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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 8, 2021, Vol. 24, No. 130

                           Headlines



A U S T R A L I A

ATELIER PROJECTS: First Creditors' Meeting Set for July 19
AUTOCARE SERVICES: Exits Voluntary Administration
BRICKS N MORE: First Creditors' Meeting Set for July 15
CONNECTEL PTY: Second Creditors' Meeting Set for July 15
FE INVESTMENTS: Second Creditors' Meeting Set for July 13

LIBERTY SERIES 2018-1: Moody's Ups Class E Notes Rating to Ba1 (sf)
M2A PTY: First Creditors' Meeting Set for July 19
PROJECT SUNSHINE IV: Moody's Withdraws B2 CFR on Thryv Acquisition
RESOURCE GENERATION: First Creditors' Meeting Set for July 14
SMILES INCLUSIVE: Final Scraps Passed to Brisbane Company

SSC ADMIN: Second Creditors' Meeting Set for July 14
TANDEM CORP: First Creditors' Meeting Set for July 13


C H I N A

FANTASIA HOLDINGS: Fitch Affirms 'B+' LT IDR, Alters Outlook to Neg
TD HOLDINGS: Regains Compliance With Nasdaq's Listing Requirements


H O N G   K O N G

CITIC RESOURCES: Moody's Withdraws Ba2 Corporate Family Rating
SEASPAN CORP: Fitch Rates Proposed Sr. Unsec. Notes 'BB(EXP)'


I N D I A

ANGELS PHARMA: CRISIL Lowers Rating on INR30cr Loans to D
BANGALORE BLUES: CRISIL Moves C Debt Ratings to Not Cooperating
BANSHIDHAR CONSTRUCTION: CRISIL Keeps B+ Rating in Not Cooperating
BOULDER REALCON: CRISIL Keeps B Debt Rating in Not Cooperating
ECR BUILDTECH: CRISIL Moves B+ Debt Rating to Not Cooperating

EQBAL INN: CRISIL Lowers Rating on INR6cr Loans to D
GAYATRI INDUSTRIES: CRISIL Lowers Rating on INR15cr Loans to B
GENOTYPIC TECHNOLOGY: CRISIL Raises Rating on INR5cr Loans to B+
GOL OFFSHORE: CRISIL Moves D Debt Ratings to Not Cooperating
GOLDEN SPINNING: CRISIL Keeps B Debt Ratings in Not Cooperating

HINDUSTAN TEXTILES: CRISIL Lowers Rating on INR20cr Loans to B
HIRA AUTOMOBILES: CRISIL Withdraws B+ Rating on INR25cr Cash Loan
JSW HYDRO ENERGY: Moody's Rates $707MM Senior Secured Notes 'Ba1'
KARVY FORDE: CRISIL Moves C Debt Rating to Not Cooperating
LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Rating in Not Cooperating

MADHURIMA INDUSTRIES: CRISIL Moves B Ratings to Not Cooperating
OM SRI LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating
OZONE INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
PRJC GROUP: CRISIL Moves B Debt Ratings to Not Cooperating
RAJESH RAYON: CRISIL Moves B Debt Ratings to Not Cooperating

RELIANCE COMMUNICATIONS: Lenders Mull Rebidding for Telco's Assets
S.T.S. & CO: CRISIL Keeps B Debt Ratings in Not Cooperating
SARAF TEXTILE: CRISIL Withdraws D Rating on INR7.69cr Loans
SEETARAMANJANEYA SORTEX: CRISIL Moves B+ Ratings to Not Cooperating
SOOCH EDUCATIONAL: CRISIL Moves B Debt Ratings to Not Cooperating

SUBHLENE FABRICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUPREME MANOR: CRISIL Keeps D Debt Rating in Not Cooperating
VIJAYA DURGA: CRISIL Keeps B Debt Ratings in Not Cooperating


I N D O N E S I A

TUNAS BARU: Moody's Rates New USD Senior Unsecured Notes 'B1'


N E W   Z E A L A N D

ASB SHOWGROUNDS: Site and Buildings Handed Over to Cornwall Park


S I N G A P O R E

BIOMEDICAL SCIENCES: Creditors' Proofs of Debt Due Aug. 7
DOCTOR'S LAUNDRY: Court Enters Wind-Up Order
KRISENERGY ASIA: Expressions of Interest Sought
MULHACEN PTE: S&P Affirms 'CCC+/C' ICRs, Outlook Stays Negative
TAMARIND RESOURCES: Expressions of Interest Sought

WORLD FUEL: Creditors' Proofs of Debt Due Aug. 10

                           - - - - -


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

ATELIER PROJECTS: First Creditors' Meeting Set for July 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Atelier
Projects Pty Ltd will be held on July 19, 2021, at 10:00 a.m. via
virtual meeting technology.

Craig Peter Shepard and Michael Korda of KordaMentha were appointed
as administrators of Atelier Projects on July 7, 2021.


AUTOCARE SERVICES: Exits Voluntary Administration
-------------------------------------------------
ATN reports that car carrier Autocare Services returns to parent
company Linx Cargo Care Group, having exited voluntary
administration on July 1, the latter announces.

It re-joins with a new operating model, leadership team, property
footprint and structure that "places the business on sustainable
footing into the future", Linx notes in a statement, ATN relays.

"The Voluntary Administration process for Autocare Services has
completed following the implementation and effectuation of its
creditor-endorsed Deed of Company Arrangement (DOCA) proposed by
Linx CCG.  

"The end of this process means control of Autocare Services has
been handed back to the company director by the administrators and
the business has re-joined Linx CCG.

"The decision to return Autocare Services to Linx CCG was resolved
by Autocare Services' creditors at the second creditors meeting in
June, with the overwhelming majority of creditors voting in favour
of the DOCA proposed by Linx CCG."

Outgoing Linx CEO Anthony Jones believes the vehicle logistics
business is now on solid footing, ATN relays.

"I'm confident the revised operating model breathes new life into
Autocare Services and enables the business to regain their momentum
in an increasingly competitive market that continues to see
extensive change," ATN quotes Mr. Jones as saying.

According to ATN, Autocare Services executive general manager Simon
Abela acknowledges the impact on stakeholders caused by the
tumult.

"This has been an incredibly challenging period for our people,
partners and customers but pleasingly, with their support, we've
been able to emerge from the voluntary administration process with
a structure and operating model that we are confident will bring
stability and ensure our viability moving forward," the report
quotes Mr. Abela as saying.

"As we transition out of Voluntary Administration as a stronger and
leaner entity, Autocare Services is well placed to deliver for our
customers, support our suppliers, and provide ongoing employment
and tenure for our people."


BRICKS N MORE: First Creditors' Meeting Set for July 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bricks N
More Pty Ltd will be held on July 15, 2021, at 11:00 a.m. via
teleconferencing facilities.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Bricks N More on July 5, 2021.


CONNECTEL PTY: Second Creditors' Meeting Set for July 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Connectel Pty.
Ltd has been set for July 15, 2021, at 2:00 p.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 14, 2021, at 4:00 p.m.

Justin Denis Walsh of Ernst & Young was appointed as administrator
of Connectel Pty on June 10, 2021.


FE INVESTMENTS: Second Creditors' Meeting Set for July 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of FE Investments
Group Limited has been set for July 13, 2021, at 10:00 a.m. via
teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 12, 2021, at 4:00 p.m.

Alan Walker of Walker Advisory & Capital Solutions were appointed
as administrators of FE Investments on June 5, 2021.


LIBERTY SERIES 2018-1: Moody's Ups Class E Notes Rating to Ba1 (sf)
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by Liberty Series 2018-1 Auto.

Issuer: Liberty Series 2018-1 Auto

Class D Notes, Upgraded to Baa1 (sf); previously on Dec 12, 2018
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Dec 12, 2018
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and performance of the underlying
portfolio to date.

Following the May 2021 payment date, the note subordination
available for the Class D and Class E Notes has increased to 13.7%
and 5.6% respectively, from 8.3% and 3.0% at closing.

As of end-May 2021, 7.5% of the outstanding pool was 30-plus day
delinquent and 3.9% was 90-plus day delinquent. The portfolio has
incurred AUD3.1 million (equivalent to 1.2% of the original note
balance) of losses to date, all of which have been covered excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected default assumption to 5.3% of the
original note balance (equivalent to 6.75% of the outstanding note
balance) compared with 7.1% at closing.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans, secured by motor vehicles, originated by
Liberty Financial Pty Ltd.

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

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

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

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

M2A PTY: First Creditors' Meeting Set for July 19
-------------------------------------------------
A first meeting of the creditors in the proceedings of M2A Pty Ltd,
trading as Meet Patty, will be held on July 19, 2021, at 12:00 p.m.
via virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of M2A Pty on July 7, 2021.


PROJECT SUNSHINE IV: Moody's Withdraws B2 CFR on Thryv Acquisition
------------------------------------------------------------------
Moody's Investors Service has withdrawn B2 corporate family and
senior secured ratings on Project Sunshine IV Pty Ltd (Sensis) and
its stable outlook, as the company has been acquired by Thryv Inc,
a provider of print and digital marketing services and Software as
a Service (SaaS) business management tools to small-to-medium-size
businesses.

RATINGS RATIONALE

Pursuant to the terms of the transaction, all rated debt at Sensis
was paid down. Moody's has withdrawn the B2 long term corporate
family rating and foreign currency senior secured bank credit
facility on Sensis. The outlook has been changed to rating
withdrawn from stable.

Project Sunshine IV Pty Ltd is the 100% owner of Sensis Pty Ltd,
which is Australia's leading provider of telephone directory
services. Sensis Pty Ltd prints and distributes the White Pages and
Yellow Pages directories in Australia, as well as operates various
online businesses. The White Pages business currently has 55 print
directories and an online presence. The Yellow Pages business also
currently has 55 print directories and an online presence.

RESOURCE GENERATION: First Creditors' Meeting Set for July 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Resource
Generation Limited will be held on July 14, 2021, at 3:30 p.m. via
virtual meeting technology.

William James Harris, Anthony Norman Connelly and Jason Preston of
McGrathNicol were appointed as administrators of Resource
Generation on July 2, 2021.


SMILES INCLUSIVE: Final Scraps Passed to Brisbane Company
---------------------------------------------------------
Business News Australia reports that unsecured creditors in
formerly ASX-listed, failed Gold Coast-based dental company Smiles
Inclusive have been dealt the final nail in the coffin of their
dreams to recover investments, including joint venture partner
(JVP) debt claims of close to AUD100 million.

BNA relates that following a creditor vote on June 30 in favor of
liquidating Smiles Inclusive's Totally Smiles (TS) dental practices
and corporate brand, a follow-up meeting determined the remaining
shell of the group would go to Brisbane-based Exit Solutions Ltd.

With the same administrators Tim Heenan and Luci Palaghia from
Deloitte appointed as liquidators of TS on June 30, the vote on the
fate of the Smiles Inclusive (SI) corporate entity was postponed by
two days in light of a Deed of Company Arrangement (DOCA) offered
by Exit Solutions, according to BNA.

On July 1 Heenan and Palaghia recommended SIL creditors agree to
the DOCA, which includes the release of security interests
understood to be "sufficiently substantial" to more than one
creditor.

BNA says the DOCA also entails a further AUD90,000 in fees to
administrators, who are already expected to receive around a third
of the AUD9.2 million recovered from asset sales, as well as a
AUD50,000 fee to deed administrator Nick Jim Combis of Vincents.

After the market closed on July 2, administrators announced on the
ASX that Smiles' creditors had accepted the arrangement, due to be
signed within 15 days of that date.

"The DOCA is expected to result in a greater return to one or more
secured creditors and reduce the overall loss to creditors as a
whole as compared to liquidation," the administrators said.

"Unfortunately, the Administrators do not anticipate any
distribution to unsecured creditors under the DOCA due to the terms
of the DOCA and the financial position of SIL on appointment.

As part of the deal the deed administrator will not be responsible
or liable for any debts incurred or claims made against Smiles
Inclusive, although a report from Deloitte states that during the
DOCA period Smiles will "pay all reasonably incurred debts as and
when they fall due", maintain all proper books and records while
giving Combis access to them, and comply with all tax obligations,
BNA relays.

BNA relates that the arrangement will come into effect once Exit
Solutions obtains at least 90 per cent of total issued shares in
Smiles Inclusive, or after 12 months if the shares are not obtained
within that timeframe.

According to BNA, the Deloitte report noted Smiles Inclusive
employees would be given the same priority as if the company were
liquidated, although it claimed the only employee it was aware of
was former CEO and founder Mike Timoney who "may have been employed
on an executive services agreement with SI and [is] as such an
excluded employee".

In their initial report, the administrators noted Timoney had
lodged a proof of debt (POD) worth AUD178,000 in unpaid notice
entitlements, although they added there were legal proceedings
brought by Smiles Inclusive against Timoney and former chairman
David Herlihy claiming AUD124,000 in allegedly unauthorised or
overpaid transactions.

By the time the initial report was published prior to liquidation,
administrators had received AUD96.7 million worth of PODs from
JVPs, relating to: crystallised profit share claims pursuant to
joint venture agreements (JVAs); minimum guaranteed payments as a
result of alleged termination of a JVA; the guaranteed buy-backs of
practices; the alleged misrepresentation and deceptive conduct or
claims for breach of representations and warranties under JVAs;
lost capital invested in Smiles Inclusive; and other disputes,
according to BNA.

"These PODs have not been adjudicated at this stage as PODs are
generally only adjudicated in the event of a distribution.

"As a result, we are unable to confirm an estimate of the quantum
of unsecured creditor debts at this time."

When including claims from landlords, suppliers, contractors and
others, the total sum of unsecured claims that will not be paid
following the liquidation and DOCA rises to AUD101.73 million, BNA
notes.


SSC ADMIN: Second Creditors' Meeting Set for July 14
----------------------------------------------------
A second meeting of creditors in the proceedings of SSC Admin
Services Pty Limited has been set for July 14, 2021, at 11:30 a.m.
via Microsoft Teams Teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 13, 2021, at 4:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of SSC
Admin on June 8, 2021.


TANDEM CORP: First Creditors' Meeting Set for July 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Tandem Corp Pty Ltd
     - Tandem Digital Services Pty Ltd
     - Infrastructure Services Group (Aust) Pty Ltd
     - ISGA FinCo Pty Ltd
     - ISGM Consulting Pty Ltd
     - Tandem Property Works Pty Ltd
     - ISG Management Pty Ltd

will be held on July 13, 2021, at 2:00 p.m. via virtual meeting
only.

Matthew Wayne Caddy of McGrathNicol was appointed as administrator
of Tandem Corp on July 1, 2021.




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C H I N A
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FANTASIA HOLDINGS: Fitch Affirms 'B+' LT IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
homebuilder Fantasia Holdings Group Co., Limited to Negative from
Stable, and affirmed the Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B+'. The agency also affirmed Fantasia's senior
unsecured rating and the ratings on its outstanding bonds at 'B+',
with a Recovery Rating of 'RR4'.

The revision of the Outlook primarily reflects Fantasia's increased
leverage, measured by net debt/adjusted inventory, which reached
Fitch's negative trigger of 50%, and the decrease in its implied
cash collection rate. Even though Fitch believes the company has
sufficient liquidity and a feasible plan to address US dollar bonds
maturing in 2021, prolonged weakness in debt capital markets could
have a negative impact on the company's credit profile, given its
high reliance on US dollar bond funding.

Fantasia's ratings are supported by a stable business profile, with
continued growth in attributable contracted sales and revenue,
decent EBITDA margin and an adequate land bank, including its large
pipeline of redevelopment projects.

KEY RATING DRIVERS

High Leverage: Fantasia's consolidated leverage, adjusted for
guarantees to joint ventures and associates (JVs), rose to 50% by
end-2020 (2019: 45%), as it spent 40% of its sales proceeds to
acquire land in 2020, up from around one-third in the past. The
company sought more high-turnover projects to sustain contracted
sales growth. Leverage was also lifted by CNY2.5 billion of
guarantees provided to JVs at end-2020 (2019: nil), as certain JVs
obtained development loans that required guarantees. Fitch expects
Fantasia's leverage to remain at 50% at end-2021, leaving minimal
rating headroom.

Low Implied Cash Collection: Fantasia's implied cash collection,
defined by revenue + change in contract liabilities, was low
compared to total contracted sales. This is primarily due to high
contribution from off-balance sheet projects. Fantasia's
investments in JVs and net amounts due from JVs increased sharply
to CNY10.5 billion in 2020 (2019: CNY4.3 billion), compared with
development inventory of around CNY32.7 billion. Fitch believes the
higher number of off-balance sheet projects means the performance
of such projects are not fully reflected in the company's
financials.

Fantasia's JV exposure as a percentage of development inventories
is high among 'B+' rated peers. Fitch believes developers with
lower JV exposure have higher flexibility to reduce consolidated
leverage by decreasing stakes in projects.

Reliance on Capital Market Debt: Capital market debt made up 76% of
Fantasia's total debt at end-2020 (2019: 63%). In particular, US
dollar bonds accounted for 62% (2019: 48%). Capital market debt is
a less stable source of funding than bank loans, as it carries more
market risk and interest costs. The company's access to debt
capital markets appears to have weakened, as seen in the high 14.5%
coupon on the recently issued three-year notes and high bond yields
on the secondary market.

Fantasia plans to obtain more bank loans and reduce its use of US
dollar bonds after acquiring more projects from public auctions and
URPs, which make better loan security. Fitch also expects US dollar
bonds to drop to around 50% of total borrowings by end-2021 given
the company's plans to repay some of the upcoming maturities.

Plans to Address Maturities: Fantasia has been proactive in
managing its capital-market debt maturities via buybacks and early
tendering of its maturing bonds, and Fitch believes it will
generate enough cash from contracted sales to repay the remaining
US dollar bonds due in 2021, following its recent decision to
reduce land acquisitions. This will allow Fantasia to reduce its
reliance on US dollar bonds and rein in leverage.

Business Intact Despite Fewer Acquisitions: Fitch does not expect
the reduction in land acquisitions to have a material negative
impact on Fantasia's business profile given its adequate land bank
and its pipeline of redevelopment projects. The company remains
confident it will meet its 2021 sales target of CNY60 billion (47%
completed at end-1H21), and Fitch believes attributable contracted
sales of around CNY40 billion would remain in line with those of
'B+' peers, even if contracted sales growth slows in 2022 as a
result of the reduced land acquisitions.

Adequate Land Bank: Fantasia has 7.5 million sqm of attributable
saleable land bank, with estimated sales value of CNY120 billion.
The overall quality is satisfactory, with 90% of land in Tier 1 and
2 cities across five core economic regions. However, some large
projects are in less prime areas with lower churn. For instance,
projects in Qingdao, which make up 30% of the land bank, generated
only 6% of total contracted sales in 2020. As a result, Fantasia
has been acquiring high-turnover projects in public auctions to
drive contracted sales growth.

Land from Urban Renewal Projects: Fantasia also has a sizeable
pipeline of urban renewal projects in the Greater Bay Area with
estimated sales value of over CNY400 billion. The company expects
these to contribute around 500,000 sqm of saleable resources per
year, which could help to relieve some of the land-replenishment
pressure.

Decent Margin: Fantasia's EBITDA margin (after adding back
capitalised interest) increased to 30% in 2020 (2019: 26%), even
though gross profit margin decreased to 25% from 28%, as
capitalised interest accounted for a larger part of the costs on
the projects booked in 2020. Fitch considers the drop in gross
profit margin to be in line with industry peers' and Fitch expects
it to remain stable going forward, as lower margin on
higher-turnover projects is balanced out by higher margin on
redevelopment projects.

DERIVATION SUMMARY

Fantasia's rating is mainly constrained by its high leverage, small
scale and heavy reliance on capital- market debt.

Fantasia's attributable contracted sales of CNY35 billion in 2020
was similar to the CNY43 billion of Hong Yang Group Company Limited
(B+/Stable) and the CNY31 billion of Hopson Development Holdings
Limited (B+/Stable). It was was higher than Redco Properties Group
Ltd's (B+/Stable) CNY21 billion. However, Fantasia's leverage of
50% was higher than Hong Yang's 43%, Hopson's 45% and Redco's 25%.
Hopson's business profile is also supported by its much larger,
well-located land bank and high-quality investment properties, with
non-development property EBITDA interest coverage of 0.4x.

Modern Land (China) Co., Limited's (B/Stable) attributable
contracted sales was lower at CNY22 billion, but its leverage was
also lower at around 40%. Modern Land's EBITDA margin (after adding
back capitalised interest) is lower at around 18%, compared with
29% for Fantasia.

In terms of debt structure, 62% of Fantasia's borrowings were US
dollar bonds and only 14% were bank loans at end-2020. In contrast,
33% of Hong Yang's borrowings were US dollar bonds and over 40%
were bank loans; while 33% of Redco's borrowings were US dollar
bonds and 67% were bank loans. Modern Land also relies heavily on
non-bank debt, with bank borrowings accounting for only 19% of
total debt, while trust loans and capital market debt account for
44% and 36%, respectively.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to rise by 15% in 2021 and 5% in
    2022 (2020: 32%), due to an increase in average selling prices
    that is driven by rising contribution from recent land
    acquisitions in the Yangtze River Delta and urban renewal
    projects in the Greater Bay Area;

-- Cash collection rate of 85% in 2021 and 2022 (2020: 85%);

-- 33% of sales proceeds spent on land acquisitions in 2021 and
    2022 (2020: 40%);

-- 35% of sales proceeds spent on construction costs in 2021 and
    37% in 2022 (2020: 38%);

-- EBITDA margin (after adding back capitalised interest) of 26%
    27% in 2021 and 2022 (2020: 30%).

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Fantasia would be
    liquidated in bankruptcy.

-- Fitch has assumed a 10% administrative claim.

Liquidation Approach

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

-- 60% advance rate applied to excess cash (i.e. available cash
    less three months of attributable contracted sales);

-- 100% advance rate applied to cash restricted for securing
    debt;

-- 75% advance rate applied to net inventory given an EBITDA
    margin of around 25-30%;

-- 70% advance rate applied to trade receivables;

-- 60% advance rate applied to property, plant and equipment;

-- 40% advance rate applied to investment properties, based on a
    6.5% cap rate on completed investment properties;

-- The allocation of value in the liability waterfall results in
    recovery corresponding to an 'RR1' Recovery Rating for all
    secured debts and onshore unsecured debts, and 'RR3' Recovery
    Rating for offshore unsecured debts. However, the Recovery
    Rating for senior unsecured debts is capped at 'RR4' because
    under Fitch's Country-Specific Treatment of Recovery Ratings
    Criteria, China falls into Group D of creditor friendliness,
    and instrument ratings of issuers with assets in this group
    are subject to a soft cap at the issuer's IDR and Recovery
    Rating of 'RR4'.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if the negative
    sensitivities are not met.

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

-- Leverage, measured by net debt/adjusted inventory, sustained
    above 50%;

-- Deterioration in liquidity and weakened access to funding;

-- No improvement in implied cash collection.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fantasia (excluding Colour Life) had CNY22.5
billion of available cash and CNY16.2 billion of short-term debt at
end-2020, equivalent to an available cash / short-term debt ratio
of 1.4x.

Repayment of Maturities: Holders of USD188 million, or 47% of the
bonds maturing in October 2021, have accepted Fantasia's tender
offer for the notes. Fantasia's US dollar bond maturities in 2021
include the remaining USD212 million of the bond due in October,
USD300 million of bonds in December and USD150 million of 364-day
bonds in December. In total, Fantasia has around USD662 million (or
CNY4.3 billion) of debt maturing in 2021 to be addressed.

Fitch believes the company will generate sufficient liquidity, and
it has the channels to move such cash offshore, to repay all of the
aforementioned maturities with cash, after it decided to reduce
land acquisitions. Fitch also expects additional liquidity from
asset disposals and sales of minority stakes. The company also has
sufficient liquidity on hand for repayment, should it be required.

ISSUER PROFILE

Fantasia is a mid-sized property developer in China. It has been
listed on the Hong Kong Stock Exchange since 2009 and it is the
controlling shareholder of HK-listed Colour Life, one of the
leading property management companies in China.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY41.2 billion of adjusted inventory used
in the leverage calculations includes: inventory, net deposits and
prepayments for projects, investment properties, property, plant
and equipment (land and buildings), land-use rights, investments in
JVs, net amounts due from JVs, and net amount due from
non-controlling interests, less contract deposits and deposits
received. Fitch adjusted the value of investment properties based
on cost.

ESG CONSIDERATIONS

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

TD HOLDINGS: Regains Compliance With Nasdaq's Listing Requirements
------------------------------------------------------------------
TD Holdings, Inc. has received a notification letter from the
Listing Qualifications Department of the Nasdaq Stock Market on
June 29, 2021 notifying that the Company has regained compliance
with the periodic filing requirements for The Nasdaq Stock Market
under Listing Rule 5250(c)(1).

As previously disclosed, Nasdaq notified the Company on April 5 and
May 18, 2021 that it was not in compliance with the Rule.  Upon
filing the Form 10-K for the year ended Dec. 31, 2020 on June 4,
2021 and the Form 10-Q for the period ended March 31, 2021 on June
25, 2021, the Company regained compliance with the Rule.


                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.

TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019.  As of March 31, 2021, the Company had $205.14
million in total assets, $58.95 million in total liabilities, and
$146.19 million in total equity.




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

CITIC RESOURCES: Moody's Withdraws Ba2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating and the negative outlook of CITIC Resources Holdings
Limited.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

CITIC Resources Holdings Limited is an energy and natural resources
investment holding company with interests in aluminum smelting;
coal; the import and the export of commodities; and bauxite mining
and alumina refining. It also has interests in the exploration,
development and production of oil. The company serves as the
principal natural resources and energy arm of its parent, CITIC
Group Corporation.

SEASPAN CORP: Fitch Rates Proposed Sr. Unsec. Notes 'BB(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB(EXP)' to
Seaspan Corporation's (Seaspan) proposed issuance of senior
unsecured notes.

KEY RATING DRIVERS

The expected rating is equalized with the ratings assigned
Seaspan's outstanding senior unsecured notes as the new notes will
rank equally in right of payment with all of the company's existing
and future senior unsecured indebtedness. The rating on Seaspan's
unsecured notes is equalized with the company's Long-Term IDR,
reflecting average recovery prospects in a stressed scenario based
on the coverage from the pool of unencumbered vessels.

Seaspan's ratings reflect its scale and franchise as a leading
containership lessor, enhanced funding flexibility following recent
unsecured debt issuances, which increased the level of unencumbered
assets, low leverage and solid liquidity. Seaspan's ratings are
also supported by a strong operating platform, which includes
ownership of a young fleet on long-term charters, consistent
operating cash flow generation, solid profitability and an
experienced leadership team.

Seaspan's ratings are primarily constrained by the company's
significant customer concentration, a high proportion of secured
funding, high dividend payout ratio and the specialized nature and
relative illiquidity of containerships when compared with other
large equipment lessors. Rating constraints applicable to the
containership leasing sector include risks associated with the
cyclicality of the global shipping industry and the potential for
undisciplined industry capacity build-up that may negatively affect
the financial performance of freightliners, pressuring
containership lease rates and exposing Seaspan to potentially
sizable impairment charges.

The company's Stable Rating Outlook reflects Fitch's expectation
that Seaspan will continue to improve funding flexibility and
increase its unencumbered assets through the issuance of unsecured
debt, while generating consistent cash flows, maintaining
sufficient liquidity and managing leverage below 2.0x.

RATING SENSITIVITIES

The ratings of the senior unsecured debt are primarily sensitive to
changes in Seaspan's Long-Term IDR and secondarily to the level of
unencumbered balance sheet assets in a stressed scenario, relative
to outstanding unsecured debt. A decline in unencumbered asset
coverage could result in the notching the unsecured debt down from
the long-term IDR.

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

-- An increase in unsecured debt approaching 35% of total debt,
    which would enhance the firm's funding flexibility; lack of
    sizable impairments; further diversification and improvement
    in the credit quality of the customer base; maintenance of
    manageable dividend payout ratio, leverage (adjusted debt to
    tangible equity) at or below 2x and liquidity coverage above
    1x. In addition, Fitch would view more clearly articulated
    financial policies related to leverage and funding profile
    targets favorably.

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

-- Material deterioration of the container shipping industry due
    to trade wars between large economies and/or exogenous shocks
    resulting in oversupply of containerships and sustained
    declines in lease rates and cash generation of re-chartered
    vessels; the default of one of the company's top lessees;
    elevated vessel impairments that erode Seaspan's equity base;
    debt funded capital distributions to the parent; a material
    and sustained increase in leverage from current levels; and/or
    the decline of liquidity coverage below 1x.

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.

ESG CONSIDERATIONS

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



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

ANGELS PHARMA: CRISIL Lowers Rating on INR30cr Loans to D
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Angels Pharma India Private
Limited (APIPL) to CRISIL B+/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating.  Consequently, CRISIL Ratings is downgraded the rating on
bank facilities of APIPL from 'CRISIL B+/Stable /Issuer Not
Cooperating' to 'CRISIL D'.  The rating downgrade reflects the
delays in servicing debt obligation over the past few months.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Long Term Loan         21         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

The rating also reflects exposure to intense competition in the
pharmaceutical industry and modest scale of operations. These
weaknesses are partially offset by promoter's extensive industry
experience

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: APIPL had availed term loan
from the Punjab National Bank (PNB). There have been instances of
delays in principal as well as interest payments by the company
over the past few months on account of poor liquidity.

* Exposure to intense competition: The company is exposed to
intense competition which constraints its bargaining power as the
industry is highly fragmented and has large number of players.

* Modest scale of operation: APIPLs business profile is constrained
by its scale of operations in the intensely competitive
manufacturing of pharmaceutical products. APIPL scale of operations
will continue to limit its operating flexibility.

Strengths:

* Extensive experience of promoters in the pharmaceutical industry:
APIPL benefits from extensive industry experience of its promoters
in the pharmaceutical industry. The day-to-day operations are
managed by Mr. P Kasi Viswanadha Raja who has pharmaceutical
experience of more than a decade. CRISIL believes that the company
will benefit from extensive industry experience of the promoters
over the medium term.

Liquidity: Poor

The liquidity profile of the firm is under stress which is
reflected in fully utilized bank limit in the last 12 month ended
through May'21 and insufficient fund for the timely repayment of
interest.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement business performance resulting in better liquidity
profile

Established in March, 2016 as a private limited company, Angels
Pharma India Pvt Ltd (APIPL). The company has been acquired by
Tagoor Laboratories Pvt Ltd (TLPL) in the month of October 2020.
APIPL is now 100% subsidiary of Tagoor Laboratories Pvt Ltd (TLPL)
and is currently managed by P Kasi Viswanadha Raja.


BANGALORE BLUES: CRISIL Moves C Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Bangalore Blues Entertainment India Private Limited (BBEIPL) to
'CRISIL C/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Corporate Loan        3.75       CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan       16.40       CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility    1.00       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term   18.85       CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BBEIPL for
obtaining information through letters and emails dated March 31,
2021 and April 23, 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 BBEIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BBEIPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BBEIPL to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2012, BBEIPL, operates restaurants and pubs in
Bangalore and Chennai. The company is promoted by Mr.Srikanth
Upadhyay and Mrs.Vandana Upadhyay.


BANSHIDHAR CONSTRUCTION: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Banshidhar
Construction Private Limited (BCPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         8.75       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BCPL 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 BCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BCPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

BCPL, incorporated in 2007-08 (refers to financial year, April 1 to
March 31), undertakes construction of roads, and irrigation
projects for Water Resource Department for Bihar. The company is
promoted by Mr. Subhash Yadav, Mr. Ram Prasad Rai, Mr. Ashok Rai,
and Mr. Dev Prasad.


BOULDER REALCON: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Boulder
Realcon Private Limited (BRPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              9.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BRPL 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 BRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2011, BRPL is based out of Delhi and derives its revenues
from leasing out properties in Rishikesh, Uttarakhand.


ECR BUILDTECH: CRISIL Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of ECR
Buildtech Private Limited (ECR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ECR for
obtaining information through letters and emails dated March 31,
2021, June 11, 2021 and June 17, 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 ECR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECR
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of ECR to 'CRISIL B+/Stable Issuer not
cooperating'.

ECR was incorporated in October 2012; it has four directors: Mr
Imran Khan, MrSubadeen Khan, Mr Alam Khan, and MrAlijan Ahmed. The
company provides commercial/industrial and residential construction
services. It is currently undertaking orders only from private
entities on a tender basis in Rajasthan, Uttar Pradesh, Haryana,
and Punjab. Its registered office is at Bhiwadi, in the Alwar
district of Rajasthan.

EQBAL INN: CRISIL Lowers Rating on INR6cr Loans to D
----------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Eqbal Inn and Hotels Limited (EIHL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'. The ratings downgrade reflects the
delays servicing debt obligation over the past few month.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility       1        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Fund-           0.44     CRISIL D (Downgraded from
   Based Bank Limits                 'CRISIL B/Stable')

   Term Loan                4.56     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The ratings reflect EIHL's vulnerability to cyclicality in
hospitality industry, geographic concentration in revenue profile
and modest scale of operation. These weaknesses are partially
offset by its extensive industry experience of the promoters.


Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: EIHL has availed multiple
term loan from the Punjab and Sind Bank. There have been instances
of delays in principal as well as interest payments by the company
over the past few months on account of weak liquidity.

* Vulnerability to cyclicality in hospitality industry: The hotel
industry is vulnerable to changes in the domestic and international
economy. Typically, the industry follows a six-year cycle.
Companies which have a high financial leverage are more vulnerable
to cyclicality due to their fixed financial commitments.
    
* Geographic concentration in revenue profile: The entity operates
only 1 hotels in Patiala any natural calamities and disasters will
impact the business adversely.  

* Modest scale of operation: EIHLs business profile is constrained
by its scale of operations in the intensely competitive Hotels &
Resorts industry.  EIHLs scale of operations will continue limit
its operating flexibility.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over 10 years in hotels & resorts industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity: Poor

The liquidity profile of the firm is under stress which is
reflected in fully utilized bank limit in the last 12 month ended
through May'21 and insufficient fund for the timely repayment of
interest.

Rating Sensitivity factors

Upward factors

* Track record of timely payment of interest and regularization of
cash credit for more than three months
* Improvement in scale of operations along with profitability.

EIHL was incorporated in 2000. It is engaged in hotel & hospitality
business. It currently operates 1 hotel i.e. Hotel Eqbal Inn (4
Star) at Patiala-Punjab. It is managed and owned by Mr. Kamal Preet
Singh.


GAYATRI INDUSTRIES: CRISIL Lowers Rating on INR15cr Loans to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Gayatri Industries (GI) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term      1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               5         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with GI 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 GI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GI
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

Set up in 1999 as a proprietorship concern by Mr. Ajay Agrawal, GI
processes pulses, mainly chana dal, at its facility in Nagpur that
has capacity of 250 tonnes per day.

GENOTYPIC TECHNOLOGY: CRISIL Raises Rating on INR5cr Loans to B+
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Genotypic Technology Private Limited (GTPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade factors improvement in the operating
profitability due to cost rationalizations undertaken by the
company. The revenue for FY 2021 were estimated to be at INR15
crore while margin are estimated to improve from 9% to 11% in FY
2021 and it is likely to be sustain going forward. This has led to
an improvement in cash accruals leading to higher cushion in
repayment obligations.

The rating continues to reflect the company's working
capital-intensive operations and weak financial risk profile. These
weaknesses are partially offset by its promoters' extensive
experience in the research and consultancy industry.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive operations: The company had gross
current assets estimated at 335 days as on March 31, 2021, because
of large receivables of around 180 days and inventory of 3-4
months.

* Weak financial risk profile: The company's networth is small
estimated at about INR6 crore as on March 31, 2021. Debt protection
metrics have improved in fiscal 2021 with estimated interest
coverage and net cash accrual to total debt of 2 times and 0.13
times respectively for fiscal 2021, against 14 times and 0.09 times
for fiscal 2020.

Strengths:

* Promoter's industry experience and established customer
relationships: The promoters' experience of more than two decades
has enabled the company to diversify its product portfolio and
establish longstanding relationships with customers.

Liquidity: Stretched

The liquidity is weak with modest accruals in the range of INR0.7 -
1 crore in the near term which will be sufficient to meet the
repayment obligations of INR0.40 crore. It will also be supported
by timely infusion of unsecured loan from the promoters. The
company has access to fund based limit of INR5 crore which was
fully utilised over the past 12 months until May 2021.

Outlook: Stable

CRISIL Ratings believes GTPL will maintain its presence in the
research and consultancy industry, supported by its promoters'
industry experience and its established customer relationships.

Rating Sensitivity factors

Upward factors:

* Significant improvement in revenue or profitability leading to
accruals of over INR2 crore
* Improvement in financial risk profile

Downward factors:

* Decline in revenue by over 20% or dip in profitability leading to
lower than expected accrual
* Further deterioration in financial risk profile especially
liquidity due to debt funded capex plans or stretched working
capital requirements.

GTPL is a Bengaluru-based company promoted by Dr Raja
Mugasimangangalam and Dr Sudha Narayan Rao in 1998. It provides
genomics services such as microarray, next generation sequencing
(NGS), and bioinformatics services and solutions to
domestic/international pharmaceutical and biotech companies, and to
academia.


GOL OFFSHORE: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Gol
Offshore Ltd (GOL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of credit
   & Bank Guarantee       185       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         802       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Letter of      65       CRISIL D (ISSUER NOT
   Credit & Bank                    COOPERATING; Rating Migrated)
   Guarantee                      

   Proposed Long Term     298       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Short Term Loan        150       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GOL for
obtaining information through letters and email dated June 10, 2021
& June 15, 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 GOL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GOL
is with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GOL
migrated to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GOL is under liquidation and an official liquidator is being
appointed by the Bombay High Court. Status on the liquidation is
not known and currently, there is no equity security listed on the
stock exchange. The ratings are based only on dated and publicly
available information and continue to reflect GOL's poor liquidity
due to delay in debt servicing in the past, and cash flow
mismatches.

GOL is an offshore oil field service provider in India, offering
support services to oil and gas companies for exploration and
production activities. The company was formed when the offshore
division of The Great Eastern Shipping Co Ltd (GESCL) was demerged
into a separate company in October 2006. GOL entered the offshore
business, with the purchase of an offshore support vessel in 1983.
The company entered the drilling business with its first rig in
1987. It was also the first to own a platform supply vessel, and
pioneered the fire-fighting vessel segment with two dedicated
vessels.

GOL has seven wholly-owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL Offshore
Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd,
Great Offshore (International) Ltd, and GOL Salvage Services. GOL
also holds a 26% equity stake in a joint venture, United
Helicharters Pvt Ltd. Bharati Shipyard, along with its
subsidiaries, is the single-largest shareholder in GOL, with a
stake of 49.7%.


GOLDEN SPINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Golden
Spinning Mills Private Limited (GSMPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         1.2        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.19       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with GSMPL 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 GSMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

GSMPL, located in Salem, Tamil Nadu, and incorporated in 1981,
manufactures cotton yarn in counts of 20-80s. It is promoted by Mr.
P Sundaram and his family members.

HINDUSTAN TEXTILES: CRISIL Lowers Rating on INR20cr Loans to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Hindustan Textiles (HT) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             14        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Long Term Loan           2.89     CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term       3.11     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with HT 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 HT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HT
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

Established in 1977 as a partnership firm, HT manufactures cotton
yarn. The firm has two units, with a combined capacity of around
31760 spindles, in Coimbatore (Tamil Nadu). Its day-to-day
operations of the firm are managed by its promoter, Mr. D
Natarajan.


HIRA AUTOMOBILES: CRISIL Withdraws B+ Rating on INR25cr Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Hira Automobiles Limited (HAL) 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.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           25        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with HAL for
obtaining information through letters and emails dated March 17,
2020 and September 16, 2020 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 HAL. 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 HAL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
HAL to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
HAL 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.

Incorporated in 1989 and promoted by Ms. Rajinder Kaur Bhattal
(former chief minister of Punjab), HAL has dealership of MSIL
vehicles in Patiala and Muktsar. Since Ms. Bhattal was never
actively involved in the business, operations were managed by her
brother, Mr. Kuldeep Singh Bhattal. While Mr. Bhattal continues to
be on the company's board, HAL is now managed by Ms. Rajinder Kaur
Bhattal's son, Mr. S Rahul Inder Singh Sidhu.


JSW HYDRO ENERGY: Moody's Rates $707MM Senior Secured Notes 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 rating to
JSW Hydro Energy Limited's (JSWH) US$707 million 4.125% senior
secured notes due 2031.

The outlook is stable.

JSWH owns and operates two run-of-river hydropower projects -- the
300-megawatt (MW) Baspa II plant and the 1,000 MW Karcham Wangtoo
plant in the state of Himachal Pradesh in India.

JSWH will use the proceeds from the USD notes to repay its
outstanding external debt.

The holders of the USD notes will benefit from a majority pledge
over JSWH's shares and a first ranking pari passu charge over
project accounts, movable and immovable assets and project
documents, including power purchase agreements (PPAs).

RATINGS RATIONALE

The Ba1 rating assigned to the senior notes reflects (1) JSWH's
predictable cash flow profile from its long-term PPAs; (2) the long
and stable operating track record of its two hydropower projects;
(3) very competitive tariffs for its projects; and (4) moderate
financial leverage supported by the structural features of the
notes, including a mandatory cash sweep mechanism.

JSWH's credit profile reflects the long and efficient track record
of its hydropower projects, which have consistently outperformed
the regulatory targets allowing the company to earn incentives and
improve its cash flows.

The Ba1 rating also considers the established and consistent
regulatory regime for hydropower projects in India, which further
improves the predictability of cash flows for the two projects.

JSWH's credit quality also considers its direct and indirect
exposure to financially weak state-owned distribution companies,
which can lead to delays in cash collections for the company.
Nevertheless, the "must-run" status for run-of-river hydropower
projects and very competitive tariffs for both projects, mitigate
this risk.

The Ba1 rating factors in the ring-fence between the JSWH
standalone entity and its subsidiary, JSW Energy (Kutehr) Limited,
which is executing the 240 MW Kutehr hydropower project to be
commissioned by March 2025. The rating also considers that JSWH's
exposure to Kutehr will be limited to its equity commitments for
the project, which will also be routed through the distribution
account of the cash flow waterfall.

The Ba1 rating considers the terms of the proposed USD notes, which
include (1) a cash flow waterfall, (2) a six-month debt service
reserve account, (3) a security package, (4) restrictions on debt
incurrence and distributions, and (5) a mandatory cash sweep that
allows for 49.5% of the senior notes to be repaid during the bond
tenor.

Moody's expects JSWH to have moderate financial leverage, with
average funds from operations (FFO) to debt at 9%-11% for the
duration of the 10-year notes. Its leverage will weaken in fiscal
2025 on a declining FFO, as a change in asset depreciation rate
from that year leads to a tariff reduction for the 1,000 MW Karcham
Wangtoo project. However, the financial metrics will recover over
time as JSWH repays more debt via the cash sweep mechanism.

These projected metrics are within Moody's expectation for a Ba1
rating.

Refinancing risk for JSWH is manageable, given (1) the long
residual life of the PPAs for both hydro projects after the notes
mature, (2) the established regulatory regime for hydropower
projects in India, and (3) that 49.5% of the debt will be repaid
during the bond tenor.

The Ba1 rating also takes into account JSWH's hedge for its foreign
exchange exposure through call-spreads for the coupon and principal
throughout the tenor of the notes.

In terms of environmental, social and governance (ESG) factors,
JSWH has medium exposure to environmental risks as change in
weather patterns could lead to lower rainfall or flash floods which
may affect its business profile. These risks, however, are
partially tempered given the regulatory nature of both projects and
various buffers built-in the project design to protect them from
sharp changes in the external environment. JSWH also benefits from
positive macroeconomic and sectoral trends in renewable energy and
its business is aligned with India's target to reduce its carbon
footprint and meet its nationally determined contributions.

The Ba1 rating of the notes factors in moderate governance risk
given the concentrated shareholding of JSWH. However, this risk is
partially mitigated by the experienced management team, which has
demonstrated its strong commitment and ability to manage hydro
power projects.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that JSWH will
maintain stable cash flow from its long-term PPAs and that there
will be no construction risk for the portfolio of assets in the
restricted group.

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

An upgrade of the rating is unlikely, given the limited
opportunities available to JSWH to meaningfully increase its
revenue, both organically and on a sustained basis. Over time,
Moody's could upgrade the rating if JSWH's FFO/debt exceeds 12% on
average for the remaining tenor of the notes.

Moody's could downgrade the rating if JSWH's operating performance
weakens as a result of sustained liquidity stress or a negative
regulatory decision, or if its FFO/debt declines below 6% on a
sustained basis.

The principal methodology used in this rating was Power Generation
Projects Methodology published in June 2021.

JSW Hydro Energy Limited (JSWH) is a wholly owned subsidiary of JSW
Energy Ltd and is the largest private hydropower producer in India.
It owns and operates two hydropower plants, the 300 MW Baspa II and
the 1,000 MW Karcham Wangtoo, both of which are located in Himachal
Pradesh state in northern India. It's subsidairy, JSW Energy
(Kutehr) Ltd is constructing the 240 MW Kutehr hydropower plant in
the same state.

KARVY FORDE: CRISIL Moves C Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Karvy
Forde Search Private Limited (KFSPL; part of the Karvy Data
Management Services Ltd [KDMSL] group) to 'CRISIL C Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KFSPL for
obtaining information through letters and emails dated March 31,
2021 and April 23, 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 KFSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of KFSPL to 'CRISIL C Issuer not cooperating'.

KFSPL, based in Hyderabad, provides recruitment and staffing
solutions.

Incorporated in 2008, KDMSL is headquartered in Hyderabad and is a
step-down subsidiary of KSBL. It provides business and knowledge
process services. The company started as a pure-play back-office
service provider and added other verticals such as e-governance,
banking, telecommunication, and e-commerce. It is an established
player in government mandates such as UIDAI's Aadhar, PAN card, NPR
biometric, and e-TDS. It has established a working relationship
with several key government departments and enjoys strong support
from the Karvy group.


LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Lakshminarasimha Poultry Farms Private Limited (SLNP; part of the
Sri Lakshmi Narasimha group) continue to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           23.53       CRISIL C (Issuer Not
                                     Cooperating)

   Long Term Loan        17.50       CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLNP 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 SLNP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLNP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLNP continue to be 'CRISIL C Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SLNP and K.J.L. Poultries
Pvt Ltd (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.

MADHURIMA INDUSTRIES: CRISIL Moves B Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Madhurima Industries Private Limited (MIPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            1.5      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              3.3      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letters and emails dated March 31,
2021 and April 23, 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MIPL to 'CRISIL B/Stable Issuer not
cooperating'.

MIPL incorporated in April 2019 and promoted by Madhurima Tiwari
and Apoorv Tiwari has proposed to acquire a running cold storage
facility of four-chamber in Fatehpur, Uttar Pradesh; commercial
operations are expected to commence in first quarter of FY21.


OM SRI LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Om Sri
Lakshmi Venkateswara Agro Boards Private Limited (OSLV) continue to
be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.65       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-         0.55       CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

   Rupee Term Loan        9.80       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with OSLV 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 OSLV, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OSLV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OSLV continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

OSLV, incorporated in July 2015, manufactures bagasse-based
particle boards used in making furniture. Its registered office is
at Secunderabad and manufacturing facility is at Zaheerabad in
Telangana. The company started commercial production in July 2017.


OZONE INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ozone Infra
Con Private Limited (OICPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible        78.0       CRISIL B+/Stable (Issuer Not
   Debentures LT                     Cooperating)
     
CRISIL Ratings has been consistently following up with OICPL for
obtaining information through letters and emails dated February 22,
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 OICPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OICPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

OICPL incorporated in 2008 is involved in the development of plot
and apartment in Yalchanhalli, Hoskote taluka, Banglore. OICPL of
the Ozone group which is involved in the development of residential
projects, IT parks, commercial complexes, service apartments,
townships etc. Hoskote project is developed in two phases in which
OICPL will be developing the first phase of 13.70 acres of plot and
31.98 acres for residential apartments.

PRJC GROUP: CRISIL Moves B Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Prjc
Group Of Industries (PRJC) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit/           8.0       CRISIL B/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PRJC for
obtaining information through letters and emails dated March 31,
2021 and April 23, 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 PRJC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PRJC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of PRJC to 'CRISIL B/Stable Issuer not
cooperating'.

PRJC was established in 2017 as a proprietorship firm by Mr Chikaru
Brahma. The firm crushes stone at its facility in Chirang, Assam.


RAJESH RAYON: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rajesh
Rayon Silk Mills Limited (RRSML) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.73       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    3.27       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RRSML for
obtaining information through letters and emails dated April 23,
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 RRSML, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRSML
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RRSML to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 1972 and situated at Mumbai, RRSML manufactures and
sells variety of fabrics under its own brand 'R R Lene' in the
domestic as well as export markets. RRSML is promoted by Mr.
Shikharchand Jain and his brothers Mr. Gyanbala Singhvi and Mr.
Vikas Singhvi.


RELIANCE COMMUNICATIONS: Lenders Mull Rebidding for Telco's Assets
------------------------------------------------------------------
Economic Times reports that a consortium of Reliance
Communications' (RCom) lenders, led by the State Bank of India,
have held discussions with resolution professional Deloitte on
whether rebidding for the bankrupt telco's assets is an option,
people familiar with the matter said.

Lenders of the telco, which filed for bankruptcy in May 2019, are
worried that similar to the Aircel case, the Reserve Bank of India
(RBI) is unlikely to permit asset reconstruction firm UVARCL buying
RCom's spectrum and other assets under a resolution plan, the
people said, ET relays.

"There are informal discussions among lenders over the viability of
the resolution plans for RCom and its units, as they have been
delayed beyond measure," ET quotes a bank official in the know as
saying. "Some lenders feel the bids should be put out again."

In the Aircel case, RBI denied UVARCL permission to buy Aircel's
assets for flouting norms under the Sarfaesi (Securitisation and
Reconstruction of Financial Assets and Enforcement of Securities
Interest) Act, ET notes. The RBI decision came even after the
National Company Law Tribunal (NCLT) had approved the Aircel
resolution plan. According to the Sarfaesi Act, asset
reconstruction companies cannot infuse equity into an insolvent
company at the resolution stage.

Concerns were raised by a few bankers in a recent meeting, another
person in the know said, relays ET.

"Some lenders had brought up the issue of rebidding and whether and
how it could be done legally. There is also fear that such a step
could create legal trouble from the existing buyers," the person
said.

RCom's committee of creditors (CoC) cleared the resolution plan in
March 2020, which would have seen UVARCL buy all assets, including
spectrum, under RCom and Reliance Telecom, and a Reliance Jio unit
the company's towers housed under Reliance Infratel, ET recalls.
The plans were filed in the NCLT a few days later. While the NCLT
has cleared the tower sale to Jio, it has not cleared the transfer
of the other assets to UVARCL yet. The tower sale, though, has not
yet been implemented, with Jio recently approaching the NCLT with
fresh concerns.

The delay is rapidly eroding the value of the assets, especially
spectrum, further depleting the amount the lenders were hoping to
recover, said people aware of the developments, ET states.

Under the resolution plan, UVARCL is expected to pick up RCom's
spectrum for INR12,760 crore, with the total recovery expected to
be in the INR20,000-23,000 crore range against claims of INR57,382
crore, a roughly 65% haircut for lenders. Jio is to buy the towers
for nearly INR5,000 crore.

RCom and Deloitte did not respond to ET's queries. Lead banker SBI,
with an exposure of over INR4,800 crore, also did not respond to
ET's queries.

"In the case of Infratel, as the plan has been approved by the
concerned Adjudicating Authority (NCLT), the CoC being a
stakeholder is bound by the approval order," ET quotes Nakul
Sachdeva, Partner at L&L Partners, as saying.

He added that if the tower resolution plan is not implemented, the
CoC can initiate appropriate action against the resolution
applicant (RA) - in this case Jio - and also seek relief from the
NCLT to conduct fresh voting or call for other resolution plans.

"With regard to Reliance Telecom and RCom, the CoC has approved the
plan and accordingly, whether they can now go ahead with fresh
bidding would entirely again depend on the contents of the RFRP
(Request For Resolution Plan) document and affirmative decision of
the concerned NCLT in this regard," said Sachdeva.

At the time of filing for bankruptcy, RCom had debt of INR46,000
crore, with 53 financial creditors - including local and foreign
banks, non-banking financial companies and funds - laying claims,
says ET.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.

S.T.S. & CO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.T.S. & Co.
(STS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Buyer Credit Limit     5.2        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            0.25       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STS 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 STS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STS continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 1976 as a partnership firm and based in Bengaluru,
STS trades in poppy seeds, cloves, pulses, and raw and tussan silk
yarn, among others. The firm's operations are managed by Mr. S.
Mohanlal.


SARAF TEXTILE: CRISIL Withdraws D Rating on INR7.69cr Loans
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Saraf Textile Mills Private
Limited (STMPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of STMPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of STMPL from 'CRISIL
D/CRISIL D Issuer Not Cooperating' to 'CRISIL D/CRISIL D'. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit          6         CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Term Loan               1.69      CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

STMPL, established in 1976, manufactures shirts and pants for men
and children, and skirts for women.


SEETARAMANJANEYA SORTEX: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Seetaramanjaneya Sortex (SSRS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Open Cash Credit        2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      0.85     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Export Packing          8.15     CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SSRS for
obtaining information through letters and emails dated April 23,
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 SSRS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSRS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSRS to 'CRISIL B+/Stable Issuer not
cooperating'.

SSRS was established in 2005 by Mr Vinod Kumar Agarwal and his
wife, Ms Usha Agarwal. Based in Kakinada, Andhra Pradesh, the firm
trades in agro food commodities such as raw, par boiled, and broken
rice.


SOOCH EDUCATIONAL: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sooch
Educational Welfare Society (SEWS) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             8.27       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital       3.73       CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SEWS for
obtaining information through letters and emails dated June 11,
2021 and June 17, 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 SEWS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEWS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SEWS to 'CRISIL B/Stable Issuer not
cooperating'.

SEWS was established on December 28, 2011, as a non-profit-making
educational society. It runs a school with the brand name Delhi
Public School at Ferozepur, Punjab. The society is currently
managed by Mr Manjit Singh Dhillon (President), Mr Surinder Pal
Singh Sooch (Secretary), and Mr Sanjay Ahuja (Treasurer).

SUBHLENE FABRICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Subhlene
Fabrics (SF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SF 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 SF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SF
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SF and Shubh Mangal Textile
Industries LLP (SMTI). This is because these two entities, together
referred to as the Subhlene group, belong to the same promoters,
are in the same line of business and have significant operational
and financial synergies.

SF, set up in 2000, and SMTI, set up in 2014, is promoted by Mumbai
based, Mr. Mahesh Gupta, his wife, Mrs. Lata Gupta and his son, Mr.
Anuj Gupta. The group is engaged in manufacturing and trading of
fabrics. The group has its manufacturing facility in Silvassa,
Gujarat.


SUPREME MANOR: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities and
non-convertible debenture of Supreme Manor Wada Bhiwandi
Infrastructure Private Limited (SMWBIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              377        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMWBIPL for
getting information through letters and emails (dated Dec. 28, 2020
and May 31, 2021). However, the issuer has continued to be
non-cooperative. This led CRISIL to carry out rating surveillance
with the best available information.

'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 has not received any information on either financial
performance or strategic intent of SMWBIPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SVDOPP is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities and non-convertible debenture of SVDOPP continue to be
'CRISIL D Issuer Not Cooperating'.

SMWBIPL has been incorporated as a special-purpose vehicle for
four-laning of 54.32 kms Manor - Wada section of SH-34, and 40.07
kms Wada - Bhiwandi section of SH-35, on a built, operate and
transfer (BOT) toll basis. The scope of work includes widening of
the existing 94.39 kms two-lane road stretch and its improvement,
operation and maintenance. The entire project highway is located in
the district of Thane.

VIJAYA DURGA: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vijaya
Durga Oil Products Private Limited (SVDOPP) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          5.3       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-
   Based Bank Limits       2.7       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVDOPP 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 SVDOPP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SVDOPP is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SVDOPP continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

SVDOPP, set up in 2014, is managed by Mr. B Venu Gopala Rao and his
wife, Mrs. Sunitha Balamuri. The company extracts and refines oil
from cotton seeds and palm and sells the by-product, de-oiled cake.
Its plant is in Nuzivid, Andhra Pradesh.




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

TUNAS BARU: Moody's Rates New USD Senior Unsecured Notes 'B1'
-------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
US dollar senior unsecured notes to be issued by Tunas Baru Lampung
Tbk (P.T.) (TBLA, B1 stable).

TBLA plans to use the net proceeds from the proposed notes to fully
repay its $198 million outstanding senior notes due January 2023
issued by its wholly-owned subsidiary TBLA International Pte. Ltd.,
to fund one semi-annual coupon payment in the interest reserve
account for its new notes, and to pay transaction expenses
associated with its new notes issuance.

"The B1 rating on the proposed notes is in line with TBLA's B1
corporate family rating, as the presence of upstream guarantees
from major operating subsidiaries mitigates structural
subordination risk for bondholders," says Maisam Hasnain, a Moody's
Assistant Vice President and Analyst.

RATINGS RATIONALE

TBLA's B1 corporate family rating (CFR) reflects the favorable
long-term demand for its dual-commodity business of palm oil and
sugar. The company has an established position as an integrated
palm oil producer in Indonesia, with a growing exposure to the
country's sugar industry.

At the same time, TBLA's B1 CFR incorporates the company's small
scale of operations with volatile operating cash flows, exposure to
the cyclical nature of palm oil and sugar prices, and weak
liquidity.

Moody's estimates TBLA's cash balance and projected cash from
operations will be insufficient to meet its projected cash needs
over the next 12-15 months as the company is reliant on short-term
loans to fund its working capital.

However, Moody's expects TBLA will maintain its track record of
rolling over its working capital debt, given its long-term
relationships with major domestic banks, which have continued to
extend funding support to TBLA even during the pandemic.

On June 28, TBLA announced that it had redeemed $52 million of its
$250 million notes due January 2023 through a tender offer and open
market repurchases. The redemption was primarily funded by a new
loan from Bank Mandiri (Persero) Tbk (P.T.) (Baa2 stable) maturing
in December 2022. This loan is currently unsecured.

While TBLA also has the option to extend the loan maturity to June
2026, if the extension option is exercised, the loan will convert
to an amortizing secured loan. TBLA's unsecured notes could be
notched down from its CFR in the future if the secured debt were to
constitute a majority of its consolidated debt on a sustained
basis.

Moody's regards the company's recent notes redemption and planned
US dollar notes issuance as positive credit developments, as these
will help extend TBLA's large debt maturities during the first
quarter of 2023 (1Q23) including its $198 million in US dollar
notes and around $90 million in Indonesian Rupiah denominated
notes.

However, if the company fails to refinance these large debt
maturities at least 12-15 months ahead of scheduled maturity,
refinancing risk will rise considerably, and downwards ratings
pressure is likely.

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

The stable outlook reflects Moody's expectation that TBLA will
effectively execute on its investment plans while growing its
earnings and refinancing its debt maturities, including its large
bond maturities in 1Q23, over the next 12-15 months.

An upgrade of TBLA's ratings is unlikely over the next 12 months
given its large debt maturities due in the first quarter of 2023.
Nonetheless, Moody's could change the outlook to positive if TBLA
(1) improves its liquidity such that its cash sources are
sufficient to meet its planned needs over the next 12 months, with
sufficient headroom remaining under its financial covenants; and
(2) generates positive free cash flow while improving its credit
metrics.

Specific indicators that Moody's will consider for a change in
outlook to positive include adjusted debt/EBITDA staying below 4.0x
and adjusted EBITA/interest expense above 2.75x, both on a
sustained basis.

Moody's could downgrade the ratings if (1) TBLA is unable to
refinance its large 1Q23 debt maturities at least 12-15 months
ahead of scheduled maturity; (2) TBLA's liquidity deteriorates, as
indicated by an inability to roll over its working capital
facilities, a reduction in its undrawn credit facilities, or a
reduction in headroom under its financial covenants; (3) TBLA
pursues aggressive financial policies, including large debt-funded
investments or shareholder returns; or (4) palm oil and sugar
prices or sales volumes decline, leading to protracted weakness in
TBLA's credit metrics.

Specific indicators for a downgrade include adjusted debt/EBITDA
above 5.0x or adjusted EBITA/interest expense below 2.0x, both on a
sustained basis.

The principal methodology used in this rating was Protein and
Agriculture published in May 2019.

Headquartered in Jakarta and incorporated in 1973, Tunas Baru
Lampung Tbk (P.T.) (TBLA) is a producer of palm oil and sugar
products. As of March 2021, TBLA was 28%-owned by Sungai Budi
(P.T.) and 27%-owned by Budi Delta Swakarya (P.T.). These two major
shareholders are equally owned by Mr. Widarto, who serves as
executive chairman of TBLA, and Mr. Santoso Winata, who is
president commissioner of TBLA.



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

ASB SHOWGROUNDS: Site and Buildings Handed Over to Cornwall Park
----------------------------------------------------------------
Stuff.co.nz reports that Cornwall Park Trust Board has taken
control of the ASB Showgrounds site and buildings in Auckland but
some issues need to be resolved before it can host events again,
the board says.

The Auckland Agricultural Pastoral and Industrial Shows Board,
trading as ASB Showgrounds, went into liquidation in June due to
the impact of Covid-19, coupled with increasing rent being charged
by its landlord the Cornwall Park Trust Board (CPTB).

A first liquidators' report produced by liquidator Paul Vlasic last
week said ASB Showgrounds had debts of $4.6 million, and the site
was not trading, Stuff discloses.

Doing so may require the liquidator to accept personal liability
for ongoing rental payments, the report said.

However, Brent Spillane, managing director of Xpo, the company
behind The Food Show, on July 7 said its event would still run at
the ASB Showgrounds from July 29 to August 1.

"We have had confirmation that the Auckland Food Show will commence
as scheduled on its original dates at ASB Showgrounds," the report
quotes Mr. Spillane as saying.

On July 7, CPTB chair Adrienne Young-Cooper said it hoped the show
grounds would open for business again soon.

The liquidator on July 7 decided to "disclaim the lease" which
meant CPTB was now in possession of the site and buildings and was
able to make decisions regarding the show grounds' immediate
future, she said.

According to Stuff, Ms. Young-Cooper said CPTB was working on an
interim solution that would allow the show grounds to open again,
but some issues were yet to be resolved.

It was too soon to set a date for that work to be completed, she
said.

"While we want to see this finalised as soon as possible, a rushed
solution would not give potential exhibitors and other stakeholders
the certainty they need, nor would it ensure our long-term
interests were protected."

The infrastructure a new operator would need to get the show
grounds up and running remained in place. To achieve that, CPTB
purchased some assets from the liquidator, she said.

Now that the lease was terminated it could deal directly with
people wanting to put forward proposals to run the show grounds
site, she said, Stuff relays.

Stuff adds that Mr. Vlasic said he would continue to work to
recover creditors' funds.

"It remains a complex situation, with lots of moving parts, and we
greatly appreciate everyone's patience," Mr. Vlasic said.




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

BIOMEDICAL SCIENCES: Creditors' Proofs of Debt Due Aug. 7
---------------------------------------------------------
Creditors of Biomedical Sciences Investment Fund Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of debt
by Aug. 7, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 24, 2021.

The company's liquidators are:

         Thio Khiaw Ping Kelvin
         Chan Li Shan
         c/o Ardent Corporate Recovery Pte Ltd
         30 Cecil Street #15-08 Prudential Tower
         Singapore 049712


DOCTOR'S LAUNDRY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 2, 2021, to
wind up the operations of The Doctor's Laundry Pte. Ltd.

Sing Investments & Finance Limited filed the petition against the
company.

The company's liquidator is:

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


KRISENERGY ASIA: Expressions of Interest Sought
-----------------------------------------------
The receivers and managers of KrisEnergy (Asia) Ltd invited
expression of interest ("EOI") from parties interested in investing
in the Company or in acquiring assets of the Company.

Messrs. Patrick Bance and Kent McParland of Kroll were appointed
joint and several receivers and managers over the assets and shares
of the Company on June 8, 2021.

KrisEnergy (Asia) Ltd, together with its subsidiaries, is an
Asian-focused upstream oil and gas group with a portfolio of
producing assets and near-term development projects. The Company
and its subsidiaries hold interests in 7 licenses in Bangladesh,
Cambodia, Indonesia and Thailand.

The Company's assets primarily comprise the following:

* 3 producing assets in offshore Cambodia, the Gulf of Thailand
and onshore Bangladesh;
* 1 previously producing asset in the Gulf of Thailand with
production suspended;
* 2 development blocks in the Gulf of Thailand and offshore
Indonesia; and
* 1 exploration block in offshore Indonesia.

Interested parties were directed to contact:

         Patrick Bance
         Telephone: +65 6603 0500
         Email: Patrick.Bance@kroll.com

         Mitchell Mansfield
         Telephone: +1 345 743 8805
         Email: Mitch.Mansfield@kroll.com   


MULHACEN PTE: S&P Affirms 'CCC+/C' ICRs, Outlook Stays Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+/C' long- and short-term
issuer credit ratings on Singapore-based nonoperating holding
company Mulhacen Pte. Ltd. (Mulhacen). The outlook remains
negative.

S&P also affirmed its 'CCC+' issue rating on the senior secured
payment-in-kind (PIK) toggle notes due 2023.

Claims from Spanish customers on alleged usury rates charged in
WiZink's revolving credit card business slowed down following the
COVID-19 outbreak and the stringent lockdowns of 2020, but surged
again in the fourth quarter of 2020 and the first quarter of 2021.
As of end-March 2021, total accumulated claims amounted to slightly
more than 22,000, of which one-third were waiting to be resolved.
S&P anticipates that customer claims will continue to increase in
2021 at least, particularly in light of a growing propensity for
consumer protection in Spain, and that WiZink will need to further
reinforce its provisions for such claims. This is not the case for
WiZink's Portuguese portfolio, though, as the rates it charges on
its credit cards are capped by the regulator.

S&P said, "We anticipate that WiZink will not return to
pre-pandemic profitability until well beyond the next two years. In
particular, we anticipate that the bank will remain loss-making
this year for the third consecutive year, before returning to
modest profits by end-2022. Credit provisioning needs will remain
high, with a cost of risk of close to 6% this year and next, versus
almost 10% in 2020 and 5% on average in 2017-2019. In addition,
operating revenues will be pressured due to a further margin
contraction as a result of the bank's decision to lower the rates
it charges its Spanish customers following the Supreme Court ruling
in March 2020; still-declining lending volumes; and lower fees
because of the pandemic. Overall, absent capital-strengthening
measures, we anticipate that losses in 2021 will reduce WiZink's
risk-adjusted capital ratio toward the lower end of the 7%-10%
range over the next 12-18 months, compared to 8.4% at end-2020. We
also anticipate that, until 2022 at least, WiZink will not resume
upstreaming dividends to Mulhacen, which WiZink discontinued in
2020, and which ultimately, Mulhacen relies on to service its
debt."

WiZink's customer deposit base increased by 13% in 2020, year on
year, with the loan-to-deposit ratio declining to 81.5% from 98.9%
at end-2019. In addition, the bank holds a comfortable liquidity
buffer, with net broad liquid assets representing 87% of customer
deposits as of end-March 2021. Even if WiZink's liquidity metrics
are solid, S&P believes this is necessary given the bank's small
size and the high sensitivity of its retail depositors to the rates
paid.

S&P said, "Given the headwinds that WiZink still faces and our
expectation of a further increase in legal claims and pressure on
the bank's capitalization, we have revised our GCP downward to 'b+'
from 'bb-'. Our base case is that WiZink's buffer above its minimum
regulatory capital requirement will shrink, but that the bank will
not be at risk of breaching the requirement. This is because WiZink
is already considering launching different capital-strengthening
measures, and because we believe that the bank's sponsor could
provide additional capital if needed, as it did last year, when it
returned EUR18.5 million in dividends that it had previously
received from the bank. That said, if WiZink's buffer above the
regulatory minimum were to shrink significantly, we could revise
our GCP downward further.

"Despite our downward revision of the GCP, we believe that our
'CCC+' long-term rating on Mulhacen already captures our view that
its ability to meet its financial commitments will depend on
favorable business, financial, and economic conditions. Our
long-term rating on Mulhacen now stands three notches lower than
our 'b+' GCP, compared to four notches before. This reflects the
structural subordination of the noteholders, the possible
imposition of barriers on dividend payments by the Spanish
regulator, and Mulhacen's significantly high double
leverage--measured as its equity investment in WiZink divided by
its unconsolidated shareholders' equity. Contrary to our previous
expectations of a gradual reduction, Mulhacen's double leverage
rose to 196% as of end-March 2021, compared to 140% on the issuance
of the PIK toggle notes in August 2018.

"As it did in September 2020 and March 2021, we believe that
Mulhacen will pay the next coupon on its PIK toggle notes in kind,
rather than in cash, due to the unavailability of enough cash--less
than EUR0.8 million as of end-March 2021. We would not consider
this, on its own, a breach of an imputed promise and therefore a
default. That said, Mulhacen's ongoing payment in kind of its
financial obligations will drive a continued increase in the amount
of the outstanding debt up to a level where it could become
difficult to sustain. Reports in the press have suggested that, as
the maturity date gets closer, Mulhacen could consider various
measures to ease its financial burden, including an exchange offer
or an equity conversion. In our view, Mulhacen may not necessarily
consider a distressed exchange within the next 12 months,
considering the maturity date of the notes in August 2023 and its
ability to pay in kind. If Mulhacen were to go down this route,
however, we would likely consider it a distressed debt
restructuring.

"We see Mulhacen, through WiZink, as more exposed to social and
reputational risk than its sector peers, due to the aforementioned
rise in claims from Spanish customers. In fact, we believe that
this risk will continue to weigh on WiZink's profitability and
business prospects, and ultimately constrain its ability to
upstream dividends to Mulhacen.

"The negative outlook on Mulhacen reflects our view of the
company's high financial vulnerability, and our belief that its
ability to meet its financial commitments will depend on favorable
business, financial, and economic conditions."

S&P could lower its ratings over the next 12 months if:

-- S&P anticipates that Mulhacen will need to restructure its PIK
toggle notes as the maturity date of August 2023 approaches; or

-- WiZink operates with significantly lower capital; S&P
anticipates that it may be at risk of breaching its minimum
regulatory capital requirements; or its funding profile were to
weaken because its depositors' confidence started to wane.

S&P could revise the outlook to stable if it anticipates that
Mulhacen will not need to restructure its notes, and if pressure on
WiZink's financial and business profiles eases.


TAMARIND RESOURCES: Expressions of Interest Sought
--------------------------------------------------
The receivers and managers of Tamarind Resources Pte. Ltd. (In
liquidation) invited expression of interest ("EOI") from parties
interested in purchasing TRPL's business or assets as whole or in
parts.

A Confidential Information Memorandum will be provided upon the
execution of a suitable Confidentially Agreement.

Interested parties should email tamarindresources@borrelliwash.com

Messrs. Cosimo Borrelli and Patrick Bance of Borrelli Wash were
appointed joint and several receivers and managers over all the
business, affairs and assets of the company on March 27, 2020.

Tamarind Resources Pte. Ltd. is an oil and gas company incorporated
in Singapore in 2016.  TRPL and its subsidiaries businesses include
investing in, developing and operating oil and gas fields. The
Tamarind Group's senior management is based in Kuala Lumpur and its
portfolio spans across New Zealand, Philippines, Australian and
Singapore.

Tamarind Group's majority owned operating assets comprise the
following:

* Tamarind NZ Holdings Ltd - a New Zealand incorporated company
and 100% shareholder of Tamarind NZ Onshore Ltd, which owns and
operates 4 producing onshore oil and gas condensate permits (Cheal
AB, Cheal E-70%, Sidewinder and Supplejack); and

* Tamarind Galoc Pte. Limited - a Singapore intermediate holding
company for the Tamarind Group's interests in the Philippines
entities, NPG Pty Ltd. NPG Pty Ltd currently holds a 78.8% stake in
the Galoc offshore oil field joint venture in the Philippines and
is the operator of the asset.

The Tamarind Group also owns minority stakes in Australian
exploration and development companies, including a 38% stake in
Kato Energy and an 8.09% stake in Triangle Energy Limited
(ASX:TEG).


WORLD FUEL: Creditors' Proofs of Debt Due Aug. 10
-------------------------------------------------
Creditors of World Fuel Singapore Holding Company II Pte Ltd, which
is in voluntary liquidation, are required to file their proofs of
debt by Aug. 10, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

         Aaron Loh Cheng Lee
         EY Corporate Advisors Pte Ltd
         c/o One Raffles Quay North Tower
         18th Floor
         Singapore 048583



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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