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

                     A S I A   P A C I F I C

          Monday, August 30, 2021, Vol. 24, No. 167

                           Headlines



A U S T R A L I A

AUSTRALIA: Back in Recession as Economic Slump Deepens, CBA Says
DISABILITY SERVICES: Enters Into Voluntary Administration
DISABILITY SERVICES: First Creditors' Meeting Set for Sept. 6
LIBERTY PRIME 2021-2: Moody's Assigns B2 Rating to AUD3MM F Notes
MP COMMERCIAL: First Creditors' Meeting Set for Sept. 6

NEWOZ CONCRETING: Second Creditors' Meeting Set for Sept. 6


C H I N A

CBAK ENERGY: Posts $2.7 Million Net Income in Second Quarter
REMARK HOLDINGS: Stockholders Elect Five Directors
SUNRISE REAL ESTATE: Posts $32.6-Mil. Net Income in Second Quarter
ZHAOJIN MINING: Fitch Affirms 'BB+' LT IDR, Outlook Stable


I N D I A

ACCURATE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ADANI GREEN: S&P Lowers Senior Secured Bond Rating to 'BB'
AFFIL VITRIFIED: Ind-Ra Lowers Long-Term Issuer Rating to 'B-'
AMARAVATHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating

ARROWLINE REALESTATE: Ind-Ra Keeps BB Rating in Non-Cooperating
BASUDHA UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGYODAYA MOTORS: CRISIL Moves D Debt Ratings to Not Cooperating
BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating
BHARAT SCANS: CRISIL Keeps D Debt Ratings in Not Cooperating

CAPACITE INFRAPROJECTS: Ind-Ra Corrects August 20 Rating Release
DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating
DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
DIAMONDSTAR: CRISIL Keeps D Debt Ratings in Not Cooperating

GAJANAN OIL: CRISIL Lowers Rating on INR125cr Cash Loan to D
K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
KARTHIKEYA AGRO: CRISIL Moves D Debt Rating to Not Cooperating
KINGFISHER AIRLINES: Mallya Seeks Permission to Appeal Bankruptcy
L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating

MAHAA INDUSTRIES: CRISIL Lowers Rating on INR11.28cr Loan to D
MAHESHWARI FABTEX: CRISIL Moves D Debt Ratings to Not Cooperating
MHETRE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MY CAR: CRISIL Withdraws D Rating on INR13cr Cash Loan
NORTHERN INDIA: Ind-Ra Moves B- Issuer Rating to Non-Cooperating

PARAMPUJYA SOLAR: S&P Lowers Senior Secured Bond Rating to 'BB-'
PRIYANKA GEMS: CRISIL Lowers Rating on INR18cr Loans to D
SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SFPL CROP: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating

SSM FOUNDATION: CRISIL Lowers Rating on INR6cr Loans to D
SUGAVANESWARA SPINNING: CRISIL Keeps D Ratings in Not Cooperating
VIN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
VISHNU VIDYUTH: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

TAKATA CORP: Defective Airbag Claims Process Ongoing


S I N G A P O R E

COOLING SYSTEMS: Court to Hear Wind-Up Petition on Sept. 10
GREATEARTH CORP: Delays 5 Projects Due to Financial Difficulties
MHG CARS: Court Enters Wind-Up Order
ON LINE MOBILE: Creditors' Proofs of Debt Due on Sept. 10
VENSTAR INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 10


                           - - - - -


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

AUSTRALIA: Back in Recession as Economic Slump Deepens, CBA Says
----------------------------------------------------------------
MarketWatch reports that Australia is back in recession as
Covid-19-related lockdowns continue to cripple activity in key
states, with the economy expected to show one of its biggest
contractions on record in the third quarter, according to the
Commonwealth Bank of Australia.

MarketWatch relates that the big mortgage lender on Aug. 27 lowered
its expectations for national output in the three months through
September, forecasting gross domestic product to fall 4.5% from the
previous quarter. A few weeks ago, CBA's forecast was for the
economy to contract 2.75%.

"For all intents and purposes the Australian economy is currently
in a manufactured recession as we go through another huge negative
shock," MarketWatch quotes Gareth Aird, head of Australian
economics at CBA, as saying.

CBA's downgraded outlook comes as data shows retail sales collapsed
in Sydney in July as lockdowns were extended and cases of the Delta
variant rose swiftly, spreading to regional areas of New South
Wales soon after, MarketWatch says.

Based on current estimates, the lockdown of activity in Sydney,
which accounts for about one-third of national output, could extend
into November as the state government races to boost vaccination
levels.

With Victoria also in lockdown, more than half of Australia's
population is affected by mobility constraints, MarketWatch notes.

Retail sales fell 2.7% in July, with sales in New South Wales
tumbling 8.9%, the largest decline by any state since August last
year, MarketWatch discloses citing the Australian Bureau of
Statistics.

According to MarketWatch, CBA's Aird said that more than half a
million workers have already been furloughed due to the return of
lockdowns, with the unemployment rate set to rise to 5.3% by the
end of the year from 4.6% in July.

As economists downgrade expectations for the economy, data next
week from the statistics bureau is expected to show activity in the
second quarter was also soft.

For most of the second quarter, the Australian economy was doing
well, according to Mr. Aird. But the Delta variant arrived in New
South Wales in late June and the subsequent Covid-19 outbreak
"changed the game for the Australian economy," MarketWatch relays.


DISABILITY SERVICES: Enters Into Voluntary Administration
---------------------------------------------------------
ABC News reports that hundreds of employees and participants of one
of Australia's largest disability service providers face an
uncertain future with the organisation entering voluntary
administration.

ABC relates that Disability Services Australia, which has operated
since 1957 and provides services including at-home support and
employment assistance to people with a disability, appointed KPMG
as administrators on Aug. 25.

The not for profit employs more than 1,600 people across New South
Wales and supports more than 1,500 participants with a disability.

According to ABC, Chief Executive of Disability Services Australia
Leisa Hart said the organisation had faced "a number of financial
constraints" which have been compounded by the pandemic.

"Moving into voluntary administration provides our participants
with the certainty of continuity of care while the best path
forward is determined," ABC quotes Ms. Hart as saying.

"DSA's management team will work closely with the KPMG team to
continue to support our participants and employees during the
administration process."

ABC relates that restructuring services partner at KPMG Gayle
Dickerson said administrators will work with the existing
management team to continue delivering services "as normal" while
an immediate assessment was undertaken.

"I reiterate that the ongoing care and support of participants is
our first and foremost priority and we are working closely with
employees, participants and their guardians, families and
government bodies to ensure that the quality of care and health and
wellbeing of participants is maintained during the administration
process."

She said KPMG will talk with stakeholders in the coming days, and a
meeting for creditors will be held next month, ABC relays.

According to the report, Shadow Minister for the National
Disability Insurance Scheme Bill Shorten pointed the finger at the
federal government for the organisation's woes, accusing the
Coalition of pulling the "financial rug out from underneath them".

"DSA has been struggling during COVID for a range of reasons but
there is no doubt the Morrison government's 10 per cent cuts to
providers of supported independent living have contributed to DSA
becoming insolvent," he said.

"This is what happens when there are savage Liberal cuts without
any forward planning.

When contacted for a comment by the ABC, a spokesperson for the
Minister for the National Disability Insurance Scheme Linda
Reynolds said: "The government's priority is continuity of support
for NDIS participants.

"The administrator is working closely with employees, participants
and their families to ensure this."

She also said: "The [NDIS Quality and Safeguards] Commission and
the NDIA have well-established protocols to ensure that
participants continue to receive supports following the withdrawal
of a provider," ABC relays.


DISABILITY SERVICES: First Creditors' Meeting Set for Sept. 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Disability
Services Australia Limited, DSA Mentoring Services Limited, and
Macquarie Employment Training Service Limited, will be held on
Sept. 6, 2021, at 2:00 p.m. via virtual meeting.

Gayle Dickerson, James Dampney and Peter Gothard of KPMG were
appointed as administrators of Disability Services on Aug. 25,
2021.


LIBERTY PRIME 2021-2: Moody's Assigns B2 Rating to AUD3MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty PRIME Series 2021-2.

Issuer: Liberty PRIME Series 2021-2

AUD880.0 million Class A1 Notes, Assigned Aaa (sf)

AUD29.0 million Class A2 Notes, Assigned Aaa (sf)

AUD29.0 million Class AB Notes, Assigned Aaa (sf)

AUD25.0 million Class B Notes, Assigned Aa1 (sf)

AUD11.0 million Class C Notes, Assigned A1 (sf)

AUD11.0 million Class D Notes, Assigned Baa1 (sf)

AUD11.0 million Class E Notes, Assigned Baa3 (sf)

AUD3.0 million Class F Notes, Assigned B2 (sf)

The AUD1.0million Class G Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated). The transaction includes a three month
pre-funding period, whereby Liberty Funding Pty Ltd will issue
notes up to AUD1.0 billion, based on the initial pool of AUD700.0
million. During the pre-funding period, additional loans may be
sold into the trust, up to the pre-funding amount of AUD300.0
million, subject to certain portfolio parameters and the
eligibility criteria.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

Evaluation of the underlying receivables and their expected
performance;

Evaluation of the capital structure and credit enhancement
provided to the notes;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 1.0% of the notes balance
subject to a floor of AUD1,350,000;

The prefunding period and the legal structure; and

The experience of Liberty as the servicer.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, high seasoning of the underlying portfolio, and a guarantee
fee reserve account. However, Moody's notes that the transaction
features some credit weaknesses such as the substantial portion of
the portfolio extended to self-employed borrowers and the pro-rata
amortisation of rated notes under certain conditions.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
-- representing the loss that Moody's expects the portfolio to
suffer in the event of a severe recession scenario -- is 6.1%.
Moody's expected loss for this transaction is 0.70%. The MILAN CE
and expected loss is lower than for previous Liberty Prime
transactions, reflecting an improvement in the composition of the
securitized pool. These assumptions also reflect Moody's assessment
of the strong historical performance of Liberty's portfolio in
terms of delinquencies and defaults evidenced, and benchmarking
with comparable RMBS transactions in the Australian market.

The key transactional features are as follows:

Class A1 and Class A2 notes benefit from 12.0% and 9.1% note
subordination respectively.

Principal collections will be at first distributed sequentially.
Starting from the second anniversary from closing, all notes
(excluding the Class G notes) may participate in proportional
principal collections distribution subject to the step down
conditions being satisfied. The step down criteria include, among
others, no charge offs on any of the notes and Class A1 note
subordination of at least 19.0%. The Class G notes' share of
principal will be allocated in reverse sequential order starting
from the Class F notes. Principal pay-down will revert to
sequential once the aggregate loan amount is at 20.0% or less of
the aggregate loan amount at closing, or on or following the
payment date in August 2026.

The guarantee fee reserve account, which is unfunded at closing
and will accumulate to a limit of AUD3 million from excess spread,
if the guarantee fee reserve test is satisfied. The guarantee fee
reserve account will firstly be available to meet losses on the
loans and charge offs against the notes. Secondly, it can be used
to cover any required payment shortfalls that remain after
liquidity facility and principal draws.

The key features of the mortgage loan pool are as follows:

- The portfolio has a weighted average scheduled loan-to-value
(LTV) ratio of 67.1%, with 7.7% of the loans with a scheduled LTV
above 80.0% and 3.3% of the loans with a scheduled LTV above
90.0%.

- Around 24.0% of the mortgage loans in the portfolio were granted
to self-employed borrowers.

- All loans in the portfolio were extended on a verified income
documentation basis.

- The portfolio contains no exposure to borrowers with prior
credit impairment (default, judgment or bankruptcy).

- The portfolio has a weighted-average seasoning of 26.3 months,
with 47.2% of loans originated in the last six months.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortisation, or
better-than-expected collateral performance. The Australian jobs
market and the housing market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, deterioration in credit quality of
transaction counterparties, fraud and lack of transactional
governance.


MP COMMERCIAL: First Creditors' Meeting Set for Sept. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of MP
Commercial Logistics Pty Ltd ATF Pirrone Family Trust will be held
on Sept. 6, 2021, at 12:00 p.m. via teleconference facilities.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of MP Commercial on Aug. 26, 2021.


NEWOZ CONCRETING: Second Creditors' Meeting Set for Sept. 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Newoz
Concreting Pty Ltd has been set for
Sept. 6, 2021, at 10:00 a.m. via video conference or teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 3, 2021, at 4:00 p.m.

Aaron Kevin Lucan of Worrells Solvency & Forensic Accountants was
appointed as administrator of Newoz Concreting on Aug. 3, 2021.




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

CBAK ENERGY: Posts $2.7 Million Net Income in Second Quarter
------------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $2.72 million on $5.89 million of net revenues for the three
months ended June 30, 2021, compared to a net loss of $1.20 million
on $4.62 million of net revenues for the three months ended June
30, 2020.

For the six months ended June 30, 2021, the Company reported net
income of $32.33 million on $15.31 million of net revenues compared
to a net loss of $3.55 million on $11.53 million of net revenues
for the same period a year ago.

As of June 30, 2021, the Company had $192.17 million in total
assets, $90.34 million in total liabilities, and $101.84 million in
total equity.

A full-text copy of the Form 10-Q is available for free at:

                     https://bit.ly/3gKQwXz

                         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.


REMARK HOLDINGS: Stockholders Elect Five Directors
--------------------------------------------------
Remark Holdings, Inc. held its annual meeting of stockholders on
Aug. 23, 2021, at which the stockholders elected Theodore P. Botts,
Brett Ratner, Daniel Stein, Kai-Shing Tao, and Elizabeth Xu as
directors to serve until the Company's 2022 annual meeting of
stockholders and until their successors are duly elected and
qualified.  

The stockholders also ratified the appointment of Weinberg &
Company, P.A. as the Company's independent registered public
accounting firm for the fiscal year ending Dec. 31, 2021.

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$13.73 million in total assets, $28.94 million in total
liabilities, and a total stockholders' deficit of $15.21 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


SUNRISE REAL ESTATE: Posts $32.6-Mil. Net Income in Second Quarter
------------------------------------------------------------------
Sunrise Real Estate Group, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
net income of $32.63 million on $5.91 million of net revenues for
the three months ended June 30, 2021, compared to a net loss of
$1.43 million on $388,298 of net revenues for the three months
ended June 30, 2020.

For the six months ended June 30, 2021, the Company reported net
income of $30.94 million on $8.37 million of net revenues compared
to a net loss of $3.22 million on $721,983 of net revenues for the
same period a year ago.

As of June 30, 2021, the Company had $391.59 million in total
assets, $228.31 million in total liabilities, and $163.28 million
in total shareholders' equity.

For the first two quarters of 2021, the Company's principal sources
of cash were revenues from its house sales collection and property
management business, as well as the dividend receipt from the
affiliates.  Most of the Company's cash resources were used to fund
its property development investment and revenue related expenses,
such as salaries and commissions paid to the sales force, daily
administrative expenses and the maintenance of regional offices.

The Company ended the period with a cash position of $17,841,207.

The Company's operating activities used cash in the amount of
$51,086,214, which was primarily attributable to the pre-paid tax
of real estate project and payment of bonus to the director.

The Company's investing activities provided cash resources of
$12,323,638, which was primarily attributable to the dividend
received from unconsolidated affiliate.

The Company's financing activities provided cash resources of
$18,374,565, which was primarily attributable to the restricted
cash.

The potential cash needs for 2021 include the investment in
transactional financial assets, the rental guarantee payments and
promissory deposits for various property projects as well as the
Company's development of the Linyi project and the Huai'an
project.

"Considering our cash position, available credit facilities and
cash generated from operating activities, we believe that we have
sufficient funds to operate our existing business for the next
twelve months.  If our business otherwise grows more rapidly than
we currently predict, we plan to raise funds through the issuance
of additional shares of our equity securities in one or more public
or private offerings.  We will also consider raising funds through
credit facilities obtained with lending institutions.  There can be
no guarantee that we will be able to obtain such funds through the
issuance of debt or equity or obtain funds that are with terms
satisfactory to management and our board of directors," the Company
stated in the regulatory filing.

A full-text copy of the Form 10-Q is available for free at:

                      https://bit.ly/3DqzTKx

                         About Sunrise Real

The principal activities of Sunrise Real Estate Group, Inc. and its
subsidiaries are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the People's
Republic of China.

The Company reported a net loss of $4.24 million for the year ended
Dec. 31, 2020, compared to a net loss of $4.52 million for the year
ended Dec. 31, 2019.


ZHAOJIN MINING: Fitch Affirms 'BB+' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Chinese gold miner Zhaojin Mining
Industry Company Limited's Long-Term Issuer Default Rating (IDR)
and senior unsecured rating at 'BB+'. The Outlook is Stable. Fitch
also affirmed the USD300 million senior notes due 2022 issued by
Zhaojin Mining International Finance Limited at 'BB+'.

Zhaojin Mining's ratings are derived from Fitch's assessment of the
consolidated credit profile of Zhaojin Mining's immediate parent,
Zhaojin Group Company Limited (Zhaojin Group), which is wholly
owned by Zhaoyuan municipality. Fitch assesses Zhaojin Group's
credit profile based on four factors in its Government-Related
Entities Rating Criteria. As a result, Fitch takes a top-down
approach to the rating and notches down Zhaojin Group's profile
from its internal assessment of the municipality's credit profile.

The Stable Outlook reflects Fitch's expectation that Zhaojin
Mining's operation will remain stable and that Zhaojun Group will
continue to provide support.

KEY RATING DRIVERS

Largest State-Owned Enterprise in Zhaoyuan: Fitch assesses Zhaojin
Group's status, ownership and control by the municipal government
as 'Strong' due to company's high economically and strategically
importance to the region. Zhaojin Group is wholly owned by the
municipality and is the largest gold producer in a city where gold
is a major economic contributor.

'Moderate' Support Record: Fitch assesses Zhaojin Group's support
record as 'Moderate'. Zhaojin Mining has received regular financial
subsidies from the municipality, but the group's financial profile
remains weak.

'Strong' Socio-Political Implications of Default: Fitch assesses
the socio-political implications of a default by Zhaojin Group on
Zhaoyuan as 'Strong' because Zhaojin Group is the city's largest
gold producer, accounts for 66% of Zhaoyuan's gold processing
capacity and 100% of the Zhaoyuan's gold refining capacity.

'Very Strong' Financial Implications of Default: Fitch assesses the
financial implications of a default as 'Very Strong' because
Zhaojin Group accounts for over 70% of Zhaoyuan municipal-owned
enterprises' total assets and is the city's major debt issuer.

'Strong' Parent-Subsidiary Linkage: Zhaojin Mining is 34.74% owned
by Zhaojin Group and holds the majority of the group's core mining
assets. It is also one of the group's only two publicly listed
subsidiaries. Zhaojin Mining accounts for over 90% of Zhaojin
Group's EBITDA and shares key board members and senior management.

Mine Closures Affect 1H21 Performance: Zhaojin Mining's revenue
increased by 11.3% yoy in 1H21, mainly due to the increase in sales
after processing gold concentrates outsourced by the company.
However, the gross profit margin dropped by 9.5pp to 34% due to
mine closures for safety inspections and rectification works in
Shandong province.

However, all of those mines had obtained approval to resume
production by end-April 2021. Fitch believes that the impact on
profitability is temporary. Fitch expects the gold output volume to
pick up in 2H21, but the annual gold output volume will be lower
than 2020.

Sustained High Profitability: Zhaojin Mining has maintained a high
EBITDA margin close to 40% in the past three years. The EBITDA
margin reached 47% in 2020, increasing by 9pp from 2019, but it
temporarily dropped to 32% in 1H21. The high profitability is a
result of high-quality assets, which are in the second quartile on
the global cost curve. Fitch expects the EBITDA margin to decline
to 37% in 2021 before recovering above 40% in 2022 as normal
production resumes.

High Leverage, Healthy Coverage: Zhaojin Mining's 'b+' Standalone
Credit Profile is constrained by high leverage because of large
capex, which Fitch expects to continue in the medium term. The
majority of capex will be used for the Haiyu gold mine project,
which is under construction and requires high capital input. Its
completion date cannot be accurately estimated at this time. Upon
completion it will significantly boost the size of its mining
business.

The company's funds from operation (FFO) net leverage dropped to
6.0x in 2020 from 8.3x in 2019, and Fitch forecasts FFO net
leverage to remain below 7.0x in 2021-2024. However, the company's
interest coverage was at a reasonable level of 3.0x in 2020, due to
low funding cost. Fitch expects interest coverage to remain above
2.5x in 2021-2024.

DERIVATION SUMMARY

Zhaojin Mining's rating is derived from the credit profile of
Zhaojin Group, based on strong linkage between the two entities
under Fitch's Parent and Subsidiary Linkage Rating Criteria.
Zhaojin Group's profile is notched from Fitch's internal assessment
under Fitch's Government-Related Entities Rating Criteria of the
credit profile of Zhaoyuan municipality, due to the high likelihood
of support from the local government.

Zhaojin Group's notching from its parent is similar to that of
steel producer HBIS Group Co., Ltd.'s (BBB+/Rating Watch Negative)
from Hebei State-owned Assets Supervision and Administration
Commission. HBIS is the largest state-owned enterprise under Hebei
State-owned Assets Supervision and Administration Commission,
accounting for 41% of total assets. Steel is a major economic
driver for the Hebei province. Similarly, Zhaojin Group is the
largest gold miner in Zhaoyuan, where gold production is a
significant contributor to economic activity. Zhaojin Group
accounts for over 70% of Zhaoyuan municipal-owned enterprises'
total assets.

KEY ASSUMPTIONS

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

-- Revenue remain stable to CNY7.7 billion in 2021. This is a
    combined result from lower than 2020 self-mined volume but
    higher revenue from sale of processed gold from outsourced
    concentrates;

-- EBITDA margin drops to 37% in 2021, recovers to 42% in 2022
    then stabilises around 39% in 2023-2024. The decrease in 2021
    is mainly driven by reduced self-mined volume in 1H21 and
    increase of outsourced concentrates, which have lower margin
    than self-mined gold;

-- Capex just below 20% of revenue in 2021-2024, mainly used for
    the Haiyu mine project.

RATING SENSITIVITIES

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

-- An upgrade of Fitch's internal assessment of the
    creditworthiness of Zhaoyuan;

-- Increase in the likelihood of support from the Zhaoyuan
    government.

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

-- A downgrade of Fitch's internal assessment of the
    creditworthiness of Zhaoyuan;

-- Weakening of likelihood of support from the Zhaoyuan
    government;

-- Weakening linkages between Zhaojin Mining and Zhaojin Group.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Zhaojin Mining had around CNY22.6 billion in
unused credit facilities and CNY1.8 billion in cash as of end-2020,
against around CNY11.9 billion in short-term debt. Zhaojin Mining's
cash/short-term debt ratio has been low, averaging 0.2x for the
past four years. However, the company continually manages to
refinance its short-term debt and has always had sufficient unused
credit facilities. Chinese state-owned enterprises generally rely
heavily on short-term financing due to cheaper funding costs.
Therefore, Fitch believes Zhaojin Mining's liquidity is adequate.

Zhaojin Mining also has access to offshore equity markets and
domestic and offshore bond markets, and maintains satisfactory
relationships with major domestic financial institutions. The
credit facilities are uncommitted, but Fitch believes they are
adequate, as committed facilities are uncommon in China.

ISSUER PROFILE

Zhaojin Mining is considered the fourth-largest gold miner in China
and is based in the city of Zhaoyuan, a gold mining town in east
Shandong. Zhaojin Mining is mainly engaged in the exploration,
mining, processing, smelting and sale of gold.

ESG CONSIDERATIONS

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




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

ACCURATE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Accurate Infra
Industries Private Limited (AIIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              8         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012, Accurate Infra Industries Private Limited
(AIIPL) is promoted by Mr. Jagdish Poriya. The company manufactures
Autoclave Aerated Conctrete Blocks (AAC) which are used in building
construction.


ADANI GREEN: S&P Lowers Senior Secured Bond Rating to 'BB'
----------------------------------------------------------
S&P Global Ratings lowered its long-term issue rating on Adani
Green Energy Ltd. Restricted Group 2's (AGEL RG2) senior secured
bond to 'BB' from its preliminary 'BBB-' rating. At the same time,
S&P removed the rating from CreditWatch, where it had placed it
with negative implications on June 18, 2020.

The stable outlook reflects S&P's expectation that AGEL RG2's P90
operating performance, timely receivable collections, and "must
dispatch" status will allow the company to maintain minimum DSCR of
at least 1.22x and the strong reserving mechanism will help it meet
repayment obligations in the last period.

AGEL RG2 consists of three operating entities, namely Wardha Solar
(Maharashtra) Private Ltd., Kodangal Solar Park Private Ltd., and
Adani Renewable Energy (RJ) Ltd. These three entities are the
co-issuers and co-guarantors of the US$362.5 million senior secured
fixed-rate 20-year bond.

The three issuers collectively own and operate a portfolio of 10
solar assets in two states in India with 570 megawatts (MW) of
installed capacity. Sales are fully contracted under long-term
fixed-price power purchase agreements (PPAs). The offtakers include
government-owned Solar Energy Corp. of India (SECI) (70% of total
EBITDA) and state distribution utilities Maharashtra State
Electricity Distribution Co. Ltd. (MSEDCL; 25% of total EBITDA) and
Bangalore Electricity Supply Co. Ltd. (BESCOM; 5% of total
EBITDA).

-- Exposure to currency risk on interest payments, risk of higher
hedge costs, and hedge rollover risk for the principal-only swap
given the shorter hedge tenors compared to the debt tenor.

-- Exposure to market price risk for 200MW of capacity due to
S&P's assumption that MSEDCL is a replaceable counterparty, which
removes any link to its weak credit profile.

-- Possible delays in receivables due to exposure to weak state
electric utilities in India. While there is legal mechanism for
recovery of overdue payments directly from end users through an
escrow mechanism, this process has not been frequently invoked.

-- Growing but limited track record of operations, and
yet-to-be-established record of arresting degradation of generation
profile through regular capital expenditure.

-- Fixed-price long-term contracted PPAs for the entire capacity,
(although S&P evaluates market risk for Maharashtra given its weak
credit profile), and the "must dispatch" status of renewables
provide good visibility of cash flows.

-- Volatility should be limited by pool of diversified solar
assets spread across different sites in India and presence of a
stronger counterparty, SECI for a majority of the cash flow.

-- Strong covenant structure with debt amortization, debt sizing,
forward-looking lock up, and a distribution test that ratchets up
if performance deteriorates. The reserves should ensure sufficient
amounts available to repay the 24% balloon payment of the bond at
the maturity of the 20-year tenor.

S&P said, "The rating downgrade reflects our expectations of weaker
DSCR ratios than previously calculated after correcting errors in
the application of our criteria by excluding certain reserves from
the ratio and factoring in hedge costs, and hedge rollover risks.
As part of the correction, we also reassessed our analysis of the
co-issuer structure which resulted in a change in OPBA to 6 from 3.
As described below, our revised approaches for the analysis of the
risks posed by the need to renew hedging instruments and by the
co-issuer structure are now based on our Principles of Credit
Ratings criteria in conjunction with other specific criteria.

"We now assess AGEL RG2 based on our assessment of two phases. The
first phase covers the period up to September 2039 and reflects the
project's operational performance phase. Phase two covers the final
period of the debt in October 2039 and focuses on analyzing the
ability of the project to meet the 24% balloon repayment from Cash
Flow Available for Debt Service (CFADS) and reserves in a downside
scenario.

"Our revised base case minimum DSCR is 1.22x (for the period until
September 2039) and average DSCR of 1.35x when calculated according
to our criteria. In our base case and downside case we have
included our assumptions for hedge costs on renewal, movement in
foreign exchange rates for the interest portion, and we consider
the hedge settlement risks. We now exclude a dedicated reserve
balance for debt amortization, in line with our criteria definition
of CFADS. We maintain our market price assumption of Indian rupee
(INR) 2.50/kilowatt hour (kwH) for 200MW of total capacity, because
we believe it is still appropriate for long term market prices
based on historical levels, grid prices, and new contract rates."

AGEL RG2's documents allow the project to prepay debt in the event
of a cash sweep from a reserve which traps funds if the project
life cover ratio (PLCR) falls below 1.6x. However, the PLCR
(including the company's estimated terminal value of assets as per
the covenant definition) mostly remains above the threshold and as
such there is no significant debt prepayment. The DSCRs will
largely remain in line with our base case expectations even if
optional prepayment of debt was considered.

S&P said, "We expect the project's strong covenant structure and
reserving mechanism should ensure sufficient amounts are reserved
to repay the balloon payment of the bond at the maturity of its
tenor in October 2039, when we estimate a revised minimum DSCR of
0.38x in that period (excluding any cash reserves)."

Foreign Exchange Hedging Risk Analysis

S&P has revised its approach--now based on its Principles of Credit
Ratings--to analyzing currency risk and associated hedge costs
arising from AGEL RG2's Indian rupee-denominated revenues while the
bond is in U.S. dollars. AGEL RG2 has hedged the currency risk with
five-year principal-only swap and 12 months rolling forward rate
agreements for interest obligations.

While AGEL RG2's five-year hedge is broadly a market standard
hedge, the tenor is shorter than the 20-year bond tenor. As such,
the project is exposed to the risk of potentially higher costs at
the time of hedge renewal and therefore lower DSCRs which may
affect the rating. There may also be heightened risk from potential
cash outflows in the event of an appreciation of the rupee at the
net settlement of the cross-currency hedge (mark-to-market hedge
settlement) at the end of each hedge period. We note significant
volatility in the cost of hedging when the COVID-19 outbreak
started last year. Interest is hedged with forward rate agreements
and we assume that future forex rate movements will reflect the
forward premiums.

S&P said, "We estimate the hedge cost, mark-to-market hedge
settlement, and future applicable forex rates for our base case and
downside case. We also model specific reserve mechanisms and
multiple financial covenant tests as per the project documents to
assess the impact on the cash flow waterfall and DSCRs.

"We believe AGEL RG2 has adequate structural protection because the
project traps cash from any potential hedging gains to be applied
towards payment of hedge costs or debt and interest obligations. In
line with project documents, we assume any mark-to-market gains
forecasted to be received by the project as part of the hedge
rollover will be used for reduction for debt prepayment (after
deducting make-whole payments as per the transaction documents)."

Co-Issuer Structure Analysis

S&P said, "We now assess the co-issuers structure in AGEL RG2 in
accordance with our Principles of Credit Ratings. We believe that
the co-issuers structure in AGEL RG2 should not present any
heightened risk over a more common single issuer, limited recourse
structure. We believe the unique features support our view that,
from a credit perspective, the structure should ensure that project
cash flows from each co-issuer will flow to service, and ultimately
repay, the senior secured bond."

Common ownership aligns the interests of the co-issuers and should
not present any heightened risk over a more standard single issuer
structure. Unconditional and irrevocable guarantees between
co-issuers, testing of covenants and debt servicing mechanism based
on consolidated waterfall along with the mechanism for each
co-issuer to cover for any shortfall of other co-issuers as per
transaction documentation also support this consolidated approach.

S&P said, "We now calculate a weighted average OPBA for the project
for the various co-issuers reflecting the diversified pool of
independent solar assets with locations spread across India, and
cash flows from respective PPAs at individual co-issuer level. As a
result, we now assess weighted average OPBA of '6' for AGEL RG2,
largely driven by exposure of ARERJL to market price risk.

"Maintaining healthy and timely receivable collections remains key
for the stability of cash flows. AGEL RG2 is exposed to state
electric utilities MSEDCL and BESCOM (~25% and 5% of total EBITDA
respectively), which in our view have weak credit profiles, which
can lead to delays in receivables. However, we have assumed that
power generated under the terms of the PPA with MSEDCL is instead
sold into the grid at distressed market prices, essentially
removing the risk of receivables timing. Given BESCOM provides an
immaterial amount of the cash flow, the remaining more than 70% of
AGEL RG2's cash flows are derived from the stronger counterparty
SECI, which has a good record of consistently making payments
before the due date."

Overall, the project continues to benefit from timely payments from
all offtakers. About 99% of all cash flows have been received by
the project within 60 days. The average accounts receivable
turnover for the project was about 11 days in May 2021. This is
notwithstanding the increased liquidity pressure on the project's
offtakers, which are India's central and state utilities, following
the continuing challenges from the COVID-19 pandemic.

S&P said, "The stable outlook reflects our expectation that AGEL
RG2 will maintain stable cash flows with billing and collections in
line with P90 generation estimates over the next 12-24 months. We
also expect continuing timely receivable collections for the asset
pool, given around 70%-75% of the receivables are from SECI. We
anticipate the project will be resilient under our downside
analysis, maintaining timely debt service for at least five years.
We forecast a minimum DSCR of 1.22x up to September 2039.

"We could lower the rating if we anticipate a minimum DSCR under
our base case to be lower than 1.20x during the first phase of the
transaction. We could also lower the rating if we believe the
project's resilience under our downside analysis has reduced such
that CFADS and reserves cannot meet all obligations for at least
five years under our downside stress assumptions." This could occur
due to:

-- Lower than P90 generation estimates or curtailment risk that
results in weaker cash flows;

-- Inability to sell power or a substantial fall in grid price
compared to S&P's expectations in relation to 200MW capacity which
it has assumed to be sold at grid price in the event of default by
the state of Maharashtra;

-- Substantial increase in operation and maintenance (O&M) costs
compared with our expectations;

-- Higher repowering costs or greater degradation of assets than
S&P estimates; or

-- Hedging renewal costs are higher than S&P's expectations at the
time of hedge renewal, or heightened risk from potential cash
outflows in the event of an appreciation of the rupee at the net
settlement of the cross-currency hedge at the end of each hedge
period.

S&P said, "We may also lower the rating if we believe the project's
resilience under our downside analysis has reduced such that CFADS
and reserves cannot meet all obligations for at least five years
under our downside stress assumptions or negatively affects funds
available to meet the final repayment amount.

"We could also lower the rating if we expect a lower likelihood of
support from the Indian government for central and state utilities.
Any increase in collection delays or the ability of the project to
recover overdue receivables decreases could result in an increase
in debt to cover such shortfalls which may also result in a
downgrade."

Over the long term, S&P could raise the rating if it anticipates a
minimum DSCR under its base case to be above 1.30x during the first
phase of the transaction. This could occur due to:

-- Stronger cash flows from a proven track record of consistently
higher generation than P90 estimates or hedging renewal costs are
lower than its expectations at the time of hedge renewal;

-- AGEL RG2 establishes an acceptable record of repowering to
offset degradation of the asset pool;

-- The project continues to benefit from timely payments from all
offtakers.

S&P said, "We believe the rating is unlikely to be above 'BB+' due
to the risk of hedge renewal and the exposure to event of default
risk in the event of inability to renew hedges. However, we could
raise the rating if there is no hedge rollover risk and cash flows
and debt servicing abilities meet our upgrade thresholds."


AFFIL VITRIFIED: Ind-Ra Lowers Long-Term Issuer Rating to 'B-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Affil Vitrified
Private Limited's (AVPL) Long-Term Issuer Rating to 'IND B-' from
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limit downgraded with IND B-/Stable
     rating; and

-- INR40 mil. Non-fund based limit affirmed with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects AVPL's continued small scale of operations.
The company's revenue declined to INR438.38 million in FY21 (FY20:
INR549.56 million) due to increased competition from multiple
organized players which led to the management reducing product
prices; adverse market conditions, and the plant remaining shut in
April and May 2020 due to the outbreak of COVID-19. In 4MFY22, AVPL
achieved revenue of INR217.8 million. The agency expects the
company's revenue to improve in FY22, due to improved quality
product expected from its upcoming new machinery.

The ratings are further constrained by AVPL's negative margins. The
return on employed stood at negative 14.9% in FY21 (FY20: negative
8.5%). The management expects the EBITDA margin to improve
significantly in FY22  due to improved fuel efficiency from the
commencement of new machinery; the company has planned a capex of
INR300 million in FY22 to replace the old machinery, which will
consume less fuel. For the capex, INR225 million will be funded by
a term loan from the bank, which is being processed; the management
expects the same to be sanctioned by end-August 2021. The
management expects the company's installed capacity to increase to
14,400 square meter per day post the commencement of new machinery
(FY21: 7,700 square meter per day).

The ratings are further constrained by deterioration in AVPL's
modest credit metrics due to the operating losses. In FY22, Ind-Ra
expects the credit metrics to improve on account of capex-led
significant improvement in the absolute EBITDA.

Liquidity Indicator – Poor: AVPL's average maximum utilizations
of the fund-based limits was 73.20% and non-fund-based limits was
91.4% during the last 12 months ended June 2021. The cash flow from
operations  and free cash flows remained negative and further
deteriorated to INR89.66 million in FY21 (FY20: INR86.97 million)
and INR94.91 million (INR92.17 million), respectively, due to a
decline in the negative EBITDA to INR35.3 million (negative INR5.18
million). The company's elongated net working capital cycle
deteriorated to 342 days in FY21 (FY20: 306 days) due to an
increase in inventory days to 331 (309). The company's cash and
cash equivalents stood at INR0.71 million at FYE21 (FYE20: INR4.07
million). However, AVPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. It availed of the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings, however, are supported by the promoter's experience of
two decades in the tile segment.

RATING SENSITIVITIES

Negative: Further deterioration in the liquidity position, and/or a
decline in the scale of operations, leading to further
deterioration in the credit metrics would be negative for the
ratings.

Positive: Any improvement in the profitability, leading to a
improvement in the credit metrics and the liquidity position would
be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, AVPL is a Gujarat-based manufacturer of
double-charged vitrified tiles, with an installed capacity of 2.77
million square meters per annum.


AMARAVATHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amaravathi Spinning
Mills (Rajapalayam) Private Limited (ASMRPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.53      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.9       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Export Packing
   Credit                 0.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ASMRPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1989, ASMRPL manufactures cotton yarn. Its facility
in Rajapalayam (Tamil Nadu) has a capacity of 12,168 spindles. Its
operations are spread across Coimbatore, Karur, Salem, and Erode
(all in Tamil Nadu).

ANKUR IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Ankur Iron India
Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter of Credit        5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.12     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.38     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AIPL was set up as a proprietorship concern named Ankur Steel
Corporation in 1982 by Mr. Kiran Mehta; it was reconstituted as a
private limited company with its current name in 2011. AIPL trades
in steel and steel products such as cold-rolled sheets, galvanized
sheets, hot-rolled sheets and plates.

ARROWLINE REALESTATE: Ind-Ra Keeps BB Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Arrowline
Realestate Private Limited's Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR450 mil. Long-term loan* due on April 2030 maintained in
     non-cooperating category and withdrawn;

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY20; sanctioned
bank facilities and utilization; business plan and projections for
the next three years; information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

COMPANY PROFILE

Arrowline Realestate, incorporated on July 13, 2012, is setting up
a shopping complex-cum-office named Nucleus Heights at Kanke Road
in Ranchi (Jharkhand).


BASUDHA UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Basudha Udyog Private
Limited (BUPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter of Credit      60         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             34         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BUPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BUPL, incorporated in 1992, manufactures low ash metallurgical
(LAM) coke and operates a power plant near Chennai. Its operations
are managed by promoter-director Mr Sanjay Kumar Poddar.


BHAGYODAYA MOTORS: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Bhagyodaya Motors Private Limited (BMPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Channel Financing       1.75     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      2.7      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Standby Line            1        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BMPL for
obtaining information through letters and emails dated June 30,
2021 and July 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BMPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 1998 as a partnership firm, BMPL was reconstituted as a
private limited company in 2002. The company is the exclusive
authorized dealer for TML's passenger car in three districts -
Bellary, Koppal, and Raichur (all in Karnataka).


BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhagyodaya Trokhos
Private Limited (BTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            13        CRISIL D (Issuer Not
                                    Cooperating)

   Channel Financing       3        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.25     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line            1.75     CRISIL D (Issuer Not
   of Credit                        Cooperating)
  
CRISIL Ratings has been consistently following up with BTPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BTPL was incorporated in 2006. The company is the exclusive
authorized dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.


BHARAT SCANS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bharat Scans Private
Limited (BSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.47       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        2.75       CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    4.00       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working      1.31       CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

   Working Capital       0.97       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Working Capital       0.50       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with BSPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1995, BSPL operates six diagnostic centers in Tamil Nadu.
It is promoted by Dr Rajamani Emmanuel Gunaseelan and Dr Beula
Emmanuel.


CAPACITE INFRAPROJECTS: Ind-Ra Corrects August 20 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Capacite
Infraprojects' rating published on August 20, 2021 to correctly
state the amounts pertaining to the fund and non-fund-based
limits.

The amended version is:

India Ratings and Research (Ind-Ra) has downgraded Capacite
Infraprojects Limited's (CIL) Long-Term Issuer Rating to 'IND D'
from 'IND A'. The Outlook was Negative.

The instrument-wise rating actions are:

-- INR1.48 bil. (increased from INR1,242.7 bil.) Term loans (Long

     term) due up to FY26 downgraded with IND D rating;

-- INR675 mil. Proposed Term loans(Long term)* downgraded and
     assigned$ with IND D rating;

-- INR1.0 bil. Proposed non-convertible debentures (NCDs)
     withdrawn (the company did not proceed with the instrument as

     envisaged);

-- INR1.20 bil. (increased from INR1.15 bil.) Fund-based working
    capital limits (Long term/short term) downgraded with IND D
    rating;

-- INR375 mil. (reduced from INR750 mil.) Sales invoice/bill
     discounting limits (Long term/short term) downgraded with
     IND D rating;

-- INR3.0 bil. Proposed non-fund-based working capital limits
     (Long term/short term)* downgraded and assigned$ with IND D
     rating; and

-- INR15.68 bil. (increased from INR15.55 bil.) Non-fund-based
     working capital limits (Long term/short term) downgraded with
     IND D rating.

* The provisional rating of the proposed bank facilities has been
converted to final rating as per Ind-Ra's updated policy. This is
because the agency notes that debt seniority and general terms and
conditions of the proposed limits tend to be uniform across
lenders, and are not a rating drive.

$Downgraded to 'Provisional IND D' before being assigned.

The downgrade reflects CIL's challenges with liquidity, which led
to default in the servicing of its debt obligations. The liquidity
situation worsened during the time of the pandemic as the execution
profile of the company deteriorated significantly, resulting in
cash flow mismatches. While the company availed of the Reserve Bank
of India (RBI)-prescribed moratorium in the 1HFY21, the liquidity
challenges continued in the 2HFY21. Although the company's
execution profile improved slightly in 2HFY21, it was not able to
generate sufficient cash flows due to the severity of the
pandemic-led lockdown in the Mumbai Metropolitan Region (accounted
for 91.8% of the unexecuted order book including an MHADA project
at FYE21; 91.9% without MHADA project).

While the agency was informed that the company had applied for
enhancements from all the lenders under Emergency Credit Line
Guarantee Scheme (ECLGS) 2.0 scheme, these loans were disbursed
with a time lag, majorly on account of availing internal approvals
from various lenders; this resulted in the company delaying on its
repayment obligations. These delays were also commented on by the
auditor in the independent audit report for FY21 where the extent
of delays (61-90 days) were regularized post the disbursement of
the ECLGS 2.0 loans.

The agency was receiving No-Default Statement from the company, as
per SEBI requirement (circular number
SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71, as of August 10, 2021) from
November 2020 to July 2021 and a management certificate confirming
no irregularities for the period between June 2020 and May 2021.
Furthermore, the agency was informed that CIL had average monthly
liquidity (cash balances in various current accounts along with
unencumbered fixed deposits) to the tune of INR594.2 million
against an average monthly repayment obligation (principal+
interest component of the equipment loans) of INR52.1 million over
October 2020 - July 2021.

The agency had also considered the guidance made by RBI that
dispensation in the default recognition is provided only during the
period of moratorium and is not available during the sanction and
final disbursement of ECLGS scheme. Furthermore, the RBI had also
opined that there should not be delay in honoring the payment with
any lender anticipating disbursal of additional funds.

KEY RATING DRIVERS

Liquidity Indicator – Poor:  CIL's net working capital cycle
surpassed Ind-Ra's expectation of high slippages and elongated to
177 days in FY21 (FY20: 95 days, FY19: 103 days) on account of an
increase in unbilled revenue and increased payments to creditors,
and lower execution.

To address the liquidity stress, the company availed of the
RBI-prescribed moratorium and also secured interchangeability of
non-fund-based limits (LC limits) to fund-based limits to some
extent till March 2021, while the overall sanctioned limits
remained unchanged. The fund-based limits available to CIL ranged
between INR2.1 billion and INR3.2 billion over May 2020-March 2021
with an average maximum utilization of 86%. Over the last 12 months
ended July, CIL on an average had maximum utilization of around 83%
of its fund-based limits, around 70% of its non-fund-based limits
and 60% of its LC limits.

CIL's liquidity is also largely contingent on the additional
financing that would be required by the company in FY22. The
company's repayment obligation is INR424 million in FY22. The
promoters have infused unsecured loans of INR470 million in 1QFY22
and the management is planning to raise equity to the tune of INR3
billion. However, Ind-Ra believes, the timely inflow of cash is
necessary to alleviate concerns originating from the company's
stressed liquidity profile.

Deterioration in Credit Profile: CIL's credit profile came under
stress in FY21 with net leverage (debt less unrestricted
cash/EBITDA) increasing to 2.03x at FYE21 (FY20: 0.78x) and
interest coverage (gross interest expense/EBITDA) declining to
1.94x (3.98x) Though the debt levels declined to INR2.86 billion in
FY21 (FY20: INR3.08 billion) the company's leverage was high on
account of a steeper deterioration in the EBIDTA.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

Incorporated in August 2012, CIL provides engineering, procurement
and construction/turnkey solutions for housing, high rises, super
high rises, specialty buildings and urban infrastructure. The
company has recently forayed into development of projects for the
public sector.


DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Deluxe Knitting Mill
(DKM) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       0.5       CRISIL C (Issuer Not
                                    Cooperating)

   Mortgage Loan          8.0       CRISIL C (Issuer Not
   Facility                         Cooperating)

   Packing Credit        3.5        CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DKM for
obtaining information through letters and emails dated January 26,
2021 and July 09, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DKM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DKM continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987,
DKM exports knitted garments.


DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanvridhi Commercial
Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2.26       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           3.88       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    4.08       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             4.28       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DCPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

DCPL was incorporated by the Tantia family in Kolkata in 2005. Till
2012, the company traded in materials used in manufacture of
railway wagons/components. It now manufactures railway wagons
through Besco Ltd (foundry division).


DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanya Steel
Industries Private Limited (DSIPL; part of the Dhanya group)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             13       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DSIPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of DSIPL and Dhanya TMT
Private Limited (DTPL). This is because the two companies, together
referred to as the Dhanya group, are in similar lines of business
and under a common promoter group, and have significant business
and financial linkages with each other.

Established in December 2007, DSIPL manufactures ingots and
billets. The company has its manufacturing facility in Chittoor
district (Andhra Pradesh).


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

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit        1.71       CRISIL D (Issuer Not
                                    Cooperating)
   Post Shipment
   Credit                2.58       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Short        9.71       CRISIL D (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         
                                    
CRISIL Ratings has been consistently following up with Diamondstar
for obtaining information through letters and emails dated January
26, 2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Diamondstar, set up in 1967, cuts and polishes diamonds. It
predominantly deals in large diamonds in shapes such as marquise,
pear, and round. The firm has three partners, Mr Rupesh Shah and Mr
Nilesh Shah.


GAJANAN OIL: CRISIL Lowers Rating on INR125cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Gajanan Oil Private Limited (GOPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects delays in debt servicing by
GOPL which came to CRISIL's notice from external sources.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           125        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit       65        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan              60        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with GOPL for
obtaining information through letters and emails dated, November
14, 2020 and August 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GOPL is a part of the Gajanan group and is promoted by Mr Nitin
Jadhav and his family. The company extracts soya and wash cotton
seed oil, and refines soya, cotton and palm oils. GOPL was
incorporated in December 2015 to undertake expansion of the brown
field project acquired from Bhaskar Foods Pvt Ltd of the Dainik
Bhaskar group.


K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of K.K.R. International
(KKR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         2.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KKR for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr Sunil Kumar Arora
and Mr Amit Kumar Arora are the proprietors.


KARTHIKEYA AGRO: CRISIL Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Karthikeya Agro Industries (KAI) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KAI for
obtaining information through letters and emails dated June 30,
2021 and July 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KAI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of KAI to 'CRISIL D Issuer not cooperating'.

KAI was established in 2013, in Nellore, Andhra Pradesh, by Mr. G.
Madhusudhana Rao along with his wife Ms. G Naga Malleswari. It
processes rice and sells mainly to wholesalers and brokers in all
over India.

KINGFISHER AIRLINES: Mallya Seeks Permission to Appeal Bankruptcy
-----------------------------------------------------------------
The Times of India reports that fugitive Indian businessman Vijay
Mallya has filed papers in the UK high court seeking permission to
appeal against his bankruptcy order.

Mr. Mallya was declared bankrupt by the insolvency and companies
court (ICC) of the high court on July 26 this year. His name is now
listed in the individual insolvency register.

A spokesman for the chancery division of the high court told TOI
that Mr. Mallya had on August 16 filed a notice seeking permission
to appeal the decision of Chief ICC judge Briggs, who had declared
him bankrupt. "He has until September 21 to file his appeal bundle
and then it will be referred to another judge to consider whether
to grant permission to appeal."

If permission is granted, he will have a full appeal hearing, which
could lead to the bankruptcy being overturned, TOI says. Mr. Mallya
was denied permission to appeal against the order at the hearing on
July 26.

The State Bank of India-led consortium had filed the bankruptcy
petition against Mr. Mallya for failing to clear a judgment debt of
GBP1.05 billion (INR10,695 crore) determined by the Debt Recovery
Tribunal (DRT), Karnataka, in January 2017, which was subsequently
registered in the English courts.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines, formerly known
as Deccan Aviation Ltd., served about 35 domestic destinations with
a fleet of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
15, 2014, Bloomberg News said Kingfisher Airlines has grounded
planes since October 2012.  The airline lost its operating license
in January 2013 after failing to convince authorities it has enough
funds to restart flights.

As reported in the TCR-AP on Nov. 25, 2016, the Times of India said
the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA).  Justice Vineet Kothari gave
this direction on Nov. 18, while allowing a petition filed in 2012
by Aerotron, a UK-based company, for recovery of a little over $6
million due to it for supply of rotable aircraft components to
KFA.


L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of L N Constructions
(LN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          7        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LN for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

LN was established as a partnership concern by Mr. Sudarshan Reddy
and his family in 2004. The firm undertakes construction of
irrigation projects, roads, and bridges for the Government of
Andhra Pradesh and the Indian Railways. It is based in Hyderabad.


MAHAA INDUSTRIES: CRISIL Lowers Rating on INR11.28cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Mahaa Industries Private Limited (MIPL) to 'CRISIL D' from 'CRISIL
B-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Foreign Bill           0.5       CRISIL D (Downgraded from
   Discounting                     'CRISIL B-/Stable')

   Long Term Loan        11.28      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Export Packing         5.00      CRISIL D (Downgraded from
   Credit                           'CRISIL B-/Stable')


The rating reflects instances of delay in the principal repayment
of the term loan in the last 3 months due to weak liquidity and
operating performance of the company.

The rating continues to reflect the company's modest scale and
exposure to intensive competition in granite industry along with
weak financial risk profile. These rating weakness are partially
offset by MIPL's long-standing industry experience of its
promoters.

Analytical Approach

Unsecured loans of INR4.21 crore as on March 31st, 2021 is treated
as neither debt nor equity as the same are non-interest bearing in
nature and this will be continue in business for medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale and exposure to intense competition in granite
industry: Modest scale is indicated by estimated revenue of around
Rs. 20 crore in fiscal 2021. Intense competition has constrained
ability to significantly scale up operations.

* Weak financial risk profile: MIPL has weak financial profile
marked by high gearing of 3.33 times and total outside liabilities
to adj tangible net worth (TOL/ANW) of 3.93 times for year ending
on 31st March 2021. MIPL's debt protection measures have also been
at weak level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 1.54 times and 0.07 times for fiscal
2021.  Debt protection measures are expected to remain at similar
level with high debt levels.

Strength:

* Promoters' extensive experience in the industry: MIPL's promoters
have been in the building products industry for more than two
decades and have established strong relationships with customers
and suppliers.

Liquidity: Poor

Bank limit utilization is high at around 92.84 percent for the past
thirteen months ended April 2021. Cash accrual, expected at Rs.1.88
crore that is tightly matched to debt obligation of INR1.64 crore,
respectively. Current ratio are healthy at 1.64 times on March 31,
2021. Need based unsecured loan support from the promoters is
expected to support liquidity, over the medium term.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing.
* Efficient working capital management and improvement in operating
performance

MIPL, set up in 2012 and based in Hyderabad (Telangana), is engaged
in processing and exports of Granites. MIPL is promoted by Mrs.G.
Sudha Chandra.


MAHESHWARI FABTEX: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Maheshwari Fabtex Private Limited (MFPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        1.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.5        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MFPL for
obtaining information through letters and emails dated June 30,
2021 and July 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MFPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2002, MFPL primarily trades in grey and shirting
fabric. In 2009, it started undertaking job work (for weaving grey
fabric from yarn) for local dealers and traders. The manufacturing
unit is in Bhiwandi, while the head office is in Mumbai. The
promoters also operate two other entities: Khator Fibre and Fabrics
Ltd and Goyal Creations Pvt Ltd. Operations are managed by Ms Bina
Devi Khator and her nephew, Mr Praful Khator.


MHETRE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mhetre Foods Private
Limited (MFPL) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         7.5       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2011, MFPL processes vegetables and commenced
operations in September 2015. The company, promoted by Mr Dilip
Mhetre, Mr Prakash Mhetre and Mr Vikas Mhetre, is based in Daund
(Maharashtra).


MY CAR: CRISIL Withdraws D Rating on INR13cr Cash Loan
------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
My Car Private Limited (MCPL) at the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            13       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Inventory Funding      11.5     CRISIL D (ISSUER NOT
   Facility                        COOPERATING; Rating Withdrawn)

   Term Loan               2.3     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with MCPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MCPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MCPL continues to be 'CRISIL D Issuer Not Cooperating'.  MCPL,
incorporated in 2000, has a dealership of Maruti Suzuki India Ltd
(MSIL). The company currently runs three showrooms, one each at
Kanpur, Bandha and Farukabad, and five workshops, three in Kanpur
and one each in Bandha and Farukabad. Mr Vijay Garg, Ms Kavita Garg
and Mr Kunal Garg are the promoters.


NORTHERN INDIA: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Northern India
Leather Cloth Manufacturing Co. Private Limited's Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:       

-- INR140 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR180.72 mil. Term loan due on April 5, 2024 - October 5,
     2032 migrated to non-cooperating category with IND B- (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 17, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1980, Northern India Leather Cloth Manufacturing
Co. manufactures polyvinyl chloride-coated fabric, also known as
synthetic leather, which is used in footwear, furnishing and sports
goods, at its plant in Faridabad, Haryana.


PARAMPUJYA SOLAR: S&P Lowers Senior Secured Bond Rating to 'BB-'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issue rating on Parampujya
Solar Energy Private Ltd. Restricted Group's (PSEPL RG) senior
secured bond to 'BB-' from 'BB+'. At the same time, S&P removed the
rating from CreditWatch, where it had placed it with negative
implications on June 18, 2020.

The stable outlook reflects S&P's expectation that PSEPL RG's P90
operating performance (in which actual generation needs to be
minimum estimated units at least 90% of the time), timely
receivable collections, and "must dispatch" status will allow the
company to maintain an average DSCR of at least 1.10x over the
tenor of the debt, and that the reserving mechanism will allow the
project to meet its debt service obligations for at least five
years even under its downside assumptions.

PSEPL RG comprises three wholly owned subsidiaries of Adani Green
Energy Ltd.: Adani Green Energy (UP) Ltd., Parampujya Solar Energy
Private Ltd. Restricted Group, and Prayatna Developers Private Ltd.
These entities (collectively referred as PSEPL RG) are the
co-issuers and co-guarantors of a US$500 million senior secured
fixed-rate 5.5 year bond.

PSEPL RG owns and operates a portfolio of 25 solar assets in eight
Indian states with 930 megawatts (MW) of installed capacity (the
project). Sales are fully contracted under long-term fixed-price
power purchase agreements (PPAs) with offtakers, including central
government companies such as NTPC Ltd. and Solar Energy Corp. of
India (SECI; combined 53% of total EBITDA) and state distribution
companies (discoms; accounting for the remaining 47% of total
EBITDA).

Risks

-- Exposure to currency risk on interest payments, risk of higher
hedge costs and hedge rollover risk for the principal-only swap,
given the shorter hedge tenor compared with the debt tenor.

-- Transaction documentation also does not require mark-to-market
gains to be used to offset debt obligations.

-- Exposure to market price risk for 100MW of capacity due to our
assumption that Punjab State Power Corp. Ltd. (PSPCL) is a
replaceable counterparty, which removes any link to its weak credit
profile.

-- Possible delays in receivables due to exposure to weak state
electric utilities in India (such as in Punjab, Uttar Pradesh, and
Karnataka states). Despite a legal mechanism for recovery of
overdue payments directly from end users through an escrow
mechanism, this process has not been frequently invoked.

-- Growing but limited track record of operations, and yet-to-be
established record of arresting degradation of its generation
profile through regular capital expenditure.

Strengths
-- Fixed-price long-term contracted PPAs for the entire capacity,
(although we assume market prices for one weaker state discom), and
the "must dispatch" status of renewables provide good visibility of
cash flows.

-- Volatility should be limited by its pool of diversified solar
assets spread across India, and the presence of stronger
counterparties such as NTPC.

S&P said, "We lowered the rating to reflect our expectations of
weaker DSCR ratios than previously calculated after correcting
errors in the application of our criteria by factoring in hedge
costs and hedge rollover risks. As part of the correction, we also
reassessed our analysis of the co-issuer structure, with the OPBA
remaining at '3'. As described below, our revised approach for the
analysis of the risks posed by the need to renew hedging
instruments and by the co-issuer structure is now based on our
Principles of Credit Ratings criteria in conjunction with other
specific criteria.

"Our revised base case minimum DSCR is 1.1x and average DSCR of
1.3x. In our base case and downside case, we have included our
assumptions for hedge costs on renewal, movement in foreign
exchange (forex) rates for the interest portion, and considered the
hedge settlement risks.

"The 'BB-' rating is constrained by the credit profile of the
project's weakest counterparty, Uttar Pradesh Power Corp. Ltd.
(UPPCL), after we apply a one-notch insulation to revenue
counterparty rating due to regulatory and legal precedence which
allows for recovery of overdue amounts directly from end-customers
through an escrow mechanism. In addition, we have assumed that
100MW of capacity contracted to PSPCL will be sold to the grid at a
discount to the market rate, given the company's weak credit
profile. Together, these factors resulted in PSEPL RG's preliminary
stand-alone credit profile (SACP) being lowered to 'bb-' from
'bb+'. In our view, we believe that PSEPL RG will be able to
dispatch and sell 100MW of capacity at market prices. As such, we
believe that the weaker credit profile of PSPCL does not constrain
the rating. We deem it to be replaceable since the power can be
sold to the grid at assumed market prices.

"Our base case assumes a market price of Indian rupee (INR)
2.50/kilowatt-hour (kWh) over the life of the power purchase
agreement (PPA) term, which is below the actual contracted tariff
with PSPCL. This is notwithstanding that this capacity is fully
contracted for, in the 25-year PPA with the offtaker."

PSEPL RG has replaced its original operating bank account
counterparty, IDFC First Bank Ltd., with Barclays Bank PLC. As
such, the rating is not constrained by the credit profile on IDFC
as this counterparty has been replaced.

Foreign Exchange Hedging Risk Analysis

S&P has revised its approach--now based on our Principles of Credit
Ratings--to analyzing currency risk and associated hedge costs
arising from PSEPL RG's rupee-denominated revenues given the bond
is U.S. dollar-denominated. PSEPL RG has hedged the currency risk
with a three-year principal-only swap and 12-month rolling forward
rate agreements for its interest obligations.

PSEPL RG's three-year hedge is shorter than the remaining 3.5 years
of the project's bond tenor of 5.5 years. As such, the project is
exposed to the risk of potentially higher costs at the time of
hedge renewal and, therefore, lower DSCRs that may hit the rating.

There may also be heightened risk from potential cash outflows if
the rupee appreciates at the net settlement of the cross-currency
hedge (mark-to-market hedge settlement) at the end of each hedge
period. S&P said, "We note significant volatility in the cost of
hedging when the COVID-19 pandemic outbreak started in 2020. We
assume that future forex movements will be reflected in the
premiums on the forward rate agreements that hedge interest
costs."

S&P said, "We estimate the hedge cost, mark-to-market hedge
settlement, and future applicable forex rates for our base case and
downside case. We also model specific reserve mechanisms and
multiple financial covenant tests as per the project documents to
assess the impact on the cash flow waterfall and DSCRs."

PSEPL RG's documents allow the project to prepay debt in the event
of a cash sweep, and if the project does so, the DSCRs could
improve. However, even if the reserves are used for debt
prepayment, the rating will remain constrained by UPPCL's credit
profile.

Co-Issuer Structure Analysis

S&P said, "We now assess the structure of co-issuers in PSEPL RG in
accordance with our Principles of Credit Ratings. We believe that
the co-issuers structure in PSEPL RG should not present any
heightened risk over a more common single issuer, limited recourse
structure. The unique features support our view that, from a credit
perspective, the structure should ensure that project cash flows
from each co-issuer will flow to service, and ultimately repay, the
senior secured bond."

Common ownership aligns the interests of the co-issuers and should
not present any additional risk over a more standard single issuer
structure. Unconditional and irrevocable guarantees between
co-issuers, testing of covenants and servicing mechanism based on
consolidated waterfall, along with the mechanism for each co-issuer
to cover for any shortfall of other co-issuers as per transaction
documentation, also support this consolidated approach.

S&P said, "We now calculate a weighted average OPBA for the project
for the co-issuers, reflecting the diversified pool of independent
solar assets across India, and cash flows from respective PPAs at
the individual co-issuer level. As a result, we now assess a
weighted average OPBA of '3' for PSEPL RG, largely driven by the
exposure of Prayatna Developers Private Ltd. to market price
risk."

Maintaining healthy and timely receivable collections remains key
for the stability of cash flows. PSEPL RG is exposed to weaker
state electric utilities PSPCL, UPPCL, Gulbarga Electricity Supply
Co. Ltd. (GESCOM) (each contributing 10% or less of total EBITDA),
and Hubli Electricity Supply Co. Ltd. (HESCOM; about 26% of total
EBITDA), which can lead to delays in receivable collections.
However, S&P has assumed that power generated under the terms of
the PPA with PSPCL is instead sold into the grid at distressed
market prices, essentially removing the link to the weaker credit
profile of Punjab. HESCOM has been generally making payments on
time, paying about 90% of its bill within 60 days as at March 2021.
UPPCL has been making timely payments within 60 days for all the
billing. GESCOM provides an immaterial amount of the cash flow,
with the remaining more than 50% of PSEPL RG's cash flows derived
from the stronger counterparties NTPC and SECI, which have a good
record of consistently making all payments before the due date.

Existing regulatory and legal precedence, and covenants to exercise
all legal recourse for timely receivable collection provide a
one-notch insulation from the weaker credit profile of the
counterparty. This mechanism also allows for recovery of overdue
amounts directly from end-customers through an escrow mechanism.
S&P will monitor timely receivable payments to reevaluate the
one-notch uplift to the rating to reflect its view that the project
is insulated from the credit profiles of the weakest offtaker(s).
Systemic delays in collections may indicate limited efficacy in
PSEPL RG being able to invoke such a mechanism when required.

Overall, the project continues to benefit from timely payments from
most offtakers. The average accounts receivable turnover for the
project was about 54 days in May 2021. This is notwithstanding
increased liquidity pressure on the project's offtakers following
the continuing challenges from the COVID-19 pandemic.

S&P said, "The stable outlook reflects our expectation that PSEPL
RG will maintain stable cash flows with billing and collections in
line with P90 generation estimates over the next 12-24 months. We
also expect continuing timely receivable collections for the asset
pool, given around 60% of the receivables are from stronger
counterparties such as NTPC and SECI. We expect the project to have
cash flow available for debt service (CFADS) and reserves to meet
all obligations for at least five years under our downside stress
assumptions. We expect an average DSCR of about 1.3x.

"We could lower the rating if we anticipate a minimum DSCR under
our base case to be lower than 1.10x or if we believe the project's
resilience under our downside analysis has reduced such that CFADS
and reserves cannot meet all obligations for at least five years
under our downside stress assumptions." This could occur due to:

-- Lower than P90 generation estimates or curtailment risk that
results in weaker cash flows;

-- Inability to sell power or a substantial fall in grid price
compared with our expectations in relation to 100MW capacity, which
S&P has assumed to be sold at grid price in the event of default by
the state of Punjab;

-- Substantial increase in operation and maintenance (O&M) costs
compared with our expectations;

-- Higher repowering costs or greater degradation of assets than
S&P estimates; or

-- Hedging renewal costs are higher than S&P's expectations at the
time of hedge renewal, or heightened risk from potential cash
outflows in the event of an appreciation of the Indian rupee at the
mark-to-market hedge settlement at the end of each hedge period.

-- S&P may also lower the rating if we expect a lower likelihood
of support from the Indian government for central and state
utilities. Any increase in collection delays or the project's
ability to recover overdue receivables decreases could result in an
increase in debt to cover such shortfalls that may also result in a
downgrade.

-- S&P is unlikely to raise the rating over the next 12-24 months
because the weakest counterparty credit profile constrains the
rating.

S&P could raise the rating if it anticipates a minimum DSCR under
our base case to be above 1.15x. This could occur due to:

-- Stronger cash flows from a proven record of consistently higher
generation than P90 estimates or hedging renewal costs are lower
than our expectations at the time of hedge renewal;

-- PSEPL RG establishes an acceptable record of repowering to
offset degradation of the asset pool; or

-- The project continues to benefit from timely payments from all
offtakers.


PRIYANKA GEMS: CRISIL Lowers Rating on INR18cr Loans to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank loan
facilities of Priyanka Gems - Surat (PG) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            16        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Fund-          2        CRISIL D (Downgraded from
   Based Bank Limits                'CRISIL BB-/Stable')

The downgrade reflects poor liquidity profile marked by
irregularities of over 30 days in cash credit account.

The ratings continue to reflect the PG's susceptibility to volatile
diamond prices amidst intense competition and sluggish global
demand resulting in moderate operating profit margins and working
capital intensive operations. These weaknesses are partially offset
by the partner's experience in diamond industry and comfortable
capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been
irregularities of over 30 days in cash credit account on account of
delay in receipts from its customers and poor liquidity position.

* Susceptibility to volatile diamond prices amidst intense
competition and sluggish global demand resulting in moderate
operating profit margins: The diamond industry is highly fragmented
because of low entry barriers on account of relatively low capital
and technology requirements, attracting numerous un-organized
players across the country. PG is also exposed to risks related to
volatility in diamond prices. The company maintains inventory of
rough and polished diamonds of which rough diamonds are usually
procured from the international market. This makes the company
vulnerable to fluctuation in diamond prices and with relatively
limited value addition operating profitability has been moderate at
around 2.8% to 4.0% over the last three fiscals through 2020.  

* Working capital intensive operations: Operations are working
capital intensive with high gross current assets (GCA) at 300-350
days over the last 3 years ending March 31, 2020 mainly due to high
receivables of around 140-170 days and moderate inventory of
100-130 days. Working capital intensity is expected to increase
over the medium term.


Strengths:

* Partners' experience in diamond industry: Partners' experience of
close to three decades in diamond industry, gives them insight into
consumer buying patterns and helps to identify evolving trends.

* Comfortable capital structure: Networth and total outside
liabilities to adjusted net worth has remained comfortable at
around INR39.12 crore and 0.85 time as of March 31, 2020; on
account of low dependence on debt. Debt protection metrics however
were moderate with interest coverage of around 1.43 times in fiscal
2020

Liquidity: Poor

Liquidity is poor as reflected in ongoing irregularities of over 30
days in Cash Credit account.

Rating Sensitivity Factors

Upward factors

* Track record of regularisation in debt servicing for 90 days or
more
* Sharp and sustained improvement in working capital cycle and
liquidity.

Established in 1991 in Surat, Gujarat, PG polishes rough diamond.
PG is promoted by Mr. Amit Mangukiya, Mr. Tulsibhai Mangukiya and
family. The firm has two processing units in Surat.


SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Satyam Agro Trade
Private Limited (SATPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit       7         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in the year 2015, SATPL is a private limited company
engaged in trading of imported spices and pulses. It was also
engaged in franchisee sales of the juice brand - 'Onjus' (Tunip
Lanka Pvt. Ltd. - 100% subsidiary of Tunip Agro Limited). The
company majorly caters to the domestic market. The day-to-day
operations of the company are managed by Mr. Arvind Varma and Mrs.
Sarla Varma.


SFPL CROP: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of SFPL Crop Life
Science Private Limited (SFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SFPL was incorporated in 1999 as Subhash Fertilizers Pvt Ltd and
was later renamed as SFPL. The company is a fully owned subsidiary
of KSPL, which produces and markets seeds for the commercial seed
market. SFPL manufactures nitrogen, phosphorus, and potassium mixed
fertilizers. It is the sole distributor of hybrid vegetable seeds
of group company Krishnadhan Vegetable Seeds India Pvt Ltd across
India.


SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiva Shree Builders
(SSB) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Project Loan            1.9      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.93     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               3.17     CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SSB was set up in 1990, promoted by Mr V Shivarajan and his family
members. The firm is currently developing residential real estate
projects in Coimbatore, Tamil Nadu.

SSM FOUNDATION: CRISIL Lowers Rating on INR6cr Loans to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of S S M Foundation Trust For Educational And Social
Development (SSM) to 'CRISIL D' from 'CRISIL B-/Stable'. The
downgrade reflects delays by SSM in servicing of debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         4.4       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Overdraft Facility     1.6       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating continues to reflect the trust's weak financial risk
profile marked by its stretched liquidity. This weakness is offset
by SSM's established position in the education industry and its
promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: Though the capital structure has
been moderate with gearing of 0.3 times, estimated as of March 31,
2020, due to moderate occupancy and profitability, debt protection
metrics continue to be weak marked by estimated interest coverage
of 1.4 times for fiscal 2019.

Strengths:

* Established market position in the education industry: SSM is in
the education industry for over 2 decades. Over the period the
trust has developed good brand equity in the region, leading to
moderate occupancy levels.

* Promoter's extensive experience: Founder Trustee Dr. M. S.
Mathivaanan is a well-known educationalist and has developed
various institutes over the last 2 decades. His experience in the
education industry and association with various stakeholders should
support the trust.

Liquidity: Poor

The liquidity profile of the trust has been poor. The trust had
availed moratorium for a period of 6 months from March to August -
2020 on its bank facilities. Given the economic slowdown due to
covid-19, Fee collections have been delayed resulting in delays in
servicing debt obligations.

Rating Sensitivity factors

Upward Factors

* Track record of timely payments on term loan and overdraft
facility obligations for more than three months
* DSCR above 1.2 times

SSM Foundation Trust for Educational and Social Development, set up
in 1998, operates SSM College of Engineering, which offers
engineering under-graduation and post-graduation courses, at
Komarapalayam in Tamil Nadu. The trust is recognized by the All
India Council for Technical Education and is affiliated to Anna
University, Tamil Nadu.


SUGAVANESWARA SPINNING: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sugavaneswara
Spinning Mills Private Limited (SSMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Long Term Bank         1.05      CRISIL D (Issuer Not
   Facility                         Cooperating)

   Long Term Loan         6.50      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        1.25      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SSMPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Managed by Mr. T.Sundaravel, SSMPL started operations in 1981 in
Salem (Tamil Nadu). It manufactures cotton yarn in counts ranging
from 30s to 80s.


VIN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of VIN Auto (VA)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Channel Financing       5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2.35     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               2.65     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VA for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).


VISHNU VIDYUTH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishnu Vidyuth India
Limited (VVIL) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan              26        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VVIL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VVIL was set up in December 1999 by Mr B Eshwar Rao and was
acquired by Mr Vishnu Rao and his family members in 2010. The
company operates a biomass-based power plant in Visakhapatnam.




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

TAKATA CORP: Defective Airbag Claims Process Ongoing
----------------------------------------------------
Professor Eric D. Green, Special Master for the Department of
Justice's Takata Airbag Individual Restitution Fund and Trustee of
the Tort Compensation Trust Fund Created in the Takata Bankruptcy
Cases, issued the following statement.

Takata Defective Airbag Claims

Professor Eric D. Green, as Special Master and Trustee, announced a
compensation program in May 2018 for individuals who have suffered
or will suffer personal injury or wrongful death caused by the
rupture or aggressive deployment of a Takata phase-stabilized
ammonium nitrate airbag inflator (a "Takata Airbag Inflator
Defect").  Under that program, claimants may seek compensation from
the Department of Justice's $125 million Individual Restitution
Fund ("IRF") and/or the approximately $140 million Takata Airbag
Tort Compensation Trust Fund ("TATCTF"). The claim process is
ongoing and eligible claimants still have time to act.

There are three types of claims that can be brought by individuals
who suffered injury or wrongful death caused by a Takata Airbag
Inflator Defect: (i) an "IRF Claim" against Takata for compensation
from the IRF, the personal injury and wrongful death restitution
fund overseen by the Special Master and established under the
Restitution Order entered by the United States District Court for
the Eastern District of Michigan in connection with the Department
of Justice's criminal case against Takata, U.S. v. Takata
Corporation, Case No. 16-cr-20810 (E.D. Mich.); (ii) a "Trust
Claim" against Takata for compensation from the TATCTF, the
personal injury and wrongful death trust fund overseen by the
Trustee and established in connection with Takata's Chapter 11 Plan
of Reorganization in the Bankruptcy Court for the District of
Delaware, and (iii) a "POEM Claim" against a Participating Original
Equipment Manufacturer (a "POEM;" presently the only POEM is
Honda/Acura) for compensation from the POEM, which must be resolved
through the TATCTF overseen by the Trustee.   

Each of these three types of claims has its own eligibility
requirements; however, each claim type covers only physical
injuries and wrongful death resulting from a Takata Airbag Inflator
Defect. Claims related to injuries or wrongful death caused by
other airbag components -- such as airbag failure to deploy,
spontaneous airbag deployment, crash injuries unrelated to the
inflator, or economic losses unrelated to physical injuries or
death -- are not covered by the three types of claims described
above.

Individuals can access the claim forms, which include detailed
instructions regarding how to file a claim, on the IRF website,
www.takataspecialmaster.com, or on the TATCTF website,
www.TakataAirbagInjuryTrust.com.

Oversight of the Claims Process and Resources for More Information

Professor Green was appointed by the District Court to serve as the
Special Master overseeing IRF Claims and was appointed by the
Bankruptcy Court to serve as the Trustee overseeing Trust Claims
and POEM Claims.

For more information about eligibility requirements, filing
deadlines and how to file a claim, please visit
www.takataspecialmaster.com, www.TakataAirbagInjuryTrust.com, email
Questions@TakataAirbagInjuryTrust.com, or call us toll-free at
(888) 215-9544.

                       About TAKATA Corp.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures, and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats, and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide. The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China, and other countries.  Takata Corp. filed for bankruptcy
protection in Tokyo and the U.S., amid recall costs and lawsuits
over its defective airbags. Takata and its Japanese subsidiaries
commenced proceedings under the Civil Rehabilitation Act in Japan
in the Tokyo District Court on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
17-11375) on June 25, 2017. Together with the bankruptcy filings,
Takata announced it has reached a deal to sell all its global
assets and operations to Key Safety Systems (KSS) for US$1.588
billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is tax
advisor. Prime Clerk is the claims and noticing agent. The Debtors
Meunier Carlin & Curfman LLC, as special intellectual property
counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also provides
financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to Part IV
of the Companies' Creditors Arrangement Act.  The Canadian Court
appointed FTI Consulting Canada Inc. as information officer.  TK
Holdings, as the foreign representative, is represented by McCarthy
Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson
Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York;
and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Washington, D.C., as its bankruptcy counsel.  The Committee
has also tapped Chuo Sogo Law Office PC as Japan counsel. The
Official Committee of Tort Claimants selected Pachulski Stang Ziehl
& Jones LLP as counsel.  Gilbert LLP will evaluate the insurance
policies.  Sakura Kyodo Law Offices is serving as special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.




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

COOLING SYSTEMS: Court to Hear Wind-Up Petition on Sept. 10
-----------------------------------------------------------
A petition to wind up the operations of Cooling Systems & Flexibles
(Pte) Ltd will be heard before the High Court of Singapore on Sept.
10, 2021, at 10:00 a.m.

Sanjay Dolwani filed the petition against the company on Aug. 19,
2021.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         77 Robinson Road
         #16-00, Robinson 77
         Singapore 068896


GREATEARTH CORP: Delays 5 Projects Due to Financial Difficulties
----------------------------------------------------------------
ChannelNewsAsia reports that the completion of five Build-to-Order
(BTO) residential projects will be delayed due to "financial
difficulties" faced by its main contractors, the Housing and
Development Board (HDB) said on Aug. 26.

According to CNA, Greatearth Corp and Greatearth Construction
informed HDB that they ran into financial difficulties and are
unable to complete the projects despite government assistance.

"HDB had also explored possible options to resolve Greatearth's
challenges, such as through advance payments, but Greatearth does
not have the financial ability to continue its operations," HDB
said.

It added that all work at the five sites have been suspended since
Aug. 20, CNA relays.

"Prior to this, the progress of works was satisfactory, and there
was no sign of work slow-down or any sudden reduction of supplies
or workers on-site," it said.

CNA says two of the projects – Senja Ridges and Senja Heights –
were launched for sale in 2016. They were expected to be completed
in the last quarter of this year and the first quarter of 2022.

Sky Vista @ Bukit Batok, launched in August 2017, was expected to
be completed in the third quarter of next year. Marsiling Grove's
expected completion date was in the fourth quarter of 2022, and
West Coast Parkview in the second quarter of 2023.

With the change of contractors, HDB said it expects a further delay
to the completion of the five BTO projects, the report states.

"HDB is working closely with Greatearth to bring on board new
contractors as soon as possible to complete the remaining works,"
said the agency.

"In the meantime, HDB has arranged for contingency contractors to
secure the worksites and carry out housekeeping and vector control
until the new contractors are appointed."

Greatearth Pte Ltd is an integrated building services company based
in Singapore.


MHG CARS: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Aug. 20, 2021, to
wind up the operations of MHG Cars Pte. Ltd.

The company's liquidators are:

          Keoy Soo Earn
          Muk Siew Peng
          Deloitte & Touche LLP
          6 Shenton Way #33-00 OUE Downtown 2
          Singapore 068809


ON LINE MOBILE: Creditors' Proofs of Debt Due on Sept. 10
---------------------------------------------------------
Creditors of On Line Mobile Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Sept. 10,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Wong Joo Wan
         Alternative Advisors Pte Ltd
         1 Commonwealth Lane
         #06-21 One Commonwealth
         Singapore 149544


VENSTAR INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 10
--------------------------------------------------------------
Creditors of Venstar Investments II Ltd Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Sept. 10, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Joo Wan
         Alternative Advisors Pte Ltd
         1 Commonwealth Lane
         #06-21 One Commonwealth
         Singapore 149544



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
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
Peter Chapman at 215-945-7000.



                *** End of Transmission ***