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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

          Monday, July 12, 2021, Vol. 24, No. 132

                           Headlines



A U S T R A L I A

53 RANKIN: First Creditors' Meeting Set for July 21
BIG RED: First Creditors' Meeting Set for July 20
BLUESTONE CBA: Fitch Affirms B Rating on Class F Notes
RESIMAC BASTILLE NO. 2: S&P Assigns BB(sf) Rating to Class E Notes
WELLNESS AND BEAUTY: Second Creditors' Meeting Set for July 19



C H I N A

ANBANG INSURANCE: Dajia Insurance Resumes Hunt for Investors
ANTON OILFIELD: Moody's Gives B1 Rating on New Sr. Unsecured Notes
CHINA SOUTH CITY: Moody's Puts B2 CFR Under Review for Downgrade
CHONGQING SINCERE: Parent to Continue to Limit Exposure
HENAN ZHONGYUAN: Moody's Affirms Ba2 CFR, Outlook Stable

LUCKIN COFFEE: Funds Cannot Intervene in Proposed Settlement
TIANQI LITHIUM: Moody's Upgrades CFR to Caa1 on Debt Reduction
TSINGHUA UNIGROUP: Creditor Demands Bankruptcy Restructuring


I N D I A

AJMANI MILL: CRISIL Reaffirms B Rating on INR5cr Cash Loan
ALLIANCE INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
ALLIANCE RESTAURANT: Insolvency Resolution Process Case Summary
AMEYA FROZEN: CRISIL Moves B Debt Ratings to Not Cooperating
AMRITA SAI: Ind-Ra Lowers Bank Loan Rating to 'D'

ARPEE ENERGY: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
BHAGWATI VENEERS: CRISIL Withdraws B Ratings on INR9cr Loans
BRAHMAPUTRA AUTOMOBILES: CRISIL Moves B Rating to Not Cooperating
BRAND CONCEPTS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
CAMELLIA CLOTHING: CRISIL Moves B+ Ratings to Not Cooperating

CHITTARANJAN MULTIPURPOSE: CRISIL Moves D Rating in Not Cooperating
DEVANS MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANVERSHA BUILDERS: Insolvency Resolution Process Case Summary
DOLPHIN OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
EMJAY STEEL: Ind-Ra Corrects June 10, 2021 Rating Release

GEETA COTTON: CRISIL Lowers Rating on INR35cr Cash Loan to B+
HOTEL HANS: CRISIL Keeps B Debt Rating in Not Cooperating
I DREAM: CRISIL Moves B+ Debt Rating in Not Cooperating Category
ICHALKARANJI POWERLOOM: CRISIL Moves D Ratings to Not Cooperating
ISHU FOODS: Insolvency Resolution Process Case Summary

JR FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
KAYNES TECHNOLOGY: Ind-Ra Affirms 'BB' LT Issuer Rating
KETAKI SANGAMESHWAR: CRISIL Reaffirms B+ Rating on INR10cr Loans
KISANVEER SATARA: CRISIL Moves D Debt Ratings in Not Cooperating
MAXGROW INDIA: Insolvency Resolution Process Case Summary

MEDICON LEATHER: CRISIL Moves B Debt Rating in Not Cooperating
MERCATOR OIL: Insolvency Resolution Process Case Summary
MINARCH OVERSEAS: Insolvency Resolution Process Case Summary
NISH DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ORANGE MEGASTRUCTURE: CRISIL Keeps B+ Ratings in Not Cooperating

ORISSA STATE: Ind-Ra Keeps BB Bank Loan Rating in Non-Cooperating
PMD MILK: CRISIL Withdraws B+ Rating on INR10.5cr Loans
PODDAR CAR: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
PRASAD SUGAR: CRISIL Moves D Debt Ratings to Not Cooperating
PURNO-GOURI COLD: CRISIL Moves D Debt Ratings to Not Cooperating

RADHALAXMI SPINTEX: CRISIL Withdraws B+ Rating on INR6cr Loan
RAICHUR POWER: Ind-Ra Affirms & Withdraws 'D' LT Issuer Rating
RAMEE HOTELS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
REGIN AGENCY: CRISIL Reaffirms B+ Rating on INR22cr Loans
REGIN IMPORTS: CRISIL Assigns B+ Rating to INR50cr Proposed Loan

S.K. AGARWAL: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
SASWAD MALI: Ind-Ra Hikes Issuer Rating to 'B+', Outlook Stable
SHAKUMBHRI PULP: CRISIL Lowers Rating on INR4.9cr Loan to B
SHUSHRUSHA CITIZENS: CRISIL Keeps B Rating in Not Cooperating
SRILIN ELECTRONICS: CRISIL Moves B Ratings to Not Cooperating

TAPI PRESTRESSED: CRISIL Moves D Debt Ratings to Not Cooperating
U.P. ASBESTOS: Ind-Ra Hikes Issuer Rating to 'BB+', Outlook Stable
UNIHEALTH CONSULTANCY: CRISIL Withdraws D Rating on INR2.5cr Loan
VIRTUAL BUSINESS: Insolvency Resolution Process Case Summary


I N D O N E S I A

INDONESIA: Budget Deficit to Stay Wide as Tax Reforms Held Back


J A P A N

JAPAN DISPLAY: To Sell LCD Unit to Wistron


M A C A U

MGM RESORTS: Fitch Affirms 'BB-' IDRs, Outlook Negative


M A L A Y S I A

EKA NOODLES: To be Delisted from Bursa Malaysia on July 14


S I N G A P O R E

DFS ASSET: Fitch Affirms BB Rating on Class C Notes
EAGLE HOSPITALITY: Rejection Dispute Impacts Chapter 11 Case


S R I   L A N K A

SRI LANKA: To Use Forex Reserves to Repay $1 Billion Debt

                           - - - - -


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

53 RANKIN: First Creditors' Meeting Set for July 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of 53 Rankin
Investments Pty Ltd will be held on July 21, 2021, at 10:30 a.m. at
22 Market Street, in Brisbane, Queensland.

Terry Grant Van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of 53 Rankin on July 9, 2021.


BIG RED: First Creditors' Meeting Set for July 20
-------------------------------------------------
A first meeting of the creditors in the proceedings of Big Red
Constructions Pty Ltd will be held on July 20, 2021, at 10:30 a.m.
via online video conferencing.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Big Red on July 8, 2021.


BLUESTONE CBA: Fitch Affirms B Rating on Class F Notes
------------------------------------------------------
Fitch Ratings has affirmed six note classes from Bluestone CBA
Warehouse Trust 2015. The transaction is backed by a pool of
first-ranking Australian residential conforming and non-conforming
mortgage loans. All mortgages were originated by Bluestone Group
Pty Ltd and the notes were issued by Permanent Custodians Limited
in its capacity as trustee of Bluestone CBA Warehouse Trust 2015.

The class A, B and C notes of the Bluestone CBA Warehouse 2015 were
placed on Under Criteria Observation (UCO) on 27 May 2021 following
the publication of the updated APAC Residential Mortgage Rating
Criteria on 25 May 2021. The warehouse has subsequently been
restructured and Fitch has removed these notes from UCO.

DEBT      RATING           PRIOR
----      ------           -----
Bluestone CBA Warehouse Trust 2015

A    LT  AAAsf  Affirmed   AAAsf
B    LT  AAsf   Affirmed   AAsf
C    LT  Asf    Affirmed   Asf
D    LT  BBBsf  Affirmed   BBBsf
E    LT  BBsf   Affirmed   BBsf
F    LT  Bsf    Affirmed   Bsf

KEY RATING DRIVERS

Asset Performance Resilient to Pandemic: The 30+ day and 90+ day
arrears at end-May 2021 were 3.6% and 2.8%, respectively, above
Fitch's 1Q21 Dinkum Non-Conforming RMBS Index of 2.2% and 0.8%. The
arrear figures exclude loans that have a current hardship status
where the loan is not in arrears.

The transaction has a rolling one-year revolving period; therefore,
Fitch's analysis is based on a proxy pool, which was stressed based
on pool parameters and historical data to reflect Fitch's
expectation of the pool's future composition. The loan portfolio is
shaped by the parameters set for the portfolio characteristics.
These include maximum obligor exposure, maximum loan size, maximum
percentage of low documentation mortgages and interest-only loans.

Fitch applied an arrears adjustment of 1.5 times the five-year
average of Bluestone mortgage portfolio arrears to December 2019
for each arrears bucket, to consider any future increases in
arrears as part of the stressed portfolio.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 36.6%
is driven by the Fitch-stressed weighted-average (WA) unindexed
loan/value ratio (LVR) of 69.6%, loans with LVR greater than 80%
making up 16.3% of the portfolio, non-conforming loans stressed by
Fitch to 60%, Fitch-stressed investment loans of 35.3%,
Fitch-stressed interest-only loans of 24.3% and Fitch-adjusted 30+
day arrears of 15.0%. The 'AAAsf' weighted-average recovery rate
(WARR) of 48.3% is driven by the stressed portfolio's WA indexed
scheduled LVR of 70.1%.

Credit Enhancement Supports Ratings: Each tranche of rated notes
benefits from credit enhancement provided by the respective
subordinate notes and will revert to sequential paydown, building
up credit enhancement, if performance significantly deteriorates
triggering an amortisation event or if the revolving period is not
extended.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities. Bluestone's collection
timelines, policies, procedures and origination practices are
largely in line with those of other lenders in Australia after
considering the mix of conforming and non-conforming borrowers, as
evident from the transaction's historical performance. The
servicer's operations have not been disrupted by the pandemic, as
staff are able to work remotely and have access to the office.

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

RATING SENSITIVITIES

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

This section provides insight into the model-implied sensitivities
the transaction faces when assumptions - WAFF or WARR - are
modified, while holding others equal. The modelling process uses
the modification of default and loss assumptions to reflect asset
performance in up and down environments. The results below should
only be considered as one potential outcome, as the transaction is
exposed to multiple dynamic risk factors. Fitch modifies the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

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

-- The rated notes are presently constrained by the revolving
    period concentration tests and therefore cannot be upgraded.

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

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

Upgrade Sensitivity

As the notes are constrained by the revolving period concentration
test, upgrade sensitivity stresses are not relevant.

Downgrade Sensitivity

Sensitivity results:

-- Notes: A / B / C/ D / E / F

-- Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

-- Increase defaults by 15%: AAs+f / A+sf / A-sf / BBBsf / BBsf /
    Bsf

-- Increase defaults by 30%: AAsf / Asf / BBB+sf / BBB-sf / BB-sf
    / below Bsf

-- Reduce recoveries by 15%: AA+sf / AA-sf / BBB+sf / BBB-sf /
    BB-sf / below Bsf

-- Reduce recoveries by 30%: AA+sf / Asf / BBBsf / BBsf / Bsf /
    below Bsf

-- Increase defaults by 15% and reduce recoveries by 15%: AAsf /
    Asf / BBBsf / BB+sf / B+sf / below Bsf

-- Increase defaults by 30% and reduce recoveries by 30%: A+sf /
    BBBsf / BBsf / Bsf / below Bsf / below Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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.

RESIMAC BASTILLE NO. 2: S&P Assigns BB(sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to five classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - Warehouse
Series No.2. RESIMAC Bastille Trust - Warehouse Series No.2 is a
securitization of nonconforming and prime residential mortgages
originated by RESIMAC Ltd. (RESIMAC).

The ratings assigned reflect the following factors.

This is a revolving-pool transaction backed by residential mortgage
loans originated by RESIMAC. The transaction's 12-month revolving
period can be extended, provided that S&P Global Ratings is
notified of the extension.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Lenders' mortgage insurance cover and
subordination for the rated notes provide credit support. The
credit support provided to the rated notes is sufficient to cover
the assumed losses at the applicable rating stress. Our assessment
of credit risk takes into account RESIMAC's underwriting standards
and approval process, which are consistent with industrywide
practices, and its strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the liquidity facility,
the principal draw function, the nonamortizing liquidity reserve,
and the provision of an extraordinary expense reserve. S&P's
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date.

S&P's ratings also take into account the counterparty exposure to
Commonwealth Bank of Australia as liquidity facility provider and
Westpac Banking Corp. as bank account provider.

S&P also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

  Ratings Assigned

  RESIMAC Bastille Trust - Warehouse Series No.2

  Class A, A$299.72 million: AAA (sf)
  Class B, A$9.60 million: AA (sf)
  Class C, A$8.50 million: A (sf)
  Class D, A$6.00 million: BBB (sf)
  Class E, A$3.95 million: BB (sf)
  Class Z, A$7.00 million: Not rated


WELLNESS AND BEAUTY: Second Creditors' Meeting Set for July 19
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Wellness and
Beauty Solutions Limited has been set for July 19, 2021, at 2:00
p.m. via virtual webinar.

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 16, 2021, at 4:00 p.m.

Laurence Fitzgerald of William Buck was appointed as administrator
of Wellness and Beauty on March 30, 2021.




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

ANBANG INSURANCE: Dajia Insurance Resumes Hunt for Investors
------------------------------------------------------------
Caixin Global reports that Dajia Insurance Group Co. Ltd., the
state-owned company created to take over the assets of fallen
financial conglomerate Anbang Insurance Group Co. Ltd., has resumed
looking for new investors after last year's failed attempt during
the pandemic, sources close to the company told Caixin.

Bringing in new investors for Dajia would bring Chinese authorities
a step closer to putting Anbang's remaining assets into private
hands, Caixin relays. Currently, state-run bailout fund firm China
Insurance Security Fund Co. Ltd. holds a 98% stake in the company.

Six consortiums of investors are in the bidding, the sources said.
Regulators have required Dajia to finalize the list of new
investors by the end of August, the report notes.

One consortium is being led by internet giant JD.com Inc. and Hopu
Investment Management Co. Ltd., a private equity giant headed by
Fang Fenglei, a former Goldman Sachs banker, according to a
document seen by Caixin. Another consortium has been formed by
private equity firm Primavera Capital Group and state-run
investment firm Xiamen International Financial Technology Co. Ltd.,
which also participated in last year's bidding. Other potential
buyers include online insurer ZhongAn Online P&C Insurance Co. Ltd.
and state-owned automaker Chery Automobile Co. Ltd.

According to Caixin, the high-profile restructuring of Anbang,
which started in February 2018 when it was taken over by the
government, is widely seen as a template for how regulators will
deal with the country's debt-ridden companies that are considered
too big to fail. Anbang, which had been led by its now-imprisoned
founder Wu Xiaohui, had posed unacceptable risks to the country's
financial system through its reckless debt-fueled expansion,
including a $1.95 billion purchase of New York's iconic Waldorf
Astoria Hotel in 2015.

Its expansion caught the eye of regulators during a sweeping
campaign to rein in "irrational" outbound investment amid fears
that soaring corporate debt could pose a systemic risk to the
economy, Caixin relates. When the government stepped in to run
Anbang, the company was technically insolvent. As of end-June 2018,
its total liabilities were CNY82.8 billion ($12.8 billion) greater
than its total assets, which at the time were valued at CNY3.2
trillion, people with knowledge of the matter told Caixin
previously.

As part of the restructuring plan, the government in June 2019
established Dajia, which absorbed Anbang's core insurance
businesses with the goal of making them profitable again so it
could attract strategic investors.

It remains unclear how much of its holdings China Insurance
Security Fund plans to sell, but its earlier failed attempt at
offloading much of its stake in Dajia indicates that the government
wants to put a majority of the company in private hands, Caixin
relays.

In June 2020, Dajia had accepted bids from two consortiums to
become new investors - one consisting of Primavera Capital Group
and Xiamen International Financial Technology, and another included
electronics giant TCL Technology Group Corp, Caixin recalls. But
TCL later bowed out of the deal, as some of Dajia's assets ended up
losing value during the pandemic. With just one consortium
committed to making an investment, China Insurance Security Fund
would have still been left holding 63% of Dajia. The deal was then
canceled because it wouldn't have turned Dajia into a privately
controlled company, sources familiar with the deal said.

And that wasn't the only obstacle to last year's plan, Caixin
notes. Xiamen International Financial Technology had proposed
moving Dajia's headquarters to Xiamen, East China's Fujian
province, but the idea was fiercely opposed by municipal government
officials in Beijing, where Dajia is based, sources familiar with
the matter said, Caixin relays.

Under the latest plan, the consortium led by JD.com and Hopu
Investment may see the tech giant's location in the capital as a
competitive advantage, according to Caixin. Their consortium
proposed that JD.com initially take a 20% or 30% stake in Dajia,
and gradually increase its holdings with the goal of eventually
taking control of the company, the sources said, while Hopu can use
its expertise to manage Dajia's business.


ANTON OILFIELD: Moody's Gives B1 Rating on New Sr. Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured notes to be issued by Anton Oilfield Services
Group (B1 negative).

Anton will use the proceeds from the proposed notes to refinance
existing debt, as well as for general corporate purposes.

RATINGS RATIONALE

"Anton's B1 corporate family rating reflects the company's
integrated business model; strong market position in the domestic
oil field services sector in China (A1 stable); growing
capabilities, improved customer mix and more established history of
operating geographically diversified businesses; as well as modest
financial leverage," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

However, Anton's rating is constrained by the company's exposure to
oil price volatility and risks related to its overseas expansion;
as well as small scale and high customer concentration.

On July 6, 2021, Anton announced an offer to exchange the
aggregated principal amount of up to USD150 million (the maximum
acceptance amount) of the existing notes due in December 2022, with
an outstanding principal amount of about USD290 million. The
exchange offer will expire on July 16, 2021.

Under the offer, for each USD1,000 principal amount of the
outstanding existing notes, the holders of the existing notes will
receive: (1) USD1,007.50 in principal amount of the proposed notes
in the form of the proposed notes; (2) any accrued interest, which
will be payable in cash; and (3) cash in lieu of any fractional
amount of the proposed notes.

Moody's does not deem this exchange offer as a distressed exchange
-- which is considered as a default event under Moody's definition
-- because the holders will not incur an economic loss as the
exchange offer is above the par value of the existing notes.
Moody's also does not consider Anton's exchange offer as a way to
avoid default.

The company will also conduct a concurrent new money issuance.

"The proposed notes will improve Anton's liquidity and debt
maturity profile without substantially affecting its credit
metrics. This is because the proceeds will be mainly used to
refinance the company's existing debt," adds Lu.

Moody's expects Anton's adjusted debt/EBITDA to trend toward
3.0x-3.5x over the next 12-18 months from 4.6x in 2020, driven by
better earnings and a slight decrease in debt. The improved
leverage provides the company with a buffer against high oil price
volatility and its high short-term working capital needs.

Moody's also projects the company's revenue will grow 6% in 2021
and 8% in 2022, mainly supported by continued growth in its
domestic business. Anton is well positioned to benefit from strong
growth in China's natural gas sector over the next two years. In
addition, a gradual recovery in its overseas markets, such as Iraq,
will occur as the improving global economy and higher oil prices
increase demand for Anton's services.

Moody's forecasts the company's adjusted EBITDA margin will improve
to around 25% over the next 12-18 months from 21% in 2020.
Sustained cost and expense control measures and increasing revenue
contributions from its overseas drilling projects, with higher
gross margins, will partially offset the intense price
competition.

Anton's liquidity is adequate. As of the end of March 2021, the
company's cash and cash equivalents and restricted cash, and
Moody's expected operating cash flow of around RMB500 million to
RMB510 million over the next 12 months, are sufficient to cover its
debt maturing over one year, its bills payable and the company's
estimated maintenance capital spending of about RMB100 million over
the next 12 months.

This adequate liquidity is further strengthened by Anton's track
record of short-term debt refinancing, especially during the weak
oil price periods in 2015, 2016 and 2020, and its track record of
good access to the domestic bank, and debt and equity capital
markets.

Moody's further expects the company's proposed notes to help
address its about USD290 million bonds in advance of the December
2022 maturity.

Anton's senior unsecured bond ratings are not affected by
subordination to claims at the operating company level because the
latter are not seen as significant, especially as Moody's expects
most claims to remain at the holding company level over the next
12-18 months. At the same time, Anton's creditors benefit from the
company's highly diversified business profile — with cash flow
generation across a large number of operating subsidiaries — and
which mitigates structural subordination risk.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

First, Anton is exposed to increasingly stringent regulations for
oil and gas operations and access to new resources. However, the
company has to date not experienced any major compliance violations
related to air emissions, water discharge or waste disposal.

Second, on the governance front, the company's key shareholder, Luo
Lin, held a sizeable 24.5% stake as of the end of 2020. In
addition, the majority of its board of directors is not
independent. Meanwhile, Anton has demonstrated financial prudence
as reflected in its USD300 million bond issuance in December 2019
to prefund its 2020 maturities.

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

The negative rating outlook reflects Moody's expectation that
Anton's liquidity could weaken over the next 12-18 months given the
refinancing needs of the remaining portion of the December 2022
bond maturity, reducing its buffer against the challenging
operating environment and volatile oil prices.

An upgrade of Anton's rating is unlikely over the next 12-18
months, given the negative outlook. The outlook could return to
stable if Anton maintains its order backlog, revenue and earnings
even in this difficult operating environment; remains prudent in
its working capital management and capital investments, with
adjusted debt/EBITDA remaining below 4.0x-4.5x on a sustained
basis; and improves its free cash flow and liquidity.

The rating could be downgraded if Anton's order book declines
significantly; financial leverage weakens, such that its adjusted
debt/EBITDA remains above 5.5x on a sustained basis, because of
declining profitability or higher debt arising from pressure on its
working capital; or liquidity deteriorates.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Anton Oilfield Services Group is a major Chinese oil field services
company that offers integrated oil and gas field services
solutions, covering various phases of field development, including
drilling technologies, well completion and oil production
services.

Anton was founded by its chairman, Luo Lin, in 1999, and was listed
on the Hong Kong Stock Exchange in December 2007.

CHINA SOUTH CITY: Moody's Puts B2 CFR Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade China
South City Holdings Limited's (CSC) B2 corporate family rating. The
previous outlook on the company was stable.

"The review for downgrade reflects CSC's weak liquidity and sizable
debt maturing or becoming puttable over the coming 12-18 months,"
says Danny Chan, a Moody's Assistant Vice President and Analyst.

Moody's expects that CSC's cash holdings and operating cash flow
will not be sufficient to cover its maturing debt over the next
12-18 months. Moody's acknowledges that the company has made some
progress in addressing its upcoming debt maturities by rolling over
its onshore debt. However, current volatile market conditions will
challenge CSC's ability to refinance through the debt capital
markets, and hence, it may have to supplement its debt refinancing
with measures such as asset sales to meet all of its short-term
debt obligations in a timely manner.

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

CSC's B2 CFR currently reflects its experience in developing and
operating integrated logistics and trade centers in China, its good
profitability, growing operations and recurring income.

On the other hand, the CFR is constrained by its sizable maturing
debt over the next 12-18 months, moderate operating scale and
geographic concentration, which could increase the volatility of,
and weaken its credit metrics, given its use of debt to fund
expansion.

CSC's cash holdings of about HKD9.4 billion (including restricted
cash of HKD3.7billion) as of March 31, 2021 were not sufficient to
cover its short-term debt of HKD16.4 billion as of the same date.
However, Moody's estimates that the company had 40%-45% of its
investment property assets, valued at about HKD55.7 billion,
unencumbered as of March 31, 2021. The company can use these assets
to secure new onshore loans to refinance some of its maturing
debt.

In terms of environmental, social and governance (ESG)
considerations, Moody's considers the company's concentrated
ownership, with its substantial shareholders, Cheng Chung Hing and
his family, holding a 35.8% stake in the company as of September
30, 2020. Moody's also considers the following: (1) that
independent directors chair the audit and remuneration committees;
(2) the low level of related-party transactions and dividend
payouts; and (3) the presence of other internal governance
structures and standards as required by the Hong Kong Stock
Exchange.

Moody's review will focus on assessing (1) CSC's progress in
addressing its maturing debt (including puttable bonds) in a timely
manner, (2) its ability to raise additonal capital through other
means such as asset sales , and (3) the sustainability of its
capital structure given its high reliance on short-term borrowings
in its debt composition.

Moody's could downgrade the rating if CSC fails to improve its
refinancing and liquidity risks or materially reduce its short term
borrowings to more sustainable levels.

An upgrade of the ratings is unlikely given the review for
downgrade.

However, Moody's could return the rating outlook to stable if CSC
improves its liquidity and access to funding, and materially
reduces its debt and reliance on short term borrowing such that its
capital structure becomes more sustainable.

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

CSC is a developer and operator of large-scale integrated logistics
and trade centers in China. The company, which listed on the Hong
Kong Stock Exchange in 2009, also develops supporting residential
properties and commercial facilities surrounding its trade centers,
and provides various value-added services to occupants of its trade
centers and other facilities.

As of June 2021, CSC operates eight centers, which are located in
Shenzhen, Nanning, Nanchang, Xian, Harbin, Zhengzhou, Hefei and
Chongqing.

CHONGQING SINCERE: Parent to Continue to Limit Exposure
-------------------------------------------------------
Bloomberg News reports that Singapore's richest property dynasty
pledged to continue to limit its exposure to its cash-strapped
China unit, which is now facing a bankruptcy claim.

According to Bloomberg, City Developments Ltd. said it has
"ring-fenced its current financial exposure to its investment" in
Chongqing Sincere Yuanchuang Industrial Co. and "will not support"
the continuing obligations of the Chinese developer.

"Despite the bankruptcy proceedings, the group will continue to
strenuously protect its position and limit further exposure," CDL
said in a statement filed to the Singapore Exchange on July 8.

Bloomberg earlier reported that Sincere may undergo a court-led
restructuring after a bankruptcy application was made against it by
a Beijing-based creditor. Beijing Yi He Mercury Investment Co.
filed the petition to the No. 5 Intermediate People's Court in
Chongqing on July 5, according to the National Enterprise
Bankruptcy Information Disclosure Platform.

If the local court accepts the application, a formal process would
be triggered leading to either restructuring or liquidation, or a
settlement between creditors and the company, Bloomberg relates.

Sincere Property Holdings, the second-largest shareholder of
Chongqing Sincere, is preparing to work with stakeholders and
creditors on a restructuring of the builder, people familiar with
the matter told Bloomberg earlier, asking not to be identified
discussing private information. CDL, owned by the billionaire Kwek
family, has a 51% stake in the developer.

The case is still at an application stage, Chongqing Sincere said
in a written reply to Bloomberg, adding it doesn't affect business
in its subsidiary property projects. Sincere Property Holdings said
it respects credit holders' wishes and its other businesses remain
normal.

A restructuring would close a painful chapter for CDL, which posted
a record annual loss last year after writing off almost all of its
SGD1.9 billion ($1.4 billion) investment in Chongqing Sincere,
Bloomberg notes. CDL Chief Executive Officer Sherman Kwek once
hailed the 2020 deal as "game-changing" before vowing not to inject
further funds until the unit returned to health.

As the "bleeding" in Sincere may stop soon, investors may see long
term value in CDL, said Justin Tang, the head of Asian research at
United First Partners in Singapore. "The restructuring is a right
step toward a resolution of this, be it via liquidation or sharing
the pain among the company and creditors."

Chongqing Sincere missed payment on a local bond that matured in
March, and blamed CDL's delayed decision making for hurting its
ability to improve cash flow, Bloomberg recalls. The Chinese firm
had no concrete plans to raise funds for outstanding principal,
Zhao Dongmei, chief financial officer of shareholder Sincere
Property Holdings said in a March interview. It has missed
subsequent onshore bond payments.

In a business update in May, CDL said Sincere still faces liquidity
challenges and is working to speed up collections, asset sales and
divestments to raise funds. Much work is ongoing amid China's
measures to cool the real estate sector, the Singapore firm said.

Chongqing Sincere Yuanchuang Industrial Co. Ltd. offers
infrastructure construction services. The Company develops and
constructs residential buildings, urban complex centers, landscape
engineering, and others. Chongqing Sincere Yuanchuang Industrial
also conducts property management, real estate development, and
other businesses.


HENAN ZHONGYUAN: Moody's Affirms Ba2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed Henan Zhongyuan Financial
Holding Co., Ltd.'s Ba2 long-term issuer rating and corporate
family rating. Moody's has also affirmed Zhongyuan Financial
Holding's ba3 Baseline Credit Assessment.

The entity-level outlook on Zhongyuan Financial Holding remains
stable.

The affirmation with a stable outlook reflects Moody's expectation
that Zhongyuan Financial Holding's refinancing risk from heavy
reliance on wholesale funding and concentrated debt maturities and
its high asset concentration risk, will be mitigated by the
company's low leverage and abundant credit facilities.

RATINGS RATIONALE

Zhongyuan Financial Holding is wholesale funded, relying mostly on
bank borrowings and bonds. Its debt maturity is also concentrated,
with about half coming due in the second half of 2021, according to
the financials as of March 2021. This may result in challenges in
managing refinancing and liquidity in the event of market stress.
However, this risk is mitigated by the company's large amount of
liquidity reserve on the balance sheet. As of March 2021, the
company had RMB1.6 billion in unrestricted cash, equivalent to 14%
of its total assets or 33% of its debt maturing within 12 months.

Another mitigant is the company's strong relationships with banks,
owing to the indirect ownership by Zhengzhou municipal government
as the largest shareholder. As of March 2021, the company had
RMB13.0 billion in credit lines from large state-owned banks,
joint-stock commercial banks and regional banks, of which RMB4.9
billion remained unutilized.

Zhongyuan Financial Holding has a high client and geographic
concentration in Henan province, which increases volatility in its
profitability and asset quality. Its return on average assets,
excluding one-off exchange gains, declined to 1.1% in 2020 from
2.2% in 2019, due to increasing impairment charges and investment
losses in associates, despite reporting a relatively high asset
yield and stabilized funding cost. Nevertheless, most of its credit
exposure comprises of financing to government-related entities,
large private companies and land developers; and has credit
enhancements, which reduces asset risk in the long run.

Zhongyuan Financial Holding's key credit strength is its low
leverage, which is lower than most rated finance companies in
China. In 2020, leverage declined further due to slower asset
growth following a rapid expansion during 2017-19 period. The
company's ratio of total common equity to total tangible assets --
Moody's measure of leverage -- increased to 22.2% in 2020 from
20.3% in 2019.

Zhongyuan Financial Holding's Ba2 issuer rating and CFR incorporate
the company's ba3 BCA and a one-notch uplift based on Moody's
expectation of a moderate level of support from and a very high
level of dependence on the Government of China (A1 stable), under
Moody's Joint Default Analysis approach for government-related
issuers.

The company was established in May 2016 under the direction of the
Zhengzhou municipal government. As of December 2020, the Zhengzhou
municipal government indirectly owned 40% of Zhongyuan Financial
Holding through Zhengzhou Development Investment Group and Henan
New Development Investment Group. Moody's believes that a failure
of a government-owned entity would cause reputational risk to the
Zhengzhou municipal government and increase funding costs for other
government-owned entities in the Henan province.

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

Moody's could upgrade Zhongyuan Financial Holding's Ba2 issuer
rating and CFR if (1) there are signs of strengthening support from
the government as the company assumes greater strategic importance
or additional policy roles; or (2) the company's standalone
creditworthiness improves, leading to an upgrade of its BCA.

Zhongyuan Financial Holding's BCA could be upgraded if the company
(1) maintains stable asset quality over the economic cycle while
reducing its client and geographic concentration; (2) demonstrates
the sustainability of its business model and ability to maintain
profitability, while maintaining low leverage; and (3) increases
its debt maturity coverage ratio while maintaining abundant credit
lines.

Conversely, Moody's could downgrade Zhongyuan Financial Holding's
Ba2 CFR if (1) the government reduces its stake in the company,
such that it is no longer its largest shareholder; or (2) the
company's standalone creditworthiness deteriorates, leading to a
downgrade of its BCA.

Zhongyuan Financial Holding's BCA could be downgraded if the
company's (1) asset quality deteriorates; (2) leverage rises
significantly; (3) profitability declines significantly; or (4)
liquidity and funding profile weaken due to an increase in the
proportion of short-term financing and secured borrowings, a
significant decrease in the company's debt maturity coverage ratio,
as well as a significant reduction in its available credit lines.

Moody's could downgrade the company's issuer rating if (1) its CFR
is downgraded; or (2) its structurally senior debt or secured debt
increases materially.

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

Headquartered in Zhengzhou, Henan, Henan Zhongyuan Financial
Holding Co., Ltd. reported total assets of RMB11.6 billion as of
December 2020.

LUCKIN COFFEE: Funds Cannot Intervene in Proposed Settlement
------------------------------------------------------------
Law360 reports that a New York federal judge has tossed a bid by a
group of investment funds to intervene in a proposed settlement
they intend to opt out of between now-bankrupt Luckin Coffee Inc.
and a class of investors over claims the company artificially
inflated sales numbers.

U.S. District Judge John P. Cronan on Tuesday, July 6, 2021,
approved Luckin and lead plaintiffs Sjunde AP-Fonden and Louisiana
Sheriffs' Pension & Relief Fund's proposal to notify class members
about provisional settlement of class certification in the
securities litigation that involves several other parallel
lawsuits. Also on Tuesday, Judge Cronan denied bids by Winslow
Funds and several others.

                          About Luckin Coffee

Luckin Coffee (OTC: LKNCY) -- http://www.luckincoffee.com/-- has
pioneered a technology-driven retail network to provide coffee and
other products of high quality, high affordability, and high
convenience to customers. Empowered by big data analytics, AI, and
proprietary technologies, Luckin Coffee pursues its mission to be
part of everyone's everyday life, starting with coffee. Luckin
Coffee was founded in 2017 and is based in China.

In July 2020, Luckin Coffee called in liquidators in the Cayman
Islands to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10228). The Chapter 15
Petition seeks, among other things, recognition in the United
States of the Company's provisional liquidation pending before the
Grand Court of the Cayman Islands.

DLA Piper LLP (US), led by Thomas R. Califano and Robert Craig
Martin, is the U.S. counsel.


TIANQI LITHIUM: Moody's Upgrades CFR to Caa1 on Debt Reduction
--------------------------------------------------------------
Moody's Investors Service has upgraded to Caa1 from Caa2 Tianqi
Lithium Corporation's corporate family rating, and to Caa2 from
Caa3 the senior unsecured rating on the bonds issued by Tianqi
Finco Co., Ltd and guaranteed by Tianqi Lithium.

The outlook remains negative.

"The upgrade of Tianqi Lithium's ratings reflects better recovery
prospects for creditors due to an improvement in capital structure
after the debt reduction and a more favorable operating
environment," says Gerwin Ho, a Moody's Vice President and Senior
Credit Officer.

"However, the negative outlook reflects the uncertainties related
to Tianqi Lithium's refinancing of its sizable maturities over the
next 12-18 months and its access to funding," adds Ho.

In an announcement dated July 6, Tianqi Lithium stated that IGO
Limited had paid USD1.4 billion to its subsidiary Tianqi Lithium
Energy Australia Pty Ltd (TLEA), thus becoming a 49% shareholder in
TLEA.

Tianqi Lithium also indicated in the same announcement that it had
repaid USD1.2 billion in principal (along with associated
interests) of its USD1.9 billion debt that will come due in
November. This repayment was supported by proceeds it had received
from IGO Limited.

RATINGS RATIONALE

Tianqi Lithium's Caa1 rating primarily reflects its strained
capital structure as a result of its sizeable debt burden, elevated
leverage, weak liquidity and weak financial management.

However, the rating considers the company's solid position in the
lithium chemical industry and good profitability, which are driven
by its supply of low-cost lithium minerals; although these
strengths have been offset by the company's weak capital
structure.

The company's rating is also constrained by its product
concentration in lithium minerals and lithium chemicals, with
limited revenue scale, exposure to regulatory risks and low
effective ownership in its upstream lithium mineral business.

Tianqi Lithium's leverage has increased significantly following its
acquisition of a 23.8% stake in Sociedad Quimica y Minera de Chile
S.A. (SQM, Baa1 negative) in December 2018, which brought its total
stake in SQM to 25.9%. Following the completion of SQM's capital
increase in April 2021, Tianqi Lithium's stake in SQM was reduced
to 23.8%.

Moody's expects Tianqi Lithium's financial leverage — as measured
by total debt to EBITDA and with SQM accounted for on an equity
method basis — to improve to about 6.3x over the next 12-18
months, reflecting an improvement in EBITDA and a reduction in debt
levels. Nonetheless, the company's capital structure remains weak.

The company's EBITDA increase is mainly attributable to a robust
recovery in lithium chemical prices, which reflect a growth in
demand for lithium chemicals driven by a recovery in the global
economy and a rise in end-market demand, including electric
vehicles.

Moody's expects Tianqi Lithium's revenue to rise about 76%-78% over
the next 12-18 months from the level in 2020 to about RMB5.7-5.8
billion, reflecting a strong rise in lithium chemical prices and
sales volume growth driven by better demand.

The company's profitability, as measured by EBITDA margin, will
expand to around 60%-62% over the next 12-18 months from 47.8% in
2020, mainly reflecting strong lithium chemical prices and
operational leverage.

Tianqi Lithium's effective stake in its upstream lithium mineral
resource, the Greenbushes mine in Australia, has been reduced to
26% from 51% following IGO Limited's attainment of a 49% stake in
TLEA. However, Tianqi Lithium has retained control over a majority
of TLEA's board member appointments, which tempers the risks
associated with its lower stake in and access to its subsidiary's
cash flow. The introduction of IGO Limited also provides Tianqi
Lithium with a partner that has local mining experience.

Tianqi Lithium's liquidity remains weak. As of March 31, 2021, the
company's cash reserves — including restricted cash — of RMB1.2
billion were insufficient to cover its short-term debt of RMB24
billion, which included a USD1.9 billion loan maturity that is due
in November.

The company's liquidity, as measured by cash to short-term debt,
will likely remain well below 1.0x over the next 12-18 months. This
is despite its repayment of USD1.2 billion of the USD1.9 billion
maturity, supported by proceeds from IGO Limited's investment, and
the possible extension of the remainder of the maturity to November
2022. The company also has a USD300 million bond that matures in
November 2022.

Moody's credit assessment also takes into account the following
environmental, social and governance (ESG) considerations.

The company benefits from global trends to reduce carbon emissions,
because lithium is a core input in the manufacture of batteries
used in electric vehicles. At the same time, its mining and
chemical production operations are exposed to environmental and
safety risks. Nonetheless, Moody's is not aware of any major
environmental or safety incidents.

From a governance perspective, Tianqi Lithium's ownership is
concentrated and only a minority of its board consists of
independent directors. Moreover, the company's debt-funded
acquisition of a 23.8% stake in SQM and its inability to arrange
refinancing to meet its debt obligations in November 2020 reflect
weak financial management and an aggressive financial policy.

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

Moody's could change the outlook to stable if the Tianqi Lithium
(1) makes significant progress on servicing its debt obligations,
in particular those due over the next 12-18 months, (2) improves
its liquidity and capital structure, (3) demonstrates solid access
to funding, and (4) continues to see improvements in its operations
in terms of revenue and profitability, supported by a favorable
industry environment.

Moody's could downgrade the ratings if the recovery prospect for
Tianqi Lithium's debt holders will likely weaken.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a lithium chemicals producer that mines, makes and
sells lithium minerals and lithium chemicals. The company was
listed on the Shenzhen Stock Exchange in August 2010.

TSINGHUA UNIGROUP: Creditor Demands Bankruptcy Restructuring
------------------------------------------------------------
He Shujing and Han Wei at Caixin Global report that a creditor of
Tsinghua Unigroup Co. Ltd. is demanding bankruptcy restructuring of
the once high-flying semiconductor designer, which now sits under
massive piles of debt.

Bloomberg relates that creditor Huishang Bank Co. Ltd. filed a
petition seeking a court-led reorganization of the state-owned chip
conglomerate, citing unpaid debts and insufficient assets, Tsinghua
Unigroup said July 9. The company said it received a Beijing court
notice of the filing.

According to Bloomberg, Tsinghua Unigroup said it is unclear
whether the court will accept the case and there are uncertainties
about whether the company will enter bankruptcy proceeding.

Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.
Tsinghua Unigroup is 51% owned by China's Tsinghua University.




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

AJMANI MILL: CRISIL Reaffirms B Rating on INR5cr Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Ajmani Mill Stores Pvt Ltd (AMSPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              5        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations along with geographic concentration, and its weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoter in the farm equipment
trading industry and his funding support in the form of unsecured
loans.

Analytical Approach

Unsecured loan of INR2.02 crore from the promoter has been treated
as neither debt nor equity as the loan is expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographic concentration in
revenue:  Revenue was modest at INR10.6 crore in fiscal 2021.
Furthermore, operations are geographically concentrated, with
around 90% of revenue derived from Lakhimpur Kheri, Uttar Pradesh,
and the rest from neighbouring districts. Any economic slowdown in
the region may affect operations and will remain a key
monitorable.

* Weak financial risk profile: The financial risk profile is
constrained by high gearing and small networth of around 8 times
and INR0.55 crore, respectively, as on March 31, 2021. The networth
is expected to remain modest over the medium term due to low
accretion to reserves. Debt protection metrics were also weak, as
reflected in estimated interest coverage ratio of 1.11 times in
fiscal 2021.

Strengths

* Extensive experience of the promoter:  The promoter, Mr. Jasmeet
Singh Ajmani, has experience of more than three decades in the
industry. This has helped the company establish a strong
relationship with the principal supplier and customers. His
knowledge of industry dynamics should continue to support the
business risk profile.

* Funding support from the promoter: The promoter provides need-
and time-based funding support in the form of unsecured loans
(INR2.02 crore as on March 31, 2021) and should continue to do so,
thus aiding working capital and liquidity requirements.

Liquidity: Poor

Net cash accrual is expected to be modest at INR0.05-0.08 crore per
fiscal over the medium term. However, the company has no debt
obligation. The bank limit was utilised extensively at 98% on
average during the 12 months through February 2021. Liquidity is
partially supported by unsecured loans from the promoter.

Outlook Stable

CRISIL Ratings believes AMSPL will continue to benefit from the
extensive experience of the promoter.

Rating Sensitivity factors

Upward factors

* Sustained increase in revenue and profitability, leading to net
cash accrual of above INR0.10 crore per fiscal

* Efficient working capital management

Downward factors

* Further dip in revenue or lower-than-expected profitability,
leading to net cash accrual less than INR0.04 crore

* Debt-funded capital expenditure weakening the financial risk
profile and liquidity

Incorporated in 1988 and based in Lakhimpur Kheri, AMSPL trades in
tractors and related parts, lubricants, batteries, and coolants. It
purchases the products from Escorts Ltd and sells mainly to
farmers.

ALLIANCE INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Alliance
Infrastructure Projects Private Limited (AIPPL) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible       170.0       CRISIL B+/Stable (Issuer Not
   Debentures LT                     Cooperating)

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

Set up in 2004, AIPPL is the flagship company of the Alliance
group, which is promoted by Mr. Manoj Sai Namburu and Bommireddy.
The group develops premium villas, integrated townships,
residential apartments, row houses, and villa plots in Chennai
Bengaluru through special purpose vehicles.

ALLIANCE RESTAURANT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Alliance Restaurant & Bars Private Limited
        Grd+1, W-P-20, Danarm House
        Famous Studio, Mahalaxmi
        Dr. E Moses Road
        Jacob Circle
        Mumbai 400011

Insolvency Commencement Date: June 25, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 1, 2022

Insolvency professional: CS Anish Gupta

Interim Resolution
Professional:            CS Anish Gupta
                         413, Autumn Grove
                         Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         Mobile: 9821099720
                         E-mail: anish@csanishgupta.com
                                 ip@csanishgupta.com

Last date for
submission of claims:    July 19, 2021


AMEYA FROZEN: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Ameya
Frozen Foods Private Limited (AFFPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     15        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Working        8        CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with AFFPL 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 AFFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFFPL
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 AFFPL to 'CRISIL B/Stable Issuer not
cooperating'.

AFFPL was established in 2018, it is located in Rajamahendravaram,
Andhra Pradesh. AFFPL is owned and managed by Mr. Paul Raju
Muppudi, Mr. Kodati Subrahmanyam Mrs. Moosa Shaik. AFFPL trades in
frozen seafood products.


AMRITA SAI: Ind-Ra Lowers Bank Loan Rating to 'D'
-------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating of
Amrita Sai Educational Improvement Trust's (ASEIT) bank facilities
to 'IND D' from 'IND BB (ISSUER NOT COOPERATING)'.

The detailed rating action is:

-- INR29 mil. Working capital facilities (Long-term) downgraded
     with IND D rating.

KEY RATING DRIVERS

The downgrade reflects ASEIT's delays in interest servicing of bank
loan, not rated by Ind-Ra, over the three months ended June 2021,
the details of which are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

ASEIT serves as a not-for-profit educational institution. It has an
engineering college situated about 25km from Vijayawada.


ARPEE ENERGY: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Arpee Energy
Minerals Private Limited's (AEMPL) Long-Term Issuer Rating to 'IND
D' from 'IND B+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limits (Long-term)
     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects AEMPL's delay in repayment of funded
interest term loan (FITL) of 17 days from March 31, 2021 to April
16, 2021 due to a stretched liquidity position, resulting from the
impact of COVID-19-led disruptions.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2006, AEMPL is engaged in the business of coal
trading in Ranchi, Jharkhand. The company procures trading
materials from Central Coalfields Limited and other domestic
suppliers, and sells them to players in the steel, brick and power
industry. The company's promoter director is Praveen Agarwal.

BHAGWATI VENEERS: CRISIL Withdraws B Ratings on INR9cr Loans
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Bhagwati Veneers (BV) 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           3         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Long Term Loan        6         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL Ratings has been consistently following up BV 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 BV. 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 BV is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
BV to 'CRISIL B/Stable Issuer not cooperating'.

BV was set up as a partnership between Mr. Jai Prakash Agarwal and
Mr. Chandra Prakash Agarwal in January 2018. The firm, based in
Faizabad (Uttar Pradesh), is setting up a manufacturing plant for
all kinds of plywood, mica, veneer, core & boards. Operations are
likely to commence from April 2020.


BRAHMAPUTRA AUTOMOBILES: CRISIL Moves B Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Brahmaputra Automobiles (BA) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    2.35      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BA 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 BA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BA 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 BA to 'CRISIL B/Stable Issuer not cooperating'.

BA was set up in 2012, as a proprietorship firm. It operates an
authorised dealership for commercial vehicles of SML Isuzu Ltd. The
firm operates through showrooms and a service centre in Guwahati,
Assam. Operations are managed by Mr. Keshab Chandra Das.


BRAND CONCEPTS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Brand Concepts
Limited's (BCL) Long-Term Issuer Rating to 'IND BB' with a Stable
Outlook from 'IND BB+'.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based facilities downgraded with IND BB/
     Stable rating;

-- INR50 mil. Non-fund-based facilities affirmed with IND A4+
     rating;

-- INR80 mil. Proposed fund-based facilities downgraded with IND
     BB/Stable rating;

-- INR20 mil. Proposed non fund based facilities affirmed with
     IND A4+ rating; and

-- INR1.7 mil. Term loans due on November 2021 downgraded with
     IND BB/Stable rating.

Analytical approach: Ind-Ra has taken a standalone view of BCL, as
opposed to the consolidated view of BCL and IFF Overseas Private
Limited the agency used to take earlier,  due to the unavailability
of IFF Overseas' FY20 and FY21 financials.

KEY RATING DRIVERS

The downgrade reflects further deterioration in BCL's net cash
conversion cycle and liquidity in FY21.

Liquidity Indicator - Poor: In FY21, BCL's net cash conversion
cycle deteriorated to 479 days (FY20: 361 days), on account of an
increase in the debtor days to 293 (214), due to delays in the
payments from customers and an increase in the inventory days to
334 (297). BCL's cash flow from operations turned negative to
INR60.1 million in FY21 (FY20: INR20.6 million) while the cash and
cash equivalents came in at INR21.5 million (INR11.3 million).  

BCL's revenue dropped to INR427.9 million (FY20: INR712.8 million),
due to the impact of COVID-19 on its business. The scale of
operations is small. However, Ind-Ra expects BCL's revenue to
improve in FY22, on account of the stabilization of operations as
reflected in its 2HFY21 performance. BCL reported an EBITDA loss of
INR30.6 million in FY21 (FY20: EBITDA profit of INR42.4 million),
due to the sharp fall in the revenue. The management expects BCL to
report EBITDA profit in FY22, in line with the revenue
improvement.

The rating also factors in BCL's continued weak credit metrics due
to the EBITDA loss. Ind-Ra expects the credit metrics to improve in
FY22, on account of the improvement in the absolute EBITDA, backed
by the improved operational performance.

The ratings continue to derive comfort from BCL holding the
exclusive franchisee of GVM International in India for its leather
products. BCL has long-term agreements with reputed brands such as
Tommy Hilfiger, HEAD, AND and Global Desi, giving long-term revenue
visibility.

The ratings are further supported by the company's stong customer
base across India, which includes Shoppers Stop Limited (debt rated
at 'IND A1+'), Future Lifestyle Fashions Limited, Myntra and Amazon
India Pvt Ltd.

The ratings also benefit from the promoters' experience of close to
a decade in trading of branded bags, luggage and travel gear. One
of the promoters has three decades of experience in manufacturing
industrial bags and retail bags.

RATING SENSITIVITIES

Negative: A further decline in the scale of operations, leading to
deterioration in the credit metrics and/or liquidity deterioration
could lead to a negative rating action.

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics with the interest coverage
exceeding 1.5x and an improvement in the liquidity could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2007, BCL trades travel gear & small leather goods,
handbags and accessories. The company is listed on the National
Stock Exchange.


CAMELLIA CLOTHING: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Camellia Clothing Limited (CCL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Working      1         CRISIL B+/Stable (ISSUER NOT
   Capital Facility                COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CCL 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 CCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCL
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 CCL to 'CRISIL B+/Stable Issuer not
cooperating'.

CCL, formed as a closely-held company in 1990, manufactures shirts
for various domestic brands. Mr. Harish Mittal and his wife, Ms
Deepa Mittal are promoters of the Bengaluru-based company.


CHITTARANJAN MULTIPURPOSE: CRISIL Moves D Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Chittaranjan Multipurpose Heemghar Private Limited (CMHPL) to
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.6       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             7.4       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CMHPL 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 CMHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CMHPL
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 CMHPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2012 and promoted by Mr. Kartik Ghosh and Ms Jhulan
Ghosh, CMHPL provides cold storage services to potato farmers and
traders, and also undertakes opportunistic trading of potatoes.
Unit in Hooghly, West Bengal, commenced operations in March 2017.

DEVANS MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devans Modern
Breweries Limited (DMBL) continue to be 'CRISIL D/CRISIL D/FD
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          1         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            45         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     22.3       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              50.7       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DMBL for
obtaining information through letters and emails dated December 18,
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 DMBL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DMBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DMBL continues to be 'CRISIL D/CRISIL D/FD Issuer Not
Cooperating'.

DMBL, set up as a liquor-bottling unit in 1962, manufactures malt
spirit, beer, and Indian-made foreign liquor.


DHANVERSHA BUILDERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Dhanversha Builders Private Limited
        1733, Bholanath Nagar
        Shahadara, Delhi 110032

Insolvency Commencement Date: July 1, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 29, 2021

Insolvency professional: Mansij Arya

Interim Resolution
Professional:            Mansij Arya
                         308-310, Block No: 30/31
                         Agarwal Chambers-2
                         Veer Savarkar Block
                         Shakarpur, Delhi 110092
                         E-mail: pcsmansij@gmail.com
                                 cirp.dbpl@gmail.com

Classes of creditors:    Home Buyer/Allottess under Real Estate
                         Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Gaurav Kapoor
                         Mr. Sudhanshu Gupta
                         Mr. Rajiv Bhatnagar

Last date for
submission of claims:    July 16, 2021


DOLPHIN OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dolphin
Offshore Enterprises India Limited (DOEIL) continue to be 'CRISIL
D/FD Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             54        CRISIL D (Issuer Not
                                     Cooperating)

   Fund & Non Fund         75        CRISIL D (Issuer Not
   Based Limits                      Cooperating)

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

DOEIL is the flagship company of the Dolphin group and is in the
business of providing a complete range of offshore support services
to the oil and gas industry. The services include diving and
underwater engineering services, marine operations and management
(vessel management), fabrication and installation, ship repairs,
geo-technical services, Engineering, Procurement and Construction
activities (EPC), etc.


EMJAY STEEL: Ind-Ra Corrects June 10, 2021 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Emjay Steel Udyyog
Private Limited's rating published on June 10, 2021 to correctly
state the short-term rating of the fund-based working capital limit
in the primary table and remove repeated items from the history
table.

The amended version is:

India Ratings and Research (Ind-Ra) has downgraded Emjay Steel
Udyyog Private Limited Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'Provisional IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:

-- INR100 mil. Fund based working capital limit downgraded with
     IND BB (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR100 mil. Proposed fund-based working capital limit
     downgraded with Provisional IND BB (ISSUER NOT COOPERATING)/
     Provisional IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR150 mil. Non-fund based working capital limit downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Proposed non-fund based working capital limit
     downgraded with Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating.

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. Basis the circular, any issuer having investment grade rating
remains non-cooperative with the rating agency for more than six
months should be downgraded to sub investment grade rating.

The current outstanding rating of IND BB (ISSUER NOT COOPERATING)
may not reflect its credit strength as the issuer has been
non-cooperative with the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

COMPANY PROFILE

Incorporated in 2010, Chennai-based Emjay Steel Udyyog manufactures
steel billets at its two facilities in Nellone District, Andhra
Pradesh, and Chennai, Tamil Nadu. It has a total installed capacity
of 90,000 metric tons. Its day-to-day operations are managed by
Elanjikal Koshy Mathew.


GEETA COTTON: CRISIL Lowers Rating on INR35cr Cash Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Geeta Cotton Company Private Limited (GCCPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          35         CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects weakening in GCCPL's business risk profile,
reflected in decline in revenue by 33% in fiscal 2021. The revenue
is estimated to be around INR105 crore in fiscal 2021 as against
INR144 crore in the previous year. This was on account of high raw
material cost and lower offtake by key customers. Furthermore,
liquidity is stretched, with low estimated accruals against debt
obligations in fiscal 2022. Improvement in liquidity, driven by
increase in revenues and profitability, will be a key monitorable.

The rating continues to reflect GCCPL's exposure to volatility in
raw material prices and below average financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoter in the cotton ginning industry, proximity to a cotton
growing region.

Analytical Approach:

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of GCC and Krishna Cotton
Company (KCC). This is because both the entities, together referred
to as the Geeta group, have common promoters, are in the same line
of business, and have operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below average financial risk profile: The financial risk profile
is below average marked by estimated gearing at 1.90 times as on
March 31, 2021. Debt protection metrics are below-average with
estimated interest coverage ratio at 0.90 times in fiscal 2021.

* Susceptibility to volatility in cotton prices: Cotton prices are
highly volatile as cotton yield depends on the monsoon. The group
is unable to pass on any increase in cotton prices to customers
because of intense competition.

Strengths:

* Extensive industry experience of the promoter: The promoter has
been active in the cotton industry for more than two decades. This
has helped him to understand local market dynamics and establish
strong relationships with farmers and customers.

* Proximity to the cotton growing-belt in Telangana: The company's
production facility is close to Telangana's cotton-growing belt,
resulting in easy availability of raw cotton directly from
farmers.

Liquidity: Stretched

Cash accrual are expected to be around INR0.48 -0.50 crore which is
insufficient against term debt obligation of INR3.40 crore in
fiscal 2022. However, promoters are likely to extend support in the
form of equity and unsecured loans to meet its working capital
requirements and repayment obligations. Bank limit utilization is
moderate at around 84 percent for the past twelve months ended
March 2021.

Outlook Stable

CRISIL Rating believes that the Geeta group will continue to
benefit from its promoter's extensive experience and the company's
proximity to Telangana's cotton-growing belt.

Rating Sensitivity factors

Upward factors

* Sustained increase in revenue to above INR150 crore leading to
higher cash accrual

* Improvement in the financial risk profile and working capital
cycle, leading to interest coverage of above 1.5 times

Downward factors

* Stretch in the working capital cycle leading to bank limit
utilization of more than 95%

* Decline in revenue or operating profitability impacting net cash
accruals

                           About the Group

GCC was originally set up as a proprietorship firm in 1983 by Mr. K
Nagnath Patel and reconstituted as a private limited company in
2013.

KCC was set up as a proprietorship concern by Mr. Patel in 2006.
Both the entities primarily undertake ginning and pressing of raw
cotton.

The group also has crushing units to extract de-oiled cake and oil
from cotton seeds. The manufacturing facilities of both the
entities are in Bhainsa, Telangana.


HOTEL HANS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings has continued rating on the bank facilities of Hotel
Hans Pvt Ltd (HHPL) at 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               60        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HHPL for
obtaining information through letters and emails (dated January 25,
2021; February 2, 2021; February 17, 2021; March 4, 2021; June 22,
2021) apart from telephonic communication. However, the issuer has
remained non-cooperative. CRISIL Ratings has approached the
company's management and bankers to seek clarity on the one-time
debt restructuring of the loan but has not yet received any
response.

'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 the financial
performance or strategic intent of HHPL, which restricts its
ability to take a forward-looking view on the credit quality of the
entity. CRISIL Ratings believes the rating action on HHPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on inadequate information, lack of management cooperation and
no clarity on the one-time debt restructuring of the loan that HHPL
had applied for in September 2020, CRISIL Ratings has continued
rating on the bank facilities of HHPL at 'CRISIL B/Stable Issuer
Not Cooperating'.

Analytical Approach

Unsecured loan (INR12.85 crore as on March 31, 2020) extended by
the promoter has been treated as debt because it may be repaid over
the medium term.

HHPL, incorporated in 1973 by Mr. D R Vadera, owns and operates
4-star hotels in Delhi and Puri, Odisha, and a 5-star hotel in
Gurugram, Haryana. It also owns 50% stake in Hansalaya Properties,
a firm that earns rental income from its properties in Delhi.


I DREAM: CRISIL Moves B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of I
Dream Properties (IDP) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         12.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with IDP 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 IDP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IDP
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 IDP to 'CRISIL B+/Stable Issuer not
cooperating'.

IDP was set up in 2009 by the proprietor, Mr. R Murthy. The
Chennai-based firm operates a cinema theatre, IDream Cinemas, and
also executes real estate development.


ICHALKARANJI POWERLOOM: CRISIL Moves D Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Ichalkaranji Powerloom Mega Cluster Limited (IPMCL) to 'CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     4.93      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             25.07      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with IPMCL 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 IPMCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IPMCL
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 IPMCL to 'CRISIL D Issuer not cooperating'.

IPMCL, incorporated in 2012, is currently setting up a unit for
sizing, warping, processing of fabric and yarn dyeing in
Ichalkaranji, Maharashtra. The plant is expected to be commissioned
in April 2020.  The company is promoted by Mr. Prakash K. Awade and
managed by Mr. Sunil S. Patil, Mr. Satish S. Koshti, Mr.
Satyanarayan Dalya, Mr. Laximikant Purohit and Mr. Jadhavji Patel.


ISHU FOODS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ishu Foods Private Limited
        9226, Gali No. 6
        West Rohtas Nagar Shahdra
        East Delhi 110032

Insolvency Commencement Date: June 22, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 19, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Saurabh Garg

Interim Resolution
Professional:            Mr. Saurabh Garg
                         426, Sector-40
                         Gurgaon, Haryana 122001
                         E-mail: garg.saurabh2007@gmail.com
                                 cirpishufoods@gmail.com
                         Tel: 9818412630

Last date for
submission of claims:    July 5, 2021


JR FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JR Foods (JRF)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Set-up in 2016 by Mr. Nikhil Gaur, Delhi-based JRF trades basmati
and non-basmati rice. The commercial operations of the firm started
in November, 2016.


KAYNES TECHNOLOGY: Ind-Ra Affirms 'BB' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kaynes Technology
India Private Limited (KITPL) Long-Term Issuer Rating at 'IND BB'
with a Negative Outlook while resolving the Rating Watch Evolving
(RWE).

The instrument wise rating actions are:

-- INR76.5 mil. (reduced from INR170 mil.) Non-convertible
     debentures INE918Z07019 issued on July 2018 coupon rate 15%
     due on March 31, 2023 affirmed; Off RWE with IND BB/Negative
     rating;

-- INR1.10 bil. (reduced from INR1,177 bil.) Fund-based limits
     affirmed; Off RWE with IND BB/Negative /IND A4+ rating;

-- INR150 mil. Non-fund based limits affirmed; Off RWE with IND
     A4+ rating; and

-- INR109.7 mil. Term loan due on March 31, 2022 assigned with
     IND BB/Negative rating.

The affirmation and the RWE resolution follow the adequate
medium-term visibility of KITPL's financial and operating
performance, stemming from an increase in orders from the
automotive & industrial segment due to the government's initiatives
such as 'Make in India' and installation of smart energy meters,
and demand from the medical segment. KITPL was likely to receive a
capital infusion of INR1,350 million from a private equity investor
in FY21. However, it was not materialized, considering the lower
valuation by the investor due to the overall impact of COVID-19 on
the industry.

The Negative Outlook reflects KITPL's weak liquidity position and
the likelihood of the sustenance of the same over the medium term.
The improvement in the liquidity profile is reliant on the infusion
from potential investors and higher realization of receivables.

KEY RATING DRIVERS

Liquidity Indicator - Poor: The average maximum utilization of
KITPL's fund-based facilities was almost 100% and that of its
non-fund-based facilities was 51.46% over the 12 months ended May
2021. The cash flow from operations turned positive at INR117
million in FY20 (FY19: negative INR226 million), due to favorable
changes in the working capital. The net cash conversion cycle
remained elongated at 188 days in FY21 (FY20: 192 days), due to the
high debtor and inventory days. Ind-Ra expects the cash flow from
operations to be stressed in FY22 due to the elongated working
capital cycle. The company has scheduled repayments of INR70
million and INR36 million in FY22 and FY23, respectively. The
infusion of preference shares amounting to INR270 million combined
in June and November 2020, being utilized for business expansion,
provide liquidity support to the company. As informed by the
management,  in case of any liquidity crunch faced by the company
in relation to delayed receipts from customers, the bank has
sanctioned temporary overdraft facilities. Furthermore, the company
was sanctioned an additional INR230 million of working capital
facility in June 2021.

The ratings are constrained by KITPL's improved-but-weak credit
metrics due to its high dependence on working capital borrowings,
which constituted 90% of its total debt in FY21. KITPL's gross
interest coverage improved to 1.99x in FY21 (FY20: 1.75x) and its
net leverage to 3.03x (3.43x), due to a rise in the EBITDA to
INR438 million (INR412 million). FY21 numbers are provisional.

The ratings reflect KITPL's medium scale of operations with a
sustained yoy rise in its revenue since FY19. The revenue improved
to INR3,929 million in FY21 (FY20: INR3,603 million), driven by the
increased contribution of the automotive and medical segments, with
an increase in the demand for two-wheelers,  ventilators and
respiratory systems. Around 80% of the company's revenue comes from
the manufacturing of printed circuit boards and the remaining
through other electronic assemblies. Ind-Ra expects the revenue to
increase in FY22, backed by the company's order book of INR6,420
million for FY22, along with an addition of new customers.

The ratings reflect the company's average EBITDA margin of 11.2% in
FY21 (FY20: 11.42%). The return on capital employed was 14% in
FY20. Ind-Ra expects the EBITDA margin to remain stable in FY22,
backed by sustained EBITDA.

The promoters' experience of three decades in the electronics
manufacturing services industry has enabled the company to develop
new products and designs. KTIPL caters to reputed companies such as
Siemens Ltd, Larsen & Toubro Ltd and India Japan Lighting Private
Ltd.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position and the credit
metrics with the interest coverage rising above 2.5x will be
positive for the ratings.

Negative: Further deterioration in the liquidity position and the
credit metrics with the interest coverage remaining below 2.5x will
be positive for the ratings.

COMPANY PROFILE

Established in 1988, KTIPL started operations in 2008. It
manufactures printed circuit boards, and other electronic
assemblies, having application in aerospace, defense, railways,
automotive, information technology, peripheral, industrial and
medical electronics.


KETAKI SANGAMESHWAR: CRISIL Reaffirms B+ Rating on INR10cr Loans
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Ketaki Sangameshwar Industries (KSI)

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B+/Stable (Assigned)
   Long Term Loan          3         CRISIL B+/Stable (Assigned)

The rating reflects modest scale of operations amidst intense
competition and susceptibility to volatility in raw material
(cotton) prices and weak financial risk profile. The weaknesses are
partially offset by the extensive experience of the promoters in
the textile industry, favorable location of the ginning unit and
the comfortable working capital operations.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: KEI is a relatively small player in
the cotton ginning industry, as reflected in modest revenue of
below INR50 crore over the three fiscals through March 2020.

* Susceptibility to intense competition and volatility in raw
material (cotton) prices: Low entry barriers and limited product
differentiation have led to intense competition in the textile
spinning industry. These factors will continue to restrict
scalability and pricing pressure over the medium term. Moreover,
revenue and profitability will remain susceptible to volatility in
the price of the raw material, cotton.

* Weak financial risk profile: Capital structure is weak marked by
gearing and total outside liabilities to tangible net worth ratios
of 8.20 time and 11 times, respectively, as on March 31, 2020. Debt
protection metrics are adequate, with interest coverage and net
cash accrual to total debt ratios at 1.81 times and 0.07 time,
respectively, in fiscal 2020.

Strengths:

* Extensive experience of the promoters and favorable location of
the spinning unit: The two-decade-long experience of the promoters
in the textile industry, their strong understanding of market
dynamics, and strong relationships with suppliers and customers,
will continue to support the business risk profile. The spinning
unit at Sangareddy in Telangana, enjoys proximity to cotton-growing
areas, and thus, ample access to the raw material.

* Moderate working capital requirement:  Working capital
requirement in moderate marked by GCA of 80 days in fiscal 2020.
The firm receives payment from its customer within 10- 15 days and
makes the payment to its suppliers in 1-5 days due to low
bargaining power. The inventory days remained at 45-60 days as
cotton being agro commodity, its production is seasonal
(harvesting) from November to March in a year. Apart from that
cotton ginners usually have procure raw cotton in bulk quantity to
get better discount from its suppliers.

Liquidity: Stretched

Liquidity remains constrained by high bank limit utilization,
though partly aided by sufficient cash accrual. Bank limit was
utilized at 70% on an average over the 12 months through Jan 2021.
Net cash accrual of INR0.80-1.00 crore expected in fiscals 2021 and
2022, should suffice to meet the yearly term debt of INR0.80 crore.


Outlook Stable

CRISIL Ratings believes KSI will continue to benefit from the
extensive experience of its promoters and their established
relationships with clients.

Rating Sensitivity factors

Upward factors

* Significant growth in revenue by 30-40%, and improved
profitability and working capital cycle, leading to higher net cash
accrual
* Sizeable reduction in debt strengthening the financial risk
profile

Downward factors

* Significant decline in revenue and profitability, resulting in
lower net cash accrual
* Large working capital requirement increasing reliance on external
debt and gearing to above 10 times

KSI was set up in 2017, by the promoter, Mr. Raghavendra Bachu and
his family. The company manufactures cotton bales with an installed
capacity of 300 bales per day at its manufacturing unit in
Telangana.


KISANVEER SATARA: CRISIL Moves D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Kisanveer Satara Sahakari Sakhar Karkhana Limited (KSSSKL) to
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Pledge Loan           25        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   147.77     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             53.23     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KSSSKL 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 KSSSKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KSSSKL 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 KSSSKL to 'CRISIL D Issuer not cooperating'.

KSSSKL is a cooperative sugar mill, at Bhuinj in Satara district of
Maharashtra. It was set up in 1968, by the late Mr. Kisan Mahadeo
(Abasaheb) Veer and Mr. Prataprao Bhosale. The society is currently
chaired by Mr. Madan Bhosale.


MAXGROW INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Maxgrow India Limited
        Shop Number-32, Lower Ground Floor
        City Mall New Link Road
        Oshivara Andheri (West)
        Mumbai Maharashtra 400053

Insolvency Commencement Date: June 9, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 6, 2021

Insolvency professional: Mayank Rameshchandra Jain

Interim Resolution
Professional:            Mayank Rameshchandra Jain
                         A 1001, Samarpan
                         Near Spectra Motors
                         Western Express Highway
                         Borivli (West)
                         Mumbai City
                         Maharashtra 400066
                         E-mail: jainmayankr@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors
                         Private Limited
                         1507, B Wing
                         One BKC, G-Block
                         BKC, Bandra East
                         Mumbai 400051
                         E-mail: maxgrowindia@kanchansobha.com

Last date for
submission of claims:    June 23, 2021


MEDICON LEATHER: CRISIL Moves B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Medicon Leather Private Limited (MLPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MLPL 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
cooperation 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 MLPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MLPL
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 MLPL to 'CRISIL B/Stable Issuer not
cooperating'.

MLPL was incorporated in 1987. It is engaged into manufacturing of
leather products such as belts, bags, wallets, etc. It has
manufacturing facility locate in Bommanahalli-Bangalore. It also
sells its products through its 4 brand outlets, 2 in Bangalore and
2 in Kerala. It is promoted by Mr. Sangieve Bulchandani and Neeta
Bulchandani.


MERCATOR OIL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mercator Oil & Gas Limited
        83-87, 8th floor, Mittal Tower
        B-wing Nariman Point
        Mumbai 400021

Insolvency Commencement Date: June 30, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 26, 2021

Insolvency professional: Mr. Adesh Kumar Gupta

Interim Resolution
Professional:            Mr. Adesh Kumar Gupta
                         408, Dheeraj Heritage
                         Milan Subway Junction
                         S.V. Road, Santacruz (West)
                         Mumbai 400054
                         E-mail: adeshkgupta.irp@probizadvisor.com
                                 mercatoroil.irp@gmail.com

Last date for
submission of claims:    July 18, 2021


MINARCH OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Minarch Overseas Private Limited
        G 7 Ahok Plaza Building
        12 A/14 WEA Karol Bagh
        New Delhi 110005

Insolvency Commencement Date: Februray 25, 2020

Court: National Company Law Tribunal, New Delhi, Court-IV Bench

Estimated date of closure of
insolvency resolution process: December 27, 2021

Insolvency professional: Vinod Kumar Chaurasia

Interim Resolution
Professional:            Vinod Kumar Chaurasia
                         A-756, Sector-2
                         Rohini
                         New Delhi 110085
                         E-mail: cavinodchaurasia@gmail.com

                            - and -

                         B-22, Pragati Vihar Hostel
                         Lodhi Road, New Delhi 110003
                         E-mail: cirp.minarch@gmail.com

Last date for
submission of claims:    July 16, 2021


NISH DEVELOPERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nish
Developers Private Limited (NDPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible      500.0        CRISIL B+/Stable (Issuer Not
   Debentures  LT                    Cooperating)

CRISIL Ratings has been consistently following up with NDPL for
obtaining information through letters and emails dated December 28,
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 NDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NDPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

NDPL is engaged in real estate business mainly comprising of
residential real estate development.


ORANGE MEGASTRUCTURE: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of Orange
Megastructure LLP (OMLLP) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Lease Rental          140         CRISIL B+/Stable (Issuer Not
   Discounting Loan                  Cooperating)

   Long Term Loan         15         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-          0.5       CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with OMLLP for
obtaining information through letters and emails dated May 24,
2021; May 31, 2021 and June 21, 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

OMLLP had applied for one-time restructuring (OTR) of its term loan
in first week of October 2020, under the Reserve Bank of India's
(RBI's) guidelines issued on August 06, 2020, called Resolution
Framework for Covid-19-related Stress. The lenders had invoked the
OTR proposal on December 31, 2020, and subsequently the OTR
proposal was under process, as final sanction was awaited and the
terms & conditions were to be decided upon. The OTR application has
been approved on 11-Jun-2021. As per last understanding, OMLLP had
serviced its debt repayment obligation till the month of
November-2020. Further, as per latest understanding, the firm has
serviced its debt repayment obligations for the months of
December-2020 to March-2021 as well in the month of March-2021,
supported by own funds and promoters' funds, while the debt
repayment obligations for April-2021 and May-2021 have not been
paid, as the OTR application was under process during the time.

CRISIL Ratings has been consistently following up with OMLLP for
updates on the financial performance. However, despite repeated
attempts to engage with the management, CRISIL Ratings failed to
receive any update on the financial performance or strategic intent
of OMLLP, which restricts CRISIL Ratings' ability to take a
forward-looking view on the entity's credit quality. CRISIL Ratings
believes that rating action on OMLLP is consistent with 'Assessing
Information Adequacy Risk'. Therefore, on account of inadequate
information and lack of management cooperation, the rating on the
bank facilities of OMLLP continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

OMLLP owns Le-Meridien, a five-star hotel in Surat. The firm is
promoted by Century 21 Town Planners Pvt Ltd, Mr. Rajesh Mehta and
Mr. Gurjeet Singh Chhabra with shareholding of 49.92%, 50% and
0.08% respectively. The firm is operational from April 2017.


ORISSA STATE: Ind-Ra Keeps BB Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained The Orissa State
Co-operative Milk Producers' Federation Ltd.'s bank facilities
ratings in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND BB (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR500 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
November 2, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Formed in 1981, The Orissa State Co-operative Milk Producers'
Federation is the leading organized milk producer in Odisha and is
primarily engaged in the processing and marketing of liquid milk
and milk products.

PMD MILK: CRISIL Withdraws B+ Rating on INR10.5cr Loans
-------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
PMD Milk and Foods (PMD) at 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           1         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Rupee Term Loan       9.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with PMD 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 PMD. 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 PMD is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
PMD to 'CRISIL B+/Stable Issuer not cooperating'.

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

Set up in February 2018, PMD is setting up a milk processing unit
and milk collection centers at the farm level in Baramati and a
dairy product processing unit at its distribution hub in Vasai. The
firm is promoted by Mr. Hanmant Wamanrao Mohite, Mr. Dilipkumar
Parmar, and Mr. Santosh Dhavan.

PODDAR CAR: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Poddar Car World
Private Limited's (PCWPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR831.5 mil. Fund-based limits affirmed with IND BB+/Stable
     rating; and

-- INR5 mil. (increased from INR2 mil.) Non-fund-based limits
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PCWPL's continued modest credit profile.
The company's average margin, expanded to 2.55% in FY21 (FY20:
2.40%) due to a decline in the company's fixed costs. The return on
capital employed was 13% in FY21 (FY20: 10%). FY21 financials are
provisional in nature.

The ratings factor in the company's moderate metrics. PCWPL's gross
interest coverage (operating EBITDA/gross interest expense)
improved to 3.7x in FY21 (FY20: 2.7x) and the net leverage
(adjusted net debt/operating EBITDAR) to 4.8x (6.1x)  due to an
improvement in the absolute EBITDA to INR113.22 million (INR112.47)
and  lower interest costs and utilization of working capital
limits.

Liquidity Indicator - Adequate: PCWPL's average maximum utilization
of working capital facilities was comfortable at 31% over the 12
months ended May 2021. Its cash balance stood at INR43.66 million
at FYE21 (FYE20: INR16.38 million). The company's cash flow from
operations turned positive to INR239.14 million in FY21 (FY20:
negative INR256 million) due to the improvement in absolute EBITDA
and the narrowing of the working capital cycle to 39 days (49
days). The free cash flow of the entity declined to INR198.26
million in FY21 (FY20: INR244.74 million) due to capex incurred
towards the opening of two Maruti Suzuki True Value showrooms; one
Nexa showroom; and one stockyard along with other rural outlets.

The ratings, however, continue to be supported by PCWPL's medium
scale of operations. Its revenue declined to INR4,431 million in
FY21 (FY20: INR4,684 million) due to muted demand in 1QFY21 owing
to the COVID-19 led lockdown. Ind-Ra expects the company's revenue
to decline further in FY22 due to second COVID-19 wave led-muted
sales in 1QFY22. The ratings also continue to benefit from PCWPL's
promoter having over a decade's  experience in running the
dealership business of Maruti Suzuki India Limited in the
north-east India region.

RATING SENSITIVITIES

Negative: Any weakening of the credit metrics, with the interest
coverage falling below 1.5x and deterioration in the liquidity
profile could lead to a negative rating action.

Positive: An increase in the scale of operations, along with the
interest coverage remaining above 2.5x and the maintenance of
adequate liquidity could lead to a positive rating action.

COMPANY PROFILE

Poddar Car World has 3S (sales, service and spares) showrooms
located in Assam and West Bengal for cars manufactured by Maruti
Suzuki India Limited. In addition, it deals in pre-owned car sales
and provides facility for exchanging used cars through Maruti True
Value.


PRASAD SUGAR: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Prasad
Sugar and Allied Agro Products Limited (PSAAPL) to 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.67        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan      27.50        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Pledge Loan        122.22        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan           26.61        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PSAAPL 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 PSAAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PSAAPL 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 PSAAPL to 'CRISIL D Issuer not cooperating'.

PSAAAPL, incorporated in 2007, is owned and managed by Mr.
Shusilkumar Deshmukh and Mr. Prasad Tanpure, and their family
members. The company manufactures sugar at its plant in Rahuri
Taluka in the Ahmednagar district of Maharashtra, with an installed
capacity of 4,000 tonne crushed per day.  It is currently setting
up a molasses-based ethanol plant.


PURNO-GOURI COLD: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Purno-Gouri Cold Storage Private Limited (PGCSPL) to 'CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    0.86      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             3.14      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital       1.00      CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PGCSPL 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 PGCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PGCSPL 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 PGCSPL to 'CRISIL D Issuer not cooperating'.

PGCSPL was incorporated in 2016 by the promoters, Mr. Kartik Ghosh
and Mrs Jhulan Ghosh. The company provides cold storage services to
potato farmers and traders, and undertakes opportunistic trading in
potatoes. The unit, located in Bankura, West Bengal, has a storage
capacity of 221,000 quintals.


RADHALAXMI SPINTEX: CRISIL Withdraws B+ Rating on INR6cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Radhalaxmi Spintex Private Limited (RSPL) 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            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan        27        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with RSPL 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 RSPL. 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 RSPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
RSPL to 'CRISIL B+/Stable Issuer not cooperating'.

RSPL, incorporated in 2013, is promoted by Rajkot, Gujarat-based
Mr. Chetan Kakasaniya and Mr. Amitbhai.


RAICHUR POWER: Ind-Ra Affirms & Withdraws 'D' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raichur Power
Corporation Limited's (RPCL) Long-Term Issuer Rating at IND D and
has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR1.0 bil. Working capital loans (Long-term)* affirmed and
     withdrawn; and

-- INR16.120 bil. Proposed working capital loans (Long-term)$
     affirmed and withdrawn.

*Affirmed at 'IND D' before being withdrawn.

$ Affirmed at 'Provisional IND D' before being withdrawn.

KEY RATING DRIVERS

The affirmation reflects RPCL's intermittent delays in debt
servicing since April 2019 due to cash flow mismatches and delays
in receivables from distribution companies in Karnataka. Ind-Ra
does not have access to the latest financials of the company.

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

COMPANY PROFILE

RPCL has implemented a 1,600MW (2x800MW) coal-based thermal power
project in Yeramarus near Raichur, Karnataka. This site commenced
operations in April 2017 (one unit in March 2017 and other in April
2017).

Karnataka Power Corporation Limited, which is wholly owned by the
government of Karnataka, owns 72% of RPCL and the remaining share
capital of 28% is owned by Bharat Heavy Electricals Limited ('IND
AA-'/Negative), according to the audited annual accounts for FY19.
The total installed capacity of KPCL is more than 6,000MW.


RAMEE HOTELS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ramee Hotels
Private Limited's Long-Term Issuer Rating to 'IND D' from 'IND BB-'
while resolving the Rating Watch Negative.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits (long-term)
     downgraded; Off RWN with IND D rating;

-- INR25 mil. Non-fund-based working capital limits (short term)
     downgraded; Off RWN with IND D rating; and

-- INR485 mil. (increased from INR421.82 mil.) Long-term loan due

     on March 2028 downgraded; Off RWN with IND D rating.

KEY RATING DRIVERS

The downgrade reflects Ramee's nonpayment of interest on its term
loan for May and June 2021.

The company has been classified into Special Mention Account 1
category by the Bank of Baroda ('IND AAA'/Stable) due to delays in
the interest payment of its term loan. Further, the company has
applied for Bank of Baroda Guaranteed Emergency Credit Line scheme
under the Reserve Bank of India's guidelines for COVID-19 affected
companies; a decision by the bank on the same is awaited.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

Incorporated in June 1998, Ramee Hotels is promoted by Vardaraj
Manjappa Shetty. It is engaged in the hospitality business and
operates three hotels in Mumbai and Pune. Its registered office is
in Dadar, Mumbai.

REGIN AGENCY: CRISIL Reaffirms B+ Rating on INR22cr Loans
---------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Regin Agency (RA: part of Regin Group) at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12        CRISIL B+/Stable (Reaffirmed)
   Key Cash Credit         5        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      5        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect intensely competitive nature of
industry, low operating margin and modest financial risk profile.
These weaknesses are partially offset by extensive experience of
the promoters and established relationship with its suppliers.

Analytical Approach

CRISIL Ratings has revised its analytical approach and has combined
the business and financial risk profiles of RA, Regin Export (RE)
and Regin Imports and Exports private limited (RIEPL). This is
because all these entities, together referred as the Regin group,
have common management with operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition and low operating profitability:
Low entry barrier due to modest capital requirement has led to
presence of numerous players in the industry and intense
competition. Subsequently, its profitability has remained low in
the range of 2.2-3.15% in the past three years ended fiscal 2021.

* Modest financial risk profile: Net worth and gearing is moderate
at INR18.66 crores and around 2.21 times respectively as on March
31, 2021. Debt protection metrics continues to remain modest, with
estimated interest coverage and net cash accrual to total debt
ratios of 1.26 times and 3 per cent, respectively, in fiscal 2021.

Strengths:

* Extensive experience of promoters: Presence of over two decades
in the cashew processing industry has enabled the promoters to
establish strong relationship with customers and suppliers and
should support the business risk profile over the medium term.

* Established relationship with suppliers: The group has
established relationship with various African players for
procurement of raw cashew nut, which ensures timely availability of
quality nuts at a competitive rate and supports its business risk
profile.
Liquidity: Stretched

Average month end bank limit utilization for the last 12 months
ended on May 2021 is modest at around 91%. Net cash accruals are
estimated to be in the range of 1.2-1.5 crs against repayment
obligation of about INR60-80 lacs. The liquidity is further
supported by moderate cash balance and need-based unsecured loans
support from related parties and promoter. Current ratio remains
moderate at around 1.17 times as on March 31, 2021

Outlook: Stable

CRISIL Ratings believes the Regin group will continue to benefit
over the medium term from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward Factors:

* Interest coverage of more than 1.8 times while maintaining the
capital structure
* Sustained increase in scale of operations and profitability

Downgrade Factors:

* Significant decline in revenue and operating profitability of
less than 2%
* Larger than expected working capital requirement or large capital
withdrawal leading to stretch in liquidity.

                         About the Group

Regin group is based in Kanyakumari- Tamil Nadu and established by
Mr. P Regin, Ms. T Ani Chandrakala.  The group is engaged in
processing and exporting of cashew kernels.

RA, based in Kanyakumari, was established in 2002 as a sole
proprietorship concern by Mr. P Regin. The firm imports and
processes cashew kernels.

Regin Export (RE) sole proprietorship firm of the wife of Mr. P
Regin, Ms. T Ani Chandrakala, was established in 2009 and exports
cashew kernels to the USA, Singapore, and Gulf countries.

Regin Imports and Exports private limited (RIEPL) was incorporated
in 2017. It is engaged in processing and exporting of cashew nuts.
The company is based in Kanyakumari and promoted by Mr. P. Regin &
Ms. T Ani Chandrakala.


REGIN IMPORTS: CRISIL Assigns B+ Rating to INR50cr Proposed Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facilities of Regin Imports and Exports private
limited (RIEPL: part of Regin Group).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-
   Based Bank Limits     50          CRISIL B+/Stable (Assigned)

The rating reflects intensely competitive nature of industry, low
operating margin and modest financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoters and established relationship with suppliers.

Analytical Approach

For arriving at the rating CRISIL Ratings has combined the business
and financial risk profiles of RIEPL, Regin Agency (RA) and Regin
Exports (RE). This is because all these entities, together referred
as the Regin group, have common management with operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition and low operating profitability:
Low entry barrier due to modest capital requirement has led to
presence of numerous players in the industry and intense
competition. Subsequently, its profitability has remained low in
the range of 2.2-3.15% in the past three years ended fiscal 2021.

* Modest financial risk profile: Net worth and gearing is moderate
at INR18.66 crores and around 2.21 times respectively as on March
31, 2021. Debt protection metrics continue to remain modest, with
estimated interest coverage and net cash accrual to total debt
ratios of 1.26 times and 3 percent, respectively, in fiscal 2021.

Strengths:

* Extensive experience of promoters: Presence of over two decades
in the cashew processing industry has enabled the promoters to
establish strong relationship with customers and suppliers and
should support the business risk profile over the medium term.

* Established relationship with suppliers: The group has
established relationship with various African players for
procurement of raw cashew nut, which ensures timely availability of
quality nuts at a competitive rate and supports its business risk
profile.
Liquidity: Stretched

Average month end bank limit utilization for the last 12 months
ended on May 2021 is modest at around 91%. Net cash accruals are
estimated to be in the range of 1.2-1.5 crs against repayment
obligation of about INR60-80 lacs. The liquidity is further
supported by moderate cash balance and need based unsecured loans
support from related parties and promoter. Current ratio remains
moderate at around 1.17 times as on March 31, 2021

Outlook Stable

CRISIL Ratings believes the Regin group will continue to benefit
over the medium term from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward Factors:

* Interest coverage of more than 1.8 times while maintaining the
capital structure
* Sustained increase in scale of operations and profitability

Downgrade Factors:

* Significant decline in revenue and operating profitability of
less than 2%
* Larger than expected working capital requirement or large capital
withdrawal leading to stretch in liquidity.

                         About the Group

Regin group is based in Kanyakumari- Tamil Nadu and established by
Mr. P Regin, Ms. T Ani Chandrakala.  The group is engaged in
processing and exporting of cashew kernels.

RIEPL was incorporated in 2017. It is engaged in processing and
exporting of cashew nuts. The company is based in Kanyakumari and
promoted by Mr. P. Regin & Ms. T Ani Chandrakala.

RA, based in Kanyakumari, was established in 2002 as a sole
proprietorship concern by Mr. P Regin. The firm imports and
processes cashew kernels.

Regin Export (RE) sole proprietorship firm of the wife of Mr. P
Regin, Ms. T Ani Chandrakala, was established in 2009 and exports
cashew kernels to the USA, Singapore, and Gulf countries.


S.K. AGARWAL: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained S.K. Agarwal &
Co.'s Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)'
in the non-cooperating category and has simultaneously withdrawn
it.

The instrument-wise rating actions are:       

-- INR745 mil. Fund-based working capital limits (Long-term)*
     maintained in the non-cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

S.K. Agarwal & Co. is a partnership firm engaged in the trading of
steel products such as mild steel plates, chequered plates,
hot-rolled sheets and coils, cold-rolled coils and structural steel
products. The firm is a distributor of JSW Steel Limited ('IND
AA'/Stable) and Jindal Steel & Power Limited in northern India.


SASWAD MALI: Ind-Ra Hikes Issuer Rating to 'B+', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded The Saswad Mali
Sugar Factory Ltd.'s (SMSFL) Long-Term Issuer Rating to 'IND B+'
from 'IND D (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1,287.02 bil. (increased from INR764.7 mil.) Fund-based
     working capital limits (cash credit limits) upgraded with IND

     B+/Stable rating; and

-- INR592.98 mil. (reduced from INR864.23 mil.) Term loans due on

     March 31, 2026 upgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects the timely repayment of SMSF's debt
obligations since April 2019, its medium scale of operations and
healthy profitability. According to the provisional financials of
FY21, the revenue increased to INR2,698 million (FY20: INR2,075
million), owing to an improvement in both sugar and non-sugar
revenue. The sugar revenue grew 20% yoy to INR1,737 million in FY21
and the non-sugar revenue grew 69% yoy to INR838 million. The sugar
was sold as per sugar release quota by Central Government at
INR31,627 in FY21 (FY20: INR31,492). The molasses ethanol sales
improved 58% yoy in FY21as SMSF commenced producing it from 100%
B-heavy molasses, which it earlier produced from C-heavy molasses.
Also, the rates of distillery increased with effect from 1 December
2020. B-heavy molasses to ethanol rates increased to INR57.61 per
liter in FY21 (FY20: INR54.27 per liter). SMSF is planning to
modify its capacity of 30 kilo liter per day (KLPD) of molasses
distillery to 45KLPD in FY22 for INR10 million-12.5 million; this
will enable it to produce ethanol from cane juice, thus, increasing
the overall realization as the current rate is INR62.65 per liter
(till 30 November 2020: INR59.48 per liter). From FY22, there will
be a mixture of B-heavy molasses to ethanol sales and cane juice to
ethanol sales. The sugar stock as on 31 March 2021 was 35,981MT,
amounting to INR1,115.41 million (INR31,000 per metric ton).

In FY21, SMSF crushed 497,582MT of cane juice (FY20: 375,883MT)
during crushing days of 132 (104). The sugar sold was 54,921MT
(46,105MT). The management expects to crush 550,000-600,000MT of
cane juice and the crushing is likely to commence from end-October
2021.

The upgrade also reflects the company's healthy EBITDA margins of
13.65% in FY21 (FY20: 8.89%), owing to an increase in the rates of
the distillery and an export subsidy receivable of INR60 million.
The return on capital employed was 16% in FY21 (FY20: 6%). Ind-Ra
expects the margins to continue to be healthy in FY22, owing to the
addition of cane juice to ethanol sales.

The company's credit metrics remained weak despite improving in
FY21, owing to a rise in the absolute EBITDA to INR368.40 (FY20:
INR184.42 million). The gross interest coverage (operating
EBITDA/gross interest expense) came in at 1.75x in FY21 (FY20:
0.68x) and the net leverage at 5.77x (11.69x). Ind-Ra expects the
credit metrics to continue to be weak over the medium term owing to
its debt exposure.

Liquidity indicator - Poor: SMSF's fund-based limits were utilized
above 90% over February-May 2021. The month-end utilization of
these limits was 75% for the 12 months ended May 2021. The cash
flow from operations is likely to continue to be negative owing to
the high net working capital days, majorly due to sugar inventory,
which is intrinsic to the sugar industry. The outside liabilities
/networth was negative in FY21 due to previous year's losses. The
net working capital days remained nearly unchanged yoy at 231 in
FY21. The total repayments for FY22 amounts to INR153.3 million.
The cash and cash equivalents were INR11 million at FYE21 (FYE20:
INR31.68 million). SMSF availed the Reserve Bank of
India-prescribed moratorium over March-August 2020. It availed a
COVID-19 emergency credit line of INR27 million in FY21.

RATING SENSITIVITIES

Negative: Any deterioration in the operating performance leading to
deterioration in the credit metrics and further stressed liquidity,
will be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
continued healthy EBITDA margins, leading to an increase in the
interest coverage above 2.0x, along with an improvement in the
liquidity position, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1932, SMSF, located at Malinagar in Solapur
district, Maharashtra. The company has daily sugarcane crushing
capacity of 4,500 metric tons. It also owns a molasses distillery
of capacity 30KLPD, grain distillery of capacity 30KLPD and 14.8MW
co-generation capacity.


SHAKUMBHRI PULP: CRISIL Lowers Rating on INR4.9cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Shakumbhri Pulp and Paper Mills Limited (SSAMPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.9        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING)

   Long Term Loan         0.7        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING)

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

Incorporated in 2015 and promoted and managed by Mr. D.Mayilsamy,
SSAMPL refines coconut oil.

Prior to fiscal 2018, the operations were carried under two
different firm, Sri Sampoorani Amma Mills and Shrika Oil
Industries. SSAMPL took over the business from the above mentioned
entities from fiscal 2018.


SHUSHRUSHA CITIZENS: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shushrusha
Citizens Co-Op. Hospital Ltd. (SCCH) continues to be 'CRISIL
B/FB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          43        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

SCCH is a cooperative society, set up in 1966 by the Late Dr V S
Ranadive. The society operates a multi-specialty hospital called,
'Shushrusha Hospital' in Dadar (Mumbai) and Vikhroli (Mumbai).


SRILIN ELECTRONICS: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Srilin
Electronics Private Limited (SEPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.24       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan           11.37       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SEPL 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 SEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
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 SEPL to 'CRISIL B/Stable Issuer not
cooperating'.

SEPL was incorporated in year 2017. SEPL is currently setting up a
plant to manufacture printed circuit board.  Commercial operations
are expected to be commenced in April, 2021. Directors of Srilin
Electronics Private Limited are Mr. Nandapu Venkata Ramana Rao, Ms.
Nandepu Sri Lakshmi Rani, Mr. Nandepu Sai Venkata Akhil and Ms.
Lakshmi Sahaja Vejju.

Day-to-day operations would be looked after by Mr. Nandepu Sai
Venkata Akhil, who is an engineer by profession.


TAPI PRESTRESSED: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Tapi
Prestressed Products Limited (TPPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         3.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            30        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of credit &     24        CRISIL D (ISSUER NOT
   Bank Guarantee                   COOPERATING; Rating Migrated)

   Proposed Letter of     5.5       CRISIL D (ISSUER NOT
   Credit & Bank                    COOPERATING; Rating Migrated)
   Guarantee               

CRISIL Ratings has been consistently following up with TPPL 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 TPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPPL
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 TPPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up as a closely held public limited company in 1986 by Mr. M K
Kotecha, TPPL constructs and maintains bridges, dams, and
buildings. It also undertakes irrigation works for several
government and semi-government entities.


U.P. ASBESTOS: Ind-Ra Hikes Issuer Rating to 'BB+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded U.P. Asbestos
Limited's (UPAL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR365 mil. (reduced from INR400 mil.) Fund-based limit
     upgraded with IND BB+/Stable rating;

-- INR25.8 mil. Non-fund-based limit affirmed with IND A4+
     rating;

-- INR294 mil. (increased from INR230.7 mil.) Term loan due on
     March 2034 upgraded with IND BB+/Stable rating; and

-- INR140.0 mil. Proposed term loan* withdrawn (the company did
     not proceed with instrument as envisaged).

The upgrade reflects the improvement in UPAL's revenue and credit
metrics in FY21 despite the company not being operational for one
month during the year due to the COVID-19-led lockdown.

KEY RATING DRIVERS

UPAL's revenue grew to INR2017.23 million in FY21 (FY20:INR1623.97
million) due to an increase in the sales volume of asbestos sheet
and a rise in the sales from its newly introduced profile sheet
plant. The scale of operations continued to be medium. Ind-Ra
believes the company will see improved contribution from the
profile sheet plant in the near term. The management expects sales
to continue to grow over the medium term due to increasing demand
in the rural areas, from where UPAL derives a major portion of its
sales.

Furthermore, UPAL's credit metrics improved marginally in FY21
because of an increase in the operating EBITDA to INR185 million
(FY20: INR163.90 million). The net adjusted leverage (total
adjusted net debt/operating EBITDAR) was 4.64x in FY21 (FY20:
5.44x) and the interest coverage (operating EBITDA/gross interest
expense) was 2.14x (1.87x). Although the company has additional
debt-led capex plans in the pipeline, Ind-Ra expects the credit
metrics to remain at the same level in the near term due to a
likely improvement in the absolute EBITDA.

The ratings reflect the modest EBITDA margins due to the inherent
competition in the industry and the availability of substitute
products, which exerts pressure on pricing.  Ind-Ra expects the
EBITDA margin to remain at similar levels in FY22 as the company
will continue to sell at lower margins for the newly introduced
segment in order to develop the market. UPAL's margins fell to
9.17% in FY21 (FY20: 10.09%) due to lower margins earned from the
newly introduced profile sheet. The ROCE was 7% in FY21 (FY20:
6.3%).  

Liquidity Indicator - Stretched: UPAL's average utilization of
fund-based limit was 70% for the 12 months ended April 2021. The
cash flow from operations turned positive at INR102.63 million in
FY21 (FY20: negative INR122.76 million) due to positive changes in
the working capital. UPAL's working capital cycle remained
elongated but improved to 165 days in FY21 (FY20: 220 days) due to
better realizations from debtors and lower inventory days. UPAL has
planned a capex of around INR70 million in FY22 for further
modernization and process improvement; this capex will be funded in
a debt: equity ratio of 75:25. The company's cash and cash
equivalents amounted to INR33.97 million at FYE21 (FYE20: INR4.66
million).

The company had availed the Reserve Bank of India-prescribed
moratorium for March-August 2020, on the interest on its cash
credit facility and term loan interest and principal repayment. It
cleared the funded interest term loan amounting to INR12 million in
March 2021. EIPL also availed a guaranteed emergency credit line
facility of INR89.2 million in January 2021 to meet the working
capital requirements. Ind-Ra also takes into consideration the
decline in contingent liability to INR289.69 million in FY21
(FY20:INR652.15 million), which include several tax-related cases
that are pending in court; any unfavorable outcomes will impact the
liquidity, profitability, and consequently, the credit metrics of
the company.

The ratings are also constrained by the demand for fiber cement
sheets being vulnerable to the cyclicality in the end-user
industries, namely construction, real estate and rural housing.

The ratings, however, are supported by UPAL's diversified customer
base.

The ratings are also supported by the promoter's experience of more
than three decades in the manufacturing and trading of asbestos.

RATING SENSITIVITIES

Positive:  An improvement in the liquidity position along with an
improvement in the credit metrics, with the adjusted net leverage
falling below 4.0x on a sustained basis, could lead to a positive
rating action.

Negative:  Deterioration in the liquidity position or the credit
metrics along with any unfavorable outcome with respect to the
contingent liabilities will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1973, Lucknow, Uttar Pradesh-based UPAL
manufactures asbestos sheets and pre-painted galvanized steel
sheets. The company's manufacturing unit has a production capacity
of 1,44,000 metric tons per annum.  

UNIHEALTH CONSULTANCY: CRISIL Withdraws D Rating on INR2.5cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Unihealth Consultancy Private Limited (UCPL) 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
   ----------        -----------    -------
   Foreign Currency       2.5       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL Ratings has been consistently following up with UCPL for
obtaining information through letters and emails dated June 25,
2021 and June 28, 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 UCPL. 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 UCPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
UCPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2010, UCPL operates in the field of medical tourism
and hospital management, and trades in medical equipment. The
company also operates hospitals in Africa though its subsidiaries.

VIRTUAL BUSINESS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Virtual Business Solution Private Limited
        5/6, Second Floor
        West Patel Nagar
        Delhi 110008

Insolvency Commencement Date: June 25, 2021

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: December 27, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Vinay Kumar Singhal

Interim Resolution
Professional:            Mr. Vinay Kumar Singhal
                         411, 4th Floor, Essel House
                         Asaf Ali Road
                         New Delhi 110002
                         E-mail: vinaysinghal.ip@gmail.com
                                 irp.virtual@gmail.com

Last date for
submission of claims:    July 14, 2021




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

INDONESIA: Budget Deficit to Stay Wide as Tax Reforms Held Back
---------------------------------------------------------------
Bloomberg News reports that Indonesia's finance minister expects
the budget deficit to stay elevated next year as the nation's worst
coronavirus surge hampers the recovery and efforts to boost state
revenue.

The fiscal shortfall could reach 4.7%-4.8% of gross domestic
product in 2022, Finance Minister Sri Mulyani Indrawati told
Bloomberg Television's Haslinda Amin. That's near the top end of
the government's 4.5%-4.85% projection.

"We'll try very hard to return to fiscal discipline in 2023. But at
the same time, we'll also be very pragmatic," Indrawati said. "All
countries make plans, but Covid will not follow the plan."

According to Bloomberg, Indonesia has pledged to return its deficit
to below the legal limit of 3% in 2023, from 5.7% expected this
year, after boosting state spending last year to support the
pandemic-battered economy. The country joins neighbors including
Malaysia and Thailand whose hopes of an economic turnaround have
been dashed by fresh waves of infections that have required new
lockdowns and restrictions.

Bloomberg says the fragile pace of recovery is prompting a rethink
of a tax-reform proposal that aims to boost revenue. The government
could push back planned tax hikes and issue more measures to help
struggling companies, Indrawati said. Non-priority spending will be
scrapped to carve out space in the budget, she added.

"Less controversial" taxes can be immediately implemented, but
"some measures that are against recovery" could be pushed back to
the middle or end of 2022, Indrawati said. For example, the
government needs to ensure the planned overhaul of value-added
taxes will be equitable and fair, despite concerns that it could
fuel inflation.

"We will look at whether the Indonesian economy is strong enough,"
to bear the tax changes, she said.

Regardless of how fast Indonesia can rein in its budget deficit,
the Finance Ministry won't seek more help from Bank Indonesia to
fund the shortfall, Indrawati said, Bloomberg relays. Strong demand
at bond auctions since May has given the central bank reprieve from
buying government bonds, even as it remains a standby buyer through
next year if auctions falter.

Instead, Indrawati is working with the central bank and Financial
Services Authority to relax regulations and extend guarantees for
working capital as business groups warn of layoffs and bankruptcies
amid virus curbs. While the government wants to provide all
possible support, it needs to be sure the help goes to the right
sectors, she said.

"We're going to continue doing what we call ‘good market
discipline,'" Indrawati said, adding that bondholders and
credit-rating companies are encouraged by Indonesia's fiscal
prudence and structural reforms.




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

JAPAN DISPLAY: To Sell LCD Unit to Wistron
------------------------------------------
Nikkei Asia reports that Japan Display will sell a manufacturing
subsidiary to Taiwanese contract assembler Wistron for roughly JPY8
billion ($72.3 million), the struggling panel maker said on July 8,
the latest in a series of asset sales aimed at reducing fixed
costs.

The report says Japan Display, known as JDI, will continue having
Kaohsiung Opto-Electronics produce the company's liquid crystal
display modules for automobiles and industrial machinery after the
sale, under an outsourcing contract with Wistron.

A wholly owned unit of Wistron will acquire the shares of Kaohsiung
Opto-Electronics, located in Taiwan. The companies look to complete
the deal between September and December upon approval from
authorities, the report relates.

According to the report, the JDI subsidiary generated sales of 9.5
billion Taiwanese dollars ($339 million) in 2020. Design and sales
capabilities for industrial devices will remain with JDI.

The panel maker, which has outsourced production of mobile device
displays to Wistron, seeks to deepen its relationship with the
contract partner in other fields such as automotive, looking to
capture new customers, adds the report.

The report recalls that intense competition eroded JDI's financial
health, pushing the company into negative net worth at one point.
After a tumultuous period surrounding restructuring, the Japanese
company has been rebuilding its financial base with support from
the public-private fund Innovation Network Corp. of Japan and
independent firm Ichigo Asset Management. JDI's capital ratio
improved to 17.6% as of March 31.

JDI was established in 2012 by merging the display businesses of
Sony Corp., Hitachi Ltd. and Toshiba Corp. with support from INCJ.
Japan Display was established in 2012 through the merger of the
display operations of Sony Corp., Hitachi Ltd. and Toshiba Corp.
with support from the state-backed fund INCJ Ltd.



=========
M A C A U
=========

MGM RESORTS: Fitch Affirms 'BB-' IDRs, Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of MGM
Resorts International and MGM China Holdings (MGM China,
collectively MGM) at 'BB-'. Fitch also affirmed all of the
unsecured debt at MGM and MGM China at 'BB-/RR4'. The Rating
Outlook remains Negative.

The affirmation reflects Fitch's expectation that gross
consolidated leverage will decline to 6x (the negative rating
sensitivity) by 2023 (i.e. within the rating horizon) pro forma for
the announced transactions as well as Fitch's more positive view on
Las Vegas' recovery to pre-pandemic levels. Fitch expects net
consolidated adjusted leverage will be about 2.0x lower than gross
given MGM's significant excess cash balances.

The Negative Rating Outlook reflects the risks and uncertainty the
global gaming industry is facing from the coronavirus pandemic,
particularly jurisdictions that rely on international visitation.
Fitch could revise the Rating Outlook to Stable when the gaming
industry's recovery trajectory has a greater degree of confidence
and MGM's ability and willingness to de-lever back to 6.0x adjusted
gross leverage (on a consolidated basis). Fitch recognizes the
accelerating recovery in U.S. regional markets and Las Vegas and a
continuation of current positive trends through fourth-quarter 2021
would give Fitch greater confidence in a sustainable recovery.

On July 1, MGM announced it will acquire Infinity World's 50% stake
in CityCenter Holdings, LLC for $2.125 billion and subsequently
sell the real estate to Blackstone for $3.89 billion. MGM will
lease CityCenter back for $215 million in initial rent, or 1.9x
coverage based on 2019 EBITDAR levels. CityCenter has about $1.5
billion in net secured debt, which Fitch assumes is paid off with
sale-leaseback proceeds. Overall, Fitch views the transaction as
credit neutral. MGM will have full ownership and consolidation of
CityCenter as a result of the transaction, which is a high-quality
property with a good location on the Las Vegas Strip, although it
already managed the property and was integrated to M Life rewards
program. CityCenter generated $415 million in 2019 EBITDAR (32%
margin) and its RevPAR is some of the highest on the Strip.
Incremental fixed costs for the domestic MGM Resorts entity and the
$1.7 billion in new lease-equivalent debt (rent capitalized at 8x)
offset this.

KEY RATING DRIVERS

U.S. Recovery Firming Up: U.S. domestic gaming has nearly fully
recovered to 2019 levels in regional markets and Las Vegas
continues to improve with increased vaccinations and reduced
pandemic restrictions. The strong gaming demand in Las Vegas,
particularly slots, is offsetting persistent weakness from the
international and convention segments, although the latter will
come back more in earnest in 2022. Fitch's assumptions include a
full recovery to 2019 levels for U.S. regionals, Las Vegas and
Macau by 2022, 2023 and 2024, respectively, which may prove
conservative given current trends. However, this considers the
potential for renewed pandemic restrictions amid slowing domestic
vaccination penetration and uncertainty regarding viral variants.
For example, health officials elsewhere are beginning to
recommended reinstating certain restrictions to counter the Delta
variant (e.g. World Health Organization, Israel, Los Angeles).
Reduced concerns around the aforementioned risks and a longer track
record of healthy U.S. gaming demand would support stabilizing
Outlooks.

Reduced Financial Flexibility: After the sale-and-leaseback
transactions of Bellagio and MGM Grand in 2019-2020, MGM has
monetized all of its meaningful wholly owned assets and the
increase in lease-equivalent debt mostly offset the subsequent
decline in traditional debt.

The additional fixed costs created by the transactions weakened
MGM's domestic FCF generation, inclusive of distributions from its
subsidiaries. MGM guarantees the two mortgages for the Bellagio and
MGM Grand/Mandalay Bay joint ventures (JVs), respectively, which is
another negative liquidity consideration, albeit a manageable one,
given that both are collection guarantees. Fitch does not
consolidate the JV debt. MGM's run-rate triple-net leases annualize
to roughly $1.6 billion, although a portion of that goes back to
MGM vis-a-vis distributions from its 42%-owned MGP Growth
Properties LLC (BB+/Negative).

MGP Ownership Uncertainty: Consolidated rent-adjusted leverage will
remain elevated should MGM achieve its target of 1.0x domestic net
financial leverage. MGM paid down $4.1 billion of traditional debt
between 2018 and early 2020 with asset-sale proceeds, prior to
pandemic-related debt issuance, but created $4.3 billion of
lease-equivalent debt in the process. The CityCenter transaction
also creates another $1.7 billion in lease-equivalent debt.
Uncertainties around MGP ownership reduction make leverage
trajectory opaque, as deconsolidation will result in roughly $6.5
billion of incremental lease-equivalent debt from capitalizing the
MGP master lease at 8.0x.

Favorable Asset Mix: MGM has good geographic diversification, which
includes international properties in Macau. MGM's portfolio has
many high-quality assets in the Strip, and its regional assets are
typically market leaders. The regional portfolio's diversification
partially offsets the more cyclical nature of Las Vegas Strip
properties. MGM's two properties in Macau provide global
diversification benefits and exposure to a market with favorable
long-term growth trends.

MGM Growth Properties: MGP is roughly 42% owned and effectively
controlled by MGM. Therefore, Fitch analyzes MGM on a consolidated
basis and subtracts distributions to minority holders from EBITDAR.
MGM has actively been reducing its ownership stake in MGP through
OP unit redemptions, down from nearly 70% at YE19. MGM's ownership
of the sole MGP Class B share and controlling voting power, intact
until ownership falls below 30%, will continue to support a
consolidated analysis with adjustments for the minority stake in
MGP.

Should MGM reduce its stake in MGP below 30% and deconsolidate,
Fitch would likely analyze the MGM domestic credit on a standalone
basis. The financial flexibility of this credit is weaker given the
high amount of fixed costs associated with the MGP and non-MGP
master leases (about $1.6 billion pro forma for CityCenter
transaction).

ESG Considerations - Complex Group Structure: MGM has an
Environmental, Social and Governance (ESG) Relevance Score (RS) of
'4' for Group Structure due to the complexity of MGM's ownership
structure for its primary operating subsidiaries and JVs and
increasing group transparency risk. This has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

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

DERIVATION SUMMARY

MGM's 'BB-' IDR reflects the issuer's strong liquidity, diversified
operating footprint and de-levering path back to moderate
consolidated gross-adjusted leverage metrics. This is offset by
weaker financial flexibility as a result of sale-leaseback
transactions over the past few years and higher rent costs. The IDR
takes into consideration MGM's multiple liquidity sources to
withstand lingering coronavirus disruptions (i.e. travel
restrictions, particularly in Macau) and potential de-levering path
back to 6.0x consolidated gross-adjusted leverage amid a moderate
recovery in global gaming. Peer Las Vegas Sands Corp.
(BBB-/Negative) has a track record of adherence to a more
conservative financial policy and stronger international
diversification in attractive regulatory regimes.

Fitch links MGM China's IDR to MGM's. MGM China is strategically
and operationally important to MGM, and MGM China does not have
material ring-fencing mechanisms in its financing documentation
that would limit MGM's access to MGM China's cashflows.

KEY ASSUMPTIONS

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

-- Total revenues relative to 2019 levels are -26%, -7% and flat
    from 2021 through 2023, respectively, which excludes the
    impact of CityCenter becoming fully consolidated. The regional
    segment is fully recovered by 2022, Las Vegas by 2023 and
    Macau by 2024. Regional markets and Las Vegas recent
    performance suggest a full recovery could come sooner;
    however, Fitch's forecast considers the potential for renewed
    travel and pandemic-related restrictions as vaccinations
    decelerate in the U.S. and variants are managed. Macau's
    longer recovery trajectory considers slower vaccination trends
    and lingering travel restrictions internationally.

-- Flow though to EBITDAR is 40% to 50% in the near term as a
    result of meaningful cost cuts. As operations normalize
    through the recovery, Fitch assumes MGM's long-term margins
    will slightly exceed those of the prior cycle, with some
    initiatives taken during the pandemic resulting in a lower
    overall cost base;

-- Capex returns to more normalized maintenance levels of roughly
    $600 million beginning 2021 ($100 million and $50 million
    attributable to MGM China and CityCenter, respectively). Some
    additional capex is assumed in Macau for MGM Cotai's south
    hotel tower (roughly $100 million);

-- Macau revolver is paid down with 1Q21 notes' proceeds, while
    MGM's $1 billion in 2022 unsecured notes are redeemed for
    cash. Fitch assumes some amount of MGM's unsecured notes
    maturing 2023-2025 are redeemed for cash. Fitch also assumes
    CityCenter sale-leaseback proceeds are partially used to pay
    off its secured term loan (~$1.5 billion in net debt);

-- No shareholder returns at the MGM parent level are assumed
    until at least 2023. The majority of cashflow after capex is
    distributed at the MGM China and MGP.

RATING SENSITIVITIES

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

-- Evidence of stabilization in demand and signs of a significant
    rebound in global gaming demand could lead to a revision of
    the Rating Outlook to Stable;

-- Greater certainty of gross-adjusted debt/EBITDAR trending
    toward 6.0x by YE22 could likewise lead to a revision of the
    Rating Outlook to Stable. This could be on a net basis should
    the company's plans for debt paydown become more explicit.

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

-- Net-adjusted debt/EBITDAR exceeding 6.0x beyond 2023, either
    through a more prolonged disruption to global gaming demand or
    adoption of a more aggressive financial policy. As the
    operating environment normalizes and balance sheet liquidity
    returns to levels consistent with historical practices, Fitch
    will reemphasize gross-adjusted leverage metrics of below 6.0x
    for the 'BB-' IDR level;

-- A reduction in overall liquidity (low cash and revolver
    availability, heightened covenant risk or increased FCF burn)
    as a result of prolonged coronavirus pressures.

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

MGM's has significant excess liquidity, which helped it weather the
$2 billion FCF burn in 2020, although FCF is now at an inflection
point and should be neutral in 2021. MGM's domestic operations had
$4.7 billion in excess cash, net of estimated cage cash, and full
availability on its $1.5 billion revolver as of March 31, 2021. MGM
China had $950 million of excess cash and $747 million in revolver
availability, thanks to a $750 million unsecured issuance during
1Q21. Voluntary debt paydowns during 2020 from the Bellagio and MGM
Grand transactions have eliminated meaningful maturities until
2022, when the $1 billion in 7.75% notes will mature. Fitch assumes
MGM balances capital allocation between targeted debt paydown,
investments in digital segments (BetMGM JV), the resumption of
shareholder returns and future growth investments in Macau and/or
Japan.

ISSUER PROFILE

MGM operates eight casinos on the Las Vegas Strip and eight in
regional markets, which include Detroit, Mississippi, Maryland, New
Jersey, New York, Massachusetts and Ohio. MGM has a 56% stake in
MGM China, which operates two casinos in Macau SAR and owns
CityCenter in Las Vegas through a 50/50 JV (owns the Aria casino in
Las Vegas, in the process of being acquired).

SUMMARY OF FINANCIAL ADJUSTMENTS

Leverage: Fitch subtracts distributions to minority holders of
non-wholly-owned consolidated subsidiaries from EBITDA to calculate
leverage. Fitch also adds recurring distributions from
unconsolidated JVs.

ESG CONSIDERATIONS

MGM Resorts International has an ESG Relevance Score of '4' for
Group Structure due to {DESCRIPTION OF ISSUE/RATIONALE}, which has
a negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

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




===============
M A L A Y S I A
===============

EKA NOODLES: To be Delisted from Bursa Malaysia on July 14
----------------------------------------------------------
Justin Lim at theedgemarkets.com reports that Practice Note 17
(PN17) company Eka Noodles will be delisted from the Main Market of
Bursa Malaysia on July 14, after the bourse regulator again
dismissed the company's request for an extension time until Dec 31,
2021 to submit its regularisation plan.

"Upon the delisting of the company, the company will continue to
exist but as an unlisted entity. The company is still able to
continue its operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
company's performance," said the rice vermicelli and sago sticks
manufacturer and distributor in a stock exchange filing on July 9.

"However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities," it added.

In a separate filing, the regulator said it had found no reasonable
justification to allow the company's application for more time,
given that the company's regularisation plan was dependent on a
scheme of arrangement with creditors that it has yet to finalise,
with no certainty that the company would be able to obtain the
creditor's approval as EKA had not been able to reach an agreement
on the settlement sum with the creditors, theedgemarkets.com
reports.

"Notwithstanding the representations on the company's operational
performance vis-a-vis the revenue and operating profits, and the
efforts taken on the additional production lines incurred to
increase the production capacity despite the limited working
capital, there is lack of clarity/certainty of a regularisation
plan to address the business of the company and resolve all the
problems, financial or otherwise, that had caused EKA to trigger
Practice Note 17," the regulator, as cited by theedgemarkets.com,
said.

Eka Noodles, whose shares have been suspended from trading since
May 31 after the regulator rejected its bid for more time to submit
its revised regularisation plan, was initially scheduled to be
delisted on June 2.

But on May 28, the company appealed against the delisting, with the
results of that appeal announced on July 9, relays
theedgemarkets.com.

                         About EKA Noodles

EKA Noodles Berhad is engaged in the manufacturing and marketing of
various types of rice, sago sticks (vermicelli), sago starch and
related products in Malaysia. The Company's product categories
include Bihun, Bihun Siam, Instant Bihun, Laksa, Instant Noodles
and Others. The Company's brands include Bihun EKA, Laksa EKA and
Instant Noodle EKA. The Company, through its subsidiaries, is
engaged in manufacturing and trading of beehoon and beehoon laksa,
and manufacturing and trading of noodles and its related products.
The Company sells its products primarily to small wholesalers and
retailers. The Company's subsidiaries include Kilang Bihun Bersatu
Sdn. Bhd., Rasayang Food Industries Sdn. Bhd., Bersatu Noodles
Industries Sdn. Bhd., EKA Foodstuff Sdn. Bhd. and Kilang Bihun
Bersatu (East Malaysia) Sdn. Bhd.

EKA Noodles Berhad has been considered a PN17 Company pursuant to
Paragraph 8.04 and Paragraph 2.1 (a) of Practice Note 17 (PN17).

The PN17 criteria was triggered as EKA's shareholders' equity on a
consolidated basis is 25% or less of the issued and paid-up capital
of EKA and such shareholders' equity is less than MYR40.0 million
in EKA's unaudited interim financial results for the 2nd quarter
ended June 30, 2016.




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

DFS ASSET: Fitch Affirms BB Rating on Class C Notes
---------------------------------------------------
Fitch Ratings has affirmed DFS Asset Purchase Company Pte. Ltd.'s
working-capital facility, standby liquidity facility and notes. The
transaction is a securitisation of Singaporean credit-card and
charge-card receivables originated by Diners Club (Singapore)
Private Limited (DCS).

DEBT                                RATING          PRIOR
----                                ------          -----
DFS Asset Purchase Company Pte. Ltd. (refinance)

A1                            LT  A-sf   Affirmed   A-sf
A2                            LT  A-sf   Affirmed   A-sf
B                             LT  BBBsf  Affirmed   BBBsf
C                             LT  BBsf   Affirmed   BBsf
Stand By Liquidity Facility   LT  A-sf   Affirmed   A-sf
Working Capital Facility      LT  A-sf   Affirmed   A-sf

KEY RATING DRIVERS

Stable Receivables' Performance and Collateral Characteristics: The
delinquencies, defaults, payment rates and excess spread of the
transaction have been stable since the previous review. All of them
stand well away from the respective early amortisation trigger
levels. No losses on the notes have been realised since the
transaction's closing.

Adequate Originator and Servicer Capabilities: Performance is
closely linked to that of the originator/servicer due to the nature
of the underlying assets, and will be influenced by monitoring and
risk-management procedures. The latest servicer review was
conducted in June 2021 and Fitch found DCS's origination,
underwriting and servicing capabilities adequate. Fitch expects the
new ownership by EZY Net Pte Ltd not to have any negative impact on
origination and servicing capabilities of the originator.

Counterparty Risk Mitigated: There is no change of the
counterparties since the transaction's closing. All the
counterparties remain eligible to support the notes' ratings at the
current levels.

Rating Cap due to Small Market Share: The transaction is capped at
an 'Asf' category due to DCS's small market position in Singapore
and high dependency of the ongoing underwriting and collection
practices of the originator in the revolving period. Moreover, the
partially unhedged interest-rate risk exposure in this transaction
makes it incompatible with a high investment grade.

Sufficient Credit Enhancement: Initial note subordination is 24%
for class A notes, 18% for class B notes and 13% for class C notes.
The transaction also benefits from a reserve funded at by SBLF
drawdown, which covers note interest and senior expenses as well as
dilution risk.

Stable Macroeconomic Outlook: Singapore's 'AAA' rating with a
Stable Outlook is supported by exceptionally strong external
finances, sound fiscal framework and high per capital income
levels; Fitch thinks economic conditions in Singapore continue to
support the steady performance of the credit card sector in the
country.

The cash flow model was not re-run for this review, as neither the
variables affecting transaction performance nor the credit
enhancement levels have changed beyond those expected at closing.

RATING SENSITIVITIES

Rating sensitivity analysis was not performed for this review, as
the cash flow model was not re-run.

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

-- The ratings are capped due to the originator's low market
    share and the notes' interest-rate risk exposure. Hence, the
    ratings are unlikely to be upgraded unless a significant and
    sustained improvement on these parameters is observed.

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

    Fitch evaluated the sensitivity of the ratings assigned to DFS
    Asset Purchase Company's notes, at the time of the final
    rating, to increased weighted-average (WA) base-case charge
    offs, decreased WA base-case monthly payment rate (MPR) and
    the combination of stressed charge-offs and MPR over the life
    of the transaction.

Rating sensitivities provide insights into the model-implied
sensitivities the transaction faces when one risk factor is
stressed, while holding others equal.

-- Sensitivity to increased charge-offs (25% / 50% / 75%)

-- Working Capital Facility/Standby Liquidity Facility/Class A1
    and Class A2: A-sf / BBB+sf / BBBsf

-- Class B: BBB-sf / BB+sf / BBsf

-- Class C: BBsf / BB-sf / B+sf

-- Analysis showed that the ratings were more sensitive to high
    stresses to MPR rates.

-- Sensitivity to decreased MPR (15% / 25% / 35%)

-- Working Capital Facility/Standby Liquidity Facility/Class A1
    and Class A2: BBB+sf / BBB-sf / BBsf

-- Class B: BB+sf / BB-sf / Bsf

-- Class C: B+sf / Bsf / Below Bsf

-- Fitch also analysed the sensitivity to a combination of
    increased default rates and decreased MPRs (25% and 15% / 50%
    and 25% / 75% and 35%)

-- Working Capital Facility/Standby Liquidity Facility/Class A1
    and Class A2: BBBsf / BBsf / Bsf

-- Class B: BBsf / Bsf / Below Bsf

-- Class C: Bsf / Below Bsf / Below Bsf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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.

EAGLE HOSPITALITY: Rejection Dispute Impacts Chapter 11 Case
------------------------------------------------------------
Law360 reports that the Eagle Hospitality hotel chain's already
storm-tossed Chapter 11 has sailed into a bizarre naval battle with
the city of Long Beach, California, over the city's objection to
the debtor's allegedly improper rejection of a hotel lease for the
repurposed Queen Mary cruise liner. Among the city's concerns,
according to court documents, are risks to the hotel-ship posed by
a leaking former Soviet navy submarine that is moored alongside the
landward bow of the Queen Mary but that is currently publicly
claimed by neither the debtor nor the city.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware
counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is
the claims agent.




=================
S R I   L A N K A
=================

SRI LANKA: To Use Forex Reserves to Repay $1 Billion Debt
---------------------------------------------------------
Anusha Ondaatjie at Bloomberg News reports that Sri Lanka's central
bank said it will dip into its foreign exchange reserves to partly
repay $1 billion of bonds maturing later this month, seeking to
allay investors' concern about a possible default.

There may be some inflows to the government coming in July, which
could also be used toward the debt obligation, Governor Weligamage
Don Lakshman said at a press conference in Colombo on July 8,
Bloomberg relays. The nation's reserves stood at about $4 billion,
according to a central bank statement last month.

His comments seek to quell doubts about the nation's ability to
service the July 27 debt obligation amid dwindling forex reserves
and rising risk premium for a default, says Bloomberg. The nation
still has two more payments totaling $1.5 billion that becomes due
in the next 12 months.

The yield on the 7.55% 2030 dollar bond fell by 16 basis points to
16.27%, while that on the 5.75% 2023 dollar bond fell by 28 basis
points to 28.51%, Bloomberg discloses. Both notes are headed for
the biggest jump in about a week.

"Adequate financing strategies have been lined up to maintain
reserves at sufficient levels and to meet all maturing debt
servicing obligations of the government on time," the monetary
authority said earlier on July 8 after keeping interest rates
unchanged to support the economy's recovery.

Bloomberg relates that while rates were maintained despite
inflation edging up toward the upper end of its 4%-6% target band,
the central bank said it stands ready to act to keep price-growth
in mid-single digits. However, any action appears unlikely before
next year as the monetary authority sees inflation within target
for the remainder of 2021.

According to Bloomberg, the government separately named a new
finance minister to steer the economy out of the current crisis
caused by the coronavirus pandemic. Basil Rajapaksa, the brother of
Sri Lankan President Gotabaya Rajapaksa, was sworn in as the
finance head.

Basil Rajapaksa was previously a minister of economic development
in 2010. Prime Minister Mahinda Rajapaksa, who was hitherto
overseeing the finance ministry, will now be responsible for
economic policy planning, Bloomberg notes.


                           *********


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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