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

                     A S I A   P A C I F I C

          Wednesday, July 14, 2021, Vol. 24, No. 134

                           Headlines



A U S T R A L I A

14 JAMES: First Creditors' Meeting Set for July 20
ALLIANCE INSURANCE: ASIC Obtains Interim Orders vs. Company
FIRST CHOICE: Second Creditors' Meeting Set for July 21
L DAVY: Second Creditors' Meeting Set for July 20
LIBERTY SERIES 2020-3: Moody's Ups Class F Notes Rating to Ba2 (sf)

ONTHEGO GROUP: Founder Readies Business for Sale
WRIDGWAYS AUSTRALIA: Placed Into Voluntary Administration


C H I N A

CALC BOND 3: Moody's Assigns Ba2 Rating to USD300MM Bonds
CHINA ZHESHANG: Moody's Hikes Long Term Deposit Ratings from Ba1
DAGONG GLOBAL: Sanctioned Twice in One Month
HELENBERGH CHINA: Fitch Affirms 'B+' Foreign-Currency IDR
HNA GROUP: Receivers and Managers Appointed to Melbourne Site

LIANGSHAN DEVELOPMENT: Fitch Puts 'BB' LT IDRs on Watch Neg.
SUNAC CHINA: Fitch Rates Proposed USD Notes 'BB'
SUNAC CHINA: S&P Rates New US Dollar Senior Unsecured Notes 'BB-'
SUNING.COM: Founder Zhang Jindong Resigns as Chairman


I N D I A

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
ARUN POLYMERS: CARE Keeps D Debt Rating in Not Cooperating
BHAIRAVNATH SUGAR: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
CARE TECH: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
CFC CARRIERS: CARE Keeps C Debt Rating in Not Cooperating

CHARTERED MERCANTILE: Insolvency Resolution Process Case Summary
CHHATRAPATI SAHAKARI: CARE Cuts Rating on INR45cr Loan to C
DURGESHWARI INDUSTRIES: CARE Cuts Rating on INR15cr Loan to D
ENERSAN POWER: CARE Keeps D Debt Rating in Not Cooperating
G.K. SALES: CARE Keeps D Debt Rating in Not Cooperating Category

GEM GRANITES: CARE Keeps D Debt Ratings in Not Cooperating
GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
HARI STEEL: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating
JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating

JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating
K. G. ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
KDH TEXTILE: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
LSML PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating
M.G. ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating

MEWAR UNIVERSITY: CARE Keeps D Debt Rating in Not Cooperating
MOHAN BREWERIES: CARE Keeps D Debt Ratings in Not Cooperating
NEMCARE HOSPITAL: CARE Keeps D Debt Rating in Not Cooperating
PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating
PRAKASH CORRUGATED: CARE Keeps D Debt Ratings in Not Cooperating

PRAYAG POLYTECH: CARE Keeps D Debt Ratings in Not Cooperating
R R HOLIDAY: CARE Lowers Rating on INR60cr LT Loan to D
RAJENDRA TRUCKING: CARE Keeps C Debt Rating in Not Cooperating
RAM PANELS: Ind-Ra Affirms & Withdraws 'BB' Long-Term Issuer Rating
RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating

RECMET ALLOYS: CARE Keeps C Debt Ratings in Not Cooperating
RIGA SUGAR: CARE Keeps D Debt Ratings in Not Cooperating Category
SHELL APPARELS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating
SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating

STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating
VISHWAKARMA COLD: CARE Keeps D Debt Rating in Not Cooperating


J A P A N

J. FRONT RETAILING: Egan-Jones Keeps B Senior Unsecured Ratings


S I N G A P O R E

AJINOMOTO ANIMAL: Creditors' Proofs of Debt Due Aug. 10
DB TRADE: Court to Hear Wind-Up Petition on July 23
EAGLE HOSPITALITY: Commences Wind-Up Proceedings
PARK HOTEL: Court Enters Wind-Up Order
WINE IMPRESSION: Court Enters Wind-Up Order


                           - - - - -


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

14 JAMES: First Creditors' Meeting Set for July 20
--------------------------------------------------
A first meeting of the creditors in the proceedings of:

         - 14 James Street Pty Ltd
         - 26 EDMONSTONE ROAD PTY. LTD
         - 5 BULKARA STREET PTY. LTD
         - 6 BULKARA STREET PTY LTD
         - FORUM FLEET PTY LIMITED
         - FORUM GROUP FINANCIAL SERVICES PTY LTD
         - FORUM GROUP PTY LTD
         - FORUM GROUP (QLD) PTY LTD
         - ARAMIA HOLDINGS PTY LTD
         - AUTONOMOUS ENERGY PTY LTD
         - FORUM DIRECT PTY LTD
         - FORUM ENVIRO (AUST) PTY LTD
         - FORUM ENVIRO PTY LTD
         - FORUM GROUP (VIC) PTY LTD
         - IMAGETEC FINANCIAL SERVICES PTY LTD
         - IMAGETEC SOLUTIONS AUSTRALIA PTY LTD
         - INTRASHIELD INVESTMENT GROUP PTY LTD
         - INTRASHIELD PTY LTD
         - IUGIS INVESTMENTS PTY LTD
         - IUGIS PTY LTD
         - IUGIS WASTE SOLUTIONS PTY LTD
         - ONESOURCE AUSTRALIA HOLDINGS PTY LIMITED
         - ORCA ENVIRO SOLUTIONS PTY LTD
         - ORCA ENVIRO SYSTEMS PTY LTD
         - SMARTPRINT FLEET MANAGEMENT PTY LTD (Trading name:
           'IMPRESSIONS EQUIPMENT FINANCE PTY LTD', 'PRINT
           SECURITY', 'WETRACK' AND 'SMARTPRINT FLEET MANAGEMENT'
           SPARTAN CONSULTING GROUP PTY LTD)
         - THE FORUM GROUP OF COMPANIES PTY LTD
         - EROS MANAGEMENT PTY LTD

will be held on July 20, 2021, at 10:00 a.m. via virtual meeting.

Domenico Alessandro Calabretta, Thyge Trafford-Jones and Grahame
Ward of Mackay Goodwin were appointed as administrators of 14 James
Street et al. on July 8, 2021.


ALLIANCE INSURANCE: ASIC Obtains Interim Orders vs. Company
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained urgent interim orders in the Federal Court against
Alliance Insurance Broking Services Pty Ltd (AIBS) and its sole
director Renato De Maria (the defendants).

On May 14, 2021, ASIC obtained urgent interim orders to:

     * restrain the defendants from removing or permitting funds to
be removed from five AIBS bank accounts and one personal account
held by Mr. De Maria; and

     * restrain the defendants from disposing of and/or diminishing
the value of any property or assets held by, or in the names of,
the defendants.

The defendants consented to the interim asset freezing orders,
which allowed AIBS to otherwise continue its ordinary business.

In support of its application for the interim orders, ASIC alleged
that Mr. De Maria caused substantial client money held by AIBS to
be improperly paid into a bank account for his own personal
benefit.

As an Australian financial services licence holder dealing in
financial products, AIBS is required to hold client money in
trust.

On May 26, 2021, ASIC filed further proceedings in the Federal
Court seeking the appointment of provisional liquidators to AIBS.
ASIC's application was opposed by AIBS.

On June 30, 2021 ASIC and AIBS agreed to orders, which were
endorsed by the Court.

The orders require AIBS to:

   * appoint an independent sales agent to sell the business
operated by AIBS by either Aug. 30, 2021 or a different date set by
the court;

   * appoint an Investigative Accountant to inquire into and report
on AIBS's affairs to the Court and ASIC, and to monitor
transactions made by AIBS on all of its bank accounts;

   * instruct the Investigative Accountant to provide a report to
the Court that investigates AIBS's assets and liabilities,
reconciles client money and other business accounts to identify
improper activity, identifies affected clients and insurers, and
identifies suspected contraventions of the Corporations Act by
AIBS, its director, its employees and/or its agents; and

   * receive an injection of AUD5 million into its trust account,
by way of a personal loan from Lygon Finance Pty Ltd to Mr. De
Maria, to meet its ongoing financial commitments.

Registered liquidator John Lindholm of KPMG has been appointed by
the Court as the Investigative Accountant.

As a result of the orders, the proceedings filed by ASIC on
May 26, 2021 have been adjourned. However, if AIBS fails to comply
with any part of the Court orders, ASIC can recommence its
proceedings to seek the appointment of a provisional liquidator.

ASIC application for these orders was made to preserve assets for
the benefit and protection of AIBS's insured clients and insurance
providers.

Any AIBS clients who have concerns about their policies should
contact their insurance provider directly.

ASIC's investigation into the defendants is ongoing. It does not
relate to or affect other financial advisers or corporate
authorised representatives who may also provide insurance services
offered by AIBS.

The May 14, 2021 orders will be added to this release once
published by the Court.


FIRST CHOICE: Second Creditors' Meeting Set for July 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of First Choice
Entertainment Pty Ltd Fta Spring Street Social and Jam Gallery, has
been set for July 21, 2021, at 11:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 20, 2021, at 4:00 p.m.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of First Choice on June 16, 2021.


L DAVY: Second Creditors' Meeting Set for July 20
-------------------------------------------------
A second meeting of creditors in the proceedings of L Davy Nominees
Pty Ltd, trading as Lone Star Rib House Orange, has been set for
July 20, 2021, at 11:00 a.m. via Zoom.           

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 19, 2021, at 4:00 p.m.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of L Davy Nominees on June 15, 2021.


LIBERTY SERIES 2020-3: Moody's Ups Class F Notes Rating to Ba2 (sf)
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on 12 classes of
notes issued by three Liberty Series residential mortgage-backed
securities transactions.

The affected ratings are as follows:

Issuer: Liberty Series 2017-4 Trust

Class C, Upgraded to Aaa (sf); previously on Oct 12, 2020 Upgraded
to Aa1 (sf)

Class D, Upgraded to Aa1 (sf); previously on Oct 12, 2020 Upgraded
to A1 (sf)

Class E, Upgraded to Aa2 (sf); previously on Oct 12, 2020 Upgraded
to Baa1 (sf)

Class F, Upgraded to A2 (sf); previously on Oct 12, 2020 Upgraded
to Ba1 (sf)

Issuer: Liberty Series 2019-2

Class C Notes, Upgraded to Aa1 (sf); previously on Oct 12, 2020
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jul 15, 2019
Affirmed Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jul 15, 2019
Affirmed Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Jul 15, 2019
Affirmed B1 (sf)

Issuer: Liberty Series 2020-3

Class C Notes, Upgraded to Aa3 (sf); previously on Nov 2, 2020
Definitive Rating Assigned A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Nov 2, 2020
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Nov 2, 2020
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Nov 2, 2020
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date, with a moderate level of loans in arrears and
low or no level of losses.

Liberty Series 2017-4 Trust

Following the May 2021 payment date, the notes subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 10.1%, 7.9%, 6.6% and 5.1% respectively, from 9.2%,
6.9%, 5.7% and 4.1% at the time of the last rating action for these
notes in October 2020.

As of May 2021, 4.9% of the outstanding pool was 30-plus days
delinquent, and 1.8% was 90-plus days delinquent. The deal has
incurred AUD273,209 (equivalent to 0.02% of the original pool) of
losses to date, which have been reimbursed by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 2.2% of the
outstanding pool (equivalent to 0.8% of the original pool balance),
compared with 2.5% of the outstanding pool at the time of the last
rating action (equivalent to 1.0% of the original pool balance).

Moody's has decreased its MILAN CE assumption to 7.6% from 10.3%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2019-2

Following the May 2021 payment date, the notes subordination
available for the Class C Notes has increased to 7.8% from 6.1% at
the time of the last rating action in October 2020. Notes
subordination available for Class D, Class E and Class F Notes has
increased to 5.3%, 3.6% and 2.8% respectively, from 3.0%, 2.0% and
1.6% at closing.

As of May 2021, 4.2% of the outstanding pool was 30-plus days
delinquent, and 1.8% was 90-plus days delinquent. The deal has
incurred AUD33,696 (equivalent to 0.002% of the original pool) of
losses to date, which have been reimbursed by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 2.0% of the
outstanding pool (equivalent to 1.1% of the original pool balance),
compared with 2.1% of the outstanding pool at the time of the last
rating action (equivalent to 1.5% of the original pool balance).

Moody's has decreased its MILAN CE assumption to 6.5% from 7.6%
since the last rating action, based on the current portfolio
characteristics.

Liberty Series 2020-3

Following the May 2021 payment date, the notes subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 5.3%, 3.9%, 2.4%, and 2.0% respectively, from 4.5%,
3.3%, 2.0%, and 1.7% at closing.

As of May 2021, 1.3% of the outstanding pool was 30-plus days
delinquent, and 0.3% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.5% of the
outstanding pool (equivalent to 1.3% of the original pool balance),
compared with 1.6% of the original pool balance at closing.

Moody's has maintained its 8% MILAN CE assumption since closing.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, an Australian non-bank lender. A small portion
of the portfolios consists of loans extended to borrowers with
impaired credit histories or loans made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

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

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

ONTHEGO GROUP: Founder Readies Business for Sale
------------------------------------------------
Stephanie Palmer-Derrien at SmartCompany reports that following
last week's news that ONTHEGO is in administration, founder Mick
Spencer has opened up about the guilt, pain and frustration he's
feeling as he readies his business for sale. But, after everything,
he said sometimes the painful decisions are still the right ones to
make.

The startup - which provides software for groups to create branded
sportswear - was reported to be in administration last week, owing
about AUD6.5 million to creditors, SmartCompany discloses.

Speaking to SmartCompany, Mr. Spencer explained the business went
into administration on May 31, and a four-week business as asset
sale followed. Now, ONTHEGO has been sold to a new owner, which has
not been identified, for an undisclosed sum.

The majority of the debt, according to Mr. Spencer, was in
convertible notes for investors, due next year and secured over the
business.

A dip in sales due to COVID-19 and the subsequent pause in
community sports meant Spencer knew the business would not be able
to make the repayments. The business saw its growth stall and a
planned expansion into the US was put on ice.

The team began talks around selling the business, he explains to
SmartCompany.

"The best thing for us to do was to go into administration to get a
better structure for the business moving forward."

As a founder, that wasn't an easy decision to make. Mr. Spencer is
also set to step away from the business entirely once the sale is
complete, SmartCompany relays.

On the one hand, he was the majority owner and director, and said
he knew going into administration was the right thing for the
business in the long-term.

"I knew we couldn't repay the debt or buy the debt out in 12
months' time, [so] there was no point in continuing to trade," he
explained.

He hopes the creditors and suppliers will continue to work with the
business in the future, and there will be minimal disruption for
clients too, SmartCompany relays.

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


WRIDGWAYS AUSTRALIA: Placed Into Voluntary Administration
---------------------------------------------------------
Big Rigs reports that iconic removalists WridgWays Australia has
been placed into voluntary administration, leaving staff and
contractors facing an uncertain future.

In response to a damning story by A Current Affair, WridgWays
Australia CEO Kobus Fourie released a statement on July 8
confirming the news, adding that the majority of employees were
stood down, Big Rigs relates.

"We are saddened by this turn of events, and will support our
people as best as possible through this time," the report quotes
Mr. Fourie as saying.

"WridgWays has a long history of supporting the Australian consumer
with relocating, and we remain committed to completing any in
progress consumer deliveries, and will work to ensure all customers
receive their belongings.

"As with many other iconic Australian businesses, WridgWays has
been significantly impacted by Covid-19, particularly some
substantial non-payments by international removalists.

"This has resulted in difficulties within the WridgWays supply
chain with some customers experiencing delays in fulfilling their
delivery."

According to Big Rigs, the writing had been on the wall since
February for WridgWays when two of its subsidiaries were
liquidated, then late last month freight provider Pacific National
lodged a winding up application in a bid to recover a debt.

At the time, WridgWays countered with a statement that said it was
in the latter stages of a bid to sell the business, with more
details to be revealed in coming days.

"While there has been some local acquisition of assets we have been
unable to secure a strong long-term solution for the business, and
have entered into voluntary administration," added Mr. Fourie.

A Current Affair spoke with two driver contractors who said they
were short-changed, including Sydney grandfather Shane Dowsett who
had worked for WridgWays for 30 years, the report relays.

He claimed he was chasing the company for a AUD62,500 debt.

"I've been there nearly half my life and this was money I was
hoping to eventually retire with," Mr. Dowsett said.

Western Australian sub-contractor Grant Milentis said the company
owed him more than AUD200,000, Big Rigs discloses.

Melbourne-based WridgWays Australia provides local, interstate, and
international removalist services.




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

CALC BOND 3: Moody's Assigns Ba2 Rating to USD300MM Bonds
---------------------------------------------------------
Moody's Investors Service has assigned Ba2 long-term local currency
backed senior unsecured ratings to the USD300 million 4.7% bonds
due 2022 and USD200 million 5.5% bonds due 2024 issued by CALC Bond
3 Limited and guaranteed by China Aircraft Leasing Group Holdings
Limited. (CALC, Ba1 stable). The assigned ratings are based on the
bond documents reviewed by Moody's.

Incorporated in the British Virgin Islands, CALC Bond 3 Limited is
a wholly-owned subsidiary of CALC.

CALC uses the net proceeds raised for aircraft acquisitions,
business expansion in aircraft and related business and general
corporate purposes.

The entity-level outlook on CALC Bond 3 Limited is stable, in line
with the outlook for CALC.

RATINGS RATIONALE

The Ba2 long-term backed senior unsecured ratings for the bonds are
in line with CALC's Ba2 issuer rating, because the bonds are
unconditionally and irrevocably guaranteed by CALC; and the payment
obligations under the guarantee at all times rank pari passu with
CALC's present and future unsubordinated and unsecured obligations.
Since the senior unsecured bonds are structurally subordinated to
secured indebtedness and senior unsecured indebtedness at the
onshore level of CALC, the Ba2 long-term backed senior unsecured
ratings for the bonds is one notch lower than CALC's Ba1 corporate
family rating (CFR).

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

The bonds are unconditionally and irrevocably guaranteed by CALC.
Consequently, an upgrade of CALC's issuer rating would result in an
upgrade of the bond rating. Conversely, a downgrade of CALC's
issuer rating would lead to a downgrade of the bond rating.

Moody's could upgrade CALC's issuer rating if the company assumes
greater strategic importance to China Everbright Group (CEG),
indicating strengthening government support.

Specifically, CALC's issuer rating could be upgraded if the company
(1) significantly strengthens and maintains its total common equity
(TCE)/ Total managed assets (TMA) at above 15%; (2) further
improves its financial flexibility through increasing committed
credit facilities and debt maturities coverage to more than 150%;
(3) further reduces its secured debts to less than 15% of its total
assets; and (4) maintains its solid profitability and asset quality
metrics.

Moody's could downgrade CALC's issuer rating if (1) China
Everbright Limited (CEL, Baa3 stable) is no longer the company's
largest shareholder; (2) CALC's importance to, and connection with,
CEG and its affiliates decline; (3) financial and liquidity support
from CEG and its affiliates weaken; or (4) the company's financial
metrics, including profitability, capital adequacy and debt
maturities coverage, deteriorate materially.

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

Listed in Hong Kong SAR, China, China Aircraft Leasing Group
Holdings Limited is an aircraft lessor. It reported assets of HKD46
billion ($5.9 billion) as of the end of 2020.

CHINA ZHESHANG: Moody's Hikes Long Term Deposit Ratings from Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded China Zheshang Bank Co.,
Ltd.'s (CZBANK) foreign and local currency long-term deposit
ratings to Baa3 from Ba1, and foreign and local currency short-term
deposit ratings to P-3 from NP.

Moody's has also upgraded CZBANK's Baseline Credit Assessment (BCA)
and Adjusted BCA to ba2 from ba3, short-term/long-term Counterparty
Risk Assessment (CR Assessment) to P-3(cr)/Baa3(cr) from
NP(cr)/Ba1(cr), and local currency and foreign currency
short-term/long-term Counterparty Risk Ratings (CRRs) to P-3/Baa3
from NP/Ba1.

The outlook on CZBANK's ratings is stable. This concludes the
review for upgrade initiated on April 14, 2021.

The upgrade reflects CZBANK's reduced shadow banking exposure and
improved funding and liquidity profile in recent years, leading to
a stronger standalone credit profile.

RATINGS RATIONALE

The upgrade and stable outlook reflect CZBANK's improved standalone
credit profile, as well as Moody's expectation that the bank's
asset quality, profitability and capitalization will remain at
around the current level, supported by the broad recovery in
China's economy.

The bank's exposure to shadow banking products has declined
consistently in recent years, which benefits its future performance
as shadow banking products can worsen banks' asset quality and
profitability. The bank's investments in shadow banking products,
including trust plans, asset management plans and wealth management
products, fell to 3.7% of total assets as of the end of 2020, from
23.2% as of the end of 2017.

CZBANK's reliance on market funding will also remain significantly
lower than that several years ago, as a result of more stringent
interbank business regulations and the bank's growing deposits,
which are partly supported by the bank's fintech platform. The
bank's market funds/tangible banking assets dropped to 25.7% as of
the end of 2020 compared with 35.7% as of the end of 2017, although
it increased slightly in 2021 because of deposit competition from
larger state-owned banks.

The bank has also focused more on retail deposits in recent years.
Retail deposits rose to 19% of total deposits as of the end of 2020
from 6% as of the end of 2017.

In addition, Moody's expects CZBANK's asset quality, profitability
and capitalization to remain at around the current level in the
coming 12-18 months, supported by the broad economic recovery in
China and higher loan pricing. This is despite some new
non-performing loan (NPL) formations amid structural adjustments in
the Chinese economy and CZBANK's relatively high funding costs
compared with rated joint-stock commercial banks peers because of
its relatively small franchise.

CZBANK's asset quality benefits from the bank's focus on
economically advanced regions and its high NPL coverage ratio by
international standards. Its fintech platform strategy will also
help with customer selection and monitoring, although it will take
time to build a track record.

CZBANK's rating is based on China's Moderate+ Banking System Macro
Profile. Its BCA is ba2, and its ba2 Adjusted BCA does not
incorporate any affiliate support. Given China does not have an
operational bank resolution regime, Moody's applies its basic Loss
Given Failure approach to rating CZBANK's debt securities and
assumes a high level of support from the Chinese government in
times of need. As a result, CZBANK's deposit ratings, CR Assessment
and CRR incorporate two notches of uplift.

Moody's assessment of a high level of government support for CZBANK
is based on the bank's status as the only national joint stock
commercial bank incorporated in the Zhejiang province, and its
24.5% public ownership as of December 31, 2020 through wholly
provincial government-owned entities. Moody's also expects the bank
to be designated as a domestic systemically important bank given
its size and interconnectedness with the Chinese economy.

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

Moody's could upgrade CZBANK's deposit ratings if the Chinese
government's capacity or willingness to support the bank
strengthens, which could be due to an upgrade of China's sovereign
rating or a further significant increase in government-related
shareholding, or if the bank's standalone credit profile further
improves, leading to an upgrade of its BCA.

Moody's could upgrade CZBANK's BCA if its (1) profitability rises,
with the ratio of net income to tangible assets sustaining above
0.8%; (2) asset quality improves, with the ratio of impaired loans
to gross loans ratio sustaining below 1%; (3) capitalization
strengthens, with its Tangible Common Equity (TCE)/risk-weighted
asset (RWA) ratio sustaining above 10%; and (4) reliance on market
funding decreases, with its market funds/tangible banking assets
ratio sustaining below 20%.

On the other hand, Moody's could downgrade CZBANK's deposit ratings
if Moody's assess that support from the Chinese government weakens
or the bank's standalone credit profile deteriorates, leading to a
downgrade of its BCA.

Moody's could downgrade CZBANK's BCA if the bank's operating
environment weakens materially; for example, if (1) China's
economic growth slows as coronavirus-induced weakness lingers; or
(2) China's corporate financial leverage increases significantly as
a result of loose monetary policies.

Moody's could also downgrade CZBANK's BCA if (1) its profitability
deteriorates, with its net income to tangible assets ratio dropping
to below 0.4%; (2) its asset quality worsens, with the ratio of
impaired loans to gross loans increasing to above 3%; and/or (3)
its reliance on market funding rises, with its market
funds/tangible banking assets ratio increasing to above 35%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Headquartered in Zhejiang province, China Zheshang Bank Co., Ltd.
reported total assets of around RMB2.0 trillion as of the end of
December 2020.

The local market analyst for these ratings is Yulia Wan, +86 (212)
057-4017.

LIST OF AFFECTED RATINGS/ASSESSMENTS

Upgrades:

Issuer: China Zheshang Bank Co., Ltd.

Adjusted Baseline Credit Assessment, Upgraded to ba2 from ba3

Baseline Credit Assessment, Upgraded to ba2 from ba3

Short-term Counterparty Risk Assessment, Upgraded to P-3(cr) from
NP(cr)

Long-term Counterparty Risk Assessment, Upgraded to Baa3(cr) from
Ba1(cr)

Short-term Foreign and Local Currency Counterparty Risk Ratings,
Upgraded to P-3 from NP

Long-term Foreign and Local Currency Counterparty Risk Ratings,
Upgraded to Baa3 from Ba1

Short-term Foreign and Local Currency Deposit Ratings, Upgraded to
P-3 from NP

Long-term Foreign and Local Currency Deposit Ratings, Upgraded to
Baa3 from Ba1, Outlook Changed To Stable From Rating Under Review

Outlook Action:

Issuer: China Zheshang Bank Co., Ltd.

Outlook, Changed To Stable From Rating Under Review

DAGONG GLOBAL: Sanctioned Twice in One Month
--------------------------------------------
Zhang Yuzhe and Tang Ziyi at Caixin Global report that Dagong
Global Credit Rating Co. Ltd., one of China's largest debt ratings
agencies, has been ordered to rectify its operations after
allegedly failing to adequately scrutinize or inspect the
businesses it was evaluating, earning its second official sanction
in a month.

Caixin relates that the Beijing-based company had not conducted the
necessary analysis of the major factors impacting solvency of some
debt issuers and failed to carry out onsite inspections or
interviews in accordance with the regulations when evaluating
credit risks, according to a statement released on July 9 by the
local branch of the China Securities Regulatory Commission (CSRC).

The company was also found to have adjusted its ratings models
without giving sufficient reasons, it said.

Dagong Global Credit Rating Co., Ltd., a credit rating agency,
provides rating services for investors in China and
internationally. It offers professional risk evaluation services;
and credit ratings for short-term financing bonds, medium term
notes, hybrid capital bonds, enterprise bonds, corporate bonds,
convertible bonds, asset-backed securities, detachable convertible
bonds, exchangeable bonds of listed company shareholders, financial
bonds, SME collection bills, and subordinated bonds. The company
also engages in conducting surveillance credit rating on domestic
financial institutions, including banks and insurance companies;
and issuing credit risks ratings accordingly.


HELENBERGH CHINA: Fitch Affirms 'B+' Foreign-Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed homebuilder Helenbergh China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating at 'B+'.
The Outlook is Stable.

Helenbergh's diversified land bank in five regions in China
supports its rating, despite the weaker-than-peer quality of the
land bank, which is located mostly in Tier-2 and Tier-3 cities. Its
attributable contracted sales and EBITDA margin are in line with
those of 'B+' rated peers.

Helenbergh's leverage, defined by net debt/adjusted inventory
including joint-venture guarantees, fell to 40% by end-2020 from
41% at end-2019 and Fitch expects it to remain at around 42% in
2021 due to continued lower cash outflow from land acquisitions and
improvement in the cash collection rate of contracted sales
proceeds. Helenbergh's governance structure and financial
transparency constrain the rating because ownership is concentrated
on one individual and disclosures are not as readily available
compared with publicly listed companies.

KEY RATING DRIVERS

Stable Leverage: Helenbergh's 40% leverage is at the lower end
among its peers in the 'B+' category due to its conservative
land-bank acquisitions in 2019 and 2020. Its land-bank life of
about four years may allow the company to deleverage gradually as
it only needs to use about 35%-40% of its contracted sales proceeds
to replenish its land bank to sustain its contracted sales growth.
It may also reduce its leverage after a planned IPO on the Hong
Kong stock exchange, which has not been reflected in Fitch's
rating-case assumptions due to market uncertainties.

Diversified Land Bank: Helenbergh had an attributable land bank of
31.6 million sq m at end-2020, which was well-diversified in the
Pearl River Delta, Western China, Yangtze River Delta, Central
China and Jing-Jin-Ji Region, although around 32% of the land bank
was focused on Guangdong province. The company acquired 4.2 million
sq m of land in 2020 to support its fast sales-churn strategy.
Fitch expects its contracted sales to rise by about 10% to CNY67
billion in 2021, mainly driven by an increase in the gross floor
area sold, after a gain of 39% to CNY61 billion in 2020.

Rising Cost of Land Bank: The company obtains its land bank mainly
through acquisitions and public auctions, which has led to a higher
land-bank cost in recent years. Helenbergh's average cost of land
acquisition was CNY2,372 per sq m during 2018-2020, which accounted
for 21% of its contracted average selling price (ASP) of around
CNY11,146 per sq m in 2020.

Increased Non-Bank Financing: Helenbergh increased the use of
non-bank financing loans in 2020, with non-bank loans rising to 44%
of total interest-bearing debt in 2020 from 41% in 2019. The
company usually uses non-bank loans during land bidding and will
convert them to bank development loans once construction is likely
to commence. Helenbergh's non-banks loans typically have a maturity
between one and two years, with a higher cost of funding than bank
development loans.

Lower Profitability, Higher Churn: Helenbergh's EBITDA margin
(after adding back capitalised interest in cost of goods sold)
narrowed to 19% in 2020 from 24% in 2019 due to the delivery of
lower margin projects with higher land costs. Fitch expects the
average cost of the land bank to account for around 25% of its
residential ASP, which will enable the company to sustain an
average EBITDA margin of around 20%.

Helenbergh's sales churn, measured by contracted sales/total debt,
increased to 1.4x in 2020 from 1.2x in 2019. Fitch expects its
sales churn to be maintained at around 1.4x due to its sufficient
land bank and saleable resources.

ESG - Financial Transparency and Governance Structure: Helenbergh
has an ESG Relevance Score of '4' for Financial Transparency and
Governance Structure as the company, which is not publicly listed,
has limited public disclosure of its financial information. Fitch
expects an improvement in the timeliness of Helenbergh's financial
disclosure to offshore investors after the completion of its IPO.
It ownership is also concentrated on one individual. These factors
constrain the rating and are relevant to the ratings in conjunction
with other factors.

DERIVATION SUMMARY

Helenbergh's business and financial profile is comparable with that
of its 'B+' peers such as Hong Kong JunFa Property Company Limited
(B+/Stable) and Redsun Properties Group Limited (B+/Stable).
Helenbergh has a similar scale as JunFa and is larger than Redsun.
Helenbergh has stronger regional diversification in its land bank
and faster sales churn than Junfa and Redsun. Helenbergh also has
lower leverage than Junfa and similar leverage as Redsun.
Helenbergh has a lower EBITDA margin (excluding capitalised
interest) than both JunFa and Redsun.

Helenbergh's leverage is lower than that of some 'BB-' peers with a
similar scale such as Times China Holdings Limited (BB-/Stable) and
KWG Group Holdings Limited (BB-/Stable), which have leverage of
40%-45%. Helenbergh has a smaller scale, based on both attributable
sales and recognised revenue, than most 'BB-' rated peers, which
generally have attributable sales of around CNY70 billion-80
billion and revenue of at least CNY40 billion, compared with
Helenbergh's revenue of CNY27 billion in 2020.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY65 billion-75 billion a
    year in 2021-2022 (CNY60 billion in 2020);

-- Contracted ASP at CNY11,000-11,500 per sq m in 2021-2022
    (CNY11,146 per sq m in 2020);

-- Attributable land premium accounting for about 37% of
    attributable contracted sales in 2021-2022 (37% in 2020);

-- EBITDA margin (after adding back capitalised interest) of
    around 20% in 2021-2022 (19% in 2020).

RATING SENSITIVITIES

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

-- Leverage (net debt/adjusted inventory) sustained below 40%
    (2020: 40%);

-- Revenue and attributable sales scale expand to levels that are
    comparable with that of 'BB-' peers;

-- Improvement in financial transparency and governance to
    standards that are comparable with that of publicly listed
    companies.

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

-- EBITDA margin (after adding back capitalised interest)
    sustained below 18% (2020: 19%);

-- Net debt/adjusted inventory sustained above 50%;

-- Deterioration in liquidity and debt structure.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Helenbergh had cash of CNY21.0 billion
(including restricted cash of CNY6.1 billion) at end-2020. Its
available cash of CNY14.9 billion was not sufficient to cover
short-term debt of CNY19.7 billion. However, Helenbergh issued
USD200 million in bonds in March 2021 and another USD150 million in
bonds in June 2021, which can partially refinance a USD550 million
bond due October 2021.

ISSUER PROFILE

Helenbergh indirectly owns 100% of Guangdong Helenbergh Real Estate
Group, which was founded in 2005 by Mr. Huang Chiheng. The company
had more than 180 property projects in more than 45 cities in 15
provinces as of December 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY59 billion in adjusted inventory at
end-2020 includes properties under development; completed
properties held for sale; land-use rights; prepayments for the
acquisition of land-use rights; buildings; properties under
construction; investment properties; amounts due from
non-controlling interests; and investment in and amounts due from
joint ventures and associates.

ESG CONSIDERATIONS

Helenbergh has an ESG Relevance Score of '4' for Governance
Structure due to its ownership concentration on one shareholder,
which has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

Helenbergh has an ESG Relevance Score of '4' for Financial
Transparency due to its limited public financial disclosure, which
has a negative impact on the credit profile, and is relevant to the
rating 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.

HNA GROUP: Receivers and Managers Appointed to Melbourne Site
-------------------------------------------------------------
The Urban Developer reports that receivers and managers have been
appointed for the owner of the Aitken Hill Conference Centre, a
69ha property near Melbourne Airport.

PwC has been appointed to the roles for Zhong Ao Zhi Hong
Investment Holding, the report discloses.

Parent company, Chinese conglomerate HNA Group, had been trying to
offload the conference venue in the north-western Melbourne suburb
of Craigieburn after paying around $100 million for it in November
2016, according to the report.

The Urban Developer says HNA made waves in 2016 and 2017 when it
spent more than AUD60 billion on acquisitions globally, spanning
aviation, real estate, financial services, tourism and logistics.
The group's spree including stakes in Deutsche Bank AG, Hilton
Worldwide Holdings Inc and Virgin Australia.

In late-2019, the group announced a reorganisation, dividing its
businesses into airlines, aviation leasing and airports, with the
rest being lumped under its "non-aviation asset management" unit.

But its focus on aviation and tourism backfired in the wake of the
Corona-19 outbreak, with the government of Hainan province, where
HNA is based, taking control of the group's management in early
2020, The Urban Developer relates.

It is currently facing around AUD250 billion in creditor claims.

According to the report, PwC Australia's Martin Ford and Daniel
Walley will now act as receivers for the Aitken Hill site, which
they said was in a sought-after growth corridor about 30km north of
Melbourne's CBD.

The site features a 124-room hotel and extensive parkland,
approximately 45ha of which has the potential for residential
development, the report notes.

It was constructed in the late 1980s and features 6000sq m of prime
conference and events spaces, as well as sporting, leisure and
hospitality facilities, and parking for 150 vehicles.

HNA purchased the estate with the immediate potential to add a
seven-hectare retirement village and a 630-lot residential estate
on undeveloped portions of the site.

PwC director Andrew Seeckts said the priority was to assess the
business and options for its future, The Urban Developer relates.

"Our assessment will include working closely and constructively
with Aitken Hill management so that we can make informed decisions
about the site's future," the report quotes Mr. Seeckts as saying.

"The hospitality and tourism sector has obviously been heavily
impacted by Covid-19, and the site itself has not been operational
for some time."

The Urban Developer adds that PwC said a sale process for the
property and business would begin soon, after the completion of the
receivers' assessment.

Operations at the site are not expected to recommence before it is
sold.

                           About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29 that "because
the company is unable to pay off its debts, related creditors
appealed to the court for the company's bankruptcy and
restructuring," HNA said.

According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.

On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.

HNA Group was designated as administrator of the merger, and
creditors will hold their first meeting June 4, according to a
statement issued March 15 by the Hainan High People's Court. The
320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.

LIANGSHAN DEVELOPMENT: Fitch Puts 'BB' LT IDRs on Watch Neg.
------------------------------------------------------------
Fitch Ratings has placed Liangshan Development (Holdings) Group
Co., Ltd.'s (LSID) Long-Term Foreign- and Local-Currency Issuer
Default Ratings of 'BB', and 'BB' senior unsecured rating on the
group's USD300 million 7% bonds due 2022, under Rating Watch
Negative (RWN). The RWN reflects a likely revision of Fitch's
assessment of the financial implications of default to 'Strong'
from 'Very Strong'.

The Standalone Credit Profile (SCP) of LSID could also be revised
lower due to increasing leverage.

LSID's ratings are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria. This reflects Liangshan
prefecture's control and ownership of the entity, the government's
support record, and the socio-political and financial impact on the
government from a default by LSID.

The RWN will be resolved once Fitch has assessed the financial
implications of default laid out in Fitch's Government-Related
Entities (GRE) Rating Criteria against the backdrop of the recent
GRE credit incidents, central authority policy directives and a
challenging financing climate.

KEY RATING DRIVERS

Financial Implications of Default: This assessment may be revised
to 'Strong' from 'Very Strong' to reflect the tightening of central
government's policies, financial deterioration of similar GREs and
their impact on market expectations, which may weaken the perceived
role of GREs, including LSID, as a proxy financing vehicle.

Higher Leverage May Lower SCP: The SCP could be revised lower due
to increasing leverage on capital-intensive public-work investments
and weak cash generation. Fitch forecasts net debt/Fitch-calculated
EBITDA at above 20x by 2025 on the capex plan. Fitch expects the
low debt coverage and asset growth to continue in the medium term
due to infrastructure development. Fitch also forecasts cash flow
from operations/debt and interest coverage to remain below 1x to
2025.

DERIVATION SUMMARY

LSID's ratings are assessed under Fitch's GRE Criteria, reflecting
Liangshan prefecture's strong control over the company and the
support provided. Fitch also factors in the socio-political and
financial implications for the government if LSID were to default.

LSID's SCP is currently assessed as 'b' under Fitch's Public
Sector, Revenue-Supported Entities Rating Criteria, while the IDRs
are driven mainly by four GRE rating factors.

RATING SENSITIVITIES

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

-- An upgrade of Fitch's credit view on Liangshan prefecture's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations.

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

-- Deterioration of the SCP or the liquidity position of LSID
    combined with a revision of the support factors, notably the
    financial implications of default;

-- A downgrade of Fitch's credit view on Liangshan prefecture's
    ability to provide subsidies, grants or other legitimate
    resources allowed under China's policies and regulations.

Rating action on LSID would lead to similar action on the company's
US dollar notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

ISSUER PROFILE

LSID is Liangshan prefecture's key investment and financing
platform and manages state-owned assets, such as mineral products
and hydroelectricity. It also shoulders public welfare projects,
including road and infrastructure construction, schools, healthcare
facilities, shantytown redevelopment and underprivileged household
relocation.

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.

SUNAC CHINA: Fitch Rates Proposed USD Notes 'BB'
------------------------------------------------
Fitch Ratings has assigned Sunac China Holdings Limited's
(BB/Positive) proposed US-dollar senior notes a 'BB' rating. The
proposed notes are rated at the same level as Sunac's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations.

The homebuilder's rating and the Outlook reflect Fitch's view that
leverage, measured by net debt/adjusted inventory adjusted for
proportional consolidation of joint ventures (JV) and associates,
may be sustained below 30%, the level at which Fitch may upgrade
the rating. Sunac has reduced leverage below this level by slowing
land acquisitions, maintaining contracted sales and lowering stakes
in projects, although trade payables have increased. The company
would have to sustain leverage below the threshold for a longer
period before Fitch would consider positive rating action.

Sunac has decreased its proportion of non-bank financial
institution (NBFI) loans. Fitch expects Sunac to continue
decreasing reliance on NBFI loans and improve its short-term
liquidity ratio.

KEY RATING DRIVERS

Leverage Decrease: Fitch expects leverage, adjusted for
proportional consolidation of JVs and associates, to continue
falling in 2021, although a longer record of low leverage would be
needed before Fitch would take positive action. Leverage fell to
29% in 2020, from 38% in 2019, after Sunac deleveraged slashed land
acquisitions and investments, while maintaining attributable
contracted sales. Fitch's leverage calculation assigned a 40% cash
credit to Sunac's listed equity investments, such as its KE
Holdings Inc. stake.

Fitch believes Sunac can sustain its contracted sales growth
without pressure on land replenishment. Total and attributable
contracted sales rose slightly to CNY575 billion and CNY389
billion, respectively, in 2020 from 2019, while 1H21 attributable
sales were CNY201 billion. Fewer land acquisitions saw land
premiums fall to CNY80 billion, from around CNY135 billion, but the
company still has a total land bank gross floor area (GFA) of 258
million square metres (sq m). Fitch estimates Sunac has around four
years of land-bank life in unsold attributable GFA, which is longer
than that of similarly rated peers.

NBFI Loans to Fall: Fitch expects Sunac to further cut its
proportion of NBFI loans, as it slows land purchases. The company's
NBFI loans were high in 2019, but it had repaid some NBFI loans in
2020. Sunac's reliance on NBFI financing was the result of
increased land acquisitions in higher-tier cities.

Fitch expects Sunac's funding costs to decrease as it lowers its
proportion of NBFI loans. Its average funding costs rose to around
8.0%-8.5% in 2019 and 2020, from around 6.0% in 2018, due to rising
interest rates and the increased use of NBFI loans. Interest rates
for Sunac's bank borrowings and capital-market debt are in line
with that of similarly rated peers.

Strong Sales: Fitch forecasts an average selling price (ASP) of
CNY14,000/sq m in the next few years. The company maintained its
ASP at around CNY14,020/sq m in 2020 and CNY14,620/sq m in 1H21,
reflecting its focus on higher-tier cities and its geographical
diversity. Sunac's attributable contracted sales are comparable
with that of other large Chinese homebuilders, including China
Vanke Co., Ltd. (BBB+/Stable) and Poly Developments and Holdings
Group Co., Ltd. (BBB+/Stable).

Slightly Lower Margin: Fitch expects Sunac's EBITDA margin to dip
in line with the industry. Fitch forecasts the EBITDA margin,
including valuation gains but excluding capitalised interest in
costs of goods sold (COGS), at around 20%-25% in the medium term.
The consolidated EBITDA margin, excluding capitalised interest in
COGS, was around 26% in 2020. The margin would have been 32% if
valuation gains from acquired projects were removed from COGS.

Meaningful JV Exposure: Sunac's 2020 implied cash collection,
defined as the change in customer deposits plus revenue booked
during the year, was CNY252 billion, or 44% of reported total
sales. This suggests that around half of total contracted sales
came from JVs and associates. Sunac has kept consolidated
sales/total sales largely constant in the past few years, although
lower than that of higher-rated peers. Fitch thinks the high
proportion of JV projects means the projects' performance is not
fully reflected in the company's consolidated financials.

Increase in Trade Payables: Sunac's operating cash flow, including
interest received and paid, amounted to around CNY31 billion. Trade
and note payables increased to CNY106 billion in 2020, from CNY66
billion in 2019. Nevertheless, total trade and note payables are
low, at around 17% of inventory, relative to that of peers. Fitch
therefore believes Sunac has room to deleverage through the sale of
development properties and decreasing land acquisitions, without a
significant increase in the proportion of payables.

Diversified Land Bank: Sunac's land bank is diversified across
northern, south-western and south-eastern China, the Beijing area
and the Yangtze River Delta. It also has a presence in central
China, the Greater Bay Area and Hainan province. Around 78% of
Sunac's land bank by saleable value is in tier one and two cities,
where pent-up demand is more robust than in lower-tier cities. The
remaining land bank is in strong third-tier cities. Geographical
diversification helps mitigate local policy restrictions, as each
government has differing home-purchase limits.

DERIVATION SUMMARY

Sunac's homebuilding attributable sales scale and geographical
diversification are comparable with that of large investment-grade
homebuilders, such as Vanke and Poly, and also comparable with or
superior to that of Longfor Group Holdings Limited (BBB/Positive)
and Shimao Group Holdings Limited (BBB- /Stable).

Country Garden Holdings Company Limited (BBB-/Stable) has larger
attributable scale and geographical coverage than Sunac. However,
its land bank is more concentrated in low-tier cities, where
economic fundamentals are less robust, while the majority of
Sunac's land bank is in tier one and two cities.

Sunac's scale is significantly larger than that of Seazen Group
Limited (BB+/Stable) and its subsidiary, Seazen Holdings Co., Ltd.
(BB+/Stable), while Seazen has higher recurring EBITDA/interest
because of its portfolio of shopping malls.

Sunac's leverage, adjusted for proportional consolidation of JV
projects, of around 29% is higher than that of investment-grade
peers, and similar to that of 'BB+' rated issuers, such as
Sino-Ocean Group Holding Limited (BBB-/Stable; Standalone Credit
Profile: bb+), Seazen Group and Seazen Holdings. Sunac's leverage
is lower than that of CIFI Holdings (Group) Co. Ltd. (BB/Stable)
and China Aoyuan Group Limited (BB/Negative). However, Sunac's
higher proportion of NBFI loans in its balance sheet contributes to
its higher funding costs.

KEY ASSUMPTIONS

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

-- 5% growth in attributable sales in 2021, with slower growth
    thereafter. This is aligned with Fitch's view of the sector's
    sales growth (1H21: 51%);

-- Contracted sales ASP of around CNY14,000/sq m (1H21:
    CNY14,620/sq m);

-- Gradual decrease in land-bank life;

-- Capex on investment properties and property, plant and
    equipment of CNY12.5 billion-17.5 billion a year;

-- EBITDA margin, excluding capitalised interest and including
    the effect of revaluation of acquired projects in COGS, of
    around 20%-25%.

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory below 30% for a sustained period
    (2020: 29%);

-- Decreased reliance on NBFI financing.

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

-- The Outlook will be revised to Stable if Sunac does not meet
    the upgrade triggers in the next 12-18 months.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Available cash/total short-term debt improved
to above 1x in 2020, after being below 1x in the past few years.
Sunac has an available cash balance of CNY98.7 billion, which is
enough to cover short-term debt of CNY 91.6 billion. It issued a
total of USD1.65 billion in offshore bonds in 2021.

ISSUER PROFILE

Sunac is a large-scale property developer in China, but it also has
other segments, such as cultural tourism, commercial property and
property management. Sunac has been listed on the Hong Kong Stock
Exchange since 2010.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY627 billion of adjusted inventory used in
the leverage calculations includes: CNY569 billion of inventory,
CNY6 billion of acquisition prepayments, CNY16 billion of
rights-of-use assets, CNY11 billion of land use rights, CNY33
billion of amounts due from non-controlling interests, CNY28
billion of investment properties at cost, CNY85 billion of
properties, plants and equipment (buildings and construction in
progress).

Contracted liabilities of CNY274 billion, CNY7 billion of payables
for acquisition consideration and amounts due to non-controlling
interests of CNY14 billion are deducted from the summation of items
mentioned previously.

Fitch has also included the proportional consolidation of JV
inventory and net debt to arrive at adjusted inventory and net
debt, respectively.

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.

SUNAC CHINA: S&P Rates New US Dollar Senior Unsecured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes by
Sunac China Holdings Ltd. (BB/Stable/--). The China-based developer
intends to use the net proceeds primarily to refinance its existing
offshore debt maturities.

S&P said, "We rate the notes one notch below the issuer credit
rating on Sunac to reflect structural subordination risk. As of
Dec. 31, 2020, Sunac's capital structure consisted of Chinese
renminbi (RMB) 227 billion in secured debt and RMB119 billion in
unsecured debt (external guarantee included). As such, the
company's secured debt ratio is about 66%, significantly above our
50% threshold for notching down the issue rating. We expect the
ratio to remain above the threshold in the next one to two years.
The issue rating is subject to our review of the final issuance
documentation.

"We do not expect the new issuance to significantly affect Sunac's
credit profile given its refinancing purpose. We anticipate the
company will control its leverage over the next 12-18 months, aided
by its slower pace of spending and growing scale by sales. We
forecast Sunac will achieve satisfactory, albeit more moderate,
contracted sales and revenue growth while maintaining only mildly
lower profitability."


SUNING.COM: Founder Zhang Jindong Resigns as Chairman
-----------------------------------------------------
Caixin Global reports that Zhang Jindong, the billionaire founder
of Chinese retailing conglomerate Suning Holdings, stepped down as
chairman of the e-commerce arm Suning.com Co. Ltd. in a major
leadership shuffle after the debt-ridden conglomerate got a $1.36
billion bailout from state investors and Alibaba Group.

Caixin relates that Mr. Zhang, 58, will become honorary chairman
and advise on the company's development strategy, Suning.com said
on July 12 in a filing. Zhang will no longer hold any duties or
rights as a board member but will continue as legal representative
until a replacement is named, the company said.

Ren Jun, a board member, will perform the duties of chairman
temporarily, Suning.com said. The changes were reviewed by the
board of directors but are still subject to shareholder approval
July 29, Caixin adds.

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



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

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aastha
Hi-Tech Storage Llp (AHSL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       9.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 12, 2020, placed the
rating(s) of AHSL under the 'issuer non-cooperating' category as
AHSL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AHSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 28, 2021, May 8, 2021, May 18, 2021.  In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013 by
Mr. Deepakkumar Vaswani, Mr. Baldevji Thakor, Mr. Kiritkumar
Dhanesinh Chauhan, Mr. Narendrapalsinh Joddha, Mr. Janeshbhai
Patel, Mr. Harichandrasinh Bhati and Mr. Samirkumar Patel. AHSL's
commercial operations started from April 2015 and FY16 was its
first full year of operations. AHSL was set up to provide cold
storage facilities at Banaskatha (Gujarat) with total installed
capacity of 9000 MTPA (Metric Tonnes Per Annum) as on March 31,
2016. The main objective of setting up AHSL is to preserve potatoes
and other vegetables for longer duration. The plant is located at
ban (Gujarat) which is one of the major Potatoes growing area
region in Gujarat.

ARUN POLYMERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arun
Polymers (AP) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      9.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 18, 2020, placed the
rating(s) of AP under the 'issuer noncooperating' category as AP
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 4, 2021, May 14, 2021 and May 24, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which, however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Arun Polymers is a proprietorship firm, incorporated in 2013 by Mr.
Arun Kumar. It started commercial operations from April 2013. The
firm is engaged in the business of manufacturing polypropylene sack
bags (PP bags). The manufacturing unit is located in Dindigul
district in the state of Tamil Nadu and has around 40 employees.
The major raw material for the unit is virgin raffia (a by-product
of petroleum) granules which are majorly purchased from Reliance
Industries Limited. The firm had an installed capacity of 100 tons
per month as on March 31, 2016, which has been increased to 250
tons per month as on July 31, 2016. The firm has majority of
customers in Tamil Nadu and Telangana region.


BHAIRAVNATH SUGAR: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhairavnath Sugar
Works Limited's Long-Term Issuer Rating to 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 these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR1.710 bil. Long-term loans due on January 2025 migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR3.290 bil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, Bhairavnath Sugar Works operates five fully
integrated sugar manufacturing facilities in Maharashtra with a
total crushing capacity of 13,500 tons of cane per day and
cogeneration plants with a total capacity of 53.5MW.


CARE TECH: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated CARE TECH's
Long-Term Issuer Rating to 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
these ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR50.2 mil. Long-term loans  due on July 2024 - September
     2024 migrated to non-cooperating category with IND B+ (ISSUER

     NOT COOPERATING) rating;

-- INR50 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)/
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 23, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, CARE TECH manufactures precision machinery
components for hydraulic machineries.


CFC CARRIERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CFC
Carriers Private Limited (CCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2020 placed the
ratings of CCPL under the 'issuer non-cooperating' category as CCPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. CCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated June 28, 2021, May 2, 2021, and April 27, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further
banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by CFC Carriers Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained by
modest scale of operations, Below Average financial risk profile,
highly competitive and fragmented nature of the freight logistics
industry and Sensitivity to changes in the overall general economic
conditions. The rating, however, draws comfort from experienced
promoters.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations: CCPL's scale of operations continues
to remain modest as marked by total operating income of INR58.62
crore in FY20 as against INR59.22 crore in FY19.

* Below Average financial risk profile: The profitability margins
of the company stood moderate marked by PBIDLT and PAT margins of
11.51% and 1.51% respectively in FY20. The company's capital
structure continues to remain leveraged evident from overall
gearing of 1.70x as on March 31, 2020. The same has improved from
2.06x due to reduction in reliance on outside borrowings. Whereas,
coverage indicators continue to remain moderate evident from
interest coverage ratio and total debt to gross cash accruals
(TD/GCA) of 2.34 times and 7.19 times in FY20.

* Highly competitive and fragmented nature of the freight logistics
industry: Around 80-85 per cent of the road freight transport
industry consists of small transport operators that own less than
five trucks, are fragmented and unorganized. The highly fragmented
and unorganized nature of the industry results in intense price
competition and may lead to pressure on the company's profitability
in case of adverse situations. However, the players with superior
quality of service and presence in different locations across
country and clientele across various industries would enjoy
competitive edge and would be able to garner more business and long
term contracts. CCPL's foray into end to end freight service
coupled with group support, CCPL is well placed viz-a-viz
competition.

* Sensitivity to changes in the overall general economic
conditions: CCPL's operations are dependent on the overall economic
condition of the country. Higher economic activity translates into
higher freight movement which drives demand for road freight
transport industry. Lorry hire charges, being the major expense for
the company is directly linked to the changes in the diesel prices.
As a result, the company's margins are vulnerable to price hike of
diesel. However, the risk is mitigated to a large extent with
presence of fuel linked price escalation clause in majority of its
contracts.

Key Rating Strengths

* Experienced promoters: CCPL is promoted and is being managed by
Mr. Neeraj Sharma having almost two decades of experience in the
logistics business. Over the period, Mr. Sharma has gradually
increased CCPL's scale of operations from a single state operator
to providing services to most of the states in North, South and
West India. He is supported by Ms. Darshilla Sharma who is post
graduate and has overall experience of more than one decade in the
logistics business through her association with CCPL.

New Delhi based CFC Carriers Private Limited (CCPL) was
incorporated on November, 1995 and was promoted by Mr. Neeraj
Sharma. The company is in the business of providing transportation
and carrier services. CCPL has a total 25 branch offices across pan
India (predominantly concentrated in northern and western India),
which facilitate collection and distribution of goods and parcels.
Furthermore, the company offers door step delivery services and has
smaller light commercial vehicles which pick/deliver the goods from
the nodal offices and transport the same to the customer.


CHARTERED MERCANTILE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Chartered Mercantile Mutual Benefits Limited
        Aifalah Mutual Benefits Ltd
        126/24 Sultan Manzil
        B N Road, Lalbagh
        Lucknow, Uttar Pradesh

Insolvency Commencement Date: July 8, 2021

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: January 4, 2022

Insolvency professional: Giridhari Lal Sharma

Interim Resolution
Professional:            Giridhari Lal Sharma
                         A/1, P.C. Plaza
                         Bomikhal, Bhubaneswar
                         Odisha 751006
                         E-mail: sharma_gl@yahoo.com
                                 cirp.charteredmercantile@
                                 gmail.com

Classes of creditors:    Deposits

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Shyam Arora
                         96, Aravali Apartment
                         Alaknanda, New Delhi 110019

                         Mr. Harish Kumar Gupta
                         SH 40 Oblique 572, IInd Floor
                         New Moti Nagar
                         Near Milan Cinema
                         New Delhi 110015

                         Mr. Kamal Agarwal
                         487/27, School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087

Last date for
submission of claims:    July 22, 2021


CHHATRAPATI SAHAKARI: CARE Cuts Rating on INR45cr Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 18, 2020, had placed the
ratings of SCSSKL under the 'Issuer Non-cooperating' category as
the company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. SCSSKL continues to
be non-cooperative despite requests for submission of information
through phone calls and e-mails dated April 03, 2021, April 13,
2021 and April 23, 2021.  In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings assigned to the bank facilities of SCSSKL have been
revised on account of non-availability of requisite information.

Shree Chhatrapati Sahakari Sakhar Karkhana Limited (SCSSKL) was
incorporated in April 1955 as a cooperative society. The first
crushing season of the sugar factory was conducted in the Sugar
Season (SS, refers to the period from October to March) 1957-58
with an installed capacity of 3500 tonnes of cane crushed per day
(TCD). SCSSKL is currently promoted by Mr.Amarsingh Rajendrakumar
Gholap as a chairman, and is engaged in manufacturing of sugar &
and cogeneration of power. The company has a combined crushing
capacity of about 3500 tonnes of cane per day (TCD) located near
Bhavinagar Taluka Indapur in Pune Region.


DURGESHWARI INDUSTRIES: CARE Cuts Rating on INR15cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Durgeshwari Industries Limited (DIL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                     Rating continues to remain under
                                  ISSUER NOT COOPERATING category
                                  and Revised from CARE C

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 14, 2020, placed the
rating(s) of DIL under the 'issuer non-cooperating' category as DIL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DIL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2021, April 9, 2021, April 19, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating assigned to the bank facilities of DIL have been revised
on account of ongoing delays in debt servicing recognized from
publicly available information i.e. FY20 annual report

DIL, was initially established in 1994, as a seed processing
company under the name Durgeshwari Seeds Private Limited and was
further converted into Public Ltd Company under the current name in
the year 2011. The operations of the entity are being handled by
Mr. Vijay Agrawal and his brothers. The entity operates from its
sole manufacturing plant at Parbhani (Maharashtra) with an
installed capacity of manufacturing 400 quintal bales per day.


ENERSAN POWER: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Enersan
Power Private Limited (EPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      42.35      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 29, 2020, revised the
rating of EPPL and placed the rating under the 'Issuer
non-cooperating' category as EPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EPPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls/e-mails dated April
4, 2021 and March 15, 2021 among various others. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Incorporated in May 2013, EPPL is promoted by Mr. Kishor Virangama
and Mr. Dipak Sangani and operates a 10 megawatt (MW) solar power
plant in the Kutch region of Gujarat. In March 2014, EPPL entered
into a PPA, for entire power produced for 25 years with SECI, a
Government of India (GoI) undertaking under the administrative
control of Ministry of New and Renewable Energy (MNRE), under the
Jawaharlal Nehru National Solar Mission (JNNSM) Phase II Batch I
with VGF support.


G.K. SALES: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.K. Sales
Corporation (GKS) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       6.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 8, 2020, placed the
rating(s) of GKS under the 'issuer noncooperating' category as GKS
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GKS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated March 24,
2021, April 3, 2021, and April 13, 2021, etc. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

G.K. Sales Corporation (GKS) was established as a proprietorship
firm in September 2013 and is currently being managed by Mr. Gurvir
Pal Singh. The firm is engaged in the distribution of Voltas and
LG's electronic goods in Amritsar district of Punjab. The firm is
the authorized distributor of Voltas Limited and Life's Good
Electronics Inc. (LG). GKS is sole distributor of the products such
as Voltas air conditioners, Voltas water dispensers, LG washing
machine, LG refrigerators 3 CARE Ratings Limited Press Release and
LG microwave in Amritsar district of Punjab and has a network of
300 independent dealers. The traded goods are procured from Voltas
Limited and Life's Good Electronics Inc. (LG).


GEM GRANITES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gem
Granites (GG) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank     58.02       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

   Long Term/Short    19.33       CARE D; ISSUER NOT COOPERATING;
   Term Bank                      Rating continues to remain
   Facilities                     under ISSUER NOT COOPERATING
                                  category

   Short Term Bank    77.16       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 2, 2020, placed the
rating(s) of GG under the 'issuer noncooperating' category as GG
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2021, May 28, 2021 and June 7, 2021.  In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).

GG is a partnership firm established in the year 1972 by Mr.
Veeramani to carry on the business of mining/quarrying and
processing of various varieties of granites. The firm has two
quarrying units one in Ilkal, Karnataka and other in Dharmapuri
district. It also has a granite processing unit in Injambakkam,
Chennai.


GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gourav
Poultries India Private Limited (GPI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.29       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2020, placed the
rating(s) of GPI under the 'issuer non-cooperating' category as GPI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. GPI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated May
2, 2021, April 22, 2021 and April 12, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account non-availability of requisite
information and no due diligence conducted due to noncooperation by
Gourav Poultries India Private Limited with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Key rating Weaknesses

* Susceptibility to fluctuation in feed prices: GPI's profitability
is vulnerable to the volatility associated with the key raw
material prices which are dependent upon prices of maize and
soybean (Agro products). As the poultry industry is virtually a
buyers' market, producers may not be able to pass on any sharp
increase in raw material prices, as the egg prices are controlled
by their own demand-supply dynamics.

* Inherent risk associated with the poultry industry coupled with
high competition from local players: The Poultry industry is driven
by regional demand and supply because of transportation constraints
and perishable nature of the products. Low capital intensity and
low entry barriers facilitate easy entry of players leading to a
large unorganized sector. Poultry industry is also vulnerable to
outbreaks of diseases which leads to a fall in demand and
consequent sharp crash in the egg prices.

Key Rating Strengths

* Experienced promoters: GPI is a private limited company being
managed by Mr. Jai Bhagwan and Mrs. Kiran collectively. Mr. Jai
Bhagwan has total work experience of around one and a half decades
in poultry industry. Mrs. Kiran has an experience of a half decade
in the same industry. Both the directors have adequate acumen about
various aspects of business which is likely to benefit
the company in the long term.

Gourav Poultries India Private Limited (GPI) was incorporated in
December 2010 by Mr. Jai Bhagwan and Mr. Vinod Kumar. The company
is currently being managed by Mr. Jai Bhagwan and Mrs Kiran. GPI is
engaged in poultry farming business at its poultry farm located in
Jind, Haryana. The company sells broiler chicks (1 day old chick)
to various poultry farmers directly as well as through distributor
network located in Punjab, Haryana, Jammu & Kashmir, Bihar and
Uttar Pradesh. The main raw materials for feeding the chicken are
maize, soyabean and mustard. The same are procured from the
company's group concern namely Rathi Feeds India Private Limited
(RFIPL) which is engaged in the manufacturing of poultry feed since
2008. GPI purchases parent chicken from other poultry farms based
in Haryana. Besides GPI, the directors are also engaged in another
group concerns namely Rathi Hatcheries Private Limited (RHPL) and
Rathi Feeds India Private Limited. Rathi Hatcheries Private Limited
is into the business of poultry farming since 2002.


HARI STEEL: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Hari Steel
Industries' Long-Term Issuer Rating to 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 these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Shree Hari Steel Industries was established in April 1994 as a
proprietorship firm by Shiv Kumar Agarwal. The firm is engaged in
the trading of coal and iron and steel products in Rourkela,
Odisha. The firm procures trading materials through an auction and
sells them to players in the steel industry.


INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Infinity
Infratech (IIT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.91      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.60      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 24, 2020, placed the
ratings of IIT under the 'issuer noncooperating' category as IIT
had failed to provide information for monitoring of the ratings for
the rating exercise as agreed to in its Rating Agreement. IIT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 10, 2021, May 20, 2021 and May 30, 2021. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Vapi-based (Gujarat), IIT was established by the proprietor, Mr.
Pratik Desai in 2010. The firm is engaged mainly in stone crushing
activity and manufacturing of RCC (Reinforced Cement Concrete) Hume
pipes and service tenders of government in civil projects. The
proprietor owns a quarry from which stone is extracted and then
extracted material is crushed and transformed in the form of
various stones and artificial crushed sand. IIT owns two plants for
stone crushing in Karajgam, located near Vapi (Gujarat). The
installed capacity was 9.6 lakh stones per annum as of March 31,
2016. The major customers of IIT are located in Gujarat,
Maharashtra and Dadra & Nagar Haveli.

JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jalaram
Industries (JI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.90       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 13, 2020, placed the
rating(s) of JI under the 'issuer noncooperating' category as JI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated March 29,
2021, April 8, 2021, April 18, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

JI based out of Wardha, Maharashtra is a partnership concern was
established in January 2001. The entity is engaged in the business
of processing of pulses at its processing facility located at
Wardha, Maharashtra with an installed capacity of processing 50
tonnes of pulses per day.


JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jindal Agro
Mills Private Limited (JAMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       8.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

   Short Term Bank     37.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 21, 2020, placed the
rating of JAMPL under the 'issuer non-cooperating' category as
JAMPL failed to provide information for monitoring of the rating.
JAMPL continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
mail/letter dated June 7, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of Jindal Agro Mills
Private Limited (JAMPL) continue to be constrained by delays in
debt servicing, exposure to raw material price volatility and
foreign currency fluctuation risk, and highly fragmented and
competitive nature of the industry.

Detailed description of the key rating drivers

At the time of last rating on April 21, 2020 the following were the
rating weaknesses (updated for the information available from
Registrar of Companies):

Key Rating Weaknesses

* Delays in debt servicing: The company's bank accounts have been
classified as a Non-Performing Asset.

* Exposure to raw material price volatility and foreign currency
fluctuations risk: The major raw materials required for the
operations of the company are non-ferrous metals prices of which
are highly fluctuating in nature. Limited ability to pass on
adverse fluctuations to the customer exposes the profitability
margins to volatility in raw material prices. Furthermore, while
the income is achieved from domestic sales, the company procures
its raw materials primarily via. imports. This exposes the
profitability margins to a foreign exchange fluctuation risk.

* Highly fragmented and competitive nature of the industry: The
non-ferrous metal industry is highly fragmented and competitive in
nature characterized by the presence of numerous players in India.
The trading of ferrous and non-ferrous raw materials industry is
highly fragmented and competitive with majority of the total number
of players being unorganized. This leads to low pricing power with
the entities engaged in the industry and a downward pressure on
profitability.

Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL) is
engaged in the trading and manufacturing & selling of nonferrous
metals at its single operating facility in Ludhiana, Punjab. In
FY17 (refers to the period April 1 to March 31), the company
derived majority of its income (about 65%) from the trading of
goods. Usha Impex (rated, 'CARE D; ISSUER NOT COOPERATING'), is a
group concern of JAMPL, which is engaged in the trading of
non-ferrous metals since 1998.


K. G. ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. G. Ispat
Private Limited (KGIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 29, 2020, placed the
rating(s) of KGIPL under the 'issuer non-cooperating' category as
KGIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KGIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2021, May 25, 2021, June 4, 2021.  In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Indore (Madhya Pradesh) based, KGIPL was incorporated in 2004, is
promoted by Mr. Rajkumar Gupta & Ms. Deepti Gupta. They both
jointly manage the operations of the company. KGIPL is engaged in
trading of iron & steel scrap and products. KIPL primarily purchase
MS scrap and MS bars, angles, pattis, ingots and other MS products
and primarily sells to manufacturers of MS products and dealers.
KGIPL primarily sells in the state of Madhya Pradesh.


KDH TEXTILE: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KDH Textile
Private Limited's Long-Term Issuer Rating to 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 these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR290 mil. Fund-based working capital limits (long-term)*
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR12.58 mil. Term loan due on March 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 15, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in June 2009, KDH Textiles is engaged in the designing and
embroidery of fabrics. Its facility is located at Sonipat,
Haryana.


LSML PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of LSML
Private Limited (LSML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      470.86      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     162.01      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 28, 2020, placed the
rating(s) of LSML under the 'issuer noncooperating' category as
LSML had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. LSML
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated April 3, 2021, June 10, 2021 and June 14, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

LSML is a joint venture between Shriram Group's SVL limited
[Formerly known as Shriram Industrial Holding Ltd. (SIHL)] and
Italy based Windfin BV, was incorporated to provide wind power
solution on turnkey basis. LSML is engaged in the manufacturing,
installation, commissioning of Wind Electric Generators (WEG),
creating infrastructure such as site development and proving power
evacuation facility for wind power projects, and their maintenance.
The company has a fully integrated manufacturing facility in
Chennai with a capacity of 144 WEG per annum and offers 1.5MW/1.8
MW WEG with different variants.


M.G. ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.G.
Associates (MGA) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      10.00      CARE C; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE has been seeking No default statement from M.G. Associates to
monitor the rating(s) vide e-mail communications June 9, 2021, June
18,2021 , June 22,2021 and June 28, 2021 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the No default statement for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
M.G. Associates bank facilities will now be denoted as CARE C;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on March 9, 2021 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Weak debt coverage metrics: On account of withdrawal of capital,
the net worth is negative by INR0.03 Cr. However, unsecured loans
of INR6.5 Cr is infused in the business to meet working capital
requirement. Further, the current ratio is below unity as on March
31, 2020. Small scale of operations albeit to y-o-y growth As a
result of business diversification, the total operating income has
grown at CAGR of 135.42% during FY18-FY20. However, the TOI stood
small at INR 8.48 crore in FY20 as compared to INR 1.53 crore in
FY18. Further, the firm has registered TOI of INR 9.00 crore for
11MFY21 (Prov.).

* Project execution risk and financial closure yet to tie-up MGA
has 99% bookings for the Phase-1 of on-going project 'Kashi Kamal
Gruha Yojana' and firm has received occupancy for the same in
January 2020. However, the firm has booking status of 52.15% for
Phase-2 and 40% of construction is completed, which results in
project execution risk. As on January 31, 2021, the firm has
incurred total cost of INR 47.57 (62.12% of total project cost).
Further, MGA has approaching the bankers for INR 10.00 crore
project term loan for the construction of Tower-6.

* Cyclical nature of the industry: The firm is exposed to the
cyclicality associated with the real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. A high interest rate scenario could discourage
the consumers from borrowing to finance the real estate purchases
and may depress the real estate market.

* Partnership nature of operations with inherent risk of capital
withdrawal: The partners typically make all the decisions and lead
the business operations. If they become ill or disabled, there may
not be anybody else to step in and maintain the optimum functioning
of business. A business run by nine partners also poses a risk of
heavy burden, i.e. an inherent risk of capital withdrawal, at a
time of personal contingency which can adversely affect the capital
structure of the firm. Moreover, the partnership firms have
restricted access to external borrowing which limits their growth
opportunities to some extent.

Key Rating Strengths

* Experienced partners: MGA is promoted by Mr. Raghavendra K.
Mailapur (Managing Partner) and Mr. Sanjog Rathi (Managing Partner)
along with other family members. Mr. Raghavendra has 30 years of
experience in jewellery and property development business.
Previously, he has served as the director of Ganesh Co-operative
Bank and Vice President of Hyderabad Karnataka Chamber of Commerce
& Industry (HKCCI). Mr. Sanjog Rathi, an Engineering Graduate, has
more than a decade of experience in the construction line. He has
also served as the founder secretary and president of CREDAI,
Gulbarga. The long-standing experience of promoters has aided in
establishing long-term relationships with customers.

* Diversified sources of revenue: In FY2018, the firm has ventured
into hospitality business and opened Hotel Citrus, in Gulbarga. The
firm is managing its operations with the help of OTHPL from
December 2018 with profit-sharing business model where repayment as
follows - 5% of commission on net profit and 4% of commission on
sales. Further, the company receives rental income from lease shops
from project Gold Hub Mall, where, the generates rental income of
INR 0.30 crore from 45 lease out shops with average lease period of
5 years.

* Satisfactory profitability margins: The firm has turn around the
net losses to profit due to diversified revenue sources has
improved the absolute amount of PBILDT which resulted in absorption
of interest and depreciation cost. The PBILDT stood comfortable at
45.60% in FY20 despite of decline by 143 bps as compared to FY19.
Further, the PAT margin improved significantly by 862 bps and stood
satisfactory at 14.11% in FY20 over FY19. The debt coverage
indicators marked by the PBILDT interest coverage ratio stood
satisfactory at 3.03x in FY20 as compared to 1.83x in FY19 due to
increase in absolute amount of PBILDT, coupled with decline in
total debt levels on back of repayment.

Kalaburagi (Karnataka) based, M.G. Associates (MGA) was established
in the year 2010 as a partnership firm by Rathi and Mailapur
family. The firm is engaged in the construction of residential
townships, apartments, shopping malls and commercial complexes.
Further, the firm has diversified its business in FY18 into
hospitality by starting hotel in the name of Citrus Hotel in
Gulbarga, Karnataka. Currently, the firm engaged in development of
residential project in Gulbarga with total investment of INR 72.64
crore.

MEWAR UNIVERSITY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mewar
University (MU) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank     16.72       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 8, 2020, placed the
rating(s) of MU under the 'issuer non-cooperating' category as MU
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated March 24, 2021, April 3, 2021,
April 13, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Mewar University (MU) is an autonomous body promulgated by the
Government of Rajasthan through an Act passed by Rajasthan Assembly
in 2009 and is also approved by the UGC with the right to confer
degrees. MU was set up with an objective of providing higher and
technical education to the people of Mewar region of Rajasthan in
particular and India in general. MU is promoted by the Mewar
Education Society (MES), Chittorgarh and is controlled by a Board
of Management constituted by MES. The Board of Management is headed
by the Chancellor Mr. Ashok Kumar Gadiya. MU has envisaged offering
various Post-graduation, Graduation, Diploma and Certification
courses across faculties like Engineering, Management, Computer
Science, Journalism & Mass Communication, Law, Education, Arts,
Visual & Performing Arts, FashionDesigning, etc. Further, Mewar
College of Engineering (MCE), Gangrar and Mewar College of Teachers
Training (MCTT) are running under MU.


MOHAN BREWERIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan
Breweries and Distilleries Limited (MBDL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank     119.00      CARE C; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

   Long Term Bank       3.91      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

   Short Term Bank      0.55      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 06, 2020 placed the
rating of MBDL under the 'issuer non-cooperating' category as the
company had failed to provide information for monitoring of the
rating. MBDL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
7, 2021; March 12, 2021; March 2, 2021 and February 20; 2021. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Mohan Breweries and Distilleries Ltd (MBDL) was incorporated in
1982 to manufacture and sell Indian Made Foreign Liquor (IMFL) in
Tamil Nadu. MBDL was set up in collaboration with M/s. Mohan
Meakins Ltd (MML). MBDL was originally promoted by three
individuals namely Mr. Nandhagopal, Mr. Ethurajan and Mr. Udayar.
MBDL has installed capacity of 78.63 lakh cases of IMFL in TN,
12.00 lakh cases of IMFL in AP, 105.3 lakh cases of Beer in TN, 62
KLPD distillery unit in TN and 78,000 TPA (tones per annum)
installed capacity of glass production. MBDL also has a 35.2 MW
wind farm plant.

NEMCARE HOSPITAL: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nemcare
Hospital Tezpur Private Limited (NHTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2019 placed the
rating of NHTPL under the 'issuer non-cooperating' category as
NHTPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NHTPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 23,
2021 and June 12 2021 among others.  In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

NHTPL was incorporated on May 23, 2016 by Guwahati-based NEMCARE
Group. North East Medical Care & Research Centre Pvt Ltd (NEMCRCPL)
holding 88.64% stake in NHTPL is the flagship company of the group
which is already operating a 100-bed multi-speciality hospital in
Guwahati, Assam since last 2 decade. This apart, Nemcare Hospital
Pvt Ltd (NHPL, IND D) another company of the group is running a
200-bed multi-speciality hospital in Guwahati.  NHTPL is setting up
a 60-bed multi-speciality hospital in Tezpur, Assam at an estimated
cost of INR25.98 crore (being funded at a debt equity ratio of
1.7:1). The commencement of the same has been postponed from
April'18 and the project is expected to be completed by April 2020.
Dr. Mihir Kumar Baruah, Director [MBBS, PGDHHM] along with Dr.
Hiteshwar Baruah (MBBS, MAIMS, FAIMS) serving as the chairman and
Managing Director of NHTPL is looking after day to day operations
of the company. The promoters are having an experience of more than
two decades in the healthcare industry.


PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Palm
Heights Private Limited (PHP) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2020, placed the
rating(s) of PHP under the 'issuer non-cooperating' category as PHP
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. PHP
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated  May
2, 2021, April 22, 2021 and April 12, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating takes into account non-availability of requisite
information and no due diligence conducted due to noncooperation by
Palm Heights Private Limited with CARE'S efforts to undertake a
review of the rating outstanding. CARE views information
availability risk as a key factor in its assessment of credit
risk.

Palm Heights Private Limited (PHP) was incorporated in 2013 and is
currently being managed by Mr. Daljit Dogra Singh, Mr. Harjinder
Singh Rangi and Mr. Ankit Sidana. The company is currently
developing its residential project named 'Palm Heights' at
Derabassi, Punjab, on 2.94 acres of land. The project is being
developed in the form of seven towers with a total of 164 flats.
The project is expected to be completed by October 2020. As on
August 10, 2017, 62 flats have been sold out of 164 flats. The
group entities of PHP include DM Associates and Dogra Property
Consultants which are engaged in the real estate industry and civil
construction, respectively.

PRAKASH CORRUGATED: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prakash
Corrugated Products (PCP) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      22.31      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

   Short Term Bank      0.02      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 11, 2020, placed the
rating(s) of PCP under the 'issuer non-cooperating' category as PCP
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PCP continues to be
noncooperative despite repeated requests for submission of
information through e-mails dated March 27, 2021, April 6, 2021,
April 16, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

PCP was established in September 2001, as a proprietorship concern
and is involved in manufacturing of make to order corrugated boxes.
PCP's unit is located at Verna, Goa with the total installed
capacity of 10,000 metric tonnes of corrugated boxes per annum
(MTPA) of different sizes as per order. Moreover, PCP has in-house
'Flexo Printing' facility for printing on the boxes.


PRAYAG POLYTECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prayag
Polytech Private Limited (PPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      28.11      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

   Short Term Bank    219.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 8, 2020 placed the
ratings of PPPL under the 'issuer non-cooperating' category as PPPL
had failed to provide information for monitoring of the ratings.
PPPL continues to be non-cooperative despite repeated requests for
submission of information through emails, letter dated April 3,
2021, April 13, 2021, and June 22, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of rating on May 8, 2020, the following were the rating
weaknesses and strengths:

Key Rating Weaknesses

* Classification of account as non-performing asset: The account
has been classified as non-performing asset by the lenders as there
are on-going delays.

* Working capital intensive operations with elongated collection
period: Prayag group has working capital intensive operations on
account of high collection period. During FY17 working capital
cycle stood at 116 days with collection period of 122 days.

* Leverage capital structure: On a combined basis, the combined
entity's capital structure remains leveraged as exhibited by
overall gearing of 1.86x as of March 31, 2017 (PY:1.87x) on account
of higher debt outstanding. The Total debt/GCA although improved
owing to improved profitability during FY17 but still remains high
at 9.87x as of March 31, 2017(PY:13.55x).

* Susceptibility of margins to volatility in raw material prices
and foreign exchange fluctuations: The profitability margins of
Prayag group are susceptible to fluctuations in raw material prices
as the group procures raw material in bulk quantities to save
logistics cost. Furthermore, prices of polymers, colours, additives
and pigments are volatile in nature as their prices move in tandem
with price of crude oil. As such, the profitability margins of
Prayag group remain exposed to foreign exchange fluctuation risk.

* Exposure to regulatory risk: The market for masterbatches is
driven by growth in its end user industries as well as increasing
penetration of plastic products in the market. Use of plastics is
being regulated by Ministry of Environment & Forests, Government of
India.

* Highly fragmented nature of industry: Masterbatches is a
scattered industry in India, with unorganized sector accounting for
around 50% of the industry. Furthermore, the industry is highly
competitive as it has low entry barriers.

Key Rating Strengths

* Experienced promoters: Prayag group is promoted by Mr. Ravinder
Kumar Aggarwal, Mr. Devender Kumar Aggarwal and their family
members. Mr. Ravinder Kumar and Mr. Devendra Kumar Aggarwal have
more than 35 years of experience in the corporate world.

* Long track record of operations with established market position
in the global market for masterbatches: Prayag group has been
engaged in manufacturing of masterbatches since 1996 and over the
years have increased its scale of operations with expansion of its
production capacity. Furthermore, Prayag group is one of the
largest manufacturers and exporters of masterbatches from India.
The group has been catering to the export market for more than 10
years and has established its presence across the world.

Prayag Polytech Private Limited (PPPL) is promoted by Mr. Ravinder
Kumar Aggarwal, Mr. Devender Kumar Aggarwal and their family
members. The company was incorporated in August 1982 under the name
of R.B.M. Internationals Private Limited. The name of the company
was changed to Prayag Polytech Private Limited on June 27, 1994.
The company is engaged in manufacturing and export of
masterbatches, which are available in granular form, are used for
coloring and enhancing properties of plastics by mixing them with
raw polymer during the plastic manufacturing process.


R R HOLIDAY: CARE Lowers Rating on INR60cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of R R
Holiday Homes Private Limited (RRHHPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      60.00      CARE D; Revised from CARE C

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of  RRHHPL
is due to default in payment of interest obligation which was due
on June 30, 2021. The ratings factors in the impact of second wave
of Covid-19 and subsequent state-wise lockdown impacting the
revenues and liquidity position of the company. The rating
continues to factor in the delay in payment of term loan EMI in the
past, which was repaid fully in September 2020 by refinancing the
loan from new lender, delay in payment of statutory undisputed dues
and moderate debt coverage matrix. However, the ratings derive
strength from experienced promoter and favorable location of hotels
translating into better average room rent and occupancy rate;
albeit, impacted due to Covid-19 in FY21 and YTDFY22 (April 2021-
June 20, 2021).

Rating Sensitivities

Positive Factors

* Growth in scale of operations with TOI exceeding INR100 crore on
a sustained basis

* Improvement in overall gearing below 1x on a sustained basis with
repayment of term loan obligations in a timely manner

* Regularization of statutory undisputed dues

Detailed description of the key rating drivers

Key Rating Weaknesses

* Default in servicing interest obligation: RRHHPL has term loan
sanctioned from KSIDC, for which the company pays interest on
monthly basis amounting to ~Rs.0.42 crore. The said term loan is
under loan moratorium period and repayment of principal will start
from September 2021. RRHHPL paid its interest obligation till May
2021. However, as per discussion with management and banker, RRHHPL
has defaulted on its interest payment obligation due on June 30,
2021.

* Second wave of Covid-19 impacted revenues: Total operating income
(TOI) of RRHHPL for April 2020-January 2021 period was INR9.90
crores. Further, the company is estimated to have reported a
revenue of about INR11 crore for the full year FY21 as against a
projected revenue of ~Rs.42 crore for the full year FY21, led by
Covid-19 lockdown during most part of FY2020-21. Also, the lockdown
due to second wave of Covid-19 continue to impact the operations of
the company there by significantly impacting the revenue and
liquidity position of the company.

* Delay in payment of term loan EMI and refinancing of term loan by
KSIDC: As on March 31, 2020, the company had outstanding long term
borrowing of INR 37.93 crores and the delayed EMI payments
amounting to INR 0.65 crore. As a result of stretch in its
liquidity position due to the impact of Covid-19 on hotel and
tourism industry, the company had delayed its payment of term loan
(EMI payment) during March 2020-August 2020 period. Kerala State
Industrial Development Corporation Limited (KSIDC), which provides
financial assistance to medium and large-scale industries. On the
request of the company, on August 10, 2020, KSIDC sanctioned term
loan assistance of INR35 crores including takeover of existing loan
facility of INR27 crore from banks, which has been fully repaid in
September 2020 and remaining amount for extension of existing
property and working capital needs. Further, on February 26, 2021,
KSIDC sanctioned another term loan of INR 25 crores including
takeover of loan from Kerala Finance Corporation, extension of
property and working capital needs. The refinancing of term loan
was sanctioned for the purpose to reduce the financial cost,
renovation and upgradation of existing hotel.

* Delay in undisputed statutory dues during FY19 and FY20: Audited
financial statement reported delay in undisputed statutory dues to
the extent of INR12.78 crore as on March 31, 2020 and INR10.14
crore as on March 31, 2019. The dues pertain to EPF, ESI, TDS,
CGST, SGST, KVAT and Luxury tax. Out of total dues, GST dues
amounted to INR9 crores, KVAT and Luxury tax amounted to INR 0.52
crore and other dues amounted INR 0.62 crore. As on February 26,
2021, out of total pending amount, the company has GST payable of
INR2.30 crores (remaining INR6.70 been paid by the company), dues
related to KVAT and Luxury tax are applied for closure under
Amnesty scheme declared by the Government of Kerala and the company
has received order to close such tax. Other dues pertain to EPF,
ESI and TDS which are routine in nature and payable on regular
basis.

* Inherent seasonal nature of the hotel industry: The hotel
industry is cyclical and inherently seasonal in nature as the
demand for the hotel rooms varies with the business cycle.
Occupancy also depends on the tourism seasonality as it involves
the concentration of tourist inflows during particular months.
RRHHPL's Uday Samudra experiences high demand during October-March
with occupancy ~85%-90% and low demand during April-September with
occupancy ~65%. Uday Suites has a long-term agreement with airlines
for providing food & accommodation to Air crew, with tenor of the
agreement varying in the range of 2-3 years, Uday sky kitchen
provides flight catering to various airlines and revenue from this
unit is not affected much by seasonal nature of industry. Further,
Uday serenity backwaters at Alleppey has become wedding destination
spot over the years.

Key Rating Strengths

* Experienced promoter: RRHHPL is promoted by Mr. S. Rajasekharan
Nair (Chairman & Managing Director) along with his wife Mrs.
Udaychandrika Nair (Executive director). Mr. S. Rajasekharan Nair
has extensive experience of over four decades in hospitality
business. Mr. Raja Gopaal Iyer is a CEO and has experience of over
3 decades in hoteling and hospitality business.

* Favorable location of hotels: The hotels are located at favorable
locations being developed at close proximity to beach or airport.
Two of the hotels, Uday samudra and Uday suites are located near
Kovalam beach and Shanghumugham beach respectively. Uday suites and
Uday sky kitchen are within 5 kms range from Trivandrum
International Airport. Recently developed Uday Serenity Backwaters
is located near Punnamada lake. The same can be corroborated from
the 57% average occupancy with average room rent being INR 10,000
during FY20, despite seasonality.

* Moderate capital structure and debt coverage indicators: The
net-worth of RRHHPL was moderate and stood at INR47.20 crores as on
March 31, 2020 (PY: INR34.30 crores), the increment in net-worth is
due to ploughing back of profits. The total debt as on March 31,
2020 stood at INR46.68 crores as against INR50.58 crores as on
March 31, 2019. Out of total debt, INR37.93 crores accounted for
long term borrowing and INR 8.74 crores accounted for short term
borrowing from which R.3.62 crores pertain to short term loan from
promoter and INR 5.12 crores were used as working capital
borrowings. Further, overall gearing improved to 0.94x as on March
31, 2020 as against 1.37x as on March 31, 2019. While, TOL/NW stood
1.25x as on March 31, 2020 (as compared to 1.79x as on March 31,
2019). TD/GCA improved to 2.52x in FY20 (PY: 7.71x) primarily due
to higher GCA.

* Industry Outlook: Hospitality sector suffered three quarters of
economic disruption due to Covid-19 pandemic. The Indian hotel
industry is among the sectors that have been impacted the earliest
by the outbreak of the Covid-19 pandemic and the last sector to
recover, considering travel and tourism as a discretionary
activity. Covid-19 induced lockdown consequently led Occupancy
Rates (OR) on a downward trajectory from March 2020 before it
started improving from May, 2020.

Furthermore, the lockdown due to second wave of Covid-19 since
March 2021 continue to impact the hospitality sector in India,
there by significantly impacting the revenue and liquidity position
of players. Gradual easing up of lockdown measures and the impact
of the same on the Hotel Industry remain to be seen in the near
term.

Liquidity Analysis: Poor

The operations of the hotels were severely impacted since March 26,
2020 due to outbreak of the Covid-19 pandemic up to September 2020.
Resulting which RRHHPL was utilizing 100% of its working capital
borrowings during February 2020 to August 2020. However, from
September 2020, KSIDC took over loans including working capital
borrowings of INR5 crores with repayment of KSIDC loan to begin
from September 2021, provides liquidity support to certain extent.
The liquidity is further hampered due to state-wise lockdown
imposed in Kerala due to second wave of Covid-19.

RR Holiday Homes Private Limited (RRHHPL), incorporated in 1995, is
promoted by Mr. S. Rajasekharan Nair, who has over four decades of
experience in hotel and hospitality industry. UDS hotels is part of
RRHHPL. RRHHPL is engaged in the hospitality, restaurant, flight
catering, and travel and tour businesses. RRHHPL owns 3 operational
hotels, i.e. Uday Samudra Leisure Beach Hotel, Uday Suites Garden
Hotel & Uday Serenity Backwater Resort along with 1 convention
centre and 1 multicuisine restaurant.

Uday Samudra Leisure Beach Hotel, Kovalam, Thiruvananthapuram:

The property is a 5-star hotel in Kerala with direct access to a
secluded Kovalam beach, it has 230 rooms, 7 conference halls, 3
swimming pool and 5 multicuisine restaurant, UDS Samudra is the
flagship property of RRHPL.

Uday Suites Garden Hotel, Shankumugham, Thiruvananthapuram: Uday
Suites is a 4-star hotel near Shanghumugham beach,
Thiruvananthapuran city. The hotel has 45 rooms, 2 conference hall
and 1 swimming pool with a focus of corporate businesses. The hotel
is at a 10 minutes distance from Trivandrum International Airport.
The major business activity at this hotel palace is accommodating
air crew, air authority, etc.

Uday Sky Kitchen (USK), Thiruvananthapuram: USK is situated
adjacent to Uday Suites, catering food services to Air India,
Indigo, Spice Jet and Island Aviation (Maldives airline).

Uday Serenity Backwater Resort, Alleppey, Alappuzha: Uday
Backwaters is a newly constructed, fully operational resort. The
resort has 42 rooms and 8 cottages along with 1 swimming pool and 1
conference room. The resort is located near shores of Punnamada
lake.

Uday Convention Centre, Kowdiar, Thiruvananthapuram: Uday
convention centre attracting corporate events and has capacity of
2000 people.


RAJENDRA TRUCKING: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajendra
Trucking Private Limited (RTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.50      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 2, 2020, placed the
rating(s) of RTPL under the 'issuer non-cooperating' category as
RTPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. RTPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated May
8, 2021, April 28, 2021 and April 18, 2021. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account non-availability of requisite
information and no due diligence conducted due to noncooperation by
Rajendra Trucking Private Limited with CARE'S efforts to undertake
a review of the rating outstanding.

CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to remain
constrained owing by Small scale of operations with low net worth
base, Weak financial risk profile, Limited bargaining power with
OEMs and Inherent competition and cyclical nature of the auto
industry. The ratings, however, continue to take comfort from
experienced promoters in the automobile industry and Moderate
operating cycle.

Detailed description of the key rating drivers

At the time of last rating on June 2, 2020, the following were the
rating weaknesses and strengths (Updated for the information from
Registrar of Companies):

Key Rating Weaknesses

* Small scale of operations with low net worth base: The scale of
operations stood small and declined as marked by total operating
income and gross cash accruals of INR25.40 crore and negative cash
accruals respectively in FY20(FY refer to April 1 to March 31) as
against INR58.76 crore and INR0.20 crore respectively during FY19.
Moreover, the company's capital base continues to remain negative
as on March 31, 2020 on account of erosion of net worth due to
losses incurred by the company. The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

* Weak financial risk profile: The overall financial risk profile
of the company stood weak as characterized by net losses, leveraged
capital structure and weak coverage indicators. An automotive
dealer's revenues are primarily driven by volumes, while the
profits are driven by the sale of spares and service income, as the
latter fetches higher profit margins. The company has limited
negotiating power with manufacturers and has no control over the
selling price as the same is fixed by the manufacturers. The
company incurred operating losses of INR0.28 crore and net losses
of INR1.86 crore in FY20 as against PBILDT margin of 4.52% and net
losses of 0.36 crore in FY19. The capital structure marked by
overall gearing was highly leveraged as on March 31, 2020 mainly on
account of net losses which resulted in erosion of net worth base
coupled with low equity share capital. Furthermore, the debt
coverage indicators marked by interest coverage ratio and total
debt to GCA stood weak due to high debt level resulting into high
interest & financial charges.

* Limited bargaining power with OEMs: RTPL business model is
largely in the nature of trading wherein profitability margins are
thin. Moreover, dealers have less bargaining power over principal
manufacturer of vehicles. In order to capture the market share, the
auto dealers' offers better buying terms like allowing discounts on
purchases etc. Since, auto dealers has low margins available
further discounts offered to customers create margin under
pressure. The company also earns servicing income on the
maintenance services of vehicles. Profitability margins in the
servicing of vehicle are better than trading of vehicles. However,
company face competition from other unorganized players in the
servicing segment of vehicles.

* Inherent competition and cyclical nature of the auto industry:
RTPL is exposed to competition from the products of other OEM's and
dealers operating in the same region. Accordingly, RTPL has to
resort to offering better buying terms like allowing discounts to
capture the market share. Such discounts create margin pressure and
negatively impact the earning capacity of the company. Furthermore,
the auto industry is inherently vulnerable to the economic cycles
and is highly sensitive to the interest rates and fuel prices. The
company thus faces significant risks associated with such cyclical
nature of the auto industry.

Key rating strengths

* Experienced promoters in the automobile industry: The company was
incorporated in 2012 by Mr. Rajendra Goenka, Mr. Rahul Goenka and
Mr. Tanay Goenka, it is currently being managed by all the
promoters. Mr. Rajendra Goenka is a graduate by qualification and
has an experience of more than three decades through his
association with this entity along with other group associates. He
is well supported by Mr. Rahul Goenka and Mr. Tanay Goenka, who
also possess rich experience in automobile dealership industry
though all the group companies.

* Moderate operating cycle: RTPL has elongated operating cycle
marked by operating cycle of 58 days in FY20 as against 45 days in
FY19. The company maintains an adequate level of inventory to meet
the immediate demand of the customer resulting in an average
inventory holding 59 days in FY20. The company receives around 20%
payment from customers on cash basis but 80% payment is done
through vehicle financing resulting in average collection period of
15 days in FY20. The company procures four-wheeler vehicles from
Daimler India Commercial Vehicles (DICV) by making full advance
payment and for spare parts it gets a credit period of around a
month.

Varanasi, Uttar Pradesh-based Rajendra Trucking Private Limited
(RTPL) is a private limited company, incorporated on October 12,
2012 was promoted by Mr. Rajendra Goenka, Mr. Rahul Goenka and Mr.
Tanay Goenka. RTPL operates as an authorized dealer of Bharat Benz
(division of Daimler India Commercial Vehicles (DICV) since 2012 in
Varanasi, Uttar Pradesh for four wheeler commercial vehicles mainly
comprises of trucks and its spare parts. The company has 3
showrooms in Varanasi, Chopan, and Gorakhpur, Uttar Pradesh and
provides 3S services (Sales, Spares and Services). Other group
concern of RTPL includes Goenka Motors Private Limited, Vinayak
Automotive Private Limited, Goenka Autosales Private Limited.

RAM PANELS: Ind-Ra Affirms & Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Ram Panels'
(SRP) Long-Term Issuer Rating at 'IND BB' with a Stable Outlook and
has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR50 mil. Term loan* due on August

     2025 affirmed and withdrawn;

-- The 'IND BB' rating on the INR120 mil. Fund-based working
     capital limit** affirmed and withdrawn; and

-- The 'IND A4+' rating on the INR30 mil. Non-fund-based working
     capital limit*** affirmed and withdrawn.

*Affirmed at 'IND BB'/Stable before being withdrawn

**Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn

***Affirmed at 'IND A4+' before being withdrawn

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

KEY RATING DRIVERS

The affirmation reflects SRP's continued small scale of operations,
as indicated by the revenue of INR460 million inFY21 (FY20:
INR749.43 million; FY19: INR760.51 million). The revenue declined
in FY21 due to COVID-19 led operational disruptions. FY21
financials are provisional in nature.

The ratings also factor in SRP's moderate credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expenses) of 2.54x in FY21 (FY20: 3.13x, FY19: 3.58x) and net
leverage (adjusted net debt/operating EBITDA) of 4.06x (2.42x;
2.15x). The deterioration in the credit metrics was driven by an
increase in borrowings (including COVID-19 loans) with associated
interest expenses to fund capex, a decrease in the revenue.

Liquidity Indicator – Stretched: SRP's average maximum use of its
fund-based limits was around 96.24% during the 12 months ended
January 2021. The cash flow from operations deteriorated to
INR78.01 million in FY20 (FY19: negative INR47.91million) on
account of higher working capital requirements. The net cash cycle
remained elongated at 58 days in FY20 (FY19: 64 days) on account of
high debtor and inventory days. SRP does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. It availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings, however, are further supported by SRP's healthy EBITDA
margin of 11% in FY21 (FY20: 11%; FY19: 10.9%) where the return on
capital employed was 20% in FY20 (FY19: 28.3%).   

The ratings are also supported by the promoter's experience of over
five decades in the manufacturing of plywood.

COMPANY PROFILE

Incorporated in September 1992, Shri Ram Panel is a partnership
firm engaged in the business of manufacturing of plywood. The
manufacturing units are located in Punjab.


RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rattan
Poultries Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 1, 2020 placed the
rating(s) of RPPL under the 'issuer non-cooperating' category as
RPPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. RPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated May 7, 2021, April 27, 2021 and April 17, 2021.  In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further
banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Rattan Poultries Private Limited (RPPL) was incorporated in May
1999 and is currently being managed by Mr. Ranjit Singh Sidhu, Mr.
Rahuljit Singh Sidhu and Mrs. Mohinder Kaur Sidhu as its directors.
RPPL is engaged in poultry farming business at its poultry farm
located in Sangrur, Punjab with an installed capacity of laying 3.5
lakhs eggs per day as on March 29, 2018. The company directly sells
eggs under the brand name Rattan Eggs to various dealers and
wholesalers PAN India.

RECMET ALLOYS: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Recmet
Alloys Private Limited (RAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.95      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 29, 2020, placed the
rating(s) of RAPL under the 'issuer non-cooperating' category as
RAPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2021, May 25, 2021, June 4, 2021.  In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

New Delhi-based RAPL was incorporated during October 2010 with
objective of setting up a Lead refining and smelting unit at
Jambusar, Bharuch district (Gujarat) at a proposed refining
capacity of 24,000 MT per annum. RAPL's registered office is in New
Delhi but all its operations are carried out from its Vadodara
(Gujarat) office as this is near to its plant in Jambusar, Bharuch
district (Gujarat). RAPL is promoted by Mr. Rabindra Agarwal, Mr.
Sanjay Saini, Mr. Kunj Behari Sarraf and Mr. Anup Agarwal with the
first three directors having experience of more than a decade into
Non-ferrous metal industry. RAPL has completed its project of
setting up Lead refining and smelting unit in April, 2016 the total
cost of the project was INR12.85 core which was funded through debt
to equity of 0.45 times. The plant has been set up on a land plot
purchased by the
company at Jambusar having area of 34,095 sq. meters.


RIGA SUGAR: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Riga Sugar
Company Limited (RSCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      104.14      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2020, placed the
rating(s) of RSCL under the 'issuer non-cooperating' category as
RSCL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RSCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/emails dated
February 16, 2021, February 26, 2021, March 8, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Riga Sugar Company Limited (RSCL), incorporated in September 2,
1980, the flagship company of DHANUKA GROUP, currently has Sugar
(5000 TCD), Distillery (50 KLPD), Ethanol (45 KLPD), Power plant (8
MW) & DAP/ Organic Fertilizer facilties in Riga, North Bihar. The
sugar factory is one of the oldest sugar factories in India which
was set-up in 1933 by The Belsund Sugar & Industries limited under
British Management before being taken over by Dhanukas in 1950 and
was subsequently transferred w.e.f.1.10.1981 to Riga Sugar Company
Limited.


SHELL APPARELS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shell Apparels
Private Limited's Long-Term Issuer Rating to 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 these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR360 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR120 mil. Term loan due on July 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 5, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Headquartered in Bengaluru, Shell Apparels manufactures men's
bottom wears, both denim and non-denim, for all age groups. The
company is largely focused on the domestic market. It has an
in-house manufacturing unit for knitwear in Bengaluru,
Chikkaballapur, and Melur in Karnataka, with an aggregate annual
manufacturing capacity of 3,372,000 pieces.

SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singer
Impex (SIM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        10.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 18, 2020, placed the
rating(s) of SIM under the 'issuer noncooperating' category as SIM
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SIM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 4, 2021, May 14, 2021, May 24, 2021.  In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Surat-based (Gujarat) Singer Impex (SIM) was established in 2008 by
Mr. Deepak Narang and Mr. Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the authorized
distributor of TOYO brand embroidery parts and needles from China.


SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srishti
Builders (SB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated May 18, 2020, had placed the
ratings of SB under the 'Issuer Noncooperating' category as the
firm had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. SB continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated April 3, 2021, April 13, 2021
and April 23, 2021. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Kota (Rajasthan) based Srishti Builders (SB) was formed in February
2015 by Mr. Sanjay Khatri and Mr. Ajay Khatri. Subsequently, in
June 2015, there is change in the partnership deed with
introduction of 3 partners. SB is engaged in the development of
housing projects in Kota, Rajasthan. The firm is a part of Srishti
group which is engaged in the wide range of projects in real estate
industry. SB is mainly engaged in real estate development
activities and is currently working on one residential project
namely 'Royal Artena' in Kota with total saleable area of 87,102
Square Feet (Sq Ft) consisting of a basement plus ground floor plus
12 floors.


STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Star
Realcon Private Limited (SRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      8.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  under ISSUER NOT COOPERATING
                                  category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 28, 2020 placed the
ratings of SRPL under the 'issuer non-cooperating' category as SRPL
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. SRPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated June 25, 2021, May 3, 2021 and April 28, 2021. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further
banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Delhi-based Star Realcon Private Limited (SRPL) was incorporated in
2007 by Mr. Goldy Gupta and Mr. Nitin Kumar Gupta. SRPL is engaged
in the civil construction and real estate development for
residential and commercial projects. The company undertake civil
construction project for construction of institutional and
residential buildings, corporate offices, schools, religious
buildings and hotels. Majority of the company's projects are from
private customers. Sunil Hitech Engineers, Paras Infrastructure
Private Limited are name of few major customers. The company's real
estate development work include construction of residential and
commercial projects. The company has previously developed several
commercial and residential projects viz. Star Infinity etc.


VISHWAKARMA COLD: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vishwakarma Cold Storage (SVCS) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 18, 2020, placed the
rating(s) of SVCS under the 'issuer non-cooperating' category as
SVCS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SVCS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 4, 2021, May 14, 2021, and May 24, 2021. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

SVCS was established in 1998 by Mr. Chamanlal Gajjar, Veljibhai
Suthar, Mr. Thannaji Suthar and Mr. Chunilal Chaudhary. However,
Mr. Veljibhai Suthar retired from SVCS from October 2016. SVCS was
set up to provide cold storage facilities at Deesa (Gujarat). The
main objective of setting up SVCS is to preserve potatoes for
longer duration. The plant will be located at Deesa (Gujarat) which
is one of the major Potatoes growing area region in Gujarat.




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

J. FRONT RETAILING: Egan-Jones Keeps B Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 9, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co., Ltd. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.




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

AJINOMOTO ANIMAL: Creditors' Proofs of Debt Due Aug. 10
-------------------------------------------------------
Creditors of Ajinomoto Animal Nutrition (Singapore) Pte Ltd, which
is in voluntary liquidation, are required to file their proofs of
debt by Aug. 10, 2021, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 30, 2021.

The company's liquidators are:

         Lau Chin Huat
         Yeo Boon Keong
         Technic Inter-Asia Pte Ltd
         c/o 50 Havelock Road #02-767
         Singapore 160050


DB TRADE: Court to Hear Wind-Up Petition on July 23
---------------------------------------------------
A petition to wind up the operations of DB Trade Links Pte Ltd will
be heard before the High Court of Singapore on July 23, 2021, at
10:00 a.m.

Twine Enterprises Pte Ltd filed the petition against the company on
June 30, 2021.

The Petitioner's solicitors are:

         Hin Tat Augustine & Partners
         No. 20 Upper Circular Road
         #02-10/12 The Riverwalk
         Singapore 058416


EAGLE HOSPITALITY: Commences Wind-Up Proceedings
------------------------------------------------
Members of Eagle Hospitality Business Trust Management Pte Ltd, on
June 30, 2021, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Jason Aleksander Kardachi
         Patrick Bance
         Borrelli Walsh Pte Limited (trading as Kroll)
         One Raffles Place
         Tower 2, #10-62
         Singapore 048616


PARK HOTEL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on July 2, 2021, to
wind up the operations of Park Hotel Management Pte. Ltd.

New Park Property Pte Ltd filed the petition against the company.

The company's liquidators are:

         Aw Eng Hai
         Kon Yin Tong
         c/o Foo Kon Tan LLP
         24 Raffles Place,
         #07-03 Clifford Centre
         Singapore 048621


WINE IMPRESSION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 9, 2021, to
wind up the operations of Wine Impression Singapore Pte. Ltd.

FY Group Pte Ltd. filed the petition against the company.

The company's liquidators are:

         Don M Ho
         c/o DHA+ pac
         63 Market Street
         #05-01A Bank of Singapore Centre
         Singapore 048942



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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