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

                     A S I A   P A C I F I C

          Monday, June 22, 2020, Vol. 23, No. 124

                           Headlines



A U S T R A L I A

BAMBRA PRESS: Second Creditors' Meeting Set for June 29
CONEKT AUSTRALIA: First Creditors' Meeting Set for June 30
ISIK & LANCELLOTTI: Second Creditors' Meeting Set for June 26
TECHFRONT AUSTRALIA: Second Creditors' Meeting Set for June 25


C H I N A

KANGMEI PHARMA: Fails to Prove Accounts Payable Authenticity
KANGMEI PHARMACEUTICAL: Posts CNY4.7 Billion Net Loss in FY2019


F I J I

FIJI: S&P Affirms 'BB-/B' SCRs & Alters Outlook to Negative


I N D I A

ABAAN IMPEX: CRISIL Reaffirms B+ Rating on INR8cr Cash Debt
ALLIANCE INFRASTRUCTURE: CRISIL Cuts Rating on INR170cr NCD to B+
AQUILA CERAMIC: CRISIL Withdraws 'B' Rating on INR4.05cr LT Loan
BHAIRAVNATH SUGAR: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
BHAMJI GRANITES: CRISIL Assigns 'B' Rating to INR4.8cr Term Loan

CAMPUS STUDENT: CRISIL Moves B+ Rating on INR30cr NCD to Not Coop.
DASMESH MECHANICAL: CRISIL Withdraws B Debt Ratings
DHROOV RESORTS: CRISIL Assigns 'D' Rating to INR10cr Term Loan
DTC PROJECTS: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
DURLAX INDIA: CRISIL Lowers Rating on INR10cr Cash Debt to 'D'

EARTH INTERNATIONAL: CRISIL Cuts Rating on INR2.5cr Debt to 'D'
GENOTYPIC TECHNOLOGY: CRISIL Moves 'B' Debt Rating from Not Coop.
IIFL FINANCE: Moody's Gives B1 CFR, on Review for Downgrade
INDIA: Fears About Retail Loan Defaults Overblown, Says Macquarie
KIRAN IMPEX: Ind-Ra Withdraws BB LT Issuer Rating, Outlook Stable

KSC ENGINEERS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
KUPPANNA POULTRY: Ind-Ra Gives 'BB-' Rating Pending Update
M G F MOTORS: CRISIL Lowers Rating on INR31.50cr Loan to 'D'
MISHRA POLYPACKS: CRISIL Reaffirms 'B' Rating on INR21cr Loan
MUTHU SILK: CRISIL Reaffirms B+ Rating on INR6.50cr Cash Debt

NARAYAN COTTON: CRISIL Reaffirms 'B' Rating on INR10cr Cash Loan
NORTHERN INDIA LEATHER: Ind-Ra  Puts 'B' Rating Pending Update
OZONE INFRA: CRISIL Lowers Rating on INR78cr NCD to B+
PARAMPUJYA SOLAR: S&P Places 'BB+' ICR on CreditWatch Negative
POGGENAMP NAGARSHETH: Ind-Ra Affirms 'D' Long Term Issuer Rating

PRAHLAD RAI: CRISIL Reaffirms B+ Rating on INR4.5cr Proposed Loan
RAGHUVIR DEVELOPERS: Ind-Ra Withdraws 'BB', Non-Coop. Issuer Rating
SARASWATHI ENG'G: CRISIL Reaffirms B+ Rating on INR4.5cr Loan
SHRI JAGADGURU: Ind-Ra Keeps 'BB' Loan Rating in Non-Cooperating
SIDDHI WEAVES: Ind-Ra Cuts LT Issuer Rating to 'BB+', Not Coop.

SNEHAL ENTERPRISES: CRISIL Lowers Rating on INR34cr Loan to 'D'
SRI MADAN GOPAL: CRISIL Lowers Rating on INR6cr Debt to 'D'
SUBIR DIAMONDS: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
SVARRNIM INFRASTRUCTURES: Ind-Ra Cuts LongTerm Issuer Rating to B+
T. R. POLYPET: CRISIL Rates INR5.98cr Loan at 'D'

TATA MOTORS: Moody's Cuts CFR & Senior Unsecured Rating to B1
THANGAMMAN TEXTILES: CRISIL Reaffirms B Rating on INR3.86cr Loan
UNICLAN HEALTHCARE: CRISIL Assigns B+ Rating to INR8cr Term Loan
VINIT FABRICS: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating


N E W   Z E A L A N D

H&J SMITH: To Close Dunedin Department Store Next Year
OCEANIA AVIATION: Closes Two Otago Sites; 17 Jobs Axed


S I N G A P O R E

HYFLUX LTD: High Court Hearing for Lenders Set for July 27
KRISENERGY LTD: Unit Served with Winding-up Petition

                           - - - - -


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

BAMBRA PRESS: Second Creditors' Meeting Set for June 29
-------------------------------------------------------
A second meeting of creditors in the proceedings of Bambra Press
Pty Ltd has been set for June 29, 2020, at 9:30 a.m. at the offices
of Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.   

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 June 25, 2020, at 5:00 p.m.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Bambra Press on May 22, 2020.

CONEKT AUSTRALIA: First Creditors' Meeting Set for June 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Conekt
Australia Pty Ltd as Trustee for Conekt Unit Trust will be held on
June 30, 2020, at 11:00 a.m. via Teleconference.

Mark Robinson of de Vries Tayeh was appointed as administrator of
Conekt Australia on June 18, 2020.



ISIK & LANCELLOTTI: Second Creditors' Meeting Set for June 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Isik &
Lancellotti Pty Ltd, trading as Scales Fish & Chippery, has been
set for June 26, 2020, at 10:00 a.m. via video conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 25, 2020, at 4:00 p.m.

Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant
Thornton were appointed as administrators of Isik & Lancellotti  on
May 21, 2020.

TECHFRONT AUSTRALIA: Second Creditors' Meeting Set for June 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Techfront
Australia Pty Ltd, Screencorp Pty Ltd, and Techfront Infrastructure
Solutions Pty Ltd, has been set for June 25, 2020, at 12:30 p.m.
via telephone conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 24, 2020, at 1:00 p.m.

Ryan Reginald Eagle and Gayle Dickerson of KPMG Australia were
appointed as administrators of Techfront Australia et al. on April
7, 2020.



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

KANGMEI PHARMA: Fails to Prove Accounts Payable Authenticity
------------------------------------------------------------
Caixin Global reports that accounting firm BDO China Shu Lun Pan
Certified Public Accountants LLP said Shanghai-listed Kangmei
Pharmaceutical Co. Ltd. failed to provide sufficient materials to
prove that CNY110.6 million in accounts payable -- money it owed to
creditors -- last year was authentic, according to a filing
released by Kangmei on June 18.

Caixin relates that the funds related to seven construction
projects including office buildings and health care service
centers.

According to Caixin, the firm also questioned the authenticity of
CNY2.6 billion worth of Kangmei's medical equipment and devices,
and CNY801.4 million in accounts receivable -- money owed by
customers -- related to its medical equipment and device sales
business.

                   About Kangmei Pharmaceutical

Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese
medicines in China. It also offers chemical medicines and food
products; and operates hospitals and Chinese medicine pharmacies.

As reported in the Troubled Company Reporter on Feb. 5, 2020,
Caixin Global said Kangmei Pharmaceutical became the first listed
company to default on a bond issue when the market reopened on Feb.
3 after the extended Lunar New Year holiday.

Caixin said the supplier of traditional Chinese medicines said in a
statement Feb. 2 that it couldn't make principal and interest
payments and on CNY2.4 billion ($340 million) of bonds because of
tight liquidity. The bonds were issued in 2015 and due in 2022, but
the issuer had an option to raise the coupon rate and investors had
an option to sell back the bonds at the end of the fifth year.


KANGMEI PHARMACEUTICAL: Posts CNY4.7 Billion Net Loss in FY2019
---------------------------------------------------------------
Caixin Global reports that a Chinese drugmaker marred by a
financial fraud scandal has reported a net loss for 2019 that was
worse than previously expected, and its new auditor has raised
questions about some of the figures in its latest annual report.

Shanghai-listed Kangmei Pharmaceutical Co. Ltd. reported a net loss
of CNY4.7 billion ($656 million) for 2019, a reversal from a net
profit for the previous year, Caixin discloses citing the company's
annual financial report released June 18. Its 2019 revenue was down
32.9% at CNY11.4 billion.

According to Caixin, the report's release came after Kangmei
revised its 2019 estimated net loss several times. In January, the
company estimated a 2019 net loss of CNY1.4 billion to CNY1.7
billion. But in April, it said last year's net loss was CNY3.6
billion. On June 4, the company announced it had corrected its net
loss estimate to CNY4.6 billion.

Caixin relates that the local securities regulator later accused
the Guangdong-based company of failing to disclose information in
an accurate manner. The Guangdong bureau of the China Securities
Regulatory Commission (CSRC) demanded that the company publicly
explain the reasons for the adjustments, according to Kangmei's
filing to the Shanghai Stock Exchange earlier this month.

In the annual report, Kangmei also revised figures for 2017 and
2018. The company said its 2018 net profit should have been
CNY374.5 million, rather than the CNY1.1 billion it reported
earlier. It also revised down its 2017 net profit to CNY1.4 billion
from CNY2.1 billion, Caixin relates.

Caixin notes that Kangmei, one of China's largest listed
pharmaceutical companies, has suffered a credit downgrade and
liquidity crunch after the CSRC uncovered fraudulent financial
reporting last year. Following a months-long investigation, the
CSRC accused Kangmei in August of overstating a category of
operating funds by CNY88.7 billion between 2016 and 2018.

The CSRC punished 22 Kangmei employees. The penalties included
fines and lifetime bans from China's securities markets for some
top executives. After the scandal, Kangmei's longtime accounting
firm, GP Certified Public Accountants LLP, lost several big
clients.

                   About Kangmei Pharmaceutical

Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese
medicines in China. It also offers chemical medicines and food
products; and operates hospitals and Chinese medicine pharmacies.

As reported in the Troubled Company Reporter on Feb. 5, 2020,
Caixin Global said Kangmei Pharmaceutical became the first listed
company to default on a bond issue when the market reopened on Feb.
3 after the extended Lunar New Year holiday.

Caixin said the supplier of traditional Chinese medicines said in a
statement Feb. 2 that it couldn't make principal and interest
payments and on CNY2.4 billion ($340 million) of bonds because of
tight liquidity. The bonds were issued in 2015 and due in 2022, but
the issuer had an option to raise the coupon rate and investors had
an option to sell back the bonds at the end of the fifth year.



=======
F I J I
=======

FIJI: S&P Affirms 'BB-/B' SCRs & Alters Outlook to Negative
-----------------------------------------------------------
On June 19, 2020, S&P Global Ratings revised its outlook on Fiji to
negative from stable. At the same time, S&P affirmed its 'BB-'
long-term and 'B' short-term sovereign credit ratings on Fiji. The
transfer and convertibility (T&C) assessment remains 'BB-'.

Outlook

The negative outlook reflects uncertainty around the duration of
the pandemic and its effect on Fiji's crucial tourism sector. S&P
considers economic and fiscal risks to be tilted to the downside.

Downside scenario

S&P could lower its ratings on Fiji during the next 12 months if
the pandemic and associated travel restrictions are more severe
than it presently expects. This could induce a deeper, more
prolonged recession and result in wider fiscal deficits.

Upside scenario

S&P said, "We could revise our outlook on Fiji to stable during the
next 12 months if the risks of a more severe pandemic and recession
were to subside, allowing the tourism sector to recover and public
finances to stabilize. We could also revise our outlook to stable
if we observe continued improvement in Fiji's institutional and
policy settings, providing greater support for sustainable finances
and balanced economic growth in the medium term."

Rationale

An abrupt freeze in international travel in response to the
COVID-19 pandemic has hit Fiji's tourism-dependent economy hard.
S&P expects tax revenues to collapse, resulting in larger fiscal
deficits and a growing government debt burden. Contingent
liabilities related to sovereign guarantees of state-owned
enterprises such as Fiji Airways have also grown. A prolonged
period of weak or negative GDP growth could reduce economic support
for the current ratings.

External financing needs are rising too, though S&P considers that
the Fijian government has a sound strategy to manage the redemption
of its sole US$200 million global bond in October 2020. Our ratings
on Fiji remain constrained by its middle-income economy, with per
capita GDP of around US$5,800, a polarized political landscape, and
limited monetary policy flexibility.

Institutional and economic profile: Shock to tourism will cause
sharp recession; swift policy response may help mitigate fallout

-- The COVID-19 pandemic and accompanying cessation of visitor
arrivals will drive Fiji into a sharp economic contraction in
2020.

-- The political landscape remains polarized, though institutional
settings and data quality are improving.

In response to the COVID-19 pandemic, the Fijian government closed
its borders to international travelers, restricted social
gatherings, implemented a nationwide curfew, and rolled out
widespread screening during the first few months of 2020. These
actions appear to have been successful in containing the local
spread of the virus. Fiji has reported 18 recoveries from 18 cases,
and no deaths. On June 5, the prime minister declared the country
virus-free. However, the disruption to tourism and international
trade has serious consequences for Fiji's economy and fiscal
accounts.

S&P said, "We expect Fiji's GDP to contract by about 8% in 2020,
ending a 10-year run of expansion during which real GDP growth
averaged more than 3% per year. We estimate that GDP per capita in
2020 will dip to about US$5,800 before recovering in future years.
Fiji's economic base is somewhat narrow because the tourism sector
is a key source of employment, foreign exchange, and tax revenues.
We believe the country is among the world's most heavily exposed to
a shock to tourism."

Fiji Airways, the national airline, has suspended virtually all
international flights until at least the end of July 2020, and the
government has banned cruise ship arrivals. Several hundred local
hotels and resorts have closed or are operating at reduced scale.
The fallout will extend to related industries such as construction
and retail. To help cushion the blow, commercial banks have offered
loan repayment holidays, and the Fiji National Provident Fund
(FNPF, the country's monopoly defined-contribution pension scheme)
has made assistance payments to or permitted some members to
withdraw funds.

S&P's base-case forecast assumes an economic recovery in 2021 as
global lockdowns begin to ease. Risks remain tilted to the
downside, particularly if trading partners struggle to bring the
virus under control and borders remain closed for a prolonged
period. There is some potential upside from ongoing discussions
about the possibility of Fiji and other Pacific island nations
forming a "travel bubble" with Australia and New Zealand. This
could see an earlier resumption of flights from major tourist
markets. Beyond tourism, Fiji has a large subsistence agricultural
sector, and its other industries include garment manufacturing,
gold mining, fishing, and timber production. Economic activity had
already been slowing in 2019. This followed a period of strong
growth in 2017-2018, during the reconstruction phase after Tropical
Cyclone Winston in 2016.

The current FijiFirst administration has promoted generally
pro-growth economic reforms and investment in infrastructure and
education. The past few years have also seen increased engagement
with the Asian Development Bank (ADB) and World Bank, which provide
policy-based financing and aid the government in implementing
reform. Fiji's political and social settings historically have been
marked by tensions between its indigenous Fijian and minority
Indo-Fijian communities, resulting in several nonviolent military
coups during the past 20 years. Following eight years of military
rule, a new constitution was promulgated in 2013 and democratic
elections were held in 2014 and 2018. Press freedom in Fiji is
improving, as is the quality of official economic and financial
data. In September 2018, Fiji implemented the International
Monetary Fund's Enhanced General Data Dissemination System. The
next elections are due around 2022-2023.

Procedures for starting and registering a new business and paying
taxes are cumbersome. Fiji ranked 102nd in the World Bank's "Doing
Business" survey for 2020, down from 86th in 2015. The decline over
several years can be largely attributed to the closure of Fiji's
single credit bureau in 2016. S&P anticipates that the country's
rank could climb following the licensing of a new credit reporting
agency in 2018 and launch of a personal property securities
registry in 2019.

Long-term demographics are favorable, thanks to a median population
age of about 28 years. Fiji's location renders it vulnerable to
natural disasters, especially cyclones and floods. Tropical Cyclone
Harold, which made landfall in April 2020, damaged more than 2,000
homes. Tropical Cyclone Winston in February 2016 was far more
destructive, by some measures wreaking damage equivalent to almost
one-third of GDP. In the long run, Pacific islands could be
threatened by the effects of climate change and rising sea levels,
though S&P does not assess these risks to be immediately material
to our current credit ratings on Fiji.

Flexibility and performance profile: Risks from growing deficits,
debt burden, and guarantees partly offset by sound external
position

-- A precipitous drop in tax receipts will drive fiscal deficits
wider, upending previous plans for budget consolidation.

-- Government debt and contingent liabilities are rising.

-- The Reserve Bank of Fiji operates without political
interference, but its monetary policy flexibility is limited by a
pegged exchange rate.

S&P said, "We forecast Fiji's fiscal deficit to widen to around 9%
of GDP in fiscal year 2020 (the year ending July 31, 2020), and to
remain elevated in fiscal 2021. The primary driver of these
deficits will be a precipitous collapse in operating receipts,
which we expect will fall this fiscal year by more than 25% year on
year. Fiji's tourism sector is quite heavily taxed, and we expect a
drop in collections from VAT, corporate tax, service turnover tax,
environmental levies, excise and import taxes, and departure taxes,
among others." A supplementary budget released in March 2020
contained tax-relief measures and modest additional funding for
public health, education, and sugar cane delivery. The government
has also received about FJ$200 million (US$90 million) from the
partial divestment of Energy Fiji Ltd. in 2019.

Revenues will likely remain weak in fiscal 2021 as the borders
remain closed for at least part of the year, before recovering in
2022 and beyond. S&P said, "The pandemic upends our previous
expectations that the government would begin a process of budget
consolidation, after posting moderate deficits of 3%-4% of GDP in
fiscal years 2018-2019. These deficits partly reflect substantial
infrastructure investment to address shortcomings in basic services
and the recovery from Tropical Cyclone Winston. We now forecast
that the stock of net general government debt will rise to about
57% of GDP next year before stabilizing at around 55% in the outer
years as GDP recovers. The government is due to publish its next
annual budget by the end of July 2020, in which we expect it might
announce modest additional new stimulus. We also expect the
government will reduce or reprofile some of its recurrent and
capital expenditures."

As a result of the growing debt, the government's interest burden
will rise to around 14%-15% of fiscal revenues during the next two
years. However, average borrowing costs will likely decline over
time as Fiji accesses a growing pool of lower-cost lending from the
ADB, World Bank Group, including the International Development
Association, and bilateral partners such as the governments of
Australia, Japan, and New Zealand.

Fiji has only a small amount of foreign-currency commercial debt
outstanding, in the form of a US$200 million bond due to mature in
October 2020. The government has already set aside at least US$100
million in a sinking fund, and S&P believes that imminent
commitments of at least US$100 million more from multilateral
lenders will allow Fiji to meet redemption without drawing down on
its reserves. To finance its deficits, the government targets a
domestic and foreign borrowing mix of roughly 70:30. Fiji issues a
range of bonds and bills in its domestic market, most of which are
purchased by the FNPF. It has no plans at this stage to issue new
foreign-currency bonds.

Contingent liabilities have risen to moderate levels. In May 2020,
Fiji Airways, which is 51% owned by the government, announced that
it had secured sovereign guarantees over FJ$455 million (US$210
million) of new borrowings. The Fijian government also provides
guarantees over about FJ$590 million (US$270 million) of loans to
other state-owned enterprises as of July 2018, the latest available
data point, indicating that sovereign guarantees are now equivalent
to around 9% of GDP.

Gross external financing needs, by S&P's measures, will rise to
about 115%-117% of current account receipts and usable reserves
during the next few years. The current account deficit had already
been widening over the past two years, echoing the fiscal deficit,
and we expect it to remain elevated at around 12%-13% of GDP this
year and next. Remittance inflows are likely to drop as Fijians
abroad face tough labor markets. External risks, though, are partly
mitigated by the structure of Fiji's external balance sheet, with
its relatively large share of inward foreign direct investment as
well as good access to concessional finance from multilateral and
bilateral official partners. The high import content of tourism
exports should help to prevent a material weakening of the trade
balance. In addition, mineral fuels make up about one-third of
Fiji's import bill, and so the country benefits from low global oil
prices.

In March 2020, the Reserve Bank of Fiji (RBF) reduced its overnight
policy rate to 0.25% from 0.5%. The RBF has also expanded its SME
Credit Guarantee Scheme, Import Substitution and Export Finance
Facility, and Disaster Rehabilitation and Containment Facility. The
Fijian dollar is pegged to a weighted basket of currencies
belonging to Fiji's major trading partners, the U.S., Australia,
New Zealand, Japan, and the Eurozone. This currency arrangement
means the RBF must focus on exchange-rate stability, potentially at
the expense of domestic inflation or economic growth objectives.
The last devaluation occurred in 2009. The RBF also supervises
Fiji's six commercial banks, the FNPF, and other financial
intermediaries.

In April 2020, the RBF slightly tightened existing exchange
controls to help ensure that adequate foreign reserves can be
maintained. Official reserves remain comfortable at about FJ$2.2
billion (US$1 billion) as of May 2020. Extensive restrictions on
foreign exchange can be a hindrance to private investment, though
controls had been gradually eased in recent years as Fiji rebuilt
its official reserves.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

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

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

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

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

  Ratings List

  Ratings Affirmed  
  Fiji
  Transfer & Convertibility Assessment  
  Local Currency       BB-

  Fiji
  Senior Unsecured     BB-

  Ratings Affirmed; CreditWatch/Outlook Action  
                                    To             From
  Fiji
  Sovereign Credit Rating    BB-/Negative/B     BB-/Stable/B




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I N D I A
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ABAAN IMPEX: CRISIL Reaffirms B+ Rating on INR8cr Cash Debt
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Abaan Impex Private Limited (AIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Reaffirmed)
   Cash Credit            8         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect below average financial risk
profile and modest scale of operations and exposure to intense
competition in the fragmented industry. These rating strengths has
been partially offset by extensive experience of the promoter in
the cashew business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and exposure to intense competition in
the fragmented industry: The firm's business risk profile remains
constrained on account of its small scale of operations in a highly
fragmented industry. The firm recorded revenues of INR36.15 crore
during 2020 (refers to financial year, April 1 to March 31). The
cashew industry is highly fragmented, marked by the presence of
many small and large players, leading to intense competition in
both the organized and unorganized segments.

* Below-average financial risk profile: The AIPL has below-average
financial risk profile marked by modest net worth of INR 2.25
crores and high gearing of 1.67 times as on March 31, 2020. The
firm has below average debt protection metrics with net cash
accrual to Total debt (NCATD) and interest coverage ratios of over
0.02 and 1.18 times, respectively, for fiscal 2020. Financial risk
profile may remain below average over the medium term.

Strength:

* Extensive experience of the promoter in the cashew business:
AIPL is promoted by by Mr. Najeeb A. The promoter has been related
to the same line of business for over a decade. Presently, the firm
generates its entire revenues from sale of cashew kernels. The firm
has a strong customer base in the export market, with whom it has
been associated since inception, resulting in repeat business. Its
long-standing position in the cashew segment has given the firm a
negotiating edge with its various intermediaries.

Liquidity Stretched

Liquidity will remain stretched, with annual cash accrual expected
at INR0.1-0.2 crore over the medium term, against minimal debt
obligation. Bank limit utilisation was moderate, averaging more
than 80 percent for the 12 months through March 2020.

The company is currently operating at 50% capacity due to COVID
19.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit from the
promoter's extensive experience in the cashew industry.

Rating Sensitivity factors

Upward factors

* Improvement in scale of operations and sustenance of operating
margin

* Improvement in liquidity profile with net cash accruals of more
than 0.5 crores

Downward factors

* Decline in scale of operations and operating margin

* Substantial capital withdraws leading to accruals of less than
0.1 crores

Incorporated in 2014 by Mr. Najeeb A, AIPL is based out of
Trivandrum, Kerala and is engaged in trading of raw cashew nut.

ALLIANCE INFRASTRUCTURE: CRISIL Cuts Rating on INR170cr NCD to B+
-----------------------------------------------------------------
CRISIL has revised its rating on the bank facilities of Alliance
Infrastructure Projects Private Limited (AIPPL) to 'CRISIL
B+/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      170.00      CRISIL B+/Stable (ISSUER NOT
   Debentures  LT                   COOPERATING: Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AIPPL for obtaining
information letters and emails dated May 21, 2020 and May 27, 2020
among others, apart from telephonic communication. However, the
company 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
failed to receive any information on either the financial
performance strategic intent of AIPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL information available on AIPPL is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has revised its rating on the bank
facilities of AIPPL to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

Set up in 2004, AIPPL is the flagship company of the Alliance
group, which is promoted by Mr. Manoj Sai Namburu and Bommireddy.
The group develops premium villas, integrated townships,
residential apartments, row houses, and villa plots in Chennai
Bengaluru through special purpose vehicles.

AQUILA CERAMIC: CRISIL Withdraws 'B' Rating on INR4.05cr LT Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Aquila Ceramic Private
Limited (ACPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL has withdrawn its ratings on bank facility of
ACPL following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of ACPL from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       1.1       CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Cash Credit          2.5       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Proposed Long Term   4.05      CRISIL B/Stable (Migrated from
   Bank Loan Facility             'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Incorporated in 2013, ACPL is promoted by Morbi, Gujarat-based Mr.
Rajeshbhai Kasundra, Mr. Sureshkumar N Kothiya, and others. The
company manufactures non-vitrified wall tiles. It started
commercial operations from February 2014. The key promoters, Mr.
Kasundra and Mr. Kothiya, have been in the ceramic tiles
manufacturing industry through other group companies for more than
a decade.

BHAIRAVNATH SUGAR: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhairavnath Sugar
Works Limited's (BSWL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.710 bil. (increased from INR1.460 bil.) Long-term loans
     due on January 2025 affirmed with IND BB/Stable rating; and

-- INR3.290 bil. (reduced from INR3.540 bil.) Fund-based limits
     affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects BSWL's continued weak credit metrics due
to the high debt levels (FY19: INR6,970 million; FY18: INR7,003
million). The metrics improved in FY19 owing to an increase in
absolute EBITDA to INR1,178 million (FY18: INR787 million),
resulting from the rise in revenue. The interest coverage
(operating EBITDA/gross interest expense)  was 2x in FY19 (FY18:
2.3x) and the net leverage (total adjusted net debt/operating
EBITDAR)  was 5.8x (8.1x). The improvement in credit metrics was on
account of. Ind-Ra expects the credit metrics to have remained weak
in FY20 on account of the additional soft loans taken by the
company during the year and the decrease in the absolute EBITDA.
The numbers for FY20 are provisional.

The ratings reflect the modest EBITDA margins. The margin fell to
16.4% in FY19 (FY18: 30.9%) due to an increase in raw material
costs. The ROCE was 7% in FY19 (FY18: 5%). In 9MFY20, the company
recorded an EBITDA of 20.9% due to higher realizations in sugar
prices. Ind-Ra expects margins at FYE20 to be in line with the
levels seen in 9MFY19.

The rating factor in BSWL's continued medium scale of operations,
with revenue of INR7189 million in FY19 (FY18: 2547 million). The
revenue increased on account of growth in the production capacity
to 13,500 ton crushing per day (tcpd) from  11,000 tcpd. However,
the revenue fell to INR5,349 million in FY20 due to lower crushing.
This also resulted in lower electricity generation from the
cogeneration plant. Out of the company's five plants, three are
located in Solapur district, Maharashtra, which faced a severe
drought in FY20, resulting in lower cane availability. Ind-Ra
believes the revenue would remain at FY20 levels in FY21 owing to
the impact of the COVID-19 outbreak and the associated lockdown.

Liquidity Indicator – Adequate: The average utilization of the
fund-based limits was 62% for the 12 months ended in April 2020. At
FYE19, cash and cash equivalents stood at INR117 million (FY18:
INR579 million). The cash flow from operations remained negative at
INR89 million (FY18: negative INR1,851 million) and the free cash
flow continued to be negative at INR340 million (negative INR1693
million) on account of the incremental working capital and CAPEX.
Ind-Ra expects the cash flow from operations to have turned
positive in FY20 owing to lower working capital requirements. BSWL
has a scheduled debt repayment of about INR410 million in FY21,
which is likely to be met through internal accruals. The company
has availed the Reserve Bank of India-prescribed moratorium.

The ratings, however, are supported by the company's experience of
more than two decades in the sugar industry.

RATING SENSITIVITIES

Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led CAPEX, leading to deterioration in the
net leverage or the liquidity position, on a sustained basis, could
be negative for the ratings.

Positive: Any significant and sustainable improvement in the
revenue or operating margin, resulting in an improvement in the net
leverage, on a sustained basis, could be positive for the ratings.

COMPANY PROFILE

BSWL was incorporated in 2000 and runs five fully integrated sugar
manufacturing facilities in Maharashtra with a total crushing
capacity of 13,500TCD and cogeneration plants with a total capacity
of 53.5MW.


BHAMJI GRANITES: CRISIL Assigns 'B' Rating to INR4.8cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Bhamji Granites LLP (BGLLP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.7        CRISIL B/Stable (Assigned)
   Term Loan             4.8        CRISIL B/Stable (Assigned)

The rating reflect exposure to off take related risk in newly
started operations and expected leveraged capital structure. These
weaknesses are partially offset by its extensive industry
experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to off take related risk: BGLLP commenced its operation
in June 2020. Demand risk is also expected to be moderate as the
industry is highly fragmented marked by low entry barriers with
small capital and technological requirements. Also, will be exposed
to intense competition from other players in the segment. The
project has timely completed however successful stabilization of
its operations at the unit will remain a key rating sensitivity
factor.

* Expected leveraged capital structure: BGLLP is expected to have a
below average financial risk profile with high gearing and moderate
debt protection metrics with project being funded through a
debt-equity ratio 1:1.

Strength

* Extensive industry experience of the partners: The promoters have
an experience of around 5 years building products industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Poor

Liquidity is marked by expected net cash accruals of around
INR25-30 lakhs in fiscal 2021 and INR80-90 lakhs in fiscal 2022
against repayment obligation of around INR12 lakhs and INR31 lakhs
respectively. Firm has access to bank lines of INR3.70 crore which
is unutilized as on May 2020. Further, liquidity is supported by
timely funding expected by partners in nascent stage of
operations.

Outlook: Stable

CRISIL believes BGLLP will continue to benefit over the medium term
from the extensive experience of its promoters

Rating Sensitivity Factor

Upward Factor

* Improvement in cash accrual to over INR0.8-1 crore on sustained
basis

* Successful ramp up of operations.

Downward Factor

* Interest coverage of less than 1 time

* Less than expected cash accruals or lack of timely support from
partners leading to stretch in liquidity.

BGLLP was established in January 2018 as limited liability
partnership. It has recently set up manufacturing unit for various
types building products such as marble granite, onyx & stone tiles,
slabs, mosaics & designs. It has manufacturing facility located in
Navsari- Gujarat and started its commercial operation March 2020.

Firm is owned and managed by Mr. Harunrashid Bhamji, Mrs. Hetal
Desai and Mrs. Parvtiben Patel.

CAMPUS STUDENT: CRISIL Moves B+ Rating on INR30cr NCD to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Campus Student
Communities Private Limited (Campus) to 'CRISIL B+/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible       30         CRISIL B+/Stable (ISSUER NOT
   Debentures                       COOPERATING; Migrated from
                                    'CRISIL BB-/Stable')

CRISIL has been consistently following up with Campus for obtaining
information through letters and emails dated May 21, 2020 and May
27, 2020 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
failed to receive any information on either the financial
performance or strategic intent of Campus, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Campus is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.  

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Campus to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable'.

Campus as incorporated in 2016 to take over operations of Jain
College Hostel, a proprietorship concern of Mr. Saket Jalan, set up
in 2003. The company currently operates 26 hostels in Bengaluru and
Mumbai. Mr. Saket Jalan and Mr. Sanjay Jalan manage operations.

DASMESH MECHANICAL: CRISIL Withdraws B Debt Ratings
---------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Dasmesh Mechanical Works
Private Limited (DMWPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL has withdrawn its ratings on bank facility of
DWMPL following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of DWMPL to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7        CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Letter of Credit      0.25     CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)  
   

   Term Loan             1.45     CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

DMWPL was incorporated by Mr. Amar Singh and his family members in
2010, to take over the business of their partnership firm, Dasmesh
Mechanical Works. The company manufactures harvester combines and
other farm equipment. Its manufacturing facility is in Malerkotla,
Punjab.

DHROOV RESORTS: CRISIL Assigns 'D' Rating to INR10cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
Dhroov Resorts (DR).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Assigned)

The rating reflects DR's geographic concentration in revenue
profile, modest scale of operations and weak financial profile.
These weaknesses are partially offset by extensive experience of
proprietor and favorable location of the hotel.

Key Rating Drivers & Detailed Description

Weakness

* Geographic concentration in revenue profile: The entity operates
a single hotel in Lakkar Bazaar, Shimla thus constraining its
revenue diversification profile.

* Modest scale of operation: DR's business profile is constrained
by its modest scale of operations of around INR4 crore (in fiscal
2019) in the intensely competitive Hotels & Resorts industry. DR's
scale of operations is expected to be significantly impacted by
Covid-19 pandemic and its modest scale of operations will hence
continue to limit its operating flexibility over the medium term.

* Weak financial profile: DR's debt protection measures have been
at weak level in past due to high gearing and low accruals from the
operations. The interest coverage and net cash accrual to total
debt (NCATD) ratio were at 1.66 times and 0.04 times for fiscal
2019. DR's debt protection measures are expected to weaken further
on account of high debt levels compared to its estimated cash
generation in the near to medium term.

Strength

* Extensive industry experience of the proprietor: Mr. Balbir Singh
Verma (promoter) is an MLA from Chopal, Himachal Pradesh and a
certified builder and civil contractor in the region. This has
given them an understanding of the dynamics of the market, and
enabled him to establish relationships in the region.

* Favourable location: The hotel is located at Cart Road, Shimla,
which is at a distance of about 300 mtrs from the Mall Road, which
is one of the most popular tourist destinations. The hotel is also
very close to major tourist attractions like Jakho Temple, Naldehra
and Kufri.

Liquidity Poor

Liquidity is poor as reflected by delays in meeting maturing debt
obligations in recent past. DR had continued to service its debt
obligations with delays till February, 2020 post which it has
availed moratorium on term loan facilities from the bank which has
been extended till August, 2020.

Rating Sensitivity Factor

Upward Factor

* Timely servicing of debt continuously for 90 days once moratorium
is over

* Improvement in business risk profile.

DR operates a single hotel located at Lakkar Bazaar, Shimla
Himachal Pradesh. The hotel began its commercial operations from
June 10, 2017. DR is owned & managed by Mr. Balbir Singh Verma.

DTC PROJECTS: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained DTC Projects
Private Limited (DTCPPL) Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR330 mil. Term loan* due on October 31 maintained in non-
     cooperating and withdrawn; and

-- INR20 mil. Non-fund based limits ** maintained in non-
     cooperating and withdrawn

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

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn. The non-fund-based limit is a bank guarantee limit,
which is a sublimit of the term loan.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

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

COMPANY PROFILE

DTC Projects was incorporated in 1995 by the DTC Group for its real
estate activities.



DURLAX INDIA: CRISIL Lowers Rating on INR10cr Cash Debt to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Durlax
India Pvt Ltd (DIPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit        3.3      CRISIL D (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects the delay in servicing of term debt by the
company before March 2020. DIPL has delayed servicing of its term
debt in the last 6 months through May 2020 as a result of stretched
liquidity due to high working capital requirement.

The company has large working capital requirement and modest scale
of operations. However, it benefits from the extensive experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets remained
large, estimated over 300 days as on March 31, 2020, driven by
substantial receivables (85 days) and inventory (205 days). Part of
the working capital requirement is met by stretching payables
(estimated at 130 days as on March 31, 2020).

* Modest scale of operations: The modest scale, reflected in
operating income below INR40 crore over the 4 fiscals through 2020,
will continue to limit operating flexibility.

Strength

* Extensive industry experience of the promoters: Mr. Shravan
Suthar has been engaged in sales of solid surface sheets
domestically since 2004. He and his family members launched their
own brands Luxor and Aspiron in 2010. Till 2017, DIPL outsourced
production. Backed by the experience of the promoters, the company
has set up a manufacturing unit in Valsad, Gujarat, which commenced
operations in December 2017. CRISIL believes the manufacturing unit
will allow DIPL to maintain quality of its products and reduce the
time taken to meet demand of its customers, which will lead to an
improvement in its business risk profile over the medium term.

Liquidity Poor
The poor liquidity led to delay in meeting term debt obligation
over the 6 months through May 2020. Banks limit is likely to remain
fully utilised over the medium term on account of large working
capital requirement.

Rating Sensitivity factors

Upward factors

* Timely servicing of debt obligation for at least 3 months

* Improvement in working capital cycle

Based in Mumbai, DIPL sells solid surface sheets and adhesives
under the Luxor and Aspiron brands. The company has a manufacturing
plant in Valsad, which commenced operations in December 2017. It is
managed by the Suthar family with Mr. Shravan Suthar as Chairman.

EARTH INTERNATIONAL: CRISIL Cuts Rating on INR2.5cr Debt to 'D'
---------------------------------------------------------------
CRISIL has downgraded the ratings of Earth International Private
Limited (EIPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        2.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from CRISIL B/Stable
                                ISSUER NOT COOPERATING)

   Packing Credit     2.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from CRISIL A4
                                ISSUER NOT COOPERATING)

   Proposed Fund-     2.5       CRISIL D (ISSUER NOT COOPERATING;
   Based Bank Limits            Downgraded from CRISIL B/Stable
                                ISSUER NOT COOPERATING)

CRISIL has been consistently following up with EIPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Based on the last available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating', as there has been
delays in servicing of debt for more than 12 months.

EIPL wasincorporatedin1996by Mr.B K Jain.EIPLis engaged in the
manufacturing of nanoclay, exothermic riser sleeves, bentonite,
quartz powder, feldspar powder, mica powder and hydrogel whichfind
applications in oil-well industries, foundries, civil construction,
ceramic sanitary wares and inagriculture.
Thecompany'smanufacturingfacilityis based in Gujarat and Neemrana
(Rajasthan).

GENOTYPIC TECHNOLOGY: CRISIL Moves 'B' Debt Rating from Not Coop.
-----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long term bank facilities of Genotypic Technology Private
Limited (GTPL) to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the company's management has subsequently started sharing
the requisite information for a comprehensive review of the rating.
Consequently CRISIL is migrating its rating to 'CRISIL B/Stable'
from 'CRISIL B/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating reflects the company's working capital-intensive
operations and financial risk profile. These weaknesses are
partially offset by its promoters' extensive experience in the
research and consultancy industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: The company had gross
current assets estimated at 340 days as on March 31, 2020, because
of large receivables of around 180 days and inventory of 3-4
months.

* Weak financial risk profile: The company's networth is small
estimated at about INR5 crore as on March 31, 2020. Operating
margin fluctuated between 1.7% and 12.0% over the four fiscals
through 2020, leading to weak debt protection metrics, reflected in
estimated interest coverage and net cash accrual to total debt of
1.1 times and 0.02 times respectively for fiscal 2020.

Strength

* Promoters' industry experience and established customer
relationships: The promoters' experience of more than two decades
has enabled the company to diversify its product portfolio and
establish longstanding relationships with customers.

Liquidity Poor

The liquidity is weak with modest accruals in the range of
INR0.2-0.3 crore in the near term which will be insufficient to
meet the repayment obligations of INR0.30 crore. However, it will
be supported by timely infusion of unsecured loan from the
promoters. The company has access to fund based limit of INR5 crore
which was fully utilised over the past 12 months until April 2020.

Outlook: Stable

CRISIL believes GTPL will maintain its presence in the research and
consultancy industry, supported by its promoters' industry
experience and its established customer relationships.

Rating Sensitivity factors

Upward factors:

* Significant improvement in revenue or profitability leading to
accruals of over INR0.75 crore

* Improvement in financial risk profile

Downward factor:

* Decline in revenue by over 20% or dip in profitability leading to
lower than expected accrual

* Further deterioration in financial risk profile especially
liquidity due to debt funded capex plans or stretched working
capital requirements

GTPL is a Bengaluru-based company promoted by Dr Raja
Mugasimangangalam and Dr Sudha Narayan Rao in 1998. It provides
genomics services such as microarray, next generation sequencing
(NGS), and bioinformatics services and solutions to
domestic/international pharmaceutical and biotech companies, and to
academia.

IIFL FINANCE: Moody's Gives B1 CFR, on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
to IIFL Finance Limited and a (P)B1 rating to its senior secured
MTN program. The ratings are under review for downgrade.

At the same time, Moody's has withdrawn India Infoline Finance
Limited's B1 CFR and the (P)B1 rating on its senior secured MTN
program.

Its rating action follows the merger of India Infoline Finance with
its immediate holding company IIFL Finance.

For the senior secured bond issued out of the MTN program, Moody's
has substituted the issuing entity to IIFL Finance from India
Infoline Finance. As a result, Moody's has transferred the B1
senior secured debt rating to IIFL Finance Limited from India
Infoline Finance Limited. The senior secured debt rating also
remains under review for downgrade.

RATINGS RATIONALE

This rating action follows the merger of India Infoline Finance
with its immediate holding company IIFL Finance. The merger has not
materially impacted IIFL Finance's business profile, because India
Infoline Finance represented nearly 100% of its total assets when
it was operating as a subsidiary.

The CFR and senior secured MTN program ratings of India Infoline
Finance will be withdrawn as this entity has ceased to exist after
merging with its parent. The merger took effect on March 30, 2020
and as such, all debt instruments, commercial paper and bank
facilities were transferred to IIFL Finance from India Infoline
Finance.

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

Given the review for downgrade, IIFL Finance's ratings are unlikely
to be upgraded over the next 12-18 months. Nevertheless, the
ratings could be confirmed if the company maintains a stable
balance sheet and liquidity driven by (1) its ability to refinance
or raise new funding over the next few quarters, and/or (2) an
improvement in collection rates on its assets, such that the
company is able to meet its maturity obligations without a material
pressure on its liquidity.

IIFL Finance's ratings could be downgraded if the company's
liquidity deteriorates. The rating could also be downgraded if
there is a significant deterioration in its asset quality leading
to a material impact on its solvency metrics.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Headquartered in Mumbai, IIFL Finance Limited reported total assets
of INR 344 billion at March 31, 2020.

List of Affected Ratings

Issuer: IIFL Finance Limited

Corporate Family Rating, Assigned B1; Placed Under Review for
Downgrade

Senior Secured Medium-Term Note Program (Foreign and Local
Currency), Assigned (P)B1; Placed Under Review for Downgrade

Senior Secured Debt (Foreign Currency), B1 Rating (Issuer
substituted from India Infoline Finance Limited), Under Review for
Downgrade

Outlook, Assigned Rating Under Review

Issuer: India Infoline Finance Limited

Corporate Family Rating, Withdrawn, previously rated B1 Under
Review for Downgrade

Senior Secured Medium-Term Note Program (Foreign and Local
Currency), Withdrawn, previously rated (P)B1 Under Review for
Downgrade

Outlook, Changed to Rating Withdrawn from Rating Under Review

INDIA: Fears About Retail Loan Defaults Overblown, Says Macquarie
-----------------------------------------------------------------
Bloomberg News reports that the volume of Indian loans subject to
moratorium is dropping, suggesting that fears about large-scale
defaults on banks' retail lending books may be overblown, according
to analysts at Macquarie Group Ltd.

Based on soundings with home lending specialist Housing Development
Finance Corp. and Indian banks, "the unanimous feedback has been
that there has been a decline in the total loan book under
moratorium from the 25–30% numbers reported as of end-May,"
analysts led by Suresh Ganapathy wrote in a note, Bloomberg
relays.

It's too early to calculate the new figure, but at HDFC the
proportion of the retail loan book subject to deferral fell to 7%
as of June 15 from 21% in May, the note said.

"Hence, we believe worries about large-scale retail defaults are
exaggerated," the Macquarie analysts wrote.

According to Bloomberg, the Reserve Bank of India has allowed
borrowers to delay monthly payments on their loans until the end of
August, to provide some relief from a prolonged lockdown that has
shuttered businesses and left millions jobless.

A key reason for the decline in loans subject to moratorium was the
greater clarity on the additional liability borrowers will face,
Macquarie, as cited by Bloomberg, said. Also, some banks have
switched from an "opt-out" to an "opt-in" policy with the loans, it
added.

Under the new arrangement, borrowers have to request the payment
deferral, rather than being automatically included unless they opt
out.

Another factor is the lower rate of job losses among white-collar
staff than had been feared, which showed through in the salary
payments into their bank accounts, Bloomberg relates.

"Two major banks who have a large number of salary accounts
indicated that the salary uploads into the accounts dipped slightly
in April but were stable in May, and they have not seen any major
decline," Macquarie said.

However, banks remained cautious about reading too much into the
lower moratorium rates, the analysts said, relays Bloomberg.
Customers are still able to opt for the deferrals until the end of
August.

And despite the drop seen with retail lending, the moratorium ratio
on HDFC's corporate book stayed largely flat at around 40%,
Macquarie said.

KIRAN IMPEX: Ind-Ra Withdraws BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kiran Impex
Private Limited's Long-term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit is withdrawn; and

-- INR100 mil. Non-fund-based working capital limit withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender.

COMPANY PROFILE

Incorporated in 1994, Kiran Impex is engaged in the trading of
pharma intermediates, light-emitting diode lighting and solar power
equipment. It is also engaged in the manufacturing of bulk drugs.



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

The instrument-wise rating action is:

-- INR80.40 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 6, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

KSC was incorporated as a private limited company in 1985. It
manufactures auto components such as fasteners, sheet metal
components, brake & clutch parts, auto electric parts, etc. in its
factory located at Noida, Uttar Pradesh.


KUPPANNA POULTRY: Ind-Ra Gives 'BB-' Rating Pending Update
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Kuppanna Poultry Farm at
'IND BB-' with a Stable Outlook. As part of the ongoing rating
review exercise and in line with the regulatory requirement, Ind-Ra
had requested the issuer on June 3, 2020, April 9, 2020 and March
31, 2020, for updated information on the company's performance. In
view of the COVID-19 led lockdown, the issuer has informed the
agency that it needs more time to provide the required data. The
company has opted for the debt moratorium allowed by the Reserve
Bank of India until September 2020.

Ind-Ra is working with Kuppanna Poultry Farm to see if any
information can be readily provided, so that the agency can update
its credit view as per the regulatory requirement. Ind-Ra will try
to complete the process by July 30, 2020 using the best available
information. If Ind-Ra is unable to do so due to lack of adequate
data, then the rating may have to be migrated into the issuer
non-cooperating category, so that banks are aware that the agency
is unable to update its credit view.    




M G F MOTORS: CRISIL Lowers Rating on INR31.50cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of M G F Motors Limited (MGF) to 'CRISIL D' from 'CRISIL B/Stable'.
The downgrade reflects delays by the company in servicing its debt
obligations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Inventory              31.50     CRISIL D (Downgraded from
   Funding                          'CRISIL B/Stable')
   Facility               
                                    
   Term Loan               6.75     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating reflects the company's weak financial risk profile. The
weakness is partially offset by the established position in the
auto dealership market for Hyundai Motors India Ltd (HMIL) cars in
Kerala.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:  The financial risk profile is
constrained by highly leveraged capital structure and weak debt
protection metrics. The company reported large total outside
liabilities to tangible networth (TOLTNW) ratio of 47 times ended
March 31, 2019. On account of large interest cost and pressure on
profitability because of intense competition, interest coverage
ratio was subdued at 0.36 times in fiscal 2019.

Strength

* Established position in the auto dealership market for HMIL cars
in Kerala:  MML has an established market position among HMIL
dealers in Kerala. The company has 20 showrooms, 12 workshops, and
3 warehouses across five districts in Kerala. It operates its
dealerships under the MGF Hyundai brand. MML is the sole dealer for
HMIL spare parts and accessories in Kerala.

Liquidity Poor
The company had a stretch in the liquidity profile. The bank limits
were highly utilized due to working capital intensive operations.
Further, the net cash accruals was insufficient against the
repayment obligations during the period under review. Also, the
current ratio stood at around 0.7 times as on 31st March, 2020.

Rating Sensitivity factors

Upward Factors

* Timely servicing of debt obligation for at least 3 months.

* Improvement in the revenue profile, with EBITDA margin in the
range of 2-3 percent.

MML, set up in 1998, is an authorized dealer for HMIL in Kerala.
The company operates its showrooms under the MGF Hyundai brand.

MISHRA POLYPACKS: CRISIL Reaffirms 'B' Rating on INR21cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facility of Mishra Polypacks Private Limited (MPPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           21        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's subdued financial
risk profile, and exposure to risks arising from intense
competition and volatility in steel prices. The rating also takes
into consideration, the extensive experience of the promoters in
the steel trading industry.

Analytical Approach

Unsecured loan of INR2.52 crore, extended by MPPL's promoters as on
March 31, 2020, has been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to volatility in steel prices: Operating
profitability has been volatile in the past and remains exposed to
fluctuation in steel prices. Profitability is also constrained by
the trading nature of business with limited value addition and
exposure to intense competition. Further, any decline in revenue or
stretch in receivables on account of impact of COVID-19 will remain
a key monitoring factor.

* Below-average financial risk profile:  Financial risk profile is
marked by a small networth and high total outside liabilities to
tangible networth ratio of INR4.6 crore and 5.4 times, estimated
respectively, as on March 31, 2020. Interest coverage ratio is also
expected to be modest at about 1.2-1.3 times over the medium term.

Strength:

* Extensive experience of the promoters in the steel products
trading business:  The two-decade-long experience of the promoters,
in the steel trading business, their strong understanding of local
market dynamics and healthy relationships with customers and
suppliers, will continue to support the business risk profile.
Longstanding presence enables the promoters to anticipate price
trends and calibrate purchasing and stocking decisions.

Liquidity Stretched

Liquidity remains stretched, marked by low cash accrual and high
bank limit utilisation. Expected cash accrual is about INR50-60
lakhs per annum, in fiscals 2021 and 2022 against which the
maturing term debt is negligible. Bank limit utilisation averaged
97% over the 12 months through April 2020.

Outlook: Stable

CRISIL believes MPPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factors

Upward factors

* Reduction in gearing ratio to under 3 times and increase in
interest coverage ratio to over 1.5 times.

* Sustained improvement in operating margin resulting in higher net
cash accrual

Downward factors

* Decline in operating margin below 1.4 percent

* Further stretch in working capital cycle, led by higher
receivables or pile-up of inventory, thus constraining liquidity.

MPPL was set up in 1994, by the promoter, Mr. Sushil Kumar Mishra.
The company manufactures polypropylene (PP) bags at its facility in
Hyderabad. It also trades in various steel products, through
warehouses across Hyderabad, Bhagalpur and Kurnool.

MUTHU SILK: CRISIL Reaffirms B+ Rating on INR6.50cr Cash Debt
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facilities of Muthu Silk House (MSH).

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

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

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation, geographic concentration and intense
competition in textile retail business:  Though the firm has been
in operations for more than five decades in the same line of
business, its revenues is estimated at INR21 crore for fiscal 2020
(INR22.5 crores in fiscal 2019).While the firm has been able to
establish its brand in Puducherry; it has not diversified into
different states or regions and has been operating in the same area
for the past five decades.

* Below Average Financial Risk Profile:  MSH's financial risk
profile is below average marked by a leveraged capital structure
and modest debt protection metrics. Networth is small estimated at
INR3 crores as on March 31, 2020 (INR2.8 crores as on March
31,2019).Total outside liabilities to Tangible networth (TOLTNW) is
high estimated at over 3 times in fiscal 2020 (4.32 times in fiscal
2019) Further interest coverage and net cash accruals to total debt
is modest estimated at 1.46 times and 0,05 times respectively in
fiscal 2019(1.42 times and 0.04 times in fiscal 2019).

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

Liquidity Stretched

The sanctioned limits of INR6.5 crores was utilised on an average
at around 94.19 percent for the past twelve months through January
2020.Cash accruals though expected to be modest at around
INR0.30-INR0.40 crores is expected to be adequate against minimal
term debt obligations over the medium term.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors

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

* Improvement in capital structure

Downward factors

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

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

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


NARAYAN COTTON: CRISIL Reaffirms 'B' Rating on INR10cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Narayan Cotton Industries (NCI).

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

   Proposed Fund-
   Based Bank Limits       8.2      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the highly fragmented cotton ginning industry,
below-average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by the partners'
extensive industry experience and funding support.

Analytical Approach

Unsecured loans from the partners have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  Revenue was modest at INR39.65 crore
in fiscal 2019, and is estimated at INR38 crore in fiscal 2020. On
account of the Covid-19 outbreak and the resultant slowdown is
demand, sales are expected to fall by 15-20% in fiscal 2021.
Furthermore, intense competition in the cotton ginning industry
restricts bargaining power with customers, and hence, constrains
profitability.

* Average financial risk profile:  Networth was small at INR4.78
crore as on March 31, 2019; estimated at INR 5 crores as on March
31, 2020. Gearing and total outside liabilities to adjusted
networth ratio were at 2.95 times and 3.11 times, respectively, as
on March 31, 2019, and are estimated at 2.51 times and 2.67 times,
respectively, as on March 31, 2020. Debt protection metrics are
subdued, with interest coverage estimated at 1.4 times and net cash
accrual to total debt ratio estimated at 0.03 time in fiscal 2020.
The financial risk profile should remain subdued over the medium
term on account of high debt and low profitability.

* Large working capital requirement:  Operations are moderately
working capital intensive, as reflected in gross current assets of
128 days as on March 31, 2020, driven by large inventory of 92
days. This is on account of seasonality of cotton availability.

* Susceptibility to volatile cotton prices:  Cotton availability is
highly dependent on the monsoons. Furthermore, cotton production,
government interventions, and volatile global cotton output have
resulted in sharp fluctuations in cotton prices in the past, thus
impacting players' margin. Sustenance of the operating margin amid
volatile cotton prices will remain a key rating sensitivity
factor.

Strengths

* Extensive industry experience of the partners:  The partners'
experience of over a decade and strong relationships with suppliers
and customers will continue to support the business. Also, they
have been supporting NCI's operations and liquidity by extending
funds in the form of unsecured loans.

Liquidity Poor

Liquidity is poor with low expected cash accrual of INR0.10-0.20
crore per fiscal in fiscals 2021 and 2022 with no term-debt
obligation. The bank limit of INR10 crore was utilised at 58% on
average over the 12 months through April 2020. Cash and equivalent
was low at INR0.06 crore as on March 31, 2020.

Outlook: Stable

CRISIL believes NCI will continue to benefit from the extensive
industry experience of the partners.

Rating Sensitivity Factors

Upward Factors

* Increase in revenue or profitability, leading to net cash accrual
above INR1 crore

* Improvement in the financial risk profile, with interest coverage
above 1.8 times

Downward Factors

* Decline in revenue or profitability, leading to lower net cash
accrual

* Weakening of the financial risk profile, with interest coverage
below 1.1 times.

Set up in 2009 as a partnership firm by Mr. Paresh Patel and
others, NCI gins and presses cotton at its facility in Kadi,
Gujarat.

NORTHERN INDIA LEATHER: Ind-Ra  Puts 'B' Rating Pending Update
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Northern India Leather
Cloth Manufacturing Co. Private Limited at 'IND B' with a Stable
Outlook. As part of the ongoing rating review exercise and in line
with the regulatory requirement, Ind-Ra had requested the issuer on
June 2, 2020, March 11, 2020 and February 18, 2020, for updated
information on the company's performance. In view of the COVID-19
led lockdown, the issuer has informed the agency that it needs more
time to provide the required data. It has opted for the debt
moratorium allowed by the Reserve Bank of India until September
2020.

Ind-Ra is working with Northern India Leather Cloth Manufacturing
Co. to see if any information can be readily provided, so that the
agency can update its credit view as per the regulatory
requirement. Ind-Ra will try to complete the process by 15 July
2020 using the best available information. If Ind-Ra is unable to
do so due to lack of adequate data, then the rating may have to be
migrated into the issuer non-cooperating category, so that banks
are aware that the agency is unable to update its credit view.



OZONE INFRA: CRISIL Lowers Rating on INR78cr NCD to B+
------------------------------------------------------
CRISIL has revised its rating on the bank facilities of Ozone Infra
Con Private Limited (OICPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible       78         CRISIL B+/Stable (ISSUER NOT
   Debentures                       COOPERATING: Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with OICPL for obtaining
information through letters emails dated May 21, 2020 and May 27,
2020 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
failed to receive any information on either the financial
performance or strategic intent of OICPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OICPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has revised its rating on the bank
facilities of OICPL to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

OICPL incorporated in 2008 is involved in the development of plot
and apartment in Yalchanhalli, Hoskote taluka, Banglore. OICPL of
the Ozone group which is involved in the development of residential
projects, IT parks, commercial complexes, service apartments,
townships etc. Hoskote project is developed in two phases in which
OICPL will be developing the first phase of 13.70 acres of plot and
31.98 acres for residential apartments.

PARAMPUJYA SOLAR: S&P Places 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------------
On June 18, 2020, S&P Global Ratings placed its 'BB+' long-term
issue rating on Parampujya Solar Energy Pvt. Ltd. Restricted
Group's (PSEPL RG) senior secured notes on CreditWatch with
negative implications.

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

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

Risks:

-- Possible delays in receivables due to exposure to weak state
electric utilities in India (such as in Punjab, Uttar Pradesh, and
Karnataka). The legal mechanism for recovery of overdue payments
has not been frequently invoked.

-- Moderate-to-low DSCR with minimum DSCR of about 1.18x and a
limited track record of operations.

-- Yet-to-be-proven record of arresting degradation of generation
profile through regular capital expenditure (capex).

Strengths:

-- Fixed-price long-term contracted PPAs for the entire capacity
and the "must dispatch" status of renewables provide good
visibility of cash flows.

-- Pool of well diversified solar assets spread across different
sites in India and presence of stronger counterparties such as NTPC
should limit volatility in operating performance.

-- Strong covenant structure with debt amortization, debt sizing,
forward-looking lock-up, and a distribution test that ratchets up
as performance deteriorates.

Further weakening in offtakers' credit profiles and PSEPL RG's
working capital requirements could increase the project's
leverage.

S&P believes the COVID-19 pandemic could further weaken the credit
profiles of PSEPL RG's offtakers (discoms) as the fiscal position
of the state governments supporting them comes under pressure.

S&P said, "PSEPL RG's receivables position to-date has been in line
with our expectations, but any delay in collection of receivables
can result in higher working capital requirements than we estimate.
We will assume working capital facilities to be fully drawn when
signed, and as such, any increase in such executed facilities
beyond our initial assumption of Indian rupee (INR) 4.5 billion
could result in a lower DSCR than our current expectations of a
minimum of 1.18x."

The pandemic is lowering cash collections and reducing energy
demand, while high-priced, committed PPAs continue to squeeze the
liquidity of discoms. S&P expects power demand to recover, but
India is likely to have its first ever power surplus in the fiscal
year ending March 2021. Discoms will face further losses absent
higher tariffs and lower transmission and distribution (T&D)
losses. These companies will likely continue to rely on support
from state governments because, absent such support, many discoms
have unsustainable capital structures.

The weak liquidity of discoms has significantly lowered cash
collection rate nationwide to 60%-70% in April and May 2020. This
compares with more than 90% cash collection in the past.
Consequently, S&P will need to re-evaluate the one-notch uplift to
the rating to reflect its view that the project is insulated from
the credit profiles of the weakest offtaker(s). This insulation is
based on regulatory and legal precedence due to the project's
ability to exercise all legal recourses to recover overdue bills
directly from end-customers through an escrow mechanism. However,
such systemic delays in collections may indicate limited efficacy
in PSEPL RG being able to invoke such a mechanism when required.

Fiscal measures by state governments to offset the impact of the
pandemic and to stabilize the economy, coupled with a decline in
operating revenue, could weaken states' budgetary performance. In
our view, the risks to economic recovery and thereby the budgetary
position of states will remain elevated for the next one to two
years. State governments' credit profiles and ability to support
weaker discoms could therefore come under stress.

State government guaranteed loans could help the offtakers to clear
overdue payments, releasing cash to generation companies. However,
in the absence of a sustainable solution to resolve the weak credit
health, excess leverage, and high losses of discoms, risk of
delayed payments remains. On May 13, 2020, the Indian government
announced that state-owned power sector lenders Power Finance Corp.
Ltd. (PFC: BBB-/Negative/--) and REC Ltd. will extend INR900
billion (approximately US$12 billion) in state-guaranteed loans to
government-owned discoms. This amount is almost equal to the
overdue amount of INR940 billion that the discoms owed to
generation and transmission companies at end of March 2020.

Uncertainty on hedging costs, renewal could weaken PSEPL RG's
DSCR.

In view of the sharp volatility in foreign exchange rates and
disruption in capital market funding post COVID-19, S&P is
re-evaluating its edium-term assumptions for hedging costs,
rollover, and refinancing risk for projects in India.

PSEPL RG's operational revenues are denominated in Indian rupees,
while its borrowings are in U.S. dollar. This creates a currency
mismatch, which is hedged through currency swaps. In calculating
the DSCR, S&P has assumed future hedge costs will remain at the
same level as at the close of the initial transaction.

Due to the short-term nature of the US$-INR currency hedge market,
PSEPL RG's one-year hedge contract is shorter than the bond's
5.5-year tenor. This exposes the project to the risk of potentially
higher hedge costs at the time of hedge renewal than what we have
assumed. Heightened refinancing risk could also stem from the
exchange of principal at the end of each hedge period. Furthermore,
hedge renewal risk could be heightened if: (1) counterparties
(rated at or above the project rating level) willing to provide a
currency hedge at the time of renewal are limited; or (2) the depth
of the US$-INR hedge market is negatively impacted by market
conditions that affect the economic execution of future currency
hedges.

The rating could be weak-linked to the project's bank counterparty
credit profile.

S&P said, "We are reviewing the legal mechanisms to protect PSEPL
RG's cash flows in its operating bank account with IDFC First Bank,
if the bank becomes insolvent. This is given our assessment that
the bank's credit profile is weaker than the project debt rating."
The rating on the project will be capped at our assessment of IDFC
First Bank's credit profile. This will happen if PSEPL RG does not
replace IDFC First Bank with a bank that has at least the same
creditworthiness as the project, or have satisfactory mitigants to
isolate the project's cash from the credit quality of the bank.

PSEPL RG's operating performance for fiscal 2020 was in line with
S&P's P90 estimates (actual generation to be minimum estimated
units at least 90% of the time). The average accounts receivable
turnover in days for the project was about 50 days in May 2020. The
project recorded a DSCR of 1.60x as per the compliance certificate
as at Sept. 30, 2019.

The CreditWatch placement with negative implications reflects our
expectation that further weakening in the credit profile of PSEPL
RG's offtakers, hedging renewal risks, and review of S&P's
analytical approach could lead to lower DSCR than we expect for the
rating. The CreditWatch also reflects the potential for the rating
on the project to be capped at IDFC First Bank's credit profile.

S&P aims to resolve the CreditWatch within the next 90 days, based
on its review of project offtakers' and bank's counterparty credit
risks and after re-evaluating its approach to determine the hedging
risk and multiple issuer structure.

S&P may lower the rating if PSEPL RG's projected minimum DSCR under
its base case is below 1.17x on a sustained basis. This could occur
if:

-- Risk of delayed collections and ability of the project to
recover overdue receivables increases, resulting in higher leverage
due to an increase in debt to cover such shortfalls.

-- Hedging renewal costs are higher than our expectations.

-- S&P expects a lower likelihood of support from the Indian
government for central and state utilities.

S&P said, "We may also lower the rating if: (1) the weak-linked
counterparty credit profile of PSEPL RG's power offtakers goes down
by one notch or if we believe the one-notch rating uplift due to
the project's insulation from its weakest counterparty is no longer
appropriate; or (2) we assess that the bank's credit profile is
weaker than the rating on the project and that there is
insufficient legal protection for the funds in PSEPL RG's bank
account with IDFC First Bank."

S&P may remove the rating from CreditWatch if the project maintains
stable cash flows with billing in line with P90 generation
estimates and:

-- S&P does not expect further pressure on the weak-linked
counterparty credit profiles of PSEPL RG's power offtakers, and the
one-notch uplift due to insulation benefits remains intact.

-- PSEPL RG's additional working capital facilities and estimated
hedging renewal costs do not significantly weaken the project's
DSCR below 1.17x.

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

-- In S&P's view, the bank account counterparty's credit profile
is at least the same as the rating on the project, or there are
sufficient mitigants to isolate the funds in the bank account from
the insolvency of the bank.


POGGENAMP NAGARSHETH: Ind-Ra Affirms 'D' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Poggenamp
Nagarsheth Powertronics Private Limited's (PANPPL) Long-Term Issuer
Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit (Long-term/Short-
     term) affirmed with IND D rating;

-- INR220 mil. Non-fund based working capital limits (Short-term)

     affirmed with IND D rating; and

-- INR72 mil. Term loan limits (Long-term) due on March 2023
     affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects PANPPL's delays in servicing debt
obligations since February 2019 due to tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Established in 1982, PANPPL is promoted by Gauttam Nagarsheth and
Gaurang Nagarsheth. The company manufactures electrical motor
components called motor stampings and laminations, rotors &
stators, etc. It has a unit with an installed capacity of 15,000
metric tons per annum at Vavdi Dist Kheda, Ahmedabad.

PRAHLAD RAI: CRISIL Reaffirms B+ Rating on INR4.5cr Proposed Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Prahlad Rai Agrawal (PRA). The rating
continues to remain constrained by modest scale of operation,
negligible order book and weak liquidity. This is offset by
extensive experience of promoters in the construction industry.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        7.5        CRISIL A4 (Reaffirmed)
   Cash Credit           0.5        CRISIL B+/Stable (Reaffirmed)
   Proposed Bank
   Guarantee             4.5        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations continue to
remain modest with expected operating income of INR6.4 crore in
fiscal 2020. Revenue stood at INR22 crores in fiscal 2019. Scale is
expected to continue to remain modest on account of negligible
order book.  As sales is almost entirely tender-based, revenue
remains dependent on ability to bid successfully for tenders.

Strengths

* Extensive experience of the promoter: Benefits from the
promoter's experience of over three decades, and track record at
executing several projects should continue to support the business.
The experience has helped get regular orders from its customers.

Liquidity Stretched

Liquidity is weak. Peak bank limit utilization is utilized on
average at 85.4% over the past 12 months ending March 2020. In some
months, limit have also been fully utilized thereby leaving no
cushion available in bank lines. The cash accruals stood at INR1.88
crore in fiscal 2019. Net Cash accruals is expected to remain
modest due to limited orders available to execute in fiscal 2020 at
around INR50 lakhs. Cash accruals are expected to remain between
INR40-50 lakhs against which debt repayment obligations of INR5-10
lakhs over the medium term.

Outlook: Stable

CRISIL believes PRA will continue to benefit over the medium term
from the promoter's extensive experience

Rating Sensitivity Factor

Upward Factor

* Improvement in scale of operations at healthy operating
profitability

* Improvement and sustenance of cash accruals above INR80 lakh

Downward Factor

* More than expected drop in topline or profitability

* Deterioration in cash accruals below INR20 lakh.

Set up in 1985, PRA undertakes civil construction projects mainly
related to construction of roads and bridges. The company is based
at Surguja, Chattisgarh.

RAGHUVIR DEVELOPERS: Ind-Ra Withdraws 'BB', Non-Coop. Issuer Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raghuvir
Developers and Builder's (RDB) Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR3,544.3 bil. Term loan# due on September 2022 maintained in

     the non-cooperating category and withdrawn; and

-- INR90 mil. Fund-based working capital limit* maintained in the

     non-cooperating category and withdrawn.

#Maintained in 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

*Maintained in 'IND BB (ISSUER NOT COOPERATING)' / 'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

RDB did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings, as it has received no objection
certificates and no due certificates from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Registered in November 2006, RDB is a partnership firm engaged in
the construction of residential and commercial real estate projects
in Surat, Gujarat.



SARASWATHI ENG'G: CRISIL Reaffirms B+ Rating on INR4.5cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Saraswathi Engineering Construction Private Limited (SEPL) at
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.5        CRISIL A4 (Reaffirmed)

   Cash Credit/
   Overdraft facility    4.5        CRISIL B+/Stable (Reaffirmed)

   Proposed Overdraft
   Facility              1.0        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations in the intensely competitive civil construction industry
with geographical concentration in revenue and modest financial
risk profile. These weaknesses are partially offset by its
promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in an intensely competitive industry
with geographical concentration in revenue:  Scale of operations is
estimated to be around INR10.04 crore as on March 31, 2020.   Small
projects executed in the past, limit the company's ability to bid
for large projects. Tender-based operations and fragmentation in
the civil construction industry will continue to constrain its
operating margin. CRISIL believes that the scale of operations
shall continue to remain modest over the medium term.  Further,
SEPL's operations are restricted to Tamil Nadu, and revenue is
primarily from projects executed for Central Public Works
Department (CPWD), exposing the company to the risk of delays or
change in investment plans, and political situation.

* Modest financial risk profile: SEPL's financial risk profile is
modest marked by weakening of interest coverage in fiscal 2021, due
to weakening of interest coverage, primarily due to weaker turnover
and profitability. Nevertheless, the financial risk profile is
partially supported by a gearing of less than 1 time as on March
31, 2020. The financial risk profile is expected to gradually
improve over the medium term, with moderation in operating
performance.

Strength

* Promoters' extensive industry experience:  Based on the
promoters' two decades of industry experience, SEPL has established
strong relationships with major customers leading to regular
orders. The company is a registered class-1 contractor with CPWD
and Tamil Nadu Public Works Department, and has an established
track record of executing projects for construction of central and
state government buildings.

Liquidity Poor

Liquidity is expected to be poor with expected net cash accruals in
the range INR 0.20 crore- INR 0.60 crore over the medium term.
Liquidity is further constrained by high bank limit utilisation of
the working capital limits at 91% for the past 12 months ended
March 2020.  The liquidity is partially supported by funding
support in the form of unsecured loans from promoters. However, the
firm does not have any long term debt repayment obligations.
Nevertheless, the liquidity is expected to remain poor over the
medium term.

Outlook: Stable

CRISIL believes SEPL will continue to benefit from its promoters'
extensive industry experience.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by 20%

* Improvement in working capital cycle

Downward factors

* Decline in operating profitability to below 5%

* Any Large debt-funded capital expenditure which may weaken
financial and liquidity structure.

SEPL was set up in 1984 as a partnership firm, and was
reconstituted as a private limited company in 1986. It is managed
by Mr. P Kandasamy and his family members. The company is a civil
contractor (mainly for buildings).

SHRI JAGADGURU: Ind-Ra Keeps 'BB' Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Jagadguru
Co-operative Hospital Society Ltd's term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR65 mil. Term loan maintained in a non-cooperating category
with IND BB (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 29, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Shri Jagadguru Co-operative Hospital Society runs a 150-bed
allopathy hospital and a 220-bed ayurvedic hospital and manages an
ayurvedic medical college, a nursing college, and a nursing school.
In addition, it runs a naturopathy center. Its hospitals and
colleges are spread across 68 acres in the Ghataprabha town in the
Belgavi district, Karnataka.

SIDDHI WEAVES: Ind-Ra Cuts LT Issuer Rating to 'BB+', Not Coop.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Siddhi Weaves
Private Limited's (SVPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook was Stable. The agency has simultaneously
migrated the rating to the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR270 mil. Fund-based working capital facilities downgraded
     and migrated to non-cooperating category with IND BB+ (ISSUER

     NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;   

     and

-- INR548 mil. Term loans due on March 2025 downgraded and
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The downgrade reflects SVPL's credit metrics and operating EBITDA
in FY19 being weaker than the management's projections for the
year. Based on the financials available in the public domain, the
company's credit metrics remained modest in FY19, with net leverage
of 5x (FY18:11x) and interest coverage of 2.5x (13x) against the
management's projections of about 3x and  about 2.5x, respectively.
The operating EBITDA stood at INR183 million for FY19 (FY18: INR85
million), lower than the EBITDA of INR185 million recorded in
9MFY19 (provided in the previous rating exercise), against the
management's projections of about INR295 million. The revenue,
however, rose to INR2,025 million in FY19 (FY18: INR1125 million).
The scale of operations continued to be medium.  
SWPL did not participate in the surveillance exercise and has not
provided information such as audited financials, interim
financials, the projections for the next five years, utilization
reports and other key details required for the surveillance
exercise.

COMPANY PROFILE

Incorporated in June 2013, Siddhi Weaves Private Limited is engaged
in the dyeing, weaving and manufacturing of denim fabrics. The unit
is located in Ahmedabad, Gujarat. The company commenced operations
in January 2016.


SNEHAL ENTERPRISES: CRISIL Lowers Rating on INR34cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Snehal Enterprises (SE) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' since the firm is a
wilful defaulter.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        34        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated June 5, 2020; December
9, 2019; and June 29, 2019; 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
failed to receive any information on either the financial
performance or strategic intent of SE, which restricts its ability
to take a forward-looking view on the entity's credit quality.
CRISIL believes information available on SE is consistent with
Scenario 1 outlined in the Framework for assessing consistency of
information with CRISIL BB category or lower.

Based on the last available information, CRISIL has downgraded its
rating on the long-term bank facility of SE to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' since
the firm is a wilful defaulter.

Set up in 2007, SE is a Hindu Undivided Family business owned and
managed by Mr. Nitin Jain and his family members. The firm trades
in various agricultural commodities including rice, paddy, and
bardana in the local markets of Punjab and Delhi. It is based in
Amritsar, Punjab.

SRI MADAN GOPAL: CRISIL Lowers Rating on INR6cr Debt to 'D'
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (MGB) to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         2        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B-/Stable
                                ISSUER NOT COOPERATING')

   Foreign Bill        6        CRISIL D (ISSUER NOT COOPERATING;
   Purchase                     Downgraded from 'CRISIL B-/Stable
                                ISSUER NOT COOPERATING')

   Packing Credit      4        CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with MGB for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MGB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MGB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MGB is migrated to 'CRISIL D/CRISIL D Issuer Not
Cooperating' as It was recently brought to CRISIL's attention that
there were delays in servicing maturing debt obligation by the
company which pertains to before March 2020.

MGB, incorporated in 2006, is promoted by Mr. Rajesh Mall and is
based in Jaipur. It trades in and exports agricultural products,
such as spices, animal feeds, and herbs. It also trades in lac,
used in bangles and paints, in the domestic market. Its directors
are Mr. Rajesh Mall and Mrs. Kusum Mall.

SUBIR DIAMONDS: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Subir Diamonds Pvt
Ltd.'s (SDPL) Long-Term Issuer Rating at 'IND B'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR90 mil. Fund-based limits affirmed with IND B/Stable
     rating.

KEY RATING DRIVERS

The affirmation reflects SDPL's continued small scale of operations
with revenue declining to INR740 million, according to the
provisional financials for FY20 (FY19: INR938 million). The revenue
fell in FY20 due to a significant decline in demand in the last
quarter due to the COVID-19 outbreak leading to declining export
sales to China and European countries.

The ratings continue to constrained by SDPL's modest EBITDA margins
even though they turned positive at 0.8% in FY20 (FY19: negative
0.1%) due to the changes in the price of diamond imports. The
company's profitability remains susceptible to volatility in
diamond prices and fluctuations in foreign exchange rates. The
return on capital employed was 4% in FY20 (FY19: negative 1%). The
company's credit metrics remained weak despite interest coverage
(operating EBITDA/gross interest expense) turning positive at 1.6x
in FY20 (FY19: negative 0.2x) and net leverage (adjusted net
debt/operating EBITDAR) coming in at 3.7x (negative 14.3x). The
recovery of the credit metrics in FY20 was due to a rise in the
absolute EBITDA to INR5.78 million (FY19: negative INR0.65
million).

Liquidity Indicator – Stretched: SDPL's cash flow from operations
continued to negative at INR12.08 million (FY19: negative INR55.02
million). The company's average maximum utilization of fund-based
facilities in the 12 months ended May 2020 was comfortable at 62.7%
and the cash balance at end-March 2020 was INR33.32 million,
including unrestricted fixed deposit. Furthermore, the issuer has
not availed the Reserve Bank of India-prescribed moratorium from
its banker and has been paying the interest timely until date.

The ratings continue to derive comfort from the directors'
experience of over three decades in the diamond business.

RATING SENSITIVITIES

Negative: Any decline in the operating margin and deterioration in
the credit metrics will lead to negative rating action.

Positive: An improvement in the operating margin, along with the
interest coverage sustaining above 1.5x may lead to positive rating
action.

COMPANY PROFILE

Incorporated in 1982, SDPL is a private limited company with a
registered office in Mumbai. It manufactures round cut diamonds and
imports polishes and exports rough diamonds.


SVARRNIM INFRASTRUCTURES: Ind-Ra Cuts LongTerm Issuer Rating to B+
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Svarrnim
Infrastructures Private Limited's (SIPL) Long-Term Issuer Rating to
'IND B+' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits downgraded with IND B+ / Stable /

     IND A4 rating; and

-- INR247.5 mil. Non-fund-based limits downgraded with IND A4
     rating.

KEY RATING DRIVERS

Liquidity Indicator - Poor: The downgrade reflects SIPL's stretched
liquidity, as evident from the over-utilization of the fund-based
working capital limits over the 12 months ended May 2020. The
company's cash and cash equivalents stood at INR6.83 million at
FYE19 (FYE18: INR10.36 million). SIPL's net working capital cycle
elongated to 59 days in FY19 (FY18: 23 days) on account of a
decline in debtor days and inventory days, resulting from delayed
payments from counterparties and an increase in unbilled work.
Consequently, the cash flow from operations and free cash flow
declined in FY19 to INR16.50 million (FY18: INR30.29 million) and
INR11.14 million (INR35.59 million), respectively. The company's
cash flows are likely to have remained positive in FY20. Ind-Ra
expects the liquidity to improve in the medium term in the absence
of any major debt-led capex plan.

The ratings reflect the continued small scale of operations, as
indicated by revenue of INR483.72 million in FY19 (FY18: INR912.18
million). The revenue declined due to delays in order execution as
well as realization of the work orders. Ind-Ra expects the revenue
to have remained close to FY19 levels in FY20, and believes it
would continue to be at similar levels in the short-to-medium term
due to the low order book.

The ratings factor in SIPL's comfortable credit metrics due to the
healthy EBITDA margins. The metrics deteriorated in FY19 on account
of a decline in the absolute EBITDA to INR41.93 million (FY18:
INR70.19 million). The interest coverage (operating EBITDA/gross
interest expense) was 2.98x in FY19 (FY18: 3.67x) and the net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 1.38x
(0.84x). Ind-Ra expects the credit metrics to have remained close
to FY19 levels in FY20, and to be at similar levels in the medium
term, in the absence of any debt-led capex plans.

The ratings are supported by the healthy EBITDA margins due to the
execution of high-margin projects. The margin rose to 8.67% in FY19
(FY18: 7.69%) due to a reduction in construction cost. The RoCE
stood at 17.2% in FY19 (FY18: 32.8%). Ind-Ra expects the margins to
have remained near FY19 levels in FY20, and to continue to be at
similar levels in the medium term.

The ratings also benefit from SIPL's promoters' experience of
almost a decade in the government contracting business.

RATING SENSITIVITIES

Negative: A significant decline in the scale of operations, leading
to deterioration in the liquidity profile, on a sustained basis,
would be negative for the ratings.

Positive: A significant improvement in the scale of operations,
driven by a stronger order book position, along with an improvement
in the liquidity position, on a sustained basis, would be positive
for the ratings.

COMPANY PROFILE

Established in February 2010, SIPL is engaged in the business of
civil construction work mainly for government organizations. The
unit has its registered office in Delhi.


T. R. POLYPET: CRISIL Rates INR5.98cr Loan at 'D'
-------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
T. R. Polypet Industries (TRPI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit &         5.98       CRISIL D (Assigned)
   Working Capital
   demand loan           

The rating reflects TRPI's poor liquidity, small scale of operation
and weak financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoter and his
established relationships with customers and suppliers.

Key Rating Drivers & Detailed Description

* Delay in servicing of debt and bank limit overutilization: The
firm has delayed repayment on its term debt and also overutilized
the cash credit limit for more than 30 days on a continual basis
for the past 1 year because of poor liquidity.

Weaknesses

* Small scale of operation:  TRPIs business risk profile is
constrained by its small scale of operation in the intensely
competitive Packaging - Metal, Plastic and Glass industry. It has
booked revenue of only INR 8.49 crore in fiscal year 2019.
Moreover, the revenue is expected to decline substantially to
around INR1.5 crore in fiscal 2020. TRPIs small scale of operation
will continue to limit its operating flexibility.

* Weak financial risk profile: Net worth is estimated to be low at
INR1.86 crore, resulting in a weak financial risk profile with
estimated high gearing of 3.11 times as on March 31, 2020.
Moreover, the debt protection metrics are also weak with estimated
interest coverage and net cash accrual to total debt ratios of 0.07
time and (0.09) time respectively in fiscal 2020.

Strength
* Extensive industry experience of the promoter: The promoter has
an experience of over 10 years in Packaging - Metal, Plastic and
Glass industry. This has given him an understanding of the dynamics
of the market, and enabled him to establish strong relationships
with suppliers and customers.

Liquidity Poor
Poor liquidity has caused delays in servicing the term debt, and
overutilization of the bank limit. Bank limit utilisation was high
at 102% averaged over the 11 months through January 2020. Current
ratio is estimated to be low at 0.95 times as on
March 31, 2020.

Rating Sensitivity Factors

Upward Factors

* Track record of timely debt servicing for at least 90 days post
moratorium

* Improvement in liquidity.

TRPI is a Lucknow (Uttar Pradesh) based proprietorship firm
established in 2009 by Mr. Chandra Shekhar Verma. The firm is
engaged in manufacturing of pet preform and jar which are used in
the packaging industry.

TATA MOTORS: Moody's Cuts CFR & Senior Unsecured Rating to B1
-------------------------------------------------------------
Moody's Investors Service has downgraded Tata Motors Limited's
corporate family rating and the company's senior unsecured
instruments rating to B1 from Ba3.

The outlook on all ratings has been changed to negative from
ratings under review.

This rating action concludes the review for downgrade initiated on
March 26, 2020.

RATINGS RATIONALE

"The downgrade reflects the sustained deterioration in TML's credit
profile and its expectation that it will take longer than Moody's
had previously expected for the company's credit metrics to return
to levels appropriate for a Ba3 CFR," says Kaustubh Chaubal, a
Moody's Vice President and Senior Credit Officer.

TML's credit profile was already under pressure due to lower auto
sales and falling demand in TML's key markets even prior to the
coronavirus outbreak.

"The pandemic has amplified the pressure on TML's cash flows and
will likely result in a prolonged period of weak credit metrics.
Moody's expects the company's adjusted EBITA margin to remain
negative in the fiscal year ending in March 2021 (fiscal 2021),
while its adjusted debt/EBITDA will stay above 10.0x," adds
Chaubal, who is also Moody's Lead Analyst for TML.

TML's credit profile is more in line with a B2 rating; however,
Moody's expectation of extraordinary support from its parent Tata
Sons Ltd., in times of need, results in a one-notch uplift of the
CFR to B1. Tata Sons and other Tata Group companies have been a
supportive shareholder over the years, as reflected in various
equity injections including the most recent $927 million equity
infusion in October 2019, taking the Tata Group shareholding in TML
(upon conversion of warrants) to approximately 46.4%.

TML's operations include its 100%-owned premium car manufacturer
Jaguar Land Rover Automotive Plc (JLR, B1 negative), as well as its
commercial vehicles and passenger vehicles businesses in India, TML
India.

Its rating action reflects the acute challenges faced by TML India
from the Indian auto sector's slowing sales stemming from sluggish
economic activity, weak liquidity, tight financing norms, and poor
consumer sentiment.

Although TML commands a 43% market share in India's CV segment,
Moody's expects around 25% decline in its wholesale unit sales in
fiscal 2021 on the back of a 34% decline in fiscal 2020. Such weak
demand prospects put additional pressure on its credit profile as
this segment has subsidized the loss-making PV operations for
several years.

TML India's PV business continues to lose market share and reported
losses in fiscal 2020. Moody's expects TML to curb the unit sales
decline to around 10% in fiscal 2021 from 37% the prior year,
reflecting the company's new model launches compliant with the
transition to Bharat VI emission norms from April 1, 2020. That
said, TML India's ability to quickly turn around this business
remains challenged, especially since the PV segment is crowded with
domestic and large multinational automakers. The company is also in
the process of transferring TML India's PV operations into a newly
formed wholly owned subsidiary to allow the entry of a strategic
partner.

Moody's notes TML India's just announced capex reduction and cost
saving programs that should help the company in reducing the cash
burn.

Meanwhile, JLR -- which continues to dominate TML's consolidated
revenue and EBITDA -- is weakly positioned at its B1 negative
rating. While the challenges posed by the pandemic will
significantly weigh on JLR's performance for fiscal 2021, resulting
in negative free cash flow and an adjusted debt/EBITDA higher than
10.0x, the UK subsidiary was on a positive trajectory prior to the
pandemic. Moody's believes that a degree of market recovery,
ongoing model launches, including refreshes and the company's
extended restructuring program, will lead to an improvement in
JLR's performance by fiscal 2022.

Outlook

The negative outlook reflects the considerable operating challenges
and downside risks that TML faces through fiscal 2022 while
implementing its restructuring plan -- in India and at JLR -- and
attempting to restore its competitive position in the face of the
coronavirus pandemic.

Liquidity

TML's consolidated liquidity is adequate, mainly driven by JLR's
GBP3.7 billion ($4.6 billion) of cash and short-term investments at
March 31, 2020 and the company's fully undrawn committed GBP1.9
billion ($2.4 billion) revolving credit facility due July 2022.
However, JLR's liquidity is not easily transferable and Moody's
does not expect TML to extract any cash, at least not until JLR
returns to generating profits and can afford to pay dividends in
line with its financial policies of up to 25% of net income.

In contrast, TML India's liquidity is weak. Moody's anticipates TML
India's cash sources: cash of $700 million at March 31, 2020, an
$200 million undrawn multi-year revolver (maturing in 2022), equity
injection of $300 million from Tata Sons with the warrant
conversion, and $130 million INR bond issuance in the current
quarter to be insufficient to meet capital expenditure and debt
repayments (including short-term debt) aggregating $2.1 billion
over the next 18 months to September 2021. A part of this shortfall
could be funded from a long term $400 million loan that the company
is in the process of raising. As well, Moody's estimates that TML
India's cash flow from operations should aid in reducing the
deficit, although intra-year working capital volatility will cause
continued reliance on short-term 364-day working capital facilities
to tide over temporary mismatches. Thanks to its association with
the Tata brand, TML also continues to have strong access to the
domestic capital markets, and has long-standing relations with
Indian and multinational banks.

ESG considerations

The widening spread of the coronavirus outbreak, deteriorating
global economic outlook, falling oil prices, and asset price
declines are creating a severe and extensive credit shock across
many sectors, regions and markets. The global automotive industry
is one of the sectors most severely impacted by the outbreak.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

In addition, meeting regional emission requirements, particularly
those relating to CO2, is one of the most pressing and challenging
objectives facing the auto industry over the medium to long term.
The continued tightening of emission standards and regulations
across most major markets, driven by environmental concerns, also
requires investments into greater efficiency and electrification to
maintain compliance and avoid fines or additional costs.

Accordingly, environmental considerations are a material
consideration for this rating action, because these trends restrict
the company's -- and in particular JLR's -- ability to reduce
certain investments. The varying pace of adoption of hybrid and
electric vehicles among different consumers presents a challenge
for original equipment manufacturers, including JLR and to some
extent also TML.

The modest contribution of TML's alternate fuel vehicle units to
its global light vehicle unit sales exposes it to fast-evolving and
stringent regulations on emissions and AFVs in its key markets of
China, the US, and Europe. However, Moody's notes TML's continuous
investments in preparing for the future as well its stated policy
that all new JLR models launched from 2020 will have hybrid or
electric variants. And in India, TML transitioned to producing
Bharat VI (the equivalent of Euro VI emission norms) compliant
vehicles from April 2020.

Ownership and control are key to Moody's assessment of governance
risk, with concentrated ownership having either a positive or
negative influence on corporate performance. Whereas concentrated
ownership and control can raise potential conflicts of interest
and/or related-party transactions that are not aligned with
creditor interests, the concentrated ownership with Tata Sons has
benefited TML and its creditors. TML is 42.4% owned by Tata Sons
and various other entities of the Tata Group, and pro-forma the
preferential allotment of shares and conversion of warrants, the
Tata Group will own 46.4% in TML. Consequently, Moody's views
governance risk as moderate with no overall impact on TML's
ratings.

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

TML's ratings could be further downgraded if (1) JLR's ratings are
downgraded; or (2) TML India's performance remains weak amid
subdued market conditions, input cost pressures, disappointing new
product sales, or a decline in market share, in turn resulting in
weakening earnings and cash flow.

Specific metrics indicative of a downgrade includes TML's leverage
remaining above 8.0x or EBITA margins remaining below 2%, both on a
sustained basis.

Any change to Moody's assumption of support from Tata Sons could
also prompt a revision to the one-notch uplift incorporated in
TML's ratings.

The rating outlook could return to stable if the outlook on JLR's
B1 ratings returns to stable and TML India's operations improve
significantly, both resulting in an improving trajectory of TML's
credit metrics.

The rating could be upgraded over the longer term if (1) JLR's
operating performance and consequently its credit metrics improve,
resulting in a rating upgrade; (2) TML India arrests the sharp
decline in CV and PV sales volumes; (3) the Indian PV business
generates sustainable positive EBITDA and restores the
profitability of the CV businesses to at least pre-coronavirus
levels; and (4) the effects of these are reflected in a sustained
improvement in TML's consolidated credit metrics.

Specific metrics indicative of an upgrade includes TML's leverage
falling below 6.0x, EBITA margins rising above 3% and positive free
cash flow generation, all for sustained periods.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Tata Motors Limited is the flagship automotive company of India's
largest conglomerate, Tata Sons and its group of companies.
Incorporated in 1945, TML is the largest manufacturer of commercial
and passenger vehicles in India. The company's products include
light, medium and heavy vehicles, such as trucks, pick-ups and
buses, utility vehicles and passenger cars.

TML's acquisition of Jaguar Land Rover Automotive Plc in 2008
diversified the group's profile through JLR's presence in the
international markets of the UK, Europe, the US, China, Russia and
Brazil, and the introduction of a diversified product range that
includes JLR's product suite across luxury cars.

TML is listed on the Bombay Stock Exchange, the National Stock
Exchange and the New York Stock Exchange. As of March 2020, TML was
42.4% owned by Tata Sons and other Tata Group companies. Pro-forma
the just announced preferential allotment of shares and conversion
of the warrants, the Tata Group shareholding in TML will increase
to 46.4%.

THANGAMMAN TEXTILES: CRISIL Reaffirms B Rating on INR3.86cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Thangamman Textiles - Coimbatore (TT).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.39        CRISIL A4 (Reaffirmed)
   Cash Credit          2.75        CRISIL B/Stable (Reaffirmed)
   Term Loan            3.86        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations, below-average financial risk profile, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the partners in the textile industry. The
ratings also reflect regular debt servicing by the firm during the
past 12 months.

The lockdown and other measures taken by various central and state
governments towards containment of COVID-19 are expected to only
have a moderate impact the business risk profile of TT, as the
company's operations have resumed from last week of May, 2020
albeit at lower operating rates. CRISIL has also taken into
cognizance the moratorium for interest payment related to working
capital and for term loan repayment being granted by the banker for
5-6 months, as permitted by the Reserve Bank of India, which should
significantly contain the risk of default. CRISIL believes the
company would also be able to revive its operations over the next
two-three months and would also continue to see a steady inflow of
receivables from its customers, over the medium term. Further, as
the fixed costs proportion is relatively low, the extent of
negative impact on the profit margins and net accruals in fiscal
2021 due to the lockdown should be muted.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  The scale of operations remains
modest, as reflected in estimated revenue of INR11.50 crore in
fiscal 2020, mainly on account of the highly fragmented textile
industry.

* Below-average financial risk profile: Networth is small,
estimated at INR2.15 crore, and total outside liabilities to
adjusted networth ratio is high, estimated at 2.21 times, as on
March 31, 2020. Debt protection metrics were average, as indicated
by estimated interest coverage and net cash accrual to adjusted
debt ratios of 2.87 times and 0.20 time, respectively, for fiscal
2020. The financial risk profile is expected to remain below
average, over the medium term.

* Large working capital requirement: Gross current assets is
estimated to be high at 93 days, because of inventory of 60 days as
on March 31, 2020. It is expected to be at similar levels over the
medium term.

Strength

* Extensive experience of the partners and their family members:
The partners and their family members have experience of over 2
decades in the textile industry. This has helped them establish
strong relationships with customers and suppliers.

Liquidity Stretched

Cash accrual is tightly matched against term debt repayment. Cash
accrual is expected to be INR0.50-0.85 crore, per annum, against
term debt obligation of INR0.27-0.58 crore, per annum, over the
medium term.  Bank limit utilisation was moderate at around 76% for
the 12 months ended March 2020. No major capital expenditure
(capex) is planned over the medium term. Current ratio is estimated
to be low at around 1 time as on March 31, 2020.

Outlook: Stable

CRISIL believes that TT will continue to benefit from the extensive
experience of its partners.

Rating Sensitivity Factors

Upward factors

* Sustained improvement in scale of operations by 20% and stable
operating margin, leading to higher cash accrual

* Improvement in the working capital cycle

Downward factors

* Significant decline in revenue or profitability margin, leading
to lower net cash accrual to term debt repayment ratio of less than
1 time

* Large, debt-funded capex or substantial increase in working
capital requirement, weakening the financial profile.

Based in Coimbatore, Tamil Nadu, TT manufactures cotton yarn. The
firm was established by the late Mr. Gopalkrishnan in 2014 as a
sole proprietorship concern, and was reconstituted as a partnership
firm in 2018. Its daily operations are managed by the founder's
wife, Ms S Maheswari, and son, Mr. S Gopalakrishnan.

UNICLAN HEALTHCARE: CRISIL Assigns B+ Rating to INR8cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Uniclan HealthCare Private Limited (UHCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               8        CRISIL B+/Stable (Assigned)

   Import Letter           1.5      CRISIL A4 (Assigned)
   of Credit Limit         

   Bank Guarantee          1.5      CRISIL A4 (Assigned)

   Cash Credit/            7        CRISIL B+/Stable (Assigned)
   Overdraft facility      

The ratings reflect the company's early stage of operations and
modest scale, and its large working capital requirement. These
weakness are partially offset by the promoters' extensive
entrepreneurial experience and funding support, which has supported
the financial risk profile.

Analytical Approach

Unsecured loan of INR14.66 crore as on March 31, 2020, extended to
UHCPL by the promoters has been treated as 75% equity and 25% debt,
as it is subordinate to external debt, interest free, and expected
to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks related to early stage of operations and modest scale:
UHCPL commenced operations in October 2019. Thus, risks related to
the initial stage and ramping up of operations persist. Revenue is
estimated at INR13 crore in fiscal 2020. Ramping up of operations,
adequate profitability, and cash accrual are critical during the
initial phase. The industry is highly competitive with presence of
several organised players. Furthermore, it is dominated by
established players. Sustenance of business performance and track
record amid intense competition will be key monitorables.

* Large working capital requirement: Operations are working capital
intensive, driven by the initial stage and large inventory
stocking, leading to high reliance on bank lines. The company has
to maintain large inventory as the raw material is mainly
imported.

Strength

* Extensive entrepreneurial experience of the promoters and funding
support: The promoters have experience of over 20 years in other
businesses. Also, they have provided initial funding support, which
has limited the company's reliance on external debt and supported
overall financial risk profile.

Liquidity Stretched

Liquidity is stretched. Bank limit utilization was high at around
95% for the past 6 months ended March 2020. Company's working
capital requirements would be large in medium term because of
ramp-up in sales. Company's liquidity may be tested amid its
ramp-up. Nonetheless, the company is likely to cash accruals of
around INR 3.5- INR 4.5 crore per annum which would be used against
annual repayment obligations of INR 1.2 crore and part of working
capital requirements. Also, funding support from promoters in form
of equity infusion and unsecured loans would remain critical.

Outlook: Stable

CRISIL believes UHCPL will continue to benefit from the promoters'
extensive entrepreneurial experience and funding support.

Rating Sensitivity factors

Upward factors

* Substantial ramp up in sales, with revenue above INR50 crore and
cash accrual of INR5 crore

* Improvement in the working capital cycle

Downward factors

* Lower than expected revenue and net cash accruals/ debt
repayments ratio of less than 1 time

* Further weakening in capital structure because of large debt
funded capex or stretched working capital cycle.

UHCPL, incorporated in 2016, is a Jaipur (Rajasthan)-based company
that manufactures hygiene products such as kids diaper, adult
diaper, designer napkin, and designer cotton napkins; the unit has
installed capacity of 150 million pull-up pant style baby diapers
per annum. Mr. Jai Kumar Jain, Ms Renu Bilala, Mr. Vatsal Mahendra
Desai, and Mr. Amit Mehta are the promoters.

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

The instrument-wise rating actions are:

-- INR37.5 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR4.8 mil. Term Loan due on December 2020 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR99 mil. Proposed term loan* migrated to non-cooperating
     category with Provisional IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 10, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

VFPL, established by Vishwanath Munigilal Agarwal in 2010 as a
closely-held public limited entity, was converted into a private
limited company in May 2016. The company has been operational since
November 2013 and is engaged in the dyeing and printing of
fabrics.





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

H&J SMITH: To Close Dunedin Department Store Next Year
------------------------------------------------------
Jacob McSweeny at Otago Daily Times reports that H&J Smith will
close its Dunedin department store in January next year.

ODT relates that the company had signalled the closure last week
and confirmed the news in a press statement on June 19.

The Meridian Mall shop is set to shut its doors on January 30, the
report notes.

The Armoury Store, which is in the Wall St precinct, will also shut
then.

ODT says the decision will affect 85 workers at the Dunedin
stores.

"While I appreciate this will be very difficult for our
Dunedin-based staff, I am pleased to be able to provide certainty
so they can now plan for their futures," the report quotes H&J
Smith managing director Jason Smith as saying. "We deeply regret
the impact the Dunedin department store closure will have on our
employees and their families, as well as the community."

The distance of the Dunedin store from H&J Smith's other operations
meant redeployment was unrealistic for most of the workers, Mr.
Smith said, but it would be considered for those staff happy to
relocate.

"We are working closely with our staff to ensure we are able to
provide our high level of service to our customers until we close
in January next year."

According to ODT, the company's Te Anau and Balclutha stores will
close at the end of next month.

The Gore store will downsize in August and the Outdoor World in
Queenstown will shut then, too.

"The company has been significantly impacted by the Covid-19
pandemic, and is also grappling with issues like increasing wage
and compliance costs, store size and scale and an ageing store
network in need of capital expenditure," it said.

"Consolidating its operations" to its Invercargill store, would
secure the long-term future of its retail division.

"We've been working in the background with the Dunedin mall owners
and managers to finalise terms. Late yesterday we received the
necessary legal documentation to allow us to firm up exit dates,"
Mr. Smith, as cited by ODT, said.

Other businesses operated by the H&J Smith Group -- Mitre 10 Mega
in Invercargill and Queenstown as well as Laser Electrical in
Invercargill -- were not affected, the report adds.

OCEANIA AVIATION: Closes Two Otago Sites; 17 Jobs Axed
------------------------------------------------------
Jacob McSweeny at Otago Daily Times reports that Dunedin and
Queenstown's Oceania Aviation facilities shut with the loss of 17
jobs.

According to the report, the aviation services and sales company
Oceania Aviation confirmed last week it would go ahead with its
earlier proposal to shut the two Otago sites and a facility in
Nelson -- shutting the doors for good today.

"It is with great sadness that we can confirm the final closure of
our Queenstown and Dunedin maintenance facilities," ODT quotes
Oceania Aviation chief executive Nick Mair as saying.

"While significant efforts have been made to redeploy affected
staff into other areas of the business, unfortunately this has
resulted in the loss of 17 roles in the Otago region."

The closures were necessary as part of the business' response to
Covid-19, Mr. Mair said.

"We do not take the loss of any of our talented staff lightly,
however, we remain committed to supporting the aviation industry
across New Zealand."

Oceania Aviation's leadership team had taken a "significant
voluntary reduction in salary" and it had used the wage subsidy to
try deal with the impact Covid-19 had on its business.

" . . . the business still finds itself in a position where we have
to consider other ways to reduce costs and remain viable,"
Mr. Mair said in April, ODT recalls.

Before Covid-19 hit, Oceania Aviation employed more than 180
workers in five locations throughout New Zealand.



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

HYFLUX LTD: High Court Hearing for Lenders Set for July 27
----------------------------------------------------------
Vivienne Tay at The Business Times reports that the Singapore High
Court has scheduled a hearing on July 27 for Hyflux Ltd following a
pre-trial conference, according to a regulatory update.

BT relates that the hearing will determine issues relating to the
application by an unsecured working group (UWG) to be carved out of
the water treatment firm's moratorium.

Similarly, the High Court will determine the application by RBC
Investors Services Trust Singapore -- as trustee of ESR-Reit and/or
HSBC Institutional Trust Services (Singapore) -- as trustee of
Ascendas Real Estate Investment Trust, to be carved out of the
moratorium, BT says.

The Business Times previously reported that the UWG of banks
comprises Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard
Chartered Bank, CTBC Bank, and the Korea Development Bank.

If a carve-out is approved, the UWG plans to file an application to
appoint judicial managers to oversee Hyflux in place of the present
management.

According to BT, the UWG had first applied for a carve-out in May
last year but failed to win approval from the court. Hyflux
resisted the application, arguing that judicial management
applications often end with the company in liquidation.

Hyflux is currently under a debt moratorium under Section 211B of
the Companies Act, which gives it court protection from creditors
until July 30, the report notes.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.

KRISENERGY LTD: Unit Served with Winding-up Petition
----------------------------------------------------
Annabeth Leow at The Business Times reports that a winding-up
petition was served on a key subsidiary of debt-hit oil and gas
company KrisEnergy in the Cayman Islands last week.

But the wholly-owned subsidiary, KrisEnergy (Gulf of Thailand), has
lodged a notice of appeal to block creditor Rubicon Vantage
International from presenting or pursuing winding-up petitions,
going by an update from the KrisEnergy board on June 19, BT
relates.

BT says the dismissal of an earlier application to restrain the
petition's presentation could be vulnerable to appeal, the board
added, citing advice from its legal team.

Separately, another wholly-owned subsidiary and an international
oil-and-gas company have mutually agreed to extend the long-stop
date for a deal to transfer its stake in a contract, KrisEnergy
also announced, BT reports.

According to the report, KrisEnergy (Vietnam 115) plans to transfer
its entire working interest in an offshore production-sharing
contract to the unnamed company "for a nominal cash
consideration".

Even as KrisEnergy said that both parties "are actively working
towards the fulfilment of conditions precedents under the farm-out
agreement", the long-stop date has been extended from June 30 to
September 30, or any later date that is agreed upon in writing, BT
relays.

Trading in KrisEnergy shares has been suspended since August 2019
and the company is going through a restructuring, BT notes.

                      About KrisEnergy Limited

KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times.  Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.

Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10
informal investor meeting for noteholders and shareholders.


                           *********


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

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

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***