/raid1/www/Hosts/bankrupt/TCRAP_Public/210804.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, August 4, 2021, Vol. 24, No. 149

                           Headlines



A U S T R A L I A

ASIC Prosecutes 10 Firms for Failing to Lodge Financial Reports
DIAMOND OFFSHORE: Merger Rumor Prompts Biggest Investor Suit
JL PROP: First Creditors' Meeting Set for Aug. 10
M2A PTY: Second Creditors' Meeting Set for Aug. 11
SMART METERING: Second Creditors' Meeting Set for Aug. 10

TITANIUM SECURITY: First Creditors' Meeting Set for Aug. 11


C H I N A

CBAK ENERGY: Unit Signs Deal to Acquire Majority Stake in Hitrans
CHINA EVERGRANDE: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
DALIAN WANDA: Fitch Affirms 'BB+' LT Foreign Currency IDR
YONGCHENG COAL: CSRC Fines Company & Execs $820,000 for Fraud


I N D I A

AGRASIA IMPEX: ICRA Keeps B Debt Ratings in Not Cooperating
ALLIED ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
APPU HOTELS: NCLAT Stays Order of NCLT on Sale Process
CARAVAN OIL: ICRA Keeps B+ Debt Rating in Not Cooperating
COSMOS JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating

DEWAN HOUSING: ICRA Reaffirms D Rating on INR100cr Debt
GANESH COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
GANESH INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
GIRIRAJ INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
GMR AMBALA: ICRA Reaffirms D Rating on INR245.15cr LT Loan

GUDIVADA MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
JAY PARVATI: ICRA Keeps B Debt Ratings in Not Cooperating
KHOSLA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
MAHESHWARI STRUCTURES: ICRA Keeps B Rating in Not Cooperating

MASS CASHEWS: ICRA Lowers Rating on INR9.0cr Loans to B+
MEENAR INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
MEENAR POLYDYED: ICRA Keeps B Debt Ratings in Not Cooperating
NANDINI FITNESS: ICRA Keeps D Debt Rating in Not Cooperating
PMV MALTINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating

REAL GROWTH: ICRA Keeps D Debt Ratings in Not Cooperating
RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
S.K. SOLVEX: ICRA Keeps B Debt Rating in Not Cooperating Category
SATNAAM STONE: ICRA Keeps B Debt Ratings in Not Cooperating
SHANKARANARAYAN JEWELLERS: ICRA Keeps D Rating in Not Cooperating

SHETH SHIP: ICRA Keeps D Debt Ratings in Not Cooperating Category
SHRIMAN ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating
SINGHAL STRIPS: ICRA Keeps D Debt Ratings in Not Cooperating
SOLEX ENERGY: Ind-Ra Affirms & Withdraws 'BB+' LT Issuer Rating

SRINIVASA EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
SUNSHINE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
UTTARAYAN STEEL: ICRA Keeps B Debt Ratings in Not Cooperating
VAIDEHI ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
WARORA CHANDRAPUR: ICRA Keeps B Debt Rating in Not Cooperating



I N D O N E S I A

ABM INVESTAMA: Moody's Confirms B1 CFR & Alters Outlook to Stable
GARUDA INDONESIA: Agrees With Lessor to Return 9 Jets Early
PAN BROTHERS: Indonesian Court Recognises Singaporean Moratorium


P H I L I P P I N E S

PHILIPPINE AIRLINES: Independent Director Gregorio Yu Resigns


S O U T H   K O R E A

SOUTH KOREA: Recoups Nearly 70% of Bailout Funds


X X X X X X X X

ASIA: Delta Variant Stalls Economic Recovery After Early Rebound

                           - - - - -


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

ASIC Prosecutes 10 Firms for Failing to Lodge Financial Reports
---------------------------------------------------------------
Australian Securities and Investments Commssion (ASIC) prosecuted
ten companies between January 1, 2021 and June 30, 2021 for failing
to comply with their obligations to lodge financial reports.

Certain types of Australian companies are required by law to lodge
financial reports with ASIC within a specified period after the end
of their financial year. Some companies are also required to lodge
financial reports every half year. Accurate and timely financial
reporting allows shareholders, creditors and the public to make
informed decisions about companies.

ASIC took action against the following companies:

   * Bargo Collieries Pty Ltd ACN 000 970 276 was convicted and
fined AUD7,000 for failing to lodge annual financial reports
between 2015 and 2019 (inclusive);

   * Envisager Securities Ltd ACN 167 567 482 was found guilty and
placed on a bond and required to be of good behaviour for failing
to lodge annual financial reports for 2018 and 2019;

   * Gasfields Ltd ACN 107 708 305 was convicted and fined AUD3,000
for failing to lodge their annual financial report for 2019 and
half-year report ending December 31, 2019;

   * Hail Creek Coal Pty Ltd ACN 080 002 008 was found guilty
without conviction and placed on a bond and required to be of good
behaviour for lodging their annual financial report for 2017 late;

   * Harsco Metals Australia Holding Investment Co. Pty Ltd ACN 144
918 598 was found guilty without conviction and placed on a bond
and required to be of good behaviour for failing to lodge annual
financial reports for 2015 and 2016;

   * Konica Minolta Business Solutions Australia Pty Ltd ACN 001
065 096 was found guilty without conviction and placed on a bond
and required to be of good behaviour for failing to lodge annual
financial reports between 2017 and 2019 (inclusive);

   * Oceania Resources Pty Ltd ACN 604 957 093 was convicted and
fined AUD7,000 for failing to lodge annual financial reports for
between 2015 and 2019 (inclusive);

   * Redbank Energy Ltd ACN 116 665 608 was convicted fined
AUD9,000 for failing to lodge annual financial reports for 2018 and
2019 and the half yearly report for the half-year ended 31 December
2019;

   * Vocational Education, Training and Employment Australia Ltd
ACN 603 739 117 was convicted and fined AUD13,500 for failing to
lodge annual financial reports between 2016 and 2018 (inclusive);
and

   * Wolf Petroleum Ltd ACN 116 249 060 was convicted and fined
AUD12,000 for failing to lodge annual financial reports for 2018
and 2019 and failing to hold an annual general meeting or report to
its members for that same period.

ASIC will continue to prosecute companies that fail to comply with
their financial reporting obligations.

Section 292 of the Corporations Act requires all disclosing
entities, public companies, large proprietary companies, and
registered schemes to prepare financial reports each financial
year.

Section 319 of the Corporations Act requires a disclosing entity
and registered scheme to lodge the complete financial reports
within three months after the end of the financial year. All other
entities are required to lodge their financial reports within four
months after the end of the financial year.

Section 302 of the Corporations Act requires disclosing entities to
prepare financial reports each half-year.

Section 320 of the Corporations Act requires a disclosing entity to
prepare or obtain a report for a half-year and lodge the report
with ASIC within 75 days after the end of the half-year.


DIAMOND OFFSHORE: Merger Rumor Prompts Biggest Investor Suit
------------------------------------------------------------
Law360 reports that Diamond Offshore Drilling Inc.'s largest
stockholder sued the company in Delaware's Chancery Court late
Monday, July 26, 2021, to force an annual meeting and board vote,
saying the meeting is overdue and citing reports that the company
is mulling a potentially conflicted sale to another driller.

Avenue Capital Management LP alleged that Diamond has not held an
annual meeting since May 2020 and that it emerged from Chapter 11
in Texas in April 2021 with a board now potentially tilted toward
the interests of Pacific Investment Management Company, or PIMCO,
Diamond's second-largest shareholder after Avenue's 17.

                 About Diamond Offshore Drilling Inc.

Diamond Offshore Drilling, Inc., provides contract drilling
services to the energy industry worldwide. The company operates a
fleet of 15 offshore drilling rigs, including 4 drillships and 11
semi-submersible rigs. It serves independent oil and gas companies,
and government-owned oil companies. The company was founded in 1953
and is headquartered in Houston, Texas. Diamond Offshore Drilling
is a subsidiary of Loews Corporation. The company has major offices
in Australia, Brazil, Mexico, Scotland, Singapore, and Norway.

Diamond Offshore Drilling, Inc., along with its affiliates, filed a
voluntary petition for reorganization under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32307) on April
26, 2020. The petitions were signed by David L. Roland, senior vice
president, general counsel, and secretary.

As of Dec. 31, 2019, the Debtors disclosed $5,834,044,000 in total
assets and $2,601,834,000 in total liabilities.

The case is assigned to Judge David R. Jones.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP
are acting as the Company's legal counsel and Alvarez & Marsal is
serving as the Company's restructuring advisor. Lazard Freres &
Co. LLC is serving as financial advisor to the Company. Prime Clerk
LLC is the claims and noticing agent.


JL PROP: First Creditors' Meeting Set for Aug. 10
-------------------------------------------------
A first meeting of the creditors in the proceedings of JL Prop Pty
Ltd ATF The Johns Lane Property Trust will be held on Aug. 10,
2021, at 3:00 p.m. via electronic means.

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


M2A PTY: Second Creditors' Meeting Set for Aug. 11
--------------------------------------------------
A second meeting of creditors in the proceedings of M2A Pty Ltd,
trading as Meet Patty, has been set for Aug. 11, 2021, at 12:00
p.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 10, 2021, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of M2A Pty on July 7, 2021.


SMART METERING: Second Creditors' Meeting Set for Aug. 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Smart Metering
Services Pty Ltd (Smart Metering Services) and Smart NRG Solutions
Pty Ltd has been set for Aug. 10, 2021, at 10:30 a.m. via
videoconference.

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. 9, 2021, at 10:30 a.m.
Rahul Goyal and David Johnstone of KordaMentha were appointed as
administrators of Smart Metering on July 6, 2021.


TITANIUM SECURITY: First Creditors' Meeting Set for Aug. 11
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Titanium
Security Australia Pty Ltd will be held on Aug. 11, 2021, at 10:30
a.m. via virtual meeting facility.

Mitchell Ball of Mackay Goodwin was appointed as administrator of
Titanium Security on July 30, 2021.




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C H I N A
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CBAK ENERGY: Unit Signs Deal to Acquire Majority Stake in Hitrans
-----------------------------------------------------------------
CBAK Energy Technology, Inc.'s wholly-owned subsidiary Dalian CBAK
Power Battery Co., Ltd. has entered into a framework agreement to
acquire a majority stake in Zhejiang Meidu Hitrans Lithium Battery
Technology Co., a leading lithium-ion battery material supplier in
China.

CBAK Power will acquire 81.56% of the equity interests of Hitrans
currently held by Zhejiang Meidu Graphene Technology Co. and
Hitrans's management shareholders for an aggregate consideration of
approximately RMB158.74 million (approximately $24.50 million). The
transaction is subject to certain closing conditions, and CBAK
Power aims to complete the acquisition in the third quarter of
2021.

Hitrans was established in December 2015 to engage in the research
and development, production, as well as sales of ternary precursors
and anode materials.  Additionally, Hitrans was one of the key
suppliers of the Company in fiscal 2020.  Through the acquisition,
the Company expects to further strengthen its supply chain and
competitiveness in the high-power lithium battery market.

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019.  As of March 31, 2021, the Company had
$203.96 million in total assets, $106.08 million in total
liabilities, and $97.88 million in total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020.  All these factors raise substantial
doubt about its ability to continue as a going concern.


CHINA EVERGRANDE: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured ratings of China Evergrande Group
("Evergrande"), the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and the backed senior unsecured
ratings of Scenery Journey Limited.

The affected ratings are as follows:

Evergrande's CFR has been downgraded to Caa1 from B2, and its
senior unsecured ratings have been downgraded to Caa2 from B3;

Hengda's CFR has been downgraded to Caa1 from B2;

Tianji's CFR has been downgraded to Caa2 from B3; and

Scenery Journey's backed senior unsecured ratings have been
downgraded to Caa2 from B3.

The backed senior unsecured rating on the notes issued by Scenery
Journey are guaranteed by Tianji. The notes are also supported by a
keepwell deed and a deed of equity interest purchase undertaking
between Hengda, Tianji, Scenery Journey and the bond trustee.

At the same time, Moody's has changed the rating outlook to
negative from ratings under review.

These actions conclude Moody's review for downgrade initiated on
June 30, 2021.

"The downgrades reflect Evergrande's heightened refinancing risk
over the coming 12-18 months given its weakened funding access and
liquidity position. We also expect its profit margins to decline as
the company lowers the selling prices of its properties to preserve
liquidity," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

The company's funding access has weakened, as demonstrated by its
highly volatile onshore and offshore bond prices, following reduced
investors' and creditors' confidence amid continued negative news
regarding the company.

The negative outlook reflects Moody's expectation that the
company's liquidity profile will remain weak over the next 12-18
months.

RATINGS RATIONALE

Evergrande's Caa1 CFR reflects the company's nationwide geographic
coverage, strong sales execution and low-cost land bank. However,
the rating takes into consideration the company's sizable maturing
debt over the next 12-18 months, high proportion of trust loans and
moderate credit metrics. In addition, the company's significant
investments in non-property businesses also constrain its credit
profile.

Evergrande's liquidity position is weak. The company's cash on hand
of RMB181 billion as of the end of 2020 was not sufficient to cover
its short-term debt of RMB335 billion as of the same date.

Given its weakened access to funding, the company will need to
focus on generating internal cash to repay its maturing debts and
fund its operations in 2021. The company's primary objective of
generating cash from property sales will continue to squeeze its
profit margins. As such, Moody's expects Evergrande's gross margin
to further decline to 16%-18% over the next 12-18 months from 24%
in 2020.

In the first half of 2021, the company's contracted sales grew 3%
from a year ago to RMB356.8 billion, but its average selling price
dropped to RMB8,295 per square meter (sqm), compared with RMB8,945
per sqm in 2020 and RMB10,281 per sqm in 2019.

Meanwhile, Moody's expects that Evergrande will reduce spending on
land and control debt growth over the next 12-18 months, given its
high debt leverage. Accordingly, Moody's expects the company's debt
leverage to improve over the next 12-18 months.

On the other hand, its interest coverage will weaken because of the
expected decline fall in gross margins. Specifically, Moody's
expects Evergrande's EBIT/interest to decrease slightly to 1.3x
over the next 12-18 months from 1.4x in 2020, while Hengda's
EBIT/interest will reduce slightly to 1.6x from 1.7x over the same
period.

Hengda's credit profile is closely linked to that of Evergrande. In
2020, Hengda accounted for 88% of Evergrande's revenue and 81% of
its reported debt. Specifically, Hengda's Caa1 CFR reflects the
company's nationwide geographic coverage, strong sales execution,
low-cost land bank and focus on mass-market residential properties.
However, the rating takes into consideration the company's sizable
maturing debt over the next 12-18 months, high proportion of trust
loans and moderate credit metrics.

Evergrande's Caa2 senior unsecured rating is one notch below its
CFR, reflecting structural subordination. This risk reflects the
fact that most of the claims are at the operating subsidiaries and
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

Tianji's Caa2 CFR reflects the company's standalone credit profile
and a one-notch rating uplift, based on Moody's expectation that
Hengda will provide financial support to Tianji when needed.

The one-notch uplift reflects (1) Hengda's full ownership of
Tianji; (2) Tianji's status as the primary platform for Hengda to
invest in offshore property projects and raise offshore funds; and
(3) Hengda's track record of providing financial support to
Tianji.

Tianji's standalone credit profile factors in its moderately large
scale, weak liquidity and weak credit metrics.

The Caa2 senior unsecured rating on the notes guaranteed by Tianji
considers Moody's expectation that support from Hengda mitigates
the risk of structural subordination.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's weak financial
management, given that its financial policy favors the use of debt
leverage that maximizes returns to shareholders.

The rating also considered the company's concentrated ownership by
its key shareholders, Hui Ka Yan and his wife, who held a 77% stake
in the company as of the end of 2020.

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

An upgrade is unlikely given the negative outlook.

However, the outlook could return to stable if Evergrande improves
its access to funding, and reduces its debt and payables such that
its capital structure becomes more sustainable in nature.

On the other hand, Moody's could downgrade the ratings if
Evergrande's access to funding and liquidity deteriorate further.

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

China Evergrande Group (Evergrande) is one of the top three
developers in China by sales volume, with a standardized operating
model. The company, which was founded in 1996 in Guangzhou, has
rapidly expanded its business across China over the past few years.
As of December 2020, its land bank totaled 231 million square
meters in gross floor area.

Hengda Real Estate Group Company Limited (Hengda) is the property
arm and flagship subsidiary of Evergrande. It is also one of the
top three property developers in China by sales volume, with a
standardized operating model. The company was also founded in 1996
in Guangzhou, and has rapidly expanded its business across the
country over the past few years.

Evergrande is Hengda's largest shareholder. As of December 2020,
Evergrande owned 60% of Hengda's shares.

Incorporated in Hong Kong in 2009, Tianji Holding Limited is an
offshore holding company that houses some of Hengda's property
projects in China and overseas, including Hengda's Hong Kong
headquarters. Hengda owns 100% of Tianji, which owns 100% of
Scenery Journey Limited.


DALIAN WANDA: Fitch Affirms 'BB+' LT Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Dalian Wanda Commercial Management Group
Co., Ltd.'s (Wanda Commercial) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB+'. Fitch has also affirmed Wanda
Commercial Properties (Hong Kong) Co. Limited's (Wanda HK) IDR,
senior unsecured rating and guaranteed US dollar notes at 'BB'. The
Outlook on the IDRs is Stable.

Fitch thinks that Wanda Commercial's Standalone Credit Profile
(SCP) remains strong at 'bbb+' due to business performance that has
been tested through cycles. However, Wanda Commercial's rating is
constrained by Dalian Wanda Group Co., Limited's (Wanda Group)
consolidated credit profile, which Fitch assesses at 'bb+' due to
the group's higher leverage. Wanda Group owned 45% of Wanda
Commercial as of end-2020.

Wanda HK is Wanda Commercial's sole offshore financing platform and
overseas investment-holding company. Its ratings are supported by
strong linkages with its parent, in line with Fitch's Parent and
Subsidiary Linkage (PSL) Rating Criteria. Wanda HK's rating is one
notch below that of its parent, Wanda Commercial, based on Fitch's
assessment of moderate legal and operational ties, and strong
strategic ties.

Fitch is withdrawing Wanda Commercial's senior unsecured rating as
it is no longer considered by Fitch to be relevant to the agency's
coverage because the entity has no issuance outstanding.

KEY RATING DRIVERS

Wanda Group Constrains Rating: Fitch assesses the parent and
subsidiary linkage between Wanda Commercial and the parent as
'Moderate', based on 'Moderate' legal and operational ties. As a
result, Wanda Commercial is rated at the parent's weaker
consolidated credit profile of 'bb+' under Fitch's PSL criteria.
Wanda Group's consolidated credit profile is supported by Wanda
Commercial but constrained by its highly leveraged cultural
business that mainly consists of the movie theatre segment, and the
group's property-development business.

Fitch believes that Wanda Commercial's large asset base and strong
cash generation can support the group's financial strength with net
debt/investment property value below 60% on a consolidated basis
(2020: 50%). Fitch has excluded AMC Entertainment Holdings, Inc.
when assessing the group's consolidated profile since 2020 as the
group has not supported AMC's debt repayment and has disposed of
almost all of its shares as of end-May 2021.

High-Quality Investment Properties: Wanda Commercial has a strong
property portfolio in line with 'A' rated companies due to its
large size, asset diversification and resilient operations. Its
CNY36 billion in rental and management fee recurring income in 2020
was flat from 2019, despite a one-month rental waiver in January
2020 after the Covid-19 outbreak. Fitch estimates its recurring
income will rise by 18% to CNY42 billion in 2021, helped by an
estimated 11% expansion in leasable floor area (LFA) and one more
month of rental than 2020.

Asset-Light Business: Fitch believes Wanda Commercial's asset-light
mall ramp-up will reduce its capex needs and support its near-term
financial profile. It operated 98 asset-light malls, which are
owned by third parties, out of a total of 368 at end-March 2021. It
aims to open around 50 malls per year in 2021-2022, of which more
than 70% will be under the asset-light model, and to stop
developing asset-heavy malls after 2022.

Under the asset-light model, Wanda Commercial acts as the mall
operator and receives a 30% share of the rental profit. Fitch does
not capitalise these leases as Wanda Commercial does not pay fixed
rental for most of them and instead shares the profit with the
asset owners.

Adequate Interest Coverage: Wanda Commercial's recurring EBITDA
gross interest coverage fell to 1.9x in 2020 from 2.0x in 2019 due
to a 40% rise in segment selling, general and administrative (SG&A)
expense amid the pandemic, and Fitch expects coverage to rise to
2.1x in 2021. Wanda's recurring EBITDA interest coverage is
slightly lower than that of 'BBB' rated peers, but this is
mitigated by its large cash balance and investments in entrusted
loans and wealth-management products, which provide additional
financial flexibility.

Leverage Peaks: Fitch believes that Wanda Commercial's net
debt/recurring EBITDA peaked in 2020 at 6.5x from 5.4x in 2019 and
will decline towards 5x by 2024, as recurring EBITDA recovers fully
from the impact of Covid-19 and the asset-light business is ramped
up.

Margin to Drop: Wanda Commercial's recurring EBITDA margin will
drop from 50% in 2020 towards its asset-light malls' gross margin
of 40% in the long run, as the company continues to expand its
asset-light business. It books 100% of the revenue under the
asset-light model, but subtracts the owners' profit share as an
expense. Fitch thinks the margin drop reflects the change in
business model rather than a deterioration in the underlying
business.

ESG - Governance: Wanda Commercial has an ESG Relevance Score of
'5' for Financial Transparency because its ratings are constrained
by its parent-subsidiary linkage with Wanda Group, which has
limited financial disclosure. Fitch is not able to fully access
Wanda Group's management and Fitch is not assured of access to
Wanda Group and its principal subsidiaries' financial information
on a consistent basis. The uncertainty over Wanda Group's financial
transparency has negatively affected the group's rating
assessment.

DERIVATION SUMMARY

For Wanda Commercial

Wanda Commercial's investment-property portfolio is comparable with
those of major global investment-property companies, such as Swire
Properties Limited (A/Stable) and Unibail-Rodamco-Westfield SE
(BBB+/Negative). Wanda Commercial's strong retail mall portfolio is
in line with that of 'A' rated property-investment companies due to
its large size, asset diversification and strong operational
performance throughout business cycles.

Wanda Commercial's credit metrics are weaker than that of the three
peers as its recurring EBITDA interest coverage of around 2.0x is
lower than the peer average of more than 5.5x.

Wanda's rating is capped at the weaker consolidated credit profile
of Wanda Group due to its moderate linkages with its parent,
according to Fitch's criteria.

For Wanda HK

Wanda HK's ratings are supported by the strong linkage with its
parent, Wanda Commercial. It can be compared with Vanke Real Estate
(Hong Kong) Company Ltd (Vanke HK, BBB+/Stable), a subsidiary of
China Vanke Co., Ltd. (BBB+/Stable), and R&F Properties (HK)
Company Limited (RFHK, B+/Stable), a subsidiary of Guangzhou R&F
Properties Co. Ltd. (B+/Stable), which are also positioned as their
parents' main offshore financing platforms.

However, Fitch considers Wanda HK's operational ties with its
parent to be weaker, as offshore financing is less crucial to Wanda
Commercial than it is to China Vanke and Guangzhou R&F. This is
also demonstrated by the higher offshore-funding proportion of
above 20% in China Vanke's and Guangzhou R&F's total debt, compared
with 5% for Wanda HK. This is the reason for rating Wanda HK one
notch below its parent while the ratings of Vanke HK and RFHK are
equalised with those of their parents.

KEY ASSUMPTIONS

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

-- Wanda Commercial will open 50 new Wanda Plazas in 2021-2022
    with around 80,000 sq m of LFA each, out of which 35-40 malls
    will be under an asset-light business model.

-- Asset-heavy shopping malls will have a gross profit margin of
    around 80%, and asset-light shopping malls around 40%.

-- Rental and property management fee income growth of 18% in
    2021 and 11% in 2022.

-- Capex of CNY10 billion and CNY7 billion in 2021 and 2021,
    respectively.

-- Available cash balance (including 40% of wealth-management
    products) to be maintained at around CNY40 billion in 2021
    2022.

-- No equity financing cash inflow assumed due to timing
    uncertainty.

RATING SENSITIVITIES

For Wanda Commercial

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

-- Improvement in Wanda Group's information transparency and
    consolidated credit profile;

-- Weakening linkage with Wanda Group.

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

-- Deterioration in Wanda Group's consolidated credit profile;

-- Wanda Commercial's recurring EBITDA/gross interest below 2x
    after 2020 for a sustained period.

For Wanda HK

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

-- Improvement in Wanda Commercial's IDR;

-- Strengthened linkage with Wanda Commercial.

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

-- Deterioration in Wanda Commercial's IDR;

-- Weakened linkage with Wanda Commercial.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Wanda Commercial had CNY43 billion in
available cash at end-March 2021. At the same time, Fitch estimates
the company had above CNY30 billion in wealth-management products -
similar to end-2020 - mostly issued by commercial banks with less
than one year to maturity.

Fitch believes Wanda Commercial's liquidity is sufficient to cover
CNY50 billion in short-term debt. Wanda Commercial has refinanced
or repaid all of its CNY36.7 billion in onshore bonds due before
end-July 2021 despite a weakened credit environment since the
beginning of the year. Wanda Commercial's debt was composed of 56%
in onshore bank loans secured against investment properties, 39% in
onshore bonds (including one commercial mortgage-backed security),
and 5% in offshore bonds as of end-2020.

Wanda HK also had sufficient liquidity with a cash balance of
CNY7.6 billion at end-2020 and CNY472 million in short-term debt.
Fitch also expects liquidity support from Wanda Commercial, if
necessary.

ISSUER PROFILE

Wanda Commercial is the largest shopping mall owner in China, and
one of the largest commercial property owners rated by Fitch.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY18.1 billion in recurring EBITDA in 2020
is based on the disclosed property investment segment EBIT,
adjusted for depreciation and interest on lease liabilities. Fitch
has not included investment and interest income of CNY2 billion-4
billion in 2019-2020 in Fitch's calculation of recurring EBITDA.

Fitch's revised calculation of recurring EBITDA based on the newly
available segment disclosure is slightly lower than the previous
calculation, which was based on segment gross profit less an
estimated split of SG&A expense between the various business
segments.

ESG CONSIDERATIONS

Wanda Commercial has an ESG Relevance Score of '5' for Financial
Transparency because its ratings are constrained by its
parent-subsidiary linkage with Wanda Group, which has limited
financial disclosure. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3' - 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.

YONGCHENG COAL: CSRC Fines Company & Execs $820,000 for Fraud
-------------------------------------------------------------
Caixin Global reports that Yongcheng Coal and Electricity Holding
Group Co. Ltd. and its executives were fined CNY5.3 million
(US$820,000) for financial fraud after the coal producer's
high-profile default last year rattled the bond market and shook
investors' confidence in state-owned companies.

Caixin says Yongcheng Coal received an administrative penalty from
the China Securities Regulatory Commission (CSRC) July 27 over
disclosure violations including inflating funds in its financial
statements by CNY86.1 billion (US$13.3 billion).

The state-owned company received a warning from the regulator and
was fined CNY3 million, and six executives were penalized a total
of CNY2.3 million, the company said in a filing with Shanghai
Clearing House, Caixin relays.

Yongcheng Coal & Electricity Holding Group Co. Ltd. mines and
distributes coal products. The Company produces brown coal
products, bituminous coal products, hard coal products, coking coal
products, and other related products. Yongcheng Coal & Electricity
Holding Group also provides electric generation, apparel
processing, trade, and other related services.

The company defaulted on a CNY1 billion (US$152 million) bond on
November 10, 2020.




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

AGRASIA IMPEX: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Agrasia
Impex in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term–         1.00        [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

   Long term          1.00        [ICRA]B (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Founded in 2007, as a proprietorship concern Agrasia Impex (AI) is
engaged in the trading of chili and turmeric. The firm was earlier
involved in trading of chili powder, based on the orders received
from customers. However, since past 4 years the firm has
discontinued the sale of chili powder. AI is managed by Mr.
Nallamothu Sri Ramanjaneyulu who has more than a decade-long
experience in trading of chilly and turmeric.


ALLIED ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Allied
Energy Systems Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit         8.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        16.50      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based     9.50       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2005, Allied Energy Systems Private Limited is
primarily engaged in designing fabrication and erection of
Deaerators for boilers which are used in industries like Chemicals,
Power, Petrochem, Fertilizer, Sugar, Paper etc. The company is also
engaged in manufacturing of steel fabricated products like Pressure
Vessels, Heat Exchangers, and Evaporators etc. The company has two
manufacturing facilities in Bhiwadi, Rajasthan.


APPU HOTELS: NCLAT Stays Order of NCLT on Sale Process
------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has stayed the operation of the orders of the
first bench of the National Company Law Tribunal (NCLT), upholding
the sale process of the properties of Appu Hotels for INR423 crore
under the Indian Insolvency and Bankruptcy Code.

MGM Healthcare is said to be the successful purchaser of the
properties that include the Le Meridien Hotels in Chennai and
Coimbatore, ET says.

According to ET, NCLAT judicial member Justice M Venugopal and
technical member V P Singh granted the stay on July 31 while
passing interim orders on the "company appeal" from Dr Periasamy
Palani Gounder, promoter and erstwhile director of Appu Hotels
Limited.

Originally, on an application from Tourism Finance Corporation of
India, the corporate creditor, under Sec.7 of the Insolvency and
Bankruptcy Code, the tribunal had on May 2020 initiated Corporate
Insolvency Resolution Process (CIRP) against Appu Hotels.

The "fair value" and "liquidation value" were stated to be INR730
crore and INR570 crore, respectively, ET discloses.

M K Rajagopalan Balaji, who was appointed as one of the resolution
professionals by the tribunal in November last, confirmed the sale,
the report notes.

Appu Hotels Limited' (AHL) is a Chennai-based public limited
company engaged in the hospitality business in the state of Tamil
Nadu. AHL is part of the PGP Group of Companies which has
diversified business interests in sugar, chemicals, finance,
hospitality, and real estate etc. AHL is founded and promoted by Dr
Palani G Periasamy, Chairman of the group. The group companies
include Dharani Sugar and Chemicals Limited, Dharani Finance
Limited, Ananthi Developers Limited, Dharani Developers Limited,
Dharani Credit and Finance Limited among others. AHL owns two
5-star deluxe category hotels in the name of 'Le Royal Meridien'
(LRM), situated in Chennai (240-rooms property) and 'Le Meridien'
Coimbatore (254-rooms property) respectively.


CARAVAN OIL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities Caravan Oil
Suppliers in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         6.50        [ICRA]B+ (Stable); ISSUER NOT
   Fund based/                    COOPERATING; Rating continues
   CC                             to remain under 'Issuer Not
                                  Cooperating' category

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

COS was established in 1986 by Mr. Varghese. Currently, the firm is
owned and managed by Asher family who took over the firm in 1994.
The partners of the firm are namely, Mr. Sanjay Asher, Mrs. Preeti
Asher, Mrs. Nita Asher and Mrs. Yukti Asher. The firm is engaged
into the trading of industrial consumables ranging from industrial
lubricants, industrial tapes and adhesives, safety products,
metalworking fluids, carbide cutting tools and abrasives. The firm
is an authorized distributor of Shell India Marketing Private
Limited (Shell), Houghton, 3M India Limited (3M), WIDIA and Dow
Corning India Private Limited (Dow Corning).


COSMOS JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Cosmos
Jewellers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         20.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2011, CJPL is a manufacturer, wholesaler and
retailer of gold and diamond jewelry. CJPL has presence largely in
gold jewelry, and its customers are primarily wholesalers and
retailers based in New Delhi. The company was acquired by the
promoters of Delhi-based Shree Raj Mahal Group, which is engaged in
the manufacturing, wholesale and retail sales of gold and diamond
jewelry for more than two decades.


DEWAN HOUSING: ICRA Reaffirms D Rating on INR100cr Debt
-------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Dewan
Housing Finance Corporation Limited (DHFL), as:

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Commercial             100.00     [ICRA]D; reaffirmed
   paper programme      

Rationale

At present, Dewan Housing Finance Corporation Limited (DHFL) is in
default on its debt obligations and is undergoing insolvency
proceedings. Under the insolvency process, the company is
restricted from making any payments towards its debt obligations.
Pursuant to an order dated December 3, 2019 of the National Company
Law Tribunal (NCLT), Mumbai Bench, the Corporate Insolvency
Resolution Process (CIRP) has been initiated by the Reserve Bank of
India (RBI) against the company as per the provisions of the
Insolvency and Bankruptcy Code, 2016 (Code). The RBI had superseded
the company's board of directors and it appointed an Administrator
and Advisory Committee to manage the company. On June 7, 2021, the
NCLT approved the resolution plan submitted by Piramal Capital and
Housing Finance Limited (PCHFL). Post the approval from the NCLT,
the resolution plan is supposed to be implemented within 90 days
barring any delay due to litigation or non-fulfilment of
conditions. As a part of the resolution plan, DHFL will be reverse
merged into PCHFL.

Key rating drivers and their description

Credit strengths – Not applicable

Credit challenges

* Weak financial profile and delays in debt servicing – As per
the audited financial results for FY2021, DHFL reported a net loss
of INR15,051 crore. The auditors, in their report, have made
multiple observations of financial significance and the company is
being investigated for suspected irregularities. At present, the
company is in default on its debt obligations and is undergoing
insolvency proceedings. However, a resolution plan has been
approved and DHFL will be reverse merged into PCHFL as per the
plan.

Liquidity position: Poor

At present, the company is in default on its debt obligations and
is undergoing insolvency proceedings. However, a resolution plan
has been approved and the creditors will be paid accordingly.

Rating sensitivities

Positive factors – ICRA could upgrade the rating in case of the
successful implementation of the resolution plan and improvement in
the company's ability to service its debt obligations in a
sustainable and timely manner.

Negative factors – Not applicable

Dewan Housing Finance Corporation Limited was incorporated as Dewan
Housing and Leasing Company Limited in 1984 with a focus on the
housing finance business catering to the low-and-middle-income
borrower segment. Its name was changed to Dewan Housing Development
Finance Limited in 1984 and subsequently to Dewan Housing Finance
Corporation Limited in 1992. With the merger of First Blue Home
Finance Limited with DHFL in FY2013, DHFL extended its offerings to
the higher ticket size segment of more than INR10 lakh. DHFL
focuses on the low-and-middle-income customer segment.


GANESH COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Shree Ganesh
Cotton Industries-Rajkot in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund-based–        1.27        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund-based–       10.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 2015, Shree Ganesh Cotton Industries-Rajkot is
involved in the business of cotton ginning and pressing to produce
cotton bales, cotton seeds, cottonseed oil and cottonseed oilcake.
The manufacturing facility, located at Surendranagar in Gujarat, is
equipped with 36 ginning machines and one pressing machine. It has
an installed capacity of 180 bales per day. Besides, the entity has
eight expellers for crushing activities. The partners of the firm
have extensive experience in the cotton industry through their
association with other entities in the similar line of business. In
FY2018, the company reported a net profit of INR1.32 crore on an
operating income of INR123.05 crore, as compared to a net profit of
INR0.87 crore on an operating income of INR99.95 crore in FY2017.


GANESH INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Ganesh Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–          6.00       [ICRA]B+(Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long term           4.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

SGI is a partnership firm promoted by the Mohata family and is
involved in cotton oil milling for over 40 years. The firm has an
oil mill at Khamgaon (Maharashtra) with a crushing capacity of 80
tonnes per day. The end products of crushing are cotton oil cake
and crude oil, which can be further processed into cotton refined
oil; however, the firm is not engaged in the refining. The firm has
two group companies—Shri Ganesh Veg Oil Products Pvt. Ltd. and
Anand Mahota Agro Industries Pvt. Ltd. Shri Ganesh Veg Oil Products
Pvt. Ltd. was established in 1997 when the Mohata Group took over
an existing cotton oil refinery in Khamgaon for expansion into the
refining space. At present, the company has a 2 cotton oil mill and
a refining unit at Khamgaon. The total oil mill crushing capacity
is 40 tons per day and the capacity for the refinery is 80 tons per
day. Anand Mohata Agro Industries Pvt. Ltd., promoted by Mr. Anand
Mohata, has an oil mill and de-linting unit at Nagpur, Maharashtra.
It has a refining and crushing capacity of 80 tons per day and a
de-linting capacity of 35 tons per day.

GIRIRAJ INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Giriraj
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D/[ICRA] D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         1.20       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based–                   Rating continues to remain under

   Term loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-        13.80       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based–                   Rating continues to remain under

   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Fund based         2.00       [ICRA]D ISSUER NOT COOPERATING;
   Demand Loan                   Rating continues to remain under
   Against                       'Issuer Not Cooperating'
   Warehouse                     Category
   Receipt           

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

Established in 1996, Giriraj Industries (GI) is engaged in
processing of raw cotton to produce cotton bales and cotton seeds
as well as trading of related commodities like cotton seed oil and
cotton seed oil cakes. The firm has a manufacturing unit in
Manavadar, Gujarat and is equipped with thirty ginning machines and
one manual pressing machine with a capacity to process 36 MT of raw
cotton per day.

GMR AMBALA: ICRA Reaffirms D Rating on INR245.15cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of GMR
Ambala - Chandigarh Expressways Private Limited (GACEPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          245.15     [ICRA]D reaffirmed
   Fund-based–
   Term Loans         

Rationale

The rating reaffirmation reflects the continued irregularities in
servicing of term loan obligations by GACEPL because of its poor
liquidity and cash flow position with no toll collections on the
project stretch due to toll suspension because of the ongoing
protests by the farmers. Further, in FY2021, the arbitration case
between GACEPL and National Highway Authority of India (NHAI) was
awarded in favor of the NHAI, post which the pending negative grant
liability has become payable. As per the escrow agreement and cash
flow waterfall mechanism, the negative grant payments have priority
over debt servicing. Hence, the cash flows will be constrained and
remain inadequate for debt servicing.

The rating is also constrained by the traffic-related risks
inherent in a toll road project, including the risk of traffic
diversion, resistance of users to pay toll and growth in
toll-paying traffic.

GACEPL is exposed to the O&M risk associated with the project,
including routine and periodic maintenance within budget and time.

Key rating drivers and their description

Credit strengths
Not Applicable

Credit challenges

* Delays in debt servicing: There has been continued irregularities
in servicing of term loan obligations by GACEPL because of its poor
liquidity position. The company's liquidity position has
deteriorated with no toll collections on the project stretch due to
toll suspension because of the ongoing protests by the farmers. The
company reported toll collections worth INR22.28 crore in FY2021
compared to INR60 crore in FY2020. Further, in FY2021, the
arbitration case between GACEPL and the NHAI was awarded in favor
of the NHAI, post which the pending negative grant liability (of
INR66.41 crore plus interest) has become payable. As per the escrow
agreement and cashflow waterfall mechanism, the negative grant
payments have priority over debt servicing, which will keep the
liquidity position constrained. The project had a reserve for debt
servicing (DSR), which has already been exhausted.

* Funding gap for SPV due to lower-than-expected traffic; adverse
arbitration outcome: Due to lower-than-initially-expected traffic
on the stretch, given the diversion of traffic to alternate routes,
the toll collections have remained weak and insufficient to meet
its overall expenses as well as debt servicing requirements in the
past. The company has been supported by the Group companies in the
past. However, the extent of support required has been increasing
sharply with disruption of toll collections and the liability of
negative grant arising post the adverse outcome of the arbitration
case are credit concerns.

* Exposure to risks inherent in BOT road projects: Like any toll
road project, the company remains exposed to the risks inherent in
BOT road projects such as political acceptability of rate hikes
linked to WPI year after year over the concession period,
challenges arising from non-completion of adjacent/contiguous
routes and risks related to traffic leakage, traffic diversion,
user resistance to pay toll, etc. It also faces O&M risk associated
with the project, including routine and periodic maintenance within
the budget and time. GACEPL's cash flows are also exposed to
interest rate risk, as it has floating nature of interest rates for
the term loans.

Liquidity position: Poor

The company's liquidity position is poor with cash flow from
operations net of negative grant payments expected to be
insufficient to meet its debt servicing obligation over the near
term.

Rating sensitivities

Positive factors – The rating could be upgraded if the company
demonstrates sustained track record of regular debt servicing.

Negative factors – Not applicable

GACEPL is a wholly-owned subsidiary of the GMR Group - GMR Highways
Limited (51.65%), GMR Infrastructure Limited (23.69%), GMR Energy
Limited (24.66%). GACEPL is an SPV set up for executing a build
operate transfer (BOT) toll-based project on a 20-year concession
agreement (ending in May 2026) with the NHAI. The project scope
entails improvement, operation and maintenance including
strengthening, widening of the existing two-lane road to a
four-lane dual carriage way of 35 km stretch of the
Ambala-Chandigarh (NH-21/NH-22) highway. The project was completed
on schedule and achieved the commercial operation date (COD) on
November 14, 2008 and the toll collection on the project highway
started from December 10, 2008.

GUDIVADA MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Issuer Ratings for the bank facilities of
Gudivada Municipality in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

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

The GDVM was constituted as a municipality in 1937 and is governed
by the Andhra Pradesh State Municipalities Act 1965 (Act). It
manages the municipal services in Gudivada city in the Krishna
district of AP. The GDVM covers an area of 12.67 sq. km. and serves
a population of 1.2 lakh (as per Census 2011). Its main functions
include water supply, solid waste management and construction,
repair and maintenance of roads, and streetlights in its area. The
municipality is governed by an elected body (council) headed by a
Chairperson, while the Commissioner acts as the executive head
overseeing its everyday functioning.

JAY PARVATI: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jay
Parvati Cold Storage in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–        0.20        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based–        3.79        [ICRA]B (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund Based–        2.73        [ICRA]B (Stable) ISSUER NOT
   Pledge Loan                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in June 2014, Jay Parvati Cold Storage (JPCS) operated
a cold storage facility at Deesa in the Banaskantha district of
Gujarat. It commenced operations on February 15, 2015. The cold
storage stores potatoes, with a total stocking capacity of 153,000
bags of 50 kg each or 7,650 MT of potatoes. The firm is promoted by
Mali and Parmar families who have longstanding experience in potato
farming and trading business.


KHOSLA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Khosla
Agro Overseas in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         25.00       [ICRA]B+(Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1993, KAO is a partnership firm involved in milling
of basmati and non-basmati rice. The firm's milling unit is based
in Batala, Punjab, in close proximity of the local grain market.
The firm sells rice under its five registered brands in the
domestic market. The firm is also involved in the export of rice,
with the Middle East being the primary export destination for the
firm, which has a milling and sorting capacity of 18 tonnes per
hour. The firm's operations are overseen by the partners Mr.
Jaideep Khosla and Mr. Varun Khosla. In FY2017, on a provisional
basis, the firm reported a net profit of INR6.34 crore on an
operating income of INR112.51 crore, as compared to a net profit of
INR2.27 crore on an operating income of INR99.65 crore in the
previous year.

KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
Krishna Sahakari Sakkare Karkhane Niyamit the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B(Stable);
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–        229.00       [ICRA]B (Stable); ISSUER NOT
   Fund based/                    COOPERATING; Rating continues
   CC                             to remain under 'Issuer Not
                                  Cooperating' category

   Long-term–         82.00       [ICRA]B (Stable); ISSUER NOT
   Fund based/                    COOPERATING; Rating continues
   TL                             to remain under 'Issuer Not
                                  Cooperating' category

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

The Krishna Sahakari Sakkare Karkhane Niyamit (KSSKN), a
co-operative society registered under the Karnataka Cooperative
Societies Act, 1959, operates a sugar mill with a capacity of 5,500
tonnes of cane per day (TCD), integrated with a 27-megawatt (MW)
cogen power plant, in Athani Taluk of Belgaum district in
Karnataka. Registered in March 1981, the entity commenced its
commercial operations during FY2003 with 2,500-TCD crushing
capacity. During FY2012, the entity expanded its processing
capacity to 4,000 TCD and also installed a 12- MW cogen plant. The
cogen capacity was increased to 27 MW in FY2017 and the sugar-mill
capacity was increased to 5,500 TCD in FY2018. The Government of
Karnataka holds a 58.5% stake in the entity as of March 31, 2018.


MAHESHWARI STRUCTURES: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maheshwari
Structures in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based          1.10       [ICRA]B (Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

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

Established in year 2008, Maheshwari Structures is Nashik
(Maharashtra) based closely held partnership firm is involved in
fabrication of transmission line towers, solar PV.


MASS CASHEWS: ICRA Lowers Rating on INR9.0cr Loans to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mass
Cashews (MC), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         8.50        [ICRA]B+ (Stable); ISSUER NOT
   Fund based/                    COOPERATING; Rating downgraded
   CC                             from [ICRA]BB- (Stable) and
                                  continues to the 'Issuer Not
                                  Cooperating' category
   
   Long Term–         0.50        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating downgraded
                                  from [ICRA]BB- (Stable) and
                                  continues to the 'Issuer Not
                                  Cooperating' category

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

Mass Cashews (MC) commenced operations in 2009 as a proprietorship
concern founded by Mr Salim A; the proprietorship was later
converted into a partnership firm in 2010. The firm is primarily
engaged in the sale of cashew kernels and raw cashew nuts in the
domestic market. MC has six manufacturing facilities (four in Tamil
Nadu and two in Kerala).


MEENAR INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Meenar
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term–         22.25       [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term–          7.50       [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2007, MIL is setting up a green-field polyester
yarn manufacturing facility at Varanasi, Uttar Pradesh with a total
capacity of 15,000 metric tonnes per annum (MTPA). The project is
being executed in two phases, with commissioning of phase I, with a
capacity of 7500 MTPA, commenced in April 2015 and phase II with an
equal capacity, yet to be commissioned. The promoter family has
experience of over three decades in trading of yarns and also
operates a yarn processing house.

MEENAR POLYDYED: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Meenar
Polydyed Yarns Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

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

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

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

Incorporated in 2003 by Mr. Aftab Alam and his family, MPYL is a
processing house of polyester, viscose and cotton yarns. The
company undertakes various processes such as texturizing, twisting,
dyeing, etc. The promoter family has experience of over three
decades in trading of yarns.


NANDINI FITNESS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Nandini
Fitness Pvt. Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         7.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

NFPL was promoted by Mr. Sumit Goel and Mr. Hemant Kumar Singh in
2009, to set up a health and fitness business in Lucknow, Uttar
Pradesh under a franchisee agreement with Gold's Gym.


PMV MALTINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pmv
Maltings Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based         35.00       [ICRA]B+ (Stable); ISSUER NOT
   Working                        COOPERATING; Rating continues
   Capital                        to remain under 'Issuer Not
   Facilities                     Cooperating' category

   Term Loans         51.00       [ICRA] B+ (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated        14.00       [ICRA] B+ (Stable); ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2008, PMV was a dormant company till the demerger
of The Malt Company India Private Limited (MCIPL) with effect from
April 2013. Under the demerger scheme, MCIPL handed over two of its
units – Pataudi (Haryana) and Kashipur (Uttarakhand) – to PMV,
while retaining the Khandsa (Haryana)-based unit. PMV manufactures
barley malt with an installed capacity of 30,000 MTPA and 150,000
MTPA at its Pataudi and Kashipur units, respectively. In FY2017,
the company reported a profit after tax (PAT) of INR0.59 crore on
operating income (OI) of INR139.64 crore compared to a PAT of
INR0.41 crore on an OI of INR126.52 crore in the previous year.


REAL GROWTH: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Real
Growth Commercial Enterprises Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D: ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        21.00      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund            4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Based limits                  Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

IRGCEL was incorporated in 1995 under the name KRS Financials Pvt.
Ltd. In 2001, it was taken over by the RG Group and its name was
changed to Rajesh Projects & Finance Limited, which was
subsequently renamed to Real Growth Commercial  Enterprises Ltd. in
January 2011. The company was involved in the development of
commercial offices-cum shopping complexes till 2007. It commenced
trading in stainless steel sheets of various dimensions in January
2010 in Bhiwadi (Rajasthan).

RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rsal Steel
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         70.52      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based–                   Rating continues to remain under

   Limits                        'Issuer Not Cooperating'
                                 Category

   Short Term-       206.55      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based–               Rating continues to remain under

   Limits                        'Issuer Not Cooperating'
                                 Category

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

RSAL Steel Private Limited (RSPL) was incorporated in December
2010, as a wholly-owned subsidiary of Ruchi Strips & Alloys Limited
(RSAL), a Ruchi Group company, with the objective of taking over
the steel business of the holding company. RSPL manufactures
cold-rolled steel coils (CRC), with an installed capacity of 1 lakh
metric tonne (MT) per annum. RSPL also trades in various
commodities such as soya meal, CRC steel etc.

S.K. SOLVEX: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.K.
Solvex Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term–         8.50        [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

SKSPL was incorporated in 2001 and is engaged in the manufacturing
of mustard oil and cake at its unit in Jaipur, Rajasthan. The
current seed crushing capacity of the oil mill is 36,000 metric
tonnes per annum (MTPA).

SATNAAM STONE: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Satnaam
Stone Crushers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         7.50        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term–         2.40        [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long term          0.10        [ICRA]B (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

SSCPL was established in January 2013 but commenced operations in
February 2014. The company crushes and screens stones/boulders into
grits of smaller sizes. The company is promoted by Mr. Vinay Arora,
Mr. Om Prakash Arora, Mr. Anil Khatri and Mr. Jitendra Kumar. The
stone crushing plant of the company is located at Rampur (Uttar
Pradesh).

SHANKARANARAYAN JEWELLERS: ICRA Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Shankaranarayan Jewellers in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         0.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based/CC                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term–        5.50       [ICRA]D; ISSUER NOT COOPERATING;

   Fund Based                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term–        5.75       [ICRA]D; ISSUER NOT COOPERATING;

   Non Fund Based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Shankaranarayan Jewellers was established in 2001 by Mr. P V Mahesh
as a partnership firm, for manufacturing and wholesale of gold
jewellery with operations based out of Bangalore. The firm also
operates in retail space through its outlet based in Basavanagudi,
Bangalore. The business operations are managed jointly by Mr. P V
Mahesh and his son, Mr. Tejas.

SHETH SHIP: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sheth Ship
Breaking Corporation in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund-          42.00      [ICRA]D ISSUER NOT COOPERATING;
   Based Limits                  Rating continues to remain under
   Letter of Credit              'Issuer Not Cooperating'
                                 Category

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

Sheth Ship Breaking Corporation (SSBC) was incorporated as a
partnership firm in 1997 by Narendra Shah and other partners. The
firm is engaged in the business of ship-breaking. The business
operations are carried out from Bhavnagar and the shipbreaking
activity is conducted at a plot leased by the Gujarat Maritime
Board (GMB) in the Alang Ship Recycling Yard (ASRY). The Group
Company Pioneer Globex Private limited is also involved in other
related businesses like trading of iron ore fines and loose mill
scales which has also turned into NPA and was assigned [ICRA]D in
March 2017.


SHRIMAN ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shriman
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term–         36.00       [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Constituted in 2015, SE is a partnership firm that is setting up a
150-bedded multi-speciality hospital in Jalandhar (Punjab). All the
four partners of the firm are qualified doctors having relevant
experience across different medical fields.

SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shriram
Sepl Composites Private Limited. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Term Loan         0.80      [ICRA]D; ISSUER NOT COOPERATING;
                               Rating Continues to remain under
                               'Issuer Not Cooperating'
                               Category

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

   Non-Fund          7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Based Limits                Rating Continues to remain under
                               'Issuer Not Cooperating'
                               Category

   Unallocated       0.20      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                      Rating Continues to remain under
                               'Issuer Not Cooperating'
                               Category

   Non Fund          3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Based Limits                Rating Continues to remain under
                               'Issuer Not Cooperating'
                               Category

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

Shriram SEPL Composites Private Limited, formed by Shriram EPC
Limited and Strategic Engineering Private Limited, is involved in
the design, manufacturing, supply and installation of GRP products
such as pipes, fittings, tanks and cylinders. The company's
manufacturing facility is located in Singaperumal Koil, Chennai,
and has a capacity to produce 600 meters of 900mm diameter pipes
per. SSCPL uses imported CNC filament winding machines to
manufacture pipes of international standards like ASTM, AWWA, etc
and has an in-house lab for quality inspection. SSCPL has received
the ISO 9001-2008, ISO 14001-2004 & OHSAS 18001-2007
certifications.


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        42.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

SSL was incorporated as a private limited company in 1988 and then
subsequently converted into a public limited company in 1992. The
company manufactures cold-rolled stainless-steel strips at its
factory in Rohtak, Haryana. With an installed capacity of 15,000
MT, SSL manufactures ultra-thin CR strips i.e. 0.5 mm to 1.50 mm. A
part of revenues is also derived from trading of CR sheet/strips.
The company is also involved in job work, which includes the
reduction of thickness of coils and strips.

SOLEX ENERGY: Ind-Ra Affirms & Withdraws 'BB+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Solex Energy
Limite's (SEL) Long-Term Issuer Rating at 'IND BB+' with a Stable
Outlook and has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR61 mil. Fund-based working capital limits* affirmed and
     withdrawn;

-- INR65 mil. Non-fund-based working capital limits# affirmed and

     withdrawn; and

-- INR4.8 mil. Term loan@ due on December 2020 affirmed and
     withdrawn.

*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn

#Affirmed at 'IND A4+' before being withdrawn

@Affirmed at 'IND BB+'/Stable before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lenders, and the term loan has been repaid. This is consistent with
the Securities and Exchange Board of India's circular dated March
31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The affirmation reflects SEL's continued small scale of operations,
as indicated by its revenue of INR796.21 million in FY21 (FY20:
INR1,380.37 million; FY19: INR1,490.59 million). The revenue
declined in FY21 due to COVID-19-led operational disruptions. SEL's
EBITDA margin deteriorated to a modest 4.19% in FY21 (FY20: 5.31%;
FY19: 5.27%) on account of an increase in its raw material cost and
employee expenses. The return on capital employed was 10% in FY21
(FY20: 27%).   

The ratings factor in SEL's moderate credit metrics as indicated by
the interest coverage (operating EBITDA/gross interest expenses) of
3.09x in FY21 (FY20: 6.41x, FY19: 10.54x) and the net leverage
(adjusted net debt/operating EBITDA) of 2.98x (0.78x; 0.89x). The
deterioration in the credit metrics in FY21 was due to a decline in
the operating EBITDA to INR33.39 million (FY20: INR73.33 million).

Liquidity Indicator – Stretched: SEL's average maximum use of its
fund-based limits was around 79% and that of its non-fund-based
limits was 47% during the 12 months ended June 2021. The cash flow
from operations turned negative to INR43.48 million in FY21 (FY20:
INR9.87 million) on account of higher working capital requirements.
The net cash cycle remained elongated at 152 days in FY21 (FY20: 64
days) due to high debtor and inventory days. SEL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company did not
avail the Reserve Bank of India-prescribed moratorium over
March-August 2020. However, in FY21, the company availed a COVID-19
emergency credit facility of INR10 million under the Guaranteed
Emergency Credit Line scheme to support the working capital
requirements.

The ratings, however, are supported by the promoters' over two
decades of experience in the solar industry, which has enabled them
to develop strong relationships with customers and suppliers.

COMPANY PROFILE

Incorporated in 2014, SEL manufactures solar products and
undertakes engineering, procurement and construction contracts for
setting up solar power plants, solar water pumps, solar water
heating systems and others. It offers a wide range of solar
products such as mono-/multi-crystalline solar photovoltaic
modules, solar lanterns, solar street lights, solar water pumps and
solar inverters. Its facility is located in Anand, Gujarat.


SRINIVASA EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Srinivasa
Educational Society in the 'Issuer Not Cooperating' category.  The
rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         3.62        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long-term–         0.70        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   OD                             to remain under 'Issuer Not
                                  Cooperating' category

   Long-term–         5.68        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Unallocated                    to remain under 'Issuer Not
                                  Cooperating' category

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

Srinivasa Educational Society (SEC, the society) was started in
2004 by Mr. B. Srinivasa Rao, has set up Kakinada Institute of
Technology and Science (KITS, the institute) in 2008 which is
affiliated to Jawaharlal Nehru Technical University, Kakinada
(JNTUK). The institute offers 6 courses in B-tech, 6
specializations in M-tech, 2 specializations in M Pharmacy, MBA,
and polytechnic courses.

SUNSHINE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sunshine
Exports in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short term         6.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

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

Sunshine Exports (SE), established in the year 2006, is a
proprietorship firm based out of Nagpur, Maharashtra. The firm is
managed by its proprietor, Mrs. Aruna Moorthy and her husband, Mr.
DTS Moorthy. The firm is engaged in export of Agro products,
primarily rice and sugar.

UTTARAYAN STEEL: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Uttarayan
Steel Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term–         8.50        [ICRA]B (Stable); ISSUER NOT
   Fund based                     COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term–         0.50        [ICRA]B (Stable); ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
   Unallocated                    to remain under 'Issuer Not
                                  Cooperating' category

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

USPL manufactures mild steel ingots, which are subsequently rolled
into long steel products such as thermo mechanically treated (TMT)
bars, channels and angles. The company was acquired by members of
the Goel and the Singhal family in 2006. Its manufacturing facility
is located in Roorkee (Uttrakhand) and has an installed capacity of
22,000 Metric Tonnes Per Annum (MTPA).

VAIDEHI ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vaidehi
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

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

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

Incorporated in July 2014 by Mr. Suresh Goyal and Mr. Ajay
Bhaootra, Vaidehi Enterprises (VE) is engaged in the marketing of
high-end women's dress material in tier I and tier II cities. The
firm commenced commercial operations in December 2014. The firm's
products include sarees and dress materials. While it procures grey
cloth from the local market, it outsources the dyeing & printing
activities and embroidery work to local units and utilizes the
premises of its group company for the finishing work and for
despatching to wholesalers/distributors.


WARORA CHANDRAPUR: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Warora
Chandrapur Ballarpur Toll Road Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B(Stable);
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term         336.00      [ICRA] B(Stable); ISSUER NOT
   Fund Based-TL                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL) is a Special
Purpose Vehicle (SPV) incorporated for the purpose of undertaking
4-laning of the 63.6 km stretch between Warora and Ballarpur in
Maharashtra for the Public Works Department (PWD), Government of
Maharashtra (GoM) on Design-Build-Finance-Operate-Transfer (DBFOT)
basis. WCBTRL is held 55% by Nagpur-based infrastructure developer
Vishvaraj Infrastructure Limited (VIL); 35% by IL&FS Transportation
Networks Limited (ITNL, rated [ICRA]D INC) and 10% by Diva Media
Private Limited. The Concession Agreement (CA) between  WCBTRL and
PWD, GoM was signed in March 2010 and under the terms of the CA
WCBTRL is entitled to collect tolls from users of the project road.
The concession is valid for a period of 30 years from the appointed
date (January 3, 2011).



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

ABM INVESTAMA: Moody's Confirms B1 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has confirmed ABM Investama Tbk (P.T.)'s
B1 corporate family rating, along with the B1 ratings on its senior
unsecured notes due August 2022 and its senior unsecured notes due
August 2026.

Moody's has also changed the outlook to stable from ratings under
review.

The rating action concludes the review for downgrade, which was
initiated on June 17, 2021.

"The confirmation reflects ABM's new notes issuance which, together
with proceeds from its imminent senior loan facility, will
alleviate refinancing risks associated with the notes that will
come due on August 1, 2022," says Maisam Hasnain, a Moody's
Assistant Vice President and Analyst.

"The B1 ratings and stable outlook reflect our expectation that
ABM's earnings and cash flow at its coal mining and mining services
subsidiaries will improve over the next 12 months, amid increased
production volumes and higher coal prices," adds Hasnain, who is
also Moody's lead analyst for ABM.

RATINGS RATIONALE

Pro forma for the proceeds from its new notes and senior loan
facility, ABM's liquidity will improve as its cash sources will be
sufficient to meet its cash needs over the next 12-15 months,
including the repayment of its $350 million notes due in August
2022.

On July 29, 2021, ABM priced $200 million 9.5% senior notes due
August 2026, the net proceeds from which will be used to fund its
tender offer to partially redeem its senior notes due in August
2022.

The ability to raise $200 million in new notes was a key condition
for ABM to sign a new $200 million senior loan facility, of which
$150 million will be earmarked to refinance the outstanding
principal under its senior notes due in August 2022.

ABM is in the process of entering into a definitive agreement for
this loan facility with Bank Mandiri (Persero) Tbk (P.T.) (Baa2
stable) and Bank Negara Indonesia (Persero) Tbk (P.T.) (Baa2
stable), and expects to sign the facility within this month, ahead
of the 15 September 2021 long-stop date. The B1 ratings and stable
outlook are premised on ABM signing this facility on time without
any adverse changes in the facility terms as outlined in the
indicative term sheet.

ABM's B1 CFR reflects the company's integrated operations across
the coal mining value chain, which provide cost synergies; reduced
refinancing risk with no material near-term debt maturities once
its August 2022 notes are redeemed in the coming months; and
stronger credit metrics, with adjusted debt/EBTIDA improving to
2.0x-2.5x over the next 12-18 months from around 3.2x in 2020 amid
higher coal prices and increased volumes at ABM's mining and mining
services subsidiaries.

At the same time, ABM's B1 CFR is constrained by limited clarity
around its acquisition strategy to improve its business profile
amid dwindling reserves at its PT Tunas Inti Abadi (TIA) mine; the
company's small scale; and its exposure to cyclical thermal coal
prices.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

ABM's ESG Credit Impact Score is highly negative (CIS-4),
reflecting the company's very high exposure to environmental risks
and high exposure to social risks stemming from its operations
within the thermal coal mining sector, and high exposure to
governance risks stemming from its inability in recent years to
effectively execute on its growth plan.

The company's exposure to environmental risk is very highly
negative (E-5 issuer profile score), driven by very high carbon
transition risks associated with thermal coal -- thermal coal
mining and coal mining services will continue to generate most of
ABM's revenue over the next few years. While coal demand in Asia
remains stronger than in other regions, Asian coal miners are
increasingly exposed to material credit implications, including
reduced access to funding. In addition, policies favoring
renewables, the declining cost of renewables and the development of
disruptive technologies will increase the long-term risk for coal
miners.

ABM's exposure to social risk is highly negative (S-4 issuer
profile score), driven primarily by its coal mining operations'
high exposure to human capital, health and safety, responsible
production and demographic and societal trends. Although the
company had on occasion received complaints around its coal mining
operations related to environmental management in 2020, these have
reportedly been resolved and have not materially impact its
operations. ABM has also implemented processes to ensure
occupational safety and conducts safety training and health checks
for its employees. The company also engages with and supports the
local communities where its mines are located.

ABM's exposure to governance risk is highly negative (G-4 issuer
profile score), reflecting its inability thus far to effectively
execute on its growth plans, and its increased reliance on
debt-funded acquisitions to replace depleting coal reserves at a
key mine.

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

The stable outlook reflects Moody's expectation that ABM will
increase its earnings and operating cash flow, while maintaining
sufficient internal cash sources to meet its cash needs over the
next 12-18 months.

An upgrade is unlikely over the next 12 months, given the limited
clarity on ABM's strategy to improve its scale and business profile
amid dwindling coal reserves at a key mine. Nonetheless, Moody's
could upgrade the ratings over time if ABM executes on this
strategy while improving its credit metrics on a sustained basis.

Credit metrics indicative of a rating upgrade include adjusted
debt/EBITDA below 3.0x, adjusted EBIT/interest above 2.5x, and
adjusted (cash from operations (CFO) - dividends)/debt above 25%,
all on a sustained basis.

Moody's could downgrade the ratings if (1) ABM's liquidity weakens
such that it is unable to sign its senior loan facility within the
September 15, 2021 long-stop deadline, or if its internal cash
sources are insufficient to meet its cash needs over the next 12-18
months; (2) it is unable to effectively execute on its growth plans
or if planned acquisitions materially weaken its credit metrics;
(3) it fails to improve its consolidated earnings and cash flow; or
(4) there is evidence of a cash leakage to its unrestricted power
subsidiary, PT Anzara Janitra Nusantara (AJN).

Credit metrics indicative of a rating downgrade include adjusted
debt/EBITDA above 4.0x, adjusted EBIT/interest below 2.0x and
adjusted (CFO - dividends)/debt below 20%.

The principal methodology used in these ratings was Mining
published in September 2018.

Listed on the Indonesian Stock Exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in coal
mining, mining services, engineering and logistics, and power
generation.

The Hamami family controls 79% of ABM through PT Tiara Marga
Trakindo (23%) and Valle Verde PTE LTD (56%). The remaining shares
are held by the public.


GARUDA INDONESIA: Agrees With Lessor to Return 9 Jets Early
-----------------------------------------------------------
Reuters reports that flag carrier Garuda Indonesia will return nine
leased Boeing 737 800NG aircraft ahead of schedule, as part of an
agreement to end a bankruptcy lawsuit, the company's chief
executive Irfan Setiaputra told Reuters on Aug. 2.

Garuda and its lessor, Aercap Ireland Limited, signed a global side
letter agreement on July 28 to stop legal proceeding, following
Aercap's bankruptcy lawsuit in June at the New South Wales Supreme
Court, Garuda said separately in a stock exchange filing, Reuters
relates.

According to Reuters, the nine aircraft are the total number of
jets leased from Aercap, Irfan said in a text message, adding that
details of the return were still being discussed with the lessor.

"The company agreed, among other things, to fly and relocate nine
leased Boeing B737 800NG aircraft to an approved location," the
filing issued at the weekend said.

Reuters says Garuda has been trying to return surplus planes due to
the travel disruption caused by the COVID-19 pandemic, seeking
early termination, lease holidays or pay-by-the-hour schemes in a
bid to reduce its fleet size and cut costs, company executives told
a parliament hearing.

As of June, Garuda had returned 20 planes to lessors and was
negotiating to return more.

Garuda is only flying 41 planes of the 142 in its fleet due to low
demand for travel caused by the pandemic, the report notes.

The airline had also said it wanted to maintain a workforce in line
with the number of planes.

Garuda, which employed more than 7,800 people before the pandemic,
has reduced its staff by 2,300 thought offering early retirement
and contract terminations, adds Reuters.

                      About Garuda Indonesia

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

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

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

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

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


PAN BROTHERS: Indonesian Court Recognises Singaporean Moratorium
----------------------------------------------------------------
Global Restructuring Review reports that an Indonesian court has
recognised and acted in support of a foreign restructuring for what
could be the first time, dismissing a creditor's PKPU application
against garment manufacturer Pan Brothers because it was bound by a
worldwide moratorium issued in Singapore.

Pan Brothers Tbk (P.T.) is the largest listed manufacturer of
garment products in Indonesia, with a total production capacity of
117 million pieces of garments per year as at September 30, 2020.

The company employs around 38,000 people across 25 factories and in
10 manufacturing locations in Banten, West and Central Java.

As reported in Troubled Company Reporter-Asia Pacific on Feb. 3,
2021, Fitch Ratings has downgraded PT Pan Brothers Tbk's (PB)
Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. Fitch has
also downgraded PB's USD171 million of unsecured notes due January
2022, issued by PB International B.V., to 'C' from 'CC' with the
Recovery Rating remaining at 'RR4'.  At the same time, Fitch
Ratings Indonesia has downgraded PB's National Long-Term Rating to
'C(idn)' from 'CC(idn)'.  The downgrade follows PB's announcement
that it has entered into a standstill agreement with lenders to not
take any enforcement action, which is in line with Fitch's
definition for a 'C' rating level.  The standstill period expired
on January 27, 2021, and therefore the banks can accelerate and
enforce the USD138.5 million syndicated loan that matured on
January 27.




=====================
P H I L I P P I N E S
=====================

PHILIPPINE AIRLINES: Independent Director Gregorio Yu Resigns
-------------------------------------------------------------
PhilStar Global reports that businessman Gregorio Yu has exited the
board of PAL Holdings Inc. and Philippine Airlines Inc. after
almost seven years of serving as independent director.

PAL, in a stock exchange filing, said its board of directors
accepted the resignation of Yu as independent director.

Yu, who chairs PAL's corporate governance committee and is a member
of its audit and risk management committee, resigned due to
"personal reasons," according to PAL.

Yu served as independent director since October 2014.

Yu is the chairman of the board and president of Philequity Fund
Inc., Lucky Star Network Communications Corp., and Domestic
Satellite Corp. of the Philippines, as well as chairman of CATS
Automobile Corp., American Motorcycles Inc., and Auto Nation Group
Inc.

PAL has been working on a comprehensive restructuring plan that
will enable the airline to emerge financially stronger from the
current global crisis.

Last May, PAL named Lucio "Han" Tan III, the grandson of taipan and
group chairman Lucio Tan, as its vice president, a new position in
its corporate structure.

In April 2021, it elected Junichir? Miyagawa as director to serve
as a representative of Japan's ANA in the board following the
retirement of Ryuhei Maeda.

As part of its financial restructuring plan, PAL earlier said among
the considerations is the filing of a "pre-negotiated
court-rehabilitation in an overseas jurisdiction."

However, PAL late last month said its board has not approved any
definite option.

PAL representatives declined to give an update on the Chapter 11
bankruptcy protection filing in the US.

Through its planned financial restructuring plan, PAL aims to
reduce near-term payments of obligations to allow sufficient
liquidity to stabilize the financial condition of the group, and to
restore its ability to service financial obligations, as
restructured, on an on-going basis.

PAL will be requiring funding from a major stockholder of up to
PHP24.25 billion, which may involve sourcing of the fund from the
government and private financial institutions, estimated to be
around PHP12.01 billion.

The group will also be seeking an exit facility amounting to PHP6
billion.

PAL posted a net comprehensive loss of PHP73 billion in 2020,
sharply higher than the PHP10.20 billion comprehensive loss the
previous year, as operations were severely affected by the
worldwide travel restrictions due to the COVID-19 pandemic.

In the first quarter, it was able to trim slightly its total
comprehensive loss to PHP9.6 billion from PHP10.72 billion in the
same period last year, due to lower expenses.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia
and the oldest of those currently in operation. With its corporate
headquarters in Makati City, Philippine Airlines flies both
domestic and international flights. First taking off in 1941, the
carrier has grown into a fleet of about 40 aircraft (including five
Boeing 747-400s) flying to more than 20 domestic points and about
30 foreign destinations.

Citing data from Cirium, online aviation news and information
website FlightGlobal reported that PAL was seeking a restructuring
agreement with creditors ahead of filing Chapter 11 proceedings
potentially by the end of May 2021.

PAL had some $5 billion in total liabilities, including its
outstanding obligations to foreign aircraft suppliers. Nineteen
lessors are exposed to PAL to the tune of 49 aircraft, Cirium data
shows.

According to reports, Norton Rose Fulbright is the airline's
counsel on the restructuring, and Seabury Capital has been hired as
a restructuring adviser.




=====================
S O U T H   K O R E A
=====================

SOUTH KOREA: Recoups Nearly 70% of Bailout Funds
------------------------------------------------
Yonhap News Agency reports that South Korea has recouped 69.7% of
the public funds it spent to bail out troubled financial firms
since the 1997-1998 Asian financial crisis, the financial regulator
said on Aug. 2.

According to the report, the Financial Services Commission (FSC)
said the country retrieved KRW327.9 billion (US$284.3 million) in
the second quarter out of the KRW168.7 trillion in state funds
spent to save firms from bankruptcy.

The recovery rate was up from 69.5% recorded at the end of March,
it added.

The government recouped KRW149.3 billion in the April-June period
as it unloaded its 2% stake in Woori Financial Holdings Co. via
block sale, in April, Yonhap discloses. The remainder was the
government taking dividends from its holdings in public firms.

Yonhap adds that the government poured a total of KRW12.8 trillion
into Woori Finance, which was renamed Woori Financial in early
2019, to keep it afloat in the aftermath of the Asian financial
turmoil. The country plans to complete the sale of its remaining
17.25% stake in Woori Financial by 2022.




===============
X X X X X X X X
===============

ASIA: Delta Variant Stalls Economic Recovery After Early Rebound
----------------------------------------------------------------
The Wall Street Journal reports that Asia is emerging as a weak
link in an otherwise strong global economic recovery, as new
pandemic restrictions restrain manufacturing in some countries and
the exports that have powered the recovery in China show signs of
slowing.

With progress on vaccinations slower than in the West, Asia is
hitting new pandemic highs driven by the Delta variant of the
coronavirus, the Journal says. The spread of the virus is
threatening to hurt consumer confidence and erode the advantage of
many Asian economies as manufacturing powerhouses.

Countries in Southeast Asia have been among the hardest hit,
prompting new social-distancing restrictions and lockdowns in
countries that had largely avoided those measures earlier in the
pandemic. As factory production contracts across Southeast Asia,
Indonesia and Malaysia, which have recently faced surging caseloads
and Covid-19 deaths, have been among the worst affected, the
Journal relates citing IHS Markit.

According to the Journal, foreign demand has propelled export
economies such as China and South Korea during the pandemic, with
factories churning out consumer goods from bikes to furniture and
electronic gadgets for overseas consumers. But that engine is
showing signs of slowing. In China, both private and official
manufacturing purchasing-managers’ Indexes fell to their lowest
levels in over a year in July, suggesting that domestic and
overseas demand were cooling off.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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