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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

          Thursday, September 2, 2021, Vol. 24, No. 170

                           Headlines



A U S T R A L I A

DUKRIL GROUP: First Creditors' Meeting Set for Sept. 8
GO YES: First Creditors' Meeting Set for Sept. 8
INTERSTAR MILLENNIUM 2002-1G: S&P Cuts Cl. B Notes Rating to 'BB'
ISTAYSAFE PTY: First Creditors' Meeting Set for Sept. 8
MOSAIC BRANDS: 288 Stores Closed Since Start of Pandemic

PEPPER I-PRIME 2021-2: S&P Assigns Prelim. B Rating on F Notes
RESIMAC PRIME 2021-1: S&P Assigns Prelim BB (sf) Rating on E Notes


C H I N A

BAOJI INVESTMENT: Fitch Lowers LT IDRs to 'BB', Outlook Stable
BINHAI INVESTMENT: Fitch Affirms 'BB+' LT IDRs, Outlook Positive
CHINA EVERGRANDE: Total Liabilities Swell to Over USD300 Billion
JIUQUAN IRON: Fitch Lowers Foreign Currency IDR to 'BB+'
REMARK HOLDINGS: Stockholders Elect Five Directors

SHANGRAO INNOVATION: Fitch Lowers LT IDRs to 'BB-', Outlook Stable
ZENSUN ENTERPRISES: Moody's Assigns 'B3' Rating to New USD Notes
ZHAOJIN MINING: S&P Affirms 'BB+' LongTerm Issuer Credit Rating


I N D I A

A P GOYAL: CRISIL Moves D Debt Ratings to Not Cooperating
BINOD CAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ECHO MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ENAM CASTINGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
FUTURE RETAIL: Seeks Stay of High Court Order on Reliance Deal

G. R. ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
GANESH CASHEW: CRISIL Keeps B+ Debt Rating in Not Cooperating
JOSAN INDUSTRIES: CRISIL B+ Debt Ratings in Not Cooperating
KAMALAKANTA COLD: CRISIL Hikes Rating on INR9.29cr Loan to B+
MAXHEAL LABORATORIES: CRISIL Revokes Suspension on Bank Ratings

MUTHU SILK: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
PLANET AGENCIES: CRISIL Cuts Rating on INR14cr Loans to B
PMV MALTINGS: CRISIL Lowers Rating on INR35cr Cash Loan to B
PRUDHVI CONSTRUCTIONS: CRISIL Cuts Rating on INR6cr Loan to B
S. D. GURAV: CRISIL Keeps D Debt Ratings in Not Cooperating

SAHYOG JANKALYAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANTKRUPA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
SHAKTI MURUGAN: CRISIL Keeps B+ Debt Rating in Not Cooperating
SHIMLA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
SIKAND AND COMPANY: CRISIL Keeps B Ratings in Not Cooperating

SKR VEG OIL: CRISIL Keeps B Debt Rating in Not Cooperating
SNEHA VINYL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUJAI SHIPPING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUKRA COLOURS: CRISIL Moves B+ Debt Ratings to Not Cooperating
SUPREME PACKERS: CRISIL Moves B Debt Rating to Not Cooperating

T.B. JEWELLERY: CRISIL Moves B+ Debt Rating to Not Cooperating
TIGER STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
VENKATESHWARA ENT: CRISIL Keeps B+ Ratings in Not Cooperating
VENKATESWARA POULTRY: CRISIL Keeps B Ratings in Not Cooperating


M A L A Y S I A

IREKA CORP: Auditor Raises Going Concern Doubt


N E W   Z E A L A N D

INTERSTAR NZ 2004-A: S&P Affirms 'B(sf)' Rating on 3 Note Tranches
[*] Hospitality Businesses in Auckland Need Support Amid Lockdown


P A K I S T A N

PAKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings


S I N G A P O R E

ALTURAN PTE: Court Enters Wind-Up Order
OCEAN TANKERS: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Declares Economic Emergency to Contain Food Prices


T H A I L A N D

GLOBAL POWER: S&P Withdraws 'BB+' LongTerm Issuer Credit Rating

                           - - - - -


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

DUKRIL GROUP: First Creditors' Meeting Set for Sept. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Dukril Group
Pty Ltd will be held on Sept. 8, 2021, at 12:00 p.m. via
Teleconference facilities.

Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of Dukril Group on Aug. 27, 2021.


GO YES: First Creditors' Meeting Set for Sept. 8
------------------------------------------------
A first meeting of the creditors in the proceedings of Go Yes Pty
Ltd will be held on Sept. 8, 2021, at 2:30 p.m. via virtual meeting
technology.

Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of Go Yes Pty on Aug. 29, 2021.


INTERSTAR MILLENNIUM 2002-1G: S&P Cuts Cl. B Notes Rating to 'BB'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2002-1G Trust, Interstar Millennium Series
2003-3G Trust, Interstar Millennium Series 2004-5 Trust, Interstar
Millennium Series 2006-3L Trust, and Challenger Millennium Series
2007-2L Trust.

At the same time, S&P affirmed its ratings on 39 classes of notes
issued by 15 Interstar and Challenger Millennium Trusts.

The lowered ratings reflect:

-- The small and increasingly concentrated nature of the pools. As
outstanding assets and notes reduce significantly, tail risk takes
greater precedence in transactional performance and S&P's rating
analysis. Mitigating this and supporting its current ratings is the
strong level of excess spread that these trusts earn, despite the
pools' decreasing size, due to the relatively high interest rates
borrowers of loans in the pools are paying.

-- Greater risk from increased borrower concentrations. For these
transactions, the top 10 borrowers accounted for more than 20% of
the pool balance as of June 30, 2021, with the exception of the
Interstar Millennium Series 2006-3L Trust, which comprise 11.3%.
S&P said, "We have assessed pool concentrations by sizing an
alternate loss scenario for the pool. Under this scenario, the top
10 loans at the 'AAA' rating level, top eight at the 'AA' level,
top six at the 'A' level, top four at the 'BBB' rating level, and
top two at the 'BB' level default and are recovered upon. The loss
severity for each loan is the higher of 50%, the loan's loss
severity, and the pool's weighted-average loss severity. The
expected loss for the pool is the higher of that number, and the
number is sized by applying our standard credit analysis as per our
"Australian RMBS Rating Methodology And Assumptions" criteria,
published Sept. 1, 2011."

-- That the asset pools continue to amortize, increasing the
susceptibility of the notes to event driven tail risks. The
smallest of these pools, as of June 30 2021, include Interstar
Millennium Series 2003-3G Trust, which has a remaining pool size of
A$8.7 million, comprising 147 consolidated loans; and Interstar
Millennium Series 2004-5 Trust, with a remaining pool balance of
A$10.1 million and 149 consolidated loans.

-- S&P said, "Our concerns over the potential for worsening
arrears and defaults as well as unexpected losses resulting in
strain on the transactions' cash flows in pools of assets this
small. Since our previous review, arrears have increased and as of
June 30, 2021, loans more than 30 days in arrears for each of these
transactions are greater than 10% (Interstar Millennium Series
2003-3G Trust is an exception, with 3.9% of loans more than 30 days
in arrears). A significant proportion of these arrears are
long-dated (greater than 90 days) and therefore have a
significantly higher risk of default, in our view." In addition, a
portion of loans in each of these pools are under COVID-19-related
hardship arrangements, which could put further upward pressure on
mortgage loan arrears. As of May 31, 2021, the proportion of each
pool under such arrangements ranged from 8% to 16%.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

S&P said, "Among the notes on which we affirmed our ratings, some
of them share some of the same risks faced by notes we downgraded.
These risks include high levels of arrears, borrower concentration,
and event risk. However, the notes on which we affirmed our ratings
have sufficient credit support provided by note subordination,
excess spread, and lenders' mortgage insurance at their current
rating levels to capture these risks. Our cash-flow analysis also
shows that these notes can meet timely payment of interest and
ultimate repayment of principal to the noteholders under their
respective rating stresses.

"Furthermore, our ratings on nine of the classes of notes we
affirmed are capped at the rating of the cross-currency swap
provider."

  Ratings Lowered

  Interstar Millennium Series 2002-1G Trust

   Class B: to BB (sf) from BB+ (sf)

  Interstar Millennium Series 2003-3G Trust

   Class B1: to BB- (sf) from BB+ (sf)
   Class B2: to BB- (sf) from BB+ (sf)

  Interstar Millennium Series 2004-5 Trust

   Class B: to BB (sf) from BB+ (sf)

  Interstar Millennium Series 2006-3L Trust

   Class B: to BBB- (sf) from BBB (sf)

  Challenger Millennium Series 2007-2L Trust

   Class B: to BBB- (sf) from BBB (sf)

  Ratings Affirmed

  Interstar Millennium Series 2003-3G Trust

   Class A2: AAA (sf)
   Class A3: AAA (sf)

  Interstar Millennium Series 2004-1E Trust

   Class A2: AA (sf)
   Class AB: A (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2004-2G Trust

   Class A: A+ (sf)
   Class AB: BBB+ (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2004-4E Trust
   Class A1: AA (sf)
   Class A2: AA (sf)
   Class AB: A (sf)
   Class B: BBB- (sf)

  Interstar Millennium Series 2005-1G Trust

   Class A: A (sf)
   Class AB: A (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2005-2L Trust

   Class A1: AAA (sf)
   Class A2: AAA (sf)
   Class AB: AA (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2005-3E Trust

   Class AB: AAA (sf)
   Class B: A (sf)

  Interstar Millennium Series 2006-1 Trust

   Class A: AAA (sf)
   Class AB: A (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2006-2G Trust

   Class A-1: A (sf)
   Class A-2: A (sf)
   Class AB: A (sf)
   Class B: BBB+ (sf)

  Interstar Millennium Series 2006-3L Trust

   Class A2: AAA (sf)
   Class AB: AA+ (sf)

  Interstar Millennium Series 2006-4H Trust

   Class A2: AAA (sf)
   Class AB: AAA (sf)
   Class B: BB+ (sf)

  Challenger Millennium Series 2007-1E Trust

   Class AB: AAA (sf)
   Class B: A (sf)

  Challenger Millennium Series 2007-2L Trust

   Class A: AAA (sf)
   Class AB: AAA (sf)

  Challenger Millennium Series 2013-1 Trust

   Class A: AAA (sf)

  Challenger Millennium NPL Trust

   Class A: A (sf)


ISTAYSAFE PTY: First Creditors' Meeting Set for Sept. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of iStaySafe
Pty. Ltd and Find-Me Technologies Pty Ltd will be held on Sept. 8,
2021, at 9:00 a.m. via electronic facilities.

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of iStaySafe Pty on Aug. 27,
2021.


MOSAIC BRANDS: 288 Stores Closed Since Start of Pandemic
--------------------------------------------------------
Daily Mail reports that fashion retailer Mosaic Brands has revealed
288 stores have been forced to close since the start of the
pandemic, only a day after the much-loved stationery brand kikki.K
collapsed in Australia.

The company, which owns brands like Rivers, Katies and Noni B, has
closed a staggering 165 stores since February this year alone.

'The group continued to engage with landlords in reshaping our
retail store rentals to the realities brought on by the pandemic,'
the document, lodged with the ASX, read, Daily Mail relays.

'Accordingly, the group closed 242 shops throughout the period (the
2020-21 financial year) where economical rentals could not be
achieved.'

A market update revealed the number of store closures had jumped
significantly from 123 in February to 212 just three months later
in May.

According to Daily Mail, the report blamed the mass shut-down on
stubborn landlords who had 'pre-pandemic expectations' and refused
to lower the rent.

Daily Mail says Chairman Richard Facioni revealed the gloomy update
during the company's latest corporate presentation and attempted to
put a positive spin on the closures.

Mr. Facioni defended the move and said the company had acted
'quickly and defensively' while under pressure from the Covid-19
pandemic.

He said Mosaic Brands was leading the way 'in publicly addressing
uncommercial and inflexible lease arrangements that the pandemic
served to highlight'.

Daily Mail relates that the chairman said a series of hard
decisions had been made to steer the company in the right direction
including lifting margins, reducing stock and preserving cash.

Mr. Facioni added his company was one of the hardest-hit by
Covid-19 and had suffered in the retail bloodbath that followed due
to its older customer base.  

The closure of the stores appears to have lightened the load on the
retailer with directors reporting a rapidly growing digital
business and surge in online sales.

The company has made an impressive return to pre-pandemic levels
with its full-year results displaying a doubling in net profit to
AUD2.78 million.

However shares in Mosaic Brands have taken a hit, down from its
12-month closing peak of AUD1.15 to 45 cents.

The business took a similar hit during last year's lengthy lockdown
announcing they would close up to 500 stores after being 'utterly
derailed' by the pandemic.

In a grim prediction of the future, chief executive Scott Evans
said at the time he expected the closure of 500 stores, the report
relays.

He said the company had reported a statutory loss before tax of
AUD212.1 million, a 1,900 per cent decline on the prior year's
profit of AUD11 million, according to Daily Mail.

While all retailers have felt the brunt of the pandemic, those with
a younger and tech-savvy demographic saw their online sales
increase.  

The company - which also oversees retailers Crossroads, Autograph,
Rivers, Millers and W.Lane - is still operating 1,091 stores across
Australia, Daily Mail says.


PEPPER I-PRIME 2021-2: S&P Assigns Prelim. B Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper I-Prime
2021-2 Trust. Pepper I-Prime 2021-2 Trust is a securitization of
prime residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

The preliminary ratings reflect:

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

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which will all be funded
by excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$150,000, funded by
Pepper Money Ltd. on or before closing, available to meet
extraordinary expenses. The reserve will be topped up via excess
spread if drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Pepper I-Prime 2021-2 Trust

  Class A1, A$595.00 million: AAA (sf)
  Class A2, A$65.15 million: AAA (sf)
  Class B, A$11.85 million: AA (sf)
  Class C, A$10.50 million: A (sf)
  Class D, A$7.00 million: BBB (sf)
  Class E, A$4.20 million: BB (sf)
  Class F, A$3.50 million: B (sf)
  Class G, A$2.80 million: Not rated


RESIMAC PRIME 2021-1: S&P Assigns Prelim BB (sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six classes of
prime residential mortgage-backed securities (RMBS) to be issued by
New Zealand Guardian Trust Co. Ltd. as trustee of RESIMAC Prime
Trust - RESIMAC Prime Trust Series 2021-1.

The preliminary ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, and excess spread (if any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 0.75% of the initial aggregate amount of the
notes and principal draws, are sufficient under S&P's stress
assumptions to ensure timely payment of interest on the rated
notes.

-- The extraordinary expense reserve of NZ$150,000, funded at
transaction close and available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by Westpac Banking Corp. and Bank of New Zealand to
hedge the mismatch between receipts from fixed-rate mortgage loans
and the variable-rate RMBS.

-- In 2020, S&P updated its outlook assumptions for New Zealand
RMBS in response to changing macroeconomic conditions as a result
of the COVID-19 outbreak. As of July 31, 2021, there are no
borrowers with COVID-19-related hardship arrangements present
within the pool.

  Preliminary Ratings Assigned

  RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1

  Class A1, NZ$255.00 million: AAA (sf)
  Class A2, NZ$24.60 million: AAA (sf)
  Class B, NZ$6.00 million: AA (sf)
  Class C, NZ$5.40 million: A (sf)
  Class D, NZ$3.75 million: BBB (sf)
  Class E, NZ$2.25 million: BB (sf)
  Class F, NZ$3.00 million: Not rated




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

BAOJI INVESTMENT: Fitch Lowers LT IDRs to 'BB', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Baoji Investment (Group)
Co., Ltd.'s (BIG) Foreign- and Local-Currency Issuer Default
Ratings (IDR) to 'BB' from 'BB+'. The Outlook is Stable. Fitch has
also downgraded the rating on BIG's USD80 million 7.0% senior
unsecured notes due December 2021 to 'BB', from 'BB+'. The ratings
have been removed from Rating Watch Negative (RWN).

The downgrade follows Fitch's reassessment of BIG's financial
implications of default to 'Moderate', from 'Strong', to reflect
its weakening capital market access amid ongoing credit incidents
that involve local government-related entities (GRE). The change of
assessment resulted in a lower overall support score to 25, from
previous 30.

The ratings were placed on RWN on 13 July 2021 following a
portfolio review of Chinese GREs. The RWN reflected a potential
reassessment of the financial implications of default attribute
under Fitch's GRE Rating Criteria.

KEY RATING DRIVERS

'Moderate' Financial Implications of Default: Fitch has revised the
financial implications of a BIG default to 'Moderate', from
'Strong', due to the weakening market perception of Baoji's local
GREs, which Fitch believes will impair BIG's funding capability and
lower the further contagion risk of a local GRE default. This is
due to the increase in credit incidents, mainly the late or
non-payment of some non-traditional debt, such as financial
leasing, at some local non-core GREs.

Most of these incidents have been resolved, but Fitch believes they
have created weak market sentiment, which could hinder BIG's
funding access, drive up its funding costs and stress its borrowing
terms. Nonetheless, Fitch expects a default of BIG would still
damage the reputation of Baoji municipality and impair funding
access for local GREs, considering BIG is the municipality's
primary urban developer and public service provider and that its
business has a high policy intensity.

'Very Strong' Status, Ownership and Control: BIG is registered as a
state-owned limited liability company under Chinese company law.
Fitch's 'Very Strong' factor assessment considers the government's
tight control and oversight over BIG's operations and financing.
The government appoints most of BIG's board members, approves major
projects and closely monitors its financing plans and debt levels.
The company is also required to regularly report its operational
and financial results to the government.

'Strong' Support Record: BIG received around CNY2.6 billion in
subsidies over 2016-2020, accounting for 69% of Fitch-adjusted
EBITDA. This support facilitated BIG's public services, including
public transportation, social housing and underground pipeline
construction. The company also received capital injections and debt
swaps to enhance its financial flexibility.

'Moderate' Socio-Political Implications of Default: BIG is a
flagship GRE in Baoji due to its functional businesses, including
urban development, heating, water supply and sewage treatment.
However, it operates mainly under government concessions. This
means it can be replaced by other GREs if it defaults, with only
temporary disruption to services. In addition, most of BIG's
functional businesses are provided through subsidiaries, which
would limit the impact on the city should it default.

No change to 'b' SCP: BIG's Standalone Credit Profile (SCP) is
derived from its 'Weaker' revenue defensibility, 'Midrange'
operating risk and 'Weaker' financial profile. Its revenue
defensibility assessment is constrained by its high geographical
concentration and the limited pricing flexibility of its utility
businesses, such as heating and water supply, and public transport
services. BIG's operating risk reflects its strong market position
in Baoji and satisfactory funding access.

Its 'Weaker' financial profile stems from high leverage, which was
around 20x at end-2020. Fitch projects leverage to rise to around
25x by 2025, considering BIG's debt-funded capex and the
profitability constraints of its functional businesses. The company
had also provided CNY6.3 billion in external guarantees to smaller
local GREs that rely on government support and land sales as at
end-2020. Fitch believes this could increase BIG's financial risk
in light of the volatility and limited visibility of the local land
market.

DERIVATION SUMMARY

BIG's ratings are assessed under Fitch's GRE Rating Criteria, with
a total GRE score of 25. The assessment factors in the
municipality's 100% ownership, direct control and support for the
company. Fitch also considers the strategic importance of BIG's
public-sector business to the municipality and believes the local
government has an incentive to support the company, because a BIG
default could have social and financial implications for the
municipality.

BIG's ratings also take into account its SCP, which is assessed at
'b', under the Public Sector, Revenue-Supported Entities Rating
Criteria.

RATING SENSITIVITIES

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

-- An upgrade may be triggered by a firmer internal assessment of
    the creditworthiness of Baoji municipality or the incentive to
    provide support, including stronger socio-political and
    financial implications of default, and support record.

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

-- The rating may be downgraded upon a significant weakening in
    the socio-political and financial implications of default, a
    weaker support record or a dilution of the government's
    shareholding. A downgrade may also stem from weaker municipal
    fiscal performance or increased debt, leading to deterioration
    in the sponsor's creditworthiness

-- Rating action on BIG would lead to similar action on its US
    dollar notes.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

BIG, established in 2006, serves as a functional GRE in China's
Baoji municipality. BIG has a wide business scope, including
infrastructure development, affordable housing construction, public
transportation, water and heating supply, and sewage treatment. It
had total assets of CNY54.6 billion at end-March 2021.

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.


BINHAI INVESTMENT: Fitch Affirms 'BB+' LT IDRs, Outlook Positive
----------------------------------------------------------------
Fitch Ratings has affirmed China-based city-gas operator Binhai
Investment Company Limited's Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Positive.
Fitch has also affirmed Binhai's senior unsecured rating at 'BB+'.

The Positive Outlook reflects Fitch's expectation that Binhai's
funds from operations (FFO) net leverage may trend below 4.0x.

Fitch expects Binhai to pursue a growth strategy on improved access
to gas supply and financing, after Sinopec Great Wall Gas became
the second largest shareholder. A successful and prudent execution
of its growth plan can enhance Binhai's operating scale and
competitive position, but Fitch will seek more clarity on its pace
of capex and funding structure as it executes the plan over the
next 12-18 months.

Binhai's ratings have a one-notch uplift from its Standalone Credit
Profile (SCP) of 'bb', to reflect support from the Tianjin
municipal government, under Fitch's Government-Related Entities
(GRE) Rating Criteria.

KEY RATING DRIVERS

Lower Procurement Costs: Binhai expanded its dollar margin in 2020
and 1H21, mainly on lower procurement costs, whereas most peers
reported margin declines in 1H21. Seven new projects were connected
piped gas resources, which greatly lowered procurement costs, and
it expects another two projects to be connected in 2H21. The
strategic alliance with China Petroleum & Chemical Corporation
(Sinopec) (A+/Stable), also grants Binhai access to lower-cost gas
for its incremental volume, which usually has a higher cost than
contracted volume.

Expanding Industrial Users: Fitch expects higher gas sales volume
on robust industrial gas usage. Fitch expects industrial conversion
to gas under the carbon-neutral mandate will be a key growth driver
for China's gas consumption in the medium term, and Binhai has a
competitive edge with its alliance with Sinopec and its strong
footprint in the Hebei Tianjin area and east China where industrial
demand is high. The company has signed several large users,
including power and heating plants and industrial parks, in its
concession areas.

Industrial gas sales increased by 24% in 1H21. Fitch expects a
growth rate of around 40% with commissioning of the Junliangcheng
power plant in 2H21, and around 20%-30% in 2022-2024.

Dollar Margin to Decline: Fitch expects the dollar margin to
decline in 2H21 due to rising gas costs and changes in customer
mix. Fitch expects upstream suppliers to see higher gas import
costs in 2H21 with an increase in the crude-linked contract price
and a substantial rally in spot prices. This together with strong
local demand will push up procurement costs for city gas
distributors.

Most regions have a cost pass-through mechanism, but Fitch expects
Binhai to bear part of the cost rise for industrial customers to
help expand its customer base. Large industrial users also have a
lower than average dollar margin, further dragging down the blended
margin. The residential dollar margin will see a lower impact
because Binhai has locked winter usage at the city gate price.

Lower Connection: Newly connected residential households have been
on downward trend since 2H20. Binhai expects this to continue in
2H21 as previous rural coal-to-gas projects end. Connections could
rise with expansion into new regions, but there will be a time lag.
So Fitch expects connection EBITDA to decline by 6% in 2021 and be
flat in 2022, before rising in 2023. Lower connection contributions
could be positive to cash flow stability as it is non-recurring in
nature. However, this will offset strong gas sales growth, leading
to lower near-term EBITDA growth.

Deleverage on Earnings Growth: FFO net leverage of 4.7x in 2020 was
higher than Fitch expected due to the purchase of financial assets
and a construction prepayment, but net leverage fell in 1H21 driven
by strong earnings on expansion in the gas sales dollar margin and
industrial volume. Fitch expects 2H21 EBITDA to be weaker than in
1H21 on higher gas procurement costs as spot gas prices rise, and a
potential decline in residential connection volume, but Fitch
thinks full-year net leverage is likely to fall below 4.0x.

Aggressive Investment Plan: Fitch has lifted its future capex
assumptions, to reflect management's more aggressive investment
appetite, which includes upstream storage tanks and expansion of
new gas projects. The plan has not been approved yet, and
management expects part of the investment to be funded by
shareholders' cash or asset injections and equity funds. However,
this could lead to a higher net debt level, leading to
uncertainties in its deleverage trajectory.

Weak to Moderate Linkage with Government: The 'Weak' status,
ownership and control assessment reflects the Tianjin government's
minimal involvement in Binhai's operations, and key investment and
financing decisions. The 'Moderate' assessment of support mainly
reflects the government's past support for Binhai's predecessor,
Wah Sang Gas Hld Ltd, between 2004 and 2009 when it was in
distress. The Tianjin government also helped coordinate offshore
lenders for the refinancing of Binhai's US dollar bond that matured
in 2020.

'Moderate' Socio-Political Implications of Default: The company
supplies around 50% of the gas in Tianjin's Binhai New District,
and a default may disrupt the public service. However, the impact
is unlikely to be significant as there are alternative gas sources,
and Binhai's share of the supply for the whole of Tianjin is
small.

'Moderate' Financial Implications of Default: Binhai is smaller
than other Tianjin state-owned enterprises (SOEs). However, a
default of Binhai will negatively affect market sentiments towards
its immediate parent, TEDA Investment Holding Company Ltd, which is
one of the largest funding vehicles in Tianjin, as well as other
local GREs.

DERIVATION SUMMARY

Binhai's SCP is assessed at 'bb'. Binhai's scale is much smaller
than Fitch-rated city gas distributors such as ENN Energy Holdings
Limited (BBB/Stable), and its profitability is also more volatile
due to lower asset diversification and higher contributions from
gas connections. Binhai's leverage is also higher than that of ENN
Energy. Binhai is smaller in size than Zhongyu Gas Holdings Limited
(B+/Positive). However, Binhai has a gas procurement advantage
compared with Zhongyu Gas due to its strategic alliance with
Sinopec. This is evident in the diverging dollar margin trend for
the two companies in 1H21 as gas costs rose. Binhai also has lower
leverage than Zhongyu Gas.

Binhai's IDR incorporates a one-notch uplift for potential support
from the Tianjin government, under Fitch's GRE Rating Criteria.
Compared with other GRE peers like Shanghai Construction Group Co.,
Ltd. (BBB+/Stable), Binhai scores 'Weak' under status, ownership
and control as the government has no influence on its operational
and financial activities. However, it has a 'Moderate' assessment
under the social-political implications of default, while Shanghai
Construction is assessed as 'Weak'. This is because Shanghai
Construction operates in purely commercial businesses where its
default will have limited consequences, while Binhai's gas
provision is closely linked to the wellbeing of its users,
especially during the winter heating season.

KEY ASSUMPTIONS

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

-- Gas sales volume to increase by 30% in 2021, 22% in 2022, and
    17% in 2023 and 2024;

-- Gas sales dollar margin to decline slightly from 2020 levels
    on mix changes and higher procurement costs;

-- Gas connections to decline in 2021, and gradually recover from
    2022;

-- Gas transmission volume to increase by 20% in 2021, and then
    3%-5% in 2022-2024;

-- Cash capex at HKD650 million in 2021, rising to HKD820
    million-850 million in 2022-2024;

-- Dividend payout ratio at 35%.

RATING SENSITIVITIES

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

-- Fitch may revise Binhai's SCP to 'bb+' upon clarity of
    Binhai's growth strategy and capex, which can allow it to keep
    FFO net leverage below 4.0x for a sustained period of time.

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

-- Fitch will revise the Outlook to Stable if the company does
    not meet the positive guidelines for its SCP.

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

Satisfactory Liquidity: Binhai had short-term debt of HKD1,097
million as end of June 2021, against readily available cash of
HKD889 million. It also has HKD190 million invested in financial
assets that could be redeemed soon for debt repayment. Binhai's
short-term debt dropped significantly after it repaid a USD300
million bond in 2020, and refinanced its bridge loan with a
three-year-tenor syndicate loan in June 2021. Fitch thinks an
onshore working-capital loan can be rolled over given its solid
operating performance, and project loan amortisation can be easily
covered by cash generated at the project-company level.

ISSUER PROFILE

Binhai is a medium-sized city gas distributor. It is 39.5% owned by
TEDA, which is wholly owned by Tianjin municipality. Great Wall
Gas, a subsidiary under Sinopec, is its second largest shareholder
with 29.99% shareholding.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Binhai's IDR incorporates a one-notch uplift from Tianjin
municipality.

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.


CHINA EVERGRANDE: Total Liabilities Swell to Over USD300 Billion
----------------------------------------------------------------
Bloomberg News reports that on the face of it, China Evergrande
Group made progress cutting its debt load in the first half of the
year. On closer examination, paying its dues got even harder.

Evergrande's total liabilities including bills owed to suppliers
rose to CNY1.97 trillion (USD305 billion) as of June 30, near a
record high, results showed on Aug. 31, Bloomberg discloses.  While
its borrowings shrank to CNY572 billion, the group's cash and cash
equivalents plunged to a six-year low.

Bloomberg says the upshot: Evergrande will need to accelerate asset
sales and continue to aggressively discount apartment prices to
generate enough cash to meet its obligations. The world's most
indebted developer is all too aware of what's at stake, saying it
risks defaulting on borrowings if its all-out effort falls short.

"Now it's at a critical point," Bloomberg quotes Chuanyi Zhou, a
credit analyst at Lucror Analytics, as saying. "If asset sales and
introduction of new investors don't progress well and meet the
government's expectation, a default is likely to happen, possibly
followed by an out-of-court arrangement with creditors."

Bloomberg relates that Evergrande said it's exploring the sale of
interests in its listed electric vehicle and property services
units, as well as other assets, and seeking to bring in new
investors and renew borrowings. Sharp discounts to swiftly offload
apartments cut into margins in the first half, helping push net
income down 29% to CNY10.5 billion ($1.6 billion), in line with an
earlier profit warning.

"The group has risks of defaults on borrowings and cases of
litigation outside of its normal course of business," the
Shenzhen-based company said in the statement. "Shareholders and
potential investors are advised to exercise caution when dealing in
the securities of the group."

Evergrande's 8.25% dollar due in March fell 1.1 cent on the dollar
to 43.7 cents on Sept. 1, according to Bloomberg-compiled data, on
pace for a fresh record low. Its shares fell as much as 2.5% in
Hong Kong, taking this year's decline to 71%.

"Evergrande's gross margin could compress further on the potential
fire sale of its properties," said Bloomberg Intelligence analysts
Patrick Wong and Lisa Zhou. The gauge of profitability is the
lowest among major developers tracked by BI due to aggressive
promotions and price cuts, they wrote in a note.

With banks, suppliers and homebuyers exposed to the real estate
giant, any collapse could roil China's economy, raising questions
over whether it might receive state support. Regulators urged
Evergrande to resolve its debt woes in a rare public rebuke earlier
this month, recalls Bloomberg.

According to Bloomberg, Evergrande said some property development
payables were overdue, leading to the suspension of work on some
projects. The company is negotiating with suppliers and
construction contractors to resume the work, it added.

"The group will do its utmost to continue its operations and
endeavor to deliver properties to customers as scheduled," it said.
Evergrande's trade and other payables climbed 15% from six months
earlier to a record CNY951.1 billion, the results showed, Bloomberg
relays.

According to Bloomberg, the company still falls short on two of
China's so-called three red lines -- metrics imposed on developers
as part of a crackdown on leverage in the industry. It has pledged
to meet all three by December 2022.

One measure -- the ratio of cash to short-term borrowings, a gauge
of liquidity -- worsened in the period to 36% from 47% at the end
of last year, as its cash and equivalents plunged to the lowest in
six years, Bloomberg calculations based on the results show.

                        About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on Aug. 5, 2021, downgraded China Evergrande Group
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its long-term
issue rating on the U.S. dollar notes issued by Evergrande and
guaranteed by Tianji to 'CCC-' from 'CCC+'. The negative outlook
reflects Evergrande's increasing strained liquidity and nonpayment
risk. It also reflects S&P's view that its asset disposal plan,
though potentially substantial, lacks visibility or certainty.


JIUQUAN IRON: Fitch Lowers Foreign Currency IDR to 'BB+'
--------------------------------------------------------
Fitch Ratings has downgraded China-based Jiuquan Iron and Steel
(Group) Co., Ltd.'s (JISCO) Long-Term Foreign-Currency Issuer
Default Rating (IDR) and senior unsecured rating to 'BB+' from
'BBB-'. The Outlook on the IDR is Stable. Fitch has also downgraded
the rating of its USD300 million 7% senior notes due 2022 issued by
its wholly owned subsidiary, Jisco SR Pearl Ltd., to 'BB+' from
'BBB-'. The notes are fully guaranteed by JISCO. The ratings were
removed from Rating Watch Negative (RWN).

The ratings were placed on RWN on 13 July 2021 after a peer review
on Fitch's expectation the differentiation in the state's support
to Chinese government-related entities (GRE) will intensify. State
financial support to strategically important GREs will continue,
while GREs with marginal roles or those that are active in sectors
with overcapacity or low priority will be threatened.

The downgrade is driven by the lowering of JISCO's GRE scoring
under Fitch's Government-Related Entities Rating Criteria, which
resulted in a rating approach change, as well as a reassessment of
JISCO's Standalone Credit Profile (SCP) on the back of robust
commodity prices and limited capex.

KEY RATING DRIVERS

Reassessment of GRE Factor: Fitch has reassessed the financial
implications of a JISCO default, one of the four factors
contributing to the GRE score, as 'Moderate' rather than 'Strong'.
This lowered the score to 17.5 points from 22.5 points earlier,
which resulted in the change in Fitch's rating approach to notching
up the IDR from JISCO's SCP after previously notching it down from
Fitch's internal assessment of the creditworthiness of Gansu
province, the indirect 100% owner of the company.

The reassessment is driven by JISCO's scale relative to its rated
peer, Jinchuan Group Co., Ltd. (BBB-/Stable), the largest GRE in
Gansu by revenue. JISCO's revenue is about half that of Jinchuan,
even though it is the second-largest GRE in Gansu by revenue and
the third-largest by assets. In addition, its outstanding domestic
bond issuance is lower than that of other rated Gansu GREs, such as
Jinchuan, which are assessed as 'Strong' on the financial
implications of default.

Strong' Ownership: Fitch assesses JISCO's status, ownership and
control by the Gansu government as 'Strong' due to the company's
strategic importance to the province as the sole provincial steel
platform and the largest producer in north-west China. JISCO
accounts for 80% of the province's steel output.

'Moderate' Support Record: The company has received intangible and
financial support from the provincial government, including
subsidies for its steel and Jamaica bauxite projects, easy access
to bank financing, as well as equity injections. However, these
forms of support have not been consistent and are insufficient to
maintain JISCO's standalone financial position at a reasonably
healthy level.

'Moderate' Socio-Political Impact of Default: Fitch assesses the
socio-political implications for the Gansu government, should JISCO
default, as 'Moderate' because it could result in a temporary steel
shortage in the region. JISCO's failure may disrupt supply to local
infrastructure and property projects that rely on steel products
given its dominant market position in Gansu and north-western
China. JISCO was established initially under China's strategic plan
to establish a steel production base in the region.

Improving SCP: JISCO's SCP was raised to 'b+' from 'b-', driven by
strong aluminium and steel prices year to date in 2021, which are
likely to be sustained in the medium term, and limited capex. Fitch
expects JISCO's funds from operations (FFO) to rise to CNY6.0
billion-8.0 billion a year, from CNY4.0 billion in 2020, while its
mandatory capex will remain largely stable at CNY2.5 billion a
year. Therefore, Fitch expects its FFO net leverage to improve and
stay at 4.0x-5.0x and FFO interest coverage to remain above 3.0x in
the next one-two years.

DERIVATION SUMMARY

Fitch uses a bottom-up approach to rate JISCO under Fitch's
Government-Related Entities Rating Criteria, which results in the
'BB+' IDR that is three notches above the SCP of 'b+'. This is
based on Fitch's assessment of its 'Strong' status, ownership and
control, and 'Moderate' support record, socio-political and
financial implications of default.

The three-notch uplift is wider than that of Shanghai Huayi (Group)
Company (BBB-/Stable, SCP: bb), which is a medium-sized chemical
company wholly owned by the Shanghai State-owned Assets Supervision
and Administration Commission (SASAC), and the same as that of
Beijing Capital Group Company Limited (BBB/Stable; SCP: bb), a
conglomerate wholly owned by the Beijing SASAC, which is mainly
engaged in utility and property businesses.

KEY ASSUMPTIONS

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

-- Revenue growth of 15% in 2021, -4% in 2022, -2% in 2023 and 1%
    in 2024;

-- EBITDA margin of around 9.8% in 2021, and 7.7%-8.5% over 2022
    2024;

-- Capex of CNY2.5 billion per year over 2021-2024.

RATING SENSITIVITIES

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

-- Stronger likelihood of support from Gansu province to JISCO;

-- FFO net leverage below 4.0x on a sustained basis (2020: 8.6x);

-- Reduction of reliance on short-term debt on a sustained basis.

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

-- Weaker likelihood of support from Gansu province to JISCO;

-- FFO net leverage above 5.0x on a sustained basis (2020: 8.6x).

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: JISCO had cash and equivalents of CNY5.2
billion and short-term debt of CNY41 billion as of end-2020. Its
debt maturity profile is concentrated in the short term, accounting
for around 70% of total debt. JISCO had total unused and
uncommitted credit facilities of about CNY24.6 billion at end-March
2021. The unused portion is insufficient to cover its short-term
debt, but the company has been able to consistently roll over its
short-term debt with banks due to its status as a key local
state-owned enterprise (SOE).

ISSUER PROFILE

JISCO, wholly owned by the Gansu government, is the second-largest
SOE under the provincial SASAC by revenue and third by assets. It
derives around 80% of its gross profit from steelmaking and
aluminium smelting, with the rest from property, logistics,
machinery and agricultural products. JISCO's business and
operations are concentrated in Gansu and the north-west region.

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.


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.


SHANGRAO INNOVATION: Fitch Lowers LT IDRs to 'BB-', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded China-based Shangrao Innovation
Development Industry Investment Group Co., Ltd.'s (SIIG) Long-Term
Foreign- and Local-Currency Issuer Default Ratings to 'BB-' from
'BB' and removed them from Rating Watch Negative (RWN). The Outlook
is Stable.

Fitch placed the Issuer Default Ratings of SIIG, and those of a
number of Chinese government-related entities (GREs), on RWN on 13
July 2021 following a portfolio review of Chinese state-owned
entities (referred to as GREs). The RWN reflected the potential
reassessment of the company's financial implications of default
attribute under Fitch's Government-Related Entities Rating
Criteria.

The downgrade follows Fitch's downward revision of the financial
implications of default rating factor to 'Moderate' from 'Strong',
reflecting Fitch's belief the company has experienced some
difficulties in accessing capital-market debt due to the
deterioration of the credit profiles of similar entities. The
deterioration in financing capacity or financing resilience may
weaken the financial implications of default for its sponsoring
government or other GREs under the same sponsor.

SIIG's rating continues to reflect the Shangrao municipality's
ownership and oversight, a record of financial support by the
government and the company's functional role in the city's
development. These factors indicate a strong incentive by the
sponsor to provide extraordinary support to SIIG, if needed.

KEY RATING DRIVERS

'Moderate' Financial Implications of Default: Fitch lowered the
attribute assessment from 'Strong', to reflect Fitch's belief that
the company has experienced volatility in the capital market due to
the tightening of government policies and investor concerns over
deterioration of the credit profiles of similar entities. In light
of its relatively short debt life, Fitch believes that this could
lead to lower financing resilience, and thus reduce the cost and
access implications of a default; although the company remains a
regular onshore issuer at present.

Fitch believes a financial failure of SIIG would still have
'Moderate' implications as the company remains as a major GRE in
Shangrao by total assets and continues to have an important policy
role. Assets and liability of its infrastructure construction
subsidiaries account for over 90% of the total balance sheet of the
company. A failure by the government to provide timely support to
SIIG, leading to a default by the company, could imply the
government is in financial difficulty and hurt its credibility.

'Very Strong' Status, Ownership, and Control: SIIG is a limited
liability company wholly owned, controlled and supervised by
Shangrao municipality via the Shangrao State-owned Assets
Supervision and Administration Commission, which owns a 55% stake,
and the Shangrao Economic and Technical Development Zone (ETDZ)
Management Committee, which holds the remaining 45%. Shangrao
municipality's approval is required for senior management
appointments, and major investment and financing activities.

'Strong' Support Record and Expectations: SIIG receives regular
contracted payments from the Shangrao ETDZ Management Committee for
its commissioned urban-development projects. It uses a cost-plus
business model with margins of 6%-18%. Transfers and grants
accounted for around 16% of total revenue on average in the past
five years. The company also has received capital injections from
the public sector regularly in the past and has the sole franchise
rights to supply water and treat sewage in the Shangrao ETDZ, with
support such as operating subsidies and taxation benefits.

'Moderate' Socio-Political Implications of Default: SIIG relies on
access to debt funding to continue its projects, especially those
that can cause social problems if delayed, including resettlement
housing. However, it has a diverse project portfolio and if a
default occurs, the municipality may use administrative and fiscal
measures to ensure operations are not disrupted on a long-term
basis.

Standalone Credit Profile 'b': Fitch has assessed SIIG's revenue
defensibility as 'Midrange'. Its urban-development and utility
businesses have a diversified project or user portfolio, although
they are mainly concentrated in the Shangrao ETDZ. The industrial
investment business focuses on Shangrao's flagship industrial
enterprises, including automobile and photovoltaic industries. Cost
pass-through mechanisms are in place to smooth over price
volatility. Fitch assesses the operating risk at 'Midrange' based
on its relatively predictable cost structure and long investment
horizon. Fitch assesses its financial profile at 'Weaker' due to
high leverage from heavy capex. Fitch assumes that SIIG will, in
the medium term, continue to be the principal urban-development
company in Shangrao ETDZ that obtains project mandates from the
government.

DERIVATION SUMMARY

Fitch assessed SIIG under Fitch's Government-Related Entities
Rating Criteria, reflecting Shangrao municipality's ultimate
ownership and oversight over SIIG, a record of financial support
and the company's functional role in the city's development, a key
strategic initiative of the government. These factors indicate a
strong incentive by the sponsor to provide extraordinary support to
SIIG, if needed.

SIIG's IDR was derived from the four factors under the
Government-Related Entities Rating Criteria and the Standalone
Credit Profile is derived from Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

-- Upward revision in Fitch's credit view of the Shangrao
    municipality's ability to provide subsidies, grants or other
    legitimate resources allowed under China's policies and
    regulations;

-- An increase in Shangrao's incentive to support SIIG, including
    stronger socio-political and financial implications of a
    default or a stronger support record;

-- An improvement in the Standalone Credit Profile of SIIG.

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

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

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

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

SIIG is one of the largest government-related entities in Shangrao
municipality in China's Jiangxi province. It is mainly engaged in
infrastructure construction, industrial investment on behalf of the
Shangrao municipality, supplying water and providing sewage
treatment.

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.


ZENSUN ENTERPRISES: Moody's Assigns 'B3' Rating to New USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 backed senior unsecured
debt rating to the proposed USD notes to be issued by Zensun
Enterprises Limited. The notes will be irrevocably and
unconditionally guaranteed by Zensun Group Limited (Zensun, B2
stable).

The outlook on the rating is stable.

Zensun plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

Zensun's B2 Corporate Family Rating (CFR) reflects the company's
established brand name and leading market position in Zhengzhou,
Henan province; and established track record of urban redevelopment
projects in the city, supporting its ability to acquire new
contracts for redevelopment projects in Zhengzhou.

However, Zensun's B2 CFR is constrained by the company's moderate
operating scale with high geographic concentration in Henan
province; increased execution risks associated with its expansion
outside of its home market; and its small land bank, which results
in higher requirements than peers to replenish its land bank to
support sales.

"The bond issuance, if executed as planned, will improve Zensun's
liquidity profile, while not meaningfully affecting the company's
credit metrics, because the proceeds are primarily used for debt
refinancing,", says Daniel Zhou, a Moody's Analyst.

On August 31, 2021, Zensun announced an offer to exchange the
existing notes due in October 2021, which has an outstanding
principal amount of about USD340 million.

Zensun's liquidity is adequate. Its total cash holdings of RMB6.1
billion, including restricted cash of RMB2.6 billion, covered 78%
of its short-term debt as of the end of 2020. Moody's expects the
company's cash holding and operating cash flow to be sufficient to
cover its maturing debt and committed land payments over the next
12-18 months.

Moody's expects the company's leverage, measured by
revenue/adjusted debt, to strengthen to 100%-110% in 2021-22 from
87% in 2020. This is supported by Zensun's recovery in revenue
bookings from a weak level in 2020, and mild debt growth with more
controlled expansion.

Meanwhile, Zensun's adjusted EBIT/interest coverage will moderate
to 2.3x-2.5x over the next one to two years from 2.6x in 2020, as
the above positive factors are offset by weaker profitability and
higher interest costs. Moody's projects Zensun's reported gross
margin will decline to 18%-20% over the next 12-18 months from 25%
in 2020, mainly attributable to rising land costs, as well as lower
selling prices for its policy-related housing projects.

Moody's forecasts Zensun's annual contracted sales will rise mildly
to RMB34 billion in 2021 from RMB33 billion in 2020. This is
supported by Zensun's improved sales execution in its home market,
as well as a low base in 2020. Zensun's gross contracted sales grew
by 45% year-over-year to RMB18 billion in the first six months of
2021, as market conditions recovered from the coronavirus pandemic
disruptions. The sales growth will support the company's liquidity
and revenue growth over the next 12-18 months.

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

In terms of environmental, governance and social (ESG) factors,
Moody's has considered the company's private company status and
concentrated ownership. Zensun has also undertaken a significant
amount of related-party transactions with its subsidiary Zhenyang
Construction (ZYC). However, Moody's expects Zensun's transactions
with ZYC, mainly conducted through its Hong Kong listed subsidiary
Zensun Enterprises Limited, to be subject to the regulatory
corporate governance standards of Hong Kong Exchange. In addition,
Zensun has not paid out dividends over the past three years.

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

The stable outlook reflects Moody's expectation that Zensun will
maintain adequate liquidity and access to various onshore and
offshore funding channels over the coming 12-18 months.

Moody's also expects Zensun to maintain its business scale and cash
collection over the same period.

Moody's could upgrade Zensun's ratings if it sustains growth in
contracted sales (excluding resettlement sales) and revenue without
sacrificing its profit margin significantly; improves its land bank
size and diversifies its geographic coverage; and strengthens its
liquidity position, with cash/short-term debt remaining
consistently above 1.0x, while maintaining its credit metrics
largely stable.

On the other hand, Moody's could downgrade the ratings if Zensun
fails to execute its business plans and maintain a largely stable
operating scale; its liquidity deteriorates because of its
inability to improve its sales or cash collection, or it pursues an
aggressive land acquisition strategy; or its credit metrics weaken
materially.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 1.5x or cash/short-term debt failing to
trend towards 1.0x over the next 12-18 months.

Any signs of a weakening in access to funding or any disruptions to
its refinancing activities will also strain Zensun's ratings.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zensun Group Limited is a residential developer based in Zhengzhou,
China. The company is 100% owned by Ms. Huang Yanping and Mr. Zhang
Jingguo. As of June 30, 2021, Zensun's land bank totaled 8.2
million square meters of saleable gross floor area (including
around 20% of underground floor area).


ZHAOJIN MINING: S&P Affirms 'BB+' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings, on Aug. 31, 2021, affirmed its 'BBB-' long-term
issuer credit rating on Shandong Gold Group Co. Ltd. (SDG) and the
'BBB-' long-term issue rating on the U.S. dollar-denominated senior
unsecured notes that the company guarantees. S&P also affirmed its
'BB+' long-term issuer credit rating on Shandong Zhaojin Group Co.
Ltd. and the 'BB+' long-term issue rating on the senior unsecured
notes that the company guarantees. The rating outlook is stable for
SDG and Zhaojin Mining.

S&P said, "We took these actions because we believe China has made
material progress in strengthening the institutional framework (IF)
of its local and regional governments (LRGs). Our recently updated
IF assessment on China's LRG sector concluded that improvements
such as tighter scrutiny on fiscal, debt, and government-related
entities (GREs) risks at the local level will generally improve the
debt-servicing ability and credit quality of the country's LRGs.

"However, we expect extraordinary government support to become
increasingly selective for GREs, given better central management
and enhanced local discipline. This will have positive credit
implications for some entities and neutral or negative ones for
others. Our rating on a GRE is based on the combination of its
stand-alone credit profile (SACP), its likelihood of receiving
timely and sufficient extraordinary government support, and the
credit assessment of the relevant LRG, which is in part based on
the LRG's IF assessment. Given this, the LRG's IF assessment has an
indirect influence over the rating on its GREs.

Rationales For Rating Actions On Individual Companies

Shandong Gold Group Co. Ltd.

S&P said, "In our view, SDG will remain one of the largest players
in China's gold mining industry and continue to have a high
likelihood of receiving extraordinary support from the Shandong
government if needed.

"We revised down SDG's SACP to 'bb-' from 'bb' to reflect the
company's higher leverage over the next 12-24 months. This is due
to production halt amid mine safety inspection this year and
sustained high capital expenditure. Therefore, we have revised our
comparable rating analysis to neutral from positive.

"SDG's credit metrics will likely temporarily breach our downgrade
trigger this year amid its mine safety inspection in Shandong. We
expect its operations to gradually recover and generate healthy
operating cash flow from 2022. Its leverage will remain elevated
due to significant investments."

Zhaojin Mining Industry Co. Ltd.

Zhaojin Group will remain one of the largest gold miners in China
and its leverage will stay high over the next 12-24 months. S&P
anticipates that Zhaojin Mining will remain a core subsidiary of
Zhaojin Group, and that the parent will have a high likelihood of
receiving extraordinary government support in the case of financial
distress.

S&P said, "We revised downward Zhaojin Group's likelihood of
receiving extraordinary government support to high, from very high,
because support is likely to become increasingly selective for the
local GREs under the improved institutional framework. Weakening
government support for the group should partly offset the improving
credit profile of the Zhaoyuan government. We continue to believe
that Zhaojin Group will remain the largest gold producer in
Zhaoyuan city and play an important role in the local gold sector
and the local economy over the next three years at least.

"Our rating on Zhaojin Mining is linked to the credit profile on
parent Shandong Zhaojin Group Co. Ltd. The group's EBITDA interest
coverage ratio will likely breach our downgrade trigger due to the
mine safety inspection affecting production this year. We
anticipate its operations will gradually recover and normalize from
2022 with the coverage ratio continuing to hover around 2.0x before
Haiyu mine's output increase in 2024."

  RATING SCORE SNAPSHOTS

  Shandong Gold Group Co. Ltd.

  Issuer Credit Rating: BBB-/Stable/--
  Business risk: Fair
  Country risk: Moderately high
  Industry risk: Moderately high
  Competitive position: Fair
  Financial risk: Aggressive
  Cash flow/Leverage: Aggressive
  Anchor: bb-

  Modifiers

  Diversification/Portfolio effect: Neutral (No impact)
  Capital structure: Neutral (No impact)
  Liquidity: Adequate (No impact)
  Financial policy: Neutral (No impact)
  Management and governance: Fair (No impact)
  Comparable rating analysis: Neutral (No impact)
  Stand-alone credit profile: bb-
  Likelihood of government support: High (+3 notches from SACP)

  Zhaojin Mining Industry Co. Ltd.

  Issuer Credit Rating: BB+/Stable/--
  Business risk: Fair
  Country risk: Moderately high
  Industry risk: Moderately high
  Competitive position: Fair
  Financial risk: Aggressive
  Cash flow/Leverage: Aggressive
  Anchor: bb-

  Modifiers

  Diversification/Portfolio effect: Neutral (No impact)
  Capital structure: Neutral (No impact)
  Liquidity: Adequate (No impact)
  Financial policy: Neutral (No impact)
  Management and governance: Fair (No impact)
  Comparable rating analysis: Positive (+1 notch)
  Stand-alone credit profile: bb
  Group credit profile: bb+
  Entity status within the group: Core (+1 notch)




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

A P GOYAL: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of A P
Goyal Shimla University (APGSU) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          31       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility       5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with APGSU 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 APGSU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APGSU
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 APGSU to 'CRISIL D/CRISIL D Issuer not
cooperating'.

APGSU was established in 2012, by the AP Goyal Charitable Trust,
through the APG Shimla University Establishment and Regulation Act,
2012. The trust is promoted by members of the Goyal family. It
offers more than 60 courses to over 3,000 students in Shimla,
including graduate and post-graduate programs in fields of
engineering and management, and other courses in various streams.


BINOD CAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Binod Car
World Private Limited continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Channel Financing     0.55       CRISIL B+/Stable (Issuer Not
                                    Cooperating)
   Channel Financing     3.45       CRISIL B+/Stable (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility    1.55       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Binod 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 Binod, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BINOD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Binod continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Binod was incorporated in November 2010 by three brothers: Mr. Arun
Agarwal, Mr. Niraj Agarwal and Mr. Vineet Agarwal. It is an
authorized dealer for Nissan's passenger cars and sports utility
vehicles.


ECHO MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Echo Motors
And Automobiles Private Limited (EMAPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Inventory     5.0       CRISIL B+/Stable (Issuer Not
   Funding                          Cooperating)


CRISIL Ratings has been consistently following up with EMAPL 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 EMAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EMAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EMAPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in January 2011 and based in Assam, EMAPL, promoted by
Mr. Kumar Gaurav and his wife Ms Sarmistha Baruah, is an authorized
dealer of Action Construction Equipment Ltd (ACE; rated 'CRISIL
A+/Stable/CRISIL A1+'). Furthermore, the company is a dealer of
three-wheelers by Atul Auto Ltd (AAL; rated 'CRISIL A/Stable/CRISIL
A1').


ENAM CASTINGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Enam Castings
Private Limited (ECPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan               1        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ECPL 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 ECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2009, ECPL was promoted by Girase family. The
company is engaged into manufacturing of switchgear panels.


FUTURE RETAIL: Seeks Stay of High Court Order on Reliance Deal
--------------------------------------------------------------
Business Standard reports that Kishore Biyani-led Future Retail Ltd
on Aug. 28 said it has approached the Supreme Court against orders
passed by the Delhi High Court to maintain the status quo in
relation to its INR24,713 crore deal with Reliance Retail and
directing it to enforce the order of the Singapore-based Emergency
Arbitrator.

In a regulatory filing, Future Retail said, "Please be informed
that the company has filed a special leave petition before Hon'ble
Supreme Court of India against the impugned orders dated 2nd
February 2021 and 18th March, 2021 passed by 'Ld. Single Judge' . .
. The SLP will be listed for hearing in due course," Business
Standard relays.

In its petition, the company stated that "here is extreme urgency
to hear" and "stay the Impugned Orders" passed by the single-member
bench of Delhi High Court, failing to which the company would go
into liquidation.

Business Standard relates that Future Retail, in its petition, said
the scheme of amalgamation, which will be listed before the NCLT,
cannot go through due to the orders of the High Court.

". . . and as a result of which the Scheme which benefits all the
stakeholders, including the public at large and various public
sector banks may fall through; If the Scheme falls through, it is
inevitable that FRL will go into liquidation," it said.

Besides "approximately INR28,000 crore of public money in the form
of bank loans and debentures issued by FRL and its group companies
is also be at risk," said the Future group firm in its appeal,
Business Standard relays.

The magnitude of damage that may be caused to the public at large
is "unimaginable" as livelihoods of more than 35,575 employees of
FRL and various companies that are part of the Scheme may be lost,
it added.

"The solvency of over 8,050 SMEs (excluding SMEs of Future
Enterprises Limited) and their employees is at stake."

According to Business Standard, the scheme filed before the Mumbai
bench of NCLT, entails consolidation of Future Group's retail and
wholesale business, and the logistics and warehousing business into
one entity Future Enterprises Ltd and then transferring it to
Reliance Retail Ventures Ltd (RRVL) as per the INR24,731 crore deal
with Reliance Industries Ltd.

Business Standard says the deal is contested by Amazon, an investor
in Future Coupons that in turn, is a shareholder in FRL.

Amazon, had approached Singapore International Arbitration Centre
(SIAC), where an Emergency Arbitrator (EA) had on October 25 last
year restrained the Future group from going ahead with its
INR24,731 crore deal with RIL.

Later, the matter was taken to the Delhi High Court, where on
February 2, a single bench of Justice J R Midha had directed FRL to
maintain status quo in relation to its INR24,713 crore deal with
Reliance Retail.

According to the report, Justice J R Midha said the court was
satisfied that an immediate interim order was required to be passed
to protect the rights of Amazon.

Later, on March 18, the court upheld the Singapore Emergency
Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from
going ahead with the INR24,713 crore deal with Reliance Retail to
sell its business, which was objected to by US-based e-commerce
giant Amazon.

Justice J R Midha directed Kishore Biyani-led FRL not to take
further action on the deal with Reliance and held that the group
willfully violated the EA's order. The high court rejected all the
objections raised by Future Group and imposed a cost of INR20 lakh
on it as well as its directors.

Appealing against it, FRL said it has requested the Supreme Court
to admit its petition and "against the Impugned judgment and
interim Orders dated February 2, 2021 and March 18, 2021 passed" by
the single member bench of the high court".

It has also requested the apex court to "pass an ex-parte interim
order/ interim order and stay the Impugned judgment and interim
Orders dated 2 February 2021 and 18 March 2021 passed by the High
Court of Delhi' and any "such other directions as to balance the
interest of the parties, till the issues raised herein are finally
decided," Business Standard relates.

Earlier this month, Future group promoters, including Kishore
Biyani and several group holding companies, had approached the
Supreme Court against an order passed by the Delhi High Court
directing to enforce the order of the Singapore-based Emergency
Arbitrator, Business Standard recalls.

In a regulatory filing by Future Retail Ltd on August 12, the
company had stated that Kishore Biyani, Rakesh Biyani and other
family members of the Biyani family along with the holding
companies Future Coupons, Future Corporate Resources, Akar Estate
and Finance had filed SLP against Amazon.com NV Investment Holdings
LLC before the Supreme Court.

Passing an interim order, the EA of Singapore International
Arbitration Centre (SIAC) on October 25 last year restrained the
Future group from going ahead with its INR24,731 crore deal with
Reliance Industries to sell its retail and wholesale business, and
the logistics and warehousing business, according to Business
Standard.

Business Standard says the apex court had on August 6 upheld
Amazon's plea. It had ruled in favour of Amazon and held that an
award of an EA of a foreign country is enforceable under the Indian
Arbitration and Conciliation Act.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on May 4,
2021, Fitch Ratings downgraded Future Retail Limited's (FRL)
Long-Term Issuer Default Rating (IDR) to 'RD', from 'C', following
the company's announcement that it has completed the restructuring
of the bulk of its onshore debt, which Fitch views as a distressed
debt exchange (DDE). At the same time, Fitch has affirmed the
rating on FRL's USD500 million 5.6% senior secured notes due 2025
at 'C', with a Recovery Rating of 'RR5'.

The DDE provides relief on debt servicing requirements until
September 30, 2021, but Fitch believes the resultant debt structure
and maturity profile remain unsustainable. Therefore, Fitch regards
the relief as another temporary measure following the relief
provided under India's central bank pandemic-related schemes last
year. The restructuring does not meaningfully address FRL's
financial stress, which Fitch regards as essential for an upgrade
after the completion of the DDE.


G. R. ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. R.
Engineering Private Limited (GREPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        140        CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee         30        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             5.62     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit &           7        CRISIL B+/Stable (Issuer Not
   Working Capital                  Cooperating)
   Demand Loan             
                                    
   Letter Of Guarantee    52        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       35        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       33        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       10        CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Cash          22.38     CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Working Capital        20        CRISIL B+/Stable (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with GREPL 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 GREPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GREPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Mumbai-based GREPL, the flagship company of the GR group, was
incorporated in 1966 by Mr. DP Hariani. The company, currently
managed by Mr. RD Hariani, is engaged in EPC of custom-made
equipment for process industries such as refining and
petrochemicals, chemicals, and fertilizer.


GANESH CASHEW: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Ganesh
Cashew Industries (SGI) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            19        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SGI 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 SGI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SGI is a partnership firm promoted by Mr. Ganesh Kini engaged in
the processing of raw cashew nuts. It was formed in the year 2000
as a proprietorship and later converted into a partnership in the
year 2013-14. The firm is based out of Mangalore, Karnataka.

JOSAN INDUSTRIES: CRISIL B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Josan
Industries (JI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11.0      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Warehouse Financing     2.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JI 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 JI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Josan Rice Mills (JRM) and
JI. This is because the two firms, together referred to as the
Josan group, have common promoters and management, are in the same
line of business, and have considerable operational linkages.

The Josan group, promoted by the Josan family of Jalalabad
(Punjab), processes rice and deals in varieties of basmati, such as
1121. In the non-basmati segment, it processes the PR 11 variety.

JRM, established in 1988, has a milling facility in Jalalabad, with
installed capacity of 4 tons per hour (tph). Operations are managed
by Mr. Hukam Chand and his nephew, Mr. Jashan Preet Josan.

JI was established in 1995. The facility, also based in Jalalabad,
has an installed milling capacity of 4 tph. Operations are managed
by three brothers of Mr. Hukam Chand - Mr. Harbhagwan Josan, Mr.
Raj Kumar Josan, and Mr. Surinder Kumar Josan.


KAMALAKANTA COLD: CRISIL Hikes Rating on INR9.29cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Kamalakanta Cold Storage Private Limited (KCSPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.29      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     1.62      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              0.70      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Working Capital        0.71      CRISIL B+/Stable (Upgraded
   Facility               
                                    from 'CRISIL B/Stable')

   Working Capital        0.68      CRISIL B+/Stable (Upgraded
   Facility                         from 'CRISIL B/Stable')

The upgrade reflects stability in business risk profile as evident
from consistent revenue of around INR2.4-2.9 crore over the last
four fiscals through fiscal 2020. Moreover, operating profitability
has continuously remained healthy at 30-35% during the last four
fiscals through FY20. The revenue and operating profitability are
estimated to remain at similar level in fiscal 2021.

The rating also reflects the company's weak networth and debt
protection metrics, exposure to risks related to changes in
regulations, intense competition in the cold storage industry in
West Bengal, and vulnerability to delays in payments by farmers
because of adverse market conditions. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to government regulations and intense
competition: The potato cold storage industry in West Bengal is
regulated by the West Bengal Cold Storage Association, while rental
rates are fixed by the state department of agricultural marketing.
The fixed rental will continue to limit players' ability to earn
profit based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilization of storage capacity, especially given the intense
competition, will also constrain profitability.

* Weak networth and debt protection metrics: Networth is estimated
at around INR3.5 crore as on March 31, 2021, despite marginal
improvement in recent years on account of accretion to reserves.
Networth is expected to remain small, over the medium term, with
limited accretion to reserves. Debt protection metrics remain
subdued, with interest coverage and net cash accrual to total debt
ratios estimated at around 0.89 times and 0.07 time, respectively,
for fiscal 2021.

* Vulnerability to delay in payments by farmers because of adverse
market conditions: Cold storages contract debt from banks, backed
by the Government of West Bengal's initiative to support
agriculture, and extend it to farmers as financial assistance.
Repayment of loans depends on timely realization of payments by the
farmers, but the primary responsibility to service loans lies with
cold storages. However, payments are often stretched. In case of
adverse market conditions, when agricultural commodity prices fall
significantly, farmers do not lift their stock to save on rental
charges and tend to default on loans, which puts pressure on the
profitability of cold storages. Consequently, cold storages have
cash flow mismatches and bank liabilities. Though KCSPL has not
faced any such issue in the recent past, the company is vulnerable
to downturns given its presence in the agricultural industry.

Strength:

* Extensive experience of the promoters: Industry presence of over
2 decades and strong relationships of the promoters with potato
farmers should continue to support the business risk profile.

Liquidity: Stretched

Expected annual cash accrual of INR55-60 lakh is tightly matched
against debt obligation of around INR45 lakh per annum over the
medium term. Bank limit utilization remains high during the peak
season of March and April. Current ratio is estimated to be weak at
0.68 time as on March 31, 2021

Outlook: Stable

CRISIL Ratings believes that KCSPL will continue to benefit from
the extensive experience of its promoters.

Rating Sensitivity factors

Upward factors

* Increase in rental rates and optimum capacity utilization,
resulting in ramp-up in revenue, while operating margin exceeds
42%
* Improvement in the financial risk profile, especially liquidity

Downward factors

* Decline in rental rates and capacity utilization
* Deterioration in the interest coverage ratio to less than 0.65
time
* Delay in payments by farmers

KCSPL was incorporated in 2012 and is promoted by Mr. Kartik Ghosh,
Mr. Sibsankar Sinha, Mr. Ganesh Chandra Ghosh, and Ms Mousumi
Ghosh. The company operates a cold storage unit for potatoes with
capacity of 2 lakh quintal in Bankura, West Bengal. It occasionally
trades in potatoes to ensure optimum capacity utilization. The
company also finances potato storage of farmers, which is
refinanced by banks.


MAXHEAL LABORATORIES: CRISIL Revokes Suspension on Bank Ratings
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Maxheal Laboratories Private Limited (MLPL) and
has assigned its 'CRISIL B+/Stable' rating to them. The ratings had
been suspended on November 15, 2013, on account of non-cooperation
with the efforts of CRISIL Ratings to undertake a review of the
ratings. The company has now shared the requisite information
enabling CRISIL Ratings to assign its ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit         11        CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

   Term Loan              12.66     CRISIL B+/Stable (Assigned;
                                    Suspension revoked)
   Term Loan               3.34     CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

The rating reflects the extensive experience of the promoters of
MLPL in the pharmaceutical industry, and healthy product diversity,
supporting the scale and sustainability of operations. These
strengths are partially offset by vulnerability to changes in
government regulations, exposure to fluctuations in foreign
exchange (forex) rates, a modest scale of business, weak operating
efficiency and working capital-intensive operation

Analytical approach

Unsecured loans of INR26.02 crore as on March 31, 2021 from the
promoters have been treated as 75% equity and 25% debt as these
loans are interest free.

Key rating drivers & detailed description

Weaknesses:

* Susceptibility to changes in government regulations as well as
raw material prices: The pharmaceutical industry is highly
regulated by state governments and central agencies such as the
Central Drugs Standard Control Organisation and National
Pharmaceutical Pricing Authority. These agencies approve new drugs
and clinical trials, control the quality of imported drugs, and set
prices for many critical drugs; while state authorities regulate
manufacture, sales, and distribution. Further, margin remains
vulnerable due to availability and pricing of raw materials. As
MLPL's margin has been volatile at 2-6%, it remains a monitorable.

* Modest scale of business: Intense competition keeps scale of
operations modest, which will continue to limit the company's
operating flexibility. Covid-related disruptions impacted MLPL's
revenue in 2020 however the same improved thereafter due to higher
demand from the African markets.

* Working capital-intensive operations: Gross current assets (GCAs)
were high at 333 days as on March 31, 2020, driven by large debtors
and inventory. A long credit period needs to be extended to
customers. Sizeable work-in-process and inventory needs to be
maintained as most sales are made in the fourth quarter of the
fiscal. The large working capital requirements lead to significant
utilisation of bank limit.

Strengths:

* Extensive experience of the promoters: The promoters have close
to three decades of experience in the industry and have also
established Maxheal Pharmaceutical (India) Ltd in 1984 (a group
company). The moderate scale of operations of this company
showcases the ability of the promoters to increase the scale of
operations and withstand business cycles.


* Healthy product diversity, supporting the scale and
sustainability of operations: The company is an established player
in the market having been in business for over 15 years. The
product basket is diversified, mitigating the risk of obsolescence
in case of any new technology/ product coming into the market.

Liquidity: Stretched

Bank limit utilisation was high at 98.85% during the 12 months
through March 2021. Cash accrual, expected at INR3.80 crore per
annum over the medium term should comfortably cover yearly
repayment obligation of about INR1.36 crore and the surplus will
support liquidity. The current ratio was healthy at 1.14 times as
on March 31, 2021. Need-based funding support from the promoters is
expected to continue. The high GCAs limit the financial
flexibility.

Outlook: Stable

MLPL should continue to benefit from the extensive experience of
its promoters, capacity expansion and established relationship with
clients.

Rating sensitivity factors

Upward factors

* Improvement in the operating margin (to 8%) and revenue, leading
to higher cash accrual
* A shorter working capital cycle, with lesser GCA days, leading to
better liquidity

Downward factors

* A decline in profitability to 4% or a stretch in the working
capital cycle
* Financial risk profile impacted due to any large debt-funded
capital expenditure over the medium term.

Incorporated in 2004, MLPL is promoted by Mr. Madan Sakhala, Mrs
Hemlata Sakhala and Mr. Mehul Sakhala. The company manufactures
tablets, capsules and dry syrups. Products include anti-bacterial
anthelmentics, analgesics, antipyretics, antibiotics, B-lactum,
vitamins, anti-tuberculosis, and anti-inflammatory drugs. It
started operations in November 2009 and most of the revenue is
generated from exports to countries such as Ghana, Nigeria and
Mozambique.

MUTHU SILK: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Muthu Silk House (MSH).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations in the intensely competitive retail textile industry and
below-average financial risk profile. These rating weaknesses are
partially offset by an established brand and the extensive industry
experience of the promoters in the retail trading segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation, geographic concentration and intense
competition in textile retail business: Though the firm has been in
operations for more than five decades in the same line of business,
its revenues is estimated at INR18 crore for fiscal 2021(Rs.20
crores in fiscal 2020).While the firm has been able to establish
its brand in Puducherry; it has not diversified into different
states or regions and has been operating in the same area for the
past five decades.

* Below Average Financial Risk Profile: MSH's financial risk
profile is below average marked by a leveraged capital structure
and modest debt protection metrics. Networth is small estimated at
INR3.15 crores as on March 31 2021 (Rs.3 crores as on March
31,2020).Total outside liabilities to Tangible networth (TOLTNW) is
high estimated at over 3 times in fiscal 2021 . Further interest
coverage and net cash accruals to total debt is modest estimated at
1.35 times and 0.01 times respectively in fiscal 2021.

Strengths

* ReStrengthsputed brand and promoters experience in the silk
sarees retail business in Puducherry: MSH has an established
presence in the retail textile business in Puducherry for more than
five decades. It is a well-known brand among customers in and
around Puducherry and has a showroom located in the prime business
area enabling higher footfalls.  Over the years, MSH has developed
healthy relationships with weavers and agents for procurement of
different types of garments, especially silk sarees.

Liquidity-Stretched

The sanctioned limits of INR6.5 crores was utilized on an average
at around 88 percent for the past twelve months through July
2021.Cash accruals though expected to be modest at around INR0.30
– 0.50 crores is expected to be adequate against debt obligations
of INR0.20 – 0.40 crores over the medium term.

Outlook Stable

CRISIL Ratings believes that MSH will continue to benefit from the
extensive experience of the proprietor in the retail trading
segment

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to cash accruals over INR1 crore

* Sustained improvement in financial risk profile

Downward factor

* Decline in revenues and/or profitability leading to decline in
net cash accruals

* Large debt-funded capital expenditure weakens capital structure
or increase in its working capital requirements leading to GCA of
over 300 days thereby weakening its liquidity & financial profile.

MSH was set up as a partnership firm in Puducherry in 1960. The
firm trades in silk sarees, synthetic sarees, readymade garments,
and gents and kids wear. MSH operates a 9,000 square feet retail
outlet in Nehru Street, Puducherry. The firm's operations is
currently managed by Mr. P. Namassivayam.


PLANET AGENCIES: CRISIL Cuts Rating on INR14cr Loans to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Planet
Agencies Private Limited (PAPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding       13       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING)

   Inventory Funding        1       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with PAPL 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 PAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

PAPL was incorporated in 2003, promoted by Bengaluru-based Mrs
Arunaa Raavi, who is also the company's director. It is an
authorized dealer of Honda two-wheelers in Bengaluru. Mrs Raavi
manages the company's operations.


PMV MALTINGS: CRISIL Lowers Rating on INR35cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of PMV
Maltings Private Limited (PMV; part of the PMV group) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           35         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER
                                    NOT COOPERATING')

   Corporate Loan        25         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term     6.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER
                                    NOT COOPERATING')

   Term Loan              8.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER
                                    NOT COOPERATING')

CRISIL Ratings has been consistently following up with PMV 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 PMV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMV Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PMV and The Malt Company
(India) Pvt Ltd (MCIPL), as the two companies, together referred to
as the PMV group, have a common management and strong operational
and financial links.

Incorporated in 2008, PMV was dormant till April 2003 and started
operations post the demerger of MCIPL. Under the demerger scheme,
MCIPL handed over two units'in Pataudi (Haryana) and Kashipur
(Uttarakhand)'to PMV, and retained the Khandsa (Haryana) facility.
The group is promoted by Mr. Purushottam Kumar Jain. PMV
manufactures barley malt. Installed capacity at its Pataudi and
Kashipur units is 30,000 tonne per annum (tpa) and 150,000 tpa,
respectively. MCIPL manufactures malt, malt extract, and malt
powder extract. Installed capacity of its Khandsa unit is 20,000
tpa of malt, 25,000 tpa of malt extract, and 500 tpa of malt powder
extract.


PRUDHVI CONSTRUCTIONS: CRISIL Cuts Rating on INR6cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Prudhvi Constructions Private Limited (PCPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' from 'CRISIL
BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5        CRISIL B (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1        CRISIL B (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING)

   Proposed Short Term     3        CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING)

   Secured Overdraft       6        CRISIL B (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with PCPL 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 PCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

PCPL was incorporated as a private limited company in February 2004
which started operations during FY 10. The company is engaged in
construction of roads for Road and Buildings department, Andhra
Pradesh.


S. D. GURAV: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. D. Gurav
(SDG) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SDG 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 SDG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDG continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1995 as a sole proprietor firm, SDG is a Belgaum
(Karnataka) based civil contractor & interior designer. The company
primarily undertakes construction of residential projects.

SAHYOG JANKALYAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sahyog
Jankalyan Samiti (SJS) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Overdraft Facility     3         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             37         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             10         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              8         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             14         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SJS 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 SJS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SJS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SJS, established by Mr. Pranveer Singh and Mr. Nirpendra Singh in
2001, operates two educational institutions, Pranveer Singh
Institute of Technology and Pranveer Singh Academy of Technology,
in Kanpur, Uttar Pradesh. Both the institutes are affiliated to
GBTU. They offer courses in engineering, management, and computer
applications.


SANTKRUPA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
Santkrupa Cotton Industries (SSCI) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.6       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.4       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSCI for
obtaining information through letters and emails dated January 26,
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 SSCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSCI continues to be 'CRISIL D Issuer Not Cooperating'.

Set-up in 1997 as a partnership firm by Mr. Akash Fundkar, Mr.
Harbanssingh Juneja, Mr. Karamjeetsingh Juneja, and Mr. Onkarappa
Todkar, SSCI processes raw cotton (kapas) into cotton bales and
cotton seeds. It also has a crushing unit to extract de-oiled cake
and oil from cotton seeds. Its unit is based in Khamgaon
(Maharashtra).

SHAKTI MURUGAN: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shakti Murugan
Industries (SMI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SMI 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 SMI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2009, by Mr. Batchu Veeralingam family, SMI is
engaged in cotton ginning and pressing to make cotton bales. It has
a manufacturing capacity of 300 cotton bales per day. The firm has
its manufacturing unit in Karimnagar, Telangana.


SHIMLA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shimla Autos
Private Limited (SAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)
   Term Loan              2.1       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SAPL 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 SAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SAPL was incorporated in April 2012 and commenced operations in
January 2014. The company has exclusive dealership of FML in
Shimla, Ponta Sahib, and Rampur Bushahr in Himachal Pradesh. It has
three showroom with 3s (sales, service and spares) facilities for
tractors, utility vehicles, and light commercial vehicles. The
company is managed by Mr. Sandeepni Bhardwaj and Ms Bhumika
Bhardwaj.

SIKAND AND COMPANY: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sikand and
Company (SC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding       9        CRISIL B/Stable (Issuer Not  
   Facility                         Cooperating)

   Inventory Funding       3        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

   Inventory Funding       7        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with SC 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 SC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SC is a partnership firm set up in 1962 by Mr. H.D. Sikand. The
current partners of the firm are, Ms. Indira Sikand and Ms. Sabnam
Sikand. The company is engaged in auto dealership of Tata Motors
Limited (CRISIL AA/Stable/CRISIL A1+) Commercial vehicles (from 0.5
tonnes carrying capacity to 40 tonnes carrying capacity).


SKR VEG OIL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SKR Veg Oil
Industries Private Limited (SKR) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SKR 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 SKR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKR continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SKR, incorporated in 1995, is promoted by Mr. Kamal Kishor Rathi
and Mr. Manish Rathi. The company processes and sells toor dal and
toor churi. It also extracts cotton seed oil. SKR has a
manufacturing unit in Amravati (Maharashtra).

SNEHA VINYL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha Vinyl
Products Private Limited (SVPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          8.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Term Loan      0.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVPPL 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 SVPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 1984 by Mr. J.V.V Durga Prasad, SVPPL is a
Manufacturer and Supplier of a perfect range of Coated Fabric (PVC
Leather) and PVC Coated Fabrics. These products are available in
different colors, designs and prints to meet the various
requirements of numerous industries like shoe, chair, garment,
safety product, luggage bag and purse manufacturing industry.


SUJAI SHIPPING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sujai
Shipping And Logistics continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.28      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     9.72      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Sujai 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 Sujai, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Sujai
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Sujai continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Sujai, set up at Vishakapattinam (Andhra Pradesh) in 2008, is a
licensed custom house agent, offering logistics and other related
services. Mr. M K Kishore and his wife are partners in the firm.


SUKRA COLOURS: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sukra Colours
(SC) has been migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable')

   Letter of Credit        1        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4')

   Long Term Loan          3.9      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable')

   Proposed Long Term      1.35     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B+/Stable')

CRISIL Ratings has been consistently following up SC for obtaining
information through letters and emails dated August 6 2021 and
August 11, 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 SC. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SC has
been migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up in 2008 in Bhavani, Tamil Nadu as a partnership firm by Mr.
Padmakanth along with other five partners. SC is engaged into
dyeing of yarn and garments.


SUPREME PACKERS: CRISIL Moves B Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Supreme Packers (SP) to 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)
            
CRISIL Ratings has been consistently following up with SP 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 SP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SP 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 SP to 'CRISIL B/Stable Issuer not cooperating'.

SP was established in 1995 as a partnership firm by Mr. Vinay
Aggarwal and Mr. Hetram Aggarwal. It manufactures paper and paper
products such as corrugated boxes at its facility in Haryana.

T.B. JEWELLERY: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of T.B.
Jewellery (TBJ) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           18.97      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with TBJ 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 TBJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TBJ
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 TBJ to 'CRISIL B+/Stable Issuer not
cooperating'.

TBJ was originally set up as a proprietorship firm in 1933; this
firm was reconstituted as a Hindu undivided family firm in 1983. It
retails gold, silver, and diamonds. Operations are managed by Mr.
Surendra Kumar Galada and his brother, Mr. Lalith Kumar Galada.


TIGER STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tiger Steel
Engineering India Private Limited (TSEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        17.51      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           16         CRISIL D (Issuer Not
                                    Cooperating)
  
   Letter of Credit      22         CRISIL D (Issuer Not
                                    Cooperating)
   
   Term Loan             6.49      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TSEIPL 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 TSEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TSEIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TSEIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Incorporated in 1995, TSEIPL is engaged in design, fabrication and
erection of Pre-engineered Buildings (PEB) for warehouses, factory
buildings, shopping malls, heavy to light steel pipe racks,
platforms for automobiles, infrastructure, oil & gas, petrochemical
Industries, pharmaceuticals, nuclear and thermal power, chemicals,
fertilizers and food processing industries. The company is a
wholly-owned subsidiary of Tiger Steel Industries LLC, Dubai (UAE)
(Tiger Group).


VENKATESHWARA ENT: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Venkateshwara Enterprises (SVE) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

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

   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       0.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       1.5       CRISIL A4 (Issuer Not
                                    Cooperating)
   Letter of Credit       3         CRISIL A4 (Issuer Not
                                    Cooperating)
   Letter of Credit       4.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Cash
   Credit Limit           0.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVE 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 SVE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVE continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SVE and its group entity,
Sree Lakshmi Agencies (SLA), collectively known as the SV group, as
both the entities are in the same line of business and have common
promoters.

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd's cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.


VENKATESWARA POULTRY: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Poultry Farm (SVPF; part of the Mulpuri groups)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           12.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            2.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        23.48      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVPF 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 SVPF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVPF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SVPF, Mulpuri Foods and
Feeds Pvt Ltd (MFFPL), Mulpuri Fisheries Pvt Ltd (MFPL), and
Mulpuri Poultries (MP). This is because all these entities,
together referred as the Mulpuri group, have a common management,
and significant intra-group operational and financial linkages.
Furthermore, there are cross corporate guarantees extended to each
other.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The group
is based in Vijayawada, Andhra Pradesh.

SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009, breeds
Pangasius and Indian carp fish.



===============
M A L A Y S I A
===============

IREKA CORP: Auditor Raises Going Concern Doubt
----------------------------------------------
theedgemarkets.com reports that Ireka Corp Bhd's external auditor
Messrs. Crowe Malaysia PLT has expressed a qualified opinion with
indication on material uncertainty on its ability to continue as a
going concern in view of its audited financial statements for the
financial year ended March 31, 2021 (FY21).

In its auditors' report filed by Ireka with Bursa Malaysia on Aug.
30, Crowe Malaysia said it was unable to obtain sufficient
appropriate audit evidence on the carrying amount of the group's
investment in Aseana Properties Ltd and its subsidiaries (ASPL
Group) as at March 31, 2021 and the group's share of ASPL Group's
profit after taxation for FY21 because it was unable to obtain
access to the financial information, management, and the auditors
of ASPL Group within the audit period, theedgemarkets.com relates.

Consequently, it was unable to determine whether any adjustments
might have been found necessary to these balances.

According to theedgemarkets.com, Crowe Malaysia also highlighted
that as a result of the movement restrictions imposed throughout
Malaysia due to the Covid-19 pandemic, Ireka management was unable
to provide the documentary evidence required for certain trade and
other receivables and trade and other payables of a subsidiary as
they were not able to operate during that period.

As such, the auditor was unable to obtain sufficient appropriate
audit evidence in the following balances relating to the financial
statements of a subsidiary as at March 31, 2021:

i. The amount to the financial statements on trade receivables
amounting to MYR62,201,573;

ii. The amount to the financial statements on other receivables
amounting to MYR48,496,474;

iii. The amount to the financial statements on trade payables
amounting to MYR148,518,448; and

iv. The amount to the financial statements on other payables
amounting to MYR9,375,034.

"Consequently, we were unable to determine whether any adjustments
might have been found necessary to these balances," said Crowe
Malaysia.

theedgemarkets.com adds that the auditor also drew attention to the
group's basis of preparation to the financial statements for FY21,
which indicated that Ireka incurred a net loss of MYR25.08 million
in FY21 and, as of that date, the group's current liabilities
exceeded its current assets by MYR40.24 million.

"These events or conditions . . . indicate that a material
uncertainty exists that may cast significant doubt on the group's
ability to continue as a going concern. Our opinion is not modified
in respect of this matter," said Crowe Malaysia.

Meanwhile, Ireka said its shareholders' equity was reduced to
MYR59.6 million in FY21, from MYR79.3 million in FY20, due to
losses recorded during the year. This is less than 50% of the
issued share capital of the company, theedgemarkets.com discloses.

However, Ireka will not be classified as a Practice Note 17 company
and will not be required to comply with the related obligations, in
line with the relief measures implemented by Bursa Malaysia from
April 17, 2020 to June 30, 2021, the report notes.

"In order to address the situation, the management is in the midst
of undertaking various strategic corporate exercises to improve the
financial position of the company, as well as repositioning it
within the industry. To date, 18.67 million shares were issued
raising approximately MYR11.3 million," it said.

"In addition to the fundraising exercise and a change in business
model, the company is also in discussions to dispose of its equity
stakes in its non-construction business subsidiaries and associates
in order to raise capital and streamline its business operations.
This will enable the company to focus its efforts on strengthening
its financial health and rebuilding its industry's position, while
ensuring a successful completion of its ongoing transformation
exercise.

"Barring unforeseen circumstances, the board expects to regularise
its financial position by early 2022," Ireka, as cited by
theedgemarkets.com, added.

Ireka Corporation Berhad -- http://www.ireka.com.my/-- is engaged
in investment holding and provision of management services.




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

INTERSTAR NZ 2004-A: S&P Affirms 'B(sf)' Rating on 3 Note Tranches
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on two classes of notes
issued by Trustees Executors Ltd. as trustee for Interstar NZ
Millennium Series 2004-A Trust. S&P affirmed its 'BBB- (sf)' rating
on the Tranche 2 notes and its 'B (sf)' rating on the Tranche 3
notes.

The rating actions take account of the notes' exposure to
long-dated arrears and pool concentration from the underlying
mortgage loans. S&P said, "We expect the pool to become further
concentrated and increasingly exposed to nonperforming loans as the
underlying collateral amortizes. We note the timing and level of
interest and principal recoveries is uncertain for the long-dated
arrears portfolio because Challenger Securitisation Management Pty
Ltd. has amended the original loan terms and conditions for a
portion of the asset pool."

The pool has high levels of borrower concentration, which S&P would
expect to increase as the collateral continues to amortize. As of
June 30, 2021, the asset pool consisted of 53 consolidated loans,
with a total loan balance of about NZ$6.4 million. Approximately
33.7%, or NZ$2.1 million, of the remaining pool balance is loans in
long-dated arrears, with a further 4.85% of the pool more than 90
days in arrears. Therefore, about 38.55% of the underlying
collateral is more than 90 days in arrears as of June 30, 2021.

S&P said, "Our view on significantly reduced assets is that as a
pool amortizes, tail-end risk will take greater precedence in the
rating analysis. As of June 30, 2021, the largest borrower exposure
in the portfolio is 16.3% and the top 10 borrowers in the portfolio
comprise 50.4% of the pool balance. Accordingly, we have assessed
it using our borrower concentration analysis in our "New Zealand
RMBS Rating Methodology And Assumptions," published on Sept. 14,
2011."

Tranche 2 continues to benefit from the sequential pay structure,
with increased credit support in the form of subordination of the
Tranche 3 notes. S&P said, "Given the relatively small size of
Tranche 2, we expect it will fully amortize within the next few
years. In addition, given the sizeable house price growth in New
Zealand, it would take a significant event to affect Tranche 2.
However, the loans that are in long-dated arrears will continue to
represent an increasing proportion of the overall pool, even as the
performing loans amortize. This could constrain the overall yield
position and mismatch of assets and liabilities, leading to
increasing tail-end risk. In our cash-flow analysis of Tranche 2,
however, we have assumed there is no cash inflow from the loans in
long-dated arrears, and our analysis shows that the transaction has
sufficient cash flow to support the timely payment of interest and
ultimate repayment of principal for the Tranche 2 notes at their
current rating stress."

As the lowest-ranking class of notes, the timely payment of
interest and ultimate principal repayment of Tranche 3 is not only
reliant on excess spread and lenders' mortgage insurance, but also
on the successful repayment of the loans that are in long-dated
arrears. S&P believes the latter is highly uncertain, and that
there is limited ability for Tranche 3 to withstand stress.

S&P said, "Since our previous review, in November 2020, we have
observed that the performance of the remaining loans in the pool
has remained relatively stable and the transaction continues to
generate excess spread. In our view, as the pool becomes more
concentrated there may be lumpy cash flows and more variability in
the income to the transaction. This increases reliance on the
performance of a handful of loans (as opposed to a portfolio of
loans) for the timely payment of interest and ultimate repayment of
principal. We could lower our ratings on the Tranche 2 or Tranche 3
notes if the concentrations evolve such that we believe the risk
level is materially higher or if loan performance deteriorates."


[*] Hospitality Businesses in Auckland Need Support Amid Lockdown
-----------------------------------------------------------------
Stuff.co.nz reports that targeted extra survival payments are
needed for businesses worst hit by lockdown or many will not
survive, the New Zealand Government has been told.

Hospitality and tourism businesses should be among those receiving
the extra support, said the Canterbury Employers Chamber of
Commerce, and the Restaurant Association, Stuff relays.

"Our most recent feedback (a week ago) from members shows that
while they largely support the level 4 lockdown, 75 per cent of
those businesses would not be financially viable after two weeks at
this level," the report quotes association chief executive Marisa
Bidois as saying.
According to Stuff, the Government has announced Auckland will stay
in lockdown for another two weeks, while everyone South of Auckland
will move to level 3 at 11.59pm on Aug. 31, and stay there for a
week.

Stuff relates that Ms. Bidois said restaurants, bars, cafes and
other hospitality businesses should be fairly compensated for their
sacrifice.

"The Auckland hospitality industry in particular is paying a heavy
price for the elimination strategy," the report quotes Ms. Bidois
as saying.  "What continues to be pushed under the carpet is the
crippling losses that so many industries unable to operate at
levels 4 and 3 are facing.

"While we're pleased to see Northland coming down to level 3 on
Sept. 1, there should be more financial recognition for our
industry, particularly those establishments in Auckland.

"Our industry knows what it needs to do to help us to eliminate
Covid once again, but we feel that there should be specific
compensation offered to those who stand to lose the most."

Ms. Bidois said one Auckland restaurateur she spoke to on Aug. 30
had just finished clawing their way out of the debt they had to
take on to survive the lockdown last year, Stuff adds.

Leeann Watson, chief executive of the Canterbury Employers' Chamber
of Commerce, made the plea for targeted support to extent to
businesses outside of Auckland, which would continue to be hard-hit
even after the rest of the country moves onto alert level 3, adds
Stuff.




===============
P A K I S T A N
===============

PAKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
-----------------------------------------------------
S&P Global Ratings, on Aug. 30, 2021, affirmed its 'B-' long-term
and 'B' short-term sovereign credit ratings on Pakistan. The
outlook for the long-term rating is stable. S&P also affirmed its
'B-' long-term issue rating on Pakistan's senior unsecured debt and
sukuk trust certificates.

Outlook

The stable outlook reflects S&P's expectations that continued
recovery will help stabilize the fiscal and debt metrics, donor and
partner financing will ensure that Pakistan can meet its external
obligations over the next 12 months, and that the country will
continue to roll over its commercial credit lines.

Downside scenario

S&P may lower its ratings if Pakistan's fiscal or external
indicators deteriorate well beyond their current levels. Downward
pressure on the ratings would emerge if financial support from
bilateral and multilateral partners quickly erodes, or usable
foreign exchange reserves fall substantially to levels indicating
distress in servicing Pakistan's external debt obligations.

Upside scenario

Conversely, S&P may raise its ratings on Pakistan if the economy
materially outperforms our expectations, strengthening the
country's fiscal and external positions more quickly than
forecast.

Rationale

The ratings on Pakistan reflect its nascent economic recovery amid
the enduring risk of the COVID-19 pandemic, stable but considerable
external indebtedness and liquidity needs, and an elevated general
government fiscal deficit and debt stock. Pakistan continues to
make gradual progress toward consolidating its fiscal and external
vulnerabilities.

Institutional and economic profile: Economic recovery on
increasingly solid footing despite lingering pandemic risks

-- Pakistan's economy is recovering from a steep pre-pandemic
decline and the subsequent COVID-19-driven shock.

-- S&P expects Pakistan's recent improvement in growth momentum to
endure, bringing its long-term performance more in line with global
peers.

-- The government has adopted key reforms to stabilize its
vulnerable fiscal position. Pandemic risks and political realities
may temper further progress.

Pakistan's real GDP expanded more than S&P expected, at 3.9% in
fiscal 2021 (ended June 2021), as activity began to normalize
following a pandemic-driven 0.5% contraction in fiscal 2020.
Domestic demand in the economy is recovering, as shown from a
pick-up in both real consumption and imports in the fiscal year.
The government's more calibrated and targeted approach to COVID-19
containment measures contrasts with the stricter lockdown
implemented in the fourth quarter of fiscal 2020, supporting the
resumption of economic activity.

Following a pause at the outset of the pandemic in 2020, Pakistan
has made further progress toward implementing economic and fiscal
reforms under its Extended Fund Facility (EFF) program with the
IMF. As of April 2021, the government had completed most of the 12
structural benchmarks expected under the program up to that point.
The IMF subsequently completed its second through fifth reviews
under the EFF. In particular, Pakistan has made solid progress
toward containing its twin current account and primary fiscal
deficits, has begun to rebuild its foreign exchange reserves
alongside a more flexible rupee exchange rate regime, and
consolidated the State Bank of Pakistan (SBP)'s autonomy by
implementing zero lending from the central bank.

Pakistan faces enduring policy risk associated with the pandemic
and tenuous support for the government in parliament. The
government will want to avoid withdrawing support from or otherwise
undermining the nascent economic recovery, and healthcare
allocation needs will remain elevated as the nation continues its
vaccination drive.

The ratings on Pakistan remain constrained by a narrow tax base and
domestic and external security risks, which are elevated. Although
the country's security situation has gradually improved over recent
years, ongoing vulnerabilities weaken the government's
effectiveness and weigh on the business climate. The humanitarian
and security crisis in neighboring Afghanistan could pose
additional risks to Pakistan's domestic security situation in the
years ahead.

Pakistan's economy will continue to recover gradually as the global
pandemic is progressively better contained and domestic vaccination
progresses. Following the country's stabilization in fiscal 2021,
S&P forecasts a further acceleration to 4.1% on balanced private
consumption and investment growth in fiscal 2022. Pakistan's
10-year weighted average per capita real growth trend has improved,
and is comparable to that of global peers, thanks to the stronger
performance in fiscal 2021. This growth trend also incorporates
healthier growth forecasts through fiscal 2024.

The Pakistani rupee's nearly 38% depreciation against the U.S.
dollar between 2017 and 2020 has also contributed to a multi-year
stagnation in Pakistan's nominal GDP per capita, though the
currency and GDP per capita both gained in fiscal 2021. S&P
forecasts GDP per capita to rise toward US$1,600 by fiscal 2024.

Domestic security, occasional tensions with India, and Pakistan's
extended land border with neighboring Afghanistan pose challenges
to Pakistan's long-term economic outlook. These conditions, along
with a shortfall in physical infrastructure, are additional
bottlenecks to foreign direct investment. The former government had
improved the security situation within the country from 2013
onward; the current government, anchored by the Pakistan
Tehreek-e-Insaf (PTI) party has maintained this positive momentum.

Flexibility and performance profile: Fiscal and external accounts
have stabilized, but vulnerabilities will take longer to address

-- Pakistan's external metrics have stabilized in line with a
smaller current account deficit, though liquidity needs and
external indebtedness will remain high over the next few years.

-- Rising revenues will help to gradually moderate the
government's elevated interest burden.

-- Continued fiscal consolidation is likely as the economy
recovers and the government maintains a more disciplined fiscal
program.

Pakistan's fiscal position has stabilized following a material
deterioration in the pre-pandemic period. S&P said, "We estimate
the general government fiscal deficit to have fallen to 7% of GDP
in fiscal 2021, versus an 8.1% shortfall in fiscal 2020 and 9% in
fiscal 2019. Crucially, we estimate that general government revenue
recovered to around 15% of GDP in the outgoing fiscal year, in
addition to continued expenditure discipline. We expect this
consolidation trend to continue over the next few years as ongoing
reforms and Pakistan's economic recovery help to further reduce the
government's shortfall relative to GDP."

The Pakistan government has taken steps to bolster its revenue
profile in line with the IMF's EFF reform program. These efforts
began prior to the pandemic and likely helped the government to
avert a worse fiscal impact from the ensuing economic effect of the
global health crisis. Nevertheless, the government introduced
limited new revenue generation measures in this year's budget, and
additional reforms to tariff and tax regimes may be necessary in
order to maintain EFF program momentum.

A comprehensive streamlining of tax exemptions and higher petroleum
levies, alongside more robust administration efforts, has helped to
boost the government's revenue performance. Additional reforms to
Pakistan's personal income tax and a harmonization of the taxation
of goods and services under the goods and services tax would help
to further solidify revenue performance over the next few years.

S&P forecasts the average annual change in net general government
debt at 6.7% of GDP from fiscal 2022 through to fiscal 2024,
reflecting our expectations for a lower deficit this year, followed
by gradually smaller shortfalls.

Coupled with the economy's recovery outlook, continued high, albeit
reducing, fiscal deficits will keep Pakistan's net general
government debt elevated at around 79% of GDP.

Pakistan's unusually high interest expense relative to fiscal
revenue is an additional constraint on S&P's assessment of the
government's debt burden. The government's interest burden is
likely to gradually decline over the next few years as its revenue
profile improves and the economy grows more quickly. However, the
elevated allocation to interest service as a proportion of its
total revenues will continue to weigh on the country's ability to
spend on important social and developmental needs.

To meet the economy's elevated external funding needs, the
government has secured substantial foreign exchange support from a
contingent of multilateral and bilateral creditors, including the
United Arab Emirates, the People's Bank of China (PBoC), and the
PBoC's State Administration of Foreign Exchange. S&P estimates
total support from these three partners at US$10.6 billion, and add
this sum to the government's total stock of debt.

Last year Pakistan also secured an additional commitment of US$1.4
billion from the IMF under its Rapid Financing Instrument (RFI)
facility, as well as considerable support from both the World Bank
and Asian Development Bank. These funds helped to stabilize
Pakistan's gross foreign exchange reserves. The IMF has also
recently approved a general allocation of special drawing rights
(SDRs) of US$650 billion to member states. S&P expects that this
will augment Pakistan's reserves by nearly US$2.8 billion.

The government has secured US$3.5 billion in temporary debt relief
on official obligations to G20 creditors through Dec. 31, 2021. The
agreement modestly alleviates Pakistan's external debt service over
the same period; although it represents only a small share of its
total external public indebtedness. Critically, the Pakistan
government has maintained that it has no intention to seek debt
relief or restructuring on its commercial debt.

Combined support from Pakistan's international partners remains
crucial in meeting its external financing needs over the coming
years. That said, the country's external position has stabilized
over the past two years. S&P estimates its current account deficit
has improved to 0.6% of GDP in fiscal 2021, from 4.8% the year
before and 6.1% in fiscal 2018. Whereas the deficit initially
narrowed on significant import compression, the lower shortfall has
been more recently driven by higher remittance inflows.

S&P expects Pakistan's current account deficit to rise as oil
prices increase and import demand recovers from fiscal 2022 onward.
Nevertheless, it does not see the deficit rising toward its 2018
level, and instead forecast that it will remain modestly below 3%
of GDP.

Pakistan's external financing and indebtedness metrics have
moderated in line with its lower current account deficit in fiscals
2020 and 2021. However, gross external financing needs remain
elevated, at more than 100% of current account receipts and usable
foreign exchange reserves at the end of fiscal 2021, and S&P
expects this to remain the case over the next few years. S&P
deducts approximately US$6.5 billion from gross reserves owing to
the central bank's borrowing position from the domestic commercial
banking sector and bilateral partners. Pakistan's usable reserves
have improved considerably over the past three years, rising from a
low of just US$2.4 billion in fiscal 2019 to around US$14 billion
as of June 2021.

S&P expects the central bank to continue to gradually pare down its
short position over the coming years, which would enhance the
quality of its gross reserves. Pakistan's external indebtedness
remains very high, with narrow net external debt forecast to
average more than 140% of current account receipts over the next
few years. Although external aid is helping to meet immediate
external financing requirements, it will also add to the debt
stock.

Pakistan's banking system is relatively small by international
standards, with total bank assets comprising approximately 60% of
GDP. S&P does not have a Banking Industry Country Risk Assessment
on Pakistan. However, its banking system appears stable, reflecting
adequate liquidity and strong capitalization. Combining its view of
Pakistan's government-related entities and its financial system, it
assesses the country's contingent fiscal risks as limited. That
said, at more than 20% of total system assets, Pakistan's banking
system bears an outsized exposure to the sovereign.

S&P believes the State Bank of Pakistan's (SBP) autonomy and
performance have strengthened since the setup of a monetary policy
committee for rate-setting in January 2016. The SBP's interest rate
corridor helps the monetary transmission mechanism by providing
directions for short-term market interest rates. The central bank
has also allowed the Pakistani rupee to float more freely and to
find its level over recent quarters, which should mitigate the risk
of further external imbalances in future.

Although national CPI inflation hit 11.1% year on year in April, it
has receded somewhat since then on a rapid decline in food price
inflation. Price levels have largely adjusted to the weaker rupee
from the period prior to the pandemic. S&P expects inflation to
gradually decline from 2020 toward its long-term trend of about 6%.
The government's commitment to end budget financing by the SBP
starting July 2019 is assisting in cutting inflationary pressure
over the long term.

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

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

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

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


  Ratings List

  RATINGS AFFIRMED

  PAKISTAN

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

  PAKISTAN

  Senior Unsecured     B-
  Short-Term Debt      B

  THIRD PAKISTAN INTERNATIONAL SUKUK CO. LTD. (THE)

  Senior Unsecured     B-




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

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

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


OCEAN TANKERS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2021, to
wind up the operations of Ocean Tankers (Pte.) Ltd.

The company's liquidators are:

          Ee Meng Yen Angela
          Purandar Janampalli Rao
          Ernst & Young LLP
          One Raffles Quay, North Tower Level 18
          Singapore 048583




=================
S R I   L A N K A
=================

SRI LANKA: Declares Economic Emergency to Contain Food Prices
-------------------------------------------------------------
Reuters reports that Sri Lanka has declared an economic emergency
empowering the authorities to seize stocks of staple foods and set
their prices, to contain soaring inflation after a steep
devaluation of its currency due to a foreign exchange crisis.

Reuters relates that the president of the island nation, Gotabaya
Rajapaksa, on Aug. 30 declared an emergency under the public
security ordinance to maintain the supply of food items such as
sugar and rice at fair prices. The emergency came into effect from
midnight.

According to Reuters, the government has appointed a former army
general as commissioner of essential services, who will have the
power to seize food stocks held by traders and retailers and
regulate their prices.

"The authorised officers will be able to take steps to provide
essential food items at concessionary rate to the public by
purchasing stocks of essential food items including paddy, rice and
sugar," according to a press statement issued by Gotabaya's media
division.

"These items will be provided at government guaranteed prices or
based on the customs value on imported goods to prevent market
irregularities," the statement said.

Reuters adds that Sri Lanka's Department of Census and Statistics
said the increase in the foreign exchange rate was one of the
reasons behind rising prices of many essential items over the last
12 months.

Month-on-month inflation in August rose to 6% from 5.7% in July,
mainly due to high food prices, the department, as cited by
Reuters, said.

Sri Lanka, a net importer of food and other commodities, is
witnessing a surge in COVID-19 cases and deaths which has hit
tourism, one of its main foreign currency earners, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
31, 2021, S&P Global Ratings revised its outlook on Sri Lanka's
long-term ratings to negative from stable. S&P also affirmed its
'CCC+' long-term sovereign credit ratings and 'C' short-term
ratings on Sri Lanka.

The negative outlook reflects S&P's expectation that Sri Lanka's
financing environment may get more difficult over the next 12
months. This would affect Sri Lanka's ability to service its debt.




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

GLOBAL POWER: S&P Withdraws 'BB+' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings had withdrawn its 'BB+' long-term issuer credit
rating on Global Power Synergy Public Co. Ltd. (GPSC) at the
company's request. The outlook on the Thailand-based power producer
was stable at the time of the withdrawal.

Prior to the withdrawal, the rating and outlook reflected the
company's higher leverage over the next two years as it pursues
debt-funded growth in the absence of incremental cash flows. In
S&P's view, GPSC's key role in the group's expansion into
renewables strengthens its strategically important status to its
parent, PTT Public Co. Ltd. However, GPSC's modest contribution to
the group's earnings and lower operational integration with the
wider group limits a higher level of support.



                           *********


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 ***