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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

          Friday, August 20, 2021, Vol. 24, No. 161

                           Headlines



A U S T R A L I A

18 ROWLANDS: First Creditors' Meeting Set for Aug. 27
AXL FINANCIAL: First Creditors' Meeting Set for Aug. 30
BLACKCITRUS PTY: Liquidators Sue Parramatta Eels
COMMUNITY PRACTITIONERS: Second Creditors' Meeting Set for Aug. 27
EXOTICARS AUTOBODY: Second Creditors' Meeting Set for Aug. 26

FIRSTMAC MORTGAGE 4: S&P Assigns B+ Rating on Cl. F Notes
HABIBI WAVERTON: Second Creditors' Meeting Set for Aug. 26
HONOURFUL PTY: First Creditors' Meeting Set for Aug. 27
HUMM ABS 2021-1: Fitch Affirms BB+ Rating on E-G Notes
JL PROP: Second Creditors' Meeting Set for Aug. 24



C H I N A

CHINA HUARONG: Set to Get USD7BB in Citic-Led Recapitalization


I N D I A

AAREN INTPRO: CARE Keeps C Debt Rating in Not Cooperating
AKASH FISHMEAL: CARE Lowers Rating on INR18.50cr Loan to B-
ANJANI ROLLER: CARE Keeps B Debt Ratings in Not Cooperating
ARIHANT DREAM: CARE Keeps D Debt Rating in Not Cooperating
ASHWANI GOYAL: CARE Keeps D Debt Rating in Not Cooperating

BABA BHUMAN: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating
D S ENGINEERING: CARE Lowers Rating on INR12.07cr Loan to C
DIGI EXPORT: CARE Keeps D Debt Rating in Not Cooperating
GLOBAL JEWELLERY: CARE Lowers Rating on INR9.50cr Loan to C

GREEN VALLEY'S: Insolvency Resolution Process Case Summary
INDIA SPORTS: Insolvency Resolution Process Case Summary
INDIABUILD PROPERTY: CARE Reaffirms B+ Rating on INR13.12cr Loan
ISHWAR GINNING: CARE Keeps D Debt Rating in Not Cooperating
JINDAL TIMBER: CARE Lowers Rating on INR4cr LT Loan to C

KING REFINERIES: CARE Lowers Rating on INR3.0cr LT Loan to B
MADHUSHREE INDUSTRIES: Insolvency Resolution Process Case Summary
MAHARASHTRA FASTENERS: Ind-Ra Moves 'BB' Rating to Non-Cooperating
MANSI INTERNATIONAL: CARE Lowers Rating on INR10 Loans to D
METRO CERAMICS: CARE Lowers Rating on INR5.64cr LT Loan to B

MEVADA OIL: CARE Keeps D Debt Ratings in Not Cooperating
MEWAR FABRICS: CARE Keeps B- Debt Rating in Not Cooperating
NARMADA EXTRUSIONS: CARE Cuts Rating on INR13.69cr Loan to B-
NARSINGH CONSTRUCTION: CARE Keeps B- Ratings in Not Cooperating
NEW PRINT: CARE Keeps D Debt Ratings in Not Cooperating Category

NIRMAL LIFESTYLE: Moves NCLAT on Insolvency Plea
NUFUTURE DIGITAL: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
P. M. COT: CARE Keeps D Debt Ratings in Not Cooperating
P.L. MULTIPLEX: CARE Keeps B- Debt Ratings in Not Cooperating
PANTONE TEXTILE: CARE Lowers Rating on INR7.25cr LT Loan to C

PRAAGNA HOSPITALS: CARE Keeps C Debt Rating in Not Cooperating
PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating
RADHAKRISHNA OIL: CARE Lowers Rating on INR9cr Loan to B-
RAYANA PAPER: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
RRR CONSTRUCTIONS: Ind-Ra Moves 'BB' Rating to Non-Cooperating

SANGEETA AVIATION: Insolvency Resolution Process Case Summary
SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating
SVR CORPORATION: CARE Keeps D Debt Rating in Not Cooperating
TARU AGENCIES: CARE Assigns B+ Rating to INR5.0cr LT Loan
V. SELVAM: CARE Assigns B+ Rating to INR16.20cr LT Loan

VIJAY GROUP: Insolvency Resolution Process Case Summary


J A P A N

NISSAN MOTOR: Egan-Jones Keeps BB- Sr. Unsecured Debt Ratings


M A L A Y S I A

DRB-HICOM BHD: Net Loss Narrows to MYR217.5MM in Q2 Ended June 30
SERBA DINAMIK: S&P Lowers ICR to 'CCC', Outlook Negative


S I N G A P O R E

ATZ INTERNATIONAL: Creditors' Meetings Set for Aug. 31
GRIFFIN REAL: Creditors' Meetings Set for Aug. 26
NAKAWAT TD: Court to Hear Wind-Up Petition on Aug. 27


V I E T N A M

DAT XANH GROUP: Fitch Assigns 'B' Foreign Currency IDR

                           - - - - -


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

18 ROWLANDS: First Creditors' Meeting Set for Aug. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of 18 Rowlands
Apartments Pty Ltd will be held on Aug. 27, 2021, at 9:30 a.m. via
teleconference.

Simon Miller and Daniel Lopresti of Clifton Hall were appointed as
administrators of 18 Rowlands on Aug. 18, 2021.


AXL FINANCIAL: First Creditors' Meeting Set for Aug. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of AXL
Financial Pty Limited will be held on Aug. 30, 2021, at 11:30 a.m.
via virtual meeting technology.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of AXL Financial on Aug. 18, 2021.


BLACKCITRUS PTY: Liquidators Sue Parramatta Eels
------------------------------------------------
The Australian reports that the shadow of Jarryd Hayne continues to
linger over Parramatta after it emerged that the club was being
sued by the liquidator of a company that made third-party payments
to the former Eels star five years ago.

According to the report, liquidators for Blackcitrus Pty Ltd have
begun action in the NSW Supreme Court as they attempt to secure as
much money as they can for the company's creditors – the latest
setback for the Eels as they scramble to save their season.

A statutory report filed by liquidators with the Australian
Securities and Investments Commission lists a series of potential
assets including a claim against Parramatta Eels Football Club for
an "uncertain" amount, The Australian relays.

"While we have identified possible recovery actions, details of
which are provided in section 4 of this report, we will be
continuing to assess the commercial viability and the cost benefit
of pursuing these actions as we proceed with liquidation," the
report, as cited by The Australian, said.

Parramatta confirmed they were aware of the legal action, but
declined to comment when contacted by The Australian. The matter is
due before court for directions on September 8.

Even though the club has been gutted in the wake of the salary cap
scandal, the shock development has the potential to provide another
distraction of the Eels as they prepare for the finals, according
to The Australian.

The Australian says the club is already in the midst of a four-game
losing streak that has cast doubt over the future of coach Brad
Arthur. Mr. Arthur was the coach at the time of the cap scandal and
has been largely credited with holding the club together during one
of the most difficult periods in their history.

The Eels were docked 12 competition points, fined AUD1 million and
stripped of the 2016 Auckland Nines title in the wake of the
scandal. The disaster led to the club ushering in a new era of
governance under current chair Sean McElduff and chief executive
Jim Sarantinos.

According to The Australian, the NRL's final determination into the
Eels salary cap scandal found that the club had made as series of
third-party agreements via ScoreCube - a subsidiary of Blackcitrus
- in contravention of the game's rules.

In total, AUD225,000 was paid to former players Mr. Hayne and
Anthony Watmough via ScoreCube Pty Ltd. There is no suggestion Mr.
Hayne or Watmough did anything wrong.

The Australian relates that Mr. Hayne's agent Wayne Beavis allowed
his accreditation to lapse in the aftermath to the cap
investigation while Mr. Hayne eventually left the club, switching
to the NFL before returning to the NRL with Gold Coast and the
Eels.

He is now in prison after being found guilty of sexual assault, the
report notes.


COMMUNITY PRACTITIONERS: Second Creditors' Meeting Set for Aug. 27
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Community
Practitioners Pty Ltd, trading as Gelaspresso, The Dock at East
Shores, has been set for Aug. 27, 2021, at 10:00 a.m. via virtual
meeting facilities 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. 26, 2021, at 4:00 p.m.

Alan Walker of Walker Advisory & Capital Solutions was appointed as
administrator of Community Practitioners on July 27, 2021.


EXOTICARS AUTOBODY: Second Creditors' Meeting Set for Aug. 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Exoticars
Autobody Pty Ltd has been set for Aug. 26, 2021, at 11:30 a.m. via
teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 25, 2021, at 4:00 p.m.

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



FIRSTMAC MORTGAGE 4: S&P Assigns B+ Rating on Cl. F Notes
---------------------------------------------------------
S&P Global Ratings assigned ratings to seven of the eight classes
of prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series Eagle No.1.

The assigned ratings reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk takes into account Firstmac
Ltd. (Firstmac)'s underwriting standards and approval processes,
which are consistent with industry-wide practices, and the strong
servicing quality of Firstmac, and the support provided by the LMI
policies on 2.9% of the portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest due on the class D, class E, and class F
notes--and ultimate payment of principal under the rating stresses.
Key rating factors are the level of subordination provided, the LMI
cover, the liquidity reserve, the principal draw function, the
interest-rate swap, and the provision of an extraordinary expense
reserve. S&P's analysis is on the basis that the notes are fully
redeemed by their legal final maturity date and S&P does not assume
the notes are called at or beyond the call date.

S&P's ratings also take into account the counterparty exposure to
Westpac Banking Corp. (Westpac) as bank account provider and
interest-rate swap provider. Westpac will provide an interest-rate
swap to hedge the interest-rate risk between any fixed-rate
mortgage loans and the floating-rate obligations on the notes. The
transaction documents for the swap and bank account include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

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

In 2020, S&P updated its outlook assumptions for Australian RMBS in
response to changing macroeconomic conditions as a result of the
COVID-19 outbreak. As of Aug. 5, 2021, there are no borrowers with
COVID-19-related hardship arrangements present within the pool.

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.1

  Class A-1, A$520.00 million: AAA (sf)
  Class A-2, A$65.00 million: AAA (sf)
  Class B, A$27.30 million: AA (sf)
  Class C, A$14.30 million: A (sf)
  Class D, A$9.10 million: BBB (sf)
  Class E, A$5.20 million: BB (sf)
  Class F, A$2.60 million: B+ (sf)
  Class G, A$6.50 million: Not rated


HABIBI WAVERTON: Second Creditors' Meeting Set for Aug. 26
----------------------------------------------------------
A second meeting of creditors in the proceedings of Habibi Waverton
Pty Ltd has been set for Aug. 26, 2021, at 11:00 a.m. via online
video conference 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 4:00 p.m.

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


HONOURFUL PTY: First Creditors' Meeting Set for Aug. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Honourful
Pty Ltd, trading as 'Golden Century Seafood Restaurant', will be
held on Aug. 27, 2021, at 10:00 a.m. via virtual meeting
technology.

Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of Honourful Pty on Aug. 17, 2021.


HUMM ABS 2021-1: Fitch Affirms BB+ Rating on E-G Notes
------------------------------------------------------
Fitch Ratings has upgraded five note classes and affirmed 13 from
three Flexi and humm ABS Trusts. The transactions consist of notes
backed by a pool of Australian unsecured consumer receivables
originated by humm BNPL Pty Ltd (formerly Certegy Ezi-Pay Pty Ltd),
a wholly owned subsidiary of Humm Group Limited. The notes were
issued by Perpetual Corporate Trust Limited in its capacity as
trustee.

The upgrade of Flexi ABS Trust 2019-1's class E notes and Flexi ABS
Trust 2020-1's class B-G, C-G, D-G and E-G notes reflects asset
performance that has been better than Fitch had expected through
the pandemic. The Stable Outlook on all notes is based on Fitch's
expectations of an economic recovery in Australia that will support
stable loan performance.

     DEBT                   RATING           PRIOR
     ----                   ------           -----
Flexi ABS Trust 2019-1

A2 AU3FN0046868      LT  AAAsf   Affirmed    AAAsf
A2-G AU3FN0046876    LT  AAAsf   Affirmed    AAAsf
B-G AU3FN0046884     LT  AAAsf   Affirmed    AAAsf
C-G AU3FN0046892     LT  AA+sf   Affirmed    AA+sf
D AU3FN0046900       LT  Asf     Affirmed    Asf
E AU3FN0046918       LT  BBB-sf  Upgrade     BB+sf

Flexi ABS Trust 2020-1

A1 AU3FN0056537      LT  AAAsf   Affirmed    AAAsf
A1-G AU3FN0056545    LT  AAAsf   Affirmed    AAAsf
B-G AU3FN0056552     LT  AAAsf   Upgrade     AAsf
C-G AU3FN0056560     LT  AA+sf   Upgrade     A+sf
D-G AU3FN0056578     LT  A+sf    Upgrade     BBB+sf
E-G AU3FN0056586     LT  A-sf    Upgrade     BBB-sf

humm ABS Trust 2021-1

A1 AU3FN0060810      LT  AAAsf   Affirmed    AAAsf
A1-G AU3FN0060752    LT  AAAsf   Affirmed    AAAsf
B-G AU3FN0060760     LT  AA+sf   Affirmed    AA+sf
C-G AU3FN0060778     LT  A+sf    Affirmed    A+sf
D-G AU3FN0060786     LT  BBBsf   Affirmed    BBBsf
E-G AU3FN0060794     LT  BB+sf   Affirmed    BB+sf

KEY RATING DRIVERS

Resilient Asset Performance: Fitch has removed the pandemic-related
performance adjustments applied to Flexi 2020-1 in Fitch's 28
October 2020 rating action, as Fitch believes the stress contained
in Fitch's base and rating cases is sufficient to account for the
uncertainty related to the Covid-19 pandemic; Fitch's base-case
remaining default expectation is 4.1%, with a weighted-average (WA)
'AAAsf' default multiple of 5.3x. The performance of Flexi 2019-1's
portfolio has also been better than Fitch's base-case expectation,
hence, Fitch has revised Fitch's base-case remaining default rate
and WA 'AAA' multiple to 3.0% and 5.4x, respectively.

As of end-June 2021, 30+ day arrears were 2.2% and 1.9% for Flexi
2019-1 and 2020-1, respectively; with cumulative losses to date of
3.3% and 1.1% of the original portfolio balances covered by excess
spread. humm ABS Trust 2021-1 only recently closed and does not
have performance data for the relevant reporting period.

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

Limited Liquidity Risk: Structural features include a liquidity
reserve for Flexi 2019-1 and liquidity facilities for Flexi 2020-1
and humm 2021-1. These are sufficient to cover liquidity shortfalls
and payment interruption risk. The transactions also feature
derivative reserve accounts that trap excess spread to cover swap
payments to the extent that voluntary prepayments and defaults
cause the transactions to be overhedged.

Fitch completed full cash-flow modelling for Flexi 2019-1 and
2020-1 and determined that full and timely payment of principal and
interest was made to the notes in all cash-flow modelled scenarios
at the respective rating levels. Updated cash flow modelling was
not performed for humm 2021-1, as the transaction only recently
closed and none of the variables affecting transaction performance
have changed beyond that expected at closing.

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

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

RATING SENSITIVITIES

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

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

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

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

-- For Flexi 2019-1, the class A2, A2-G and B-G notes are at
    'AAAsf', which is the highest level on Fitch's scale. The
    ratings cannot be upgraded.

-- For Flexi 2020-1, the class A1, A1-G and B-G notes are at
    'AAAsf', which is the highest level on Fitch's scale. The
    ratings cannot be upgraded.

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

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

Upgrade Sensitivity

Flexi 2019-1

-- The class A2, A2-G and B-G notes are rated 'AAAsf', so upgrade
    sensitivity stresses are not relevant.

-- Classes: C-G / D / E

-- Rating: AA+sf / Asf / BBB-sf

-- Decrease defaults by 10%: AAAsf / A+sf / BBBsf

Flexi 2020-1

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

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

-- Rating: AA+sf / A+sf / A-sf

-- Decrease defaults by 10%: AAAsf / AAsf / Asf

-- Downgrade Sensitivity

Flexi 2019-1

-- Note Classes: A2 / A2-G / B-G / C-G / D / E

-- Rating: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBB-sf

-- Increase defaults by 10%: AAAsf / AAAsf / AAAsf / AAsf / A-sf
    / BB+sf

-- Increase defaults by 25%: AAAsf / AAAsf / AAAsf / AA-sf /
    BBBsf / BBsf

-- Increase defaults by 50%: AAAsf / AAAsf / AA+sf / Asf / BBB-sf
    / BB-sf

Flexi 2020-1

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

-- Rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / A-sf

-- Increase defaults by 10%: AAAsf / AAAsf / AAAsf / AA+sf / Asf
    / BBB+sf

-- Increase defaults by 25%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf
    / BBBsf

-- Increase defaults by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
    BB+sf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

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

ESG CONSIDERATIONS

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


JL PROP: Second Creditors' Meeting Set for Aug. 24
--------------------------------------------------
A second meeting of creditors in the proceedings of JL Prop Pty Ltd
ATF The Johns Lane Property Trust has been set for Aug. 24, 2021,
at 2:00 p.m. via electronic means.

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. 23, 2021, at 12:00 p.m.

Stephen John Michell of PCI Partners Pty Ltd was appointed as
administrator of JL Prop on July 30, 2021.




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

CHINA HUARONG: Set to Get USD7BB in Citic-Led Recapitalization
--------------------------------------------------------------
Bloomberg News reports that China Huarong Asset Management Co. is
poised to receive about CNY50 billion (USD7.7 billion) of fresh
capital as part of an overhaul plan that would shift control of the
embattled company to state-owned conglomerate Citic Group, people
familiar with the matter said.

Bloomberg relates that the plan, some details of which are still
being finalized and could change, calls for Citic to assume the
Chinese government's controlling stake in Huarong from the Ministry
of Finance, the people said, asking not to be identified discussing
a private matter. The capital injection would come from a Citic-led
consortium, two of the people said.

The capital injection would come from a Citic-led consortium,
Bloomberg says.

Huarong's dollar bonds rose to multi-month highs after Bloomberg's
report on Aug. 18, with the 4.5% perpetual note climbing 4.4 cents
on the dollar to 90.5 cents. That's up from a low of 50 cents in
May. If Beijing follows through, it would mark the government's
first major attempt to resolve a crisis at Huarong that has roiled
the world's second-largest credit market since April.

Bloomberg notes that the financial giant's plight has become the
biggest test in decades of Chinese authorities' willingness to
support troubled state-owned borrowers amid a record wave of
defaults.

China Huarong Energy Co Limited (formerly China Rongsheng Heavy
Industries) -- http://www.huarongenergy.com.hk/en/index.php--
engages in shipbuilding, energy exploration and production, marine
engine building, offshore engineering and engineering machinery.




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

AAREN INTPRO: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aaren
Intpro (AI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 21, 2020, placed the
rating(s) of AI under the 'issuer noncooperating' category as AI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 7, 2021, July 17, 2021 and July 27, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Bengaluru (Karnataka) based Aaren Intpro (AI) is a partnership firm
and was established in the year 1990 by Mr. Mohanlal M Patel along
with his family members under the name "Poonam Timbers". In
November 2015 the firm changed its name to current nomenclature
i.e. Aaren Intpro. The firm is primarily engaged in the trading of
interior products (basically Wood, plywood, Laminates, veneer,
Architectural Hardware fittings, kitchen furniture, wardrobes,
Tiles and sanitary fittings etc.). The firm deals into luxury
segment of interior products. AI generates 20% of the revenue from
contractors & builders, remaining 80 % from retail individual
customers located across India. AI has expanded its product range
and included Architectural Hardware fittings, kitchen furniture,
wardrobes, Tiles and sanitary fittings etc. AI is selling the
products under the brand names "Peeltly", "In Class Veneers' among
others. The firm imports 50% of the products from Europe and
Southeast Asia countries.


AKASH FISHMEAL: CARE Lowers Rating on INR18.50cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Akash Fishmeal & Fishoil Private Limited (AFFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       18.50      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank       4.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 20, 2020, placed the
rating(s) of AFFPL under the 'issuer non-cooperating' category as
AFFPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AFFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2021, June 15, 2021 and June 25, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings assigned to the bank facilities of AFFPL have been
revised on account of non-availability of requisite information.
The ratings also factored in significant decline in operating
income and profitability during FY20 over FY19.

Akash Fishmeal & Fish Oil Pvt Ltd. is a private limited company
incorporated in March 2015. The company is into the business of
manufacturing fish meal/ oil, with a capacity of 400 MT per day of
Fishmeal & Fishoil production. The company started commercial
production in April 2016. Fish meal finds its application in Aqua
feeding, fish feeding & poultry feeding as main ingredient, & fish
oil finds its application in manufacturing of Omega 3 tablets for
human consumption.


ANJANI ROLLER: CARE Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anjani
Roller Flour Mills Private Limited (ARFMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.79      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank       1.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2020, placed the
rating(s) of ARFMPL under the 'issuer non-cooperating' category as
ARFMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ARFMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2021, May 4, 2021, May 14, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Anjani Roller Flour Mills Private Limited (ARFMPL) was incorporated
in 1995 by Mr Pradeep Kumar Gupta, Mr Pawan Gupta, Mr Kishan Gopal
Gupta and Mr Ram Nivas Sharma. It is engaged in the processing of
wheat into flour (Viz, Maida, Rawa, Bran, and wheat flour). The
manufacturing unit is located in Sansawadi, Pune. ARFMPL procures
raw material viz, wheat grain, flour, etc. from regional mandis.
ARFMPL sells its products under the brand name of 'Super Moti' to
manufacturers and traders in western and southern regions of India.
The main products of the company include Maida, Bran, Rawa/Suji,
and wheat flour (Atta). ARFMPL is part of Gupta group formed in
1995 by Gupta family. The group operates total 17 mills across
India with a total installed capacity of processing wheat of 15
Lakh metric tonnes of wheat per annum.


ARIHANT DREAM: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arihant
Dream Infra Projects Limited (ADIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      14.90      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 9, 2020, placed the
rating(s) of ADIPL under the 'issuer non-cooperating' category as
ADIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ADIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 25,
2021, May 5, 2021, May 15, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Jaipur-based (Rajasthan) ADIPL was originally incorporated in 2011
as Arihant Shivank Infrastructure Private Limited and subsequently,
changed its name to ADIPL in August, 2013. ADIPL mainly executes
residential and commercial projects in Jaipur and nearby areas. The
promoters of the company have significant experience in the
executing residential and commercial real estate projects. The
company is currently executing five projects and all are in Jaipur
namely Arihant Dynasty, Arihant Legacy, Arihant Shree Krishnam
Heights, Arihant Sai Residency, Arhiant Awana.


ASHWANI GOYAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashwani
Goyal (AG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.38       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of AG under the 'issuer noncooperating' category as AG
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated June 8,
2021, June 18, 2021, June 28, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

AG is a proprietorship firm established by Mr Ashwani Goyal in
2004. However, the firm commenced the development of 4 Star hotel
project in 2013 with total capacity of 75 rooms and other
facilities such as bar restaurant, banquet, gymnasium and health
zone. The total project cost for setting up hotel was earlier
envisaged at Rs.16.85 crore. However, there is cost overrun due to
upgradation of project from 4 star hotel to 5 star hotel. The
project is now expected to be completed with total cost of Rs.24
crore. The hotel is run as a franchise of famous hotel brand
"Clarion Inn", a brand of Choice Hospitality India Private Limited.
The agreement for the same was signed in January, 2016. The hotel
was expected to commence commercial operations from January, 2016.
However, the firm commenced its operations in February, 2016 by
opening up of a restaurant.


BABA BHUMAN: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba Bhuman
Shah Ji Rice Mills (BBSJRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.28       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of BBSJRM  under the 'issuer non-cooperating' category as
BBSJRM had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BBSJRM continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 08, 2021, June 18, 2021, June 28, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Baba Bhuman Shah Ji Rice Mills (BBS) was established in 2013 as a
partnership firm by Mr Kewal Krishan, Mr Kharait Lal, Mr Sandeep
Kumar, Mr Subhash Chander, Mr Rajinder Kumar, Mr Surinder Kumar and
Mrs Kanta Rani, sharing profit and loss in the ratio of 15%, 15%,
15%, 14%, 14%, 14% and 13%, respectively. The commercial operations
started from November 2013. The firm is engaged in processing of
paddy at its manufacturing facility located in Fazilka, Punjab,
with an installed capacity of 7,000 Metric Tonnes per annum.

BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Steel Tube Industries (SBSTI) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of SBSTI under the 'issuer non-cooperating' category as
SBSTI had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SBSTI continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2021, June 16, 2021, and June 26, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 09, 2015 with the main object of carrying out
business of manufacturing steel tubes from hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner),
Mrs. Rama Latha (Partner) and Mr. Rama Gopi Krishna (Partner. The
project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is Rs.8.80 crore which is proposed to be funded through
bank term loan of Rs.3.50 crore, Partners' capital of Rs.5.20 crore
and remaining through unsecured loan of INR0.10 crore. As on
December 31, 2016, the firm has incurred expenses of Rs.3.60 crore
(around 40.90% of total project cost) towards the civil works and
purchase of Plant & Machinery and the same was funded by the
partners' capital.

D S ENGINEERING: CARE Lowers Rating on INR12.07cr Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of D S
Engineering Works LLP, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          12.07       CARE C Revised from CARE BB;
                                   Stable

   Long Term/
   Short Term
   Bank Facilities      1.93       CARE C/CARE A4 Revised from
                                   CARE BB; Stable/CARE A4

   Short Term
   Bank Facilities      5.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of D S
Engineering Works LLP is on account of stretched liquidity position
of the company because of significant impact of COVID second wave
on business. The ratings are further tempered by small scale of
operation, leveraged capital structure, high dependence on working
capital limits and tender-based nature of works along with presence
of the company in an intensively competitive industry. The ratings
however derive comfort from the experienced promoters, wide range
of service offerings, reputed customer base albeit client
concentration risk, and stable industry growth prospects.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Notable improvement in liquidity profile

* Ability to execute larger orders as primary contractor resulting
in significant improvement in scale of operation by more than 30%
y-o-y on a sustained basis while maintaining the PBILDT margins at
12% or above.

* Ability of the entity to source new orders and improve the order
book to more than INR250.00 crore and timely executing the same.

* Improvement in capital structure with overall gearing falling
below 1x, in future.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Further elongation in the operating cycle for the entity beyond
100 days, in future.

* Significant delay in execution of orders in hand, going forward.

Detailed description of the key rating drivers

Key Rating Weakness

Stretched liquidity position

Liquidity- Stretched

The liquidity position of the company is stretched owing to cash
flow mismatches on account of impact of Covid on the customer of
DSEW. The company has fully utilized working capital limits coupled
with modest cash balance of INR0.13 crore as of March 31, 2021. The
entity has availed moratorium for debt servicing (interest) from
March 2020- August 2020. Also, the firm has availed COVID limits
for meeting its short-term liquidity requirements.

* Small scale of operations: The entity, despite, having presence
in the construction domain for more than thirty years, remains a
relatively small-sized entity, marked by total operating income of
Rs.36 crore and Tangible Net Worth of Rs.6.15 crore as of March 31,
2021 (provisional).

* Leveraged capital structure: The capital structure of the entity
is levered with overall gearing of 3.49x as on March 31, 2021
(prov.) Nevertheless, the debt profile of the entity consists of
Covid loans, equipment finance loans, working capital borrowings
and unsecured loans. The company had availed Covid loans form one
of its bankers to meet its liquidity shortfall during Covid time.

* Moderate operating cycle albeit working capital intensive nature
of operations: Although DSEW operates in a working
capital-intensive industry, the operating cycle of the entity
remained moderate at 53 days as on March 31, 2020 (Prov.). This can
be attributed to the comfort drawn from the credit period extended
by the creditors which ranges from 2-3 months. However, it takes
around three months for the firm to realize its debtors, this
results in increased dependency on working capital borrowings.

* Tender-based nature of works amidst intensive competition in the
industry: DSEW generally participate in the bidding/tender process
and the order contract is awarded to the entity with designs and
other material requirements. The revenues are dependent on the
firm's ability to bid successfully for these tenders. Profitability
margins come under pressure because of this competitive nature of
the industry. Further, most of the contracts have a retention
clause of 10%-15% which is withheld for a specific period of time
thereby imposing pressure on the liquidity.

Key Rating Strengths

* Experienced Partners with proven track record of operation: Mr.
Tirumala Durgarao Veerapaneni, who is the managing partner of the
entity has more than thirty years of experience in the steel
fabrication and structural works industry. The other partner, Mr.
Dinakar Sai, has completed his MS from Germany also has a
decade-long industry experience and handles marketing division of
the firm and is instrumental in getting new orders from reputed and
large private players.

* Growing scale of operations and profitability during initial
years: With improvement in order book and increased order
execution, the total operating income of the entity has improved
significantly by 31% from INR22.05 crore in FY19 to INR70.00 crore
in FY20 (Prov.). Also, the PBILDT and PAT level of the firm has
witnessed significant improvement during FY20. However, there has
been a significant impact of COVID-19 on the firm's operations as
the company has made a TOI of INR36.35 crore in FY21 with a net
profit of INR1.76 crore.

* Association with reputed customers: Being in the industry for
more than three decades the entity has demonstrated its order
execution capabilities and has been successful in bagging orders
from major players in both public and private sector. Some of the
past clientele of the entity includes government entities like
Mazagoan Port Goa, NTPC Ramagundam, BHEL and private players like
Jindal Direct, Usha Martin Ltd and TATA Projects Ltd.

* Wide range of service offerings: DSE LLP specializes in part
works and has diversified service offerings such as erection of
structural steel fabrication in industrial plants, engineering and
structural works for steel plants, cement plants, power plants,
ports etc. The firm is also into assembling works, port handling
and equipment works such as goliath cranes, dock unloader,
conveyers, stop log gates etc. The entity specializes in erection
of heavy cranes, Hydro Machinery and piping. The entity also
provides technical support for various plant maintenance and AMC
jobs. Further, the entity also provides labor base to the main
contractor for executing various domestic and international
projects.

Industry Outlook

Construction & Infrastructure sector is a key driver for the Indian
economy. The sector is highly responsible for propelling India's
overall development and enjoys intense focus from Government for
initiating policies that would ensure time-bound creation of world
class infrastructure in the country. This provides immense
opportunities to construction companies to expand existing
capacities and harness project management expertise. With the
announcement of substantial outlay for infrastructure in Union
Budget 2020 through National Infrastructure Pipeline (NIP), the
total project capital expenditure in infrastructure sectors in
India during the fiscals 2020 to 2025 was projected to over INR
10.2 trillion

During the year 1991, Mr. V T Durga Rao established DK Industries
as a sole proprietary firm which was engaged in execution of small
structural steel works on sub-contract basis. During 2018, Mr.
Durga Rao along with his family members established a Limited
Liability Partnership firm (LLP) with the name "D S Engineering
works LLP (DSEW)" with a vision to grow and execute bigger
projects. DSEW is engaged in engineering and construction works
related to designing and structural steel fabrication jobs for
industrial plants.


DIGI EXPORT: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Digi Export
Venture Private Limited (DEVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      16.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 15, 2020, placed the
rating(s) of DEVPL under the 'issuer non-cooperating' category as
DEVPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DEVPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 1,
2021, May 11, 2021, May 21, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Digi Export Venture Private Limited (DEVPL) was incorporated on
June 25, 2010 by Mr. Amarjit Singh Kalra and his wife, Ms. Surinder
Kaur Kalra. The company is involved in the manufacturing and
assembling of public address (PA) systems and components, including
loudspeakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipment. The company commenced
operations in 2012 and its manufacturing facility is located in
Greater Noida, U.P. DEVPL belongs to the 5 core group, based in New
Delhi. The 5 core group was established in 1983 and apart from
DEVPL, the group has six other companies namely, Indian Acoustics
Private Limited, Visual & Acoustics Corporation LLP, EMS & Exports,
Happy Acoustics Private Limited, 5 Core Acoustics Private Limited
and Five Core Electronics Limited which are all involved in the
same line of business.


GLOBAL JEWELLERY: CARE Lowers Rating on INR9.50cr Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Global Jewellery Private Limited (GJPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.50      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank       0.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2020, placed the
rating(s) of GJPL under the 'issuer non-cooperating' category as
GJPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GJPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 24,
2021, May 4, 2021, May 14, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of non-availability of
requisite information.

Global Jewellery Private Limited (GJPL) [erstwhile Suashish
Jewellery Exports Limited (SJEL) incorporated by Mr. Rameshkumar
Goenka & Mr. Ashish Goenka in the year 1992] is engaged in
manufacturing of order-based gold and diamond studded jewellery. In
the year 1996, SJEL was acquired by Mr. Sanjiv Shah (holds 9.28%)
and the Mumbai based holding company namely Troika Securities
Private Limited (holds 90.72% stake) and the company's name was
changed to Global Jewellery Limited (GJL), subsequently being
reconstituted to a private limited company in 2002. GJPL is a 100%
exports-oriented unit with manufacturing facility admeasuring 9,000
sq. feet located in Santacruz Electronics Exports Processing Zone
(SEEPZ), at Andheri (East), Mumbai.

GREEN VALLEY'S: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Green Valley's Shelters Private Limited
        No. 9, 1st Floor
        Bishop Wallers Avenue (East)
        Mylapore, Chennai
        Tamil Nadu 600004

Insolvency Commencement Date: August 12, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 7, 2022

Insolvency professional: S. Krishnan

Interim Resolution
Professional:            S. Krishnan
                         Door No. 3, Flat No. G2
                         Sumangali Flats
                         Parangusapuram St.
                         Kodambakkam
                         Chennai 600024
                         E-mail: jargonk2011@gmail.com

                            - and -

                         C/o M/s Waterfall Insolvency
                         Professionals LLP
                         Flat 6/4 6th Floor
                         Rams Swathi Towers
                         5&7 Dr. Durgabhai Deshmukh Road
                         Raja Annamalai Puram
                         Chennai 600028
                         E-mail: ip.gvspl@gmail.com

Classes of creditors:    Homebuyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Ramji M
                         Mr. T.P. Najeeb
                         Mr. Sridhar V

Last date for
submission of claims:    August 25, 2021


INDIA SPORTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: India Sports Flashes Private Limited
        70-A/23, Third Floor
        Rama Road, Industrial Area
        Najafgarh Road
        New Delhi 110015

Insolvency Commencement Date: August 11, 2021

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Prateek Kathuria

Interim Resolution
Professional:            Prateek Kathuria
                         43C, Krishna Enclave
                         Janta Flats, Ashok Vihar III
                         Satyawati College
                         New Delhi 110052
                         E-mail: fcaprateek99@gmail.com

                            - and -

                         908, D Mall
                         Netaji Subhash Place
                         Pitampura 100034
                         E-mail: ip.indiasports@gmail.com

Last date for
submission of claims:    August 25, 2021


INDIABUILD PROPERTY: CARE Reaffirms B+ Rating on INR13.12cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Indiabuild Property Developers Pvt Ltd. (IBPD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     13.12       CARE B+; Stable Reaffirmed
   Debentures                 
                

Detailed Rationale & Key Rating Drivers

The rating of IBPD continues to be tempered by relatively slow
sales velocity of the project impacting the distributable reserves.
Company could redeem 60% of NCDs before due date of June 30, 2021
and extended the redemption date of balance amount to December 31,
2021. The rating takes note of further drop in expected IRR of
8.85% as against earlier IRR of 14% (original IRR was supposed to
be 22.8%). Apart from these, the project also faces intense
competition from various projects in vicinity. Nevertheless,
project construction is almost complete and received occupancy
certificate in Feb'20. The rating also draws strength from the
promoters having significant experience in construction and real
estate segment.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Rating upgrade is unlikely considering multiple extension in
redemption of NCD and less than 6 months' time left for repayment.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Further extension of NCD redemption date

Detailed description of the key rating drivers

Key Rating Weaknesses

* Lower than anticipated sales resulting in extension of redemption
of NCD: Company's share of saleable area is 2.52 lsf of which 2.09
lsf is sold by Jun'21 i.e. 83% of the area is sold. Sales velocity
picked up post receipt of OC in Feb'20 and during the past 12
months ended Jun'21, the company sold 0.61 lsf [previous 12 months:
0.17lsf]. The balance inventory is 0.43 lsf as on Jun 30, 2021
which is equivalent to unsold inventory of 9 months. The redemption
of NCD is dependent upon sale of entire project at desired price
realization along with collections of the same. Despite improvement
in sales run rate, the company could not entirely sell the project
and therefore did not had adequate cash flows to redeem the NCDs
which fell due on June 30, 2021 (which were originally scheduled to
be redeemed on September 30, 2020). The company by exercising call
option, has redeemed INR 19.7 crores (60% redemption) with premium
of INR3.3 crores on April 28, 2021. Redemption for balance amount
has been extended to December 31, 2021 with consent of relevant
stakeholders. In scenario of complete sales by Dec'21 along with
collections, investors are likely to earn IRR of 8.85% as against
earlier envisaged IRR of 14%. Expected recovery in sales post-Covid
2nd wave is likely to help the company in timely redemption of
NCDs.

* Exposed to inherent risks and intense competition associated with
the real estate industry: The project is situated in Doddaballapur,
Bengaluru and is exposed to risks associated with the real estate
industry in the city. Furthermore, project faces competition from
other plotted development projects in the vicinity like Century
Eden (8.19 lsf; at 1.5 km distance), Golden Ira (5 kms distance)
etc. Apart from these plotted development projects, other projects
like Puravankara Welworth City (completed residential project with
saleable area of 3.36 msf at around 2 kms) and Century Wintersun
(1.73 lsf; Villas project at 2.5 kms distance) are also located
nearby. Nevertheless, the project site is located close to
Doddaballapur Industrial area which is expected to drive the demand
for the project.

Key Rating Strengths

* Relatively low execution risk as the project is almost nearing
completion: Construction of the project is almost complete with 93%
of the construction cost incurred and has received OC certificate
in Feb'20. Balance work pending pertains to construction of club
house which is expected to be completed by Dec'21.

* Group's experience in construction and real estate segment: IBPD
is part of India Build Real Estates Private Limited under which 2
projects are presently being developed under separate
SPVs having common directors Mr. Pawan Sawhney and Mr. Santosh
Kumar Soni. Mr. Pawan Sawhney is a B.Tech (IIT Mumbai), MBA (Oxford
University), having more than 20 years of experience in real estate
and is also a Partner in Piramal Fund (Earlier Known as IndiaREIT
Fund). Mr. Santosh Kumar Soni has been involved in all transactions
under various schemes of India REIT Fund. He works in the capacity
of Vice President with India REIT Fund Advisors Pvt Ltd and has
been with the fund for more than 10 years

Liquidity : Stretched

The company has been unable to generate adequate cashflows to
redeem NCDs and has extended the due date from September 30, 2020
to June 30, 2021 and now to December 31, 2021. While there is
improvement in sales velocity over last 1 year, the company's
ability to sustain the same as well as to collect the entire
receivable will be critical for timely redemption.

IndiaBuild Property Developers Pvt Ltd (IBPD) is a special purpose
vehicle (SPV) under IndiaBuild Real Estates Pvt. Ltd (IBRE), a
development initiative undertaken by Piramal Fund Management
Private Limited. Under Domestic Real Estate Strategy-I scheme of
the Fund, IBPD was originated as the development arm for a
residential project in Doddaballapura Road, Bengaluru.


ISHWAR GINNING: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishwar
Ginning Private Limited (IGPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2020, placed the
rating(s) of IGPL under the 'issuer non-cooperating' category as
IGPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. IGPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2021, May 4, 2021, May 14, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Incorporated in 2015, Rajkot (Gujarat) based, Ishwar Ginning
Private Limited (IGPL) is promoted by Mr Rameshbhai Gamdha and Mr
Ashokbhai Gamdha with an objective of manufacturing of cotton bales
and cotton seeds. Mr Rameshbhai Gamdha and Mr Ashokbhai Gamdha are
also partners in Ishwar Oil Industries and Ishwar Oil Mill which
are into manufacturing of cotton oil and cotton oil cake.

JINDAL TIMBER: CARE Lowers Rating on INR4cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jindal Timber & Plywood Private Limited (JTPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2020, placed the
rating(s) of JTPPL under the 'issuer non-cooperating' category as
JTPPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JTPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 17,
2021, May 27, 2021, June 6, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of non-availability of
requisite information. The rating also factors in a significant
decline in scale of operations as well as a net loss in FY20.

Karnal-based (Haryana) JTPPL was incorporated in 2009 and is
promoted by Mr. Ramesh Jain and supported by his son Mr. Dinesh
Jain. The business operations were originally being carried under a
proprietorship firm "Jindal Cement Jali Works" (JCJW) which was
established by Mr. Ramesh Jain in 1976. Subsequently, in 2009, the
business operations were taken over by JTPPL. JTPPL is engaged in
trading and sawing of timber and allied products such as plywood,
door skins etc. These products are used for making doors, windows,
furniture and other wooden items. JTPPL has its registered office
located at Karnal, Haryana with its branch office at Gandhidham,
Gujarat. The company imports timber mainly from Malaysia, Germany,
New Zealand etc. The company sells its products to wholesalers and
retailers pan India. The company has one associate concern namely
Jindal (Ply) India Private Limited which is engaged in
manufacturing of plywood since 2009.


KING REFINERIES: CARE Lowers Rating on INR3.0cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of King
Refineries Private Limited (KRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank       4.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of KRPL under the 'issuer non-cooperating' category as
KRPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021 and June 28, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

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

King Refineries Private Limited (KRPL) was incorporated in July
1994 by Mr. S.A. Arumugam, Managing Director; who has got more than
five decades of experience in edible oil refining industry. KRPL is
engaged in the business of edible oil refining. The day-to-day
operations are managed by the directors, Mr. Venkatachalam and Mr.
M. Abinand. KRPL procures crude oil (sunflower oil, ground nut oil
and cottonseed oil) from local traders in Tamil Nadu. Apart from
the same, KRPL also started importing oil (crude sunflower oil)
from Ukraine since October 2015.


MADHUSHREE INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Madhushree Industries Private Limited
        Flat No. 2B, 2nd Floor
        36A, Pratapaditya Road
        Kolkata WB 700026

Insolvency Commencement Date: August 13, 2021

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         C/o Klass Insolvency Resolution
                         Professionals Private Limited
                         2/7 Sarat Bose Road
                         Vasundhara Building
                         2nd Floor
                         Kolkata 700020
                         West Bengal
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    August 27, 2021


MAHARASHTRA FASTENERS: Ind-Ra Moves 'BB' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maharashtra
Fasteners 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 action is:

-- INR230 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 13, 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 1996, Maharashtra Fasteners manufactures various
metallic fasteners such as nuts (M4 - M18), bolts (M - M12), round
weld nuts, hollow dowel pins, drain plugs etc. The manufacturing
plant is situated in Solu, Pune, with a total production capacity
of 14,400 metric tons per annum.


MANSI INTERNATIONAL: CARE Lowers Rating on INR10 Loans to D
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mansi
International Private Limited (MIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank      3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 11, 2020, placed the
rating(s) of MIPL under the 'issuer non-cooperating' category as
MIPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 27, 2021, May 7, 2021, May 17, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of on account of ongoing
delays in debt servicing recognized from publicly available
information i.e. NCLT order dated October 11, 2019.

Mansi Traders was established in 2010 as a proprietorship concern
by Ms. Mansi Doshi. Later, it was converted into private limited
company in 2012 under the name Mansi International Private Limited
(MIPL). The company is mainly engaged in trading of dry fruits such
as almonds, raisins and pistachios and spices such as cloves, star
anise seed, dry ginger and cinnamon. MIL mainly sells its products
in the regions of Maharashtra, Tamil Nadu, Gujrat, Karnataka,
Delhi, Andhra Pradesh, West Bengal and Rajasthan.

METRO CERAMICS: CARE Lowers Rating on INR5.64cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Metro Ceramics (MC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.64       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 29, 2020, placed the
rating(s) of MC under the 'issuer noncooperating' category as MC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2021, May 25, 2021, June 4, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

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

Morbi (Gujarat) based Metro Ceramics (MCC), a partnership firm, was
formed in 2002 by Mr. Dilip R. Patel and his family members. MCC is
a part of Metro Group which has presence in various segments of the
ceramic tiles industry. MCC operates from its manufacturing
facility located in ceramic cluster (Morbi) and has an installed
capacity to manufacture 39,000 MTPA of floor tiles as on March 31,
2016.

MEVADA OIL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mevada Oil
Mill Private Limited (MOMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.60      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 10, 2020, placed the
rating(s) of MOMPL under the 'issuer non-cooperating' category as
MOMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MOMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2021, May 6, 2021, May 16, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Surendranagar (Gujarat) based Mevada oil Mill Private Limited
(MOMPL) was established in April 2000 as a proprietorship firm by
Mr. Ramesh Mevada. The firm was engaged in the business of
production of refined groundnut oil and trading in all types of
Edible Oil and Oil Cakes. In October 2016, the Proprietorship firm
was reconstituted as "Mevada Oil Mill Private Limited" and is now
engaged into manufacturing of cotton wash oil, crude corn oil and
oil cakes as well as trading in all kinds of edible oil, non-edible
oil and oil cakes.


MEWAR FABRICS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mewar
Fabrics Private Limited (MFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.28       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 9, 2020, placed the
rating(s) of MFPL under the 'issuer non-cooperating' category as
MFPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 25,
2021, May 5, 2021, May 15, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Bhilwara-based (Rajasthan) MFPL, was incorporated in 1985, by Mr
Jagdish Agarwal along with Ms Kusum Nenavati. MFPL was set up to
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing work
required for the manufacturing of finished fabrics on job work
basis to the nearby process house located at Bhilwara.

NARMADA EXTRUSIONS: CARE Cuts Rating on INR13.69cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Narmada Extrusions Limited (NEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.69       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     65.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2020, placed the
rating(s) of NEL under the 'issuer non-cooperating' category as NEL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 12, 2021, May 22, 2021, June 1, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

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

The ratings also factored in the decline in scale of operations,
profitability, capital structure and debt coverage indicators
during FY20 over FY19.

Incorporated in August 1984, NEL is an ISI 9000:2008 certified
company promoted by Mr. Mahesh Mittal and his family based out of
Indore. NEL manufactures and trades in HDPE and PP bags catering to
the packaging needs of cement, fertilizers, sugar, salt, flour,
chemicals, food grains industries etc. The manufacturing facilities
of NEL are located at Indore with an installed capacity of 17,500
Metric Tonnes (MT) of fabrics and bags per annum as on March 31,
2016. Apart from the manufacturing of HDPE & PP bags, NEL also acts
as a Carrying and Forwarding (C&F) Agent for GAIL (India) Limited
and trades in plastic granules.


NARSINGH CONSTRUCTION: CARE Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narsingh
Construction (NC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank       4.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 14, 2020, placed the
rating(s) of NC under the 'issuer noncooperating' category as NC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2021, June 9, 2021, June 19, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

M/s. Narsingh Construction (NRC) was established in 2001 as a
partnership firm by one Mr. B. Singh Binay of Saharsa, Bihar and
another one partner. Currently the firm is governed by the amended
partnership deed with six partners. The firm is registered as
Class-A contractor with Road Contraction Department (RCD)-
Government of Bihar. NRC participates in the tender process of
various government departments of Bihar for their civil
construction projects like road and building contraction and
related ancillary works etc. Mr. B. Singh Binay, Managing Partner,
looks after the day-to-day operations of the firm.


NEW PRINT: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Print
India Private Limited (NPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.78       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2020, placed the
rating(s) of NPI under the 'issuer non-cooperating' category as NPI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. NPI continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 17,
2021, May 27, 2021, June 6, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

New Prints India Private Limited (NPI) was incorporated in 1979 by
Mr. Subhash Goel and Mr Suresh Goel. New Prints Private Limited
(NPI) is engaged in manufacturing of paper products like books,
calendar, diary etc. The company is into offset printing, pre-press
and post-press (i.e. binding, stitching, lamination etc)
activities. The raw material used in manufacturing includes paper
reels/rolls, chemicals & inks, printed covers, nylo polymer plates
and CNG which the firm procures mainly from dealers located in
Noida and Delhi. The end users of the products manufactured by the
firm are government departments, banks, school, colleges and
household sector.

NIRMAL LIFESTYLE: Moves NCLAT on Insolvency Plea
------------------------------------------------
The Times of India reports that Nirmal Lifestyle Limited has filed
an appeal before the National Company Appellate Law Tribunal
(NCLAT) against a recent order of the Mumbai bench of the National
Company Law Tribunal (NCLT), which admitted an insolvency
resolution petition against the company. A corporate debtor, the
company had failed to make a payment of INR286 crore under
facilities it was granted, the report says.

In its August 5 order that was made available on August 11, the
NCLT had appointed chartered accountant Ajit Gyanchand Jain as its
interim resolution professional (IRP) to run the day-to-day affairs
of the company, TOI discloses. The move came on a petition filed by
financial creditor IDBI Trusteeship Services under the Insolvency
and Bankruptcy Code (IBC) of 2016.

Ashok Paranjpe, managing partner at MDP & Partners, who are
solicitors for Nirmal Lifestyle, confirmed that an appeal was filed
and stated that consent terms were executed between the financial
creditor and the company for settlement of disputes, TOI discloses.
Its appeal is on the grounds that, despite settlement terms being
executed, NCLT passed interim orders and admitted the insolvency
petition against it.

In its order, the NCLT bench of judicial member H V Subba Rao and
technical member Chandrabhan Singh had, after hearing advocates
Rohit Gupta for IDBI and Simil Purohit for Nirmal, allowed the
financial creditor's plea and initiated the corporate insolvency
resolution process (CIRP), TOI says.

Nirmal Lifestyle Limited is the flagship company of the Nirmal
group, which was founded by the late Mr. S P Jain in the late 1980s
and is one of the established developers in eastern Mumbai. It a
closely held company incorporated in 1999 to undertake residential,
commercial, and retail construction.


NUFUTURE DIGITAL: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated nuFuture Digital
(India) 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating action is:           

-- INR175 mil. Fund-based working capital facilities migrated to
     non-cooperating category with IND C (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 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 2007, nuFuture Digital (India) provides IT and
business services to the Future group companies.

P. M. COT: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. M. Cot
Fibers (PMCF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.11       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 24, 2020, placed the
rating(s) of PMCF under the 'issuer noncooperating' category as
PMCF had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PMCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2021, May 20, 2021, May 30, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Barwani (Madhya Pradesh) based PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field project in
the field cotton ginning & pressing of cotton bales and cotton
seeds. PMCF operates from its sole manufacturing facility located
in Barwani (Madhya Pradesh) with proposed installed capacity of
25,000 MTPA for cotton bales.

P.L. MULTIPLEX: CARE Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.L.
Multiplex India Private Limited (PLMIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.67       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated June 11, 2020, had placed the
ratings of PLMIPL under the 'Issuer Non-cooperating' category as
the company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. PLMIPL continues to
be non-cooperative despite requests for submission of information
through phone calls and e-mails dated April 27, 2021, May 7, 2021
and May 17, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Incorporated in the year 2002, PL Multiplex India Private Limited
(PLMIPL), is engaged in the business of commercial leasing. PLMIPL
is a part of the Thane-based Siddhi group, promoted by members of
the Sharma and Gala families. PLMIPL has taken subcontract for
construction of third and fourth floors (Approximately area of
38000 Sq. ft) to build a multiplex theatre (comprising of 5 screens
having 1104 seats) along with office cum commercial area (i.e.
booking counter) from Shree Balaji Builders and Developers (SBBD)
of Lake City Mall. PLMIPL has given the said building on long
–term (for 30 years lease) to Cinepolis India Private Limited.
PLMIPL has given the said building on lease for long –term (30
years lease) to Cinepolis India Private Limited (CIPL) with a lock
in period of 10 years.


PANTONE TEXTILE: CARE Lowers Rating on INR7.25cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pantone Textile Mills Private Limited (PTMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.25      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Long Term/Short       0.25      CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2020, placed the
rating(s) of PTMPL under the 'issuer non-cooperating' category as
PTMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PTMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 17,
2021, May 27, 2021, June 6, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of non-availability of
requisite information.

Faridabad (Haryana) based, Pantone Textiles Mills Private Limited
(PTMPL) was incorporated in January 2017 as a private limited
company and is currently being managed by Mr. Pushpender Kumar, Mr.
Jai Prakash Singh, Mr. Sanjay Sharma and Mr. Vinay Kataria sharing
profit and loss equally. PTMPL is setting up a unit for processing
and dyeing of fabric and garments. The company would procure its
raw material i.e. chemicals, colors and fuel etc. from manufactures
and traders in local market. The firm is having group concerns
namely M/s Neeta Polycots, Tirupati Weaving, Sahi Residency Private
Limited and Sahiram Textiles Private Limited.


PRAAGNA HOSPITALS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Praagna Hospitals Private Limited (SPHPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2020, placed the
rating(s) of SPHPL under the 'issuer non-cooperating' category as
SPHPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 9, 2021, June 19, 2021 and June 29, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Sree Praagna Hospitals Private Limited (SPHPL) was incorporated in
2015 with trade name as 'S V American Hospitals', promoted by Dr
B.J Prasad (Managing Director), an ENT specialist and Dr Syamala
Sridevi (Director) is specialized in Oncology. SPHPL has got
approvals from DM&HO (District Medical & Health Officers) in the
year 2016 for setting up the hospitals and also planning to empanel
for 'Aarogyasri Scheme', sponsored by government of Andhra Pradesh.
SPHPL is planning to be managed by a team of experts from all
related fields like Oncology, ENT and Cancer treatment with all
types of Surgeries.


PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pradeep
Udyog (PU) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 6, 2020, placed the
rating(s) of PU under the 'issuer noncooperating' category as PU
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2021, June 1, 2021, June 11, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep
Agarwal and commenced operation in January 2016. PU is engaged in
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
etc, which find application in various industries like
construction, infrastructure and engineering, amongst others. The
entity has its registered office and servicing facility based in
Nagpur. The servicing facility is owned by the entity and has an
area of 6,000 square feet (sq. ft.).


RADHAKRISHNA OIL: CARE Lowers Rating on INR9cr Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Radhakrishna Oil Industries (ROI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2020, placed the
rating(s) of ROI under the 'issuer non-cooperating' category as ROI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ROI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2021, May 21, 2021, May 31, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

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

Bhikangaon, Khargone (Madhya Pradesh) situated ROI was established
as a partnership firm in 1999. Its operations are been managed by
Jaiswal family comprising of Mr. Subhash Jaiswal, Mr. Mahesh Kumar
Jaiswal and Mr. Dinesh Jaiswal having equal profit sharing ratio
and having wide experience in cotton ginning and farming in
Bhikangaon, Khargone, Madhya Pradesh. ROI gins cotton and extracts
oil and has installed capacity of 300 bales/day. It is engaged in
the manufacturing of Rui from Kapas. The by –products
manufactured include Seed Cake and oil respectively.

RAYANA PAPER: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rayana Paper Board
Industries 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:

-- INR236.8 mil. Term loan due on March 2026 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR347.5 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 13, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rayana was incorporated in December 1986 and started operations in
1989. The company manufactures media and kraft paper, and writing
and printing paper.


RRR CONSTRUCTIONS: Ind-Ra Moves 'BB' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RRR Constructions
& Projects 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:

-- INR40 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/Stable/IND A4+

     (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Fund-based limit* migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/Stable/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR90 mil. Non-fund-based limit* migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 30, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2015, RRR Constructions & Projects has its registered
office in Hyderabad. The company concentrates mainly in roads,
pipes, buildings and related maintenance works. It has presence in
Telangana, Andhra Pradesh and Karnataka.


SANGEETA AVIATION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sangeeta Aviation Services Private Limited
        5B-34, Akshay Mittal Ind. Estate
        Saki Naka, Andheri (East)
        Mumbai 400059

Insolvency Commencement Date: August 10, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 6, 2022
                               (180 days from commencement)

Insolvency professional: Modilal Dharnraj Pamecha

Interim Resolution
Professional:            Modilal Dharnraj Pamecha
                         C-802 Padmarag
                         J.B. Nagar, Andheri (E)
                         Mumbai 400059
                         Maharashtra
                         E-mail: camodilalpamecha@gmail.com

Last date for
submission of claims:    August 27, 2021


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 17, 2020, placed the
rating(s) of SMPL under the 'issuer non-cooperating' category as
SMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email
dated May 3, 2021, May 13, 2021, May 23, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Sonipat-based (Haryana) Surgicoin Medequip Private Limited (SMPL)
was incorporated on January 27, 1986 under the name of Super
Cardiac Breaths Private Limited by Mr Naresh Grover. Later on
February 02 2006, the name of the entity was changed to Surgicoin
Medequip Private Limited. The company is currently managed by Mr
Naresh Grover. The firm is engaged in manufacturing and trading of
medical equipment like operation Theatre Equipment, Respiratory
Apparatus, Electro Medical Equipment, Patients ward Equipment and
other medical products. The company has its manufacturing facility
located at Rai, Sonipat.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 22, 2020, placed the
rating(s) of SCPL under the 'issuer non-cooperating' category as
SCPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2021, May 18, 2021, and May 28, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

SVR was incorporated in the year 2013 by Mr. R.Uday Kumar Reddy and
Mr.S.V.Gowtham Reddy. The company has proposed to set up a unit for
the generation, accumulation, distribution and supply of
electricity and all forms of energy at Chittoor, Andhra Pradesh.
The total installed capacity of the unit is 2MW SPV (Solar
Photovoltaic) new grid-tied projects per annum. The raw material
required for the production, to the extent of 56% will be imported
from Hongkong and remaining to be purchased from other states in
India. SVR has commenced its operations from December 2017 onwards.
The total cost proposed for setting up the unit is INR13.44 crore
funded by equity share capital of Rs.3.36 crore and remaining
through term loan of Rs.10.08 crore in which Rs.4.50 crore is FLC
to be converted to term loan after 3 years usance period.


TARU AGENCIES: CARE Assigns B+ Rating to INR5.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Taru
Agencies and Investment Private Limited as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities            5.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Taru Agencies is
constrained on account of small scale of operations, regionally
concentrated portfolio with major presence in Delhi and exposure
towards relatively riskier customer segments which are vulnerable
to economic downturns.

The rating, however derives strength from the experienced &
professional management team and growth in loan portfolio over the
years with moderate profitability profile. The rating also draws
comfort from the association with group companies which helps in
generation of business.

Rating Sensitivities

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

* Increase in scale of operation while maintaining asset quality
* Improvement in profitability profile

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

* Deterioration in asset quality profile with GNPA of more than 3%
* Decline in AUM

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: Taru Agencies started its operations
in the year 2002 for financing Small Commercial Vehicles (SCVs) of
Mahindra & Mahindra (M&M). However, the operations were halted in
2005. The company was restarted in 2016 with the business of
providing loans to finance purchase of used vehicles. As of March
31, 2021 the AUM is primarily comprised of loans to finance
four-wheeler/SCV which constitutes 71% of the AUM followed by loans
to finance 3- wheeler which constitutes 16% while the balance is to
finance the e- rickshaws. The concentration of e- rickshaw and 3-
wheeler in the overall book has been declining with 12% and 16%,
respectively in FY21 from 18% and 47%, respectively in FY19, with
the concentration of four-wheelers in the overall book increasing.

* High regional concentration: Taru Agencies has majority of its
business in Delhi with 95% of its total AUM followed by Haryana 4%
and rest 1% of AUM in Uttar Pradesh as on March 31, 2021. The
single state concentration subjects Taru Agencies to risk
associated with changes in the socio-economic-political landscape
in the state.

* Relatively riskier customer segments: Taru Agencies is in the
business of lending against used commercial vehicle with tenure
ranging between 15 months to 24 months which is a relatively
riskier asset class, given the residual life of the asset.
Furthermore, the clients/ target segment of the company is
primarily driver-turned-owner segment with little/no past track
record on income or repayment and little access to funding through
banking channels. Since this segment is highly susceptible to the
impact of economic downturn the asset quality parameters will
remain a key monitorable.

* Moderate asset quality: During FY21, there has been rise in
absolute Gross NPAs to INR0.16 crore from INR0.09 crore as of March
31, 2020. Owing to the nil provisioning during FY21, the absolute
Net NPA, increased to INR0.20 crore as of March 31, 2021 from
INR0.16 crore as of March 31, 2020. As per its NPA policy, Taru
Agencies recognizes NPA at 90+ dpd.

* Concentrated resource profile: The resource profile of the
company is concentrated with majority borrowings from its owners or
from the holding company. As per FY 21 provisional results, Taru
Agencies borrowed 99% of the borrowings from its holding company
and 1% from banks.

Key Rating Strengths

* Experienced & professional management: Taru Agencies is part of
the Indraprastha Group which has 4 companies under its ambit,
namely, Taru Agencies, Indraprastha Automobiles Pvt. Ltd., Sanjay
Automotive and Rohit Autowheelers. Currently, the group has 18
dealership showrooms of M&M for new vehicles and 3 dealership
showrooms for sale of old vehicles Mr. Sanjay Virmani who is the
Managing Director of Indraprastha group has more than 20 years of
experience in the auto-dealership business as authorized dealers
for M&M. the experience of Mr. Virmani in automobile industry has
helped Taru Agencies in its business. As Taru Agencies primarily
finances the vehicles that are sold by the group companies, the
association with the group has helped it in garnering incremental
business over the years.

* Growth in loan portfolio: The AUM of Taru Agencies has registered
a 3 years CAGR of 18% and stood at Rs.17 crore as of March 31, 2021
from Rs.10 crore as of March 31, 2019. With the growth in the loan
book of the company, the profitability profile of the company is
also moderate with it reporting a net profit of INR1.65 crore as
per provisional results of FY21 increased by 11% YOY from INR1.49
crore in FY20. The net interest margin (NIM) and return on total
assets (RoTA) of the company stood at 12.67% and 8.92% respectively
as of March 31, 2021 (Prov) as against 15.47% and 11.46%
respectively as of March 31, 2020.

Outlook on Industry

The outlook for NBFCs and HFCs has turned negative due to Covid-19
outbreak. The sector which grappled with liability side disruptions
could see another wave of challenges, this time in the form of
asset quality. Amidst these, funding challenges could mount again,
as banks become more selective in extending credit. While asset
quality of NBFCs has witnessed moderation in FY21, the incremental
impact of COVID-19 on the asset quality in the medium term remains
to be seen.

Liquidity: Moderate

Taru Agencies has cash balance of INR0.03 crore and bank balance of
INR1.33 crore as of March 31, 2021. The company also has security
deposits of INR0.27 crore.

Taru Agencies) was incorporated on January 20, 1987 and is
headquartered in Delhi with operations in Delhi, Uttar Pradesh and
Haryana. Taru Agencies was taken over by Mr. Sanjay Virmani and
family in 2002 and was incorporated as NBFC-ND-NSI for financing
SCVs of M&M. However, the operations were halted in 2005. The
company was restarted in 2016 with the business of providing loans
to finance purchase of used vehicles. It is a Non-Deposit taking
Non-Systemically Important NonBanking Financial Company
(NBFC-ND-NSI) registered with Reserve Bank of India (RBI) with a
total loan book of INR18.10 crore as per provisional results for
FY21. It provides loans to finance for e-rickshaw, 3 wheelers and 4
wheelers to retail customers. The company is part of the
Indraprastha Group which has 4 companies under its ambit, namely,
Taru Agencies, Indraprastha Automobiles Pvt. Ltd., Sanjay
Automotive and Rohit Autowheelers.


V. SELVAM: CARE Assigns B+ Rating to INR16.20cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of V.
Selvam, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           16.20      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of V. Selvam is
primarily constrained by the small scale of operations, weak
liquidity profile and proprietorship nature of the business. The
rating is further constrained by the inherent cyclicality of the
hospitality industry and negative impact of the Covid-19 pandemic
on the industry prospects.

The rating, however, derives strength from the experienced promoter
and healthy operating margins.

Rating sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Scaling up of occupancy levels in the hotel business to above
50%.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Continued impact of Covid-19 on the occupancy level impacting the
liquidity metrics.

Detailed description of the key rating drivers

Key Rating weaknesses

* Small scale of operations: The firm's scale of operations
remained small at around INR6-7 crore in the past few years. The
hotel business contributed around 65-70% of the revenue, followed
by wedding hall and bus service income. The revenue further
declined in FY21(Prov) attributed to the temporary closure of
hotels and bus service verticals owing to nationwide lockdown
imposed on account of COVID-19 pandemic. The operations in the
hotel resumed during September 2020, however even then the bookings
had been slow on account of restricted public movement. The current
year is also expected to witness similar level of operations taking
into account the continued impact of the pandemic.

* Proprietorship nature of business constitution: V. Selvam is a
proprietorship nature of business wherein the inherent risk of
withdrawal of capital by the proprietary at the time of their
personal contingencies resulting in erosion of capital base leading
to adverse effect on capital structure. There has been withdrawal
of proprietor's capital fund during last two years ended.

* Inherent cyclicality of the hospitality industry and impact of
Covid-19 on the prospects: The Indian hotel industry is highly
fragmented with presence of large number of organized chains and
standalone players. The demand is seasonal in nature due to
dependency on tourist arrivals (both foreign and domestic) with the
prime season being October to March.  The hospitality industry is
highly cyclical in nature and sensitive to any untoward events such
as slowdown in the economy or outbreak of any pandemic. The sector
was one of the worst impacted by the lockdown last year owing to
Covid-19 pandemic, being the first to shut operations, in March,
and among the last to resume operations, in September 2020.
Further, the stringent social distancing rules as well as fear of
contracting the virus among the masses are expected to impact
occupancies even upon resumption of operations.

Key Rating strengths

* Experienced promoter: Mr. V. Selvam runs various businesses viz
hotel, bus transport services, wedding hall/commercial complex
rentals and auto fuel outlets. He was previously associated with
the educational sector for almost two decades and holds the
position of VicePresident in one of the renowned higher educational
institutions in India, viz Vellore institute of Technology.

* Healthy operating margins: The operating margin of the firm stood
healthy above 30% during the last three years due to the service
nature of industry. The wedding and hotel business constitute a
major part of the profitability.

Liquidity analysis: Weak

Liquidity position remained weak marked by low cash accruals
vis-a-vis repayment obligations of INR1.26 Cr for FY22. With no
major requirement of inventory and receivables, the working capital
required is marked by negative operating cycle due to elongated
creditor days. The firm procures provisions, vegetables, and other
necessary food preparation items required for the restaurant on
credit from the local grocery suppliers with credit period
negotiated up to 40 days. Consequently, the firm does not enjoy any
working capital limit from bank. The debt primarily consists of
term loans availed during the periods FY15-FY18 for the
construction of the hotel. With the impact of the pandemic and
expected dip in revenue, the loans were rescheduled with extension
of holiday period along with moratorium availed for COVID-19
announced by RBI from April 2020 to September 2020. The repayment
as per the revised schedule starts from September 2021, by which
the operations in the hotel are expected to resume to normal levels
with improved occupancy.

V. Selvam is a proprietorship firm which operates varied businesses
viz hotel, bar, bus transport services and wedding hall. Mr. Selvam
has been in the business of bar & bus transport services since 1990
and established hotel in the name M/s. Khanna Fiesta during 2016.
Khanna Fiesta is a three-star hotel located in Vellore, Tamil Nadu,
marketed and operated by M/s. Bergamont Hotels Private Limited who
undertake the manpower supply and maintenance. The hotel was built
with 52 deluxe rooms, 2 banquet hall with seating capacity of 200
persons each and a multi cuisine restaurant. The promoter has
experience close to 3 decades in various businesses.

VIJAY GROUP: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Vijay Group Realty LLP
        205, Marine Chambers
        2nd Floor 43
        New Marine Lines
        Churchgate Mumbai
        Mumbai City
        MH 400020

Insolvency Commencement Date: August 4, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 9, 2022

Insolvency professional: CS Anish Gupta

Interim Resolution
Professional:            CS Anish Gupta
                         413, Autumn Grove
                         Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         Mobile: 9821099720
                         E-mail: anish@csanishgupta.com
                                 agirp07@gmail.com

Last date for
submission of claims:    August 27, 2021




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

NISSAN MOTOR: Egan-Jones Keeps BB- Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on August 11, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Nissan Motor Co Ltd. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Yokohama, Kanagawa, Japan, Nissan Motor Co Ltd
manufactures and distributes automobiles and related parts.




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

DRB-HICOM BHD: Net Loss Narrows to MYR217.5MM in Q2 Ended June 30
-----------------------------------------------------------------
The Sun Daily reports that DRB-Hicom Bhd's net loss for its second
quarter ended June 30, 2021 narrowed by 28.9% to MYR217.5 million
from MYR306.08 million in the same quarter of the previous year,
attributed to better performance by Proton, and automotive
distribution, manufacturing and engineering segments as well as an
improved marked-to-market impact from derivatives contracts despite
lower results from its services companies.

Revenue for the quarter improved by 30.8% to MYR2.62 billion from
MYR2 billion previously, Sun Daily relates.

According to the group, despite pressure on sales from the various
movement control orders, its automotive sector revenue increased
52% in the first half of the year to MYR4.35 billion from MYR2.87
billion previously, the report relays.

Its services sector revenue fell 2.4% to MYR1.66 billion in the
first half while, its properties sector fell 27.7% to MYR124.57
million as it had exited the retail property and hospitality
business last year.

Moving forward, DRB-Hicom stated it remains cautious of its
performance for the financial year ending Dec 31, 2021 given the
heightened uncertainties over the full economic impact of the
prolonged Covid-19 pandemic, according to Sun Daily.

In the first six months ended June 30, 2021, the group's net loss
was reduced by 51.1% to MYR234.46 million from MYR479.36 million in
the year before, Sun Daily discloses.

Revenue for the half-year period improved 29.4% to MYR6.13 billion
from MYR4.74 billion previously.

DRB-HICOM Berhad is an investment holding company. The Company
operates through three segments: Automotive, Services, and
Property, Asset and Construction.


SERBA DINAMIK: S&P Lowers ICR to 'CCC', Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Serba Dinamik Holdings Bhd. to 'CCC' from 'B-'. S&P also lowered
the long-term foreign currency issue rating on the company's
guaranteed sukuks to 'CCC' from 'B-'. S&P removed the ratings from
CreditWatch, where they were placed with negative implications on
June 1, 2021.

The negative outlook reflects the mounting refinancing risk with
sizable amounts of debt maturing within the next nine months, and a
critical dependency on regaining market access and external
financial support to meet its financial commitments.

S&P lowered the ratings on Malaysia-based Serba Dinamik to reflect
the company's sizable debt maturities of about MYR1.7 billion
within the next nine months, and its view that the persistent
challenges surrounding a special independent review and statutory
audit will continue to impede Serba Dinamik's access to external
funding.

With less than nine months to its sukuk maturity, Serba Dinamik's
ability to get external sources of capital hinges on a resolution
of the special independent review, a timely completion of its
statutory audit, and a restoration of market confidence in the
company. S&P believes the company's ability to access fresh
external funds for refinancing will remain restricted pending the
resolution of the independent review, statutory audit, and
investigation by the Securities Commission of Malaysia. The
confirmation of appointment of Ernst & Young in July 2021 as the
special independent reviewer of audit issues raised by ex-auditor
KPMG PLT, and Nexia SSY PLT as the new statutory auditor in August
2021, leaves both parties with a tight time frame to complete their
assigned tasks before Oct. 31, 2021. While Serba Dinamik has not
revised its targeted fiscal 2020 filing, any further delays mean
the company would be hard-pressed to meet its articulated deadline.
Still, this remains a key stepping stone in dispelling uncertainty
and restoring confidence among capital providers.

Market confidence in Serba Dinamik has been shaken, with both its
stock and bond prices down about 75% and 60%-70%, respectively. S&P
said, "We consider funding from the capital and equity markets to
be unlikely in the near term, because it will take the company some
time to restore market confidence after the resolution of the
special independent review and audit. In our view, the company's
decision to take legal action against the previous auditor, KPMG,
further complicates its bid to restore market confidence."

With the substantial debt falling due over the next nine months and
our projection of negative free operating cash flows over the
period, Serba Dinamik remains dependent upon the support of
external financiers to meet its debt commitments. The maturing
debts include MYR900 million in sukuk, loan amortization of its
long-term bank facilities and short-term facilities amounting to
MYR700 million, and MYR100 million of its commercial paper. This
dwarfs the company's last reported cash balance of MYR1 billion (as
of March 31, 2021). At the same time, we estimate Serba Dinamik
will generate MYR300 million-MYR400 million in negative free
operating cash flows over the 12 months ending June 30, 2022, given
the high working capital intensity of its business model.

S&P said, "We consider Serba Dinamik's liquidity to be weak due to
its reduced access to funding.In our base case, we estimate the
company's liquidity sources will cover less than 0.7x near-term
liquidity uses over the 12 months ending June 30, 2022. We also
consider that Serba Dinamik may need to spend MYR400 million-MYR500
million in long-lead time capital expenditures, which further
limits the company's financial flexibility and raises its reliance
on fresh funding for refinancing debt and business needs.

"In our view, Serba Dinamik needs to overcome its near-term
governance deficiency created by the recent high turnover in its
board of directors. Five of its independent board directors
resigned following Serba Dinamik's decision to initiate the lawsuit
against former auditor KPMG. Of the five directors, four have cited
differences in opinion over the company's decision against KPMG. In
our opinion, this calls into question the effectiveness of the
board in maintaining an independent oversight over the management.
We believe the resignation of KPMG and Serba Dinamik's independent
board members dilutes the possibility of an unequivocal resolution
of the audit matters first raised by KPMG because the initial
independent third parties are no longer involved in the process.

"Serba Dinamik may face near-term difficulties in replenishing its
order book. We believe the resurgence of a wave of COVID-19 in
Malaysia, evolving political situation within the country, and the
uncertainty around the audit review to be contributing factors to
negative pressure on Serba Dinamik's efforts to replenish its order
book. The going concern and reputation of an engineering and
construction firm are key considerations in a contract bidding
process, in our view. A marked slowdown in orderbook replenishment
would lead to a marked decline in revenue in subsequent quarters.
The company's typical contracts usually have an average tenor of
two to three years. In calendar 2021 to date, Serba Dinamik has
reported contract wins amounting to MYR1.25 billion, which pales in
comparison with an amount of more than MYR10 billion in 2020.

"The negative outlook on Serba Dinamik reflects our view of
mounting refinancing risk, given the company's weakened access to
funding coupled with sizable debt maturing within the next nine
months."

Downside scenario

Downward rating pressure could arise if Serba Dinamik cannot
demonstrate a refinancing plan for its upcoming maturities or roll
over its short-term facilities after its fiscal 2020's statutory
audit.

S&P will also lower the rating to selective default ('SD') if Serba
Dinamik undertakes capital market transactions related to its notes
that it assesses as a distressed exchange, including capital market
purchases below par.

Upside scenario

S&P could revise the outlook to stable if Serba Dinamik produces a
credible refinancing plan for its debt maturities and can roll over
its short-term facilities on a timely basis.




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

ATZ INTERNATIONAL: Creditors' Meetings Set for Aug. 31
------------------------------------------------------
ATZ International Private Limited and OGX Solution (S) Pte Ltd will
hold a meeting for its creditors on Aug. 31, 2021, at 10:30 a.m.,
and 12:00 p.m., respectively, at at 63 Market Street, #05-01A Bank
of Singapore Centre, Singapore 048942 through an audio-visual
conference.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Companies, showing the assets and liabilities of the
      companies;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. to resolve that the books, accounts and documents of the
      Companies be destroyed pursuant to Section 195(2) of the
      Insolvency, Restructuring and Dissolution Act 2018 (No.40 of

      2018); and

   e. to discuss any other business.


GRIFFIN REAL: Creditors' Meetings Set for Aug. 26
-------------------------------------------------
Griffin Real Estate Investment Holdings Pte. Ltd., which is in
liquidation, will hold a meeting for its creditors on Aug. 26,
2021, at 10:00 a.m., at 16 Collyer Quay #30-01, Singapore 049318
and by teleconference.

Agenda of the meeting includes:

   a. to receive and consider a status update of the liquidation;

   b. to consider and if thought fit, approve the remuneration of  
    
      the Liquidator from March 26, 2021 to August 22, 2021; and

   c. discuss other business.

The company's liquidator can be reached at:

         Cameron Duncan
         c/o KordaMentha
         16 Collyer Quay #30-01
         Singapore 049318


NAKAWAT TD: Court to Hear Wind-Up Petition on Aug. 27
-----------------------------------------------------
A petition to wind up the operations of Nakawat TD Pte Ltd will be
heard before the High Court of Singapore on Aug. 27, 2021, at 10:00
a.m.

Iowa Glove Company LLC filed the petition against the company on
Aug. 2, 2021.

The Petitioner's solicitors are:

         Quahe Woo & Palmer LLC
         180 Clemenceau Avenue
         #02-02 Haw Par Centre
         Singapore 239922




=============
V I E T N A M
=============

DAT XANH GROUP: Fitch Assigns 'B' Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has assigned Vietnam-based Dat Xanh Group Joint Stock
Company a first-time Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'B'. The Outlook is Stable.

Dat Xanh's rating reflects the company's expanding market position
as a residential property developer in southern Vietnam and its
status as the largest real estate brokerage in Vietnam. Its land
bank of 2,293 hectares at end-June 2021 and country-wide sales and
distribution capabilities through its property brokerage platform,
Dat Xanh Real Estate Services Joint Stock Company, has been key to
this growth.

The rating also reflects Dat Xanh's limited record in generating
and sustaining contracted sales of at least VND6 trillion. The
Covid-19 pandemic and strict movement restrictions have exacerbated
the company's execution risk and ability to sustain strong
contracted sales growth in the next 12-18 months.

KEY RATING DRIVERS

Growth Phase, Execution Risk: Fitch believes Dat Xanh can achieve
rapid growth over the next three years, although it lacks a
consistent record in delivering annual contracted sales of at least
VND6.0 trillion, Fitch's rating upgrade trigger for the company.
Dat Xanh achieved VND5.1 trillion of contracted sales in 1H21,
significantly higher than the VND3.4 trillion for full-year 2020,
stemming from strong demand for residential property and an
accumulation of landbank since 2017. However, regional lockdowns
have raised execution risk, with positive rating action dependent
on steady performance.

Brokerage Arm Supports Reach: Dat Xanh's real-estate development
benefits from the sales and distribution network of its brokerage
arm, Dat Xanh Services, Vietnam's largest primary real-estate
brokerage, with an estimated market share of 30%. The full-service
broker distributes Dat Xanh's projects in addition to providing
consultancy and sales management for more than 100 projects across
the country.

The brokerage arm has achieved annual third-party contracted sales
of VND30 trillion-40 trillion in the last three years and Fitch
expects it to contribute about half of Dat Xanh's total revenue.
However, its work is capital-intensive, which drains operating
cash-flow during periods of high growth. The broker pays a deposit
to guarantee a minimum portion of contracted sales for each
project, which is recovered after a minimum contracted sales
threshold is met. Dat Xanh usually funds part of the cash out flow
with equity to keep leverage at moderate levels.

Narrowing FCF Gap: Dat Xanh's rating is limited by its negative
free cash flow (FCF), which stems from land purchases for property
development and the working capital associated with its brokerage
services segment. Fitch expects FCF to narrow to -13% of gross debt
in 2021, excluding land purchases, from -17% in 2020, supported by
higher contracted sales and a moderation in the working capital
needs of the brokerage arm. Fitch expects Dat Xanh's bargaining
power as a full-service broker to improve with operating scale,
especially with smaller developers, as the sector consolidates.

Strong Balance Sheet: Fitch expects Dat Xanh's net debt/adjusted
inventory to hover at around 30% over the next two years. This
provides the company with leverage headroom to fund its growth
aspirations in real-estate development and counterbalances cash
flow risks. It also has discretion to temporarily slow land
purchases and the growth of its brokerage services if contracted
sales fail to meet its targets, as its land bank was sufficient for
seven years of contracted sales as at end-June 2021.

Dat Xanh's moderate leverage, especially relative to international
peers, is also supported by public and preferential equity
issuances, which totalled VND3.9 trillion over 2016, 2019 and 2020.
The group also raised VND2 trillion via the listing of Dat Xanh
Services in 1H21 and Dat Xanh's shareholders have approved the
issuance of a further VND4.0 trillion of preferential equity in
4Q21. Fitch has factored these amounts into Fitch's assumptions.

Robust Medium-Term Outlook: Fitch expects demand for residential
property to remain robust in the mid-term, driven by strong
economic growth and a rising middle class and urban migration,
which will continue to drive demand in key cities like Hanoi, Ho
Chi Minh and satellite towns. Fitch forecasts Vietnam's real GDP to
rise by 7.2% in 2022, benefiting from the resumption of global
trade and reshoring of foreign direct investments from China. Fitch
believes supply shortages in Ho Chi Minh to boost average selling
prices and interest for new launches.

DERIVATION SUMMARY

Dat Xanh's rating can be compared with Vietnamese developer, BIM
Land Joint Stock Company (BIML, B/Stable), as well as that of
Indonesian property developers, PT Ciputra Development Tbk (CTRA,
B+/Stable) and PT Lippo Karawaci TBK (B-/Stable).

Dat Xanh's residential real-estate development provides greater
cash flow stability than BIML's tourism-led property portfolio. Dat
Xanh's brokerage business also offers more geographically diverse
revenue streams compared with BIML's exposure to two main townships
in Ha Long and Phu Quoc. However, this is offset by Dat Xanh's
large working-capital needs, which, together with significant land
acquisitions, drain its cash flow from operation (CFFO) during
periods of high growth. In contrast, BIML has a record of
maintaining positive CFFO over the years, stemming from its mostly
pre-paid land bank. Both companies are likely to maintain leverage
- defined as net debt/adjusted inventory - at around 30% in the
next two years, although Fitch has a slightly higher leverage
tolerance for Dat Xanh given its exposure to less-cyclical cash
flow from residential property sales.

CTRA's rating stems from its record of sustaining annual
attributable contracted sales of more than USD300 and a more
neutral operating cash flow profile compared with Dat Xanh,
stemming from its mostly pre-paid landbank. CTRA's higher rating is
also supported by its greater product and price-point diversity,
with a presence in the low-end to luxury residential space, as well
as exposure to non-development income from commercial properties,
such as shopping malls, offices and hotels. CTRA has demonstrated
its ability to shift its product mix to cater to varying demand
patterns, helping it navigate residential property market
downturns.

Lippo's rating reflects its weaker business and financial profile;
its contracted sales scale is smaller than Dat Xanh's around USD150
million. Both companies have reported negative FCF/gross debt in
the last few years, but Fitch expects the cash flow gap to improve
in the next 12-18 months. Nevertheless, Lippo's leverage is likely
to remain higher than that of Dat Xanh over the medium-term, at
around 45%-50%.

KEY ASSUMPTIONS

-- Contracted sales of VND6.6 trillion-9.2 trillion in 2021-2022;

-- EBITDA of VND2.8 trillion in 2021 and VND3.7 trillion in 2022
    (2020: VND849 billion);

-- FCF of -VND8.8 trillion in 2021 and -VND2.8 trillion in 2022
    (2020: -VND1.8 trillion);

-- Land banking amounting to VND7.4 trillion in 2021 and VND3.0
    trillion in 2022 (2020: VND461 billion);

-- 40% cash dividend payout at the Dat Xanh Services level.

RATING SENSITIVITIES

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

-- Sustained attributable contracted sales, excluding bulk land
    sales and land sales for development of project amenities, of
    more than VND6 trillion;

-- Sustained neutral to positive FCF, excluding land purchases;

-- Net debt/adjusted inventory sustained below 40% (2020: 30%).

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

-- Net debt/adjusted inventory at above 50% for a sustained
    period.

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

Manageable Liquidity: Dat Xanh reported VND4.5 trillion of cash on
its balance sheet as of end-June 2021, sufficient to repay total
short-term debt of VND3.0 trillion due in the 12 months to end-June
2022, as well as fund negative FCF of around VND800 billion over
the same period before factoring-in discretionary land purchases.

Dat Xanh will need to tap external funding sources, including
proceeds from its preferential equity issuance of VND4 trillion in
4Q21, to fund planned land purchases in the next 12-18 months.
Fitch believes the company has flexibility to temporarily slow land
purchases and debt-funded working-capital growth should fund
raising be delayed, given its estimate that its land bank was
sufficient for around seven years of contracted sales as at
end-June 2021.

ESG CONSIDERATIONS

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



                           *********


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

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

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

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