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

                     A S I A   P A C I F I C

          Thursday, July 1, 2021, Vol. 24, No. 125

                           Headlines



A U S T R A L I A

ALLPRO SYNERGY: Second Creditors' Meeting Set for July 7
AUSTRALIAN TECHNOLOGY: Moody's Affirms B1 CFR, Outlook Stable
BIGNELL PANEL: First Creditors' Meeting Set for July 9
CLUB CULTURE: Charges Brought Against Director
DSO INVESTMENTS: First Creditors' Meeting Set for July 6

FUTUREYE PTY: First Creditors' Meeting Set for July 9
NPH GROUP: Second Creditors' Meeting Set for July 7
POLARIS COMMUNICATIONS: Second Creditors' Meeting Set for July 7
RAPID LOGISTICS: First Creditors' Meeting Set for July 9
RUBY BOND 2021-1: S&P Assigns B (sf) Rating to Class F Notes

TBC 19: First Creditors' Meeting Set for July 8


C H I N A

CHINA AIRCRAFT: Fitch Assigns 'BB+' LT IDR, Outlook Stable
SEAZEN HOLDINGS: Moody's Assigns Ba1 Rating to Proposed USD Notes


H O N G   K O N G

NEWOCEAN ENERGY: Posts US$479MM Net Loss For Year Ended Dec. 31
NEXT DIGITAL: To Shut Down Today Amid China Pressure


I N D I A

AADYA MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
AIR INDIA: Devas Joins Cairn in Seeking to Seize Overseas Assets
BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
CAREER COACHING: CRISIL Keeps D Debt Rating in Not Cooperating

CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
CORE PLASTO: CRISIL Keeps D Debt Ratings in Not Cooperating
DEEPAK DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
DHARMRAJ ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating
DINODIA EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating

DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating
ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating
FINOLITE CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH METALIKS: CRISIL Keeps D Debt Ratings in Not Cooperating

GO AIRLINES: Planned IPO Put on Hold by India Market Regulator
GVP INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
GVRMP DHARWAD: CRISIL Keeps D Debt Rating in Not Cooperating
ICONIC CASTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
K.J.L. POULTRIES: CRISIL Withdraws C Rating on INR33cr Cash Loan

KOHENOOR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
MAA KALIKA: CRISIL Keeps D Debt Rating in Not Cooperating
MANJEERA HOTELS: CRISIL Lowers Rating on INR13cr Term Loan to D
MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
MSR ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating

RAJLABDHI INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
SCHOLARS ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating
SENBO ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
SPECTRA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
SUDHEER INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating


J A P A N

LEOPARD TWO: Fitch Affirms BB Rating on 2 Note Classes


P H I L I P P I N E S

RURAL BANK OF CALOOCAN: Placed Under PDIC Receivership


X X X X X X X X

SOUTH ASIA: Risks 'Hidden Debt' Financial Crises, World Bank Warns

                           - - - - -


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

ALLPRO SYNERGY: Second Creditors' Meeting Set for July 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Allpro Synergy
Pty Ltd has been set for July 7, 2021, at 11:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 6, 2021, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Allpro Synergy on June 1, 2021.


AUSTRALIAN TECHNOLOGY: Moody's Affirms B1 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Australian Technology
Innovators Pty Limited's (ATI) B1 corporate family rating.

Moody's has also noted that ATI has extended the maturity date on
the AUD350 million, and AUD50 million guaranteed senior secured
first lien term loan B facility, entered into by LEAP Legal
Software Pty Limited (LEAP), a wholly owned subsidiary of ATI to
2024 from 2022. The company has also extended maturity date on the
AUD100 million guaranteed second lien term loan B facility -- also
entered into by LEAP -- to 2025 from 2023. As such, the rating
agency has withdrawn the B1 rating assigned to the senior secured
first lien maturing in 2022, and the B3 rating assigned to the
senior secured second lien maturing in 2023. Moody's has then
assigned a B1 rating to both the senior secured first lien tranches
maturing in 2024, and a B3 rating to the senior secured second lien
maturing in 2025.

The outlook for ATI and Leap remains stable.

RATINGS RATIONALE

The rating affirmation reflects ATI's market-leading position in
legal practice management software and strong product offering in
search and services platforms for professionals. The company's
earnings benefit from predictable revenue, underpinned by
contractual arrangements and high customer retention.

ATI's exposure to the Australian residential property market has
declined over time to around 50%-55% of net revenues. The company
continues to focus on diversifying the business by expanding its
product offerings to include company and personal searches and
services. Nevertheless, ATI has benefited from the recent strong
Australian residential property market conditions.

The rating agency expects ATI's leverage will remain within the
rating tolerance threshold of 6.0x over the next 12-18 months, even
after taking into account the company's recent debt-funded
acquisition of Groundsure, a UK property location intelligence
service. Groundsure offers property, environmental and land use
data for residential and commercial property clients. ATI increased
its debt with a term loan B add-on of AUD250 million to fund the
transaction.

Moody's expects the company's acquisitive strategy to pressure its
financial metrics, depending on the size and funding for
transactions. ATI has grown through acquisitions and continues to
look at acquisition opportunities in both the search and
decisioning and legal practice management spaces. However, Moody's
has noted that the company expects its acquisitions will be largely
bolt-on in nature and funded through operating cash flows, rather
than with debt.

ATI's credit quality is constrained by the company's relatively
small scale compared with global peer software companies.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's considers software and technology companies as exposed to
social risks through data protection/privacy and cybersecurity
risks.

In terms of governance, ATI's ownership is concentrated in its
controlling shareholder, Christian Beck. Moody's considers ATI's
financial policy as a risk, considering its debt-funded dividend
distribution and debt-funded purchase of a minority stake in an
affiliate overseas subsidiary also controlled by Christian Beck
that did not contribute a material earnings benefits to ATI in the
year it was bought in 2019. In fiscal 2021, the business is
expected to contribute around AUD27 million of EBITDA. That said,
ATI has not engaged in similar behavior over the last 12-18
months.

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

Moody's could upgrade the ratings if ATI demonstrates a track
record of sustained improvement in organic growth with Moody's
adjusted debt-to-EBITDA below 5.0x, positive free cash flow
generation and increased scale compared to global peers.

Conversely, Moody's could downgrade the ratings if ATI's adjusted
debt-to-EBITDA exceeds 6.0x on a sustained basis or if the company
continues to fund its acquisitions or dividend payouts with debt,
resulting in elevated financial leverage.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Australian Technology Innovators Pty Limited is a holding company.
It fully owns LEAP Legal Software Pty Limited (LEAP).

LEAP provides a cloud-based legal practice management platform to
small and medium-sized Australian legal and conveyancing firms.

InfoTrack Pty Limited is a premium cloud-based
Software-as-a-Service integrated search and services platform for
professionals.

BIGNELL PANEL: First Creditors' Meeting Set for July 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bignell
Panel Browns Plains Pty Ltd will be held on July 9, 2021, at 10:00
a.m. via virtual meeting technology.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Bignell Panel on June 29, 2021.


CLUB CULTURE: Charges Brought Against Director
----------------------------------------------
Victoria Renee Ingrid Larsen of Aberfoyle Park, SA, has been
charged with two counts of exercising power as a director of a
company while it was in liquidation and making a false or
misleading statement in a document lodged with the Australian
Securities and Investments Commission (ASIC).

Ms. Larsen was the sole director of Club Culture Pty Ltd ACN 104
943 615.

On Nov. 30, 2016, Club Culture was wound up in insolvency and a
liquidator was appointed to the company.

Following an ASIC investigation, it is alleged that when Club
Culture was in liquidation, Ms. Larsen, without the permission of
the liquidator, filed an originating application in the name of
Club Culture in the Federal Court of Australia. It is also alleged
that Ms Larsen lodged a form on behalf of Club Culture with ASIC,
without the permission of the liquidator.

ASIC also alleges that Ms. Larsen lodged an application to register
a business name with ASIC on behalf of Club Culture. It is alleged
she knowingly made a false or misleading statement by falsely
declaring that the information on the form was complete and
accurate and that she was authorised to make the application on
behalf of Club Culture. ASIC alleges that information was false or
misleading because Ms. Larsen did not have the permission from the
liquidator to lodge the form to register a business name on behalf
of Club Culture.

Ms. Larsen appeared in the Adelaide Magistrates Court on June 18,
2021. The matter was adjourned for a pre-trial conference on
August 12, 2021 at the Adelaide Magistrates Court.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Ms Larsen has been charged with contravening:

    * s471A of the Corporations Act 2001 (Cth). At the time of the
conduct, a contravention of s471A attracted a maximum penalty of 25
penalty units or imprisonment for six months, or both;

    * s198G of the Corporations Act 2001 (Cth). At the time of the
conduct, a contravention of s198G attracted a maximum penalty of 25
penalty units; and

    * s1308(2) of the Corporations Act 2001 (Cth). At the time of
the conduct, a contravention of s1308(2) attracted a maximum
penalty of 200 penalty units or imprisonment for five years, or
both.


DSO INVESTMENTS: First Creditors' Meeting Set for July 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of DSO
Investments Pty Ltd will be held on July 6, 2021, at 10:00 a.m. at
the offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.

David Michael Stimpson and Anne Meagher of SV Partners were
appointed as administrators of DSO Investments on June 24, 2021.



FUTUREYE PTY: First Creditors' Meeting Set for July 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Futureye Pty
Ltd will be held on July 9, 2021, at 3:00 p.m. at the offices of
Romanis Cant, 2nd Floor, 106 Hardware Street, in Melbourne,
Victoria.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Futureye Pty on June 29, 2021.


NPH GROUP: Second Creditors' Meeting Set for July 7
---------------------------------------------------
A second meeting of creditors in the proceedings of NPH Group Pty
Ltd, formerly trading as Macquarie Constructions Group, has been
set for July 7, 2021, at 11:00 a.m. via Zoom teleconferencing.

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


POLARIS COMMUNICATIONS: Second Creditors' Meeting Set for July 7
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Polaris
Communications Pty Ltd has been set for July 7, 2021, at 11:00 a.m.
via online video conference using Zoom Meetings.

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 5:00 p.m.

Sam Kaso and Daniel Juratowitch of Cor Cordis were appointed as
administrators of Polaris Communications on June 1, 2021.


RAPID LOGISTICS: First Creditors' Meeting Set for July 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rapid
Logistics Group Pty Ltd will be held on July 9, 2021, at 11:00 a.m.
via video conference.

Danny Vrkic of DV Recovery Management was appointed as
administrator of Rapid Logistics on June 29, 2021.


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

The ratings reflect the following factors:

-- The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes, which is commensurate with the ratings assigned. Credit
support is provided by subordination, excess spread, if any, and a
loss reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account BC
Securities' underwriting standards and approval process, and the
servicing quality of BC Asset Management Pty Ltd.

-- That the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

-- The counterparty exposure to Australia and New Zealand Banking
Group Ltd. as bank account provider.

-- The legal structure of the trust, which is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

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

  Ratings Assigned

  Ruby Bond Trust 2021-1

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


TBC 19: First Creditors' Meeting Set for July 8
-----------------------------------------------
A first meeting of the creditors in the proceedings of TBC 19 Group
Pty Ltd will be held on July 8, 2021, at 12:00 p.m. via virtual
meeting.

Michael Carrafa and Peter Gountzos of SV Partners were appointed as
administrators of TBC 19 on June 28, 2021.




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

CHINA AIRCRAFT: Fitch Assigns 'BB+' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned China Aircraft Leasing Group Holdings
Limited (CALC) a Long-Term Issuer Default Rating (IDR) of 'BB+' and
a Short-Term IDR of 'B'. The Outlook on the Long-Term IDR is
Stable.

State-owned China Everbright Group (CEG) owns 18% of CALC's
effective equity interest through China Everbright Limited (CEL,
BBB/Stable). Under Fitch's Non-Bank Financial Institutions Rating
Criteria, a subsidiary deemed of "limited importance" is usually
rated at least two notches below the parent or notched up from its
stand-alone rating.

In this case, Fitch elected to provide a two-notch rating uplift
from CALC's standalone credit profile of 'BB-'. The bottom-up
approach is driven mainly by CEG's limited shareholding control,
and the two-notch uplift reflects a higher degree of strategic
alignment than most entities Fitch deems to be of limited
importance.

CALC is an aircraft lessor with global capabilities, but focuses
mainly on lessees based in China. It was established in 2006 and
listed on Hong Kong Stock Exchange in 2014.

KEY RATING DRIVERS

CALC's IDR is based on a combination of its standalone credit
profile of 'BB-' and two notches of rating uplift from its
standalone credit profile, reflecting Fitch's expectation for
modest potential support from state-owned CEG and the affiliated
entities within the group, including China Everbright Bank Company
Limited (BBB/Stable).

Fitch views CALC as having a limited degree of strategic importance
to CEG. This reflects the limited shareholding control, the lack of
common branding and complexities on legal commitments to CALC
spanning CEG and CEL.

This is somewhat offset by the strong linkage between CEG and CALC,
the importance of CALC's operations to CEG's "Four-Three-Three"
development strategy, which includes the objective of cultivating a
world leading aircraft lessor, and CEG's strong operational and
managerial control over CALC with a record of providing ordinary
funding and liquidity support to CALC. CEG's development strategy
was approved by China's Ministry of Finance and China Huijin
Investment Ltd, an investment company wholly owned by Chinese
government.

Fitch's assessment of CALC's standalone credit profile reflects a
smaller scale, high leverage and high lessee and geographic
concentration relative to other higher-rated peers, as well as
significant financing and refinancing needs related to a large
order book and substantial debt maturities in the next two to three
years. On the other hand, the company's quality fleet and limited
exposure to troubled airlines, adequate liquidity as well as
resilient air traffic in China mitigate these risks.

CALC's leverage - measured by debt-to-tangible equity - is high,
ranging between 9.0x and 10.0x from 2017 to 2020, against 2.0x to
4.0x for most other Fitch-rated lessors. As such, CALC has limited
headroom to withstand potential asset-quality deterioration from
its small and concentrated portfolio. Nonetheless, the company's
liquid and young narrow-body aircraft portfolio and its limited
exposure to troubled or bankrupt airline companies reduce potential
impairment risk and support its operating cash flow. The company
indicates that it intends to reduce leverage from the current high
level, partially supported by earnings generation from its fleet
portfolio and trading activities.

CALC's owned fleet at end-2020 consisted of 103 aircraft with a
weighted-average (WA) age of 5.7 years and a WA remaining lease
term of 7.6 years. The portfolio had a net book value (NBV) of
about USD3.3 billion and comprised mainly the popular Airbus A320
family and Boeing 737 aircraft. Fitch estimate 90.5% of CALC's
portfolio was Tier 1 assets, in line with the average of Tier 1
fleets across Fitch-rated lessors.

CALC's exposure to lessees domiciled in China is high with around
70.6% of its portfolio (based on Fitch estimates of aircraft
values) leased to Chinese airlines. Nonetheless, the Chinese
economy has been resilient during the pandemic and the recovery of
domestic air traffic has been strong. In addition, CALC's exposure
is mainly to three large domestic airlines and their affiliates,
which benefit from government support in Fitch's view.

In a similar way to global peers, CALC has provided rental
deferrals to clients during the pandemic but Fitch estimates the
size of the deferrals was low at around 7% of lease revenue in
2020. Impairment losses due to lease restructurings accounted for
0.3% of its NBV, which was modest compared with other Fitch-rated
lessors.

CALC has a large order book of 253 aircraft: total aircraft
purchase commitment was HKD98 billion (USD12.6 billion) at
end-2020, with deliveries through 2027. Its financing needs in 2021
include maturing debt of HKD12.5 billion (USD1.6 billion) and
substantial aircraft purchase commitments, but Fitch expects CALC's
liquidity coverage ratio for the next 12 months will remain
adequate. CALC's funding and liquidity benefits from its large
undrawn committed and uncommitted credit lines, its continued
access to secured and unsecured market, and ordinary support from
CEG and its affiliates. The company gradually increased unsecured
debt to 59% of total debt by end-2020, from 38% at end-2017, and
this improved its financial flexibility. Its unencumbered assets
adequately covered its unsecured debt at 1.1x at end-2020.

The Stable Outlook on the IDR reflects Fitch's expectation that
CALC will maintain a credit profile with sufficient liquidity to
support the large order book, supported by a more stable operating
environment in China, and the company's operational linkage with
CEG will not change substantially. The Stable Outlook also reflects
the stable credit profiles of CEL and CEG.

RATING SENSITIVITIES

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

-- A material deterioration in asset performance; heightened risk
    appetite for growth beyond Fitch's expectations; leverage in
    excess of 10x on a sustained basis; reduced unsecured funding
    below 50%; and/or reduced liquidity relative to debt
    maturities and order book commitments, could result in a
    reduction in Fitch's assessment of CALC's standalone credit
    profile, and thus, the IDRs.

-- A weakening in the linkage between CEG and CALC, such as a
    dilution in ownership and/or control; or a reduction in CALC's
    strategic role to CEG; or reduced liquidity support from CEG
    and its affiliates, would also lead to a downgrade.

-- The ratings also remain sensitive to materially adverse
    developments with respect to the coronavirus pandemic,
    particularly if they have an outsized impact on China, CEG,
    CEL, or CALC.

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

-- A decrease in leverage to below 5.0x on a sustained basis
    without deterioration in its asset quality and profitability,
    coupled with strengthened funding and liquidity relative to
    its financing needs, could lead to an improvement in Fitch's
    assessment of CALC's standalone credit profile, and thus, the
    IDRs.

-- Strengthened linkages between CALC and CEG could be positive
    for the rating, which could arise from more explicit legal
    ties between CALC and CEG, or a meaningful increase in CEG's
    shareholding and control through board representation in CALC
    could also lead to an upgrade.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

SEAZEN HOLDINGS: Moody's Assigns Ba1 Rating to Proposed USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to the proposed USD notes to be issued by New Metro Global
Limited and guaranteed by Seazen Holdings Co., Ltd. (Seazen
Holdings, Ba1 stable).

New Metro is a wholly-owned subsidiary of Seazen Holdings, which is
a 67.2%-owned subsidiary of Seazen Group Limited (Seazen Group, Ba1
stable).

Seazen Holdings plans to use the proceeds from the proposed notes
to refinance its medium to long term offshore debts that will
become due within one year.

RATINGS RATIONALE

"Seazen Holdings' Ba1 corporate family rating (CFR) reflects the
company's solid sales execution ability, sizable operating scale,
growing stream of recurring rental income and strong financial
metrics as well as good liquidity," says Kaven Tsang, a Moody's
Senior Vice President.

"Meanwhile, the company's Ba1 CFR is constrained by its exposure to
the regional economy of the Yangtze River Delta region and
significant exposure to joint ventures (JVs)," adds Tsang, Moody's
Lead Analyst for Seazen Holdings.

The proposed bond issuance will lengthen Seazen Holdings' debt
maturity profile and improve its liquidity position without having
a material impact on its credit metrics, because the company will
use the proceeds to refinance its maturing debts.

Moody's expects Seazen Holdings' debt leverage, as measured by
revenue/adjusted debt, to remain strong at around 130% over the
next one to two years when compared with 129% in 2020. The
improvement will be driven by the company's stable revenue growth,
resulting from its robust contracted sales over the past two to
three years.

Moody's also forecasts Seazen Holdings' EBIT/interest coverage to
be largely stable at 4.5x-5.0x over the next one to two years, down
slightly from 5.0x in 2020 because of a likely slight decline in
its gross profit margin. Moody's expects the company's gross margin
to edge down to around 21% from 23% over the same period,
reflecting increasing land and operating costs.

Seazen Holdings' contracted sales grew a strong 37% to RMB94.6
billion for the first five months of 2021 largely due to the low
base in the corresponding period in 2020 caused by the coronavirus
pandemic. Moody's expects the company's contracted sales to grow
mildly at round 5% each year to around RMB260 billion in 2021 and
around RMB275 billion in 2022 as tightened onshore credit
conditions and the high base of comparison in the second half of
2020 will constrain growth. Nevertheless, the company's solid sales
execution ability and robust housing demand in its core market, the
Yangtze River Delta region, will support its growth over the next
one to two years.

There is no notching for the Ba1 senior unsecured bond rating of
the notes guaranteed by Seazen Holdings. Although most of the
company's claims are at the operating subsidiary level, its
diversified business profile — with cash flow generation across a
large number of operating subsidiaries and different business
segments, covering both property development and property
investment — mitigates structural subordination risks.

Seazen Holdings' liquidity is good. Moody's expects the company's
cash holdings, together with its cash flow from operating
activities, to be enough to cover its maturing debt (including
onshore puttable bonds) and committed land payments over the next
12-18 months. As of year-end 2020, the company had a cash balance
of RMB62.4 billion, which covered 2.6x of its maturing debt of
RMB23.9 billion as of the same date.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered Seazen Group's concentrated
ownership of about 67.2% stake in Seazen Holdings. Wang Zhenhua,
through Seazen Group, owned 45.7% of the company. The risk of
concentrated ownership is mitigated by the company's established
governance structures and standards that are required by the
relevant code for companies listed on the Shanghai Stock Exchange.
Seazen Group is also listed on the Hong Kong Stock Exchange and is
subject to the governance of the Exchange and the Securities and
Futures Commission of Hong Kong

With respect to dividend payment, Seazen Holdings has maintained
its payout ratio of less than 32% of its total net profit over the
past three years.

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

Seazen Holdings' rating could be upgraded if the company further
diversifies its land bank geographically and sustains its
contracted sales and rental income growth. At the same time, the
company maintains strong financial and liquidity profiles, with
increasing rental income that can largely cover its gross interest
expenses.

A significant reduction in contingent liabilities associated with
JVs or a decrease in the need to provide funding support to JVs
could also be credit positive.

Seazen Holdings' rating could be downgraded if its contracted sales
growth slows or the company pursues aggressive growth, such that
its credit metrics weaken. These include EBIT/interest coverage
falling below 4.0x, revenue/adjusted debt decreasing below 75%-80%
or rental income/interest coverage under 50%, all on a sustained
basis. A downgrade could also occur if its liquidity weakens, as
reflected by cash/short-term debt falling below 125%.

Downward pressure could also increase if the company's contingent
liabilities associated with JVs or the need to provide funding
support to JVs increases significantly.

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

Seazen Holdings Co., Ltd., founded in 1993 by Wang Zhenhua,
primarily engages in residential development and is listed on the
Shanghai Stock Exchange. It is a 67.2%-owned subsidiary of Seazen
Group Limited and has direct control over the group's assets, cash
flow and operations. As of the end of 2020, the company had a total
land bank with a gross floor area of 142.9 million square meters
spanning across 123 cities in China.



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

NEWOCEAN ENERGY: Posts US$479MM Net Loss For Year Ended Dec. 31
---------------------------------------------------------------
Manifold Times reports that Hong Kong-listed NewOcean Energy
Holdings Limited, the parent company of bunkering firm NewOcean
Fuel, on June 28 posted net loss for its audited financial year
ended December 31, 2020 (FY 2020).

The group posted net loss of USD478.7 million for FY 2020, compared
to net profit of USD82.8 million recorded during FY 2019, Manifold
Times discloses.

Its total revenue, spread across the liquefied petroleum gas (LPG),
oil/chemicals products, and electronic products businesses, was
HKD19.2 billion in FY 2020, down 31% when compared to HKD27.8
billion in FY 2019.

According to Manifold Times, among developments highlighted in the
latest financial statement was impairment losses of: (i) HKD610
million deposits paid for purchase of property, plant and equipment
related to the Group's refinery project in Malaysia, (ii) HKD178
million deposits paid for investment project of constructing a
hydrogen manufacturing plant in the PRC; and (iii) HKD39 million
trade deposits paid to a supplier which was put into liquidation in
2021.

"Given that the Group is under debt restructuring, the Group is
short of capital resources to invest in existing projects, thus the
management decided to discontinue those projects, and make full
impairment provision," it stated.

Auditors of NewOcean, meanwhile, pointed out of the Group's current
borrowings of HKD6,620,843,000, HKD4,202,627,000 were overdue,
Manifold Times relays.

"In addition, based on the financial position of the Group as at
Dec. 31, 2020, the Group was not in compliance with certain
restrictive financial covenants and certain borrowings of the Group
contain cross-default terms, causing borrowings of the Group of
HKD2,418,216,000 as at Dec. 31, 2020 to become immediately
repayable in accordance with the respective loan agreements whereas
the Group only had cash and cash equivalents of HKD873,742,000 as
at Dec. 31, 2020," the auditors, as cited by Manifold Times,
stated.

"These conditions, together with other matters described in Note 1A
to the consolidated financial statements, indicate the existence of
material uncertainties which may cast significant doubt on the
Group's ability to continue as a going concern."

Directors of NewOcean are undertaking a series of measures to
improve the Group's liquidity and financial position, to refinance
its operations and to restructure its debts, according to the
auditors.

Amongst measures determining NewOcean's ability to continue
operating as a going concern is, "whether the Group can
successfully take measures to down size the oil products business
to reduce operating cost," they wrote, adds Manifold Times.

Based in Hong Kong, NewOcean Energy Holdings Limited --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments. The Sales and Distribution of LPG segment is mainly
engaged in the sales of LPG to various customers. The Oil Products
Business segment is mainly engaged in the sales of oil products to
both wholesaler and retailer customers, as well as leasing of oil
vessels. The Sales of Electronic Products segment is mainly
involved in the trade of electronic products, such as integrated
circuit and mobile phones.


NEXT DIGITAL: To Shut Down Today Amid China Pressure
----------------------------------------------------
Felix Tam at Bloomberg News reports that Next Digital Ltd, which is
owned by now-jailed media tycoon and activist Jimmy Lai, will cease
operations today, July 1, according to an internal memo to staff.

The listed Hong Kong company is the publisher of the now-shuttered
pro-democracy newspaper Apple Daily, which closed last week after
Hong Kong authorities used a China-imposed national security law to
arrest top editors and executives, Bloomberg says.

According to Bloomberg, the popular newspaper's demise generated
renewed concerns about declining press freedom in Asia's main
financial center. China's actions were condemned by U.S. President
Joe Biden, who said it was a "sad day for media freedom in Hong
Kong and around the world," adding that "Beijing has insisted on
wielding its power to suppress independent media and silence
dissenting views."

Under Hong Kong trading rules, the city's exchange operator can
cancel a listing if a company goes into liquidation or if a firm's
business "is no longer suitable for listing," among other reasons.
In such a scenario, a firm's outstanding shares can move onto an
over-the-counter system which allows shareholders to dispose of
their stock typically at a steep discount -- should they find any
buyers at all.  Next Digital shares have been suspended since June
17, Bloomberg notes.

Next Digital Limited -- http://www.nextdigital.com.hk/investor/
--is a Hong Kong-based investment holding company principally
engaged in media and publishing businesses. The Company operates
through three segments. Digital segment is engaged in Internet
advertising, Internet subscription, content provision and the
development of mobile games and applications in Hong Kong, Taiwan
and America. Newspapers Publication and Printing segment is engaged
in the sales of newspapers and the provision of related newspapers
printing and advertising services in Hong Kong and Taiwan. Books
and Magazines Publication and Printing segment is engaged in the
sales of books and magazines, as well as the provision of books and
magazines printing and advertising services in Hong Kong, Taiwan,
North America, Europe and Oceania.




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

AADYA MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aadya Motor
Car Company Private Limited (AMCCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          41        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            115.75     CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      13.26     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               39.99     CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

AMCCPL, set up in 2009 by Mr. V Ramananand Rao, is an authorised
dealer for Audi cars in Mumbai. The company, with trade name, Audi
Mumbai West, operates one showroom in Andheri, Mumbai.


AIR INDIA: Devas Joins Cairn in Seeking to Seize Overseas Assets
----------------------------------------------------------------
Upmanyu Trivedi and Anurag Kotoky at Bloomberg News report that
Devas Multimedia Pvt., a company seeking over $1.2 billion it won
in international arbitration from India, has joined Cairn Energy
Plc in seeking to seize Air India Ltd.'s assets abroad.

Calling the flagship airline an "alter ego" of the Indian state and
therefore liable for the sovereign's debts, Devas filed a petition
in New York asking Air India to pay the amount or forfeit its U.S.
property including planes, cargo handling equipment and artwork,
according to Bloomberg.

Bloomberg relates that the move may threaten India's much-delayed
plans to sell the indebted loss-making carrier and risks denting
India's image as an investment destination. India last year
suffered two big losses in international arbitrations -- the $3
billion tax dispute with Vodafone Group Plc and the $1.2 billion
dispute with Cairn. India has challenged both rulings.

Around the time of Cairn's petition in May, Indian authorities
asked state-run banks to protect their dollar deposits on concern
that these could also be at risk of seizure, Bloomberg News had
reported.

According to Bloomberg, Indian authorities and Devas are engaged in
multiple court cases globally in which Devas seeks the award money
while India wants to liquidate the company and investigate an
alleged fraud.

The dispute goes back to 2011, when an Indian state-owned company
Antrix Corp. annulled an agreement with Devas citing force majeure.
Devas said in its petition that the annulment eroded the value of
its multi-million dollar investments. An arbitration tribunal in
2020 awarded Devas more than $111 million plus interest. Devas also
won $562.5 million in damages plus interest from separate
proceedings at the International Chamber of Commerce.

Devas said Antrix has paid neither of these, Bloomberg relays.

India's top court in November had halted implementation of the $1.2
billion award after the country's Attorney General K.K. Venugopal
denied possibility of a settlement saying Indian authorities have
"discovered a serious fraud in the entire series of transactions
leading up to the disputes including the arbitration agreement,"
Bloomberg relays. Lawyers for Devas had denied the allegations.

On a petition by Antrix, a company court in India last month
ordered winding up Devas. An appeal is pending hearing in an
appellate court.

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports.  It
is headquartered at the Indian Airlines House in New Delhi.


BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bala Balajee
Textiles Limited (BBTL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.39        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           13          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      1.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash         6.64        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Term Loan             21.47       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BBTL for
obtaining information through letters and emails dated November 21,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its spinning
unit is in West Godavari district in Andhra Pradesh.


BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavi
Creations (BC) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit              5.5        CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Long Term
   Bank Loan Facility       4.5        CRISIL D (Issuer Not
                                       Cooperating)

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

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

Detailed Rationale

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

BC is a proprietorship firm set up in 1970, by Mr Pritpal Singh.
The Delhi-based firm trades in various types of fabrics, including
cotton, denim, suiting and shirting.


CAREER COACHING: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Career
Coaching (Alld) Private Limited (CCPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

CCPL, established in 2004 by Mr. Zafar Bakht and Mr. Saeed Fatima,
provides coaching services for various entrance examinations at its
coaching institutes located in Allahabad (Uttar Pradesh).


CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chem Star
International Private Limited (CIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

CIPL, set up in 2011, trades in shrimp. The Nellore (Andhra
Pradesh)-based company has been promoted by Mr Shaik Mahaboob and
his family members.


CORE PLASTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Core Plasto
Enterprises (CPE) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan               2         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up as a partnership firm in 2007 in Chennai, CPE manufactures
plastic injection molds primarily for use in home appliances. The
company's products include table top wet grinders, mixer grinders
and plastic dash board components for 4-wheelers. Mr. Renny Jose
and his brother Mr. Reji Jose manage the operations.


DEEPAK DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepak
Diamonds Private Limited (DDPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Post Shipment            3.6        CRISIL D (Issuer Not
   Credit                              Cooperating)

   Proposed Long Term      14.5        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Export Packing Credit   18.9        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with DDPL for
obtaining information through letters and emails dated January 30,
2021 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DDPL was initially set up as a partnership concern in 1988, and
reconstituted into a private limited company on July 14, 2014, and
renamed DDPL. The company is a family-run business, promoted by Mr
Parshottam Patel, his wife, Mrs Savita Patel and son, Mr Vijay
Patel.

The company mainly manufactures and trades in brown and white
diamonds, in the range of 0.5-20 points (100 points equals 1
carat). It has recently ventured into manufacture and export of
solitaires. Manufacturing facility is at Surat.


DHARMRAJ ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dharmraj
Aluminium Industries Private Limited (DAIPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             20        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

DAIPL, incorporated in 2011, manufactures aluminium ingots. The
company is currently promoted and managed by Mr. Vijay C Gujar and
Mr. Bharat B Gujar. DAIPL has a manufacturing facility in
Aurangabad (Maharashtra) with a capacity of 18,000 tonne per
annum.


DINODIA EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dinodia
Educational Society (DES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               12        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

DES, established in 2008, is operating a school near Siliguri, West
Bengal, under the name G D Goenka Public School, Siliguri (GDGPSS).
DES is associated with the GD Goenka group of schools, and all the
facilities have been built up and the school is operated under the
ageis of the group. The school is located at Dagapur, around 7 Km
away from the city of Siliguri, West Bengal, and is spread over an
area of 7.32 acres. GDGPSS has commenced operation from 2009-10 and
operate classes from Nursery to class XII under the affiliation of
Central Board of Secondary Education.


DWARIKAMAYEE BHANDAR: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dwarikamayee
Bhandar (DB; part of Maa Kalika group) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.7        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          5.8        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

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

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


ESSEM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Essem Jute
Industries Limited continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.4         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      2           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.9         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Essem was set up in Kolkata by Mr. Tarun Mall and Mr. Kailash Kumar
Jhawar in December 2002. The company manufactures jute products
such as jute yarn, hessian cloth, and bags. The company's
facilities are in Cooch Behar (West Bengal).


FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Fenix Process
Technologies Private Limited (FPTPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            6.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.02       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              6.48       CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         8.00       CRISIL D (Issuer Not
   Credit                            Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2006 and based in Pune, FPTPL is promoted by Mr. M
V Rao. The company undertakes process engineering and
manufacturing, involving the provision of complete design,
engineering, and equipment solutions for distillation and other
mass-transfer operations.


FINOLITE CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Finolite
Ceramic (FC) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.0        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             15.0        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with FC for
obtaining information through letters and emails dated December 30,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2015, FC is a partnership firm of Mr Digesh
Durlabhjibhai Aghara, Mr Nileshkumar Anantrai Mendapara, Mr
Ramnikbhai Anantrai Mendpara, Mr Kishorbhai Premjibhai Varasada, Mr
Dineshbhai Kanjibhai Kothiya, and Mr Ashishbhai Hansrajbhai
Kalariya. The company manufactures ceramic and vitrified tiles at
its facility in Morbi, Gujarat with installed capacity of 90000
MTPA.


GANESH METALIKS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ganesh
Metaliks Limited (SGML) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            79         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      14          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            189.5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1990, EFEPL undertakes engineering, procurement,
and construction of fire protection systems such Incorporated in
2003, SGML manufactures sponge iron and billets. The company has
its manufacturing facility at Sundergarh, Odisha, with sponge iron
and billet capacities of about 400 and 30 tpd, respectively. SGML
has commissioned an 18-MW waste heat recovery-based power plant, a
14 MW fluidised bed combustion-based power plant, and an induction
furnace and coal washery, with capacities of 300 and 150 tpd,
respectively.


GO AIRLINES: Planned IPO Put on Hold by India Market Regulator
--------------------------------------------------------------
Ragini Saxena at Bloomberg News reports that Go Airlines India
Ltd.'s plans to raise INR36 billion ($485 million) via an initial
public offering have been put on hold by India's market regulator,
dealing another blow to the debt-laden carrier whose business has
been decimated by the coronavirus pandemic.

Bloomberg relates that Go Airlines' share sale documents will be
"kept in abeyance," the Securities and Exchange Board of India said
in a filing on June 28, without specifying the reason why.

A spokeswoman for Go Airlines said the company hasn't received any
communication from Sebi.

That delay is sure to be damaging to Go Airlines, which was
depending on the IPO proceeds to repay debt and dues to creditors
including Indian Oil Corp. Go Airlines, a no-frills carrier
controlled by the Wadia Group, is saddled with obligations that
totaled around INR81.6 billion as of mid-April, according to its
preliminary prospectus, Bloomberg relays.

Any recovery in air travel in India also looks to be postponed,
with fears record vaccinations may not stop a deadly third wave.
Indian carriers will need about $5 billion to survive but only have
access to about $1.1 billion through share offerings and other
means, Bloomberg reports citing the CAPA Centre for Aviation.
IndiGo, India's biggest carrier, and the nation's flag carrier, Air
India Ltd., will account for the bulk of the $8 billion in losses
by 2022, CAPA said.

To survive, Go Airlines furloughed around 3,800 employees from
April through June last year and introduced graded pay cuts for
management staff, starting with 50% for the chief executive officer
and rising to 5%, according to its prospectus.

According to Bloomberg, the second biggest customer for Airbus SE,
Go Airlines has also deferred the induction of new aircraft due to
the pandemic and is in the process of re-negotiating with the
planemaker, it said. Of the 144 Airbus A320 neo aircraft on order,
Go Airlines is awaiting delivery of 98 planes.

"The Covid pandemic has had an adverse impact on our business,
operating results, financial condition and liquidity, and the
duration and spread of the pandemic or another pandemic could
result in additional adverse impact," Go Airlines said in the sale
document.

GoAir is a low cost carrier based in Mumbai, India.


GVP INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GVP Infra
Projects Private Limited (GIPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               50        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GIPPL for
obtaining information through letters and emails dated November 21,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GIPPL operates a 15 megawatt hydro power project in Udupi district
in Karnataka. The operations of the company are managed by the
promoter, Mr. G Venkateswara Rao.


GVRMP DHARWAD: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GVRMP Dharwad
Ramanagar Tollway Private Limited (GDRTPL) continues to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              150        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GDRTPL for
obtaining information through letters and emails dated November 21,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GDRTPL is a special purpose vehicle (SPV) set up as a joint venture
between GVR Infra Projects Limited (51%), RMN Infrastructures Ltd
(25%) and Prathyusha Group (24%) in 2010. GDRTPL has entered into a
30 year concession agreement with Karnataka Road Development
Corporation Limited to widen and maintain SH-34 from Dharwad to
Ramanagar (Karnataka) for a total length of 61.4 kms on BOT-toll
basis.


ICONIC CASTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Iconic
Castings Private Limited (ICPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest         1.51      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Term Loan              11.07      CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012, ICPL is promoted by Mr Sandeep Pore and Mr
Sachin Pore. It manufactures graded cast iron and spheroidal
graphite iron castings and machined components, which are used in
automobile and engineering industries. The factory unit is located
at Village Tardal, Maharashtra.


K.J.L. POULTRIES: CRISIL Withdraws C Rating on INR33cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
K.J.L. Poultries Private Limited (KJL) on the request of the
company and after receiving no objection certificate from the
bank.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           33        CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Funded Interest       4.18      CRISIL C (ISSUER NOT
   Term Loan                       COOPERATING; Rating Withdrawn)

   Long Term Loan       24.02      CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    6.20      CRISIL C (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with KJL for
obtaining information through letters and emails dated November 30,
2020 and May 19, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KJL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on KJL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
KJL to 'CRISIL C Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
KJL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Sri Lakshminarasimha
Poultry Farms Private Limited (SLNP) and KJL, together referred to
as the Sri Lakshmi Narasimha group. This is because both the
companies are under a common management and have considerable
operational and business synergies with each other.

Set up in 2004, SLNP is engaged in the poultry business. SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business. KJL is also
promoted by Mr. Satyanarayana Raju and his family members.

KOHENOOR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kohenoor
Industries (KI; part of Maa Kalika group) continues to be 'CRISIL D
Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

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

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


MAA KALIKA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maa Kalika
Bhandar (MKB) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           22.5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

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

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


MANJEERA HOTELS: CRISIL Lowers Rating on INR13cr Term Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Manjeera Hotels and Resorts Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL BB+/Stable/CRISIL A4+'. The ratings downgrade reflects
the delays in servicing of term loan.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Bank           1         CRISIL D (Downgraded from
   Guarantee                         'CRISIL A4+ ')

   Proposed                3         CRISIL D (Downgraded from
   Overdraft                         'CRISIL BB+/Negative')
   Facility                
                                     
   Proposed Term Loan      8         CRISIL D (Downgraded from
                                     'CRISIL BB+/Negative')

   Term Loan              13         CRISIL D (Downgraded from
                                     'CRISIL BB+/Negative')

The rating continues to reflect exposure to risks related to
cyclicality in the hospitality sector amidst the Covid-19 pandemic
and funding support extended to the associate companies. The above
mentioned weaknesses are partially offset by established position
of the group in the hospitality industry.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has taken a
consolidated view of MHRPL and its subsidiary Manjeera Hospitality
(Rajahmundry) Private Limited (MHPL) because of operational
synergies, inter-party transactions between these entities, common
management, and fungible cash flows.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to cyclicality in the hospitality
sector and to the Covid-19 pandemic: The hotel industry is
vulnerable to changes in the domestic and international economies.
Due to Covid-19, occupancy is has come down, leading to an expected
decline in revenue by 60-65% in fiscal 2021. As the cost of
operating premium properties remains moderately high even during
downtrends, the cash flow from these is therefore more susceptible
to economic downturns.

* Significant fund support to associates: MHRPL has extended
significant fund support to associates from its surplus funds.
Timely collection on the loans will remain a key rating sensitivity
factor.

Strengths:

* Established position in the hospitality industry: With operations
for around two decades, the group has an established position in
the hospitality industry in Hyderabad. It currently owns two hotels
in Hyderabad, Aditya Park and Radisson, and is developing a hotel,
convention centre and a mall with multiplex.

Liquidity: Poor

Liquidity profile is poor as reflected by default in debt
servicing.

Rating Sensitivity factors

Upward factors

* Track record of timely repayment of term loans for three months
* Improvement in occupancy rate leading to net cash accrual of
above INR9 crore.

The Manjeera group is promoted by Mr G Yoganand. MHRPL
incorporated in 1995, owns two hotels: Aditya Park (3-star hotel in
Ameerpet) and Radisson (5-star hotel in Gachibowli) in Hyderabad.

MHPL was incorporated in December 2016. The company is developing a
hotel (4-star), convention centre and a mall with multiplex in
Rajahmundry.


MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manraash
Processors continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.05        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           2           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        5.61        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2           CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with Manraash for
obtaining information through letters and emails dated November 21,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Manraash, set up in 2012, is a partnership firm based at Jetpur,
Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh
Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience
of over two decades in textile processing, dyeing and printing.
Production began in October 2015.


MSR ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSR
Enterprises continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           8        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              2.9      CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 1995, MSR Enterprises (MSR) is engaged in laying of
distribution lines, erection of electrical substations and
transformers, and refurbishment of old distribution lines. MSR
majorly caters to all the four zonal power distribution companies
of Andhra Pradesh and derives its entire from them. The firm is
promoted by Mr. M Srinivasa Rao, a mechanical engineering graduate
who manages the operations of the firm.


RAJLABDHI INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajlabdhi
Infrastructure Private Limited (RIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               20        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated November 21,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RIPL was established in 2010 by Mr. Bhupendrabhai Ramanlal Patel.
The company has a presence in the residential real estate segment,
primarily in Ahmedabad and Gandhinagar. It is executing a
residential project, Rajlabdhi Heritage, in Gandhinagar, comprising
eight buildings. Mr. Patel manages RIPL's daily operations.


RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rana Farms
and Foods Private Limited (RFPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.6        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer farming
for production and sell of white shell eggs to wholesalers located
in Tamil Nadu, Kerala, Karnataka, Bangalore etc. The company has
its own poultry farm spread across an area of around 545acres in
Namakkal district of Tamil Nadu. Currently RFPL has egg production
capacity of around 2,00,000 eggs per day.


SCHOLARS ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scholars
Academy Education Trust (SAET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Proposed Long Term         5         CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

   Term Loan                 14         CRISIL D (Issuer Not
                                        Cooperating)

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

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

Detailed Rationale

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

SAET was founded on May 8, 2008, under the Indian Trust Act, 1882.
It promotes Scholar's Institute of Technology and Management, an
engineering college spread over a 10-acre campus in greater
Guwahati. The promoter, Mr Sudip Lodh, is also the proprietor of
Scholar's Academy, which is a coaching institute for engineering
and medical exams since 1994.


SENBO ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senbo
Engineering Limited (SEL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee       154.68       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          118.00       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     7.32       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SEL for
obtaining information through letters and emails dated November 30,
2020 and May 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Started as a partnership firm in the 1960s by Mr. Kajal Sengupta in
Kolkata, the firm was reconstituted as a private limited company in
1990 and incorporated as a public limited company in 2005. SEL
undertakes designing, engineering, and consultancy work for civil,
structural, and foundation engineering with specialisation in heavy
construction, piling, and underground tunneling for metro work. Mr.
Sengupta is the chairman and managing director of SEL.


SPECTRA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Spectra
Motors Limited (SML) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           54.75       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       6          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             33.75       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        5          CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1993 and promoted by Mr Bharat Bhushan Gupta and
family, SML was initially a dealer of Fiat vehicles; however in
1998 it obtained the dealership of Maruti. Currently, the company
has six showrooms and eight workshops in Mumbai apart from a
showroom and workshop in Surat (Gujarat). It sells 1000-1100
vehicles a month.


SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sreevalsam
Educational Trust (SET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Proposed Long Term       6.48        CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

   Term Loan               53.52        CRISIL D (Issuer Not
                                        Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1990, SET undertakes engineering, procurement, and
construction of fire protection systems such SET, based in Thrissur
(Kerala), was set up in 2010, and is setting up a medical college,
SIMS, in Edappal (Kerala). The institute will offer a five-year
undergraduate course in medicine, and is likely to commence
operations in 2017-18 (refers to financial year, April 1 to March
31).


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

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        10.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.00       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft      4.75       CRISIL D (Issuer Not
   Facility                          Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2005 and based in Hyderabad, SIPL is promoted by Mr
Sudheer Suryadevara. The company is engaged in infrastructure works
including transmission and windmills.




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

LEOPARD TWO: Fitch Affirms BB Rating on 2 Note Classes
------------------------------------------------------
Fitch Ratings has affirmed the class A notes of L-MAP One Funding
Limited at 'AA-sf' and maintained a Negative Outlook. Fitch has
affirmed the ratings of all notes issued by Leopard Two Funding
Limited with a Stable Outlook.

       DEBT                    RATING          PRIOR
       ----                    ------          -----
Leopard Two Funding Limited

Class A-1 XS0199335554   LT  AAAsf  Affirmed   AAAsf
Class A-2 XS0199335711   LT  AAAsf  Affirmed   AAAsf
Class B XS0199335984     LT  AAsf   Affirmed   AAsf
Class C XS0199336446     LT  Asf    Affirmed   Asf
Class D XS0199337097     LT  BBsf   Affirmed   BBsf
Class E XS0199337501     LT  BBsf   Affirmed   BBsf

L-MAP One Funding Limited

Class A XS0251152954 LT AA-sf  Affirmed  AA-sf

TRANSACTION SUMMARY

The transactions are securitisations of fully amortising mortgage
loans backed by multi-family apartment properties located
throughout Japan. The underlying properties of the transactions
were developed and managed by Leopalace 21 Corporation.

KEY RATING DRIVERS

Deterioration of Property Performance: The vacancy rates of the
transactions' underlying properties have increased since
Leopalace's announcement on the construction defects at its
properties in May 2018, especially in seven product lines, which
have been subject to a priority investigation over the cause. Fitch
has assumed that the reason for the high vacancy is the suspension
of leasing activities for the properties in order to complete the
investigation and the repair work. Leopalace announced in December
2020 that the completion of the repair work on all of its
properties was rescheduled to end-2024.

The other product lines' vacancy has also been stressed by the
prolonged Covid-19 pandemic due to a high concentration of
corporate tenants. According to data released by Leopalace, the
proportion of corporate tenants in its properties was 56.9% as of
end-March 2021. Fitch lowered Fitch's Japan GDP growth forecast for
2021 by 1.1pp to 2.5% after 1Q21 GDP contracted by 1.0%, weaker
than Fitch's expectations, reflecting the pressure on the economy
from the pandemic. Fitch expects the current stressed property
performance to continue in the near future, which was a
consideration in Fitch's derivation of the underlying properties'
cash flows during Fitch's model run.

Less CE in L-MAP One: L-MAP One has lower credit enhancement (CE)
than Leopard Two due to its target CE structure, where CE is capped
at 2x the initial CE until all subordinated tranches other than the
bottom are fully repaid. The Negative Outlook on L-MAP One's class
A notes reflects the increasing volatility in the underlying
property performance due to the construction issue and the
prolonged Covid-19 pandemic while the increase in CE is limited.

The affirmation of Leopard Two's notes reflects an improvement in
CE levels due to its sequential repayment structure. Fitch believes
these notes have sufficient cushion for their current ratings even
if the underlying properties' performance deteriorates.

Stable Loan Performance: A low interest rate environment and the
master lease structure in place have resulted in stable loan
performance since the closing of the transactions. There have only
been three defaults to date and the cumulative loss rate is very
low. No new default has occurred since the previous review in
August 2020. Deterioration of cash flow in the underlying
properties due to the construction issue will not have a direct
impact on the loan performance due to the master lease structure;
however, Fitch does not consider the master lease in the analysis.

Sufficient Liquidity Reserve: Fitch continues to believe both
transactions have available cash reserves to address liquidity risk
although their advance agents have yet to be replaced, as
stipulated under their transaction documents.

ESG - Governance: L-MAP One has an ESG Relevance Score of '5' for
Transaction Parties and Operational Risk due to the prolonged
construction issues, leading to underlying cash flow deterioration,
which has a negative impact on the credit profile, and is highly
relevant to its rating.

RATING SENSITIVITIES

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

-- Stable-to-improved loan and property performance, coupled with
    paydown that increases the CE, would lead to upgrades.

-- Upgrades of Leopard Two classes would occur with continued
    paydown and an increase of CE as well as improvement in
    underlying property performance.

-- Upgrades of L-MAP One classes would be limited based on its
    target CE structure, unless the performance of underlying
    properties improves substantially and CEs are increased
    sufficiently with a buffer to the relevant rating levels.

-- The 'AAAsf' rated notes are already at the highest level in
    Fitch's scale. The ratings of these notes cannot be upgraded.

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

-- A decline in the performance of the underlying properties and
    an increase in defaults or losses from underperforming loans
    would lead to downgrades.

-- Downgrades to the classes rated 'AAAsf' in Leopard Two are not
    considered likely as the current CEs are sufficient and we
    expect them to increase further by paydown.

-- Downgrades of other notes are possible should net cash flows
    decline unexpectedly, defaults occur or loss expectations
    increase.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

L-MAP One has an ESG Relevance Score of '5' for Transaction Parties
and Operational Risk due to the construction problems at the
underlying properties, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in the
lower rating with Negative Outlook.

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.



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

RURAL BANK OF CALOOCAN: Placed Under PDIC Receivership
------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Caloocan, Inc. from doing business in the
Philippines through MB Resolution No. 783.A dated June 24, 2021
which also directed the Philippine Deposit Insurance Corporation
(PDIC), as Receiver, to proceed with the takeover and liquidation
of the bank.  The PDIC took over the bank on June 25, 2021.

For the safety of the bank clients and local residents, the PDIC
field personnel complied with the health, quarantine and travel
protocols in accordance with Resolution No. 98-A issued by the
Inter-Agency Task Force for the Emerging Infectious Disease (IATF).
The same Resolution also authorized the PDIC personnel to travel on
official business unimpeded to ensure that the PDIC is able to
fulfill its mandates under the law.

Rural Bank of Caloocan, Inc. is a single-unit rural bank with Head
Office located at 55 A. Mabini St. cor. Damayan St., Maypajo,
Caloocan City and extension office at 571 A. Mabini St., Caloocan
City. Latest available records show that as of 31 March 2021, Rural
Bank of Caloocan, Inc. has 3,015 deposit accounts with total
deposit liabilities of PHP187.3 million, of which 73.6% or PHP137.8
million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below, and who have no outstanding obligations
nor have not acted as co-makers of obligations with Rural Bank of
Caloocan, Inc., are not required to file deposit insurance claims.
These individual depositors must ensure that they have complete and
updated addresses with the bank. Depositors may update their
addresses by submitting Mailing Address Update Forms (MAUF) until
July 8, 2021, either through the dropbox available at the bank
premises, or by sending a scanned copy of said Form and valid ID to
email address, caloocanrb-pad@pdic.gov.ph. MAUF will be made
available at the bank premises or may be downloaded from the PDIC
website at www.pdic.gov.ph.

Insurance payments for valid deposits with balances of
PHP100,000.00 and below will be made through postal money order and
targeted to be sent via mail starting on July 22, 2021.

For business entities and all other depositors who are required to
file claims for insured deposit, receiving of claims is targeted to
start by August 3, 2021.

Details will be announced through the PDIC website www.pdic.gov.ph,
and PDIC's official Facebook page, www.facebook.com/OfficialPDIC.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Rural Bank of Caloocan, Inc. and to
transact only with designated PDIC representatives. The procedures
for settlement of loan obligations are available in the PDIC
website.




===============
X X X X X X X X
===============

SOUTH ASIA: Risks 'Hidden Debt' Financial Crises, World Bank Warns
------------------------------------------------------------------
Suvashree Ghosh at Bloomberg News reports that South Asia's
reliance on state-led development is concealing vulnerabilities to
growing levels of unsustainable debt that could lead to financial
crises, the World Bank warned.

Bloomberg relates that governments in the region, including India
and Pakistan, are exposed to the risk of "hidden debt" via funding
guarantees by state-owned banks and enterprises, as well as
public-private partnerships, the World Bank said in a report
June 29, which also included policy reforms to help alleviate the
risks.

"While the government must lead in reform, it takes a concerted
effort by society to ensure that the off–balance sheet operations
of government serve the right socioeconomic purpose and responsibly
leverage public capital," the bank said in the report, Bloomberg
relays. "Falling short of this task, South Asian countries face the
threat of possible financial crises soon."

According to Bloomberg, the World Bank's recommendations include
clearly defining the purpose of the state-backed entities, as well
as ensuring transparency and data collection on explicit and
implicit debt obligations. In terms of debt funding for state-owned
enterprises, it recommended deeper and more liquid corporate bond
markets.

India, the region's biggest economy, is particularly vulnerable to
sovereign debt and funding risks, especially after the pandemic
shuttered businesses and left millions jobless, the report notes.

A key danger for India is the government's guarantee for debt
raised by state-owned entities for public-private infrastructure
projects. The coronavirus pandemic is likely to lead to the
cancellation of many of those projects, strain partnerships and hit
their viability, adding to the government's debt obligation, the
World Bank, as cited by Bloomberg, said.

The country accounts for 85% of the $328 billion invested in
public-private partnership projects in South Asia, and their early
termination poses a fiscal cost to India as high as $18.5 billion,
the most in the region, for the remainder of their contractual
periods, the World Bank said in the report, Bloomberg relays.

Across South Asia, a systemic crisis that triggers public-private
partnership failures could cost governments more than 4% of
revenues.

As well, governments are threatened by the liabilities of
loss-making state-owned enterprises, which totaled 3.3%, 4.9% and
14.7% of gross domestic product in, respectively, India, Sri Lanka
and Pakistan during 2017, according to the report cited by
Bloomberg.

"As governments rebuild from the shock of the Covid-19 pandemic and
strive to avert future financial crises, they should clearly
separate the social and commercial objectives of these enterprises
in order to reduce inefficiencies, while maintaining socially
beneficial investments," Bloomberg quotes Hans Timmer, chief
economist for South Asia, as saying in a statement.




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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.

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