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

                     A S I A   P A C I F I C

          Thursday, June 24, 2021, Vol. 24, No. 120

                           Headlines



A U S T R A L I A

NATIONAL HEALTH: First Creditors' Meeting Set for July 1
SMILES INCLUSIVE: Second Creditors' Meeting Set for June 30
STOCKLEY EXCAVATIONS: First Creditors' Meeting Set for July 1


C H I N A

CHINA EVERGRANDE: Fitch Lowers LT Foreign-Currency IDR to 'B'
CHINA EVERGRANDE: Plans to Sell Stake in Unit for About $400MM
IDEANOMICS INC: Completes Acquisition of US Hybrid
IDEANOMICS INC: Signs Standby Equity Distribution Deal With YA II
NN INC: Names Mike Felcher as Chief Financial Officer

SICHUAN LANGUANG: Moody's Cuts CFR to Caa3 on High Default Risk


H O N G   K O N G

APPLE DAILY: Shut Downs After Hong Kong Arrests
CHINA AIRCRAFT: Moody's Assigns First Time Ba1 Corp Family Rating


I N D I A

A K LUMBERS: Ind-Ra Moves 'B+' LT Issuer Rating to Non-Cooperating
AMBE TEXTILE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARIA HOTELS: Ind-Ra Cuts LT Issuer Rating to BB+, Outlook Negative
ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
BIYANI SHIKSHAN: CRISIL Keeps D Debt Ratings in Not Cooperating

CARDIO FITNESS: CRISIL Keeps D Debt Ratings in Not Cooperating
D. MANOHARAN: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
DEWAN HOUSING: FD Holders May Get Additional INR966cr
ESSAR POWER: Adani Power Wins as Successful Bidder for Project

GAJANANA TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
GANESH TEXTILES: Ind-Ra Updates 'BB' Rating, Outlook Stable
GEETHA AUTO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating
INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating

J.S.R. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
JAYAVELU SPINNING: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
JBF INDUSTRIES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
JBF PETROCHEMICALS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
JSR MULBAGAL: CRISIL Keeps D Debt Rating in Not Cooperating

KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
MADHAVA HYTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAVIR ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
MANJEERA CONSTRUCTIONS: Ind-Ra Keeps BB+ Rating in Non-Cooperating
MANJUSHREE HARDWARES: CRISIL Keeps D Ratings in Not Cooperating

NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
PUNJAB METAL: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating
RAGHAVA PROJECT: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJA RAJESWARI: Ind-Ra Affirms & Withdraws 'BB+' LT Issuer Rating
RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating

SATYA SAI: CRISIL Lowers Rating on INR7.5cr Bank Loan to D
TOSHNIWAL ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
TRIMURTI CORNS: CRISIL Keeps D Debt Ratings in Not Cooperating
V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating
V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating

VAAGESWARI EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
VAMSADHARA COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating
VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
VELA SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating

VINAYAGA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
YANTRA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

GARUDA INDONESIA: Posts $2 Billion Net Loss in 2020, CEO Says


S I N G A P O R E

CATALYST TRADE: Court to Hear Wind-Up Petition on July 2
KRISENERGY PTE: Creditors' Meeting Set for June 28
MAGNIFICA PTE: Court to Hear Wind-Up Petition on July 2
SYNERGY TRADE: Court to Hear Wind-Up Petition on July 2
UNITY RESOURCES: Court Enters Wind-Up Order



V I E T N A M

VIETNAM AIRLINES: Three Banks Pledge Interest-Free Loans

                           - - - - -


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

NATIONAL HEALTH: First Creditors' Meeting Set for July 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Health Co-operative Limited, trading as National Health Co-op, will
be held on July 1, 2021, at 10:00 a.m. via virtual meeting
technology.

Michael Slaven of Slaven Torline was appointed as administrator of
National Health on June 21, 2021.


SMILES INCLUSIVE: Second Creditors' Meeting Set for June 30
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Smiles
Inclusive Limited and Totally Smiles Pty Ltd has been set for June
30, 2021, at 11:00 a.m. at the offices of Deloitte Financial
Advisory Pty Ltd, Level 23, Riverside Centre,123 Eagle Street, in
Brisbane, Queensland.

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.

Timothy Heenan and Luci Palaghia of Deloitte were appointed as
administrators of Smiles Inclusive on Nov. 9, 2020.


STOCKLEY EXCAVATIONS: First Creditors' Meeting Set for July 1
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Stockley
Excavations Pty Ltd will be held on July 1, 2021, at 11:00 a.m. via
virtual meeting technology.

Neil Cussen and Andre Lakomy of Cor Cordis were appointed as
administrators of Stockley Excavations on June 21, 2021.




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

CHINA EVERGRANDE: Fitch Lowers LT Foreign-Currency IDR to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded to 'B', from 'B+', the Long-Term
Foreign-Currency Issuer Default Ratings (IDR) of Chinese
homebuilder China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. The Outlook
is Negative.

At the same time, Fitch has downgraded the senior unsecured ratings
of Evergrande and Tianji to 'B-', from 'B', with a Recovery Rating
of 'RR5'. The Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited have also been downgraded to 'B-', from
'B', with a Recovery Rating of 'RR5'

The downgrade reflects ongoing pressure for Evergrande to downsize
its business and reduce total debt. Fitch believes the company's
debt reduction plan is achievable, but it is subject to meaningful
execution risk and may also negatively affect the company's
business profile in the medium term.

The Negative Outlook reflects Evergrande's weakened access to debt
capital markets and heavy reliance on trust loans.

KEY RATING DRIVERS

Shrinking Balance Sheet: Evergrande has announced plans to further
reduce total debt by CNY150 billion in 2021 by speeding up sales,
limiting land acquisitions and raising equity funding. Fitch
regards the plans as achievable, but subject to execution risk.
Fitch also believes the strategy could damage the company's
business profile over the medium term. Leverage, measured by net
debt/adjusted inventory, fell to 35% in 2020, from 44% in 2019,
while total interest-bearing debt fell by CNY83 billion to CNY716
billion.

Weakened Debt Capital Market Access: Evergrande's access to debt
capital markets appears limited. It has not issued any offshore
bonds this year and its bonds due in 2025 are trading at around a
19% yield. It has also only raised CNY8.2 billion from domestic
bond issuance, in April 2021.

However, capital market maturities for 2021 appear manageable. The
company repaid more than CNY30 billion in offshore bonds so far
this year, with its only remaining 2021 maturity being USD1.5
billion (CNY9.6 billion) due at the end of June. The company says
it has prepared the required funds to repay the debt from property
sales and equity issuance by subsidiaries.

Heavy Reliance on Trust Loans: Evergrande relies on trust
financing, which Fitch estimates accounts for around 40% of its
total interest-bearing debt; compared with bank loans, trust loans
are a more flexible, but less stable source of funding. The
government's continued tightening of trust-financing measures
suggests that Evergrande may need to find alternative funding
channels for land acquisitions and property development. This may
prove challenging given the poor debt-market sentiment.

Additional Equity Financing Sources: Additional equity financing
sources include potential equity placements for Evergrande's listed
subsidiaries and IPOs of its other subsidiaries, including its
beverage business, Evergrande Spring, its property and auto dealing
platform, FCB Group, and amusement park and tourism properties,
Evergrande Tourism Group, in 2021-2022. Fitch's 2021 forecasts
factor in the actual equity proceeds the company has raised year to
date, but not potential equity proceeds.

Evergrande should receive around CNY2.5 billion by selling a 29.99%
stake in China Calxon Group Co., Ltd, a Hangzhou-based homebuilder
listed on the Shenzhen stock exchange, but Fitch sees this as
immaterial compared with its debt.

Strong Sales, Lower Selling Prices: Fitch expects Evergrande's
EBITDA margin, excluding capitalised interest, to drop to around
19% in 2021-2022, from 22% in 2020 and 25% in 2019. Contracted
sales increased by 20% in 2020 to CNY723 billion and by a further
5% yoy in 5M21, although the average selling price fell by 13% and
7%, respectively. This suggests that Evergrande is cutting prices
to boost sales and cash collection, which may pressure its margin
in the next year or two when revenue from the projects is
recognised.

Shorter Land Bank Life: Fitch forecasts Evergrande's land bank life
to shorten to around two years if it maintains its contracted sales
scale at around CNY750 billion from 2022, while limiting land
purchases. This could weaken its business profile and
sustainability. Evergrande reduced its land bank to 231 million sq
m in 2020, from 293 million sq m in 2019, to control leverage. It
also said that it had 57 million sq m of commercial land bank in
2020. Fitch expects land bank life to drop to around 3.0 years in
2021, from 3.6 years in 2020, given strong contracted sales and
controlled land acquisitions.

Large Payables: The reduction in leverage in the past few years was
partly driven by rising trade and bills payables, which increased
by 14% in 2020 to CNY622 billion. Fitch believes the possibility of
reducing debt by continuing to increase payables is now limited.

Equalised IDRs: The IDRs of Evergrande, Hengda and Tianji are
equalised under Fitch's Parent and Subsidiary Linkage Rating
Criteria. Evergrande and Hengda are both rated based on the group's
consolidated profile using a 'weak parent, strong subsidiary'
approach to reflect the strong legal and operational ties between
the two entities, while the IDRs of Tianji and Hengda are equalised
using a 'strong parent, weak subsidiary' approach; Fitch assesses
overall ties to be 'Strong', with 'Moderate' legal ties, and
'Strong' operational and strategic ties.

ESG - Governance Structure: Evergrande has an ESG Relevance Score
of '4' for Governance Structure. Evergrande's significant and
rising investments in electric vehicles and other non-core
businesses have a negative impact on the credit profile, and are
relevant to the rating in conjunction with other factors.

DERIVATION SUMMARY

Evergrande's scale and diversification is in line with that of
higher-rated homebuilders, such as Country Garden Holdings Company
Limited (BBB-/Stable) and China Vanke Co., Ltd. (BBB+/Stable),
which also have nationwide operations. However, Evergrande's
ratings are constrained by tight liquidity, higher leverage and a
volatile historical performance. In addition, its working-capital
management, which relies on payables rather than customer deposits
to fund inventory, and high short-term debt, also results in the
multiple-notch rating difference with the two peers.

Evergrande is rated one notch below Guangzhou R&F Properties Co.
Ltd. (B+/Stable). Guangzhou R&F's leverage, as measured by net
debt/adjusted inventory, is higher than that of Evergrande, but
Evergrande has much higher trade and bills payables. In addition,
Guangzhou R&F has a stronger liquidity profile, with
cash/short-term debt of close to 1.0x at end-2020, and smoother
access to offshore funding channels. Guangzhou R&F also has a
longer land bank life compared with Evergrande.

KEY ASSUMPTIONS

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

-- Average selling price to drop by 7% in 2021 and by a further
    5% in 2022 (2020: -13%), while contracted sales by gross floor
    area increase by 12% in 2021 and 6% in 2022 (2020: 38%);

-- Land bank life/gross floor area to reduce to 2.6 years in
    2021, from 3.6 years in 2020, while land acquisition cash
    outflow falls to 12.3% in 2021, against 19.0% in 2020, then
    increases to 18.7% in 2022;

-- EBITDA margin to drop to 18.6% in 2021-2022, from 22.4% in
    2020;

-- Annual capex of CNY17 billion-18 billion, mainly for electric
    vehicle production facilities and equipment;

-- 25% dividend payout ratio in 2021-2022, similar to 2020
    levels.

Recovery Rating Assumptions

-- Fitch uses these assumptions to derive a 4x EBITDA multiple to
    compute the company's going concern value. Fitch applies a
    liquidation value approach where the liquidation of assets
    results in a higher return to creditors.

Evergrande

-- Evergrande will be liquidated in a bankruptcy because it is an
    asset-trading company. Fitch assumes Hengda and Evergrande
    would go into bankruptcy if Evergrande fails;

-- 10% administrative claims;

-- Fitch estimates Evergrande's liquidation value by
    deconsolidating Hengda. The liquidation estimate reflects our
    view of the value of inventory and other assets that can be
    realised and distributed to creditors;

-- Fitch applies a 30% haircut on net inventory, as Evergrande's
    development property EBITDA, excluding capitalised interest,
    is in the 20%-25% range;

-- Fitch applies a 30% haircut on receivables and a 20% advance
    rate on investment properties and plant, property and
    equipment;

-- Fitch assumes third-party payables to Evergrande (excluding
    Hengda) of CNY127 billion in 2020 were senior to all other
    debt;

-- Fitch assumes Evergrande will be able to use all of its
    available cash for debt and payables;

-- Fitch assumes all the residual value from Hengda would be
    distributed to Evergrande's creditors. However, no residual
    value from Hengda would go upstream to Evergrande, as it would
    be used to pay off all the debt at the Hengda level.

Tianji

-- Tianji will be liquidated in a bankruptcy because it is an
    asset-trading company;

-- 10% administrative claims;

-- The liquidation estimate reflects Fitch's view of the value of
    inventory and other assets that can be realised and
    distributed to creditors;

-- Fitch applies a 30% haircut on net inventory, as Tianji's
    development property EBITDA, excluding capitalised interest,
    was in the 20%-25% range;

-- Fitch applies a 30% haircut on receivables and a 20% advance
    rate on investment properties and property, plant and
    equipment;

-- Fitch assumes the company's third-party payables of CNY35
    billion in 2019 were senior to all other debt;

-- Fitch assumes Tianji will be able to use all of the available
    cash for debt and payables;

-- Both Evergrande and Tianji's have Recovery Ratings of 'RR5'.

RATING SENSITIVITIES

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

-- Fitch would revise the Outlook to Stable if Evergrande
    sufficiently addresses its liquidity needs, while maintaining
    satisfactory access to external funding channels.

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

-- Evidence of deteriorating trust loan access;

-- Slowdown in contracted sales and cash collection;

-- Weakening linkages between Evergrande and Hengda may lead to
    negative rating action on Evergrande, while weakening linkages
    between Tianji and Hengda may lead to negative rating action
    on Tianji.

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

Tight but Manageable Liquidity: Evergrande had cash and cash
equivalents of CNY159 billion at end-1020, against total short-term
debt of CNY335 billion, of which CNY62 billion was capital market
debt and CNY273 billion bank and trust loans. Fitch believes
Evergrande's capital market maturities are manageable, with most of
the CNY62 billion maturing in 2021 having already been addressed or
repaid. Fitch expects Evergrande to be able to roll over its bank
loans, but the trust loans have a higher risk of not being rolled
over, as they are more sensitive to market conditions and changes
in the regulatory environment.

ISSUER PROFILE

Evergrande is a top-three Chinese property developer by contracted
sales. Headquartered in Shenzhen, Evergrande has a strong national
presence. It has 798 projects in 234 cities covering all of China's
31 provinces and municipalities. The company also has businesses in
finance, healthcare and cultural tourism.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY1.6 trillion in adjusted inventory at
end-2020 includes property development inventory, investment
property at cost, hotel properties and joint-venture investments.
Customer deposits, amounts due to non-controlling interests and
amounts due to joint ventures and associates are deducted from the
summation of items mentioned previously. Guarantees to third
parties are calculated as debt.

ESG CONSIDERATIONS

China Evergrande Group has an ESG Relevance Score of '4' for
Governance Structure due to its investments in electric vehicles
and other non-core business segments, which have a negative impact
on the credit profile, and are relevant to the ratings 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.

CHINA EVERGRANDE: Plans to Sell Stake in Unit for About $400MM
--------------------------------------------------------------
Qu Hui and Guo Yingzhe at Caixin Global report that a unit of the
debt-challenged China Evergrande Group plans to sell part of its
holdings in a Shenzhen-listed developer in a deal estimated at
nearly $400 million amid investor concerns about the real estate
giant's financial health.

Under the deal, Evergrande subsidiary Guangzhou Chiron Real Estate
Co. Ltd. will transfer a 29.9% stake in developer China Calxon
Group Co. Ltd. to private equity firm Shenzhen Huajian Holding Co.
Ltd., according to a filing on June 22 from Calxon, Caixin relays.
The transfer will make Huajian the controlling shareholder in
Calxon.

Caixin relates that the filing did not say what Huajian would offer
in exchange for the shares. But based on the closing price of
Calxon's stock on June 18, the transfer would cost the firm an
estimated CNY2.5 billion ($388 million) in cash.

                      About China Evergrande

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

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

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

IDEANOMICS INC: Completes Acquisition of US Hybrid
--------------------------------------------------
Ideanomics has completed its previously reported May 12, 2021,
definitive agreement to acquire 100 percent of privately held US
Hybrid, a manufacturer and distributor of electric powertrain
components and fuel cell engines for medium and heavy-duty
commercial fleet applications.  The completed acquisition is
another critical milestone in Ideanomics' mission to reduce
commercial fleet greenhouse gas emissions through advanced EV
technologies and forward-thinking partnerships.

Ideanomics simultaneously announced that US Hybrid has received
orders from partner Global Environment Products (GEP) for a fleet
of all-electric street sweepers expected to deploy in multiple
cities in the US and globally.

Global Environment Products is a manufacturer of specialized,
purpose-built, heavy-duty, and reliable Street Cleaning Equipment.
Headquartered in San Bernardino, CA, GEP believes in reliable,
affordable, and innovative products.

   * The current order for the GEP street sweepers is anticipated
     to deliver more than a million dollars in revenue to US
     Hybrid in the balance of CY 2021.  This extends an existing
     partnership between GEP and US Hybrid, who have delivered
     many clean street sweepers to customers in the US and Japan.

   * Each new all-electric street sweeper will save an estimated
     89 metric tons of carbon emissions over the lifetime of the
     vehicle, or the equivalent of taking 19 cars off the road for
     one year.

   * The new, all-electric US Hybrid and GEP street sweeper
     feature one 120-kW traction motor along with lithium-ion
     batteries that are charged via an AC 20kW, SAE J1772-
     compliant charging system.

"We are pleased to join forces with Ideanomics and their
subsidiaries, and to announce this significant order from the GEP,"
said Dr. Gordon Abas Goodarzi, Ph.D., PE, CEO of US Hybrid.

"Ideanomics has emerged as a true powerhouse in the commercial EV
sector with a synergistic ecosystem of technologies and solutions
that covers the entire value chain of electrification.  We look
forward to leveraging that strength going forward."

"We welcome Dr. Goodarzi and his entire team to Ideanomics and are
confident they will bring tremendous knowledge, innovation, and
value to the company in addition to their synergistic alignment
with many of our existing subsidiary brands," said Alf Poor,
Ideanomics CEO.  "The deal announcement is the first of many
important customers wins we anticipate going forward.  I look
forward to the accelerated commercialization and innovation US
Hybrid will bring to Ideanomics' ecosystem.  It will benefit
businesses, communities around the world, and more importantly our
planet."

                         About Ideanomics

Ideanomics is a global company focused on the convergence of
financial services and industries experiencing technological
disruption.  Its Mobile Energy Global (MEG) division is a service
provider which facilitates the adoption of electric vehicles by
commercial fleet operators through offering vehicle procurement,
finance and leasing, and energy management solutions under its
innovative sales to financing to charging (S2F2C) business model.
Ideanomics Capital is focused on disruptive fintech solutions and
services across the financial services industry.  Together, MEG and
Ideanomics Capital provide their global customers and partners with
leading technologies and services designed to improve transparency,
efficiency, and accountability, and its shareholders with the
opportunity to participate in high-potential, growth industries.
The Company is headquartered in New York, NY, with operations in
the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of March 31, 2021, the Company
had $569.90 million in total assets, $140.37 million in total
liabilities, $1.26 million in convertible preferred stock, $7.6
million in redeemable non-controlling interest, and $420.67 million
in total equity.


IDEANOMICS INC: Signs Standby Equity Distribution Deal With YA II
-----------------------------------------------------------------
Ideanomics, Inc. entered into a standby equity distribution
agreement with YA II PN, Ltd.  The Company will be able to sell up
to 80,396,000 shares of its common stock at the Company's request
any time during the 36 months following the date of the SEDA's
entrance into force.  The shares would be purchased at (i) 95% of
the Market Price if the applicable pricing period is two
consecutive trading days or (ii) 96% of the Market Price if the
applicable pricing period is five consecutive trading days, and, in
each case, would be subject to certain limitations, including that
YA could not purchase any shares that would result in it owning
more than 4.99% of the Company's common stock.  "Market Price"
shall mean the lowest daily VWAP of the Company's common stock
during the two or five consecutive trading days, as applicable,
commencing on the trading day following the date the Company
submits an advance notice to YA. "VWAP" means, for any trading day,
the daily volume weighted average price of the Company's common
stock for such date on the principal market as reported by
Bloomberg L.P. during regular trading hours.

Pursuant to the SEDA, the Company is required to register all
shares which YA may acquire.  The Company shall file with the
Securities and Exchange Commission a prospectus supplement to the
Company's prospectus, dated Jan. 19, 2021, filed as part of the
Company's effective shelf registration statement on Form S-3ASR,
File No. 333- 253061, registering all of the shares of Common Stock
that are to be offered and sold to YA pursuant to the SEDA.

Pursuant to the SEDA, the Company shall use the net proceeds from
any sale of the shares for working capital purposes, including for
general working capital purposes, which may include the repayment
of outstanding debt and investment and acquisition activities.

There are no other restrictions on future financing transactions.
The SEDA does not contain any right of first refusal, participation
rights, penalties or liquidated damages.  The Company did not pay
any additional amounts to reimburse or otherwise compensate YA in
connection with the transaction.

YA has agreed that neither it nor any of its affiliates shall
engage in any short-selling or hedging of its common stock during
any time prior to the public disclosure of the SEDA.

                         About Ideanomics

Ideanomics is a global company focused on the convergence of
financial services and industries experiencing technological
disruption.  Its Mobile Energy Global (MEG) division is a service
provider which facilitates the adoption of electric vehicles by
commercial fleet operators through offering vehicle procurement,
finance and leasing, and energy management solutions under its
innovative sales to financing to charging (S2F2C) business model.
Ideanomics Capital is focused on disruptive fintech solutions and
services across the financial services industry.  Together, MEG and
Ideanomics Capital provide their global customers and partners with
leading technologies and services designed to improve transparency,
efficiency, and accountability, and its shareholders with the
opportunity to participate in high-potential, growth industries.
The Company is headquartered in New York, NY, with operations in
the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of March 31, 2021, the Company
had $569.90 million in total assets, $140.37 million in total
liabilities, $1.26 million in convertible preferred stock, $7.6
million in redeemable non-controlling interest, and $420.67 million
in total equity.


NN INC: Names Mike Felcher as Chief Financial Officer
-----------------------------------------------------
NN, Inc. has named Mike Felcher as senior vice president and chief
financial officer effective July 1, 2021.  Mr. Felcher will be
assuming the CFO role from Tom DeByle, who will be retiring from
his current role but will remain with the Company until June 30,
2021, to ensure a smooth transition.

"We want to thank Tom for his significant contributions to the
transformation of NN and wish him well in retirement.  In just two
short years, he helped us through the deleveraging event that led
to the divestment of the Life Sciences business, played a critical
role in finalizing our recent refinancing, and led the remediation
of our material weaknesses," commented Warren Veltman, NN president
and chief executive officer.  "As Mike transitions into his new
role, we have confidence in his ability to leverage the breadth of
his prior experience, as well as the knowledge of our company
gained during his tenure with NN as our Chief Accounting Officer."

Thomas Wilson, NN Audit Committee Chairman, added, "We would like
to thank Tom for his invaluable leadership since joining the
Company and wish him well in retirement.  His efforts over the past
two years have helped position us for future growth and success."

Tom DeByle, NN's outgoing chief financial officer, said, "I am
extremely proud of our team's focus and successful accomplishments
since joining the Company in 2019.  Collectively, we transitioned
NN's business, while establishing a strong financial foundation to
support the Company's long-term growth.  Additionally, I want to
express my confidence in Mike as my successor and overall leader
within the organization.  Our close working relationship will
enable a seamless transition as he assumes the CFO role."

Mr. Felcher added, "I am excited to extend Tom's record of
successful leadership within NN's finance team, and I look forward
to working with Warren to execute on our strategic growth and
financial objectives to accomplish our 2025 revenue and margin
goals."

Mr. Felcher has served as NN's chief accounting officer since June
2018.  Prior to joining the Company, he served as the vice
president, North America chief financial officer for JELD-WEN,
Inc., a publicly held, global manufacturer of doors and windows,
from 2013 to 2017.  Before assuming his role at JELD-WEN, Inc., Mr.
Felcher served as a Director of Finance for United Technologies
Corp. following its acquisition of Goodrich Corporation in 2012.

He also previously served in a variety of finance roles at Goodrich
and began his career at PricewaterhouseCoopers in Boston.  Mr.
Felcher is a licensed CPA and holds a Bachelor of Science,
Accountancy from Bentley University and a Master of Business
Administration from Wake Forest University.

In connection with Mr. Felcher's appointment, Mr. Felcher's annual
base salary was increased to $355,000, and he received a one-time
grant of restricted stock in the amount of $50,000.  In addition,
Mr. Felcher will now be eligible to receive (i) an annual incentive
award based on a target amount of 50% of his annual base salary
under the Company's Executive Incentive Compensation Program, and
(ii) long-term incentive awards based on a target amount of 85% of
his annual base salary under the Company's Long-Term Incentive
Program.  Mr. Felcher's long-term incentive compensation will be
divided equally among performance stock units that vest based on
the Company's total shareholder return, performance stock units
that vest based on the Company's return on invested capital and
restricted stock awards, which will vest over a three-year period
from the time of grant.

                           About NN Inc.

NN, Inc. -- www.nninc.com -- is a global diversified industrial
company that combines advanced engineering and production
capabilities with in-depth materials science expertise to design
and manufacture high-precision components and assemblies primarily
for the electrical, automotive, general industrial, aerospace and
defense, and medical markets.  The Company has 32 facilities in
North America, Europe, South America, and China.

NN, Inc. reported a net loss of $100.59 million for the year ended
Dec. 31, 2020, compared to a net loss of $46.74 million for the
year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$622.32 million in total assets, $340.70 million in total
liabilities, $46.86 million in Series D perpetual preferred stock,
and $234.75 million in total stockholders' equity.

SICHUAN LANGUANG: Moody's Cuts CFR to Caa3 on High Default Risk
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Sichuan Languang Development Co., Ltd. (Languang
Development) to Caa3 from B3.

At the same time, Moody's has downgraded to Ca from Caa1 the backed
senior unsecured rating on the notes issued by Hejun Shunze
Investment Co., Limited, and unconditionally and irrevocably
guaranteed by Languang Development.

The outlook on the ratings remains negative.

"The downgrade reflects Languang Development's heightened liquidity
and default risks given its sizable amount of maturing debt over
the next 3-6 months," says Celine Yang, a Moody's Vice President
and Senior Analyst.

"The downgrade also reflects the weak recovery prospects of
Languang Development's creditors, if there is a default," adds
Yang.

The negative outlook reflects Moody's view that the recovery
prospects of Languang Development's creditors could weaken further
if the company defaults on its maturing debt.

RATINGS RATIONALE

Languang Development's Caa3 CFR reflects the company's high
liquidity risks over the next 3-6 months, limited financial
flexibility and weak recovery prospects for its creditors.
T
he company will have RMB4.2 billion of domestic corporate bonds
becoming due or puttable before the end of September 2021. However,
it is unlikely that the company can issue new bonds for refinancing
given its deteriorated funding access to onshore and offshore bond
markets.

Languang Development will have to rely on asset sales or
investments from potential investors to generate funds for debt
servicing, but these fundraising activities entail high
uncertainties.

Furthermore, Languang Development announced on June 1, 2021 and
June 11, 2021 that Languang Investment Holdings Group Co., Ltd's,
shares in the company have been frozen due to disputes over the
loans provided to Languang Investment, which is the largest
shareholder of Languang Development.

The weak financial position and the high percentage of share pledge
by its largest shareholder would increase the risk of triggering
the change of control clauses, and hence, an acceleration of
repayment of Languang Development's USD bonds if Languang
Investment's ownership drops to below 35% from 58.3% currently.

The Ca senior unsecured bond rating is one notch below the CFR due
to the risk of structural subordination. This subordination risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's weak liquidity
and financial management, as demonstrated by the fast deterioration
of its liquidity position.

The rating also considered the company's concentrated ownership,
with its chairman, Yang Keng, holding 55.4% stake in the company as
of June 18, 2021. Around 53.5% of Yang's shareholdings were pledged
as of the same date.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if the company repays
its maturing debt and improves its liquidity position materially.

On the other hand, the ratings could be downgraded if the principal
losses for Languang Development's creditors are likely to
increase.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Sichuan Languang Development Co., Ltd. primarily develops
residential and commercial properties in China. The company was
founded in 1993 and listed on the Shanghai Stock Exchange in 2015
through a backdoor listing. As of December 2020, it had a total
land bank of 26.4 million square meters in terms of gross floor
area.



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

APPLE DAILY: Shut Downs After Hong Kong Arrests
-----------------------------------------------
Bloomberg News reports that Hong Kong's pro-democracy Apple Daily
newspaper owned by now-jailed media tycoon Jimmy Lai shut down
after authorities used a national security law to arrest its top
editors, the biggest casualty yet in China's move to quash dissent
in the former British colony.

Bloomberg previously reported on June 23 that Apple Daily will stop
operating at midnight and publish the last print edition June 24
due to concerns over manpower and the safety of employees, the Hong
Kong newspaper said on its website. Earlier on June 23, the board
of parent company Next Digital Ltd. owned by pro-democracy media
tycoon Jimmy Lai announced the newspaper would close on June 26.

"The Company thanks our readers for their loyal support and our
journalists, staff and advertisers for their commitment over the
past 26 years," the board, as cited by Bloomberg, said. On June 21,
the company said it would close the newspaper's operations by June
26 if Hong Kong authorities continued to block access to its bank
accounts following the arrests of senior editors and executives.

According to Bloomberg, the newspaper's demise is the biggest sign
yet of China's clampdown on free speech since imposing a national
security law on the former British colony last year that has been
used to silence democracy activists. Authorities last week arrested
Apple Daily's three top editors and two Next Digital executives,
with some 500 police officers descending on the company's Hong Kong
offices.

"The imminent shutdown of Apple Daily sends out a very clear signal
to all media organizations," Bloomberg quotes Grace Leung, a media
lecturer at Chinese University of Hong Kong, as saying. "It also
alarms all journalists in this city -- that they will face a risk
of arrest, especially if they touch on sensitive or critical
political issues."

Earlier on June 23, police arrested a 55-year-old man for allegedly
colluding with foreign forces to endanger national security. While
the police statement didn't mention any names or publications,
local media including the Oriental Daily reported that the man is
an Apple Daily columnist who writes social commentary under the
name Li Ping. A police representative told Bloomberg News earlier
on June 23 that more arrests are possible.

After the arrest on June 23, newsroom staff grew increasingly
frightened because Li wasn't considered the most outspoken
columnist, according to three Apple Daily reporters who asked not
to be identified because of the sensitivity of the police
operation, Bloomberg relays. Some newspaper staff were being
advised to leave the office after the arrest, the people said, with
some newsroom managers evacuating reporters.

Senior managers who participated in the June 23 meeting were angry
the board didn't immediately shut down the paper's operations to
minimize the growing risk to staff after all the arrests, according
to two editorial employees familiar with the matter.

Over its 26 years in operation, the paper unearthed the hidden
wealth of high-ranking Chinese Communist Party leaders, exposed the
unethical practices of officials in Hong Kong and became one of the
most prominent voices of the city's pro-democracy movement,
according to Bloomberg.

Bloomberg says the paper was known for scoops and investigative
coverage, but also for its racy coverage of entertainment, crime
and celebrity gossip, including sensational paparazzi photos.

"To many Hong Kongers, Apple is a paper they love to hate,"
Bloomberg quotes Chris Yeung, chief writer for digital news outlet
Citizen News and a former chairman of the Hong Kong Journalists
Association, as saying.

"They may not feel happy with its style and approach in reporting,"
he added, but they appreciated the paper's "fearlessness in
challenging the authorities for their wrongdoing, and persistence
on freedom and democracy."

As of June 23, Apple Daily's financial and English language
sections, as well as live broadcasts, have been discontinued,
Bloomberg says. Next Digital's Next Magazine also announced it will
cease operations. "Everyone at Next Digital magazine has worked
incredibly hard and enjoyed the press freedom, we have no regrets,"
the magazine's publisher, Louise Wong, wrote in a Facebook post.

On June 22, Hong Kong Chief Executive Carrie Lam defended the
arrests of the paper's senior editors and said the national
security law China imposed a year ago should act as a deterrent to
other media outlets.

"You can't say that just because the suspected organization is a
newspaper organization and suspected people are executives from a
newspaper organization that our actions undermine press freedom,"
Lam told reporters, Bloomberg relays.

"The national security law in Hong Kong will have to be enforced
seriously," she said. "There is also a preventative and deterrent
effect. It has to have a deterrent effect if it is to achieve its
objective."

CHINA AIRCRAFT: Moody's Assigns First Time Ba1 Corp Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating and Ba2 foreign currency and local currency issuer ratings
to China Aircraft Leasing Group Holdings Limited (CALC).

The entity-level outlook is stable.

This is the first time that Moody's has assigned ratings to CALC.

RATINGS RATIONALE

CALC's Ba1 CFR incorporates (1) the company's standalone assessment
of ba3; (2) a one-notch uplift based on a moderate level of support
from China Everbright Group (CEG) and the group's largest
subsidiary China Everbright Bank Company Limited (CEB, Baa2 stable,
baseline credit assessment: ba2); and (3) a one-notch uplift based
on Moody's expectation of a moderate level of support from the
Government of China (A1 stable), which Moody's expect to flow via
CEG.

The ba3 standalone assessment reflects CALC's (1) weaker capital
buffer compared to global rated peers; and (2) high refinancing
needs; and (3) large order book commitment. These weaknesses are
mitigated by the company's (1) portfolio of young and modern
narrow-body aircraft; (2) good client base; and (3) ongoing
liquidity support from CEG and its affiliates.

CALC has weak capital level. Its tangible common equity to total
managed assets (TCE/TMA) kept at around at 9% in the past three
years, compared to global rated peers' average at over 20%. Moody's
expects CALC's TCE/TMA will remain in the 9% range to be stable at
current levels, unless the company raises additional capital.

CALC faces high refinancing needs and large order book commitment.
It will need incremental credit facilities and financing loans to
support its aircraft acquisitions, given its sizable order book
with 253 aircraft at the end of 2020. Most of these aircraft have
delivery dates in 2022-27. Corresponding pre-delivery payments will
also increase in the next few years.

Meanwhile, it has around HKD12 billion of debt maturing in 2021,
adding to refinancing needs.

Nevertheless, CEG and its affiliates' liquidity support will help
CALC mitigate the refinancing risk and liquidity pressure. CALC has
also gradually increased its unsecured debt, which has improved
financial flexibility and led to a higher balance of unencumbered
assets, providing better secondary liquidity and asset coverage of
senior unsecured obligations.

CALC's China-focused client mix and narrow-body aircraft
composition help its performance and reduce its operating risks.
Although the company provided payment deferrals to its clients
during the pandemic last year, nearly all its Chinese clients
cleared their arrears by the end of 2020.

CALC's aircraft fleet composition includes few older and
out-of-production aircraft, which are likely to suffer from
significantly lower demand during the sector downturn. As a result,
the company has low aircraft remarketing risk, limiting downside
risks to its revenue, cash flow and earnings.

The moderate level of affiliate support reflects China Everbright
Limited (CEL, Baa3 stable)'s 37.1% ownership in CALC, CALC's
strategic importance to CEG, as well as the track record of
operational and financial support from CEL, CEB and CEG during the
pandemic.

The moderate level of government support reflects the importance of
CALC's operations to CEG's "Four-Three-Three" development strategy
for cultivating a world leading aircraft leasing company. CALC is
the only platform within CEG that solely focuses on aviation and
aircraft leasing, which is a core part of CEG's strategy.

Moody's regards the change in CALC's management in 2015 as a
key-person risk and governance risk under its environmental, social
and governance (ESG) framework, given the implications for the
company's management credibility and track record. The rating
action considers the impact of the company's governance practices
on its credit profile.

The company's CEO and founder, Mr. Mike Poon, resigned in June 2015
to assist the Chinese government with certain investigations, and
was reappointed as CEO in January 2017 after the investigations
concluded. This incident could have created disturbances in the
company's operations, given Mr. Poon is the second largest
shareholder of the company. That said, the company's experienced
management team and CEG's shareholding have helped mitigate the
potential risk.

The one-notch difference between CALC's CFR and its issuer ratings
reflects the fact that (1) some of CALC's assets reside at its
fully owned onshore operating entity; and (2) a proportion of
CALC's assets are encumbered for secured borrowings. CALC's senior
unsecured debt is structurally subordinated to secured indebtedness
and senior unsecured indebtedness at onshore level.

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

Moody's could upgrade CALC's CFR and issuer ratings if the company
assumes greater strategic importance to CEG, indicating
strengthening government support.

Specifically, CALC's issuer ratings could be upgraded if the
company (1) significantly strengthens and maintains its TCE/TMA at
above 15%; (2) further improves its financial flexibility through
increasing committed credit facilities and debt maturities coverage
to more than 150%; (3) further reduces its secured debts to less
than 15% of its total assets; and (4) maintains its solid
profitability and asset quality metrics.

Moody's could downgrade CALC's CFR and issuer ratings if (1) CEL is
no longer the company's largest shareholder; (2) CALC's importance
to and connection with CEG and its affiliates decline; (3)
financial and liquidity support from CEG and its affiliates weaken;
or (4) the company's financial metrics, including profitability,
capital adequacy and debt maturities coverage, deteriorate
materially.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Registered in Hong Kong SAR, China, China Aircraft Leasing Group
Holdings Limited is an aircraft lessor. It reported assets of HKD46
billion ($5.9 billion) at the end of 2020.



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

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

The instrument-wise rating actions are:     

-- INR45 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR90 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 30, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, A K Lumbers is promoted by Atul Jindal and
trades in and processes timber logs, mainly teak and hardwood.


AMBE TEXTILE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ambe Textile
(AT; part of Ambe Group) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.25        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     6.75       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AT for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AT
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set-up in 2001, AG is promoted by Mr. Ramniwas Agarwal. The group
is engaged into trading of yarns and fabric.


ARIA HOTELS: Ind-Ra Cuts LT Issuer Rating to BB+, Outlook Negative
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aria Hotels and
Consultancy Services Private Limited's (AHCSPL) Long-Term Issuer
Rating to 'IND BB+' from 'IND BBB'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR5,304.1 bil. (reduced from INR5,307.29 bil.) Term loan due
     on December 2036 downgraded with IND BB+/Negative rating; and

-- INR75 mil. Fund-based working capital limits downgraded with
     IND BB+/Negative/IND A4+ rating.
The downgrade reflects the significant deterioration in the
financial and operational performance of AHCSPL's parent - Asian
Hotels (West) Limited (AHWL; 'IND D'; holds 99.98% stake in AHCSPL;
together referred to as the Asian group) in FY21 and its subsequent
default on its obligations, the temporary halt in operations due to
lack of liquidity in 1QFY22, and the presence of a cross-default
condition in a lender's sanction letter. The downgrade also factors
in the corporate governance issues in the Asian group.

The Negative Outlook reflects Ind-Ra's expectation of the continued
impact of COVID-19-led disruptions on the company's financial
performance in FY22, leading to weaker-than-expected credit metrics
and a stretched liquidity position.

KEY RATING DRIVERS

Default of AHWL:  The parent company, AHWL's financial profile
deteriorated significantly in FY21 due to a stretch in liquidity
because of the continued impact of COVID-19-related disruptions on
its business. The company defaulted on its repayment obligations at
end-April 2021 and temporarily halted its operations on 8 June
2021. According to the lender`s sanction letter, a portion of
AHCSPL's debt has a cross-default condition with AHWL.

Corporate Governance Issues: The ratings also factor in the
resignation of two independent directors from the board of AHWL on
8 June 2021. The independent directors stated the chairperson's
failure to convene a board meeting despite the requests and
directions of the audit committee and independent directors as a
reason for their resignation. An independent director also stated
that there is an atmosphere of hostility among the promoters. AHWL
and AHCSPL have common promoters and several common members in
their board of directors.

Tie-up with the Marriot Group; Favorable Location: AHCSPL has tied
up with Marriott Hotels India Private Limited (Marriott) for
branding, operating, and marketing of the hotel under the JW
Marriott brand. The company continues to benefit from its
management's expertise and access to the online reservation systems
and marketing strategies of JW Marriott, which is a globally
recognized hotel brand. Furthermore, the hotel is situated in the
hospitality district at Delhi Aerocity, adjacent to the Indira
Gandhi International Airport, and is also well connected with the
central business districts of Delhi and Gurgaon.

Weak Business Outlook:  After having recovered in 4QFY21, AHCSPL's
hotel operating performance moderated in April 2021 owing to the
impact of the lockdown restrictions placed by the state government
to curtail the second wave of COVID-19. AHCSPL's occupancy levels,
which had improved to 60.2% in 4QFY21 (3QFY21: 38%, FY20: 80%),
moderated to 41.7% in April 2021. However, the average room rent
increased to INR5,321 in April 2021 (4QFY21:  INR5,005; FY20:
INR9,932).

The company's revenue fell sharply to INR616.60 million in 9MFY21
(9MFY20: INR2,317.87 million, FY20: INR2,944.90 million). With high
fixed cost component in overall cost and lower absorption of the
same due to the fall in revenue, AHCSPL's EBITDA plummeted to
INR54.99 million during 9MFY21 (9MFY20: INR985.70 million, FY20:
INR1,211.01 million), given the high fixed cost component in
overall cost. Ind-Ra expects the revenue and EBITDA to have
decreased on a yoy basis in FY21. The agency expects the company's
hotel operations to be adversely affected in the short-to-medium
term on account of the extended impact of COVID-19 on the global
travel and hospitality industry. However, the corporate and leisure
travel segments are likely to witness an improvement over the same
period with the commencement of the vaccination program, and
improving economic outlook. With the subsequent easing of
restrictions, AHCSPL's occupancy rates are likely to report a
sequential improvement post 1HFY22, leading to growth in the
company's revenue and EBITDA in FY22.

Liquidity Indicator - Stretched: AHCSPL's average use of the
fund-based limits of INR75 million was around 98% during the 12
months ended February 2021. The company had unencumbered cash and
equivalents of INR344.2 million as on 31 March 2021. The company's
cash flow from operations are likely to have turned negative in
FY21 (FY20: INR501.40 million, FY19: INR517.50 million), given the
decline in the scale of operations and EBITDA levels. AHCSPL had
not availed the Reserve Bank of India-prescribed debt moratorium.

Weak Credit Metrics: AHCSPL's credit metrics are likely to have
deteriorated in FY21 due to the decline in EBITDA and increase in
debt levels. In FY22, Ind-Ra expects the credit metrics to remain
weak but improve marginally but due to the likely moderate growth
in the revenue and EBITDA of the company. AHCSPL's metrics had
improved in FY20 because of the rise in EBITDA levels, with net
leverage (net debt/EBITDA) of 4.25x (FY19: 4.61) and interest
coverage (operating EBITDA/gross interest expense) of 2.09x
(1.91x). The agency expects the fixed cost coverage (operating
EBITDAR/(interest payment+ principal repayment + lease payment) of
0.9x-1.5x over FY22-FY24.

RATING SENSITIVITIES

Positive: Future developments that could, individually and
collectively, result in a positive rating action are as follows:

- substantial improvement in the financial and operational
performance of the parent, AHWL

- substantial improvement in the company's scale of operations as
well as liquidity profile

- improvement in the corporate governance of the group
- fixed cost coverage above 1.1x on a sustained basis

Negative: Future developments that could, individually and
collectively, will result in a negative rating action are as
follows:

-lower-than-expected scale of operations or/ and operating
margins

-fixed cost coverage below 1.1x
-the absence of any improvement in the liquidity position

COMPANY PROFILE

Incorporated on May 11, 2007, AHCSPL has developed a 523-room
five-star hotel at Delhi Aerocity that became fully operational in
April 2015. AHCSPL has tied-up with Marriott Hotels India for
branding, operating and marketing the hotel under the JW Marriott
brand. The hotel also has a commercial block of about 132,940
square feet of super area.


ASHOK BRICKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashok Bricks
Industries Private Limited (ABIL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        20          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash
   Credit Limit           0.03       CRISIL D (Issuer Not
                                     Cooperating)

   Standby Letter
   of Credit              1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              0.47       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ABIL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ABIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ABIPL was formed as a partnership firm in 1992, between Mr. Pramod
Agarwal and his brother Mr. Ashok Agarwal, to manufacture red
bricks used in the construction industry. The firm was
reconstituted as a private limited company in 2000 and entered the
business of road construction.


BIYANI SHIKSHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Biyani
Shikshan Samiti (BSS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     12.52      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     37.48      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BSS for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSS continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1997 by Mr. Rajeev Biyani, Dr. Sanjay Biyani, and Dr.
Manish Biyani, BSS was initially a coaching institute. It set up
its first institute, Biyani Girls College, at Jaipur (Rajasthan) in
2003. It currently operates six institutes under the Biyani brand
in two different campuses situated at Vidhyadhar Nagar and Kalwar
in Jaipur. The institutes offer courses in the fields of commerce,
nursing, education, technology, information technology, and
management. BSS has more than 4300 students.


CARDIO FITNESS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cardio
Fitness India Private Limited (CFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8.5       CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Exchange
   Forward                 3.32      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        4.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.68      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with CFPL for
obtaining information through letters and emails dated January 30,
2021 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CFPL was set up by Mr. Deepak Dewan in New Delhi in 1995. The
company offers a range of cardio- and strength-training products
and support services. Its products include computerized treadmills,
cross-trainers, and steppers.


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

The instrument-wise rating actions are:
  
-- INR85 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 23, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

D Manoharan is a sole proprietorship firm that commenced its
business during 2003. It is engaged in civil construction primarily
in Tamil Nadu.


DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devki Nandan
Minerals Private Limited (DNMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.9        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         7.0        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DNMPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DNMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DNMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DNMPL continues to be 'CRISIL D Issuer Not Cooperating'.

DNMPL was set up in 2016, by promoters, Mr. Paresh Nathabhai
Gopani, Mr. Kailash Laxman Jakasania, and Mr. Dinesh Kachrabhai
Ghodasara. The company manufactures non-metallic minerals at its
plant in Morbi. Operations commenced in August 2017 only.


DEWAN HOUSING: FD Holders May Get Additional INR966cr
-----------------------------------------------------
Livemint.com reports that fixed deposit holders of Dewan Housing
Finance Corp. Ltd (DHFL), who are on the verge of losing a large
part of their savings, may get some relief, with lenders to the
bankrupt mortgage lender contemplating a higher payout to FD
holders from the firm's insolvency proceedings.

DHFL's committee of creditors (CoC) may approve an additional
INR966 crore for FD holders from the recoveries made, according to
internal documents related to DHFL's resolution plan reviewed by
Mint. The proposal is subject to the outcome of voting this week
and would entail money being redistributed between various
categories of creditors, the report notes.

As of date, FD holders have claims worth INR5,299 crore, but will
likely recover less than half of it.

If the additional payout is approved, FD holders will collectively
receive INR2,189 crore, taking the recovery for FD holders to
41.31%, from 23.08% at present, according to Livemint.com.

Livemint.com relates that the FD holders have been fighting to
recover their savings ever since the mortgage lender was admitted
to the insolvency tribunal in December 2019. They have a 6.18%
voting share in the CoC and have been opposing DHFL's resolution
plan, terming it discriminatory.

According to Livemint.com, the latest development comes after the
Mumbai bench of the National Company Law Tribunal (NCLT) suggested
that creditors relook at the distribution of funds. On June 7, the
dedicated insolvency tribunal approved Piramal Capital and Housing
Finance Ltd's bid to take over DHFL for INR37,250 crore. The
tribunal said in its June 7 order that considering lakhs of small
investors and senior citizens had deposited their savings, they
should get a "fair" share of the resolution money.

Lenders have also proposed an additional INR540 crore for unsecured
non-convertible debenture (NCD) holders, INR263.6 for small secured
NCD holders. Others eligible for more funds than originally
envisaged include the Army Group Insurance Fund, which will get
INR21.85 crore; the Navy Children School, which will get INR1.95
crore; and the Air Force Group Insurance Society, which will get
INR56.09 crore.

Secured financial creditors such as banks will let go of
INR1,853.21 crore or 5.4% of the total resolution value.

"With regard to the decision on distribution to public depositors,
fixed deposit holders and subscribers to NCDs, we request the CoC
to reconsider their grievances . . . their request is only to
enhance the percentage of the payment made in the plan," said the
NCLT order cited above, Livemint.com relays.

The tribunal, however, made it clear that the review was only with
regard to the distribution of funds and did not concern the total
resolution plan outlay. "We further make it clear that there is no
additional monetary obligation for the successful resolution
applicant to pay anything more than what it has committed in the
resolution plan, an amount of INR37,250 crore. It is only an inter
se distribution of resolution money among various creditors," it
said.

Piramal Capital had received approvals from the Competition
Commission of India and the Reserve Bank of India for its bid to
take over DHFL. Its resolution plan got 94% votes from DHFL's
creditors.

Mint reported on June 8 that Piramal group's offer includes
INR12,700 crore in upfront cash,  INR3,000 crore in interest income
on DHFL's books and NCDs worth INR19,550 crore to be repaid over 10
years.

                             About DHFL

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

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


ESSAR POWER: Adani Power Wins as Successful Bidder for Project
--------------------------------------------------------------
The Economic Times reports that Adani Power has emerged as the
successful bidder for Essar Power's 1,200 MW thermal power project
in Mahan, Madhya Pradesh.

ET says the Adani Power bid for the project has been approved by a
committee of creditors. Now, it will have to seek the NCLT approval
to acquire the project, which is undergoing insolvency
proceedings.

"This is to inform that the Committee of Creditors of Essar Power M
P Ltd (EPMPL), a company undergoing insolvency resolution under the
Insolvency and Bankruptcy Code, has approved the Resolution Plan
submitted by Adani Power Ltd," a BSE filing by Adani Power said on
June 18, ET relays.

EPMPL owns a 1,200 MW power plant in Singrauli district, Madhya
Pradesh, it added.

Pursuant to this approval, the Resolution Professional appointed by
the National Company Law Tribunal, Delhi has issued a letter of
intent dated June 17, 2021, to the company, it stated, ET relays.

According to the report, industry sources said the deal size of the
project is estimated at around INR2,800-INR3,000 crore.

The closure of the transaction will be subject to obtaining
necessary approval from the NCLT and satisfaction of conditions
precedent under the resolution plan, ET notes.

Essar Power M P Limited operates as a power generating company. The
Company generates, transmits, and distributes electricity through
coal. Essar Power M P serves customers worldwide.


GAJANANA TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gajanana
Traders (GT) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Open Cash Credit       8.77       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GT for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GT
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2012, GT is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in East Godavari, Andhra Pradesh. The day to day operations
are managed by Mr. Srinivas Maroju.


GANESH TEXTILES: Ind-Ra Updates 'BB' Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Sakthi Ganesh Textiles
Private Limited at 'IND BB' with a Stable Outlook. As part of the
ongoing rating review exercise and in line with the regulatory
requirement, Ind-Ra had requested the issuer on May 31, 2021, May
26, 2021 and May 14, 2020 for updated information on the company's
performance. In view of the COVID-19-led lockdown, the issuer has
informed the agency that it needs more time to provide the required
data.

Ind-Ra is working with Sakthi Ganesh Textiles to see if any
information can be readily provided, so that the agency can update
its credit view as per the regulatory requirement. Ind-Ra will try
to complete the process by July 30, 2021 using the best available
information. If Ind-Ra is unable to do so due to lack of adequate
data, then the rating may have to be migrated into the issuer
non-cooperating category, so that banks are aware that the agency
is unable to update its credit view.

GEETHA AUTO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Geetha Auto
Commercials (GAC) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR9.8 mil. Term loan due on March 2023 assigned with IND B+/
     Stable rating;

-- INR55 mil. Fund-based facilities assigned with IND B+/Stable/
     IND A4 rating; and
-- INR75.2 mil. Proposed fund-based facilities* assigned with
     IND B+/Stable/IND A4 rating.

*Unallocated

KEY RATING DRIVERS

The ratings reflect GAC's small scale of operations with a revenue
of INR204 million in FY21 (FY20: INR554 million). The revenue
decreased yoy in FY21, mainly due to due to lower demand in the
commercial vehicle (CV) segment in FY21 due to COVID-led lockdown
as well as a reduction in funding by financial institutions (FIs).
Ind-Ra expects the company's revenue to improve over the medium
term, owing to an increased demand of CV and an improvement in CV's
funding by FIs. FY21 financials are provisional in nature.   

The ratings also factor in GAC's modest EBITDA margins of 7.1% in
FY21 (FY20: 3.7%). The margins increased yoy in FY21 due to the
increased sales from the company's high-margin service segment
(FY21: INR9.9;  FY20: INR6.1 million), an improvement in sales
margin after the Bharat Stage 6 (BS6) implementation, and the
increased sale of a small CVs which offer a higher margin than the
light and heavy commercial vehicles. The return on capital employed
stood at 10% in FY21. Ind-Ra expects the margins to decrease over
the medium term, considering an increase in the sale of the
low-margin heavy vehicles segment compared with the other
divisions.

The ratings are constrained by GAC's modest credit metrics with
interest coverage (operating EBITDAR/gross interest expenses) of
1.4x in FY21 (FY21: 1.4x) and net leverage (adjusted net
debt/operating EBITDAR) of 4.6x (3.0x). The net leverage weakened
yoy in FY21, due to a reduction in the absolute EBITDAR to INR15.2
million (FY20: INR21.8 million); however, the interest coverage was
stable due to a reduction in interest expenses to INR10 million
(INR14 million). Ind-Ra expects the credit metrics to remain modest
over the medium term, owing to an increase in bank debt to meet the
working capital requirement.

Liquidity Indicator – Poor: The company's average working capital
utilization was 90% during the 12 months ended April 2021. Its cash
flow from operations turned negative at INR23 million in FY21
(FY20: INR61 million), due to an elongation of the working capital
cycle to 130 days (32 days), resulting from an increase in the
inventory days to 116 (35 days). The firm had a cash balance of
INR1 million at FYE21 (FYE20: INR4 million). The firm availed the
Reserve Bank of India-prescribed moratorium over March to August
2020.

The ratings, however, are supported by the promoters' over two
decades of experience in the automobile dealership business. The
ratings are also supported by firm being a CV dealer for Tata
Motors Limited.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, while
maintaining the EBITDA margin, leading to an improvement in the
credit metrics will lead to a positive rating action.

Negative: A decline in the scale of operations and EBITDA margin,
leading to deterioration in the credit metrics with the interest
coverage reducing below 1.4x, all on a sustained basis, or a
further stretch in the liquidity position will lead to a negative
rating action.

COMPANY PROFILE

GAC was set up in 2015, engaged in a CV dealership of Tata Motors
in the Warangal and Khamma region in Telangana.


INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of India Mega
Agro Anaj Limited (IMAAL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           113.30      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     12.75      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              23.95      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IMAAL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IMAAL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IMAAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IMAAL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in June 2010 and promoted by Mr. Ajaykumar Baheti, Mr.
Radheshyam Maniyar, and their family, IMAAL is a mega food
processing company that mills rice, flour, and pulses, processes
cattle feed, and operates an oil mill and refinery. Operations at
the solvent extraction plant and biscuit manufacturing unit
commence its operation during the first-half of fiscal 2018.
Manufacturing and processing units are located in Nanded,
Maharashtra, spread over 50 acres.


INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Innovative
Infraprojects Private Limited (IIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              17.8       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IIPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IIPL continues to be 'CRISIL D Issuer Not Cooperating'.

IIPL, incorporated in 2009, develops residential and commercial
real estate projects in Dhanbad, Jharkhand. Its daily operations
are managed by Mr. Kashish Vyas.


J.S.R. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.S.R.
Constructions Private Limited (JSR) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          45        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility       1        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSR for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1972 as a proprietary concern by Mr. J. Srinivasulu
Reddy, it was rechristened in 1990 as JSR. Located in Bangalore,
Karnataka, JSR is engaged in construction of roads, canals and
other allied civil construction. JSR was concentrating on
irrigation works till 2001. Subsequently, JSR has been focusing
majorly focusing on road projects. The company is a registered
Special Class (Civil) contractor with Irrigation (PWD) Department
of Andhra Pradesh and Gujarat. It is also a registered Class 1
Contractors in PWD ' Karnataka and Category-1 with Karnataka
Neeravari Nigam Ltd.

JAYAVELU SPINNING: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jayavelu Spinning
Mills Private Limited (JSMPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limit assigned with IND BB+/Stable/IND
     A4+ rating; and

-- INR94 mil. Term loan due on April 2025 assigned with IND BB+/
     Stable rating.

KEY RATING DRIVERS

The ratings reflect JVSMPL's small scale of operations with a
revenue of INR694.07 million, according to the provisional
financials for FY21 (FY20: INR660.04 million). The revenue grew
marginally yoy in FY21 due to the closure of factories  resulting
from the COVID-19-led nationwide lockdown over April-May 2020.  The
agency expects the revenue in FY22 to remain weak due to the lack
of labor availability and logistical challenges due to the regional
lockdown restrictions amid the second wave of COVID-19.

The ratings also consider the company's modest EBITDA margins of
11.41% in FY21 (FY20: 11.03%) with a return on capital employed of
6.2% (4.9%). The margins improved yoy in FY21, due to a decline in
the cost of power, fuel & electricity charges. The margins are
likely to improve further in FY22, despite the volatility in cotton
prices, as the company will incur capex of INR80 million in FY22
towards the installation of solar panels which will meet 20% of its
electricity demand. However, Ind-Ra expects the margins to remain
modest in FY22, despite the yoy improvement, as cotton prices
corrected during April 2021, led by reduced demand from mills.

JSMPL overall credit metrics improved in FY21 due to a decline in
the total debt to INR168.4 million (FY20: INR260 million) on the
company's reduced working capital utilization. The company's
interest cover (operating EBITDA/gross interest expense) stood at
3.3x in FY21 (FY20: 2.7x) and its net leverage (adjusted net
debt/operating EBITDA) at 2x (3.6x). The agency expects the credit
metrics to slightly deteriorate yoy in FY22 as the debt will
increase along with increased working capital utilization due to
capex. The company is implementing two capex plan, amounting to
INR140 million, of which INR60 million will be funded by debt and
rest from the company's reserves. Along with the solar project, the
company will enhance its existing plant and machinery to produce
combed compact yarn, which has more durability and tensile strength
than the existing combed normal yarn manufactured by the company.
The solar project is likely to be completed by August 2021 whereas,
the installation of the machines for the manufacturing of compact
yarn is likely to completed by December 2021.

Liquidity Indicator - Stretched: JSMPL's average use of fund-based
limits was 75.7% during the 12 months ended April 2021. The cash
flow from operations, which has been improving yoy since FY20, grew
to INR124.68 million in FY21 (FY20: INR88.33 million, FY19: 2.23
million), due to an improvement in the receivables. The year-end
cash balance increased to INR10.7 million at FYE21 (FYE20: INR0.6
million). The company had availed the  Reserve Bank of
India-prescribed moratorium for its fund-based facilities over
March-August 2020; it also availed a guaranteed emergency credit
line amounting to INR46 million in FY21. The overall net working
capital cycle improved to 173 days in FY21 (FY20: 190 days), due to
a decline in the debtor days to seven from 53. Since the demand for
domestic textile players is favorable, the company has changed its
credit policy for its customers. It offers a credit period of seven
days and in case of new customers, the payments are now made in
advance, from the earlier 30-45 days. The timely receivables from
customers have aided the company's overall working capital cycle.

The ratings are constrained by the company's high geographical and
customer location as most of its top 10 customers that contributed
97% to its total sales at FYE21 are from Maharashtra.

The ratings, however, are supported by the director's experience of
more than two decades in the yarn manufacturing business.

RATING SENSITIVITIES

Negative: A decline in the scale of operation, leading to
deterioration in the credit metrics on a sustained basis and/or any
further stress on the liquidity position, will lead to a negative
rating action.

Positive: A significant improvement in the scale of operation,
while maintaining the net leverage below 3.5x post the capex
incurred in FY22 with an improvement in the liquidity position, all
on a sustained basis, will lead to positive rating action.

COMPANY PROFILE

Incorporated in 1994, JSMPL is involved in the manufacturing of
yarn with an installed capacity of 39,600 spindles. The company is
situated in the Tuticorin Highway Road near Mettilpatti Village
spanning an area of over 47.12 acres. JSMPL produces cotton yarn
for the export and domestic market.


JBF INDUSTRIES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed JBF Industries
Limited's (JBF) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

The instrument-wise rating actions are:

-- INR4.0 bil. Fund-based working capital limits (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR16.0 bil. Non-fund-based working capital limits (Short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR2.80 bil. Term loan (Long-term) due on March 2020 affirmed
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Proposed term loan (Long-term) withdrawn (the
     company did not proceed with the instrument as envisaged).

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Analytical Approach: Ind-Ra continues to take a consolidated view
of the financial and credit profiles of JBF and its subsidiary JBF
Petrochemicals Ltd ('IND D (ISSUER NOT COOPERATING)') and associate
concerns JBF RAK LLC, JBF Global Europe BVBA and JBF Bahrain SPC,
together referred to as JBF Group, to arrive at the ratings.

KEY RATING DRIVERS

The affirmation reflects JBF group's continued delays in debt
servicing on account of significant deterioration in the group's
financial risk profile, resulting from losses in overseas
operations and sustained delays in the commencement of operations
at its purified terephthalic acid plant. Furthermore, according to
the company's latest financial statements, the financial
constraints to the company has led to the classification of its
borrowings as non-performing assets by its lenders, declaration as
willful defaulter by one of the lenders and calling back of loans
by some of the lenders. Furthermore, one of the lenders'
application before the National Company Law Tribunal under the
lnsolvency and Bankruptcy Code, 2016, has been dismissed and
disposed of by the court. However, the said lender has filed an
appeal before the National Company Law Appellate Tribunal.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

JBF group is a leading producer of polyester and other related
products in the polyester value chain. Its production capacity is
about 1.9mtpa, which would increase to 3.2mtpa once the purified
terephthalic acid plant commences operations. The group operates
out of three domestic facilities, one in Gujarat and two in
Silvassa, and three international facilities, one each in the UAE,
Belgium and Bahrain.


JBF PETROCHEMICALS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed JBF Petrochemicals
Limited's (JBF Petro) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore investors and other users are advised to take appropriate
caution while using the rating.

The instrument-wise rating action is:

-- INR30,501.12 bil. ( USD416)^ External commercial borrowings*
     (Long-term/Short-term) due on April 2025 affirmed with IND D
     (ISSUER NOT COOPERATING) rating.

* Including INR23,972.71 (USD326.96)^ million sub-limit of letter
of credit/bank guarantee

^ Reserve Bank of India Reference Rate dated June 15, 2021: USD 1=
INR73.32

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

Analytical Approach: Ind-Ra continues to take a consolidated view
of the financial and credit profiles of JBF Petro and its ultimate
parent, JBF Industries Limited ('IND D (ISSUER NOT COOPERATING)')
and associate concerns JBF RAK LLC, JBF Global Europe BVBA and JBF
Bahrain SPC, together referred to as JBF Group, to arrive at the
ratings.

KEY RATING DRIVERS

The affirmation reflects the continued non-servicing of debt due to
a tight liquidity position, resulting from delays in the
commencement of JBF Petro's purified terephthalic acid plant.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Incorporated in FY11, JBF Petro was set up to execute JBF group's
backward integration project of a 1.25mtpa purified terephthalic
acid plant in Mangalore.


JSR MULBAGAL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JSR Mulbagal
Tollways Private Limited (JSR) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               105       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSR for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSR continues to be 'CRISIL D Issuer Not Cooperating'.

JSR is a special purpose company promoted by JSR Constructions
Private Limited for augmentation of National Highway No. 4 from km
216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal - AP/KNT
border section in Karnataka under NHDP Phase III, by four-laning on
design, build, finance, operate and transfer (DBFOT) on toll basis.
JSR Constructions Private Limited has 70% shareholding in JSR with
the remaining 30% being held by the directors of the company.


KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krushna
Enterprises (SKE; part of Maa Kalika group) continues to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SKE for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKE continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SKE, Kohenoor Industries
(KI), Maa Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base. Moreover,
the promoters treat the four entities as one single group for
funding and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.


MADHAVA HYTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhava
Hytech Infrastructures India Private Limited (MHIPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          10        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MHIPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MHIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MHIPL undertakes civil construction work on contract basis for
Railways, and State Road authorities. The company is promoted by
Mr. Pradeep Kilaru and is based out of Hyderabad.


MAHAVIR ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mahavir
Enterprises (ME; part of Mahavir group) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             14        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ME for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ME is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ME
continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of ME and Ali Agency. This is
because both the firms, together referred to as the Mahavir group,
have a common management and significant operational synergies.

Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.


MANJEERA CONSTRUCTIONS: Ind-Ra Keeps BB+ Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Manjeera
Constructions Limited's (MCL) Long-Term Issuer Rating of 'IND BB+'
on Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR109.20 mil. Fund-based facilities maintained on RWN with
     IND BB+/RWN /IND A4+/RWN rating; and

-- INR150 mil. Non-fund-based facilities maintained on RWN with
     IND A4+/RWN rating.

ANALYTICAL APPROACH: Ind-Ra continues to factor in the corporate
guarantee provided by MCL to its wholly-owned subsidiary - Manjeera
Retail Holdings Private Limited (MRHPL) to arrive at the ratings.

MCL had applied for loan restructuring on November 6, 2020, which
was prior to the due date of payment obligations. The application
was to its one of the lenders for restructuring of its term loans
under resolution framework for COVID-19-related stress and related
guidelines announced by the Reserve Bank of India vide its
circulars dated August 6, 2020 and September 7, 2020, along with
guidance provided by the Securities and Exchange Board of India
circular SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/ 160 dated August 31,
2020 in this regard. Ind-Ra has maintained the RWN as the
restructuring of the term loan is still under process and yet to be
finalized.

KEY RATING DRIVERS

The ratings are constrained by the continued offtake risk faced by
MCL in its two residential projects. In its Purple Town project
(50% share held by MCL), two out of 25 units are yet to be sold.
Meanwhile, in the Manjeera Monarch project (62% share held by MCL),
111 units out of 352 units remain unsold.

Furthermore, the rating factors in the saleability and execution
risks associated with the company's upcoming projects namely
Manjeera Blue (villas), Manjeera French County (residential
apartments) and the project by Vasavi Realtors LLP located in
Hafeezpet, Hyderabad in which MCL holds 20% share. The means of
funding are yet to be tied up and approvals are yet to be obtained.


Liquidity Indicator – Stretched: MCL's fund-based limits remained
fully utilized over the 12 months ended October 2020. It had cash
and cash equivalents of INR16.97  million at FYE20. The company had
availed the Reserve Bank of India-prescribed debt moratorium over
March-August 2020.

The ratings are also constrained by MCL's extended corporate
guarantee for Manjeera Retail Holdings' term loan worth INR3,250
million (INR1,880 million outstanding as on 20 April 2020).

The ratings, however, benefit from the low execution risk
associated with Purple Town (100% completed at end-April 2020) and
Manjeera Monarch (94% completed). The occupancy certificate for
Manjeera Monarch is awaited by the company.

The ratings are supported by MCL's diversified revenue stream, with
the company deriving income from various segments such as  real
estate (FY20: contributed 77% to the total revenue, FY19: 69%),
engineering, procurement and construction (22.5%, 31%) and wind
mills (0.5%, 1%). In 9MFY21, the MCL booked revenue of INR 225.04
million (FY20: INR969.08); of this,  65% was from real estate, 33%
from engineering, procurement and construction, and 1% from wind
mills.

The ratings draw strength from MCL's healthy order book status. At
end-March 2020, the company had two contract orders valued INR1,225
million located at Rajamundry, Andhra Pradesh and Jharsuguda,
Odisha pertaining to its engineering, procurement and construction
segment. Of this, the company had executed INR464 million of orders
till end-March 2020; orders worth INR354.65 million and INR406.45
million are likely to be completed in FY21 and FY22, respectively.
With respect to real estate, MCL has provided land for the
construction of the Bion project located in Kondapur, Hyderabad, to
Vasavi Realtors LLP. MCL will not have to undertake any
construction cost and will receive its share of units constructed
by Vasavi Realtors.

The ratings continue to be supported by the locational advantage of
MCL's ongoing projects and its operational track record The
projects benefit from the availability of all civic amenities
within a 1km radius, the nearest railway station being located at
6.5km and international airport at 30km. The company has completed
around 11 projects individually and around nine joint venture
projects through its subsidiaries and associate companies.
Moreover, the ratings are supported by the presence of the escrow
mechanism that ensures the transfer of appropriate funds for debt
servicing from pooled escrow account on a timely basis.

The ratings also benefit from the promoters' experience of more
than three decades in the real estate business.

RATING SENSITIVITIES

The RWN indicates that ratings may be downgraded or affirmed.
Ind-Ra will resolve the RWN after the implementation of
restructuring of the term loans.

COMPANY PROFILE

Incorporated in1987, MCL is engaged in developing residential,
commercial, hospitality and retail projects. As of April 2020, the
company had completed the construction of 6.7 million sf. MCL has
two ongoing residential projects - Purple Town and Manjeera
Monarch. Purple Town has 49 elite, independent villas and Manjeera
Monarch consists of 567 residential flats in five blocks with
ground plus 14 floors. MCL is promoted by G. Yoganand.


MANJUSHREE HARDWARES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manjushree
Hardwares (MH) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     5.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MH for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MH
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1990 in Bengaluru as a proprietorship firm, MH trades in
construction material such as paints, cement, and sanitary ware.
Operations are managed by Mr. R Shankar.


NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nilkanth
Cotton Fibers (NCF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan                2.25     CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NCF for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NCF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCF continues to be 'CRISIL D Issuer Not Cooperating'.

NCF was formed as a partnership firm by members of the Sakarvadiya
family in 2014. The firm has an operating unit at Gondal (Rajkot).


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

The instrument-wise rating actions are:         

-- INR 20 mil. Fund-based limits migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR35 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 30, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Punjab Metal Works processes plywood and veneer, and trades timber
logs, mainly hardwood.


RAGHAVA PROJECT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghava
Project Constructions Private Limited (RPCPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.25       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     3.25       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RPCPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RPCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha
Rani. The company executes civil contracts in Andhra Pradesh. It is
based in Vijayawada, Andhra Pradesh.


RAJA RAJESWARI: Ind-Ra Affirms & Withdraws 'BB+' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Raja Rajeswari
Constructions (India) Private Limited's (SRRCPL) Long-Term Issuer
Rating at 'IND BB+' with a Stable Outlook and has simultaneously
withdrawn the rating.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limits* affirmed and
     withdrawn;

-- INR650 mil. Non-fund-based working capital limits** affirmed
     and withdrawn; and

-- INR78.27 mil. Term loans# due on August 2021 affirmed and
     withdrawn.

*affirmed at 'IND BB+'/Stable/ 'IND A4+' before being withdrawn

**affirmed at 'IND A4+' before being withdrawn

#affirmed at 'IND BB+'/Stable before being withdrawn

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

KEY RATING DRIVERS

The affirmation reflects SRRCPL's continued medium scale of
operations, as indicated by revenue of INR4,528 million in FY21
(FY20: INR5,137 million). The revenue declined due to a slowdown in
the execution of orders during April-September 2020 owing to a
delay in the release of payments due to COVID-19-led disruptions.
Furthermore, the unbilled revenue amounted to INR1,000 million at
end-FY21. The figures for FY21 are provisional in nature. As of
April 2021, SRRCPL had an unexecuted order book of INR26,070.44
million, signaling a strong revenue visibility of 5.8x (based on
FY21 revenue).

Liquidity Indicator - Stretched: SRRCPL's utilized 98.37% of its
fund-based working capital facilities and 88.66% of its
non-fund-based working capital facilities during the 12 months
ended April 2021. The cash flow from operations is likely to have
increased to INR362.63 million in FY21 (FY20: INR195.38 million),
as fixed deposits amounting to INR263.98 million were used for
meeting working capital requirements. In FY21, SRRCPL incurred a
capex of INR243.62 million (FY19: INR511.83 million); of this, 88%
was funded by debt and the balance by internal accruals. The gross
working capital cycle elongated to 165 days in FY21 (FY20: 113
days) due to an increase in the debtor days to 144 (95) on account
of delays in receiving payments from the government. The cash and
cash equivalents stood at INR24.21 million at end-FY21 (end-FY20:
INR18.26 million). In FY21, the company availed guaranteed
emergency credit line loan of INR192 million and COVID-19 loan of
INR25 million; the COVID-19 loan was repaid in December 2020. The
retention money receivables stood at INR850 million in FY21 (FY20:
INR989.24 million). SRRCPL had availed the Reserve Bank of
India-prescribed moratorium during March-August 2020.

The ratings are supported by the company's healthy EBITDA margins.
The margin rose to 15.7% in FY21 (FY20: 14.17%) due to a fall in
the work site expenses to 11.2% (16.8%) and a decrease in the
commission expenses paid to M/s B V S R Constructions for the
Gouravelli Reservoir project to 0.2% (5.6%). The ROCE stood at 15%
in FY21 (FY20: 20%).

The ratings are also supported by SRRCPL's strong credit metrics
due to the healthy margins. The gross interest coverage ratio
(operating EBITDA/gross interest expense) deteriorated to 4.12x in
FY21 (FY20: 5.51x), led by a decline in the EBITDA to INR711
million (FY20: INR728 million). The net leverage (adjusted net
debt/operating EBITDA) improved marginally in FY21 to 2.24x (2.35x)
owing to a decrease in the total debt to INR1,615.32 million
(INR1,728.78 million).

The ratings are further supported by the founders' experience of
close to three decades in executing civil construction projects,
which has led to better execution capabilities and has helped the
company secure repeat orders on a subcontract basis.

COMPANY PROFILE

SRRCPL was incorporated in 1993 as a proprietorship firm. It was
reconstituted as a partnership firm in 2007 and as a private
limited company on March 25, 2014. It is a closely held company
owned and managed by R Muthaiah and his son, R Ramu. It is
registered as a special class contractor with the Andhra Pradesh
and Telangana governments.

RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RCM
Infrastructure Limited (RCM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          88        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             13.29     CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter          10        CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Funded Interest          1.71     CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Inland/Import           20        CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Letter Of Guarantee     70        CRISIL D (Issuer Not
                                     Cooperating)

   Open Cash Credit        10        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         17        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with RCM for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.


SATYA SAI: CRISIL Lowers Rating on INR7.5cr Bank Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Sri Satya Sai Constructions (SSSC) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          7.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Open Cash Credit        4.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delay in meeting debt obligation owing to
poor liquidity.

The ratings reflect modest scale of operations, large working
capital requirement and susceptibility to risks inherent in
tender-based business. These weaknesses are partially offset by the
extensive experience of the partners in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition constrains
scalability, as reflected in operating income of INR21.25 crore in
fiscal 2021, which limits operating flexibility.

* Large working capital requirement: Gross current assets were
significantly high estimated at 665 days as on March 31, 2021, It's
large working capital requirement arises due to maintenance of
large work in progress inventory estimated at around 592 days in
fiscal 21.

* Susceptibility to risks inherent in tender-based business:
Revenue and profitability depend on the ability to win tenders.
Because of intense competition, players have to bid aggressively to
get contracts, which restricts the operating margin. Furthermore,
on account of cyclicality inherent in the construction industry,
the ability to maintain profitability through operating efficiency
becomes critical.

Strength:

* Extensive experience of the partners: The partners' experience of
over 30 years in the civil construction industry, understanding of
market dynamics and established relationships with suppliers and
customers will continue to support the business.

Liquidity: Poor

Liquidity is constrained by fully utilized bank limits along with
stretched receivables has resulted in delay of debt servicing.

Rating Sensitivity factors

Upward factors

* Increase in revenue and profitability leading to adequate cash
accrual

* Timely servicing of debt for at least 90 days

Established in 1999 by Mr. Krishnam Raju, SSSC undertakes civil
construction works, such as construction of government buildings
and houses in Andhra Pradesh and Telangana.


TOSHNIWAL ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Toshniwal
Enterprises Controls Limited (TECL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         12.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            29         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        1.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-          1.7       CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan               4.8       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TECL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TECL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TECL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TECL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1991, TECL provides telecommunication testing, and
measurement products and services. Operations are being managed by
Mr. Rajesh Toshniwal. Service offerings include radio frequency
optimisation, electromagnetic field (EMF) testing, network
benchmarking, installation and de-installation of BTS (base
transceiver station), frequency planning, drive testing and
optimization and others. TECL is also an authorized distributor for
testing and measurement devices of various telecommunication
companies.


TRIMURTI CORNS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trimurti
Corns Agro Foods Private Limited (TCAFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        16.97       CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         2.0        CRISIL D (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with TCAFPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TCAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TCAFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TCAFPL continues to be 'CRISIL D Issuer Not
Cooperating'.

For arriving at the rating, CRISIL has combined the business and
the financial risk profile of TCAFPL and Mrunmaha Agro Foods Pvt
Ltd (MAFPL). This is because these two companies, together referred
as the Trimurti group, are under a common management, are engaged
in a similar line of business, and have operational and financial
linkages. Furthermore, both these companies have given corporate
guarantees for each other's bank facilities.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen, and
ready-to-eat products. TCAFPL and MAFPL have a combined processing
capacity of 183 tonnes per day (tpd) at their manufacturing units
in Pune (Maharashtra).


V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V.S. Buildcon
continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VS for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VS
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2008 in Ghaziabad as a partnership firm between Mr. Varun
Chaudhary, his father, Mr. Subhash Chaudhary, and his wife, Ms
Reenu Chaudhary, VS undertakes civil construction work, mainly road
and irrigation projects, for government departments.


V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V3S Infratech
Limited continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         11.61      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            34.38      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7.01      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with V3S for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of V3S, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on V3S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
V3S continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

V3S was incorporated in 2003, promoted by the Kurele family. The
company develops real estate commercial and residential projects
and also undertakes construction activities. It is owned by Mr.
Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife
Mrs. Manjulata Kurele.


VAAGESWARI EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Vaageswari Educational Society (SVET) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility       5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan          6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVET for
obtaining information through letters and emails dated January 30,
2021 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVET continues to be 'CRISIL D Issuer Not Cooperating'.

Sree Vaageswari Educational Trust (SVET), founded by Mr. G. Samba
Reddy in year 1988, is an education group based out of Karimnagar
(near Hyderabad) providing education including engineering and
other professional courses. SVET has established 7 institutes
offering courses across engineering, pharmacy, business management
and computer applications. The trust is actively managed by Mr. G.
Samba Reddy and his son Dr. G. Srinivasa Reddy. The Reddy family
also has interests in hotel business and etrol filling stations.


VAMSADHARA COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vamsadhara
Cotton Industries (VCI) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VCI for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2013, VCI is a partnership firm in Guntur, Andhra
Pradesh-based is engaged in ginning cotton.


VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vani
Trading and Co. (SVT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter          5         CRISIL D (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with SVT for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2008, as a partnership firm by Mr. Marimuthu and
Mr. Inbaraj, SVT trades imported timber.


VELA SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vela
Smelters Private Limited (SVSPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Funded Interest          2.45     CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Letter of Credit         4.5      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       4.55     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan                9.96     CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         19.45     CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with SVSPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SVSPL, incorporated in 2003, is promoted by Mr. T M Murugesan. The
company, based in Namakkal, Tamil Nadu, manufactures
thermo-mechanically treated steel bars and angles.


VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijay
Mahiendra Spinntex Private Limited (VMSPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.85       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.00       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.51       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Line           0.75       CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Term Loan             20.49       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VMSPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VMSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2012 VMSPL manufactures grey yarn and grey fabric.
Its manufacturing facility is in Tirupur (Tamil Nadu). The company
is promoted by Mr. P Duraisamy, Mr. P Shanmugasundaram and Mr. P
Subramaniam.


VINAYAGA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Vinayaga
Green Power Generation Private Limited (SVGPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          22.5      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVGPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVGPL continues to be 'CRISIL D Issuer Not Cooperating'.

SVGPL, incorporated in 2012 by Mr. Duraiswamy Vinoth and six other
members of his family at Namakkal, operates a 5 MW solar power
plant.


YANTRA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Yantra Green
Power Private Limited (YGP) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        31.19       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with YGP for
obtaining information through letters and emails dated November 21,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of YGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YGP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
YGP continues to be 'CRISIL D Issuer Not Cooperating'.

YGP was set up in 2012 by Vivimed Labs Ltd, BBR Projects Pvt Ltd,
Mr. Santosh Varalwar, and Mr. Sandeep Varalwar. The company is
setting up a 5-megawatt solar photovoltaic-based power plant in
Hyderabad. The plant is expected to commence operations in October
2015.




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

GARUDA INDONESIA: Posts $2 Billion Net Loss in 2020, CEO Says
-------------------------------------------------------------
Nikkei Asia reports that Garuda Indonesia suffered a net loss of $2
billion last year, the airline's top executive told parliament, a
figure highlighting the dire financial situation faced by the
nation's flagship carrier during the coronavirus pandemic.

According to the report, the number was revealed in a presentation
by CEO Irfan Setiaputra to lawmakers at a parliamentary hearing on
June 21. Garuda has yet to officially release full-year results for
2020, but a $2 billion net loss would mark its biggest since 2005,
the oldest available data on Quick-Factset.

The company, majority-owned by the government, posted net income of
$6.9 million in 2019, the report notes.

Nikkei Asia says the revelation comes on the heels of the Indonesia
Stock Exchange's decision on June 18 to halt trading in Garuda
shares until further notice, after the company defaulted on coupon
payments on its $500 million sukuk, or Islamic bond.

In its statement announcing the decision, IDX said the carrier's
inability to pay the coupon "indicates that there are problems in
the continuity of the company's business," Nikkei Asia relays.

Like many airlines, Garuda has had to slash flight numbers as the
spread of COVID-19 resulted in global entry restrictions that
brought leisure and business travel to a virtual halt.

According to Nikkei Asia, Setiaputra's presentation also showed
2020 sales coming in at $1 billion -- a marked decrease from $4.5
billion the year before -- as well as negative equity of $1.9
billion, meaning total liabilities exceed total assets.

"Regardless of whether we opt for the suspension of debt payment
obligations or [general] restructuring, we have to start
[procedures] this year," Setiaputra told lawmakers, Nikkei Asia
relays. "In the process of making proposals to creditors . . .
there is a high possibility that we will submit proposals with
financial consequences, and debt to equity [transactions]. We
[will] ask for permission if the proposal requires political
support from the parliament," he said.

As part of its plans to stay afloat, Garuda is looking to slash its
142-strong fleet of aircraft in half by returning leased planes
before leases expire, and is also offering an early retirement
program for employees. Setiaputra said more than 1,000 people have
applied to the program, while Dony Oskaria, the airline's deputy
CEO, said 20 aircraft have been returned, with an additional seven
in negotiation.

Some lease agreements have also been renegotiated, allowing the
company to save $11 million a month.

Nikkei Asia adds that the presentation to parliament showed Garuda
having 66 aircraft in 2022, with "total employees based on the sum
of aircraft."

As of June, the carrier is flying just 73 routes -- 14
international and 59 domestic -- down from 111 routes in 2019 and
101 in 2020.

"We stopped [some] routes because they were loss-making, including
international flights," the CEO, as cited by Nikkei Asia, said.
"From next month, we will stop Melbourne and Perth. We have stopped
Osaka . . . We will continue to review three routes, namely
Amsterdam, Kuala Lumpur, and Sydney. We have already started to
reduce Singapore," he added.

"What we see in the future is that it is impossible to make a
profit because of the existing conditions," he said, referring to
those routes.

                       About Garuda Indonesia

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

As reported in the Troubled Company Reporter-Asia Pacific on June
22, 2021, Reuters said that flag carrier Garuda Indonesia said it
could not distribute coupon payments for its US$500 million sukuk
after a 14-day grace period, with the airline's finances still
significantly impacted by the coronavirus pandemic.

"Under these circumstances, and in order to ensure the company
emerges from the pandemic as a strong and healthy airline, the
company announced today that it has reluctantly concluded that it
must continue to defer the payment," the airline said in a
statement.

Garuda has appointed Guggenheim Securities LLC as a financial
adviser to evaluate its strategy and improve its finances, the
company said.



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

CATALYST TRADE: Court to Hear Wind-Up Petition on July 2
--------------------------------------------------------
A petition to wind up the operations of Catalyst Trade Services Pte
Ltd will be heard before the High Court of Singapore on July 2,
2021, at 10:00 a.m.

UCO Bank filed the petition against the company on June 10, 2021.

The Petitioner's solicitors are:

           Rajah & Tann Singapore LLP
           9 Straits View
           #06-07 Marina One West Tower
           Singapore 018937


KRISENERGY PTE: Creditors' Meeting Set for June 28
--------------------------------------------------
Krisenergy Pte Ltd will hold a meeting for its creditors on June
28, 2021, at 10:00 a.m., via audio visual communication.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidator(s); and

   c. to appoint a committee of inspection of not more than
      5 members, if thought fit;

   d. any other business.

                         About KrisEnergy

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Trading in its shares has been suspended pending the restructuring,
BT noted.

As at Dec. 31, 2019, the group had about US$503 million in
borrowings and debt securities repayable within the next one year
or on demand.


MAGNIFICA PTE: Court to Hear Wind-Up Petition on July 2
-------------------------------------------------------
A petition to wind up the operations of Magnifica Pte Ltd will be
heard before the High Court of Singapore on July 2, 2021, at 10:00
a.m.

Edwin Eugene Van Keulen filed the petition against the company on
June 11, 2021.

The Petitioner's solicitors are:

         Allen & Gledhill LLP  
         One Marina Boulevard
         #28-00, Singapore 018989


SYNERGY TRADE: Court to Hear Wind-Up Petition on July 2
-------------------------------------------------------
A petition to wind up the operations of Synergy Trade and Finance
Pte Ltd will be heard before the High Court of Singapore on July 2,
2021, at 10:00 a.m.

UCO Bank filed the petition against the company on June 10, 2021.

The Petitioner's solicitors are:

           Rajah & Tann Singapore LLP
           9 Straits View
           #06-07 Marina One West Tower
           Singapore 018937


UNITY RESOURCES: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 4, 2021, to
wind up the operations of Unity Resources Group Pte. Ltd.

Taylors International Services Inc. filed the petition against the
company.

The company's liquidators are:

         Mr. Abuthahir Abdul Gafoor
         Ms. Yessica Budiman
         AAG Corporate Advisory Pte Ltd
         144 Robinson Road #14-02 Robinson Square
         Singapore 068908




=============
V I E T N A M
=============

VIETNAM AIRLINES: Three Banks Pledge Interest-Free Loans
--------------------------------------------------------
Reuters reports that three Vietnamese banks have pledged to lend
VND4 trillion ($173.8 million) to Vietnam Airlines to help the
troubled flag carrier weather the impact of the pandemic and avoid
bankruptcy, state media reported on June 21.

Vietnam Maritime Commercial Joint Stock Bank, Saigon - Hanoi
Commercial Joint Stock Bank and SeABank would make the
interest-free loans this month and early next month, the Lao Dong
newspaper cited the central bank as saying.

According to Reuters, the report said a plan for Vietnam Airlines
to issue new shares to its existing shareholders to raise funds
would be ready by year-end.

The airline, which is 86% owned by the government, reported a net
loss of VND4.97 trillion in the first quarter, Reuters discloses.

State media last week cited the Ministry of Planning and Investment
as saying the airline would likely make a net loss of VND10
trillion in the first half of this year and was on the brink of
bankruptcy, according to Reuters.

Vietnam Airlines earlier this month said it would sell 11 Airbus
A321 aircraft through an auction.



                           *********


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
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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 ***