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

                     A S I A   P A C I F I C

          Monday, June 28, 2021, Vol. 24, No. 122

                           Headlines



A U S T R A L I A

EMECO PTY: S&P Assigns 'B+' Rating on AUD250MM Medium-Term Notes
FIRSTMAC MORTGAGE 2021-3PP: S&P Assigns BB(sf) Rating to E Notes
HORIZON GLOBAL: Appoints Donna Costello to Board of Directors
METAL TOP: First Creditors' Meeting Set for July 5
MGW ENGINEERING: First Creditors' Meeting Set for July 1

PEPPER RESIDENTIAL NO.26: S&P Raises Cl. F Notes Rating to BB(sf)
ROSE PROJECT: First Creditors' Meeting Set for July 6
SEMANTIC SOFTWARE: ASIC Applies to Appoint Provisional Liquidators
SOVRAN WHITE: First Creditors' Meeting Set for July 5
TDG SUTHERLAND: First Creditors' Meeting Set for July 6

TETRAMED LIMITED: Second Creditors' Meeting Set for July 5


C H I N A

SICHUAN TRUST: Former President Banned From Banking for 8 Years
WEST CHINA CEMENT: Fitch Rates Proposed USD Sr. Unsec. Notes 'BB'
WEST CHINA CEMENT: Moody's Puts Ba2 Rating to New USD Notes


I N D I A

ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
ANJANI PUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
CHAPHEKAR AND COMPANY: CRISIL Keeps D Ratings in Not Cooperating
COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating

GYASI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating
IWORLD BUSINESS: CRISIL Lowers Rating on INR75cr Cash Loan to D
JK SURFACE: CRISIL Keeps D Debt Ratings in Not Cooperating
KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating

KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
KTC CARS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
LAKSHMI RANGA: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating

MANSAROVAR INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
MATHRU BUILDTECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
MATRIX BOILERS: CRISIL Keeps D Debt Ratings in Not Cooperating
MITTAL ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating
NHS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating

NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating
PRADHVI MULTITRADE: CRISIL Keeps D Ratings in Not Cooperating
PRAVEEN ELECTRICAL: CRISIL Keeps D Ratings in Not Cooperating
RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
RIME RICH: CRISIL Keeps D Debt Ratings in Not Cooperating

UNITED STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating


M O N G O L I A

MONGOLIA: Moody's Assigns B3 Rating to New Sr. Unsecured USD Notes


N E W   Z E A L A N D

ASB SHOWGROUNDS: Events Venue Goes Into Liquidation
BRIGHTSIDECO INSURANCE: A.M. Best Affirms B(Fair) FS Rating
LIFETIME INCOME: A.M. Best Withdraws B-(Fair) FS Rating


S I N G A P O R E

IDEE ENTERPRISE: Acres Advisory Named as Provisional Liquidator

                           - - - - -


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A U S T R A L I A
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EMECO PTY: S&P Assigns 'B+' Rating on AUD250MM Medium-Term Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to the
proposed five-year A$250 million senior secured fixed rate 6.25%
medium-term notes issued by Emeco Pty Ltd. Australia-based mining
equipment rental company Emeco Holdings Ltd. (B+/Stable/--) and
subsidiaries guarantee the notes. S&P assigned the notes a recovery
rating of '3', reflecting its expectation for meaningful (50%-70%;
rounded estimate 65%) recovery prospects in the event of a payment
default.

The company will use the proceeds to refinance all of its
outstanding US$180 million senior secured 9.25% 2024 notes with an
associated call premium and pay transaction fees and hedges. The
proposed notes mature on July 10, 2026, extending the company's
debt maturity profile. The refinancing should reduce the group's
annual interest expense going forward by about A$9 million.

S&P said, "We view the transaction as broadly leverage neutral. Our
'B+' long-term issuer credit rating on Emeco Holdings Ltd. is
unchanged. The outlook is stable. We forecast solid credit metrics
of S&P Global Ratings' adjusted funds from operations (FFO)-to-debt
ratio above 45% and an S&P adjusted debt-to-EBITDA ratio below 1.5x
over the next 12 months, building sizeable rating headroom. Our
stable outlook also incorporates the company's net-debt-to EBITDA
target of below 1.0x (company's measure)."

Key analytical factors

-- The issue rating on Emeco's proposed A$250 million senior
secured medium-term notes is 'B+' with a recovery rating of '3',
reflecting S&P's expectation for meaningful (50%-70%; rounded
estimate 65%) recovery prospects in the event of a payment
default.

-- S&P's simulated default scenario assumes that commodity price
declines lead to subdued mining production, lowering demand for
mining equipment and putting pressure on prices and earnings.

-- In this hypothetical scenario, S&P believes Emeco's ability to
meet its financial obligations would be impaired. It assumes that
under this default scenario, Emeco would draw down the revolving
facility, and that the hypothetical default scenario would occur in
2025.

-- S&P said, "We use a discrete asset value approach to analyze
recovery prospects for equipment rental companies. Our discrete
asset value starts with Emeco's net book value and assumes that
balance sheet accounts are partially diluted to reflect the loss of
value through additional depreciation or expected contraction in
working capital assets in the period leading up to hypothetical
default. We then apply our expected realization rates of 50% for
rental equipment and 60% for inventory."

Simulated default assumptions

-- Simulated year of default: 2025
-- Jurisdiction: Australia
-- Senior secured revolving credit facility (85%) drawn at
default.

Simplified waterfall

-- Net enterprise value at emergence (after 5% administrative
costs): Approximately A$290 million

-- Estimated priority debt claims (including prepetition
interest): approximately A$25 million

-- Collateral value available to first-lien debt claims:
approximately A$265 million

-- Estimated secured first-lien debt claims (including prepetition
interest): approximately A$85 million

-- Collateral value available to second-lien debt claims:
approximately A$180 million

-- Estimated secured second-lien debt claims (including
prepetition interest): A$260 million

-- Recovery expectations: 50%-70% (rounded estimate: 65%)
Recovery rating: '3'

*All debt amounts include six months of prepetition interest.


FIRSTMAC MORTGAGE 2021-3PP: S&P Assigns BB(sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned ratings to six of the seven classes of
prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series 2021-3PP.

The ratings reflect:

-- That this is not a closed pool, which means that new assets can
be added during the transaction's initial 12-month revolving
period. However, the acquisition of new mortgage loans is subject
to eligibility criteria and S&P Global Ratings' review of the
collateral pool and transaction and there being no adverse rating
effect.

-- S&P's view of the credit risk of the initial collateral
portfolio and the credit support provided to each class of
securities are commensurate with the ratings assigned. Credit
support is provided by subordination, excess spread, and lenders'
mortgage insurance (LMI) on 9.9% of the initial collateral
portfolio. The credit support provided is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account Firstmac's underwriting standards
and approval processes, which are consistent with industry-wide
practices, the strong servicing quality of Firstmac, and the
support provided by the LMI policies.

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

-- The counterparty exposure to Westpac Banking Corp. (Westpac) as
bank account provider and National Australia Bank Ltd. (NAB) as
interest-rate swap provider. Fixed- to floating-rate interest-rate
swaps are provided to hedge the mismatch between any fixed-rate
mortgage loans and the floating-rate obligations on the RMBS. The
transaction documents for the swap and bank account include
downgrade language consistent with S&P's counterparty criteria.

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

  Firstmac Mortgage Funding Trust No.4 Series 2021-3PP

  Class A-1, Up to A$637.50 million: AAA (sf)
  Class A-2, A$75.00 million: AAA (sf)
  Class B, A$15.00 million: AA (sf)
  Class C, A$9.50 million: A (sf)
  Class D, A$5.50 million: BBB (sf)
  Class E, A$3.50 million: BB (sf)
  Class F, A$4.00 million: Not rated


HORIZON GLOBAL: Appoints Donna Costello to Board of Directors
-------------------------------------------------------------
Horizon Global Corporation's Board of Directors has appointed Donna
M. Costello as a director, effective June 16, 2021.  Ms. Costello
was appointed to the Board's Audit Committee.

Ms. Costello has extensive experience as both a public company
executive and board member, with deep financial expertise and a
proven track record as a strategic business leader across multiple
industries.  Ms. Costello previously served as chief financial
officer of C&D Technologies, a manufacturer and marketer of systems
for power conversion and storage of electrical power, from 2016 to
2020.  Prior to joining C&D, Ms. Costello served as chief financial
officer of Sequa Corporation, a diversified industrial with
businesses across the aerospace, automotive, energy and metals
industries, from 2008 to 2015.

Ms. Costello currently serves as a director of CTS Corporation, a
manufacturer of sensors, actuators and electronic components for a
wide range of industries, where she serves on both the Compensation
and Audit Committees.  Ms. Costello also serves as a director and
member of the Audit Committee of Neenah, Inc., a global specialty
materials producer of performance-based products, and provider of
fine paper and packaging products worldwide.

John C. Kennedy, chair of Horizon Global's Board of Directors,
stated, "We are excited to welcome Donna to the Board.  Donna's
broad financial expertise and strategic mindset will be great
assets to Horizon Global.  We look forward to Donna's immediate
contributions as we continue to improve the business and create
long-term value for our shareholders."

As a non-employee director, Ms. Costello will receive compensation
in the same manner as the Company's other non-employee directors,
which compensation the Company disclosed in its definitive proxy
statement for its 2021 annual meeting of stockholders filed with
the Securities and Exchange Commission on April 23, 2021.

                            About Horizon Global

Horizon Global -- http://www.horizonglobal.com-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.

The Company serves OEMs, retailers, dealer networks and the end
consumer.

Horizon Global reported a net loss attributable to the Company of
$36.56 million for the 12 months ended Dec. 31, 2020, compared to
net income attributable to the company of $80.75 million for the 12
months ended Dec. 31, 2019.  As of March 31, 2021, the Company had
$468.15 million in total assets, $492.41 million in total
liabilities, and a total shareholders' deficit of $24.26 million.

METAL TOP: First Creditors' Meeting Set for July 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of Metal Top
Recyclers Pty Ltd will be held on July 5, 2021, at 10:00 a.m. via
teleconference only.

Graeme Robert Beattie of Worrells Solvency & Forensic Accountants
was appointed as administrator of Metal Top on June 23, 2021.


MGW ENGINEERING: First Creditors' Meeting Set for July 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of MGW
Engineering Pty Ltd, trading as Forefront Services, will be held on
July 1, 2021, at 1:30 p.m. via Zoom video conferencing.

Barry Frederic Kogan and Jonathan Henry of McGrathNicol were
appointed as administrators of MGW Engineering on June 21, 2021.


PEPPER RESIDENTIAL NO.26: S&P Raises Cl. F Notes Rating to BB(sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Permanent Custodians Ltd. as trustee for Pepper
Residential Securities Trust No.26. At the same time, S&P affirmed
its ratings on two classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 68% as of April 30, 2021.
Loans more than 30 days in arrears make up 1.51% of the current
balance, of which 0.38% are more than 90 days in arrears. However,
the portfolio has strengthened, with a weighted-average current
loan-to-value ratio of 70.5% and weighted-average seasoning of 22.7
months. There have been no losses to date for this portfolio.

The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses

For the class E notes, although there has been significant buildup
of credit enhancement, our cash-flow modeling indicates some
sensitivity under stresses commensurate with higher rating levels.
These have been observed under scenarios where defaults are back
ended.

For the class F notes, constraining factors on S&P's rating are the
upward trending arrears and the limited time to observe performance
since transaction close. These qualitative factors constrain the
ratings beyond the quantitative factors alone.

The rating actions reflect various structural mechanisms that
support the transaction, including a yield enhancement reserve
available to support senior expenses and interest shortfalls on the
senior notes, and the retention mechanism where excess spread is
trapped in a retention reserve and will be paid as a principal
payment to the most subordinated notes at that time, excluding the
unrated class G notes. These mechanisms increase the ratio of
assets versus liabilities creating overcollateralization for the
transaction where losses are allocated initially before being
allocated to the rated notes.

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 Raised

  Pepper Residential Securities Trust No.26

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No.26

  Class A1-a: AAA (sf)
  Class A2: AAA (sf)


ROSE PROJECT: First Creditors' Meeting Set for July 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Rose Project
Management Pty Ltd will be held on July 6, 2021, at 11:30 a.m. via
virtual meeting technology.

Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells Solvency
& Forensic Accountants were appointed as administrators of Rose
Project on June 24, 2021.


SEMANTIC SOFTWARE: ASIC Applies to Appoint Provisional Liquidators
------------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
applied to the New South Wales Supreme Court for the appointment of
provisional liquidators to Semantic Software Asia Pacific Limited
(Semantic).

In particular, ASIC alleges that Semantic, an artificial
intelligence development company based in North Sydney:

   - has failed to lodge financial statements with ASIC, failed to
hold annual general meetings and failed to keep accurate financial
records and minute books;

   - is insolvent or likely to become insolvent; and

   - has issued shares without compliance with the Act and has
issued shares to investors with a share buy-back guarantee in
circumstances where the company did not have sufficient funds to
meet that obligation.

ASIC seeks through its application:

   - the appointment of provisional liquidators to Semantic;

   - orders requiring the provisional liquidators to provide a
detailed report to the Court and ASIC that sets out, among other
things, Semantic's financial position so the Court can consider
whether it ultimately ought to make orders to wind up the company;

   - orders preserving Semantic's assets; and

   - orders restraining Semantic, a director and a former director
of Semantic, from receiving or soliciting funds from investors and
from advertising, promoting or marketing fundraising for Semantic.

ASIC's application has been listed for an initial hearing in the
New South Wales Supreme Court in Sydney on Monday, 28 June 2021.

ASIC's investigation into Semantic is continuing. Any person who is
concerned they have invested with Semantic can contact ASIC via
email at semantic.investor@asic.gov.au.


SOVRAN WHITE: First Creditors' Meeting Set for July 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Sovran White
International Ltd will be held on July 5, 2021, at 10:00 a.m. via
virtual meeting technology.

Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher were
appointed as administrators of Sovran White on June 23, 2021.


TDG SUTHERLAND: First Creditors' Meeting Set for July 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of TDG
Sutherland Pty Ltd will be held on July 6, 2021, at 11:00 a.m. via
virtual meeting technology.

Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells Solvency
& Forensic Accountants were appointed as administrators of TDG
Sutherland on June 24, 2021.


TETRAMED LIMITED: Second Creditors' Meeting Set for July 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of TetraMed
Limited and Heliochem Pty Ltd has been set for July 5, 2021, at
11:00 a.m. via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 2, 2021, at 5:00 p.m.

Dermott Joseph McVeigh of Avior Consulting was appointed as
administrator of TetraMed Limited on May 28, 2021.




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

SICHUAN TRUST: Former President Banned From Banking for 8 Years
---------------------------------------------------------------
Wu Yujian and Tang Ziyi at Caixin Global report that a former
president of Sichuan Trust Co. Ltd. will be banned from the banking
industry for eight years in the wake of investigations into the
fallen trust star that has yet to repay about CNY25 billion ($3.9
billion) of investors' money.

Chen Jun, 52, is being punished over the trust firm's violations of
the rules regarding "prudent operating," the Sichuan branch of the
China Banking and Insurance Regulatory Commission (CBIRC) said in a
notice on June 23, Caixin relays. The regulator didn't offer
details about the violations, the report notes.

Chen was named as Sichuan Trust president in 2010 and resigned in
2014, Caixin discloses. Prior to taking on that role, he had been a
vice president of Zhonghai Trust Co. Ltd. Zhonghai Trust is the
second-largest Sichuan Trust shareholder with a 30% stake.

Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.


WEST CHINA CEMENT: Fitch Rates Proposed USD Sr. Unsec. Notes 'BB'
------------------------------------------------------------------
Fitch Ratings has assigned West China Cement Limited's (WCC,
BB/Positive) proposed US dollar senior unsecured notes a rating of
'BB'. The proposed notes will be issued by WCC and guaranteed by
WCC's existing subsidiaries other than those organised under the
laws of China.

WCC plans to use the proceeds of the proposed notes for refinancing
and general corporate purposes, including potential investments.

KEY RATING DRIVERS

Strong Position in Regional Markets: WCC maintains a strong
position in Shaanxi with a market share of around 25%, the highest
in the province. In particular, it has a dominant position in
southern Shaanxi with around 75% market share, and 30%-40% market
share in central Shaanxi. The company is prudent in choosing new
markets, and targets regions where there is limited production
capacity. For example, market share in Hetian, Xinjiang was about
40% at end-2020, and that in Mozambique was over 60%.

Overseas Projects Drive Capex: Fitch expects WCC to increase capex
in overseas market in the next few years because of restrictions on
adding capacity in China. This overseas capex will facilitate the
company's geographical diversification and drive business growth.
Overall capex should peak in 2021 at around CNY4.0 billion, due to
the overseas investment as well as the remaining work on the 5
million tonnes per annum replacement cement-production line in
Shaanxi, before declining over 2022-2023.

Improving Geographical Diversification: Fitch expects WCC's
diversification to continue to improve, with revenue from outside
of Shaanxi increasing to 30%-40% of total cement revenue in
2021-2022, from around 18% in 2020, driven by acquisitions,
including the Mozambique project and Paomashan project in Sichuan.
These two projects will start to generate revenue from 1H21 and
2H21, respectively.

Medium-Term Deleveraging Expected: Fitch expects WCC's leverage to
peak in 2021 at around 1.6x, and trend down toward 1.0x or below in
2022, when company's funds from operations (FFO) should more than
cover capex. Such a leverage trend supports the Positive Outlook.
Fitch expects FFO to increase to CNY2.8 billion in 2021 and CNY3.7
billion in 2022, from CNY2.5 billion in 2020, driven by the
Mozambique and Paomashan projects.

Conch Shareholding Beneficial: Fitch expects the continued
collaboration between WCC and Anhui Conch Cement Company Limited
(A/Stable) to help WCC to improve operating efficiency and support
the market position in Shaanxi. Conch is WCC's second-largest
shareholder, with a 21.11% stake at end-2020, and has two
non-executive directors on WCC's board. The combined market share
of WCC and Conch in Shaanxi is over 40% by cement and clinker
production capacity.

DERIVATION SUMMARY

WCC has smaller scale than that of Cementos Pacasmayo S.A.A.
(BBB-/Negative), but a stronger financial profile with a higher
margin and lower leverage. WCC and Elementia, S.A.B. de C.V
(BB-/Stable) are of similar size; however, WCC has maintained a
much higher margin and much lower net leverage due to the
efficiency of its core cement business.

KEY ASSUMPTIONS

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

-- Sales revenue to increase by 27% in 2021, 18% in 2022, 12% in
    2023 and 5% in 2024 (2020: fall of 2%);

-- EBITDA margin of 40%-50% in the next four years;

-- Capex of CNY4.0 billion in 2021, CNY1.9 billion in 2022,
    CNY0.8 billion in 2023 and CNY0.7 billion in 2024.

RATING SENSITIVITIES

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

-- FFO adjusted net leverage of 1.0x;

-- Sustained positive free cash flow generation;

-- Successful execution of its new projects without deterioration
    in its financial profile.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- Failure to achieve the upgrade sensitivities over the next 12
    months could result in a return to a Stable Outlook;

-- Material earnings disruption or deterioration in financial
    leverage could result in a return to a Stable Outlook or place
    downward pressure on the ratings.

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: WCC had total available cash of CNY651 million
at end-2020 and unused banking facilities of CNY2.5 billion,
adequate to cover its short-term debt of CNY1.9 billion. WCC has
two bonds outstanding, including a three-year medium-term note with
principal of CNY500 million due in May 2022 and a three-year
medium-term note with principal of CNY700 million due in September
2023.

ISSUER PROFILE

WCC mainly manufactures and sells cement and cement products. Total
production capacity was 33.2 million tonnes at end-2020, with 23.3
million tonnes in Shaanxi province, 6.1 million tonnes in Xinjiang
and 1.8 million tonnes in Guizhou, and 2.0 million tonnes in
Mozambique.

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.

WEST CHINA CEMENT: Moody's Puts Ba2 Rating to New USD Notes
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed USD notes to be issued by West China Cement
Limited (WCC, Ba2 positive).

WCC will use the proceeds from the proposed issuance for
refinancing and general corporate purposes.

RATINGS RATIONALE

WCC's Ba2 corporate family rating (CFR) reflects the company's
dominant market share in cement production in the central and
southern part of Shaanxi Province and its track record of low
leverage.

The rating also takes into consideration WCC's business synergies
with Anhui Conch Cement Company Limited (Anhui Conch, A2 stable)
and Anhui Conch's technical support to WCC. Anhui Conch held a
21.1% stake in WCC as of the end of 2020.

At the same time, WCC's rating is constrained by the cyclical
nature of the cement industry, developing operating scale and
limited diversification in terms of product and market coverage.

These risks are partially tempered by favorable industry conditions
in the markets that WCC operates in, where cement supply is
constrained due to regulatory and environmental factors. Such
restrictions help balance the supply and demand for cement,
supporting high cement prices. Moreover, WCC's low financial
leverage provides a strong buffer against business volatilities.

"The proposed issuance will not affect materially WCC's credit
profile, because Moody's expects the temporary increase in leverage
will be offset by the company's higher operating cash flow and
EBITDA in the coming years as new projects complete," says Roy
Zhang, a Moody's Vice President and Senior Analyst.

Moody's also expects that WCC's solid operating cash flow, together
with its low leverage, as measured by adjusted debt/EBITDA of below
2.0x, to partially temper project execution risks in Africa. WCC's
expansion strategy in Africa, if implemented successfully, will
further improve the company's operating scale and business
diversification.

WCC's liquidity is adequate. The company had cash and cash-like
sources of about RMB1.5 billion as of the end 2020. This, together
with its strong operating cash flow, is sufficient to cover its
debt maturities and planned capital expenditure over the next 12 to
18 months.

The senior unsecured bond rating on the proposed USD notes is
unaffected by structural subordination due to claims at the
operating company level. This is because, despite its status as a
holding company with a majority of claims at the operating
subsidiaries, WCC's creditors benefit from the group's highly
diversified business profile — with cash flow generation across a
large number of operating subsidiaries in different parts of China
and overseas — and which mitigates structural subordination
risk.

WCC's CFR also takes into account the following environmental,
social and governance (ESG) considerations.

Globally, the building materials sector has elevated credit
exposure to environmental risks, which could be significant for
WCC's credit quality within the next three to five years. In China,
the cement sector is one of the country's major contributors to
carbon dioxide emissions. It is also a major emitter of sulfur
dioxide, nitrogen oxides and dust. The mining and manufacturing
process for cement production is energy intensive given its large
consumption of coal, electricity and water.

WCC has upgraded its production lines to meet higher emission
standards and has implemented measures to increase energy
efficiency, as well as reduce dust and carbon emissions. As the
local industry leader, WCC continues to invest in equipment and
processes to manage the environmental risks. It benefits from
tightened environmental standards in China as the industry
consolidates.

In terms of corporate governance, the company was 32.3% owned by
its founder and chairman, Zhang Jimin, as of the end of 2020. The
concentrated shareholding risk is partially tempered by its listing
status and the presence of Anhui Conch, which held a 21.1% stake in
the company as of the end of 2020.

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

The positive outlook on WCC reflects our expectation that the
company will continue to grow its business and market
diversification, while generating a healthy cash flow and
maintaining prudent financial management and adequate liquidity.

WCC's rating could be upgraded if the company can manage the
execution risks of its expansion, and demonstrates financial
prudence while increasing its scale and geographic diversification,
such that it sustains a cash to short-term debt ratio above 1.0x
and adjusted debt/EBITDA below 2.0x.

Given the positive outlook, WCC's rating is unlikely to be
downgraded. However, the outlook could return to stable if WCC's
financial and/or liquidity position weaken because of falling
revenue, rising costs, aggressive debt-funded expansion or
unexpected shareholder distributions.

Financial indicators for a return to a stable outlook include
debt/EBITDA exceeding 2.5x or adjusted debt/capitalization above
50% on a sustained basis.

Any reduction in Anhui Conch's support for, or level of ownership
in, WCC would be negative for WCC's rating.

The principal methodology used in this rating was Building
Materials published in May 2019.

West China Cement Limited (WCC) is one of the leading cement
producers by capacity in China's Shaanxi Province. As of the end
2020, the company's annual capacity was 33.2 million tons. Most of
WCC's plants are located in central and southern Shaanxi Province.
As of the end of 2020, the company was 32.3% owned by its founder
and chairman, Zhang Jimin, and 21.1% owned by Anhui Conch Cement
Company Limited (Anhui Conch). WCC was listed on the Hong Kong
Stock Exchange in August 2010.



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

ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anandi Water
Parks Resorts & Club Private Limited (AWPRCPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan                5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AWPRCPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 AWPRCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
AWPRCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of AWPRCPL continues to be 'CRISIL D Issuer Not
Cooperating'.

AWPRCPL, established in 2002 in Lucknow, owns and operates a water
park, a resort, clubs, a marriage hall, and a 75-room hotel. The
company is promoted by Mr. Pankaj Agrawal and his family.


ANJANI PUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Anjani
Putra Educational Society (SAES) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     1.2        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              7.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAES for
obtaining information through letters and emails dated January 30,
2021 and May 19, 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 SAES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAES continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Formed in 2001, Sri Anjaniputra Educational Society (SAES) runs
college and schools. It runs D.Ed, B.Ed. and M.Ed. College named
Smt. Mannaru Yasodamma Memorial College in Darsi, Andhra Pradesh.
It also run 3 schools named Sanskriti Vidyalaya School situated at
Podili, Darsi and Chalivendram. The society is managed by Sri
Esthalamudi Chenna Reddy, Sri Mannaru Jaya Kumar and Sri
Isthalamudi Raja Rami Reddy.

CHAPHEKAR AND COMPANY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chaphekar and
Company (CAC) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           4        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             11        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank            1        CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash            1        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with CAC for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 CAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CAC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1973 as a partnership firm by Mr. M R Chaphekar, CAC
undertakes civil construction works related to roads and bridges.
Currently, the daily operations are being managed by Mr. Ashish
Chaphekar.


COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Coastal
Consolidated Structures Private Limited (CCSPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          29        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             17        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CCSPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 CCSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CCSPL, established in 1996 by Mr. M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road and
ports work. It is headquartered in Vijayawada (Andhra Pradesh).


GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goldenline
Infrastructures Private Limited (GIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        15        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan                 10        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with GIPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 GIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIPL continues to be 'CRISIL D Issuer Not Cooperating'.

GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.


GYASI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gyasi Ram
Educational Society (GRES) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     1.49       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             11.83       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GRES for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 GRES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRES continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GRES was setup in 2008 in Sonipat, Haryana. The society has two
colleges in Sonipat, Haryana; International Institute of Technology
and Business (I2TB) offering courses in engineering and BBA and
International Institute of Pharmaceutical Sciences (I2PS), offering
courses in pharmacy and medical lab technology. The founding
members of the society are Prof. Rakesh Ranjan, Mr. Ved Dahiya,
Prof. Jyoti Ranjan and Mr. Arun Thakran.


HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Horizon
Leisure Hotels Private Limited (HLHPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term
   Bank Loan Facility     27.17      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HLHPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 HLHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HLHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HLHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated on November 9, 2009, HLHPL is Indore-based real estate
developer Horizon group's first venture into the hospitality
sector, which it operates through a tie-up with the Best Western
group. The hotel began commercial operations in 2012-13 (refers to
financial year, April 1 to March 31).

IWORLD BUSINESS: CRISIL Lowers Rating on INR75cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Iworld Business Solutions Private Limited (IBS) to 'CRISIL D/CRISIL
D' from 'CRISIL BB+/Stable/CRISIL A4+'. The ratings downgrade
reflects the delays in debt servicing.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          15        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             75        CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Drop Line Overdraft     10        CRISIL D (Downgraded from
   Facility                          'CRISIL BB+/Stable')

The ratings continue to reflect the exposure to intense competitive
pressure and geographic and supplier concentration in revenue, and
the group's moderate financial risk profile.

These weaknesses are partially offset by the group's established
market position, longstanding relationship with the principal, and
low inventory and receivables risks.

Analytical Approach

Unsecured loans (outstanding at an estimated Rs 8.3 crore as on
March 31, 2019) from the promoter have been treated as neither debt
nor equity as these loans are likely to remain in business over the
medium term.

CRISIL Ratings has combined the business and financial risk
profiles of IBS and Iworld Digital Solutions Pvt Ltd (IDS). This is
because the companies, collectively referred to as the Iworld
group, are in the same line of business and have operational
linkages and common ownership.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographic and supplier concentration in revenue and intense
competitive pressure: The group faces competition from other
authorised sellers of Apple products in the same geography and from
e-portals. Furthermore, since over 90% of income is derived from
Apple, business risk profile is directly linked to acceptability,
product launches, and penetration of the principal's products in a
technologically evolving market. Also, revenue is geographically
concentrated in North India, particularly National Capital Region.
The revenues of IBS stood moderated during fiscal 2019 and during
the ten months through January for fiscal 2020 as compared to
respective corresponding previous periods. Also, the return of
Capital employed (RoCE) has been on declining trend over past few
years and stood at 10.30% for fiscal 2019, due to dependence on
Apple, whose sales have also declined in the corresponding period.
CRISIL believes that the scale of operations of IBS would continue
to face heat due to lockdown on account of Covid-19 pandemic,
however, on invocation of force majeure clause for lease agreements
with malls/high streets, IBS expects no payment for lease rentals,
the major fixed cost for the company.

* Moderate financial risk profile: Financial risk profile is
moderate. Although networth exceeded Rs 40 crore as on March 31,
2019, total outside liabilities to adjusted networth (TOLANW) ratio
remained high at 2.38 times. Debt protection metrics were average,
with interest cover at 1.5 times in fiscal 2019.

Strengths:

* Established market position and longstanding relationship with
the key principal: The promoter's extensive knowledge of Apple
products has helped develop a strong relationship with the key
supplier. Furthermore, the group enjoys benefits of being an Apple
premium reseller (APR), and was one of the first APRs to have
launched its products in India in 2007.

* Low inventory and receivables risk: Inventory risk is minimal
since the entire price drop, if any, is reimbursed by the
principal, which fixes gross margins across product categories.
Moreover, any obsolescence in inventory is absorbed by the supplier
through a revision in price or by taking back the product and
providing a credit note. Revenue is primarily derived from retail
sales, while a moderate proportion (around 20%) is earned from the
wholesale segment. Receivables of 15-25 days are mainly amounts to
be recovered from financial institutions for credit card payments
or from sales to corporates.

Liquidity: Poor

Liquidity profile of the Iworld group is poor as reflected by
default in debt servicing.

Rating Sensitivity Factors

Upward factors:

* Track record of timely payment of interest and regularization of
cash credit for three months.

* Improvement in operational efficiency driven by higher operating
margins by 200 basis points, also reflected in healthy RoCE similar
to 2016 levels

* Growth in scale of operations led by healthy growth of principal,
Apple

Incorporated in 2005 and promoted by Mr. Tript Singh, IBS is an
authorized dealer for Apple products, including iPhone and iPod,
laptops, desktops, accessories, and software products. It also
trades in hardware (speakers, microphones, and accessories) of Bose
Corporation and JBL. The company sells the products through its
eight Iworld retail showrooms in NCR, and two in Ludhiana.

IDS, incorporated in 2014, is also an authorised dealer for Apple
products.


JK SURFACE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JK Surface
Coatings Private Limited (JKSC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          7.6       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      9.0       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.95      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan         1.20      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JKSC for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 JKSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JKSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JKSC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1998, JKSC is a service-contractor of protective
surface coatings. The company, based in Navi Mumbai (Maharashtra),
and promoted by Mr. Ajay Sagar and Mr. Sanjiv Thakur, undertakes
contracts for application of surface-coatings at industrial sites,
on both work- and labor-contract bases.

KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keya Realty
continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         9.26       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term  
   Bank Loan Facility     0.74       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Keya for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 Keya, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Keya
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Keya continues to be 'CRISIL D Issuer Not Cooperating'.

Set up as a proprietorship concern in 2002, by Mr. Manish
Mahendhrabhai Patel, Keya is engaged in construction of residential
and commercial real estate projects in Vadodara.


KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishnaam
Mobile and accessories Private Limited (KMAPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.7        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.9        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KMAPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 KMAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMAPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, KMAPL trades in mobile accessories. It is
promoted by Mr. Amit Singhania and is based in Delhi.


KTC CARS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KTC Cars
India Private Limited (KCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 KCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KCPL, incorporated in 2013, is an authorised dealer for Volkswagen
in Kerala. Its area of operations includes Thrissur, Malappuram,
Guruvayoor, and Kunnamangalam.


LAKSHMI RANGA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi Ranga
Enterprises Private Limited (LREPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.75       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.25       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LREPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 LREPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LREPL continues to be 'CRISIL D Issuer Not Cooperating'.

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


LAKSHMI TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Traders - Chennai (LT; part of the Lakshmi group) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working        2         CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with LT for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 LT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LT
continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of LT and Lakshmi Ranga
Enterprises Pvt Ltd (LREPL). This is because the two entities,
together referred to as the Lakshmi group, have a common management
team and are engaged in similar lines of business.

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


MA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ma Chandi
Durga Cement Limited (MCDCL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.47       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        19.33       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     3.20       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MCDCL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 MCDCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCDCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCDCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, MCDCL is promoted by Mr. Kuldip Kedia. It
manufactures cement and mild steel ingots in Durgapur, West Bengal.
It also trades in iron and steel products such as
thermos-mechanically treated bars, pig iron and slag, and does job
work for firm, Star Cement.


MANSAROVAR INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mansarovar
Industries (MI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MI for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 MI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MI, set-up in 2017 by Mrs. Kalawati Devi and her son, Mr. Vinod
Kumar. The firm dyes and prints fabrics and has its processing unit
in Balotra, Rajasthan. The firm commenced operations in November
2017.

MATHRU BUILDTECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mathru
Buildtech Private Limited (MBPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             30        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MBPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 MBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2006 as a partnership firm and later reconstituted
as a private limited company, Mathru Buildtech Private Limited
(MBPL) is engaged in civil construction activities primarily
construction of buildings for private companies. Based in
Bangalore, Karnataka, the company is promoted and managed by Mr.
Umesh K., Sarvesh Kumar and Satish Kumar.


MATRIX BOILERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Matrix
Boilers Private Limited (MBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           1        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              4        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Bill             0.5      CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Letter of Credit         0.5      CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit           1        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       4        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MBPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 MBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MBPL, set up in 2006, fabricates boiler and boiler components at
its facility in Pudukottai (Tamil Nadu). It is promoted by Mr. N
Pandian, Mr. A Sekar, Mr. R Neelamegam, and Mr. K Murugesan.


MITTAL ALLOY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mittal Alloy
Castings Company (MACC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              2        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan           3.3      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MACC for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 MACC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MACC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MACC continues to be 'CRISIL D Issuer Not Cooperating'.

Raigarh (Chattisgarh)-based MAAC, incorporated in July 2015, is
setting up a facility to manufacture Grinding Media Balls. Mr.
Deepak Agrawal and Mr. Ramsharan Agrawal are the promoters.


NHS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NHS
Industries continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              8.4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NHS for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 NHS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NHS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NHS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NHS, based in Bengaluru, was established in November 2016 as a
proprietorship firm by Mr. Bhargava Reddy. The firm manufactures
HDPE/PP (high-density polyethylene / polypropylene) woven sacks.


NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nizam Deccan
Sugars Limited (NDSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           103.3       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit        0.5       CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term     48.09      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              33.34      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NDSL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 NDSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NDSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NDSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NDSL, incorporated in 2002, manufactures sugar and extra neutral
alcohol, and generates power. NDSL has three sugar plants in
Telangana. The company also has a distillery unit, and a
20-megawatt biomass-based power generation plant. Dr. G Ganga Raju
and family (promoters of the Laila group of companies) hold a 51
per cent stake in NDSL; the balance 49 per cent stake is held by
Nizam Sugars Ltd. The Laila group is engaged in diverse businesses
including sugar, paper, nutraceuticals, and education.


PRADHVI MULTITRADE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pradhvi
Multitrade Private Limited (PMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             11        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               11        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PMPL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 PMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in February 2011, Pradhvi Multitrade Pvt Ltd (PMPL) is
promoted by Mr. Rajpal Singh. Company was not operational until
November 2012 and started trading in processed fabrics in Dec 2012.

PRAVEEN ELECTRICAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Praveen
Electrical Works (ABIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          11        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility       6        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ABIL for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 ABIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PEW was set up in 1994 as a sole proprietorship firm by Mr. Prakash
C Angadi. The firm undertakes turnkey projects for laying
electrical cables and poles, and electrification projects. It has a
facility in Karnataka.


RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rashmi Steels
(RS) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit         0.65     CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan          5.35     CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RS for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 RS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RS
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Registered in 2001, RS is a proprietorship firm engaged in trading
of ferrous and nonferrous scrap and has recently commenced
aluminium extrusion. The firm is based out of Mumbai with its
warehousing facility located in Bhuleshwar, Mumbai and has a
factory located near Baroda, Gujarat for aluminium extrusion. The
firm is promoted by Mr. Babulal G Bohra.


RIME RICH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rime Rich
Foods Private Limited (RRFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          9.5       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RRFPL for
obtaining information through letters and emails dated December 30,
2020 and May 19, 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 RRFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RRFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2000 in Thrissur, Kerala, and promoted by Mr.
Starson Kandamkulathy and Mr. Fineson K J, RRFPL manufactures ice
creams under the Pappai brand.


UNITED STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of United Steel
Building Systems Private Limited (USBS) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with USBS for
obtaining information through letters and emails dated November 21,
2020 and May 19, 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 USBS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USBS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USBS continues to be 'CRISIL D Issuer Not Cooperating'.

USBS was set up in 2010 by Mr. Chandramohan R and his family. The
company is engaged in the design and supply of pre-engineered metal
building (PEB). The company is based in Chennai, Tamilnadu.




===============
M O N G O L I A
===============

MONGOLIA: Moody's Assigns B3 Rating to New Sr. Unsecured USD Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a rating of B3 to the
proposed senior unsecured, US dollar-denominated notes to be issued
by the Government of Mongolia. The notes will rank pari passu with
all of the Mongolia's current and future senior unsecured external
debt. The proceeds of the notes will be used to fund a tender offer
to repurchase a portion of its bonds maturing in 2022 and 2023.

The ratings mirror Mongolia's issuer rating of B3 with a stable
outlook.

RATINGS RATIONALE

Mongolia's (B3 stable) credit profile incorporates a narrowly
diversified economy and weak debt and fiscal metrics, balanced by
strong growth potential.

Broadly balanced government budgets and high nominal GDP growth
prior to the coronavirus pandemic supported a reduction in the debt
burden from high levels, to around 61% of GDP in 2019. In the
current shock, weaker growth due to the impact of the coronavirus
on global and Chinese demand for coal and the government's
announced fiscal stimulus measures have resulted in an uptick in
the debt burden. Moody's expects government debt to rise to around
75% of GDP in 2021, delaying more marked improvements in weak
fiscal strength.

A more pronounced increase in the debt burden will be prevented by
a resumption in strong nominal GDP growth. Following a contraction
in 2020, Moody's expects growth to return towards Mongolia's high
potential rates in 2021 backed by strong commodity prices and
relatively contained infection rates. High growth continues to
represent an underlying credit strength, although dependent on
large projects proceeding as planned beyond 2020. Moody's assumes
that no major change to the mining agreement for Oyu Tolgoi - the
country's largest copper mine - will occur.

The B3 rating also assumes that external financing will be
available from multilateral and bilateral lenders, preventing an
escalation of external risks. In addition, it is based on the
expectation that Mongolia will meet all its direct and indirect
debt obligations in the foreseeable future.

ISSUER RATING OUTLOOK

The stable outlook reflects liquidity risks and external pressures
that have stabilized for the foreseeable future, albeit at levels
higher than seen prior to the pandemic. Higher government borrowing
requirements resulting from sizeable stimulus measures in 2020 were
financed primarily through a combination of concessional sources
and a drawdown on fiscal reserves, thus relieving liquidity
pressures. A debt refinancing exercise conducted last year, has
also reduced upcoming maturities in 2021 and 2022. External
vulnerabilities have receded, on the back of a faster than expected
recovery in mining exports, that Moody's expect will continue.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are material for Mongolia. A global
shift towards renewable energy and electric vehicles will likely
drive strong demand for some of its mineral products, particularly
copper, significantly lifting its growth potential. However,
Mongolia is also exposed to environmental risk. Agriculture, also
an important sector for the Mongolian economy, is negatively
affected by land degradation, which hurts the livestock industry
and increases its vulnerability to extreme weather conditions and
climate change.

Social considerations are not material for Mongolia. While income
levels are low on average and the distribution of proceeds from the
mining sector is uneven, macroeconomic measures of income
inequality such as the Gini coefficient do not signal significant
exposure. Moody's views the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety. For Mongolia, the shock mainly
materializes mainly through a fall in commodity prices and
tightening in financing conditions.

Governance considerations are material to Mongolia's credit profile
and primarily relate to low credibility of fiscal targets, the
absence of a track record of adherence of major reforms, and past
experience of pro-cyclical policies linked to electoral and
commodity price cycles. High levels of corruption and factious
politics also present broad governance

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

The stable outlook indicates that risks are balanced.

However, a consistently falling debt burden accompanied by steady
improvements in debt affordability would alleviate fiscal
constraints and drive upward rating momentum. These indications
would likely relate to improvements in the management of domestic
public finances, containing the government's funding requirements
and the economy's external financing needs. Efforts towards
gradually diversifying the economy away from its reliance on
commodities that reduce growth volatility and susceptibility to
boom-bust economic cycles would also likely be a trigger for upward
rating action.

Conversely, a rating downgrade could transpire from widening gross
borrowing requirements significantly above Moody's baseline
assumptions, and/ or rising government liquidity risks that point
to difficulties in meeting these borrowing needs. Persistent
external financing gaps that threaten macroeconomic stability would
also exert downward rating pressures. A sustained shock to growth,
for instance through the derailment of large mining projects, would
also be a trigger for downward rating action.

The principal methodology used in this rating was Sovereign Ratings
Methodology published in November 2019.



=====================
N E W   Z E A L A N D
=====================

ASB SHOWGROUNDS: Events Venue Goes Into Liquidation
---------------------------------------------------
Radio New Zealand reports that Auckland's ASB Showgrounds - one of
the country's biggest venues - has gone into liquidation.

According to the report, the former chair of the showgrounds board,
Kim Campbell, said the development followed ongoing disagreements
with the landlord, the Cornwall Park Trust.

He said a dispute over rent had exacerbated the pressures caused by
the Covid-19 pandemic.

The showgrounds have been hosting events for more than 160 years,
the report notes.

RNZ says an event due to take place last weekend, a Collectors Car
sale, has been postponed.

The venue was also due to host the Auckland Food Show, Home Show
and Baby Show in coming weeks, as well as several concerts in its
auditorium, called the Logan Campbell Centre.

The Showgrounds was closed to the public on June 23.


BRIGHTSIDECO INSURANCE: A.M. Best Affirms B(Fair) FS Rating
-----------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" (Fair) of Brightsideco
Insurance Limited (Brightsideco) (New Zealand). The outlook of
these Credit Ratings (ratings) is stable.

The ratings reflect Brightsideco's balance sheet strength, which AM
Best assesses as adequate, as well as its marginal operating
performance, limited business profile and appropriate enterprise
risk management.

Brightsideco's balance sheet strength is underpinned by its
risk-adjusted capitalization, which AM Best expects to remain at
the strongest level over the medium term, as measured by Best's
Capital Adequacy Ratio (BCAR). Following a notable strengthening of
the company's unexpired risk reserve (URR) that led to volatility
in its regulatory solvency ratio in fiscal year 2018, the company
has taken remedial actions to support the full release of its URR
by the end of fiscal year 2020 and to subsequently build-up a
sizable buffer in its regulatory solvency position in the period
since. Other balance sheet considerations include the company's
very small absolute capital base, which increases its sensitivity
to stressed scenarios. Furthermore, the balance sheet strength
assessment factors a negative holding company impact arising from
Brightsideco's ultimate parent, ICF Holdings Pty Ltd (ICFH),
following an assessment of consolidated risk-adjusted
capitalization.

Brightsideco reported a five-year weighted average return-on-equity
ratio of 2.9% and combined ratio of 109.6% (fiscal years 2016 to
2020). Operating performance has exhibited heightened volatility
over this period, with worsening incurred loss ratios and
strengthening of the URR in fiscal years 2017 and 2018. The company
has reported stronger operating performance metrics during fiscal
years 2019 and 2020, with a return-on-equity ratio in excess of 8%,
driven partially by the release of the URR. However, underlying
underwriting results, excluding the URR release, have remained
challenged, and continued to produce combined ratios in excess of
100%. Prospectively, AM Best expects the company's technical
performance to improve over the medium term as it benefits from the
remedial actions taken, such as premium rate increases and coverage
reductions. However, AM Best notes that the nature of the company's
long-duration extended warranty products means that these actions
are likely to take a number of years to have a full effect on
earnings.

AM Best views Brightsideco's business profile as limited,
reflecting the company's small operational size, niche business
portfolio and lack of geographic diversification. The company also
is exposed to high concentration risk arising from its distribution
channel, as almost all of its policies are distributed through a
large electrical goods retailer in New Zealand. Brightsideco and
the wider ICFH group's relationship with this strategic partner
remains key to Brightsideco's insurance operations.



LIFETIME INCOME: A.M. Best Withdraws B-(Fair) FS Rating
-------------------------------------------------------
AM Best has maintained the under review with negative implications
status for the Financial Strength Rating of B- (Fair) and the
Long-Term Issuer Credit Rating of "bb-" (Fair) of Lifetime Income
Limited (LIL) (New Zealand). Concurrently, AM Best has withdrawn
these Credit Ratings (ratings) as the company has requested to no
longer participate in AM Best's interactive ratings process.

These ratings were placed under review with negative implications
on November 5, 2020, following regulatory license conditions
imposed on LIL by the Reserve Bank of New Zealand (RBNZ), which
would require the company to hold additional capital margins in
excess of existing regulatory minimums to better withstand severe
adverse scenarios that might occur in the future. These license
conditions also followed volatility in the company's regulatory
solvency position, with breaches of the minimum solvency margin
identified in fiscal year 2020.

The under review with negative implications status was maintained
on January 22, 2021, as LIL's parent group, Retirement Income Group
Limited, had been unable to raise sufficient new capital to meet
the additional regulatory capital requirements of the license
conditions at LIL, and whilst the company was considering
alternative regulatory capital options, in consultation with the
RBNZ and the Financial Markets Authority.

Subsequently, in March 2021, LIL communicated to its variable
annuity policyholders with investment holdings in the Lifetime
Income Fund (LIF) to advise that the fund would be wound up.
Policyholders were given the option to either transfer their
investment to an alternative fund with income payments not
supported by an insurance guarantee, or have their account balances
returned to them. In light of the LIF wind up, policyholders are
expected to receive a supplementary payment to recognize the loss
of the income guarantee previously provided by LIL.

LIL has since completed the wind up of the LIF in May 2021,
including execution of the associated policyholders' chosen
options. At this time, the value of the supplementary payment to be
made to variable annuity policyholders remains uncertain and is
subject to approval by the RBNZ, supported by legal and actuarial
advice.

The maintenance of the under review with negative implications
status reflects continuing uncertainty over LIL's prospective
balance sheet strength, including the materiality of the
supplementary payment, which remains undetermined at this time, and
the company's ability to comply with its license conditions during
the runoff of its remaining unit-linked, fixed and variable annuity
liabilities.




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

IDEE ENTERPRISE: Acres Advisory Named as Provisional Liquidator
---------------------------------------------------------------
Tee Wey Lih of Acres Advisory on June 17, 2021, was appointed as
liquidator of IDEE Enterprise Pte Ltd.

The liquidator may be reached at:

     Tee Wey Lih
     Acres Advisory Pte Ltd of
     531A Upper Cross Street      
     #03-128 Hong Lim Complex
     Singapore 051531



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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