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

                     A S I A   P A C I F I C

          Thursday, September 5, 2024, Vol. 27, No. 179

                           Headlines



A U S T R A L I A

ALUMINA LIMITED: S&P Affirms 'BB' ICR & Alters Outlook to Stable
BUSINESS REVOLUTIONS: First Creditors' Meeting Set for Sept. 11
CFMEU: Ex-Boss Launches Court Challenge Over Forced Administration
GRANDEUR HOMES: First Creditors' Meeting Set for Sept. 11
KEYSTONE ASSET: First Creditors' Meeting Set for Sept. 9

OZWIDE ENERGY: Second Creditors' Meeting Set for Sept. 11
PIZZA BAR: First Creditors' Meeting Set for Sept. 10
PROFORM FOODS: Set To Be Wound Up Voluntarily
[*] AUSTRALIA: 3 Mining Firms Delisted From ASX


C H I N A

LONGFOR GROUP: Moody's Cuts CFR to Ba3 & Sr. Unsecured Debt to B1
MIANYANG INVESTMENT: Fitch Alters Outlook on 'BB' IDRs to Positive
ORIGIN AGRITECH: Appoints New COO and CFO
ORIGIN AGRITECH: Board Appoints Weibin Yan as CEO and Director
RETO ECO-SOLUTIONS: Closes $19.45 Million Private Placement

SENMIAO TECHNOLOGY: Unit Completes Acquisition Deal With Jiangsu
SILICON VALLEY: Exits China JV, Local Partner Takes Full Control


I N D I A

ASMITHA MICROFIN: CRISIL Keeps D Debt Rating in Not Cooperating
BYJU'S: US Lenders Not on Insolvency Panel, Sources Say
COASTAL ENERGEN: NCLT OKs Adani Power's INR3,335cr Resolution Plan
ICON CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating

JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating
MANAPPURAM FINANCE: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MUTHOOT FINANCE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
NARMADA CEREAL: CRISIL Keeps D Debt Ratings in Not Cooperating

NATURAL PRODUCTS: CRISIL Keeps C Debt Ratings in Not Cooperating
NMS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
OM ESHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
ORION WATER: CRISIL Keeps D Debt Ratings in Not Cooperating
PACT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating

PAVANSUT PAPER: CRISIL Moves D Debt Ratings to Not Cooperating
PERFECT INFRAENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating
R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
R. S. MIRGANE: CRISIL Keeps D Debt Ratings in Not Cooperating

ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
SARAWGI BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
TARA SALES: CRISIL Keeps D Debt Rating in Not Cooperating
THOUSU PERIYAKKAL: CRISIL Keeps D Debt Ratings in Not Cooperating

UJALA PUMPS: CRISIL Keeps D Debt Ratings in Not Cooperating
VAISHNAV CASTING: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDANTA RESOURCES: S&P Rates Proposed USD Sr. Unsecured Notes 'B-'
VIKAS STAINLESS: CRISIL Lowers Rating on INR35cr Cash Loan to D
VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating

WOODVILLE PALACE: CRISIL Keeps D Debt Rating in Not Cooperating
WOOGA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating


M O N G O L I A

MONGOLIAN MINING: Fitch Affirms 'B' LongTerm Foreign Currency IDR


N E W   Z E A L A N D

4M BEL AIR: Creditors' Proofs of Debt Due on Oct. 4
AMZ CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 26
ECM PAINTERS: Court to Hear Wind-Up Petition on Sept. 20
MIT BUILDERS: Creditors' Proofs of Debt Due on Oct. 11
SAMASONI CONSTRUCTIONS: Court to Hear Wind-Up Petition on Sept. 20

VISION AV: Placed in Liquidation After Losing Top Contract


S I N G A P O R E

GRAB HOLDINGS: S&P Raises LT ICR to 'BB-', Outlook Stable
POWERFORD PTE: Creditors' Proofs of Debt Due on Oct. 2
PROPERTYGURU: Net Loss Widens to SGD16.1MM in Q2 Ended June 30
SINGAPORE AMALGAMATED: Creditors' Proofs of Debt Due on Oct. 3


S R I   L A N K A

HOUSING DEVELOPMENT: Fitch Affirms 'BB+(lka)' National Rating
SANASA DEVELOPMENT: Fitch Affirms BB+(lka) National LongTerm Rating


V I E T N A M

BINH SON: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


X X X X X X X X

MALDIVES: Fitch Lowers LongTerm Foreign Currency IDR to 'CC'

                           - - - - -


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

ALUMINA LIMITED: S&P Affirms 'BB' ICR & Alters Outlook to Stable
----------------------------------------------------------------
S&P Global Ratings revised the rating outlook to stable from
negative and affirmed its 'BB' issuer credit rating on Alumina
Ltd.

The stable outlook reflects the outlook of the parent Alcoa, which
is based on S&P's view that leverage will trend back down to 3x in
2025 as the company completes portfolio actions to support future
profitability and navigates weaker profitability at its alumina
operations in Western Australia over the next couple of years.

Alcoa Corp. (Alcoa) completed its acquisition of Alumina Ltd.
(Alumina) on Aug. 1, 2024.

Alcoa has completed its acquisition of Alumina Limited that was
initially announced in February 2024. At closing of the
transaction, Alcoa assumed the debt outstanding at Alumina, which
includes $385 million of borrowings under its $500 million
syndicated bank facility with tranches maturing in October 2025
($100 million), January 2026 ($150 million), July 2026 ($150
million), and June 2027 ($100 million).

S&P Said, "We now view Alumina as a core operating subsidiary of
Alcoa. We believe Alumina, through the Alcoa World Alumina and
Chemicals (AWAC) assets, will be integral to Alcoa's future
strategy and will benefit from ongoing support from its parent
under any foreseeable circumstances. Therefore, we have equalized
our issuer credit rating on Alumina to that of Alcoa
(BB/Stable/--). Our view of Alcoa's financial risk profile is
largely unchanged as Alcoa previously consolidated on 100% basis
earnings from its 60% ownership in the AWAC joint venture with
Alumina."

The recent acquisition of Alumina streamlines ownership of Alcoa's
most competitive assets and increases cash flow generation for the
overall group. Going forward, Alcoa will retain all cash generated
at its historically most profitable and attractive assets. However,
while S&P views this as positive for Alcoa, the alumina operations
will face headwinds for the next several years as it navigates
lower bauxite grades under the current mine plan, which the company
expects to continue until at least 2027. As such, Alcoa's alumina
segment (which already encompasses the alumina operations of
Alumina Limited.) profitability will be dependent on supportive
alumina prices, improving raw material and energy price changes and
realizing the $70 million of cost savings from curtailing Kwinana.
With alumina prices for the year to date averaging $422 per ton,
compared to $347/ton a year ago, profitability is showing signs of
improvement. Reported EBITDA for the alumina segment (excluding
restructuring, transformational and corporate costs) on a rolling
12-month basis as of June 30, 2024, has improved to $462 million
compared to $232 million a year ago.

S&P said, "That said, we still see risk of earnings volatility from
aluminum and alumina price swings and elevated mining costs at a
time when Alcoa's credit cushion is diminished, with Debt to EBITDA
above 4x as of June 30, 2024. We expect earnings will continue to
be highly sensitive to aluminum and alumina prices. A +/- $10 per
metric ton (mt) change in Alumina Price Index (API) and +/- $100/mt
change in LME aluminum prices translates to approximately $260
million impact to EBITDA."

S&P said, "Our stable outlook on Alumina reflects the outlook of
its parent, Alcoa. We based the outlook on Alcoa on our view that
leverage will trend toward 3x in 2025 as the company completes
portfolio actions to support future profitability and navigates
weaker profitability at its alumina operations in Western Australia
over the next couple of years."


BUSINESS REVOLUTIONS: First Creditors' Meeting Set for Sept. 11
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Business
Revolutions & Solutions Pty Ltd will be held on Sept. 11, 2024, at
11:00 a.m. at Suite A, Level 6, 388 Queen Street, in Brisbane,
Queensland, and via virtual meeting technology.

Andrew Weatherley of WCT Advisory was appointed as administrator of
the company on Sept. 2, 2024.


CFMEU: Ex-Boss Launches Court Challenge Over Forced Administration
------------------------------------------------------------------
News.com.au reports that former CFMEU officials have launched a
High Court challenge against the Albanese government, after it
forcibly appointed administrators to the union's construction and
general division.

The application was lodged on Sept. 3 by the union's former
leaders, news.com.au discloses.

Speaking to media, former national president Jade Ingham said the
union should be returned to the "rightful ownership" of members.

He said he believed the laws allowing the administration were
"unconstitutional"

"The fight that's in front of us now is to get justice for our
members, to return their union to the democratically elected
leadership of the CFMEU," the report quotes Mr. Ingham as saying.

He also accused the government of abandoning the union.

"We've stood on street corners, we've stood on polling booths, and
this is the thanks that we've had. This is all about political
control. It's not about criminality and corruption," he said.

According to news.com.au, administrator Mark Irving was installed
by Attorney-General Mark Dreyfus in August, following serious
allegations of links to organised crime, standover tactics, and
bullying by senior officials.

Earlier on Sept. 3, Prime Minister Anthony Albanese said he wasn't
surprised by the challenge, news.com.au relays.

"John Setka (who was the Victoria branch's secretary) took our
entire national executive to court over him being expelled from the
Labor Party," he said.

"That's fully expected, and we will stand by our position, and the
government's position will be defended."

Prior to the legislation passing, which allowed the government to
appoint an administrator, Workplace Relations Minister Murray Watt
had said the drafting of the legislation had been done to ensure it
could withstand a legal challenge.

The construction arm of the CFMEU has been forced into
administration last month, removing 270 union officers from their
mostly volunteer positions and a further 11 from their paid jobs,
according to ABC News.

ABC News said the federal Attorney-General Mark Dreyfus made the
announcement on Aug. 23, days after parliament passed legislation
allowing a takeover of the union for a minimum of three years.

The Western Australia and ACT branches will now also be placed into
administration, despite earlier suggestions they would be omitted,
ABC News added.

The Construction, Forestry and Maritime Employees Union is
Australia's main trade union in building, construction, shipping,
diving, timber, pulp and paper, textile, clothing and footwear
industries.


GRANDEUR HOMES: First Creditors' Meeting Set for Sept. 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Grandeur
Homes Pty Ltd ATF Grandeur Homes Trust will be held on Sept. 11,
2024, at 11:00 a.m. at the offices of Cor Cordis, Level 29, 360
Collins Street, in Melbourne, Victoria.

Sam Kaso and Daniel Juratowitch of Cor Cordis were appointed as
administrators of the company on Aug. 30, 2024.


KEYSTONE ASSET: First Creditors' Meeting Set for Sept. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Keystone
Asset Management Ltd will be held on Sept. 9, 2024, at 2:00 p.m.
via virtual meeting only.

Scott Langdon, John Mouawad, Michael Korda of KordaMentha were
appointed as administrators of the company on Aug. 28, 2024.


OZWIDE ENERGY: Second Creditors' Meeting Set for Sept. 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ozwide Energy
Group Pty Ltd has been set for Sept. 11, 2024, at 3:00 p.m. via
virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 10, 2024, at 12:00 p.m.


Manuel Hanna of Romanis Cant was appointed as administrator of the
company on May 13, 2024.


PIZZA BAR: First Creditors' Meeting Set for Sept. 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of The Pizza
Bar (Strathmore) Pty Ltd and The Pizza Bar (Diggers Rest) Pty Ltd
will be held on Sept. 10, 2024, at 11:00 a.m. via videoconference
only.

Nicholas Wollinski and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Aug. 29, 2024.


PROFORM FOODS: Set To Be Wound Up Voluntarily
---------------------------------------------
SmartCompany reports that Proform Foods, the manufacturer of MEET
plant-based protein products, will be wound up three months after
it fell into voluntary administration after efforts to restructure
the business were unsuccessful.

The alternative protein maker was established in 2005 and secured
coveted shelf space in the country's major supermarket chains with
its MEET brand.

However, it fell into voluntary administration in May this year,
with Gayle Dickerson and James Dampney from KPMG Australia
appointed voluntary administrators to manage Proform Food Group Pty
Ltd and its subsidiaries.

SmartCompany, citing a notice published by the Australian
Securities and Investments Commission (ASIC), says the company is
now set to be wound up voluntarily, after a resolution was passed
to that effect at the end of August.

The group of companies to be voluntarily wound up includes Proform
Food Group Pty Ltd, Proform Innovation Pty Ltd, Proform Gourmet
Pty, Proform Foods Pty Ltd and Proform Admin Pty Ltd, SmartCompany
discloses.

It comes at a time when the wider plant-based meat sector is under
pressure, with Sydney-based restaurant chain Flave also reportedly
shutting its doors permanently this month.

Proform Foods, which had around 30 employees as of May this year,
had continued to trade during the voluntary administration
process.

KPMG also confirmed to SmartCompany in May that all frozen and
chilled MEET products would stay on supermarket shelves during the
administration process. The products, which include beef-free mince
and burgers and chicken-free tenders, are available at Woolworths,
Coles, and via food delivery service Hello Fresh.

At the time, KPMG Australia restructuring partner James Dampney
described Proform as a "well-established business in a sector with
compelling medium-term growth prospects".

The administrators undertook a sale process for the business,
however, a successful restructuring of the business was not
achieved.

According to SmartCompany, the winding up of the company comes
close to three years after Tattarang's Harvest Road took a minority
stake in the business in 2021, as part of an investment that was
reported to be worth around AUD5 million.

The Sydney-based company, which was founded by Vogel Cereals
founder Stephen Dunn and later led by his son, former Olympic
swimmer Matt Dunn, opened an AUD11 million manufacturing facility
in November 2020.

Proform also produced plant-based protein products under the
Protein Plate and Bad Hunter brands, and supplied meat-free
alternatives to burger chains and other food service operators.


[*] AUSTRALIA: 3 Mining Firms Delisted From ASX
-----------------------------------------------
Aaliyah Rogan at Mining.com.au reports that out of 14 companies,
three mining companies have been delisted from the Australian
Securities Exchange (ASX) due to not paying annual listing fees for
the year ending June 30, 2025.

Tombola Gold, Panoramic Resources, and Asaplus Resources have all
been removed from the official list of the ASX for not making the
necessary payment by Aug. 28, 2024, along with the 11 others on the
list, according to Mining.com.au.

Alongside other companies such as Booktopia, mining services
company Elmore has also been removed from the official list.

Tombola Gold is an Australian explorer focused on copper and gold.
Administrators were appointed to the company in May 2023 and a deed
of company arrangement (DOCA) was reached in November 2023.

However, administrators were still working to implement the DOCA in
the June quarter of this year, Mining.com.au notes.  

According to Mining.com.au, nickel-copper-cobalt miner Panoramic
Resources was placed in administration late last year, with
operations at its Savannah Mine in the East Kimberley region of
Western Australia suspended following the continued decline of the
nickel price.

Mining.com.au relates that voluntary administrators FTI Consulting
opted not to pay the listing fees given the company's status, the
costs and administrative burden of remaining listed.

Shares in Panoramic were suspended from quotation on Nov. 17, 2023
and shareholders have been unable to trade or transfer shares since
then.

FTI said it is in advanced negotiations with an interested party
regarding a Deed of Company Arrangement proposal, Mining.com.au
adds.




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

LONGFOR GROUP: Moody's Cuts CFR to Ba3 & Sr. Unsecured Debt to B1
-----------------------------------------------------------------
Moody's Ratings has downgraded Longfor Group Holdings Limited's
corporate family rating to Ba3 from Ba2 and its senior unsecured
ratings to B1 from Ba3. Moody's have also maintained the negative
outlook.

"The downgrades reflect Moody's expectation that Longfor's credit
metrics will weaken over the next 6-12 months to levels that will
not be commensurate with its previous rating due to weak contracted
sales and ongoing margin pressure on property development business
amid the sector's prolonged downturn. At the same time, its growing
rental and property management services income will not fully
compensate for these weaknesses in the near term," says Kaven
Tsang, a Moody's Ratings Senior Vice President.

"The negative outlook reflects the uncertainties over the company's
ability to strengthen its credit quality and liquidity buffer over
the next 6-12 months through its business transition to property
leasing and management businesses, while its property development
business shrinks and financial flexibility decreases due to
increased asset encumbrance," adds Tsang, who is also Moody's
Ratings' lead analyst for Longfor.

RATINGS RATIONALE

Moody's expect Longfor's contracted sales to decline faster than
Moody's previously expected over the next 12-18 months, given the
slow recovery of China's property sector despite the government's
supportive measures.

Specifically, Moody's now project Longfor's gross contracted sales
will fall around 40% to around RMB100 billion in 2024 from RMB173
billion in 2023, versus Moody's previous expectation of RMB125
billion-RMB130 billion. During the first seven months of 2024,
Longfor's gross contracted sales dropped 47% to RMB59 billion.

Moody's also forecast Longfor's gross contracted sales will
decrease another 20% year on year in 2025, because of the difficult
operating environment and the company's controlled investments in
new development projects to preserve liquidity.

The likely decline in contracted sales will reduce the company's
revenue recognition over the next 12-18 months. The company would
have to offer discounts on certain projects to strengthen sales
along with the industry downcycle, which will constrain its profit
margin.

While its growing rental and property management services income
cannot fully compensate for the weaker contracted sales, their
recurring nature and high-level of profitability could enhance the
quality and stability of the company's cash flow and EBITDA.

Moody's forecast that contribution from the company's rental and
property management businesses will increase to 55%-65% of its
gross profit over the next 12-18 months from 44% in 2023.

As a result, Longfor's adjusted debt/EBITDA will rise to around
7.5x over the next 1-2 years from 7.1x for the 12 months ended June
2024, despite its debt declining along with its reduced property
development operations. Meanwhile, its EBIT/interest coverage will
decrease to 2.8x-3.0x over the same projected period, from 3.1x for
the 12 months ended June 2024.

On the other hand, Longfor's rental income/interest coverage will
stay largely stable at 1.6x-1.8x over the next 12-18 months given
the business stability. This coverage position is also strong when
compared with other rated Chinese property peers.

Overall, the company's projected credit metrics would support its
Ba3 rating level.

Longfor's Ba3 CFR reflects its strong brand name and quality land
banks in high-tier cities, recurring income from its investment
properties and property management business, disciplined financial
management and adequate liquidity.

These strengths are counterbalanced by the company's reduced
financial buffer and flexibility because of its weakened credit
metrics, as well as its elevated asset encumbrance due to its
increased use of secured financing amid its constrained access to
long-term unsecured financing.

Longfor's liquidity will remain adequate. Its unrestricted cash of
RMB49 billion as of June 2024 and projected operating cash flow
will likely be sufficient to cover its committed land payments,
dividend payments and maturing debts over the next 12-18 months.

However, its liquidity buffer will reduce because of its declining
property sales and the use of internal resources to repay part of
its maturing bonds and offshore bank loans.

Longfor's B1 senior unsecured rating is one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that the company has increased
its usage of secured bank loans to refinance its unsecured bonds.
Most of Longfor's claims are at the operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance (ESG) factors,
Moody's have considered Longfor's concentrated ownership by its key
shareholder Madam Cai Xinyi – who is the daughter of Madam Wu
Yajun – through XTH Trust, which holds a 44.3% stake in the
company as of the end of January 2024. The company also has a track
record of disciplined financial and liquidity management.

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

An upgrade of Longfor's ratings is unlikely, given the negative
outlook.

However, Moody's could revise the outlook to stable if the company
succeeds in its business transition with the growth in rental and
management fee income more than offsetting the impact of declining
contracted sales, strengthens its financial metrics and recovers
its access to various types of funding while reducing its reliance
on secured financing, all on a sustained basis.

Key metrics indicative of an outlook change to stable include its
EBIT/interest coverage rising above 3.0x and its adjusted
debt/EBITDA falling below 7.0x, both on a sustained basis.

Moody's could downgrade the ratings if Longfor's operations,
financial metrics or liquidity deteriorates.

Key metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and adjusted debt/EBITDA rising above
8.0x, both on a sustained basis.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Longfor Group Holdings Limited is a leading developer in China's
residential and commercial property development sector. Founded in
1993, the company began its business in Chongqing and has
established a solid brand name in the country.

As of the end of June 2024, Longfor had a total land bank of 41.41
million square meters in terms of gross floor area, spanning 55
cities in five major economic regions in China.


MIANYANG INVESTMENT: Fitch Alters Outlook on 'BB' IDRs to Positive
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Mianyang Investment Holding
(Group) Co., Ltd.'s (MIHC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB' and revised the Outlook to
Positive from Stable. Fitch has also affirmed MIHC's USD300 million
6.7% note due 8 August 2025 at 'BB'.

At the same time, Fitch reassessed MIHC's Standalone Credit Profile
(SCP) to 'b' from 'b-', based on lower potential cost volatility
and improved liquidity. However, this does not affect the IDRs
under its rating approach.

The ratings reflect its assessment of MIHC's credit profile under
Fitch's Government-Related Entities (GRE) Rating Criteria.

The Positive Outlook reflects MIHC's strengthening financing role
and presence in Mianyang municipality, which has the potential to
increase the government's incentive to provide support to the
company, if necessary.

MIHC's ratings are underpinned by its important policy role as an
urban developer in Mianyang and have been affirmed based on the
municipal government's steady responsibility and incentive to
extend support to MIHC.

KEY RATING DRIVERS

Support Score Assessment 'Strong expectations'

Fitch has 'Strong expectations' that the Mianyang municipal
government will provide extraordinary support to MIHC in case of
need, reflecting a support score of 25 (out of a maximum 60) under
Fitch's Government-Related Entities Rating Criteria. This reflects
a combination of assessments for the responsibility to support and
incentive to support factors as below.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

MIHC is directly owned and tightly controlled by the Mianyang
government. The government appoints MIHC's senior management, and
some of them previously worked for the local government. The
government also controls MIHC's operational and financial
activities, approves its annual budgets, major decisions and
investment plans, and performs annual assessments on the company.
Strategically important tasks and assets are assigned and injected
to MIHC with specific requirements in terms of operation and
execution by the municipal government.

Precedents of Support 'Strong'

The government has provided meaningful support to MIHC to carry out
its urban development works and alleviate its debt service burden.
The government has provided regular operating subsidies, which
represented average of 75% of MIHC's operating balance in past five
years. In 2023, MIHC received about CNY1.4 billion in operating
subsidies, CNY390.3 million in capital injections, and government
refinancing bonds for debt repayment. These helped the company
break even and strengthen its capital structure. Fitch expects
continued government support for MIHC, if needed.

Incentives to Support

Preservation of Government Policy Role 'Strong'

MIHC is the key platform for urban infrastructure and primary-land
development in the city's downtown area. It has ongoing
construction projects for infrastructure and urban development as
well as subsidiaries operating in public transportation, grain
reserve and water affairs. A default of MIHC may not disrupt public
services with completed infrastructure, but could interrupt service
projects under construction and delay the city's social and
economic development.

Contagion Risk 'N/A'

MIHC was the largest GRE by assets controlled by the Mianyang
State-owned Assets Supervision and Administration Commission in
2023. It maintains ample bank facilities and is a regular issuer in
the capital market. It had total debt of CNY68 billion at end-2023,
down slightly from 2022. Fitch believes the company is
strengthening its financing role and presence in Mianyang, but this
progress has not yet reached a sustainable level where a company
default would indicate a system-wide failure. Fitch has not
observed financial tension at the GRE, as its liquidity position is
manageable and it benefits from government support.

Standalone Credit Profile

Fitch reassessed MIHC's SCP to 'b' from 'b-', based on a lower
potential cost volatility and improved liquidity. MIHC's net
leverage is in the range for a 'b' category financial profile,
which Fitch uses as the primary metric in the SCP assessment and a
starting point for the financial profile assessment. The impact of
secondary metrics on the final financial profile assessment is
asymmetric. That is, only weak coverage ratios affect a financial
profile assessment, and in this case, Fitch deems that there is no
impact on the financial profile assessment.

Risk Profile: 'Midrange'

Its risk profile reflects a combination of 'Midrange' assessments
for revenue, expenditure, liability and liquidity risks.

Revenue Risk: 'Midrange'

Fitch assesses demand and pricing characteristics at 'Midrange',
considering MIHC's moderate customer concentration on the local
government and related GREs, competitive market position in urban
development and infrastructure construction with moderate
bargaining power, and the supportive regulatory regime.

Expenditure Risk: 'Midrange'

Its expenditure risk assessment reflects 'Midrange' operating
costs, supply risk and investment planning. MIHC has
well-identified cost drivers with stable and predictable cost
structure. It has low supply risk, with adequate supply of
resources and labour. Fitch adjusted the operating cost assessment
to 'Midrange' from 'Weaker' because MIHC's commercially driven
project investments were recouped as planned and its competitive
market position in the region enables it to adjust costs amid
fluctuation in demand and during inflation environments and market
volatility.

Investment planning and funding has adequate mechanisms with low
execution risk, as its urban infrastructure construction and
investments follow the government's plans.

Liabilities and Liquidity Risk: 'Midrange'

Fitch assesses liability and liquidity risk based on 'Midrange'
debt and liquidity characteristics. MIHC has a manageable debt
profile with a liquidity plan in place for debt maturing within one
year. Fitch estimated its average debt maturity to be at the mid-
to long-term. The company has limited exposure to foreign-currency
risk and off-balance-sheet risk is manageable. It has satisfactory
access to bond markets, manageable liquidity for debt service and
good relationships with policy, national and local banks.

Financial Profile 'b'

The financial profile is mainly derived from the company's 'b'
category net leverage position. Net leverage, measured by net
debt/EBITDA, was 28.6x at end-2023, and Fitch expects it to
slightly decrease by end-2028. This is based on MIHC's plan to
improve its debt profile, continued revenue growth and reliance on
refinancing for funding. Fitch believes MIHC's manageable debt
maturity profile, ample liquidity and regular equity injections by
the government mitigate refinancing risk in the short to medium
term.

Derivation Summary

Fitch assesses MIHC under its Government-Related Entities Rating
Criteria, which reflects its assessments of Mianyang municipality's
decision-making and oversight, support precedents as well as the
government's incentive to provide support. Fitch has 'Strong
expectations' that the government will extend support to MIHC
should it default. The ratings also take into consideration the SCP
assessment of 'b' under its Public Policy Revenue-Supported
Entities Rating Criteria.

Debt Ratings

MIHC's USD300 million 6.7% note due 8 August 2025 is directly
issued by the company and is rated at the same level as its IDR.

Issuer Profile

MIHC is the largest GRE by total assets in Mianyang municipality,
which has the second-largest gross regional product in Sichuan
province. The company is the city's primary urban developer. Its
businesses include primary land development, private school
operation, water and sewage treatment, property sales and commodity
trading.

Key Assumptions

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 2019-2023 historical figures and 2024-2028
scenario assumptions:

- Average operating revenue growth at 6% a year in 2024-2028,
largely in line with the trend in the past three years;

- Average operating expenditure growth at 6% a year in 2024-2028,
with a steady rise in recurring expenditure that has variable costs
fluctuating with revenue growth;

- A slow deleveraging trend and low debt growth in 2024-2028,
matching the company's plan to improve its debt profile.

Rating Sensitivities

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

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

- A deterioration in its perception of the Mianyang government's
responsibility to provide support, including a weakening in its
decision-making, oversight or precedents of support.

- A deterioration in its perception of the Mianyang government's
incentive to provide support, including a weakening in MIHC's
preservation of government policy role.

- Downward rating action on MIHC would lead to similar action on
its US-dollar notes.

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

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

- An improvement in its perception of the Mianyang government's
responsibility to provide support, including a more consistent
support record to maintain a sufficiently strong financial
profile.

- An improvement in its perception of the Mianyang government's
incentive to provide support, including a strengthening in MIHC's
preservation of government policy role or stronger implication of
contagion risk.

- Upward rating action on MIHC would lead to similar action on its
US-dollar 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
   -----------                        ------          -----
Mianyang Investment
Holding (Group) Co., Ltd.   LT IDR     BB  Affirmed   BB

                            LC LT IDR  BB  Affirmed   BB

   senior unsecured         LT         BB  Affirmed   BB


ORIGIN AGRITECH: Appoints New COO and CFO
-----------------------------------------
Origin Agritech Limited disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Aug. 7, 2024, the board
of directors appointed two new officers and each of these officers
as directors of the Company.

Mr. Li Yang was appointed the chief operation officer of the
Company and a director of the Company.  Mr. Li has over 20 years of
experience in investment activities and senior corporate
management. From July 2024 to the present, Mr. Li has been serving
as the executive director of Asia Television Holdings Limited. From
March 2023 to the present, Mr. Li has been serving as the executive
director and Deputy Chairman of IBO Technology Company Limited.
From April 2022 to March 2024, Mr. Li was an Independent
Non-Executive Director of HG Semiconductor Limited and redesignated
as Executive Director since March 2024.  From January 2022 to the
present, Mr. Li has been serving as Chairman and Executive Director
of Virtual Mind Holding Company.  From August 2020 to February
2021, Mr. Li served as the executive director of CT Environmental
Group Limited.  From November 2018 to December 2020, Mr. Li served
as Deputy Chairman and Executive Director of Leyou Technologies
Holdings Limited.  All of the above companies are listed companies
on the Hong Kong Stock Exchange.

Prior to the above indicated employments, Mr. Li served in other
executive and senior management positions with Sino Haijing
Holdings Limited, Guanghe Landscape Culture Communiction Co., Ltd.
Shanxi and China Best group Holdings Limited.

Mr. Li holds a Master Degree from the Chinese Academy of Social
Sciences, where he majored in world economics, a Masters of
Business Administration from Shenzhen Economic and Management
Institute, and a Diploma from Shenzhen University.

Mr. Li was appointed a director of the Company because of his
extensive management experience in senior positions and because of
his long experience in managing the operations of a significant
public listed company, particularly in reference to its investment
and financial activities.

Chief Financial Officer Appointment

Cheng chi Kin (Patrick) was appointed the chief financial officer
and a director of the Company.  From April 2024 to the present, Mr.
Cheng has served as an Independent Non-Executive Director of
Asiasec Properties Limited, a property investment holding company.
From September 2019 to the present, Mr. Cheng has served as an
Non-Executive Director and from September 2019 to March 2024, he
was the Chairman and Executive Director, of Affluent Partners
Holdings Limited, a company engaged in manufacturing pearls and
jewelry and providing research and development services and skin
care solutions. From June 2022 to March 2024 Mr. Cheng was the CEO
and Executive Director of China Uptown Group Company Limited, a
property development and commodity trading company.  From June 2018
to June 2020, Mr. Cheng was director and the responsible officer of
Kingston Asset Management Limited, a company engaged in asset
management and business restructuring.

Prior to the above indicated employments, Mr. Cheng served in
senior management positions with IRC Limited, where he represented
private equity funds, Etone Investment Development Limited, where
he managed an Australia land bank investment and engaged in
residential property development, and was director of Zhongrong
International Asset Management Co Limited, where he was the
responsible officer for risk management and operational audits.

Mr. Cheng also held operational and senior management positions
with Sino Haijing Holdings Limited (a packaging company), Yuexiu
REIT Asset Management Limited (a property investment company with
acquisitions in China that provided capital and debt financing for
property development projects), Great Field (Cambodia)
International Limited (a company engaged in land and plantation
development).  In these positions, Mr. Cheng provided risk
management, asset management, financial and audit, internal audit
and finance relationship services.  He has also acted as financial
controller, senior project manager, senior investment manager,
senior credit analyst (BNP Bank), and as an auditor in a UK
accountancy firm.

Mr. Cheng holds an MBA from the Cardiff Business School in the
United Kingdom, an Honors Degree in Business Studies from the
University of Glamorgan in the United Kingdom, and an Hong Kong
Advance Level degree from St Gloria College (HK).  Mr. Cheng holds
Licenses 1, 4 and 9 from the SFC, and is a Fellow Member of the
Hong Kong Institute of Certified Public Accountants, a Fellow
Member of International Accountants, a Member of the Institute of
Management Accountants, and a Chartered Marketer of the Chartered
Institute of Marketing.  He is also a member of the Greater Bay
Areas Association of Listed Companies, the Hong Kong Commerce &
Industry Association, the China Real Estate Chamber of Commerce
Hong Kong and International Chapter and the Hong Kong Business
Accountants Association.

Mr. Cheng was appointed a director of the Company because of his
extensive management experience in senior positions, his long
experience in managing the operations of a public listed company,
particularly in reference to its investment and financial
activities, and his experience in audit and financial statement
experience and responsibilities in significant public and private
companies.

                         About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.

Lakewood, Colorado-bsaed B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


ORIGIN AGRITECH: Board Appoints Weibin Yan as CEO and Director
--------------------------------------------------------------
Origin Agritech Limited disclosed in a Form 6-K filed with the
Securities and Exchange Commission that on Aug. 21, 2024, the board
of directors of the Company appointed Weibin Yan as the chief
executive officer and as an additional director of the Company.

Mr. Weibin Yan, aged 58, was elected as the vice-chairman of Hunan
Provincial Federation of Industrial and Commerce in June 2020.  Mr.
Yan was one of the principal founders of the Ausnutria Dairy
Corporation Ltd, a company listed on the Hongkong Stock Exchange,
and has been acting as the chairman of Ausnutria from its
establishment to September 2023.  Mr. Yan was a director of Yuan
Longping High-tech Agriculture Co., Ltd, a company listed on the
Shenzhen Stock Exchange, from 2004 to January 2016.  At Longping
High-tech, he served as chief executive officer from 2004 to April
2010, vice chairman of the Board of directors from 2010 to January
2016.  Mr. Weibian Yan had served on the Origin Board as an
Independent Director from 2017 to 2018.

Mr. Yan holds a Bachelor's Degree in engineering and a Master's
Degree in business administration from Hunan University.

Mr. Yan was appointed a director of the Company because of his
extensive management experience in senior positions and because of
his long experience in managing the operations of a significant
public listed company.

In addition, Dr. Gengchen Han was appointed as the president of the
Company and continues as the Chairman of the Board.

                         About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.

Lakewood, Colorado-bsaed B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


RETO ECO-SOLUTIONS: Closes $19.45 Million Private Placement
-----------------------------------------------------------
ReTo Eco-Solutions, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Aug. 30, 2024, it
entered into a securities purchase agreement with certain
purchasers in connection with the issuance and sale of an aggregate
of 14,095,200 Class A shares, par value US$0.10 per share, of the
Company at $1.38 per share for an aggregate of purchase price of
$19,451,376.

The Securities Purchase Agreement contains customary
representations, warranties and agreements by the Company and the
Purchasers, and indemnification obligations of the Company against
certain liabilities, including for liabilities under the Securities
Act of 1933, as amended.

The sale of the Class A Shares was being made pursuant to the
provisions of Regulation S promulgated under the Securities Act.

On the same day, the parties closed the Private Placement.  The
Company intends to use the net proceeds from the Private Placement
for future mergers and acquisitions and working capital purposes.

On Aug. 30, 2024, the Company engaged Jaash Investment Limited, a
company organized under the laws of Hong Kong, for consulting
services in connection with the Private Placement and agreed to
issue 1,268,568 Class A Shares to the Financial Advisor as
consideration for its services within five business days after the
closing of the Private Placement.  The 1,268,568 Class A Shares
were issued pursuant to Section 4(a)(2) of the Securities Act on
the closing date of the Private Placement.

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials.  In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China.  The Company also provides parts,
engineering support, consulting, technical advice and service, and
other project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


SENMIAO TECHNOLOGY: Unit Completes Acquisition Deal With Jiangsu
----------------------------------------------------------------
Senmiao Technology Limited disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on August 20,
2024, Sichuan Senmiao Zecheng Business Consulting Co., Ltd., a
wholly-owned subsidiary of the Company, consummated the previously
announced transaction contemplated by the Acquisition Agreement
with Debt Assumption Takeover with Jiangsu Yuelaiyuexing Technology
Co., Ltd., and other parties thereto, including the acquisition by
the Purchaser of 100% of Sichuan's equity interest in Hunan
Xixingtianxia Technology Co., Ltd., a wholly-owned subsidiary of
Sichuan.

                 About Senmiao Technology Limited

Senmiao Technology Limited is a U.S. holding company incorporated
in the State of Nevada on June 8, 2017. Although it is a holding
company with no material operations of its own, Senmiao conducts a
substantial majority of its operations through its operating
entities established in the People's Republic of China (PRC). This
includes its subsidiaries and equity investee company. Since
November 2018, the Company has been providing automobile
transaction and related services focusing on the online
ride-hailing industry in China through its wholly owned
subsidiaries, Yicheng and Corenel, its majority-owned subsidiaries,
Jiekai and Hunan Ruixi, and its equity investee company,
Jinkailong. Since October 2020, the Company has been operating an
online ride-hailing platform through XXTX, a wholly owned
subsidiary of Senmiao Consulting. XXTX's platform enables qualified
ride-hailing drivers to provide transportation services mainly in
Chengdu, Changsha, and other 20 cities in China as of the date of
this Report. The Company's business includes Automobile Transaction
and Related Services and Online Ride-Hailing Platform Services.

As of June 27, 2024, New York, New York-based Marcum Asia CPAs LLP,
the Company's auditor since 2018, issued a "going concern"
qualification. The report cited a significant working capital
deficiency, substantial losses, and the need for additional funds
to meet obligations and sustain operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

Senmiao reported a net loss of $4.23 million for the year ended
March 31, 2024, compared to a net loss of $3.79 million for the
year ended March 31, 2023. As of June 30, 2024, the Company had
$9.21 million in total assets, $5.71 million in total liabilities,
$234,364 in mezzanine equity, and $3.26 million in total equity.


SILICON VALLEY: Exits China JV, Local Partner Takes Full Control
----------------------------------------------------------------
Reuters reports that Silicon Valley Bank's Chinese joint venture
will become a wholly owned unit of Shanghai Pudong Development
Bank, following approval to change its name to Shanghai Innovation
Bank, a Chinese financial regulator said late on Friday.

Silicon Valley Bank's (SVB) collapse last year was one of the
largest in U.S. banking history and left its joint venture with
Shanghai Pudong Development Bank (SPD) - SPD Silicon Valley - in
the lurch after no buyers emerged to acquire SVB's stake.

In a statement on Aug. 30, the National Financial Regulatory
Administration's Shanghai branch said it had agreed the bank could
adjust its shareholder ratios so that SPD holds 100% of the shares,
effectively approving SVB exiting the joint venture.

The bank's registered capital has been lowered to the equivalent of
CNY1 billion ($141 million) from CNY2 billion.

                     About Silicon Valley Bank

Silicon Valley Bank was the nation's 16th largest bank and the
biggest to fail since the 2008 financial meltdown.  

During the week of March 6, 2023, Silicon Valley Bank, Santa Clara,
CA, experienced a severe "run-on-the-bank."  On the morning of
March 10, 2023, the California Department of Financial Protection
and Innovation seized SVB and placed it under the receivership of
the Federal Deposit Insurance Corporation (FDIC).  

The FDIC on March 13, 2023, disclosed that it transferred all
deposits -- both insured and uninsured -- and substantially all
assets of the former Silicon Valley Bank of Santa Clara,
California, to a newly created, full-service FDIC-operated "bridge
bank" in an action designed to protect all depositors of Silicon
Valley Bank.

SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.  

On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367).  The Hon. Martin
Glenn is the bankruptcy judge.  The Debtor had assets of
$19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31,
2022.  Centerview Partners LLC is proposed financial advisor,
Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal
proposed restructuring advisor to SVB Financial Group as
debtor-in-possession.  Kroll is the claims agent.

On June 13, 2023, a collective of depositors of the Silicon Valley
Bank (Cayman Islands Branch) filed a petition with the Court
seeking an order that SVB Cayman be wound up and liquidators be
appointed under the provisions of the Companies Act (2023 Revision)
on the grounds that the Company is insolvent.

On June 29, 2023, the Grand Court of the Cayman Islands appointed
Andrew Childe and Michael Pearson of FFP limited in the Cayman
Islands and Niall Ledwidge from Stout in New York, United States as
Joint Official Liquidators of SVB Cayman.

Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter
15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan.
18, 2024.  The Liquidators' counsel in the U.S. case:

    Warren E. Gluck
    Holland & Knight LLP
    Tel: (212) 513-3396
    E-mail: warren.gluck@hklaw.com




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

ASMITHA MICROFIN: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asmitha
Microfin Limited (Asmitha Microfin) continues to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Long Term Rating        1,000       CRISIL D (ISSUER NOT
                                       COOPERATING)

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

Set up in 2002 as a non-banking financial company, Asmitha microfin
is an MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank (Bangladesh). As on September 30,
2020, Asmitha microfin had an outstanding loan portfolio of
Rs.777.4 crore. The entire portfolio was based in AP and Telengana.
Reserve Bank of India (RBI) has cancelled NBFC license of Asmitha
microfin on February 22, 2019.


BYJU'S: US Lenders Not on Insolvency Panel, Sources Say
-------------------------------------------------------
Reuters reports that U.S.-based Glas Trust is not part of a key
panel overseeing the insolvency proceedings of Indian
education-technology giant Byju's, and will need to substantiate
the $1 billion claim of lenders it represents, according to
documents and three sources.

Byju's was once a darling of global investors and valued at $22
billion in 2022, but is now facing insolvency due to its dispute
with U.S. lenders, Reuters notes. The company became popular by
offering online training courses during the COVID-19 pandemic.

Its insolvency officer, Pankaj Srivastava, told Glas in a Sept. 1
letter that a majority of the lenders it was representing have no
business rights left as part of agreements with Byju's, and can't
stake a claim, according to Reuters.

As a result, in a setback for U.S. lenders, the insolvency panel
has been reconstituted without Glas Trust, according to three
sources with direct knowledge of the matter, who spoke on condition
of anonymity.

Srivastava has asked Glas to clarify its position and "provide
supportive documents," the Sept. 1 letter, which is not public but
was reviewed by Reuters, showed.

U.S. term loan lenders in a joint statement early on Sept. 4 said
the decision to exclude Glas Trust from the insolvency panel "is
completely wrong in law and in fact."

Byju's, started in 2011, has suffered numerous setbacks in recent
months, from boardroom exits and criticism over delayed financial
disclosures to an auditor resignation.

                            About Byju's

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, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

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.


COASTAL ENERGEN: NCLT OKs Adani Power's INR3,335cr Resolution Plan
------------------------------------------------------------------
BW Businessworld reports that the National Company Law Tribunal
(NCLT) has approved the INR3,335.52 crore resolution plan for
Coastal Energen, a bankrupt company that owns and operates a
coal-based thermal power plant in Tuticorin, Tamil Nadu. The
resolution plan, submitted by Dickey Alternative Investment Trust
and Adani Power, marks a crucial step in the insolvency proceedings
of Coastal Energen, which has been under financial distress for
several years.

BW Businessworld relates that the approved resolution plan will
provide approximately INR3,330 crore to the secured lenders of
Coastal Energen, which accounts for 28.52 per cent of the total
admitted claims of around INR11,677 crore. This partial recovery
for the lenders reflects the financial challenges faced by Coastal
Energen and the broader issues in the power sector related to
imported coal costs and financial sustainability.

According to the report, the consortium of Dickey Alternative
Investment Trust and Adani Power, which has a 51:49 ownership
ratio, has established a special purpose vehicle (SPV) named Moxie
Power Generation Limited to implement the resolution plan.

This strategic move aims to streamline the acquisition and
management process, ensuring that the restructuring and revival of
Coastal Energen are efficiently handled.

In February of this year, the Competition Commission of India
granted approval for the consortium to acquire the entire stake in
Coastal Energen, paving the way for the resolution process, the
report recalls. The acquisition is expected to bolster Adani
Power's portfolio, further strengthening its position in the Indian
power sector.

BW Businessworld relates that the insolvency proceedings for
Coastal Energen began when the company was admitted to the
corporate insolvency resolution process by an NCLT order dated Feb.
4, 2022. The proceedings were initiated following a petition filed
by the State Bank of India, which was one of the major creditors of
the power company. Radhakrishnan Dharmarajan was appointed as the
resolution professional, responsible for overseeing the resolution
process and formulating a viable plan to address the financial
distress of Coastal Energen.

The resolution plan was meticulously reviewed and received
overwhelming support from Coastal Energen's Committee of Creditors
(CoC), which approved the plan with a 97.80 per cent voting share.
BW Businessworld says the plan's approval by NCLT Chennai is seen
as a positive outcome for both creditors and the power sector, as
it provides a structured solution to address the company's
financial challenges.

Coastal Energen's Tuticorin power plant, which is based on imported
coal, has faced several operational and financial hurdles due to
fluctuating coal prices and other economic factors. The approval of
the resolution plan is expected to stabilise the company's
operations, ensure sustained power supply, and secure the interests
of its creditors, BW Businessworld notes.


ICON CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Icon Cables
Limited (ICL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.9         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        1.21        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   SME Credit            0.25        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.24        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 1986, ICL manufactures various types of control and
instrumentation cables. It was taken over by Mr. N K Rathi in 2004
and since then has been managed by him and is based out of Delhi.
Its plant based in Neemrana, Rajasthan.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       4          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        10          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    11.82       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Incas was set up as a proprietorship concern of Mr. Vikas Kalra in
2000. The firm manufactures leather garments and accessories such
as bags, gloves, and belts and exports primarily to Europe. It has
two plants, one each at Gurgaon and Manesar (both in Haryana).


JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jagat Jagdamba
Flour Private Limited (JJRFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Issuer Not
                                     Cooperating)

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

JJRFPL, incorporated in 2009, is part of the Jagdamba group, headed
by Mr. Krishna Murari Choudhary. The group has been trading in
rice, pulses, and flour since 1988, and has been processing food
grains since 2003. JJFPL manufactures wheatbased products at its
unit in Hazipur, Bihar; the unit has a capacity to process 300
tonnes per day of wheat.


MANAPPURAM FINANCE: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed India-based Manappuram Finance Limited's
(MFIN) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'BB-'. The Outlook is Stable.

Key Rating Drivers

Intrinsic Profile Drives Ratings: MFIN's ratings stem from its
moderate franchise in gold-backed financing and other loans to
India's semi-urban and rural borrowers, stable asset quality
supported by its gold-loan portfolio, generally stable funding and
liquidity profile, and moderate leverage. This is counterbalanced
by an evolving risk appetite, as evidenced by a shifting business
mix and a history of regulatory compliance findings.

Supportive Operating Environment: Fitch expects India's GDP
expansion to remain resilient, at 7.2% in the financial year ending
March 2025 (FY25) and 6.5% in FY26, backed by sustained public and
private investment that should further underpin employment and
consumption. Fitch expects this environment to support profitable
growth for large non-bank finance and leasing companies, despite
higher local interest rates.

Rapid industry loan growth in the past two years has given rise to
pockets of heightened credit risk. Nonetheless, asset-quality
metrics remain contained for most large lenders and Fitch expects
tightened prudential regulation and waning market liquidity to rein
in the growth rates and risk appetites of non-bank financial
institutions (NBFI).

Evolving Business Mix: MFIN's share of gold loans was 53% of total
loans at end-June 2024, down from around 67% over the past two
years due to higher growth in non-gold loan segments -
microfinance, used commercial vehicles, small business loans and
low-ticket housing loans - amid rising competition in gold loans.
MFIN's franchise strength and risk controls in these segments are
still developing and a rapid expansion in these segments could
raise asset-quality risks for the company.

Developing Governance: MFIN business model is subject to high
compliance risk, due to a history of regulatory findings and
penalties. Repeated findings could damage MFIN's reputation and
business franchise. Against this, MFIN is taking steps to improve
governance and operational practices, which should ameliorate such
risk if efforts are sustained. MFIN's credit profile is also
exposed to key-person risk. The company has a succession plan
relating to the founding shareholder, who is also the managing
director, but Fitch believes the plan will take time to become
fully effective.

High Operational Risk: Gold-backed lenders, such as MFIN, are
exposed to operational risk. This is due to their decentralised
branch-led disbursements and customer-related processes. Recent
regulatory actions and advisories within the gold loan sector
should gradually improve compliance practices at gold lenders.
Continued strong portfolio growth in riskier and less-familiar
businesses could raise performance volatility.

Stable Asset Quality: MFIN's highly liquid gold collateral
underpins its stable asset quality; Fitch estimates its
consolidated stage 3 loan ratio was 2.3% at end-June 2024 (FYE24:
2.5%). Credit impairment costs are vulnerable to a plunge in gold
prices, which could lead to a decline in the realisable value of
the gold collateral. However, a regulatory loan/value ceiling of
75%, standardised collateral valuation based on pure gold content
and moving-average valuation benchmarks mitigate against lower gold
prices.

MFIN's credit costs rose during 1QFY25 to 2.1% of average gross
loans (annualised), from 1.4% in FY24, due to higher write-offs in
microfinance loans. This portfolio was affected by extreme weather
conditions that impacted the underlying businesses of borrowers.
That said, Fitch expects credit costs to moderate in the near term,
as weather conditions have improved.

High Margin Supports Profitability: MFIN's wide net interest margin
of 13.9% in FY24 was reflected in its pre-tax profit of 6.8% of
average assets, which was among the highest in Fitch's rated Indian
NBFI portfolio. A rising mix of non-gold loans could lift average
credit costs, but higher yields from MFIN's core lending products
should offset the increase.

Moderate Leverage: Leverage is likely to rise modestly in the
medium-term along with loan growth, although Fitch expects it to
remain commensurate with the rating over the next two years.
Adequate internal capital generation (FY24: 19.7% of opening
equity) helps to contain the debt/tangible equity ratio, which
remained moderate at 3.0x at FYE24.

Generally Steady, Though Costlier, Funding: MFIN is
wholesale-funded, like most other Indian NBFIs, and retains
adequate access to funds. Bank loans comprised 76% of total funding
at FYE24 (FYE23: 69%), due to fewer capital market issuances in a
rising interest-rate environment. However, MFIN has accessed
funding from various channels in the past few months, such as
offshore bonds and commercial paper, as interest rates on bank
loans have risen.

The asset-liability profile is positively matched, supported by
short asset tenors. Growth in long-tenor non-gold products may
narrow the asset-liability gap in the medium to long term, but MFIN
plans to increase its borrowing tenor to maintain an adequately
matched profile.

RATING SENSITIVITIES

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

The rating may be downgraded in the event of aggressive growth
without a corresponding strengthening in risk controls and
balance-sheet buffers. This may be indicated by a rapid shift in
the business mix, such as non-gold loans exceeding 60% of
consolidated gross loans in the short- to medium-term on soaring
growth, or a rise in debt/tangible equity beyond 4.5x. Higher
losses from compliance, operational or reputational risks than
Fitch expects would also be negative for the ratings.

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

Fitch believes MFIN's ratings have limited upside potential in the
near term. In the longer term, Fitch may takes positive rating
action with evidence of an improved regulatory compliance record,
more mature business franchise in MFIN's non-gold loan segments and
a steadier risk-management record in these segments, demonstrated
by steady asset quality as the portfolios season. This is provided
that profitability metrics remain stable and commensurate with the
higher ratings.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The ratings on MFIN's medium-term note (MTN) programme and
foreign-currency senior secured debt are at the same level as its
Long-Term Foreign-Currency IDR.

Indian NBFIs' borrowings are typically secured and Fitch believes
non-payment of senior secured debt would best reflect the uncured
failure of the entity. NBFIs can issue unsecured debt in the
overseas market, but such debt is likely to constitute a small
portion of their funding and thus cannot be viewed as their primary
financial obligation.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The ratings on MFIN's US-dollar MTN programme and senior secured
debt are sensitive to its Long-Term Foreign-Currency IDR. Any
action on the Long-Term Foreign-Currency IDR will drive similar
action on the MTN programme and senior secured debt ratings.

ADJUSTMENTS

The 'bb+' sector risk operating environment score is above the 'b'
implied score for the following reasons: size and structure of
economy (positive) and economic performance (positive).

The 'bb+' earnings and profitability score is below the 'bbb'
implied score for the following reason: portfolio risk (negative).

The 'bb-' funding, liquidity and coverage score is above the 'ccc'
implied score for the following reason: funding flexibility
(positive).

ESG Considerations

MFIN has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy and Data Security, due to a history of
customer-related business practices that did not fully comply with
regulatory norms. The score reflects its assessment that
customer-related practices appear weaker than at rated peers,
raising regulatory and reputational risk for MFIN. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

MFIN has an ESG Relevance Score of '4' for Governance Structure,
due to its history of customer-related business practices that did
not fully comply with regulatory norms. This implies that the
company has gaps in its governance structure. The score reflects
its assessment that governance practices appear weaker than at
rated peers, raising regulatory and reputational risk for MFIN.
This has a negative impact on the credit profile 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
   -----------                 ------           -----
Manappuram Finance
Limited               LT IDR    BB-  Affirmed   BB-

                      LC LT IDR BB-  Affirmed   BB-

   senior secured     LT        BB-  Affirmed   BB-


MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSV
Laboratories Private Limited (MSV) 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           1.52        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        5.89        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        3.64        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    4.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

MSV, which was set up in 1991, manufactures organic fertilisers,
bio-fertilisers and bio-pesticides. The company has two warehouses,
leased to the government of West Bengal. It also oversees the
maintenance of 21 warehouses in the state. A gamma radiation plant
is being set up currently, to deploy the in-house technology for
sterilisation of food items. Daily operations are managed by Mr.
Ashok Maity, based in Purba Medinipur, West Bengal.


MUTHOOT FINANCE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Muthoot Finance Ltd's (MFL)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB'. The Outlook is Stable.

Key Rating Drivers

Intrinsic Profile Drives Ratings: The ratings reflect MFL's market
leadership in gold-backed lending, experienced management,
consistently low credit losses underpinned by liquid gold
collateral, moderate leverage, and a liquidity profile supported by
short-tenor loans. This is counterbalanced by MFL's operationally
intensive business model and exposure to more-vulnerable borrower
classes in a developing economy, which can raise business
volatility.

Supportive Operating Environment: Fitch expects India's GDP
expansion to remain resilient, at 7.2% in the financial year ending
March 2025 (FY25) and 6.5% in FY26, backed by sustained public and
private investment that should further underpin employment and
consumption. Fitch expects this environment to support profitable
growth for large non-bank finance and leasing companies, despite
higher local interest rates.

Rapid industry loan growth in the past two years has given rise to
pockets of heightened credit risk. Nonetheless, asset-quality
metrics remain contained for most large lenders, and Fitch expects
tightened prudential regulation and waning market liquidity to rein
in the growth rates and risk appetites of non-bank financial
institutions (NBFIs).

Gold Loan Dominance: Gold backed loans are likely to remain MFL's
dominant lending segment (1QFY25: 85% of consolidated gross loans)
in the medium term, supported by its long-standing operation and
leading, albeit niche, segment market share. Moderating sector
competition should ease pressure on MFL's lending yields. The
company's diversification strategy to increase non-gold-backed
lending - microfinance, low-cost housing and vehicle loans - could
entail greater risk in less familiar segments, but Fitch does not
expect aggressive growth in such products in the near term.

Operational Risks Remain High: MFL faces high operational risks in
its branch-led gold-lending business arising from decentralised
collateral- and cash-handling as well as risks of lending against
stolen or spurious gold. Stricter regulatory cash lending
guidelines and the company's internal policies and controls,
including regular internal inspections, help to mitigate the risks.
Nonetheless, Fitch believes operational risk will remain inherent
in the nature of MFL's core business.

Gold Collateral Underpins Asset Quality: MFL's focus on gold-backed
loans supports its asset quality, despite its exposure to
vulnerable borrower profiles. Credit costs of 0.6% in FY24 (FY23:
0.3%) remained low relative to the reported gross non-performing
loan ratio of 3.0% at FYE24 (FY23: 3.6%). A regulatory loan/value
ceiling of 75% and the market's practice of using a moving-average
gold-price benchmark buffer against collateral price volatility,
while standardised auction procedures govern the loan recovery
process in the event of default.

Non-gold loans could raise credit risk, but Fitch expects their
share to remain modest in the overall portfolio.

High Yields Support Profitability: Gold loans remain among the
widest-margin products within India's non-bank lending sector.
Fitch expects MFL's healthy net interest margin (FY24: 11.2%, FY23:
10.2%) and low credit costs to support its near-term profitability.
Its pre-tax profit of 6.8% of average assets in FY24 (FY23: 6.6%)
was towards the higher end of Fitch-rated Indian NBFIs.

Moderate Leverage: MFL's debt/tangible equity ratio increased
modestly to 2.7x by FYE24 (FYE23: 2.5x) amid high loan growth.
Nonetheless, leverage remains moderate and provides an acceptable
loss-absorption buffer against unforeseen losses. Fitch does not
expect leverage to increase significantly, as internal capital
generation should remain sufficient to support near-term growth.

Adequate Funding and Liquidity: MFL's funding access remains
diversified and stable across its primarily wholesale funding
sources, including bank loans and capital market instruments, such
as domestic and international bonds and commercial paper. Liquid
assets declined to 6.8% of total assets by FYE24 (FYE23: 10.4%), as
the company deployed funds towards lending. Nonetheless, the
liquidity profile is supported by MFL's short asset tenors, which
help maintain positive short-term asset-liability maturity gaps.

RATING SENSITIVITIES

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

The ratings may be downgraded if asset quality and gold collateral
values weaken sharply and diminish MFL's profitability and
capitalisation, if aggressive expansion in new lending segments
weakens its risk profile assessment or if competition impedes MFL's
gold loan franchise and business prospects.

Excessive operational losses, weakened liquidity coverage or
funding access and debt/tangible equity exceeding 4.5x would also
be negative for the ratings.

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

The ratings are at the higher end of rated local NBFIs' standalone
credit profiles, making an upgrade less likely in the near term. In
the medium to longer term, infrastructure improvements that reduce
MFL's exposure to operational risk may be positive for the credit
profile. This would be contingent on MFL maintaining satisfactory
asset quality, particularly in its non-gold segments as they
expand, as well as ensuring adequate profitability and
balance-sheet metrics that align with a higher rating.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The ratings on MFL's medium-term note (MTN) programme and
foreign-currency senior secured debt are at the same level as its
Long-Term Foreign-Currency IDR.

The borrowings of Indian NBFIs are typically secured and Fitch
believes non-payment of senior secured debt would best reflect the
uncured failure of the entity. NBFIs can issue unsecured debt in
the overseas market, but such debt is likely to constitute a small
portion of their funding and thus cannot be viewed as their primary
financial obligation.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The ratings on MFL's US-dollar MTN programme and senior secured
debt are sensitive to its Long-Term Foreign-Currency IDR. Any
action on the Long-Term Foreign-Currency IDR will drive similar
action on the MTN programme and senior secured debt ratings.

ADJUSTMENTS

The 'bb+' sector risk operating environment score is above the 'b'
implied score for the following reasons: size and structure of
economy (positive) and economic performance (positive).

The 'bb' funding, liquidity and coverage score is above the 'ccc'
implied score for the following reason: funding flexibility
(positive).

ESG Considerations

MFL has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the NBFI sector. This
reflects its retail-focused operation, which exposes it to risks
around fair lending practices, pricing transparency, repossession,
foreclosure and collection practices, whereby aggressive practices
in these areas may subject the company to legal or regulatory and
reputational risk that may damage its credit profile. The score of
'3' for this factor reflects its view that such risks are
adequately managed and have a low impact on the company's credit
profile.

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
   -----------                   ------             -----
Muthoot Finance Ltd   LT IDR       BB    Affirmed    BB

                      LC LT IDR    BB    Affirmed    BB

   senior secured     LT           BB    Affirmed    BB


NARMADA CEREAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narmada
Cereal Private Limited (NCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            52         CRISIL D (Issuer Not
                                     Cooperating)

   Pre Shipment Credit     3.8       CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan         4.2       CRISIL D (Issuer Not
                                     Cooperating)

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

NCPL was established in February 2007 by Mr. Arun Mittal and Mr.
Surendra Gupta. The company commenced commercial production on
April 1, 2008. NCPL mills Pusa 1121 basmati rice, mainly sold in
bulk; a part of the produce is also sold domestically under the
in-house brand, Narmada Rice.


NATURAL PRODUCTS: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Natural Products
Export Corporation Limited (NPECL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         2.25       CRISIL C (Issuer Not
   Credit                            Cooperating)

   Export Packing         9.25       CRISIL C (Issuer Not
   Credit                            Cooperating)

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

Set up in 1993, NPEC exports dried flower products. Its day-to-day
operations are managed by Mr. Vimal Saraogi and Mr. Anil Kumar
Saraogi.


NMS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of NMS Enterprises
Limited (NMSEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    4.5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

NMSEL was incorporated in 1991 to provide payroll management
services for telecom companies in India. Subsequently, the company
diversified into fields of construction and skill development
services. Operations are managed by Mr. Pankaj Chander and Mr.
Sanjay Gupta.


OM ESHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Om Esha Agro
Products Private Limited (OEAPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.03        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10.97        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2015, OEAPPL is engaged in processing of rice or
paddy into rice. The company has its manufacturing facility based
in Dhanarua, Bihar with installed capacity of processing
non-basmati rice of 200-250 tonne per day (TPD). The company
started commercial operation in January 2017.


ORION WATER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orion Water
Treatment Private Limited (Orion) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Term Loan              4          CRISIL D (Issuer Not
                                     Cooperating)

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

Orion was set up in 2009 to undertake turnkey projects in the area
of water treatment, waste water/effluent treatment, sewage
treatment plants, and other products. The company provides services
of design, engineering, procurement, erection, and commissioning,
along with maintenance of the plants. The company has a plant in
Ambattur (Chennai) and is setting up another plant in Sri
Perumbudur. It is managed by Mr. M Bhaskaran and other promoters.


PACT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pact
Industries Limited (PIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Standby Letter          1         CRISIL D (Issuer Not
   of Credit                         Cooperating)

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

Established in 1990 by Mr. Avtar Singh and Mr. Harpreet Singh,
Punjab-based PIL is a public limited company listed on the Bombay
Stock Exchange. It manufactures and trades in knitted fabric and
also steel and iron rods and ingots. Products are sold to local
customers.


PAVANSUT PAPER: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Pavansut Paper Mill Private Limited (PPMPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.7       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            9         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-         1.64      CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan              1.42      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital        2.08      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PPMPL 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 PPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPMPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
bank facilities of PPMPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2015, PPMPL manufactures kraft paper. Its
manufacturing facility is in Morbi, Gujarat. The company is
promoted by Mr. Shailesh Patel and Mr. Ravi Patel and their family
members.


PERFECT INFRAENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PIL continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1993, PIL is a turnkey project contractor for the
supply, installation, testing, commissioning and maintenance of
mechanical, electrical and plumbing and heating, ventilation and
air conditioning equipment. In addition, it undertakes annual
maintenance contracts and supplies air conditioners on rental. It
is listed on the National Stock Exchange.


PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Puducherry
Cancer Trust (PCT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

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

Established in April 2011, PCT is promoted by Dr M A S Subramaniam
along with other trustees.  The trust has set up a 30-bed cancer
speciality hospital in Puducherry.


R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. P.
Printers (RPP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.5        CRISIL D (Issuer Not
                                     Cooperating)

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

RPP was set up as a partnership firm in 2005 and is owned and
managed by Mr. Nitin Gupta. The firm prints colouring books and
notebooks at its printing facility at Noida, Uttar Pradesh.


R. S. MIRGANE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. S. Mirgane
(RSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              0.75       CRISIL D (Issuer Not
                                     Cooperating)

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

R.S. Mirgane is a Solapur based, proprietorship firm of Mr.
Rajendra S. Mirgane. The firm is a class I contractor for
irrigation projects in Maharashtra. In 2011-12 the firm has also
entered into real estate business, and is currently in process of
building a 3, 25,000 square feet township in Barshi, Solapur.


ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royal
Pressing and Components - Kashipur (RPC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.0        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2010, RPC, a proprietorship concern of Mr. Surendra Pal
Singh Tomar, manufactures sheet metal and molding components for
automotive companies.


SARAWGI BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarawgi
Builders and Promoters Private Limited (SBPPL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Term Loan             30          CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1995, SBPPL is promoted by the Ranchi-based Mr.
Gyan Prakash Sarawgi and his family members. The directors, Mr.
Gyan Prakash Sarawgi and Mr. Ayush Sarawgi, manage the operations.
The company develops residential and commercial projects in and
around Ranchi.


SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Exim
Limited (SEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

SEL, incorporated in 1989, is a Surat (Gujarat)-based company that
processes and trades in products such as coal, specialised yarn,
and polymer resins; it also provides logistic services and is an
authorised distributor of Indian Oil Corporation Ltd for selling
plastic granules. The operations are managed by Mr. J P Saboo.

TARA SALES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tara Sales
Limited (TSL) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL D (Issuer Not
                                     Cooperating)

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

TSL was incorporated in 2010 by Mr. Jaswant Singh and Mr. Balwant
Singh in Ludhiana. It trades in rice bran and mustard DOC, maize,
bajra, and other agricultural products.


THOUSU PERIYAKKAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thousu
Periyakkal Educational Health and Charitable Trust (TPHCT) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.6        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5.76       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        13.18       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     2.7        CRISIL D (Issuer Not
                                     Cooperating)

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

TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B
Selvaraj as a trust registered under the Indian Trust Act, 1881.The
trust offers undergraduate, post-graduate, and diploma courses in
engineering and teacher education courses.


UJALA PUMPS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ujala Pumps
Private Limited (UPPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            21         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             9         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        6         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       12         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan         7         CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 1992 by the Gupta family of Rajasthan, UPPL manufactures
water pumps, which it sells under its Ujala brand. The company
primarily manufactures mini mono-bloc pumps and submersible pumps,
along with jet pumps and centrifugal pumps.


VAISHNAV CASTING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Vaishnav Casting Private Limited (SVCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Bank Guarantee           1          CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             32          CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             15          CRISIL D (Issuer Not
                                       Cooperating)

   Letter of Credit        14          CRISIL D (Issuer Not
                                       Cooperating)

   Letter of Credit        28          CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Short Term     30.97       CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Standby Line             5          CRISIL D (Issuer Not
   of Credit                           Cooperating)

   Term Loan               11.35       CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan                5          CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan               50.68       CRISIL D (Issuer Not
                                       Cooperating)

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

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SVCPL and its associate
entities.

SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.


VEDANTA RESOURCES: S&P Rates Proposed USD Sr. Unsecured Notes 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to
Vedanta Resources' proposed senior unsecured notes. Vedanta
Resources Finance II plc, a wholly owned subsidiary of Vedanta
Resources Ltd. (B-/Stable/--), will issue the U.S.
dollar-denominated notes, which Vedanta Resources, along with
wholly owned subsidiaries Twin Star Holdings Ltd. and Welter
Trading Ltd., will guarantee. The issue rating is subject to S&P's
review of the final issuance documentation.

The India-based natural resource company will use proceeds from the
notes issuance to refinance part of its January 2027 and December
2028 bonds. S&P expects the company will issue the proposed notes
in two tranches--one due 2029 and one due 2031. This will improve
the company's debt maturity profile and reduce interest costs.

A key change in the terms and conditions of the proposed notes
compared with previous issuances is an increase in debt capacity at
the subsidiary guarantors' level once the existing bonds are
repaid. The terms also allow Vedanta Resources to potentially
increase its dividend to shareholders if it is able to meet certain
leverage thresholds in the coming years after repaying the existing
bonds.

The proposed notes do not have the springing maturity clause
present in the issuance documents of the existing bonds. Under this
clause, the maturity of Vedanta Resources' January 2027 and
December 2028 bonds would accelerate to April 2026, in case the
company fails to refinance the April 2026 bond by December 2025.

Any extraordinary dividend from asset sales at Vedanta Ltd. (56.4%
subsidiary of Vedanta Resources) will be prioritized for repayment
of a private credit facility and the existing January 2027 and
December 2028 bonds as captured in those financing documents. These
terms have not been extended to the proposed notes.

S&P said, "We equalize the ratings on the unsecured notes with the
long-term issuer credit rating on Vedanta Resources. This is
because the company primarily operates in India, a jurisdiction
where we believe the priority of claims in a theoretical bankruptcy
is highly uncertain.

"On July 25, 2024, we raised our rating on Vedanta Resources to
'B-' from 'CCC+' on improving capital structure and liquidity. The
stable outlook reflects our expectation that the company will
proactively address its US$1.2 billion debt maturities due in April
2026, and that there would be clarity over the company's plans by
early 2025. The outlook also reflects our favorable view of the
company's underlying operations, which should support refinancing
efforts."


VIKAS STAINLESS: CRISIL Lowers Rating on INR35cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Vikas Stainless Steel Private Limited (VSSIPL), as:

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

CRISIL Ratings has been consistently following up with VSSIPL for
obtaining information through letters and emails dated January 16,
2024 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

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 has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of its credit risk profile. Ratings with the 'issuer not
cooperating' suffix lack a forward-looking component.

Detailed Rationale

Despite repeated attempts to engage with the management of VSSIPL,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on AIPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'

CRISIL Ratings has downgraded its rating on the long-term bank
facilities of VSSIPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating' due to delays in
servicing of debt, as per publicly available information.

Vikas Stainless Steel India Private Limited (VSSIPL)
Faridabad-based, (Haryana) was established in 2005 as a partnership
firm by Mr. Vijender Kumar Gupta and Vikas Gupta. VSSIPL is
primarily engaged in trading of stainless-steel products such as
sheets, plates, coils, pipes and rounds. The firm caters to various
companies domestically. The firm caters to customers of industries
such as auto components, air conditioning and railways.

Status of non cooperation with previous CRA

VSSPL has not cooperated with Brickwork and CARE Ratings Limited,
which has classified it as issuer not cooperative through release
dated June 30, 2020 and June 24, 2022, respectively. The reason
provided by CARE and Brickworks Ratings is non- furnishing of
information for rating.


VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vizag
Companys Steel (VCS) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term      3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

VCS was set up in 2002 as a partnership firm by Mr. Ashok Chaudhary
and Mr. Yashwant. The firm trades in thermomechanically treated
bars and billets. It is based in Visakhapatnam, Andhra Pradesh.


WOODVILLE PALACE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Woodville
Palace Hotel (WPH) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              20         CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 1980 as a proprietorship firm by Mr. Raj Kumar Uday
Singh, WPH operates a hotel, Woodville Palace, in Shimla. The
property comprises 24 rooms, and is currently being renovated and
expanded to 50 rooms.


WOOGA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Wooga Ceramic
Private Limited (WCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.25       CRISIL D (Issuer Not
                                     Cooperating)

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

   Term Loan              4.50       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2017, Gujarat-based WCPL has set up a plant to
manufacture sanitary wares. The company is promoted by Mr. Ketan
Patel and Mr. Vishal Parecha, and their families. Operations
commenced in February 2019.




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

MONGOLIAN MINING: Fitch Affirms 'B' LongTerm Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed coal producer Mongolian Mining
Corporation's (MMC) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B'. The Outlook is Stable. Fitch has also affirmed
MMC's senior unsecured notes due 2026 at 'B' with a Recovery Rating
of 'RR4'. The notes are jointly and severally issued by MMC and its
wholly owned subsidiary, Energy Resources LLC.

MMC's IDR is constrained by the concentration of end customers,
small scale and volatility of mining regulations in Mongolia.

Key Rating Drivers

Geographical Concentration: Fitch believes that MMC's main
end-customer base is in northern China, even though the
concentration of the top 10 customers decreased to 54% in 2023 from
93% in 2019. MMC's heavy reliance on Chinese customers makes it
vulnerable to economic conditions and regulation changes in China.
This was particularly evident in the Covid-19 pandemic when border
throughput fell significantly, resulting in MMC's sales volume
dropping to 1.6 million tonnes (mt) in 2021, from an average of 5mt
historically.

In addition, MMC's cash cost is on the 1st quartile of the global
coking-coal cost curve, but its cost advantage is limited to
northern China due to additional transportation costs beyond the
region, which Fitch believes will put MMC in the higher quartiles
of the global coking-coal cost curve.

Volatile Regulatory Environment: All of MMC's mining assets are
located in Mongolia, therefore its business is subject to the
regulatory environment in Mongolia. Fitch believes that the
volatility of Mongolia's mining regulations has a meaningful impact
on MMC's financials. This was the case during the pandemic when the
government increased the royalty reference price, raising the
effective rate to over 20%, from 5%-8% pre-Covid, putting extra
financial pressure on the company.

Small Scale, Single Product: MMC's scale is small by EBITDA than
Fitch-rated coal miners globally. Fitch expects EBITDA to be
slightly over USD400 million in 2024-2027 (2023: USD481 million)
due to stable volumes and a decreasing coking coal average selling
price (ASP). Washed coking coal products were 99% of total revenue
in 2023, in line with historical levels. Its 2023 coal reserve
statement shows that total marketable coking coal reserves of just
under 300mt, or a reserve life slightly over 20 years. MMC's small
scale and product concentration constrain its business profile in
the 'b' category.

Acquisition Drive Diversification and Growth: MMC started
diversifying into other metals through the latest acquisition of
50% of gold and other precious metal exploration company Erdene
Mongol LLC. However, the coal segment will remain its dominant
revenue contributor in the short to medium term. Fitch does not
expect aggressive M&A in 2024-2027, as management has indicated a
cautious approach to acquisitions. Still, Fitch will evaluate any
debt-funded investment larger than Fitch expects as an event-driven
risk and assess the effects on MMC's financial flexibility and
credit profile.

Robust Operations: The post-pandemic border throughput reached
about 900 trucks a day on average in 2023 and averaged around 1,000
trucks a day in 1H24, surpassing about 600-700 trucks a day on
average before Covid. MMC also benefited from a new mining
commodity trading platform that expanded its customer reach. Around
50% of revenue was through the trading platform in 1H24. As a
result, MMC's run-of-mine coal output reached to 14.6mt in 2023 and
8.4mt in 1H24 from around 10mt in 2019.

MMC sold 6.7mt of washed coking coal products in 2023 and 4mt in
1H24, compared with the historical annual average of 4.5-5mt. The
washed hard coking coal ASP per tonne remained strong at USD160 in
2023 and USD174 in 1H24, against USD147 in 2022.

Strong Financial Profile: Fitch expects the EBITDA margin to trend
down in 2024-2027 as coking coal prices fall but will remain above
40% (2023: 47%), supported by steady volume and a low-cost
position. Fitch forecasts EBITDA net leverage to remain below 0.4x
in 2024-2027, after decreasing to 0.4x in 2023 from 3.4x in 2022.
Fitch expects high interest coverage to continue in 2024-2027,
after EBITDA interest coverage reached 15.4x in 2023.

Derivation Summary

MMC can be compared with Guangyang Antai Holdings Limited
(B/Stable), which has revenue size is over 7x larger than that of
MMC. Guangyang Antai's EBITDA is smaller than MMC due to its low
single-digit EBITDA margin while MMC's is high at over 40%. Fitch
expects MMC to be in a net cash position on average during
2024-2027, while Guangyang Antai's EBITDA net leverage will be
around 3.0x.

MMC is a single-product coal miner, similar to miner peers PT
Indika Energy Tbk (BB-/Stable) and PT Golden Energy Mines Tbk
(GEMS, BB-/Stable). Its operational profile in terms of mine life
is over 20 years, against GEMS's slightly under 20 years and
Indika's around 16 years. Still, MMC's concentrated customer base
and Mongolia's volatile mining regulations compare unfavourably to
that of rated peers.

Compared to Indika, MMC is slightly larger in terms of EBITDA size
due to a high EBITDA margin above 40%, against Indika's margin in
the low teens. MMC's EBITDA net leverage is lower at 0.4x than
Indika's 1.7x in 2023. Compared to GEMS, MMC is smaller in terms of
EBITDA scale, but MMC's EBITDA margin is higher than GEM's at about
25%. GEMS also has better leverage, with net cash position in
2023.

Key Assumptions

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

- Total annual coal sales volume on average slightly below 8mt a
year in 2024-2027;

- Mid-single-digit coal revenue decline a year in 2024-2026 as
coking coal prices trend down;

- EBITDA margin to remain above 40% in 2024-2027, supported by
steady volume and normalised costs;

- Capex to average over 15% of revenue a year during 2024-2027.

- No dividend payments in 2024-2027 based on current expectations.

RATING SENSITIVITIES

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

- Positive rating action is not envisaged in light of MMC's limited
diversification in end customers and the volatility of Mongolia's
mining regulations.

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

- Negative free cash flow for a sustained period;

- EBITDA net leverage above 3.5x for a sustained period;

- Adverse changes in mining regulations in Mongolia.

Liquidity and Debt Structure

Comfortable Liquidity: MMC had cash on hand of USD279 million at
end-June 2024, with no short-term maturities within the next 12
months.

The company issued notice to perpetual noteholders on 27 August
2024 for the redemption of all outstanding notes with face value of
USD122.5 million on 2 October 2024, which the company has enough
cash to cover. MMC's USD220 million bonds are maturing in 2026, and
Fitch estimates the company will generate enough cash to redeem
without the need for refinancing. MMC also has unused USD30 million
committed bank facilities available.

Issuer Profile

MMC is the largest producer and exporter of high-quality washed
hard coking coal in Mongolia. It owns and operates the Ukhaa Khudag
and Baruun Naran open-pit coking coal mines in South Gobi province.
MMC processed 14.1mt of run-of-mine coal in 2023, which yielded
around 6.7mt of washed coking coal as a primary product and 2mt of
middlings as a secondary product.

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        Recovery   Prior
   -----------                ------        --------   -----
Mongolian Mining
Corporation            LT IDR  B    Affirmed            B

   senior unsecured    LT      B    Affirmed   RR4      B

Energy Resources LLC

    senior unsecured   LT      B    Affirmed   RR4      B




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

4M BEL AIR: Creditors' Proofs of Debt Due on Oct. 4
---------------------------------------------------
Creditors of 4M Bel Air Limited and KP999 Enterprises Limited are
required to file their proofs of debt by Oct. 4, 2024, to be
included in the company's dividend distribution.

4M Bel Air commenced wind-up proceedings on Aug. 21, 2024.

KP999 Enterprises commenced wind-up proceedings on Aug. 27, 2024.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051


AMZ CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 26
-----------------------------------------------------------
Creditors of AMZ Construction Limited are required to file their
proofs of debt by Sept. 26, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2024.

The company's liquidators are:

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


ECM PAINTERS: Court to Hear Wind-Up Petition on Sept. 20
--------------------------------------------------------
A petition to wind up the operations of ECM Painters Limited will
be heard before the High Court at Auckland on Sept. 20, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 29, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue
          Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


MIT BUILDERS: Creditors' Proofs of Debt Due on Oct. 11
------------------------------------------------------
Creditors of MIT Builders Limited and Northern Wairoa Hotel 2019
Limited are required to file their proofs of debt by Oct. 11, 2024,
to be included in the company's dividend distribution.

The companies commenced wind-up proceedings on Aug. 22, 2024.

The company's liquidators are:

          Derek Ah Sam
          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu, Auckland 0651


SAMASONI CONSTRUCTIONS: Court to Hear Wind-Up Petition on Sept. 20
------------------------------------------------------------------
A petition to wind up the operations of Samasoni Constructions
Limited will be heard before the High Court at Auckland on Sept.
20, 2024, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 25, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue
          Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


VISION AV: Placed in Liquidation After Losing Top Contract
----------------------------------------------------------
Otago Daily Times reports that Vision AV, a long-standing Dunedin
audio service firm, has been put into liquidation, by shareholder
resolution, after losing its main contract.

In their initial report to creditors and shareholders, Trevor and
Emma Laing, of Laing Insolvency Specialists, said Vision AV was
incorporated in 1994 and provided network television installation,
servicing and also audiovisual related services.

For many years, the company provided services in the wider Otago
and Southland areas and, for most of that time, the backbone of the
business had been undertaking installation, servicing and advisory
work on a contract basis.

More recently, there had been expansion into highly technical
audiovisual services to both commercial and domestic clients.

According to ODT, the company recently received notice that its
main contract would be terminated on October 31 and that
significantly impacted the viability of the company.

After careful consideration and after seeking professional advice,
director Glen Stapley, who was also the majority shareholder, made
the difficult but timely decision to place the company into
liquidation to limit further financial damage, the liquidators
said, ODT relates.

There were 16 registrations recorded on the Personal Property &
Securities Register: 12 related to securities to the company
banker, being a General Security Agreement, and specific securities
over vehicles and the remaining registrations appeared to relate to
security over goods supplied.

ODT says the liquidators were aware of significant preferential
employee entitlements relating to the notice period and holiday
pay. The company had Inland Revenue Department liabilities,
although it was understood the total was not significant.

At this stage, the liquidators were aware of 55 unsecured
creditors. It was too early in the liquidation process to provide
an indication as to whether a dividend would be available for
unsecured creditors, ODT adds.




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

GRAB HOLDINGS: S&P Raises LT ICR to 'BB-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Grab Holdings Ltd. to 'BB-' from 'B+'.

The stable rating outlook reflects S&P's view that Grab will
sustain positive EBITDA and OCF, while maintaining a solid
liquidity buffer and a prudent leverage level.

Grab is on track to achieve positive EBITDA for the first full year
in 2024, while sustaining positive OCF. S&P expects Grab's rising
gross merchandise value (GMV) and take rates, along with economies
of scale, to drive a sustained EBITDA improvement on an S&P Global
Ratings-adjusted basis. The company's differentiation strategy to
pursue various market segments has pushed GMV up to US$8.7 billion
in the first half of 2024, from US$7.5 billion a year ago.
On-demand take rates marginally improved over the same comparative
period, signaling Grab's continued focus on capturing profitable
growth.

Grab has achieved four consecutive quarters of positive adjusted
EBITDA as of the quarter ended June 30, 2024. S&P said, "We
forecast adjusted EBITDA at US$260 million-US$280 million in 2024,
and US$350 million-US$400 million in 2025. This compares with
negative adjusted EBITDA in 2022 and 2023 of US$765 million and
US$26 million, respectively. The improvement in EBITDA will also
support OCF, which we estimate will be above US$200 million in
2024, as per our base-case assumptions, up from US$161 million in
2023."

S&P believes Grab will maintain a solid liquidity buffer over the
next 24 months. Its base case assumes over US$3 billion of
unrestricted cash and cash equivalents through 2025. This is even
after taking into account Grab's inaugural share repurchase program
of US$500 million between 2024-2025.

The company has demonstrated prudent risk management in ensuring
ample liquidity. Its hefty liquidity balance of around US$10
billion at its peak after public listing helped to cushion the
initial cash burn during the pandemic. Even with the repayment of
its US$2 billion term loan B, the unrestricted cash and cash
equivalents remained robust at US$3.7 billion as of June 30, 2024.
This amount will be close to US$5 billion, including Grab's
long-term investments (which comprise of time deposits, debt and
equity investments).

Grab's leverage management will be crucial. We believe the
company's leverage can quickly improve, considering limited debt,
and our forecasts of rising EBITDA. With the full repayment of its
term loan B earlier this year, Grab's debt-to-EBITDA ratio should
be less than 2.0x in 2024 and further improve in subsequent years.
The company's leverage tolerance will become increasingly
important, given that it is undertaking shareholder-friendly
actions as its earnings and cash flow strengthen. Actions such as
larger buybacks and dividend payouts could drag on leverage
improvement, in S&P's view.

S&P said, "The stable outlook reflects our expectation that Grab
will sustain its trend of improving EBITDA and cash flows, while
maintaining ample liquidity. We believe that the company will
maintain robust liquidity of at least US$2 billion while pursuing
growth. The outlook also reflects our view that Grab will maintain
a conservative approach toward leverage management.

"We may lower the rating if we believe Grab is unlikely to sustain
positive EBITDA or operating cash flows, or if the company's
liquidity buffer weakens. This could happen because of heightened
competition in the markets that Grab operates in or if the company
undertakes more aggressive tactics to boost or defend market share.
A decline in GMV, take rate, or monthly transactional users (MTU),
or rising incentive spending, could signal such a deterioration.

“We may also lower the rating on Grab if we believe its leverage
tolerance is significantly higher than we anticipate. This could
happen if it undertakes large debt-funded shareholder-friendly
actions or inorganic growth.

"We could raise the rating on Grab if it maintains a track record
of positive EBITDA and operating cash flow, all while keeping
leverage at a prudent level and ample liquidity. This would likely
be due to improving operating metrics and economies of scale. An
indication of this would be the company's debt-to-EBITDA ratio
remaining below 2.0x on a sustained basis."


POWERFORD PTE: Creditors' Proofs of Debt Due on Oct. 2
------------------------------------------------------
Creditors of Powerford Pte. Ltd. are required to file their proofs
of debt by Oct. 2, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 27, 2024.

The company's liquidators are:

          Tan Wei Cheong
          Lim Loo Khoon
          Deloitte & Touche LLP
          6 Shenton Way
          #33-00 OUE Downtown
          Singapore 068809


PROPERTYGURU: Net Loss Widens to SGD16.1MM in Q2 Ended June 30
--------------------------------------------------------------
The Business Times reports that Propertyguru sank deeper into the
red in the second quarter ended June 30 with a net loss of SGD16.1
million, widening from SGD6.5 million recorded in the previous
corresponding period.

However, the group's revenue for the second quarter rose 10.3 per
cent to SGD40.7 million, from SGD36.9 million in the year-ago
period, BT discloses.

This came on the back of higher contributions from its marketplaces
segment buoyed by improving conditions in Malaysia, Vietnam and
Singapore, said the group.

Revenue of the marketplaces segment rose 10.6 per cent on the year
to SGD39.1 million, from SGD35.4 million previously.

Its Singapore marketplaces registered the highest increase in
revenue, up 16 per cent to SGD25 million from SGD21.5 million last
year, BT says.

BT adds that the increase in its top line came as the number of
agents and the average revenue per agent in Singapore grew in Q2.
Average revenue per agent was up 17 per cent to SGD1,464, while the
number of agents rose to 16,577.

This was followed by Malaysia marketplaces, which were up 12.4 per
cent on the year at SGD7.4 million, and Vietnam, which inched up
3.6 per cent year on year to SGD5.3 million.

Meanwhile, PropertyGuru's fintech and data services segment
recorded a 3 per cent year-on-year increase in revenue to SGD1.6
million.

Loss per share for the group stood at SGD0.10, widening from the
SGD0.04 registered in the year before, BT discloses.

                         About PropertyGuru

Based in Singapore, PropertyGuru Limited ((NYSE: PGRU) --
https://www.propertyguru.com.sg/ -- operates online property
classifieds marketplaces in Singapore, Vietnam, Malaysia, Thailand,
and Indonesia. It serves agents and developers to advertise
residential and commercial properties for sale or rent to property
seekers.

PropertyGuru Group reported net losses of SGD187.41 million,
SGD129.19 million, and SGD15.27 million for the years ended Dec.
31, 2021, 2022 and 2023, respectively.


SINGAPORE AMALGAMATED: Creditors' Proofs of Debt Due on Oct. 3
--------------------------------------------------------------
Creditors of Singapore Amalgamated Malays Co-Operative Organisation
Limited are required to file their proofs of debt by Oct. 3, 2024,
to be included in the company's dividend distribution.

The company's liquidator is:

          Abdul Jabar Bin Mustaffa
          c/o AJM Practice
          5 Coleman Street
          #02-17 Peninsula Excelsior Hotel
          Singapore 179805




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

HOUSING DEVELOPMENT: Fitch Affirms 'BB+(lka)' National Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the National Long-Term Rating on Housing
Development Finance Corporation Bank of Sri Lanka (HDFC) at
'BB+(lka)'. The Outlook is Stable. Fitch has also affirmed the
bank's senior debt ratings at 'BB+(lka)'.

Key Rating Drivers

Weak Intrinsic Profile: HDFC's National Long-Term Rating reflects
its own financial standing, which is highly influenced by the
bank's exposure to the sovereign's weak credit profile (Long-Term
Local-Currency Issuer Default Rating: CCC-) through its investments
in government securities. The rating also reflects the bank's
limited domestic franchise, high risk profile and its
weaker-than-average asset quality, which stems from its large
exposure to low- and middle-income customers, who are more
susceptible to economic and interest-rate cycles.

Stabilising OE: Sri Lankan banks' operating environment (OE)
continues to show signs of stabilisation, with sustained
improvements in reported headline economic indicators, supporting
the recovery in banks' operational flexibility. Further improvement
to the banks' OE remains contingent on successful execution of the
sovereign's external debt-restructuring exercise alongside the
restoration of Sri Lanka's creditworthiness, given the strong link
between sovereign financial health and banks' operating
conditions.

Retail Lending Dominates Portfolio: Fitch expects HDFC's ability to
generate and defend business volumes - mainly in the retail space -
to be supported by the stabilising OE. Fitch also expects the
bank's plans to grow in other retail products, such as gold loans
and leases, to diversify its loan book and modestly reduce the
concentration on housing loans (68.9% of gross loans at 1H24).

Sovereign Risks Remain: HDFC's high risk profile stems from its
business focus on the domestic economy, with a concentration in
borrower segments highly susceptible to economic cycles, and
through its high exposure to local-currency government securities,
which made up around 26% of assets at end-1H24. The bank's
significant product concentrations further weigh on its risk
profile.

Asset Quality Risks Linger: Fitch does not expect a meaningful
improvement in HDFC's asset quality metrics over the medium term
given the bank's large exposure to low-to-middle income borrowers
in housing finance. These borrowers tend to take Employee Provident
Fund (EPF)-backed loans, where the default risks are significantly
higher. The bank's estimated impaired loan (stage 3) ratio of 44.7%
at end-1H24 (2023: 43.6%) remained the highest among peers (peer
average: 14%). Excluding the EPF-backed loans, the impaired loan
ratio is estimated to be lower by at least 15pp.

Profits to Normalising after Peak: Fitch expects HDFC's operating
profit/ risk-weighted asset ratio to normalise over the medium term
from a peak of 13.2% in 2023 driven by a gain realised from a
one-off disposal of treasury bonds. Excluding this, the ratio would
have been 0.7%. The ratio moderated to 5.5% in 1H24, but Fitch
expects this ratio to converge with the pre-crisis average of 4%,
which is still higher than peers', supported by its large zero
risk-weighted EPF-backed loans.

Capital Impairment Risks Linger: The gain on disposal of the
treasury bond resulted in a significant improvement in the bank's
CET1 ratio to 35.8% by end-2023 from 25.5% at end-2022, highest
among small and mid-sized peers. That said, HDFC's unprovided
impaired loans/ CET 1 ratio of over 200% in 1H24, increased share
of available for sale (FVOCI) positions in government securities
and its small capital base weigh on its capitalisation assessment.

Manageable Funding and Liquidity: HDFC's increased short-term
security investment positions have reduced stresses on funding and
liquidity. This is due to narrowing of significant negative
asset-liability mismatches that stemmed from a longer duration
asset portfolio funded mostly via short-term deposits. The bank's
loans-to-deposit ratio marginally increased to 83.8% in 1H24 from
81.6% at end-2023, but remain below pre-crisis levels of 88%-90%.

Rating Sensitivities

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

The bank's National Long-Term Rating is sensitive to a change in
the bank's creditworthiness relative to other Sri Lankan issuers
rated on the National Rating scale.

A deterioration in HDFC's key credit metrics beyond its base-case
expectations relative to peers would also lead to increased
pressure on the bank's rating, which is driven by its intrinsic
financial strength.

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

Positive rating action on the sovereign may lead to an upgrade in
the bank's rating. A sustained improvement in the bank's key credit
metrics beyond its base-case expectations relative to peers, could
also lead to an upgrade of the bank's ratings.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

HDFC's outstanding senior unsecured debentures are rated at the
same level as its National Long-Term Rating in accordance with
Fitch's criteria. This is because these debentures rank equally
with the claims of the bank's other senior unsecured creditors.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The senior debt rating will move in tandem with the bank's National
Long-Term Rating.

   Entity/Debt               Rating                Prior
   -----------               ------                -----
Housing Development
Finance Corporation
Bank of Sri Lanka     Natl LT BB+(lka)  Affirmed   BB+(lka)

   senior unsecured   Natl LT BB+(lka)  Affirmed   BB+(lka)


SANASA DEVELOPMENT: Fitch Affirms BB+(lka) National LongTerm Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based SANASA Development Bank
PLC's (SDB) National Long-Term Rating at 'BB+(lka)'. The Outlook is
Stable.

Key Rating Drivers

Intrinsic Profile Drives Rating: SDB's National Long-Term Rating
reflects its own financial strength, which is highly influenced by
the weak yet stabilising operating environment, its small
franchise, high-risk lending exposures and modest capital buffers.
In addition, the bank's exposure to the sovereign's vulnerable
credit profile (Long-Term Foreign-Currency Issuer Default Rating
(IDR): RD; Long-Term Local-Currency IDR: CCC-), weighs on its
credit profile.

Stabilising OE: Sri Lankan banks' operating environment (OE)
continues to show signs of stabilisation, with sustained
improvements in reported headline economic indicators, supporting
the recovery in banks' operational flexibility. Further improvement
to the banks' OE remains contingent on successful execution of the
sovereign's external debt-restructuring exercise alongside the
restoration of Sri Lanka's creditworthiness, given the strong link
between sovereign financial health and banks' operating
conditions.

Economic Stabilisation Aids Business Profile: Fitch expects the
gradual stabilisation in economic conditions to support SDB's
capacity to generate and maintain business volumes. This should
result in a moderate resumption in lending in SDB's key SME and
retail segments, which should expand the proportion of loans in its
asset base (net loans to assets of 63.0% at end-2Q24) in the medium
term.

High-Risk Profile Persists: SDB has a heightened risk profile due
to the concentration of its exposures in retail lending, including
personal and consumption-related loans, and in SME lending. The
bank has no exposure to defaulted foreign-currency-denominated
sovereign instruments. However, 22% of its assets are in
rupee-denominated treasury instruments as of end-2023 and it is
indirectly exposed to sovereign risk via its loans backed by state
pension or salary proceeds.

Impaired Loans to Decline: Fitch expects SDB's impaired (stage 3)
loan ratio to gradually decrease over the medium term, due to its
recovery efforts, improvements in repayment capacity of borrowers
as economic conditions stabilise, and moderate loan book growth.
Impaired-loan accretion, especially in personal term loans,
together with loan book contraction resulted in the bank's
impaired-loan ratio rising to 14.7% by end-2023 (industry: 12.8%),
from 10.7% at end-2022. The ratio declined slightly as of 2Q24.

Reduced Risks to Profitability: Fitch believes that downside risks
to profitability have diminished given the improvements in economic
conditions. Fitch expects SDB's operating profit/risk-weighted
assets ratio of 1.8% at end-2Q24 (four-year average: 1.5%) to be
sustained over the medium term, despite the decline in market
interest rates, growth in operating expenses and increased risk
density from the rising share of loans in assets. Despite these,
Fitch expects lower credit costs and higher yields, due to the
increase in loans in its assets to support profitability.

Modest Capital Buffers: SDB's common equity Tier 1 (CET1) capital
ratio has improved steadily to 15.0% by end-2Q24 (excluding 1H24
profit), despite the economic crisis, with its focus on internal
capital generation, following its rights issuance in 2020. That
said, the ratio remains below the average of Fitch-rated small and
mid-bank peers of 20.0%, and residual risk to capital from impaired
loans remained high, with net impaired loans to CET1 capital at 62%
as of end-2023.

Funding and Liquidity Risks Ease: SDB's funding and liquidity
position has eased due to favourable market liquidity conditions
and the bank's focus on liquidity preservation, as reflected in its
high liquidity coverage ratio. Fitch expects SDB's loan/deposit
ratio of 94% at end-2Q24 to remain above that of peers due to SDB's
reliance on wholesale funding lines. SDB's access to wholesale
foreign-currency funding remains constrained by the sovereign's
credit profile.

Rating Sensitivities

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

The bank's National Long-Term Rating is sensitive to a change in
the bank's creditworthiness relative to other Sri Lankan issuers
rated on the National Rating scale.

A deterioration in SDB's key credit metrics beyond its base-case
expectations relative to peers would also lead to increased
pressure on the bank's rating, which is driven by its intrinsic
financial strength.

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

Positive rating action on the sovereign may lead to an upgrade in
the bank's rating. A sustained improvement in the bank's key credit
metrics beyond its base-case expectations relative to peers, could
also lead to an upgrade of the bank's ratings.

   Entity/Debt               Rating                Prior
   -----------               ------                -----
SANASA Development
Bank PLC              Natl LT BB+(lka)  Affirmed   BB+(lka)




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

BINH SON: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Binh Son Refining and
Petrochemical Joint Stock Company's (BSR) Long-Term Issuer Default
Rating (IDR) at 'BB+'. The Outlook is Stable.

The rating on BSR is equalised with that of its parent, Vietnam Oil
and Gas Group (PVN; BB+/Stable), based on Fitch's Parent and
Subsidiary Linkage (PSL) Rating Criteria. This reflects its
assessment of 'High' strategic and operational incentives for PVN
to support BSR, while legal incentives are 'Low'.

BSR's Standalone Credit Profile (SCP) of 'bb-' factors in its
robust market position and strong financial profile with a net cash
position even during periods of high capex, which are offset by the
below-average complexity of its sole refinery, Dung Quat Oil
Refinery (DQR).

Key Rating Drivers

Energy Security Drives Strategic Incentive: BSR has the critical
role of assisting PVN in maintaining Vietnam's energy security. BSR
is the only refinery in Vietnam that is majority state-owned,
albeit indirectly, supplying about 35% of the country's
transportation fuel needs. BSR's importance was highlighted when
Vietnam's only other refinery, in which PVN has a minority stake
with no operational control, faced operational disruption. BSR
increased its production to partly cover the shortfall to limit
costlier imports.

Fitch expects no material change in BSR's financial contribution to
PVN after the planned expansion of its refinery. The contribution,
typically 10%-20% of PVN's total EBITDA, will remain volatile given
the cyclicality of its business.

'High' Operational, 'Low' Legal Incentives: BSR is PVN's only
majority-owned refinery, providing downstream integration. BSR
off-takes around 45% of PVN's crude production and is a key
supplier to PVN's fuel marketing company, PetroVietnam Oil (PVOIL).
PVN, with its majority stake, exerts significant control over BSR,
approving annual budgets and the appointment of its board and key
executives, including the chairman and CEO. Absence of guaranteed
debt at BSR and a cross-default provision in PVN's debt result in
the 'Low' legal incentive assessment.

Leading Market Position: BSR has a strong market position,
accounting for 43% of installed refinery capacity domestically and
nearly 35% of domestic fuel demand in 2023 in an energy-deficit
market. Fitch expects DQR's utilisation rate to dip slightly in
2024 due to its scheduled major refinery turnaround in 1H24, but
utilisation will stay high at around 100% over the next three to
four years. It has multiple off-takers and around 70% of the output
is sold to government-related entities, including about 20% to
PVOIL.

Net Cash Despite Expansion: Fitch expects BSR to remain in a net
cash position over the next four to five years, based on its oil
price assumptions, despite its planned large capex of USD1.49
billion (VND35 trillion) for refinery upgrade and capacity
expansion that is scheduled to start in 2025. The expansion will be
40% funded by debt and most of the capex outlay will be between
2026-2028. Post-expansion in 2028, DQR's capacity will rise to
171,000 barrels per day (bpd), from 148,000 bpd currently, and its
refinery complexity will improve.

Below-Average NCI Constrains SCP: BSR's SCP is constrained by
below-average refinery complexity, with a Nelson Complexity Index
(NCI) of 6.27, limited feedstock flexibility, lack of integration
and smaller scale compared to similarly rated regional peers. The
majority of DQR's current feedstock (70%-80%) comes from domestic
crude, which is depleting. These factors collectively led to DQR's
lower gross refining margins (GRMs). BSR expects DQR's NCI to
improve to slightly over 8 after the expansion in 2028, driven by
greater flexibility in the crude mix and product slate
optimisation.

GRM to Moderate: BSR sells over 95% of output under term contracts
at market-linked prices. Fitch expects BSR's GRM to narrow to about
USD4/barrel of oil equivalent (boe), from the previous high of
USD7.6/boe in 2023, as tight supply conditions ease and global
economic growth slows. Fitch expects its GRM to drop to mid-cycle
levels from 2025 as industry conditions normalise.

Favourable Demand Growth: Fitch expects BSR to benefit from stable
growth in demand for petroleum products in Vietnam over the medium
term and the country's position as a net importer of petroleum
products. Medium-term product demand growth will be supported by
Fitch's expectation of 6.6%-6.5% GDP growth for Vietnam for the
next two years.

Derivation Summary

BSR's rating equalisation with the credit profile of PVN can be
compared with the alignment of the ratings on PTT Exploration and
Production Public Company Limited (PTTEP; BBB+/Stable) and
Hindustan Petroleum Corporation Limited (HPCL; BBB-/Stable) with
those of their parents, PTT Public Company Limited (PTT,
BBB+/Stable) and Oil and Natural Gas Corporation Limited (ONGC,
BBB-/Stable), respectively, under Fitch's Parent and Subsidiary
Linkage Rating Criteria.

PTTEP, which is 65% owned by PTT, is the sole flagship upstream arm
of PTT's integrated oil and gas operations and key earnings
contributor for PTT. PTTEP is strategically important to PTT as its
gas production accounts for 79% of the Gulf of Thailand's gas
output. Similar to BSR, PTTEP is an integral part of PTT's oil and
gas value chain. It is the main feedstock provider for other
downstream entities of PTT.

ONGC owns 55% of HPCL and its inclusion makes ONGC India's
third-largest refining and fuel marketing company. HPCL is a
substantial EBITDA contributor to ONGC and enhances ONGC's
downstream integration. Operational synergy is 'High' as HPCL is a
key customer for ONGC's crude oil production and the refinery
throughput of ONGC's other refining subsidiary, bridging the gap
between HPCL's refining and marketing volume.

Key Assumptions

Fitch's Key Assumptions Within its Rating Case for the Issuer:

- Brent crude oil prices of USD80/barrel in 2023, USD75 in 2024,
USD70 in 2025 and USD65 in 2026.

- GRMs of USD4/barrel in 2024 and USD3.6 thereafter.

- Refinery utilisation rate of 90% for 2024 due to planned
maintenance shutdown. Utilisation rate at around 100% between 2025
and 2027, and at 90% in 2028 on scheduled maintenance shutdown.

- Total capex of VND45 trillion between 2024 and 2028, with the
majority spent on upgrade and expansion of its refinery and mild
cost overrun.

- Average dividend payout ratio of 10% of the previous financial
year's net income

RATING SENSITIVITIES

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

- An upgrade of PVN's IDR, provided PVN's incentives to support BSR
remain intact.

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

- A downgrade of PVN's IDR;

- Weakening of PVN's incentives to support BSR

For PVN's rating, the following sensitivities were outlined by
Fitch in a Rating Action Commentary on 27 October 2023:

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

- Positive rating action on the sovereign

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

- Negative rating action on the sovereign

Liquidity and Debt Structure

Solid Liquidity; Net Cash: BSR has stayed in a net cash position
since FY21. At end-June 2024, its cash balance of around VND26
trillion and short-term financial assets of VND14 trillion exceeded
total debt of about VND15trillion, which was primarily short-term
working-capital loans. BSR's large cash pile supports its upcoming
refinery upgrade and expansion project. Its strong balance sheet,
together with its strong linkage with its parent, also provides
good access to funding, particularly in the domestic market.

Issuer Profile

BSR is one of two refineries based in Vietnam and is the only
refinery that is majority owned by PVN. The company's DQR has
refining capacity of 6.5 million tonnes per annum (about 148,000
bpd).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

Public Ratings with Credit Linkage to other ratings
BSR's rating is directly linked to parent PVN's credit quality. A
change in Fitch's assessment of the credit quality of the parent
would automatically result in a change in BSR's rating.

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
   -----------                ------            -----
Binh Son Refining
and Petrochemical
Joint Stock Company    LT IDR  BB+   Affirmed    BB+




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

MALDIVES: Fitch Lowers LongTerm Foreign Currency IDR to 'CC'
------------------------------------------------------------
Fitch Ratings has downgraded the Maldives' Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CC' from 'CCC+'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

Key Rating Drivers

Increased Risk of Default: The downgrade of the Maldives' IDRs to
'CC' reflects Fitch's assessment that intensified pressures from
the country's recently deteriorating external financing and
liquidity metrics have made a default event more likely within the
rating horizon. This is underscored by a recent material decline in
the foreign-reserve buffers alongside elevated external debt
service and limited external financing inflows.

Falling Gross FX Reserves: The Maldives' gross foreign-exchange
(FX) reserves plunged by roughly 20% to USD395 million in July 2024
from USD492 million in May 2024, marking the lowest level since
December 2016. Gross reserves net of short-term foreign liabilities
hit a record low of only USD44 million. The decline reflects
persistently high current account deficits (CAD), high external
debt service, and the Maldives Monetary Authority's continued
interventions to support the currency peg of the rufiyaa to the US
dollar.

Rising External Debt Service: The government has USD50 million in
sovereign external debt-servicing obligations falling due in 4Q24
and USD64 million in publicly guaranteed external debt. The
Sovereign Development Fund holds a cash balance denominated in US
dollars of about USD65 million, up from USD54 million in mid-June.
The government could use the liquid balance not included in the
usable reserves for upcoming debt payments. However, total external
debt servicing will increase to USD557 million in 2025 and exceed
USD1.0 billion in 2026, including repayment of a USD500 million
sukuk.

External Imbalances; Liquidity Constraints: Fitch expects the
Maldives' CAD to remain high over the short to medium term, due to
the country's substantial public investment and heavy reliance on
imports of food products, energy and capital goods. This has
resulted in persistent US dollar shortages, exerting pressures on
the parallel market and reserve buffers, since its import cover has
traditionally been much lower than in 'B'/'C'/'D' peers. In
addition, spillover effects on the banking system have become more
prominent in recent weeks, with the banking system's US dollar
liquidity tightening considerably.

Reliance on Support and Reforms: FX swap arrangements could be made
with strategic bilateral partners to ease the external financing
pressure, although it is uncertain whether these will materialise.
Fiscal consolidation measures, if fully implemented, could also
help alleviate the pressures over the medium term. However, Fitch
believes large and rising public debt with a lack of meaningful
fiscal consolidation will increasingly become a constraint to
receiving financial assistance. Support from IMF or other
multilateral donors would most likely be contingent on debt
restructuring.

Uncertainties in Medium-Term Financing Plan: Fitch sees a rising
degree of uncertainty surrounding the government's plan to access
the market and partly refinance the USD500 million sukuk in 2025,
in addition to near-term external liquidity strains. The government
also aims to accumulate more foreign-currency tourism revenue in
the Sovereign Development Fund through various policy initiatives.
However, Fitch believes challenges remain for the government to
draw about USD200 million from the fund for partial repayment of
the sukuk in 2026, as it intends.

Public Debt Vulnerabilities: Fitch projects the Maldives' elevated
general government debt/GDP ratio (estimated at 109.4% at end-2023,
excluding government-guaranteed debt) will further increase over
the medium term, well above the projected 'B'/'C'/'D' median level.
This is based on its assumption of slower fiscal consolidation than
outlined in the official medium-term fiscal strategy. The public
debt burden would continue to rise in the absence of tangible and
sustained progress in revenue mobilisation and expenditure
rationalisation over the medium term.

ESG - Governance: The Maldives has an ESG Relevance Score of '5[+]'
and '5' for Political Stability and Rights, and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption, respectively. These scores reflect the high weight that
the World Bank Governance Indicators (WBGI) have in its proprietary
Sovereign Rating Model. The Maldives has a medium WBGI ranking at
the 46th percentile, reflecting recent peaceful political
transitions, a moderate level of rights for participation in the
political process, institutional capacity and corruption, and an
established rule of law.

RATING SENSITIVITIES

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

- Public Finances: Failure to service bonded debt obligations
within grace periods stipulated in relevant documentation, or
unilateral declaration of a debt moratorium.

- Public Finances: Launch of a formal debt renegotiation process by
the authorities or the start of a process that Fitch deems to
constitute a default or default-like event.

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

- External Finances: Strengthening of external financing capability
and external buffers, for example through sizeable and sustained
accumulation of foreign-currency reserves.

- Public Finances: Significant progress in implementing a credible
fiscal consolidation strategy, putting public debt on a declining
medium-term trajectory.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns the Maldives a score equivalent to
a rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilised the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.

Country Ceiling

The Country Ceiling for the Maldives is 'B-'. For sovereigns rated
'CCC+' or below, Fitch assumes a starting point of 'CCC+' for
determining the Country Ceiling. Fitch's Country Ceiling Model
produced a starting point uplift of +1 notch. Fitch's rating
committee did not apply a qualitative adjustment to the model
result.

Fitch does not assign Country Ceilings below 'CCC+', and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is affecting the vast
majority of economic sectors and asset classes.

ESG Considerations

The Maldives has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as WBGIs have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight. As the Maldives has a percentile
rank above 50 for the respective governance indicator, this has a
positive impact on the credit profile.

The Maldives has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As the Maldives has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

The Maldives has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As the
Maldives has a percentile rank below 50 for the respective
governance indicator, this has a negative impact on the credit
profile.

The Maldives has an ESG Relevance Score of '4' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for the Maldives, as for all sovereigns. As
the Maldives has a fairly recent restructuring of public debt in
2020, this has a negative impact on the credit profile.

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
   -----------                  ------           -----
Maldives         LT IDR          CC Downgrade    CCC+
                 ST IDR          C  Affirmed     C
                 LC LT IDR       CC Downgrade    CCC+
                 LC ST IDR       C  Affirmed     C
                 Country Ceiling B- Affirmed     B-



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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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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

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