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

                     A S I A   P A C I F I C

          Wednesday, August 18, 2021, Vol. 24, No. 159

                           Headlines



A U S T R A L I A

HALIFAX INVESTMENT: Traded While 'Prima Facie Insolvent'
HARVEY TRUST 2021-1: S&P Assigns BB Rating on Class E Notes
IC TRUST 2021-1: Moody's Gives (P)B2 Rating to Class C Notes
MM & DC AZZOPARDI: First Creditors' Meeting Set for Aug. 26
MPDI PTY: Second Creditors' Meeting Set for Aug. 26

RBM BUSINESS: Second Creditors' Meeting Set for Aug. 25
RECYCLE AND RESOURCE: S&P Assigns 'B' LongTerm ICR, Outlook Stable
ZIP MASTER 2021-2: S&P Assigns Prelim. B Rating on Class F Notes


C H I N A

LIAONING BORA: Chinese Officials Take Over Firm Amid Tax Probe


I N D I A

ARUJ BUILDCON: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
BALBIR ALLOYS: ICRA Moves B Debt Rating to Not Cooperating
BASANTDEVI CHARITABLE: ICRA Keeps D Rating in Not Cooperating
CREDIBLE ENGINEERING: ICRA Withdraws B+ Rating on INR9.50cr Loan
FUNBARS HOSPITALITY: Insolvency Resolution Process Case Summary

GOLDEN BEACH: Insolvency Resolution Process Case Summary
HDFC BANK: Moody's Assigns Ba3(hyb) Rating to New AT1 Securities
INDIA: Stressed Steel Plants Acquired Under IBC See Faster Returns
INDSIL HYDRO: Ind-Ra Affirms 'D' Long-Term Issuer Rating
KG FOUNDATIONS: ICRA Withdraws B+ Rating on INR20cr LT Loan

LAXMI NARAYAN: ICRA Keeps B- Debt Rating in Not Cooperating
MANTHARAGIRI TEXTILES: Ind-Ra Moves 'D' Rating to Non-Cooperating
MCLEOD RUSSEL: Insolvency Resolution Process Case Summary
MS SOLVEX: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
MUKESH AND CO: ICRA Keeps B+ Debt Ratings in Not Cooperating

NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
OMEGA INFRAENGINEERS: Ind-Ra Keeps BB+ Rating in Non-Cooperating
R K M POWERGEN: ICRA Raises Rating on INR1,029.61cr Loan to B+
RANGE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating

RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating
RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
SATHAVAHANA ISPAT: Insolvency Resolution Process Case Summary
SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating

SHARDA CONSTRUCTION: ICRA Withdraws B+ Rating on INR100cr LT Loan
SHARVI AGRO: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
SHREENATH METALS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
SIDWIN FABRIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SPACEX FURNITURE: Insolvency Resolution Process Case Summary

UNIVERSAL CONSTRUCTION: Insolvency Resolution Process Case Summary
VARDHINI INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
VARUN SACKS: Insolvency Resolution Process Case Summary
XS REAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category


I N D O N E S I A

AGUNG POMODORO: Fitch Lowers LongTerm IDR to 'CCC'
GARUDA INDONESIA: Appoints New President Commissioner


M A L A Y S I A

BURSA MALAYSIA: In Dire Need of Liquidity, Rakuten Exec Says
CW ADVANCED: Creditors' Meetings Set for Aug. 31
POS MALAYSIA: Net Loss Widens to MYR21.84MM in Q2 Ended June 30


S I N G A P O R E

OTF SINGAPORE: FTI Consulting Appointed as Provisional Liquidators
SINGAPORE PRESS: Financial Adviser in Favor of Media Restructuring

                           - - - - -


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

HALIFAX INVESTMENT: Traded While 'Prima Facie Insolvent'
--------------------------------------------------------
Edmund Tadros at Australian Financial Review reports that a Sydney
accountant and an audit firm have been fined a combined AUD50,000
for failing to properly audit the financial statements of collapsed
broker Halifax Investment Services in the first criminal
prosecution of its type in Australia.

According to AFR, Robert James Evett of Kellyville, 60, was fined
AUD10,000, while EC Audit, previously known as Bentleys NSW Audit,
was fined AUD40,000, during a sentencing hearing in Sydney's
Downing Centre on Aug. 17.

The audit failures of the soon-to-be de-registered auditor and the
firm were that Halifax continued trade while "prima facie
insolvent" in 2017 and 2018, according to an agreed statement of
facts, AFR relays.

AFR relates that the corporate regulator, which has raised concerns
about the poor quality of auditing in Australia, is now understood
to be investigating other examples of poor quality auditing by
other, much larger, accounting firms.

Evett and EC Audit had earlier pled guilty to three criminal
charges of failing to audit Halifax's financial accounts between
2016 and 2018 in accordance with auditing standards, AFR says.

EC Audit had "failed to understand the change in their client's
business and the risks inherent in that business" when the company
changed to using an internal trading platform, the facts stated.

In addition, Evett had failed to take responsibility for the audit,
failed to ensure that the staff members working on the audit were
properly skilled and failed to properly supervise these
professionals, AFR notes.

The accounting errors meant that net assets at Halifax were
overstated by more than AUD18 million over 2017 and 2018.

"Had the audits of the financial statements of Halifax been
conducted in accordance with auditing standards, these errors would
likely have been detected and either the financial reports would
have been corrected and the auditor would have been required to
issue an adverse opinion and Halifax would have been required to
cease trading until sufficient capital was raised for it to meet
its net tangible asset requirements," the facts stated.

"The effect of these errors in the financial statements was that
for each year they did not disclose that Halifax was not meeting
its AFSL (Australian Financial Services Licence) capital
requirements, Halifax continued to trade whist being prima facie
insolvent and it was also declaring dividends contrary to [the
Corporations Act of 2001]."

But in a twist, investors in the failed company are in line to
receive back all of their money thanks to the strong sharemarket
conditions, AFR says.

"The most recent liquidators update of June 2, 2021, refers to
investors receiving back an estimated 100 cents in the dollar. The
high rate of recovery is due to the value of unhedged share
positions having increased since the date of liquidation by
approximately AUD45 million (as at Feb. 28, 2021)," the agreed
facts stated.

Despite the repayment, Magistrate Jennifer Atkinson said that her
sentence had to reflect that Halifax Investors had been put through
a "worrying experience over a number of years".

AFR relates that Magistrate Atkinson also said that the sentence
had to act to as a "general deterrence" due to the critical
function that auditing served with "many people relying on the
accuracy of audited accounts" when making financial decisions.

Sharon Concisom, the executive director of markets enforcement at
ASIC, said it was the first time a "criminal conviction and a fine"
had been imposed for poor quality auditing, adds AFR.

Evett had faced a maximum fine of AUD28,500, while EC Audit had
faced a maximum fine of AUD142,500. Evett, will not oppose being
deregistered as an auditor by ASIC, and representatives of EC
Audit, which has agreed to reform its audit processes, appeared in
court via videoconference.

Halifax was a AFSL provider that was placed in administration in
November 2018. It entered liquidation in March 2019. ASIC cancelled
Halifax's AFSL in January 2021.


HARVEY TRUST 2021-1: S&P Assigns BB Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Trustee Co. Ltd. as trustee for Series 2021-1 Harvey
Trust. Series 2021-1 Harvey Trust is a securitization of prime
residential mortgages originated by Credit Union Australia Ltd.
(CUA; trading as Great Southern Bank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio at close, including the fact that this is a closed
portfolio, which means that no further loans will be assigned to
the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. The credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
21.5% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread, principal draws, and a
liquidity facility equal to 1.0% of the aggregate invested amount
of the notes are sufficient under its stress assumptions to ensure
timely payment of interest.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by CUA to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the floating-rate notes. Westpac
Banking Corp. will act as standby swap provider if CUA is not
appropriately rated.

  Ratings Assigned

  Series 2021-1 Harvey Trust

  Class A, A$690.000 million: AAA (sf)
  Class AB, A$28.875 million: AAA (sf)
  Class B, A$13.875 million: AA (sf)
  Class C, A$9.000 million: A (sf)
  Class D, A$3.075 million: BBB (sf)
  Class E, A$2.700 million: BB (sf)
  Class F, A$2.475 million: Not rated


IC TRUST 2021-1: Moody's Gives (P)B2 Rating to Class C 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 IC Trust 2021-1.

Issuer: IC Trust 2021-1

AUD20.3 million Class A Notes, Assigned (P)Baa1 (sf)

AUD1.0 million Class B Notes, Assigned (P)Ba2 (sf)

AUDA2.1 million Class C Notes, Assigned (P)B2 (sf)

AUD2.25 million Class D Notes are not rated by Moody's.

IC Trust 2021-1 is a cash securitisation of non-conforming auto
loans extended to consumer borrowers in Australia. The loans were
originated and are serviced by Fin One Pty Ltd (Fin One, unrated).
This is Fin One's first ABS transaction.

Fin One, a privately owned non-bank lender, was established in 2010
with a focus of providing auto loans to non-conforming consumer
borrowers in the Australian market. In 2016, the lender expanded
into financing of commercial auto loans. As of June 2021, Fin One's
loan portfolio amounted to around AUD238.7 million.

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 reserve in the
amount of 2.50% of the stated balance of the notes, the legal
structure, and the experience of Fin One as servicer and the
availability of a back-up servicer.

According to Moody's, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables, the availability of a
yield reserve and the relatively high seasoning of the underlying
portfolio. At the same time, Moody's notes that the transaction
features some credit weaknesses such as high proportion of
borrowers with a history of credit impairment and
lower-than-average historically observed recovery rates.

In addition, Moody's notes that Fin One is a specialist servicer of
non-conforming auto loans. In an event of servicer transfer, there
is a risk of higher level of defaults in the portfolio, if the
substitute servicer does not have the same specialised approach to
servicing as Fin One.

Notable transactional features are as follows:

-- Once step-down conditions are satisfied, all notes, excluding
the class D notes, will receive their pro-rata share of principal.
Step down conditions include, among others, that the subordination
to the Class A notes is at least 1.5 times the initial level of
subordination, and that there are no unreimbursed charge-offs.

-- A yield reserve will be available to cover interest payment
shortfalls on the required payments and any losses not covered by
the excess spread. The reserve is not funded at closing and will
build up from excess spread up to an amount of 2% of the initial
invested amount of the notes, that is AUD513,000. If the notes are
not redeemed on the call date, all excess available income will be
trapped in the yield reserve.

-- Perpetual Corporate Trust Limited is the back-up servicer. If
Fin One is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 48%. Moody's mean expected default
rate for this transaction is 12.8% and the assumed recovery rate is
10%. Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

The assumed default rate and PCE are higher than for other
Australian auto ABS, reflecting the non-conforming nature of the
securitised portfolio. The lower-than-average assumed recovery rate
reflects Fin One's historical experience.

Key pool features are as follows:

-- The weighted average seasoning of the portfolio is 26.9 months,
while the weighted average remaining term is 36.8 months;

-- Around 41.6% of loans have prior defaults or judgements, or
both;

-- Interest rates in the portfolio range from 12% to 26%, with a
weighted average interest rate of 22.3%;

-- Around 92.7% of the loans are secured by used vehicles.

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

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

Up

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. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


MM & DC AZZOPARDI: First Creditors' Meeting Set for Aug. 26
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of MM & DC
Azzopardi Pty Ltd ATF M & D Azzopardi Trust, trading as Rocket
Catering, will be held on Aug. 26, 2021, at 2:30 p.m. via virtual
meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of MM & DC Azzopardi on Aug. 16, 2021.


MPDI PTY: Second Creditors' Meeting Set for Aug. 26
---------------------------------------------------
A second meeting of creditors in the proceedings of MPDI Pty Ltd
has been set for Aug. 26, 2021, at 10:00 a.m. via virtual meeting
only.

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. 25, 2021, at 5:00 p.m.

Jeffrey Allan Shute of Shaw Gidley was appointed as administrator
of MPDI Pty on July 22, 2021.


RBM BUSINESS: Second Creditors' Meeting Set for Aug. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of RBM Business
Pty Ltd has been set for Aug. 25, 2021, at 12:00 p.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 25, 2021, at 12:00 p.m.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of RBM Business on July 23, 2021.


RECYCLE AND RESOURCE: S&P Assigns 'B' LongTerm ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Australia-based Recycle and Resource Operations Pty Ltd. (Bingo)
following the transaction implementation. S&P also assigned its 'B'
long-term issue rating to the TLB facilities issued by the
company.

The stable outlook reflects S&P's expectation that Bingo will
maintain debt to EBITDA within a range of 5x to 6x over the medium
term as the business grows its scale and geographic diversity

The acquisition by Macquarie Infrastructure and Real Assets (MIRA)
of Australia-based BINGO Industries Ltd. through Recycle and
Resource Operations Pty Ltd. has been completed. The transaction
was implemented on Aug. 5, 2021, following shareholder and
regulatory approvals of the Scheme of Arrangement.

Bingo's vertically integrated business model and capital assets
enhance its Sydney market position. Bingo participates across the
value chain in the collection, recycling, and disposal of waste
from the construction and infrastructure industries in Sydney and
Melbourne. About three quarters of group EBITDA is generated from
the post collections segment, which enjoys higher margins and
higher capital barriers than collections and should continue to
benefit from the growing waste disposal industry shift toward
recycling. In contrast, the collections business is highly
fragmented and competitive with minimal barriers to entry, albeit
with a steady growth profile and diversified customer base.

Bingo operates in a highly regulated industry exposed to
significant environmental risks. The waste management industry is
subject to significant and growing environmental and workplace
safety regulations, which poses both risks and opportunities to the
group. Recycling and disposal of hazardous and nonhazardous waste
relies heavily on effective risk management systems, operating
processes, and governance controls to minimize environmental risks.
Managing these risks will pose ongoing challenges for Bingo as it
continues its strong growth. S&P expects, however, that as the
company's scale, geographic reach, and recycling capability
continues to grow, its capacity to manage these risks should
continue to strengthen relative to smaller, less well-capitalized
competitors.

Bingo has limited geographic and end-market diversity. Bingo has a
strong and well-established market presence in Sydney and a nascent
market presence in Melbourne. S&P said, "In our opinion, Bingo's
narrow end-market exposure exposes it to cyclical property and
infrastructure volumes within the Sydney market. That said, we
believe Bingo is well-positioned to benefit from favorable
near-term industry dynamics. Moreover, we consider that the
company's existing network of assets provides it with a strong
platform to grow its presence in Melbourne and gradually expand its
footprint across the east coast of Australia over the medium
term."

Future profitability will be heavily influenced by the successful
commissioning of Bingo's new materials processing center (MPC2).
S&P said, "We believe this facility is important to Bingo's future
competitive advantage and profitability. The fully automated MPC2
facility should reduce Bingo's exposure to landfill levies due to
expected high recovery rates and lower labor intensity. Successful
commissioning should also provide Bingo with a competitive
advantage in the Sydney market. While MPC2 employs proven and
tested processes and technologies, we believe the combination of
these processes and technologies together in a single facility in
Australia at this scale is untested. That said, we view execution
risks associated with the commissioning of this large project as
manageable, particularly given existing adjacent recycling
capacity."

Bingo has a limited track record operating with its current
business composition. The company has grown rapidly, both
organically and inorganically. S&P said, "We regard Bingo's capital
expenditure (capex) over the past few years as high relative to its
scale, resulting in sustained negative free operating cash flow.
Moreover, we anticipate that return on capital will track in the
low-to-mid single digit range in the next two years. Bingo's rapid
growth makes it difficult to accurately assess its underlying
profitability. Nevertheless, our base-case operating scenario
incorporates our expectation that the company will substantially
realize its growth objectives over the next two to three years."

S&P said, "We consider Bingo's adjusted debt-to-EBITDA ratio post
transaction will be approximately 8x, reducing to around 6x in
fiscal 2022 (ending June 30, 2022) and below 5x in fiscal 2023. Our
assessment of Bingo's debt includes senior secured debt, leases,
remediation obligations and earn-out payments. We do not net off
cash against debt, as we expect the group to deploy cash over time
in pursuing its growth objectives. The rate of deleveraging will
depend on a number of factors, including future growth initiatives,
achieving improved pricing post COVID, successfully commissioning
of MPC2, and establishing facilities at Patons Lane. Our base case
assumes that no dividends are paid to shareholders in the next two
years."

Growth ambitions will likely weigh on free cash generation. Bingo
has a significant forward capex profile. This includes land
acquisition for the proposed ecology park in fiscal 2022, which
will be funded from available cash. The business is yet to
demonstrate a track record of free operating cash flow due to
investments in growth capex and acquisitions. S&P believes that
Bingo's deleveraging profile is contingent upon prudent management
of its growth objectives as it looks to build its presence across
Australia's eastern states.

S&P said, "We view MIRA as a strategic owner. Macquarie
Infrastructure and Real Assets and its managed funds (MIRA) has
acquired Bingo Industries Ltd. for a purchase consideration of
A$2.6 billion. This includes a combined equity contribution of
A$2.035 billion comprising A$1,626 million new sponsor equity and
A$409 million rolled management equity. We do not anticipate that
the owners will pursue shareholder returns until a greater degree
of scale and geographic diversity is achieved.

"The stable outlook reflects our expectation that Bingo will
maintain debt to EBITDA within a range of 5x to 6x over the next
two years as the business increases in scale, operational
capability, and geographic diversity.

"Upward rating pressure could occur if we forecast debt to EBITDA
to sustain less than 5x and see evidence of improving free
operating cash flow generation. This would most likely arise from
improving profitability -- including the successful ramp-up of MPC2
-- that limits the impact of growth initiatives on the group's cash
flow generation and leverage."

Upward rating pressure could also arise from a material increase in
the scale and diversity of the group's operations that improves the
size and quality of the group's cash flow.

S&P said, "We could lower the rating if we forecast Bingo to
maintain debt to EBITDA above 7x, either as a result of debt-funded
growth or a material erosion in the company's revenue growth or
profitability. The latter could occur from a material decline in
residential and commercial construction activity, aggressive
competitor activity, protracted operational difficulties in its
recycling operations, or higher regulatory and compliance costs."


ZIP MASTER 2021-2: S&P Assigns Prelim. B Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of notes to be issued by Perpetual Corporate Trust Ltd. as trustee
of Zip Master Trust - Series 2021-2. Zip Master Trust – Series
2021-2 is a securitization of a buy now, pay later line of credit
receivables to consumers originated by zipMoney Payments Pty Ltd.
(Zip).

The preliminary ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has a three-year
revolving period, which means further receivables may be assigned
to the trustee after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on rated notes.

-- The transaction documents include downgrade language consistent
with our counterparty criteria that requires the replacement of the
bank account provider and liquidity facility provider should our
rating on the providers fall below the applicable rating.
-- The legal structure of the trust is established as a
special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Zip Master Trust - Series 2021-2

  Class A, A$325,000,000: AAA (sf)
  Class B, A$85,000,000: AA (sf)
  Class C, A$15,000,000: A (sf)
  Class D, A$20,000,000: BBB (sf)
  Class E, A$15,000,000: BB (sf)
  Class F, A$15,000,000: B (sf)
  Class G, A$25,000,000: Not rated




=========
C H I N A
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LIAONING BORA: Chinese Officials Take Over Firm Amid Tax Probe
--------------------------------------------------------------
Bloomberg News reports that the management of Liaoning Bora
Enterprise Group has been taken over by government officials from
China's Panjin city amid a tax probe that could lead to heavy fines
and possible insolvency.

A team led by officials from the north-eastern city, where the
conglomerate is based, has been appointed to run the company from
this month, the report relates. Bora is seeking to restructure and
avoid collapse due to mounting financial woes brought on by large
amounts of unpaid taxes.

According to Bloomberg, Panjin has become a focal point of a
government crackdown on private refiners as several processors
located in the city face allegations of tax violations and
non-compliance with environmental rules.

Liaoning Bora Enterprise Group is a private oil refiner.




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I N D I A
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ARUJ BUILDCON: Ind-Ra Moves B+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aruj Buildcon
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:   

-- INR32 mil. Fund-based limit migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 20, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2017, the company undertakes civil contracts. It is
managed by Bharatamram Agarwal.


BALBIR ALLOYS: ICRA Moves B Debt Rating to Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Balbir
Alloys Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable)/A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         4.00        [ICRA]B(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating Moved to
                                   Issuer Not Cooperating
                                   Category

   Non-Fund Based      1.50        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating Moved to
                                   Issuer Not Cooperating
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Balbir Alloys Private Limited was incorporated in 1991 and it is a
part of the Balbir Group of companies. The company manufactures
mild steel (MS) ingots. It had its manufacturing plant in Murbad
(Thane) till August 2017. From September 3, 2017, the company took
over the existing running unit (with all its assets and attached
rights) of Balbir Steel Rolling Private Limited in Silvassa (Dadra
and Nagar Haveli). Consequently, its installed capacity changed
from 79,200 MTPA (Murbad) to 18,000 MTPA (Silvassa).


BASANTDEVI CHARITABLE: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Basantdevi
Charitable Trust in the 'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       15.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". ICRA
has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.
  
Formed in 1991, Basantdevi Charitable Trust runs 6 educational
institutions under the flagship brand name 'MITS Group' in Rayagada
and Bhubaneswar in Odisha. The trust established its first college
named 'Majhighariani Institute of Technology & Science (MITS)' in
1991. Over the years the trust has added various courses under the
same college and also five other colleges/institutions.


CREDIBLE ENGINEERING: ICRA Withdraws B+ Rating on INR9.50cr Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Credible Engineering Construction Projects Ltd at the request of
the company and based on the No Objection Certificate/Closure
Certificate received from the banker. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key Rating Drivers,
Liquidity Position, Rating Sensitivities, Key Financial indicators
have not been captured as the rated instruments are being
withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based        9.50        [ICRA] B+(Stable); ISSUER NOT
                                 COOPERATING; Withdrawn

   Non-Fund based   46.97        [ICRA]A4; ISSUER NOT
                                 COOPERATING; Withdrawn

   Unallocated      43.53        [ICRA] B+ (Stable)/[ICRA]A4;
   Limits                        ISSUER NOT COOPERATING;
                                 Withdrawn

Incorporated in 1999, Credible Engineering Construction Projects
Limited (CECPL) is a Hyderabad-based construction company promoted
by Mr. M. Visweswara Rao. The company is engaged in civil contract
works primarily in industrial projects such as steel, cement, and
power. The company is also involved in road construction and
railway works, as well as in the construction of godowns and
buildings. The company's promoters have over three decades of
operating experience in civil, structural and infrastructural
works.

FUNBARS HOSPITALITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Funbars Hospitality Private Limited
        A-95, S/F, Right Side
        Gali No. 10, Chander Vihar
        Mandawali, Delhi East
        Delhi 110092

Insolvency Commencement Date: August 3, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 29, 2022
                               (180 days from commencement)

Insolvency professional: Harvinder Singh

Interim Resolution
Professional:            Harvinder Singh
                         11-CSC, DDA Market
                         A Block Saraswati Vihar
                         New Delhi
                         National Capital Territory of Delhi
                         110034
                         E-mail: harvinder@akgandassociates.com

Last date for
submission of claims:    August 19, 2021


GOLDEN BEACH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Golden Beach Infracon Private Limited
        4th Floor, HDIL Towers
        Anant Kanekar Marg
        Bandra-East, Mumbai
        MH 400051
        IN

Insolvency Commencement Date: July 29, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 25, 2022

Insolvency professional: Mr. Mahesh Sureka

Interim Resolution
Professional:            Mr. Mahesh Sureka
                         173 Udyog Bhavan
                         Sonawala Road
                         Goregaon East
                         Mumbai 400063
                         E-mail: mahesh@mrsureka.com
                         Mobile: 9322581414
                                 9870944469

Classes of creditors:    Financial Credior in its class
                         A) Deposit Holders

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Mahesh Kumar Gupta
                         Mr. Rajendra Dattatray Aphale
                         Mr. Vasudev Ganesh Nayak Udupi

Last date for
submission of claims:    August 17, 2021


HDFC BANK: Moody's Assigns Ba3(hyb) Rating to New AT1 Securities
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 (hyb) rating to HDFC
Bank Limited's proposed USD-denominated, undated, non-cumulative
and subordinated Additional Tier 1 (AT1) capital securities.

RATINGS RATIONALE

The Ba3 (hyb) rating is three notches below HDFC Bank's baa3
Baseline Credit Assessment (BCA) and Adjusted BCA, reflecting the
probability of impairment associated with non-cumulative coupon
suspension, as well as the likelihood of high loss severity when
the bank reaches the point of non-viability.

The principal and any accrued but unpaid distributions on these
capital securities would be written down, partially or in full, if
HDFC Bank's common equity tier 1 (CET1) ratio is at or below 5.5%
any time prior to October 1, 2021, and 6.125% from and including
October 1, 2021. In such a scenario, the write-down may be
temporary, and the amount could be reinstated subject to the
Reserve Bank of India's (RBI) conditions.

The principal and any accrued but unpaid distribution on these
capital securities would also be written down, partially or in
full, if the RBI determines that without such a write-down, the
bank would become non-viable, or a public sector capital injection
is needed without which the bank would become nonviable. In
addition, the AT1 securities will be written down in full if the
RBI decides to reconstitute or amalgamate the bank with another
bank, pursuant to Section 45 of the Banking Regulation Act, 1949.
In both these scenarios, the write-down will be permanent.

Furthermore, HDFC Bank, as a going concern, may choose not to pay
interest on these securities on a non-cumulative basis. However, a
common share dividend stopper applies if an interest payment is
missed.

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

There is limited upward rating momentum over the next 12-18 months,
in view of the negative outlook on both HDFC Bank's deposit ratings
(Baa3 negative) and India's sovereign rating (Baa3 negative).

A lowering of HDFC Bank's BCA will lead to a rating downgrade of
the proposed AT1 securities. The bank's BCA will be lowered if a
sharp deterioration in asset quality and profitability hurts its
capitalization. The proposed AT1 security ratings could also be
downgraded if India's sovereign rating is downgraded, given the
high interlinkages between the bank's creditworthiness and that of
the sovereign.

The principal methodology used in this rating was Banks Methodology
published in July 2021.

HDFC Bank Limited, headquartered in Mumbai, reported total assets
of INR17.5 trillion as of June 30, 2021.


INDIA: Stressed Steel Plants Acquired Under IBC See Faster Returns
------------------------------------------------------------------
Swarajya reports that stressed steel plants, acquired under the
Insolvency and Bankruptcy Code (IBC) resolution process, are seeing
faster returns.  Despite pandemic-linked blips, domestic demand
outlook remains strong, which has helped acquirers ramp up
utilization levels.

Swarajya relates that the ongoing steel upcycle will also mean
stronger-than-expected realizations over the medium term.
Consequently, acquirers may see 20% faster payback and are well set
to tap the brownfield potential housed under these assets.

This is as per a CRISIL study of five stressed steel capacities,
totalling 21 million tonne (MT), which were acquired under NCLT-1,
mostly by other primary steel producers. These assets accounted for
70 per cent of total financial claims resolved or liquidated under
IBC in the steel sector till March 31, 2021, according to Swarajya.


For acquirers, while the debt inherited via acquisition became
sustainable after the haircuts, a turnaround in operational
performance led by improved efficiency was the key for a reasonable
payback period of around six years, given average domestic steel
prices of INR39,000 per tonne in fiscal 2018.

Expectedly, the acquirers have been able to turn these capacities
around -- utilization rates improved from 65 per cent in fiscal
2018 to more than 80 per cent by the end of fiscal 2021 -- riding
on operational debottlenecking, improved raw material sourcing,
access to working capital and strong managerial oversight, the
report notes.

A bigger boost, though, has come from the current steel upcycle.
Swarajya says global steel prices have rallied strongly driven by
strong demand and higher iron ore input costs due to supply
tightness. Domestic steel prices, which are driven by the landed
cost of imports, have also witnessed a similar surge - at 15%
higher in fiscal 2021 compared with fiscal 2018.


INDSIL HYDRO: Ind-Ra Affirms 'D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indsil Hydro Power
and Manganese Limited (IHPML) a Long-Term Issuer Rating of 'IND D'.


The instrument-wise rating actions are:

-- INR33 mil. (reduced from INR43 mil.) Term loan (Long-term) due

     on March 2021 affirmed with IND D rating;

-- INR825.5 mil. (reduced from INR831.5 mil.) Fund-based
     facilities (Long-term/Short-term) affirmed with IND D rating;

     and

-- INR147.5 mil. (increased from INR131.5 mil.) Non-fund-based
     facilities (Short-term) affirmed with IND D rating.

Analytical Approach: Ind-Ra has continued to take a consolidated
view of IHPML, its two UAE-based 100% subsidiaries Indsil Hydro
Global (FZE) and Indsil Energy Global (FZE) and an Oman-based 50%
joint venture company Al Tamman Indsil Ferro Chrome LLC to arrive
at the ratings on account of the strong operational and strategic
linkages among them. Since FY21, IHPML has not consolidated the
revenue, expenses, assets and liabilities from Al Tamman Indsil
Ferro Chrome LLC and the interest in the joint venture has been
accounted for using the equity method.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
IHPML due to its tight liquidity position and the classification of
its account as a non-performing asset by few some of its lenders.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1990 and promoted by S N Varadarajan, IHPML
manufactures ferro alloys and operates hydro and thermal power
plants. The company produces low carbon silicon manganese/medium
carbon silicon manganese and ferro chrome from Palakkad, Raipur and
Andhra Pradesh plants, respectively.


KG FOUNDATIONS: ICRA Withdraws B+ Rating on INR20cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
KG Foundations (P) Limited at the request of the company and based
on the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term–         20.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Withdrawn

KG Foundations (P) Limited, incorporated in 2005, is a real estate
developer based out of Chennai. The KG Group, promoted by Mr.
Kishore Kumar Gokaldas, has been involved in real estate
development since 1980 and has been one of the early entrants in
the Chennai real estate space.


LAXMI NARAYAN: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri Laxmi
Narayan Chemical & Fertilizers Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–          5.00        [ICRA]B-(Stable)ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-
   Unallocated         2.00        [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Sri Laxminarayan Chemicals and Fertilisers Private Limited (SLCF),
incorporated as a private limited company in 2005, is engaged in
manufacturing and trading Nitrogen-Phosphorus-Potassium (NPK)
complexes. The company's plant is located in Hubli district of
Karnataka and the company commenced commercial production in 2006.
SLCF has installed capacity of 100 tons/Day for NPK. The company is
promoted by Mr. Neelakanta Akalwadi and Mr. Vinayak Akalwadi who
has been involved in business of wholesale dealing of fertilizers.
Mr. Kiran Anegundi is the technical director. Optics and Allied
Engineering Private Limited, established in 1985 by Mr. Rajendra
Kotaria, manufactures precision optical components including prism,
mirrors, polymer optical components, LED backlights, technical
plastic parts and inspection instruments like microscopes, vision
systems and magnifiers. The company is located in Bommasandra
Industrial area, Karnataka with an employee base of 120. The
company is ISO 9001:2008 certified. The majority stake of OAEPL is
held by Babylone SA, the holding company of Gaggione SAS. Gaggione
has a long presence in the optical industry since 1948 and provides
technical guidance to OAEPL.


MANTHARAGIRI TEXTILES: Ind-Ra Moves 'D' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mantharagiri
Textiles' Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:      

-- INR200 mil. Fund-based working capital limit (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR19.7 mil. Term loan (Long-term) due on August 2026 migrated

     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR8.8 mil. Non-fund-based working capital limit (Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 22, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1990, Mantharagiri Textiles is a partnership firm that
manufactures cotton yarn at its facility in Senjerimalai near
Coimbatore (Tamil Nadu).


MCLEOD RUSSEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: McLeod Russel India Limited
        4 Mangoe Lane
        Surendra Mohan Ghosh Sarani
        PS Hare Street
        Kolkata 700001
        West Bengal

Insolvency Commencement Date: August 6, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 2, 2022

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         33A, J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 mcleodrussel.ip@gmail.com

Last date for
submission of claims:    August 20, 2021


MS SOLVEX: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MS Solvex Private
Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit is withdrawn; and

-- INR140 mil. Term loan due on March 31, 2022 is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in December 2012, MSSPL is promoted by Sanjay Kumar
Chopra, Manish Chopra, Ankit Agrawal and Naveen Agrawal. The
company is engaged in the manufacturing of de-oiled soya cakes and
refined soya bean oil. It has a solvent extraction plant with 400
tons per day (tpd) capacity, a 100tpd refining unit and a 4tpd
lecithin powder plant in Village Jamunia Khurd, Neemuch (Madhya
Pradesh). MSSPL sells its products under the MS Gold and Neh Lite
brands.


MUKESH AND CO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mukesh and
Co. in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–          11.00       [ICRA]B+(Stable)ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–           5.00       [ICRA]B+(Stable)ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Mukesh and Co. is a proprietorship firm involved in trading of TMT
bars. It is promoted by Mr. Mukesh Tibrewala and started operations
in 1997 in Bangalore. The firm is an authorized dealer of B.M.M
Ispat Limited.


NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri Nakoda
Construction Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        3.67       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based-        5.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-
   Unallocated      141.33       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

SNCL is the flagship entity of the Valmark Group founded by Mr.
Ratan B. Lath and Mr. Tejraj Gulecha. The Group started its
operation in 2007 under the brand name Valmark. SNCL has so far
completed five residential projects—Amoda Valmark, Abodh Valmark,
Ananda Valmark, Regency Pinnacle Heights and Aastha Valmark—all
located in Bangalore. Besides, there are two other ongoing
projects, Apas Valmark and Orchard Square, both of which are
located near Bannerghatta Road in Bangalore. The promoters of the
Group have a proven track record in the real-estate industry and
have been associated with several landmark projects in Bangalore,
including Kempegowda Maharaja Shopping Complex (K.G.Road), City
Centre (K.G.Road), Classic Orchard (Bannerghatta Road), and Classic
County (Kengeri) among others.


OMEGA INFRAENGINEERS: Ind-Ra Keeps BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Omega
Infraengineers Private Limited's (OMPL) Long-Term Issuer Rating of
'IND BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR22.50 mil. Fund-based working capital facility* maintained
     in non-cooperating category and withdrawn;

-- INR42.50 mil. Non-fund-based working capital facility**
     maintained in non-cooperating category and withdrawn; and

-- INR 45.22 mil. Term loan*# due on November 2025 maintained in
     non-cooperating category and withdrawn.

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

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

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

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage for OMPL.

COMPANY PROFILE

Incorporated in 2009, OMPL undertakes government contracts for
design, fabrication, erection and commissioning of structural
steelwork of mega power projects, refineries and railways.


R K M POWERGEN: ICRA Raises Rating on INR1,029.61cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of R K M
Powergen Private Limited (RKMPPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based,         846.06      [ICRA]B+; upgraded from
   Term Loans                      [ICRA]D and Stable outlook
                                   Assigned

   Non-fund Based,   1,029.61      [ICRA]B+; upgraded from
   Bank Guarantee                  [ICRA]D and Stable outlook
                                   Assigned

   Fund-based,         436.32      [ICRA]B+; upgraded from
   Cash Credit                     [ICRA]D and Stable outlook
                                   Assigned

Rationale

The rating upgrade factors in the regularization of delays in
servicing the debt obligations RKMPPL to one of the working capital
lenders, upon resolution of the pending dispute between the lenders
in the consortium and the subsequent clean track record of debt
servicing for over five months. The lenders for RKMPPL's project
implemented the resolution plan in September 2020, which involves
conversion of outstanding debt (INR15,141.74 crore) into
sustainable debt (INR5600 crore), unsustainable debt (INR8597.05
crore) and equity (26% shareholding). The interest servicing on the
longterm debt, which commenced from the quarter ending December
2020, has remained timely, while the first principal instalment
that was due in July 2021, was also paid on time.

RKMPPL is currently supplying power generated by the 1440-MW
coal-based power project to the Uttar Pradesh distribution
utilities (UP discoms) under a long-term (25-year) power purchase
agreement (PPA) for 350 MW through tariff-based competitive bidding
and to the Telangana discoms under a 3-year PPA with PTC India
Limited (PTC; aggregator) for 550 MW. The company is also selling
power in the short-term power market. While the plant load factor
(PLF) for the project remained low at 17.2% in FY2020 because of
the non-operationalisation of the PPA with Chhattisgarh State
Electricity Board (CSEB) and constraints in securing working
capital funding, the same improved to 38.2% in FY2021 on the back
of commencement of supply under the PPA with PTC in February 2020
and the implementation of the resolution plan in September 2020
with enhanced working capital funding. Going forward, a sustainable
improvement in PLF levels remains key to the success of the
resolution plan, which in turn is dependent on the ability of the
company to renew /tie-up new PPAs, post the expiry of the
medium-term PPA with PTC. Further, ICRA takes note of the
counterparty credit risks arising out of its exposure to UP
discoms, which have a weak financial health. While the dues from UP
discoms have come down significantly as on May 31,2021, on the back
of disbursement of loans sanctioned by Power Finance Corporation
Limited (PFC) /Rural Electrification Corporation Limited (REC)
under the Government's liquidity support scheme for state discoms,
sustenance of timely payments remains critical for the company's
liquidity position. Furthermore, ICRA takes note of the project's
pricing risks from the exposure to open market purchases for coal,
given that the quantum available under the fuel supply agreements
(FSAs) signed with South Eastern Coalfields Limited (SECL) is not
adequate to meet the entire fuel requirement of the plant. The
dependence on open market purchases for fuel and the lack of
railway siding adversely impact the cost competitiveness of tariffs
offered by the project, thereby affecting its merit order dispatch
position and ability to secure PPAs for the untied capacity.
Further, ICRA notes that the company's ability to secure funding
for additional capex to complete auxiliary works related to railway
siding and towards complying with the revised emission norms over
the next two to three years remain important.

The stable outlook on the long-term rating reflects the improvement
in the liquidity profile supported by the large realization of dues
in March 2021, and the expectation of maintaining adequate plant
availability and PLF levels in the near term, backed by the
presence of a long-term and medium-term PPA for 900 MW of net
generation capacity.

Key rating drivers and their description

Credit strengths

* Operational coal-based project with long-term PPA with Uttar
Pradesh discoms and medium-term PPA with PTC: The entire 1440 MW
power generation capacity of RKMPPL was commissioned by March 2019.
The company is supplying power to Uttar Pradesh discoms under a
25-year long-term PPA for 350 MW and to PTC India Limited (in turn
to Telangana discoms) under a medium-term PPA (3-year) for 550 MW,
secured through the competitive bidding route. These PPAs
constitute 68% of the project's net capacity. The fuel for the
project is met through a mix of linkage coal and e-auction coal.

Credit challenges

* Lack of long-term PPA for entire operational capacity; subdued
PLF because of inadequate power off-take: The PLF levels of the
project have remain subdued because of inadequate power off-take,
given the non-operationalisation of the long-term PPA signed with
the Chhattisgarh state utility. While the PLF levels increased in
FY2021 post commencement of supply under the medium-term PPA signed
with PTC from February 2020, a sustainable improvement in PLF would
remain contingent on the company's ability to renew/tie-up new
PPAs, post the expiry of the medium-term PPA with PTC.

* High counterparty credit risks: The counterparty credit risks
remain high for RKMPPL because of the exposure to UP discoms, which
have weak financial health. The company's undisputed receivables,
which had increased significantly to INR864.66 crore as on December
31,2020, reduced to INR399.41 crore as on May 31, 2021. This was
driven by clearance of past dues by UP discoms in March 2021, using
the loans disbursed by PFC/REC under the Government's liquidity
support scheme for the state discoms. The payments by PTC India
have been erratic since September 2020, mirroring their collections
from end customers. Going forward, a sustained track record of
timely collections from both the PPA counterparties (UP discoms and
PTC) would remain key to the company's liquidity.

* Relatively weak cost competitiveness of tariff offered by the
project: The company's variable cost of generation is relatively
high due to the dependence on open market purchases for a portion
of the fuel requirement, lack of railway siding and moderate
operating efficiencies in terms of station heat rate and auxiliary
consumption. This affects the cost competitiveness of tariffs
offered by the project, thereby impacting its merit order dispatch
position and ability to secure PPAs for the untied
capacity.

* Capex required to comply with revised emission norms and complete
pending auxiliary works: The company is required to incur
additional capex to complete auxiliary works related to railway
siding and comply with the revised emission norms over the next two
to three years. The ability of the company to tie-up the requisite
funding for the capex remains important.

Liquidity position: Adequate

The company's liquidity position is adequate on the back of
implementation of the resolution plan by the project lenders and
the commencement of supply under the medium-term PPA. Disbursement
of the balance working capital funding has enabled the company to
clear its overdrawls in the cash credit limit. The liquidity has
further been supported by significant cash collections of INR604
crore in March 2021 from UPPCL. As on May 31, 2021, the company had
cash balance of INR660.38 crore, which included encumbered cash of
INR220.77 crore (including DSRA balance of INR140 crore) and free
cash of INR439.61 crore.

Rating sensitivities

Positive factors – Tie-up of new long-term PPAs at remunerative
tariffs, post the expiry of the medium-term PPA with PTC, and
operationalisation of the long-term PPA signed with Chhattisgarh
state utility could lead to a rating upgrade. A sustained
improvement in the operating performance of the plant coupled with
timely payments by the offtakers on a sustained basis, resulting in
enhanced liquidity, may also trigger a rating upgrade.

Negative factors – Negative pressure on the rating could emerge
if any significant deterioration in the operating performance of
the plant or build-up of receivables due to stretched payments by
offtakers impacts the liquidity position of the company.

RKMPPL is a special purpose vehicle promoted by the Chennai-based
R.K. Powergen Group, Malaysia-based Mudajaya Group and Enerk
International Holdings Limited for the development of a 1440-MW
domestic coal-based power project in JanjgirChampa district of
Chhattisgarh. The first unit of the project was commissioned in
November 2015, followed by unit-2 in February 2016, unit-3 in
November 2017 and unit-4 in March 2019. The project cost stood at
INR13827.71 crore (INR9.60 crore per MW) as on March 2019 against
the appraised cost of INR6653.60 crore (INR4.62 crore per MW). The
project cost is expected to increase further because of pending
works including railway siding and equipment installation to comply
with the revised environmental norms. The project's boiler has been
sourced from China Western Power Industrial Company and turbine
generator set from Harbin Power Engineering Company. The project
has a long-term PPA for 350 MW with Uttar Pradesh Power Corporation
Limited (UPPCL) and a medium-term PPA (for a period of three years)
for 550 MW with PTC India Limited. While the company had also
signed a PPA with Chhattisgarh State Utility for 30% of its gross
capacity under the implementation agreement with the state
government, the PPA remains non-operational. The company has signed
FSAs with SECL for 4.07 MTPA (million tonnes per annum) of coal.


RANGE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Range
Ceramic Private Limited. in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          11.78       [ICRA]B+(Stable)ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based          14.00       [ICRA]B+(Stable)ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
   Non-Fund-
   Based Bank
   Guarantee            2.40       [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2013, RCPL manufactures digitally printed wall
tiles used in commercial and domestic buildings. The manufacturing
facility is located at Morbi, Gujarat with an installed capacity of
6,00,000 boxes per month for digitally printed ceramic glazed
tiles. At present, it manufactures wall tiles of five sizes:
12"X12", 12"X18", 12"X24", 12"X30" and 12"X36" with the current set
of machineries and production facilities.  

In FY2018, the company reported a net profit of INR2.11 crore on an
operating income (OI) of INR86.88 crore, as compared to a net
profit of INR1.95 crore on an OI of INR52.92 crore in FY2017.


REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Regent
Granito India Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term–Loan          5.33       [ICRA]D; ISSUER NOT COOPERATING;

                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Cash Credit       37.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Bank Guarantee     5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Letter of         10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Credit                        Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Credit Exposure    0.03       [ICRA]D; ISSUER NOT COOPERATING;
   Limit                         Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Regent Granito India Ltd. (RGL) is a vitrified tiles manufacturer
with a production plant at Himmatnagar in Gujarat. The company was
established in 2003 and has manufacturing capacity of ~19,000 sq.
m. of double charged vitrified tiles per day. RGL currently
manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600 mm
and 800mm x 1200mm with the current set of machineries at its
production facility.

RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Reliance
Communications Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-convertible     5,000      [ICRA]D; ISSUER NOT COOPERATING
   Debenture (NCD)                Rating Continues to remain
   Programme                      under the 'Issuer Not
                                  Cooperating' category

   Long-term Fund-   28,116       [ICRA]D; ISSUER NOT COOPERATING
   based/Non fund                 Rating Continues to remain
   Based Limits                   under the 'Issuer Not
   (including                     Cooperating' category
   unallocated)      
                                  
   Short-term Fund-   7,314       [ICRA]D; ISSUER NOT COOPERATING
   based/Non fund                 Rating Continues to remain
   Based Limits                   under the 'Issuer Not
   (including                     Cooperating' category
   unallocated)       

   Commercial Paper   2,000       [ICRA]D; ISSUER NOT COOPERATING
   (CP) Programme                 Rating Continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

The Group has been operating as an integrated telecommunications
service provider, however on January 31, 2018 it shut down its
wireless retail operations. Now its operations comprise B2B focused
businesses, including Indian and Global Enterprise, Internet Data
Centers, and private submarine cable network.

RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Reliance
Infratel Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term        2,271.00      [ICRA]D; ISSUER NOT COOPERATING
   Fund-based                     Rating Continues to remain
   (including                     under the 'Issuer Not
   unallocated)                   Cooperating' category

   Short-term         245.00      [ICRA]D; ISSUER NOT COOPERATING
   Fund based/                    Rating Continues to remain
   Non-fund                       under the 'Issuer Not
   Based Limits                   Cooperating' category

   Short-term       1,000.00      [ICRA]D; ISSUER NOT COOPERATING
   Debt (STD)                     Rating Continues to remain
   Programme                      under the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

RITL is a part of the RCom group and RCom (holding company for
group telecom operations) has around 95% stake in RITL through its
wholly-owned subsidiary - Reliance Communications Infrastructure
Limited and other trusts and holding companies. RITL provides
passive telecom infrastructure services to RCom and other telecom
operators.


RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Reliance
Telecom Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term         812.00       [ICRA]D; ISSUER NOT COOPERATING
   Fund-based                     Rating Continues to remain
   (including                     under the 'Issuer Not
   unallocated)                   Cooperating' category

   Short-term        784.00       [ICRA]D; ISSUER NOT COOPERATING
   Non-fund                       Rating Continues to remain
   Based Limits                   under the 'Issuer Not
                                  Cooperating' category

   Commercial        500.00       [ICRA]D; ISSUER NOT COOPERATING
   Paper (CP)                     Rating Continues to remain
   Programme                      under the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

The Group has been operating as an integrated telecommunications
service provider, however on January 31, 2018 it shut down its
wireless retail operations. Now its continuing operations comprise
B2B focused businesses, including Indian and Global Enterprise,
Internet Data Centres and private submarine cable network.

SATHAVAHANA ISPAT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sathavahana Ispat Limited
        Flat 505, 5th Floor
        Block-1, Divyashakti Complex
        Ameerpet, Hyderabad 500016
        Telangana

Insolvency Commencement Date: July 28, 2021

Court: National Company Law Tribunal, Hyderabad Bench-1

Estimated date of closure of
insolvency resolution process: January 23, 2022
                               (180 days from commencement)

Insolvency professional: Golla Ramakantha Rao

Interim Resolution
Professional:            Golla Ramakantha Rao
                         Flat No. 1106, Block-4
                         SMR Vinay Fountainhead
                         Calvary Temple Road
                         Hydernagar
                         Hyderabad 500049
                         E-mail: gollarama@yahoo.com

                            - and -

                         M/s. K-Source Financial Consultancy
                         Services (P) Ltd
                         Flat No. 104, Kavuri Supreme Enclave
                         Kavuri Hills Madhapur
                         Hyderabad 500033
                         E-mail: cirp.sat@gmail.com

Last date for
submission of claims:    August 19, 2021


SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shallow
Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          2.21        [ICRA]B+(Stable)ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based          4.00        [ICRA]B+(Stable)ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based–     1.70        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated         1.19        [ICRA]B+(Stable)ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in May 2014, Shallow Ceramic Pvt. Ltd. (SCPL)
manufactures ceramic wall tiles. The company's manufacturing
facility located in Morbi, Gujarat, with an installed capacity of
manufacturing 32,000 MTPA, became operational in February 2015.
SCPL currently manufactures digitally-printed ceramic wall tiles in
two sizes, 10 cm X 15 cm and 12 cm X 18 cm. The promoters have
extensive experience in the ceramic industry through their
association with another tile-manufacturing entity; Segway
Ceramics.

SHARDA CONSTRUCTION: ICRA Withdraws B+ Rating on INR100cr LT Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sharda Construction And Corporation Pvt. Ltd. at the request of the
company and based on the No Objection Certificate received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       78.23       [ICRA] B+(Stable); ISSUER NOT
   Term Loan                     COOPERATING; Withdrawn

   Long term–        33.00       [ICRA] B+(Stable); ISSUER NOT
   Fund based                    COOPERATING; Withdrawn
   Working Capital   

   Long term–       100.00       [ICRA] B+(Stable); ISSUER NOT
   Non Fund Based                COOPERATING; Withdrawn

   Short term–       10.00       [ICRA] A4; ISSUER NOT
   Fund based                    COOPERATING; Withdrawn

   Short term–        1.00       [ICRA] A4; ISSUER NOT
   Non Fund based                COOPERATING; Withdrawn

   Long term/         0.07       [ICRA] B+(Stable)/[ICRA]A4;
   Short term–                   ISSUER NOT COOPERATING;
   Unallocated                   Withdrawn

Sharda Construction and Corporation Pvt. Ltd. (SCCPL) was
constituted to undertake civil construction and related business in
1994 by Mr. Ganpati Baliram Morge as a partnership firm which was
subsequently converted into a private limited company in April
2009. Currently, the operations of the company are managed by Mr.
G.B. Morge who has an experience of over a decade in the civil
construction industry. SCCPL is primarily engaged in civil
construction of sewage canals, dams, tunnels, barrages, roads etc.
for government departments of Maharashtra and Karnataka. Apart from
civil construction, the company has also set-up three solar plants
of 10MW, 7MW and 4MW respectively in Latur & Santpur region.


SHARVI AGRO: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sharvi Agro Mills
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:         

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

     rating; and

-- INR3.09 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 7, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Sharvi Agro Mills is engaged in the processing and milling of paddy
into rice, rice ban, husk and others. Its plant is located in
Nagri, Ranchi, and has an installed capacity of 54,000 metric tons
per annum. Promoter-directors, Praveen Gupta, Praveen Kedia, and
Shubham Gopalka, manage the operations.


SHREENATH METALS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shreenath Metals
(SM) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR54 mil. Fund-based limit assigned with IND BB/Stable/IND
     A4+ rating;

-- INR22.5 mil. Non-fund-based limit assigned with IND A4+
     rating; and

-- INR78.87 mil. Term loan due on June 2025 assigned
     with IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect SM's small scale of operations. Despite booking
sales for only 10 months in FY21 due to COVID-19 led operational
disruptions, the firm's revenue grew to INR342.79 million in FY21
(FY20: INR320.34 million) owing to increased demand from customers.
In June 2021, the firm registered revenue of INR120 million during
June 2021. The agency expects the firm's revenue to increase yoy in
FY22, owing to increased demand. FY21 financials are provisional.

Liquidity Indicator - Stretched: The firm's average use of its
fund-based limits was 99% during the 12 months ended May 2021. SM's
net working capital cycle elongated to 94 days in FY21 (FY20: 24
days) due to an increase in receivables to 159 days (89 days). The
cash flow from operations turned negative to INR11.13 million in
FY21 (FY20: INR37.45 million) due to unfavorable changes in the
working capital. Its cash and cash equivalents stood at INR2.63
million at FYE21 (FYE20: INR4.91 million). The firm availed of the
Reserve Bank of India-prescribed moratorium on the interest on cash
credit facility and term loan interest and principal repayment. SM
also availed of a guaranteed emergency credit line facility of
INR20.29 million in November 2020 to meet the working capital
requirements.

The ratings, however, are supported by SM's healthy margin. The
firm's margin expanded to 17.47% in FY21 (FY20: 12.51%) due to a
decline in raw material and employee costs. The firm's return on
capital employed was 15.3% in FY21 (FY20: 8.8%). However, Ind-Ra
expects the margin to remain volatile for FY22 owing to
fluctuations in raw material prices.

The ratings factor in SM's strong credit metrics. Its interest
coverage (operating EBITDAR/gross interest expense) improved to 3x
in FY21 (FY20: 2.29x) and net financial leverage (adjusted net
debt/operating EBITDAR) to 3.44x (3.93x) due to an increase in the
absolute EBITDA to INR59.89 million (INR40.08 million)). Ind-Ra
expects the firm's metrics to improve marginally in FY22 owing to
the repayment of a term debt.

The ratings are also supported by the proprietor's decade-long
experience in the casting and forging industry and strong clientele
in the power sector.

RATING SENSITIVITIES

Negative: A significant decline in the revenue and/or operating
profit, leading to deterioration in the credit metrics with the net
leverage exceeding 4.8x, or a further deterioration in the
liquidity position could lead to a negative rating action.

Positive: An increase in the scale of operations and the liquidity,
along with a further improvement in the credit metrics, could lead
to positive rating action.

COMPANY PROFILE

Shreenath Metals was established in 2001 as a proprietary concern.
The Pune-based firm is promoted and managed by Balasaheb Vitthal
Pacharne, and is engaged in aluminum casting and machining, majorly
catering to the power sector. It has a total installed capacity of
150 tons per month.


SIDWIN FABRIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sidwin
Fabric Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based         5.00        [ICRA]B+ (Stable); ISSUER NOT
   limit                          COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated        5.03        [ICRA]B+ (Stable)/[ICRA[A4;
   Limits                         ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  Under 'Issuer Not Cooperating'
                                  Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2011, Sidwin Fabric Private Limited (SFPL)
manufactures non-woven polypropylene fabrics. The company commenced
commercial production in June 2012 from its manufacturing facility
in Himatnagar. The annual installed capacity of the unit is
dependent on the linear density, expressed in GSM (gram per square
meter) of the fabric being manufactured, which is around 2,700
MTPA. With the existing machinery, the company can manufacture
nonwoven fabrics of GSM ranging from 8-200 and having width of 3.2
meters. The company's products find application in various
industries such as agriculture, medical and hygiene and packaging.


SPACEX FURNITURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Spacex Furniture Private Limited
        No. 399/2-A, Sunguvarchatram Road
        Kattavakkam Village, Wallajabad
        Kancheepuram 631604
        Tamil Nadu, India

Insolvency Commencement Date: August 9, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 7, 2022
                               (180 days from commencement)

Insolvency professional: Anil Kumar Khicha

Interim Resolution
Professional:            Anil Kumar Khicha
                         No. 184, Poonamalle High Road
                         6-FF, Golden Enclave
                         Kilpauk, Chennai
                         Tamil Nadu 600010
                         E-mail: knpchennai@gmail.com
                                 spacexinsolvency@gmail.com

Classes of creditors:    Unsecured Loans

Insolvency
Professionals
Representative of
Creditors in a class:    K. Sivalingam
                         M. Murugesan
                         S.S. Ravichandran

Last date for
submission of claims:    August 25, 2021


UNIVERSAL CONSTRUCTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Universal Construction Machinery and Equipment Limited
        Universal House, Warje Jakatnaka
        Kothurd, Naka
        Pune 411038

Insolvency Commencement Date: July 26, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 2, 2022

Insolvency professional: Kala Agarwal

Interim Resolution
Professional:            Kala Agarwal
                         801, Embassy Centre
                         Jamnalal Bajaj Road
                         Nariman Point
                         Mumbai 400021
                         E-mail: agarwalkala@gmail.com
                                 cirp.ucmel@gmail.com

Last date for
submission of claims:    August 16, 2021


VARDHINI INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vardhini
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–          11.00       [ICRA]B+(Stable)ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–          1.00       [ICRA] A4 ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/           3.00       [ICRA] B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Vardhini Industries was established in 1992 as a proprietorship
concern by Ms. D.S. Mala. The company is engaged in manufacture of
steel furniture namely – steel cots, steel racks, tables,
benches, etc mainly for supply to government departments (medical
and education department requirements). The company has its
manufacturing facility in Moulali, Hyderabad.


VARUN SACKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Varun Sacks Private Limited
        D-40, Industrial Area MIDC
        Butibori, Nagpur 441122
        MH, India

Insolvency Commencement Date: July 29, 2021

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: January 31, 2022
                               (180 days from commencement)

Insolvency professional: Pramod Kumar Dokania

Interim Resolution
Professional:            Pramod Kumar Dokania
                         Tower 54, Flat 1101
                         Future Towers
                         Amanora Park Town
                         Hadapsar Pune 411028
                         E-mail: ippramod.dokania@gmail.com

Last date for
submission of claims:    August 18, 2021


XS REAL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Xs Real
Properties Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          20.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
   Facilities                      to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 1995 and promoted by Mr. S.G. Prabhakharan, XS Real
Properties Private Limited is a real-estate developer based out of
Chennai. As on date, the company has completed 19 projects, with a
cumulative built-up area of 2.5 million square feet. Though the
operations of the company were primarily limited to Chennai, it has
recently entered into the Coimbatore market. The company has
reputed brand strength in three segments namely, XS Real Xqist in
the luxury segment, XS Real Vibe in the mid segment and XS Real
FairSquare in the affordable segment. Mr. S. G. Prabhakharan has
served as the President of Madras Chamber of Commerce and Industry.
He has been a nonindependent and non-executive director of The
Lakshmi Vilas Bank Limited since June 23, 2009. He was instrumental
in setting up the country's first private sector mutual fund, in
collaboration with Pioneer Mutual Fund, Boston, USA in 1993. He is
a realtor having had sterling practice of law from 1978 to 1994.




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

AGUNG POMODORO: Fitch Lowers LongTerm IDR to 'CCC'
--------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's (APLN) Long- Term Issuer Default Rating (IDR)
and the rating on the company's USD300 million 5.95% notes due 2024
to 'CCC' from 'CCC+'. The Recovery Rating on the notes remains at
'RR4'. The notes are issued by APLN's wholly owned subsidiary, APL
Realty Holdings Pte. Ltd., and guaranteed by APLN and several of
its subsidiaries.

The downgrade reflects APLN's deteriorating liquidity that
undermines its ability to service debt beyond the next six months.
Fitch estimates APLN's cash balance at the holding company at
end-June 2021 was significantly lower than Fitch's initial
expectation. The weaker cash position comes at a time when APLN's
subsidiaries' capacity to upstream dividends is likely to be
affected by the re-imposition of movement restrictions to contain
Covid-19 infections, while planned asset sales remain uncertain.
Fitch thinks APLN still has a few options to plug the cash
shortfall, but this does not give the company enough headroom to
warrant a higher rating.

KEY RATING DRIVERS

Tight Liquidity: APLN has around IDR200 billion of interest costs
due in December 2021 on its US dollar notes and a loan from private
equity firm Guthrie. A further IDR200 billion is due in June 2022.
APLN received IDR1.6 trillion of proceeds in 4Q20 and 1Q21 from
selling Central Park (CP) mall and bulk land, which should have
been sufficient to meet these payments. However, the company
channelled the cash to fund construction and land acquisitions at
subsidiaries. This left APLN with much weaker liquidity than Fitch
anticipated.

Access to Subsidiaries' Cash: Fitch estimates APLN had access to
around IDR600 billion of cash at end-June 2021 from various
subsidiaries, which it will use to pay interest in December 2021.
APLN believes it does not face any constraints to access this cash.
About 80% of the cash is held at debt-free subsidiaries, most of
which house projects that have been completed and do not have
committed construction costs, which Fitch believes will enable the
cash to be sent to APLN.

Land Sales Face Risk: APLN expects to complete the second tranche
of bulk land sales totalling IDR750 billion by end-September 2021,
but Fitch believes execution risk is high. Therefore, Fitch does
not assume any proceeds from this sale in Fitch's rating-case
forecasts.

MTN Extension Not DDE: Fitch views the tenor extension and coupon
reduction of medium-term notes (MTN) issued by APLN's 58%-owned
subsidiary, PT Sinar Menara Deli (SMD), as a material reduction in
terms. However, improvement in SMD's presales in 1H21, when the
extension negotiation began, does not suggest it was done to avoid
a default. Therefore, it does not fully satisfy the conditions for
a distressed debt exchange (DDE) under Fitch's criteria.

SMD reported IDR328 billion of presales in 1H21, versus IDR168
billion in 2020, supported by VAT incentives for property
purchases, and the opening of the mall within the project in
December 2020.

VAT Rebate Driving Presales: Fitch expects the VAT rebate to
continue driving APLN's presales in 2H21, which will help to clear
completed inventory and generate cashflows. APLN had IDR800 billion
of completed inventory at end-1Q21, most of which qualified for the
rebate. The rebate, which started in March 2021, applies to homes
that cost less than IDR5 billion each and is available until
December 2021. In 1H21, APLN's consolidated presales jumped by 60%
yoy, driven by three key projects in Jakarta, Bandung, and Medan.
About half of the homes sold in 1H21 qualified for the rebate.

Revised Presales Assumptions: Fitch has revised its assumptions for
APLN's presales and collections, as the reinstatement of movement
restrictions are likely to affect buyers' confidence and reduce
receipts from malls and hotels in 2H21. Fitch reduced its
assumption for consolidated presales for 2021 by 20% to IDR1.7
trillion, and estimate negative cashflows from operation (CFFO) of
around IDR260 billion from positive IDR1 trillion in 2020.

Weak Linkage to Parent: Fitch assesses ties between APLN and parent
PT Indofica, which owns 83% of APLN, as weak based on Fitch's
Parent and Subsidiary Linkage Rating Criteria. Fitch sees APLN as
the stronger entity with weak legal and operating linkage to
Indofica due to moderate ringfencing under APLN's US-dollar bond
documentation and stock exchange regulations that limit
related-party transactions. Given weak linkage, APLN's rating can
be notched up above Indofica's consolidated profile.

DERIVATION SUMMARY

APLN's rating is comparable to that of Chinese homebuilder, China
Evergrande Group (Evergrande, CCC+), and Indonesian peers, PT Alam
Sutera Realty Tbk (ASRI, B-/Stable), PT Kawasan Industri Jababeka
Tbk (KIJA, B-/Stable) and PT Lippo Karawaci TBK (Lippo,
B-/Stable).

APLN is rated one notch lower than Evergrande, as it does not have
enough liquidity beyond the next six months. This is in contrast to
Evergrande's tight but manageable liquidity, with the company
continuing to service interest and repay bonds maturities, and not
having other significant maturities in 2021.

APLN is rated two-notches below its Indonesian peers, due to its
significantly weaker liquidity. Fitch expects ASRI and KIJA to
generate neutral to positive FCF, supported by higher presales for
ASRI and healthy recurring income from KIJA's power plant. ASRI and
KJIA also have more flexibility in timing construction in their
township projects, relative to APLN's exposure to high-rise
projects.

Lippo's negative operating cashflows are improving due to a recent
rise in presales and completion of legacy projects at its holding
company. It has sufficient liquidity at least until end-2022, and
therefore is rated higher than APLN.

KEY ASSUMPTIONS

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

-- Attributable presales of IDR1.1 trillion in 2021 and IDR1.2
    trillion in 2022;

-- Cashflows from operation of negative IDR258 billion in 2021
    and negative IDR212 billion in 2022;

-- Capex of IDR300 billion in 2021, and IDR150 billion each in
    2022 and 2023.

RECOVERY RATING ASSUMPTIONS

Fitch assumes APLN will be liquidated in a bankruptcy rather than
continue as a going concern, because it is an asset-trading
company. In estimating APLN's liquidation and distribution value,
Fitch has made to following adjustments and assumptions:

-- Customer advances and carrying value of islet G, I, and F are
    deducted from inventory. The islets are deducted due to
    uncertainty around development of the projects.

-- Committed undrawn construction facilities of IDR700 billion is
    added to secured debt and inventory, and the net of accounts
    payable and cash is added to secured debt.

-- The recovery rate estimate reflects the value of trade
    receivables under a liquidation scenario at a 75% advance
    rate, inventory at a 75% advance rate, fixed assets and
    investment properties at a 60% advance rate and investments in
    associates at a 100% advance rate.

-- Fitch believes a 25% discount to trade receivable is adequate,
    considering more than 80% of trade receivables in the past
    three years were classified as current.

-- Fitch assumes 75% recovery for inventory, 60% recovery for
    fixed assets and investments properties, and 100% recovery for
    investments in associates, because these assets are recognized
    at the historical acquisition cost and the current market
    value is considerably higher.

The above assumptions result in a recovery rate corresponding to an
'RR2' Recovery Rating for APLN's unsecured notes. Nevertheless,
Fitch rates the senior unsecured notes at 'CCC' with a Recovery
Rating of 'RR4', because under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, Indonesia falls into Group D of
creditor friendliness. Instrument ratings of issuers with assets in
this group are subject to a soft cap at the issuer's IDR and a
Recovery Rating at 'RR4'.

RATING SENSITIVITIES

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

-- Ensuring sufficient liquidity over a rolling 12-month basis.

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

-- Inability to maintain liquidity to service debt over a rolling
    3-months basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Stretched Liquidity: Fitch expects APLN will be able to manage debt
servicing in 2021 using internal cashflows, but its liquidity
headroom has deteriorated. APLN is not in compliance with the
fixed-charge coverage ratio test under its US dollar bonds'
documentation as of end-2020, and therefore additional debt is
subject to a cap in the permitted debt basket. APLN has around
IDR700 billion in committed credit lines for construction, and
IDR600 billion remains unused under its permitted debt basket.
Fitch assumes APLN will use IDR350 billion from the basket in 2021,
leaving only IDR250 billion for 2022, which does not provide APLN
with a lot of headroom beyond six months.

ISSUER PROFILE

APLN is Indonesian property developer, with exposure to residential
and commercial properties. It generated around IDR2 trillion of
consolidated presales annually (excluding bulk land sales) in the
last three years, mainly from four projects in Jakarta, Bandung and
Medan. It also owns and operates malls, hotels and offices.

ESG CONSIDERATIONS

APLN has ESG Relevance Scores of '4' for Management Strategy and
Governance Structure to reflect the company's high development risk
profile, a key part of its strategy, which hampers financial
flexibility and leads to impending risk of default. These have a
negative impact on the credit profile and are relevant to the
rating in conjunction with other factors.

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


GARUDA INDONESIA: Appoints New President Commissioner
-----------------------------------------------------
The Jakarta Post reports that Garuda Indonesia appointed business
lawyer Timur Sukirno as its new president commissioner on Friday,
Aug. 13, following a reshuffling of the debt-laden company's
leadership.

According to the report, Garuda president director Irfan Setiaputra
told reporters on Aug. 13 that the state-owned company's majority
shareholder, the government, had also appointed banker Abdul
Rachman and kept media mogul Chairul Tanjung as commissioners.

Timur is a senior partner and head of the Commercial Dispute
Resolution Practice Group at Hadiputranto, Hadinoto & Partners law
firm. Abdul was a managing director at state-owned lender Bank
Mandiri, one of the country's largest banks by assets, and was
formerly president commissioner of Bank Mandiri Taspen, The Jakarta
Post discloses.

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2021, Garuda Indonesia posted a net loss of $2.4 billion in
2020, with its auditor raising concerns over the continuity of the
Southeast Asian country's flagship airline.

The net loss is Garuda's biggest since at least 2005, the oldest
available data on Quick-Factset, and marks a staggering increase
from the $38.9 million loss it reported the previous year, Nikkei
Asia said.

Garuda's auditor PwC assigned a "no opinion" on the financial
results -- given when an auditor cannot judge whether a company's
accounts have been properly created -- which would further
undermine investor confidence in the carrier, Nikkei Asia related.

According to Nikkei Asia, Garuda shares have remained suspended
from trading since June 18, after the company defaulted on coupon
payments of $500 million on an Islamic bond.




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

BURSA MALAYSIA: In Dire Need of Liquidity, Rakuten Exec Says
------------------------------------------------------------
The Sun Daily reports that the local bourse is in dire need of
liquidity as the Malaysian and other regional markets have
experienced massive foreign outflows, according to Rakuten Trade's
head of research Kenny Yee.

Sun Daily relates that Mr. Yee said Malaysia saw record high
foreign outflow in 2020 amounting to MYR24 billion, while
year-to-date foreign outflow totalled MYR5.9 billion, and only
retail showed positive inflows amounting to MYR9.3 billion.

"Retail participation remains the hero for the local bourse as
depicted from the persistent positive monthly inflows since January
2020. The total inflow for 2020 was MYR14.2 billion, pushing the
2020 and 2021 total to MYR23.5 billion," Mr. Yee told reporters at
a virtual media briefing on Aug. 16, Sun Daily relays.

He said due to the incessant selling by foreign funds, almost all
of the Top 10 FTSE Bursa Malaysia KLCI constituents are trading
below their historical price-to-earnings ratio (PE ratio).

"Apart from Bursa Malaysia Technology Index and Bursa Malaysia
Transportation and Logistics Index, the others are all trading
below their historical PE ratio.

"It is obvious that the local bourse is in dire need of liquidity.
While the retail portion is already in place, inflows from foreign
funds would be of utmost importance," Sun Daily quotes Mr. Yee as
saying.

He added that it is difficult to gauge when there will be an influx
of foreign funds. However, the research house reckons that it is a
matter of time when foreign funds trickle back to the Asian
region.

"The catalyst for foreign inflows could be, as we go to the end of
2021, there will be repositioning of funds. Maybe some of these
foreign funds will be looking for other avenues, that is why we are
expecting some inflows of funds to the Asean region," he said,
adding that easy money is no longer available on Wall Street, hence
many may seek new avenues.

"Valuation wise, US equities are trading at around 50% above
historical average. Though corporate earnings remain robust, growth
should retrace back to normalcy," Mr. Yee, as cited by Sun Daily,
said.

Looking ahead, he said regional volatility will very much depend on
the situation on Wall Street.

"Though volatility may have shrunk for now, we can expect it to
heighten as expectations of tapering draw closer in the US.

"We are encountering an intermission in recovery due to Covid-19
and the country's political climate remains fluid. Thus, we foresee
the ringgit strengthening against the US dollar amid crude oil
price recovery coupled with the anticipated homecoming of foreign
funds.

"All in all, we expect the ringgit to trend between MYR4.10 and
4.15 against the US dollar by end of this year.

"We expect the FBM KLCI to possibly touch 1,650 based on 14 times
CY21 P/E ratio by end-this year supported by solid earnings growth
as well as alluring valuation and returning of some foreign funds,"
Mr. Yee said.


CW ADVANCED: Creditors' Meetings Set for Aug. 31
------------------------------------------------
CW Advanced Technologies Pte Ltd and CW Group Pte Ltd will hold a
meeting for its creditors on Aug. 31, 2021, at 11:00 a.m., and 2:00
p.m. via Zoom Platform.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to nominate Liquidator(s) or confirm the appointment of
      Mr. Paresh Tribhovan Jotangia and Ms. Ho May Kee of Grant
      Thornton Singapore Private Limited as the Joint and Several
      Liquidators; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company.


POS MALAYSIA: Net Loss Widens to MYR21.84MM in Q2 Ended June 30
---------------------------------------------------------------
The Star reports that Pos Malaysia Bhd saw its net loss widen to
MYR121.84 million in its second quarter ended June 30, 2021, from
MYR19.02 million in the same quarter a year ago.

The Star relates that the group in the notes to its financial
statements said losses were mainly due to lower revenue by MYR35.4
million, the higher cost of sales and operating expenses by MYR55.4
million and higher impairment charges of property, plant and
equipment by MYR43.6 million.

Pos Malaysia Berhad is engaged in providing postal and related
services, including receiving and dispatching of postal articles,
postal financial services, dealing in philatelic products and sale
of postage stamps.




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

OTF SINGAPORE: FTI Consulting Appointed as Provisional Liquidators
------------------------------------------------------------------
Mr. Yit Chee Wah and Ms. Ellyn Tan Huixian of FTI Consulting
(Singapore) on Aug. 5, 2021, were appointed as provisional
liquidators of OTF Singapore 1 Pte Ltd.

The liquidators may be reached at:

         Yit Chee Wah
         Ellyn Tan Huixian
         FTI Consulting (Singapore)
         8 Shenton Way
         #32-03, AXA Tower
         Singapore 068811


SINGAPORE PRESS: Financial Adviser in Favor of Media Restructuring
------------------------------------------------------------------
The Business Times reports that following a financial analysis,
Singapore Press Holdings' (SPH) appointed independent financial
adviser has advised the company's directors to recommend that
shareholders vote in favor of the proposed restructuring of its
media business.

BT relates that the independent financial adviser, Evercore Asia
(Singapore), said in a letter to the board of directors that the
restructuring will prevent the company and its shareholders from
incurring potentially significant and recurring losses of the media
business.

It added that the move will allow SPH to "set a clear strategic
direction" with a focus on the real estate sector and related
segments of student accommodation and aged care while eliminating
the risks and uncertainties associated with the media business, BT
relays.

In addition, with the lifting of the Newspaper and Printing Presses
Act (NPPA) once the media business is hived off, there will be
opportunities for shareholders or investors to own more than 5 per
cent of shares in the company, which will expand its strategic
options.

Under the NPPA, no person shall, without the approval of the
Ministry of Communications and Information, become a substantial
shareholder of SPH, nor enter any agreement or arrangement to act
with any other person with respect to the acquisition, holding or
the exercise of rights in relation to more than 5 per cent of the
company's shares, according to BT.

SPH, which publishes The Business Times, had announced in May that
it will be transferring its entire media-related business to a
company limited by guarantee, or CLG - a move that comes as part of
a strategic review announced in March.

BT relates that the move comes as structural changes in the media
and advertising industries amid a digital era have severely
disrupted the traditional business model that relied on print
advertising revenue.

"Whilst the company has succeeded in increasing digital
circulation, monetisation is increasingly challenging as
competition for digital revenue has intensified and the company's
media business now competes with much larger players," said
Evercore, adding that digital subscription and digital advertising
have not been able to make up for declines in print, BT relays.

SPH's media segment's operating revenue fell 50.7 per cent between
FY2015 and FY2020, largely due to decline in print advertising and
print subscription revenue.

Over the same period of time, earnings before interest, taxes,
depreciation, and amortisation (EBITDA) of the media segment
declined 91.8 per cent or at a compounded annual rate of 39.4 per
cent, from SGD299.1 million to SGD24.5 million, which is inclusive
of SGD28.1 million from the Jobs Support Scheme grant.

With the media business weighing on the company's overall
performance, recurring earnings fell 77.7 per cent from SGD316.2
million to SGD70.7 million from FY2015 to FY2020, BT discloses.

According to BT, the decline in the media segment's profitability
has also directly impacted the company's ability to pay dividends,
and in turn negatively affected the company's share price, said
Evercore. SPH's share price had dropped 56.1 per cent from
Aug. 31, 2015 to Aug. 11, 2021.

Based on historical financial data and estimates, Evercore is
projecting SPH's FY2024 operating loss to range between SGD85.6
million and SGD109.8 million.  The corresponding simulated FY2024
losses at the EBITDA level would range between SGD59.4 million and
SGD83.6 million.

Funding the media business through internally-generated cash flows
is also not a viable option given that this will deplete resources
for investments into areas of growth and eat into shareholders'
dividends, according to Evercore.

SPH will hold a virtual extraordinary general meeting at 2:30 p.m.
on Sept. 10 to seek shareholders' approval on its proposed
restructuring and formation of a new constitution, adds BT.

Singapore Press Holdings Limited publishes, prints, and distributes
newspapers and magazines.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***