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

                     A S I A   P A C I F I C

          Friday, June 25, 2021, Vol. 24, No. 121

                           Headlines



A U S T R A L I A

A A MURDOCH: First Creditors' Meeting Set for July 1
CONNECT PHYSIOTHERAPY: First Creditors' Meeting Set for July 5
ELLIOTT HEADS: First Creditors' Meeting Set for July 5
JAWTON PTY: First Creditors' Meeting Set for July 1
METRO FINANCE 2021-1: Moody's Assigns (P)B2 Rating to Cl. F Notes

MILUC PTY: Second Creditors' Meeting Set for July 1
RAUNIK HOLDINGS: First Creditors' Meeting Set for July 1
REDZED TRUST 2020-1: S&P Affirms B (sf) Rating on Class F Notes
RESIMAC TRIOMPHE 2018-2: S&P Raises Cl. E Notes Rating to BB+(sf)
RMT SECURITISATION NO.7: S&P Affirms BB (sf) Rating on Cl. B Notes



C H I N A

CHINA EVERGRANDE: Major Creditor Minsheng Cuts Exposure
IDEANOMICS INC: Acquires U.S. EV Tractor Maker Solectrac
SUNING.COM CO: Founder Eyes Sale of Stock in Retail Group
TIANJIN CITY: Seeks to Appease Investors Over Rising Funding Costs


I N D I A

AARTI SUITINGS: Insolvency Resolution Process Case Summary
ADIG JEMTEX PRIVATE: Insolvency Resolution Process Case Summary
AG APPLIANCES PRIVATE: Insolvency Resolution Process Case Summary
AJAY MODERN: ICRA Keeps B- Debt Ratings in Not Cooperating
AKAL INFORMATION: ICRA Keeps B+ Debt Ratings in Not Cooperating

ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
BARUAPARA SK: ICRA Keeps B Debt Ratings in Not Cooperating
DEEPA DEVELOPERS: ICRA Lowers Rating on INR15cr Loans to D
HINDUSTAN FIBRE: ICRA Keeps B- Debt Ratings in Not Cooperating
INTERTEK APPLIANCES: Insolvency Resolution Process Case Summary

KSBL SECURITIES: Insolvency Resolution Process Case Summary
LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
M.G. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
M.M. ISPAT: ICRA Keeps D Debt Ratings in Not Cooperating
M.M. VORA: ICRA Reaffirms B+ Rating on INR24.50cr Cash Loan

RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
RAIGARH CHAMPA: ICRA Keeps D Debt Ratings in Not Cooperating
ROCKY DHAR: ICRA Keeps B Debt Ratings in Not Cooperating
SAI REGENCY: ICRA Keeps D Debt Ratings in Not Cooperating
SANTOSH KUMAR: ICRA Keeps B+ Debt Ratings in Not Cooperating

SANTOSHI LEATHER: ICRA Keeps D Debt Ratings in Not Cooperating
SAP ENERGY: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHIV SAI: ICRA Keeps D Debt Ratings in Not Cooperating
SIMOVA INDIA LIFESCIENCES: Insolvency Resolution Case Summary
SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category

UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating
VELKO INFRATEK: ICRA Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

WASKITA KARYA: INA to Buy Into Toll Roads of Debt-Laden SOEs


J A P A N

NISSAN MOTOR: CEO Promises Turnaround for Disgruntled Shareholders


N E W   Z E A L A N D

THE WAREHOUSE: Staff Told of Plans to Close Warehouse Stationery
TRILOGY INTERNATIONAL: S&P Rates New Senior Secured Notes 'B-'


P H I L I P P I N E S

PAL HOLDINGS: No 'Definite Option' Approved on Planned Bankruptcy


S I N G A P O R E

HIN LEONG: Founder OK Lim to Face 105 More Charges

                           - - - - -


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

A A MURDOCH: First Creditors' Meeting Set for July 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of A A Murdoch
Nominees Pty Ltd will be held on July 1, 2021, at 11:00 a.m. via
electronic means.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of A A Murdoch on June 21, 2021.


CONNECT PHYSIOTHERAPY: First Creditors' Meeting Set for July 5
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Connect
Physiotherapy Pty Ltd will be held on July 5, 2021, at 11:00 a.m.
via Zoom meeting.

Andrew John Spring and Peter John Moore of Jirsch Sutherland were
appointed as administrators of Connect Physiotherapy on June 23,
2021.


ELLIOTT HEADS: First Creditors' Meeting Set for July 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elliott
Heads Estates Pty Ltd will be held on July 5, 2021, at 10:30 a.m.
at the offices of Worrells Solvency & Forensic Accountants, Suite
GB, WIN Tower, 2 Barolin Street, in Bundaberg, Queensland.

Paul Eric Nogueira of Worrells Solvency & Forensic Accountants was
appointed as administrator of Elliott Heads on June 23, 2021.


JAWTON PTY: First Creditors' Meeting Set for July 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Jawton Pty
Ltd will be held on July 1, 2021, at 10:00 a.m. via electronic
means.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of Jawton Pty on June 21, 2021.


METRO FINANCE 2021-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
Metro Finance 2021-1 Trust.

Issuer: Metro Finance 2021-1 Trust

AUD435.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD24.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD13.00 million Class C Notes, Assigned (P)A2 (sf)

AUD7.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.50 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.25 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.25 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited (Metro Finance). This is
Metro Finance's first auto and equipment asset backed securities
(ABS) transaction for 2021.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry nationally. Significant
origination growth began in 2014.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The limited amount of historical loss data. The static loss data
used for Moody's extrapolation analysis, which reflects Metro
Finance's short origination history, was limited to the origination
vintages between Q3 2014 and Q2 2019.

The evaluation of the underlying receivables and their expected
performance;

The fact that 69.6% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements. See for further information on Metro
Finance's Streamlined product;

The 46.7% exposure to loans with a balloon payment at the end of
the receivable term. The aggregate balloon exposure as a percentage
of current portfolio balance is 15.1%. Loans with a balloon payment
are subject to higher refinancing and, consequently, default risk;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 3.00% of the note balance
subject to a floor of AUD1,470,000;

The interest rate swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)). The notional balance of the swap will
follow a schedule based on the amortisation of the portfolio,
assuming no prepayments. Any prepayments or defaults will result in
the transaction becoming over-hedged. The prepayment risk is
mitigated by the fact that break costs are charged to the obligors
and these funds will flow through to the trust as collections; and

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 13.00%, 8.20%, 5.60%, 4.20%, 2.10% and
1.45% of note subordination, respectively. The notes will initially
be repaid on a sequential basis until the credit enhancement of the
Class A Notes is at least 26.00%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 2.50%, a
recovery rate of 35.00% and a portfolio credit enhancement of
15.00%. After accounting for the seasoning of the initial portfolio
(7.8 months), Moody's mean default rate assumption was adjusted to
2.80%. Moody's assumed default rate and recovery rate are stressed
compared to the historical levels of 1.33% (extrapolated mean
default of 1.55%) and 57.55% respectively.

The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data, and by exposure to balloon loans in the
portfolio.

To address the limited historical loss data on Metro Finance's
portfolio, Moody's have benchmarked the short historical data for
Metro Finance to data from comparable Australian commercial auto
and equipment ABS originators. Moody's have also overlaid
additional stresses into Moody's default and PCE assumptions.

The streamlined product offering has been originated for almost
twelve years in the Australian auto and equipment loan space.
However, through-the-cycle historical data on the performance of
this product is limited. To address this risk and the fact that the
portfolio has a very high proportion of streamlined (69.6%),
Moody's have applied further qualitative stresses in Moody's
analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. These requirements include property ownership
with confirmed equity greater than the loan amount or a 30% deposit
for non-property owners (Since April 2020, applicants are required
to be asset backed only. No-income-verification loans for
non-property owners has been paused), a satisfactory credit
reference from a reputable finance company running at least 12
months, no adverse credit history, and the business being
registered for the goods-and-services tax for at least 2 years
continuously.

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

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

Methodology Underlying the Rating Action

The principal methodology used in these ratings was Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS published in
December 2020.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

MILUC PTY: Second Creditors' Meeting Set for July 1
---------------------------------------------------
A second meeting of creditors in the proceedings of Miluc Pty Ltd
has been set for July 1, 2021, at 3:00 p.m. via virtual meeting.

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 30, 2021, at 4:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathnicol were
appointed as administrators of Miluc Pty on May 26, 2021.


RAUNIK HOLDINGS: First Creditors' Meeting Set for July 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Raunik
Holdings Pty Ltd will be held on July 1, 2021, at 10:30 a.m. via
electronic means.

Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of Raunik Holdings on June 21, 2021.


REDZED TRUST 2020-1: S&P Affirms B (sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by Perpetual Trustee Co. Ltd. as trustee
of RedZed Trust STC Series 2020-1. At the same time, S&P affirmed
its ratings on five classes of notes.

RedZed Trust STC Series 2020-1 is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
RedZed Lending Solutions Pty Ltd. (RedZed).

The ratings reflect:

-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio and the credit support available, which is
sufficient to withstand the stresses we apply. Our analysis of
credit risk is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions. Credit support for the rated notes is
provided in the form of subordination and excess spread."

-- The significant build-up of credit support available to the
class B, class C, and class D notes is a key factor in the upgrades
to these notes.

-- S&P's view of potential concentrations emerging in the pool,
given the portfolio size and loan composition, and the relatively
limited performance history are factors in the rating constraints
on the lower-rated notes.

-- That the underlying pool of assets as of March 31, 2021, has a
weighted-average seasoning of 34 months and a weighted-average
current loan-to-value ratio of 61.6%. The asset pool consists of
458 consolidated loans, with pool composition consisting primarily
of assets backed by commercial properties (59.1%) and the remainder
a proportion of residential (33.1%) and other properties (7.8%).

-- That the notes are currently paying on a sequential basis and
will continue to do so for at least the next 12 months. The credit
support available to the rated notes therefore will continue to
build over the next 12 months.

-- That asset performance has been stable since inception, with a
moderate level of loans past due and no losses to date. As of May
31, 2021, a total of 2.69% of loans are greater than 30 days in
arrears, 1.36% of the asset pool is between 30 days and 60 days,
0.37% of the asset pool is between 60 days and 90 days, and 0.96%
is more than 90 days in arrears.

-- That about 38.3% of the pool is currently in interest-only
periods, which introduces a potential shock to borrowers when the
loans convert to principal-and-interest payments. This compares
with 43.9% at transaction close. S&P Global Ratings applies a
higher default frequency to loans with interest-only periods.

-- That the transaction benefits from several structural
mechanisms, including an amortizing liquidity facility equal to
3.0% of the outstanding balance of the rated notes, and principal
draws, which are sufficient under our stress assumptions to ensure
timely payment of interest. S&P's cash-flow analysis also reflects
that a minimum margin will be maintained on the assets.

-- That the transaction passes our stressed cash-flow modeling
scenarios at their respective rating levels, having the ability to
make timely interest and ultimate payment of principal.

  Ratings Raised

  RedZed Trust STC Series 2020-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)

  Ratings Affirmed

  RedZed Trust STC Series 2020-1

  Class A-1-S: AAA (sf)
  Class A-1-L: AAA (sf)
  Class A-2: AAA (sf)
  Class E: BB (sf)
  Class F: B (sf)


RESIMAC TRIOMPHE 2018-2: S&P Raises Cl. E Notes Rating to BB+(sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2018-2. At the same time,
S&P affirmed its ratings on five classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio, which consists of
full-documentation loans to prime-quality borrowers originated by
RESIMAC Ltd. This is a closed pool, which means no additional loans
are assigned to the trust after the closing date. As of April 30,
2021, the pool has a current weighted-average loan-to-value ratio
of 65.1% and weighted-average seasoning of 35.5 months. The asset
pool has continued to amortize, with a pool factor of around 59%.

Asset performance has been stable since inception, with no losses
to date. As of April 30, 2021, loans more than 30 days in arrears
make up about 0.32% of the current balance, of which 0.07% are more
than 90 days in arrears. Borrowers with COVID-19 hardship
arrangements comprise about 1.50% of the portfolio. While S&P
believes the rated notes can withstand an increase in arrears from
any hardships moving into long-term arrears, uncertainty around the
magnitude of arrears that may arise from the economic effects of
COVID-19 is a limiting factor.

The credit support available, which comprises lenders' mortgage
insurance on approximately 17.4% of the portfolio, covering 100% of
the face value of the insured loans, accrued interest, and
reasonable costs of enforcement, as well as note subordination for
the rated notes, is sufficient to withstand the stresses we apply.
For the class B, class C, class D, and class E notes, the buildup
of credit support is sufficient to support the higher ratings. In
addition, the transaction's cash flows support the timely payment
of interest and ultimate payment of principal to the noteholders
under our rating stress assumptions. The various mechanisms to
support liquidity within the transaction include an amortizing
liquidity facility equal to 0.75% of the aggregate invested amount
of the notes, with a floor of A$562,500 and principal draws.

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

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class A1a: AAA (sf)
  Class A1b: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class F: B (sf)


RMT SECURITISATION NO.7: S&P Affirms BB (sf) Rating on Cl. B Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its rating on the class B notes issued
by Perpetual Ltd. as trustee for RMT Securitisation Trust No.7.

The rating action reflects S&P's view of the credit risk of the
underlying collateral portfolio, which comprises just 94 loan
accounts with a total balance of A$5.1million as of April 2021.

The top 10 borrowers in the pool by loan size account for more than
50% of the portfolio balance. S&P has therefore sized an alternate
loss scenario for the pool. Under this scenario, the top two loans
at the 'BB' rating level default and are recovered upon. The loss
severity for each loan is the higher of 50%, the loan's loss
severity, and the pool's weighted-average loss severity. The
expected loss for the pool is the higher of that outcome, and the
result sized by applying our standard credit analysis as per its
"Australian RMBS Rating Methodology And Assumptions" criteria,
published Sept. 1, 2011.

S&P said, "Our opinion is that as outstanding assets and notes
reduce significantly, tail risk takes greater precedence in both
transactional performance and our rating analysis. Yield strain
could occur as the portfolio continues to amortize, given the
trust's ability to generate sufficient income to cover expenses and
losses is reduced with the smaller remaining pool balance. We also
take the view that despite the transaction currently generating
sufficient levels of excess spread under our cash-flow modeling in
the medium term, potential adverse economic conditions and changing
circumstances (event risk) at the tail end could weaken the
capacity for the trust to meet financial commitments as the pool
becomes smaller and further concentrated.

"However, asset performance has been stable since our previous
review, with low arrears and no loans in COVID-19 hardship
arrangements as of April 2021. Losses to date have been low and
covered either through excess spread or by lenders' mortgage
insurance, which is provided for all loans in the transaction."

The pool's average loan size is A$61,000 and the current
weighted-average loan-to-value ratio is 44%. The weighted-average
seasoning for the loans remaining in the pool is greater than 16
years.

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

  Rating Affirmed

  RMT Securitisation Trust No.7

  Class B: BB (sf)




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

CHINA EVERGRANDE: Major Creditor Minsheng Cuts Exposure
-------------------------------------------------------
Bloomberg News reports that China Minsheng Banking Corp., one of
the major creditors to China Evergrande Group, said it has cut its
exposure to the embattled property developer over the past nine
months.

While Evergrande and its affiliates haven't defaulted on any
interest or principle payments, Minsheng Bank will closely monitor
their business operations and financial health, and act if risks
occur, the Beijing-based lender said in response to questions from
investors on a platform run by the Shanghai Stock Exchange on
June 24, Bloomberg relays.

Concerns about Evergrande's financial health are mounting as the
developer struggles to convince banks and ratings companies it can
execute on a deleveraging plan. Bonds of the world's most indebted
real estate company slumped on June 22 after Bloomberg News
reported several large Chinese banks are restricting credit to the
firm. Fitch Ratings also downgraded it deeper into junk territory.

Minsheng didn't give details on its current exposure to the
developer, Bloomberg notes. As of June last year it had CNY29.3
billion ($4.5 billion) of outstanding loans to the company, more
than any other financial institutions, according to an Aug. 24
letter Evergrande sent to provincial authorities warning of a cash
crunch.

Most of its loans to Evergrande are backed by land, property and
projects in construction and the collateral is adequate and
relatively easy to cash in, Minsheng said to investors on June 23,
Bloomberg relates.

Shares in the bank have dropped 11% in Shanghai this year,
underperforming most of its peers and the benchmark Shanghai
Composite Index.

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

Evergrande hasn't sold a dollar bond since early last year,
Bloomberg-compiled data show. The firm remains heavily reliant on
bank funding even after some lenders took preliminary steps to
reduce their exposure in the second half of last year. Bank loans
and other borrowings from firms including trusts accounted for
about 81% of the developer's CNY335.5 billion of interest-bearing
debt coming due in 2021, Bloomberg discloses citing Evergrande's
latest annual report.

                       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: Acquires U.S. EV Tractor Maker Solectrac
--------------------------------------------------------
Ideanomics Inc. has fully acquired Solectrac Inc., a
California-based manufacturer and distributor of premium
zero-emission electric tractors that use clean renewable sources of
energy, furthering the mission to reduce commercial fleet
greenhouse gas emissions.

Ideanomics will support Solectrac across various business functions
providing operational confidence to scale and become established as
a global leader and supplier of clean agricultural equipment.

Solectrac has a significant head start in the electric tractor
market in North America with limited competition and aligns with
Ideanomics' commitments to ESG initiatives.  Those commitments
include accelerating the adoption of zero-emission commercial EVs,
transparency, accountability, and environmental sustainability.

Solectrac enhances Ideanomics' ecosystem of EV businesses with a
premium offering in the rapidly growing agriculture sector that is
on the cusp of EV adoption.  The Solectrac electric tractor lineup
is fully scalable and market-ready to generate revenue in the US
with proven demand.  The use of proceeds from the deal will allow
Solectrac to build up inventory, improve negotiating power,
strengthen and diversify the supply chain, increase production
capacity in the US, hire additional management and staff, and fuel
further sales and marketing initiatives.

"The acquisition of Solectrac is perfectly aligned with our EV and
Mobility initiatives," said Alf Poor, Ideanomics CEO.  "EV tractors
have proven to be superior to their diesel counterparts not only
when it comes to torque and overall performance, but also when you
consider operating costs, reliability, and the positive impact they
have on the environment.  They are also an underserved part of the
market when it comes to EV initiatives.  For those reasons, we are
excited to bring Steve Heckeroth and the Solectrac team into the
Ideanomics family.  With farmers and business operators eager to
transition from diesel to sustainable alternatives, we intend to
make Solectrac the reliable, go-to brand not just here in North
America, but across the globe."

"All of us at Solectrac are pleased to be joining the Ideanomics
ecosystem, giving us access to an array of resources to help scale
our marketing, operations, and manufacturing capabilities," said
Solectrac founder and CEO Steve Heckeroth.  "Our mission is to lead
the transition from fossil fuel-based farming to zero-emission
regenerative agriculture with best-in-class technologies, and
Ideanomics will help us accelerate our progress toward that
game-changing goal."

                         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.


SUNING.COM CO: Founder Eyes Sale of Stock in Retail Group
---------------------------------------------------------
Nikkei Asia reports that the owners of Suning.com Co., Ltd., plan
to sell more shares held in the debt-ridden Chinese retail group,
it was announced on June 23, a sale that puts founder and Chairman
Zhang Jindong's control over the company into question.

Zhang and entities under his control will sell a portion of their
shares in Suning, the report says. The buyers and the percentage
stake involved have not been disclosed.

This move comes after Zhang and other shareholders decided in March
to sell a 23% stake in Suning to a group of state-owned investors
for CNY14.8 billion ($2.28 billion at current rates). Suning's
finances suffered after an acquisition spree, and earnings
deteriorated further during the pandemic.

Nikkei Asia relates that Zhang and his group companies held a 40%
stake in Suning prior to the deal announced in March, and he was
able to maintain control over the retailer's management after that
stock sale. Zhang's grip on the group following this new transfer
of shares remains unclear.

According to Nikkei Asia, Suning has flatly dismissed as false the
reports in Chinese media that the company will be sold to domestic
e-commerce leader Alibaba Group Holding, which already holds a
roughly 20% stake.

Suning began as a home appliance chain, then expanded to become one
of China's most recognized names, with an empire covering
department and convenience stores.

Revenue in the first quarter shrank 6.6% on the year to CNY54
billion, Nikkei Asia discloses. Net profit rebounded to CNY450
million from a loss of CNY550 million a year earlier, but that
recovery stems from investment returns that mask the lackluster
results of the main businesses.

According to Nikkei Asia, part of Suning's financial crunch can be
traced to its 2017 investment of CNY20 billion in a unit of China
Evergrande Group, the world's most indebted property developer.

That investment was part of CNY130 billion in fundraising by
Evergrande. Terms of the deal let Suning and other investors
reclaim the money if the Evergrande subsidiary failed to list on
Shenzhen's stock exchange by early 2021, the report notes.

About 90% of these investors including Zhang, who is a friend of
Evergrande Chairman Xu Jiayin, waived their right to claim the
money late last year, and Evergrande scrapped plans to list the
unit in November.

Concerns about Evergrande's health have resurfaced in recent weeks,
and Fitch Ratings downgraded the developer on June 22, says Nikkei
Asia. The company's shares and bonds have slumped since the end of
May, with media reports saying banks are cutting their exposure to
Evergrande.

Suning's financial challenges continue to cast a pall over Inter
Milan, the Italian Serie A soccer powerhouse bought by the group in
2016. Suning said this year it would shut down Jiangsu Football
Club, the defending champions of China's premier Super League, the
report notes.

Suning.Com Co., Ltd., operates consumer electronic products and
appliances sales stores. The Company sells telecommunication
equipment, telecommunication components, household appliances,
digital equipment, refrigerators, washing machines, and other
products. Suning.Com also provides equipment installation and
repairing services.

TIANJIN CITY: Seeks to Appease Investors Over Rising Funding Costs
------------------------------------------------------------------
Reuters reports that the vice mayor of Tianjin told financial
institutions on June 22 he expected no additional state companies
to default in the northern Chinese city and promised to maintain a
healthy credit environment, three sources told Reuters.

Since late 2020, several defaults by state firms including
Yongcheng Coal & Electricity Holding Group Co, Tsinghua Unigroup
Ltd and automaker Huachen Automotive Group have eroded investor
confidence, pushing up corporate funding costs, Reuters says.

"Companies are not lacking in profitable projects, and the market
is not lacking in capital," Tianjin's vice mayor Kang Yi told a
gathering of financial institutions, the sources said, Reuters
relays.  "If market confidence remains weak, both investors and
companies will suffer badly," he said.

Underscoring weak investor confidence, net bond financing by
Tianjin-based state companies was negative CNY82.4 billion ($12.73
billion) in the first five months, and debts issued were mostly
short term.

Kang told investors the darkest period was past and the city
government would do its best to protect investor interest, the
sources, as cited by Reuters, said.

"The message to the market is: with government backing, there's
nothing to fear," said one of the sources, who asked not be name
because they were not authorised to speak to the media.

The meeting's participants included officials from the state asset
regulator, China's securities watchdog and China's financial market
association, the sources said, adds Reuters.




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

AARTI SUITINGS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aarti Suitings Pvt. Ltd
        E-187, RIICO III Phase
        Bhilwara, Rajasthan 311001

Insolvency Commencement Date: June 17, 2021

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: December 14, 2021

Insolvency professional: Rishabh Chand Lodha

Interim Resolution
Professional:            Rishabh Chand Lodha
                         E-5, Shraman Basant Vihar
                         Gandhi Nagar, Bhilwara
                         Rajasthan 311001
                         E-mail: rishabhlodha57@gmail.com

                            - and -

                         AVM Resolution Professionals LLP
                         8/28, 3rd Floor, W.E.A.
                         Abdul Aziz Road
                         Karol Bagh, New Delhi 110005
                         E-mail: cirp.aarti@avmresolution.com

Last date for
submission of claims:    July 1, 2021


ADIG JEMTEX PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: ADIG Jemtex Private Limited
        E-372, RIICO Ind Area
        Hamirgarh Growth Center
        Bhilwara, Rajasthan 311001

Insolvency Commencement Date: June 17, 2021

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: December 14, 2021

Insolvency professional: Rishabh Chand Lodha

Interim Resolution
Professional:            Rishabh Chand Lodha
                         E-5, Shraman Basant Vihar
                         Gandhi Nagar, Bhilwara
                         Rajasthan 311001
                         E-mail: rishabhlodha57@gmail.com

                            - and -

                         AVM Resolution Professionals LLP
                         8/28, 3rd Floor, W.E.A.
                         Abdul Aziz Road
                         Karol Bagh, New Delhi 110005
                         E-mail: cirp.adig@avmresolution.com

Last date for
submission of claims:    July 1, 2021


AG APPLIANCES PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: AG Appliances Private Limited
        Second Floor, Block No. 40 B-3
        Sector 6 Parwanoo
        Himachal Pradesh 173220

Insolvency Commencement Date: June 18, 2021

Court: National Company Law Tribunal, Faridabad Bench

Estimated date of closure of
insolvency resolution process: December 15, 2021

Insolvency professional: Mukesh Kumar Gupta

Interim Resolution
Professional:            Mukesh Kumar Gupta
                         1609, Sector-16
                         Faridabad
                         Haryana 121002
                         E-mail: mkgcacs@gmail.com

                            - and -

                         405, New Delhi House
                         27 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: cirpagapl@gmail.com

Last date for
submission of claims:    July 3, 2021


AJAY MODERN: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ajay
Modern Rice Mill in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          6.40       [ICRA]B-(Stable); ISSUER NOT
   Facility                        COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Term Loan            0.50       [ICRA]B-(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
   Unallocated
   Facility             0.10       [ICRA]B-(Stable); ISSUER NOT  
                                   COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2012, Ajay Modern Rice Mill became operational in
July 2013. It mills paddy to produces raw rice and steamed rice.
The company also sells the other by-products of the process namely,
bran, broken rice and husk as well. The rice mill is located in
Pudhur village (near Thamirabarani river) in Tirunelveli district,
Tamil Nadu. The installed paddy processing capacity of the rice
mill is 32 tons per day. The company procures paddy primarily from
farmers in and around Tirunelveli. It carries out paddy choking,
boiling, milling, cleaning, de-stoning, polishing and grading of
the rice. It produces non-basmati rice varieties including ponni,
ADT 45, Idli rice, Ambai 16 and double boiled rice. The produced
rice is sold under the brand name 'Ajay' to various regions such as
Tirunelveli, Tuticorin, Tenkasi, Vallioor, Nagercoil and Kerala.


AKAL INFORMATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Akal
Information Systems Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable): ISSUER NOT
COOPERATING".

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

   Long-term-            1.50      [ICRA]B+ (Stable); ISSUER NOT
   Non Fund Based                  COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

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

AISL was incorporated in January 2000 by Mr. Sarabjit Singh, Mr.
Sukhneet Kaur and Mr. Ajeet Singh. The company provides IT
software, hardware, and infrastructure and technology support
solutions to reputed clients. It also provides software solutions
and tech support to a few USA-based clients. Its wholly owned
subsidiary -- Akal Information System Inc. -- was setup in the USA
in 2003. The affiliate carries out its operations independently.


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

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-          30.00       [ICRA]B+(Stable) ISSUER NOT
   Fund Based/                     COOPERATING; Ratings continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         45.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Ratings continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1989 in Nagpur, Maharashtra, AIPL is engaged in
trading of indigenous and imported coal along with providing
logistic services to the customers. AIPL has its sales depots
across Maharashtra, Madhya Pradesh and Gujarat. The company is
promoted by Mr. Yugpradhan Mehta, an engineer having extensive
experience of more than 25 years in the coal trading business.

BARUAPARA SK: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Baruapara
Sk Tea Factory Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limit–      7.35      [ICRA]B (Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based Limit–      3.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based–            0.25      [ICRA]B (Stable) ISSUER NOT
   Standby Line                     COOPERATING; Rating continues
   of Credit                        to remain under 'Issuer Not
                                    Cooperating' category

   Non Fund based         0.40      [ICRA]B (Stable) ISSUER NOT
   Facility                         COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

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

Incorporated in April 2011, BSKTFPL set up a CTC tea manufacturing
facility in August 2013, and at present has an annual capacity of
21.0 lakh kg of made tea. The company's manufacturing facility is
located at Dooars, West Bengal. The company does not have its own
plantation facilities and depends entirely on bought leaf for its
production. The company procures green leaf from small growers
located near its production facilities.


DEEPA DEVELOPERS: ICRA Lowers Rating on INR15cr Loans to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Deepa
Developers, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        6.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                  Rating downgraded from
   Cash credit                  [ICRA]B (Stable) and Continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Term loans        9.00       [ICRA]D ISSUER NOT COOPERATING;
                                Rating downgraded from
                                [ICRA]B (Stable) and Continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

The rating downgrade reflects delays in debt servicing as mentioned
in the mail received by Banker directly.  The rating is based on
limited information on the entity's performance since the time it
was last rated in April 2020. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Promoted by Mr. Ramesh Kumar, Deepa Developers is a partnership
firm with Mrs. Urmila Ramesh and Mrs. Deepa Sampath Bannan as his
co-partners. Initially, Deepa Developers was engaged in development
of residential and commercial complexes in Mangalore region; and
has in the past, developed several properties under its group
companies. However, the firm sold most of its properties and is
presently engaged in managing Hotel Deepa Comforts (the Hotel) in
Mangalore. During 2008-09, Deepa Developers constructed and
developed a commercial complex - "Deepa Plaza" which houses Deepa
Comforts. Apart from the Hotel, Deepa Plaza also houses several
shops which have been completely sold post construction of the
property. Hotel Deepa Comforts is located at M.G.Road in Mangalore
at the centre of the city and very close to PVS Circle which is the
main tourist/transport junction in Mangalore. Hotel Deepa Comforts
is a luxury business hotel offering lodging, food and beverages,
banquets and beauty care facilities. It is a 10 storey building
with 82 rooms classified under three categories viz 'Deluxe' – 70
rooms, 'Premium' – 6 rooms and 'Suite' – 6 rooms. The Hotel has
4 enclosed banquet halls and 1 open air terrace for meetings,
conferences, events and parties. Capacity of banquet halls is in
the range of 600 to 1000 people. The Hotel has three restaurants -
(one each under vegetarian, nonvegetarian and fine dining
categories) catering to the Hotel's guests as well as other
visitors in the complex.


HINDUSTAN FIBRE: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hindustan
Fibre Glass Works in the 'Issuer Not Cooperating' category.  The
rating is denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based Limit     0.40       [ICRA]B-(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

   Fund-based Limit     8.60       [ICRA]B-(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

   Non-Fund based       5.00       [ICRA]B-(Stable) ISSUER NOT
   Limit–Bank                      COOPERATING; Rating continues
   Guarantee                       to remain under 'Issuer Not
                                   Cooperating' category

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

HFGW was founded in 1984 as a partnership firm by Mr. Govindbhai
Patel and Mr. Shankar Patel at Kolkata. Later in 1998, the firm
started its new unit at Vadodara, Gujarat. HFGW is engaged in
interior furnishing work for railway coaches. The firm manufactures
all types of fibre-reinforced polymer (FRP) products—such as
paneling, gear case, door paneling, modular toilet and partition
frames, seats and components, and driver's cabin, among
others—which are fitted to railway coaches. The firm, being an
approved vendor, participates in tenders floated by various railway
departments.


INTERTEK APPLIANCES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Intertek Appliances Private Limited
        Plot No. 18 Sector-2
        Parwanoo, Solan
        HP 173220

Insolvency Commencement Date: June 18, 2021

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: December 15, 2021
                               (180 days from commencement)

Insolvency professional: Manesh Shukla

Interim Resolution
Professional:            Manesh Shukla
                         HNo-1P, Sector-30
                         Gurugram 122001
                         E-mail: cmamanishshukla@gmail.com
                                 irp.intertek@gmail.com

Last date for
submission of claims:    July 3, 2021


KSBL SECURITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: KSBL Securities Limited
        Plot No. 1, Naher (Canal) Colony
        B/h Water Filling Plant
        Dhankot, Gurgaon
        Haryana 122001

Insolvency Commencement Date: June 18, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 15, 2021

Insolvency professional: Pawan Kumar Agrawal

Interim Resolution
Professional:            Pawan Kumar Agrawal
                         L-2/37A, Ground Floor
                         Ekta Square, DDA
                         Kalkaji, New Delhi 110019
                         E-mail: irp@ppglegal.com

                            - and -

                         40/55, First Floor
                         Chittaranjan Park
                         New Delhi 110019

Last date for
submission of claims:    July 2, 2021


LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Lakshmidurga Textiles Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-          4.50       [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

   Fund-based-          1.05       [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

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

Lakshmidurga Textiles Private Limited, incorporated in 2010, is
involved in ginning and pressing of cotton lint, trading of cotton
lint and seed, and has 48 gins to process 350 bales of cotton per
day. The company is located in Chilakamarri village of Nalgonda
district in Telangana.


M.G. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M.G.
Brothers Industries Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund        6.75      [ICRA] B+(Stable); ISSUER NOT
   based CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Non         3.25      [ICRA] B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in July 2000, MG Brothers Industries Private Limited
(MGBIPL) is the sole authorized dealer for sale of Machines, Spares
and services of TELCON Construction Equipment in Nellore District
and the sole authorized dealer of TAFE Tractors along with the sale
of spare parts and services in Chittoor. The company is also
engaged in development of land for commercial
purposes.


M.M. ISPAT: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M.M. Ispat
Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based-       6.00        [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category     

   Unallocated       4.00        [ICRA] D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

M.M. Ispat Pvt Ltd, incorporated in the year 2009, had been
involved in trading of iron and steel products, such as hot rolled
sheets, cold rolled sheets, galvanized plain, galvanized corrugated
sheets, M.S. Angle, M.S. Channel, and M.S. Pipe etc primarily in
Raipur,Chhattisgarh.


M.M. VORA: ICRA Reaffirms B+ Rating on INR24.50cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of M.M. Vora
Automobiles Private Limited's (MMVAPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based
   Cash Credit          24.50      [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation continues to factor in MMVAPL longstanding
relationship with its principal Mahindra & Mahindra Limited (M&M)
by virtue of being dealer for its passenger vehicle (PV) and
utility vehicle (UV) segment in Gujarat. The company also benefits
from the extensive experience of the promoters in the auto
dealership business; the presence of MMVAPL's multiple showrooms in
Vadodara, Anand and Nadiad, and its aligned servicing facilities.

The rating, however, remains constrained by the weak financial risk
profile of the company as evident by the adverse capital structure
and weak debt coverage indicators as on FY2020-end on account of
low profitability and high working capital borrowing levels. The
revenue posted a sharp decline in FY2021 because of demand slowdown
due to ongoing Covid-19 pandemic and operating losses were
witnessed in FY2020 as the company cleared BS-4 inventory at a
discount. The rating continues to factor in the intense competition
faced by MMVAPL from other dealerships in its operating region and
the susceptibility of MMVAPL's operations to any slowdown in the
automobile industry.

The Stable outlook on [ICRA]B+ rating reflects ICRA's opinion that
MMVAPL will continue to benefit from the established relationship
with M&M and the extensive experience of the promoters in the auto
dealership business.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in auto dealership business:
Promoted by the Vora family, which has been in the automobiles
dealership business since 1932, MMVAPL is an authorised vehicle
dealer of M&M. MMVAPL has its dealership network in Anand, Nadiad
and Vadodara. Along with car sales, some of the showrooms also
serve as servicing stations.

* Proven market position of principal M&M in domestic PV and UV
segments: M&M is the fourth largest player with ~6% market share in
the domestic PV market and third largest player in the UV market
with ~15% domestic market share as of FY2021 end. Hence, MMVAPL
leverages on the long-standing presence and brand recall of M&M in
the domestic auto market for pushing it sales.

Credit challenges

* Decline in revenue in FY2021 coupled with operating losses in
FY2020: The company's operating income witnesses the steep decline
of ~34% to INR136 crore in FY2021 (provisional financials) from
~INR205 crore in FY2020, which in turn declined from ~ INR217 crore
in FY2019. This was primarily due to the lockdown starting from
March 2020 end till May 2020 end coupled Source – Society of
Indian Automobile Manufacturers (SIAM)
with weak consumer sentiments amid covid-19 pandemic. The company
reported operating losses in FY2020 as the company cleared BS-4
inventory at discounted prices. The GOI had announced that with
effect from April 1, 2021, sales and registrations of BS-4 will not
be allowed.

* Low net-worth base and weak debt coverage indicators: The
company's net-worth turned negative in FY2020 on account of net
loss of ~INR4 crore in FY2020. However, the same turned marginally
positive at INR0.4 crore as on FY2021-end (provisional financials).
The debt coverage indicators also remained weak as reflected by
interest cover and DSCR below 1 times as on FY2020-end, though the
same has improved in FY2021, with a turnaround of operations.

* Intense competition among dealers of M&M and other OEMs: MMVAPL's
faces competition from other M&M dealers as well as from other
four-wheeler OEMs, given the presence of several established
players in the PV/UV segment. Further, the company's operations are
also susceptible to any prolonged slowdown in the automobile
industry.

Liquidity position: Stretched

MMVPL's liquidity is expected to remain stretched, given the
scheduled debt repayments and limited cushion available in working
capital limits (the average utilization of 86% during the 14-month
period of March -April 2021). However, timely financial support by
the way of unsecured loans from promoters, as witnesses in the
past, with no major capex plans provides some comfort.

Rating sensitivities

Positive factors – ICRA could upgrade MMVAPL's ratings if the
company demonstrates substantial growth in revenue and
profitability, which leads to higher-than-expected cash accruals.
Additionally, substantial equity infusion leading to increase in
net worth, debt coverage indicators and liquidity on a sustained
basis is a credit positive.

Negative factors – Negative pressure on the company's ratings
could arise if revenue or profitability declines substantially,
leading to inadequate cash accrual. Moreover, any
higher-than-expected debt-funded capex or stretch in the working
capital cycle that leads to deterioration in capital structure and
liquidity could lead to rating downgrade.

M.M. Vora Automobiles Private Limited (MMVAPL) is promoted and
managed by the Vora family of Vadodara (Gujarat). At present,
MMVAPL is involved in the automobile dealership of Mahindra &
Mahindra Limited (M&M) and has showrooms and servicing facilities
in Vadodara, Anand and Nadiad in Gujarat. Prior to becoming dealers
for M&M, the promoters had varied business interest such as sale of
spare parts, transportation business, and sub-dealership of Ford
Motors & Lambretta Scooters.

RADHAGOBINDA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Radhagobinda Rice Mills Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based-       5.40        [ICRA] D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund-Based-       2.20        [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category     

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

Incorporated in 2009, RRMPL is currently engaged in the milling of
non-basmati rice. The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.


RAIGARH CHAMPA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Raigarh
Champa Rail Infrastructure private Limited the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based-       355.46      [ICRA] D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category     

   Unallocated       634.54      [ICRA] D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

RCRIPL incorporated in 2009, is a special purpose vehicle promoted
by the Hyderabad based KSK Group. RCRIPL is developing a railway
siding and other associated infrastructure for transportation of
coal for the 3600 MW coal-based power project of KSK Mahanadi Power
Company Limited (KMPCL) at Nariyara village in Janjgir-Champa
district of Chhattisgarh from the nearest railway station. RCRIPL
is a 100% subsidiary of KSK Energy Company Private Limited which is
a step-down subsidiary of KSK Power Ventur Plc.


ROCKY DHAR: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rocky Dhar
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B (Stable)/A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-          12.00      [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

   Fund based–           3.00      [ICRA]B (Stable) ISSUER NOT
   Untied                          COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based–      10.00      [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Mr. Rocky Dhar, proprietor of M/s Rocky Dhar (RD) forayed into
civil construction business in 2009. The proprietor was earlier
involved in trading of coal, limestone, stone chips, etc in
Meghalaya. The firm is primarily engaged into road construction
activities and is also involved in the construction of hotels,
office and residential complexes. In 2013, the firm also set up a
stone crushing unit in Meghalaya. RD operates through its
registered office in Shillong, Meghalaya. RD is registered as a
Class I contractor with Public & Works Department (PWD), Meghalaya
and is also enlisted with a number of Government departments and
public sector undertakings.

SAI REGENCY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sai
Regency Power Corporation Private Limited the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] D/[ICRA] D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-       257.47      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Ratings continues to be under
                                 Issuer Not Cooperating Category

   Fund-based-        22.50      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Ratings continues to be under
                                 Issuer Not Cooperating Category

   Non Fund Based     20.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Ratings continues to be under
                                 Issuer Not Cooperating Category

   Unallocated        80.03      [ICRA]D; ISSUER NOT COOPERATING;
                                 Ratings continues to be under
                                 Issuer Not Cooperating Category

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

SRPCPL was incorporated in 2004 and is promoted by the Hyderabad
based KSK group. The company has set up a 57.95 MW natural gas
based combined cycle power plant at district Ramanathapuram, Tamil
Nadu. The project commenced commercial operations in March 2007 and
supplies the power through power purchase agreements (PPAs) signed
with industrial consumers in the state of Tamil Nadu. The power is
wheeled through transmission & distribution network of the state
utilities. The natural gas for the project is sourced from the ONGC
fields in Tamil Nadu – Ramnad Zone, Cuavery basin.


SANTOSH KUMAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Santosh
Kumar sharma the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

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

   Non Fund based      15.00       [ICRA] B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
   
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

SKS is a proprietorship firm of Mr. Santosh Kumar Sharma that works
as a class A contractor for the development of infrastructure
projects, including roads, bridges, national highways etc. The
company primarily works on government projects and its operations
are limited to Agra, Mathura, Firozabad and Hathras.

SANTOSHI LEATHER: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Santoshi
Leather works the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based-       6.00        [ICRA] D ISSUER NOT COOPERATING;
   Foreign Bills                 Rating continues to remain under
   Discount                      'Issuer Not Cooperating'
                                 Category

   Fund-Based-      (3.00)       [ICRA] D ISSUER NOT COOPERATING;
   Packing Credit                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category     

   Untied Limits     1.00        [ICRA] D/[ICRA] D; ISSUER NOT
                                 COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

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

Established in 1989 as a proprietorship firm, Santoshi Leather
Works (SLW) primarily manufactures industrial leather gloves. The
proprietor, Mr. Swapan Kr. Ghosh, has been in the same line of
business for around three decades. The manufacturing facility of
the firm is located at Beliaghata, Kolkata and has a capacity to
manufacture around 6,000 pairs of leather gloves daily. SLW is
recognized as a Star Export House by the Government of India.

SAP ENERGY: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sap Energy
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-          9.00       [ICRA]B+(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

   Unallocated          0.25       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Ratings continues
                                   to be under Issuer Not
                                   Cooperating Category

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

Incorporated in 2015, SAP Energy operates a 2.10-MW wind-based
power plant in Ratlam District of Madhya Pradesh. The project was
commissioned in March 2016 and wind turbine generators (WTGs) were
supplied by Suzlon Energy Limited.

SHIV SAI: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shiv Sai
Metal Products Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

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

   Non-fund-         4.00        [ICRA] D ISSUER NOT COOPERATING;
   based limit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Shiv Sai Metal Products Private Limited, incorporated in the year
2012, commenced its aluminium conductor manufacturing facility in
December 2013 in Patna, Bihar. The product portfolio of the company
primarily includes Aluminium Conductor Steel Reinforced (ACSR) and
Double Paper Covering (DPC) aluminium wire and strip. Apart from
manufacturing conductors, the members of Agarwal family are
involved in the jewelry manufacture and retail business in Patna
and Kolkata.

SIMOVA INDIA LIFESCIENCES: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Simova India Lifesciences Private Limited
        F-97, IInd Floor
        East of Kailash
        New Delhi 110065

Insolvency Commencement Date: June 11, 2021

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: December 9, 2021

Insolvency professional: Nitesh Kumar Sinha

Interim Resolution
Professional:            Nitesh Kumar Sinha
                         8A UG CS, Ansal Corporate Suites
                         Ansal Plaza, Sector-1
                         Vaishali, Ghaziabad
                         UP 201010
                         E-mail: info@csnitesh.com
                                 cirp.simova@gmail.com

Last date for
submission of claims:    July 2, 2021


SLN CNC: ICRA Keeps C Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sln Cnc
Tech Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]C/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         4.50      [ICRA] C; ISSUER NOT COOPERATING;
   Fund Based/CC                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Long Term-         1.16      [ICRA] C; ISSUER NOT COOPERATING;
   Fund Based TL                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Short Term-        1.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Fund Based                   Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Short Term-        0.75      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-Fund Based               Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Long Term/         2.59      [ICRA]C/[ICRA]A4 ISSUER NOT
   Short Term-                  COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' category

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

SLN CNC Tech Pvt. Ltd., incorporated in the year 2008. It is
promoted by a team of members having varied background. Manufacture
precession components using most of the engineering materials to
the highest industry standards in modern CNC machining facility,
along with the ability to assure quality of complex fabricated
assemblies. The company specializes in manufacturing of aluminium,
stainless steel, titanium, nimonic, inconel and cobalt alloy
products. It has a manufacturing facility located in Peenya
Industrial Estate with total area of 21000 sq. ft. The company
caters to customers in segments like aviation, automotive, space,
defense, power generation and telecommunication.


UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating
-------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Uma Rani
Agrotech Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund-Based-       2.25       [ICRA] C+ ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Fund-Based-       3.15       [ICRA] C+ ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category     

   Non-Fund based–   0.25       [ICRA]A4 ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in 2010, URAPL is engaged in milling of par boiled
rice; and has an installed production capacity of 28,800 MTPA of
rice. The rice mill started commercial production from February
2014. The company's rice milling facility is located in the Birbhum
district of West Bengal.

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

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund        4.00      [ICRA] B+(Stable); ISSUER NOT
   based CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Non        15.00      [ICRA] B+(Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/           1.00       [ICRA] B+(Stable)/[ICRA]A4;
   Short Term                      ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Founded in 1973 as a sole proprietorship under the name of
Velagapudi Ramarao, the name of the entity is changed to Velko
Infratek Projects Private Limited in January 2014. The company is a
special class contractor for Andhra Pradesh government and has
executed several projects for various government departments and
municipalities in the past like Vijayawada Municipal Corporation,
Public Health Department, A.P Transco, NABARD (National Bank of
Agriculture & Rural Development), APSIDC (Andhra Pradesh State
Irrigation Development Corporation Limited), APRWSSP (Andhra
Pradesh Rural Water Supply & Sanitation Project) etc. The company
is mainly into civil construction work of providing rural and urban
drinking water supply.




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

WASKITA KARYA: INA to Buy Into Toll Roads of Debt-Laden SOEs
------------------------------------------------------------
The Jakarta Post reports that the Indonesia Investment Authority
(INA), the country's sovereign wealth fund (SWF), has vowed to
rescue debt-stricken state-owned infrastructure developers by
buying several toll roads.

According to the report, INA chief executive officer Ridha
Wirakusumah said the fund had its eyes on toll roads belonging to
state-owned construction companies Waskita Karya, Hutama Karya,
Wijaya Karya and Adhi Karya, as well as state-owned toll road
operator Jasa Marga.

"So they, in turn, can either pay their debt, make their company
more efficient or even build new toll roads," Ridha said on June 10
at a webinar held by the Indonesian Banking Development Institute
(LPPI), the Jakarta Post relays.

Headquartered in Jakarta, Indonesia, PT Waskita Karya (Persero) Tbk
engages in the provision of integrated engineering, and
procurement. It operates through the following segments:
Construction, Toll Road, Precast, Realty, and Energy.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2021, Fitch Ratings Indonesia has withdrawn Waskita Karya
(Persero) Tbk's (WSKT) National Long-Term Rating of 'CCC+(idn)'. At
the same time, Fitch has withdrawn the 'CCC(idn)' rating on WSKT's
senior unsecured note programme and the notes issued under the
programme.

'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.

Fitch is withdrawing the rating as WSKT has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the rating.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for WSKT.




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

NISSAN MOTOR: CEO Promises Turnaround for Disgruntled Shareholders
------------------------------------------------------------------
The Associated Press reports that Nissan Motor Chief Executive
Makoto Uchida pleaded for patience from disgruntled shareholders on
June 22 and promised a turnaround at the Japanese automaker, which
is projecting a third year of losses as it struggles to distance
itself from a scandal over its former chairman, Carlos Ghosn.

"What we have worked on during years of hardship will bear fruit,"
the AP quotes Mr. Uchida as saying at the annual regular
shareholders' meeting.

Attendance was limited at the meeting, which was also relayed
online due to pandemic precautions.

One shareholder got up and demanded a detailed disclosure of
Ghosn's alleged wrongdoing, saying questions about governance
remained unanswered, the AP relays.

The AP relates that another shareholder also addressed the Ghosn
scandal, saying the problem should have been solved internally
instead being handed over to prosecutors.

Nissan Motor Co., based in the port city of Yokohama, has been
struggling in recent years. Its brand image was battered by the
2018 arrest of Mr. Ghosn over various financial misconduct
allegations, the AP notes.

The AP relates that Mr. Ghosn jumped bail and fled to Lebanon in
late 2019. But his arrest shocked Japan and raised serious
questions about leadership at the maker of the Leaf electric car, Z
sportscar and Infiniti luxury brand.

"We are sorry to have caused such worries. We are doing our best to
recover your trust. I have not forgotten this for a moment," the
report quotes Uchida as saying.

All shareholders remained anonymous and were identified with
numbers.

Separately, another shareholder got up to express his outrage that
there have been no dividends for two years, while some executives
still are paid huge salaries.

Uchida assured investors the automaker was doing its best to avert
a third straight year of losses, the AP says.

Slammed by weak sales during the pandemic, Nissan is projecting a
JPY60 billion ($540 million) loss for the fiscal year ending in
March 2022, the AP discloses. That's smaller than the losses racked
up in the previous two years.

According to the report, Uchida said profitability was improving,
and asked shareholders to give Nissan a bit more time to prove
itself. Nissan boasts fine technology in automated driving and
electric vehicles, he said.

"Please be assured we will continue with improvements," said
Uchida.

At the end of the two-hour meeting, shareholders approved the
reappointment of the 12 directors. They include Uchida;
Jean-Dominique Senard, an executive from French alliance partner
Renault, and seven outside directors, the AP discloses.

The approval was shown by applause. Votes were also submitted by
proxy and online in advance.

Another proposal, which demanded the disclosure of the alliance
agreement between Renault and Nissan, known as RAMA, for "Restated
Alliance Master Agreement," was rejected, according to the AP.
Nissan management had opposed that, saying confidentiality was
necessary.

The relationship between Renault and Nissan has been a recurring
sticking point. Ghosn was sent in by Renault to salvage Nissan from
the brink of bankruptcy in 1999.

Nissan officials have testified they turned to Japan's criminal
authorities to get Mr. Ghosn arrested because they feared the
alliance was excessively dominated by Renault, the AP notes.

                         About Nissan Motor

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.

As reported in the Troubled Company Reporter-Asia Pacific on June
21, 2021, Egan-Jones Ratings Company, on June 11, 2021, maintained
its 'BB-' foreign currency and local currency senior unsecured
ratings on debt issued by Nissan Motor Co., Ltd.




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

THE WAREHOUSE: Staff Told of Plans to Close Warehouse Stationery
----------------------------------------------------------------
Stuff.co.nz reports that staff at Invercargill's Warehouse
Stationery have been told of plans to close their store and
incorporate it into The Warehouse.

According to Stuff, First Union national co-ordinator Ben Peterson
said several Warehouse Stationery stores in Kilbirnie, Taranaki,
Auckland and Levin had come to a similar fate.

He said The Warehouse group was restructuring to minimise costs.

"It does come as a huge shock for people," Stuff quotes Mr.
Peterson as saying.  "When [workers] turn up and get a letter that
says, 'the store is closing down and redundancy may be an option',
it does freak people out."

A spokesperson for Warehouse Stationery said the company was
implementing a "store-within-a-store" concept, which would mean
closing Warehouse Stationery shops and relocating them within The
Warehouse.

There are 13 full-time staff in Invercargill, Stuff discloses.

"With this in mind, today we shared a proposal to close the
Warehouse Stationery Invercargill store at its lease end on October
3 and relocate the store within The Warehouse Invercargill store."

The spokesperson would not say how many more might close.

"We continually look at our store network and over recent years we
have put more Warehouse Stationery and The Warehouse stores
together to offer more convenience to our customers. This is what
we are currently proposing for our Warehouse Stationery and The
Warehouse stores in Invercargill."

Staff would have the opportunity to provide feedback on the
proposal.

If the proposal takes effect, the retailer would work with
employees to relocate their jobs to The Warehouse, Stuff says.

According to Stuff, The Warehouse went through a significant
restructure late last year, which affected more than 1,000 jobs. At
the time, Prime Minister Jacinda Ardern said she was "angry".

It announced in December that it would repay almost $70 million
received through the Government's wage subsidy.

The Warehouse Group Limited -- http://www.thewarehouse.co.nz/-- is
one of New Zealand's largest retailers providing Kiwis with "a
bargain" since 1982.  The company has 85 stores throughout New
Zealand (including 3 Warehouse Extra stores) and employs over 8,500
team members from Kaitaia in the north to Invercargill in the
south.  The Warehouse Group had sales of NZ$1.76 billion in 2007
and a profit of NZ$97.9 million to the year ended 31st July 2007.


TRILOGY INTERNATIONAL: S&P Rates New Senior Secured Notes 'B-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating to Trilogy
International South Pacific LLC (TISP) and TISP Finance Inc. (TISP
Finance), as co-issuers, on the 8.875% senior secured notes due
2023, for up to $357 million in aggregate principal amount. This
transaction follows the exchange of holding company Trilogy
International Partners LLC (Trilogy) on its existing $350 million
senior secured notes due 2022, as part of its proposed maturity
extension of additional 13 months from the original due date.

S&P said, "We do not see potential subordination risk, as the new
notes will have the same secured package, guaranteed by the assets
of Trilogy; Trilogy International South Pacific Holdings LLC;
Trilogy International Latin America I, LLC; and Trilogy
International Latin America II, LLC.

"At the same time, we are assigning our 'B-' issuer credit rating
and a stable outlook to TISP. TISP is the holding company of
Trilogy's operations in New Zealand. Hence, we consider TISP to be
a core subsidiary of Trilogy given its relevance to the group as it
provides support with approximately 75% of total consolidated
revenues and approximately 95% of EBITDA, and therefore part of
Trilogy's long-term strategy. Moreover, TISP Finance (the
co-issuer) is a financial vehicle that is wholly-owned by TISP."

  Ratings List

  NEW RATING

  TRILOGY INTERNATIONAL SOUTH PACIFIC

  Senior Secured           B-

  NEW RATING; CREDITWATCH/OUTLOOK ACTION

  TRILOGY INTERNATIONAL SOUTH PACIFIC

  Issuer Credit Rating     B-/Stable/--




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

PAL HOLDINGS: No 'Definite Option' Approved on Planned Bankruptcy
-----------------------------------------------------------------
CNN Philippines reports that PAL Holdings on June 23 addressed
reports about a planned bankruptcy protection filing, saying it has
"not approved any definite option."

In a disclosure to the local bourse, the operator of Philippine
Airlines clarified a news report stating it eyes the filing by June
29, saying they are "not aware" of the date referred to, the report
relays.

"Consistent with our earlier disclosure, the Board of PAL has not
approved any definite option as of this date," said the listed
company, adding that the remedy and dates mentioned are "best mere
conjecture of the industry sources they claimed to have based them
on."

Chapter 11 is a form of bankruptcy, which lets the filing company
reorganize its affairs, debts and assets to help keep it afloat,
CNN Philippines notes. Reports of PAL Holdings allegedly seeking to
file it rose anew in May.

Earlier this month, the company reported PHP73 billion in losses in
2020 as the airline dealt with subdued travel demand in light of
travel restrictions triggered by the COVID-19 pandemic, CNN
Philippines discloses.

CNN Philippines relates that the Philippine Stock Exchange also
suspended the trading of PAL Holdings' shares effective June 18
after its independent auditor failed to provide an opinion on its
financial statements, said to be a violation of Rule 68 under the
Securities Regulation Code.

According to the report, PAL Holdings earlier said it is working on
the final stages of a "comprehensive restructuring plan" that will
allow the flag carrier to rise from the global health crisis with
stronger financial footing. It added it will also make necessary
disclosures "at the proper time, once details are finalized."

Meanwhile, PAL assured its flights and operations will not be
affected by the restructuring efforts.

PAL Holdings, Inc. is a holding company. The Company is engaged in
purchasing, subscribing, acquiring, holding, using, managing,
developing, selling, assigning, exchanging or disposing of real and
personal property, including shares of stocks, debentures, notes
and other securities of any domestic or foreign corporation. It is
engaged in airline business. The Company, through Philippine
Airlines, Inc. (PAL), which is the Philippine national flag
carrier, is engaged in air transport of passengers and cargo within
the Philippines and between the Philippines and various
international destinations. PAL flies to domestic jet routes and
international and regional points. PAL's route network covers
approximately 30 points in the Philippines and over 40
international destinations. PAL's international route network
covers approximately 40 cities in over 20 countries. PAL's domestic
network, including those operated by partner PAL Express, covers
over 30 cities and towns in the Philippines.




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

HIN LEONG: Founder OK Lim to Face 105 More Charges
--------------------------------------------------
Channel News Asia reports that another 105 charges were filed on
June 24 against Lim Oon Kuin, the founder of collapsed oil trading
firm Hin Leong Trading.

The new charges are on top of 25 forgery-related charges filed
against the 79-year-old, who is better known as OK Lim, last year
and in April this year, CNA says.

According to the report, Mr. Lim now faces a total of 130 charges,
including 68 for cheating, 47 for abetment of forgery, 14 for
abetment for forgery for the purpose of cheating and one for
abetment of forgery of a valuable security, the Singapore Police
Force (SPF) said in a news release.

Mr. Lim's bail amount has been raised to S$4 million, up from S$3
million, as the new charges against him "involve more financial
institutions, larger sums disbursed and large sums outstanding,"
SPF said.

Hin Leong, one of Asia's largest oil traders, was placed under
so-called judicial management in April last year after banks
demanded repayment of loans as oil prices crashed amid the
coronavirus pandemic - a collapse that revealed earlier financial
troubles.

An affidavit signed by Lim cited the dramatic collapse in global
oil prices - brought about by the COVID-19 outbreak and a price war
among the oil majors - and a lack of hedging policies among factors
behind the company's financial distress.

The affidavit, which said Lim was resigning immediately as director
of the family-held company, did not specify over how many years the
losses were incurred.

                       About Hin Leong Trading

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

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

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

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

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

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


                           *********


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

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

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

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

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



                *** End of Transmission ***