJ ISPAT: CARE Keeps B- Debt Rating in Not Cooperating
T. R. POLY: CARE Keeps D Debt Rating in Not Cooperating Category

TALWAR MOBILES: CARE Lowers Rating on INR25cr LT Loan to B
THRISSUR EXPRESSWAY: CARE Keeps D Debt Rating in Not Cooperating
TIRUPATI TRADING: CARE Lowers Rating on INR8cr LT Loan to B-
VBC RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating


J A P A N

TOSHIBA CORP: Releases Internal Report Ahead of Shareholder Vote


M O N G O L I A

MONGOLIA: Fitch Assigns B Rating on Proposed USD Bonds
MONGOLIA: S&P Rates New US Dollar-Denominated Sr. Unsec. Notes 'B'


S I N G A P O R E

AFCO HOLDING: Creditors' Proofs of Debt Due on July 19
BRC ISOLUTIONS: Creditors' Meeting Set for July 7
DNB ASIA: Creditors' Proofs of Debt on Due July 18
GLP PTE: S&P Assigns 'BB' Rating on New USD Perpetual Securities
STRAITS TRADING: Court Enters Wind-Up Order

WENG FENG: Court Enters Wind-Up Order


S O U T H   K O R E A

SAMSUNG HEAVY: Shareholders Approve Capital Reduction
SSANGYONG MOTOR: Subcontractors to Receive More Financial Help

                           - - - - -


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A U S T R A L I A
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DATA REPUBLIC: IXUP Acquires Technology Assets
----------------------------------------------
IXUP Limited has completed on the acquisition of the technology
assets of Data Republic (Administrators Appointed) on June 7, 2021,
Grant Thornton Australia said.

IXUP Limited (ASX:IXU) is a pioneering technology company that has
developed world class software facilitating the secure sharing and
analysis of sensitive information using advanced encryption
technology.

Founded in 2014, Sydney-based Data Republic specialised in allowing
organisations to share and license data, without risking consumer
privacy or data security. Data Republic went into administration in
May 2021.

"It has been a real pleasure working with the whole IXUP team and
JWS providing legal counsel on this transaction. This acquisition
combines the complementary technology stacks of IXUP and Data
Republic providing clients with all their corporate data
collaboration needs. We went from indicative offer to completion in
the space of 14 days and helped IXUP fend off competition from over
80 interested parties to become the successful purchaser," said
Said Jahani, National Managing Partner – Financial Advisory.
In a media statement regarding the acquisition, Marcus Gracey, CEO
of IXUP said: "Our acquisition of the Data Republic Technology
Assets adds a well-developed, valuable and complementary product
set to IXUP’s fast growing technology stack which we believe will
deliver significant commercial benefits to IXUP shareholders. IXUP
intends to continue to service to all of Data Republic’s previous
and affected customers, where possible, and we are also in dialogue
with the previous Data Republic employee base to explore how we
might provide future employment opportunities".

"We know from our Dealtracker reports that technology continues to
be a highly sought after target in the M&A space, propelled along
by COVID-19 and the push online for workplaces, retailers and
services."


GREATSKIN PTY: Second Creditors' Meeting Set for June 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of Greatskin Pty
Limited, trading as real - u, has been set for June 30, 2021, at
11:00 a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 29, 2021, at 5:00 p.m.

Nathan Lee Deppeler and Scott Andersen of Worrells Solvency &
Forensic Accountants were appointed as administrators of Greatskin
Pty on May 5, 2021.


LIBERTY SERIES 2018-4: Moody's Upgrades Class F Notes to Ba1 (sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 12 classes of
notes issued by three Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2018-1 Trust

Class C Notes, Upgraded to Aaa (sf); previously on Sep 30, 2020
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa1 (sf); previously on Sep 30, 2020
Upgraded to A2 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Sep 30, 2020
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on Sep 30, 2020
Upgraded to Ba2 (sf)

Issuer: Liberty Series 2018-3

Class C Notes, Upgraded to Aaa (sf); previously on Oct 12, 2020
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aa2 (sf); previously on Oct 12, 2020
Upgraded to A2 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Oct 12, 2020
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Oct 12, 2020
Upgraded to Ba3 (sf)

Issuer: Liberty Series 2018-4

Class C Notes, Upgraded to Aa1 (sf); previously on Oct 12, 2020
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Oct 12, 2020
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Nov 2, 2018
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Nov 2, 2018
Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date, with a moderate level of loans in arrears and
very low level of losses.

Liberty Series 2018-1 Trust

Following the April 2021 payment date, the notes subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 9.2%, 7.3%, 5.1%, and 4.4% respectively, from 8.3%,
6.4%, 4.2%, and 3.6% at the time of the last rating action for
these notes in September 2020.

As of April 2021, 3.1% of the outstanding pool was 30-plus day
delinquent, and 1.6 % was 90-plus day delinquent. The deal has
incurred AUD80,158 (equivalent to 0.005% of the original pool) of
losses to date, which have been reimbursed by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has updated
its expected loss assumption to 2.0% of the outstanding pool
(equivalent to 0.8% of the original pool balance), compared to 2.8%
of the then outstanding pool from the last rating action
(equivalent to 1.4% of the original pool balance).
Moody's decreased its MILAN CE assumption to 7.7% from 9.0% since
the last rating action, based on the current portfolio
characteristics.

Liberty Series 2018-3

Following the April 2021 payment date, note subordination available
for the Class C, Class D, Class E Notes, and Class F Notes has
increased to 8.7%, 6.5%, 4.6%, and 3.9% respectively, from 7.9%,
5.7%, 3.8%, and 3.0% at the time of the last rating action for
these notes in October 2020.

As of April 2021, 3.4% of the outstanding pool was 30-plus day
delinquent and 1.6% was 90-plus day delinquent. The deal has
incurred losses of AUD16,913 (equivalent to 0.002% of the original
pool) to date, which have been covered by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has updated
its expected loss assumption to 2.1% of the outstanding pool
(equivalent to 0.9% of the original pool balance), compared to 2.5%
of the then outstanding pool from the last rating action
(equivalent to 1.4% of the original pool balance).

Moody's has revised its MILAN CE assumption to 7.8% from 8.9% for
the last rating action, based on the current portfolio
characteristics.

Liberty Series 2018-4

Following the April 2021 payment date, note subordination for the
Class C and Class D Notes, has increased to 8.7% and 6.4%
respectively, from 6.8% and 5.0% at the time of the last rating
action for these notes in October 2020. Note subordination
available for the Class E and Class F Notes has increased to 4.2%
and 3.5% respectively, from 2.1% and 1.7% at closing.

As of April 2021, 4.1% of the outstanding pool was 30-plus day
delinquent and 2.2% was 90-plus day delinquent. The deal has
incurred losses of AUD2,011 (equivalent to 0.0004% of the original
pool) to date, which have been covered by excess spread.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven recovery, Moody's has updated
its expected loss assumption to 2.1% of the outstanding pool
(equivalent to 1.1% of the original pool balance), compared to 2.6%
of the then outstanding pool from the last rating action
(equivalent to 1.7% of the original pool balance).

Moody's has decreased its MILAN CE assumption to 8.4% from 9.0%
from the last rating action, based on the current portfolio
characteristics.

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

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

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, an Australian non-bank lender. A portion of the
portfolios consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

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

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

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

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

MOVE IT VIC: Second Creditors' Meeting Set for June 29
------------------------------------------------------
A second meeting of creditors in the proceedings of Move IT VIC
Rental Pty Ltd has been set for June 29, 2021, at 3:00 p.m. via
teleconference only.

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 28, 2021, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Move IT Vic on May 24, 2021.


MOVE IT: Second Creditors' Meeting Set for June 29
--------------------------------------------------
A second meeting of creditors in the proceedings of Move IT VIC Pty
Ltd has been set for June 29, 2021, at 2:30 p.m. via teleconference
only.

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 28, 2021, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Move IT on May 24, 2021.


PEDLEY'S SOLAR: Second Creditors' Meeting Set for June 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Pedley's Solar
Pty Ltd has been set for June 30, 2021, at 11:00 a.m. via virtual
meeting technology and by telephone.

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 28, 2021, at 11:00 a.m.

David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were
appointed as administrators of Pedley's Solar on May 26, 2021.


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

S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of notes are commensurate with the ratings assigned.
Credit support is provided by subordination, lenders' mortgage
insurance (LMI), and excess spread, if any. Our assessment of
credit risk takes into account AMP Bank's underwriting standards
and approval process, which are consistent with industrywide
practices, the servicing quality of AMP Bank, and the support
provided by the LMI policies on 24.65% of the portfolio.

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

"Our ratings also consider the counterparty exposure to Australia
and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank
account providers and to BNP Paribas as fixed-rate swap provider.
The fixed-rate swap is provided to hedge the fixed-rate mortgage
loans and the floating-rate obligations on the notes. The
transaction documents include downgrade remedies consistent with
our counterparty criteria. The legal structure of the trust is
established as a special-purpose entity and meets our criteria for
insolvency remoteness."

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

  Ratings Assigned

  Progress 2021-1 Trust

  Class A, A$920.00 million: AAA (sf)
  Class AB, A$39.90 million: AAA (sf)
  Class B, A$13.90 million: AA (sf)
  Class C, A$11.20 million: A (sf)
  Class D, A$6.70 million: BBB (sf)
  Class E, A$3.90 million: BB (sf)
  Class F, A$4.40 million: Not rated


STRATA VOTING: Second Creditors' Meeting Set for June 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of Strata Voting
Pty Ltd has been set for June 30, 2021, at 11:00 a.m. via
teleconference only.

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 29, 2021, at 4:00 p.m.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Strata Voting on May 26, 2021.





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

CHINA OIL: Moody's Assigns Ba2 Rating to Proposed USD Bond
----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed USD bond to be issued by China Oil and Gas
Group Limited (COG, Ba2 stable).

The outlook is stable.

COG plans to use the net proceeds mainly to redeem the outstanding
USD bonds.

RATINGS RATIONALE

"The proposed issuance will have a limited impact on COG's total
debt given the proceeds will be primarily used to redeem its
outstanding USD bond due in 2022," says Ralph Ng, a Moody's Vice
President and Senior Analyst.

"The proposed notes will also lengthen the company's debt maturity
profile," adds Ng.

The rating on the bonds is in line with COG's Ba2 corporate family
rating, reflecting its manageable structural subordination risks.
Most of the debts are borrowed at the holding company level, and
the subsidiary claim/total consolidated claim was about 53% as of
the end of December 2020.

The Ba2 corporate family rating is underpinned by COG's steadily
growing gas sales volumes and stable dollar margin, as well as
China's supportive clean energy policies. However, these strengths
are balanced by the high business risks associated with COG's
overseas upstream operations.

Moody's estimates that COG will incur capital expenditure of about
HKD1.5 billion per year in 2021 and 2022, and that adjusted
retained cash flow (RCF)/debt will be around 12%-13% and adjusted
funds from operations (FFO) interest coverage will stay at
3.8x-4.2x over the same period.

The stable outlook reflects Moody's expectation that the company
will maintain a stable financial profile and keep its upstream
operations at a manageable scale, supported by stable oil prices.
Liquidity at both the consolidated and holding company levels
remains relatively manageable.

Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.

Moody's has taken into consideration COG's core business of natural
gas distribution, which is a clean energy source and has low carbon
transition risk.

COG faces some level of social risks in terms of worker health and
safety relating to its gas distribution project such as pipeline
construction.

Moody's considerations for governance risk include the company's
regulated business nature, established management track record,
listed status and track record of adequate disclosures.

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

Upward rating pressure could emerge over time if COG (1)
establishes a proven track record of timely cost pass-through for
its city gas projects; and (2) increased revenue diversification,
such that the Qinghai Province contributes to less than 30% of its
total revenue.

Financial metrics indicative of an upgrade include its RCF/debt
rising above 18% and adjusted FFO interest coverage above 4.0x on a
sustained basis.

The rating could be downgraded if COG (1) becomes exposed to a
material increase in upstream risk, (2) carries out aggressive
debt-funded expansion projects or acquisitions, (3) faces adverse
regulatory changes, or (4) needs to provide additional funding to
support to its upstream business.

Financial metrics indicative of a downgrade include its RCF/debt
falling below 12% and FFO interest coverage staying below 2.5x on a
sustained basis, and the total unencumbered cash and liquid
securities held by the holding company and majority-controlled
subsidiaries falling below RMB700 million.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.

China Oil and Gas Group Limited (COG) engages in the piped city gas
business, as well as the transportation and distribution of
compressed natural gas (CNG) and liquefied natural gas (LNG). The
company also expanded its footprint to the oil and gas production
business in Canada in July 2014.

COG listed on the Hong Kong Stock Exchange in 1993 and began its
natural gas distribution business in 2002. Xu Tie-liang was the
largest shareholder and chairman with a 25.92% stake as of December
31, 2020.

FOSUN INTERNATIONAL: S&P Rates New Guaranteed Sr. Unsec. Notes 'BB'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed euro-denominated senior unsecured notes that Fosun
International Ltd. will unconditionally and irrevocably guarantee.
Fortune Star (BVI) Ltd., a special-purpose entity, will issue the
notes. The issue rating is subject to our review of the final
issuance documentation.

The rating on the notes is the same as the issuer credit rating on
Fosun (BB/Negative/--) because of credit substitution under the
guarantee. As an investment holding company, Fosun's secured debt
at the parent level is less than 50% of total debt. Therefore, S&P
does not notch down the issue rating for structural subordination
risk.

Fosun will use the proceeds from the notes for refinancing, working
capital, and other general corporate purposes.

S&P said, "The negative outlook on Fosun reflects our view that
short-dated debt will remain a sizable portion of the company's
capital structure over the next 12 months. We expect Fosun to take
steps to improve its capital structure, including reducing debt and
issuing longer-tenor borrowings."


GLP PTE: Fitch Rates Proposed USD Perpetual Securities 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned GLP Pte. Ltd.'s (GLP, BBB/Negative)
proposed US dollar subordinated perpetual securities a rating of
'BB+'. The proposed securities will be issued by GLP and the
company will use the proceeds for refinancing a portfolio of green
projects.

The ratings on the proposed securities, at two notches below GLP's
Long-Term Issuer Default Rating, reflect the highly subordinated
nature of the securities, which rank senior only to GLP's ordinary
shares and junior obligations. The securities qualify for 50%
equity credit, as they meet Fitch's criteria with regard to deep
subordination, effective maturity in excess of five years, full
discretion to defer interest coupon payments for at least five
years and limited events of default. Equity credit is limited to
50% and not higher, as deferral of interest coupon is cumulative.

Fitch notes that the offering memorandum contains replacement
provisions to 2046, but believes the new hybrid security will be a
permanent part of the group's capital structure, after discussions
with management that indicate GLP is committed to hybrid capital.
Fitch will continue to assess both management's intention and the
economic incentives for the notes to remain a permanent part of its
capital structure on an ongoing basis.

KEY RATING DRIVERS

Transition Reduces Predictability: GLP expects investment-property
and other asset monetisation to rise sharply over the next three
years as it pursues its strategy to reduce on-balance-sheet assets.
Asset monetisation proceeds will be reinvested in new business
services, such as internet data centres, and debt repayment.
However, Fitch believes the timing and scale of asset monetisation
and the investment in new businesses will affect the predictability
of GLP's earnings and cash flow in the near term.

Declining Near-Term Rental Contribution: GLP's performance-based
fee income and dividend streams from development funds under
jointly controlled entities (JCE) rose in 2020. Fitch projects they
will stay elevated in the near term while consolidated rental
income is likely to drop during the asset-rebalancing period. Fitch
includes recurring rental, fee income and recurring JCE dividends
in the calculation of GLP's recurring EBITDA, while certain
performance-based fee income and JCE dividends derived from
development income are excluded.

Fitch believes an increase in GLP's rental income will help
underpin the company's ratings, as visibility on cash flow from
long-term contractual rental income is a key driver for Asian REITs
and property investment companies.

Changing Leverage Profile: The increase in GLP's 2020 leverage due
to multiple acquisitions announced early last year was less than
Fitch's expectation. The consolidated loan-to-value ratio (net
debt-to-investment properties) rose to 53% (48% in 2019), lower
than the 56% Fitch had expected. However, asset recycling will lead
to a rapid decline in GLP's consolidated investment properties in
the near term.

Fitch believes GLP's net debt-to-recurring EBITDA ratio will be a
better reflection of GLP's leverage profile; the ratio was 16x in
2020 and will decline towards 9x by 2024. GLP calculates its
leverage on a net debt-to-total assets less cash basis, which was
31% at December 2020.

Deleveraging Commitment: Management stated one of its primary
objectives is to maintain financial discipline through balancing
capex and acquisitions with monetisation proceeds to ensure that
overall key financial metrics remain within its rating threshold.
Fitch believes management remains committed to its deleveraging
plan as the potential deterioration in certain credit metrics will
be temporary, caused by the timing of asset recycling and a ramp-up
period for its new businesses.

Good Asset-Monetising Ability: GLP has a good record in monetising
its assets, as most of its partners are large sovereign wealth and
pension funds. GLP completed USD5.6 billion in deals and received
USD4.5 billion in net monetisation proceeds in 2020. Management
said net asset monetisation proceeds will reach USD8 billion in
2021. Fitch believes investor demand for GLP's logistic properties
continues to be strong as they offer stable, visible and decent
returns amid the low interest rate environment.

Diverging Coverage: Fitch expects the holding company's
recurring-income interest coverage to stay above 3x to 2024.
However, consolidated recurring EBITDA interest coverage dropped to
1.6x in 2020, from 1.8x in 2019, as interest expense rose after
three acquisitions in 2020 and rising income contribution from
performance-based fee income and certain JCE dividends were
excluded from Fitch's recurring EBITDA calculations. Fitch expects
GLP's consolidated coverage to improve only modestly in the medium
term.

DERIVATION SUMMARY

GLP's business profile is generally stronger than that of other
'BBB' rated logistic-property owners or operators.

It is larger in scale than global investment-property companies
such as SEGRO PLC (BBB+/Stable) and Global Switch Holdings Limited
(BBB/Stable). Its logistic portfolio is more geographically
diversified than that of companies such as Mapletree Industrial
Trust (BBB+/Stable). China remains the largest market for GLP,
although it is a less-mature market with shorter-dated lease terms
than the stable European markets that SEGRO focuses on.

However, GLP's financial profile is weaker than that of most of its
similarly rated global peers. Its consolidated net
debt-to-recurring operating EBITDA will most likely stay above 9x
and recurring EBITDA cash interest coverage will probably be below
2x in the near term.

KEY ASSUMPTIONS

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

-- Near-term operating assumptions are largely in line with
    management's base-case assumptions;

-- Capital recycling assumptions are based on management's
    guidance adjusted for potential timing delays; net
    monetisation proceeds to reach USD8 billion in 2020 and
    average USD4 billion per annum in 2022-2024;

-- Capex inclusive of acquisitions (on a consolidated basis) of
    USD6.4 billion in 2021 and average USD3.7 billion per annum in
    2022-2024.

RATING SENSITIVITIES

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

-- The rating Outlook on GLP could be revised to Stable if the
    company is able to stay within the negative leverage and
    coverage guidelines over the next 12 months.

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

-- Consolidated net debt-to-recurring operating EBITDA higher
    than 9x on a sustained basis;

-- Consolidated recurring EBITDA (including JCE dividends)-to
    cash interest that is lower than 2.0x on a sustained basis;

-- Recurring income-to-cash interest on a holding-company level
    that is lower than 2.5x on a sustained basis;

-- GLP's JCE pro-rated loan-to-value ratio (net debt-to
    investment properties) sustained at more than 50%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Debt: GLP's Chinese operating entity holds 77% of its
debt, with 21% at the holding-company level as of December 2020.
The holding-company debt is supported by JCE dividends and
management-fee income from all operating entities except the one in
China. The company had total debt of USD13.3 billion at end-2020,
of which USD3.5 billion was short-term debt, while cash amounted to
USD1.4 billion. GLP also had USD1.2 billion in unused committed
banking facilities.

ESG CONSIDERATIONS

GLP has an ESG Relevance Score of '4' for Group Structure due to
its complex group structure with various forms of operating
entities, which has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

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.

ISSUER PROFILE

GLP is a leading global provider of modern logistics facilities
that totalled 66 million sq m of space as of December 2020. The
facilities are spread across four continents. It had USD89 billion
of assets under management in real estate and private equity funds
around the world. It is the market-leading logistic property owner
in China, India, Brazil and Japan.

HEALTH AND HAPPINESS: S&P Affirms 'BB+' LT Issuer Credit Rating
---------------------------------------------------------------
On June 22, 2021, S&P Global Ratings affirmed its 'BB+' long-term
issuer credit rating and 'BB' issue rating on China-based Health
and Happiness (H&H) International Holdings Ltd.

S&P said, "The stable outlook reflects our expectation that H&H
will grow revenue by 10%-12% annually and reduce debt-to-EBITDA
leverage to 1.9x-2.2x in the next two years.

"We affirmed the rating based on H&H's good growth prospects,
modest leverage, and healthy cash generation. The company reported
solid 2020 results with a 20% increase in operating cash flow
despite a 7% dip in EBITDA. Sales weakened due to fierce
competition and COVID-19 travel restrictions, which crimped adult
nutrition sales in Australia through "daigou" (surrogate shoppers).
H&H's leverage rose to 2.2x, from 1.8x in 2019, owing to the
Chinese renminbi (RMB) 1 billion acquisition of pet food business
Solid Gold. However, the company still has ample headroom, given
its 3x rating threshold. H&H's growth will likely accelerate to
10%-12% over next two years as it expands its distribution network
and ramps up its new pet food business. We expect the company's
debt-to-EBITDA ratio to gradually drop to 1.9x-2.2x in 2021-2022,
owing to its steady cash flow generation and prudent financial
policy.

"In our view, H&H's market share will remain stable, if not
increase, in the next two years through distribution network
expansion and heavy marketing. The company added almost 34,000
points of sale in 2020 for infant milk formula, a 70% increase from
2019, and is planning to add 10,000 more in 2021 to reach 90,000
points of sale." H&H's market share for infant milk formula
increased to 6.3% in the first quarter of 2021 as a result. In
2020, Australian sales fell 33% mainly due to suppressed daigou
sales, given the travel restrictions. This, together with more
intense competition in the baby nutrition segment, slowed H&H's
revenue growth to 2%, compared with 8% in 2019 and a 25% growth in
2018. Nonetheless, the company maintained its market share in 2020
for core products of infant milk formula at 6.1% and online health
supplements at 5.8% in China.

Solid Gold is likely to weaken H&H's margin over the next two years
at least, despite being a new growth avenue. H&H is building Solid
Gold's offline presence in China by collaborating with distributors
such as pet hospitals and stores for pet care products, mainly in
the higher-tier cities. S&P said, "We therefore expect
above-average growth from the pet food business but a lower EBITDA
margin in the build-up phase over the next two years. Furthermore,
Solid Gold's rolling 12-month EBITDA margin of 13.1% as of
September 2020 before the acquisition was lower than that of H&H's
other two segments, namely baby nutrition and care, and adult
nutrition and care, where EBITDA margin averaged 21% in the past
three years. Overall, we expect H&H's EBITDA margin to decline to
17%-18% in 2021-2022, from 18.7% in 2020."

H&H's robust operating cash flow will support gradual deleveraging.
S&P said, "We anticipate the company's capital expenditure (capex)
to increase to RMB200 million-RMB600 million annually in 2021 and
2022, compared with about RMB100 million maintenance capex
historically. Our higher investment assumption follows the trend of
downstream manufacturers extending control upstream in the face of
higher quality requirements and fierce competition. Free operating
cash flow will temporarily dip in 2021, but H&H's robust operating
cash flow, estimated at RMB1.3 billion-RMB1.6 billion in 2021 and
2022, and its light capital spending requirement should support
gradual deleveraging to 1.9x-2.2x, from 2.2x in 2020. We assume
annual acquisition spending of RMB500 million for bolt-on
acquisitions over the next two years. Large acquisitions are less
likely now that the company just spent about RMB1 billion buying
Solid Gold."

S&P said, "We assess H&H's liquidity to have strengthened because
of its proactive refinancing and sound liquidity management. The
company should be able to withstand high-impact, low-probability
events. Despite the headwinds to daigou sales due to tightening
Chinese e-commerce law and travel restrictions, H&H maintained
solid liquidity during 2019 and 2020. The company has been reducing
its reliance on short-term debt after the Swisse acquisition in
2015 by refinancing its obligations before they become due. As a
result, H&H has kept its ratio of liquidity sources over uses above
1.5x for the past five years. The company's robust cash balance,
sound liquidity management, and good access to capital markets
should help it to withstand potential shocks.

"The stable outlook reflects our expectation that H&H's revenue
will expand 10%-12% annually and largely keep pace with market
growth. The company will do that via brand building, promotions,
and extending its offline channels. We expect H&H's EBITDA to
increase and its debt-to-EBITDA ratio to improve to 1.9x-2.2x in
2021 and 2022.

"Although the possibility is remote, we may lower the ratings if
H&H's debt-to-EBITDA ratio deteriorates toward 3.0x. This scenario
could happen if the company's sales decline or its EBITDA margin
drops by more than 8 percentage points in 2021, possibly due to
intense competition or negative impact from regulatory changes.

"We may also lower the ratings if H&H undertakes more aggressive
debt-funded expansion than we expect."

An upgrade would require H&H to significantly increase its share in
the highly fragmented milk formula and health supplements markets,
and generate stable margins by improving business diversity. This
will need to be done in conjunction with debt-to-EBITDA ratio
staying below 2x.


ZHENRO PROPERTIES: Fitch Rates Proposed 363-Day Yuan Bonds 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Zhenro
Properties Group Limited's (B+/Positive) proposed 363-day offshore
yuan green bonds a 'B+' rating, with a Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Zhenro's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Zhenro intends to use the net proceeds from
the issue to refinance mainly existing debt, in accordance with the
company's green bond framework.

The Positive Outlook reflects Zhenro's larger contracted sales
scale, which is comparable with that of 'BB-' rated homebuilders.
It has consistently deleveraged and reached Fitch's positive rating
trigger since end-2019. The consolidation ratio improved
significantly in 2H20, which enhanced Zhenro's implied cash
collection to be in line with that of peers.

However, its small land bank creates some pressure to replenish
land, which may pose a challenge in keeping leverage at the current
level. Fitch will assess the stability of the financial profile -
including leverage and consolidation ratios - over a longer period
before considering further positive rating action.

KEY RATING DRIVERS

Consistent Deleveraging: Zhenro's proportionally consolidated
leverage declined further to 35% by end-2020, from 41% a year
earlier. This was supported by strong sales and controlled land
acquisitions. The implied cash collection - defined as change in
customer deposits plus revenue booked during the year - also helped
leverage to improve, increasing to 74% of attributable sales in
2020 from 35% in 2019. This was aided by the rise in the
consolidation ratio to 56% in 2020 from 38% in 2019.

However, Fitch believes leverage may edge up if the company extends
its land-bank life to be in line with that of 'BB-' peers.
Acquiring land at market prices could limit its ability to keep
land costs low, especially if it buys more land parcels in Tier 1
and 2 cities, where competition among developers is more intense.
Leverage at the joint-venture (JV) level is very low at 2%.
Consolidated net debt and guarantees/consolidated adjusted
inventory also dropped to 40% in 2020 from 49% in 2019, as it
reduced some guarantees to JVs.

Shorter Land-Bank Life: Zhenro's land-bank life of around two years
at end-2020 - defined by saleable land bank at end-2020 divided by
expected gross floor area (GFA) sold in 2021 - is shorter than that
of 'B+' and 'BB-' peers. Therefore, Fitch believes Zhenro will seek
to acquire land to sustain contracted sales growth. More than 80%
of its land bank is in Tier 1 and 2 cities, which should support
the sell-through rate. Fitch tightened the positive leverage
trigger to 40% from 45% to address Zhenro's lower-than-peer
land-bank life.

Larger Sales Scale than Peers: Zhenro's CNY78 billion of
attributable contracted sales in 2020 was larger than that of most
of 'B+' peers. The rise in Zhenro's implied cash collection to 74%
of attributable sales in 2020 suggests a larger portion of its
projects was consolidated into its balance sheet, but Fitch will
need a longer record to assess the stability of the group
structure.

Potential Margin Pressure: Fitch expects Zhenro's EBITDA margin to
stay below 21% in the forecast period to 2024. Zhenro acquired land
at an average cost of CNY12,174/sq m in 4M21 - 83% higher than in
2020 - because 94% of the land acquired was in higher-tier cities.
This included land parcels in the Pearl River Delta, where Zhenro
has limited exposure. The execution risk is mitigated by its
project collaboration with leading developers in the region.

Fitch expects the average selling price (ASP) to rise but land
costs to account for a higher proportion of contracted sales ASP,
which may hurt Zhenro's margin in the longer term. In the shorter
term, the 18%-22% gross profit margin of contracted sales that have
yet to be recognised is comparable with the 20% recognised in
2020.

High but Stable NCI: Zhenro's non-controlling interests (NCI) to
equity was 43%-44% in 2019-2020, higher than the average of 'B+'
peers. This reflects Zhenro's reliance on cash from contracted
sales and capital contributions from non-controlling shareholders,
which are mainly developers, as a source of financing to expand
scale. This lowers Zhenro's need for debt funding, but creates
potential cash leakage and reduces further financial flexibility
because homebuilders with lower NCIs can dispose of stakes in
projects to reduce leverage.

DERIVATION SUMMARY

Zhenro's attributable contracted sales and revenue scale are larger
than that of some 'B+' rated peers and comparable with that of some
smaller 'BB-' companies, such as Central China Real Estate Limited
(BB-/Stable) and China SCE Group Holdings Limited (BB-/Stable).
Zhenro's and China SCE's consolidated leverage and EBITDA margins
are at similar levels, but China SCE has a longer land-bank life of
three years against Zhenro's two years. This gives China SCE more
room to deleverage by slowing land acquisition.

Zhenro's land bank is less diversified than that of most 'BB-'
peers, such as KWG Group Holdings Limited (BB-/Stable). Zhenro's
216 projects cover only 32 cities as it chose to expand in familiar
regions with 36% of projects in the Yangtze River region, 28% in
the western Taiwan Strait area and 18% in western China. Zhenro's
consolidated leverage is lower than that of some 'BB-' peers, such
as KWG and Times China Holdings Limited (BB-/Stable), although
Zhenro's EBITDA margin is much lower. Zhenro's liquidity is
stronger than that of most 'B+' and 'BB-' rated peers.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of around CNY83 billion a year
    in 2021-2024 (2020: CNY78 billion);

-- 9% rise on average in ASP a year in 2021-2024 (2020:
    CNY15,949/sq m);

-- Annual land premium maintained at around two years of land
    bank life;

-- 60% rise in land costs in 2021 (2020: CNY6,651/sq m);

-- GFA acquired to be 0.6x-1.0x of GFA sold in 2021-2024;

-- Selling, general and administrative expense at 3% of
    contracted sales in 2021-2024.

Key Recovery Rating Assumptions:

-- 4x EBITDA multiple to derive Zhenro's going-concern value;

-- Apply the liquidation value approach, as liquidation of the
    assets would result in a higher return to creditors;

-- 10% administration claims;

-- 60% advance rate applied to excess cash, defined by deducting
    three-month contracted sales from available cash;

-- 70% advance rate to accounts receivable;

-- 17% advance rate to Zhenro's investment properties;

-- 100% advance rate to restricted cash and pledged deposits;

-- 60% standard haircut to buildings and leasehold improvements;

-- 70% advance rate to adjusted net inventory to reflect Zhenro's
    20%-25% EBITDA margin;

-- 40% advance rate to available-for-sale securities. It is
    treated as similar to excess cash.

The resulting recovery rate corresponds to a Recovery Rating of
'RR3' for Zhenro. However, the Recovery Rating is capped at 'RR4'
because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in the
group are subject to a soft cap at the issuer's Issuer Default
Rating and a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

-- A longer record of proportionately consolidated leverage (net
    debt/adjusted inventory) sustained below 40%;

-- No substantial drop in land-bank life;

-- No substantial decrease in implied cash collected and revenue;

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

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

-- Fitch will revise the Outlook to Stable if the positive rating
    triggers are not met in 12-18 months.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Abundant Liquidity: Zhenro had unrestricted cash of CNY35.5 billion
at end-2020, pledged deposits of CNY607 million, restricted cash of
CNY6.9 billion, undrawn bank credit facilities and an unused
onshore and offshore bond issuance quota for refinancing, which
were enough to cover short-term borrowings of CNY19.5 billion. The
proportion of trust loans declined to 6% by end-2020, from 19% in
2019.

ISSUER PROFILE

Zhenro is a China-based property developer with attributable sales
of CNY78 billion in 2020. It was listed on the Hong Kong stock
exchange in 2018. Its major shareholder is Mr. Ou Zongrong, whose
property development business began in 1998 in Jiangxi.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY81 billion in proportionately
consolidated adjusted inventory at end-2020 includes: CNY118
billion in properties under development; CNY8 billion in completed
properties held for sale; CNY3 billion in prepayment; CNY2 billion
related to land-use rights; CNY2 billion in property-related
deposits; CNY6 billion in adjusted inventories on a JV level; CNY61
billion in contract liabilities; CNY8 billion in investment
properties; CNY534 million in buildings and leasehold improvement;
CNY9 billion due from NCIs and CNY6 billion due to NCIs. Fitch has
adjusted the value of investment properties based on investment
properties at cost.

Fitch has included JV net debt of CNY136 million to the net debt
calculation in the proportionately consolidated leverage
calculation.

Interest on lease liabilities was excluded in the EBITDA
calculation and adjusted in cash interest paid.

ESG CONSIDERATIONS

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



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

ALECTRONA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alectrona
Energy Private Limited (AEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      47.28       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short     35.00       CARE D; ISSUER NOT COOPERATING
   Term Bank                       Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.13       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
rating(s) of AEPL under the 'issuer non-cooperating' category as
AEPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 14,
2021 April 24, 2021 and May 4, 2021 among others. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

AEPL is a Chennai-based Engineering, Procurement and Construction
(EPC) contractor engaged in execution of turn-key projects in the
Solar Power sector. AEPL was promoted by Mr Rohit Rabindranath in
May 2010 and is a part of the Zynergy group, which operates in the
solar power segment. AEPL mainly undertakes turn-key projects for
government entities like Tamil Nadu Energy Development Authority
(TEDA), Agency for Non-conventional Energy and Rural Technology
(ANERT) etc.


AMR INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AMR India
Limited (AMRL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      375.02      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short term Bank     570.22      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 17, 2020 placed the
ratings AMRL under the 'issuer non-cooperating' category as AMRL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. AMRL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
May 4, 2021, and June 1, 2021 among others.  In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings take into account stretched liquidity position with
delays in debt servicing.

AMR India Limited (AMRL) was incorporated as a partnership firm in
1992 and had been undertaking small civil works in mining and
industrial infrastructure activities and later in FY2001 AMR
Constructions was converted to a Public limited company as “AMR
Constructions Limited”(AMRCL). AMRL has been engaged in
construction activities in Mining, Irrigation, civil Construction
and industrial infrastructure. AMR India Limited is promoted by Mr.
A. Adinarayana Reddy and his two sons namely Mr. A. Mahesh Reddy,
Mr. A. Girish Reddy and other family members.


ANJANEYA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anjaneya
Cotton Traders (ACT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 5, 2020, placed the
rating(s) of ACT under the 'issuer non-cooperating' category as
Anjaneya Cotton Traders had failed to provide information for
monitoring of the rating. Anjaneya Cotton Traders continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and an email dated March
21, 2021, March 31, 2021, April 10, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Anjaneya Cotton Traders (ACT) is a propriety concern started by Mr
Challa Vishwanadha Bhargava Reddy in 2007. Day to day activities of
the firm is looked after by his father Mr Siva Venkata Reddy. The
firm is engaged in manufacturing and processing of Kappas into
cotton lint. The firm has 14 double roller cotton ginning machine
and baling press located at Guntur district of Andhra Pradesh. The
firm acquires cotton directly from the farmers and after ginning,
sells the same in the domestic market.


B. M. OVERSEAS: CARE Lowers Rating on INR9.46cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of B.
M. Overseas Private Limited (BMO), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.46       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2020, placed the
rating(s) of BMO under the 'issuer non-cooperating' category as BMO
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. BMO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated February
23, 2021, February 13, 2021 and February 3, 2021, etc. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by B. M Overseas
Private Limited with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk. Further, the rating
continues to remain constrained owing to small scale of operations,
weak capital structure & debt coverage indicators, presence in
competitive and fragmented industry. The rating, however, draws
comfort from experienced promoters, location advantages.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2020, the following were
the rating strengths and weaknesses:

(Updated for the information available from the Registrar of
Companies).

Key rating Weaknesses

* Small scale of operations with net losses in FY19: The total
operating income of the company has declined from INR9.53 crore in
FY19 (refers to the period April 1 to March 31) to INR7.57 crore in
FY20. Further, the firm is incurred net losses of INR1.64 crore in
FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company continued to remain leveraged
marked by overall gearing ratio owing to erosion of net worth base
due to net loss incurred in FY20. Further, the debt coverage
indicators stood weak for FY20.

* Competitive and fragmented industry: The commodity nature of the
product makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation. There are several small scale operators which are
not into end-to-end processing of rice from paddy, instead they
merely complete a small fraction of processing and dispose-off
semiprocessed rice to other big rice millers for further
processing.

Key Rating Strengths

* Experienced promoters: Mr. Pawan Kumar Gupta and Mr. Anil Kumar
have work experience of around three decades which they have gained
through their association with BMO and other group concerns. The
directors have adequate acumen about various aspects of business
which is likely to benefit BMO in the long run. Further, the
management is supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.

* Location advantages: BMO is engaged in processing of paddy and
will also be engaged in grading, sorting & packaging of rice. The
company's processing facility is situated at District Karnal,
Haryana which is one of the hub of processing of paddy in India.
The firm benefits from the location advantage in terms of easy
accessibility to large customer base. Additionally, various raw
materials required in sorting & grading of rice is readily
available owing to established supplier base in the same location
as well.

B.M. Overseas Private Limited (BMO) was incorporated in July 2014
as a private limited company and is currently being managed by Mr.
Pawan Kumar Gupta and Mr. Anil Kumar as its directors. BMO is
incorporated with an aim to set up a manufacturing facility at
Karnal, Haryana for processing of paddy on job work basis with an
installed capacity of processing 48000 tonnes of paddy per annum as
on December 31, 2018. The commercial operations of the company
commenced in December, 2017. Furthermore, BMO is engaged in the
sale of byproducts i.e. rice bran and husk to solvent extraction
plants based in Karnal, Haryana. Besides this, the promoters are
also engaged in another group concerns namely Sunrise Riceland
Private Limited and Shankar Bhatta Company.

BHAVANI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhavani
Enterprises Hubli (BES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 23, 2020, placed the
rating(s) of BES under the 'issuer non-cooperating' category as BES
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BES continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated, March 9,
2021, March 24, 2021 and March 29, 2021 In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of BES with CARE's
effort to undertake a review of the outstanding ratings as CARE
views information availability risk as key factor in its assessment
of credit risk profile

Bhavani Enterprises_Hubli (BES) was established in August 2012 by
Mr. Mahadev Habib and Mr. Aravind Kalburgi with 4 other partners to
undertake the construction of commercial project in the name of
'Galaxy Mall'. The project is located in Hubli district of
Karnataka. The mall will consist of 6 floors including covered
parking area for two wheelers and four wheelers in the basement.
The total number of shops estimated is around 612 of which 560
shops will range in the average area of 60 to 400 sq. ft. and
remaining 49 shops will range from 400 to 2000 sq. ft.


BIJAPUR EDUCATION: CARE Lowers Rating on INR10cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bijapur Education and Social Welfare Society (BESWS), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 28, 2020, placed the
rating(s) of BESWS under the 'issuer non-cooperating' category as
Bijapur Education and Social Welfare Society had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. Bijapur Education and Social Welfare Society
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated, March 15,2021 , March 24,2021 and March 29, 2021 In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of Bijapur
Education and Social Welfare Society with CARE's effort to
undertake a review of the outstanding ratings as CARE views
information availability risk as key factor in its assessment of
credit risk profile.

Bijapur Education and Social Welfare Society (BESWS) was
established under the Societies Registration Act in 2003 by Ms.
Sheela M Hurali and Dr. Suresh B Biradar. The society operates two
schools and two Pre-university Education colleges in Vijayapur. The
trustees established Ajeet Education Society in 2000 and operates
one school under the society. The trustees have submitted a
proposal to merge the two societies into Bijapur Education and
Social Welfare Society. BESWS operates four institutions namely,
Vishwabharati Public School, Vishwabharati Model High School,
Shantiniketan Pre-University Science and Commerce College
(Vijayapur) and Shantiniketan Pre-University Science and Commerce
College (Dharawad). One school namely, Shantiniketan Pre-primary
School is operated under Ajeet Education Society. The registered
office of the society is located in Vijayapur, Karnataka.


BR DESIGNS: CARE Lowers Rating on INR9.04cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of BR
Designs Private Limited (BRDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.04      CARE D Revised from CARE BB;
   Facilities                      Stable

   Long Term/           16.67      CARE D/CARE D Revised from
   Short Term                      CARE BB; Stable/CARE A4
   Bank Facilities      
                                   
Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
BRDPL is primarily due to delays observed in servicing debt
obligations. The interest in cash credit account pertaining to the
month of April, 2021 has not been repaid for more than 30 days.

Rating Sensitivity

Positive Factor:

* Establishing clear repayment track record for consecutive three
months

Key rating weaknesses

* Delays in debt repayment: BRDPL has exhibited delays in servicing
Cash Credit account interest for more than 30 days due to poor
liquidity position of the entity.

Liquidity: Poor

Liquidity position of BRDPL remained poor due to subdued market of
Gold & Jewelry market post second wave of COVID19. There have been
delays of more than 30 days in servicing Cash credit account
interest. The working capital cycle remained highly elongated at
243 days in FY20, owing to high inventory days. Average working
capital limits utilization remained high at around 95% during past
twelve months period ended February, 2021. Cash and bank balance
remained modest at INR0.46 crore as on March 31, 2020. The current
ratio remained moderate at 1.36 times as on March 31, 2020 as
against 1.47 times as on March 31, 2019. BRDPL has reported cash
losses of INR7.82 crore during FY20 as against principal debt
repayments of INR0.20 crore arising in FY21, the same was serviced
from the cash flow generated during FY20. BRDPL has availed
moratorium of 6 months from March 2020 to August 2020 for its cash
credit interest and has also availed Common Covid19 Emergency
Credit Line (CCECL) of INR3.30 crore under COVID-19 Relief
Package.

BRDPL was originally established as a firm in 1991 and subsequently
changed its constitution to a private limited company under its
current name from May 2013. BRDPL is promoted by Mr. Dilip Kumar T
Shah and his wife Mrs. Bharti D Shah. It is engaged in the
designing and manufacturing of variety of diamond, gold, silver,
gemstone, and jadau jewelry using dazzling diamonds to exquisite
emeralds, rubies, and sapphires. BRDPL manufactures its jewelry
using state-of-the-art technology, which it then sells pan-India as
well as to few overseas nations. Further BRDPL has also won many
national jewelry awards for their handcrafted luxury jewelry pieces
and has verticals in retail, B2B and e-commerce segments. BRDPL
designs and manufactures exclusive collections using Forevermark
Diamonds- a DeBeers Brand and supplies to Asia Pacific Region
(APAC). It operates one retail showroom in Surat and two owned
outlets at Taj Gateway and Airport at Surat.

Status of non-cooperation with previous CRA: ICRA has suspended
ratings assigned to the bank facilities of BRDPL vide Press Release
dated May 28, 2014 on account of non co-operation by BRDPL with
ICRA's efforts to undertake a review of the ratings outstanding.

GAJRAJ HOTEL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gajraj
Hotel Private Limited (GHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       18.03      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 5, 2020 placed the
ratings of GHPL under the 'issuer non-cooperating' category as GHPL
had failed to provide information for monitoring of the rating.
GHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 21, 2021, March 31, 2021, April 10, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further banker could not be contacted.

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

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

GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
commenced operations with its first hotel named 'Hotel Gajraj' (HG)
established in the year 1992. GHPL has set up another hotel by the
name of 'Motel Gajraj Continental' (GC) in Bahadurgarh, Haryana,
which commenced its fullfledged operations from April 2013. From
April 2016 onwards, the company has discontinued the operations of
'Hotel Gajraj'.


JET AIRWAYS: Can Restart Operations Under New Owner, Court Rules
----------------------------------------------------------------
Ragini Saxena and Anurag Kotoky at Bloomberg News report that an
Indian bankruptcy court ruled Jet Airways India Ltd. can resume
operations under a new owner more than two years after it
collapsed, according to Ashish Chhawchharia, the court-appointed
professional running the carrier’s insolvency.

Jet Airways, once India's biggest private carrier, needs to apply
for slots within 90 days and the aviation regulator will make a
final decision on allotting them, CNBC-TV18 said in an earlier
report on the ruling June 22, Bloomberg relays.

The airline fell into bankruptcy in 2019 after failing to repay
debts. A rescue plan was laid out last year by Dubai-based
businessman Murari Lal Jalan and Kalrock Capital Management Ltd., a
London-based financial advisory and alternative asset manager.

They pledged in December that Jet Airways would fly again by this
summer, operating its historic domestic slots as well restarting
international routes, Bloomberg recalls. The revival plan included
a dedicated freighter service and hubs in smaller cities beyond
Delhi, Mumbai and Bengaluru.

Even before Covid-19 crushed demand for air travel, India was a
tough place to make money in aviation, says Bloomberg. Bruising
fare wars and high costs made it difficult for many carriers to
survive. Kingfisher Airlines Ltd., once the country’s
second-largest domestic carrier, collapsed in 2012, and flag
carrier Air India Ltd. is saddled with debt and has been searching
for a buyer for years.

Jet Airways has almost 21,000 creditors seeking claims of around $6
billion, Bloomberg discloses. It has lost most of its landing slots
in the time it hasn’t being flying.

According to Bloomberg, investors remained optimistic about the
airline successfully emerging from a restructuring, sending its
shares soaring 316% in 2020 despite the industry being plunged into
crisis. Jet Airways rose 5% on June 22 following a similar gain the
previous day, trimming its 2021 loss to 18%.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

Jet Airways would be acquired by an investor consortium under a
multi-million dollar resolution plan approved by the carrier's
creditors on Oct. 17, 2020.

KARISHMA FINISHERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Karishma
Finishers Private Limited (KFPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 2, 2020, placed the
rating(s) of KFPL under the 'issuer non-cooperating' category as
KFPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. KFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated May 8, 2021, April 28, 2021 and April 18, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The ratings take into account non-availability of requisite
information and no due diligence conducted due to noncooperation by
Karishma Finishers Private Limited with CARE'S efforts to undertake
a review of the rating outstanding.

CARE views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on June 2, 2020, the following were the
rating weaknesses and strengths (Updated for the information from
Registrar of Companies):

Key Rating Weaknesses

* Small scale of operations with low net worth base: The scale of
operations remained small as marked by total operating income and
gross cash accruals of INR22.81 crore and INR1.77 crore
respectively in FY20(FY refer to April 1 to March 31) as against
INR23.27 crore and INR1.97 crore respectively during FY19.
Moreover, the company's capital base was relatively small at
INR6.63 crore as on March 31, 2019. The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits

* Leveraged capital structure and weak debt coverage indicators:
The capital structure stood leveraged as marked by overall gearing
ratio which stood at 2.58x as on March 31, 2020 as against 2.59x as
on March 31, 2019 owing to relatively low net worth base against
high debt levels. Consequently, owing to higher debt in its capital
structure, the debt coverage indicators of the company stood weak
and in line with FY19 as marked by interest coverage ratio and
total debt to GCA of 2.41x and 9.65x respectively for FY20 as
against 2.22x and 9.36x respectively for FY19.

* Highly competitive and fragmented industry: The spectrum of the
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players. Apart from
players in unorganized sector, the company also faces competition
from large and mid-sized players in the organized sector. Given the
fact that the entry barriers to the industry are low, the players
in the industry do not have pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

* Experienced promoters: KFPL has been operating in electroplating
of Tag, Terminal, Holder, Locks, Clips, Handle, Holder, Reflectors,
Coil, Surgical equipment, etc. for more than two and half decade,
which aid in establishing relationships with both suppliers and
customers. Current management viz. Mr. Surinder Singh has
accumulated vast experience of more than two and half decade in
electroplating industry through his association with this entity.
He is associated with the company since inception. Prior to this,
he has worked in his individual capacity. Mrs. Shalini Chadha;
another director of KFPL has an overall experience of a decade in
electroplating industry. Both the directors collectively look after
the overall operations of the company.

* Moderate PBILDT margin: The profitability margin market by PBILDT
margin of the company stood moderate for the past three financial
years (FY18-FY20) and stood at 18.93% in FY20 as against 16.72% in
FY19. However, the company incurred net losses of INR0.48 crore in
FY20 owing to higher depreciation cost incurred in FY20.

* Moderate operating cycle: The operating cycle of the company
stood moderate at 88 days for FY20. The company maintains high
value products inventory such as chemicals, metals etc for the
smooth execution of manufacturing process. The company normally
provides credit period of around two-three months to its customers
mainly on account of liberal credit policy adopted by KFPL to
manage competition resultant into average collection period of 109
days in FY20 and receives a credit period of around two-three
months from its supplier's resultant into average creditors' period
of 80 days in FY20.

Gurgaon-Haryana based, Karishma Finishers Private Limited (KFPL)
was incorporated in 2009 by Mr. Deepak Chadha (Founder) and Mr.
Surinder Singh Sehrawat. The company has succeeded an erstwhile
proprietorship firm, Karishma Finishers (KF) established in 1992 by
Mr. Deepak Chadha. It is currently being managed by Mr. Surender
Singh and Mrs. Shalini Chadha. The company is engaged in
manufacturing and electroplating like Zinc Electroplating, Nickel
Electroplating, Chrome Electroplating, Silver Electroplating, Tin
Electroplating and Copper Plating etc. mainly for the automotive
industries. The facility of the company is located at Guragon,
Haryana. The processes of the company are ISO 9001:2008 certified.
The company serves as a Tier II manufacturer for the reputed brands
like Maruti Suzuki India Limited, Honda Motor India Private Limited
and Bajaj Auto Limited etc. It generates its 90% of the revenue
from automobile industry and remaining from consumer durables
industry.


KARTHIKEYA AGRO: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Karthikeya
Agro Industries (KAIT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        9.23      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 5, 2020, placed the
rating(s) of KAIT under the 'issuer non-cooperating' category as
Karthikeya Agro Industries had failed to provide information for
monitoring of the rating. Karthikeya Agro Industries continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
24, 2021, April 3, 2021, April 13, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Karthikeya Agro Industries (KAI) was established in 2013 as a
partnership firm, promoted by Mr. G.Madhusudhana Rao along with his
wife Ms. G Naga Malleswari. The firm is engaged in milling and
processing of rice at Nellore District, Andhra Pradesh, with an
installed capacity to process 16,698 metric tons per annum of rice.
The firm also sells the by products such as broken rice, husk and
bran which comes out during the milling and processing of rice. The
main raw material for the firm is paddy which is directly procured
from local farmers located in and around Nellore. The firm sells
its final product (rice) in the open markets of Tamil Nadu, Andhra
Pradesh and Kerala.


KGP GOLD: CARE Lowers Rating on INR5cr LT Loan to C
---------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of KGP
Gold and Diamond, as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 29, 2020, placed the
rating(s) of KGD under the 'issuer noncooperating' category as KGD
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KGP Gold & Diamond continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated, March
15,2021, March 25, 2021 and March 28, 2021 In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of KGP Gold &
Diamond with CARE's effort to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile

Gangavati-based K.G.P.Gold and Diamond (KGD) is a proprietorship
concern established in 2018 by Mr Ganesh D Shet and is involved in
the retail trade of gold, diamond and other precious stones
jewelery. The firm also has two associate concerns – K.G.P Gold
Palace (reaffirmed CARE B-; Stable on February 24, 2020) and
K.G.P.Jewellers (reaffirmed CARE B-; Stable on February 24, 2020)
which are also involved in the similar line of business. The firm
intends to procure its raw materials from local market and
outsources its manufacturing activities on job work basis to
manufacturers in local markets.


KGP SILKS: CARE Lowers Rating on INR5.00cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of KGP
Silks and Sarees (KSS), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 27, 2020, placed the
rating(s) of KSS under the 'issuer noncooperating' category as KSS
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KGP Silk & Sarees continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated, March
13,2021 , March 23,2021 and March 28,2021 In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of KGP Silk &
Sarees with CARE's effort to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile

Gangavati based KGP Silks and Sarees (KSS) is a propritorship
concern established in 2018 by Mrs Surekha Ganesh and her husband
Mr Ganesh D Shet and is involved in the retail trade of silk sarees
and other ready-made garments. The firm also has two associates
concerns – K.G.P Gold Palace and K.G.P.Jewellers which are also
involved in the retail trading of gold jewellery.


KRISH CEREALS: CARE Lowers Rating on INR23cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Krish Cereals Private Limited (KCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           23.00      CARE C Rating removed from
                                   ISSUER NOT COOPERATING category

                                   and Revised from CARE BB-;
                                   Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of KCPL
takes into account the recent delays in the repayment obligations
of term loans availed by the company, deterioration in the
financial risk profile of the company in FY20 (refers to  April 1
to March 31) characterized by decline in scale of operations,
profitability margins and weak debt coverage indicators with high
term loan repayment obligations. The ratings are also constrained
by the customer concentration risk, susceptibility of margins to
foreign currency fluctuations and high level of competition. The
ratings, however, continue to derive strength from the long track
record with experienced promoters extending funding support,
favorable location of operations, diversified product portfolio,
and semi-integrated nature of operations and established market
position.

Rating Sensitivities

Positive factors

* Growth in the operating income to around ~Rs.300 Cr. with PBILDT
margins improving to ~5%
* Improvement in the overall gearing ratio to below ~2x and total
debt to GCA to below ~10x

Negative factors

* Significant reduction or discontinuance in the funding support
from the promoter group going forward

* PBILDT margin falling significantly to below 1.40 % on a
sustained basis

* Any major debt funded capex resulting in deterioration of capital
structure with overall gearing deteriorating further beyond 3x
caused by increased working capital reliance or debt funded capex.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Recent delays in the repayment obligations in term loans: KCPL
has been sanctioned Covid related loans of INR2.30 cr (repayable in
18 monthly instalments starting January, 2021) and 4.60 cr
(repayable in 36 monthly installments starting August, 2021). As
per the interaction with the banker dated June 7, 2021, there are
recent delays in the repayments of the term loan obligations.
However, all the dues have been repaid as on date and the conduct
of the account is satisfactory. The term loans are not rated by
CARE Ratings and are, therefore, not recognized as Default as per
the CARE's policy on the Default recognition. KCPL's track record
in timely debt servicing going forward would be key rating
sensitivity.

* Declining scale of operations, low profitability margins with
weak solvency position: The total operating income of the company
has declined by ~11% to 249.29 crore in FY20 (PY: INR281.11cr.).
Further, in FY21 (Prov.), operating income of the company declined
by ~5% to INR236.40 cr on account of impact of Covid19 on the
operations of the company and lower realizations. The PBILDT
margins of the company remained low and declined to 1.48% in FY20
(PY: 1.63%), however the PAT margins improved marginally to 0.11%
(PY: 0.09%). The debt equity ratio and overall gearing ratio
remained leveraged at 1.15x and 2.54x as on March 31, 2020,
however, the same improved from 1.58x and 3.16x, respectively as on
March 31, 2019. The total debt to GCA ratio of the company stood
weak at 46.40x, as on March 31, 2020. However, the same improved
marginally on a y-o-y basis from 50.74x as on March 31, 2019.

* Elongated operating cycle: The operating cycle of the company
continued to remain elongated at ~87 days as on March 31, 2020 (PY:
101 days).

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operation: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. The monsoon has a huge bearing on crop
availability which determines the prevailing paddy prices. Since
there is a long time lag between raw material procurement and
liquidation of inventory, the company is exposed to the risk of
adverse price movement resulting in lower realization than
expected.

* Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented, with numerous players operating in
the unorganized sector with very less product differentiation.
Furthermore, the concentration of rice millers around the paddy
growing regions makes the business intensely competitive.
Furthermore, the raw material (paddy) prices are regulated by the
government to safeguard the interest of farmers which limits the
bargaining power of rice mills over the farmers. Given the fact
that prices for finished products is market determined while the
cost of raw material is fixed by Government of India through the
MSP (Minimum Support Price) mechanism, the profitability margins
remain vulnerable, especially in times of high paddy cultivation.

Key Rating Strengths

* Experienced and resourceful promoters with long track record of
operations in the rice industry: The operations of the company are
currently being managed by Mr. Kamal Singla and Mr. Dinesh Kumar.
Both are having an experience of half a decade in the rice industry
through their association with the company. There is also an
experienced team of professionals for carrying out the day-to-day
operations of the company. The promoters & related parties of the
company have also infused unsecured loans to fund various business
requirements of the company.

* Favorable manufacturing location along with established business
relationship with customers and suppliers: The company's
manufacturing units are located in Nissing (Karnal, Haryana). This
area is a hub for paddy/rice, leading to its easy availability. The
company was established in 2010, with the promoters having an
experience of a decade in the rice industry through their
association with the company. Further, favorable location of the
plant in close proximity to paddy growers in Haryana has led to
development of long term relationships with the suppliers and
therefore easy procurement of raw materials. On the customer side,
long track record has enabled the company to establish strong
business relationships with its clientele in the market, which in
turn leads to repeat orders.

Liquidity: Stretched: The average utilization of the working
capital limit remained at ~97% for the last twelve-month period
ended April-2021. Further, the company has an external debt
repayment obligation of INR2.56 cr. for FY22 which is projected to
be met from the internal accruals and cash flow from operations.
The liquidity profile of KCPL is being supported by regular
infusion of funds by the promoters in the past. There are no major
capex plans in the near future for the company. The current ratio
and quick ratio stood at 1.38x and 0.49x respectively, as on March
31, 2020 as compared to 1.86x and 0.88x respectively, as on March
31, 2019. KCPL had a free cash and bank balances and liquid
investments of INR0.43 Cr. as on March 31, 2020. The operating
cycle of the company stood elongated at ~87 days as on March 31,
2020 as compared to ~101 days as on March 31, 2019.

KCPL is engaged in the business of milling and processing of
basmati rice. In FY20, the company achieved ~98% of the total
income from the domestic market and remaining ~2% from the export
market (sales to UAE). The company is also engaged in the
procurement of semi-processed rice from the market which is further
processed through color sorter and grading machines to remove the
impurities. The company has an installed manufacturing capacity of
16 metric tonnes per hour in Nissing (Karnal, Haryana). The
operations of KCPL are presently being managed by Mr. Kamal Singla
and Mr. Dinesh Kumar.


LIBRA AUTO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Libra Auto
Car Company Limited (LAC) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 18, 2020, placed the
rating(s) of LAC under the 'issuer non-cooperating' category as LAC
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. LAC continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated February
21, 2021, February 11, 2021 and February 1, 2021, etc. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further,
Banker could not be contacted.

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

LACL was incorporated in 2005 and promoted by Mr. Pavit Pal Singh,
Mr. Kesar Singh and Mr. Gurinderjit Singh. LACL is an authorized
dealer of entire range of passenger vehicles (PV) of Maruti Suzuki
India Limited (MSIL). LACL operates a 3S facility (Sales, Spares,
Service) coupled with sale and purchase of pre-owned cars (True
Value) and has its showroom located on Jalandhar Bypass, Ludhiana,
Punjab. The company also has one service station in Sanewal,
Ludhiana, Punjab. LACL has three group concerns, namely, 'Libra
Auto &General Finance Limited', 'Libra Automobiles Private Limited'
and "Patiala Carrier". 'Libra Auto & General Finance Limited' is
engaged in auto and general finance business since 1994, whereas
both the other group concerns are engaged in transport business
since 1994.

MANIKYAM POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manikyam
Poultry Farm (MPF) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 15, 2020, placed the
rating(s) of Manikyam Poultry Farm under the 'issuer
noncooperating' category as Manikyam Poultry Farm had failed to
provide information for monitoring of the rating and had not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. Manikyam Poultry Farm continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated, March 1,
2021, March 11, 2021 and March 16, 2021 In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of Manikyam Poultry
Farm with CARE's effort to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile.

Manikyam Poultry Farm (MPF) was established in the year 2007 by Mr.
I. Siva Koti Reddy, K.Rama Mohan Rao and others. The firm is
engaged in farming of egg, laying poultry birds (chickens) and
trading of eggs, cull birds and their manure. The firm sells its
products such as eggs and cull birds to retailers through own sales
personnel as well as through dealers in the states of Mumbai, Goa,
Belgaum and Bangalore. The firm mainly buys chicks (small chickens)
and inputs for feeding of birds like rice broken, maize, sun flower
oilcake, shell grit, minerals and soya from local traders.


NAGRAJ INDUSTRIES: CARE Lowers Rating on INR6.20cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nagraj Industries (NI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      1.80       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 22,2020, placed the
rating(s) of NI under the 'issuer noncooperating' category as NI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. Nagraj Industries continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated, March 8,
2021, March 18, 2021 and March 28, 2021 In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of Nagraj
Industries with CARE's effort to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Karnataka based, Nagraj Industries (NI) was established in 2014, by
Mr. Kiran Kotian and Mrs. Savitha Kiran. The firm initiated its
business operations in February 2016 and is currently engaged in
the manufacturing and retailing of Par boiled drier plants, Rice
mill machineries, Food grain processing machinery, Maize grit
process plants, Roofing sheet profiling and Pre-Engineered Building
(PEB) Structures. The company exports around 50% of the machineries
manufactured to customers located in international markets such as
Bangladesh, Srilanka, Nigeria, and South America. The manufacturing
unit of the firm is located a Moodbidri, Karnataka.


OM SHIVASHAKTHI: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om
Shivashakthi Poultry Breeders (OSPB) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.10      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 27,2020, placed the
rating(s) of OSPB under the 'issuer non-cooperating' category as Om
Shivashakthi Poultry Breeders had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. Om
Shivashakthi Poultry Breeders continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and emails dated March 13, 2021, March 23,
2021 and March 28, 2021 In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by of Om Shivashakthi
Poultry Breeders with CARE's effort to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile

Om Shivashakthi Poultry Breeders (OSPB) was established in the year
2004 and promoted by Mr. Ramaswamy (Managing Partner), Mrs.
Girijamma Ramasamy (Partner), Mrs. K.R. Vachana (partner) and Mr.
K.R.Ravindra (Partner). The firm is engaged in farming of egg,
laying poultry birds (chickens) and trading of eggs, cull birds and
their Manure. The firm sells its products like eggs and cull birds
in Kerala to retailers through own sales personnel and through some
dealers. The firm mainly buys chicks (small chickens) from Kerala.
The firm purchases raw materials for feeding of birds like rice
broken, maize, sun flower oil cake, shell grit, minerals and soya
from local traders.


PROTIMA ALU: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Protima Alu
Company (PAC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 12, 2020 placed the
rating of PAC under the 'issuer non-cooperating' category as PAC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PAC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
March 28, 2021, April 7, 2021, April 17, 2021.  In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

M/s Protima Alu Company was established in February 2002 as a
partnership entity by two partners namely, Smt. Susmita Bose, and
Mr. Bhaktipada Bose with an objective to enter into trading of
potatoes business. The registered address of the entity is located
at G. T Road, POMemari, Dist- Burdwan, West Bengal. Smt. Susmita
(Partner) along with Mr. Bhaktipada (Partner) who has around 20
years and 50 years of experience in the similar line of business
look after the day to day operation of the entity.

QUARTZART STONES: CARE Lowers Rating on INR20cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Quartzart Stones LLP (QSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2020, placed the
rating of QSL under the 'issuer noncooperating' category as QSL had
failed to provide information for monitoring of the rating for the
rating exercise as agreed to in its Rating Agreement. QSL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated
February 9, 2021, February 19, 2021 and May 31, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of QSL
is on account of non-availability of update on the project as well
as financial performance of the firm for FY21 (refers to the period
April 1 to March 31).

Jaipur (Rajasthan) based Quartzart Stones LLP (QSLLP) was formed in
December, 2018 by Mr. Vineet Agarwal, Mr. Subhash Kedia, Mr. Harsh
Sureka and Mr. Manoj Kumar sharing profit and loss in the ratio of
30:30:30:10. QSLLP was formed with an aim to set up a manufacturing
unit for manufacturing and export of artificial quartz slabs with
an installed capacity of 21 lakh square feet per annum. The firm
has envisaged total cost of INR23.18 crore towards the project to
be funded through term loan of INR17.25 crore, promoter's fund both
by way of partner's capital of INR5.00 crore and unsecured loans of
INR0.93 crore. The project is expected to be completed by end of
February, 2020.

RATHI STYLE: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rathi Style
And Textile Private Limited (RSTPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 25, 2020, placed the
rating(s) of RSTPL under the 'issuer non-cooperating' category as
Rathi Style And Textile Private Limited had failed to provide
information for monitoring of the rating. Rathi Style And Textile
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated May 11, 2021 & May 27, 2021 In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Rathi Style And Textile Private Limited (RSTPL) was incorporated in
the year 2012 as a private limited company. RSTPL was promoted by
Mr. Mahesh Kumar Rathi. Later on Mr. Vijay Tanwar, Mr. Chaina Ram
Saini and Ms. Monika Bhatter joined as additional directors as on
December 1, 2014, December 30, 2016 and February 1, 2017
respectively. Further Mr. Mahesh Kumar Rathi & Mr. Vijay Tanwar
resigned as on February, 2017, and currently the entire operations
are handled by Mr. Chaina Ram Saini & Ms. Monika Bhatter. The
actual operations of the company have started since FY15. RSTPL is
engaged in trading of readymade garments for women namely kurtis,
leggings, and western top and others. The company procures traded
goods from the local market based in Maharashtra & Gujarat. RSTPL
sells its products in Maharashtra & Gujarat and generates ~100% of
its revenue from domestic market.

SEGURO-INKEL CONSORTIUM: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Seguro-Inkel Consortium LLP (SICL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       19.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short term Bank       6.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 1, 2021, placed the
ratings of SICL under the 'issuer non-cooperating' category as SICL
had failed to provide information for monitoring of the rating.
SICL continues to be noncooperative despite repeated requests for
submission of information through phone calls and emails dated June
14, 2021, February 3, 2021 and January 25, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Rating Sensitivities

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

* Satisfactory track record of timely servicing of debt obligation
on a sustained basis.

Detailed description of key rating drivers

At the time of last rating on April 1, 2021 the following were the
rating weaknesses.

Key rating weakness

* Instances of delays in debt servicing: The rating assigned to the
bank facilities of SICL factor in ongoing delays in debt servicing
and non-payment of dues/guaranteed amount by Inkel Ltd on
invocation of corporate guarantee extended by it for the bank
facilities availed by SICL.

Seguro-Inkel Consortium LLP (SICL), incorporated in 2014, as a
limited liability partnership between Inkel Limited (Inkel) and
Seguro Foundations and Structures Private Limited with 55% of the
shares held by SFPL and rest by Inkel as on March 31, 2020. SICL
was incorporated for the purpose of undertaking the construction of
Bridge Projects.


SINNAR TALUKA: CARE Lowers Rating on INR9.16cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sinnar Taluka Vibhagiya Sahakari Dudh Utpadak and Prakriya Sangh
Limited (STDSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.16       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 12, 2020, placed the
rating of STDSL under the 'issuer non-cooperating' category as
STDSL had failed to provide the information for monitoring of the
rating as agreed to in its Rating Agreement. STDSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 5, 2021, June 6, 2021, June 7, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of STDSL
takes into account non-availability of information due to
noncooperation by STDSL with CARE'S efforts to undertake a review
of the rating outstanding and no due diligence with the bankers and
auditors. CARE views information availability risk as a key factor
in its assessment of credit risk.

STDSL is a co-operative society established on May 16, 2008. It is
engaged in the business of processing of milk at its facilities
located at Nasik, Maharashtra with an installed capacity of 40000
liters per day (LPD).


SURAJ ISPAT: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suraj Ispat
(SI) continues to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2020, placed the
rating of SI under the 'issuer non-cooperating' category as SI had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2021, February 16, 2021, February 26, 2021 and  June
10, 2021 In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

SI was established by Late Mr.VishwambharParsewar. In the year 2017
proprietorship of SI was transferred to Mr. Rahul R. Parsewar. SI
belongs to the Suraj group of Nanded. The group has diversified
business in the areas of steel trading,
manufacturing of fertilizers and polymers.


T. R. POLY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of T. R. Poly
Pet Industries (TRPPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       4.86       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short term Bank      0.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 30, 2020 placed the
ratings of TRPPI under the 'issuer non-cooperating' category as
TRPPI had failed to provide information for monitoring of the
rating as per rating agreement. TRPPI continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
March 16, 2021, March 26, 2021, April 5, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

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

Lucknow (Uttar Pradesh) based TRPPI was established in 2009 by Mr.
Chandra Shekhar Verma as a proprietorship concern. The firm is
engaged in manufacturing of pet preform and jar with an installed
capacity of 8 tonnes Pet preform per day at its manufacturing
facility located in Barabanki (Uttar Pradesh). It caters to the
packaging needs of distillery, beverages, FMCG, pharmaceuticals and
others. TRPP procures raw material majorly from Uttar Pradesh and
Gujarat. It majorly sells its products in Northern India.


TALWAR MOBILES: CARE Lowers Rating on INR25cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Talwar Mobiles Private Limited (TMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 6, 2020, placed the
rating of TMPL under the 'issuer non-cooperating' category as TMPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TMPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
March 22, 2021 and April 11, 2021 among others. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by Talwar Mobiles
Private Limited (TMPL) with CARE's effort to undertake a review of
the outstanding ratings as CARE views information availability risk
as key factor in its assessment of credit risk profile.

Incorporated in 1998, Talwar Mobiles Pvt Ltd (TMPL) belongs to
Talwar Group, which was founded and promoted by Mr. Sunil Talwar
who has an overall automobile experience of about three decades.
The Talwar Group mainly comprises of six automobile dealerships.
Talwar Auto Garages Pvt Ltd is the Authorized dealers for Volvo and
Eicher Motors in Telangana. TMPL is the dealer of Hyundai Motors
under the trade name of Talwar Hyundai. Talwar Cars Pvt Ltd is the
dealership of Volvo Cars India while Talsons Motors Private Limited
is the dealer for Volvo and Eicher Motors in Pune. Rebel
Motorcycles Private Limited is the dealer for Triumph Motorcycles
in Telangana and T & R Motors is the dealer for Bajaj Motorcycles
in Hyderabad. The company is one of the leading dealers in southern
India with four exclusive showrooms and three service centersin
Hyderabad and Secunderabad together.


THRISSUR EXPRESSWAY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thrissur
Expressway Limited (TEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      505.18      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 4, 2020, placed the
rating(s) of TEL under the 'issuer non-cooperating' category as TEL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls dated March 20, 2021 and
April 4, 2021 among others. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Incorporated on April 08, 2009, Thrissur Expressway Ltd (TEL) is an
Special Purpose Vehicle [SPV, (incorporated as Thrissur Expressway
Private Limited and subsequently changed to public limited
company)] for the purpose of 6-laning of the Vadakancherry-Thrissur
section of NH-47 design change from km 236.135 to km 264.490 km
(28.355 km length) in the state of Kerala on
Design-Build-Finance-Operate (DBFO) basis, under the Concession
Agreement (CA) from NHAI.

NHAI has selected the consortium of KMC Constructions Limited and
China Railway 18th Bureau Group Corporation Limited (CR18G) based
on their bid for a positive grant of INR243.99 crore to execute the
project in the shareholding ratio of 74:26 as the SPV for
implementing the project. Subsequently, KMC Group increased its
stake in the project and also transferred its share to its wholly
owned subsidiary and road holding company viz.

KMC Infratech Limited (KMCIL). Currently, KMCIL hold around 90%
equity stake in TEL and CR18G holds the balance 10%.

TIRUPATI TRADING: CARE Lowers Rating on INR8cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Trading Corporation (TTC), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 20, 2020, placed the
ratings of TTC under the 'issuer non-cooperating' category as TTC
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. TTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated June 4,
2021, April 25, 2021 and April 15, 2021, etc. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The rating has been revised on account of non-availability of
requisite information and no due-diligence conducted due to
non-cooperation by Tirupati Trading Corporation with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the rating continues to remain constrained
owing to firm's small scale of operations coupled with low net
worth base, low profitability margins, leveraged capital structure
and weak debt coverage indicators. The rating is further
constrained by risk associated with highly fragmented nature of
industry characterized by intense competition. The rating, however,
draws comfort from experienced promoters and moderate operating
cycle.

Detailed description of the key rating drivers

At the time of last rating on May 20, 2020, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations coupled with low net worth base: TTC's
scale of operations stood small as evident from total operating
income and gross cash accruals of INR61.65 crore and INR0.29 crore,
respectively in FY18 (refers to the period April 1 to March 31).
Furthermore, the net worth base also stood small at INR3.33 crore
as on March 31, 2018. The small scale of operations limits the
firm's financial flexibility in times of stress and deprives it of
scale benefits.

* Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
remained low during the past three financial years (FY16-FY18) on
account of trading nature of the business and highly fragmented
nature of industry characterized by intense competition. This
apart, high interest burden on its working capital borrowings also
restricts the net profitability of the firm. The capital structure
of the firm stood leveraged marked by overall gearing ratio which
stood above 3.20x as on past two balance sheet dates ending March
31, '17-'18 on account of low net worth base coupled with high
dependence on external borrowings to meet the working capital
requirements of the business. Further, owing to high debt levels
and low profitability position, debt service coverage indicators as
marked by interest coverage and total debt to GCA stood weak at
1.35x and 39.56x respectively during FY18.

* Highly fragmented nature of industry characterized by intense
competition: The spectrum of the trading industry in which the firm
operates is highly fragmented and competitive marked by the
presence of numerous players in India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

* Experienced promoters: TTC's is a family runs business and its
operations are currently being managed by Mr. Vivek Bansal and Mrs.
Parul Bansal. Mr. Vivek Bansal is a graduate and has accumulated
experience of nearly three decades in agro industry. Prior to TTC
and VTC, he was associated in individual capacity in the same line
of business. He is ably supported by Mrs. Parul Bansal, who is a
post graduate and holds experience of nearly one and half decade in
this business through her association with this entity. TTC has
been operating in this business for nearly one and half decade,
which aid in establishing a healthy relationship with both
customers and suppliers.

* Moderate operating cycle: The firm maintains adequate inventory
of traded goods to cater the demand of its customers. Further,
being present in a highly competitive industry and having low
bargaining power with its customers, the firm normally extends
credit period of around one month to its customers. However, the
firm procures the traded products from its suppliers with maximum
credit period stood at around a week.

Delhi based Tirupati Trading Corporation (TTC) was established in
October, 2004 as a partnership firm and is currently managed by Mr.
Vivek Bansal and Mrs. Parul Bansal sharing profit and losses
equally. The firm is engaged in the wholesale trading of food
grains like rice, pulses, maize, etc. to exporting companies
directly and through commission agents. The firm procures the
traded products from millers based in Punjab, Haryana and Uttar
Pradesh. The firm has one associate concern namely; "Vivek Trading
Company (VTC)" (established in 2001) engaged in the same line of
business.

VBC RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VBC
Renewable Energy Private Limited (VREPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       14.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 5, 2020 placed the
rating(s) of VREPL under the 'issuer non-cooperating' category as
VREPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. VREPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated March 2021, April 10, 2021 and among others. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

VBC Renewable Energy Private Limited (VBC) was incorporated in the
year 2013 and promoted by Mr. C Pattabhi Rama Rao and his
relatives. The company has setting up 3-MW solar photovoltaic (PV)
power plant at Penubarthi Village, Visakhapatnam. The project
achieved commercial operational from July 12, 2016 as envisaged.
VBC has an entered into longterm power purchase agreement with
APEPDCL dated December 4, 2014, for supply of 3-MW power at a
tariff of INR5.99/KWh.




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

TOSHIBA CORP: Releases Internal Report Ahead of Shareholder Vote
----------------------------------------------------------------
Reuters reports that Toshiba Corp. on June 21 promised to
drastically improve corporate governance and, ahead of a crucial
shareholder meeting this week, released an internal report that had
cleared management of wrongdoing.

An independent report published this month found the company
colluded with government officials, while the company’s internal
report in February cleared management of accusations it pressured
shareholders to back board appointments, Reuters says.

According to Reuters, Chairman Osamu Nagayama will seek to retain
his post at a shareholder meeting on June 25 in the face of
pressure from some shareholders to resign.

Reuters relates that the release of the internal report on June 21
could help persuade some that when Nagayama opposed shareholders,
who called for the internal inquiry in March, he was acting in good
faith.

Shareholder advisory groups Institutional Shareholder Services Inc
and Glass Lewis have both recommended that Nagayama not be
reappointed, Reuters says. Toshiba’s No.2 shareholder,
Singapore-based 3D Investment Partners also opposes his
nomination.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific on  March
26, 2021, S&P Global Ratings has raised by one notch to 'BB+' its
long-term issuer credit ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. At the same time, S&P
affirmed its 'B' short-term issuer credit and commercial paper
program ratings. The outlook on the long-term issuer credit rating
is stable.




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

MONGOLIA: Fitch Assigns B Rating on Proposed USD Bonds
------------------------------------------------------
Fitch Ratings has assigned Mongolia's (B/Stable) proposed US dollar
bonds a 'B' rating.

Proceeds from the proposed bonds will be used to repurchase a
portion of the existing bonds maturing in 2022 and 2023 through a
cash tender offer.

KEY RATING DRIVERS

The rating is in line with Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B' with a Stable Outlook.

Fitch affirmed Mongolia's Long-Term Foreign- and Local-Currency
IDRs on 25 May 2021.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

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

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

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

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

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

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

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

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

The ESG profile is in line with that of Mongolia.

MONGOLIA: S&P Rates New US Dollar-Denominated Sr. Unsec. Notes 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term foreign currency
issue rating to the proposed benchmark-sized U.S.
dollar-denominated senior unsecured notes issued by Mongolia
(B/Stable/B). The Mongolia government will issue the notes as part
of a liability management exercise. Concurrently, Mongolia has
announced a cash tender offer on its U.S. dollar-denominated bonds
due in 2022 and 2023. The government intends to fund the offer
using proceeds from the proposed bond issuance.

The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign, and rank equally with
the sovereign's other unsecured and unsubordinated debt
obligations.




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

AFCO HOLDING: Creditors' Proofs of Debt Due on July 19
------------------------------------------------------
Creditors of Afco Holding Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by July 19,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Ho Lon Gee
         c/o 80 Robinson Road #02-00
         Singapore 068898


BRC ISOLUTIONS: Creditors' Meeting Set for July 7
-------------------------------------------------
BRC Isolutions Pte Ltd will hold a meeting for its creditors on
July 7, 2021, at 11:00 a.m., by way of video conferencing via
Zoom.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members’ nomination

      of liquidator(s);

   b. to receive a full statement of the Company’s affairs     
      together with a list of its creditors and the estimated
      amount of their claims;
  
   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up; and

   d. to consider any other matters which may be brought before
      the meeting.

Mr. Helmi Bin Ali Bin Talib and Mr. Farooq Ahmad Mann of M/s Helmi
Talib LLP were appointed as provisional liquidators of BRC
Isolutions on June 11, 2021.


DNB ASIA: Creditors' Proofs of Debt on Due July 18
--------------------------------------------------
Creditors of DNB Asia Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by July 18, 2021, to be
included in the company's dividend distribution.

The company's liquidator is:

         Bob Yap Cheng Ghee
         Toh Ai Ling
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


GLP PTE: S&P Assigns 'BB' Rating on New USD Perpetual Securities
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to a
proposed issuance of U.S.-dollar-denominated perpetual securities
by GLP Pte. Ltd. (BBB-/Stable/--). The issuance is under the
company's US$5 billion multicurrency medium-term note (MTN)
program. The rating on the proposed securities is subject to S&P's
review of the final issuance documentation. S&P expects GLP to use
the proceeds to refinance existing debt.

S&P said, "We rate the proposed perpetuals two notches below the
issuer credit rating of GLP. This reflects the subordination of the
securities and the company's ability to voluntarily defer coupon
payment.

"We assess the proposed perpetuals as having intermediate equity
content. The characteristics of the proposed perpetuals--cash
conservation qualities, a sufficiently long residual time, and
subordination in liquidation or bankruptcy proceedings--meet our
criteria for deeming them to have intermediate equity content.

"To reflect our view of the intermediate equity content, we
allocate 50% of the related distributions on these securities as
interest expense and 50% as equivalent to a common dividend.
Similarly, we treat 50% of the proposed perpetuals as debt and the
other 50% as equity."

Although the proposed securities are perpetual, GLP can redeem them
at the first call date and on every distribution payment date
thereafter. The securities can be called for external events such
as change in accounting, tax, or rating agency treatment, or in the
case the outstanding amount is minimal.

GLP has underscored its intention to maintain or replace the
securities in the pricing supplement with its replacement capital
statement. The company deems the perpetuals as a way to diversify
its funding channels and manage the balance sheet. S&P said, "We
note GLP redeemed its 2012 perpetuals on the first callable date in
2017. We understand the redemption was due to a currency mismatch
and a potential privatization in 2017, which could have resulted in
a material step up of interest costs. We could remove the equity
credit on the proposed perpetuals and treat them as debt-like if
GLP's intention to maintain the hybrid instruments in the capital
structure weakens."

The proposed perpetuals will be part of GLP's green finance
framework. The company will use the proceeds to refinance green
assets. It intends to match the amount of green financing with the
value of green assets. According to GLP, it had about US$1.5
billion certified green assets as of Dec. 31, 2020.

S&P deems the effective maturity of the proposed perpetuals to be
26 years from the issuance. They have a first step-up of 25 basis
points in year 11, and a second step-up of 75 basis points in year
26. S&P views the second step-up as a material incentive for the
issuer to redeem the securities. As a result, it considers the
perpetuals to have an effective maturity until the second step-up
date.

S&P said, "We do not consider the perpetuals to have intermediate
equity content beyond the first reset date in 2027. This is because
the remaining period until its effective maturity would by then be
less than 20 years.

"In our view, the proposed perpetuals issuance will only provide
limited deleveraging benefits because we expect them to represent
less than 5% of GLP's total capitalization after the transaction."

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

The proposed perpetuals have features that can help GLP to conserve
cash, if needed. The company can choose to defer distributions on
the securities, with no limits on the number of times it can do so.
However, when the distributions on the proposed perpetuals are
deferred, GLP cannot declare or pay equity dividends, or interest
on equally ranking securities, nor can it redeem or repurchase
shares or equally ranking securities.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed securities (and coupons) are intended to constitute
GLP's direct, unsecured, and subordinated obligations, ranking
senior only to equity.


STRAITS TRADING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 18, 2021, to
wind up the operations of Straits Trading Est. Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

         Mr. Ng Kian Kiat
         Ms. Oon Su Sun
         c/o RSM Corporate Advisory Pte. Ltd.
         8 Wilkie Road, #03-08
         Wilkie Edge
         Singapore 228095


WENG FENG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on June 18, 2021, to
wind up the operations of Weng Feng Construction Pte Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

         Mr. Gary Loh Weng Fatt
         c/o BDO Advisory Pte. Ltd.
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778




=====================
S O U T H   K O R E A
=====================

SAMSUNG HEAVY: Shareholders Approve Capital Reduction
-----------------------------------------------------
Yonhap News Agency reports that Samsung Heavy Industries Co. said
on June 22 that its shareholders approved a proposal to reduce its
capital base in an effort to improve its financial status.

With the approval for 5-to-1 capital reduction, the face value of
the shipbuilder's common shares and preferred shares will be cut
from KRW5,000 (US$4.40) to KRW1,000.

After the capital reduction, the shipbuilder's capital base will be
reduced to KRW630 billion from KRW3.15 trillion, the company said.

Yonhap relates that the capital reduction will take effect on July
26, and new shares will be listed on the local market on Aug. 10,
it said.

In May, Samsung Heavy said it plans to push for the capital
reduction to put it in better shape.

The shipbuilder has been suffering an accumulated deficit of over
KRW2 trillion, the report notes.

Yonhap says Samsung Heavy plans to decide on its plan to sell new
shares to raise nearly KRW1 trillion at its board meeting slated
for next month.

                        About Samsung Heavy

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers,
container vessels, bulk carriers, cruisers, and passenger ferries.
The Company also produces steel and bridge structures, and material
handling equipment. In addition, Samsung Heavy Industries provides
civil engineering, architectural, and plant construction services.

Samsung Heavy reported a net loss of KRW1.48 trillion in 2020,
compared to a loss of KRW1.31 trillion in 2019.

SSANGYONG MOTOR: Subcontractors to Receive More Financial Help
--------------------------------------------------------------
Yonhap News Agency reports that subcontractors of financially
troubled SsangYong Motor Co. will receive additional financial help
as the automaker is in search of a new investor.

The state-run Korea Credit Guarantee Fund will provide KRW25
billion (US$22 million) for SsangYong's subcontractors, raising
such help to KRW75 billion in total, according to the Ministry of
Trade, Industry and Energy, Yonhap relays.

According to Yonhap, the move is aimed at maintaining the supply
chain for the financially troubled carmaker to support its
normalization.

In December, SsangYong filed for court receivership after failing
to obtain approval for the rollover of KRW165 billion worth of
loans from creditors, the report recalls.

It is the second time for SsangYong to be under court receivership
after undergoing the same process a decade ago.

Half of SsangYong workers will also go on unpaid leave for two
years beginning next month as part of self-help measures, Yonhap
notes.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra acquired a 70% stake in SsangYong for KRW523 billion in
2011 and now holds a 74.65% stake in the carmaker.

SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

Under court receivership, SsangYong's survival depends on whether
there will be a new investor to acquire a streamlined SsangYong
after debt settlement and other restructuring efforts, Yonhap
said.



                           *********


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

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

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

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

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



                *** End of Transmission ***