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

                     A S I A   P A C I F I C

          Monday, July 26, 2021, Vol. 24, No. 142

                           Headlines



A U S T R A L I A

AIMS TRUST 2004-1: S&P Affirms 'BB' Rating on Class B Notes
APPLES AND PEARS: Second Creditors' Meeting Set for Aug. 2
B SECURITIES: Second Creditors' Meeting Set for July 30
EXOTICARS AUTOBODY: First Creditors' Meeting Set for Aug. 3
FLEXI ABS 2020-1: Moody's Upgrades Class E-G Notes From Ba1

FLEXI ABS TRUST 2019-2: Fitch Affirms BB+ Rating on Class E-G Notes
FUTUREYE PTY: Second Creditors' Meeting Set for Aug. 3
GRACE BUNCLE: Second Creditors' Meeting Set for Aug. 5
HABIBI WAVERTON: First Creditors' Meeting Set for Aug. 3
HERON RESOURCES: Enters Voluntary Administration

LA TROBE 2021-2: Moody's Assigns (P)B1 Rating to AUD3MM F Notes
REDZED TRUST 2021-2: Moody's Gives (P)B2 Rating to AUD3MM F Notes
SPI ENERGY: Appoints New SVP for Investor Relations and Finance
UNIMONI PTY: First Creditors' Meeting Set for Aug. 2


C H I N A

CHINA OCEANWIDE: To Offload More Shares in Minsheng Securities


I N D I A

ADITHYA ENTERPRISES: CRISIL Assigns B Rating to INR5cr LT Loan
AERON EXPORTS: CRISIL Lowers Rating on INR15cr LT Loan to D
ASPAM FOOD: CRISIL Lowers Rating on INR30cr Term Loan to D
BASAVA EDUCATION: CRISIL Hikes Rating on INR6cr Loans to B+
BHARAT CONSTRUCTIONS: CRISIL Lowers Rating on INR9cr Loans to D

BVA AUTO: CRISIL Reaffirms B+ Rating on INR17.0cr Loans
CHOUDHARY INFRAHEIGHT: CRISIL Cuts Rating on INR10cr Loans to D
EINGUR WIND: CRISIL Raises Rating on INR10cr Loans to B-
EKTA RICE: CRISIL Lowers Rating on INR6cr Cash Loan to D
GLOBAL FRAGRANCES: Insolvency Resolution Process Case Summary

GREEN VALLEY: CRISIL Lowers Rating on INR4.50cr Term Loan to D
GURUDATTA SHIKSHAN: CRISIL Lowers Rating on INR8cr LT Loans to D
HARMONY LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating
J. B. DARUKA: CRISIL Lowers Rating on INR26cr LT Loans to D
JANPRAGTI COMMODITIES: Insolvency Resolution Process Case Summary

KODEL UNIQUOTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MATAJI DYEING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
MOUNT VELOUR: CRISIL Reaffirms D Rating on INR10cr Loans
NAKODA LIMITED: Insolvency Resolution Process Case Summary

NAVJEEVAN HATCHERIES: CRISIL Cuts Rating on INR11.7cr Loan to D
OJA MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PASHUPATI CASTINGS: CRISIL Keeps B+ Rating in Not Cooperating
PAYARE LAL: CRISIL Lowers Rating on INR10cr Loans to D
PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating

RADHEY GOVINDAM: CRISIL Lowers Rating on INR13cr LT Loan to D
RAJASTHAN TOURS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ROHINI METALS: CRISIL Lowers Rating on INR5cr Cash Loan to D
ROYALOAK FURNITURE: Insolvency Resolution Process Case Summary
RUBICON INSPECTION: CRISIL Lowers Rating on INR3.5cr LT Loan to D

SAMARTHA LEISURES: CRISIL Lowers Rating on INR6.3 Loans to D
SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SARVOTTAM REALCON: Insolvency Resolution Process Case Summary
SIDHU INDUSTRIAL: CRISIL Reaffirms D Rating on INR6cr Loans
UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating

VIPUL LIMITED: Insolvency Resolution Process Case Summary


S I N G A P O R E

CMR GOLD: Commences Wind-Up Proceedings


T H A I L A N D

GLOBAL POWER: S&P Lowers LongTerm ICR to 'BB+' on Rising Leverage
THAILAND: 7 Thai Airlines Seek US$152MM in Government Soft Loans

                           - - - - -


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

AIMS TRUST 2004-1: S&P Affirms 'BB' Rating on Class B Notes
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB (sf)' ratings on the class B
notes issued by Perpetual Trustee Co. Ltd. as trustee of AIMS
2004-1 Trust, AIMS 2005-1 Trust, and AIMS 2007-1 Trust.

The ratings on the class B notes reflect:

-- The small and increasingly concentrated nature of the pools. As
of April 2021, AIMS 2004-1 Trust has a remaining mortgage balance
of A$7.6 million, comprising 158 loans; AIMS 2005-1 Trust has a
remaining mortgage balance of A$8.1 million, comprising 126 loans;
and AIMS 2007-1 Trust has a remaining mortgage balance of A$7.6
million, comprising 134 loans.

-- S&P said, "That as outstanding assets and notes decrease
significantly, tail risk takes greater precedence in transactional
performance and our rating analysis. Yield strain could occur as
the portfolios continue to amortize, given each trust's ability to
generate sufficient income to cover expenses and losses is reduced
with the smaller remaining pool balance. The 'BB (sf)' ratings
reflect our view that the portfolios are generating a sufficient
level of excess spread in the medium to long term under our
cash-flow modeling, despite their small pool size. We also take the
view that potential adverse economic conditions and changing
circumstances (event risk) at the tail ends of the transactions'
lives could weaken the capacity for the trusts to meet their
financial commitments as the pools become smaller and more
concentrated."

-- The concentrations in the pools. S&P said, "We assess pool
concentrations by applying an additional minimum loss projection
when determining the expected loss for each pool. Under this
scenario, we assume the two largest loans at the 'BB' rating level
have defaulted and are recovered upon. The loss severity for each
loan is the higher of 50%, the loan's loss severity, and the pool's
weighted-average loss severity. The expected loss for the pool is
the higher of that number and the number sized applying our
standard credit analysis as per our "Australian RMBS Rating
Methodology And Assumptions" criteria, published Sept. 1, 2011."

-- That there remain several borrowers in each of the pools
requiring some form of COVID-19 hardship arrangement. As of April
2021, five borrowers in each of the AIMS 2004-1 Trust and AIMS
2005-1 Trust and 12 borrowers in the AIMS 2007-1 Trust remain under
COVID-19 hardship arrangements, where they've been for more than 12
months.

-- That losses as a percentage of the original note balance have
increased since our last review for AIMS 2005-1 Trust and AIMS
2007-1 Trust.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.


APPLES AND PEARS: Second Creditors' Meeting Set for Aug. 2
----------------------------------------------------------
A second meeting of creditors in the proceedings of Apples and
Pears Entertainment Group Pty Ltd and Red Spice Road Pty Ltd has
been set for Aug. 2, 2021, at 11:30 a.m. and 11:00 a.m.,
respectively, via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 30, 2021, at 5:00 p.m.

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


B SECURITIES: Second Creditors' Meeting Set for July 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of

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

has been set for July 30, 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 29, 2021, at 4:00 p.m.

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


EXOTICARS AUTOBODY: First Creditors' Meeting Set for Aug. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Exoticars
Autobody Pty Ltd will be held on Aug. 3, 2021, at 1:00 p.m. via
teleconference.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Exoticars Autobody on July 21, 2021.


FLEXI ABS 2020-1: Moody's Upgrades Class E-G Notes From Ba1
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
of notes issued by two Flexi ABS transactions.

The affected ratings are as follows:

Issuer: Flexi ABS Trust 2019-2

Class B-G Notes, Upgraded to Aa1 (sf); previously on Nov 28, 2019
Definitive Rating Assigned Aa2 (sf)

Class C-G Notes, Upgraded to A1 (sf); previously on Nov 28, 2019
Definitive Rating Assigned A2 (sf)

Class D-G Notes, Upgraded to Baa1 (sf); previously on Nov 28, 2019
Definitive Rating Assigned Baa2 (sf)

Issuer: Flexi ABS Trust 2020-1

Class B-G Notes, Upgraded to Aa1 (sf); previously on Oct 29, 2020
Definitive Rating Assigned Aa2 (sf)

Class C-G Notes, Upgraded to Aa3 (sf); previously on Oct 29, 2020
Definitive Rating Assigned A2 (sf)

Class D-G Notes, Upgraded to A3 (sf); previously on Oct 29, 2020
Definitive Rating Assigned Baa2 (sf)

Class E-G Notes, Upgraded to Baa3 (sf); previously on Oct 29, 2020
Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

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

Flexi ABS Trust 2019-2

Following the July 2021 payment date, the note subordination
available for the Class B-G, Class C-G and Class D-G notes has
increased to 23.6%, 14.4% and 8.9% respectively, from 17.7%, 10.8%
and 6.7% at closing.

As of end-June 2021, 2.0% of the outstanding pool was 30-plus day
delinquent and 0.3% was 90-plus day delinquent. The portfolio has
incurred 2.7% (as a percentage of original pool) of losses to date,
all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption to 4.25% of the
outstanding pool (equivalent to 3.9% of the original pool balance),
compared with 3.5% of the original pool balance at closing.

Moody's has also lowered the Aaa portfolio credit enhancement to
30% from 32.5%.

Flexi ABS Trust 2020-1

Following the July 2021 payment date, the note subordination
available for the Class B-G, Class C-G, Class D-G and Class E-G
Notes has increased to 27.6%, 19.5%, 13.9% and 9.0% respectively,
from 19.8%, 13.4%, 8.9% and 5.0% at closing.

As of end-June 2021, 1.9% of the outstanding pool was 30-plus day
delinquent and 0.4% was 90-plus day delinquent. The portfolio has
incurred 1.0% (as a percentage of original pool) of losses to date,
all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 4.25% of
the original pool balance from closing.

Moody's has also lowered the Aaa portfolio credit enhancement to
30% from 32.5%.

The transactions are ABS of Australian unsecured, retail, Buy Now
Pay Later receivables originated by humm BNPL Pty Ltd.


The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

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

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


FLEXI ABS TRUST 2019-2: Fitch Affirms BB+ Rating on Class E-G Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded two note classes and affirmed four from
Flexi ABS Trust 2019-2. The transaction consists of notes backed by
a pool of Australian unsecured consumer receivables originated by
humm BNPL Pty Ltd (humm, formerly Certegy Ezi-Pay Pty Ltd), a
wholly owned subsidiary of Humm Group Limited. The notes were
issued by Perpetual Corporate Trust Limited in its capacity as
trustee.

The upgrade of the class B-G and C-G notes reflects asset
performance that has been better than Fitch had expected through
the pandemic. The Stable Outlook on all notes is based on Fitch's
expectations of economic recovery in Australia that will support
stable loan performance.

      DEBT                RATING          PRIOR
      ----                ------          -----
Flexi ABS Trust 2019-2

A1 AU3FN0051660     LT  AAAsf  Affirmed   AAAsf
A1-G AU3FN0051678   LT  AAAsf  Affirmed   AAAsf
B-G AU3FN0051686    LT  AAAsf  Upgrade    AA+sf
C-G AU3FN0051694    LT  AA-sf  Upgrade    Asf
D-G AU3FN0051702    LT  BBBsf  Affirmed   BBBsf
E-G AU3FN0051710    LT  BB+sf  Affirmed   BB+sf

KEY RATING DRIVERS

Resilient Asset Performance: Fitch has removed the pandemic-related
performance adjustments applied in Fitch's 23 August 2020 rating
action, as Fitch believes the stresses contained in the base cases
and rating stresses are sufficient to account for the uncertainty
related to the Covid-19 pandemic. Base-case default expectations
for the portfolio were 3.8% with a weighted-average 'AAAsf' default
multiple of 5.4x.

As of end-June 2021, 30+ day arrears were 2.0% and the cumulative
losses to date of 2.7% of the original portfolio balance have been
covered by excess spread.

Portfolio performance is supported by Australia's management of
Covid-19 and the macroeconomic policy response. Fitch forecasts
Australia's GDP to grow by 5.8% in 2021, with an unemployment rate
of 5.4%. Fitch expects GDP growth to stabilise in 2022 at 3.1% and
the unemployment rate to improve to 4.8%.

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

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

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

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

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

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

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

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

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

Upgrade Sensitivity

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

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

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

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

Downgrade Sensitivity

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

-- Rating: AAAsf / AAAsf / AAAsf / AA-sf / BBBsf / BB+sf

-- Increase defaults by 10%: AAAsf / AAAsf / AAAsf / A+sf / BBB
    sf / BBsf

-- Increase defaults by 25%: AAAsf / AAAsf / AA+sf / Asf / BB+sf
    / BBsf

-- Increase defaults by 50%: AAAsf / AAAsf / AA-sf / BBB+sf /
    BBsf / B+sf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

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

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

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG CONSIDERATIONS

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


FUTUREYE PTY: Second Creditors' Meeting Set for Aug. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Futureye Pty
Ltd has been set for Aug. 3, 2021, at 12:00 p.m. via electronic and
telephone facilities.

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 Aug. 2, 2021, at 12:00 p.m.

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


GRACE BUNCLE: Second Creditors' Meeting Set for Aug. 5
------------------------------------------------------
A second meeting of creditors in the proceedings of Grace Buncle
Pty Ltd has been set for Aug. 5, 2021, at 11:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2021, at 4:00 p.m.

Kaily Lyn Chua and David James Hambleton of Rodgers Reidy were
appointed as administrators of Grace Buncle on July 1, 2021.


HABIBI WAVERTON: First Creditors' Meeting Set for Aug. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Habibi
Waverton Pty Ltd will be held on Aug. 3, 2021, at 11:00 a.m. via
electronic facilities.

Michael Billingsley of Cor Cordis was appointed as administrator of
Habibi Waverton on July 21, 2021.


HERON RESOURCES: Enters Voluntary Administration
------------------------------------------------
Goulburn Post reports that a company that was aiming to revive
copper and zinc mining near Tarago has entered voluntary
administration.

Heron Resources notified the Australian Securities Exchange (ASX)
of its decision on July 16, the Post discloses. It followed failed
attempts to secure what it described as a "suitable transaction"
for the Woodlawn Mine project.

The company secured state government approval in 2016 to extract
1.5 million tonnes annually of zinc, copper and lead ore
concentrates to produce 150,000 tonnes of concentrate, for up to 21
years, the report recalls.

The Post relates that the AUD240 million project was well down the
track, with infrastructure in place and up to 100 employees onsite
when Heron shut down operations in March, 2020. Some 90 workers
were made redundant.

At the time, company CEO Tim Dobson cited the metals market
downturn, the coronavirus impact on employee movements, but also
past "under-performance," the Post relays.

Heron negotiated loan extensions with major backers and the mine
has been in care and maintenance mode since.

In August 2020, Azure Capital was appointed to investigate future
options for Woodlawn, including refinancing, joint ventures, and
partial or complete divestment, the report says.

"Since that time, Heron and its advisers have conducted a
comprehensive and wide-ranging process, engaging with more than 90
organisations in an effort to secure a suitable outcome for its
stakeholders and establishing a pathway to restart (the mine)," the
ASX announcement, as cited by the Post, stated.

But on July 16, the company said this had failed to yield an
agreement that could be implemented before major financiers' loan
agreements ended next month.  These international backers had
agreed to extend the loan terms during the shutdown.  They included
Orion Mine Finance, which had loaned AUD90 million for the
project.

FTI Consulting has been appointed as administrator to five Heron
group companies, including Heron Resources Limited, Woodlawn Mine
holdings Pty Ltd and Tarago Operations Pty Ltd.

It is aiming to restructure and recapitalise.

"Our intention is to continue the care and maintenance regime for
the Woodlawn mine whilst we undertake a process to restructure and
refinance the business, with the objective of bringing it out of
administration as soon as possible," the report quotes
administrator Chris Hill as saying.

"We are committed to working with the Heron management team and
will shortly commence a process seeking interest from parties for
the participation in the company's re-capitalisation."

The Heron board expected restructure negotiations to occur with new
and existing "stakeholders" and the secured lender, the report
states.

Some six employees will be retained at the mine during the
administration.

The first creditors meeting will be held on Tuesday, July 27 at
2:00 p.m. via Zoom.

David McGrath, Christopher Hill and Michael Ryan of FTI Consulting
were appointed as administrators of Heron Resources, et al. on July
16, 2021.

Based in Sydney, Australia, Heron Resources Limited (ASX:HRR) --
https://www.heronresources.com.au/ -- operates as a mining company.
The Company explores and produces base and precious metals. Heron
Resources serves customers in Australia.


LA TROBE 2021-2: Moody's Assigns (P)B1 Rating to AUD3MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited (the Trustee) as trustee of La Trobe Financial Capital
Markets Trust 2021-2.

Issuer: La Trobe Financial Capital Markets Trust 2021-2

AUD780 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD111 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD71 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6 million Class C Notes, Assigned (P)A2 (sf)

AUD18 million Class D Notes, Assigned (P)Baa2 (sf)

AUD8 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3 million Class F Notes, Assigned (P)B1 (sf)

AUD2.5 million Equity 1 Notes are not rated by Moody's

AUD0.5 million Equity 2 Notes are not rated by Moody's

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by La Trobe Financial Services Pty
Limited (La Trobe Financial, unrated).

La Trobe Financial has been an originator of mortgage loans in
Australia since 1952. As of 30 June 2021, La Trobe Financial had
AUD12.3 billion in total funds under management consisting of a
portfolio of Australian mortgage assets. New York-based asset
management firm Blackstone holds 80% equity stake in the La Trobe
Financial group.

La Trobe Financial has extensive securitisation experience through
its various warehouse funding arrangements and twelve term RMBS
transactions it has completed since 2014. This will be its 13th
term RMBS transaction and the second for 2021.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.50% of the notes balance, the legal structure, and the
experience of La Trobe Financial as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 10.9%. Moody's expected loss for this transaction is 1.3%.

Key transactional features are as follows:

While the Class A2 Notes are subordinate to the Class A1 Notes in
relation to charge-offs, Class A2 and Class A1 Notes rank pari
passu in relation to principal payments, based on their stated
amounts, before the call option date. This feature reduces the
absolute amount of credit enhancement available to the Class A1
Notes.

Once step-down conditions are satisfied, all notes will receive
their pro-rata share of principal, with equity notes share
allocated towards repayment of notes in reverse sequential order,
i.e. starting from Class F Notes. Step down conditions include,
among others, no unreimbursed charge-offs.

The servicer is required to maintain the weighted-average interest
rates on the mortgage loans at least at 3.5% above one-month BBSW,
which is within the current portfolio yield of 4.4%. This generates
a high level of excess spread available to cover losses in the
pool.

Key pool features are as follows:

There are no loans with a scheduled loan-to-value (LTV) ratio over
80.7%, however the pool has a relatively high weighted-average
scheduled LTV ratio of 72.4%.

Around 64.9% of loans are to self-employed borrowers. The income
of these borrowers is subject to higher volatility than employed
borrowers, and they may experience higher default rates.

Around 50.2% of the loans were extended on an alternative
documentation basis.

Loans secured by investment properties represent 45.5% of the
pool.

Based on Moody's classifications, around 9.0% of borrowers have
adverse credit histories.

Methodology Underlying the Rating Action:

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


REDZED TRUST 2021-2: Moody's Gives (P)B2 Rating to AUD3MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Trustee Company
Limited as trustee of RedZed Trust Series 2021-2.

Issuer: RedZed Trust Series 2021-2

AUD562.5 million Class A-1 Notes, Assigned (P)Aaa (sf)

AUD96.75 million Class A-2 Notes, Assigned (P)Aaa (sf)

AUD51.0 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.75 million Class C Notes, Assigned (P)A2 (sf)

AUD12.75 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.0 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.0 million Class F Notes, Assigned (P)B2 (sf)

The AUD8.25 million of Class G1 and Class G2 Notes (together, the
Class G Notes) are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RedZed Lending Solutions Pty
Limited (RedZed, unrated).

The portfolio includes 92.6% of loans to self-employed borrowers.
89.2% were extended on alternative income documentation
verification ('alt doc') basis; and, based on Moody's
classifications, 5.2% are to borrowers with adverse credit
histories.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 12.1%. Moody's expected loss for this transaction is 1.7%.

Key transactional features are as follows:

There is a pre-funding period from the closing date up to the
payment date in November 2021, during which period the issuer can
acquire additional AUD100,000,000 of mortgage receivables, by
maintaining the portfolio parameters.

While the Class A-2 Notes are subordinate to Class A-1 Notes in
relation to charge-offs, Class A-2 and Class A-1 Notes rank pari
passu in relation to principal payments, on the basis of their
stated amounts, before the call option date. This feature reduces
the absolute amount of credit enhancement available to the Class
A-1 Notes.

The servicer is required to maintain the weighted average interest
rates on the mortgage loans at least at 3.5% above one month BBSW,
which is within the current portfolio yield of 4.0% as at the
cut-off date. This generates some excess spread available to cover
losses in the pool.

Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to AUD750,000, thereby limiting
their exposure to losses. At the same time, the retention amount
ledger ensures that the level of credit enhancement available to
the more senior ranking notes is preserved.

The Class B to Class F Notes will start receiving their pro-rata
share of principal if certain step-down conditions are met.

While the Class G Notes do not receive principal payments until
the other notes are repaid, once step-down conditions are met,
their pro-rata share of principal will be allocated in a reverse
sequential order, starting from the Class F Notes.

Key pool features are as follows:

The pool has a weighted-average scheduled loan-to-value (LTV) of
68.0%, and 16.5% of the loans have scheduled LTVs over 80%. There
are no loans with a scheduled LTV over 85%.

Around 92.6% of the borrowers are self-employed. This is in line
with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may experience
higher default rates.

Methodology Underlying the Rating Action:

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 notes include a rapid
build-up of credit enhancement, due to sequential amortization, or
better-than-expected collateral performance. The Australian jobs
market and the housing market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.


SPI ENERGY: Appoints New SVP for Investor Relations and Finance
---------------------------------------------------------------
SPI Energy Co., Ltd. has appointed Randolph Conone as its new SVP
of Investor Relations and Finance beginning on July 16, 2021.

Conone brings three decades of experience as a finance and legal
professional, including tenures as a hedge fund portfolio manager,
investment banker, corporate attorney, and Fortune 50 executive
officer.  He was the portfolio manager of the Occasio Fund, a US
long/short equity hedge fund, an investment banker at Bear Stearns,
where he focused on public company technology and healthcare
issuers and at Oberon Securities where he focused on transactions
for private companies in the healthcare, consumer, and technology
industries, an Assistant General Counsel at International Paper
Company, and he practiced as a corporate attorney in Chicago.
Conone earned an MBA in Finance from the University of Chicago -
Booth School of Business where he was on the Dean's List, a JD from
the University of Virginia School of Law and a BSBA in Finance,
Summa Cum Laude, from Ohio State University.

"I am excited to join SPI as it continues to execute on its global
growth strategy in the high growth solar and EV markets," said
Conone.  "Denton and the SPI team have built a formidable
foundation in these burgeoning industries, and I look forward to
being a valuable contributor to the Company's ongoing success as it
continues to capitalize on significant opportunities to accelerate
growth and build lasting shareholder value."

                       About SPI Energy Co.

SPI Energy Co., Ltd. (SPI) is a global renewable energy company and
provider of solar storage and electric vehicle (EV) solutions for
business, residential, government, logistics and utility customers
and investors.  The Company provides a full spectrum of EPC
services to third-party project developers, as well as develops,
owns and operates solar projects that sell electricity to the grid
in multiple countries, including the U.S., the U.K., Greece, Japan
and Italy.  The Company has its US headquarters in Santa Clara,
California and maintains global operations in Asia, Europe, North
America and Australia.  SPI is also targeting strategic investment
opportunities in green industries such as battery storage and
charging stations, leveraging the Company's expertise and growing
base of cash flow from solar projects and funding development of
projects in agriculture and other markets with significant growth
potential.

SPE Energy reported a net loss attributable shareholders of $6.51
million in 2020, a net loss attributable to shareholders of $15.26
million in 2019, and a net loss attributable to shareholders of
$12.28 million in 2018.  As of Dec. 31, 2020, the Company had
$217.03 million in total assets, $168.65 million in total
liabilities, and $48.38 million in total equity.


UNIMONI PTY: First Creditors' Meeting Set for Aug. 2
----------------------------------------------------
A first meeting of the creditors in the proceedings of Unimoni Pty
Ltd will be held on Aug. 2, 2021, at 11:00 a.m. via
teleconference.

Shaun Robert Fraser and Jason Craig Ireland of McGrathNicol were
appointed as administrators of Unimoni Pty on July 21, 2021.




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

CHINA OCEANWIDE: To Offload More Shares in Minsheng Securities
--------------------------------------------------------------
Caixin Global reports that debt-ridden conglomerate China Oceanwide
Holdings Group Co. Ltd. plans to sell more shares in its most
profitable financial subsidiary, Minsheng Securities Co. Ltd., as
part of a string of asset disposals aimed at raising money to repay
some CNY20.9 billion (US$3.2 billion) of bonds this year.

The privately owned group's listed unit, Oceanwide Holdings Co.
Ltd. intends to sell a stake of no less than 20% in the brokerage
to state-owned Wuhan Financial Holdings (Group) Co. Ltd., according
to an exchange filing on July 21.  The statement did not say how
much money the disposal would raise. If completed, the sale would
make the Wuhan-based company Minsheng Securities’ biggest
shareholder, Caixin relates.

According to the report, China Oceanwide and its affiliates
originally controlled a more than 70% stake of Minsheng Securities
but the group has been offloading shares in the brokerage to help
reduce its debt pile which soared as the company embarked on a
global acquisition spree that included the 2017 purchase of
International Data Group Inc. (IDG), a U.S.-based tech media and
data company, for almost $700 million. 


China Oceanwide Holdings Group Co., Ltd, operates as a holding
company. The Company through its subsidiaries operates financial
and insurance business, real estate development, hotel services,
property management, and other businesses. China Oceanwide Holdings
Group provides services worldwide.




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

ADITHYA ENTERPRISES: CRISIL Assigns B Rating to INR5cr LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the proposed
facilities of Adithya Enterprises – Hyderabad (AE).

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility         5        CRISIL B/Stable (Assigned)
     
The rating reflects extensive industry experience of the
proprietor. These strengths are partially offset by modest scale of
operation and weak financial risk profile.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive industry experience of the proprietor: Mr. Raghavendra
Rao has experience of around 15 years in the textile industry. His
experience is expected to support the business in scaling up.

Weakness:

* Modest scale of operations: With expected revenue of around INR45
lakhs for FY21, scale of operations remain modest in a highly
competitive textile industry.

* Weak financial risk profile: Financial risk profile is marked by
small networth of around INR17 lakhs as on March 31, 2020.

Liquidity: Stretched

Firm is expected to generate sufficient cash flows to service debt
obligations over the medium term.

Outlook Stable

CRISIL Ratings believes AE will continue to benefit from the
extensive experience of its proprietor.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation above INR10 Cr while
operating profitability is maintained above 10 %
* Improvement in financial risk profle

Downward factors

* Deterioration in debt protection metrics with interest cover
below 1.5 times
* Large debt-funded capital expenditure weakens capital structure

Adithya Enterprises is engaged in retailing of men's garments under
the brand name "BraveMount". Proprietor of the firm is Mr.
Raghavendra Rao.


AERON EXPORTS: CRISIL Lowers Rating on INR15cr LT Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Aeron Exports Private Limited (AEPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not
Cooperating' based on publicly available information. The downgrade
reflects continuous overdrawal in CC account for more than 90 days.
The downgrade is in line with CRISIL Rating's approach to
recognizing default.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           15          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on the financial
performance of AEPL, restricting the ability of CRISIL Ratings to
take a forward-looking view on the entity's credit quality. CRISIL
Ratings believes that rating action on AEPL is consistent with
'Assessing Information Adequacy Risk'.

AEPL was incorporated in 2012 by promoter, by Mr. Jainam Shah and
his family members. The Vadodara-based company trades in products
such as iron dust and steel scrap.


ASPAM FOOD: CRISIL Lowers Rating on INR30cr Term Loan to D
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the ratings on the bank facilities of
Aspam Food Cold Storage Pvt Ltd to 'CRISIL B- Issuer Not
Cooperating'. However, the management has subsequently started
sharing the information, necessary for carrying out a comprehensive
review of the rating. Consequently, the rating is downgraded to
'CRISIL D'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Rupee Term Loan           30         CRISIL D (Downgraded from
                                        'CRISIL B-/Stable ISSUER
                                        NOT COOPERATING')

The company had applied for one-time restructuring (OTR) of its
term loans availed from Vijaya Bank (now part of Bank of Baroda),
under Reserve Bank of India (RBI) guidelines issued on August 6,
2020-'Resolution Framework for COVID-19-related Stress'. The
application was made on September 19, 2020 and consequently, the
company had missed its September 2020 quarter term loan payment.
The OTR request was not accepted by the bank, the company repaid
its pending term loan installments and interest thereon in May
2021. The account has been regular since then.

The rating has been downgraded to CRISIL D to reflect the delay in
debt repayment from September 2020 to May 2021.  Operating income
in fiscal 2021 increased to INR13.7 crore from INR7.8 crore in
fiscal 2020 driven by higher warehouse occupancy and increase in
trade sales, consequently operating margins also improved to 68% in
fiscal 2021 from 9% in fiscal 2020. The rating reflects locational
advantage and modern infrastructure. These rating advantages are
offset by weak financial risk profile and exposure to fluctuating
agro-commodity prices.

Key Rating Drivers & Detailed Description

Strengths:

* Modern infrastructure and locational advantage: The plant and
equipment's are of latest technology and power efficient following
the solar panels installed in fiscal 2020 compared to that of
competitors. Considering the perishable and delicate nature of
commodities handled, the advanced infrastructure will support the
company in providing consistent and better quality storage compared
to that of competitors. Power efficiency of the equipment's is
expected to ensure better profitability and better pricing.  The
plant is located in Sonipat, Haryana, and a hub for cold storage
facilities for fruit and vegetable growers/traders, which gives
direct access to the already established market. CRISIL believes
that the better quality of storage along with locational advantage
will help the company in improving its business risk profile.

Weakness:

* Weak financial risk profile: Financial risk profile is weak, with
networth of INR14 crores, estimated TOL/ANW of 3.18 times at the
end of fiscal 2021.

* Exposure to volatility in vegetables/fruit prices: Any
significant decline in prices of these commodities during the
storage period can lead to significant adverse impact on the
farmer's ability to release their goods and in turn have impact on
the company's cash flows. Over the medium term, the company is
planning to start trading on agro-commodities, which will increase
their exposure to price volatility. However, the group, primarily
oil/energy commodities trader, has strong risk mitigating practices
and CRISIL believes that the group can incorporate these
risk-mitigating practices in the agro-commodity trading and
partially mitigate price risk.

Liquidity: Poor

The liquidity is marked poor as reflected in delay in debt
servicing between September 2020 to May 2021.

Rating Sensitivity factors

Upward factors:

* Sustenance of healthy warehouse occupancy rates leading to
healthy accruals on a sustained basis

* Track record of timely debt servicing for a period of more than
90 days.

M/s. ASPAM Food Cold Storage Private Limited is a private
non-government company incorporated in 2014 with an aim to process
and preserve meat, fish, fruits, vegetables, oil and fats. The
company has constructed a multi-chamber, multi-purpose cold storage
facility with controlled atmosphere and deep freezer at Phase 1,
HSIIDC Food Park, Rai, Sonepat, Haryana.


BASAVA EDUCATION: CRISIL Hikes Rating on INR6cr Loans to B+
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Sri Basava Education Charitable and Social Welfare
Trust (SBECSW) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Crore)    Ratings
   ----------           -----------    -------
   Proposed Long Term       0.86       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

   Term Loan                5.14       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The upgrade reflects CRISIL Ratings belief that the improvement in
the trust's credit risk profile is likely to remain sustained over
the medium term.  Over the last three fiscals ended March 2021,
operating income has posted a steady compounded annual growth rate
of around 80 percent to INR5.22 crore; while the operating margin
remained healthy at 30.4 percent. Improvement in operating income
has been backed by healthy occupancy levels. Consequently, cash
accruals has improved to INR1.17 crore in fiscal 2021 and is likely
to be around INR1.3 crore over the medium term. This would be
adequate against repayment obligation of INR0.72 crore.

The rating reflects trust's small scale of operation coupled with
geographic concentration, exposure to intense competitive pressure
and weak financial risk profile. These ratings weaknesses are
partially offset by the extensive experience of the trustees.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations, amidst geographical concentration:
The trust has reported revenue of INR5.22 crore for fiscal 2021,
which reflects the modest scale of operations. Moreover, the entire
revenue comes from the Yadgir(Karnataka) region, thereby exposing
the trust to geographical concentration risk.

* Average financial risk profile: Networth were small at INR2.59
crore and gearing were moderate at 1.56 times, as on march 31st
2021. Debt protection metrics were moderate, with net cash accrual
to total debt and interest coverage ratios of 0.25 and 2.6 time in
Fiscal 2021.

Strength:

* Extensive experience of the trustees: The promoters' experience
of around 15 years in the education industry has helped them
develop a strong brand repute for providing quality education
backed by sound infrastructure as indicated by occupancy of over
95%.

Liquidity: Stretched

Expected cash accrual of INR1 -1.5 crore will be sufficient to meet
debt obligation of INR0.72 crore per year, over the medium term.
The trust does not have any working capital limits. Need based fund
support will be provided by the trustees.

Outlook Stable

CRISIL Ratings believes SBECSW will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity Factors

Upward factors

* Sustained improvement in scale of operations by more than 50%
while maintaining the operating margin at similar levels.

* Improvement in financial risk profile

Downward factors

* Decline in operating income or margin leading to cash accruals of
less than INR0.72 crore.

* Large debt funded capex weakening the financial risk profile,
especially liquidity.

SBECSW runs a ayurvedic medical college at Yadgiri (Karnataka) in
the name of Sharadha Ayurvedic Medical College & Hospital. The
medical college offers undergraduate courses including bachelor
programs in Ayurveda.

BHARAT CONSTRUCTIONS: CRISIL Lowers Rating on INR9cr Loans to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Bharat Constructions - Jammu (BCJ) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'. The rating downgrade
reflects the delay in servicing debt obligations for the month of
Jun 2021.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Bank Guarantee            4          CRISIL D (Downgraded from
                                        'CRISIL A4 ')

   Cash Credit               5          CRISIL D (Downgraded from
                                        'CRISIL B/Stable')

The rating also reflects below average financial risk profile,
large working capital requirements and modest scale of operations.
These weaknesses are partially offset by extensive experience of
the promoter in civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt obligations: BLJ has delayed in servicing
of debt obligations for month of Jun 2021.

* Below average financial risk profile: Financial risk profile is
weak, mainly because of modest networth (at 2.5 Cr as on March 31,
2021), significant capital withdrawal by the partners, and high
reliance on borrowings. Total outside liabilities to tangible
networth ratio is at 4.7 times as on March 31, 2021, and is likely
to remain high over the medium term, too, due to modest accretion
to reserve.

* Modest scale of operations: Scale of operations is modest, with
revenue of INR5.5-6.5 crore estimated in fiscal 2021. The modest
scale restricts BCJ's ability to undertake large projects. Any
delay in floating of tenders or finalization of contracts could
also constrain business risk profile.

* Large working capital requirement: Operations are working capital
intensive and should remain so over the medium term. Gross current
assets are estimated at 655 days as on March 31, 2021, driven, in
turn, by large inventory (300 days) and security deposits and
retention money (around INR5.37 crore).

Strengths:

* Established track record in the civil construction industry:
Benefits from BCJ's longstanding presence (of four decades) and
healthy relationships with customers and suppliers, and established
track record in the roads and building segments should continue to
support business risk profile. Furthermore, the firm has developed
the required technical and project management capabilities to
execute small to mid-sized projects.

Liquidity: Poor

BCJ has applied for debt restructuring in third week of June under
resolution framework 2.0 announced by RBI vide notification dated
May 05, 2021. The proposal for commercial vehicle loans stands
approved, however, it is still under process for Cash Credit limit.
BCJ has delayed the servicing of debt obligations which are not
part of restructuring proposal.

Rating Sensitivity factors

Upward factors:

* Track record of timely repayment of debt obligations for at least
3 months.
* Improvement in working capital cycle leading to improvement in
liquidity

Incorporated in early 1970s as a partnership firm, Bharat
Constructions (BC) undertakes construction of roads and Buildings
(barracks, Quarters etc) for military accommodation. Government
authorities in the Northern part of the country. The firm is
promoted by Mr. Bharat B Sharma and family members.


BVA AUTO: CRISIL Reaffirms B+ Rating on INR17.0cr Loans
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of BVA Auto Private Limited (BVAPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          11.75       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        5.00       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.25       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations amid intense competition and limited bargaining power
with principal supplier. These weaknesses are partially offset by
the extensive experience of the promoters in the automobile (auto)
dealership business, and benefits derived from the association with
Maruti Suzuki India Ltd (MSIL; 'CRISIL AAA/Stable/CRISIL A1+').

Analytical Approach

CRISIL Ratings has treated unsecured loans of INR8.64 crores as on
31st March 2021, from the promoters as neither debt nor equity as
the loans are expected to remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The showroom commenced operations in
August 2017, and was able to generate revenue of INR55-57 crore
during its full year of operations, till fiscal 2020. In fiscal
2021, owing to high demand for smaller cars because of the Covid-19
pandemic, revenue increased to INR65.93 crore. Revenue is expected
at INR55-60 crore over the medium term.

* Low bargaining power against principal supplier, and exposure to
intense competition: The company has limited bargaining power,
given MSIL's strong market position. Intense competition constrains
scalability and operating margin.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of 10 years in the auto dealership business, strong understanding
of local market dynamics and healthy relationships with key
supplier, MSIL, will continue to support the business. The company
has the only NEXA showroom in the region.

* Benefits from association with MSIL: BVAPL is an authorised NEXA
dealer for MSIL, a market leader in the domestic passenger vehicles
segment. Furthermore, with the steady launch of vehicles by MSIL,
BVAPL's business prospects are likely to remain sound.

Liquidity: Stretched

Expected net cash accrual of INR80-85 lakh will just about cover
debt obligation of INR80 lakh in fiscal 2022. Bank limit
utilisation was moderate at 80% on average for the 12 months
through June 2021. Current ratio was healthy at 1.78 times as on
March 31, 2021. The promoters will likely extend support through
equity and unsecured loans to meet working capital requirement and
debt obligation.

Outlook: Stable

CRISIL Ratings believes BVAPL will continue to benefit from the
extensive experience of the promoters and established relationships
with MSIL.

Rating Sensitivity factors

Upward factors

* Steady growth of 10% in revenue and improving operating
efficiency
* Prudent working capital management

Downward factors

* Decline in revenue and operating efficiency, leading to cash
accrual below INR0.5 crore
* Sizeable receivables or inventory, further constraining the
working capital cycle          
* Debt-funded capital expenditure weakening the capital structure  
                                                                   
                                                         

BVAPL was set up in 1989 in Faridabad, Haryana. The company
initially manufactured parts and accessories for motor vehicles and
engines (brakes, gear boxes, axles and road wheels). Subsequently,
manufacturing operations were closed, and the company started an
authorised dealership of MSIL's NEXA range from August 2017.

CHOUDHARY INFRAHEIGHT: CRISIL Cuts Rating on INR10cr Loans to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the ong term bank loan
facilities of Choudhary Infraheight Private Limited (CIPL; part of
Sharda group) to 'CRISIL D' from 'CRISIL BB-/Stable'

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Working         0.5         CRISIL D (Downgraded from
   Capital Facility                     'CRISIL BB-/Stable')

   Term Loan                9.5         CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

The rating downgrade reflects delay in servicing of interest
obligation on the term loan by CIPL for May 2021 and June 2021.

The rating also reflects average financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoters in real estate business.

Analytical Approach

For arriving at the rating CRISIL Ratings has combined business and
financial risk profiles of CIPL and Shri Radhey Govindam Resort
Private Limited (SRGRPL). This is because the two entities together
referred as Sharda group are in same line of business, owned by
common promoters and have business and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt: CIPL has delayed in payment of its
interest obligation on its term loan obligation for the month of
May'21 and June'21.

* Average financial risk profile:  Small networth and large project
loans lead to leveraged capital structure. Further lower than
expected bookings or delayed receipt of advances may impact the
cash flows.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoter's experience, his strong understanding of local market
dynamics, and his proven project execution capacities should
continue to support the business.

Liquidity: Poor

Liquidity is marked by delay in repayment obligation.

Rating Sensitivity factors

Upward factors

* Regularization of payment of debt obligations
* Increase in booking to over 95%, with timely completion of
project

SRGPL, incorporated in 2013 by Mr. Manish Kumar, is a
Rajasthan-based real estate company that develops residential row
houses in Bhilwara (Rajasthan).

CIPL, incorporated in 2013 by Mr. Manish Kumar, is a
Rajasthan-based real estate company that develops residential row
houses in Chittorgarh (Rajasthan).


EINGUR WIND: CRISIL Raises Rating on INR10cr Loans to B-
--------------------------------------------------------
CRISIL Ratings has revised its rating on the long-term bank
facilities of Eingur Wind Energy Private Limited (EWEPL) to 'CRISIL
D' from 'CRISIL B+/Stable' and simultaneously upgraded the rating
to 'CRISIL B-/Stable'. The rating revision to 'CRISIL D', takes
into account an instance of delay in term loan repayment by the
company in the month of January 2021.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             2          CRISIL B-/Stable (Revised
                                      from 'CRISIL B+/Stable'
                                      to 'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL B-/Stable')

   Long Term Loan          0.6        CRISIL B-/Stable (Revised
                                      from 'CRISIL B+/Stable'
                                      to 'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL B-/Stable')

   Proposed Long Term      7.4        CRISIL B-/Stable (Revised
   Bank Loan Facility                 from 'CRISIL B+/Stable'
                                      to 'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL B-/Stable')

The rating upgrade to 'CRISIL B-/Stable', from 'CRISIL D', reflects
sufficient track record of timely servicing of debt. However, high
bank limit utilization and stretched working capital cycle continue
to constrain the liquidity of the company.

The rating reflects EWEPL's modest scale of operation, working
capital intensive operations, and weak financial risk profile.
These weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: EWEPLs business profile is constrained
by its scale of operations in the intensely competitive civil
construction industry. The company's revenue declined to INR8.5
crores in fiscal 2021 from INR16 crores in fiscal 2020 because of
COVID and its impact on business. EWEPLs scale of operations will
continue to limit its operating flexibility.

* Working capital intensive operations: Operations are working
capital intensive as reflected in its Gross current assets, which
ranged 580-643 days over the three fiscals ended March 31, 2020.
Its large working capital requirements arise from its high debtor
levels.

* Weak financial risk profile: Networth is small at INR3.16 crores
and gearing is high at 2.88 times as on March 31, 2020. Interest
coverage and net cash accruals to total debt were 2.09 times and
0.10 times respectively for fiscal 2020.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 15 years in civil construction industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Liquidity: Poor

Liquidity is poor on account of high bank limit utilisation. The
sanctioned limits of INR2 crores were utilised fully. Cash accrual
are estimated to be adequate to meet the repayment obligation of
the company. Also, the promoters are likely to extend support in
the form of unsecured loans to meet its working capital
requirements and repayment obligations as witnessed in the past.  

Outlook Stable

CRISIL Ratings believes EWEPLwill continue to benefit from the
promoters industry experience.

Rating Sensitivity factors

Upward factor

* Accruals to repayment of over 1.5 times

* Improvement in working capital cycle leading to reduction in bank
limit utilization and subsequent improvement in liquidity.

Downward factor

* Decline in scale and/or profitability leading to accruals of less
than INR0.40 crores
* Further stretch in working capital cycle and/or significant debt
funded capex leading to deterioration in the financial risk
profile

EWEPL was incorporated in 2010. EWEPL is engaged in generation and
distribution of wind power, EPC works and scaffolding materials.
EWEPL is owned & managed by Mr. K. Amarmurugan, P. Karthikeyan, P.
Keerthivarman and M. Sivakumar. EWEPL manufacturing facility is
located in Erode (Tamil Nadu).


EKTA RICE: CRISIL Lowers Rating on INR6cr Cash Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its long-term bank facilities of Ekta
Rice Land (ERL) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit               6          CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

   Proposed Cash             4          CRISIL D (Downgraded from
   Credit Limit                         'CRISIL BB-/Stable')

   Proposed Fund-            2.8        CRISIL D (Downgraded from
   Based Bank Limits                    'CRISIL BB-/Stable')

   Rupee Term Loan           6          CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

The rating downgrade reflects the delay in servicing debt
obligations for month of April and May 2021.

The rating also reflects below average financial risk profile.
These weaknesses are partially offset by extensive experience of
the promoter in rice industry.

Analytical Approach

Unsecured loans of INR3.40 crore as on March 31, 2020 from the
promoters have been treated as neither debt nor equity. This is
because the loans carry a nominal interest rate and are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt obligations: ERL has delayed the
servicing of debt obligation towards term loan in month of April
and May 2021.

* Weak financial risk profile: Gearing was high at 2.16 times as on
March 31, 2020, driven by sizeable short-term working capital debt.
Debt protection metrics were also moderate, as indicated by
interest coverage and net cash accrual to total debt ratio of 2.28
times and 0.17 time, respectively, in fiscal 2020.

Strength:

* Extensive experience of the promoters: The promoters' experience
of over 10 years, strong understanding of local market dynamics,
and healthy relationships with customers and suppliers should
continue to support the business.

Liquidity- Poor

Liquidity is marked by delay in repayment obligation towards term
loan. ERL has applied for debt restructuring in second week of June
under resolution framework 2.0 announced by RBI vide notification
dated May 05, 2021, however the delays have happened before
applying for debt restructuring. The proposal is under process with
bank as confirmed by lenders.

Rating Sensitivity factors

Upward factors:

* Track record of timely repayment of debt obligations for at least
3 months

* Improvement in working capital cycle leading to improvement in
liquidity

ERL was set up in 2014 by Mr. Hari Krishan Gupta, Mr. Naresh Rana
and Mr. Pradeep Kumar. The Karnal (Haryana)-based firm mills and
processes paddy into basmati rice for the global market. The
manufacturing unit has total capacity of 12 tonne per hour, of
which, around 80% is utilized.


GLOBAL FRAGRANCES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Global Fragrances Private Limited
        C-138, Hari Nagar
        Clock Tower
        New Delhi 110064

Insolvency Commencement Date: July 5, 2021

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Arti Baluja

Interim Resolution
Professional:            Arti Baluja
                         H-34/100, Sector-3
                         Rohini, New Delhi 110085
                         E-mail: ca.artibaluja@gmail.com
                                 ipartibaluja@gmail.com

Last date for
submission of claims:    July 27, 2021


GREEN VALLEY: CRISIL Lowers Rating on INR4.50cr Term Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Green Valley Beverages India Private Limited (GVB) to
'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Overdraft Facility       1.75        CRISIL D (Downgraded from
                                        'CRISIL A4+')

   Proposed Long Term       3.75        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB / Stable')

   Term Loan                4.50        CRISIL D (Downgraded from
                                        'CRISIL BB / Stable')

The downgrade reflects delays in repayment of term debt during the
period March 2021 to June 2021. GVB has applied for one-time
restructuring (OTR) under the Reserve Bank of India (RBI)
guidelines issued on May 5, 2021 and the Resolution 2.0 in June -
2021 and the same has been approved by its banker on 9th of July
2021 but is yet to be implemented. However, the rating action
reflects delays in term debt repayment even before applying for
OTR.

The ratings reflect delays in repayment of term debt, modest scale
of operations and average financial risk profile. The above
weaknesses are partly offset by extensive experience of the
company's promoter in the packaged water and aerated drinks
industry, and its strong distribution network and clientele.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in repayment of term debt: The company had delayed in
meeting its term debt obligations during the month of March - 2021
to June – 2021.

* Modest scale of operations: Scale of operations is modest,
reflected in revenue of INR5.12 crore in fiscal 2021. Revenue has
declined in fiscal 2021 on account of COVID lock down and reduced
tourism activity in the state of Kerala, where the company
operates.

* Average financial risk profile: Capital structure is leveraged,
reflected in modest networth of INR4.03 crore and gearing of 1.81
times as on March 31, 2021. However, debt protection metrics were
comfortable, with interest coverage ratio of 1.45 times and net
cash accrual to adjusted debt ratio of 0.04 time in fiscal 2021.

Strength:

* Extensive experience of promoter: Mr. Jacob Abraham, the
company's managing director, having extensive experience over a
decade in the field, manages operations. Aided by his experience,
the company has established strong relationships with key
stakeholders, leading to revenue growth in the past few years.

* Strong distribution network and clientele: Products are
distributed through a strong network of 5 carrying and forwarding
agents and around 200 distributors, enabling it to establish its
market position in Kerala. It's clientele consists of retail
customers and large corporates such as Air India (rated CRISIL
AAA(CE)/stable), Jet Airways, Indian Railways, Muthoot Sky Chef,
TCS Kochi, Cognizant Kochi among others.

Liquidity: Poor

Liquidity is Poor. Bank limit utilisation is high at around 99.96
percent for the past 13 months ended 31st May 2021. Cash accrual
has remained inadequate to meet the repayment obligation of the
company. Though, as per the recent OTR approved by its lender the
company has moratorium of 1 year for its principal repayment, lower
revenue on account of COVID and its impact on the business continue
to constrain the liquidity of the company.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days
* Sustained improvement in scale of operations and profitability

Incorporated in 1997, GVB manufactures packaged drinking water and
aerated drinks. The company is based in Kolencherry, Kerala, and is
promoted by Mr. Jacob Abraham.

GURUDATTA SHIKSHAN: CRISIL Lowers Rating on INR8cr LT Loans to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long- term bank
facilities of Shree Gurudatta Shikshan Sanstha (SGSS) to 'CRISIL D'
from 'CRISIL BB/Stable'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit               4          CRISIL D (Downgraded from
                                        'CRISIL BB/Stable')

   Rupee Term Loan           4          CRISIL D (Downgraded from
                                        'CRISIL BB/Stable')

The downgrade reflects delays in servicing of term loan installment
by SGSS due to tight liquidity. The trust has applied for
restructuring and the same is under discussion.

SGSS is susceptible to regulatory changes in the education sector
and has an established position in the education sector in Nasik.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing of debt: SGSS has delayed servicing its debt
obligation, due to a stretched liquidity, which resulted from weak
cash flows.

* Susceptibility to regulatory changes in the education sector:
SGSS remains susceptible to stringent regulations for educational
institutions, and is governed by various governmental and
quasigovernmental agencies. The society has to comply with the
operational and infrastructure norms of the regulatory bodies. Any
non-compliance will result in the cancellation of affiliation,
leading to loss of reputation for the school, besides affecting
revenue.

Strength

* Established position in the education sector in Nasik: SGSS has
been managing educational institutes since 1988. The Honourable
Sharad Pawar Public School (HSPPS) was established in the same
year. The institutes enjoy a healthy occupancy of over 95%. The
three colleges, Ajitdada Pawar College of Education (APCOE), Dr JD
Pawar College of Pharmacy (JPCOP), College of Pharmacy (COP),
reported healthy enrolment for their courses during the academic
year, 2019-20, reflecting the trust's established market position
in Nashik.

Liquidity: Poor

Liquidity has been stretched, resulting in significant delays in
servicing debt obligation.

Rating Sensitivity factors

Upward factor

* Timely repayment of debt obligations for 90 days
* Improvement in liquidity profile.

SGSS was set up in 1988 under the Society Act and the Bombay Public
Trust Act. The trust operates a school and four other educational
institutes in Nashik. It has been operating HSPPS from nursery to
standard 12 since 1988. It started College of Pharmacy in 2006 to
offer a diploma course in pharmacy; Ajitdada Pawar College of
Education in 2008 to offer Bachelor in Education; JPCOP in 2008 to
offer the Bachelor of Pharmacy course; with the Master's course
added in 2012.

HARMONY LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Harmony
Laminates Private Limited (HLPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit                4       CRISIL B+/Stable (Issuer
                                      Not Cooperating)

   Proposed Long Term         0.04    CRISIL B+/Stable (Issuer
   Bank Loan Facility                 Not Cooperating)

   Term Loan                  4.76    CRISIL B+/Stable (Issuer
                                      Not Cooperating)

CRISIL Ratings has been consistently following up with HLPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HLPL, incorporated in 2009 by promoter Mr. Mahesh Savlia and his
Rajkot-based family, manufactures decorative laminates.


J. B. DARUKA: CRISIL Lowers Rating on INR26cr LT Loans to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of J. B. Daruka Papers Limited (JBDPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable' because of delay in
meeting debt obligations.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Long Term Loan            21         CRISIL D (ISSUER NOT
                                        COOPERATING; Downgraded
                                        from 'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility         5         CRISIL D (ISSUER NOT
                                        COOPERATING; Downgraded
                                        from 'CRISIL B+/Stable')

CRISIL Ratings has been consistently following up with JBDPL,
through emails dated June 30, 2021, July 5, 2021, July 7, 2021,
July 13, 2021 and July 14, 2021, among others, apart from
telephonic communication, for obtaining information. However, the
issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the company's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the company, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
company's credit quality. CRISIL Ratings believes the rating action
is consistent with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has now downgraded its rating on the long-term bank
facilities of JBDPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable' because of delay in meeting debt obligations.

Incorporated in 1995 and promoted by Mr. Suresh Kumar Agarwal,
JBDPL manufactures unbleached absorbent kraft paper and
machine-glazed (MG) kraft paper. It also produces soda ash as a
by-product. The manufacturing plant is in Sitapur, Uttar Pradesh.


JANPRAGTI COMMODITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Janpragti Commodities Private Limtied
        94/1 Purna Chandra Mitra Lane
        Charu Market, Kolkata 700033

Insolvency Commencement Date: July 15, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 11, 2022

Insolvency professional: Kailash Kumar Rathi

Interim Resolution
Professional:            Kailash Kumar Rathi
                         RMSD & Associates 91
                         Burtolla Street
                         2nd Floor, Kolkata
                         West Bengal 700007
                         E-mail: kailashk.rathi@gmail.com
                                 cirp.janpragati@gmail.com

Last date for
submission of claims:    July 30, 2021


KODEL UNIQUOTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kodel
Uniquoters Private Limited (KUPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            4          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.75       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              5.25       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KUPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KUPL was set up in February 2016, by promoters, Mr. Kalpesh Tilava,
Mr. Sanjay Ranipa and Mr. Dharmesh Ghatodia. The company has set up
a rexine (synthetic leather cloth) manufacturing unit, with an
installed capacity of 10,000 meters per day, at Morbi, Gujarat.
Commercial production commenced from April 2017.


MATAJI DYEING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mataji Dyeing
Mills Private Limited (MDMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             7          CRISIL B+/Stable (Issuer
                                      Not Cooperating)

   Proposed Long Term      3          CRISIL B+/Stable (Issuer
   Bank Loan Facility                 Not Cooperating)

CRISIL Ratings has been consistently following up with MDMPL for
obtaining information through letters and emails dated December 29,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Started by Mr. Bajrang Kelania, MDMPL was incorporated on March 28,
2012, with operations primarily in Pali. The company undertakes
weaving, dyeing, finishing and trading of fabrics. It produces two
types of fabrics-Rubia and Poplin. Prior to setting up MDMPL in
2012, Mr. Kelania was operating a proprietary firm, Mataji Dyeing.
Operations from the proprietary firm were shifted to MDMPL.


MOGALS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mogals
Educational and Charitable Trust (MECT) continue to be 'CRISIL D
Issuer Not cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Long Term Loan            16         CRISIL D (Issuer Not
                                        Cooperating)

   Overdraft Facility         1         CRISIL D (Issuer Not
                                        Cooperating)

   Proposed Long Term         1         CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

CRISIL Ratings has been consistently following up with MECT for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MECT, based in Nagercoil (Tamil Nadu), was established in 2004 by
Mr. Mohamed Eakieem. The trust offers undergraduate, graduate, and
post-graduate courses in engineering, and teacher training courses
through MET College of Education, MET Engineering College, and MET
Teacher Training College.

MOUNT VELOUR: CRISIL Reaffirms D Rating on INR10cr Loans
--------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Mount Velour Rubber Works Private Limited (MVRPL) at 'CRISIL D'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit               9          CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        1          CRISIL D (Reaffirmed)

The rating reflects on-going delays in term loan repayment and
overdrawal in its working capital limits for more than 30 days. The
company had applied for OTR under the Reserve Bank of India (RBI)
guidelines issued on May 5, 2021 and the 'Resolution 2.0 on 18th of
June – 2021. However, there have been instances of such delays
even before May 2021.

CRISIL Ratings rating on the long-term bank facilities of MVRPL's
continues to reflect its modest scale of operations in and below
average financial risk profile. The above weaknesses is partly
offset by promoter's extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: MVRPL's working capital limit remains
overdrawn for more than 30 days during the last 3 months ended June
2021 and the term loan repayment has been delayed during the month
April, May and June 2021.

* Modest scale of operations in rubber industry: Revenue improved
to INR65 crores in fiscal 2021 from INR49.75 crores in fiscal 2020
followed by improvement in demand in the auto sector. However, the
scale continues to remain modest in a highly competitive rubber
industry and shall continue to constrain its business risk
profile.

* Below-average financial risk profile: The Company has negative
net worth as on March 31, 2021 and subsequently its capital
structure remains highly leveraged as on the same date. Debt
protection metrics continue to remain weak marked by interest
coverage of 1.14 times for the fiscal 2021.

Strength:

* Extensive experience of promoters and reputed clientele: Industry
presence of around four decades has enabled the promoters to build
a strong network of reputed customers.

Liquidity: Poor

MVRPL's liquidity is poor. Its accruals are estimated to be weak
over the medium term and subsequently the company is likely to rely
more on bank borrowing to meet its incremental working capital
requirement. Bank limit utilization is high at around 97 percent
for the past twelve months ended May 2021 and remain overdrawn
during the last 3 months.

Rating Sensitivity factors

Upward factors:

* Timely repayment of debt over a period of 3 months

* Net cash accruals to repayment of over 1.2 time

Set up in 1977 as a partnership firm by Mr. M Usman and his
associates and reconstituted as a private limited company in 2005,
MVRWL manufactures block rubber. The company is based in Nilambur,
Kerala.

NAKODA LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Nakoda Limited
        Block No. 1 & 12 to 16
        Village-Karanj Tal
        MNDVI, Dist-Surat
        Gujarat 394110

Insolvency Commencement Date: July 12, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: Januar 8, 2022

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         G-19, Shreewardhan Complex
                         Mezzanine Floor
                         Besides Landmark Building
                         Ramdaspeth, Wardha Road
                         Nagpur, Maharashtra 440010
                         E-mail: vikas.gupta@bngca.com
                                 ip.nakoda@gmail.com
                                 cirp.nakoda@gmail.com

Last date for
submission of claims:    July 28, 2021


NAVJEEVAN HATCHERIES: CRISIL Cuts Rating on INR11.7cr Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Navjeevan Hatcheries Pvt Ltd (NHPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit              11.7        CRISIL D (Downgraded from
                                        'CRISIL B+/Stable')

The downgrade reflects delay in servicing of interest on working
capital limit for more than 30 days owing to weak liquidity. CRISIL
Ratings notes that NHPL had confirmed timeliness in meeting debt
obligation for April, May and June 2021, when in fact there were
irregularities in interest servicing.

The ratings reflect the company's weak financial risk profile,
large working capital requirement and susceptibility to risks
inherent in the poultry industry. These weaknesses are partially
offset by the extensive experience of the promoter in the poultry
industry.

Key rating drivers and detailed description

Weaknesses:

* Weak financial risk profile: Gearing and total outside
liabilities to tangible networth (TOLTNW) ratio were high at 6.62
times and 12.17 times, respectively, and networth was modest at
INR1.73 crore as on March 31, 2020. The gearing and TOLTNW ratios
are estimated at around 2 and 5 times, respectively, as on March
31, 2021.

* Large working capital requirement: Gross current assets (GCAs)
were 96 days as on March 31, 2020, driven by inventory of 67 days.
GCAs are expected to remain around 100 days over the medium term
driven by large inventory. The inventory remains large because the
entire process of converting eggs into broiler birds takes 65-70
days. The company receives limited credit from its suppliers,
necessitating high dependence on bank limit.

* Exposure to intense competition and risks inherent in the poultry
industry: The company faces competition from the organized as well
as unorganized segments. The industry is driven by regional
demand-supply factors because of transportation constraints and
perishable products. It is also vulnerable to outbreak of diseases,
which could lead to decline in sales volume and realizations. Also,
profitability is susceptible to fluctuations in prices of raw
material (feed), which account for a significant portion of the
cost of sales.

Strength

* Extensive experience of the promoter in the poultry industry: The
promoter's industry experience of two decades will continue to
support the business.

Liquidity: Poor

The liquidity is poor leading to delays in servicing interest
obligations. The bank limit is almost fully utilized. The company
has recently delayed in servicing of interest on cash credit limit
for more than 30 days.

Rating sensitivity factors

Upward factors

* Timely servicing of debt for consecutive 90 days
* Significant and sustained improvement in capital structure and
liquidity

Incorporated in 1998 by Mr. Harshwardhan Joshi, NHPL is in the
business of selling DOC (Dday-old chicks and broiler birds.


OJA MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oja Motors
Dealer Private Limited (OMDPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Electronic Dealer      10         CRISIL B+/Stable (Issuer
   Financing Scheme                  Not Cooperating)
   (e-DFS)                
                                     
   Inventory Funding      0.5       CRISIL B+/Stable (Issuer
   Facility                          Not Cooperating)

   Proposed Long Term     2.75      CRISIL B+/Stable (Issuer
   Bank Loan Facility                Not Cooperating)

CRISIL Ratings has been consistently following up with OMDPL for
obtaining information through letters and emails dated December 29,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

OMDPL, established in 2008 by the Assam-based Oja family, commenced
commercial operations in September 2009. The company is an
authorised dealer of passenger vehicles manufactured by HMIL in
Assam. It has four showrooms one each in Guwahati, Nalbari, Boko,
and Pathsala and two service centres. Operations are primarily
managed by Mr. Kaushik Oja.

PASHUPATI CASTINGS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pashupati
Castings Limited (PCL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit          19.76        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PCL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1996 in Aligarh and promoted by Mr. Yogendra Kumar
Yadav and Mr. Ashok Kumar Yadav, PCL manufactures mild-steel ingots
and TMT bars under the Pashupati TMT brand.


PAYARE LAL: CRISIL Lowers Rating on INR10cr Loans to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Payare Lal Sharma (PLS) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The ratings action reflects delays in debt
servicing due to stretched working capital requirements.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Bank Guarantee            3          CRISIL D (Downgraded from
                                        'CRISIL A4')

   Overdraft Facility        3.5        CRISIL D (Downgraded from
                                        'CRISIL A4')

   Proposed Fund-            3.5        CRISIL D (Downgraded from
   Based Bank Limits                    'CRISIL B+/Stable')

The ratings reflect firm's modest scale of operations,
below-average financial risk profile, and exposure to risks arising
from intense competition and dependence on tenders. These
weaknesses are partly offset by the extensive experience of the
proprietor in the civil construction business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: Company has been delaying in servicing
of debt due to stretch in working capital requirements.

* Modest scale of operations amidst intense competition: Intense
competition in the civil construction business has kept the scale
of operations modest, as reflected in estimated revenue of INR9
crore in fiscal 2020. The moderate order pipeline of INR120 crore
offers visibility over the medium term, the scale however will
remain modest over the medium term.

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the firm's ability to win tenders.
Intense competition further requires entities to bid aggressively
to get contracts, and thus restricts the operating margin. Amidst
cyclicality inherent in the construction industry, ability to
maintain profitability through operating efficiency remains
critical.

* Below-average financial risk profile: Financial risk profile is
marked by a small networth of INR1.09 crore and high gearing of 6
times as of March 31, 2020. Debt protection measures have also been
moderate due to high gearing and low accrual from operations.
Interest coverage and net cash accrual to total debt ratios stood
at 1.51 times and 0.07 time, respectively, for fiscal 2020.

Strength:

* Extensive experience of the proprietor: The proprietor's
experience of over a decade in the civil construction industry, his
strong understanding of market dynamics and healthy relationships
with suppliers and customers, will continue to support the business
risk profile

Liquidity: Poor

There have been delays in servicing of debt obligations due to
stretch in working capital requirements.

Rating Sensitivity factors

Upward Factors
* Timely repayment of debt for more than 3 months

* Better working capital management

PLS was formed in 2000 as a proprietor firm of Mr Payare Lal Sharma
in 2000. The firm constructs roads, bridges and buildings in Jammu
and Kashmir.

PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Pratibha
Industries Limited (PIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Short Term Loan        2.74          CRISIL D (Issuer Not
                                        Cooperating)

   Term Loan            108.83          CRISIL D (Issuer Not
                                        Cooperating)

CRISIL Ratings has been following up with PIL for getting
information through letters and emails, dated December 30, 2020,
January 31, 2021 and June 30, 2021, apart from various telephonic
communications. However, the issuer has continued to be
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has not received any information on either the financial
performance or strategic intent of the company, which restricts the
ability to take a forward-looking view on its credit quality.
CRISIL Ratings believes the rating action is consistent with
'Assessing information adequacy risk'.

Based on the last available information, the ratings on the bank
facilities continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'. Also, the company has been under liquidation process
since February 2021.

Analytical Approach

For arriving at the ratings,CRISIL Ratings has combined the
business and financial risk profiles of PIL and its wholly-owned
subsidiaries, Prime Infrapark Pvt Ltd, Muktangan Developers Pvt
Ltd, Pratibha Holding (Singapore) Pte Ltd and Pratibha Infra Lanka
(Pvt) Ltd.

Incorporated in 1982, PIL is promoted by Mr. Ajit Kulkarni and
undertakes infrastructure development with a focus on water supply
and environment engineering assignments, and urban infrastructure
projects. In the urban infrastructure segment, it builds and
modernizes airports and railway stations, and constructs roads,
high-rise buildings, mass housing projects, and shopping malls. In
the water supply segment, it lays water pipelines; constructs
sewerage treatment plants, water reservoirs, and water storage
systems; and undertakes tunnelling projects.

RADHEY GOVINDAM: CRISIL Lowers Rating on INR13cr LT Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on long-term bank loan
facilities of Shri Radhey Govindam Resort Private Limited (SRGRPL;
part of the Sharda group) to 'CRISIL D' from 'CRISIL BB-/Stable'.
The rating downgrade reflects delay in servicing of interest
obligation on the term loan by SRGRPL for May 2021 and June 2021.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Long Term Loan            13         CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

The rating also reflects average financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoters in real estate business.

Analytical Approach

For arriving at the rating CRISIL Ratings has combined business and
financial risk profiles of Choudhary Infraheight Private Limited
(CIPL) and SRGRPL. This is because the two entities together
referred as Sharda group are in same line of business, owned by
common promoters and have business and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt: SRGRPL has delayed in payment of its
interest obligation on its term loan obligation for the month of
May'21 and June'21.

* Average financial risk profile: Small networth and large project
loans lead to leveraged capital structure. Further lower than
expected bookings or delayed receipt of advances may impact the
cash flows.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoter's experience, his strong understanding of local market
dynamics, and his proven project execution capacities should
continue to support the business.

Liquidity: Poor

Liquidity is marked by delay in repayment obligation.


Rating Sensitivity factors

Upward factors

* Regularization of payment of debt obligations

* Increase in booking to over 95%, with timely completion of
project

SRGPL, incorporated in 2013 by Mr. Manish Kumar, is a
Rajasthan-based real estate company that develops residential row
houses in Bhilwara (Rajasthan).

CIPL, incorporated in 2013 by Mr. Manish Kumar, is a
Rajasthan-based real estate company that develops residential row
houses in Chittorgarh (Rajasthan).


RAJASTHAN TOURS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajasthan
Tours Private Limited (RTPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            3.50       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.16       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              2.34       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RTPL, a private limited company, incorporated in September 1959 is
a travel company engaged in providing a range of services such as
transport services, organizing sightseeing and excursions and
travel and stay arrangements. It was founded by Mr. Bhim Singh who
is the chairman and managing director of the company. Mrs.
Madhuwanti Singh (Daughter of Mr. Bhim Singh) and Mrs. Rajkumari
(Wife of Mr. Bhim Singh) are directors with the company and assists
in the day to day operations of the company.


ROHINI METALS: CRISIL Lowers Rating on INR5cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating on bank facilities of
Rohini Metals Industries (RMI) to 'CRISIL D Issuer Not
Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         5        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B-
                                /Stable')

CRISIL Ratings has been consistently following up with RMI for
obtaining information through letters and emails dated May 31,
2021, June 30, 2021, July 5, 2021, July 13, 2021 and July 31, 2021,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RMI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. RMI has applied for one-time restructuring (OTR) of
its cash credit limit in June-2021, under the Reserve Bank of
India's (RBI's) guidelines issued on May 05, 2021, called
Resolution Framework 2.0 for Covid-19-related Stress, enabling
lenders to permit one-time restructuring of loans to corporates
(subject to certain conditions) amid the Covid-19 pandemic. Formal
approval is awaited from the lenders. However, there are recent
instances of delays in the meeting the debt repayment obligations.
The said delays are prior to submission of OTR 2.0 proposal. CRISIL
Ratings believes that rating action on RMI is consistent with
'Assessing Information Adequacy Risk'. Therefore, on account of
inadequate information, lack of management cooperation and poor
liquidity, CRISIL Ratings has downgraded the rating on bank
facilities of RMI to 'CRISIL D Issuer Not Cooperating'.

RMI was established in 2016, it is located in Nagpur, Maharashtra.
RMI is owned and managed by Shri Prakash Waghdhare and Smt. Sindhu
Waghdhare. RMI is engaged in recycling lead acid batteries to
manufacture lead ingots, with installed capacity of 18000
tons/month.

RMI has not cooperated with Acuite Ratings and Research Limited
(Acuite) which has classified it as non-cooperative vide release
dated 29-Jul-2020. The reason provided by Acuite is non-furnishing
of information for monitoring of ratings.


ROYALOAK FURNITURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Royaloak Furniture India LLP
        No. 5, Second Cross
        Kammanahalli Main Road
        St. Thomas Town
        Bengaluru 560084
        Kamataka State

Insolvency Commencement Date: July 15, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: January 10, 2022

Insolvency professional: CS Raghunathan Krishnasamy

Interim Resolution
Professional:            CS Raghunathan Krishnasamy
                         No. 90/180, Second Main
                         Kariyanna Palya
                         St. Thomas Town Post
                         Bengaluru 560084
                         E-mail: cmaraghu@gmail.com

                            - and –

                         Office No. S-212, Second Floor
                         South Block, Manipal Centre
                         Dickenson Road
                         Bengaluru 560042

Classes of creditors:    Financial and Operational Creditors

Last date for
submission of claims:    July 30, 2021


RUBICON INSPECTION: CRISIL Lowers Rating on INR3.5cr LT Loan to D
-----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Rubicon Inspection Systems Pvt
Ltd (RISPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing the
requisite information necessary for carrying out a comprehensive
review of the ratings. Consequently, CRISIL Ratings is downgraded
its ratings to 'CRISIL D/CRISIL D'.  The downgrade reflects delays
in debt servicing in the three months through July 2021.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Bank Guarantee           3.5         CRISIL D (Downgraded from
                                        'CRISIL A4 ISSUER NOT
                                        COOPERATING')

   Proposed Long Term       0.97        CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL B/Stable ISSUER
                                        NOT COOPERATING')

   Rupee Term Loan          0.33        CRISIL D (Downgraded from
                                        'CRISIL B/Stable ISSUER
                                        NOT COOPERATING')

   Secured Overdraft        2.00        CRISIL D (Downgraded from
   Facility                             'CRISIL B/Stable ISSUER    
         
                                        NOT COOPERATING')

   Working Capital          0.20        CRISIL D (Downgraded from
   Term Loan                            'CRISIL B/Stable ISSUER
                                        NOT COOPERATING')

The ratings reflect RISPL's modest scale of operations and large
working capital requirement due to high credit period availed by
debtors and payments delayed by government counterparties on
account of the Covid-19 pandemic. These weaknesses are partially
offset by the extensive experience of the promoter, which has
helped the company in maintaining healthy relationships with its
counterparties of more than a decade.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets (GCAs)
were 120-188 days in the three fiscals through 2020. It was further
stretched in fiscal 2021, on account of the pandemic, as payments
were delayed from the counterparties, resulting in GCAs of 331 days
in the fiscal. High GCAs are driven by high credit period offered
to government entities that are its counterparties. However,
creditors of 130-200 days in the past three fiscals provide some
cushion to the overall working capital cycle. It is expected that
the working capital requirement will remain high over the medium
term.

* Modest scale of operations and exposure to risk related to
tender-based business: Revenue was modest at INR9-15 crore during
the three fiscals through 2020. However, in fiscal 2021, revenue
declined to INR6.34 crore on account of lower execution of projects
and lesser number of new tenders floated because of the pandemic.
In fiscal 2022, the company generated revenue of INR5.5 crore till
June 2021. Revenue is supported by order book of INR22 crore, which
is to be executed over a period of 1.0-1.5 years. It is expected
that the scale of operations will improve in fiscal 2022 due to
better offtake in the industrial segment.

Strengths:

* Extensive experience of the promoter: RISPL has been undertaking
contracts for drain maintenance and closed-circuit television
(CCTV) inspection for the past 10 years. It has also adopted a new
technology for trenchless laying of gravity pipes and started
undertaking underground excavation contracts. The technology allows
the company to carry out maintenance activity for lines where human
entry is not possible. The promoter has been in the service sector
for over two decades and has maintained healthy relationships with
customers. The company currently executes contracts for Ahmedabad
Municipal Corporation, Tata Steel Ltd and UP Jal Board, among
others. Its long established relationships with customers, as well
as diversified product portfolio is expected to support the
business over the medium term.

Liquidity: Poor

Weak liquidity is reflected in delays in meeting the debt
obligation towards GECL facility for the three months through July
2021 and fully utilised bank limits (100.65%) for the 12 months
through June 2021. Net cash accrual is expected to be INR1.0-1.5
crore, against debt repayment of INR0.2 crore per annum. The
surplus funds are expected to meet the high working capital
requirement of the business.

Rating Sensitivity factors

Upward Factors:

* Track record of timely debt servicing for at least 90 days, with
utilisation of the working capital within the limit

* Significant improvement in operating performance and enhancement
in liquidity

Based in Delhi and promoted by Mr. Inderjeet Singh in 2007, RISPL
undertakes service contracts for drain maintenance, CCTV inspection
of storm water drains and sewer lines, trenchless laying of gravity
pipes and underground earthwork. The company's main customers
include Tata Steel Ltd, Ahmedabad Municipal Corporation, UP Jal
Board and other government entities and boards. RISPL has a fleet
of truck-mounted machines and excavators, which are used to carry
out the jobs it undertakes. The promoter has been in the same
business since 1997 through his proprietorship firm Rubicon
Inspection Systems, which was reconstituted as RISPL during 2007.

SAMARTHA LEISURES: CRISIL Lowers Rating on INR6.3 Loans to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Samartha Leisures and Restaurants Private Limited
(SLRPL) to 'CRISIL D' from 'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit             3.29         CRISIL D (Downgraded from
                                        'CRISIL B+/Stable')

   Long Term Loan          3.01         CRISIL D (Downgraded from
                                        'CRISIL B+/Stable')

The downgrade reflects delays in repayment of funded interest term
loan during the period March 2021 to June 2021. SLRPL has applied
for one-time restructuring (OTR) under the Reserve Bank of India
(RBI) guidelines issued on May 5, 2021 and the Resolution 2.0 in
June – 2021; the same is under process and is currently pending
for approval. However, the rating action reflects delays in term
debt repayment even before applying for OTR.

The rating continues to reflect below average financial risk
profile and modest scale of operations. These weaknesses are
partially offset by the extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: SLRPL has availed FITL loan
from UCO Bank. There have been delays in servicing debt obligation
on FITL loan by the company since April 2021. Same has been
regularized by end of June 2021.

* Below average financial risk profile: Financial risk profile is
below average with small net worth and high total outside
liabilities to adjusted net worth ratio estimated at INR2.44 crores
and 3.18 times respectively as on March 31, 2020. Debt protection
metrics are average with estimated interest cover and net cash
accruals to adjusted debt ratio estimated at 2.27 times and 0.11
times respectively as on March 31, 2020.

* Modest scale of operations: High geographical concentration as
SLRPL owns only one hotel with just 35 rooms having average tariff
rates of INR1200-1500 and occupancy level of 50-55%--leads to
modest revenues. Scale has remained modest in the range of INR2.5
crores to INR3 crores in past five fiscals. Limited capacity with
revenue concentration risk is expected to constrain scale of
operations over the medium term.

Strength:

* Extensive experience of the promoters: The promoter family
ventured into the hotel industry in 2002 through a partnership
firm, Hotel Aditya Palace in Bhusawal, in Jalgaon (Maharashtra).
Benefits from the promoters' experience is expected to continue to
support the business.

Liquidity: Poor

Liquidity is poor with modest net cash accruals and almost fully
utilized bank lines. Company has negligible cash and bank balances
at present. There have been delays in servicing of repayment
obligations for funded interest term loan by the company. No major
capex is expected to be incurred in the medium term. Liquidity is
partially supported by GECL of INR1.19 crores availed in June
2021.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Improvement in operating performance

Incorporated in 2010, SLRPL, promoted by Mr. Vinayak Phalak and Ms
Rohini Phalak, operates a hotel, Tanarika Resort, at Bhusaval. It
is equipped with 2 suites, 33 business class rooms, 2 banquet
halls, a bar, a multi-cuisine restaurant, a conference hall, a
lawn, and a swimming pool.

SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Samruddhi Realty Limited (SRL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Non Convertible          75.0        CRISIL D (Issuer Not
   Debentures LT                        Cooperating)

CRISIL Ratings has been following up with SRL for getting
information through letters and emails, dated January 30, 2021,
January 31, 2021, June 30, 2021 and June 31, 2021, apart from
various telephonic communications. However, the issuer has
continued to be non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has not received any information on either the financial
performance or strategic intent of the company, which restricts the
ability to take a forward-looking view on its credit quality.
CRISIL Ratings believes that the rating action is consistent with
'Assessing Information Adequacy Risk'.

Based on the last available information, the rating on the
non-convertible debentures continues at 'CRISIL D Issuer Not
Cooperating'. Also, the company has been under liquidation since
March 2020.

Analytical Approach

For arriving at the rating, CRISIL Ratings has taken a stand-alone
view on the company.

SRL was set up in 2003 by Mr. V R Manjunath, Mr. Hemang Rawal and
Mr. Ravindra Madhudi. The company develops real estate in Bengaluru
and currently undertakes only residential projects. It has around
17 lakh square foot (sq ft) of ongoing and 23 lakh sq ft of planned
projects. It is listed on the Bombay Stock Exchange in the small
and medium enterprise segment.


SARVOTTAM REALCON: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sarvottam Realcon Private Limited
        A-115, Office No. 301
        Old No. 51 Third Floor
        Gali no. 1, Vakil Chamber
        Shakarpur, New Delhi
        East Delhi, DL 110092
        IN

Insolvency Commencement Date: July 9, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 5, 2022

Insolvency professional: CMA Sandeep Goel

Interim Resolution
Professional:            CMA Sandeep Goel
                         410, Pratap Bhawan
                         5 Bahadur Shah Zafar Marg
                         New Delhi 110002
                         E-mail: cmasandeepgoel@gmail.com
                                 sarvottamcirp@gmail.com

Classes of creditors:    Home Buyer

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Ashok Kumar Gupta
                         E-mail: cmaashokgupt@gmail.com

                         Mr. Mahesh Agarwal
                         E-mail: agarwalmaheshin@yahoo.com

                         Mr. Harish Kumar Agrawal
                         E-mail: cahargar87@gmail.com

Last date for
submission of claims:    July 26, 2021


SIDHU INDUSTRIAL: CRISIL Reaffirms D Rating on INR6cr Loans
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the
long-term bank facilities of Sidhu Industrial Corporation (Sidhu).

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit              2            CRISIL D (Reaffirmed)
   Term Loan                4            CRISIL D (Reaffirmed)

The rating is driven by delays in servicing of the term loan debt
for three months through July 2021

The rating continues to reflect large working capital requirement
and leveraged capital structure. These weaknesses are partially
offset by the extensive experience of the proprietor and the
established market position of Sidhu.

Key Rating Drivers & Detailed Description

Poor liquidity

Liquidity has been weak, as indicated by the continuous delays in
meeting interest and principal obligation of the term loan from May
2021 onwards.

Weaknesses:

* Large working capital requirement: The working capital cycle may
remain stretched over the medium term and will be closely
monitored. Gross current assets were sizeable at 221 days as on
March 31, 2020, driven by high receivables and inventory of 132
days and 8 days, respectively. The same has continued in fiscal
2021, with delays in payments from the railways leading to stretch
in the working capital cycle of the company.

* Leveraged capital structure: Total outside liabilities to
tangible networth ratio was high at 6.62 times as on March 31, 2020
because of sizeable debt, stretched creditors and modest networth
(Rs 3.38 crore). Modest accretion to reserves is expected to
gradually support the networth in the medium term.

Strengths:

* Extensive experience of proprietor and established market
position: Sidhu is registered as a vendor with the Indian Railways,
for the manufacture and supply of side walls, driver's cabins,
steel casting, steel ingots, steel forgings, mechanised steel and
wagon components. The proprietor's experience of over three decades
along with Sidhu's status as one of the few approved vendors having
the technology to manufacture stainless steel corrosion resistant
factor components, side walls, and underframes for locomotives
should continue to benefit the business.

Liquidity: Poor

Bank limit utilization was high at 101.33% during the 12 months
through January 2021. Current ratio was average at 1.09 times on
March 31, 2020. Cash accrual is projected at INR1.67 crore per
annum over the medium term, sufficient to meet the yearly debt
obligation of INR1 crore.

Rating Sensitivity factors

Upward factors

* Timely debt servicing for more than 90 days

* Significant improvement in the working capital cycle

Sidhu was set up in 1987 as a proprietorship concern by Mr.
Parshotam Singh. This firm is based in Punjab; it manufactures and
fabricates various locomotive parts such as roofs, side walls,
partitions and underframes.


UNIVERSAL ASSOCIATES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Associates (UAS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         8.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           13.0         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with UAS for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

UAS was set up in 1987 as a partnership concern. The firm
undertakes civil construction works with road construction being
its main revenue contributor. Based in Bhavnagar (Gujarat), it
undertakes contracts for departments of the Gujarat government in
and around the Bhavnagar region. It has 'Class AA' certification
for road construction. The firm is managed by Mr. Rajnikant Patel
and his son, Mr. Bhavik Patel.

VIPUL LIMITED: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vipul Limited

        Registered address:
        Unit no. 201, C-50
        Malviya Nagar
        Delhi 110017
        India

        Principal office address:
        Vipul Techsqaure
        Golf Course Road
        Sector-43
        Gurgaon 122009
        Haryana, India

Insolvency Commencement Date: July 12, 2021

Court: National Company Law Tribunal, Gurgaon Bench

Estimated date of closure of
insolvency resolution process: January 8, 2022

Insolvency professional: Ravi Sethia

Interim Resolution
Professional:            Ravi Sethia
                         KPMG Restructuring Services LLP
                         Building No. 10, Tower C
                         8th Floor, DLF Cyber City
                         Phase II, Gurgaon
                         Haryana 122002
                         E-mail: cirpvipul@kpmg.com

Classes of creditors:    Real Estate Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Yogesh Kumar Gupta
                         C-17B, Basement
                         Kalkaji, Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in

                         Mr. Ajay Kumar Siwach
                         Flat No. 504
                         Rama Krishna Society
                         Sector 2
                         Faridabad 121004
                         E-mail: siwachajay@gmail.com

                         Mr. Subhash Chand Agarwal
                         208-C, Pocket-I
                         Mayur Vihar Phase-1
                         Delhi 110091
                         E-mail: cmacs.sa@gmail.com

Last date for
submission of claims:    July 26, 2021




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

CMR GOLD: Commences Wind-Up Proceedings
---------------------------------------
Members of CMR Gold & Jewellers (S) Pte Ltd, on July 15, 2021,
passed a resolution to voluntarily wind up the company's
operations.

Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC has been
liquidator of the Company.




===============
T H A I L A N D
===============

GLOBAL POWER: S&P Lowers LongTerm ICR to 'BB+' on Rising Leverage
-----------------------------------------------------------------
S&P Global Ratings, on July 22, 2021, lowered its long-term issuer
credit rating on Thailand-based Global Power Synergy Public Co.
Ltd. (GPSC) to 'BB+' from 'BBB-'.

The stable outlook reflects S&P's expectation that GPSC's stable
operations and cash flows will support its higher leverage and
growth spending over the next two years.

GPSC will face sustainably higher leverage following debt-funded
acquisitions over the next two years. S&P expects the company's
debt-to-EBITDA ratio to increase to about 6.3x in 2021 and stay
elevated at 7.0x-7.6x over 2022-2024, from 4.9x in 2020. This
indicates a structural shift in GPSC's debt tolerance and increased
risk appetite to pursue sizable growth investments in the offshore
renewables market. Such leverage levels are significantly higher
than our previous expectation of 4.5x-5.0x over the next three
years.

GPSC has recently completed the acquisition of 41.6% stake in
Avaada Energy Private Ltd. Avaada is an India-based solar power
producer with about 1,392 megawatt (MW) of operating capacity and
2,352 MW of under-construction capacity that is likely to be
commissioned over 2021-2022. GPSC has also announced a proposed
acquisition of 25% stake in an offshore wind power project in
Taiwan, with total under-construction capacity of 595 MW. The
transaction is likely to close by the second quarter of 2022.

S&P expects GPSC to fund both acquisitions, which are worth about
Thai baht (THB) 30.8 billion, with a mix of a shareholder loan of
THB20 billion committed by PTT, proposed debentures, and internal
cash. The largely debt-funded nature of these transactions without
any equity funding from the parent will materially strain GPSC's
leverage. Moreover, the company will not benefit from immediate
cash flow contribution from the acquisitions because it intends to
reinvest earnings from Avaada for growth and development of
projects. The Taiwan offshore wind project is in the development
stage and will not be cash-flow accretive until 2024 at the
earliest.

A lack of material earnings contribution from the acquisitions, and
continued growth spending amid heavy expansion into renewables will
lead to elevated leverage for GPSC over the next three years. The
committed acquisitions will increase the company's adjusted debt to
about THB124 billion in 2021 and THB148 billion in 2022, from
THB104 billion in 2020. S&P forecasts GPSC's adjusted EBITDA will
remain stable at THB20 billion-THB21 billion over the period.
Consequently, the company's debt-to-EBITDA ratio will likely remain
above 6.0x sustainably without meaningful deleveraging.

Increasing diversification and investments in renewables
strengthens GPSC's strategically important status to PTT. GPSC's
key role in the group's renewables strategy and good track record
of financial support from PTT reflects some strengthening of its
strategic importance to the parent.

The recent acquisitions in renewable energy will enhance GPSC's
position as the PTT group's power flagship. Such strategic
investments are in line with the group's plan to address energy
transition, and will help drive the group's steady expansion into
the renewables space. The recent acquisitions will likely add 3,921
MW of capacity by 2025 as the projects are commissioned, resulting
in renewables accounting for close to 60% of GPSC's total committed
capacity.

S&P expects GPSC to continue to pursue growth spending over the
next few years to help fulfill the group's ambitious renewables
target of 8,000 MW by 2030. It could invest in renewables through
either Global Renewable Synergy Co. Ltd. (100% owned subsidiary) or
Global Renewable Power Co. Ltd. (50% owned by GPSC, and 50% owned
by PTT Global Management Co. Ltd, a wholly owned subsidiary of
PTT). GPSC will co-invest alongside the PTT group in the latter.

While the renewables acquisitions will provide some diversification
benefit, they are largely neutral to our view of GPSC's business
risk, because earnings contribution are not material over the next
few years. Additionally, GPSC is now exposed to markets where it
has no operational expertise. And, the company could face
operational risks in countries such as India where the credit
quality of state counterparties and payment track record is weak
compared with those in Thailand.

GPSC does not benefit from a stronger group relationship as
compared to other PTT entities, given its smaller scale and modest
earnings contribution. In S&P's opinion, GPSC has lower operational
integration with the wider group, and contributes a smaller
proportion of the group's consolidated earnings when compared with
other highly strategic subsidiaries. These subsidiaries include PTT
Global Chemical Public Co. Ltd. (GC) and Thai Oil Public Co. Ltd.

Given there will be no material cash flow contribution from the
renewables acquisitions, S&P anticipates GPSC's EBITDA contribution
to the group will remain a small about 6% over the next three
years, compared with GC's 16%. Thai Oil's earnings contribution to
the group will also be higher at about 9% from 2024 onwards (steady
state basis post downcycle in the refining industry). Being oil and
gas companies, both GC and Thai Oil have higher product and
marketing integration with the wider group than GPSC. This is seen
in their sourcing of crude supply from, and product off-take
agreement with, PTT, and in the case of Thai Oil, in its reliance
on the parent's distribution network.

Most group entities have lower leverage than GPSC. The company's
growth and acquisitive appetite, as seen in various large-scale
acquisitions, has led to a significant debt build-up over the past
few years relative to its financial strength. Such investments
include the sizable acquisition of Glow Energy Public Co. Ltd. in
2019 and the energy recovery unit (ERU) project.

S&P said, "We view GPSC's financial policy and growth spending as
more aggressive than that of other group companies, though we also
recognize the increasingly acquisitive nature of the group.

"The stable outlook reflects our expectation that GPSC will
maintain resilient cash flows and profitability over the next 12-24
months, supported by contractual fuel cost pass-through. We expect
the company's stable operations to support its higher leverage and
growth spending over the period.

"We also expect GPSC to avoid any further large acquisitions before
fully stabilizing the India and Taiwan investments.

"We could lower the rating if GPSC's EBITDA interest coverage falls
sustainably below 3.0x and its debt-to-EBITDA ratio increases to
well above 8.0x without any prospects of recovery." This could
happen if:

-- The company continues to undertake large debt-funded
acquisitions without a commensurate increase in earnings;

-- The company does not receive equity injections from its parent
to lower forecast leverage levels; or

-- Adverse fuel price movements or greater renewal risk of power
purchase agreements substantially erodes GPSC's earnings and cash
flows.

S&P could also lower the rating if:

-- S&P believes GPSC's strategic relevance to the PTT group has
declined, for instance if its status as the group's preferred power
supplier seems less entrenched or if the ownership of the parent
company PTT, and its subsidiaries reduces significantly; or

-- S&P lowers its assessment of the stand-alone credit profile of
PTT to 'bb+', which it views as unlikely.

S&P said, "We could raise the rating if we believe GPSC is
committed to deleveraging, with its debt-to-EBITDA ratio improving
to well below 5.5x on a sustainable basis. This could happen if the
company prudently manages its growth spending and funding mix with
a higher proportion of equity, and demonstrates a track record of
stronger financial discipline with an articulated leverage
tolerance.

"We could also raise the rating on GPSC if we assess its
relationship with its parent to have strengthened. This could
happen if GPSC becomes more strategic and integrated with the PTT
group, such that it contributes a larger portion of the
consolidated group's earnings and continues to carry out the
group's key policy objectives."


THAILAND: 7 Thai Airlines Seek US$152MM in Government Soft Loans
----------------------------------------------------------------
Channel News Asia reports that a group of seven Thai airlines are
seeking a combined THB5 billion  (US$152.16 million) in low
interest loans from the Thai government to help weather the effects
of the coronavirus crisis, the Thai Airlines Association said on
July 21.

The seven airlines had initially requested US$770 million in soft
loans, but had not received government support, CNA says.

"We have reduced the request from last year and the 5 billion baht
will only cover employment and doesn't include leases, jet fuel and
other expenses," Thai Airlines Association president Puttipong
Prasarttong-Osoth told reporters.

CNA relates that the latest request was around a fifth of the
amount the group had previously sought. A Thai government
spokesperson did not immediately respond to a request for comment.

Travel and tourism has collapsed in Thailand due to the pandemic
with Thai Airways undergoing business rehabilitation and low cost
carrier NokScoot, entering liquidation last year, according to CNA
relates.

Commercial flights to and from Thailand have been banned since last
year, leading local airlines to focus on domestic travel to make up
for losses.

Thailand's aviation regulator last week stopped domestic flights to
and from Bangkok as new causes surged.

A total of 170 aircraft belonging to the seven airlines have been
grounded, and collectively they have been incurring employment
expenses of around 900 million baht a month, the association said
in a statement.

"We have asked employees to take leave without pay as much as we
can. Now we want to maintain employment for the 20,000 industry
workers," CNA quotes Puttipong, who is also chief executive of
Bangkok Airways, as saying.  Some airlines could undergo downsizing
without the loans, he said.

The industry group includes Bangkok Airways, budget carrier Thai
AirAsia, Thai AirAsia X, Thai VietJet, Thai LionAir, Nok Air and
Thai Smile, a unit of the flag carrier Thai Airways.

"If we can secure the loan, we can go on until the end of the
year," said Thai VietJet CEO, Woranate Laprabang.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                *** End of Transmission ***