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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, August 2, 2021, Vol. 24, No. 147

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2020-1: Moody's Hikes Rating on Class F Notes to Ba3
BLUESTONE PRIME 2021-1: Fitch Assigns Final BB+ Rating on E Notes
CARNELL FAMILY: Second Creditors' Meeting Set for Aug. 9
DIGITAL EAGLES: Second Creditors' Meeting Set for Aug. 6
HARVEY TRUST 2021-1: S&P Assigns Prelim. BB Rating on E Notes

KPF MACHINERY: Second Creditors' Meeting Set for Aug. 9
MVP PRINT: First Creditors' Meeting Set for Aug. 9
NORTH QUEENSLAND EXPORT: Moody's Affirms Ba2 Rating on Sec. Notes
PEPPER RESIDENTIAL 30: S&P Assigns Prelim. 'B' Rating on F Notes
PINDAN GROUP: Unit Gets Creditor's Nod for Restructuring

RESOURCE GENERATION: Second Creditors' Meeting Set for Aug. 6
RHODIUM TRADING: Second Creditors' Meeting Set for Aug. 9


C H I N A

CHINA EVERGRANDE: Gets More Assets Frozen as Creditors Sue
HUANGSHI URBAN: Fitch Assigns FirstTime 'BB+' LongTerm IDRs


I N D I A

ACCURATE STEEL: CRISIL Lowers Rating on INR7cr Term Loan to B
AMBEY DISTRIBUTORS: CRISIL Lowers Rating on INR3.6cr Loan to B
ARJUN TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
B. P. SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating
BLESSINGS RESORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

COMPETENT PACKAGING: CRISIL Keeps B Ratings in Not Cooperating
EAST WEST: CRISIL Lowers Rating on INR13cr Loans to D
ESES BIO-WEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
EXCEL VINYL: CRISIL Keeps D Debt Ratings in Not Cooperating
FLAGS HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating

JAGANNATH EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
LOROM INDIA: CRISIL Lowers Rating on INR1cr Proposed Loan to B
MILLENNIUM BUSINESS: CRISIL Lowers Rating on INR6.7cr Loans to D
MUBARAK OVERSEAS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating

N V KHAROTE: CRISIL Keeps D Debt Ratings in Not Cooperating
NORTELS SERVICE: CRISIL Keeps B- Debt Ratings in Not Cooperating
PRAGANA DANWAR: CRISIL Keeps B- Debt Ratings in Not Cooperating
RAJ-SNEH AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
ROSEWOOD LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating

RUSHABHDEV INFRA: CRISIL Lowers Rating on INR56cr LT Loan to B
SHAH GROUP: Insolvency Resolution Process Case Summary
SWASTIK TRADELINK: CRISIL Keeps D Debt Rating in Not Cooperating
TRIBHUVAN POLYMERS: CRISIL Lowers Rating on INR15cr Loans to B
USHASWINI RICE: CRISIL Lowers Rating on INR9cr Loans to B

VEGA INFRASTRUCTURES: CRISIL Cuts Rating on INR14.75cr Loan to B
VENKATA MANIKANTA: CRISIL Keeps D Debt Ratings in Not Cooperating
VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

ANA HOLDINGS: Posts Net Loss of JPY51.16BB for Qtr. Ended June 30


M O N G O L I A

MONGOLIA: S&P Affirms 'B' Sovereign Credit Ratings, Outlook Stable


S I N G A P O R E

EAGLE HOSPITALITY: Dallas Hotel to be Sold at Lower Price

                           - - - - -


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A U S T R A L I A
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ALLIED CREDIT 2020-1: Moody's Hikes Rating on Class F Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Allied Credit ABS Trust 2020-1.

The affected ratings are as follows:

Issuer: Allied Credit ABS Trust 2020-1

Class B Notes, Upgraded to Aa1 (sf); previously on Nov 4, 2020
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Nov 4, 2020
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Nov 4, 2020
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Nov 4, 2020
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Nov 4, 2020
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Following the July 2021 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 24.4%, 17.8%, 13.0%, 7.6% and 5.5%
respectively, from 17.5%, 12.7%, 9.2%, 5.3% and 3.8% at closing.

As of end-June 2021, 1.7% of the outstanding pool was 30-plus day
delinquent and 0.3% was 90-plus day delinquent. The portfolio has
incurred 0.4% (as a percentage of original pool) of losses to date,
all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 5.2% of
the original pool balance from closing.

Moody's has also maintained the Aaa portfolio credit enhancement at
27.5% from closing.

The transaction is a securitisation of loans backed by motorcycle,
marine and other assets by Allied Credit Pty Ltd.

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

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

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

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


BLUESTONE PRIME 2021-1: Fitch Assigns Final BB+ Rating on E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Bluestone Prime 2021-1
Trust's mortgage-backed pass-through floating-rate notes. The
issuance consists of notes backed by a pool of first-ranking
Australian prime residential full-documentation mortgage loans
originated by Bluestone Group Pty Limited, Bluestone Mortgages Pty
Limited (Bluestone) and Athena Home Loans Pty Limited.

The final rating of the class C notes is one notch higher than the
expected rating assigned on 16 July 2021. The higher rating is due
to the lower final weighted average (WA) note coupon increasing the
excess spread available to the transaction.

The notes are issued by Permanent Custodians Limited in its
capacity as trustee of Bluestone Prime 2021-1 Trust. This is a
separate and distinct trust created under a master trust deed.

     DEBT                RATING               PRIOR
     ----                ------               -----
Bluestone Prime 2021-1 Trust

A1 AU3FN0061180   LT  AAAsf   New Rating    AAA(EXP)sf
A2 AU3FN0061198   LT  AAAsf   New Rating    AAA(EXP)sf
B AU3FN0061206    LT  AAsf    New Rating    AA(EXP)sf
C AU3FN0061214    LT  A+sf    New Rating    A(EXP)sf
D AU3FN0061222    LT  BBB+sf  New Rating    BBB+(EXP)sf
E AU3FN0061230    LT  BB+sf   New Rating    BB+(EXP)sf
F1                LT  NRsf    New Rating    NR(EXP)sf
F2                LT  NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The total collateral pool is unchanged from the pool assessed at
the expected rating on 16 July 2021 and consisted of 1,386
obligors, with loans totalling AUD694.9 million, at the 30 June
2021 cut-off date.

KEY RATING DRIVERS

Sufficient Credit Enhancement Mitigates Expected 'AAAsf' Losses:
The 'AAAsf' WA foreclosure frequency of 11.1% is driven by the WA
unindexed current loan/value ratio (LVR) of 65.8%, self-employed
borrowers accounting for 10.0% of the pool balance and, under
Fitch's methodology, investment loans forming 24.9% of the pool
balance. The 'AAAsf' WA recovery rate of 51.4% is driven by the
portfolio's WA indexed scheduled LVR of 66.4%. The class A1, A2, B,
C, D and E notes benefit from credit enhancement of 12.50%, 6.00%,
4.20%, 2.75%, 1.60% and 0.50%, respectively.

Limited Liquidity Risk: Structural features include a liquidity
facility sized at 1.0% of the note balance, with a floor of
AUD700,000, sufficient to mitigate Fitch's payment interruption
risk. The rated notes can withstand all relevant Fitch stresses
applied in Fitch's cash flow analysis.

Originator Adjustment Applied Due to Limited Historical Performance
Data: Mortgages were originated by Bluestone (56.4% of the pool by
balance) and Athena (43.6%) in the ordinary course of business.
Bluestone is a non-bank mortgage lender established in 2000, with
operations in Australia, New Zealand and the Philippines. Athena is
a non-bank mortgage lender established in 2017 with operations in
Sydney.

Fitch undertook an operational review of both Bluestone and Athena
and found that the operations of the originator and servicer were
comparable with market standards. Fitch does not expect the
servicer's operations to be disrupted by the coronavirus pandemic,
as staff are able to work remotely and have access to the office.
Fitch has applied a 5% increase to its base foreclosure frequency
on the Athena-originated loans within the pool due to limited
originator-specific performance data.

Non-Amortising Class F1 and F2 Notes Support Senior Notes: The
class F1 and F2 notes do not amortise during the pro rata pay
period and interest payments are subordinated to losses and
carry-over charge-offs. These features support the rated notes, as
they ensure credit enhancement as a percentage of the portfolio
increases, while the other notes are paid principal on a pro rata
basis

Economic Rebound Supports Outlook: Portfolio performance is
supported by Australia's effective suppression of Covid-19 and the
macro-policy response, which has facilitated a robust economic
recovery. Fitch forecasts Australia's GDP to grow by 5.8% in 2021,
with an unemployment rate of 5.4%. Fitch expects GDP growth to
stabilise in 2022 at 3.1% and the unemployment rate to improve to
4.8%.

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

RATING SENSITIVITIES

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WA foreclosure frequency or WA recovery rate - are modified,
while holding others equal. The modelling process uses the
modification of default and loss assumptions to reflect asset
performance in up and down environments. The results should only be
considered as one potential outcome, as the transaction is exposed
to multiple dynamic risk factors.

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

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

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

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

Upgrade Sensitivity

As the class A1 and A2 notes are at 'AAAsf', upgrade sensitivity
stresses for these notes are not relevant. However, results for the
remaining rated notes are as follows:

-- Note: B / C / D / E

-- Rating: AAsf / A+sf / BBB+sf / BB+sf

-- Decrease defaults by 15% and increase recoveries by 15%: AAAsf
    / AAsf / A+sf / BBBsf

Downgrade Sensitivity

-- Note: A1 / A2 / B / C / D / E

-- Rating: AAAsf / AAAsf / AAsf / A+sf / BBB+sf / BB+sf

-- Increase defaults by 15%: AAAsf / AA+sf / AA-sf / Asf / BBBsf
    / BBsf

-- Increase defaults by 30%: AAAsf / AA+sf / A+sf / A-sf / BBBsf
    / BB-sf

-- Reduce recoveries by 15%: AAAsf / AA+sf / AA-sf / Asf / BBB-sf
    / BBsf

-- Reduce recoveries by 30%: AAAsf / AA+sf / A+sf / BBB+sf /
    BB+sf / BB-sf

-- Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
    AA+sf / A+sf / A-sf / BB+sf / BB-sf

-- Increase defaults by 30% and reduce recoveries by 30%: AA+sf /
    A+sf / A-sf / BBBsf / BB-sf / B+sf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Bluestone's origination files and found the file
information to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio. Prior to the transaction closing,
Fitch sought to receive a third-party assessment of the asset
portfolio information, but none was made available to Fitch for
this transaction.

Overall, Fitch believes the asset pool information relied upon for
its rating analysis, according to its applicable rating
methodologies, is adequately reliable.

ESG CONSIDERATIONS

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


CARNELL FAMILY: Second Creditors' Meeting Set for Aug. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Carnell Family
Farming Pty Ltd ATF The Kirra Pines Farming Trust has been set for
Aug. 9, 2021, at 2:00 p.m. via electronic facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 6, 2021, at 5:00 p.m.

Kelly-Anne Lavina Trenfield and John Park of FTI Consulting were
appointed as administrators of Carnell Family on July 5, 2021.


DIGITAL EAGLES: Second Creditors' Meeting Set for Aug. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Digital Eagles
Pty Ltd has been set for Aug. 6, 2021, at 10:00 a.m. via virtual
webinar.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 5, 2021, at 4:00 p.m.

Laurence Fitzgerald of William Buck was appointed as administrator
of Digital Eagles on July 3, 2021.


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

The preliminary ratings reflect:

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

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

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

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

  Preliminary Ratings Assigned

  Series 2021-1 Harvey Trust

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$19.25 million: AAA (sf)
  Class B, A$9.25 million: AA (sf)
  Class C, A$6.00 million: A (sf)
  Class D, A$2.05 million: BBB (sf)
  Class E, A$1.80 million: BB (sf)
  Class F, A$1.65 million: Not rated


KPF MACHINERY: Second Creditors' Meeting Set for Aug. 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of KPF Machinery
Pty Ltd has been set for Aug. 9, 2021, at 3:00 p.m. via electronic
facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 6, 2021, at 5:00 p.m.

Kelly-Anne Lavina Trenfield and John Park of FTI Consulting were
appointed as administrators of KPF Machinery on July 5, 2021.


MVP PRINT: First Creditors' Meeting Set for Aug. 9
--------------------------------------------------
A first meeting of the creditors in the proceedings of MVP Print
Pty Ltd Formerly Known As The Maverick Print Group Pty Ltd will be
held on Aug. 9, 2021, at 2:30 p.m. via teleconference.

Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were
appointed as administrators of MVP Print on July 28, 2021.


NORTH QUEENSLAND EXPORT: Moody's Affirms Ba2 Rating on Sec. Notes
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 senior secured
ratings of North Queensland Export Terminal Pty Ltd ("NQXT") and
revised the outlook to negative from stable.

NQXT is part of an obligor group that has economic ownership of the
Abbot Point Coal Terminal in North Queensland under a 99-year lease
with state-owned lessor, North Queensland Bulk Port Authority.
Abbot Point Port Holdings Pte Limited, Singapore (unrated) is the
ultimate holding company of the obligor group.

The rating action reflects the rising refinancing risk associated
with NQXT's substantial USD500 million 144A/Reg S bond maturing in
December 2022.

Environmental, social and governance factors were important
considerations in this rating action. Moody's assess the coal
mining and coal terminal sectors as exhibiting very high exposure
to environmental and social risks, with risk factors including
declining demand for coal over time as renewables expand and waste
and pollution rules tighten, and challenges being reported by
certain coal mines and their contractors in Australia in raising
finance and obtaining insurance. Social risks include these
sectors' exposures to political agendas, reflecting the societal
pressure regarding coal's climate impact.

RATINGS RATIONALE

"We assess NQXT as facing rising refinancing risk as the maturity
of its USD500 million bond approaches", says Arnon Musiker, a
Moody's Senior Vice President.

Refinance risk is being heightened by reduced appetite from
creditors for coal investments due to ESG considerations.

Moody's recognises that NQXT's sponsor has a track record of
providing support for NQXT over the past few years -- including
funding a settlement by the terminal following a 2020 Queensland
Court Action. NQXT's ultimate sponsor also recently (May 2021)
infused cash to prefund a USD140 million debt maturity. This
infusion is in addition to (1) its funding an award of an aggregate
of AUD106.8 million following a Queensland Supreme Court finding of
unconscionable conduct regarding 2016 transactions between NQXT and
a former user, and (2) funding AUD270 million of debt maturities in
2020.

In addition to its current volume throughput, NQXT has an essential
role in exporting coal from the greenfield Carmichael thermal coal
mine, which is being developed by Bravus Mining and Resources Pty
Ltd, a wholly owned subsidiary of Adani Enterprises Ltd (unrated).
Adani Enterprises has indicated that Carmichael is due to commence
production in the fourth quarter of 2021[1].

Carmichael will be one of nine users of the terminal, and Moody's
estimates it will comprise around 20% of NQXT's contracted volumes.
Moody's furthermore estimates that the majority - around two thirds
- of NQXT's coal volumes comprise metallurgical coal, which Moody's
regards as facing less immediate ESG challenges.

Moody's expects operating conditions for the Queensland coal sector
to remain favourable into 2023, reflecting strong production driven
by high prices, and which will strengthen the capacity of
counterparties to make take or pay charges to the terminal. Over
time however, NQXT's credit profile will be increasingly subject to
rising ESG risks and a change in the profile of the terminal's
counterparty base, to one increasingly comprising mines owned by
unrated counterparties such as QCoal and Bravus.

Increasingly onerous environmental restrictions in Australia are
likely to affect the operating regime of coal mines or terminals
and hinder mine expansions. The latter could also be restricted by
judicial challenges.

NQXT's credit profile continues to reflect the contractual
framework under which it operates, with take--or-pay revenues and
ability to socialize lost revenue following contractual default
across other counterparties, plus its moderately high financial
leverage.

Consequently, the rating considers the credit profile of its
counterparties, given that such determines their capacity to pay
such increases and cash flows over time.

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

The negative outlook reflects the rising refinancing risk
associated with the maturity of the company's USD500 million bond
in late 2022.

Given the current negative outlook, a ratings upgrade is unlikely.

The outlook could be stabilized if NQXT executes a refinancing of
the USD500 million bond in a timely manner, or demonstrates
substantial progress on a refinancing that, in Moody's view, has a
very high likelihood of being executed, and subject to fundamental
coal market conditions remaining supportive.

The ratings could be downgraded if Moody's assesses NQXT as being
unlikely to complete the refinancing in a timely manner. The rating
could also be downgraded if Moody's expects NQXT's financial
leverage, as measured by the ratio of funds from operations to
gross adjusted debt, to weaken below 6% on a sustained basis.

The principal methodology used in these ratings was Generic Project
Finance Methodology published in June 2021.


PEPPER RESIDENTIAL 30: S&P Assigns Prelim. 'B' Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No. 30. Pepper
Residential Securities Trust No. 30 is a securitization of
nonconforming and prime residential mortgages originated by Pepper
Homeloans Pty Ltd.

The preliminary ratings reflect:

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

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

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

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

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

  Preliminary Ratings Assigned

  Pepper Residential Securities Trust No.30

  Class A1, A$637.50 million: AAA (sf)
  Class A2, A$106.30 million: AAA (sf)
  Class B, A$47.50 million: AA (sf)
  Class C, A$21.00 million: A (sf)
  Class D, A$15.30 million: BBB (sf)
  Class E, A$9.20 million: BB (sf)
  Class F, A$6.80 million: B (sf)
  Class G, A$6.40 million: Not rated


PINDAN GROUP: Unit Gets Creditor's Nod for Restructuring
--------------------------------------------------------
The Business Times reports that Oxley Holdings on July 29 said the
creditors of a Pindan Group subsidiary have approved a proposed
deed of company arrangement (DOCA), which will pave the way for a
restructuring, returning it to a position of solvency.

The subsidiary is Pindan Asset Management (PAM), an 85 per
cent-owned subsidiary of Pindan Group - Oxley's troubled
wholly-owned subsidiary in Australia, BT discloses.

The Singapore property developer had announced in May that Pindan
and certain of the latter's wholly-owned subsidiaries had appointed
voluntary administrators. Pindan had experienced pandemic-related
challenges that caused delays to construction activities, project
completions and collection of project proceeds.

On July 29, PAM creditors approved the DOCA in a second creditor
meeting, BT discloses.  The proponent of the DOCA was Programmed
Facility Management (PFM) - an Australian and New Zealand provider
of operations and maintenance services.

Under the DOCA, PAM's shares will be transferred to PFM, which will
then take over the former's business and contracts, BT notes.

Samuel John Freeman, Vincent Smith and Colby O Brien of Ernst &
Young were appointed as administrators of Pindan Group on May 18,
2021.


RESOURCE GENERATION: Second Creditors' Meeting Set for Aug. 6
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Resource
Generation Limited has been set for Aug. 6, 2021, at 3:00 p.m. via
virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 5, 2021, at 4:00 p.m.

William James Harris, Anthony Norman Connelly and Jason Preston of
McGrathNicol were appointed as administrators of Resource
Generation on July 2, 2021.


RHODIUM TRADING: Second Creditors' Meeting Set for Aug. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rhodium Trading
Australia Pty Limited has been set for Aug. 9, 2021, at  10:00 a.m.
via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 6, 2021, at 5:00 p.m.

Marcus William Ayres and Stephen James Parbery of Kroll were
appointed as administrators of Rhodium Trading on July 6, 2021.




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

CHINA EVERGRANDE: Gets More Assets Frozen as Creditors Sue
----------------------------------------------------------
Caixin Global reports that debt-plagued China Evergrande Group has
had more assets frozen in the wake of a series of lawsuits filed by
creditors over the property giant's missed loan payments and other
financial disputes.

The entire 20% share in Langfang Development Co. Ltd. held by
Evergrande's main onshore unit will be frozen for three years by
order of a local court in Central China's Hubei province, Caixin
relates citing a filing on July 29 to the Shanghai Stock Exchange.

The order is the result of a civil lawsuit between Evergrande units
and a state-backed builder over shanty-town homes and
infrastructure in Xiaogan, a city in Central China, the filing
said, without providing details, Caixin relays.

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on July
30, 2021, Fitch Ratings has downgraded to 'CCC+', from 'B', the
Long-Term Foreign-Currency Issuer Default Ratings (IDR) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
also downgraded the senior unsecured ratings of Evergrande and
Tianji as well as the Tianji-guaranteed senior unsecured notes
issued by Scenery Journey Limited to 'CCC', from 'B-', with a
Recovery Rating of 'RR5'.

The downgrade reflects Evergrande's diminishing margin of safety in
preserving liquidity. Evergrande's liquidity is fragile and heavily
reliant on renewing short-term banking facilities and trust loans,
continued access to trade payables and robust contracted sales to
generate cash flow. However, recent negative news flow may affect
stakeholders' confidence, further pressuring liquidity.


HUANGSHI URBAN: Fitch Assigns FirstTime 'BB+' LongTerm IDRs
-----------------------------------------------------------
Fitch Ratings has assigned China-based Huangshi Urban Development
Investment Group Co., Ltd. (HUDG) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) of 'BB+'. The Outlook
is Stable.

HUDG, established as a state-owned limited-liability company in
September 2012, functions as a comprehensive urban developer in
Huangshi municipality. HUDG's businesses include city
infrastructure construction, primary land development, city bus
operation, water supply and medical services.

Huangshi is a prefecture-level city in Hubei province in central
China. The municipality is in the east of the province and borders
the provincial capital of Wuhan in the west. Huangshi is an
important raw-material industrial base in central China. It is also
a national pilot city for transforming a resource-exhausted region.
Its gross regional product (GRP) of CNY164.1 billion in 2020
accounted for about 3.8% of Hubei's total GRP.

KEY RATING DRIVERS

Status, Ownership and Control - 'Very Strong': HUDG is fully owned
by the Huangshi municipality's State-owned Assets Supervision and
Administration Commission. The Huangshi government controls and
supervises HUDG, appoints the majority of its directors and
approves its major investment and financing activities.

Support Record - 'Strong': HUDG has received solid financial
support from the Huangshi government for undertaking infrastructure
development. Support is mainly via asset transfers, capital
injections, operating subsidies and debt swaps, which improve the
company's financial flexibility and debt-servicing ability.

Socio-Political Implications of Default - 'Moderate': HUDG is the
municipality's main platform for carrying out infrastructure
construction and primary land development. Fitch believes HUDG's
financial failure would lead to a temporary delay in the
implementation of the government's development plan. Nonetheless,
other government-related entities (GRE) may serve as substitutes as
HUDG mainly operates under the government's concession. Most of the
work is also conducted through its subsidiaries and the municipal
government has the resources to ensure the continued provision of
the company's key public services through administrative orders or
emergency fiscal support.

Financial Implications of Default - 'Very Strong': HUDG had the
largest assets among Huangshi's major functional GREs at end-2020,
with investments in various infrastructure projects to support the
municipality's development. The company and its subsidiaries have
strong access to domestic capital markets and issues bonds onshore
regularly. Fitch believes the government has a strong incentive to
provide timely support to HUDG, as a default would damage the
government's reputation and limit the availability of financing for
other local GREs.

'b' Standalone Credit Profile: Fitch assesses revenue defensibility
at 'Midrange' to reflect stable demand for the company's
infrastructure investment and public service businesses. Fitch
assesses operating risk at 'Midrange' due to the company's strong
bargaining power in the local market. The financial profile is
assessed at 'Weaker', as net leverage, including financial
subsidies from the local government, reached 36.8x by end-2020.
Fitch expects leverage to keep rising under Fitch's rating case due
to continued debt-funded capex, although financial support from the
government and increasing revenue should mitigate its refinancing
risk.

DERIVATION SUMMARY

Fitch assesses HUDG under Fitch's Government-Related Entities
Rating Criteria, reflecting the Huangshi government's strong
control over the company and the solid support that it provides.
Fitch also factors in the socio-political and financial
implications for the government should HUDG default. Fitch assesses
HUDG 's Standalone Credit Profile under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

-- Upward revision of Fitch's credit view of the Huangshi
    government's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations.

-- An increase in the municipal government's incentive to support
    HUDG, including stronger socio-political repercussions of a
    default or a stronger support record.

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

-- Downward revision in Fitch's credit view of the Huangshi
    government's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations.

-- Significant weakening in the socio-political and financial
    implications of a default by HUDG, a weaker government support
    record or a dilution in the government's shareholding.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

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.




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

ACCURATE STEEL: CRISIL Lowers Rating on INR7cr Term Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Accurate Steel Forgings India Limited (ASFIL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with ASFIL for
obtaining information through letters and emails dated December 30,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1992 as a public entity, ASFIL is engaged in
forging of steel components for industrial purpose which is sold in
the domestic as well as foreign market and trade relations with
established customers and suppliers has been developed for the
same. The operations are handled by Mr. Kalyana Sundaram and Mr.
Vinoth Kumar, who have more than four decades of industrial
experience in this line of buisness.


AMBEY DISTRIBUTORS: CRISIL Lowers Rating on INR3.6cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Ambey
Distributors (AD) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with AD for
obtaining information through letters and emails dated January 30,
2021 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Ambey Distributors is a proprietorship concern of Mr. Nav Kumar
Bharat and acts as a sole automobile dealer of tractors for TAFE in
3 districts of Bihar through its 4 showrooms (2 owned and 2
rented).


ARJUN TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arjun
Technologies India Limited (ATIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        3        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          2.28     CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      5.42     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line            2.00     CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with ATIL for
obtaining information through letters and emails dated December 18,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1998, and promoted by Mr P Chandrasekhar, ATIL is
an engineering and equipment turnkey system supplier for the pulp
and paper industry.


B. P. SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. P. Spices
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Key Cash Credit          3       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Overdraft Facility       2       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

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

Detailed Rationale

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

Established in 2012 and based out of Unjha, Gujarat, BP Spices
repackages and trades cumin (Jeera) and fennel (saunf) seeds. Mr.
Pavan Kumar Patel and Mr. Brijesh Patel are the partners.


BLESSINGS RESORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blessings
Resorts Private Limited (BRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          3        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              29        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BRPL for
obtaining information through letters and emails dated December 18,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2011 by Mr Harpinder Singh Gill and Mr Rajesh Aggarwal,
BRPL is setting up a 3-star, 80-room hotel with banquet in Phagwara
under the 'Park Inn by Radisson' brand. The company has tied up
with Carlson Hotels Asia Pacific Pty Ltd.


COMPETENT PACKAGING: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Competent
Packaging Industries (CPI) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-          1.12     CRISIL B/Stable (Issuer Not  
   Based Bank Limits                Cooperating)

   Term Loan               3.38     CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 1989 CPI is engaged in manufactures polythene bags and
pouches, used for which finds its application in diversified
industries. The manufacturing facility is situated at Haridwar,
Uttarakhand, with an installed capacity of 74700 metric tons per
annum. CPI is owned and managed by Gulshan Chandok.


EAST WEST: CRISIL Lowers Rating on INR13cr Loans to D
-----------------------------------------------------
CRISIL Ratings has revised the rating on the bank facilities of
East West Combined Industries (EWCI) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' on account of delays in repayment of term loan and
continuous overdrawals in working capital limit for more than 30
days

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting      9.02       CRISIL D (ISSUER NOT
   under Letter                     COOPERATING; Downgraded from
   of Credit                        CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Overdraft Facility    0.98       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Short Term   3.00       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with EWCI for
obtaining information through letters and emails dated December 31,
2019, June 17, 2020 and March 26, 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 EWCI, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
group's credit quality. CRISIL Ratings believe the rating action on
the group is consistent with 'Assessing Information Adequacy
Risk'.

The rating on the bank facilities of EWCI has been downgraded to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' on account of delays in
repayment of term loan and continuous overdrawals in working
capital limit for more than 30 days

EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones.


ESES BIO-WEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ESES
BIO-Wealth Private Limited (EBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          8        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan      4        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

EBPL has set up its manufacturing facility in Morigaon district,
Assam with a capacity of 3600 tonnes per annum and started its
commercial operations from April 2017 onwards.


EXCEL VINYL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel Vinyl
Coatings Private Limited (EVCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit            1.4       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       3         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         0.75      CRISIL D (Issuer Not
                                    Cooperating)

   Rupee Term Loan        2.85      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012, EVCPL, based in Chennai, manufactures
synthetic leather. It is promoted and managed by Mr. K Natarajan.


FLAGS HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Flags Hotels
Private Limited (FHPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Rupee Term Loan         22       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

FHPL, incorporated in 2010, operates four restaurants and seven
banquet halls in Mumbai under the Flags brand. It is managed by Mr.
Joseph Sequeira, Mr. Larence Sequeira, and Ms. Catherine Dsouza.


JAGANNATH EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Jagannath Educational Health and Charitable Trust (SJECT) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Term Loan           9       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      10       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Set up in 2008, SJECT runs two institutions, JCT College of
Engineering and JCT Polytechnic College, in the same campus near
Coimbatore. Mr S A Subramanian is the managing trustee.


LOROM INDIA: CRISIL Lowers Rating on INR1cr Proposed Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Lorom
India Corporation Private Limited (LICPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-          1        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with LICPL for
obtaining information through letters and emails dated January 30,
2021 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

LICPL was set up in 2008, as a wholly-owned subsidiary of LICL, a
Taiwanese company incorporated in 1988. LICPL is engaged in
designing, engineering, and manufacturing of cable assemblies, wire
harnesses and electronic assemblies, and the daily operations are
managed by Mr Tenzin Tsering.


MILLENNIUM BUSINESS: CRISIL Lowers Rating on INR6.7cr Loans to D
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Millennium Business Centre - Nashik (MBC) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     1         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              5.7       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MBC for
obtaining information through letters and emails dated April 29,
2020 and May 29, 2020 and March 31, 2021, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

The downgrade is due to recent delays in servicing term debt
obligations, as indicated by external source.

Set up in 1999, MBC runs its restaurant, Yahoo in Nashik,
Maharashtra. The hotel, being set up with 50 rooms, is also
expected to commence operations at Nashik, in May 2019. Operations
are managed by Mr Deepak Patil, Mr Mohan Patil and Mr Suhas Patil.


MUBARAK OVERSEAS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mubarak
Overseas Private Limited (Mubarak; part of the Gupta group)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Ramji Lal and Sons (Ramji)
and Mubarak. This is because both these entities, together referred
to as the Gupta group, have a common management and considerable
operational linkages.

Ram Ji Lal and Sons and Mubarak Overseas Pvt Ltd, both the entities
belong to the Gupta group situated in Delhi. The group is promoted
by Mr. Hari Kishan Das Gupta and Mr. Babu Lal Gupta, who have been
engaged in the rice trading business for over four decades. The
group has large and diversified business interests across rice
milling, ingot manufacturing, and cast iron dyes manufacturing.


MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Muthus Golden
Rice Products Private Limited (MGRPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.5       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              2.2       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

MGRPPL incorporated on August 8, 2015, mills non-basmati rice from
paddy. MGRPPL took over the operations of Sri Ram Modern Rice Mill
(SRMRM), a partnership firm. Mr. P Venkatesa Prasadh and Mr. A
Perisamy, who earlier were partners in SRMRM, are now MGRPPL's
directors. They have been in this line of business since 1976. The
company markets its products under the brand, Royal.


N V KHAROTE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N V Kharote
Constructions Private Limited (NVKCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         7.83      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            6.00      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.17      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

NVKCPL, incorporated in 1992, executes turnkey water supply and
lift irrigation projects for government agencies. The Pune-based
company specializes in manufacturing and laying out of pipes along
with related civil, electrical and fabrication activities.


NORTELS SERVICE: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nortels
Service Apartments Private Limited (NSAPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         5.7       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.3       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

NSAPL, incorporated in 2000, manages service apartments in Chennai.
The company is promoted by Mr. Sri Krishnan, Mr. Sunil Nair, Mr. A
Murugappan, Mr. S Narayanan, and Mr. Lui Ki.


PRAGANA DANWAR: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragana
Danwar Food Processor Private Limited (PDFPPL) continue to be
'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             0.8      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Term Loan               6.0      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in September 2011, PDFPPL is engaged in the business
of milling of non-basmati rice. It also mills rice on job work
basis for Food Corporation of India. The directors of the company
are Mr Nag Banish Singh, Mrs Raj Mani Devi, Mr Vivek Singh Nag and
Mr Vishal Singh Nag. The manufacturing facility is located in
Patna, Bihar.


RAJ-SNEH AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj-Sneh Auto
Wheels Private Limited (RAWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL D (Issuer Not
                                    Cooperating)

   Inventory Funding       10       CRISIL D (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

Incorporated on October 29, 2016, and promoted by Mr. Priyank Jain,
Mr. Mayank Gupta, and Mr. Ashish Jain, RAWPL has Maruti's Nexa
dealership in Meerut. It operates under the 3S (sales, service, and
spares) system for all the Nexa models (Baleno and S-Cross).


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

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

   Proposed Long Term       2.5     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan                2.5     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RLPL for
obtaining information through letters and emails dated January 30,
2021 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in July 2013, RLPL manufactures laminates at its
facility in Morbi, Gujarat, with an installed capacity of 9 lakh
sheets per annum.


RUSHABHDEV INFRA: CRISIL Lowers Rating on INR56cr LT Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Rushabhdev Infraprojects Private Limited (RIPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          56       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable' ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated January 30,
2021 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in April 2011 and promoted by Mr Jignesh Shah, Mr Amit
Benani, and Mr Ketan Benani, RIPL develops residential and
commercial real estate projects in Ahmedabad.


SHAH GROUP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shah Group Builders Limited
        323-329, Arenja Corner
        Plot No. 71, Sector-17
        Vashi, Navi Mumbai 400705

Insolvency Commencement Date: July 8, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 15, 2022
                               (180 days from commencement)

Insolvency professional: Sudha Pravin Navandar

Interim Resolution
Professional:            Sudha Pravin Navandar
                         Pravin R. Navandar & Co.
                         D-519/520, Neelkanth Business Park
                         Nathani Road, Vidhyavihar (West)
                         Mumbai 400086
                         E-mail: sudha@prnco.in
                                 rp.shahgroup@gmail.com

Classes of creditors:    Class I – Unit Holders/ Allotees
                         under the Real Estate Projects

Insolvency
Professionals
Representative of
Creditors in a class:    Sujata Chattopadhyay
                         404, Mayuresh Cosmos
                         Sector 11, CBD Belapur
                         Navi Mumbai 400614
                         E-mail: sujata@scassociates.co.in

                         Hemant J. Mehta
                         D-613, Neelkanth Business Park
                         Opp. Railway Station
                         Vidhyavihar (W)
                         Mumbai 400086
                         E-mail: hemant@apmh.in

                         Sourabh Modi
                         1801, Harmony Signature Tower
                         Near Vedant Hospital
                         Ovala Naka, Ghodbunder Road
                         Thane (W), Mumbai 400615
                         E-mail: sourabhmodi21@gmail.com

Last date for
submission of claims:    August 2, 2021


SWASTIK TRADELINK: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swastik
TradeLink Private Limited (STPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

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

Detailed Rationale

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

Incorporated in 2001, STPL, is promoted by Mr Sandeep Jain. The
company is engaged into trading of steel, chemicals, cloth. The
company also have distributorship of Reliance Jio and Spice
Mobile.


TRIBHUVAN POLYMERS: CRISIL Lowers Rating on INR15cr Loans to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Tribhuvan Polymers Private Limited (TPPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

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

   Term Loan               10       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with TPPL for
obtaining information through letters and emails dated January 30,
2021 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015 by Mr Amit Charan and Mr Rajendra Sethia, TPPL
manufactures polypropylene woven sacks and bags. In fiscal 2017,
the company set up a greenfield project with capacity of 4,200
metric tonnes per annum. The manufacturing unit is in Surat.


USHASWINI RICE: CRISIL Lowers Rating on INR9cr Loans to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sri
Ushaswini Rice Industries (SURI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.46      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.54      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SURI for
obtaining information through letters and emails dated January 30,
2021 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013, SURI is a partnership firm, that mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm is based at Nalgonda, Telangana.

VEGA INFRASTRUCTURES: CRISIL Cuts Rating on INR14.75cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Vega
Infrastructures (VGI) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     14.75     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

VGI operates a 0.8 lakh square feet commercial mall named City
Centre Mall in Pathankot. VGI was established in 2009 as a
partnership firm and was reconstituted as a proprietorship firm in
2016. It develops commercial real estate in Punjab. Its daily
operations are managed by Mr Vikas Gupta.


VENKATA MANIKANTA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Venkata
Manikanta Poultry Complex (SVMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.2       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working       1.9       CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

   Term Loan              1.9       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SVMPL was set up in 2012 as a partnership firm in Tanuku, Andhra
Pradesh. The firm is engaged in poultry and hatchery business. It
is managed by Mr Satti Gopala Kumari and Mr Satti Srinivasa Reddy.


VIBHAV FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibhav Farms
(VF) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        4.57       CRISIL D (Issuer Not
                                    Cooperating)

   Open Cash Credit      2.50       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.82       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital       1.11       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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

Detailed Rationale

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

Established in 2013 and based in Hyderabad (Telangana), VF is
engaged in the poultry business and produces hatching eggs. The
firm's poultry farms are located in Medak district, Telangana and
promoted and managed by Mr.Y Pavan Kumar Reddy.




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

ANA HOLDINGS: Posts Net Loss of JPY51.16BB for Qtr. Ended June 30
-----------------------------------------------------------------
Japan Today reports that ANA Holdings Inc. reported on July 30 a
net loss of JPY51.16 billion ($470 million) in the April-June
quarter as the coronavirus pandemic continued to dent travel
demand, but cost-cutting and a robust cargo business helped the
airline to limit the red ink.

The parent of All Nippon Airways Co saw its net loss in the first
quarter of fiscal 2021 nearly halve from a record quarterly net
loss of JPY108.82 billion a year earlier. It incurred an operating
loss of JPY64.61 billion, shrinking from a year earlier loss of
JPY159.07 billion, while sales jumped 63.6 percent from a year
earlier to JPY198.91 billion, the report discloses.

Japan Today relates that ANA maintained its earnings forecasts for
the current fiscal year through March. Following a record JPY404.62
billion net loss in the previous business year, the major Japanese
airline expects a turnaround with a JPY3.5 billion net profit.

According to the report, air travel demand remains below
pre-pandemic levels but has been picking up with some positive
developments such as the launch of so-called "vaccine passports" in
Japan for international travelers to prove that holders are fully
vaccinated against COVID-19.

The cargo business was a bright spot for ANA, capturing
pandemic-triggered demand for goods delivery. Cost-cutting efforts
have progressed through the reduction of its fleet and canceling
flights, the airline said.

"We are still in a severe situation for now but reservations (for
flights) are on a rising trend from this summer," the report quotes
Chief Financial Officer Ichiro Fukuzawa as saying at a press
briefing.

Japan Today relates that Mr. Fukuzawa said ANA left its full-year
earnings forecasts intact as travel restrictions are expected to
remain. But he was cautiously optimistic about the outlook for
domestic travel, saying that it hit bottom in June.

"It'd be better to be able to say the worst is over but the right
assessment should be that we are emerging from it," Mr. Fukuzawa
said, expressing hope that higher vaccination rates would boost
travel demand, Japan Today relays.

Despite travel restrictions, ANA registered a roughly 43.4 percent
year-on-year increase in international passengers to 131,361, due
partly to demand for connecting flights from Asia to the United
States.

The country's state of emergency has a strong bearing on domestic
travel demand, but the number of domestic passengers increased
2.5-fold to 3.2 million.

According to the report, revenue in the international cargo
business grew to JPY66.0 billion from JPY25.4 billion a year
earlier, making it the third straight quarter for ANA to report
record income.

Air transport of such items as semiconductors, electronics and auto
parts increased during the pandemic, according to ANA.

With business trips canceled or postponed in the midst of the
COVID-19 crisis, demand for international flights has sagged and is
expected to take longer to recover than for domestic travel, the
report states.

The outlook for domestic travel is also far from rosy ahead of
Japan's mid-August summer holiday season, with a fresh COVID-19
state of emergency in prefectures hit by surging coronavirus cases
such as Osaka, Japan Today adds.

                         About ANA Holdings

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2021, Egan-Jones Ratings Company, on May 12, 2021, maintained
its 'B-' foreign currency and local currency senior unsecured
ratings on debt issued by Ana Holdings Inc. EJR also maintained its
'B' rating on commercial paper issued by the Company.




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

MONGOLIA: S&P Affirms 'B' Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long- and short-term sovereign
credit ratings on Mongolia. The outlook on the long-term rating is
stable.

Outlook

The stable outlook balances enduring pandemic-related risks to
Mongolia's near-term commodity export and growth prospects against
our expectation that the country's nascent economic recovery will
become more entrenched over the next 12 months, leading to
improvements in Mongolia's external, fiscal, and debt metrics.

Downside scenario

Downward pressure could emerge if the economic recovery is derailed
or more protracted than we expect, leading to a material
degradation of Mongolia's real GDP trend growth rate, and
deterioration to its fiscal or debt metrics.

Upside scenario

We could raise the rating if the economy outperforms our current
projections such that fiscal, debt, or external metrics improve
more rapidly than we expect. We could also raise the rating if we
observe that Mongolia's institutional settings achieve material
improvements, especially in the predictability of policymaking.

Rationale

Our ratings on Mongolia reflect the country's modest per capita
income, evolving institutional settings, and elevated external
imbalances. We weigh these factors against steady access to
concessional funding from multilateral and bilateral partners, and
Mongolia's above-average economic growth prospects. The
government's recent track record of fiscal discipline also supports
the rating. Nevertheless, Mongolia continues to face significant
vulnerabilities stemming from a concentrated economic base and
elevated external and public indebtedness.

Institutional and economic profile: Economic recovery still on
track despite COVID-19 setback

-- Despite the resurgence of COVID-19 infections in the second
quarter, we expect Mongolia's real GDP growth to rebound in 2021,
underpinned by a high vaccination rate, fiscal stimulus measures,
and strong commodity exports fueled by the global economic
recovery.

-- Medium-term economic prospects remain favorable and will likely
continue to be propelled by strong foreign direct investment in the
mining sector.

-- Political stability should be supported by the alignment of
leaders from the executive and legislative branches, following the
election of the former prime minister as president.

S&P forecasts Mongolia's real GDP to expand by 6.7% in 2021 and
7.0% in 2022, following a record contraction of 5.4% in 2020 caused
by an external demand shock, strict containment measures, and
weaker investment activity resulting from the COVID-19 pandemic.
The Mongolian economy rebounded at a rapid 15.7% year-on-year pace
in first-quarter 2021, propped up by low base effects and a strong
export performance.

This recovery should be propelled by the government's stimulus
measures, resumption of mining activities at Oyu Tolgoi, and robust
mineral exports fueled by China's ongoing economic rebound and the
commodity upcycle. This is despite the domestic economic setback
caused by higher COVID-19 infections in Mongolia over recent
months, which triggered a month-long nationwide lockdown in April.
Mongolia faces lesser economic uncertainty concerning the
trajectory of the pandemic relative to other developing countries
due to its high vaccination rate. At the time of writing, close to
two-thirds of its population have received at least one dose of the
vaccine, while more than 60% are fully vaccinated.

S&P said, "We forecast real GDP growth to average approximately
6.8% annually through 2024, powered by sustained investment in the
Tavan Tolgoi and Oyu Tolgoi mining projects. We expect investment
to remain forthcoming even amid ongoing negotiations between the
government of Mongolia and Rio Tinto over taxation, development
delays, power supply issues, and cost overruns. With the ruling
Mongolian People's Party (MPP) party maintaining a strong
parliamentary majority, and likely policy alignment with newly
elected President Ukhnaagiin Khurelsukh, we expect policymaking and
stability to gradually improve, which should be positive for
foreign investor confidence.

"Despite Mongolia's contraction last year, we assess its long-term
economic performance to be higher than that of other countries with
similar GDP per capita."

Nevertheless, there remain important downside risks to the
economy's growth trajectory due to the spread of more contagious
virus variants, which could derail the nascent global economic
recovery. Mongolia's economy is highly vulnerable to exogenous
shocks due to its heavy dependence on commodity exports to China.
Acute shifts in commodity prices could also lead to heightened
volatility in economic and fiscal outcomes. In March-June 2021,
coal exports were disrupted when border restrictions were reimposed
by China after COVID-19 cases were detected among cross-border
truck drivers.

Moreover, the government is continuing negotiations with Rio Tinto
and its majority-owned mining firm Turquoise Hill regarding the
development of the crucial Oyu Tolgoi underground copper and gold
mine. The Mongolian parliament approved a resolution in November
2019 to allow the government to renegotiate for more favorable
terms on existing agreements governing the investment, financing,
and shareholder terms of the Oyu Tolgoi copper and gold mine in the
Gobi Desert.

S&P said, "The outcome of these negotiations remains uncertain,
although the project is still highly likely to be completed, in our
view. Given the enormous stakes for both parties, we believe an
agreement between the two sides is the more probable outcome,
potentially leading to a slightly more favorable financial outcome
for the government without materially undermining the project's
viability.

"We expect the government to maintain its recent track record of
constructive economic policymaking after the ruling MPP
strengthened its political dominance with the election of the
former prime minister as the new president in June 2021. This
includes a return to prudent fiscal settings post-pandemic, and
close collaboration with multilateral and bilateral partners to
institute reforms and ensure continued access to concessional
financing. The alignment of the executive branch and the ruling
party's strong parliamentary majority (with 62 out of 76 seats in
the State Great Khural) should support policy continuity."

Flexibility and performance profile: Fiscal stabilization to resume
after COVID-19 shock

-- S&P expects Mongolia's fiscal and debt metrics to improve from
2021, after a sharp deterioration in 2020, as the government
gradually pares back its deficit in line with its medium-term
fiscal framework.

-- Mongolia's external indebtedness relative to its current
account receipts worsened in 2020, but the commodity exports
recovery should gradually strengthen external metrics over the next
four years.

-- The sovereign's steady access to concessional funding mitigates
some credit risks associated with elevated levels of public and
external indebtedness.

Mongolia's fiscal and external settings improved in 2017-2019 but
the onslaught of the COVID-19 pandemic since early-2020 derailed
some of the progress made by the MPP government since its election
in June 2016. Both external and government indebtedness metrics
worsened in 2020 as policymakers implemented a series of fiscal
measures to mitigate the economic shock from the pandemic, while
exports were severely disrupted. Nevertheless, S&P expects this
deterioration to be temporary; the ongoing economic recovery should
enable the government to embark on gradual fiscal consolidation
starting this year.

Prior to the pandemic, the government adopted prudent fiscal
management, which led to a considerable reduction in net general
government indebtedness to less than 65% of GDP in 2019, from 94.1%
in 2016. However, to combat the steep economic downturn associated
with the COVID-19 pandemic, policymakers adopted a comprehensive
set of fiscal measures to support the economy, comprising
infrastructure projects, tax relief, and health and social
spending. The combination of increased expenditure and a decline in
revenue collection caused the budget deficit to balloon to 9.5% of
GDP in 2020, versus a 1% of GDP surplus in 2019.

After a rise in Mongolia's net general government indebtedness to
79.1% of GDP in 2020, S&P forecasts that ratio to decline to 76.5%
in 2021 and back to pre-COVID levels by 2024. This will entail the
government reducing its deficit to about 2.5% of GDP by the end of
2024.

Although Mongolia's current account deficit narrowed significantly
to 5.1% of GDP in 2020, from 15.4% in 2019, this was due largely to
import compression, which far outpaced export contraction. As a
result, Mongolia's total external debt--net of liquid assets held
by the public and financial sectors--as a share of current account
receipts (CARs) rose to 181.1% in 2020, from 166.0% in the previous
year. Meanwhile, its external liquidity position as measured by its
gross external financing needs (current account payments plus
short-term external debt) improved, but stayed above 100% of CARs
plus usable reserves, indicating that liquidity pressures remain
elevated.

Mongolia's external position should benefit from the commodity
up-cycle spurred by the ongoing global economic recovery. This
should partially offset a surge in capital imports brought about by
a revival of economic activity, thus guiding our forecast for the
current account deficit to remain at 5%-6.5% of GDP over the next
12-24 months. In a similar vein, this should reduce Mongolia's
narrow net external indebtedness, which S&P forecasts to decline to
about 159% of CARs in 2021.

Risks associated with Mongolia's high external indebtedness and
financing needs are partially mitigated by strong donor and lending
support from both bilateral and multilateral partners. In August
2020, the Bank of Mongolia successfully extended a Chinese renminbi
(RMB) 15.0 billion swap agreement (5.4 trillion Mongolian tugrik)
with the People's Bank of China, which is valid until 2023. S&P
said, "We include the drawdown on this swap-line in our calculation
of Mongolia's general government debt stock. We also expect
Mongolia's foreign exchange reserves position to increase by
approximately US$98 million from the IMF's new general allocation
of special drawing rights; this is provided that the allocation is
approved by the IMF's board of governors on sufficient support from
member states."

S&P said, "Meanwhile, we project the ratio of gross external
financing needs to current account receipts plus usable reserves to
remain roughly stable through 2024 as a recovery in current account
receipts helps to mitigate liquidity risks.

"Although we continue to assess the Bank of Mongolia's (BoM)
currency regime as floating, persistent intervention over time
could lead to lower reserve coverage and an overvalued exchange
rate."

Mongolia's central bank has executed quasi-fiscal spending programs
on behalf of the government previously and in the current pandemic.
Therefore, its independence is deemed to be limited. Although
central bank governance has been strengthened by ongoing reforms
adopted from 2016 onward, BoM's track record of operational
independence remains limited.

S&P Global Ratings considers government guarantees on Development
Bank of Mongolia (DBM) obligations as government indebtedness,
following the government's provision of extraordinary support to
meet DBM's debt repayments in 2017. Furthermore, the Ministry of
Finance has become the sole shareholder of DBM as of April 2020.
The adoption and ongoing implementation of more robust laws for DBM
and the Deposit Insurance Corp. of Mongolia should curtail fiscal
risks in future.

S&P said, "We view the rest of the financial and public enterprise
sectors as posing limited contingent liabilities to the government,
largely due to the modest size of Mongolia's financial sector. That
said, the country's banks remain exposed to vulnerabilities
associated with the undeveloped, primarily commodity-based,
low-income economy. We also observe continued weaknesses in
Mongolia's regulatory framework, transparency, and disclosures. Our
Bank Industry Credit Risk Assessment for Mongolia is '9' (with '1'
being the highest assessment and '10' being the lowest)."

The adoption of the Amendments to Banking Act of Mongolia in
January 2021 introduces sweeping reforms to the banking sector,
including a 20% cap on single ownership for all banks, and a
requirement for systemically important entities to become open
joint-stock companies. This could lead to improvement in corporate
governance and transparency, if duly executed. Nevertheless,
insufficient progress in the recapitalization of some banks, as
indicated by the IMF following the expiration of its Extended
Funding Facility program in May 2020, suggests that there is
further progress to be made in strengthening Mongolia's financial
sector.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  MONGOLIA

   Sovereign Credit Rating               B/Stable/B
   Transfer & Convertibility Assessment  B+

  MONGOLIA

  Senior Unsecured     B




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

EAGLE HOSPITALITY: Dallas Hotel to be Sold at Lower Price
---------------------------------------------------------
The Business Times reports that Eagle Hospitality Trust (EHT) is
set to sell one of the last three hotels in its portfolio for a
lower price, after an earlier attempt was aborted in May.

Crowne Plaza Dallas Near Galleria-Addison (CPDG) will be sold to
original buyer Lockwood Development Partners for US$15.5 million,
Eagle Hospitality Real Estate Investment Trust (EH-Reit) trustee
DBS Trustee announced on July 30, BT relates.

According to BT, the seller-owner and buyer resumed negotiations
after an US$18.5 million deal fell through, with Lockwood
Development Partners then submitting the revised offer.

The company that will acquire CPDG counts Frank Yuan and Jerome
Yuan among its investors, according to the bourse filing cited by
BT.  Mr. Frank Yuan and his related parties had originally
indirectly owned CPDG.

They later sold the freehold 428-room hotel to affiliates of EHT's
original sponsor Urban Commons, who ultimately sold it to EH-Reit.

Still, the sale and purchase agreement for CPDG provides for
warranties that neither the buyer nor any of its affiliates is tied
to sponsor entities, the trustee added, BT relays.

The sale will close on Aug. 27, unless seller and buyer agree in
writing on a fresh date, BT notes.

According to BT, the latest move comes as EH-Reit - which is part
of EHT - and other entities that had earlier filed for Chapter 11
bankruptcy in the United States found that the revised offer was
the best for CPDG. The four competing bids that had been submitted
to broker CBRE were described as either lower in value or "not
viable", with a longer closing date.

BT says the independent director of the seller-owner's parent also
believed the revised bid "the most attractive combination of price
and timing for any proposed sale of CPDG", with a fast execution
dubbed "critical" amid debt issues and capital needs, the trustee
said.

The sale value, which is to be satisfied in cash, comprises an
initial deposit of US$100,000 by July 23; an additional deposit of
US$900,000 by July 27; and the rest by one business day before the
closing date of Aug. 27, BT discloses.

EH-Reit's wholly-owned subsidiary had previously also held on to
initial deposits of US$1.45 million from the earlier, unsuccessful
transaction.

Sale proceeds are expected to repay sale-related expenses, the net
outstanding amount on CPDG's mortgage loan, and unsecured claims
against the seller-owner, BT notes.

Any net proceeds will be distributed to the Chapter 11 entities,
and will become part of the assets subject to the Chapter 11
process.

However, the sale of CPDG must first be approved by the US
Bankruptcy Court.

BT adds that the Reit trustee said that it will update stapled
securityholders on any material developments "as and when
appropriate".

Trading in EHT stapled securities has been suspended since March
2020.

                    About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker.  Cole Schotz P.C. is the Delaware
counsel.  Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel.  Donlin Recano & Company, Inc., is
the claims agent.



                           *********


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

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