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

                     A S I A   P A C I F I C

          Wednesday, June 30, 2021, Vol. 24, No. 124

                           Headlines



A U S T R A L I A

APPLES AND PEARS: First Creditors' Meeting Set for July 8
B SECURITIES: First Creditors' Meeting Set for July 7
CAP SAN TAINARO: Creditors' Proofs of Debt Due July 28
CENTREPLEX PTY: Second Creditors' Meeting Set for July 7
ECSPRO PTY: Second Creditors' Meeting Set for July 7

HUMM ABS 2021-1: Fitch Assigns Final BB+ Rating to E-G Notes
ONTHEGO GROUP: Second Creditors' Meeting Set for July 6
RECYCLE AND RESOURCE: S&P Assigns Preliminary 'B' Long-Term ICR
SMILES INCLUSIVE: Administrators Call for Liquidation
WARATAH ON: First Creditors' Meeting Set for July 7



C H I N A

HUACHEN GROUP: Names Shen Tiedong as New Chairman
HUAYUAN PROPERTY: Moody's Affirms B1 CFR on Good Funding Access
LOGAN GROUP: Moody's Assigns Ba3 Rating to New Sr. Unsec. USD Notes
REDCO PROPERTIES: Fitch Rates Proposed Yuan-Denominated Notes 'B+'
SEAZEN HOLDINGS: Fitch Rates Proposed USD Green Bonds 'BB+'

SUNING.COM: Nears Deal With Alibaba, Jiangsu Government Consortium


I N D I A

ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
ANISHA ENTERPRISES: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANTIQUE ART: ICRA Keeps B Debt Ratings in Not Cooperating
BARDHAMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
BRAINER INFRA: ICRA Lowers Rating on INR15cr Cash Loan to D

DHANUKA EXTRACTIONS: ICRA Keeps B+ Ratings in Not Cooperating
FEDORA SEA FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating
FRANK LIFECARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GAYATRI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating

GITANJALI GEMS: NCLT Orders Wind Up of Unit
GUJARAT COTFIB: ICRA Keeps D Debt Ratings in Not Cooperating
HARMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAYPEE INFRATECH: Suraksha Group Emerges as Preferred Bidder
JET AIRWAYS: To be Run by 7 Member Monitoring Panel Under Plan

JOYMAKALI COLD: ICRA Keeps B Debt Ratings in Not Cooperating
KS SOFTNET: ICRA Keeps D Debt Ratings in Not Cooperating
KUMARAN FILAMENTS: ICRA Lowers Rating on INR20cr Loans to D
LB COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
MDA MINERAL: ICRA Keeps C+ Debt Ratings in Not Cooperating

MISTRY ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
PARTH COTTON: ICRA Keeps C+ Debt Ratings in Not Cooperating
PRANI AUTO: ICRA Keeps D Debt Ratings in Not Cooperating
RATNAAKAR SHELTERS: ICRA Lowers Rating on INR50cr Loans to B
S.S. COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating

TRISTAR INTERCONTINENTAL: ICRA Keeps D Ratings in Not Cooperating
TULIP TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
UCAL AUTO PRIVATE: Insolvency Resolution Process Case Summary
UNITECH MERCANTILE: ICRA Keeps B- Debt Ratings in Not Cooperating
VIZIANAGARAM MUNICIPALITY: ICRA Downgrades Issuer Rating to B+

YASH PIGMENT: ICRA Lowers Rating on INR30cr LT Loan to B+


M O N G O L I A

GOLOMT BANK: S&P Affirms B/B Issuer Credit Ratings, Outlook Stable
MONGOLIAN MORTGAGE: S&P Alters Outlook to Neg., Affirms 'B/B' ICRs
TRADE AND DEVELOPMENT BANK: S&P Affirms 'B/B' ICRs


S I N G A P O R E

HAMBURG SUD: Creditors' Proofs of Debt Due July 28
HYFLUX LTD: Winding Up Application to be Heard July 12
THALASSA PISTIS: Creditors' Proofs of Debt Due July 28

                           - - - - -


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

APPLES AND PEARS: First Creditors' Meeting Set for July 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Apples and
Pears Entertainment Group Pty Ltd and Red Spice Road Pty Ltd will
be held on July 8, 2021, at 11:00 a.m. via virtual meeting.

Adam Shepard of Setter Shepard was appointed as administrator of
Apples and Pears on June 28, 2021.


B SECURITIES: First Creditors' Meeting Set for July 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -  B Securities Pty Ltd
     -  Base Backpackers Pty Ltd
     -  Brokepacker Pty Ltd
     -  Flashpacker Holdings Pty Ltd
     -  Manitoba Equity Pty Ltd
     -  Nomads Airlie Beach Pty Ltd
     -  Nomads Coffee Palace Pty Ltd
     -  Nomads Noosa Pty Ltd
     -  Nomads Odyssey Pty Ltd
     -  Nomads Westend Pty Ltd
     -  Nomads World Hotels Pty Ltd
     -  Partypacker Holdings Pty Ltd
     -  Recreational Tourism Group Pty Ltd
     -  Recreational Tourism Pty Ltd
     -  RTG Palace Pty Ltd
     -  Base Backpackers (Airlie Beach) Pty Ltd

will be held on July 7, 2021, at 11:00 a.m. via virtual meeting.

Liam Healey and Quentin Olde of Ankura Consulting were appointed as
administrators of B Securities et al. on June 25, 2021.

CAP SAN TAINARO: Creditors' Proofs of Debt Due July 28
------------------------------------------------------
Creditors of Cap San Tainaro Pte Ltd, Cap San Sounio Pte Ltd, Cap
San Maleas Pte Ltd, and Cap San Artemissio Pte. Ltd (In Voluntary
Liquidation) are required to file their proofs of debt by July 28,
2021, to be included in the company's dividend distribution.

The company's liquidators are:

          Juay Sze Sin
          Shirley Lim Guat Hua
          c/o Complete Corporate Services Pte Ltd
          10 Anson Road
          #29-07 International Plaza
          Singapore 079903


CENTREPLEX PTY: Second Creditors' Meeting Set for July 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Centreplex Pty
Ltd, trading as Rosehill Realty, has been set for July 7, 2021, at
11:00 a.m. at the offices of HLB Mann Judd Insolvency WA, Level 3,
35 Outram Street, in West Perth, WA.

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 July 6, 2021, at 5:00 p.m.

Kimberley Stuart Wallman and Gregory Quin of HLB Mann Judd
Insolvency were appointed as administrators of Centreplex Pty on
June 1, 2021.


ECSPRO PTY: Second Creditors' Meeting Set for July 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Ecspro Pty Ltd
has been set for July 7, 2021, at 11:30 a.m. via Zoom Video
Conferencing.

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 July 6, 2021, at 4:00 p.m.

Daniel Jean Civil of Jirsch Sutherland was appointed as
administrator of Ecspro Pty on June 8, 2021.


HUMM ABS 2021-1: Fitch Assigns Final BB+ Rating to E-G Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings to humm ABS Trust 2021-1's
pass-through floating-rate notes. The issuance consists of notes
backed by a pool of Australian unsecured consumer receivables,
branded as "humm", and originated by Certegy Ezi-Pay Pty Ltd, a
wholly owned subsidiary of Humm Group Limited (hummgroup). The
final ratings on the class B-G, C-G and E-G notes are one notch
higher than the expected ratings, as transaction costs were lower
than the modelled indicative costs. This increased the excess
spread available to cover losses.

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of humm ABS Trust 2021-1. This is a separate
and distinct series created under hummgroup's master trust deed.

The collateral pool totalled AUD260 million and consisted of 86,735
receivables, with an average balance of AUD2,998. The receivables
are retail point-of-sale, buy-now pay-later consumer finance loans
used to finance a variety of products, including solar equipment
(33.3% of the portfolio), home items (20.8%) and medical services
(18.9%).

      DEBT                RATING              PRIOR
      ----                ------              -----
humm ABS Trust 2021-1

A1 AU3FN0060810     LT  AAAsf  New Rating   AAA(EXP)sf
A1-G AU3FN0060752   LT  AAAsf  New Rating   AAA(EXP)sf
B-G AU3FN0060760    LT  AA+sf  New Rating   AA(EXP)sf
C-G AU3FN0060778    LT  A+sf   New Rating   A(EXP)sf
D-G AU3FN0060786    LT  BBBsf  New Rating   BBB(EXP)sf
E-G AU3FN0060794    LT  BB+sf  New Rating   BB(EXP)sf
F                   LT  NRsf   New Rating   NR(EXP)sf

KEY RATING DRIVERS

Sufficient Credit Enhancement Mitigates Expected Losses: Fitch
assigned base-case default expectations as well as 'AAAsf' default
multiples for each portfolio industry category, with a
weighted-average (WA) default assumption and a 'AAAsf' default
multiple of 5.1% and 5.2x, respectively.

Fitch considered the historical performance of hummgroup's
portfolio, including the response to the Covid-19 pandemic, in
reviewing the base-case assumptions, and Fitch believes the base
cases and rating stresses incorporate a buffer that is sufficient
to account for any pandemic-related uncertainty. Default
expectations and 'AAAsf' default multiples for home items were 5.0%
and 5.00x, respectively, for jewellery 7.5% and 4.50x, for medical
services 3.5% and 5.75x, for other 8.5% and 4.50x and for solar
energy 3.5% and 5.50x.

Limited Liquidity Risk: Structural features include a liquidity
facility sized at 1.0% of the class A1 to E-G note balances, with a
floor of AUD500,000, and derivative reserve accounts that will trap
excess spread to cover swap payments to the extent that voluntary
prepayments and defaults cause the transaction to be overhedged.
Fitch completed full cash-flow modelling and determined that full
and timely payment of principal and interest was made to the notes
in all cash-flow modelled scenarios at the respective rating
levels.

Low Operational and Servicing Risk: All receivables were originated
by Certegy. Fitch undertook an operational review and found that
the operations of the originator and Flexirent Capital Pty Limited,
the servicer, were comparable with market standards. Fitch does not
expect the servicer's operations to be disrupted by the pandemic,
as staff are able to work remotely and have access to the office.

Economic Rebound Supports Outlook: Portfolio performance is
supported by Australia's effective suppression of Covid-19 and the
macro-policy response, which has facilitated a robust economic
recovery. Fitch forecasts Australia's GDP to expand by 5.8% in
2021, with an unemployment rate of 5.4%. Fitch expects GDP growth
to stabilise in 2022 at 3.1% and the unemployment rate to improve
to 4.8%.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when one
assumption - the default rate - is modified, while holding others
equal. The modelling process uses the modification of default
assumptions to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

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

-- The class A1 and A1-G notes are at 'AAAsf', which is the
    highest level on Fitch's scale. The ratings cannot be
    upgraded.

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

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

Upgrade Sensitivity

The class A1 and A1-G notes are rated 'AAAsf' so upgrade
sensitivity stresses are not relevant.

Classes: B-G / C-G / D-G / E-G

Rating: AA+sf / A+sf / BBBsf / BB+sf

Decrease defaults by 10%: AA+sf / AA-sf / BBB+sf / BBB-sf

Downgrade Sensitivity

Note Classes: A1 / A1-G / B-G / C-G / D-G / E-G

Rating: AAAsf / AAAsf / AA+sf / A+sf / BBBf / BB+sf

Increase defaults by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Increase defaults by 25%: AA+sf / AA+sf / A+sf / A-sf / BB+sf /
BB-sf

Increase defaults by 50%: AAsf / AAsf / A-sf / BBBsf / BBsf / Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch reviewed a small targeted sample of Certegy's origination
files and found the file information to be adequately consistent
with the originator's policies and practices and the other
information provided to the agency about the asset portfolio. Fitch
sought a third-party assessment of the asset portfolio information,
but none was available for this transaction.

Overall, Fitch believes the asset pool information relied upon for
its rating analysis, according to its applicable rating
methodologies, is adequately reliable.

ESG CONSIDERATIONS

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

ONTHEGO GROUP: Second Creditors' Meeting Set for July 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of:

   * ONTHEGO Group Pty Ltd (trading name: ONTHEGO Sports)
   * OTG Labs Pty Ltd (trading name: ONTHEGO Sports)
   * OTG Regional Pty Ltd (trading name: Everything Sports)

has been set for July 6, 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 July 5, 2021, at 4:00 p.m.

Aaron Torline & Michael Slaven of Slaven Torline were appointed as
administrators of ONTHEGO Group et al. on May 31, 2021.


RECYCLE AND RESOURCE: S&P Assigns Preliminary 'B' Long-Term ICR
---------------------------------------------------------------
On June 28, 2021, S&P Global Ratings assigned its preliminary 'B'
long-term issuer credit rating to Australia-based Recycle and
Resource Operations Pty Ltd. (Bingo Industries). S&P also assigned
its preliminary 'B' long-term issue rating to the proposed TLB
facilities to be issued by the company.

The stable outlook reflects S&P's expectation that Bingo will
maintain debt to EBITDA within a range of 5x to 6x over the medium
term as the business grows its scale and geographic diversity.

Bingo's vertically integrated business model and capital assets
enhance its Sydney market position. Bingo participates across the
value chain in the collection, recycling, and disposal of waste
from the construction and infrastructure industries in Sydney and
Melbourne. About three quarters of group EBITDA is generated from
the post collections segment, which enjoys higher margins and
higher capital barriers than collections and should continue to
benefit from the growing waste disposal industry shift toward
recycling. In contrast, the collections business is highly
fragmented and competitive with minimal barriers to entry, albeit
with a steady growth profile and diversified customer base.

Bingo operates in a highly regulated industry exposed to
significant environmental risks. The waste management industry is
subject to significant and growing environmental and workplace
safety regulations, which poses both risks and opportunities to the
group. Recycling and disposal of hazardous and nonhazardous waste
relies heavily on effective risk management systems, operating
processes, and governance controls to minimize environmental risks.
Managing these risks will pose ongoing challenges for Bingo as it
continues its strong growth. We expect, however, that as the
company's scale, geographic reach, and recycling capability
continues to grow, its capacity to manage these risks should
continue to strengthen relative to smaller, less well-capitalized
competitors.

Bingo has limited geographic and end-market diversity.

Bingo has a strong and well-established market presence in Sydney
and a nascent market presence in Melbourne. S&P said, "In our
opinion, Bingo's narrow end-market exposure exposes it to cyclical
property and infrastructure volumes within the Sydney market. That
said, we believe Bingo is well-positioned to benefit from favorable
near-term industry dynamics. Moreover, we consider that the
company's existing network of assets provides it with a strong
platform to grow its presence in Melbourne and gradually expand its
footprint across the east coast of Australia over the medium
term."

Future profitability will be heavily influenced by the successful
commissioning of Bingo's new materials processing center (MPC2).
S&P said, "We believe this facility is important to Bingo's future
competitive advantage and profitability. The fully automated MPC2
facility should reduce Bingo's exposure to landfill levies due to
expected high recovery rates and lower labor intensity. Successful
commissioning should also provide Bingo with a competitive
advantage in the Sydney market. While MPC2 employs proven and
tested processes and technologies, we believe the combination of
these processes and technologies together in a single facility in
Australia at this scale is untested. That said, we view execution
risks associated with the commissioning of this large project as
manageable, particularly given existing adjacent recycling
capacity."

Bingo has a limited track record operating with its current
business composition. The company has grown rapidly, both
organically and inorganically. S&P said, "We regard Bingo's capital
expenditure (capex) over the past few years as high relative to its
scale, resulting in sustained negative free operating cash flow.
Moreover, we anticipate that return on capital will track in the
low-to-mid single digit range in the next two years. Bingo's rapid
growth makes it difficult to accurately assess its underlying
profitability. Nevertheless, our base-case operating scenario
incorporates our expectation that the company will substantially
realize its growth objectives over the next two to three years."

S&P said, "We consider Bingo's adjusted debt-to-EBITDA ratio post
transaction will be approximately 8x, reducing to around 6x in
fiscal 2022 (ending June 30, 2022) and below 5x in fiscal 2023.

"Our assessment of Bingo's debt includes senior secured debt,
leases, remediation obligations and earn-out payments. We do not
net off cash against debt, as we expect the group to deploy cash
over time in pursuing its growth objectives. The rate of
deleveraging will depend on a number of factors, including future
growth initiatives, achieving improved pricing post COVID,
successful commissioning of MPC2, and establishing facilities at
Patons Lane. Our base case assumes that no dividends are paid to
shareholders in the next two years."

Growth ambitions will likely weigh on free cash generation.

Bingo has a significant forward capex profile. This includes land
acquisition for the proposed ecology park in fiscal 2022, which
will be funded from available cash. The business is yet to
demonstrate a track record of free operating cash flow due to
investments in growth capex and acquisitions. S&P believes that
Bingo's deleveraging profile is contingent upon prudent management
of its growth objectives as it looks to build its presence across
Australia's eastern states.

S&P said, "We view MIRA as a strategic owner. MIRA has entered into
a scheme implementation deed with Bingo Industries Ltd. to acquire
100% of Bingo Industries' share capital for a purchase
consideration of A$2.6 billion. This includes a combined equity
contribution of A$2.035 billion comprising A$1,626 million new
sponsor equity and A$409 million rolled management equity. We do
not anticipate that the owners will pursue shareholder returns
until a greater degree of scale and geographic diversity is
achieved.

"The stable outlook reflects our expectation that Bingo will
maintain debt to EBITDA within a range of 5x to 6x over the next
two years as the business increases in scale, operational
capability, and geographic diversity.

"Upward rating pressure could occur if we forecast debt to EBITDA
to be sustainably less than 5x and see evidence of improving free
operating cash flow generation." This would most likely arise from
improving profitability--including the successful ramp-up of
MPC2--that limits the impact of growth initiatives on the group's
cash flow generation and leverage.

Upward rating pressure could also arise from a material increase in
the scale and diversity of the group's operations that improves the
size and quality of the group's cash flow.

S&P could lower the rating if it forecasts Bingo to maintain debt
to EBITDA above 7x, either as a result of debt-funded growth or a
material erosion in the company's revenue growth or profitability.
The latter could occur from a material decline in residential and
commercial construction activity, aggressive competitor activity,
protracted operational difficulties in its recycling operations, or
higher regulatory and compliance costs.

Bingo provides waste management solutions primarily for the
residential and commercial construction and infrastructure markets
in Australia. It operates through three segments: Collections, Post
Collections, and TORO (manufacture and sale of bins). It collects
and transports building, demolition, industrial, and commercial
waste from customers to post collection facilities; and provides
bins for hire.

The company diverts waste from landfill by sorting and processing
mixed waste received from customers to be reused, recycled, or sent
to other facilities for further processing; and manufactures and
supplies bins. It operates through a network of 10 facilities in
New South Wales (NSW) and five facilities in Victoria; and a truck
fleet of approximately 330 trucks in NSW and Victoria.

MIRA has entered into a scheme implementation deed with Bingo to
acquire 100% of the share capital of Bingo. Daniel Tartak (CEO) and
Ian Malouf (nonexecutive director) have publicly announced that
they intend to roll 60% of their equity into the post-acquisition
company.


SMILES INCLUSIVE: Administrators Call for Liquidation
-----------------------------------------------------
Business News Australia reports that Deloitte's administrators of
fallen dental roll-up Smiles Inclusive (SI) and its branded
practice chain Totally Smiles (TS) have urged creditors to vote in
favor of liquidating both companies at a meeting to be held on
today, June 30.

A report prepared by the administrators Luci Palaghia and Timothy
Heenan estimates gross proceeds of AUD9.2 million from practice
sales, including 16 to Genesis Capital and 21 to individual
purchasers, BNA relates.

This leaves 12 Totally Smiles practices that remain closed due to a
lack of interest, according to BNA. Since the administration
process began 169 of the company's 235 employees have either lost
their jobs or resigned. More employees were subsequently hired
though with expectations 92 staff members have been or will be
transferred to Genesis.

Of the more than AUD9 million recovered, around a third is going to
the administrators, AUD1.8 million are for lenders Macquarie
Equipment Rentals Pty Ltd and Henry Schein Regional Trust trustee
HSH, and after other costs the total available for secured creditor
National Australia Bank is just under AUD2.94 million.

This means NAB will likely receive 15 to 16 cents for every dollar
from its loans to the embattled Gold Coast-based company. However,
this is still more than the unsecured creditors are anticipated to
receive, which is nothing, the report says.

According to BNA, the administrators' investigations indicate
formerly ASX-listed Smiles Inclusive and Totally Smiles "may have
traded whilst insolvent from 31 December 2019, if not earlier".

"Based on preliminary investigations, including our review of the
group's operations and discussions with the directors, our view is
that the financial difficulties of the group was ultimately the
legacy of the failed integration of the practices subsequent to the
acquisition of the practices in 2018," the administrators wrote,
BNA relays.

The report noted this failed integration led to sustained losses of
AUD5 million in FY18, AUD31 million in FY19 and AUD13.6 million in
the first half of FY20, thus "eroding the group's capital" to a
point from which it ultimately never recovered.

"These losses were primarily driven by underperformance at the
practice level which was systemic across the vast majority of
practices," the administrators concluded.

"Although the group made attempts to remedy the integration issues
and may have made some progress, it was unable to return to
sustained profitability quickly enough to repair the balance sheet
and to maintain the support of its key stakeholders.

"The confidence and continued support of key stakeholders, notably
investors and financiers, was also likely to have been impacted by
the series of requisitions for EGMs [extraordinary general
meetings] by dissatisfied shareholders."

According to BNA, at the creditors' meeting later this month two
other options will also be on the table:

  * a Deed of Company Arrangement (DOCA) proposal which
administrators received for Smiles Inclusive shortly prior to
issuing their report, which they note requires further analysis and
a canvassing of shareholder views; and

  * an end to the administration itself.

The administrators are firmly against the second option, BNA
notes.

"Based on our analysis, the group is presently insolvent and unable
to pay its debts as and when they fall due," they wrote.

"Ending the voluntary administrations would not be in the best
interests of creditors and would expose the Directors to the
possibility of liability for breaches of director duties."

They explained their investigations had not identified any breaches
of directors' duties, although some shortcomings were identified,
BNA relates.

"We have identified potentially voidable transactions which may be
recoverable by a liquidator, however further investigations would
need to be undertaken should a liquidator be appointed," the
administrators wrote.

"We estimate the potential recoveries to be up to AUD303k for SI,
and AUD392k for TS. These constitute, primarily, unfair preference
payments in the six months leading up to our appointment.

"In order for a liquidator to recover amounts in respect of these
transactions, it would first be necessary to establish that a
company was in fact insolvent at the time of the transaction or
became insolvent as a result of entry into the transaction."

Palaghia and Heenan explained that if a director were found to have
contravened their duties to prevent insolvent trading, they would
be able to raise a number of possible defences, BNA relays. In
addition, the directors may have been in Safe Harbour since
September 3, 2019 for Smiles Inclusive and September 19, 2019 for
TS.

"Furthermore, on March 25, 2020, the Coronavirus Economic Response
Package Omnibus Bill 2020 received Royal Assent, which inserted
section 588GAAA into the Act. Section 588GAAA provides relief for
directors from potential insolvent trading. The temporary
protections were extended until 31 December 2020," the
administrators wrote.

"On balance, given the statutory defences available, and due to the
impact of section 588GAAA of the Act, we consider it unlikely that
there would be commercially recoverable actions available to
creditors from the Directors for insolvent trading.

BNA adds that the administrators have also investigated numerous
allegations made by certain third parties against past and present
joint venture partners (JVPs), including the theft of practice
equipment, unauthorised access and use of patient and other data,
the unauthorised use of practice consumables and equipment, the
diversion of patient receipts to the personal names of current and
former JVPs, and the breach of restraint of trade by former JVPs.

"The information made available to us does not indicate that the
above matters are widespread or systemic within the Group's
business," the administrators noted, adding causes of action do
exist but a likely recovery would be outweighed by the costs of
recovery.

"Detailed forensic analysis and evidence gathering is required to
substantiate and/or quantify certain claims. The costs of such
further investigation may outweigh any benefit to creditors," they
wrote.

"Should TS be liquidated, we will continue to investigate the above
matters where it is in the interests of creditors to do so, however
at this stage we do not foresee a material benefit for creditors."


WARATAH ON: First Creditors' Meeting Set for July 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Waratah On
Alstonville Pty Limited will be held on July 7, 2021, at 3:00 p.m.
via teleconference facilities.

Ian James Purchas and Jason Lloyd Porter of SV Partners were
appointed as administrators of Waratah On Alstonville on June 25,
2021.



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

HUACHEN GROUP: Names Shen Tiedong as New Chairman
-------------------------------------------------
Reuters reports that Shen Tiedong has been named as chairman of
Huachen Group, parent of BMW's China partner Brilliance Auto,
according to a Brilliance Auto wechat post on June 28.

According to Reuters, Huachen is standing on the brink of
bankruptcy, defaulting on billions of yuan in debt obligations.
Chinese regulators have launched an investigation into possible
violations of disclosure laws by the company, the report notes.

Brilliance makes vehicles with BMW in the northeastern Chinese city
of Shenyang. It also has a joint venture with Renault SA.

Yan Bingzhe, Huachen's former chairman, will step down, the post
said. It did not offer details of how Huachen plans to repay the
debts, Reuters relays.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2020, Huachen Automotive Group Holdings has entered bankruptcy
restructuring.  Shanghai Daily's SHINE related that the Shenyang
Municipal Intermediate People's Court in northeast China's Liaoning
Province, where the company is based, on Nov. 20 accepted the
restructuring application filed by a creditor. According to SHINE,
the court said the auto firm had insufficient assets to pay off its
debts, but it was worthwhile and possible to rescue the company
through restructuring.

The state-owned conglomerate is the parent of Brilliance China
Automotive Holdings, which teamed up with German carmaker BMW to
form a joint venture called BMW Brilliance Automotive in 2003.


HUAYUAN PROPERTY: Moody's Affirms B1 CFR on Good Funding Access
---------------------------------------------------------------
Moody's Investors Service has affirmed Huayuan Property Co., Ltd.'s
B1 corporate family rating and B2 senior unsecured ratings.

The rating outlook remains stable.

"The rating affirmation reflects our expectation that Huayuan
Property will maintain an uninterrupted access to funding given its
government ownership background," says Kelly Chen, a Moody's
Assistant Vice President.

"It also reflects our expectation that the company's key credit
metrics will slightly improve over the next 12-18 months as the
company increases revenue recognition and controls its expansion
and debt level," adds Chen.

RATINGS RATIONALE

Huayuan Property's B1 CFR reflects its long operating history and
well-recognized brand in Beijing, and the company's good funding
access given its state-owned enterprise background.

However, the company's B1 CFR is constrained by its (1) small
operating scale and volatile operating performance, (2) weak credit
metrics and (3) execution risk due to expansion into new cities.

Moody's expects Huayuan Property's debt leverage, as measured by
revenue/adjusted debt, to improve slightly to 30%-35% over the next
12-18 months from 30% as of the end of 2020, supported by mild
revenue growth and a largely flat debt level over the next 12-18
months. The latter is a result of the company's scaling back of
land acquisitions to control debt. Similarly, Moody's expects its
EBIT/interest to increase trend towards 2.0x over the next 12-18
months from 1.8x for 2020.

Nevertheless, the company's financial metrics remain weak, which
will limit its financial flexibility for business expansion over
the next 12-18 months.

As a result, Huayuan Property's contracted sales are likely to drop
mildly to around RMB18 billion for 2021 and 2022, after growing 27%
to RMB19.1 billion in 2020.

However, the company's weak financials will be partly tempered by
its adequate liquidity and continuing access to funding because of
its close linkage to the Xicheng district government in Beijing.

Despite tighter onshore credit conditions, the company issued
RMB5.1 billion of onshore corporate bonds during the first half of
2021 for refinancing. These bonds were guaranteed by Beijing
Financial Street Capital Operation Center (BFSCOC), the
second-largest shareholder of its parent, Huayuan Group. BFSCOC is
fully-owned by the Xicheng district State-owned Assets Supervision
and Administration (SASAC), which is the largest shareholder of
Huayuan Group.

Moody's expects Huayuan's cash balance after issuance of such
bonds, together with its operating cash flow, to be sufficient to
cover its short-term debt, committed land premiums and dividend
payments over the next 12-18 months.

The B2 senior unsecured rating is one notch lower than its CFR due
to structural subordination risk. This risk reflects the fact that
the majority of claims are at the operating subsidiaries and have
priority over Huayuan Property's senior unsecured claims in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered (1) Huayuan Property's majority ownership by
Huayuan Group, which is under the supervision and monitoring of
Xicheng district government; (2) the disclosure of material
related-party transactions as required under the Corporate
Governance Code for companies listed on the Shanghai Stock
Exchange; and (3) the existence of three special committees
(including Audit Committee, Nomination and Remuneration Committee,
and Strategic Committee) to supervise operations. In terms of
dividend payments, Huayuan Property maintained a largely stable
payout ratio at 34%-38% of attributable net income in 2018-2020.

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

Huayuan Property's stable outlook reflects Moody's expectation that
Huayuan Property will improve its financial metrics and maintain
adequate liquidity over the next 12-18 months.

Moody's could upgrade Huayuan Property's ratings if the company
materially improves its leverage while achieving substantial growth
in its operating scale. Credit metrics indicative of a possible
upgrade include: (1) a material improvement in its debt leverage;
or (2) adjusted EBIT/interest coverage above 3x, both on a
sustained basis.

Moody's could downgrade the ratings if there is any deterioration
in its credit metrics or liquidity, or the ownership by its
government parent reduces significantly. Credit metrics indicative
of a ratings downgrade include EBIT/interest coverage falling below
1.5x-2.0x on a sustained basis.

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

Huayuan Property Co., Ltd. is a Chinese residential developer. Its
parent company, Beijing Huayuan Group Co., Ltd, effectively owned
53.24% of Huayuan Property at 2020, through a direct shareholding
of 46.40% and a 6.84% ownership by a party acting in concert.

Huayuan Group is 100% owned by the Xicheng SASAC under the Xicheng
District People's Government of Beijing.

Huayuan Property listed on the Shanghai Stock Exchange in 2008.The
company operates in Beijing, Tianjin, Shijiazhuang, Chongqing,
Changsha, Guangzhou and Foshan. As of December 31, 2020, its land
bank totaled around 5.2 million square meters by gross floor area.

LOGAN GROUP: Moody's Assigns Ba3 Rating to New Sr. Unsec. USD Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Logan Group
Company Limited's (Ba2 stable) proposed senior unsecured USD
notes.

Logan plans to use the proceeds from the proposed notes to
refinance its offshore debt.

RATINGS RATIONALE

"Logan's Ba2 corporate family rating (CFR) reflects its (1) strong
brand and proven track record in the Guangdong-Hong Kong-Macao Bay
Area (Greater Bay Area), (2) focus on mass-market products, which
support its sales growth and operating cash flow while reducing its
reliance on debt funding, and (3) good liquidity," says Cedric Lai,
a Moody's Vice President and Senior Analyst.

"On the other hand, the Ba2 CFR is constrained by Logan's high
geographic concentration in southern China, which exposes the
company's sales performance to local regulatory and economic
changes," adds Lai.

The proposed issuance will improve Logan's liquidity profile and
not materially affect its credit metrics because the company will
use the proceeds to refinance existing debt.

Moody's expects Logan's debt leverage -- as measured by
revenue/adjusted debt -- to improve to 83%-87% over the next 12-18
months from 80% in 2020, driven by expected robust revenue
recognition and the company's disciplined approach to pursuing
growth and controlling debt increase.

Meanwhile, Logan's interest coverage -- as measured by
EBIT/interest -- will remain solid at around 4.2x over the same
period compared with 4.1x in 2020, because revenue growth will
likely be balanced by lower profit margins.

Logan's attributable contracted sales grew strongly by 32% to
RMB120.7 billion in 2020 from 2019. Moody's expects Logan's sizable
salable resources and strong sales execution will enable further
growth in its contracted sales to RMB135 billion-RMB145 billion in
2021. The company recorded RMB41.0 billion of contracted sales in
the first three months of 2021. Logan's strong contracted sales
performance would support its future revenue recognition and
liquidity.

Logan's liquidity position is good. The company's cash balance of
RMB42 billion covered 1.8x of its short-term debt as of the end of
2020. Moody's expects the company's cash holdings, together with
expected operating cash inflow, will be able to cover its maturing
short-term debt, committed land purchases, dividend payments, as
well as capital spending and payables for its previous
acquisitions, over the next 12-18 months.

The Ba3 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. Most of Logan's claims
are at its operating subsidiaries and have priority over claims at
the holding company in a liquidation scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. Consequently, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, in its
controlling shareholder, Mr. Kei Hoi Pang, who held a 61.62% stake
as of December 31, 2020. Moody's has also considered (1) the fact
that the audit and remuneration committees all comprise independent
non-executive directors; (2) Logan's stable 40% dividend payout
ratio over the past three years; and (3) the application of the
Listing Rules of the Hong Kong Stock Exchange and the Securities
and Futures Ordinance in Hong Kong to oversee related-party
transactions.

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

Logan's stable outlook reflects Moody's expectation that the
company will maintain its financial discipline and good liquidity
while growing its contracted sales over the next 12-18 months.

Moody's could upgrade Logan's CFR if it diversifies the operations
geographically and executes its sales plan through the cycles,
while maintaining strong financial and liquidity profiles.

Specifically, Moody's could upgrade the rating if Logan's (1)
revenue/adjusted debt exceeds 85%; and (2) EBIT/interest coverage
rises above 4.5x-5.0x, both on a sustained basis.

On the other hand, Moody's could downgrade the rating if Logan's
contracted sales decline or it pursues aggressive expansion, such
that its credit metrics weaken, with EBIT/interest coverage falling
below 3.5x and revenue/adjusted debt dropping below 65%-70% on a
sustained basis; or its liquidity weakens, as reflected by
cash/short-term debt decreasing below 125%.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Established in 1996, Logan Group Company Limited is a property
developer based in Shenzhen. Its principal focus is on residential
projects in Shenzhen, Shantou, Nanning and Huizhou.

The company listed on the Hong Kong Stock Exchange in December
2013. As of the end of 2020, its land bank totaled 72.0 million
square meters in gross floor area in different cities across China,
including Shenzhen, Shantou, Nanning, Hong Kong and other cities in
the Greater Bay Area, as well as Singapore.

REDCO PROPERTIES: Fitch Rates Proposed Yuan-Denominated Notes 'B+'
------------------------------------------------------------------
Fitch Ratings has assigned Redco Properties Group Ltd's (B+/Stable)
proposed yuan-denominated offshore senior notes a 'B+' rating, with
a Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Redco's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. They are rated based on the foreign-currency
rating to reflect transfer risk for the offshore bonds. Redco
intends to use the net proceeds from the issue to refinance
existing debt in accordance with the company's sustainable finance
framework.

Redco's rating reflects its expanded attributable contracted sales,
which rose by 49% to CNY21.3 billion in 2020, and adequate land
bank that can sustain attributable contracted sales growth in 2021
that is closer to that of 'B+' rated peers. Redco also maintained
its geographical diversification, with 126 projects in 36 cities.
Furthermore, Fitch forecasts leverage - measured by net
debt/adjusted inventory, including proportional consolidation to
joint ventures and associates - to remain below 35%.

Fitch believes Redco can maintain a low leverage ratio as it
continues to build a sufficient land bank to sustain rising
contracted sales. Redco has saleable resources for around three to
four years of development.

KEY RATING DRIVERS

Continued Strong Growth: Fitch expects attributable sales of at
least CNY26.0 billion in 2021 and CNY30.0 billion in 2022, closer
to that of some 'B+' category peers. Redco continued to build
attributable sales scale to CNY21.3 billion in 2020, from CNY14.5
billion in 2019. Redco relies on a fast-churn model that entails
swift sales turnover and fast sales growth.

Total contracted sales, including joint ventures, rose by 49% to
CNY41.0 billion in 2020 and by more than 25% in 2019. Attributable
contracted sales accounted for slightly more than half of 2020's
contracted sales, similarly to 2019. Redco maintained sales
efficiency in 2020, with attributable sales/total debt, including
joint-venture debt, at 1.1x and attributable sales/adjusted
inventory at 0.7x.

Leverage to Stay Low: Redco will continue acquiring land to sustain
rising contracted sales to develop a sustainable market presence,
without significant deterioration in leverage, in Fitch's view.
Leverage rose to 32% in 2020, from 15% in 2019, on higher land
acquisitions, but should remain below 35% in 2021, the level above
which Fitch would consider negative rating action. Redco spent
around 87% of sales receipts for land acquisition in 2020.

Land Bank Supports Growth: Fitch estimates Redco's land bank is
sufficient for around three years of attributable sales. Redco
would need to continue to secure low-cost land to sustain a healthy
land-bank life if it were to reach its higher contracted sales
target. The company boosted its land bank to around 20 million
square metres (sq m) in 2020, from 15 million sqm in 2019 and 10
million sqm in 2018, with the cities of Tianjin, Nanchang, Hefei,
Zhejiang and Jinan accounting for the majority of gross floor
area.

Weakened Profit Margin: Fitch estimates that Redco's EBITDA margin,
excluding capital interest in costs of goods sold, fell to 21% in
2020, from 30% in 2019, as a greater proportion of gross floor area
was delivered for low-margin projects; the average selling price
dropped to CNY8,615, from CNY10,584 in 2019. Fitch expects the
property development EBITDA margin to remain at around 21%-22%, as
Redco delivers an increased proportion of lower-margin fast-churn
projects, while the average selling price is likely to remain
stable.

Redco acquires land mainly through M&A, allowing it to keep the
average cost of the unsold land bank at CNY1,949/sqm.

High Non-Controlling Interests: Redco's non-controlling interests
(NCI) as a percentage of total equity were at 47% in 2020, and
Fitch expects NCIs to rise to 50%-55% in 2021, which is above the
'B+' peer average. This reflects Redco's reliance on cash from
contracted sales and capital contributions from non-controlling
shareholders, which are mainly developers, as a source of financing
to expand scale. This reduces the need for debt funding, but
creates potential cash leakage and reduces financial flexibility.
However, this is mitigated by Redco's lower leverage compared with
peers.

DERIVATION SUMMARY

Redco has the lowest attributable contracted sales among 'B+'
peers, at CNY21.3 billion in 2020. This was lower than that of
Fantasia Holdings Group Co., Limited (B+/Stable) and Hong Yang
Group Company Limited (B+/Stable). However, Redco's leverage was
lower than that of both companies. Redco has a similar land-bank
life to Fantasia, while Hong Yang has a longer land-bank life.
Redco's EBITDA margin of 21% is lower than Fantasia's 25%. Redco
also has higher NCIs/total equity than both peers.

Companies rated one notch above Redco, at 'BB-', generally have
proven sustainable business models, with attributable sales of over
CNY60 billion. Redco has similar leverage to 'BB-' peers of below
40%, but 'BB-' homebuilders have a stronger nationwide presence and
better regional project diversification.

Redco has lower leverage than 'B' peers, such as Modern Land
(China) Co., Limited (B/Stable) and Jiayuan International Group
Limited (B/Positive), and larger scale than Modern Land, but
similar scale to Jiayuan. Jiayuan has stronger profitability, while
Redco has higher profitability than Modern Land. All three
companies have land-bank life of around three to four years.
Jiayuan's ratings are constrained by the presence of large
related-party transactions and tight liquidity.

KEY ASSUMPTIONS

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

-- Total contracted sales, including joint ventures, reaching
    CNY51 billion in 2021 and CNY59 billion in 2022. Attributable
    sales at 52% of total contracted sales;

-- Gross profit margin from property development maintained at
    25%-26% during 2020-2023;

-- Land premium accounting for around 87% of annual sales
    receipts in 2020 and about 55%-60% in 2021-2023, and average
    land acquisition costs increasing at 3% annually from 2021;

-- Contracted sales average selling price falling by 19% in 2020
    and no change in 2021-2023;

-- Construction costs accounting for 40%-45% of annual sales
    receipts in 2020-2023.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Redco would be liquidated
    in a bankruptcy rather than reorganised as a going-concern
    because it is an asset-trading company.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach:

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

-- Cash balance is adjusted such that only cash in excess of the
    higher of accounts payable and three months of contracted
    sales is factored in;

-- Advance rate of 70% is applied to adjusted inventory, as Redco
    has an EBITDA margin of above 20%;

-- Property, plant and equipment advance rate at 60%;

-- Investment property advance rate at 60%;

-- 70% advance rate applied to accounts receivable;

-- Advance rate of 100% applied to restricted cash, which is
    mainly guarantee deposits for construction and buyers'
    mortgages for pre-sold properties.

Fitch estimates the recovery rate for the offshore senior unsecured
debt to be within the 'RR1' Recovery Rating range, based on Fitch's
calculation of adjusted liquidation value after administrative
claims. However, the Recovery Rating is capped at 'RR4', according
to Fitch's Country-Specific Treatment of Recovery Ratings Criteria.
This is because China falls into Group D of creditor friendliness,
and the Recovery Ratings on instruments of issuers with assets in
this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- No positive rating action is envisaged until attributable
    sales scale and geographical diversification increase to be in
    line with 'BB-' peers.

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

-- Net debt/adjusted inventory above 35% for a sustained period;

-- EBITDA margin, excluding capitalised interest, below 20% for a
    sustained period;

-- Continued decrease in attributable contracted sales.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Redco had total cash of CNY13.8 billion,
including restricted cash of CNY4.2 billion, at end-2020, compared
with short-term debt of CNY6.7 billion.

ISSUER PROFILE

Redco is a small Chinese property developer with a diversified land
bank. Redco had attributable contracted sales of CNY21.3 billion in
2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY33 billion in adjusted inventory at
end-2020 includes: properties under development; completed
properties held for sale; land-use rights; prepayments for the
acquisition of land-use rights; buildings; properties under
construction; investment properties; amounts due from
non-controlling interests; and investment in and amounts due from
joint ventures and associates.

ESG CONSIDERATIONS

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

SEAZEN HOLDINGS: Fitch Rates Proposed USD Green Bonds 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to China-based
homebuilder Seazen Holdings Co., Ltd.'s (SHCL, BB+/Stable) proposed
US dollar green bonds. The notes are issued by Seazen Holdings'
indirect wholly owned subsidiary, New Metro Global Limited.

The proposed notes are unconditionally and irrevocably guaranteed
by SHCL and rated at the same level as its senior unsecured rating
because they constitute its direct and senior unsecured
obligations. SHCL intends to use the net proceeds to refinance
existing debt.

Fitch uses a consolidated approach to rate SHCL, which is 67% owned
by its parent, Seazen Group Limited (SGL, BB+/Stable), based on
Fitch's Parent and Subsidiary Linkage Rating Criteria. The ratings
are supported by SGL's large attributable sales scale of CNY160
billion-180 billion in 2019-2020, comparable with that of low
investment-grade peers; and Fitch's expectation that it will be
able to keep its leverage below 40% after dropping to below 30% in
2019-2020.

In addition, recurring rental income from the group's shopping mall
portfolio has increased. Recurring EBITDA/interest rose to 0.5x in
2020 from 0.4x in 2019, despite the coronavirus pandemic.

KEY RATING DRIVERS

Large Scale: SGL's attributable sales amounted to CNY170 billion in
2020, which declined by 6% from 2019 but was still in line with
that of low investment-grade peers. SGL targets CNY260 billion of
total contracted sales in 2021, or roughly flat from 2020. Fitch
expects SGL to keep sales at CNY250 billion-270 billion in
2021-2022 to support its ranking as a top-20 property developer.
Attributable and consolidated sales accounted for around 70% and
60%, respectively, of the group's total sales.

Lower Leverage: Fitch expects SGL's leverage to remain below 40% as
Fitch believes it is committed to controlling leverage, despite
some increase in land-acquisition and construction expenditure.
SGL's leverage, including proportionate consolidation of joint
ventures and associates, dropped to around 22% in 2020 and 26% in
2019, from 44% in 2018, helped by reduced land acquisition and
increasing capital contribution from non-controlling interests.

SGL spent CNY83 billion on attributable land premium in 2020, which
was around 55% of sales proceeds, up from CNY41 billion, or 25%, in
2019. The land acquisition has significantly slowed from 2016-2018
when SGL spent 70%-100% of sales proceeds on land each year. SGL
budgeted 40%-45% of cash collection for land purchases in 2021.
Fitch believes SGL has shifted its focus to maintaining a stable
financial profile from aggressive expansion from 2019.

Recurring Income Supports Rating: Fitch estimates that SGL's
recurring income, mainly from Wuyue Plaza's rental and property
management fees, will reach CNY8.0 billion and boost the recurring
EBITDA interest coverage to 0.6x in 2021. SGL generated CNY5.3
billion of recurring income to cover 0.5x interest in 2020, even
though SGL halved rents for two months in response to the pandemic,
as the impact was offset by expanded leasable gross floor area.
SHCL's rental revenue reached CNY1.8 billion before tax in 1Q21,
almost double that in 1Q20.

Stabilised Operation: SGL's operational and financial risks, as
well as its access to liquidity, did not deteriorate significantly
after its former chairman was jailed in June 2020. The former
chairman's son, previously a non-executive director, is now
chairman of SGL and SHCL. The former chairman no longer has a role
in the group, but retains a 68% stake in SGL.

Focus on Yangtze River Delta: SGL's sales contribution was mainly
from the Yangtze River Delta (YRD), which generated around 55% of
total contracted sales in 2019-2020. YRD accounted for 46% of SGL's
land bank by gross floor area at end-2019 and 38% at end-2020. New
land acquisitions in YRD still accounted for 37% of total land
premium in 2019 and 50% in 2020.

Diversified and Sufficient Land Bank: SGL had total land bank of
143 million sq m at end-2020. Fitch estimates its
available-for-sale portion of 73 million sq m will support sales
for two to three years. The group will continue to focus on YRD,
but has been increasing its land bank outside the region to buffer
against regional market uncertainty.

Margin Decline, Fast Churn: SGL's EBITDA margin (excluding
capitalised interest) declined to 21% in 2020 from 31% in 2019.
SGL's land costs are stable, but unit construction cost was high at
around CNY4,000/sq m in 2020, which was 45% of the average selling
price (ASP) recognised during the year, an increase from 34% in
2019. The lower margin was offset by SGL's successful fast-churn
strategy, as measured by consolidated contracted sales/gross debt,
which continued to be high at 1.4x in 2020.

DERIVATION SUMMARY

Fitch's consolidated approach to rating SGL and SHCL is based on
Fitch's Parent and Subsidiary Linkage Rating Criteria due to SGL's
67% stake in SHCL. The strong strategic and operational ties are
reflected by SGL representing SHCL's entire exposure to the China
homebuilding business, while SGL raises offshore capital to fund
the group's business expansion. The two entities share the same
chairman.

SGL's quick sales-churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's total sales and attributable sales
reached CNY251 billion and CNY170 billion, respectively, in 2020,
higher than Logan Group Company Limited's (BB/Positive) CNY120
billion while the leverage of 22% at end-2020 is lower than Logan's
35%.

SGL has also rapidly expanded its investment properties, which
generated CNY5.3 billion of recurring income and had recurring
EBITDA/interest of 0.5x in 2020, a level higher than Sino-Ocean
Group Holding Limited's (BBB-/Stable) 0.3x and China Jinmao
Holdings Group Limited's (BBB-/Stable) 0.2x. SGL's
investment-property portfolio of CNY86 billion at end-2020 was much
larger than that of all 'BB' rated peers, which helps justify the
one-notch difference.

Compared with investment-grade peers, SGL has a much shorter track
record of maintaining a stable financial profile as it aggressively
expanded and built up land bank in 2016-2018. Shimao Group Holdings
Limited (BBB-/Stable) had lower leverage of below 35% in 2016-2020
while enjoying continuous growth in attributable sales to reach
CNY230 billion in 2020. Shimao also had an investment-property
portfolio that generates recurring income to cover 0.3x of cash
interest paid.

KEY ASSUMPTIONS

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

-- Total contracted sales of about CNY250 billion in 2021 with
    around 70% attributable interest;

-- Attributable land premium represents 50% of attributable sales
    proceeds in 2021;

-- Attributable property development and Wuyue Plaza construction
    costs equivalent to 35%-40% of attributable sales collection
    in 2021;

-- Investment-property revenue to reach CNY8.0 billion in 2021,
    with a stable gross profit margin at 68%;

-- Overall EBITDA margin (excluding capitalised interest) to
    remain above 20%;

-- SGL maintains controlling shareholding in SHCL and no
    weakening in the operational ties between the two entities.

RATING SENSITIVITIES

For both SGL and SHCL:

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

-- Net debt/adjusted inventory (after proportionate consolidation
    of joint ventures) sustained below 30%;

-- Recurring EBITDA/interest paid sustained above 0.6x;

-- Sustained neutral to positive cash flow from operations;

-- Longer track record of operational and financial stability
    comparable with that of investment-grade peers.

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

-- Net debt/adjusted inventory (after proportionate consolidation
    of joint ventures) above 40% for a sustained period;

-- Recurring EBITDA/interest paid sustained below 0.3x;

-- For SGL, a weakening of linkages between SGL and SHCL may lead
    to negative rating action.

All ratios mentioned above are based on SGL's consolidated
financial data.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: SGL had an unrestricted cash balance of CNY59
billion at end-2020, sufficient to cover short-term borrowings of
CNY31 billion. SHCL also had sufficient liquidity at end-March
2021, with CNY45 billion in available cash to cover around CNY30
billion in short-term debt by Fitch's estimate. The group's funding
cost was flat at 6.7% in 2020 from 6.6% in 2019.

Stable Funding Access Ensures Liquidity: The arrest of the former
chairman temporarily affected the group's funding access in 2H19,
but it has managed to obtain financing from a large number of
onshore and offshore banks since August 2019. Funding access
further improved with multiple domestic and offshore issuance in
2020. The group's continued growth in contracted sales, project
disposals and its decision to slow land acquisitions in 2H19 have
helped maintain adequate liquidity.

The group's onshore and offshore bonds have change of control
covenants, whereby the group has to make an offer to repurchase all
outstanding notes if a change of control is accompanied by negative
rating action, a Negative Outlook or a downgrade by an onshore
rating agency for its onshore bonds or an international rating
agency for its offshore bonds. The group has not breached its bond
covenants since the former chairman's arrest.

ISSUER PROFILE

SGL is a property developer focused on China's Yangtze River Delta
region. It ranked among the top 20 property developers by sales
value in China in 2020. SGL is listed on the Hong Kong stock
exchange.

SHCL is the key subsidiary of SGL that operates all of SGL's
property development and investment property businesses in China.
SHCL is listed on the Shanghai stock exchange.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY220 billion in proportionately
consolidated adjusted inventory at end-2020 includes CNY271 billion
of properties held or under development for sale, CNY13 billion of
prepayments for leasehold land, CNY1.5 billion of land-use rights
and tender deposits, CNY86 billion in investment properties, CNY202
billion in contract liabilities and CNY46 billion in proportionate
consolidated adjusted inventory of joint ventures and associates.

ESG CONSIDERATIONS

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

SUNING.COM: Nears Deal With Alibaba, Jiangsu Government Consortium
------------------------------------------------------------------
Bloomberg News reports that a consortium led by Alibaba Group
Holding Ltd. and the Jiangsu provincial government are nearing a
deal to buy a stake in the retail arm of Chinese billionaire Zhang
Jindong's Suning empire, according to people familiar with the
matter.

Bloomberg relates that the unit, Suning.com Co., could make an
announcement as soon as this week, said the people, who asked not
to be identified as the information is private. Zhang will no
longer have control of the company after the deal, the people
said.

Suning.com's shares have been halted since June 16, pending major
matter announcement, Bloomberg notes. The stock tumbled to a nearly
eight-year low in Shenzhen after a Beijing court froze CNY3 billion
($464 million) worth of shares held by Zhang -- representing 5.8%
of Suning.com, and as creditors agreed to extend a CNY2.89 billion
bond for Suning Appliance Group Co., which is owned by Zhang and
fellow co-founder Bu Yang.

Negotiations are ongoing and a deal could still be delayed or fall
apart, the people, as cited by Bloomberg, said.

Bloomberg says state-backed investment should relieve liquidity
tightness that was exacerbated by Suning's links to China
Evergrande Group, the world's most indebted property developer.
Zhang waived his right to a CNY20 billion payment from Evergrande
in September, helping to save the company but putting pressure on
Suning's cash flow.

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.




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

ADAMS MARKETING: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Adams
Marketing 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-        24.50      [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based          0.83      [ICRA] D ISSUER NOT COOPERATING;
   limit–Term                    Rating continues to remain
under
   loan                          'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2007, through the merger of two proprietorship
firms -- Adams Motors and Adams Electronics –- Adams Marketing
Pvt. Ltd. primarily deals in electronic consumer durable goods such
as televisions, washing machines, refrigerators, air conditioners,
and laptops. AMPL is the authorized dealer of reputed consumer
durable players, including Samsung India Pvt. Ltd., Voltas
Limited,Sony India Pvt. Ltd., and Mitsubishi Electric India Pvt.
Ltd., among others. It currently operates through its 12
multi-brand showrooms across West Bengal. The company also has a
central warehouse located at Benaras Road, Biradingi, West Bengal,
for inventory storage and distribution across all its stores.

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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         15.00      [ICRA]B (Stable); ISSUER NOT
   Fund based-                   COOPERATING; Ratings continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

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

Founded in 2014, as a partnership firm, Anisha Enterprises (AE) is
engaged in the tobacco trading and processing business. The firm is
promoted by Mr. Damacharla Janardhana Rao and Mrs. Damacharla Naga
Satya Latha, who have more than five decades of experience in the
tobacco trading business.


ANTIQUE ART: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Antique
Art Exports Pvt. Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       9.60        [ICRA]B (Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

   Fund Based        6.00        [ICRA]A4; ISSUER NON-
                                 COOPERATION; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

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

Incorporated in 1990 by Mr. Ashok Jain and his family, AEPL
manufactures and exports a wide range of hand-tufted and
hand-knotted carpets, shaggy rugs and other floor coverings. The
company has in-house manufacturing facilities for the production of
hand-tufted carpets and durries at Panipat, Haryana. It primarily
exports to Europe, the Middle-East and the US.


BARDHAMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bardhaman
Agro Products (I) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         6.00       [ICRA]B+(Stable) ISSUER NOT
   Limit–Term                    COOPERATING; Rating continues
   Loan                          to remain under 'Issuer Not
                                 Cooperating' category

   Non Fund           0.20       [ICRA]A4 ISSUER NOT  
   Based Limit–                  COOPERATING; Rating continues
   Bank 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.

Established in 2009 as a private limited company, BAPPL has been
promoted by Mr. Sekh Rabiul Haque and Mr. Samir Kanti Sikdar. The
company is engaged in the milling of govind bhog rice and has an
installed milling capacity of 96 metric tonnes per day (MTPD), or
28,800 metric tonnes per annum (MTPA). The rice mill is located in
the Burdwan district of West Bengal.

BRAINER INFRA: ICRA Lowers Rating on INR15cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Brainer
Infra LLP (BILLP), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-Based-        15.00      [ICRA] D ISSUER NOT COOPERATING;
   Cash Credit                   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 December 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.

Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first phase
of the project, BILLP is developing a Low-Income Group
(LIG)-category residential complex comprising sixteen towers
divided into 320 flats spread over 2.60 acres of land with saleable
area of 2.32 lakh square feet (lsf).


DHANUKA EXTRACTIONS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dhanuka
Extractions 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-        14.00      [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Ratings continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Unallocated        3.00       [ICRA]B+(Stable); ISSUER NOT
                                 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.

The company, which is promoted by Mr Kailash Dhanuka and Mr. Sunil
Dhanuka, is engaged in the extraction of edible oils from soybean
seeds by a solvent extraction process. Its manufacturing facility
in Neemuch, Madhya Pradesh has an installed capacity of 73,430
metric tonnes per annum (MTPA) of solvent extraction and oil
refining capacity of 16,200 MTPA. The company has its own captive
power generation unit that uses agro waste as fuel.

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

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

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

Fedora Sea Foods Private Limited was incorporated in the year 2011
by Mr. K. Narahari Reddy who has decade long experience in the Aqua
Farms and Hatchery business. The company is engaged in the
production of Vannamei seeds, shrimps and also started prawn feed
manufacturing from May 2015 having capacity of 24,000 MTPA used in
cultivation of shrimps. The company is in Nellore, which is the
aquaculture belt of Andhra Pradesh.


FRANK LIFECARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Frank
Lifecare 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-         14.40      [ICRA]B+(Stable); ISSUER NOT
   Fund based-                   COOPERATING; Ratings continues
   Term Loan                     to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-          0.60      [ICRA]B+(Stable); ISSUER NOT
   Unallocated                   COOPERATING; Ratings continues
   Limits                        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 1993 in the name of Frank Pharmaceutical Private
Limited, the company was earlier engaged in the manufacturing of
High-Density Polypropylene and High-Density Polyethylene bags.
Later, the promoters decided to set up a hospital by the name of
Frank Institute of Medical Sciences in the Sonipat district of
Haryana. Subsequent to the decision to construct a hospital, the
promoters divested the packaging business of the company in 2014.
The construction of the proposed hospital was finished in March
2015 and the hospital commenced operations in April 2015 as per the
scheduled timeline.

GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ganga
Papers India Limited's 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-          6.00      [ICRA]B+(Stable); ISSUER NOT
   Fund based-                   COOPERATING; Ratings continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/          8.00      [ICRA] B+ (Stable)/[ICRA] A4;
   Short Term–                   ISSUER NOT COOPERATING;
   Fund Based                    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.

Ganga Papers India Limited, GPIL (formerly Kasat Paper and Pulp
Ltd) was incorporated in 1985. The company manufactures kraft paper
and newsprint paper at its manufacturing facilities located in
Pune, Maharashtra with total manufacturing capacity of 54000 MTPA.
The company has 1.4 MW turbine primarily used for captive purpose.
The company was initially promoted by Mr Shrikant Mohanlal Kasat in
1985 and was taken public in 1996. The company was declared sick
company and was registered with BIFR in 2003 due to adverse
operating conditions. The plant remained non-operational between
2003 and 2006. Under the BIFR rehabilitation program, it was taken
over by new promoters, Mr Ramesh Chaudhary and Mr. Sharwan Kumar
Kanodia in 2006.


GAYATRI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gayatri
Iron & Steels in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         22.75      [ICRA]B+(Stable) ISSUER NOT
   Fund based                    COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-          5.25      [ICRA]B+(Stable) ISSUER NOT
   Fund based                    COOPERATING; Rating continues
   Term Loan                     to remain under 'Issuer Not
                                 Cooperating' category

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

Gayatri Iron & Steels (GIS) is a partnership firm setup in the year
2010. The firm manufactures mild steel ingots and rolled steel
products like channels, thermo-mechanically treated (TMT) bars,
angles, etc. GIS's manufacturing facility is located in Roorkee
(Uttarakhand) with an installed annual capacity of 48,000 tonnes
per annum (TPA) for ingots and 36,000 TPA for rolled Products.


GITANJALI GEMS: NCLT Orders Wind Up of Unit
-------------------------------------------
The Economic Times of India reports that the Mumbai chapter of the
National Company Law Tribunal (NCLT) ordered the liquidation of
Nakshatra World, a subsidiary of Gitanjali Gems, one of the group
companies promoted by fugitive businessman Mehul Choksi.

According to ET, the ruling came on an insolvency petition ICICI
Bank filed around two years ago against the company, which was also
allegedly involved in a money laundering case reported at the
Punjab National Bank. The court appointed Santanu Ray, a partner
from Delhi-based AAA Insolvency Professionals LLP as the
liquidator, ET discloses.

"In view of the decision of the CoC, we are inclined . . . to
initiate liquidation process against the Corporate Debtor," the
dedicated insolvency court said in an order released on June 27.
"Accordingly, the Adjudicating Authority Orders for initiation of
Liquidation of the Corporate Debtor."

Nakshatra World, a jewellery design distribution firm, was going
through an insolvency resolution process since January 2019.
However, no resolution could take place as all the assets were
attached by the Enforcement Directorate under the Prevention of
Money Laundering Act.

ET says two other group companies including Gitanjali Gems and
Nakshatra Brands are also pending with the same bench as the
Committee of Creditors has filed applications for liquidating
them.

Judges Ravikumar Duraisamy and HP Chaturvedi headed the bench that
passed the order.

In January 2018, the Central Bureau of Investigation (CBI), while
investigating a complaint by state-owned Punjab National Bank, had
unearthed a fraud amounting to around INR14,357 crore allegedly
perpetrated by companies promoted by Choksi and his nephew Nirav
Modi, ET recalls.

Choksi, the founder of Gitanjali Gems came under the radar of the
agencies after the alleged issuances fraudulent letters of
undertaking at PNB's mid-corporate branch at Brady House in
Mumbai.

A consortium of 31 banks has filed claims for INR5,280 crore on the
Gitanjali group of companies.

"We will make all efforts to unlock the assets mortgaged to
financial creditors by using our experience of other companies such
as Nirav Modi, Vikram Kothari, REI Agro, Varrsana Ispat Limited
etc. in expediting the de-attachment and sale of the assets for
distribution to stakeholders," ET quotes Anil Goel, founder of AAA
Insolvency Professionals LLP, as saying.

The resolution process of the Nakshatra World was quite a task, the
report notes. Even the ministry of corporate affairs had filed an
application against the company seeking directions for recovery of
amounts in the financial fraud.

Following this, the Tribunal passed an ex-parte order whereby the
company was "injuncted from removal, transfer or disposal of fund
and assets". Since the properties and assets were under the control
and custody of the authorities, the resolution professional could
not carry out the effective resolution process, the report states.

Ray, the appointed liquidator is also handling the liquidiation of
Firestar Diamond International, a Nirav Modi group company along
with several others, ET notes.

Gitanjali Gems Limited engages in the business of manufacturing,
trading, importing, and exporting diamond cutting and polishing,
diamond studded jewelry, and plain gold jewelry in India, the
United States, the United Kingdom, Belgium, Italy, Singapore,
Japan, the Middle East, and China.


GUJARAT COTFIB: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gujarat
Cotfib in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based–        13.75      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund-based      0.33      [ICRA] D ISSUER NOT COOPERATING;
   Limits-Bank                   Rating continues to remain under
   Guarantee                     'Issuer Not Cooperating'
                                 Category

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

Established in 2008, Gujarat Cotfib (GC) is a partnership firm. The
firm reconstituted its partnership in 2016 wherein out of existing
nine partners, six partners took retirement and the firm is
presently managed by three partners i.e. Mr. Girdhar Vekariya, Mr.
Amit Vekariya and Mr. Vijay Vekariya. GC is engaged in the business
of cotton ginning and pressing of raw cotton to produce cotton
bales and cottonseeds. The firm is also engaged in crushing of
cotton seeds to produce cotton seed oil and oil cake. The firm's
manufacturing facility is located at Tapi Gujarat and is currently
equipped with 40 ginning machines and 1 pressing machine having a
capacity to produce 350 cotton bales per day and 8 expellers to
produce cotton seed oil with a capacity of producing 15 tons of oil
per day.


HARMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Harman
Agro 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-        2.20       [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.

Established in November 2015 as a partnership firm by Mr Gurucharan
Singh Chhabra and Mr Gurdeep Singh Chhabra, Harman Agro crushes
cotton to extract the cotton seed oil & cake. The plant, located at
Nalgonda, Telangana, has an annual processing capacity of 20000 MT.
In addition to oil extraction, the firm is also into trading of
cotton bales.


JAYPEE INFRATECH: Suraksha Group Emerges as Preferred Bidder
------------------------------------------------------------
The Times of India reports that almost four years after Jaypee
Infratech was referred for insolvency resolution, Mumbai-based
Suraksha group on June 23 emerged as the preferred bidder in the
fourth attempt, beating state-run NBCC by the narrowest of margins.


Sudhir Valia-controlled Suraksha polled 98.66% of the votes, while
NBCC received 98.54%, TOI discloses. Valia is a relative of Sun
Pharma promoter and managing director Dilip Sanghvi and is also on
the board of the country's largest drug company.

Unlike the past when home buyers and banks had opted to vote for
one of the players in the fray, this time, a large number chose to
opt for both, the report notes.  Lenders led by IDBI Bank, which
had all along gone with NBCC, voted for both in the round. Srei
Finance, which has a 0.12% vote share, and had so far not voted,
gave an assenting vote for Suraksha, according to TOI.  

Those associated with the long-drawn process suggested there is
still some distance to cover until Suraksha is confirmed as the
resolution applicant. On June 23 itself, the vote has been endorsed
by the committee of creditors, TOI says.

                       About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In the first round of insolvency proceedings conducted in 2018, the
INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The Committee of Creditors (CoC) rejected the
bids of Suraksha Realty and NBCC Ltd in the second round held in
May-June 2018, according to The Economic Times.

On Nov. 6, 2019, the Supreme Court directed completion of Jaypee
Infratech's insolvency process within 90 days and said the revised
resolution plan will be invited only from NBCC and Suraksha Realty,
ET related.


JET AIRWAYS: To be Run by 7 Member Monitoring Panel Under Plan
--------------------------------------------------------------
Livemint.com reports that a seven-member monitoring committee will
soon begin to manage the day-to-day affairs of Jet Airways till the
resolution process for the airline is completed, the airline said
in a regulatory filing. The development follows bankruptcy court's
approval for the resolution bid jointly submitted by Murari Lal
Jalan and Kalrock Capital for Jet Airways, the airline said in a
regulatory filing on June 26.

"The Resolution Plan submitted by the consortium of Murari Lal
Jalan and Florian Fritsch (Resolution Applicant) in the CIRP of Jet
Airways (India) Limited that was approved by the members of
committee of creditors of the Company (CoC) in their 17th meeting,
has now been approved/allowed by the National Company Law Tribunal,
Mumbai Bench (NCLT) on June 25, 2021, via order dated June 22,
2021, subject to certain directions which are to be issued by a
separate order," the filing, as cited by Livemint.com, said.

Following NCLT's approval, Jet's corporate insolvency resolution
process (CIRP) has ended and Ashish Chhawchharia has ceased to be
the resolution professional of the company, effective on and from
June 25, 2021. From now on, a monitoring panel with oversee the
airline.

This panel will include three representatives nominated by the
Jalan-Kalrock consortium, Livemint.com notes. Three of the
remaining seats will be filled by members appointed by the
financial creditors with highest share in the CoC. An independent
insolvency professional appointed by the financial creditors,
preferably Chhawchharia, will also be part of the panel.

This committee will supervise the implementation of the resolution
plan, Jet Airways further mentioned in its filing.  

" . . . terms of appointment and duties of the monitoring committee
will be as set out in the resolution plan and the day-to-day
operations and the management of the company shall be carried out
by the monitoring committee until the closing date as defined in
the resolution plan."

According to Livemint.com, the appointment of the monitoring
committee, implementation of the resolution plan and duties and
functions of the panel will be in accordance with the terms of the
resolution plan and shall be subject to any directions that may be
issued by the NCLT in this regard.

On June 25, NCLT published the written order approving
Jalan-Kalrock consortium's resolution plan and the approval is
subject to certain directions, Livemint.com states. A separate
order regarding the directions would be issued later by the
tribunal.

While clearing the resolution plan, NCLT also made it clear that it
will not give any direction on the issue of airport slots for the
airline, citing that the matter will be handled by the government
or the appropriate authority concerned, the report notes.

                         About Jet Airways

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

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

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

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

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

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

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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        5.62       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Ratings continues
                                 to be under Issuer Not
                                 Cooperating Category

   Untied Limits      0.38       [ICRA]B(Stable)/[ICRA] A4
                                 ISSUER NOT COOPERATING; Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1978 as a private limited company, Joymakali Cold
Storage Private Limited (JCSPL) is a closely held company promoted
by Mr. Naba Kumar Kundu and his family members. The company
provides cold-storage facility to potato-growing farmers and
traders on a rental basis with a storage capacity of 150,604
quintals. The cold-storage unit is located in Burdwan, West
Bengal.


KS SOFTNET: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of KS Softnet
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term:          15.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund based–                   Rating continues to remain
under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Short term:         25.00     [ICRA]D ISSUER NOT COOPERATING;
   Non fund based–               Rating continues to remain
under
   Bank Guarantee (BG)           the 'Issuer Not Cooperating'
                                 Category

   Short term:         (6.50)    [ICRA]D ISSUER NOT COOPERATING;
   Non fundbased                 Rating continues to remain under
   Letter of Credit              the 'Issuer Not Cooperating'
   (Sublimit of BG)              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.

KS Softnet Solutions Private Limited (KSSSPL) was incorporated in
the year 2002 by Mr. Dinesh Agrawal, and is engaged in development
of Interstate and International check posts for Government
entities. The company is also an authorized partner for
distribution of software products for Microsoft Corporation (USA)
in Mumbai and adjoining regions. The current contracts undertaken
by the company include projects for Department of Transport
(Government of Jharkhand) 2 and Ministry of External Affairs. The
company started as a software distribution firm and later on
diversified into construction of integrated check posts in 2006.


KUMARAN FILAMENTS: ICRA Lowers Rating on INR20cr Loans to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kumaran
Filaments Private Limited, as:

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long term–         10.0     [ICRA]D; Downgraded from
   Fund based/CC               [ICRA]BB+ (Negative)

   Short term–         8.0     [ICRA]D; Downgraded from
   Fund based                  [ICRA]A4+

   Short term–         2.0     [ICRA]D; Downgraded from
   Non-fund based              [ICRA]A4+

Rationale

The rating downgrade factors in the delay in debt-servicing, as
confirmed by the banker. The rating is based on limited information
on the entity's performance since the time it was last rated in May
2020. The company had delayed in repayment of principal and/or
interest on any fund-based bank facility which has a clear mention
of due date like term loan/working capital demand loan.

Key rating drivers and their description:

Credit Strengths - NA

Credit Challenges

* Delay in debt servicing: The company has not been able to service
its interest obligations on time for the month of June 2021 due to
its stretched liquidity position.

Liquidity position: Poor

Kumaran Filaments Private Limited's liquidity is poor as evident
from its recent instances of delays in debt servicing.

Rating sensitivities:

Positive factors – ICRA could upgrade the rating in case of
regularisation in debt servicing on a sustained basis.

Negative factors – Not applicable.

Kumaran Filaments Private Limited is an experienced manufacturer of
fish nets and fishing lines. The company is located in Nagercoil
and has facilities for fish net manufacturing and has backward
integrated capabilities for manufacturing filament yarn as well.
The company was initially started by Mr. Subbiah Kumaresan and is
now managed by his son, Mr. Kumaresan Ganesan.

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

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

   Fund based-       5.00      [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.

Promoted by Mr. Dharmendra Pande and his four brothers in August
2011, LB Cotton commenced ginning and pressing activities in
October 2013, while the crushing activity commenced from December
2014. The firm's facility is in Dharmabad, Nanded (Maharashtra),
over a land area of about 2.30 hectares and is equipped with 24
double rolling ginning machines, one pressing machine and seven
expellers, with an installed production capacity of 240 bales per
day and a seed-crushing capacity of 850 quintals per day.


MDA MINERAL: ICRA Keeps C+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of MDA
Mineral Dhatu (AP) Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] C+/[ICRA]A4 ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         5.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Fund-based–                   Rating continues to remain under

   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         6.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Fund-based–                   Rating continues to remain under

   Term Loan                     'Issuer Not Cooperating'
                                 Category
   
   Long Term-         2.50       [ICRA]C+ ISSUER NOT COOPERATING;
   Non Fund-                     Rating continues to remain under
   based                         'Issuer Not Cooperating'
                                 Category
  
   Short Term–       (2.50)      [ICRA] A4 ISSUER NOT
   Interchangeable               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.

MDA Mineral Dhatu (AP) Pvt. Ltd. (MDA) was incorporated in 2010 by
Mr. Vidhan Mittal, Mr. Vijay Kumar Mittal and Mr.Chagan Lal Mittal
as directors. The factory of the company is located at owened
premises at Bobbili, Vijayanagaram, Andhra Pradesh, spread over 4.0
acres an build up area of ~4 acres. MDA Mineral Dhatu (AP) Pvt. Ltd
(MDA) is a 6MVA ferro alloy unit was incorporated in the year 2011
after its de-merger from MDA Projects India Pvt Limited. As
informed by the management, the original company- MDA Projects
India Pvt Ltd has been dissolved after the incorporation of MDA
Mineral Dhatu (AP) Private Limited. The company proposed to
commence the commercial production in June 2012, however, the trail
production commenced on June 29, 2013.


MISTRY ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mistry
Enterprises Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

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

   Overdraft          17.50      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2007, Mistry Enterprises Limited (MEL) is engaged
in heavy excavation and earthwork. It is part of the Mistry Group
which consists of other companies engaged in film exhibition, tower
leasing and textile trading. The company used to undertake mining,
excavation and earthwork as a sub contractor for Mistry
Construction Company Private Limited in Singrauli in MP.

PARTH COTTON: ICRA Keeps C+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Parth
Cotton & Oil Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA] C+ ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Term Loan         1.50      [ICRA] C+ ISSUER NOT COOPERATING;
                               Rating continues to remain under
                               'Issuer Not Cooperating' category

   Cash Credit       5.00      [ICRA] C+ ISSUER NOT COOPERATING;
                               Rating continues to remain under
                               'Issuer Not Cooperating' category

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

Incorporated in the year 2012, Parth Cotton & Oil Industries (PCOI)
is engaged in the business of cotton ginning and cotton seed
crushing. The firm commenced commercial production from November
2013 from its manufacturing facility located at Morbi in Gujarat.
The unit is equipped with 24 ginning machines, 1 pressing machine
and 5 expellers, having processing capacity of approx. 17280 MTPA
of raw cotton. PCOI is a partnership firm with the promoters having
extensive experience in the cotton industry for more than a decade.

PRANI AUTO: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prani Auto
Plaza Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         13.00      [ICRA] D ISSUER NOT COOPERATING;
   Fund-Based-                   Rating continues to remain under

   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-          4.40      [ICRA] D ISSUER NOT COOPERATING;
   Fund-Based-                   Rating continues to remain under

   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-          0.35      [ICRA] D ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under

   Limits                        '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.

Prani Auto Plaza Private Limited was started as a partnership firm
in 2003 and was subsequently converted to a private limited company
in 2009. The company is the authorized dealer of passenger vehicles
of Tata motors limited (TML) in Anantapur and  Kurnool districts in
Andhra Pradesh. The company opened its first showroom in Ananthapur
in 2003, followed by showrooms in Kurnool in 2007 and Nandyal in
2009. These three showrooms are in the company's own buildings.
Additionally, the company opened showrooms in Hindupur (2011) and
Tadipatri (2012) on a lease basis. In January 2013, it opened one
more showroom in Tirupati as the existing dealer in the district
withdrew from the dealership.

RATNAAKAR SHELTERS: ICRA Lowers Rating on INR50cr Loans to B
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Ratnaakar Shelters LLP (RSLLP), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-       40.65       [ICRA]B (Stable); downgraded
   Term Loans                    From [ICRA]B+ (Stable)

   Unallocated        9.35       [ICRA]B (Stable); downgraded
   Limit                         From [ICRA]B+ (Stable)

Rationale

The rating downgrade takes into account the exposure of RSLLP sole
project, Aventus Heights, to the funding risk due to high reliance
on incremental sales and collections for meeting the project and
debt obligations from operational cash flows. Absence of undrawn
bank lines and low collection velocity till date exacerbate the
risks, with only INR2.54 crore of incremental collection made in
FY2021, and total collection standing at INR15.01 crore as on March
31, 2021.

The rating is also constrained by execution and marketing risks as
36% of the total project cost is yet to be incurred and 56% of the
project area remains unsold as on March 31, 2021. Further, ICRA
notes that the lockdown restrictions amid the second wave of the
Covid 19 pandemic are expected to cause some disruption in
construction activity and sales levels, although the impact on
construction is expected to be less severe than the first wave due
to lower reverse migration of labour. The risk of capital
withdrawal inherent in the limited liability partnership firm has
also been taken into consideration.

The rating, however, continues to favorably factor in the
experience and track record of the promoters in the real estate
development, spanning over three decades. The rating also considers
the favorable location of the project with good connectivity as
well as the low ticket size of the project, which increases the
project attractiveness.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that RSLLP will continue to benefit from its promoters' long track
record of operations in the real-estate industry.

Key rating drivers and their description

Credit strengths

* Long experience of management in real-estate industry: RSLLP was
established in 2015 and is a part of the Mumbai-based Aventus
Realty Group (erstwhile Ratnaakar Group), which is jointly promoted
by Mr. Sukhraj Mehta and Mr. Vinod S. Mehta. In the past, the Group
has a reasonable track record of developing over 2 lakh square feet
(sq. ft.) in residential and commercial space in Mumbai.

* Favourable location of the project: The project is located at
Govandi in Mumbai and enjoys good social infrastructure in the
vicinity. Besides, the project is located near various retail and
entertainment centres. The project also enjoys good connectivity
with mass transit terminals as well as the airport.

* Low ticket size of the project increases attractiveness: The
project, Aventus Heights, offers 200 units in its saleable building
of which 174 units are residential 1 BHK and 2BHKs, and 26 units
are commercial. These units have smaller area and comparatively,
lower average sales realisation. Low ticket size of these units
increases affordability for the customers and hence, the
attractiveness of the project.

Credit challenges

* Exposure to funding risks with high reliance on incremental
collections in the absence of undrawn lines; collection velocity
has been low so far: The firm remains exposed to funding risks due
to high reliance on incremental sales and collections for meeting
the project and debt obligations from operational cash flows.
Absence of undrawn bank lines and low collection velocity till date
exacerbate the risks, with only INR2.54 crore of incremental
collection received in FY2021, and total collection standing at
INR15.01 crore as on March 31, 2021. While ICRA notes that the
management is encouraging buyers to undertake home loan funding to
support collection levels going forward, progress in this regard
has been slow so far. While committed receivables stood at INR53.22
crore as on March 31, 2021, the pending project cost stood at
INR46.86 crore, and debt outstanding at INR40.65 crore, resulting
in a cash flow adequacy of 61% and significant dependence on
incremental sales for meeting the funding gap.

* Exposure to execution risk; delays noted in construction work due
to labour shortage amid Covid-19 induced lockdown: Aventus Heights
is a slum rehabilitation authority (SRA) consisting of a composite
building reserved for existing tenants and a saleable building for
the open market. As per the revised sanctioned plan (March 6,
2020), the project configuration has been revised from three
residential buildings earlier to two residential and one commercial
building. Owing to the revised plan, the total residential units
have reduced from 246 flats to 174 flats, while 26 commercial units
have been added. The total saleable area has reduced to 95,596 sft,
from 99,780 sft earlier. The firm has incurred a total project cost
of INR83.59 crore out of the budgeted project cost of INR130.45
crore, translating into 64% of the budgeted project cost. Given the
intermediate stage of the project, execution risks remain, with
project completion scheduled in June 2024. Besides, lockdown
restrictions amid the second wave of the Covid 19 are expected to
cause some disruption in construction activity, although the impact
is expected to be less severe than the first wave due to lower
reverse migration of labor.

* Exposure to market risk heightened by intense competition from
upcoming projects in the vicinity; weak market conditions
exacerbated by Covid-19 pandemic may impact sales going forward:
Weak demand in the real estate segment over the last few years led
to piled up inventory of real estate projects. Besides, the project
faces stiff competition from several ongoing and completed projects
in the vicinity. ICRA notes that project sales touched around
17,500 sft in FY2021, taking the total sales to around 56% of the
total saleable area of 95,596 sft. However, cyclicality of the real
estate industry and weak market conditions, exacerbated by the
Covid-19 pandemic, may impact sales going forward, which might pose
a challenge for the project.

* Risk of capital withdrawal inherent in partnership firms: Equity
from partners of RSLLP would contribute 21% to the total project's
funding. Given RSLLP's constitution as a limited liability
partnership firm, it is exposed to discrete risks including the
possibility of capital withdrawal by the partners and the risk of
dissolution of the firm upon death, retirement or insolvency of the
partners.

Liquidity position: Stretched

RSLLP's liquidity position remains stretched given the low pace of
collections from the project and considerable debt repayments to be
made in the short to medium term. Incremental collections of only
INR2.54 crore were made in FY2021. The firm has a total sanctioned
limit of INR40.65 crore with scheduled repayments starting from
June 2021, with significant repayment obligations in FY2023 and
FY2024. The firm had a free cash and bank balance of INR3.04 crore
as on March 31, 2021. ICRA foresees concerns on liquidity given the
high reliance on customer advances for residual project funding
along with significant debt repayment obligations in FY2022 and
FY2023, which are likely to exert pressure on RSLLP's liquidity
position to some extent.

Rating sensitivities

Positive factors – The rating may be upgraded if the project is
completed within the stipulated time, along with improved pace of
bookings and collections, leading to improved visibility of project
cash flows. Lower dependence on promoter funding for meeting
project expenses and debt obligations would also be credit
positives.

Negative factors – The rating may be downgraded in case of
slower-than-expected ramp-up of revenues and profits. Delay in
project completion, slowdown in bookings, and/or further weakening
of collection velocity for the project, resulting in
higher-than-expected dependence on promoter funding may also put
pressure on the rating. Delays in receipt of required promoter
funding, would also be credit negative.

RSLLP was set up in March 2015, as a limited liability partnership
firm and is a part of the Mumbai-based Aventus Realty Group
(erstwhile Ratnaakar Group), which is jointly promoted by Mr.
Sukhraj Mehta, Mr. Vinod S. Mehta and Mr. Deven P. Mody. RSLLP is a
special purpose vehicle (SPV) established to develop a residential
project under the slum rehabilitation scheme in Govandi (East),
Mumbai. The scope of the project includes redevelopment of a slum
rehabilitation authority (SRA) society located in Govandi (E) by
constructing two buildings i.e. a composite building and a saleable
building. The composite building with a carpet area of 59,924 sft.
is reserved for the existing tenants while the saleable building
(in the name of 'Aventus Heights') with a revised carpet area of
95,596 sq. ft. is for sale in the open market. The revised project
configuration offers 174 units of affordable residential of 1 BHK
and 2 BHK units and 26 commercial units.


S.S. COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.S.
Cotton 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-         18.50      [ICRA]B+ (Stable); ISSUER NOT
   Fund based-                   COOPERATING; Ratings continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term–          1.50      [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                   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.

M/s S.S.Cotton Industries Pvt. Ltd. was incorporated in May 2011
with the object of carrying on the business of ginning and pressing
with a capacity of 48 gins along with delinting spread across an
area of 3 acres. The operations of the plant commenced from Dec
2011. It is located in Bhainsa, Adilabad dist of AP. The business
is promoted by Mr Rama Rao. Pawar and his sons Mr. Sandeep Pawar
and Mr. Satish Pawar. The family has been involved in the business
since last three decades.

TRISTAR INTERCONTINENTAL: ICRA Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Tristar
Intercontinental Pvt Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

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

   Non fund Based-    12.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated         9.00      [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 1985, and promoted by Mr. Pawan Aggarwal, Tristar
Intercontinental Private Limited (TIPL), erstwhile known as Tristar
Iron and Steel Company Private Limited, was mainly involved in the
business of dealing in iron and steel products. However, the
commercial operations of the company commenced from 1995, which
included trading in woollen products and at present TIPL is mainly
involved in supplying scoured wool and yarn in the domestic and
international markets. The company has its head office in
Jogeshwari, Mumbai.

TULIP TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Tulip
Telecom Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Non-Convertible      150      [ICRA]D; ISSUER NOT COOPERATING;
   Debenture                     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 1992, by Retired Lt. Col. H.S. Bedi, as a private
limited company involved in trading of software, Tulip Telecom
Limited, formerly Tulip IT Services Limited has since diversified
its operations to other related areas such as selling of hardware
products, network integration, VPN data connectivity and managed
services. The company became a public limited company and was
renamed to Tulip Software Ltd.; the name was further changed to
Tulip IT Services Ltd. in 2002 and to Tulip Telecom Limited in
2008.


UCAL AUTO PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s UCAL Auto Private Limited
        No. EP 3
        New SIDCO Industrial Estate
        Maraimalainagar, Kancheepuram
        TN 603209
        IN

Insolvency Commencement Date: June 4, 2021

Court: National Company Law Tribunal, Division Bench-I, Chennai

Estimated date of closure of
insolvency resolution process: December 4, 2021

Insolvency professional: Narayanan Seshasayee

Interim Resolution
Professional:            Narayanan Seshasayee
                         31 new number 15 old number
                         Hanumantha Rayan Koil Street
                         Triplicane Chennai 600005
                         E-mail: seshasayeen@rediffmail.com

Last date for
submission of claims:    June 24, 2021


UNITECH MERCANTILE: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Unitech
Mercantile 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         12.00      [ICRA]B-(Stable) ISSUER NOT
   Limit–Term                    COOPERATING; Rating continues
   Loan                          to remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated in December, 1996, UMPL is in the process of setting
up hotel cum commercial project on 0.98 acre of land at Sevoke
Road, Siliguri. The promoters have prior experience in the real
estate business. The three star hotel would have a room inventory
of 52 along with facilities like restaurants, bar, banquet hall.
The hotel is expected to start commercial operation by January
2017.

VIZIANAGARAM MUNICIPALITY: ICRA Downgrades Issuer Rating to B+
---------------------------------------------------------------
ICRA has downgraded the Issuer Ratings of Vizianagaram Municipality
to [ICRA]B+(Stable) ISSUER NOT COOPERATING from [ICRA]BB+ (Stable).
The ratings continue to remain under 'Issuer Not Cooperating'
category.

Rationale

The rating downgrade is because of lack of adequate information
regarding Vizianagaram Municipality performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

The VZNM was constituted as a municipality in 1888 and is governed
by the Andhra Pradesh State Municipalities Act 1965 (Act). It
manages the municipal services in Vizianagaram city, which serves
as headquarter for the Vizianagaram district in Andhra Pradesh. The
VZNM covers an area of 52.43 sq. km. and serves a population of 2.3
lakh (as per Census 2011). Its main functions include water supply,
solid waste management and construction, repair and maintenance of
roads and streetlights in its area. The municipality is divided
into 40 municipal wards and is governed by an elected body
(council) headed by a Chairperson, while the Commissioner acts as
the executive head overseeing its everyday functioning.

YASH PIGMENT: ICRA Lowers Rating on INR30cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Yash
Pigment LLP (YPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         30.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                   COOPERATING; Rating downgraded
   Cash Credit                   from [ICRA]BB (Stable) and moved
                                 to 'Issuer Not Cooperating’
                                 category

   Long Term/         15.00      [ICRA]B+(Stable) ISSUER NOT
   Short Term–                   COOPERATING/[ICRA]A4; ISSUER
   Unallocated                   NOT COOPERATING; long-term
                                 Rating downgraded from
                                 [ICRA]BB(Stable); Ratings Moved
                                 To 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade is because of lack of adequate information
regarding YPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

Yash Pigments LLP is involved in manufacturing and supplying of red
lead (setting and non-setting grade), lead sub oxide, pure lead and
selenium lead alloys. The firm is involved in smelting of lead ore
/lead concentrate/lead battery scrap to produce secondary lead
metal, which is further transformed into pure lead, lead-antimony,
lead-selenium alloy, lead oxides (lead suboxide and red lead). The
name of the firm was changed to Yash Pigments LLP from Yash
Industries effective from April 2018. Yash Industries was the
proprietorship firm under which Mr. Rajesh Bansal conducted the
lead smelting operations in the past.




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

GOLOMT BANK: S&P Affirms B/B Issuer Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term issuer
credit ratings on Golomt Bank of Mongolia. The outlook is stable.

S&P said, "We affirmed the ratings on Golomt to reflect our view
that the bank will maintain its capital buffers for at least the
next 12 months. The buffers have strengthened due to favorable
regulatory capital reclassification and Golomt's slower asset
growth in recent years. However, we expect the bank's profitability
to remain under pressure over the next year. A build-up of credit
risk in Mongolia amid COVID-19 has caused a deterioration in
Golomt's business position, in particular in its revenue stability,
operational effectiveness, and financial management.

"Golomt's slower asset growth than in the past should support its
capitalization. Our view of the bank's risk adjusted capital (RAC)
and loss absorbing capacity has improved after the Bank of Mongolia
(the central bank) allowed it to reclassify Mongolian tugrik (MNT)
172 billion worth of regulatory Tier-2 capital into regulatory
Tier-1 capital. Golomt received a common equity capital injection
of about MNT172 billion from its major shareholder in 2018 and
2019. The amount was reclassified to regulatory Tier-2 capital
during the forensic audit by Bank of Mongolia in 2019.

"We expect Golomt's annual loan growth to remain at 3%-7% over the
next 12-18 months as the bank complies with strengthened regulatory
capital ratio requirements set by the central bank. Domestic
systemically important banks (such as Golomt) will need to comply
with a 4% additional capital conservation buffer on top of the
minimum regulatory Tier-1 capital ratio of 9% by July 1, 2022.
Golomt's regulatory Tier-1 capital ratio was 15.1% as of
end-December 2020. We do not expect the bank to pay dividends over
the next 12-18 months. Golomt's RAC ratio is likely to be 3.5%-3.7%
over the period, compared with about 3.7% as of end-2020.

"Higher credit costs are likely to dent Golomt's profitability in
the next 12 months. Mongolia's economy has contracted by about 5.3%
in 2020 due to the COVID-19 pandemic. Although we expect economic
growth to rebound as vaccinations proceed and global trade
recovers, the build-up of credit risk during the pandemic will take
time to unwind, in our view. This is due to significant forbearance
measures on retail loans as well as restructuring of loans to
corporates affected by the pandemic."

Golomt is also exposed to inherent credit risk emanating from its
high concentration to the mining, trading, and construction
sectors. These sectors account for about 40% of the loan portfolio
as of end-2020 and make the bank susceptible to commodity price
trends. S&P expects Golomt's return on average assets to remain low
at 0.2%-0.5% over the next two years, compared with an average of
0.5% in the past three years.

S&P said, "We expect Golomt's credit costs (ratio of new loan loss
provisions to average customer loans) and nonperforming assets
ratio to deteriorate over the next 12-18 months as relief measures
amid the pandemic unwind. Financial regulators have taken temporary
regulatory measures on retail loans to counter the impact of
COVID-19. These include interest and principal payment deferrals or
relaxation of asset quality classification regulations. Individual
banks, including Golomt, have also restructured loans of corporates
affected by the pandemic on a case-by-case basis. These measures
have allowed banks to delay bad-debt recognition and provision
build-up, in our view."

Golomt's move to enhance its asset quality disclosures should help
it to manage its credit risks better than peers. The bank adopted
International Financial Reporting Standards 9 (IFRS9) in 2018,
ahead of the government's original implementation deadline of
end-2020. Golomt built up more provisioning according to stringent
loan classification standards in 2019-2020. The bank's credit costs
increased to about 4.1% in 2020 from about 3% in 2018 after it
adopted IFRS9 standards. Golomt's gross nonperforming assets ratio
deteriorated to about 29.6% at end-2020, from about 19.8% in
end-2018.

S&P said, "We do not expect Golomt to receive extraordinary support
from the Mongolian government even if the bank comes under
financial distress. This is because we view the Mongolian
government's capacity to provide extraordinary support to banks as
limited." Golomt has high systemic importance in Mongolia, with
about 20% market share of loans and 25% of deposits among domestic
banks as of end-2020.

The stable outlook on Golomt reflects our view that the bank is
likely to maintain its market position in Mongolia and
capitalization over the next 12-18 months. S&P expects Golomt's
profitability to remain weak during the period due to an increase
in credit costs as loan forbearance measures related to COVID-19
unwind and higher regulatory capital ratio requirements limit the
bank's asset growth.

The outlook on Golomt also reflects the outlook on the sovereign
credit rating on Mongolia.

S&P could lower the rating on Golomt if it downgrades Mongolia
because the rating on the bank is constrained by the sovereign
rating.

S&P said, "We could also lower the ratings on Golomt if the bank's
asset quality deteriorates significantly below the industry peer
average with a surge in credit losses.

"We could upgrade Golomt if we raise the sovereign credit rating on
Mongolia and the bank's stand-alone credit profile (SACP) improves
at the same time. Our assessment of Golomt's SACP could improve if
the bank's profitability sustainably improves to close to
pre-pandemic levels and is similar to that of peers in countries
with similar banking industry risks."


MONGOLIAN MORTGAGE: S&P Alters Outlook to Neg., Affirms 'B/B' ICRs
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Mongolian Mortgage Corp.
HFC LLC (MIK)to negative from stable. At the same time, S&P
affirmed its 'B' long-term and 'B' short-term issuer credit ratings
on the Mongolia-based company. S&P also affirmed the 'B' long-term
issue rating on the company's senior unsecured notes.

S&P said, "The outlook revision reflects our view that the
improvement in MIK's profitability over the next 12 months is
likely to be less than we expected. This could lead to a slower
accumulation of capital and may push our estimated RAC ratio for
the company to sustainably below our downgrade trigger of 7%.

"We project MIK's RAC ratio will gradually rise to about 7% in
2022, from about 4.9% as of end-2020." This will be driven by
gradually improving profitability and a moderate decrease in the
liquidity-provider business portfolio as the company repays the
remaining portion of its U.S. dollar bonds issued in 2019 in early
2022. Under the liquidity-provider mortgage loan business, MIK
purchases non-subsidized mortgage receivables from financial
institutions to hold on its balance sheet. These mortgage
receivables have recourse clauses that require the originating
financial institutions to replace or buy back delinquent mortgage
receivables.

S&P attributes the likely reduced improvement in MIK's
profitability to lower yields on new mortgages and slower
deployment of U.S. dollar bond proceeds to purchase mortgage loans
under the liquidity-provider business. MIK had issued US$250
million bonds in February 2021 to refinance about US$193 million of
its 2019 U.S. dollar bonds related to this business. As of end
March 2021, about US$87 million of the company's 2019 U.S. dollar
bonds remain outstanding.

S&P said, "We estimate average yields on newly acquired mortgages
in the liquidity-provider business are roughly 3 percentage points
lower now than the 15-16% levels one or two years ago. This is in
line with substantially lower deposit rates and the contracted
pipeline with predetermined rates already running its course. We do
not rule out the yield declining further, depending on MIK's
negotiations with participating financial institutions, and market
conditions."

The opportunity cost of the slower deployment of bond proceeds is
also significant. This is because MIK holds the undeployed proceeds
in time deposit accounts, where the yields are much lower than
levels two years ago when this business started.

The higher cost of the U.S. dollar hedge on the bond principal, and
the unhedged coupon component in a scenario where the Mongolian
tugrik has been depreciating adds risks to our base-case profit
estimates for MIK. Though a portion of the bond was refinanced at a
lower rate, on balance, the profitability pressure is on the
downside.

S&P said, "We see at least a one in three chance that slow internal
capital accumulation will result in a downgrade of MIK. We forecast
the company's return on average assets (ROAA) will gradually
improve to about 1.6% in 2022, from about -1.1% in 2020. The
reduction of MIK's mortgage pool by about 13% in 2020 to about
MNT614.5 billion led to lower interest revenue. This, along with
increased credit costs led to a net loss of MNT11.5 billion in
2020.

"Thus far, we believe the recourse clause in MIK's
liquidity-provider business is effective. However, we do not rule
out financial institutions being reluctant to honor recourse under
stress situations. MIK has to recognize provisions if the
originating financial institution's creditworthiness deteriorates.
If the originating financial institution defaults, MIK assumes the
credit risk of the underlying mortgage loans. The company realized
a one-off provision expense of about MNT5.2 billion related to its
exposure to Chinggis Khaan Bank in 2020 after the bank failed to
meet prudential capital adequacy ratios.

"We expect MIK to maintain its solid market position as the sole
authorized issuer of residential mortgage-backed securities in
Mongolia over at least the next 12 months. Under its securitization
business, MIK purchases residential mortgages disbursed under the
government-led subsidized mortgage program. The purchased mortgage
receivables are offloaded to special-purpose companies as a true
sale and securitized under a pass-through structure. Hence, the
holders of the residential mortgage-backed securities bear the
underlying credit risk from the pooled mortgages.

"We expect MIK to maintain its very important role and very strong
link with the Mongolian government. That said, the company will
likely not benefit from any extraordinary government support given
the sovereign's weak capacity to extend support.

"The negative outlook on MIK reflects our view that the company
will face headwinds in improving its profitability over the next 12
months. Our base case is that MIK's RAC ratio will steadily improve
to about 7% over the next 12 months backed by earnings accumulation
and a moderate decrease in its liquidity-provider business
portfolio. We expect the company to maintain its solid market
position and stable funding and liquidity profile over this
period.

"We will downgrade MIK if continued profitability pressure reduces
the company's internal capital generating capacity or if its
liquidity-provider business portfolio expands, such that the RAC
ratio does not steadily improve to above 7% on a sustained basis.

"We will also downgrade MIK if we lower the rating on Mongolia.

"We could revise the outlook to stable if we expect MIK's
profitability to improve such that the RAC ratio sustains above
7%."


TRADE AND DEVELOPMENT BANK: S&P Affirms 'B/B' ICRs
--------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term issuer
credit ratings on Trade and Development Bank of Mongolia (TDB). The
outlook on the long-term rating is stable. At the same time, S&P
affirmed its 'B/B' long- and short-term issue ratings on the
Mongolia-based bank.

S&P affirmed the ratings on TDB to reflect its view that the bank
will maintain its capital buffers for at least the next 12 months.
The buffers have strengthened due to favorable regulatory capital
reclassification and TDB's slower asset growth in recent years.
However, S&P expects the bank's profitability to remain weak over
the next year. A build-up of credit risk in Mongolia amid COVID-19
has caused a deterioration in TDB's business position, in
particular in its revenue stability, operational effectiveness, and
financial management.

TDB's slower asset growth than in the past should support its
capitalization. The bank's capitalization and loss absorbing
capacity have strengthened after the Bank of Mongolia (the central
bank) allowed it to reclassify Mongolian tugrik (MNT) 150 billion
worth of regulatory Tier-2 capital into regulatory Tier-1 capital.
TDB had received a common equity capital injection of about MNT196
billion from its major shareholder in December 2018. A part of this
amount was reclassified to regulatory Tier-2 capital during the
forensic audit by Bank of Mongolia in 2019.

S&P expects TDB's annual loan growth to remain at 7%-10% over the
next 12-18 months as the bank complies with strengthened regulatory
capital ratio requirements set by the central bank. Domestic
systemically important banks (such as TDB) will need to comply with
a 4% additional capital conservation buffer on top of the minimum
regulatory Tier-1 capital ratio of 9% by July 1, 2022. TDB's
regulatory Tier-1 capital ratio was 14.8% as of end-December 2020.
S&P does not expect the bank to pay dividends over the next 12-18
months. TDB's risk-adjusted capital (RAC) ratio is likely to be
4.0%-4.5% over the period, compared with about 4.7% as of
end-2020.

Higher credit costs are likely to dent TDB's profitability in the
next 12 months. Mongolia's economy has contracted by about 5.3% in
2020 due to the COVID-19 pandemic. Although we expect economic
growth to rebound as vaccinations proceed and global trade
recovers, the build-up of credit risk during the pandemic will take
time to unwind, in S&P's view. This is due to significant
forbearance measures on retail loans as well as restructuring of
loans to corporates affected by the pandemic.

TDB is also exposed to inherent credit risk emanating from its high
concentration to the mining, trading, and construction sectors.
These sectors account for about half of the loan portfolio as of
end-2020 and make the bank susceptible to commodity price trends.
S&P expects TDB's return on average assets to remain low at
0.2%-0.5% over the next two years, compared with an average of 0.7%
in the past five years.

S&P expects TDB's credit costs (ratio of new loan loss provisions
to average customer loans) and nonperforming asset ratios to
deteriorate over the next 12-18 months as relief measures amid the
pandemic unwind. Financial regulators have taken temporary
regulatory measures on retail loans to counter the impact of
COVID-19. These include interest and principal payment deferrals or
relaxation of asset quality classification regulations. Individual
banks, including TDB, have also restructured loans of corporates
that were affected by the pandemic on a case-by-case basis. These
measures have allowed banks to delay bad-debt recognition and
provision build-up, in S&P's view.

TDB's implementation of International Financial Reporting Standards
(IFRS) 9 by the end of 2021 could weaken its asset quality metrics
and raise credit costs. The bank's credit costs were around 1.5% in
2020, largely flat from 2019 levels. The gross nonperforming asset
ratio improved modestly to about 13.7% at end-2020, from about
14.1% in end-2019.

S&P said, "We do not expect TDB to receive extraordinary support
from the Mongolian government even if the bank comes under
financial distress. This is because we view the Mongolian
government's capacity to provide extraordinary support to banks as
limited. TDB has high system importance in Mongolia, with about 25%
market share of loans and deposits among domestic banks as of
end-2020.

"The stable outlook on TDB reflects our view that the bank is
likely to maintain its market position in Mongolia and
capitalization over the next 12-18 months. We expect TDB's
profitability to remain weak during the period due to an increase
in credit costs as loan forbearance measures related to COVID-19
unwind and higher regulatory capital ratio requirements limit the
bank's asset growth."

The outlook on TDB also reflects the outlook on the sovereign
credit rating on Mongolia.

S&P said, "We could lower the rating on TDB if we downgrade
Mongolia because the rating on the bank is constrained by the
sovereign rating.

"We could also lower the ratings on TDB if the bank's asset quality
deteriorates significantly below the industry peer average with a
surge in credit losses.

"We could upgrade TDB if we raise the sovereign credit rating on
Mongolia and the bank's stand-alone credit profile (SACP) improves
at the same time. Our assessment of TDB's SACP could improve if the
bank's profitability sustainably improves to levels significantly
higher than pre-pandemic levels and is similar to that of peers in
countries with similar banking industry risks."




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

HAMBURG SUD: Creditors' Proofs of Debt Due July 28
--------------------------------------------------
Creditors of Hamburg Sud Asset Group Co. Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
July 28, 2021, to be included in the company's dividend
distribution.

The company's liquidators are:

          Juay Sze Sin
          Shirley Lim Guat Hua
          c/o Complete Corporate Services Pte Ltd
          10 Anson Road
          #29-07 International Plaza
          Singapore 079903


HYFLUX LTD: Winding Up Application to be Heard July 12
------------------------------------------------------
The Business Times reports that Hyflux Ltd'S judicial managers said
on June 24 that the winding up application of the beleaguered water
treatment company and its unit Hydrochem will be heard on July 12.

BT relates that judicial managers Borrelli Walsh (BW) were
addressing frequently asked questions in a bourse filing following
its virtual townhall meeting for all Hyflux shareholders held on
June 18, where updates regarding the judicial management and
winding up application were provided.

According to BT, the judicial managers said that perpetual and
preference share (PnP) holders and noteholders were not consulted
or asked to vote on the filing of the winding up application
because they lacked a proposal that could be put before the
creditors for a vote.

Such a proposal requires a credible bid for an investment in the
group. BW had on June 4 said that negotiations with one investor
for an investment in the entire Hyflux Group were unsuccessful.

Meanwhile, white-knight suitor Utico remained unable to meet the
minimum conditions required to consider an offer, just as it was
before their previous discussions were terminated, BT says. Utico's
chief executive Richard Menezes had attempted to offer the
crisis-hit company a rescue deal just two days after the winding-up
application was filed.

Given that it was not possible to achieve one or more of the
judicial managers' objectives under the Insolvency, Restructuring
and Dissolution Act (IRDA), there was no statement of proposal to
be tabled at a meeting with creditors for voting, said the judicial
managers, BT relates. They had therefore proceeded to apply for the
winding up for Hyflux and Hydrochem.

In response to queries on investigations that will be undertaken,
the judicial managers said that they have gathered the necessary
information to conduct thorough investigations into the assets,
business affairs and dealings of Hyflux. Areas which may warrant
investigations have also been identified.

However, it is currently not possible to provide an estimated
timeline for the completion of the liquidation given that the group
consists of more than 80 entities across multiple jurisdictions,
said the judicial managers, relays BT.

In addition, they are unable to provide estimated returns or
recoveries of investments made at this juncture.

"This is because there is still significant work to be done and
issues to be resolved in respect of the Hyflux Group's asset
sales," said the judicial managers adding that they will, together
with the appointed liquidators, endeavour to complete the sale of
assets as quickly as possible, according to BT.

Updates regarding the timing and amount of distributions will be
provided as soon as practicable, they said.

Any distributions to the PnP holders and noteholders will be made
in accordance with their respective priority in the capital
structure and in accordance with the IRDA, BT adds.

                          About Hyflux Ltd

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.


THALASSA PISTIS: Creditors' Proofs of Debt Due July 28
------------------------------------------------------
Creditors of Thalassa Pistis Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by July 28,
2021, to be included in the company's dividend distribution.

The company's liquidators are:

          Juay Sze Sin
          Shirley Lim Guat Hua
          c/o Complete Corporate Services Pte Ltd
          10 Anson Road
          #29-07 International Plaza
          Singapore 079903



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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