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

                     A S I A   P A C I F I C

          Monday, August 26, 2024, Vol. 27, No. 171

                           Headlines



A U S T R A L I A

AREION TRADING: First Creditors' Meeting Set for Sept. 2
FARRO CAULFIELD: Second Creditors' Meeting Set for Sept. 2
FIRSTMAC ASSET NO.1: Fitch Assigns 'Bsf' Rating on Class E Notes
LIBERTY FUNDING 2024-1: Moody's Assigns (P)B1 Rating to F Notes
MOS BURGER: Announces Closure of All Australian Stores

NATIONAL RMBS 2022-1: S&P Assigns BB(sf) Rating on Class E Notes
PANORAMIC RESOURCES: Set to be Delisted From ASX
PEPPER RESIDENTIAL 40: Moody's Assigns B2 Rating to AUD15MM F Notes
QUEEN BIZ: First Creditors' Meeting Set for Aug. 30
REX AIRLINES: Administrators Granted Extension to Secure a Buyer

SCRUBBY CREEK: First Creditors' Meeting Set for Aug. 30
VISION SCAPES: First Creditors' Meeting Set for Aug. 30


B A N G L A D E S H

BANGLADESH: Seeks US$3 Billion IMF Emergency Aid to Help Pay Debt


C H I N A

CHINA EVERGRANDE: PwC Faces 6-Month Ban in China over Audit
CONCORD NEW: Fitch Alters Outlook on BB- Foreign Curr. IDR to Neg
YICHANG HIGH-TECH: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable


I N D I A

BYJU'S: Court Tosses Camshaft's Request to Dismiss Unit's Ch. 11
EXULT LOGISTICS: CRISIL Keeps B Debt Ratings in Not Cooperating
G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
GMK LABS: CRISIL Keeps B Debt Rating in Not Cooperating Category
GOLDENDUNES HEIGHTS: CRISIL Keeps B Rating in Not Cooperating

K. P. M. TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
K.S. IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
KATYAYNI CONTRACTORS: CRISIL Keeps B+ Rating in Not Cooperating
KERALA INFRASTRUCTURE: Fitch Affirms IDRs, Then Withdraws Ratings
KERALA: Fitch Affirms 'BB' LongTerm IDRs, Then Withdraws Ratings

KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
KISAN SHAKTI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KMB GRANITE: CRISIL Keeps D Rating in Not Cooperating Category
KMB TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
KOSHI UDAY: CRISIL Keeps B Debt Ratings in Not Cooperating

KRISHNA TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
KVR PRIME: CRISIL Keeps B- Rating in Not Cooperating Category
L. V. DAIRYS: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMAN VEER: CRISIL Keeps B Debt Rating in Not Cooperating
LAKSHMI SAAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating

LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
LOKMANYA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
MAHA GAURI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S. K. MASALA: CRISIL Keeps D Debt Rating in Not Cooperating
S.L.T. PACKERS: CRISIL Keeps B Debt Ratings in Not Cooperating

S.N.R. DHALL: CRISIL Keeps B Debt Ratings in Not Cooperating
SWACHHA BEVERAGES: CRISIL Keeps D Debt Ratings in Not Cooperating
TIRUPATI RUSHIVAN: CRISIL Reaffirms B+ Rating on INR10cr Loan
ZAIBUNCO INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating


M A L A Y S I A

GREENPRO CAPITAL: Posts $565,753 Net Loss in Fiscal Q2


N E W   Z E A L A N D

JC VAN DE VEN: Creditors' Proofs of Debt Due on Sept. 27
POWERHOUSE ARCHITECTURAL: BDO Tauranga Appointed as Liquidator
PRIME TRANSPORT: Court to Hear Wind-Up Petition on Sept. 6
Q CARD: Fitch Assigns 'Bsf' Rating on Class F-2024-2 Notes
ROCK IT: Creditors' Proofs of Debt Due on Sept. 17

UHP ADVISORY: Court to Hear Wind-Up Petition on Sept. 20


P H I L I P P I N E S

RB OF GALIMUYOD: Sept. 9 Deposit Insurance Claims Deadline Set


S I N G A P O R E

BIGTOYS ASIA: Court Enters Wind-Up Order
BU SHEN: First Creditors' Meeting Set for Sept. 5
CHEETAHTRANS PTE: Court to Hear Wind-Up Petition on Sept. 13
DUCTUS SINGAPORE: Creditors' Proofs of Debt Due on Sept. 22
OPONTIA PTE: Creditors' Meetings Set for Aug. 30



S R I   L A N K A

FINTREX FINANCE: Fitch Hikes National Rating to 'BB-(lka)'
SENKADAGALA FINANCE: Fitch Affirms 'BB+(lka)' Rating on Sub. Debt


T H A I L A N D

ENERGY ABSOLUTE: Gets Approval for Bond Extension
THAILAND: Thaksin Pitches Strategy to Save Country From Debt Trap


V I E T N A M

MILITARY COMMERCIAL: Moody's Affirms Ba3 Deposit & Issuer Ratings
VIETNAM: Moody's Affirms 'Ba2' Issuer & Senior Unsecured Ratings

                           - - - - -


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

AREION TRADING: First Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Areion
Trading Co Pty Ltd will be held on Sept. 2, 2024, at 11:00 a.m. at
the offices of Worrells, Suite 2, 63 The Esplanade, in Maroochydore
and virtually.

Dane Hammond of Worrells was appointed as administrator of the
company on Aug. 21, 2024.


FARRO CAULFIELD: Second Creditors' Meeting Set for Sept. 2
----------------------------------------------------------
A second meeting of creditors in the proceedings of Farro Caulfield
Pty Ltd (Trading as "Farro Pizzeria Caulfield North") has been set
for Sept. 2, 2024, at at 11:00 a.m. via teleconference/online video
conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 30, 2024, at 5:00 p.m.

Brodie Hilet and Neil McLean of Rodgers Reidy were appointed as
administrators of the company on July 29, 2024.


FIRSTMAC ASSET NO.1: Fitch Assigns 'Bsf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings to Firstmac Asset Funding Trust
No. 1 NAB Auto Warehouse Series' pass-through floating-rate notes.
The notes are backed by a pool of first-ranking Australian consumer
automotive loan receivables originated by Firstmac Limited. The
notes were issued by Firstmac Fiduciary Services Pty Limited as
trustee of Firstmac Asset Funding Trust No. 1 NAB Auto Warehouse
Series. This is a separate and distinct series created under a
master trust deed.

   Entity/Debt               Rating           
   -----------               ------           
Firstmac Asset Funding
Trust No.1 NAB Auto
Warehouse Series

   A                     LT AAAsf New Rating
   B AU3FN0053237        LT AAsf  New Rating
   C AU3FN0053245        LT Asf   New Rating
   D AU3FN0053252        LT BBBsf New Rating
   E AU3FN0090387        LT Bsf   New Rating
   Seller                LT NRsf  New Rating

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for loans
originated through the direct online (LCA) and broker channels. Its
gross-loss expectations are 1.0% and 3.0% for each channel,
respectively, while the 'AAAsf' default multiples are 7.75x and
5.75x. The recovery base case is 50.0%, with a 'AAAsf' recovery
haircut of 50.0% across both categories.

Portfolio Parameters Drive Losses: The transaction's eligibility
criteria and portfolio parameters shaped the proxy portfolio used
to drive the asset analysis. The proxy portfolio reflects the
assumption that the portfolio's characteristics may migrate towards
the limits during the availability period, including limits on
products, asset type and obligor size and concentration. There are
no portfolio parameters limiting the origination channel.

Fitch has assumed LCA loans will make up 15% of the pool based on
historical data and Fitch's forward-looking view. The
weighted-average (WA) base-case default assumption was 2.7% and the
'AAAsf' default multiple was 5.9x.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest-rate hikes in 2022-2023. GDP growth
for the year ending March 2024 was 1.1% and unemployment was 4.1%
in June 2024. Fitch projects GDP growth of 1.2% and a slight
increase in unemployment to 4.2% in 2024. This reflects its
expectation that the effects of restrictive monetary policy and
persistent inflation will continue to hinder domestic demand.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap provider or transaction
account bank fall below a certain level.

Structural Features Support Ratings: The transaction features an
availability period ending July 2025 with the ability to extend. It
is bound by stop funding and amortisation triggers to mitigate risk
from potential losses. These include a stop funding trigger that
ensures the availability of sufficient excess spread.

The Class A, B, C, D and E notes have documented minimum credit
enhancement percentages of 12.7%, 9.9%, 7.5%, 5.4% and 2.4%,
respectively, during the availability period. The transaction
employs a sequential structure after the availability period, with
no pro rata pay down permitted.

Structural Risks Addressed: Fitch's cash flow analysis incorporates
the transaction's structural features and tests each note's
robustness by stressing default and recovery rates, prepayments
(base case 22%), interest-rate movements and default timing. All
notes have passed relevant rating stresses.

Low Operational and Servicing Risk: All receivables were originated
by Firstmac Limited, which demonstrated adequate capability as
originator, underwriter and servicer. Servicer disruption risk is
mitigated by standby servicing arrangements. The nominated standby
servicer is Perpetual Trustee Company Limited. Fitch undertook an
operational and file review and found that the operations of the
originator and servicer were comparable with those of other auto
lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, there is a small exposure to balloon-payment
loans.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

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

Notes: Class A / B / C / D / E

Rating: AAAsf / AAsf / Asf / BBBsf / Bsf

Increase defaults by 10%: AA+sf / AA-sf / A-sf / BBB-sf / less than
Bsf

Increase defaults by 25%: AAsf / A+sf / BBB+sf / BB+sf / less than
Bsf

Increase defaults by 50%: AA-sf / A-sf / BBBsf / BBsf / less than
Bsf

Reduce recoveries by 10%: AA+sf / AA-sf / Asf / BBB-sf / less than
Bsf

Reduce recoveries by 25%: AA+sf / AA-sf / A-sf / BBB-sf / less than
Bsf

Reduce recoveries by 50%: AA+sf / A+sf / BBB+sf / BB+sf / less than
Bsf

Increased defaults by 10% and decrease recoveries by 10%: AA+sf /
A+sf / A-sf / BB+sf / less than Bsf

Increased defaults by 25% and decrease recoveries by 25%: AA-sf /
Asf / BBBsf / BBsf / less than Bsf

Increased defaults by 50% and decrease recoveries by 50%: Asf /
BBBsf / BB+sf / B+sf / less than Bsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade Sensitivity

The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded. As such, upgrade sensitivities are not
relevant.

Notes: B / C / D / E

Rating: AAsf / Asf / BBBsf / Bsf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / B+sf

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

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

DATA ADEQUACY

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

Fitch reviewed a small targeted sample of the originator's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


LIBERTY FUNDING 2024-1: Moody's Assigns (P)B1 Rating to F Notes
---------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Liberty Funding Pty Ltd in respect of
Liberty Series 2024-1 SME.

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2024-1 SME

AUD325 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD100 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD25 million Class B Notes, Assigned (P)Aa2 (sf)

AUD17.5 million Class C Notes, Assigned (P)A2 (sf)

AUD7.5 million Class D Notes, Assigned (P)Baa2 (sf)

AUD17.5 million Class E Notes, Assigned (P)Ba2 (sf)

AUD5 million Class F Notes, Assigned (P)B1 (sf)

The AUD2.5 million Class G Notes are not rated by us.

The transaction is a securitisation of first-ranking mortgage loans
to self-managed superannuation funds (SMSFs, 74.8%),
small-to-medium enterprises (SMEs, 17.9%) or individuals (7.2%).
The mortgage loans are secured by commercial (52.6%), residential
(45.0%, and mixed (2.4%) properties located in Australia. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (2.6%), or made on an alternative (10.0%)
or no documentation (7.8%) basis. The loans were originated and are
serviced by Liberty Financial Pty Limited (Liberty, unrated).

Liberty is an Australian non-bank lender that started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as
auto loans, small commercial mortgage loans and personal loans. As
of June 2024, Liberty had total receivables of AUD14.6 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance;

-- The credit enhancement provided by note subordination, the
guarantee fee reserve and excess spread;

-- The legal structure and availability of the liquidity
facility;

-- The experience of Liberty as servicer; and

-- Presence of Perpetual Trustee Company Limited as the back-up
servicer.

According to Moody's analysis, the transaction benefits from
various credit strengths such as low weighted average loan to value
(LTV) of the underlying portfolio and a guarantee fee reserve.
However, Moody's note that the transaction features some credit
weaknesses such as a proportion of bullet loans (8.5%) and
alternative documentation loans (10.0%) within the portfolio.

Key transactional features are as follows:

-- Class A1 and Class A2 notes benefit from 35% and 15% of
subordination respectively.

-- Principal collections will be at first distributed
sequentially. Starting from the second anniversary from closing,
all notes may participate in proportional principal collections
distribution, with the Class G Note principal allocation repaying
principal in reverse order starting from Class F, subject to the
step down conditions being satisfied. The step down criteria
include, among others, no charge offs on any of the notes and
average arrears greater than 60 days not exceeding 4.0% of the
aggregate loan amount. Principal paydown will revert to sequential
once the invested amount of the notes is 20.0% or less than that at
closing, or on and following the payment date in September 2028.

-- The guarantee fee reserve, which is unfunded at closing, will
build up to a limit of AUD2.5 million from excess spread. The
reserve will be available to cover (1) any required payment
shortfalls resulting from insufficient interest collections for
that collection period and (2) losses on the loans that are not
covered by excess spread.

Key portfolio features are as follows:

-- The weighted average scheduled LTV of the portfolio is 63.5%,
with only 2.8% of the loans with scheduled LTV above 80.0%.

-- Around 8.5% of loans are non-amortising and require a lump sum
repayment at loan maturity, which can be up to five years. All of
these loans have been assessed on the basis of borrower's
declaration of their repayment capacity over the term of the loan,
without income verification.

-- Around 2.6% of the loans were granted to borrowers with prior
credit impairment (default, judgement or bankruptcy).

Key model and portfolio assumptions:

Due to the mixed nature of the pool, Moody's categorized it into
SME and residential loan sub-pools, and arrived at the following
assumptions for each sub-pool:

-- For the SME sub-pool, the portfolio credit enhancement (PCE) is
23.2% and median expected loss is 2.5%.

-- For the residential loan sub-pool, Moody's MILAN Stressed Loss
is 6.4% and median expected loss is 0.80%.

The PCE and MILAN Stressed Loss for the SME and residential loan
sub-pools respectively capture the loss Moody's expect the
portfolios to suffer in the event of a severe recessionary
scenario. The Portfolio EL for each sub-pool represents a stressed,
through-the-cycle expected loss relative to Australian historical
data.

The SME sub-pool, representing 54.0% of the overall portfolio,
primarily includes loans to company borrowers and SMSFs secured by
commercial properties. The residential loan sub-pool, representing
46.0% of the overall portfolio, primarily includes loans to
individuals.

Methodology Underlying the Rating Action

The methodologies used in these ratings were "Residential
Mortgage-Backed Securitizations" published in May 2024.

Please note that a Request for Comment was published in which
Moody's requested market feedback on potential revisions to one or
more of the methodologies used in determining these Credit Ratings.
If the revised methodologies are implemented as proposed, it is not
currently expected that the Credit Ratings referenced in this press
release will be affected.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

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


MOS BURGER: Announces Closure of All Australian Stores
------------------------------------------------------
News.com.au reports that a popular burger chain has announced it is
closing all stores in Australia.

MOS Burger, Japan's second-biggest fast-food franchise, took to
social media on Aug. 22 to announce it was exiting the country
after opening its first store in Queensland in 2011, news.com.au
relates.

"After much consideration, we have made the decision to close all
MOS Burger locations in Australia," the company said.

"Thank you for making MOS burger a special place in Australia."

The last day of trading will be August 31, news.com.au discloses.

MOS Burger has three locations in Australia, all in Queensland:
Sunnybank, Southport and Upper Mount Gravatt.

It is not known how many employees will be impacted by the
closures, news.com.au notes.

MOS Burger is Japan's second-biggest fast-food franchise behind
McDonald's.  It is headquartered in Tokyo and was founded in 1972.


NATIONAL RMBS 2022-1: S&P Assigns BB(sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 60 classes of Australian
prime residential mortgage-backed securities (RMBS) transactions
sponsored by three Australian originators. At the same time, S&P
removed 26 of these ratings from under criteria observation.

The rating actions follow our review of these major bank-sponsored
RMBS transactions when applying our updated methodology and
assumptions for assessing pools of Australian residential loans.

These transactions have adequate credit support and cash flows at
the respective rating levels, after applying the updated criteria,
which include a revised method of assessing loan-to-value, the
application of changing house price values in determining default
frequency and loss severity, and an estimate of house price
overvaluation (OUV) of 22%. The OUV measure is intended to reflect
how much a market is above or below a longer-term measure of price
to income.

Some ratings are constrained below the level that cash flows alone
support due to other risk considerations such as sensitivities to
the outlook for yield, arrears, pool concentrations, and absolute
size of credit support.


  Ratings Affirmed And Removed From UCO

  Medallion Trust Series 2017-1

  Class B: AA+ (sf)
  Class C: AA- (sf)
  Class D: A (sf)
  Class E: BBB- (sf)

  Medallion Trust Series 2017-2

  Class B: AA+ (sf)
  Class C: AA- (sf)
  Class D: A (sf)
  Class E: BBB- (sf)

  Medallion Trust Series 2018-1

  Class B: AA+ (sf)
  Class C: AA- (sf)
  Class D: A (sf)
  Class E: BBB- (sf)

  Medallion Trust Series 2019-1

  Class B: AA+ (sf)
  Class C: AA- (sf)
  Class D: A (sf)
  Class E: BBB- (sf)

  Medallion Trust Series 2023-2

  Class A: AAA (sf)

  National RMBS Trust 2018-2 Series 2018-2

  Class B: AA+ (sf)
  Class C: AA- (sf)
  Class D: A+ (sf)
  Class E: BBB- (sf)

  National RMBS Trust 2022-1 Series 2022-1

  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)

  Series 2024-1 WST Trust

  Class A: AAA (sf)

  Ratings Affirmed

  Medallion Trust Series 2014-1P

  Class A1: AAA (sf)

  Medallion Trust Series 2014-2

  Class A1-R: AAA (sf)

  Medallion Trust Series 2015-1

  Class A1-R: AAA (sf)
  Class B: AAA (sf)

  Medallion Trust Series 2015-2

  Class A1-R: AAA (sf)
  Class B: AAA (sf)

  Medallion Trust Series 2016-1

  Class A1a: AAA (sf)
  Class B: AAA (sf)

  Medallion Trust Series 2016-2

  Class A1a: AAA (sf)
  Class B: AAA (sf)

  Medallion Trust Series 2017-1

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

  Medallion Trust Series 2017-2

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

  Medallion Trust Series 2018-1

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

  Medallion Trust Series 2019-1

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

  Medallion Trust Series 2023-1

  Class A: AAA (sf)

  National RMBS Trust 2016-1 Series 2016-1

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

  National RMBS Trust 2018-2 Series 2018-2

  Class A1-A: AAA (sf)
  Class A1-B: AAA (sf)
  Class A2: AAA (sf)

  National RMBS Trust 2022-1 Series 2022-1

  Class A1-A: AAA (sf)
  Class A1-G: AAA (sf)
  Class A2: AAA (sf)

  Series 2014-2 WST Trust

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

  Series 2015-1 WST Trust

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

  Series 2019-1 WST Trust

  Class A: AAA (sf)

  Series 2020-1 WST Trust

  Class A: AAA (sf)

  Series 2021-1 WST Trust

  Class A: AAA (sf)


PANORAMIC RESOURCES: Set to be Delisted From ASX
------------------------------------------------
TipRanks reports that Panoramic Resources Limited, currently under
administration, is set to be delisted from the Australian
Securities Exchange after opting not to pay the necessary listing
fees due to the costs and administrative burden outweighing the
benefits of remaining listed. According to TipRanks, the company's
shares have already been suspended since November 2023, preventing
any trading or transfer of shares. While the delisting will not
affect this suspension, the company continues to negotiate a Deed
of Company Arrangement and will update stakeholders through their
online portal and a forthcoming creditors' meeting, the report
says.

Panoramic Resources Limited (ASX:PAN) --
https://panoramicresources.com/ -- is a mining company that
explores for and mines copper, nickel, and cobalt in the Kimberley
region of Western Australia.

On Dec. 14, 2023, Daniel Woodhouse, Hayden White and Kate Warwick
of FTI Consulting were appointed as Joint and Several
Administrators of Panoramic Resources Limited and its subsidiaries,
Savannah Nickel Mines Pty Ltd and PAN Transport Pty Ltd.

The Administrators were subsequently appointed as Joint and Several
Administrators to Pindan Exploration Company Pty Ltd, a wholly
owned subsidiary of Panoramic, by a resolution of its Directors on
Jan. 15, 2024.


PEPPER RESIDENTIAL 40: Moody's Assigns B2 Rating to AUD15MM F Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes to be issued by Permanent Custodians Limited as trustee of
Pepper Residential Securities Trust No. 40.

Issuer: Permanent Custodians Limited as trustee of Pepper
Residential Securities Trust No. 40

AUD266.65 million Class A1-s Notes, Assigned Aaa (sf)

AUD733.35 million Class A1-a Notes, Assigned Aaa (sf)

AUD145.00 million Class A2 Notes, Assigned Aaa (sf)

AUD45.00 million Class B Notes, Assigned Aa2 (sf)

AUD11.25 million Class C Notes, Assigned A2 (sf)

AUD13.75 million Class D Notes, Assigned Baa2 (sf)

AUD10.00 million Class E Notes, Assigned Ba2 (sf)

AUD15.00 million Class F Notes, Assigned B2 (sf)

The AUD10.00 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of residential mortgage loans
originated by Pepper Homeloans Pty Limited (Pepper Homeloans,
unrated) and serviced by Pepper Money Limited (Pepper, unrated).
Pepper is an Australian non-bank lender, traditionally specializing
in non-conforming residential lending, with a broad geographical
presence and a national distribution network.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

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

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

-- The liquidity facility in the amount of 1.5% of the notes
balance with a floor of AUD1,875,000;

-- The experience of Pepper as the servicer; and

-- The presence of BNY Trust Company of Australia Ltd (BNY,
unrated) as the back-up servicer in this transaction.

According to Moody's, the transaction benefits from credit
strengths such as relatively high subordination to the Class A1-s
and Class A1-a Notes, and turbo repayment of the junior notes,
starting from the Class F Notes. However, Moody's note that the
transaction features some credit weaknesses such as a portion of
the portfolio extended to borrowers with prior credit impairment
(17.0%), loans granted to self-employed borrowers (49.4%) and loans
underwritten on an alternative documentation basis (39.1%).

Moody's Individual Loan Analysis (MILAN) Stressed Loss for the
collateral pool — representing the loss that Moody's expect the
portfolio to suffer in the event of a severe recession scenario —
is 6.5%. Moody's median expected loss for this transaction is 1.3%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- Principal collections will be firstly used to repay the Class
A1-s Notes in full, and then Class A1-a and Class A2 Notes on a
pari passu basis. Starting from the second anniversary from
closing, provided subordination to the Class A2 notes has at least
doubled since closing and the other step-down criteria are
satisfied, all notes may participate in proportional principal
collections distribution. While any of the other notes are
outstanding, the Class G Notes' share of principal will be
allocated in reverse sequential order starting from the Class F
Notes. If step-down criteria are breached, principal allocation
will revert to sequential, although Class A1-a and A2 will continue
to receive principal collections on a pari-passu basis until the
call date. The step-down criteria include, among others, no
charge-offs that remain unreimbursed on any of the notes and no
outstanding principal draw.

-- Class A2 and Class A1-a Notes rank pari passu in relation to
principal payments, based on their stated amounts, before the call
option date, although Class A2 are subordinate to the Class A1-s
and Class A1-a Notes in relation to charge-offs. This feature
reduces the absolute amount of credit enhancement available to the
Class A1-a Notes.

-- In accordance with the retention amount mechanism, on each
payment date until the call option date, excess spread of up to
0.20% per annum of the outstanding principal balance of the
portfolio will be used to repay junior notes, starting from the
Class F notes. The subordination to the senior notes will be
preserved by maintaining  a ledger equivalent to the excess spread
used towards the retention amount.

-- A yield enhancement reserve account will be funded by trapping
excess spread at a rate of 0.30% per annum of the outstanding
principal balance of the portfolio, subject to a maximum balance of
AUD2.5 million. While the Class A (Class A1-s, Class A1-a and Class
A2 notes) and Class B Notes are outstanding, the reserve is
available to meet the required payments. Once Class A and Class B
Notes are repaid in full, the yield enhancement reserve will be
used to pay the junior notes, starting from the Class F notes.

The key portfolio characteristics are as follows:

-- The portfolio has a weighted average scheduled loan-to-value
(LTV) ratio of 67.1%, and a relatively high proportion of loans
(18.1%) with scheduled LTV above 80%.

-- The portfolio has a weighted-average seasoning of 21.2 months.

-- Based on Moody's classification, investment loans represent
31.5% of the portfolio, which includes 2.3% of loans to
self-managed superannuation funds (SMSF).

-- Loans with an interest only term of up to 5 years represent
12.4% of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.

This methodology relates to Australian transactions.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job and the housing markets are primary
drivers of performance.

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


QUEEN BIZ: First Creditors' Meeting Set for Aug. 30
---------------------------------------------------
A first meeting of the creditors in the proceedings of Queen Biz
Pty Ltd will be held on Aug. 30, 2024, at 9:30 a.m. at the offices
of WA Insolvency Solutions, Level 6, 109 St Georges Terrace, in
Perth, WA and virtually.

Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of the company on Aug. 20, 2024.


REX AIRLINES: Administrators Granted Extension to Secure a Buyer
----------------------------------------------------------------
News.com.au reports that there is fresh hope for troubled regional
carrier Rex Airlines, with the company's administrators revealing
to a court there are tentative buy offers in the pipeline for the
airline.

At a Federal Court hearing before Justice Elizabeth Cheeseman on
Aug. 23, legal representatives for Rex's administrators asked the
court to grant an extension in the convening process as potential
investors trawl through the company's confidential data in
preparation for possible bids, according to news.com.au.

Rex entered administration on July 30, with administrators from
Ernst and Young appointed to take control of the firm.

It is understood Rex entered administration with AUD500 million in
debt.

On Aug. 23, the court was told the company had 4,800 non-customer
creditors and there was "no prospect" the company could be returned
to directors without some form of a restructure, news.com.au
relays.

There are also "contingent creditors", or customers whose flights
evaporated after the airline fell into administration.

A sale process is now underway, the court was told, with
non-indicative offers set to be provided to administrators,
news.com.au says.

According to news.com.au, binding offers could arrive by mid
September, the court was told, and administrators asked Justice
Cheeseman to extend the convening period to November 25 to allow
for those offers to be received and processed.

Justice Cheeseman granted the request in an order delivered on
Friday afternoon [Aug. 23].

News.com.au relates that the administrators, in a statement
following the order, said the time extension would help them ensure
the sales process was "comprehensive and competitive".

"It is our view that a comprehensive and competitive sales process
will secure the highest possible value for the Rex Companies and
through securing the highest value for the companies, that will
ensure the highest possible return for creditors," they said.

"We have considered the interests of creditors as a whole in
securing this extension, including current employees and suppliers
who continue to trade with the Rex Companies, who would be
adversely impacted if the company was to be wound up, and the
dedicated customers who rely on the Rex regional network.

"Through this period, the administrators intend to continue the
normal trading of the large part of the business, including the
regional Saab network.

"This application does not affect companies that are not in
administration, including Pel-Air and the Australian Airline Pilot
Academy, which continue to trade normally.

"We plan to convene the second meeting of creditors as soon as
possible completion of the sales process.

"We expect to provide creditors with a more detailed update as to
what portion of the requested extension is required in the next
fortnight."

NewsWire understands the administrators do not intend to use up the
full three months to achieve a resolution.

Parts of Rex continue to trade and the company has some 1,000
employees, but the administrators have axed hundreds of jobs,
news.com.au notes.

                         About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


SCRUBBY CREEK: First Creditors' Meeting Set for Aug. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Scrubby
Creek Enterprises Pty. Ltd., trading as "Goldfields Off Road", will
be held on Aug. 30, 2024, at 11:00 a.m. at the offices of WA
Insolvency Solutions, Level 6, 109 St Georges Terrace, in
Perth, WA and virtually.

Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Aug. 20, 2024.


VISION SCAPES: First Creditors' Meeting Set for Aug. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Vision
Scapes (Aust) Pty Ltd as the trustee for Carlile Family Trust  will
be held on Aug. 30, 2024, at 10:30 a.m. via virtual meeting
technology.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Aug. 20, 2024.




===================
B A N G L A D E S H
===================

BANGLADESH: Seeks US$3 Billion IMF Emergency Aid to Help Pay Debt
-----------------------------------------------------------------
Bloomberg News reports that Bangladesh's new central bank governor
said the country is seeking an additional $3 billion from the
International Monetary Fund as it looks to recover from recent
political turmoil, and is buying dollars from local banks to meet
unpaid debt.

Bloomberg relates that the South Asian country has begun talks with
the Washington-based IMF for the additional loan, central bank
Governor Ahsan H. Mansur said in an interview in the capital Dhaka.
Bangladesh secured $4.7 billion in funding from the IMF last year.

According to Bloomberg, the country is only just emerging from
weeks of upheaval following deadly protests that forced the ouster
of Prime Minister Sheikh Hasina earlier this month. Bangladesh is
also in talks with the World Bank, the Asian Development Bank and
the Japan International Cooperation Agency for funds to help repay
the debt it owes suppliers of critical services, such as
electricity, the governor said.

Bloomberg says the previous central bank governor, Abdur Rouf
Talukder, was forced to resign days after Hasina fled. A new
interim governor led by Nobel Prize-winning economist Muhammad
Yunus appointed Mansur, a former IMF official, to the central bank
post last week.

Garment exports, the country's main foreign exchange earner, have
been disrupted by the turmoil, Bloomberg notes. Reserves were
already under pressure before the current crisis, and stood at
$20.5 billion as of July 31, just enough to cover about three
months of imports.

The central bank bought more than $200 million in three days from
the interbank market since Mansur was appointed governor at
Bangladesh Bank on Aug. 13, Bloomberg says. The central bank aims
to buy as much as $1 billion every month from local banks, he
said.

Bangladesh has an immediate payment obligation of about $2 billion
to foreign suppliers of critical services, including about $800
million to India's Adani Power Ltd., according to Mansur. The
country has already blocked repatriation of $323 million in airline
revenue to delay dollar-denominated payments.

"We're in crisis management," the governor said. "We're only paying
what we're asked to - the minimum."

Bloomberg adds Bangladesh wants to maintain its "impeccable record
of servicing its foreign obligations," Mansur said. "We never
failed in the past, and we don't want to fail ever in the future.
That's a very strong, clear commitment from our side." The
injection of additional funds would be "just to cover" the
near-term payment obligations, he said.

The Bangladesh taka is down about 9% since the start of the year,
according to data compiled by Bloomberg. Moves have been contained
as part of a crawling peg foreign exchange rate system introduced
three months ago that allows some limited movement in the currency
around a level set by the central bank, and is intended as an
intermediate step toward a more freely floating currency.

Bangladesh is a country in South Asia. It is the eighth-most
populous country in the world and is among the most densely
populated countries with a population of 170 million in an area of
148,460 square kilometres (57,320 sq mi). Dhaka, the capital and
largest city, is the nation's political, financial, and cultural
centre. Chittagong is the second-largest city and is the busiest
port on the Bay of Bengal.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, Fitch Ratings has downgraded Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating to 'B+' from 'BB-'. The
Outlook is Stable.



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

CHINA EVERGRANDE: PwC Faces 6-Month Ban in China over Audit
-----------------------------------------------------------
The Financial Times reports that PwC China has told clients it
expects Chinese authorities to hit it with a six-month business ban
that will start as early as September, as part of punishment over
its audit of collapsed property developer China Evergrande.

The FT relates that the action against PwC comes after China's
securities regulator in March said Evergrande had inflated its
mainland revenues by almost $80 billion in the two years before the
developer defaulted on its debts in 2021, despite PwC's China unit
giving the accounts a clean bill of health.

The business ban, potentially accompanied by a large fine, would be
the toughest ever action by Chinese regulators against a Big Four
firm, the FT says. It comes as Beijing steps up scrutiny over the
role played by auditors in financial scandals, in this case in the
crisis-hit property sector, which once contributed around a quarter
of the country's gross domestic product.

Though not threatening the survival of PwC Zhong Tian, the entity
commonly known as PwC China, the punishment threatens to be highly
disruptive, the FT notes. PwC China was the country's largest
accounting firm by revenue in 2022, bringing in RMB7.9 billion
(US$1.1 billion), according to government data.

The ban would prevent PwC China from signing off on financial
results and initial public offerings and from conducting other
regulated activities, multiple clients told the Financial Times.
The firm has assured clients that staff will keep working during
the suspension and will be able to certify the audit opinions on
their 2024 annual reports once the ban is lifted in March.

                       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.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

CONCORD NEW: Fitch Alters Outlook on BB- Foreign Curr. IDR to Neg
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Concord New
Energy Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to Negative, from Positive, and affirmed the IDR and
senior unsecured rating at 'BB-'.

The Outlook revision follows the rise in Concord's EBITDA net
leverage to 7.4x in 2023, higher than its forecast of 6.3x, due to
delayed contribution from newly installed projects, deconsolidation
of the renewable power operation and maintenance (O&M) business, a
temporary rise in restricted cash and share buybacks. Fitch expects
near-term pressure on utilisation and realised tariffs for
renewable power projects to delay Concord's deleveraging, with
EBITDA net leverage around 7.5x and EBITDA interest coverage below
3.0x in 2024-2025 before improving towards 6.5x and 3.0x from 2026,
respectively.

Fitch affirmed Concord's IDR at 'BB-' based on its record of
project execution and recycling, adequate liquidity and balanced
maturity profile with improved access to funding, and reduced unit
capex and funding cost, which will partly offset project-level
profit pressure.

Key Rating Drivers

Utilisation Hours Under Pressure: Intensive installation of
renewable power facilities in the past two years has exerted
pressure on grid-connection capability, leading to higher
curtailment for renewable power in China. Concord's average wind
and solar capacity utilisation declined by 8.7% and 4.4%,
respectively, in 2023 and Fitch expects a further drop of 10% and
13% in 2024. However, Fitch expects curtailment to improve from
2025 as more transmission lines and storage capacity start
operating to enhance the grid's ability to consume renewable
power.

Reduced Realised Tariffs: Fitch expects the rising proportion of
market-traded volume to lower renewable power's realised tariffs.
Potential weakening of coal-fired power prices due to falling coal
prices will also weigh on renewable tariffs. Solar power tariffs
are facing more pressure, as many provinces have implemented
intra-day pricing and designated noon hours - when solar power
generation peaks - as trough-price periods. Fitch forecasts
Concord's average wind tariff in 2024 at 4.0% below the disclosed
2023 level and a sharper fall in the solar tariff.

Ongoing Project Optimisation: Fitch expects Concord to maintain
solid project returns as the adverse impact from lower capacity
utilisation and tariffs will be partially offset by reduced unit
capex. Fitch expects Concord to continually dispose of less
favourable projects and build new ones at a cheaper cost. Concord
can use the proceeds from project divestments to fund capex, while
its operating cash flow (CFO) is enough to cover debt servicing.

Lower Funding Cost: Fitch expects Concord's average funding cost to
approach 4.0% by end-2024 from 5.55% in 2021. Concord is drawing
project loans at a discount to the five-year loan prime rate (LPR),
China's benchmark rate, an improvement from borrowing at a premium
over benchmark rates before 2020, as it is becoming more
established and banks are starting to view renewable power projects
favourably. In addition, Fitch expects cuts to the LPR this year to
further reduce Concord's funding costs in 2025.

Deconsolidation of O&M Segment: In 2023, Concord sold 38.75% of
Beijing Century Concord Operation & Maintenance Co., Ltd. (Concord
O&M), retaining a 33.25% stake and reclassifying it as a joint
venture. Fitch considers the deconsolidation of the O&M business
modestly negative for Concord's credit profile, as Fitch does not
anticipate significant dividend payments from Concord O&M while
Concord still guarantees all of its loans, which Fitch adds to
Concord's debt balance.

Interest Coverage to Improve: Fitch forecasts Concord's EBITDA
interest coverage will decline to 2.7x in 2024 (2023: 2.8x) before
returning to 3.0x in 2025, a level commensurate with its 'BB-'
rating. Similarly, Fitch expects EBITDA net leverage to rise to
7.6x (2023: 7.4x) before it resumes deleveraging from 2025, based
on its assumption of a mild utilisation recovery from 2025, lower
annual capex in 2024-2025 than previous years and sufficient CFO
that can be used to pay down project loans. More favourable funding
costs could further strengthen Concord's coverage metrics.

Derivation Summary

Fitch views India's leading renewable power generation companies,
ReNew Energy Global Plc (BB-/Stable) and Continuum Green Energy
Holdings Limited (B+/Positive), as Concord's closest rating peers.

Roughly half of Concord's power generation is guaranteed to be
purchased by power grids at fixed tariffs, while the rest is sold
on markets with manageable volume and price volatility. In
comparison, most of Renew's capacity is sold under long-term power
purchase agreements with better price certainty. Nevertheless, more
than 60% of ReNew's key customers are non-federal government-owned
utilities with weak credit profiles while Concord has minimal
counterparty risks as its off-takers are mainly 'A+' rated power
grid companies. Concord has a smaller scale, although this has no
impact on its operating efficiency or investment cost.

Its medium-term forecast for Concord's EBITDA net leverage of
6.6x-7.6x is slightly higher than the 5.5x-7.1x for ReNew. However,
Fitch forecasts stronger EBITDA interest coverage for Concord of
around 2.8x-3.4x in the next four years, compared with less than
2.0x for ReNew, due to Concord's lower funding costs.

Continuum is smaller than Concord, although its operating capacity
will increase to 2.2GW by September 2024. Continuum's business
profile is comparable with that of Concord. However, it has weaker
financial metrics with forecast EBITDA interest coverage of
1.2x-1.6x in the next three years, which justifies rating Continuum
one notch below Concord.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Annual net capacity additions of 500MW-600MW during 2024-2026.

- Disposal of 300MW-350MW of capacity per year during 2024-2026.

- Utilisation hours of wind and solar power to decline by 10% and
13%, respectively, in 2024, before a mild recovery of 2% per year
in 2025-2026.

- Tariffs to drop in the next two years for both newly installed
capacity and existing projects.

- Annual capex of CNY3.2 billion-4.5 billion in 2024-2026, with
unit capex for wind declining to around CNY4.2 per watt (w) in 2024
from above CNY5/w in 2022, and unit capex for solar to decline at a
similar rate.

- Collection of 60% of annual eligible subsidy and no additional
collection of legacy subsidies

RATING SENSITIVITIES

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

- The Outlook will be revised to Stable if Concord does not breach
the negative sensitivity trigger.

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

- A further increase in EBITDA net leverage or failure to maintain
EBITDA interest coverage above 3.0x on a sustained basis due to
continued deterioration in utilisation hours and tariffs, or
aggressive shareholder returns.

Liquidity and Debt Structure

Sufficient Liquidity: Concord had CNY2.4 billion in readily
available cash at end-2023 after repaying USD90 million in US
dollar bonds ahead of maturity, still sufficient to cover
short-term debt of CNY1.9 billion. Fitch forecasts CFO of CNY1.1
million in 2024 and expect 80% of Concord's CNY4.4 billion in capex
for 2024 to be financed by project loans or financial leasing.
Fitch believes existing cash, CFO and expected proceeds from
project divestments should be enough to cover the equity capital
component of capex and project-level debt amortisation in 2024.

Issuer Profile

Concord is a renewable power operator in China that mainly owns and
operates wind and solar farms. It owned 4,050MW of operational
attributable installed capacity at end-2023, including 2,701MW of
self-controlled wind capacity, 576MW of solar power capacity, and
773MW of effective capacity owned through joint ventures and
associate companies. The company also provides design services and
sells energy storage equipment to other renewable power plants.

Summary of Financial Adjustments

Wind farms in China enjoy a 50% VAT rebate as an incentive for
supplying renewable energy. Revenue from wind farms is net of VAT
and only the 50% rebate is reflected in the income statement and
included as EBITDA. Wind farms are exempt from VAT in the first
five operating years, during which time they do not pay VAT or
receive rebates. The amount of VAT that has been exempted, although
100% retained by wind farms, is not reflected in the income
statement. Fitch has adjusted Concord's EBITDA by adding 50% of the
VAT that has been exempted.

Concord continued to provide a guarantee of CNY302 million at
end-2023 on bank loans for projects it sold to overseas renewable
funds. Fitch includes half of the guaranteed amount in the
calculation of Concord's leverage, as repayment of the loans is
covered by project CFO.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Concord New Energy
Group Limited          LT IDR BB-  Affirmed   BB-

   senior unsecured    LT     BB-  Affirmed   BB-


YICHANG HIGH-TECH: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Yichang High-Tech Investment
Development Co., Ltd.'s (YHID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'. The Outlook is
Stable. Concurrently, Fitch has also affirmed YHID's senior
unsecured notes at 'BB+'.

Fitch regards YHID as a government-related entity (GRE) of Yichang
municipality in China. The company is directly owned by Yichang
Industry Investment Holding Group Co., Ltd (YIIH), and is
ultimately owned and controlled by the Yichang State-Owned Assets
Supervision and Administration Commission (SASAC). Hence, Fitch
"look through" its immediate shareholder and regard the Yichang
government as YHID's sponsor. The ratings reflect its expectation
that YHID will receive extraordinary support from the municipal
government when needed.

KEY RATING DRIVERS

Support Score Assessment 'Very likely'

Fitch believes extraordinary support from the Yichang municipality
to YHID would be 'Very Likely' should it be needed, as reflected in
a support score of 30 out of a maximum 60 under its GRE criteria.
This is based on its assessments of the government's responsibility
and incentive to provide support.

Responsibility to Support

Decision Making and Oversight 'Strong'

YHID is fully owned by YIIH and is ultimately owned and controlled
by the municipal government. The government makes key decisions for
YHID through YIIH, including board appointments, and approves its
major events, such as M&A, disposals, strategic developments,
long-term plans, annual budgets, major capex and funding plans. The
government also requires frequent reporting on key operating and
financial performance indicators.

As the issuer's urban construction projects focus on the high-tech
zone rather than the whole municipality, less operating scope
within the municipality and less direct control from the municipal
government constrain a higher factor assessment.

Precedents of Support 'Strong'

The local government has provided continued financial support to
YHID to help it achieve its policy mission, and Fitch expects this
support to continue. Support includes capital injections and
subsidiary transfers to increase YHID's capital reserve, and
operating subsidies to support daily operations. Net capital
reserve increased to CNY2.4 billion in the past five years,
equivalent to 13.1% of YHID's shareholder equity at end-2023.
Operating subsidies in 2019-2023 were around CNY1.4 billion; annual
subsidies generally account for 80%-90% of net profit and account
for around 20% of urban development related operating revenue.

Incentives to Support

Preservation of Government Policy Role 'Strong'

YHID plays a strategic role in the municipality's urban
development. It was established to investment in infrastructure to
help develop the Yichang High-Tech Development Zone and promote
Yichang's urbanisation. Fitch believes a default by YHID could
delay the financing and construction of its major projects, which
would disrupt the operation of the zone's public-service projects
and potentially hinder the implementation of the government's
development strategies, with a long-term impact.

Contagion Risk 'Strong'

Fitch regards YHID as a high-profile GRE in Yichang, based on its
status as one of the city's major urban developers, especially in
the Yichang High-Tech Development Zone. It is an active bond issuer
with diversified funding channels and established capital-market
access. Bonds accounted for around 71% of its total debt at
end-2023.

Fitch believes investors' propensity to extend financing to similar
projects to those of YHID would be impaired should YHID default,
since its main source of financing is market financing for public
works. This would be likely to hamper the financing capability of
the government and other local GREs, particularly those with
similar ownership structures under Yichang SASAC, including its
parent company, although the effect is likely to be short term.

Standalone Credit Profile

Risk Profile: 'Midrange'

Fitch assesses YHID's risk profile at 'Midrange', reflecting the
combination of the following assessments:

Revenue Risk: 'Midrange'

The assessment is based on 'Midrange' demand and pricing
characteristics. YHID has diversified revenue sources, which
includes urban infrastructure construction, social housing and
trading, although with some geographic and customer concentration.
Fitch expects demand to fluctuate with changes in the
municipality's economic performance, as YHID's construction
projects are subject to the government's development plans. Pricing
for most of YHID's businesses is determined by the market, with the
remainder subsidised by the government.

Expenditure Risk: 'Midrange'

The assessment reflects 'Midrange' assessments for operating costs,
supply risk and investment planning. YHID has the ability to
control its operating costs, and Fitch expects its cost structure
to remain largely stable. The supply of resources and labour are
adequate, considering Yichang municipality's solid economic growth
prospects. YHID's major investment plans are in accordance with the
objectives set by the municipal government and have historically
been executed consistently with the government's plans.

Liabilities and Liquidity Risk: 'Midrange'

The assessment is based on 'Midrange' debt and liquidity
characteristics. The company's debt maturity is mostly in line with
the usual construction periods of public projects. Its
weighted-average life of debt was around 3.0 years as of end-2023.
Fitch believes it has good access to bond markets, with sufficient
liquidity available for debt service, given its solid relationships
with major Chinese banks.

Financial Profile

The leverage, net debt/Fitch-calculated EBITDA, of 2023 is negative
due to the negative EBITDA, driven by low government subsidies and
some one-off type of costs incurred. However, Fitch believes the
government subsidies will increase to the average level of past
five years and forecasts leverage to average at around 60x for the
next five years. This reflects the company's rising debt arising
from capex for infrastructure construction and slow payback
expectations. The assessment is consistent with that of other
Fitch-rated Chinese urban developers, which tend to be capital
intensive and reliant on refinancing and government support.

YHID's weak financial profile and funding pressure is mitigated by
continued government support, the company's capital market access,
and its relationships with local and national financial
institutions.

Derivation Summary

Fitch rates YHID under its Government-Related Entities Rating
Criteria, reflecting its assessments of Yichang government's
decision-making, oversight, support precedents to the company as
well as the government's incentives to provide support. Fitch
believes the government is 'Very Likely' to step in and support
YHID when needed. The ratings also take into consideration the
Standalone Credit Profile assessment of 'b' under its Public Policy
Revenue-Supported Entities Rating Criteria.

Debt Ratings

YHID has one outstanding offshore note that it issued directly. The
note is rated at the same level as YHID's Issuer Default Rating,
because it constitutes its direct, unconditional, unsubordinated
and unsecured obligations and at all times rank pari passu with all
its other present and future unsecured and unsubordinated
obligations.

Issuer Profile

YHID constructs and invests in public works, such as
infrastructure, land development, industrial parks and social
housing, in Yichang High-Tech Development Zone, in Hubei province.


Key Assumptions

Its rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2019-2023 historical figures and 2024-2028
scenario assumptions:

- YHID to retain its key policy role in Yichang High-Tech
Development Zone's public works, focusing on infrastructure, land
development, industrial parks and social housing construction.
Fitch does not expect additional asset injections to significantly
alter YHID's revenue profile.

- Average operating revenue growth of around 3.3% a year in
2024-2028, driven by the trading business and the delivery schedule
of YHID's urban development projects (2019-2023 average growth:
40.7% due to business expansion).

- Average operating expenditure growth of about 1.8% a year in
2024-2028 on a steady increase in recurring expenditure and
variable costs that fluctuate with revenue growth (2019-2023
average growth: 47.7% due to business expansion).

- Average adjusted debt growth of about 8%, given the company's
investment plan (2019-2023 average growth: 12%).

Rating Sensitivities

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

- A lowering of its credit view of Yichang government's ability to
provide support or other legitimate resources allowed under China's
policies and regulations.

- A deterioration in its assessment of Yichang government's
responsibility to provide support, including weaker government
decision making or oversight, or precedents of support.

- A deterioration in its assessment of Yichang government's
incentive to provide support, including a weakening of YHID's
preservation of government policy role as an important urban
developer or reduced contagion risk.

- A downgrade of YHID's Issuer Default Rating would lead to similar
action on its senior unsecured notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An improvement in its credit view of Yichang government's ability
to provide support or other legitimate resources allowed under
China's policies and regulations.

- An improvement in its perception of Yichang government's
responsibility to provide support, including stronger government
decision marking and oversight or a more consistent support record
to maintain a sufficiently strong financial profile.

- An improvement in its perception of Yichang government's
incentive to provide support, including a stronger role for YHID in
the preservation of the government's policies or increased
contagion risk.

- An upgrade of YHID's Issuer Default Rating would lead to similar
action on its senior unsecured notes.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
Yichang High-Tech
Investment
Development Co., Ltd.    LT IDR    BB+  Affirmed   BB+
                         LC LT IDR BB+  Affirmed   BB+

   senior unsecured      LT        BB+  Affirmed   BB+



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

BYJU'S: Court Tosses Camshaft's Request to Dismiss Unit's Ch. 11
----------------------------------------------------------------
Emlyn Cameron of Law360 Bankruptcy Authority reports that a
Delaware bankruptcy judge denied Camshaft Capital's request to
dismiss the Chapter 11 case of the U.S.-based affiliate of Indian
educational technology giant Byju's, finding the debtor had good
reason to file for bankruptcy.

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-July 2024, Byju's will face insolvency proceedings for failure
to pay $19 million in dues to the country's cricket board. Reuters
said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as the
company's board of directors is suspended as per law.  CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

The TCR-AP on Aug. 5, 2024, reported that the National Company Law
Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement
between Byju Raveendran and the Board of Control for Cricket in
India (BCCI), thus removing Byju's parent Think and Learn from the
insolvency resolution process.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.


EXULT LOGISTICS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Exult
Logistics Private Limited (ELPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.4       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-        17.6       CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with ELPL for
obtaining information through letter and email dated July 11, 2024
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 ELPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ELPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ELPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Kolkata-based Ideal Movers group is headed by Mr Srawan Kumar
Himatsingka (chairman) and his son, Mr Nakul Himatsingka. It was
set up in 1995, and commenced operations in 2000 with its
transportation business. It mainly transports steel and related
materials.

ELPL, set up in 2005, is also a logistics services provider.
Initially, it leased its fleet of trucks to IMPL, but since fiscal
2016, has been dealing directly with the Essar group.


G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of G. N. Pet (GNP;
part of the GN group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.50       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       1.37       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term    0.02       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             3.55       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       2.56       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with GNP for
obtaining information through letter and email dated July 11, 2024
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 GNP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GNP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GNP continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of GNP and Garib Nawaz
Polymers Private Limited (GNPPL). This is because the two entities,
together referred to as the GN group, are in the same line of
business, have close operational and financial linkages, and are
under a common management.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial operations
in 2011. Both entities' manufacturing facilities are in Baddi.



GMK LABS: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of GMK Labs Private
Limited (GLPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility      5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GLPL for
obtaining information through letter and email dated July 11, 2024
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 GLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GLPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2006, GLPL manufactures specialty chemicals such as
piroctone olamine. The manufacturing facility is located in
Vijayawada, Andhra Pradesh. The company is promoted by Mr G Murali
Krishna.


GOLDENDUNES HEIGHTS: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Goldendunes
Heights LLP (GHL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Term Loan       30       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GHL for
obtaining information through letter and email dated July 11, 2024
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 GHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GHL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

GHL was incorporated in 2015 by Mr Kapil Taneja, his brother, Mr
Ankur Taneja, and their friends: Mr K C Singhal, Mr N K Tayal, and
Mr Ravi Omprakash Agarwal. It undertakes real estate development
projects, and is currently developing Symphonia in Vaishali Nagar,
Jaipur.


K. P. M. TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of K. P. M Trading
Company (KPMTC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KPMTC for
obtaining information through letter and email dated July 11, 2024
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 KPMTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KPMTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KPMTC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in the year 1987, of K. P. M Trading Company (KPMTC) is
a partnership firm engaged in trading of paddy and rice. The
day-to-day operations of the firm are managed by K P Soudha, K P
Mohammed haji, K P Mohammed Musthafa.


K.S. IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K.S. Impex
Limited (KSIL; part of the Metalore group) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           32         CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Proposed Long Term      6         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KSIL for
obtaining information through letter and email dated July 11, 2024
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 KSIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSIL continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of KSIL, Metalore Overseas
Private Limited (MOPL), and Shree Kripa Agro (SKA). This is because
the three entities, together referred to as the Metalore group, are
in the same line of business, have operational and financial
linkages, and are under the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


KATYAYNI CONTRACTORS: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Katyayni
Contractors Private Limited (KCPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letter and email dated July 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2005, KCPL is engaged in stone crushing activities
and also undertakes civil construction work, mainly related to road
and building for state government of Bihar. The company is promoted
by Patna based Mr. Ashok Kumar, who have been in the business for
over 25 years.


KERALA INFRASTRUCTURE: Fitch Affirms IDRs, Then Withdraws Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) and the medium-term
note (MTN) programme rating on India's Kerala Infrastructure
Investment Fund Board (KIIFB) at 'BB' with a Stable Outlook and has
subsequently withdrawn the ratings.

The rating affirmations reflect KIIFB's unchanged role as the
state's infrastructure financing vehicle and the government's full
guarantee for KIIFB's debt obligations.

Fitch has chosen to withdraw the ratings on KIIFB for commercial
reasons. Accordingly, Fitch will no longer provide ratings or
analytical coverage for KIIFB.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch believes that extraordinary support from the State of Kerala
to KIIFB would be 'Virtually Certain' in case of need, reflecting a
support score of 50 out of a maximum 60 under its
Government-Related Entities (GRE) Rating Criteria. This reflects
its assessment of responsibility and incentive to support factors.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

KIIFB was established to execute the state's infrastructure
investment strategy and is wholly owned and tightly controlled by
the government of Kerala. The entity was established under the
Kerala Infrastructure Investment Fund Act 1999, which provides it
with a special legal status and requires the state to guarantee its
full debt obligations.

KIIFB performs a critical role within the state to finance and
implement key long-term public infrastructure projects. Projects
financed are approved by the KIIFB board, which is chaired by the
Chief Minister of the State of Kerala and consists of other
existing and former government officials as well as independent
members. The fund is overseen by a trustee - the Fund Trustee and
Advisory Commission - consisting of eminent external experts,
including the former comptroller and auditor general of India and
former executive director of the Reserve Bank of India.

Precedents of Support 'Very Strong'

The state government statutorily guarantees the payment of
principal and interest on all of KIIFB's debt obligations. The
government also allocates all petroleum cess receipts and 50% of
motor-vehicle tax collected to a ringfenced fund dedicated to
KIIFB's debt servicing. Any shortfalls in KIIFB's debt servicing
are met by the government under its statutory obligations. There
are no legal, regulatory or policy restrictions on government
support and Fitch expects timely financial support from the state.

Incentives to Support

Preservation of Government Policy Role 'Strong'

KIIFB is the nodal financing agency of the government for
large-scale and critical infrastructure projects, meaning a default
by the entity would jeopardise key policy objectives for the
state's economic development. Projects cover a number of key
sectors, including transportation and urban infrastructure
development, power generation, agriculture, education and
healthcare. KIIFB's central role in developing strategic state
infrastructure makes the entity difficult to effectively
substitute.

Contagion Risk 'Very Strong'

KIIFB acts as a key financing entity for the government to fund
large and capital-intensive state projects. Fitch therefore regards
KIIFB as a core government entity and its credit profile as
directly linked to that of the state government, also considering
the government guarantee under the Act. A default by KIIFB would
reflect the state government's inability to honour its financial
obligations and severely strain access to and cost of financing for
the government and its related entities.

Derivation Summary

Fitch classifies KIIFB as a GRE linked to the State of Kerala under
its GRE rating criteria and equalises its ratings to those of the
state. The equalisation is based on a GRE support score of 50,
reflecting a combination of 'Very Strong' decision making and
oversight, precedents of support and contagion risk, and 'Strong'
preservation of government policy role. In addition, the state's
full guarantee of KIIFB's debt leads to the ratings being
equalised, irrespective of the assessment of support factors.

Fitch does not assess KIIFB's Standalone Credit Profile (SCP), as
the entity relies almost entirely on state government funding for
its operations and debt servicing and therefore cannot be de-linked
from the government. Fitch believes an SCP is not meaningful to the
entity's rating accordingly. KIIFB's IDRs are derived from its
expectation of credit support from its sponsor, the State of
Kerala.

Debt Ratings

The rating on KIIFB's INR50.0 billion MTN programme is aligned to
KIIFB's IDR at 'BB'.

Issuer Profile

KIIFB was founded in 1999 under the Kerala Infrastructure
Investment Fund Act to facilitate the funding of critical
infrastructure throughout the State of Kerala. A modification to
the Act in 2016 empowered KIIFB to raise money through financial
instruments approved by the Securities and Exchange Board of India
and the Reserve Bank of India to accelerate infrastructure
development.

Rating Sensitivities

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

Not applicable, as the ratings have been withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Not applicable, as the ratings have been withdrawn.

ESG Considerations

Following the withdrawal of ratings for KIIFB, Fitch will no longer
be providing the associated ESG Relevance Scores.

Public Ratings with Credit Linkage to other ratings

KIIFB is credit-linked to the State of Kerala.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Kerala Infrastructure
Investment Fund Board   LT IDR    BB  Affirmed    BB
                        LT IDR    WD  Withdrawn   BB
                        LC LT IDR BB  Affirmed    BB
                        LC LT IDR WD  Withdrawn   BB

   senior secured       LT        BB  Affirmed    BB

   senior secured       LT        WD  Withdrawn   BB


KERALA: Fitch Affirms 'BB' LongTerm IDRs, Then Withdraws Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the Indian State of Kerala's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'.
The Outlook is Stable. At the same time, Fitch has withdrawn all
the ratings on Kerala.

Fitch expects stable fiscal performance for Kerala through March
2028 due to sustained economic growth. Central government grants
will decrease, but will be compensated by increased tax sharing
with the central government. The state's high expenditure
responsibilities and infrastructure investments are likely to lead
to continued fiscal deficits and rising borrowings, despite
borrowing limits tied to gross state domestic product (GSDP),
because of projected economic growth. However, Fitch expects debt
growth to slow over time.

Fitch classifies Kerala as a Type A local government due to its
structural characteristics, which include significant general
government expenditure, responsibilities for health and education,
tax sharing with the central government, and the ability to incur
budgetary deficits similar to a sovereign entity.

Fitch has chosen to withdraw the ratings for commercial reasons.

KEY RATING DRIVERS

Risk Profile: 'Midrange'

Kerala is assessed across six risk factors, categorised as
'Stronger,' 'Midrange,' or 'Weaker,' resulting in an overall
'Midrange' risk profile. This evaluation reflects Fitch's view that
there is a moderately low risk of the issuer's ability to cover
debt servicing being weakened unexpectedly over the scenario
horizon, the fiscal year ending March 2024 (FY24) to FY28.
Potential causes for this could include lower revenue, higher
expenditure, or an unforeseen rise in liabilities or debt-servicing
requirements.

Revenue Robustness: 'Stronger'

Kerala's solid revenue profile is bolstered by a stable economy,
robust revenue sources, and supportive central government tax
sharing. Fitch expects continued economic growth to sustain revenue
growth over the medium term. Operating revenue grew at a CAGR
exceeding 9% from FY19 to FY23, driven by tax revenue, which makes
up about 50% of the total. Fitch expects central government grants,
accounting for one-third of operating revenue in FY23, to decline,
but this is balanced by higher tax sharing. Major tax revenue
sources include goods and services tax (GST), sales tax and VAT.

Revenue Adjustability: 'Weaker'

Its 'Weaker' assessment of revenue adjustability is due to the
central government's control over major taxes, formula-driven
grants, and the state's limited ability to significantly raise
local tax rates due to legislative and populist pressures. The
Indian constitution delineates taxation powers between the central
government and states. The central government sets the GST rate,
while states can levy taxes on petroleum products, alcohol,
real-estate transactions and other items. Kerala's share in central
taxes is based on a formula linked to India's economic and fiscal
growth.

Expenditure Sustainability: 'Midrange'

Kerala's expenditure responsibilities, encompassing healthcare,
social welfare and education, exhibit a moderate correlation to the
economic cycle. The state demonstrates moderate control over
expenditure, with growth generally in line with revenue growth,
leading to its 'Midrange' assessment. Between FY19 and FY23,
operating expenditure increased at a CAGR of about 6%, which is
below the revenue growth rate.

Fitch anticipates that Kerala will continue to prioritise the
funding of essential social and economic services, such as
education, health, sanitation, agriculture and transport, without
frequent or significant reforms in budgetary responsibilities. The
largest operating expenditures are pensions, education, social
welfare and nutrition.

Expenditure Adjustability: 'Midrange'

Its assessment balances the state's ability to reduce spending with
a midrange level of inflexible and committed costs, which Fitch
estimates constitute 80%-90% of total expenditure. Discretionary
spending decreases during periods of lower budget revenue,
demonstrating effective adjustability. Capex, which represented
10.6% of total expenditure in FY23, constitutes a relatively modest
portion but offers some flexibility through the reduction or
deferral of projects.

Liabilities & Liquidity Robustness: 'Stronger'

State governments primarily borrow to finance fiscal deficits
through domestic open-market borrowing (state development loans),
loans from banks and the central government, provident funds and
small savings. Open-market borrowing is facilitated by the Reserve
Bank of India (RBI) and is regulated by a legislative framework and
fiscal responsibility legislation.

The maturity profile of outstanding state government securities is
well-dispersed, with a weighted-average tenor of approximately
eight years as of FY23. Open-market borrowings are issued in
fixed-rate Indian rupees, with no foreign-currency exposure.
Contingent liabilities mainly comprise guarantees extended to
public-sector undertakings and local governments, accounting for
around 12% of the total when combined with borrowings.

Liabilities & Liquidity Flexibility: 'Midrange'

Kerala has established access to domestic financial markets and
benefits from liquidity support provided by the Indian sovereign
(BBB-/Stable). The central government and the RBI enable states to
address short-term liquidity needs through instruments such as
advances and overdrafts extended by the RBI, with additional
measures implemented to relax overdraft regulations during economic
turbulence.

Although Kerala can only borrow in the domestic market, it can
count on state companies and lower-tier government bodies to access
international markets. This includes the wholly owned Kerala
Infrastructure Investment Fund Board (BB/Stable), which funds
significant infrastructure development in the state.

Debt Sustainability: 'bbb category'

Fitch's debt sustainability assessment for Kerala is based on the
state's budget for 2024-2025 and forward estimates to FY28, with
adjustments for potential downside risks. The primary metric used
is the economic liability burden, which is the total of net overall
debt and a proportionate share of central government debt relative
to local GDP. Fitch expects this metric to remain stable, at 86.1%
by FY28 compared with 86.4% in FY23, as economic growth offsets
debt increases. This places Kerala's debt sustainability in the
midrange of the 'a' category.

However, Kerala's secondary metrics are weak. The payback ratio
(net overall debt/operating balance) is negative, and the fiscal
debt burden (net overall debt/operating revenue) exceeds 350%, both
of which fall into the 'b' category. These weak secondary metrics
indicate that Kerala's budgetary performance will likely remain
poor due to ongoing fiscal deficits and rising debt. As a result,
Fitch lowers the debt sustainability assessment to the 'bbb'
category based on these secondary metrics.

Derivation Summary

Kerala's 'bb' Standalone Credit Profile (SCP) reflects the
combination of the 'Midrange' risk profile and 'bbb'
debt-sustainability assessment. The 'BB' Long-Term IDR is driven by
the SCP.

Key Assumptions

Risk Profile:

Revenue Robustness:

Revenue Adjustability:

Expenditure Sustainability:

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness:

Liabilities and Liquidity Flexibility:

Debt sustainability:

Support (Budget Loans):

Support (Ad Hoc):

Asymmetric Risk:

Rating Cap (LT IDR):

Rating Cap (LT LC IDR)

Rating Floor:

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on FY19-FY23 figures and FY24-FY28 projected
ratios. The key assumptions for the scenario include:

- Operating revenue CAGR of 6.2% in FY24-FY28 (FY19-FY23: 10.0%);

- Operating expenditure CAGR of 9.6% in FY24-FY28 (FY19-FY23:
6.6%);

- Net capex to average INR176.2 billion per year in FY24-FY28
(FY19-FY23: INR133.6 billion);

- Cost of funds to average 7.0% in FY24-FY28 (FY23: 7.1%
Fitch-estimated average cost of funds).

Liquidity and Debt Structure

Fitch's calculation of the net overall debt includes the state's
internal debt, loans from the central government, other liabilities
that Fitch considers debt-like, such as public account liabilities,
and guarantees issued for public-sector undertakings, and nets out
the state's cash and short-term liquid investments.

Issuer Profile

Kerala is on the south-western coast of India. It has a population
of 35.6 million. The state's diverse economy accounts for about 4%
of national GDP.

Rating Sensitivities

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

Not applicable as the ratings have been withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Not applicable as the ratings have been withdrawn.

ESG Considerations

Kerala has an ESG Relevance Score of '4' for Natural Disasters and
Climate Change due to the state's exposure to several natural
disasters, including landslides and flooding, which could have a
negative impact on the credit profile if there is persistent impact
on its economic and fiscal performance, and is relevant to the
ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
State of Kerala     LT IDR    BB  Affirmed    BB
                    LT IDR    WD  Withdrawn   BB
                    LC LT IDR BB  Affirmed    BB
                    LC LT IDR WD  Withdrawn   BB

KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KGEPL
Engineering Solutions Private Limited (KIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         100        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee          20        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee          60        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             75        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             52.5      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Corporate Loan          20.5      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letter and email dated July 15, 2024
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 KIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated on October 20, 2007, and promoted by the Kalyani
group, KIPL manufactures, assembles, erects, and installs wind
turbine generators, and also develops wind farms. The company
focuses on multi-megawatt onshore turbines. It has two platforms, K
82- 2.0 megawatt (MW) and K110- 2.4 MW, in India. KIPL has a
full-scale assembling facility in Baramati, Maharashtra, with
annual capacity of 220 MW.


KISAN SHAKTI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kisan Shakti
Krushi Udyog Private Limited (KSK) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Warehouse Receipts      12.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts       9        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KSK for
obtaining information through letter and email dated July 11, 2024
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 KSK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSK continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KSK, set up in 1999 and is promoted by Mr Santosh R Chidrawar,
manufactures NPK mixture fertilizers at its facility in Yavatmal,
Maharashtra.


KMB GRANITE: CRISIL Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of KMB Granite
Quarriers (KMB) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             20        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KMB for
obtaining information through letter and email dated July 11, 2024
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 KMB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMB continues to be 'CRISIL D Issuer Not Cooperating'.

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes
quarrying of rough granite. It started commercial operations from
January 2014.


KMB TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KMB Trading
Corporation Private Limited (KMB) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Corporate Loan         2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        4.15       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Long Term Loan         12.72      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.13      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KMB for
obtaining information through letter and email dated July 11, 2024
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 KMB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMB continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1999 as a partnership between Mr. K Shoukath Ali and his
brother Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. The company, headquartered in Salem (Tamil
Nadu), quarries and sells rough granite blocks.


KOSHI UDAY: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Koshi Uday
Food Products Private Limited (KUFPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.32        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash
   Credit Limit          1.43        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan             4.00        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KUFPPL for
obtaining information through letter and email dated July 11, 2024
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 KUFPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KUFPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of KUFPPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

KUFPPL, incorporated in 2013, produces various types of parboiled
rice with installed capacity of around 5 tonne per day. The company
is based in Patna (Bihar) and is owned and managed by Mr Sanjeet
Kumar, Mr Subodh Kumar Gupta, Mr Ranjit Kumar and Mr Arbind Kumar
Modi.


KRISHNA TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishna
Traders (Sheet Division) - Sangli (KTS) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Channel Financing      9.85       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

   Proposed Working       4.15       CRISIL B/Stable (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with KTS for
obtaining information through letter and email dated July 11, 2024
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 KTS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Krishna Traders (Sheet Division) - Sangli (KTS) is a Sangli based
firm, involved in trading of Steel Products. Firm is promoted by
Dol family members of Sangli (Maharashtra).


KVR PRIME: CRISIL Keeps B- Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL said the rating on bank facilities of KVR Prime
Constructions Private Limited (KVR) 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 KVR for
obtaining information through letter and email dated July 11, 2024
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 KVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KVR continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

KVR was started by Mr. Venkateswara Rao and is involved in
residential real estate construction business at Vijayawada (AP).
The company has one ongoing project under the name KVR Prime
Galaxy.


L. V. DAIRYS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L. V. Dairys
- Patas (LV) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12          CRISIL D (Issuer Not       
                                     Cooperating)

   Term Loan              2.4        CRISIL D (Issuer Not       
                                     Cooperating)

   Term Loan              3          CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with LV for
obtaining information through letter and email dated July 11, 2024
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 LV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LV is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LV
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2005 as a partnership firm by Mr. Mangesh L Doshi, Mr.
Mahesh L Doshi, and Mr. Milind L Doshi, LVDP processes milk
(pasteurised, homogenised, and standardised) for sale under own
brands. It also manufactures ghee and ice-cream. The firm has a
milk-handling capacity in Patas village, Pune, and is installing
plant and machinery to produce milk powder and butter.


LAKSHMAN VEER: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lakshman Veer
Steel Private Limited (LSPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LSPL for
obtaining information through letter and email dated July 11, 2024
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 LSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

LSPL, established in 2006, manufactures TMT bars in dimensions of 8
millimetre (mm) to 32 mm, at its facility in Jaipur, Rajasthan. The
facility has installed capacity of 2000/2500/4000 tonne per month,
depending on the size of the bars.


LAKSHMI SAAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Lakshmi Saai Agri
Cold Storage Private Limited (LSA) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         11         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Working        1         CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with LSA for
obtaining information through letter and email dated July 11, 2024
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 LSA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LSA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Lakshmi Saai Agri Cold Storage Private Limited (LSA) was
incorporated in 2010, but commenced operations in 2014. Based in
Chennai. It operates a cold storage facility. It is managed by
director Mr C Suresh Kumar.


LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lancy
Constructions (LC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     13         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LC for
obtaining information through letter and email dated July 11, 2024
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 LC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LC
continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1973 in Mangalore as a proprietorship firm by Mr. Lancy
Mascarenhas, LC manufactures RMC for the construction industry and
also undertakes civil construction projects.


LOKMANYA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Lokmanya Hospitals
Private Limited (LHPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Overdraft Facility      5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-          8         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan              84         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LHPL for
obtaining information through letter and email dated July 11, 2024
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 LHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LHPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2009, LHPL provides healthcare services through its
hospitals in Maharashtra. It currently operates five tertiary,
multi-specialty hospitals across the Pune and Kolhapur. LHPL is
promoted by Dr V G Vaidya, Dr Narendra Vaidya and Dr Meetali
Vaidya.


MAHA GAURI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Maha Gauri Strips
Private Limited (MGSPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term      6        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MGSPL for
obtaining information through letter and email dated July 11, 2024
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 MGSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGSPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2013, Kolkata-based MGSPL manufactures mild steel
angles, flats, channels and squares. The company is owned and
managed by Mr Rounak Agarwal, Ms Bimla Devi Gutgutia and Mr Sajan
Kumar Agarwal.


S. K. MASALA: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the rating on bank facilities of SK Masala continues
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5.6       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SK Masala
for obtaining information through letter and email dated July 11,
2024 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 SK Masala, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on SK Masala is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of SK Masala continues to be 'CRISIL D Issuer Not
Cooperating'.

SK Masala was established as a partnership firm named M/s S
Khusaldas and Co. over four decades ago by Panjwani family and was
reconstituted as a closely held limited company with the present
name in March 2017. The company manufactured, processed and traded
blended spices, grounded spices, flour, Instant ' ready mix food,
pickle and ghee' sold under the brand name of 'SK Masala'. The
manufacturing facility is located near Surat, Gujarat.


S.L.T. PACKERS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.L.T.
Packers (STLP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.25        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.21        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             3.1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan             3.44        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STLP for
obtaining information through letter and email dated July 11, 2024
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 STLP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STLP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STLP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2000, STLP is a proprietorship firm based out of
Bikaner, Rajasthan; engaged in the manufacturing and trading of all
type packaging solutionssuch as high density polyethylene (HDPE)
bags, fertilizer bags, cement bags and laminated bags and packaging
material. The firm is promoted by Mr Nand Kishore Jajra, who has
over two decades of experience in the industry.


S.N.R. DHALL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.N.R. Dhall
Mill (SDM; Part of SNR Group) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Term Loan              3.5        CRISIL B/Stable (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with SDM for
obtaining information through letter and email dated July 11, 2024
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 SDM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDM 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 SDM and S.N. Rathinasamy
Nadar & Sons (SNR). This is because both the firms, together
referred to as the SNR group, have a common management and business
synergies.

SNR is a partnership firm engaged in the processing of Lentils
(Dal), mainly Urad Dal, Moong Dal and Tur Dal. It was incorporated
in 1976 and is based out of Chennai.

SDM, set up in 1980, is a partnership firm engaged in  processing
of Lentils (Dal), mainly Urad Dal, Moong Dal and Tur Dal. It is
based out of Chennai.


SWACHHA BEVERAGES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swachha
Beverages Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.2         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit           2           CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term    0.7         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             3.5         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated July 11, 2024
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 SBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SBPL was incorporated in Kolkata in January 2011. The company
processes and sells packaged drinking water, marketed in
collaboration with Eureka Forbes Limited under the Aqua Sure
brand.


TIRUPATI RUSHIVAN: CRISIL Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Tirupati Rushivan (TR).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       1.05     CRISIL B+/Stable (Reaffirmed)

   Term Loan               6.95     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect geographical concentration, weak
financial risk profile and extensive exposure to group companies.
These weaknesses are partially offset by the extensive experience
of the partners in operating amusement and water parks.

Analytical Approach

CRISIL Ratings has considered the standalone financials of TR for
this rating action.

Unsecured loan (INR4.67 crore as on March 31, 2024) extended by the
partners has been treated as debt because it is a need-based fund.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographical concentration: TR solely operates in Derol
(Gujarat), exposing the business to geographical concentration
risk. Any location-specific demand constraint or change in the
competitive landscape will affect the business risk profile.

* Extensive exposure to group companies: TR invested INR13.18 crore
(as on March 31, 2024) in group companies in the form of equity,
loans and advances, which is nearly 165% of the networth. Any
further exposure in group companies, impinging the cash accrual of
the firm, may impact liquidity and will remain a rating sensitivity
factor.

* Modest financial risk profile: Financial risk profile should
remain constrained by low cash accrual and moderate debt levels.
The capital structure is marked by gearing of 2.62 times and total
outside liabilities to adjusted networth ratio of 2.92 times as on
March 31, 2024. Debt protection metrics may continue to be weak,
with interest coverage ratio of 1.29 times and net cash accrual to
total debt ratio of 0.11 time for fiscal 2024.

Strength:

* Extensive experience of the partners: The partners -- Mr Patel
Jitendrakumar Ishvarlal, Mr Patel Rushikesh Ganeshbhai, Mr Patel
Gopalbhai Madavlal, Mr Patel Babulal Ishvarlal and Mr Patel
Jaswantbhai -- have over a decade of experience in operating
waterpark and adventure park; their strong understanding of market
dynamics and healthy relationships with clients should continue to
support the business. The park has healthy footfall, with 500-600
visitors each day, resulting estimated revenue of Rs. 10.75 crores
and turnover may continue to increase in the coming fiscals.

Liquidity: Poor

Bank limit utilisation was high at around 96% for the 12 months
through March 2024. Cash accrual is projected at INR2.23-4.00 crore
per annum, against yearly debt obligation of INR1.40 crore over the
medium term. Current ratio stood at 0.51 time on March 31, 2024.
The partners are likely to extend need-based funds (equity and
unsecured loans) to support operations. They invested INR13.18
crore (as on March 31, 2024) in group companies in the form of
equity, loans and advances, which is 165% of the networth. Any
further exposure in group companies, impinging the cash accrual of
the firm, may impact liquidity and will remain a rating sensitivity
factor.

Outlook: Stable

TR will continue to benefit from the extensive experience of the
partners and their established relationship with clients.

Rating Sensitivity factors

Upward factors:

* Steady revenue growth per fiscal and operating margin increasing
to 20%, leading to higher-than-expected cash accrual
* Improvement in the financial risk profile

Downward factors:

* Revenue declining by 20% and profitability margin dropping below
40%, resulting in net cash accrual lower than INR2 crore
* Large, debt-funded capital expenditure

TR, a partnership firm set up in 2009, operates amusement and water
parks in Derol, with capacity of 17,000 people per day. It also
operates a hotel, Meera, with capacity of 24 rooms. It consists of
facilities such as lockers and food stalls. The firm is a part of
the Tirupati group, which operates in the civil construction and
real estate industries.

TR is owned and managed by Mr Patel Jitendrakumar Ishvarlal, Mr
Patel Rushikesh Ganeshbhai, Mr Patel Gopalbhai Madavlal, Mr Patel
Babulal Ishvarlal and Mr Patel Jaswantbhai.


ZAIBUNCO INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Zaibunco
Industries Private Limited (ZIPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              13         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ZIPL for
obtaining information through letter and email dated July 11, 2024
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 ZIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ZIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

ZIPL, formerly Karamat Tanning Private Limited, was established in
2010. The company is promoted by Mr Malik Kaleemullah and Mr Malik
Barakat Ullah to manufacture leather products such as bags, belts,
and wallets. The manufacturing facility is in Kanpur, Uttar
Pradesh.





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

GREENPRO CAPITAL: Posts $565,753 Net Loss in Fiscal Q2
------------------------------------------------------
Greenpro Capital Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $565,753 on $361,174 of total revenue for the three months ended
June 30, 2024, compared to a net income of $6,662,516 on $600,885
of total revenue for the three months ended June 30, 2023.

For the six months ended June 30, 2024, the Company reported a net
loss of $838,663 on $1,019,573 of total revenue, compared to a net
income of $6,684,452 on $1,238,620 of total revenue for the same
period in 2023.

As of June 30, 2024, the Company had $6,756,871 in total assets,
$1,711,612 in total liabilities, and $5,045,259 in total
stockholders' equity.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/3rsscaax

                   About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-sized businesses located in Asia, with an
initial focus on Hong Kong, China, and Malaysia. Greenpro offers a
range of services as a package solution to its clients, believing
that this approach can reduce business costs and improve revenues.

Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 21, 2024. The report noted that for the year
ended December 31, 2023, the Company incurred a negative cash flow
from operating activities of $1,594,718 and an accumulated deficit
of $36,549,095. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.



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

JC VAN DE VEN: Creditors' Proofs of Debt Due on Sept. 27
--------------------------------------------------------
Creditors of JC Van De Ven Contractors Limited are required to file
their proofs of debt by Sept. 27, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 16, 2024.

The company's liquidator is David Edward Thomas.


POWERHOUSE ARCHITECTURAL: BDO Tauranga Appointed as Liquidator
--------------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Aug.
19, 2024, were appointed as liquidators of Powerhouse Architectural
Limited.

The liquidators may be reached at:

          c/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


PRIME TRANSPORT: Court to Hear Wind-Up Petition on Sept. 6
----------------------------------------------------------
A petition to wind up the operations of Prime Transport & Logistics
Limited will be heard before the High Court at Auckland on Sept. 6,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 15, 2024.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


Q CARD: Fitch Assigns 'Bsf' Rating on Class F-2024-2 Notes
----------------------------------------------------------
Fitch Ratings has assigned ratings to Q Card Trust's issuance of
the following floating-rate notes: NZD100.0 million class A series
2024-2, NZD35.0 million class D series 2024-2, NZD30.0 million
class E series 2024-2 and NZD11.0 million class F series 2024-2.

The transaction, a securitisation of New Zealand credit card
receivables, is an asset-backed note programme featuring a
multiclass structure that purchases eligible receivables from
related entities of humm group limited (hummgroup) on a revolving
basis. Issuance proceeds will be used to fully redeem five series
of notes.

The notes are issued by The New Zealand Guardian Trust Company
Limited in its capacity as trustee of Q Card Trust. The ratings of
the remaining notes outstanding under the trust were affirmed on 19
December 2023.

   Entity/Debt                 Rating           
   -----------                 ------           
Q Card Trust

   A-2024-2 NZFPFD1062R6   LT AAAsf  New Rating
   D-2024-2 NZFPFD1063R4   LT BBBsf  New Rating
   E-2024-2 NZFPFD1064R2   LT BBsf   New Rating
   F-2024-2 NZFPFD1065R9   LT Bsf    New Rating

KEY RATING DRIVERS

Stable Steady-State Performance: The steady states and rating
stresses are shown below. These remain unchanged from the last
review:

Charge-offs: 4.5%

Monthly payment rate (MPR): 7.5%

Gross yield: 17.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Charge-offs (increase): 4.75x / 4.00x / 3.10x / 2.40x / 1.90x /
1.30x

MPR (% decrease): 35.00% / 30.00% / 25.00% / 20.00% / 10.00% /
5.00%

Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% /
15.00% / 10.00%

Purchase rate (% decrease): 90.00% / 85.00% / 75.00% / 65.00% /
55.00% / 45.00%

Transaction performance is supported by New Zealand's tight labour
market, despite interest rates increasing from October 2021 through
May 2023. GDP grew 0.2% over the year to March 2024, while
unemployment was 4.6% at end-June 2024. Fitch expects GDP growth to
remain subdued in 2024 with unemployment reaching 5.0%, reflecting
elevated inflation combined with a slowdown in consumer spending.
Fitch expects interest rates to remain at current levels until
end-2024.

Originator and Servicer Risk Mitigated: Fitch reviewed hummgroup's
origination and servicing capabilities and found that the
operations were comparable with those of other credit card
providers in Australia and New Zealand.

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

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivity:

The sensitivity of the ratings to decreased yields, increased
charge-offs and decreased MPRs over the life of the transaction
were evaluated. The model indicates that note ratings are sensitive
to an increase in defaults and a reduction in MPRs, with less
sensitivity to lower yields.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An improvement in long-term asset performance, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change of underlying asset quality, would
contribute to a positive revision of Fitch's asset assumptions.
This could positively affect the notes' ratings. Increased credit
enhancement ratios, which are able to fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would also be positive for the
ratings.

Upgrade Sensitivity:

Some of the outstanding subordinate tranches may be able to support
higher ratings based on the output of Fitch's proprietary cash flow
model. Enhancement levels are set to maintain a constant rating
level per class of issued notes and may provide more than the
minimum enhancement necessary to retain issuance flexibility, since
the credit card programme is set up as a continuous funding
programme and requires that any new issuance or note reductions do
not affect the rating of existing tranches.

Therefore, Fitch may decide not to assign or maintain ratings above
the current outstanding ratings in anticipation of future issuance
or reductions.

Please see Fitch Affirms Q Card Trust; Outlook Stable", published
on 1 April 2021, for the detailed sensitivities.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of hummgroup's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

Date of Relevant Committee

18 December 2023

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


ROCK IT: Creditors' Proofs of Debt Due on Sept. 17
--------------------------------------------------
Creditors of Rock It 2021 Limited are required to file their proofs
of debt by Sept. 17, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 20, 2024.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


UHP ADVISORY: Court to Hear Wind-Up Petition on Sept. 20
--------------------------------------------------------
A petition to wind up the operations of UHP Advisory Limited will
be heard before the High Court at Auckland/ Tāmaki Makaurau on
Sept. 20, 2024, at 10:45 a.m.

Bizcap NZ Limited filed the petition against the company on July
25, 2024.

The Petitioner's solicitor is:

          James Cochrane
          Lane Neave Lawyers
          Level 8, Vero Centre
          48 Shortland Street
          Auckland




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

RB OF GALIMUYOD: Sept. 9 Deposit Insurance Claims Deadline Set
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
depositors of the closed Rural Bank of Galimuyod (Ilocos Sur), Inc.
have until September 9, 2024, to file their deposit insurance
claims.

Based on the latest PDIC data, deposit insurance claims for 29
deposit accounts with aggregate insured deposits amounting to
PHP338,649.58 have yet to be filed by depositors. Data also showed
that as of July 31, 2024, PDIC had paid depositors of the closed
Rural Bank of Galimuyod (Ilocos Sur), Inc. the total amount of
PHP21.7 million, corresponding to 98% of the bank's total insured
deposits amounting to PHP22.1 million.

Depositors are advised to file their claims either online via
e-mail at pad@pdic.gov.ph or through postal mail or courier
addressed to the PDIC Public Assistance Department, Ground Floor,
PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.

Claims may also be filed personally at the PDIC Public Assistance
Center (PAC) located at the Ground Floor, PDIC Chino Bldg., 2228
Chino Roces Avenue, Makati City, from Monday to Friday, 8:00 AM to
5:00 PM. For visits to the PAC, clients are highly encouraged to
request for an appointment by calling the Public Assistance Hotline
during office hours at (02) 8841-4141 (for clients within Metro
Manila), or the Toll-Free number 1-800-1-888-7342 or
1-800-1-888-PDIC during office hours (for clients outside Metro
Manila). Clients may also send an e-mail to pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

When filing claims through e-mail, scanned copies or photo images
of the accomplished, signed, and notarized Claim Form, evidence of
deposit (i.e., first page of the savings passbook with account
name/number and last page with account balance, or the front and
back portion of the certificate of time deposit, etc.), and one
valid photo-bearing ID with the depositor's signature should be
attached to the e-mail.

For claims filed personally or via postal mail or courier service,
depositors are advised to submit the accomplished, signed and
notarized Claim Form, original Savings Passbook and/or Certificate
of Time Deposit and photocopy of one (1) valid photo-bearing ID
with depositor's signature.

The depositors are further advised that additional documents and/or
original copy of documents submitted via e-mail may be required by
PDIC, as necessary, in the course of evaluation and processing of
claims.

The Claim Form can be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim
Form is free and there is no fee for filing deposit insurance
claims.

Depositors who are below 18 years old should mail or submit either
a photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
mail or submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the PDIC
website at http://www.pdic.gov.ph/files/spa_claims.pdf.

Under the PDIC Charter, depositors are given two years from bank
takeover to file deposit insurance claims with the PDIC. Rural Bank
of Galimuyod (Ilocos Sur), Inc. was taken over by the PDIC on
September 9, 2022, after it was ordered closed by the Monetary
Board of the Bangko Sentral ng Pilipinas on September 8, 2022.
Rural Bank of Galimuyod (Ilocos Sur), Inc. was a single-unit rural
bank located in Brgy. Poblacion, Galimuyod, Ilocos Sur.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims.

For more information, depositors may call the PDIC Public
Assistance Hotline at (02) 8841-4141, or the Toll-free hotline
1-800-1-888-PDIC or 1-800-1-888-7342 during office hours.
Depositors may also send an e-mail to the PDIC Public Assistance
Department at pad@pdic.gov.ph or private message at the official
PDIC Facebook page, www.facebook.com/OfficialPDIC.




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

BIGTOYS ASIA: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2024, to
wind up the operations of Bigtoys Asia Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


BU SHEN: First Creditors' Meeting Set for Sept. 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of Bu Shen Xi
(S) Pte Ltd. will be held on Sept. 5, 2024, at 10:00 a.m. via
Zoom.

Lau Chin Huat and Yeo Boon Keong of Technic Inter-Asia were
appointed as liquidators of the company on Aug. 22, 2024.


CHEETAHTRANS PTE: Court to Hear Wind-Up Petition on Sept. 13
------------------------------------------------------------
A petition to wind up the operations of Cheetahtrans Pte Ltd will
be heard before the High Court of Singapore on Sept. 13, 2024, at
10:00 a.m.

RHB Bank Berhad filed the petition against the company on Aug. 19,
2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


DUCTUS SINGAPORE: Creditors' Proofs of Debt Due on Sept. 22
-----------------------------------------------------------
Creditors of Ductus Singapore Pte. Ltd. are required to file their
proofs of debt by Sept. 22, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 19, 2024.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


OPONTIA PTE: Creditors' Meetings Set for Aug. 30
------------------------------------------------
Opontia Pte Ltd, which is in liquidation, will hold a meeting for
its creditors on Aug. 30, 2024, at 3:30 p.m. via electronic means.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint a liquidator;

   c. to appoint a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.




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

FINTREX FINANCE: Fitch Hikes National Rating to 'BB-(lka)'
----------------------------------------------------------
Fitch Ratings has upgraded Fintrex Finance Limited's National
Long-Term Rating to 'BB-(lka)', from 'B+(lka)'. The Outlook is
Stable.

Key Rating Drivers

Narrowing Gap with Larger Peers: The upgrade reflects the narrowing
gap between the credit profiles of Fintrex and that of higher-rated
finance and leasing company (FLC) peers, supported by a sustained
improvement in asset quality and liability structure following its
strategic shift towards less risky four-wheeler financing since
2020. This is evident in the much lower delinquency ratio and
strengthened deposit franchise, with less reliance on secured
borrowings.

Stabilising Operating Environment: The operating environment for
Sri Lanka's FLCs continues to stabilise with improved GDP growth
(1Q24: 5.3% yoy; 2023: -2.3%), normalising inflation and reduced
market interest rates. This should support the ongoing recovery in
the sector's credit growth, asset quality and profitability. A
gradual lift of vehicle import bans should further underpin
industry growth prospects.

Small Market Share: Fintrex's small franchise within Sri Lanka's
FLC sector raises its borrower and depositor concentration risk and
weakens its funding and liquidity profile compared with larger and
higher-rated FLCs. Fintrex resumed its loan expansion in the
financial year ending March 2024 (FY24), with an above-peer growth
rate of 34%, amid a more conducive economic environment. However,
it remains as one of the country's smaller FLCs, with less than 1%
market share in loans and deposits.

Four-Wheeler Focus: Fintrex's four-wheeler lending reached around
80% of total loans at FYE24, from 54% at FYE20, to be among the
highest proportions of Fitch-rated FLCs. This shift has contributed
to the company's substantially lower delinquency ratio and managed
asset-quality deterioration during the height of the interest rate
crisis in 2022-2023.

Bolstered Asset Quality: Fintrex's stage 3 loan ratio stood at
11.2% at FYE24, against its three-month non-performing loan ratio
of 14.2% at FYE23 and 39.9% in FYE20. Collection efficiency has
also recovered, especially since 3Q24. Fitch believes the
stabilising operating environment will support further asset
quality improvement. Meanwhile, Fintrex's impairment allowance fell
to 3.4% of gross loans, from 9.0% at FYE23, due to large impairment
reversals amid improving asset quality. This has reduced the
loss-absorption cushion against potential credit losses.

Earnings Recovery to Continue: Fintrex returned to profitability in
FY24, after recording a net loss in FY23. Pre-tax profit reached
2.8% of average assets (FY23: -3.8%), as its net interest margin
widened to 8.4%, from 4.1%. The company's strategy of running a
negative duration gap in its asset and liability management - a
common model among deposit-funded FLCs - should further improve its
net interest margin in light of lower benchmark rates, but at the
cost of higher liquidity risk.

Growth Lifts Leverage: The debt/tangible equity ratio reached 3.9x
at FYE24 (FYE23: 2.9x) on rapid 34% yoy loan growth, above the
industry average of 2.9x at 3QFY24. Fitch expects the leverage
ratio to increase further and remain higher than that of larger
Fitch-rated peers, as Fintrex plans to pursue high growth in the
near term.

Improved Funding Profile: Fintrex's deposit mobilisation strategy
has accelerated in the last two years. Deposit funding reached 56%
of total funding at FYE24, from 3% at FYE20, while secured term
funding dropped to 38%, from 87%. This has enhanced the company's
funding flexibility, with larger unencumbered loan receivables.
However, the depositor base remains concentrated and funding costs
are higher than at larger peers.

RATING SENSITIVITIES

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

The rating is sensitive to a change in Fintrex's credit profile
relative to that of other Sri Lankan issuers. Negative rating
action may be triggered by a large increase in riskier assets
without meaningful enhancement in the loss-absorption buffer. Fitch
may also takes negative rating action if the leverage ratio
increases significantly or deposit funding drops materially without
the company deploying a more conservative asset-liability
management policy.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The rating may be upgraded if the company significantly strengthens
its franchise and market share relative to mid-sized FLCs, with
reduced customer concentration, while maintaining its focus on
less-risky asset classes and broadly stable asset quality. This is
provided the company maintains a balanced funding and liquidity
profile, with a leverage level that is not excessive relative to
peers.

   Entity/Debt                   Rating               Prior
   -----------                   ------               -----
Fintrex Finance Limited   Natl LT BB-(lka)  Upgrade   B+(lka)


SENKADAGALA FINANCE: Fitch Affirms 'BB+(lka)' Rating on Sub. Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based Senkadagala Finance
PLC's (Senka) National Long-Term Rating at 'BBB(lka)' with a Stable
Outlook. Fitch has also affirmed Senka's subordinated debt rating
at 'BB+(lka)'.

Key Rating Drivers

Standalone Profile Underpins Rating: Senka's rating stems from its
standalone credit profile. It reflects the company's mid-sized
finance and leasing franchise - with around 1.5%-2.0% share of
sector loans and deposits - and exposure to riskier customer
segments and lending products, balanced against above-average
capitalisation and a diversified funding mix.

Stabilising Operating Environment: The operating environment for
Sri Lanka's finance and leasing companies (FLCs) continues to
stabilise, with improving GDP growth (1Q24: 5.3% yoy; 2023: -2.3%),
normalising inflation, and easing market interest rates. This
should support the sector's ongoing credit growth, asset quality
and profitability recovery. A gradual easing in vehicle import bans
should underpin growth further, albeit with some collateral value
risk.

Evolving Product Strategy: Senka is primarily a vehicle financier
for four-wheelers and commercial vehicles (75% of gross loans at
the end of the financial year to March 2024 (FYE24)), with great
exposure to SMEs and self-employed individuals whose credit
profiles are susceptible to economic cycles. It has shifted
slightly towards two- and three-wheeler financing, which has
benefited yields and profitability but are considered riskier
products.

Similar to other peers, Senka has also shifted its product strategy
to capture market opportunities - given the subdued vehicle lending
amid the import ban - including expansion into gold loans in FY23.
Nonetheless, the company rolled back its gold-loan business after
incurring some credit losses, and Fitch expects its non-vehicle
financing to remain around 10% of the aggregate loan book.

Tempering Asset-Quality Pressures: Senka's 90-day past-due loan
ratio improved to 13.0% by FYE24 from 16.7% at FYE23, driven by
enhanced recovery measures and improving macroeconomic conditions.
Fitch believes asset quality will remain sensitive to economic
cycles - given Senka's exposure to risky asset classes and customer
base - but its recent efforts to enhance its underwriting models
and risk-management tools could help to mitigate the risk over
time.

Recovering Profitability: Fitch expects Senka's recovering net
interest margins (NIM) and easing credit costs to boost
profitability in the near term. Its pre-tax profit/average assets
surged to 6.4% in FY24 (FY23: 2.3%), driven by a widening NIM and
an unrealised gain from unit trust investments. Its reported NIM
rose to 11.9% in FY24 from 77% year ago amid higher yields, and
further moderation in funding costs should continue to support the
margin.

Modest Leverage: Leverage is likely to rise moderately as lending
activity picks up, but Fitch expects management to maintain prudent
capitalisation, supported by greater internal capital generation.
Debt/tangible equity declined to 2.8x (FYE23: 3.4x), and the core
capital ratio of 24.5% remained above the industry average despite
dropping slightly from 25.1% at FYE23.

Increase in Deposit Funding: Senka has shifted its funding book
towards deposit financing over the past year and reduced its
reliance on wholesale funding to 46.1% of total funding from 61.0%.
Fitch believes this transition reduces funding concentration, and a
higher level of unsecured borrowings enhances financial
flexibility. The deposit funding generally has a shorter tenor
compared with Senka's wholesale funding facilities, but Fitch
believes its positive cumulative short-term liquidity profile will
help to reduce the liquidity risk.

RATING SENSITIVITIES

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

The rating is sensitive to a change in Senka's credit profile
relative to other Sri Lankan issuers.

A significant shift in business mix towards higher-risk lending
products and more vulnerable customer segments which raises
asset-quality risk and profit volatility would be negative for the
rating. A substantial reduction in capital buffers due to sustained
losses or increased risk-weighted assets, or increased leverage as
reflected in the debt/tangible equity ratio, would also weigh on
Senka's loss-absorption buffers, and place pressure on the rating.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Significant improvement in the operating environment could be
positive for the rating. The rating may be upgraded if Senka is
able to build a substantially stronger business franchise with
higher asset or deposit market shares, accompanied by an enhanced
risk profile and capital buffers. A shift towards lower-risk asset
classes and customer profiles, with sustained profitability and
consistent improvement in asset-quality metrics, could also be
positive for the credit profile.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Senka's Sri Lankan rupee-denominated subordinated debt is rated two
notches below its National Long-Term Rating. This reflects its
expectation of high loss severity and poor recoveries for such debt
in the event of default. Fitch applies the Bank Rating Criteria in
rating this instrument, as Fitch views the prudential capital
framework for finance companies to be closer to that for banks in
Sri Lanka. In line with Fitch's criteria, Fitch has not applied
additional notching to the notes for non-performance risk because
they do not contain going-concern loss-absorption features.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Any change in Senka's National Long-Term Rating would lead to
corresponding action on its subordinated debt rating.

   Entity/Debt            Rating              Prior
   -----------            ------              -----
Senkadagala
Finance PLC       Natl LT BBB(lka) Affirmed   BBB(lka)

   Subordinated   Natl LT BB+(lka) Affirmed   BB+(lka)




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

ENERGY ABSOLUTE: Gets Approval for Bond Extension
-------------------------------------------------
Bloomberg News reports that Energy Absolute Public Company Limited
obtained approval to extend the maturity of THB4 billion (US$16.5
million) of green bonds, providing some relief for the Thai
renewable energy company that is under a fraud investigation. The
shares surged the most in more than a decade.

Holders of the debt papers on Aug. 23 agreed to push back the
maturity period by nine months to June 30, 2025, the company said
in an exchange filing on Aug. 23, Bloomberg relays. Along with the
extension, Energy Absolute also obtained their approval to pay 1.8%
additional interest on the notes, payable every six months. The
bonds originally offered 3.2% coupon.

According to Bloomberg, the company, with businesses ranging from
power generation to assembling trains, ferries and buses, has been
facing a cash crunch after the market regulator last month accused
its key officials of fraud. Its market value has sunk more than 80%
this year with the local mutual fund industry banning new
investments in its securities, creating a major hurdle for raising
capital.

Energy Absolute has since revamped its board by appointing a new
chief executive officer and a new chief financial officer as part
of a broader effort to shore up investors' confidence, Bloomberg
notes. It also signed a loan agreement for more than THB8 billion
earlier this month to ease a short-term liquidity crunch.

The company has said it is also taking steps to bolster its
financial stability by negotiating with new strategic partners and
is weighing the sale of some assets to an infrastructure fund, adds
Bloomberg.

                       About Energy Absolute

Energy Absolute Public Company Limited (BKK:EA) --
https://www.energyabsolute.co.th/ -- together with its
subsidiaries, engages in the manufacturing and distribution of
crude palm oil, biodiesel products, and glycerol in Thailand. The
company provides phase change materials, as well as electric bus,
car, and ferry; and development, manufacture of lithium-ion
batteries for applications such as electric automobiles and energy
storage systems. It produces and distributes solar and wind
electric power from renewable energy. In addition, the company
involves in construction projects consulting; research and
development of electricity equipment, biodiesel, battery, and
electric vehicle; hire purchase of electric vehicles, shore tank
rental, and crude palm oil pipeline transport services; and
operates charging stations.


THAILAND: Thaksin Pitches Strategy to Save Country From Debt Trap
-----------------------------------------------------------------
Bloomberg News reports that Thailand needs to urgently tackle its
high levels of household and public debt, and focus on policies
that can propel the country's growth rate to match some of its
Southeast Asian neighbors, according to former prime minister
Thaksin Shinawatra.

A debt restructuring initiative to cover the households and
businesses should be undertaken as "Thailand and its people are
trapped in debt," the two-time premier and father of newly elected
leader Paetongtarn Shinawatra said Aug. 22 in a talk titled "Vision
for Thailand," Bloomberg relays.

According to Bloomberg, the finance minister and others should take
the lead in addressing the chronic debt burden along with the
central bank, Thaksin, seen as the de facto chief of the ruling
Pheu Thai Party, told a gathering of more than 1,400 bankers,
business executives and politicians in Bangkok. The event marked
the first anniversary of Thaksin's dramatic return to Thailand from
a self-imposed exile after he fled corruption charges in 2008.

While Thaksin is unlikely to assume any official or political
position in the new government, he's expected to wield considerable
influence on Paetongtarn administration's policies, Bloomberg
relates. A popular and polarizing figure in Thai politics for over
two decades, his years in power saw populist policies dubbed as
"Thaksinomics" to drive economic growth. He introduced a debt
moratorium for farmers, fuel and electricity subsidies and a
universal healthcare scheme that propelled annual growth rate to
above 5%.

Paetongtarn, who is still in the process of finalizing her cabinet,
faces the challenge of reviving an economy stifled by a near
record-house hold debt, sluggish exports and the high cost of
living, Bloomberg says. While her predecessor Srettha Thavisin
pushed ahead with a $14 billion cash handout to shore up growth
from a decade of average sub-2% growth, she's ordered a review of
the payout amid concerns of legal challenges to the controversial
plan.

According to Bloomberg, Thailand's household debt has soared to
almost 91% of the nation's gross domestic product and has been seen
as one reason behind the central bank's reluctance to reduce
interest from a decade high 2.5%. As the key rate remains high, a
reduction in the bailout fee paid by commercial banks may be
explored to ease the burden on those struggling with car and
housing loans, Thaksin said.

Bloomberg relates that the billionaire politician said the
government should respect the central bank's independence and opt
for more talks with it on lowering interest rates. He said greater
coordination between fiscal and monetary policymakers was needed to
address Thailand's economic problems.

Paetongtarn's government plans to tweak the so-called digital
wallet program and focus on providing financial relief first to the
fragile groups in the society, Thaksin said. The new administration
may give THB10,000 ($289) each to about 14.5 million people,
including 1 million disabled, in September before taking a call on
extending the benefit to another 30 million, he said.

"We're in capitalism whether we like it or not," Thaksin said. "But
without empathy for those without economic power, we will be
crippled."

Bloomberg notes that Thaksin defended Pheu Thai's coalition with a
clutch of establishment parties to form the government last year,
and said Paetongtarn's new administration will be stable and help
the party emerge once again as the largest group in the next
election due in 2027.

Paetongtarn was chosen as the premier after the country's
Constitutional Court dismissed Srettha in an ethics violation case,
cutting his time in office to only less than a year, Bloomberg
notes. Srettha's elevation as the premier was seen as part of a
deal that Thaksin cut with the royalist establishment to help
pro-military and conservative parties stay in power and pave the
way for his return.




=============
V I E T N A M
=============

MILITARY COMMERCIAL: Moody's Affirms Ba3 Deposit & Issuer Ratings
-----------------------------------------------------------------
Moody's Ratings has affirmed Military Commercial Joint Stock Bank's
(MB) Ba3 local currency (LC) and foreign currency (FC) long-term
(LT) bank deposit and issuer ratings, as well as its ba3 Baseline
Credit Assessment (BCA) and Adjusted BCA.

At the same time, Moody's have affirmed MB's Ba2 LT FC and LC
Counterparty Risk Ratings (CRRs) and Ba2(cr) LT Counterparty Risk
(CR) Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC
bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.

Moody's have maintained the stable outlook on the ratings, where
applicable.

RATINGS RATIONALE

The affirmation of MB's ratings is driven by Moody's expectation
that the bank's strong profitability and funding will temper the
deterioration in its asset quality. It also considers the bank's
modest capitalization relative to its similarly rated peers in
Vietnam.

MB's asset quality has deteriorated over the past 18 months, driven
by higher delinquencies from retail and corporate borrowers, with
its gross nonperforming loan (NPL) ratio increasing to 1.6% at the
end of June 2024 from 1.4% a year earlier. Moody's expect the
bank's asset quality pressures to gradually moderate over the next
12-18 months in tandem with the higher economic momentum in
Vietnam.

Despite the asset quality risks, MB's adequate loan loss buffers
provide some cushion to absorb future loan losses. Its loan loss
reserves as a percentage of NPLs was 102% at the end of June 2024,
above the average of its rated Vietnamese peers. In addition, the
bank's focus on retail and small and medium-sized enterprise
borrowers has resulted in low concentration risk and reduced the
risk of a spike in its NPLs.

MB's capitalization has remained stable with its tangible common
equity (TCE) as a percentage of total assets at 10.0% at the end of
June 2024, unchanged  from the 10.0% reported a year earlier. The
bank's capital consumption will outpace its internal capital
generation over the next 12-18 months as its loan growth will
likely remain above the banking system average. Consequently, its
capitalization will remain below the average of its similarly rated
peers.

MB's profitability is a key credit strength. At the end of June
2024, the bank's annualized return on tangible assets was 2.1%,
higher than the average of around 1.5% among its rated peers in
Vietnam. The bank's strong profitability is underpinned by its
higher net interest margin, which benefits from its good access to
low cost deposits and mitigates the impact of higher credit costs.

Funding is also a credit strength, supported by the strength of
MB's deposit franchise and funding structure. The bank's reliance
on market funding is lower than most of its rated peers in Vietnam,
with its market funds as a percentage of tangible assets of around
22% at the end of June 2024. At the same time, its high-quality
liquid assets such as cash, balances with central bank and
government securities accounted for just 9% of its total assets
over the same period, reflecting its limited buffers in times of
need.

Moody's have assumed a moderate probability of government support
for MB during times of need, however this assumption this does not
lead to any rating uplift from the bank's ba3 BCA.

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

Moody's could upgrade MB's BCA and long-term ratings if it
strengthens its TCE/risk-weighted assets (RWA) to more than 15% and
maintains its high-quality liquid assets as a percentage of
tangible banking assets above 15% on a sustained basis. An
improvement in its asset quality and profitability will also be
positive for the BCA.

On the other hand, Moody's could downgrade MB's long-term ratings
if its BCA is downgraded by more than one notch. Downward pressure
on the bank's BCA would develop if its asset quality deteriorates,
leading to a sustained weakening of its capital and profitability,
such that its TCE/RWA falls below 7.5% and its net income/tangible
assets decreases to less than 1.8%. A significant deterioration in
the bank's funding and liquidity would also be negative for the
BCA.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Military Commercial Joint Stock Bank is headquartered in Hanoi and
reported total assets of VND988 trillion as of the end of June
2024.


VIETNAM: Moody's Affirms 'Ba2' Issuer & Senior Unsecured Ratings
----------------------------------------------------------------
Moody's Ratings has affirmed the Government of Vietnam's issuer and
senior unsecured ratings at Ba2 and maintained the stable outlook.

The rating affirmation reflects Vietnam's track record of robust
long-term growth prospects, trade dynamism and attractiveness as a
foreign investment destination. Relatively low and stable debt
burden, and strong debt affordability also underpins Vietnam's
credit strengths. This is balanced against structural challenges,
such as skills shortages and infrastructural limitations, that
could start to constrain the country's strong investment-fueled
growth going forward, and which reflect governance weaknesses.
Other credit challenges stem from banking system and property
sector risks, corporate governance weaknesses for state-owned
enterprises (SOEs), and long-term exposure to physical climate
risks.

The stable outlook reflects balanced risks. Upward credit pressures
would emerge as a result of improvements in institutions and
governance strength, particularly through enhancements in
macroprudential policies that strengthen financial stability,
thereby limiting contingent liability risks from the banking
sector. Signs of success in addressing structural impediments
towards stronger economic potential would also be credit positive.
On the other hand, downward pressures would stem from a reemergence
of banking sector stresses that lead to crystallization of
contingent liabilities and/or external stresses that disrupt trade
flows and access to foreign investments. A sharp change in US
policies towards Vietnam after the US elections, as well as a
sustained rise in domestic political volatility would also pose
downward pressure.

Vietnam's local- and foreign-currency ceilings remain unchanged at
Baa2 and Ba1 respectively. The Baa2 local currency ceiling, three
notches above the sovereign rating, reflects relatively opaque
government decision-making and the significant, though shrinking,
government footprint in the economy, balanced by moderate political
risks and low external imbalances. The foreign currency ceiling at
Ba1, two notches below the local-currency ceiling, reflects
existing constraints to capital flows that point to possible
transfer and convertibility restrictions being imposed at times of
perceived need.

RATINGS RATIONALE

RATIONALE FOR AFFIRMING THE Ba2 RATING

STRONG FOREIGN INVESTOR INTEREST CONTINUES TO UNDERPIN ROBUST
GROWTH POTENTIAL

Vietnam continues to be a key beneficiary of a global
reconfiguration in supply chains, with firms diversifying their
manufacturing base from China given an intensifying geostrategic
rivalry with the US. Large foreign direct investments (FDI) inflows
over the past decade have supported the development of a
highly-competitive exports sector, fostering robust GDP growth
potential and underpinning Vietnam's relatively high economic
strength score compared to peers.

Besides, FDI inflows have been distributed among a wide spectrum of
sectors, such as electronics, consumer durables, and
labor-intensive manufacturing, such as textiles, garments and
footwear. Consequently, the Vietnamese economy has become
increasingly diversified, gaining greater competency in
higher-value-added manufacturing while retaining its ability to
produce lower-value-added goods and primary commodities, such as
rice and coffee.

In the coming years, Moody's expect Vietnam to continue to benefit
from the "China+1" thematic, especially as the ecosystem of the
export sector increasingly matures with continued investments and
expansions by keystone investors like Samsung and Apple, which in
turn facilitates and attracts peripheral suppliers into the
country. This will underpin a robust real GDP growth potential of
around 6-7% over the medium term, above that of many peers.

ROBUST FISCAL POSITION TO REMAIN A KEY CREDIT STRENGTH

Vietnam's prudent fiscal and debt management underpins robust
fiscal positions, which have continued to improve over time. Fiscal
deficits have generally remained narrow even through the pandemic
shock, which kept a lid on borrowing needs and contributed to the
decline in the debt burden over the last decade. This contrasts
with many similarly-rated peers that saw a spike in their debt
through recent shocks, resulting in Vietnam's debt levels being
considerably lower than the peer median.

In the medium term, Moody's continue to expect narrow deficits
given continued prudence in spending, whilst revenue expansion
takes place under the government's Tax Reform Strategy 2030. In
turn, narrow deficits will keep the debt burden stable near current
levels over the next few years. While there are upside risks to
debt given the potential for higher than expected spending on
ongoing infrastructure upgrades, debt levels will likely continue
to remain lower than peers and remain well-contained within the
government's public debt ceiling.

Additionally, debt resilience continues to improve as the
government continues to reduce reliance on external financing. In
2023, only about a tenth of borrowings are from external sources,
having gradually fallen from 28% a decade ago. Foreign currency
denominated debt now accounts for around a third of general
government debt, falling from a peak of over 42% in 2016. At the
same time, debt affordability continues to improve with lower
domestic borrowing costs brought on by capital inflows and high
domestic savings which have allowed the government to increasingly
source budget financing from domestic institutional investors and
at increasingly longer tenors.

STRUCTURAL AND INSTITUTIONAL CHALLENGES IMPEDE ADVANCEMENTS IN
CREDIT QUALITY

While Vietnam continues to be an attractive investment destination,
various structural and institutional constraints have begun to
surface. Unaddressed, these constraints could erode Vietnam's
competitiveness over the longer run, impeding ambitions to move
further up the value chain and enhance economic complexity. These
issues have deterred some high quality investments in recent years,
particularly in the high-tech domain.

Structurally, relatively weaker human capital constrains Vietnam's
ability to attract high-end investments into sectors like
semiconductor fabrication, given the need for highly-skilled
engineers. This is turn limits the scope for knowledge transfer,
partly resulting in a still nascent domestic industry despite over
a decade of FDI-fueled economic growth. Power reliability is also a
concern, which became a prominent issue after a series of blackouts
over the summer of 2023, underscoring limitations in power
infrastructure after years of underinvestment.

These constraints in part reflect institutional and governance
weaknesses. Regulatory uncertainty, limited transparency in the
legal regime and weak cross agency coordination are all
manifestations of these weaknesses that impede some investment
decisions. For example, according to the 2023 Vietnam Investment
Climate Outlook by the US, US companies report challenges in
extending and renewing investment certificates, pointing to weak
responsiveness from government agencies. While not significant in
relation to Vietnam's broad investment prospect at the moment, the
country's competitiveness could erode should such institutional
challenges persist.

Besides, an anti-corruption campaign that intensified in recent
years has led to unintended consequences to the public sector.
While the crackdown on graft is generally positive, its intensity
has introduced significant volatility in an otherwise stable
domestic political scene that damages confidence in public
institutions. Heightened administrative sensitivity has led to
procedural delays in areas such as land-related processes and
license renewals, weighing on investor experience and confidence.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced risks.

Authorities have begun to adopt measures to address structural
issues highlighted above and continued commitment to such reforms
along with evidence of progress will contribute to greater economic
competitiveness and resilience, thereby driving upward credit
pressures.

For example, implementation of the Power Development Plan VIII will
aid in shoring up energy security along with driving the country's
green ambitions. Improved ability to provide reliable and
sufficient energy, particularly green energy, will enhance
Vietnam's attractiveness to high value-added investments, which in
turn, drives greater economic potential. This is complemented by
efforts to enhance vocational education and training to bolster
technical expertise among domestic workers along with a revamp in
incentive structures through the newly established Investment
Support Fund, both of which will further bolster Vietnam's
investment narrative.

On the other hand, downside risks to the credit relate to possible
reemergence of banking sector stresses, which could stem from a
renewed deterioration in the real estate sector or a continued
accumulation in problem assets that remain unresolved as ongoing
forbearance measures phase out. A prolonged process or difficulties
in restructuring the ailing Saigon Commercial Bank could also
dampen the confidence in the banking sector and monetary policy
effectiveness, especially if liquidity support for the bank
continues for an extended period.

Additionally, the upcoming US elections pose a risk to the external
outlook, given the US's position as Vietnam's top export market. A
sharp change in US policies towards Vietnam could reverse
improvements in relations in recent years. More restrictive trade
policies by the US, along with a reversal of current policies
fostering investment into Vietnam, would be credit negative for the
FDI-dependent country. Meanwhile, domestic political volatility,
which has risen over the past 1-2 years, would also have credit
negative implications if sustained.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Vietnam's CIS-4 credit impact score indicates the rating is lower
than it would have been if ESG risk exposures did not exist.
Environmental exposure is a primary driver, encapsulating coastal
flooding and water management risk that may lead to losses in major
economic centers and increase adaptation costs over time.
Governance limitations, including weak legislative and executive
institutions, constrain policy effectiveness and transparency, as
well as institutional capacity to respond to shocks. Social risk
exposure balances the benefits of a large and relatively young
population and robust provision of basic public services, such as
healthcare, against wide skills and income gaps between the rural
and urban populations.

Vietnam's E-4 issuer profile score (IPS) for environmental risk
largely reflects physical climate risks from potentially adverse
exposure to coastal flooding and heat waves. Over time, rising sea
levels and increasing frequency of severe climate change-related
weather shocks could create significant adaptation and
reconstruction costs, while requiring resettlement of some urban
populations. The reliance of a substantial part of the population
on agriculture for employment exacerbates the potential economic
and fiscal impacts of weather-related shocks, such as flooding and
storm surges, as well as spillovers from the country's large and
fast-growing manufacturing sector, such as pollution. Upstream
hydropower development and pollution on agricultural production in
the Mekong River Delta also drives exposure to water management
risk. Ongoing projects, in partnership with international financial
institutions like the World Bank, to shore up flood resilience and
coastal defense are potential mitigants to such risks.

Vietnam's S-3 IPS for social risk balances Vietnam's large and
relatively young population compared with peers with risks to
longer-term social stability from the young workforce's rising
expectations of continued improvement in living standards. A
decline in the working-age population from 2037 is also likely to
hamper growth and productivity, particularly if education and skill
levels continue to lag peers in the region. Rising economic and
social inequality reflect generally weak provision of social
services, with high levels of undernourishment and lack of access
to clean drinking water.

Vietnam's G-4 IPS for governance incorporates weak legislative and
executive institutions that reduce the predictability and
transparency of policy, which can hinder investor confidence.
Challenges remain in rule of law, regulatory quality and voice and
accountability, with varying progress amidst institutional reforms
adopted by the government.

GDP per capita (PPP basis, US$): 14,342 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 5% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.6% (2023)

Gen. Gov. Financial Balance/GDP: [not available] (also known as
Fiscal Balance)

Current Account Balance/GDP: 5.8% (2023) (also known as External
Balance)

External debt/GDP: 34.5% (2023)

Economic resiliency: baa2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On August 14, 2024, a rating committee was called to discuss the
rating of the Vietnam, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially increased. The issuer's susceptibility to
event risks has not materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Moody's would consider upgrading the rating if there were signs
that institutions and governance strength was improving. In
particular as regards monetary policy and regulatory effectiveness,
this could come about through improved supervision of the banking
system and oversight over financial stability which would limit
contingent liability risks. Signs of success in addressing
structural impediments towards stronger economic potential as well
as the absorption of higher value-added production with greater
linkages to domestic companies would also be credit positive.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Moody's would consider a downgrade of the rating should there be a
reemergence of financial instability, leading to a worsening of the
external position or a sizable crystallization of contingent
liability risks from either the banking system or SOEs. Evidence
that a rise in geopolitical tensions were disrupting Vietnam's
access to critical manufacturing inputs or eroding export and FDI
competitiveness would also be negative for the rating. Over the
longer run, erosion of the country's strong investment-fueled
growth and economic competitiveness as a result of an inability to
address structural and institutional challenges would also would
weigh on the rating.

The principal methodology used in these ratings was Sovereigns
published in November 2022.



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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-
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