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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, May 7, 2021, Vol. 24, No. 86

                           Headlines



A U S T R A L I A

CANBERRA CAVALRY: Second Creditors' Meeting Set for May 13
GIVING BRANDS: Second Creditors' Meeting Set for May 13
HIRTES INSURANCE: Second Creditors' Meeting Set for May 14
PEPPER RESIDENTIAL 29: S&P Assigns B+(sf) Rating on Cl. E Notes
RAGING THUNDER: Second Creditors' Meeting Set for May 13

SUPERWATT AUSTRALIA: Second Creditors' Meeting Set for May 13
VERMILION BOND 2021: S&P Assigns B Rating on Class F Notes
WISR FREEDOM 2021-1: Moody's Assigns (P)B2 Rating to Class F Notes


C H I N A

EHI CAR SERVICES: Fitch Places 'B' LT IDR on Watch Positive
EHI CAR SERVICES: S&P Affirms 'B' LT Issuer Credit Rating
ENN CLEAN: Moody's Gives Ba1 Rating on New Guaranteed Unsec. Notes
IDEANOMICS: Divests Grapevine, Invests in Hoo.be by FNL Tech
POWERLONG REAL: S&P Rates New US Dollar Unsecured Notes 'B+'

SICHUAN LANGUANG: Moody's Lowers CFR to B2 on Reduced Liquidity


I N D I A

ACCUTIME LOGISTICS: CRISIL Lowers Rating on INR20cr Loans to B
BELLAD AND COMPANY: CRISIL Keeps B+ Ratings in Not Cooperating
DECCAN POLYPACKS: CRISIL Withdraws D Rating on INR5.5cr Loan
EL ROI: CRISIL Keeps B Debt Ratings in Not Cooperating Category
GAJANAND COTTEX: CRISIL Lowers Rating on INR11.25cr Loans to B

HITRAC MANPOWER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JAANVI SPINNERS: CRISIL Keeps B Debt Ratings in Not Cooperating
JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating
JAMPANA USHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JMD ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating

LAXMI AROGYAM: CRISIL Keeps D Debt Ratings in Not Cooperating
MALEBENNUR FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
MALWA AUTO: CRISIL Lowers Rating on INR8cr Cash Loan to B
NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
NDE ETERNAL: CRISIL Lowers Rating on INR10cr Loans to B

PALIWAL HOME: CRISIL Lowers Rating on INR4.70cr Loan to B
PRAJIT FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
PUNALUR PAPER: CRISIL Keeps B- Debt Rating in Not Cooperating
RADHE FOODS: CRISIL Lowers Rating on INR7cr Loans to D
SAIBABA JEEVANDHARA: CRISIL Keeps D Rating in Not Cooperating

SETHIA REAL: CRISIL Lowers Rating on INR20cr Term Loan to B
SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SUJANIL CHEMO: CRISIL Lowers Rating on INR8.0cr Loans to B
VAMSADHARA GINNING: CRISIL Keeps B Ratings in Not Cooperating
VENKATESHWARA FARMS: CRISIL Keeps B Ratings in Not Cooperating



I N D O N E S I A

LIMA DUA: Raises IDR33.75 Billion Through Public Listing


J A P A N

SHOEI KISEN: Egyptian Court Rejects Appeal Against Ship Detention


S I N G A P O R E

CHINA FISHERY: June 25 Bid Deadline Set for CFGI Equity Interests
GLP PTE: S&P Assigns 'BB' Rating on New USD Perpetual Securities
HYFLUX LTD: Gets 7 Bids in Second Stage of Investor Process


T H A I L A N D

THAI AIRWAYS: Still in Holding Pattern After Cabinet Meeting


V I E T N A M

PETROVIETNAM POWER: Fitch Assigns 'BB' Foreign Currency IDR

                           - - - - -


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

CANBERRA CAVALRY: Second Creditors' Meeting Set for May 13
----------------------------------------------------------
A second meeting of creditors in the proceedings of Canberra
Cavalry (ACT) Pty Ltd has been set for May 13, 2021, at 10:00 a.m.
via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2021, at 5:00 p.m.

Ezio Senatore of Eddie Senatore Advisory was appointed as
administrator of Canberra Cavalry on March 30, 2021.


GIVING BRANDS: Second Creditors' Meeting Set for May 13
-------------------------------------------------------
A second meeting of creditors in the proceedings of The Giving
Brands Company Pty Ltd, True Solutions (Aus) Pty Ltd and Wellness
and Beauty Solutions Limited, has been set for May 13, 2021, at
2:00 p.m. via virtual meeting via Zoom webinar.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 12, 2021, at 4:00 p.m.

Laurence Fitzgerald of William Buck was appointed as administrator
of Giving Brands on March 30, 2021.


HIRTES INSURANCE: Second Creditors' Meeting Set for May 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Hirtes
Insurance Brokers Pty Ltd has been set for May 14, 2021, at 11:00
a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2021, at 4:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Hirtes Insurance on March 29, 2021.


PEPPER RESIDENTIAL 29: S&P Assigns B+(sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.29. Pepper Residential Securities
Trust No.29 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

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

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly. As of Feb. 28,
2021, there are no borrowers with COVID-19-related hardship
arrangements in the pool."

  Ratings Assigned

  Pepper Residential Securities Trust No.29

  Class A1, A$562.50 million: AAA (sf)
  Class A2, A$90.00 million: AAA (sf)
  Class B, A$45.00 million: AA (sf)
  Class C, A$21.00 million: A (sf)
  Class D, A$12.75 million: BBB (sf)
  Class E, A$7.50 million: BB (sf)
  Class F, A$3.75 million: B+ (sf)
  Class G, A$7.50 million: Not rated


RAGING THUNDER: Second Creditors' Meeting Set for May 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Raging Thunder
Retail Pty Limited has been set for May 13, 2021, at 10:00 a.m. at
Wexted Advisors, Level 12, 28 O'Connell Street, in Sydney, NSW.

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 May 12, 2021, at 4:00 p.m.

Andrew McCabe and Rajiv Goyal of Wexted Advisors were appointed as
administrators of Raging Thunder on March 30, 2021.


SUPERWATT AUSTRALIA: Second Creditors' Meeting Set for May 13
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Superwatt
Australia Pty Ltd, formerly trading as "Promac International" and
"SWT Australasia", has been set for May 13, 2021, at 11:30 a.m. via
virtual facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 12, 2021, at 4:00 p.m.

Travis Kukura and Greg Dudley of RSM Australia Partners were
appointed as administrators of Superwatt Australia on March 31,
2021.


VERMILION BOND 2021: S&P Assigns B Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Vermilion Bond Trust 2021
Series 1. This is the third, RMBS transaction rated by S&P Global
Ratings that consists of residential mortgage loans to 100%
nonresidents that were originated by Columbus Capital Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, which entirely comprises residential mortgage loans to
nonresidents of Australia. The structure features a prefunding
period up to the payment date in August 2021, which means that new
collateral loans may be added during that period subject to a
rating notification.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support is provided by note
subordination for all rated notes and a loss reserve funded by
excess spread.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a loss reserve,
principal draws, and an amortizing liquidity reserve are sufficient
under its stress assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread to the
extent available, if drawn.

-- The counterparty support to be provided by National Australia
Bank Ltd. as bank account provider. The transaction documents for
the bank account include downgrade language consistent with S&P's
"Counterparty Risk Framework: Methodology And Assumptions"
criteria, published on March 8, 2019, that requires the replacement
of the counterparty, should its rating fall below the applicable
rating.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings Assigned

  Vermilion Bond Trust 2021 Series 1

  Class A1-MM, A$100.00 million: AAA (sf)
  Class A1-AU, A$110.55 million: AAA (sf)
  Class B, A$48.84 million: AA (sf)
  Class C, A$58.30 million: A (sf)
  Class D, A$43.90 million: BBB (sf)
  Class E, A$27.35 million: BB (sf)
  Class F, A$17.26 million: B (sf)
  Class G, A$6.33 million: Not rated
  Class H, A$6.32 million: Not rated


WISR FREEDOM 2021-1: Moody's Assigns (P)B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by AMAL Trustees Pty Limited as trustee of Wisr
Freedom Trust 2021-1.

Issuer: Wisr Freedom Trust 2021-1

AUD141.75 million Class A Notes, Assigned (P)Aaa (sf)

AUD16.2 million Class B Notes, Assigned (P)Aa1 (sf)

AUD20.7 million Class C Notes, Assigned (P)A1 (sf)

AUD14.4 million Class D Notes, Assigned (P)Baa1 (sf)

AUD18.9 million Class E Notes, Assigned (P)Ba2 (sf)

AUD5.85 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.2 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured consumer personal loans originated by Wisr
Finance Pty Ltd (Wisr, unrated). This is Wisr's inaugural term
asset-backed securitisation transaction.

Wisr is an Australian non-bank lender providing consumer loans,
including unsecured personal loans and secured auto loans, to prime
borrowers in Australia. As of March 2021, its loan portfolio
amounted to around AUD345.6 million, consisting of over 14,000
receivables.

Wisr started out as a peer-to-peer lender in 2015 under the name of
DirectMoney. The funding model switched to wholesale in 2017,
followed by rebranding to Wisr in 2018.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance, (2) evaluation of the capital structure and credit
enhancement provided to the notes, (3) availability of excess
spread over the transaction's life, (4) the liquidity facility in
the amount of 1.5% of the rated notes balance, (5) the legal
structure, and (6) Wisr's experience as servicer.

Moody's portfolio credit enhancement — representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario — is 38%. Moody's mean default for this
transaction is 7.7% and recovery is 5%.

Moody's analysis is based on limited historical performance data.
Wisr is a relatively new originator, with relevant historical
default data only available from the third quarter of 2017. As
such, the pool's performance could be subject to greater
variability than the currently available loss data indicates.
Moody's has incorporated an additional stress into its default
assumptions to account for the limited data, including the fact
that the performance history does not cover a full life cycle for
any one vintage.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in Australian economic activity.

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Key transactional features are as follows:

The notes will be repaid on a sequential basis initially. Once
step-down conditions are satisfied, all notes, excluding Class G
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 41% subordination to the Class A
Notes and no unreimbursed charge-offs. The repayment of principal
will revert to sequential on the call option date.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the assets assuming a certain
prepayment rate.

AMAL Asset Management Limited is the back-up servicer. If Wisr is
terminated as servicer, AMAL will take over the servicing role in
accordance with the standby servicing deed and its back-up
servicing plan.

Key pool features are as follows:

As of the March 31, 2021 cut-off date, the securitised pool
consisted of 8,600 personal loans. The total outstanding balance of
the receivables was AUD224,042,323.

The weighted average interest rate of the portfolio is 11.7%, with
interest rates ranging from 6.5% to 21.0%.

79.4% of loans are to borrowers are in full-time employment.

The weighted average Equifax credit score of the portfolio is
751.

The weighted average remaining term of the portfolio is 59.5
months. The weighted average seasoning of the initial portfolio is
6.0 months.

Methodology Underlying the Rating Action

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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



=========
C H I N A
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EHI CAR SERVICES: Fitch Places 'B' LT IDR on Watch Positive
-----------------------------------------------------------
Fitch Ratings has placed eHi Car Services Limited's 'B' Long-Term
Issuer Default Rating (IDR) and senior unsecured rating of 'B' with
a Recovery Rating of 'RR4' on Rating Watch Positive (RWP). This
follows eHi's announcement of a cash tender offer and concurrent
new issuance to refinance part of the USD400 million 5.875% bond
due in August 2022.

Fitch has also assigned eHi's proposed US dollar notes a rating of
'B' with a Recovery Rating of 'RR4'. The rating is on Rating Watch
Positive. The proposed notes are rated at the same level as eHi's
senior unsecured rating because they will constitute its direct and
senior unsecured obligations. The final rating on the proposed
notes is subject to the receipt of final documentation conforming
to information already received.

The Rating Watch reflects the potential improvement in eHi's debt
maturity profile if the company successfully refinances a
significant portion of its August 2022 bond with the proposed USD
dollar notes.

KEY RATING DRIVERS

Transactions to Refinance 2022 Bond: eHi has offered to purchase
the outstanding offshore US dollar notes due in August 2022 at
USD1,002.5 per USD1,000 principal amount. The offer is not subject
to any minimum participation rate while the maximum acceptance
amount is to be determined. eHi says it aims to secure the
refinancing of a majority of the 2022 bond through the proposed
note issuance and cash tender offer.

Improving Debt Maturity Schedule: At end-2020, 99% of the company's
debt maturities were in 2021 and 2022. In April 2021, eHi improved
its debt structure after it refinanced its offshore syndicated loan
due in 2021 with a newly signed CNY750 million onshore syndicated
multi-year loan. Fitch believes that if the proposed refinancing
reaches 50% of the outstanding balance of the 2022 bond, eHi's debt
maturity could improve further with long-term debt reaching 59% of
total debt obligations.

Improving Leverage on Reduced Capex: eHi's leverage has improved in
the past two years as management exercised more capital discipline
in the net expansion of its vehicle fleet, including by increasing
sales of used vehicles. The company's FFO adjusted net leverage
decreased to 3.3x by end-2020 from 3.6x at end-2019.

The company has limited its fleet expansion as it tries to manage
its business under Covid-19 while maintaining high utilisation
rates, and balancing its refinancing needs. The company's ability
to sustain free cash flow generation and continue deleveraging will
depend on the management of the net expansion of its vehicle fleet
relative to sales growth. Fitch will continue to monitor eHi's
capex plan after the completion of the proposed transactions.

Leading Position; Competitive Market: eHi remains one of China's
leading car-rental companies, and has a record of market share
gains. Fitch also believes China's car-rental market is likely to
maintain robust growth in the medium term, supported by rising
incomes, the large gap between the number of people holding
drivers' licences and owning cars, and the rapid growth in domestic
self-driving trips. Major players such as eHi can reinforce their
leading positions, which are underpinned by their well-recognised
brands, large and expanding fleets and national coverage.

Not Deemed as DDE: Fitch does not consider the proposed tender
offer and concurrent new issuance to be a distressed debt exchange
(DDE). The transactions do not impose a material reduction in terms
compared with the original terms of the 2022 bond, and they are not
being conducted to avoid bankruptcy or a payment default,
conditions necessary for a DDE under Fitch's criteria. If the
transactions are not completed, Fitch believes management has
sufficient time over the next 12-15 months to refinance the 2022
bond.

DERIVATION SUMMARY

eHi's ratings are supported by its leading market position in
China's car rental industry, although it has a smaller operating
scale and weaker financial profile than other Fitch-rated
car-rental operators, such as Localiza Rent a Car S.A.
(BB/Negative), the leading car-rental operator in Brazil. eHi also
has a smaller operating scale and higher capex requirements than
China Grand Automotive Services Group Co., Ltd. (B+/Stable), the
largest auto dealer in China.

The Rating Watch reflects the potential improvement in eHi's debt
maturity profile if the company successfully refinance a
significant portion of its August 2022 bond with the proposed US
dollar notes.

KEY ASSUMPTIONS

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

-- Revenue to increase by CAGR of 4% in 2021-2024 (2020: -7%);

-- EBITDA margin of 44% (2020: 46.3%);

-- Capex of CNY1.6 billion in 2021 (2020: gross capex of CNY1.5
    billion).

Recovery Rating Assumptions:

Our recovery analysis is based on liquidation value, as it is
higher than the going-concern value. The liquidation value is
derived from the value of eHi's vehicle fleet. eHi has a solid
record of disposing of its used cars with minimal gains or losses
from disposal, and there is a large and liquid market for used cars
in China. Hence, Fitch believes the 70% advance rate is achievable
and a fair assumption.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR2' for the bank
loans and the senior unsecured notes. However, the Recovery Rating
for the senior unsecured debt is capped at 'RR4' because under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
China falls into Group D of creditor friendliness, and the Recovery
Ratings of issuers with assets in this group are subject to a cap
of 'RR4'.

RATING SENSITIVITIES

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

-- eHi's ratings would be upgraded if the company successfully
    refinances more than half of its senior notes due August 2022
    through the proposed tender and concurrent new issuance or
    other avenues while maintaining its FFO net leverage,
    including accounts payable for vehicle purchases, below 5.0x
    (2020: 3.3x).

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

-- eHi's ratings would be affirmed at 'B' with a Stable Outlook
    if the company is unable to meet the conditions set in the
    positive sensitivity.

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

Refinancing Improves Liquidity: eHi had readily available cash of
CNY793 million at end-2020, against short-term debt of CNY2.0
billion (or CNY3.5 billion if payables for vehicles purchased are
included), with its debt maturity concentrated in 2021 and 2022.
eHi's new CNY750 million onshore syndicated signed in April 2021
helps to address the company's refinancing needs and improves its
liquidity. Fitch believes eHi's liquidity is supported by its solid
banking relationships and its vehicle fleet, which can be
liquidated rapidly to fund any shortfalls.

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.


EHI CAR SERVICES: S&P Affirms 'B' LT Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings, on May 6, 2021, affirmed its 'B' long-term
issuer credit rating on eHi Car Services Ltd., the China-based car
rental and chauffeur company. At the same time, S&P affirmed the
'B' issue rating on the company's outstanding
U.S.-dollar-denominated debt.

S&P said, "We also assigned our 'B' long-term issue rating to the
company's proposed U.S.-dollar-denominated senior unsecured notes.
The issue rating is subject to our review of the final issuance
documentation.

"The stable rating outlook reflects our view that eHi will be able
to improve its EBIT interest coverage and execute its refinancing
plan to address its debt maturities in the next 12 months."

eHi's near-term refinancing pressure is likely to ease following
its proposed notes issuance and tender offer. The company intends
to use the majority of proceeds from issuance to refinance its
US$400 million U.S. dollar notes due 2022 through a tender offer.
S&P expects a significant portion of the 2022 bullet maturity to be
extended to 2024 as a result.

eHi has largely taken care of its upcoming bullet maturities in
2021. On April 23, 2021, the company raised Chinese renminbi (RMB)
750 million in onshore three-year syndicated loans. This should
largely cover its RMB891 million bullet maturities in 2021; these
are the remaining two installments of its US$195 million 2021
syndicate loan. The syndicated loan should provide eHi with more
operational and financial flexibility because its financial
covenants are favorable.

eHi's debt structure will remain short-term weighted, with sizable
bullet maturities. The proposed issuance should modestly improve
the company's debt profile and lessen its significant maturities in
2022. However, the weighted average debt maturity will likely
remain less than two years, with large maturities in 2022 and 2024.
S&P believes this continuing weakness in eHi's capital structure
reduces the margin of error for the company's refinancing efforts
and will weigh on its liquidity when the bullet maturities
approach.

eHi's leverage should improve as demand recovers. S&P said, "We
expect the company's adjusted leverage, measured by EBIT interest
coverage, will reach 1.2x-1.3x in 2021 and 2022, from 0.7x in the
hard-hit 2020. We believe the disruption during Chinese New Year in
2021 was temporary, and travel activities and car rental demand are
on a more sustainable recovery path since March 2021. eHi's car
rental revenue during the Labor Day holiday in China in 2021 was up
30%-40% from 2019 levels due to booming demand for domestic travel.
Nonetheless, we believe agile fleet management and operations
across peak and low seasons remain the key for eHi to manage its
EBIT margin." EBIT is more sensitive to demand swing than EBITDA
for car rental companies, given the large and depreciating fleet.

eHi has been resilient despite being heavily exposed to the fallout
of COVID-19. The company's revenue dropped by 7% in 2020, much less
than the double-digits' drop for close peer CAR Inc. as well as for
players in the broader travel industry. eHi also took over from CAR
Inc. as the price leader in China's highly competitive car rental
industry in 2020.

S&P said, "We expect eHi's free operating cash flow to turn
negative over the next two years as the company refreshes and
replenishes its fleet. After netting of disposals, we expect eHi to
spend RMB1.2 billion-RMB1.5 billion in net capital expenditure
(capex) in 2021 to support its targeted 5%-10% fleet growth." The
company shrank its fleet by 17% to 69,011 vehicles in 2020 owing to
the lingering impact of the COVID-19 pandemic and the company's
cautious demand outlook for the Lunar Year Holiday in 2021.
Proceeds from vehicle sales offset payments for vehicle purchases
in 2020, resulting in zero net capex and free operating cash inflow
of RMB1.4 billion during the year.

S&P expects eHi to continue to use the "AP model" to grow its fleet
with low initial cash outlay. Under this car acquisition model, eHi
directly signs program-car agreements with car dealers or carmakers
without financial institutions providing credit. The company will
likely conduct 25%-35% of its car purchases using this model in the
next 12-24 months, compared with 29% in 2020 and 50% in 2019. eHi
typically pays less than 20% of the upfront cost and gets funding
at 6%-7% for its rest under this model.

The stable outlook reflects S&P's view that eHi will be able to
improve its EBIT interest coverage and execute its refinancing plan
to address its debt maturities over the next 12 months.

S&P may downgrade eHi if the company's liquidity and leverage
profile weaken over the next six-12 months. This could occur if:

-- eHi is unable to execute its refinancing plan over the next six
months, such that its liquidity buffer further diminishes; or

-- S&P believes eHi is unlikely to improve within the next 12
months its: (1) EBIT interest coverage to more than 1.1x; and (2)
ratio of funds from operations (FFO) to debt to above 10%. This
could happen if the recovery from COVID-19 disruptions takes longer
than we expect.

S&P may upgrade eHi if the company accumulates a sufficient
leverage buffer over the next 12 months. This could occur if eHi
improves and sustains its EBIT interest coverage above 1.3x and
FFO-to-debt ratio above 20%. This could happen if the company's
competitive landscape improves, pricing strengthens, or it achieves
greater scale efficiency, such that its unit economics materially
improves.


ENN CLEAN: Moody's Gives Ba1 Rating on New Guaranteed Unsec. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to the proposed guaranteed senior notes to be issued by ENN
Clean Energy International Investment Limited (ENN CEII). The notes
will be unconditionally and irrevocably guaranteed by ENN Natural
Gas Co., Ltd. (ENN Natural Gas, Ba1 stable).

The outlook is stable.

The proceeds from the senior unsecured notes will be used for
repayment of certain existing indebtedness.

RATINGS RATIONALE

"The Ba1 senior unsecured rating on the guaranteed notes reflects
the irrevocable and unconditional guarantee from ENN Natural Gas,"
says Boris Kan, a Moody's Vice President and Senior Credit
Officer.

"Although the company's cash flows are concentrated from a limited
number of subsidiaries, we do not yet consider structural
subordination risk to be significant given that the amount of
indebtedness at the holding company level remains manageable," adds
Kan.

The proposed senior unsecured guaranteed notes — if they are
issued as planned — will not have a material impact on ENN
Natural Gas' overall credit profile because the issuance proceeds
will be used to repay existing debts.

ENN Natural Gas' corporate family rating (CFR), through its 32.7%
equity stake in ENN Energy Holdings Limited, reflects (1) the
company's established position in the piped-gas sector, with
geographically diversified operations, (2) its large market share
that often involves monopolistic positions in gas distribution,
backed by long-term concessionary agreements, and (3) favorable
industry trends and supportive government policies that offer good
growth potential.

However, these strengths are counterbalanced by (1) the risks
associated with China's evolving regulatory framework in the city
gas sector, (2) the company's lack of majority control over ENN
Energy, (3) its weak liquidity and moderate financial profile, and
(4) the challenges associated with its exposure to non-utilities
businesses, which entail higher volatility and business risk.

The rating also considers the following environmental, social and
governance (ESG) factors.

ENN Natural Gas faces moderate carbon transition risk, given its
coal and methanol operations. However, the company has to date not
experienced any major compliance violations related to water
discharge or waste disposal. Its increased exposure to its
environmentally friendly city gas business following its
acquisition of ENN Energy mitigates this environmental risk
exposure.

ENN Natural Gas operations are also exposed to worker health and
safety risks in relation to its construction and operation of city
gas, methanol and coal mine projects. Nevertheless, the company's
long track record and its management's experience mitigate these
risks.

The rating also considers the company's concentrated ownership,
with its chairman Mr. Wang Yusuo, his wife, Zhao Baoju, and his
controlling entities owning a combined 69.95% equity stake as of
the end of April 2021. ENN Natural Gas' lack of majority ownership
in ENN Energy is another important consideration, as the former's
credit profile incorporates its significant control of the latter
and its stable cash flows from its city gas business. Lastly, the
company's financial policy is characterized by weak liquidity.

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

The stable outlook reflects Moody's expectation that, over the next
12-18 months, ENN Natural Gas will (1) generate a majority of its
cash flows from its downstream city gas operations and manage its
exposure to its non-utilities operations, which entail higher
volatility and business risks, (2) demonstrate conservative
financial and investment policies to maintain a stable leverage and
liquidity position, and (3) retain control on, and continue to
integrate with, ENN Energy.

Moody's could upgrade ENN Natural Gas' CFR if the company (1)
establishes a track record of business stability by increasing its
cash flow contributions from its stable regulated downstream city
gas operations, potentially through divesting a part of its
non-utilities operations, (2) further increases its control over,
and creates synergies with, ENN Energy, (3) strengthens its
operating performance such that its financial metrics improve
materially, or (4) demonstrates conservative financial and
investment policies to further enhance its liquidity position.

Moody's assessment of leverage incorporates a pro rata
consolidation of ENN Energy, which is 32.7% owned by ENN Natural
Gas.

Financial metrics indicative of an upgrade trend include adjusted
retained cash flow (RCF)/debt (with pro rata consolidation of ENN
Energy) above 20% and funds from operations (FFO) interest coverage
above 5.0x over a prolonged period.

The rating on the proposed guaranteed notes will be upgraded if ENN
Natural Gas' CFR is upgraded.

Downward pressure on ENN Natural Gas' CFR may arise if (1) the
company's control on ENN Energy reduces, (2) unfavorable regulatory
changes significantly reduce the company's ability to pass through
upstream gas costs for its city gas business, (3) the company's
liquidity or credit metrics weaken because of aggressive
debt-funded investments, or its non-utilities businesses encounter
greater volatility than historically observed, or (4) the company
further expands its non-utilities operations, potentially through
acquisitions, resulting in higher business risk.

Financial metrics indicative of a downgrade pressure include
adjusted RCF/debt (with pro rata consolidation of ENN Energy) below
13% and FFO interest coverage below 3.5x over a prolonged period.

The rating on the proposed guaranteed notes will be downgraded if
(1) ENN Natural Gas' CFR is downgraded, or (2) structural
subordination risk becomes significant as a result of the company's
indebtedness at the holding company level increasing materially.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in June 2017.

Founded in 1992 and headquartered in Hebei, ENN Natural Gas Co.,
Ltd. is a diversified energy company mainly engaged in (1) city gas
distribution, (2) chemical production and trading, (3) energy
construction services, (4) coal mining and trading, and (5)
liquefied natural gas production.

Its major asset is its 32.7% equity stake in ENN Energy Holdings
Limited, one of the largest city gas distributors in China, with
235 city gas concessions in 22 provinces as of the end of 2020. ENN
Natural Gas is the single-largest shareholder in ENN Energy. In
2020, ENN Energy contributed 69% of ENN Natural Gas' adjusted FFO
under pro rata consolidation.

ENN Natural Gas was listed on the Shanghai Stock Exchange in 1994.
Mr. Wang Yusuo, his wife, Zhao Baoju, and his controlling entities
owned 69.95% of the company as of the end of April 2021.

IDEANOMICS: Divests Grapevine, Invests in Hoo.be by FNL Tech
------------------------------------------------------------
Ideanomics made an investment into FNL Technologies, to include the
sale of Grapevine Village to FNL as part of the deal.  The deal has
Ideanomics injecting cash and stock consideration into FNL, in
addition to FNL acquiring 100% of Grapevine Logic, Inc. from
Ideanomics in exchange for approximately 20% ownership in FNL.  The
details of the transaction will be filed under form 8-k.

FNL Technologies owns and operates social media platform hoo.be, a
popular online platform which enables online influencers, artists,
athletes, personalities, and businesses provide followers with a
single place to access all official social media platforms.  Hoo.be
is used by leading online influencers, artists, athletes, and more,
including 50 Cent, Chris Paul, Manon Mathews, and Steve Aoki.

"We are delighted to make this investment into FNL, with their
fast-growing hoo.be platform a strategic growth partner for
Grapevine's influencer marketing offering.  Since announcing our
planned divestiture of Grapevine, we have been looking for a strong
partner which would allow Grapevine to flourish and Jordan and the
team at FNL impressed us as a synergistic partner to help boost
Grapevine's growth and expansion plans going forward," said Alf
Poor, CEO of Ideanomics.

"We're grateful for the support of the whole team at Ideanomics,
whose investment and network will open up significant doors to help
us evolve and scale our platform.  Our current mission is to help
our core users monetize their platforms and drive new levels of
awareness and traffic to their desired destinations.  We're beyond
excited to work alongside the leaders of Grapevine, Kristen
Standish & Charity Richins, who have a successful track record with
years of experience in leading winning projects," said Jordan
Greenfield, CEO of Hoo.be.

                         About Ideanomics

Ideanomics is a global company focused on the convergence of
financial services and industries experiencing technological
disruption.  Its Mobile Energy Global (MEG) division is a service
provider which facilitates the adoption of electric vehicles by
commercial fleet operators through offering vehicle procurement,
finance and leasing, and energy management solutions under its
innovative sales to financing to charging (S2F2C) business model.
Ideanomics Capital is focused on disruptive fintech solutions and
services across the financial services industry.  Together, MEG and
Ideanomics Capital provide their global customers and partners with
leading technologies and services designed to improve transparency,
efficiency, and accountability, and its shareholders with the
opportunity to participate in high-potential, growth industries.
The Company is headquartered in New York, NY, with operations in
the U.S., China, Ukraine, and Malaysia.

Ideanomics reported a net loss of $106.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $96.83 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$234.41 million in total assets, $32.64 million in total
liabilities, $1.26 million in series A convertible redeemable
preferred stock, $7.48 million in redeemable non-controlling
interest, and $193.02 million in total equity.


POWERLONG REAL: S&P Rates New US Dollar Unsecured Notes 'B+'
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to
Powerlong Real Estate Holdings Ltd. (BB-/Stable/--)'s proposed U.S.
dollar-denominated senior unsecured notes.

The China-based company intends to use the net proceeds mainly to
refinance its existing debt so the proposed notes will have minimal
impact on Powerlong's financial leverage. The issue rating is
subject to our review of the final issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Powerlong to reflect structural
subordination risk. As of Dec. 31, 2020, Powerlong's capital
structure consisted of Chinese renminbi (RMB) 34.4 billion in
secured debt and RMB33.6 billion in unsecured debt (including
external guarantees). The company's secured debt ratio is 51%.
Because we include the unsecured debt at Powerlong's subsidiary
levels and external guarantees as priority debt, the company's
overall priority debt ratio is 77%--above our 50% threshold for
notching down the issue rating.

"The stable outlook reflects our view that Powerlong will continue
to expand its scale and solidify its market position both in
property development and investment properties over the next 12
months. The company will maintain considerably stronger
profitability than peers although we believe it will gradually
weaken due to sector conditions."


SICHUAN LANGUANG: Moody's Lowers CFR to B2 on Reduced Liquidity
---------------------------------------------------------------
Moody's Investors Service has downgraded Sichuan Languang
Development Co., Ltd.'s (Languang Development) corporate family
rating to B2 from B1.

At the same time, Moody's has downgraded to B3 from B2 the backed
senior unsecured rating on the notes issued by Hejun Shunze
Investment Co., Limited and unconditionally and irrevocably
guaranteed by Languang Development.

All rating outlooks remain stable.

"The downgrade reflects Languang Development's reduced liquidity
buffer given its large upcoming debt maturities in the coming 12-18
months amid the tight credit environment in China and volatile
capital markets," says Celine Yang, a Moody's Vice President and
Senior Analyst.

Languang Development will have large amount of debt becoming due or
puttable in the coming 12-18 months, including over RMB14 billion
onshore and offshore bonds and another RMB15 billion of
non-standard borrowings. The large amount of maturing debt will
reduce the company's liquidity buffer if it cannot raise similar
amount of funds for refinancing through its existing funding
channels.

The rating downgrade also reflects Moody's expectation that
Languang Development's tighter liquidity will constrain its land
acquisition spending to support its current operating scale. As
such, Moody's expect its contracted sales will decline in the next
1-2 years.

RATINGS RATIONALE

Languang Development's B2 CFR reflects the company's (1) good track
record and well-established market position, especially in Chengdu
region; (2) large operating scale and well-diversified land bank;
and (3) adequate liquidity.

Nevertheless, the company's rating is constrained by its weakened
funding access and modest capital structure, high debt leverage,
and its ongoing need to replenish land to support its business
aspiration.

Moody's expects Languang Development's contracted sales in 2021
will remain largely flat given its adequate saleable resources
during the year and the company's plan to generate more internal
cash to meet its debt-funding and investment requirements. The
company grew its sales substantially by 133% to RMB25.2 billion in
the first quarter of 2021 from a low base of RMB10.8 billion over
the same period in 2020.

However, the company's sales will likely decline by 8%-10% to
around RMB95 billion for the full year in 2022, mainly driven by
its gradual depletion of land in 2021. The weaker sales will weigh
on company's revenue recognition in the coming 1-2 years.

Moody's expects that Languang Development's debt level will decline
slightly amid tight regulatory control, while its revenue will
increase mildly in the next 12-18 months, driven by its contracted
sales growth in the past 1-2 years. As such, its revenue/adjusted
debt and EBIT/interest coverage will remain largely stable at
55%-60% and 1.8x-1.9x, respectively, over the same period. These
key credit metrics are appropriate for its B2 CFR when compared
with rated peers.

Despite the challenging operating conditions in China, Moody's
expects the company's sizable operating scale and improved
geographic diversification will mitigate potential sales
volatilities stemming from regional economies and regulatory
changes.

Languang Development's liquidity position remains adequate,
supported by proceeds from its property sales and its successful
disposal of its stake in its listed property management business
arm, Sichuan Languang Justbon Service Group Co., Ltd, in March
2020.

Moody's expects the company's cash, together with its operating
cash flow, will be sufficient to cover its unpaid land premiums,
dividend payments and maturing debts over the next 12 months.

Languang Development's cash to short-term debt declined to 107% at
the end of March 2021 and 106% at the end of 2020, from around 126%
at the end of 2019, as the company pursued debt-funded land
replenishment over the same period.

The B3 senior unsecured bond rating is one notch lower than
Languang Development's B2 CFR because of structural subordination
risk. Most of Languang Development's claims are at the subsidiary
level and have priority over claims at the holding company in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's concentrated
ownership, with its chairman, Yang Keng, holding an approximate
56.0% stake in the company as of April 19, 2021. Around 50% of
Yang's shareholdings were pledged.

Moody's has also considered (1) the fact that independent directors
chair the company's audit, remuneration and nomination committees;
(2) the low level of related-party transactions and dividend
payouts; (3) the presence of other internal governance structures
and standards as required by the Shanghai Stock Exchange; and (4)
the company's financial policy to pursue expansion, which has
resulted in its elevated leverage.

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

The stable outlook reflects Moody's expectation that Languang
Development will maintain its operating scale without taking on any
aggressive debt-funded acquisitions that will weaken its credit
metrics, and that it will maintain its adequate liquidity over the
next 12-18 months.

Moody's could upgrade Languang Development's ratings if the company
(1) achieves sustained growth in both contracted sales and revenue
without sacrificing its profit margin significantly; (2) improves
its funding access to have diversified onshore and offshore funding
access; and (3) strengthens its liquidity position, with cash to
short-term debt consistently above 1.25x.

Credit metrics indicative of a potential upgrade include (1)
revenue/adjusted debt rising above 60%-70%; and (2) EBIT/interest
coverage rising above 2.0x-2.5x, all on a sustained basis.

On the other hand, Moody's could downgrade the ratings if (1)
Languang Development fails to execute its business plans and
maintain a largely stable operating scale; (2) its liquidity
deteriorates due to weakened operating cash flow or its pursuit of
an aggressive land acquisition strategy; or (3) its credit metrics
weaken materially.

Specifically, Moody's could downgrade the ratings if the company's
(1) EBIT/interest coverage falls below 1.5x; and (2) cash to
short-term debt ratio falls below 1.0x, all on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Sichuan Languang Development Co., Ltd. primarily develops
residential and commercial properties in China. The company was
founded in 1993 and listed on the Shanghai Stock Exchange in 2015
through a backdoor listing. As of December 2020, it had a total
unsold land bank of 26.4 million square meters in terms of gross
floor area.



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

ACCUTIME LOGISTICS: CRISIL Lowers Rating on INR20cr Loans to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Accutime Logistics Private Limited (ALPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             12        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Cash            8        CRISIL B/Stable (ISSUER NOT
   Credit Limit                      COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with ALPL for
obtaining information through letters and emails dated January 30,
2021 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Accutime Logistics Pvt Ltd (ALPL) was incorporated in 2007 as
Krishna Tower Pvt Ltd by Mr. Vivek Tekriwal, Mr. V V Rao and Mr. AV
Reddy and was initially engaged in transportation of iron ore and
coal from railway sidings to various clients in Durgapur and
Asansol region. Gradually over the years the company shifted its
focus to logistic business and in 2011 the company renamed itself
as 'Accutime Logistics Pvt Ltd' to provide various kinds of road
transportation system on a pan India basis under the brand name of
'Accutime'.

BELLAD AND COMPANY: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bellad and
Company (B&C) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Inventory Funding       7.0       CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Long Term Loan          2.0       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with B&C for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

B&C was set up as a partnership firm in 1965. The firm, based in
Hubli (Karnataka), is an exclusive authorized dealer of the Swaraj
brand of tractors manufactured by Mahindra & Mahindra Ltd, consumer
goods of Sony India Pvt Ltd, two-wheelers of Hero MotoCorp Ltd, and
cars of Hyundai Motor India Ltd.

DECCAN POLYPACKS: CRISIL Withdraws D Rating on INR5.5cr Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Deccan Polypacks Limited
(DPL) to 'CRISIL D/CRISIL D; Issuer Not Cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of DPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of DPL from 'CRISIL
D/CRISIL D Issuer Not Cooperating' to 'CRISIL D/CRISIL D'. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          0.3       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Cash Credit             5.5       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Letter of Credit        5.5       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Long Term      1.0       CRISIL D (Migrated from
   Bank Loan Facility                'CRISIL D ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

DPL was set up in 1984 as a private limited company, and was
reconstituted as a public limited company in 1985. The company
manufactures polypropylene woven bags and polyethylene woven sacks.
Its manufacturing unit is in Medak (Telangana).

EL ROI: CRISIL Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of El Roi
Builders And Developers Private Limited (VBDPL; previously known as
Vezhaparambil Builders and Developers Private Limited) continues to
be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan           5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VBDPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VBDPL is a private limited company set up in 2015. The company,
based in Trissur, undertakes real estate development and is
promoted by Tessa Poulose and her family.

GAJANAND COTTEX: CRISIL Lowers Rating on INR11.25cr Loans to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Gajanand Cottex Private Limited (GCPL) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.25       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with GCPL for
obtaining information through letters and emails dated September
28, 2020 and March 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2009 by Mr. Ashok Monsara and family, GCPL gins and
presses cotton into bales and segregates cotton seed at its
facility in Rajkot, Gujarat.

HITRAC MANPOWER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable' rating to the long
term bank facilities of Hitrac Manpower Services Private Limited
(HMSPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18.6       CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits       0.9       CRISIL B+/Stable (Assigned)

The rating reflect HMSPL's partially offset by working capital
intensive operations, dependence on a single industry and moderate
scale of operations in intensely competitive industry. These
weaknesses are partially offset by extensive industry experience of
the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations: The working capital cycle
is high with GCA of 114 days as on March 31, 2020. The same is on
account of high debtors of around 85-90 days. Debtors are high due
to extended credit given to various customers. The same is funded
through creditors and working capital limits. The debtor cycle has
witness a stretch in current fiscal 2021 owing to the pandemic.
However, the same is expected to normalize to previous levels by
next fiscal.

* Dependence on a single industry: The majority of clientele
belongs to the Auto components industry. Around 85% of the topline
is derived from providing manpower to the Auto component
manufacturers. Remaining 15% is from Banking and other sectors.
Hence, any decline in the industry performance will impact the
business performance of the company. Hence, revenue has fluctuated
from INR122 crores in fiscal 2019 to INR102 crores in fiscal 2020.
Diversification in the customer profile will remain a key
monitorable factor.

* Moderate scale of operations in intensely competitive industry:
The manpower staffing industry is intensely competitive, marked by
the presence of a large number of unorganized as well as organized
players in the domestic market. As a result, there is intense
competition among the large players and the large number of
unorganized players that have regional presence and offer the same
services at lower cost. With moderate scale of operations at INR103
crores in fiscal 2020, the pricing pressure for organized players
will continue, which have to incur high overheads to maintain
quality of services and staff.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over 15 years in manpower, housekeeping and
facility management industry. This has given them an understanding
of the dynamics of the market, and enabled them to establish
relationships with suppliers and customers. This is expected to
support the business profile over the medium term as well.

Liquidity: Stretched

Bank limits are 100% utilized for the past 12 months ending
December 2020. Net cash accruals are expected to be around INR2.5-3
crores in fiscal 2021 and INR3.5-4 crores in fiscal 2022, against
repayment obligations of INR2.41 crores in fiscal 2021 and INR3.7
crores in fiscal 2022. Hence, NCA/Repayments ratio is modest
between 1.1-1.2 times. Current ratio is moderate at 1.28 times on
March 31, 2020.

Outlook: Stable

CRISIL Ratings believe HMSPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher than expected net cash
accruals

* Improvement in liquidity profile with average utilization of
around 90%

* Improvement in working capital cycle

Downward factor


* Decline in net cash accruals below INR2 crore on account of
decline in revenue or operating margins.

* Decline in profitability or stretch in working capital cycle
leading to tightening of liquidity

* Large debt-funded capital expenditure weakens capital structure

* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

HMSPL was incorporated in 2004. It is engaged in providing
manpower, housekeeping and facility management services to various
government, MNC's and other industrial sectors. It is based in
Gurugaon- Haryana and having its operations across India. The
company is promoted and managed by Mr. Satpal Singh and Mrs. Sarita
Singh.

JAANVI SPINNERS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaanvi
Spinners Private Limited (JSPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Term Loan      22        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2009, JSPL, is setting up 10,080 spindle, 3,575
metric tonne per annum spindle spinning mill at Uttar Pradesh State
Industrial Development Corporation Industrial Area, Sant Kabir
Nagar with an estimated cost of around INR35 Crore (including
working capital margin).


JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jairam Maruti
Mills (JMM) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.78        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           6.00        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.00        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.69        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with JMM for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It
manufactures cotton yarn and converts it into fabric. The firm is
based in Coimbatore (Tamil Nadu).


JAMPANA USHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jampana Usha
Gandhi (JUS) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Working        1.2       CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with JUS for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JUS is proprietorship firm was set up in 2015 and operations were
started from April 2017, engaged in building of warehouse and
renting it to Andhra Pradesh State Civil Supply Corporation
Limited.

JMD ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JMD Energy
(JE) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               9.9       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JE for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, JE operates a wind mill of 2.1 megawatts in
Ratadi in Kutch, Gujarat. JE belongs to the Jaybharat group of
companies. The firm commenced commercial operations from September
2015.

LAXMI AROGYAM: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi Arogyam
Private Limited (LAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.0       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LAPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010, LAPL trades in chemicals and aluminum scrap.
The company is promoted by Mr. Arvind Tumbare and Mr. Kishore
Tumbare. It started commercial operations in 2014-15 (refers to
financial year, April 1 to March 31).

MALEBENNUR FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Malebennur
Foods Private Limited (MFPL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         3.0        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MFPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013, MFPL is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in Malebennur (Karnataka). The company is promoted by Mr.
Syed Hussaian Azghar.

MALWA AUTO: CRISIL Lowers Rating on INR8cr Cash Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Malwa
Auto Sales Private Limited (MAPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with MAPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MAPL was incorporated in 2002, promoted by Mr. Nitin Sharma and his
family members. The company commenced operations in 2009 with a
dealership for HMIL. Currently, it is the sole authorized
automobile dealer for HMIL in Kundli, Sonipat, Gohana, and Gannaur.

NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Navdurga Agro
Industries (NAI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NAI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2009, NAI is a proprietorship firm promoted by Unjha,
Gujarat-based Ms Dakshaben Patel. The firm processes melon seed
kernels and trades in cattle feed.

NDE ETERNAL: CRISIL Lowers Rating on INR10cr Loans to B
-------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of NDE
Eternal Diamonds - Surat (NDE) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

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

   Term Loan               5         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING)

CRISIL Ratings has been consistently following up with NDE for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2010 by Mr. Bakulbhai Limbasiya, NDE (formerly, New
Diamond Era) manufactures laboratory diamonds using the CVD
technology, at its facility in Surat (Gujarat).


PALIWAL HOME: CRISIL Lowers Rating on INR4.70cr Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Paliwal Home Furnishings (PHF) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.25       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     0.30       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

   Term Loan              0.75       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

   Export Packing         4.70       CRISIL B/Stable (ISSUER NOT
   Credit                            COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with PHF for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1999, PHF manufactures and exports various home
furnishings and floor coverings such as table top tufted bath mats,
area rugs, bed linen, and table linen. Operations are managed by
Mr. Uma Dutt Paliwal. The manufacturing facility of the firm is
located at Panipat, Haryana.


PRAJIT FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prajit
Foundation Private Limited (PFPL; part of the GS group) continues
to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          10        CRISIL D (Issuer Not
                                     Cooperating)      

CRISIL Ratings has been consistently following up with PFPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Golden Shelters Private
Limited (GSPL) and Prajit Foundation Pvt Ltd (PFPL). That's because
the two companies, collectively referred to as the GS group, are in
the same line of business and have common promoters.

Incorporated in 2002, GSPL conducts wellness courses at its centre
in Chittor district, Andhra Pradesh. The company started leasing
out commercial real estate space in fiscal 2013.

PFPL, incorporated in 2001, conducts yoga, meditation, and wellness
courses. It started operations in 2008.

PUNALUR PAPER: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Punalur Paper
Mills Limited (PPML) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     10        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PPML for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PPML, incorporated in 1888 manufactures kraft paper. Its
manufacturing facility is in Punalur (Kerala). Its operations were
shut down and resumed in 2014. The company is managed by Mr. T K
Sundaresan.

RADHE FOODS: CRISIL Lowers Rating on INR7cr Loans to D
------------------------------------------------------
CRISIL Ratings has downgraded the long term rating on bank
facilities of Shri Radhe Foods Product (SRFP) to 'CRISIL D Issuer
Not cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Term Loan               2         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SRFP for
obtaining information through letters and emails dated May 29,
2020, August 11, 2020 and August 15, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on inadequate information and continued lack of management
cooperation, non-submission of No Default Statement and information
of delays in servicing of debt obligation available in public
domain, CRISIL Ratings has downgraded the long term rating on bank
facilities to 'CRISIL D Issuer Not cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

SRFP was set up in 2015 as a proprietorship concern by Mr. Gopal
Agrawal. The firm processes paddy into non-basmati rice. It has an
installed milling and sorting capacity of 8 tonne per hour in
Gondia, Maharashtra.


SAIBABA JEEVANDHARA: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Saibaba
Jeevandhara Hospital India Private Limited (SSBJDHIPL) continues to
be 'CRISIL D Issuer Not Cooperating'.


                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               8.8       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSBJDHIPL
for obtaining information through letters and emails dated
September 28, 2020 and March 17, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

SSBJDHIPL was set up in 2012-13 (refers to financial year, April 1
to March 31) by Mr. Anand Haldiwal, Mr. Omprakash Haldiwal, Mrs.
Rakhi Haldiwal, Dr. Jagdish Chand Yadav, Dr. Manoj Gurjar, and Dr.
Vishal Yadav. The company runs a hospital in Barwani (Madhya
Pradesh). It started operations in July 2014.


SETHIA REAL: CRISIL Lowers Rating on INR20cr Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sethia
Real Estate (SRE) Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               20        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING)

CRISIL Ratings has been consistently following up with SRE for
obtaining information through letters and emails dated September
28, 2020 and March 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SRE was established in April 2013 as a partnership firm by Mr.
Kamal Sethia, Mr. Vivek Sethia, Mrs Namrata Sethia, and Mrs Kalpana
Sethia. The firm, based in Jaipur, is a real estate developer and
is currently executing a residential project in Vaishali Nagar,
Jaipur.

SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shashi
Structural Engineers Private Limited (SSEPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          6         CRISIL D (Issuer Not
                                     Cooperating)


   Cash Credit            11         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         0.75       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     12.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSEPL, promoted by Mr. Amresh K Tiwari, supplies aggregates and
earthwork material to large civil construction players. It also
undertakes work for road construction on lower layers up to the
granular sub-base.

SUJANIL CHEMO: CRISIL Lowers Rating on INR8.0cr Loans to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Sujanil Chemo Industries (SCI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7.5       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING)

   Term Loan               0.5       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING)

CRISIL Ratings has been consistently following up with SCI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established as a partnership firm by Mr. Anil Desai and family, the
Pune based SCI primarily manufacture agrochemicals and household
insecticides. The firm is currently managed by Mr. Ashish Desai.


VAMSADHARA GINNING: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vamsadhara
Ginning and Pressing Industries (VGPI) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2.69       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.31       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VGPI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2017, VGPI is into ginning of cotton. The firm,
located in Guntur (Andhra Pradesh), commenced commercial operation
in February 2017 and Fiscal 2018 is the first full year of
operations and is managed by Mr. Sontineni Venkateswara Rao.


VENKATESHWARA FARMS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateshwara Farms (SVF) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SVF for
obtaining information through letters and emails dated September
28, 2020 and March 31, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SVF was incorporated in 2004, as a partnership firm by Mr. K Jeevan
Reddy, Mr. K Mohan Reddy, Mr. K Ramachandra Reddy and Mr. K
Satyanarayana Reddy. The firm runs the poultry business at
Hyderabad, with an yearly capacity of 2,40,000 laying birds.




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

LIMA DUA: Raises IDR33.75 Billion Through Public Listing
--------------------------------------------------------
The Jakarta Post reports that PT Lima Dua Lima Tiga, owner of
popular Jakarta-based restaurant and bar Lucy in the Sky, raised
IDR33.75 billion (US$2.3 million) through a public listing on May 5
to pay off bills as last year's mobility restrictions hit the
city's nightlife industry hard.

The Jakarta Post relates that the company, listed on the Indonesia
Stock Exchange (IDX) as LUCY, plans to use 91.8 percent of the
funds to pay wages, train employees, market seven new outlets and
pay one year's rent for its flagship bar located in the prime
Senayan Central Business District (SCBD). The remaining 8.2 percent
will be used to renovate the bar.

"In early 2020, the industry was shocked by the spread of COVID-19
cases that caused many businesses to stop growing," wrote the
company in a statement. The company recorded a 10 percent jump in
share price upon opening to IDR110 (0.7 US cents), the report
notes.




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

SHOEI KISEN: Egyptian Court Rejects Appeal Against Ship Detention
-----------------------------------------------------------------
Reuters reports that an Egyptian court on May 4 ruled that the
container ship which blocked the Suez Canal in March could continue
to be held in the waterway, rejecting an appeal by its Japanese
owner against its detention, a judicial source said.

The Ever Given, one of the world's largest container ships, got
jammed across the canal on March 23 and remained stuck for six
days, stopping traffic in both directions, Reuters recalls.

It has been held in a lake between two stretches of the canal since
being dislodged on March 29, amid a dispute over a $916 million
claim by the Suez Canal Authority (SCA) against Japanese owner
Shoei Kisen for compensation over the incident.

According to Reuters, the SCA has been conducting investigations
into the cause of the ship's grounding, but has yet to announce the
results.

Reuters relates that the court in the Suez Canal city of Ismailia,
which had approved the detention of the ship following the
submission of a report by the SCA, upheld that decision on Tuesday,
rejecting an appeal made late last month.

The reasoning for the ruling was not immediately clear, but the SCA
argued that the plaintiff had not notified all the required parties
of its challenge to the ship's detention within the required time
limit.

Reuters says the ship's protection and indemnity insurer, UK Club,
said the owners were reviewing their options in light of the
decision, and had until May 20 to appeal.

According to Reuters, UK Club and the Ever Given's technical
manager Bernhard Schulte Shipmanagement (BSM) have expressed
disappointment at the ship's detention.

UK Club said last month the appeal was made "on several grounds,
including the validity of the arrest obtained in respect of the
cargo and the lack of supporting evidence for the SCA's very
significant claim," Reuters relays.

Shoei Kisen Kaisha, Ltd. operates ship leasing business. The
Company provides container vessel leasing, oil vessel leasing,
cargo ship leasing, and other services. Shoei Kisen Kaisha also
offers related ship repair and maintenance services.




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

CHINA FISHERY: June 25 Bid Deadline Set for CFGI Equity Interests
-----------------------------------------------------------------
Judge James L. Garrity, Jr., of the U.S. Bankruptcy Court for the
Southern District of New York authorized the bidding procedures
proposed by William A. Brandt, Jr., the Chapter 11 Trustee to CFG
Peru Investments Pte. Limited (Singapore), in connection with the
auction sale of CFG Peru Singapore's direct equity interest in CFG
Investments S.A.C. ("CFGI") and indirect equity interests in
several non-Debtor subsidiaries of CFGI.

The Chapter 11 Trustee will provide all Indicative Bid Materials
received before 5:00 p.m. (ET) on June 1, 2021, to Houlihan Lokey
by 12:00 p.m. (ET) on June 2, 2021.  He will file a notice with the
Court on June 2, 2021, indicating whether Conforming Indicative
Bids have been received and cancelling one of the below scheduled
confirmation hearing dates, as applicable.  

If the Chapter 11 Trustee does not provide Indicative Bid Materials
reflecting at least one (1) Conforming Indicative Bid to Houlihan
Lokey by 12:00 p.m. (ET) on June 2, 2021, then the confirmation
hearing will occur on June 9, 2021 at 11:00 a.m. (ET).  

If he does provide Indicative Bid Materials reflecting at least one
Conforming Indicative Bid to Houlihan Lokey by 12:00 p.m. (ET) on
June 2, 2021, then the confirmation hearing will occur on June 29,
2021 at 11:00 a.m. (ET).  The Bid Deadline is June 25, 2021 at 5:00
p.m. (E).  The bid is accompanied by a deposit equal to 10% of the
cash purchase price set forth in the Marked Agreement.

If more than one Qualified Bid is received by the Bid Deadline as
set forth in the Auction and Sale Hearing Notice, the Chapter 11
Trustee will conduct the Auction.   If one or fewer Qualified Bids
are received by the Bid Deadline, the Chapter 11 Trustee will not
conduct the Auction.  The Chapter 11 Trustee will file a notice
with the Court by June 27, 2021, indicating whether Qualified Bids
were received.

The Auction, if necessary pursuant to the terms of the Order and
the Bidding Procedures, will take place virtually at 10:00 a.m.
(ET) on June 28, 2021 at 10:00 a.m. (ET), or such other time as the
Chapter 11 Trustee, in consultation with the advisors of the
Creditor Plan Proponents, may notify Qualified Bidders who have
submitted Qualified Bids.  The Creditor Plan Proponents and their
advisors and the Senior Notes Trustee and its advisors will be
permitted to attend the Auction, if conducted.  Bidding will start
at the purchase price and other terms proposed in the applicable
Baseline Bid, and will proceed thereafter in $5 million
increments.

The Chapter 11 Trustee will consult the Creditor Plan Proponents'
advisers with respect to (a) whether any bid constitutes a
"Qualified Bid" and (b) any changes to date of the Bid Deadline,
the Auction, or the Sale Hearing.

The Auction will be conducted openly and will be transcribed.  As
soon as reasonably practicable following the conclusion of the
Auction, the Chapter 11 Trustee will file copies of the Successful
Bid and the Next Highest Bid with the Court.   If one or more
Qualified Bids is received by the Bid Deadline, the final approval
of the Sale will be considered by the Court at the Sale Hearing on
July 15, 2021 at 11:00 a.m. (ET).  The Sale Hearing may be
continued from time to time by the Court without further notice or
with limited or shortened notice to parties other than the
announcement of the adjourned date at the Sale Hearing or any
continued hearing.

Promptly after the conclusion of the Auction, but no later than
July 2, 2021, the Chapter 11 Trustee will file the final Agreement
with the Successful Bidder and the proposed Sale Order, which will
include approval of the Sale as agreed upon between the Chapter 11
Trustee and the Successful Bidder.  Objections, if any, related to
matters to be heard at the Sale Hearing will be filed by July 9,
2021 at 4:00 p.m. (ET).  Responses, if any, related to matters to
be heard at the Sale Hearing will be filed by July 12, 2021 at 4:00
p.m. (ET).

The Chapter 11 Trustee or DSI will provide periodic updates to the
advisors to the Creditor Plan Proponents regarding the status of
the sale process (including, if requested, a weekly call with
Houlihan Lokey, subject to availability of Houlihan Lokey, DSI, and
the Chapter 11 Trustee).  He reserves the right to amend the dates
and deadlines set forth in the Bidding Procedures in consultation
with the advisors of the Creditor Plan Proponents.  

As soon as reasonably practicable, but in no event later than 21
days before the Sale Hearing, the Chapter 11 Trustee will serve the
Auction and Sale Hearing Notice upon the Bidding Procedures Motion
Notice Parties.   

As soon as reasonably practicable, but in no event later than 21
days before the Sale Hearing, the Chapter 11 Trustee will publish
the Auction and Sale Hearing Notice on the case website at
http://dm.epiq11.com/#/case/CHF/info.   

Notwithstanding any applicability of Bankruptcy Rule 6004(h), the
terms and conditions of the Order will be effective and enforceable
immediately upon its entry.

A copy of the Bidding Procedures is available at
https://tinyurl.com/4u94xkv8 from PacerMonitor.com free of charge.

          About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at $10
million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


GLP PTE: S&P Assigns 'BB' Rating on New USD Perpetual Securities
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long term issue rating to GLP
Pte. Ltd.'s (GLP; BBB-/Stable/--) proposed issuance of
U.S.-dollar-denominated perpetual securities. The issuance is under
the company's US$5 billion multicurrency medium-term note (MTN)
program. The rating on the proposed securities is subject to its
review of the final issuance documentation. S&P expects GLP to use
the proceeds to refinance existing debt.

S&P said, "We rate the proposed perpetuals two notches below the
issuer credit rating of GLP. This reflects the subordination of the
securities and the company's ability to voluntarily defer coupon
payment.

"We assess the proposed perpetuals as having intermediate equity
content. The characteristics of the proposed perpetuals--cash
conservation qualities, a sufficiently long residual time, and
subordination in liquidation or bankruptcy proceedings--meet our
criteria for deeming them to have intermediate equity content.

"To capture our view of the intermediate equity content, we
allocate 50% of the related distributions on these securities as
interest expense and 50% as equivalent to a common dividend.
Similarly, we treat 50% of the proposed perpetuals as debt and the
other 50% as equity."

Although the proposed securities are perpetual, GLP can redeem them
at the first call date and on every distribution payment date
thereafter. The securities can be called for external events such
as change in accounting, tax, or rating agency treatment, or in the
case the outstanding amount is minimal.

GLP has underscored its intention to maintain or replace the
securities in the pricing supplement with its replacement capital
statement. The company deems the perpetuals as a way to diversify
its funding channels and manage the balance sheet. S&P said, "We
note the company redeemed its 2012 perpetuals on the first callable
date in 2017. We understand the redemption was due to a currency
mismatch and a potential privatization in 2017, which could have
resulted in a material step up of interest costs. We could remove
the equity credit on the proposed perpetuals and treat them as
debt-like if GLP's intention to maintain the hybrid instruments in
the capital structure weakens."

The proposed perpetuals will be part of GLP's green finance
framework. The proceeds will be used to refinance green assets. The
company intends to match the amount of green financing with the
value of green assets. According to GLP, it had about US$1.5
billion certified green assets as of Dec. 31, 2020.

S&P said, "We deem the effective maturity of the proposed
perpetuals to be 25 years from the issuance. They have a first
step-up of 25 basis points in year 10, and a second step-up of 75
basis points in year 25 from the issuance date. We view the second
step-up as a material incentive for the issuer to redeem the
securities. As a result, we consider the perpetuals to have an
effective maturity until the second step-up date.

"We do not consider the perpetuals to have intermediate equity
content beyond the first reset date in 2026. This is because the
remaining period until its effective maturity would by then be less
than 20 years.

"In our view, the proposed perpetuals issuance will only provide
limited deleveraging benefits because we expect them to represent
less than 5% of total capitalization after the transaction."

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

The proposed perpetuals have features that can help GLP to conserve
cash, if and when needed. The company can choose to defer
distributions on the securities, with no limits on the number of
times it can do so. However, when the distributions on the proposed
perpetuals are deferred, GLP cannot declare or pay equity dividends
or interest on equally ranking securities, nor can it redeem or
repurchase shares or equally ranking securities.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed securities (and coupons) are intended to constitute
GLP's direct, unsecured, and subordinated obligations, ranking
senior only to equity.


HYFLUX LTD: Gets 7 Bids in Second Stage of Investor Process
-----------------------------------------------------------
Claudia Tan at The Business Times reports that Hyflux Ltd has
received seven bids in the second stage of the investor process,
judicial managers from Borrelli Walsh told the bourse in a
regulatory update on May 5.

Of the seven, one involves an investment of the entire Hyflux Group
while another is for the purchase of substantially all of Hyflux
Group's assets, excluding the shares in Hyflux or Hydrochem, BT
relates.  The remaining five bids are for individual assets.

According to the report, the judicial managers are now in
negotiations with the investors that have submitted binding offers.
They had earlier asked for their term of office to be extended by
60 days, until July 14, in a court application filed on April 30.
This is to "allow sufficient time to determine whether a potential
restructuring of Hyflux Group is possible", they said in the
filing.

On the Singapore Exchange's queries on the settlement agreement
between Hyflux and SM Investments (SMI), the judicial managers said
that a sum of S$750,000 from the deposit of S$38.9 million was
received by Hyflux and the balance was returned to SMI, BT relays.

Hyflux, which went under judicial management last November after
more than two years of debt restructuring, had sued former suitor
SMI - a tie-up between Indonesia's Salim Group and Medco Group -
over a deposit of S$38.9 million, the report recalls.

In a regulatory filing on May 3, the judicial managers told the
bourse that Hyflux and SMI had agreed to "fully and finally
resolve, settle and discontinue the suit" without any admission of
liability, under an agreement from April 7, the judicial managers
said in their latest update.

Trading in Hyflux securities has been suspended since May 2018, the
report notes.

                          About Hyflux Ltd

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.




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

THAI AIRWAYS: Still in Holding Pattern After Cabinet Meeting
------------------------------------------------------------
Bangkok Post reports that the cabinet remained split over the
status of Thai Airways International ahead of a key meeting of
creditors to decide the airline's rehabilitation plan, a source at
Government House said on May 5.

Bangkok Post says the question of whether the ailing carrier should
return as a state enterprise was high on the cabinet meeting's
agenda.

According to the report, the source said Deputy Prime Minister
Supattanapong Punmeechaow and Transport Minister Arkhom
Termpittayapaisith favored once again making THAI a state
enterprise to increase creditors' confidence and give the airline a
better bargaining position with them.

They called for a quick decision as the key talks with creditors
were drawing near, the source added, the report relays.

The creditors will vote on the rehabilitation plan during the May
12 meeting, the report notes.

THAI lost its status as a state-owned company last year after the
Finance Ministry cut its majority stake to help the rehab plan move
forward.

Bangkok Post relates that the source said some cabinet ministers
opposed the state once again holding the majority stake in the
carrier because the government would be forced to guarantee its
future loans.

"If Thai Airways International is to return as a state enterprise,
it is essential to inform the public because the cabinet previously
approved the end of that status for the airline," the source
reported one cabinet member saying.

Prime Minister Prayut Chan-o-cha ordered the Transport and Finance
Ministries to study the issue further before the next cabinet
meeting, Bangkok Post adds.

                       About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.




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

PETROVIETNAM POWER: Fitch Assigns 'BB' Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has assigned PetroVietnam Power Corporation - Joint
Stock Company (PV Power) a Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'BB' with a Positive Outlook.

The rating reflects PV Power's Standalone Credit Profile (SCP) of
'bb', which is on par with the IDR of its 80% parent, Vietnam Oil
and Gas Group (PVN, BB/Positive). PV Power's financial profile is
stronger than that commensurate with the 'bb' level and its
business profile is underpinned by stable, long-term power purchase
agreements (PPA) with Vietnam Electricity (EVN, BB/Positive), the
main off-taker. The Positive Outlook on PV Power's rating is in
line with that on EVN's rating; EVN's rating is a major constraint
on PV Power's SCP.  

PV Power's ratings will be equalised to those of PVN should its SCP
weaken due to Fitch's assessment of 'Strong' linkage under Fitch's
Parent and Subsidiary Linkage Rating Criteria.

KEY RATING DRIVERS

PPAs Provide High Visibility: PV Power's long-term PPAs with a cost
pass-through mechanism and primary counterparty exposure to EVN
provide high revenue and cash-flow visibility. The PPAs have total
tenors of 20-25 years and a capacity weighted-average remaining
tenor of around 12 years. Long term PPA's with EVN account for
80%-90% of PV Power's revenue, with the balance coming from the
sale of power in the wholesale electricity market.

The PPA tariffs include capacity payments that are intended to
cover debt service and fixed operating costs and provide a return
on equity. Tariffs also include variable payments and operation and
maintenance charges to cover fuel, repair and maintenance costs.

Leading Market Position: PV Power benefits from its position as
Vietnam's second-largest electricity producer, accounting for 8% of
installed capacity. Its market position is also supported by
two-thirds of its capacity being present in the country's southern
region, which has a shortage in power generation. The company
expects to maintain its market position in the medium-term through
capacity additions, even as overall installed capacity in the
country increases.

Diversified Fuel Source: PV Power's plants benefit from diverse
fuel sources, including gas (64%), coal (29%) and hydro (7%). Post
commissioning of the 1,500 MW Nhon Trach 3 and 4 thermal power
plants, the proportion of gas in the fuel mix will increase.
However, unlike existing domestic gas-based plants, the new plants
will use imported liquefied natural gas (LNG) as fuel. PV Power has
fuel-supply arrangements in place for all its plants to ensure
timely availability of fuel. Most of the required gas is supplied
by Petrovietnam Gas Joint Stock Corporation (PV Gas), a PVN group
entity.

High Availability, Steady Profitability: PV Power's steady cash
flow generation is assisted by the high availability of its plants
and routine maintenance to ensure optimal operating efficiency.
Plant load factors (PLF) have been stable, benefiting from rising
electricity demand, except at the Nhon Trach I (NT I) project,
which saw a drop in PLFs to 29% in 2020 (2019: 84%). This stemmed
from lower scheduling due to a fall in gas from its usual provider
and reliance on more expensive supplies.

However, this did not affect PV Power's profitability much, as
capacity payments are availability based and fuel costs are passed
through as per the PPAs.

Moderate Leverage Despite Capex: Fitch expects group net leverage,
measured by FFO net leverage, to peak at around 3.4x in 2023 (2019:
1.6x) as PV Power incurs annual capex of around VND9 trillion from
2021 to 2023 for its Nhon Trach 3 and 4 projects. However, the
company's credit metrics should remain above that indicated by its
rating and leverage should come down post commissioning of the
project in 2023-2024. The LNG for the project will be imported and
re-gasified by PV Gas. PV Power plans to sign a fuel-supply
agreement and start construction in 2021.

Strong Linkages with PVN: Fitch assesses that PV Power has
'Moderate' legal and operational ties, but 'Strong' strategic ties,
with its 80% parent. PVN helped PV Power gain government guarantees
on the majority (2020: 56%) of its long-term borrowings, approves
PV Power's budget and capex plan and appoints its key executives,
including the chairman. PVN does not intend to take dividends from
PV Power for next five years and has agreed to extend payable days
for gas purchases from PV Gas by up to six months to support PV
Power's liquidity, if required.

DERIVATION SUMMARY

PV Power's IDR, which reflects its SCP, is driven by its strong
market position, diversified fuel mix and long-term PPAs with EVN.
Its IDR is on par with that of its parent, PVN.

Similarly to PV Power, EVN's ratings reflect its SCP, which is at
the same level as that of the Vietnam sovereign (BB/Positive). EVN
owns and operates the majority of the country's installed power
generation capacity and has a monopoly over Vietnam's electricity
transmission and distribution. However, Fitch's assessment of EVN's
SCP is constrained by lack of a record of consistent application of
electricity regulatory reform, including tariff adjustments that
reflect cost changes.

Fitch assesses the SCP of National Power Transmission Corporation
(EVNNPT, BB/Positive), Vietnam's electricity distribution utility
that is fully owned by EVN, one notch higher than that of PV Power.
However, EVNNPT's IDR is at the same level based on the
consolidated profile of EVN due to the strong linkages between the
two under Fitch's Parent and Subsidiary Linkage Rating Criteria.
EVNNPT's higher SCP assessment reflects its lower operating risk,
as it is a pure transmission company with better geographical
diversification across Vietnam, although the two entities'
financial profiles are comparable.

NTPC Limited (BBB-/Negative), India's largest power-generation
company, accounts for 14% of the country's installed
power-generation capacity and 19% of its electricity generation.
Fitch assesses its SCP at 'bbb-', the same level as its IDR. NTPC's
two-notch higher SCP assessment compared with PV Power reflects its
stable operating profit due to a well-established regulatory return
framework, which allows for timely pass-through of cost changes,
despite its higher leverage.

KEY ASSUMPTIONS

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

-- Around 85% of the power generated to be sold through PPAs with
    EVN and balance in the wholesale market;

-- Revenue from long-term PPAs to include capacity charges to
    recover initial costs and return on investment as well as
    variable charges to cover fuel and operating and maintenance
    costs;

-- Average annual capex of around VND9 trillion from 2021 to
    2023, including annual maintenance capex of VND300 billion,
    mainly for the Nhơn Trạch 3 and 4 project;

-- Blended interest rate of 6% over 2021-2024;

-- No dividend pay-out from 2021 to 2024.

RATING SENSITIVITIES

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

-- Positive rating action on PVN, provided linkages between the
    two remain intact.

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

-- Negative rating action on PVN, provided linkages between the
    two remain intact.

For PVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on 7 April 2021:

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

-- Positive rating action on the sovereign.

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

-- Negative rating action on the sovereign.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: PV Power had VND7.1 trillion of cash and cash
equivalents at end-2020, against current debt maturities of VND7.0
trillion, including VND3.9 trillion in short-term loans. Fitch
expects the company to generate negative free cash flow in the
near- to medium-term due to capex for its Nhon Trach 3 and 4
project. However, Fitch does not think liquidity to be a problem
for the company, as it has direct and indirect linkages to PVN and
the state, respectively.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PV Power's rating is linked to the credit quality of its parent,
PVN, considering the strong linkages between the two. A change in
Fitch's assessment of the credit quality of PVN would result in a
change in the rating on PV Power, assuming the linkages remain
intact.

ESG CONSIDERATION

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

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