/raid1/www/Hosts/bankrupt/TCRAP_Public/200805.mbx        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

          Wednesday, August 5, 2020, Vol. 23, No. 156

                           Headlines



A U S T R A L I A

ARES TRANSPORT: Second Creditors' Meeting Set for Aug. 11
KIKKI.K PTY: Saved From Administration by US-Based Buyer
R&L SOLAR: Calls in Administrators; 250 Jobs Axed
R&L SOLAR: First Creditors' Meeting Set for Aug. 13
ROADKNIGHT MOTELS: Second Creditors' Meeting Set for Aug. 12

SPEEDCAST INT'L: Creditors' Committee Members Disclose Claims


C H I N A

KWG GROUP: Fitch Rates Proposed USD Senior Notes 'BB-'
LUCKIN COFFEE: Asked to Reverse Boardroom Changes
SUNAC CHINA: Fitch Affirms LT IDR & Sr. Unsec. Rating at BB
TD HOLDINGS: Appoints Wei Sun as New CFO to Fill Vacancy
UCAR INC: Fined CNY500,000 by CSRC for Disclosure Violations



H O N G   K O N G

GENTING HONG KONG: Warns of 'Significantly Higher' H1 Losses
POWERLONG REAL: Moody's Rates New Senior Unsecured USD Notes 'B2'


I N D I A

AHUJA AUTOMOBILES: CARE Keeps D on INR13cr Debt in Not Cooperating
B. J. HOTELS: CARE Keeps D on INR6.12cr Debt in Not Cooperating
BALAJI STEEL: CARE Keeps D on INR4cr Debt in Not Cooperating
ETHOS POWER: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
FIVE CORE: CARE Keeps D on INR45cr Loans in Not Cooperating

GAUTAMI INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
GVK GAUTAMI: CARE Keeps D on INR1,009.75cr Debt in Not Cooperating
H N CONSTRUCTION: Ind-Ra Keeps BB+ Issuer Rating in Not Cooperating
HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
IND-BARATH ENERGY: CARE Keeps D Debt Rating in Not Cooperating

IND-BARATH POWER GENCOM: CARE Keeps D Ratings in Not Cooperating
IND-BARATH POWER: CARE Keeps D on INR2655cr Debt in Not Cooperating
IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating
INDSIL HYDRO: Ind-Ra Assigns 'D' LongTerm Issuer Rating
INTEGRATED THERMOPLASTICS: CARE Keeps D Ratings in Not Cooperating

K. G. LAKSHMIPATHI: CARE Lowers Rating on INR6cr Loan to D
KRISHNA PAPER: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
KUFRI FUN: CARE Lowers Rating on INR7.30cr LT Loan to D
MANJEET SINGH: CARE Withdraws D Ratings on Bank Facilities
MSE INDUSTRIES: CARE Lowers Rating on INR2.89cr LT Loan to D

OCTOPUS PAPERS: CARE Keeps D on INR8.88cr Debt in Not Cooperating
R3 CROP: CARE Keeps D Debt Ratings in Not Cooperating
RAGHU RAMA: CARE Keeps D on INR8cr Debt in Not Cooperating
RAJYALAKSHMI HEALTHCARE: Ind-Ra Affirms 'BB' LT Issuer Rating
SAI PRIYA: CARE Keeps D on INR360.61cr Debt in Not Cooperating

SAI SWADHIN: CARE Keeps D on INR7.64cr Debt in Not Cooperating
SINHA SQUARE: CARE Keeps D on INR9.42cr in Not Cooperating
SMARTTRAK SOLAR: CARE Lowers Rating on INR9cr Loan to D
SPY AGRO: CARE Keeps D Debt Ratings in Not Cooperating
SUGANTHI EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating

SURYAJYOTI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating
TIGER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
UJJWAL LUXURY: CARE Hikes Rating on INR6.96cr Loan to B-
VARDHMAN DEVELOPERS: Ind-Ra Withdraws 'B+' LongTerm Issuer Rating
VATIKA INFRACON: CARE Keeps C on INR128.9cr Debt in Not Cooperating

VIJAYNATH ROOF: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
YES BANK: Moody's Hikes Foreign Currency Issuer Rating to B3


I N D O N E S I A

PANDITA INDUSTRIES: Fitch Publishes 'B-' LT Foreign Currency IDR
PANDITA INDUSTRIES: S&P Assigns 'B-' LongTerm ICR, Outlook Stable


J A P A N

NIPPON STEEL: To Appeal South Korea Ruling Allowing Assets Seizure


S I N G A P O R E

HYFLUX LTD: Utico Extends Offer Deadline to Aug. 30
XIHE GROUP: Seeks to Restructure Business Amid OCBC's JM Bid

                           - - - - -


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

ARES TRANSPORT: Second Creditors' Meeting Set for Aug. 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ares Transport
Group Pty Ltd has been set for Aug. 11, 2020, at 2:00 p.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 Aug. 10, 2020, at 5:00 p.m.

P Newman of PCI Partners Pty Ltd was appointed as administrator of
Ares Transport on July 7, 2020.


KIKKI.K PTY: Saved From Administration by US-Based Buyer
--------------------------------------------------------
Dominic Powell at The Sydney Morning Herald reports that collapsed
stationery retailer kikki.K has been saved from administration by a
US-based buyer which will see the business continue to operate with
a reduced store footprint in Australia.

The business entered voluntary administration in early March,
blaming a "perfect storm" of retail conditions for the failure,
including Brexit, civil unrest in Hong Kong, a shift to more
customers buying online and the coronavirus pandemic, according to
SMH.

On Aug. 4, the business announced it had signed a partnership with
fellow stationery company Erin Condren Design, a US business which
is popular for selling desk planners emblazoned with inspirational
quotes and designs, the report says.

Thirty stores and 250 jobs will be retained under the newly
restructured business, with 35 stores set to shut and around 200
jobs to be lost, according to SMH. The majority of stores will be
Australian-based, with two in New Zealand, one in Singapore, and
two in Hong Kong.

SMH says co-founders Kirstina Karlsson, who started the business in
2001, and Paul Lacy will continue to run the business and will
remain shareholders, with kikki.K operating as an Australian sister
company to Erin Condren.

Following the collapse, nine potential buyers expressed their
interest in the brand within 24 hours, the founders said, and
customers flocked online to support the business, driving
e-commerce sales up 200%, SMH notes.

"We really got caught in a perfect storm leading to voluntary
administration, but our dream to do something meaningful in the
world via kikki.K has been so strong we've done everything we can
on behalf of all stakeholders," SMH quotes Ms. Karlsson as saying.

"It's a great feeling to come through it with a brilliant result in
the circumstances and with the overwhelming support of creditors."

SMH relates that Tonia Misvaer, the chief executive of Erin
Condren, said the business had long admired kikki.K's designs and
jumped on the opportunity to buy the business out of
administration.

"We look forward to working with everyone at kikki.K through this
restructuring process and returning the brand to profitability,"
she said.

Kikki.K stores outside of Victoria are open and trading again, the
company said, SMH adds.

                           About Kikki.K

Kikki.K Pty Ltd was founded by Karlsson and Lacy in Melbourne in
2001. It operates 65 stores across Australia, the United Kingdom,
New Zealand, Singapore and Hong Kong.

The company employs 450 full-time equivalent employees and turns
over AUD70 million in annual revenue.

On March 10, the company said Jim Downey of J.P Downey & Co has
been appointed as voluntary administrator, while Barry Wright and
Bruno Secatore of Cor Cordis have also been appointed receivers of
the company, which is continuing to trade.


R&L SOLAR: Calls in Administrators; 250 Jobs Axed
-------------------------------------------------
Hamish Hastie at The Sydney Morning Herald reports that about 250
people, many of them casual labourers in remote parts of Australia,
have lost their jobs after a major solar farm subcontractor called
in administrators this week.

R&L Solar Constructions had been contracted to help build major
solar farms right across Australia including Alinta and Fortescue
Metals Group's AUD114 million 60MW solar power facility in the
Pilbara and Melbourne Aiport's 12MW solar farm, the report says.

Other solar farm projects included a 50MW farm at Jemalong and
Victoria's biggest solar farm, delivering 256MW at Kiamal.

Pitcher Partners' Andrew Yeo and Gess Rambaldi were appointed as
administrators to the Queensland-based R&L Construction Pty Ltd and
R&L Construction Australia Pty Ltd on Aug. 3, SMH discloses.

The group owes about AUD2 million to the Australian Tax Office.

The company specialised in installing large solar panels on big
projects and used a mostly casual workforce.

According to the report, Mr. Yeo said it entered administration
with no cash to keep employees, who were all stood down on Aug. 4.

"We and the directors are in conversation with various contractors
and project owners in an attempt to try to transition employees
wherever possible," the report quotes Mr. Yeo as saying.

"This is going to cause some people disruption or hardship as some
employees and subcontractors are working in very remote and
regional areas, so we are doing what we can to find them some
alternative options."

Of the total job losses, about 100 of them were expected in WA,
where construction at Alinta and FMG's Chichester solar farm is
ongoing.

An Alinta spokesman said it was too early to comment but they were
monitoring the situation closely, SMH relays.


R&L SOLAR: First Creditors' Meeting Set for Aug. 13
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- R&L Solar Construction Pty Ltd;
   -- R&L Solar Construction Australia Pty Ltd; and
   -- RLBEJEM Pty Ltd;

will be held on Aug. 13, 2020, at 2:30 p.m. via virtual meeting
only.

Andrew Reginald Yeo and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of R&L Solar Construction on Aug.
3, 2020.


ROADKNIGHT MOTELS: Second Creditors' Meeting Set for Aug. 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Roadknight
Motels Pty Ltd in its own right and ATF Roadknight Motels Unit
Trust, trading as Bistro Carmille, Sunrise Motor Inn and Sunrise
Devonport, has been set for Aug. 12, 2020, at 9:30 a.m. via virtual
meeting.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 11, 2020, at 4:00 p.m.

David Coyne of BRI Ferrier was appointed as administrator of
Roadknight Motels on July 8, 2020.


SPEEDCAST INT'L: Creditors' Committee Members Disclose Claims
-------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Hogan Lovells US LLP and Husch Blackwell LLP
submitted a verified statement to disclose that they are
representing the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Speedcast International Limited, et al.

On May 6, 2020, the Office of the United States Trustee for the
Southern District of Texas, Houston Division filed its Notice of
Appointment of Official Committee of Unsecured Creditors [ECF No.
154]. On May 12, 2020, the U.S. Trustee filed its Notice of
Reconstitution of the Official Committee of Unsecured Creditors
[ECF No. 178].

As of July 21, 2020, each Committee members and their disclosable
economic interests are:

APT Satellite Company Limited
22 Dai Kwai Street
Tai Po, New Territories
Hong Kong

* Claims against Speedcast Limited and Speedcast Singapore PTE
  Limited in the aggregate amount of approximately
  US$1,976,338.00, on account of prepetition services rendered to
  such Debtors pursuant to a Master Services Agreement dated 1
  February 2016, as amended, and the relevant Bandwidth Service
  Orders entered into between each such Debtor and APT Satellite
  Company Limited respectively.

Asia Satellite Telecommunications Co. Ltd
15 Dai Kwai Street
Tai Po Industrial Estate Tai Po
New Territories
Hong Kong

* Claim in the amount of approximately US$2,275,135 arising under
  various Transponder Utilization Agreements entered into between
  SpeedCast Limited and Asia Satellite Telecommunications Company
  Limited for the provision of satellite transponder capacity.

* Claim in the amount of approximately US$10,175 for 5G filters
  sale.

* Claim in the amount of approximately US$4,241 under the Teleport
  Service Agreement dated Sept 21, 2017 by and between the Debtor
  and AsiaSat for the provision of teleport services.

Inmarsat Global Limited
99 City Road
London, EC1Y AX UK

* Claims against the Debtors in the amount of approximately
  $26,805,280 on account of prepetition services rendered to such
  Debtors pursuant to agreements between Inmarsat Global Limited
  and the various Debtor entities. Affiliates of Inmarsat Global
  Limited have additional claims against various Debtors.

Intellian
11 Studebaker
Irvine, CA 92618

* Claim against the Debtors totaling not less than $2,111,195
  arising under purchase orders issued to Intellian by the Debtors
  for products delivered by Intellian to the Debtors in complete
  accordance with the purchase orders.

New Skies Satellites, B.V.
Rooseveltplantsoen 4
2517 KR The Hague

* Claim in the amount of approximately $3,917,242.02 arising under
  satellite capacity and related services owed by multiple Debtor
  entities to New Skies Satellites B.V.

* Claim in the amount of approximately $3,013,463.80 arising under
  satellite capacity and related services owed by multiple Debtor
  entities to O3b Networks B.V.

* Claim in the amount of approximately $1,440,279.02 arising under
  satellite capacity and related services owed by Globecomm
  Networks Services Corp. to SES Government Solutions

* Claim in the amount of approximately $5,040.75 arising under
  satellite capacity related terrestrial services owed by
  Speedcast Singapore Pte Ltd. to Mx1 Ltd.

Telesat Canada
160 Elgin Street, Suite 2100
Ottawa, ON Canada K2P2P7

* Multiple affiliated entities of Telesat Canada may hold claims
  against and/or interests in the Debtors arising out of
  applicable agreements, law or equity pursuant to their
  respective relationships with the Debtors' estates.

* To date, the amounts of their respective claims are not fixed.

Thrane & Thrane A/S Cobham SATCOM
Lundtoftegaardsvej 93 D
DK-2800 Kgs. Lyngby
Denmark

* Claims against the Debtors totaling not less than $1,245,000 on
  account of various contracts between Thrane & Thrane A/S and the
  Debtors for the delivery of various satellite communication
  equipment.

* Claims against the Debtors totaling not less than $1,250,000 on
  account of various contracts between Seatel Inc. and the Debtors
  for the delivery of various satellite communication equipment.

* Cobham Limited has provided a limited guarantee of up to
  $1,500,000 of certain of the Debtors' payment obligations under
  a credit facility used by the Debtors to acquire satellite
  communications equipment. Cobham Limited holds a contingent
  claim against the relevant Debtors to the extent they do not
  satisfy their payment obligations and the bank guarantee is
  enforced.

Counsel to the Official Committee of Unsecured Creditors can be
reached at:

          HOGAN LOVELLS US LLP
          David P. Simonds, Esq.
          Ronald J. Silverman, Esq.
          John D. Beck, Esq.
          390 Madison Avenue
          New York, NY 10017
          Telephone: (212) 918-3000
          Facsimile: (212) 918-3100
          Email: david.simonds@hoganlovells.com
                 ronald.silverman@hoganlovells.com
                 john.beck@hoganlovells.com

             - and -

          HUSCH BLACKWELL LLP
          Randall A. Rios, Esq.
          Timothy A. Million, Esq.
          600 Travis, Suite 2350
          Houston, TX 77002
          Telephone: (713) 647-6800
          Facsimile: (713) 647-6884
          Email: randy.rios@huschblackwell.com
                 tim.million@huschblackwell.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/DpOqbz

                   About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services.  SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, Debtors
each had estimated assets of between $500 million and $1 billion
and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; Herbert Smith Freehills as co-counsel with Weil; Moelis
Australia Ltd. as financial advisor; FTI Consulting Inc. as
restructuring advisor; and Kurtzman Carson Consultants LLC as
claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.




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

KWG GROUP: Fitch Rates Proposed USD Senior Notes 'BB-'
------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to KWG Group Holdings
Limited's (KWG, BB-/Stable) proposed US dollar senior notes. The
proposed notes are rated at the same level as KWG's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations.

KWG's ratings are supported by its quality and sufficient land
bank, strong brand recognition in higher-tier cities across China,
consistently robust profitability, strong liquidity and healthy
maturity profile. The ratings are constrained by the small scale of
the company's development-property business as well as weak sales
efficiency.

KEY RATING DRIVERS

Diverse Coverage; Strong Branding: KWG's land bank is diversified
across China's Greater Bay Area, which includes Guangzhou, Foshan,
Shenzhen and Hong Kong, as well as eastern and northern China. The
company had 17.0 million square metres of attributable land in
2019, spread across 39 cities in mainland China and Hong Kong, with
an average cost of CNY5,0000/sq m (excluding Hong Kong) and
sufficient for around five years of development. 50% of its total
sellable resources are located in the Greater Bay Area, where the
company has extensive experience and established operations.

KWG has established strong brand recognition in its core cities by
focusing on first-time buyers and upgraders. It appeals to these
segments by engaging international architects and designers and
setting high building standards.

Robust Profitability Through Cycles: Fitch expects KWG's EBITDA
margin, excluding capitalised interest, to remain at 30% in the
next two years. Its consolidated EBITDA margin increased to around
30% by end-2019, from around 20% at end-2018, mainly due to the
sale of an office building that was classified as disposal of a
subsidiary and was not included in the margin calculation in 2018.

Profitability of KWG's development properties has remained strong
through business cycles and is one of the highest among Chinese
homebuilders. Protecting the margin is one of KWG's key objectives
and is achieved by maintaining higher-than-average selling prices
through consistently high-quality products. The company's
experienced project team also ensures strong execution capability
and strict cost control. Moreover, KWG has a low unit land cost of
around 25% of its average selling price due to its strong foothold
in Guangzhou, where land prices have not risen as much as in other
Tier 1 cities.

Leverage Under Control: Fitch expects leverage, measured by net
debt/adjusted inventory, to stay at around 35%-40% based on the
company's sales prospects and land-bank replenishment strategy.
KWG's leverage on an attributable basis was below 35% at end-2019.
The cash collection rate increased in 2019 and the company slowed
land acquisitions as it spent only 36% of sales proceeds to
purchase land compared with 61% in 2018.

JVs with Leading Peers: KWG's prudent expansion strategy has
created strong partnerships with leading industry peers, including
Sun Hung Kai Properties Limited (A/Stable), Hongkong Land Holdings
Limited, Shimao Group Holdings Limited (BBB-/Stable), China Vanke
Co., Ltd. (BBB+/Stable), China Resources Land Ltd (BBB+/Stable) and
Guangzhou R&F Properties Co. Ltd. (B+/Stable). These partnerships
help KWG lower project-financing costs, reduce competition in land
bidding and improve operational efficiency.

JV cash flow is well-managed and investments in new projects are
mainly funded by excess cash from mature JVs. Leverage is also
lower at the JV level because land premiums are usually funded at
the holding-company level and KWG pays construction costs only
after cash is collected from pre-sales.

Small Scale; Weak Churn: KWG's 2019 total pre-sales rose by 32% yoy
to CNY86.1 billion, but only 64% of total sales were attributable
to the company. KWG's sales target in 2020 of CNY103 billion, which
will be equivalent to an attributable sales scale of around CNY66
billion, remains smaller than 'BB' peers that had attributable
contracted sales of over CNY90 billion in 2019. KWG's sales
efficiency, measured by attributable contracted sales/gross debt,
of 0.6x is slower than most 'BB-' peers' of about 1.0x.

DERIVATION SUMMARY

KWG's ratings are supported by its established homebuilding
operations in Guangzhou and strong high-tier cities across China,
consistently robust profitability, strong liquidity and healthy
maturity profile. KWG has maintained one of the highest margins
among Chinese homebuilders throughout the cycle.

Its EBITDA margin is comparable with that of Logan Property
Holdings Company Limited (BB/Stable) and some investment-grade
peers, such as Poly Developments and Holdings Group Co., Ltd.
(BBB+/Stable) and China Jinmao Holdings Group Limited
(BBB-/Stable), and is higher than that of some 'BB' peers,
including Seazen Group Limited (BB/Stable), Yuzhou Properties
Company Limited (BB-/Stable) and CIFI Holdings (Group) Co. Ltd.
(BB/Stable). However, its contracted sales scale is small compared
with that of these peers.

KEY ASSUMPTIONS

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

  - Contracted sales gross floor area (GFA) rising by more than
20%

  - Annual increase in average selling price of 5%

  - EBITDA margin (exclude capitalised interest) maintained at
around 30% for 2020

  - Land replenishment rate at 1.3x contracted sales GFA
(attributable) in 2020-2021

RATING SENSITIVITIES

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

  - Increase in scale without compromising financial metrics

  - EBITDA margin sustained above 30%

  - Net debt/adjusted inventory sustained below 35%

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

  - EBITDA margin below 25% for a sustained period

  - Net debt/adjusted inventory sustained above 45%

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: KWG has well-established, diversified funding
channels and strong relationships with most offshore and onshore
banks. It has strong access to domestic and offshore bond markets
and was among the first companies to issue panda bonds. KWG had
available cash of CNY51.4 billion at end-2019, which was enough to
cover the repayment of CNY23.7 billion in short-term borrowings and
outstanding land premiums. Fitch believes the group maintained
sufficient liquidity to fund development costs, land premium
payments and debt obligations due to its diversified funding
channels, healthy maturity profile and flexible land-acquisition
strategy.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


LUCKIN COFFEE: Asked to Reverse Boardroom Changes
-------------------------------------------------
Cheryl Arcibal at South China Morning Post reports that Luckin
Coffee, the coffee chain dubbed as China's Starbucks, has been
asked by some shareholders to reverse some of its boardroom changes
in July following the ouster of its co-founder and chairman, as
Chinese regulators prepare to clamp down on accounting fraud.

Hong Kong-based Centurium Capital is seeking to reinstate Sean Shao
as a director and remove Jie Yang and Ying Zhen as independent
directors, the company said in U.S. exchange filings on Aug. 3, the
Post relates. It has called for an extraordinary general meeting in
Beijing on September 2 to consider the request.

The report relates that the two independent directors, however,
have resigned from the board with immediate effect, Luckin said in
a separate filing. The duo were both reported by local Chinese
media to be the nominees Haode Investment, the family trust of
co-founder Charles Lu Zhengyao. Lu was removed as chairman at a
board meeting on July 12.

The September 2 meeting will thus vote only on Shao's
reappointment, Luckin said, the Post relays.

According to the Post, the special meeting was requisitioned on
July 30 by Centurium Capital on behalf of its units Lucky Cup
Holdings and Fortunate Cup Holdings. Centurium Capital is
ultimately controlled by investor Li Hui, who was last reported to
own 11.7% of voting power in Luckin, according to its IPO
prospectus.

The circumstances around the July 5 meeting "caused concerns over
the independence of the directors" nominated by Haode and elected
then, Centurium said. The reinstatement of Shao will allow for the
board to fully implement the remedial measures recommended by a
special investigation committee, it added.

The Post adds Shao was the chairman of the special committee
probing the accounting scandal, which first surfaced in April. The
committee discovered that some key executives fabricated about
CNY2.12 billion (US$300 million) of sales in 2019, a scandal that
erased more than US$11 billion of its market value within three
months.

The fraud prompted China's Ministry of Finance to delve into the
matter. It corroborated the findings and promised punitive action
against the perpetrators, the Post relates.

Separately, the State Administration for Market Regulation has said
it was taking steps to punish Luckin Coffee and related companies
for their misconduct in violating fair competition, and to protect
consumers and the market, the Post reports.

According to the Post, China has since taken other steps to protect
investors by unveiling a historic legal reform. For the first time,
It will allow small investors to file class action lawsuits against
a defendant for corporate malfeasance, such as fraud or stock price
manipulation, the Supreme Court decided last week.

Luckin, based in Xiamen in Fujian province, has since fired its
chief executive, Jenny Qian Zhiya, and chief operating officer, Liu
Jian, among others, for the scandal, the report says. The company
is also being delisted from Nasdaq, burning investors less than 15
months after its May 2019 debut.

Lu is said to have lost control of Haode Investment after a court
in the British Virgin Islands granted on July 9 an application by
banks to wind up his family trust and liquidate its assets, The
Wall Street Journal reported on July 14, the Post relays.

Luckin called in provisional liquidators and external financial
advisers in the middle of last month to oversee a corporate
restructuring and negotiate with creditors to salvage its
business.

"We understand that the company has been placed into provisional
liquidation to restructure its debt position," Centurium said in
its notice to Luckin Coffee, the Post relays.

"It is therefore even more important that the bona fides and
ability to exercise independent judgment on the part of the
directors be certain and there be no doubt that the directors will
duly fulfil their fiduciary duties."

                        About Luckin Coffee

Based in China, Luckin Coffee Inc., provided non-alcoholic
beverages. The Company offered various types of coffee.  

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2020, South China Morning Post said Luckin Coffee has called in
liquidators to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Post related that the start-up company named Alexander Lawson
of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze of
Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York. The move was in response to a
winding-up petition by an undisclosed creditor, it added.

The appointments will create a stable platform to allow the company
and its advisers to negotiate and restructure its financial
obligations, the Xiamen, Fujian-based coffee chain said in the
filing. It hired Houlihan Lokey as financial advisers to implement
a workout with creditors, the Post disclosed.


SUNAC CHINA: Fitch Affirms LT IDR & Sr. Unsec. Rating at BB
-----------------------------------------------------------
Fitch Ratings has affirmed Sunac China Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating, senior unsecured rating and
the ratings on its outstanding senior notes at 'BB'. The Outlook on
the IDR is Stable.

Sunac's IDR is supported by its large attributable contracted sales
scale. Sunac's large attributable land bank of more than 152
million square metres of saleable gross floor area is
well-diversified across various regions in China, which should
support contracted sales growth.

Fitch expects Sunac to be able to decrease leverage. Sunac has
continued to increase contracted sales scale while maintaining
credit metrics. Sunac's leverage - measured by net debt/adjusted
inventory with proportional consolidation of joint ventures and
associates - was 38% at end-2019.

KEY RATING DRIVERS

Leverage to Decrease: Fitch expects Sunac to continue to control
the pace of land acquisition, which will allow the company to
deleverage. Sunac's leverage was maintained at around 38% at
end-2019, a similar level at end-2018. Fitch expects Sunac to
maintain steady growth in attributable contracted sales, leading to
sustained cash generation and decreased leverage.

Attributable contracted sales rose by 18% to CNY384 billion in
2019. Sunac achieved CNY133 billion of attributable contracted
sales in 1H20, a slight decline on the same period in 2019, despite
the negative economic sentiments in China at the onset of the
coronavirus outbreak. Sunac's trade payables have risen in line
with its expanding scale. However, its trade payables/development
inventory ratio has been manageable at around 0.1x to 0.2x in the
last few years, and remains low compared with peers that rely
heavily on trade payables to fund construction.

Diversified Land Bank: Sunac's land bank is diversified across
China, including northern, south-west and south-east China, the
Beijing area and the Yangtze River Delta. It also has a presence in
central China, the Greater Bay Area and Hainan province. Over 82%
of Sunac's land bank, based on saleable value, is situated in Tier
1 and 2 cities, where pent-up demand is more robust than in
lower-tier cities. The remaining land bank is in strong third-tier
cities. Geographical diversification helps mitigate local policy
restrictions, as each local government implements differing
home-purchase limits.

Strong Sales and Margin: Fitch forecasts Sunac's average selling
price to be CNY14,000-14,500/sq m in the next few years. The
company maintained its ASP at around CNY14,500/sq m in 2019,
reflecting its focus on higher-tier cities. Sunac's attributable
contracted sales are comparable with that of other large Chinese
homebuilders, including China Vanke Co., Ltd. (BBB+/Stable) and
Poly Developments and Holdings Group Co., Ltd. (BBB+/Stable).

Sunac's large scale also allows it to trim construction costs,
leading to a strong EBITDA margin - including the proportional
share of EBITDA from JVs and associates - of around 27% in 2019, or
30% if valuation gains from acquired projects are removed from
costs of goods sold. Fitch expects an EBITDA margin, including
valuation gains in COGS, of around 25% in the medium term.

Trust Financing: Sunac's average funding costs increased to 8% in
2019 from around 6% in 2018. This was caused by a combination of a
higher funding cost environment and the increased use of trust
financing, as Sunac made significant land acquisitions in high-tier
cities in the past few years. The proportion of trust financing
compared with total debt was 30% in 2019. However, Fitch expects
Sunac to rely less on trust financing because it has slowed land
acquisitions, this, along with the company's more proactive
management in capital structure, should result in lower funding
costs.

Non-Development Business: Fitch forecasts Sunac will spend CNY10
billion-15 billion a year to ramp up cultural and tourism projects,
as well as the convention and exhibition projects. Fitch expects
the projects to be fully funded by the sale of properties in the
same areas. Revenue contribution from Sunac's non-development
business was CNY9.9 billion in 2019, with a gross margin of about
38%. Sunac has improved the operating efficiency, in terms of
revenue, footfall and occupancy rates of the business.

Fitch expects the coronavirus pandemic to negatively affect Sunac's
cultural and tourism business, but the segment's contribution is
still small compared with its property development business and
Fitch expects minimal impact on Sunac's financial profile.

DERIVATION SUMMARY

Sunac's homebuilding attributable sales scale and geographical
diversification are comparable with that of large 'BBB' rated
homebuilders, such as Vanke and Poly, and are superior to that of
Longfor Group Holdings Limited (BBB/Stable) and Shimao Group
Holdings Limited (BBB- /Stable).

Country Garden Holdings Company Limited (BBB-/Stable) has larger
attributable scale and geographic coverage than Sunac. However,
Country Garden's land bank is more concentrated in low-tier cities,
where demand is susceptible to negative sentiment, while the
majority of Sunac's land bank is situated in Tier 1 and 2 cities,
as reflected in Sunac's higher margin.

However, Sunac's financial profile is more volatile than that of
investment-grade peers; its non-development EBITDA interest
coverage of 0.2x is less than Longfor's 0.7x and Shimao's 0.5x.

Its leverage forecast for Sunac of 35%-40% is more comparable with
'BB' rated issuers, such as Sino-Ocean Group Holding Limited
(BBB-/Stable; Standalone Credit Profile: bb+), Seazen Group Limited
(BB/Stable) and its subsidiary, Seazen Holdings Co., Ltd.
(BB/Stable), CIFI Holdings (Group) Co. Ltd. (BB/Stable) and China
Aoyuan Group Limited (BB-/Positive).

KEY ASSUMPTIONS

  - Contracted sales growth of around 5% a year

  - Land-bank replenishment to maintain a land-bank life of 4.0-4.5
years

  - Capex of CNY15 billion in 2020, decreasing thereafter

  - Contracted ASP of CNY14,000-14,500/sq m

  - EBITDA margin, including the effect of revaluation of acquired
projects from COGS, of around 25%

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory below 30% for a sustained period
(2019: 38%)

  - Decreased reliance on trust financing

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

  - Net debt/adjusted inventory above 40% for a sustained period

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, of below 20% for a sustained period

  - Change in management strategy to refocus on aggressive
acquisitions, away from Sunac's stated objective to reduce its
leverage ratio

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales reached CNY384 billion on an attributable basis in 2019.
Sunac had a cash balance of CNY126 billion at end-2019, which is
less than short-term debt of CNY136 billion. However, most of the
short-term debt is secured bank loans, which Fitch expects to be
rolled over. In addition, Sunac has raised CNY7.2 billion through
equity share placement, CNY10.4 billion from the disposal of its
stake in Jinke and USD2.04 billion senior unsecured notes during
2020.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


TD HOLDINGS: Appoints Wei Sun as New CFO to Fill Vacancy
--------------------------------------------------------
Effective July 28, 2020, TD Holdings, Inc.'s board of directors
appointed Ms. Wei Sun as chief financial offier of the Company to
fill the vacancy created by the resignation of Ms. Yang An.

Ms. An resigned from her position as CFO effective July 28, 2020.
Ms. An's resignation is not as a result of any disagreement with
the Company relating to its operations, policies or practices.

Ms. Wei Sun has served as a director on the Company's Board since
May 14, 2020. She has been serving as the executive director of
China National Culture Group Limited in Hong Kong since 2014. From
2011 to 2014, Ms. Sun served as the financial accounting manager of
China Highways Holdings Limited in Hong Kong. She obtained her
Bachelor's Degree in English Education from Shanghai International
Studies University and her Master's Degree in Finance from Clark
University in 2009.

Ms. Sun does not have a family relationship with any director or
executive officer of the Company and has not been involved in any
transaction with the Company during the past two years that would
require disclosure under Item 404(a) of Regulation S-K.

Ms. Sun also entered into an executive employment agreement with
the Company, which sets her annual compensation at $50,000 and
establishes other terms and conditions governing her service to the
Company.

                          About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) operates a luxurious car
leasing business as well as a commodities trading business
operating in China.

As of March 31, 2020, the Company had $12.61 million in total
assets, $5.36 million in total liabilities, and $7.26 million in
total equity.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities. These factors caused concern as to the
Company's liquidity as of Dec. 31, 2019.


UCAR INC: Fined CNY500,000 by CSRC for Disclosure Violations
------------------------------------------------------------
Caixin Global reports that China's securities regulator fined
scandal-plagued Luckin Coffee Inc. founder Lu Zhenyao and two
companies he controls for violations of disclosure requirements.

Ucar Inc., a limousine services company controlled by Lu, was fined
CNY500,000 ($71,600) because it failed to consolidate the results
of Borgward Automotive China Co Ltd. in first-quarter and
first-half financial reports last year. That violated information
disclosure rules, the China Securities Regulatory Commission (CSRC)
said, Caixin relates. Ucar acquired 67% of Borgward in January
2019.

In addition, Qwom Digital Technology Co. Ltd., a marketing company
controlled by Lu that provides advertising services to Luckin, was
fined CNY300,000 for failure to disclose related-party transactions
with Luckin, the CSRC said, Caixin relays.

Caixin relates that Lu, as chairman and controlling shareholder of
Ucar, was fined CNY200,000, and four other senior executives were
also penalized. Lu, who is also known as Charles Lu, was fined
100,000 yuan for his role in Qwom.

Those penalties will be on top of whatever punishment national
regulators decide to impose on Luckin Coffee after official
investigations confirmed that the coffee chain fabricated hundreds
of millions of dollars in sales, according to Caixin.

Following its Borgward acquisition, Ucar underreported at least
CNY9.6 billion of assets, more than half of total assets, for the
2019 first quarter, the CSRC said. For the first half that year, at
least CNY10 billion of assets, or 64% of total assets, were not
included in financial reports, the commission found.

Listed companies usually fail to consolidate acquired businesses
after acquisitions out of concern that the acquired companies' poor
results could hurt the parent companies' earnings, a partner at a
large law firm told Caixin. Sometimes, listed companies may have
agreed with the acquired companies' shareholders to temporarily
keep the companies under the selling shareholders' names, the
lawyer said.

Borgward reported a net loss of CNY275 million in 2017, and the
loss widened to CNY1.65 billion as of Aug. 31, 2018, Ucar said in a
statement when it acquired the stake, Caixin discloses.

Borgward became a subsidiary under the control of Ucar in the third
quarter of 2019 after the acquisition was completed July 29 that
year, according to Ucar.

Qwom had CNY42.6 million of related-party transactions with Luckin
in 2017 and CNY58.5 million in 2017, accounting for more than half
its total assets in those years, the CSRC, as cited by Caixin,
said.

Caixin says the Ministry of Finance and the State Administration
for Market Regulation recently concluded a separate three-month
investigation into Luckin Coffee, its affiliates and 23 financial
institutions involved in the financial fraud. Both regulators said
they will impose penalties without giving further details.

Lu, who was ousted as chairman of Luckin, is also likely to face
criminal charges in China after authorities discovered emails in
which he instructed colleagues to commit fraud, Caixin previously
learned from a source close to domestic regulators.




=================
H O N G   K O N G
=================

GENTING HONG KONG: Warns of 'Significantly Higher' H1 Losses
------------------------------------------------------------
Iris Ouyang at South China Morning Post reports that luxury cruise
operator Genting Hong Kong expects to record "significantly higher"
losses in the first six months of this year as a resurgence in
Covid-19 cases in the region and elsewhere undercut hopes for a
quick rebound in the industry.

Unaudited net loss in the first half to June 30 is likely to widen
from the US$56.5 million recorded in the same period last year, it
said in an exchange filing on Aug. 3, the Post discloses.
Suspension of operations across its cruise businesses, including
Dream Cruises, Crystal Cruises, and Star Cruises, contributed to
the red sign, it added.

According to the Post, the group has taken steps to lower operating
costs, laying up most of its ships, canned capital spending, and
asked creditors for a 12-month delay in repaying US$220 million of
principal debt to help survive the crisis. The group has also
leased the SuperStar Gemini and SuperStar Aquarius ships to the
Singapore government, which have been used to hold foreign workers
who have recovered from the Covid-19 disease.

"It is expected that the Covid-19 pandemic will continue to affect
the group's businesses, as the spread and development of the virus
has created significant uncertainty over when authorities in the
relevant cruising markets will allow resumption of the cruise
travel," Genting Hong Kong said in the statement, the Post relays.

Genting's expanded losses came as Covid-19 crippled the
capital-intensive industry since March, which along with airline
operators are among the hardest hit businesses. Genting and global
peers have been burning cash under no-sail orders by governments
worldwide, the Post notes.

Carnival, the world's largest operator whose Diamond Princess ship
had more than 700 people infected with Covid-19 on-board in
February, reported a record loss of US$4.4 billion in the second
quarter. Norwegian Cruise Line had a US$1.9 billion loss in the
first quarter.

Genting, however, is getting some breaks in Taiwan, having been
allowed to sail again from July 26 as local authorities tried to
revive the local tourism industry with the pandemic under control.
Its ships Explorer Dream makes two- and three-night trips departing
from Keelung and calling at Penghu, Matzu and Kinmen islands –
dubbed "Taiwan Island-Hopping" itineraries, the Post discloses.

Genting expects to publish its first-half report card before the
end of this month, it said.

                       About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.


POWERLONG REAL: Moody's Rates New Senior Unsecured USD Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Powerlong
Real Estate Holdings Limited's (B1 stable) proposed senior
unsecured USD notes.

Powerlong plans to use the proceeds from the proposed notes to
refinance its offshore indebtedness.

RATINGS RATIONALE

"Powerlong's B1 corporate family rating reflects its (1) track
record of developing and selling commercial and residential
properties; (2) growing recurring revenue, which improves the
stability of its debt servicing; and (3) expansion into cities with
strong economic fundamentals where demand for its properties is
more favorable," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

"However, the company's credit profile is constrained by execution
risk, the high level of capital required for its business strategy,
and its moderate debt leverage," adds Lai.

The proposed issuance will improve Powerlong's liquidity profile
and will not materially affect its credit metrics, because the
company will use the proceeds to refinance existing debt.

Moody's expects Powerlong's adjusted EBIT/interest and adjusted
debt/adjusted capitalization will remain largely stable at around
2.7x-2.8x and 55%-56%, respectively, over the next 12-18 months,
underpinned by increased revenue booking from strong contracted
sales over the past two years.

Meanwhile, Moody's expects the company's adjusted rental
income/interest coverage will slightly weaken to around 37% over
the next 12-18 months from 39% in 2019, since interest expense
growth will slightly outpace rental income growth over this
period.

Powerlong's total contracted sales grew 8.0% to RMB31.5 billion in
the first six months of 2020 compared with last year. Moody's
expects its contracted sales will slightly increase in 2020 when
compared with 2019, supported by good sales execution abilities,
its focus on the economically strong Yangtze River Delta region,
which can in turn support a more robust housing demand.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk. This
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Powerlong's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

Powerlong's liquidity is adequate. Its cash holdings of RMB18.5
billion as of December 31, 2019 cover its short-term debt of
RMB15.3 billion. Moody's expects the company's cash holdings,
together with expected operating cash inflow, will be able to cover
its committed land purchases, dividend payments, as well as capital
spending and payables for its previous acquisitions, over the next
12-18 months.

In terms of environmental, social and governance factors, Moody's
has considered the company's concentrated ownership in its
controlling shareholder, Hoi Kin Hong and Hoi Wa Fong, who held a
59% stake in the company as of December 31, 2019.

Moody's has also considered (1) the fact that independent directors
chair the audit and remuneration committees; (2) the low level of
related-party transactions and dividend payouts; (3) the presence
of other internal governance structures and standards as required
by the Hong Kong Exchange.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework because of the
substantial implications for public health and safety.

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

The stable ratings outlook reflects Moody's expectation that
Powerlong will (1) maintain growth in its contracted sales,
especially of commercial properties; (2) ramp up its malls to
generate streams of rental revenue that will improve coverage on
interest expenses over the next 12-18 months; and (3) maintain
adequate liquidity and exercise prudence in land acquisitions.

Upward ratings pressure could emerge if Powerlong continues to grow
in scale while maintaining its adequate liquidity and sound credit
metrics, and improves its debt leverage to a level that matches its
business model of holding investment properties.

Credit metrics that could trigger a ratings upgrade include:

(1) Adjusted EBIT/interest rising above 3.0x;

(2) Rental income/interest coverage rising above 0.5x;

(3) Adjusted debt/adjusted total capitalization falling below
50%-53% on a sustained basis.

Moody's could downgrade Powerlong's ratings if the company's sales
weaken or if it pursues a more aggressive expansion strategy that
weakens its credit metrics.

Credit metrics that could trigger a ratings downgrade include:

(1) Adjusted EBIT/interest falling below 2.0x;

(2) Rental income/interest dropping below 0.3x;

(3) Adjusted debt/adjusted total capitalization rising above
55%-58.

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

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company listed on the Hong
Kong Exchange in October 2009. The founding Hoi family held a 59%
stake in the company at December 31, 2019.

At December 31, 2019, Powerlong's land bank for development totaled
around 29.7 million square meters in gross floor area under
development and for future development.




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

AHUJA AUTOMOBILES: CARE Keeps D on INR13cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ahuja
Automobiles continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       13.30      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2015, placed the
rating of Ahuja Automobiles under the 'issuer noncooperating'
category as Ahuja Automobiles had failed to provide information for
monitoring of the rating. AA continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 14, 2020, July
13, 2020, July 10, 2020 and July 09, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating in May 3, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Instances of delays in debt servicing: There were instances of
delays in servicing the debt obligations. The delays were on
account of weak liquidity position as the firm is unable to
generate sufficient funds in a timely manner.

Established in 2008, Ahuja Automobiles (AA) is a partnership entity
based in Amritsar, Punjab. The entity is currently being managed by
Mr. Harish Ahuja, Mr. Gagan Ahuja and Mrs Madhu Ahuja, sharing
profit and loss in an equal proportion The entity is operating 3S
facilities (Sales, Service and Spares) of Hyundai Motor India
Limited (HMIL), with an authorized dealership of entire range of
passenger vehicles (PV), since 2008. AA operates through its three
showrooms-cum-workshops in Amritsar and Distt. Tarn Taran, Punjab.


B. J. HOTELS: CARE Keeps D on INR6.12cr Debt in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. J.
Hotels Private Limited (BJHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.12       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2019, placed the
rating of BJHPL under the 'issuer non-cooperating' category as
BJHPL had failed to provide information for monitoring of the
rating. BJHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 9, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account the delays in the debt servicing.

Detailed description of the key rating drivers

At the time of last rating on July 18, 2019 the following were the
rating strengths and weaknesses: (updated for the information
available from Registrar of Companies)

Key Rating Weakness

Delays in debt servicing: As per interaction with banker, BJHPL has
been delaying in the repayment of the debt obligation.

B.J. Hotels Private Limited (BJHPL) was incorporated in 1971, as a
private limited company, by Mr. Mr. Gurindersingh P. Bawa and Mr.
Karanveersingh G. Bawa. BJHPL has developed hotel in Khar Mumbai
under the name of "Hotel Bawa Suites" with room inventory of 26
rooms comprising of 7 floors plus 6 shops on ground floor and
basement which are given on rent to Airtel, Viom Network Limited,
Indus, Zodiac, Vijaydeep Hotels Pvt Ltd and IOSIS Spa and Wellness.
From FY15 entire hotel business was transferred to one of its group
company namely Vijaydeep Hotels Private Limited and now BJHPL earns
only rental income from the shops on the ground floor and basement
from companies namely Airtel, Viom Network Limited, Indus, Zodiac
and others. The group is into hospitality industry for more than 3
decades and has established boutique properties in Mumbai namely,
Hotel Bawa International, Hotel Bawa Continental, Hotel Bawa Suites
and Hotel Bawa Regency.


BALAJI STEEL: CARE Keeps D on INR4cr Debt in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Steel Tube Industries (SBSTI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       4.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 30, 2019, placed the
ratings of SBSTI under the 'issuer non-cooperating' category as
firm had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to July 08, 2020.In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

As confirmed by the banker the account has been classified as NPA.
At the time of last rating dated May 30, 2019, the following were
the rating strengths and weaknesses

Key rating weaknesses

* Delays in debt servicing: Sri Balaji Steel Tube Industries has
been facing liquidity issues due to which the firm is unable to
service the debt obligation of term loan in both principal and
interest. The banker has confirmed that the account has been
classified as NPA. Low entry barriers and presence in the highly
fragmented industry resulting into stiff competition from other
established players.  The increase in cost of raw material would
only be a near term concern for Indian steel companies It said the
sharp increase in coking coal costs will hurt near term margins of
Indian steel companies due to the lag effect in transition of
increased cost to higher steel prices. Companies have a hard time
correctly judging the risk of strongly fluctuating raw material
costs. If they pass on increasing costs only minimally, delayed or
too conservatively, or if increasing raw material costs coincide
with decreasing sales prices, a margin squeeze is inevitable.
Highly fluctuating raw material costs and ineffective price
management can greatly endanger a firm's success.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital and limited access to funding:
Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure.

Key Rating Strengths

* Experience of the partners for three decades in steel industry:
SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner). He
is qualified graduate and has an overall experience of 45 years. He
was the President of Warangal District Rice Millers Welfare
Association. Apart, he was also Vice President of Warangal Urban
Co-operative Bank Limited. He is also running one rice mill under
the name OM Industries. Mrs Rama Latha (Spouse of Mr. Rama Chandra
Mouli) is also a graduate and she has an overall experience of 15
years. She looks after the operations of M/s.OM Industries. Mr.
Rama Gopi Krishna is also a graduate and he has seven years' of
experience in working with HSBC bank. Due to long term presence in
the market, the partner has established relation with customer and
suppliers.

Stable outlook of steel industry

Indian steel industry plays crucial role in development of nation
and is considered as the backbone of civilization. Currently, India
is the world's third-largest producer of crude steel and is
expected to become the second-largest producer soon. The sector is
poised to perform well in coming time on the back of several
government initiatives. To provide temporary respite from imports,
the Government has increased Minimum Import Price (MIP) on steel.
MIP is imposed on 173 steel products, ranging from $341- $752 per
ton. New MIP rates would be applicable for a period of 6 months
from the date of notification (February 5, 2016). On the concern
side, India's steel sector grew modestly in FY15 as compared to the
robust growth in the last decade, impacted by both external and
internal influences. The growth has been on back-foot due to
factors like overcapacity of steel, cheap import of steel, falling
crude oil prices and diminished demand. The heavy imports, a
resultant of the availability of cheap steel products from the
international market, led to a drop in demand and subsequently in
sales. Moreover, the increased cost of imported raw materials like
coking and thermal coal or natural gas, the price fluctuations, put
an extra burden on the industry.

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 09, 2015 with the main object of carrying out
business of manufacturing steel tubes from Hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner),
Mrs. Rama Latha (Partner) and Mr. Rama Gopi Krishna (Partner. The
project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is INR8.80 crore which is proposed to be funded through
bank term loan of INR3.50 crore, Partners' capital of INR5.20 crore
and remaining through unsecured loan of INR 0.10 crore. As on
December 31, 2016, the firm has incurred expenses of INR3.60 crore
(around 40.90% of total project cost) towards the civil works and
purchase of Plant & Machinery and the same was funded by the
partners' capital.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit maintained in non-
     cooperating category and withdrawn;

-- INR240 mil. Non-fund-based limit maintained in non-cooperating

    category and withdrawn.

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

** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.

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

Formed in 2012, Ethos Power is a Gurugram (Haryana) based project
management company. It undertakes turnkey projects for the
development of transmission and distribution infrastructure for
state electricity boards. Additionally, it provides
energy-efficient products and solutions for reducing transmission
and distribution losses.


FIVE CORE: CARE Keeps D on INR45cr Loans in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Five Core
Electronics Limited (FCEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        1.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      44.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 3, 2019, continues to
place the ratings of FCEL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. Five Core Electronics Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated July 13,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available Information which
however, in CARE'S opinion is not sufficient to arrive at a fair
rating. The ratings on bank facilities of Five Core Electronics
Limited are denoted as 'CARE D; Issuer not cooperating'.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

CARE has not received any information from the company. However,
the company is under corporate insolvency resolution process in
NCLT.

FCEL was incorporated on April 11, 2002 by Mr. Amarjit Singh Kalra
and his wife, Ms. Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loud speakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in April, 2002 and its manufacturing
facility is located in Bhiwadi based, Rajasthan. FCEL belongs to
the 5 core group, based in New Delhi. The 5 core group was
established in 1983 and apart from FCEL, the group has six other
companies namely, Indian Acoustics Private Limited, 5 Core
Acoustics Private Limited, Visual & Acoustics Corporation LLP, EMS
& Exports, Happy Acoustics Private Limited and Digi Export Venture
Private Limited which are all involved in the same line of
business.


GAUTAMI INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gautami
Industries Limited (GIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       520.07     CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       19.60     CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2018 placed the
ratings of GIL under the 'issuer non-cooperating' category as GIL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated July
13, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings factor in stretched liquidity position with delays in
debt servicing.

Detailed description of the key rating drivers

At the time of last rating on May 10, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Stretched liquidity position with delay in debt servicing: The
liquidity position of the company continues to remain stretched
with delays in debt servicing. Weak financial performance: The
plant being non- operational, the company has been reporting
continuous net loss and cash loss. It reported subdued performance
in FY19 also.

Key Rating Strength

* Experience of group in power sector: GGPL is a part of the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited and its subsidiaries has substantial
ownership interest in power generating assets and is also engaged
in the building and developing of road projects, providing
infrastructure facilities, exploration of oil & natural gas,
operations, maintenance and development (OMD) of airport projects
and exploration of coal mines. The group has 15 assets in its
portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports.

The Central Bureau of Investigation (CBI) has registered an FIR
against Mumbai International Airport Limited (MIAL) and the
Chairman and MD of MIAL. The case has been registered in connection
with alleged irregularities in running of MIAL which is a joint
venture of GVK Airport Holdings Limited and Airport Authority of
India. GVK group through its entity; GVK Power and Infrastructure
Ltd. has submitted clarification to BSE that the matter is at
investigation stage and MIAL and others are fully cooperating with
the agency under appropriate legal advice.

GVK Industries Limited (GIL) is a wholly-owned subsidiary of GVK
Energy Limited (GEL) incorporated in June, 1992. Further, GEL is
also the subsidiary of GVK Power & Infrastructure Limited, the
flagship company of the GVK group. GIL is engaged in generation of
electricity at its mixed fuel combined cycle power plants situated
in Jegurupadu in Andhra Pradesh (AP). Total installed capacity of
the company is 437 MW, which was set up in two stages of 217 MW
(Phase I) and 220 MW (Phase II).


GVK GAUTAMI: CARE Keeps D on INR1,009.75cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVK Gautami
Power Ltd. (GGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     1,009.75     CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2018, placed the
rating of GGPL under the 'Issuer Non-Cooperating' category as GGPL
had failed to provide information for monitoring of the rating.
GGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated July 13, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating factors in stretched liquidity position with delay in
debt servicing.

Detailed description of the key rating drivers

At the time of last rating on May 10, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Stretched liquidity position with delay in debt servicing: The
liquidity position of the company continued to remain stretched on
an account of plant being non- operational since 2016 resulting in
delays in debt servicing.

* Weak financial performance: The plant being non-operational, the
company has been reporting continuous net loss and cash loss. It
reported subdued performance in FY19 also.

Key Rating Strength

* Group support and experience in power sector: GGPL is a part of
the Hyderabad-based GVK group, which is one of the first
Independent Power Plant developers in the country. The GVK group
through GVK Power & Infrastructure Limited and its subsidiaries has
substantial ownership interest in power generating assets and is
also engaged in the building and developing of road projects,
providing infrastructure facilities, exploration of oil & natural
gas, operations, maintenance and development (OMD) of airport
projects and exploration of coal mines. The group has 15 assets in
its portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports. The Central Bureau
of Investigation (CBI) has registered an FIR against Mumbai
International Airport Limited (MIAL) and the Chairman and MD of
MIAL. The case has been registered in connection with alleged
irregularities in running of MIAL which is a joint venture of GVK
Airport Holdings Limited and Airport Authority of India. GVK group
through its entity; GVK Power and Infrastructure Ltd. has submitted
clarification to BSE that the matter is at investigation stage and
MIAL and others are fully cooperating with the agency under
appropriate legal advice.

GGPL is a subsidiary of GVK Energy Limited (GEL), which in turn is
the subsidiary of GVK Power & Infrastructure Limited the flagship
company of the GVK group. The company set up a 464 MW gas-based
Combined Cycle Power Plant (CCPP), located in East Godavari
District of Andhra Pradesh, comprising two gas turbine generators
and one steam turbine generator.


H N CONSTRUCTION: Ind-Ra Keeps BB+ Issuer Rating in Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained H N Construction
Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit* maintained in non-cooperating
     category and withdrawn; and

-- INR250 mil. Non-fund-based limit** maintained in non-
     cooperating category and withdrawn.

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

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

Incorporated in September 2007, H N Construction executes turnkey
projects for steel plants engaged in civil, mechanical, and
electrical works related to various equipment and structures,
mainly in Bokaro Steel City, Jharkhand.


HINDUSTHAN NATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hindusthan
National Glass Industries Ltd (HNG) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      2,063       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Long-term/Short-      600       CARE D/CARE D; Issuer Not
   term Bank                       Cooperating; Based on best
   Facilities                      Available information

   Non-convertible       200       CARE D; Issuer Not Cooperating;
   Debenture-                      Based on best available
   Series-III                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2019, continued the
ratings of Hindusthan National Glass Industries Ltd (HNG) under the
'issuer non-cooperating' category as HNG had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. HNG continues to be non-cooperative despite
repeated requests for submission of information through e-mail,
phone calls and a letter dated July 8, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The ratings take into account the ongoing delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on July 30, 2019, the following were the
rating strengths and weaknesses (updated for the information
available from Stock Exchange filings):

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are continuing delays in
servicing of debt by the company. Continued losses resulting in
stressed liquidity position The company reported net loss of
INR103.03 crore on total operating income of INR2,286.37 crore in
FY20 vis-à-vis net loss of INR172.95 crore on total operating
income of INR2,391.94 crore in FY19. The operating profit was not
sufficient to cover the interest cost and depreciation and the
company continued to incur losses. The company generated cash
accruals of INR45.43 crore in FY20 as against cash loss of INR14.42
crore in FY19. The liquidity position of the company continued to
remain stressed.

Key Rating Strengths

* Long track record of the company with established market
presence:  HNG, having market presence of over six decades, is an
established manufacturer of container glass and has a pan India
presence. The promoters have an experience of over two decades in
the container glass industry.

HNG, incorporated in February 1946, was promoted by late Mr. C. K.
Somany of the Kolkata-based Somany family. The company is a leading
manufacturer of container glass with seven manufacturing units,
spread across the country having an aggregate installed capacity of
1,569,500 tpa (tonne per annum), the largest in the country.


IND-BARATH ENERGY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Energy (Utkal) Ltd (IBEUL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     2833.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2018; placed the
ratings of IBEUL under the 'issuer non-cooperating' category as
IBEUL had failed to provide information for monitoring of the
rating. IBEUL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated July 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 10, 2019; the following were the
rating strengths and weaknesses:

Key rating weakness

* Stretched liquidity position: On account of delay in achieving
the COD, the company is unable to generate sufficient cash flows
leading to strained liquidity position resulting in delays in
repayments of principal and interest payments for term loans.

Key Rating strength

* Long Track record of Group in the Power segment and experienced
promoters: The group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr. Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company.

Ind- Barath Energy (Utkal) Limited (IBEUL) belongs to Ind-Barath
group and is a subsidiary (99.99%) of Ind- Barath Thermotek Private
Limited. IBEUL incorporated in April 2008 with the objective of
setting up a 700 MW (2*350 MW) coal based thermal power plant at
Sahajbahal, Jharsuguda District in Orissa. The project was earlier
envisaged to achieve Commercial Operations Date (COD) on March 31,
2015 The company completed the trial runs for Unit I as on Mar.31,
2016 and obtained necessary regulatory approvals required to
commence commercial operations.


IND-BARATH POWER GENCOM: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Power Gencom Ltd (IBPGL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      228.38      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      96.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2018; placed the
ratings of IBPGL under the 'Issuer Non-Cooperating' category as
IBPGL had failed to provide information for monitoring of the
rating. IBPGL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated July 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 27, 2019; the following were the
rating strengths and weaknesses:

Key rating weakness

* Stretched liquidity position: The company has an elongated
working capital cycle led by stretched receivable resulting in
strain in the liquidity position and delays in debt servicing.

Key Rating strength

* Long Track record of Group in the Power segment and experienced
promoters: The group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the Ind-Barath
group. Mr. Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company.

Ind-Barath Power Gencom Limited (IBPGL) belongs to Ind - Barath
Group and is a subsidiary (70.74%) of IndBarath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on 25th
July 2005, IBPGL has set up a coastal coal based Thermal Power
Project of capacity 189 (3x63) MW power plant in Thoothukudi
District in Tamil Nadu. IBPGL has Fuel Supply Agreement (FSA) in
place with the group's coal mine in Indonesia. However, due to
pending approvals from the Government of Indonesia mining
development could not start. The company has been referred to
Corporate Insolvency Resolution Process under Indian Bankruptcy
Code (IBC), 2016.


IND-BARATH POWER: CARE Keeps D on INR2655cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Power (Madras) Ltd (IBPML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank     2655.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018; placed the
ratings of IBPML under the 'Issuer Non-Cooperating' category as
IBPML had failed to provide information for monitoring of the
rating. IBPML continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated July 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 10, 2019; the following were the
rating strengths and weaknesses:

Key rating weakness

* Delays in meeting of debt obligations: On account of delay in
achieving the COD, the company is unable to generate revenue
leading to strained liquidity position resulting in delays in
meeting debt obligations on time.

Key Rating strength

* Long Track record of Group in the Power segment and experienced
promoters: The group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr. Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company.

Ind-Barath Power (Madras) Limited (IBP-Madras) belongs to
Ind-Barath group and is an SPV incorporated for implementation of a
coal based thermal power plant with a capacity of 660 MW in
Tuticorin, Tamil Nadu. The project was earlier envisaged to achieve
COD in December 2013 which got revised to June 2016. However due to
delay in civil works and due to laying of transmission lines and
grid connectivity issues the project construction got delayed and
revised the COD to June 30, 2016 but the project could not start.


IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Thermal Power Ltd (IBTPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      940.56      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      75.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018; placed the
ratings of IBTPL under the 'Issuer Non-Cooperating' category as
IBTPL had failed to provide information for monitoring of the
rating. IBTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated July 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 10, 2019; the following were the
rating strengths and weaknesses:

Key rating weakness

* Stretched liquidity position: The company faced stretched
liquidity position due to lack of long-term PPA and reduction in
purchase of power by the off takers and delayed receipt of billed
energy. Consequently there have been delays in debt servicing.

Key Rating Strengths

* Long Track record of Group in the Power segment and experienced
promoters: The group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr. Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company.

Ind-Barath Thermal Power Limited (IBTPL) is a special purpose
vehicle (70.26%) of Ind-Barath Power Infra Limited (IBPIL). It was
incorporated in January 2007 as IndBarath Power (Karwar) Limited
with the objective of setting up of a 300 MW (150*2) imported coal
based power plant at Hankon Village in Uttara Kannada district of
Karnataka. However, despite getting all statutory clearances
including Environment Clearance and Consent for Establishment,
commencement of construction activities at project site was held up
on account of protests from local political & environmental groups.
Hence, the company shifted the project to alternate location to
Tuticorin in Tamil Nadu. Consequent to the change in location, the
name of the company was changed to the current nomenclature. IBPTL
commenced commercial operations on February 7, 2013 of Unit 1 and
in November 2013 of Unit 2. The company has been referred to
Corporate insolvency resolution process (under IBC 2016).


INDSIL HYDRO: Ind-Ra Assigns 'D' LongTerm Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indsil Hydro Power
and Manganese Limited (IHPML) a Long-Term Issuer Rating of 'IND D'.


The instrument-wise rating actions are:

-- INR43.0 mil. Term loan (Long-term due on January 19, 2021
     assigned with IND D rating;

-- INR831.5 mil. Fund-based facilities (Long-term/ Short-term)
     assigned with IND D rating; and

-- INR131.5 mil. Non-fund-based facilities (Short-term) assigned
     with IND D rating.

Analytical Approach: Ind-Ra has taken a consolidated view of IHPML,
its two UAE-based 100% subsidiaries Indsil Hydro Global (FZE) and
Indsil Energy Global (FZE) and an Oman-based 50% joint venture
company Al Tamman Indsil Ferro Chrome LLC to arrive at the ratings
on account of the strong operational and strategic linkages among
them.

KEY RATING DRIVERS

The rating reflects delays in debt servicing by IHPML.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in an upgrade.

COMPANY PROFILE

Incorporated in 1990 and promoted by Mr. S N Varadarajan, IHPML
manufactures ferroalloys and operates hydro and thermal power
plants. The company produces low carbon silicon manganese/medium
carbon silicon manganese and ferrochrome from Palakkad, Raipur, and
Andhra Pradesh plants, respectively. The total installed capacity
of smelters is 45,000-ton per annum. IHPML's 21MW hydropower plant
is located in Kerala and the 12MW thermal plant is in Raipur.
Indsil Energy and Electrochemicals Private Limited were merged with
IHPML in FY18. The group also operates a 75,000 ton per annum
ferrochrome smelter at Oman, which is a 50:50 joint venture between
IHPML and Muscat Overseas group. IHPML is listed on the BSE
Limited.


INTEGRATED THERMOPLASTICS: CARE Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Integrated
Thermoplastics Limited (ITL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       14.50      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       6.50      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 24, 2019, placed the
rating(s) of ITL under the 'issuer non-cooperating' category as ITL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ITL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 13, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings continue to take into account delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019, the following were the
rating strengths and weaknesses:

(Updated information taken from Bombay Stock Exchange (BSE) as it's
a listed company)

Key rating weakness:

* Delays in debt servicing: As per the due diligence undertaken by
CARE and the audit report for FY19, there are continued delays in
debt servicing and the account has been classified as
Non-Performing Asset (NPA) by the lender.

* Continuing losses despite increased revenue in FY19: Although,
the total operating income of the company increased from INR52.90
crore in FY18 to INR73.61 crore in FY19, on account of increase in
the sales volume of PVC pipes, the company registered net loss
during FY19 of INR12.75 crore.

Key Rating strengths:

* Experienced promoter group with established industry presence:
ITL belongs to Nandi group, a South India based industrial house,
promoted by Mr. S.P.Y Reddy. The company was originally promoted by
Mr. Simon Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was
acquired by Nandi Group. Nandi Group of Industries has presence in
diversified businesses such as cement, dairy, TMT bars,
construction etc. in Andhra Pradesh/Telangana.

Integrated Thermoplastics Ltd (ITL), erstwhile Torrent
Thermo-Plastics Limited, was originally promoted by Mr. Simon
Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was acquired by
the Nandi Group of companies. ITL is engaged in the manufacturing
of fabricate Polyvinyl Chloride (PVC) pipes and fittings, tubes,
bends etc. (installed capacity of 15,000 MTPA) at its facilities
located at Medak District (Telangana). Nandi group, promoted by
Shri S.P.Y Reddy, is a South India based industrial house having
diversified business interest such as cement, dairy, PVC pipes,
construction etc.


K. G. LAKSHMIPATHI: CARE Lowers Rating on INR6cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K.
G. Lakshmipathi and Company (KGLC), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Stable; on

                                  the basis of best available
                                  information

   Short-term Bank      2.25      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4; based on
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating(s) of KGLC under the 'Issuer non-cooperating' category as
KGLC had failed to provide information for monitoring of the
rating. K. G. Lakshmipathi and Company continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 14,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the ratings assigned to the bank facilities of K.G.
Lakshmipathi and Company takes into account of ongoing delays in
the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* On-going delays in debt servicing of debt obligations: The firm
is unable to generate sufficient cash flows leading to stressed
liquidity position resulting in on-going delays to meet its debt
obligations.

Chennai based K.G. Lakshmipathi and Co. (KGLC) was established in
1951 as a partnership firm by Mr. K.G. Lakshmipathi along with his
family members. After the demise of Mr. K.G. Lakshmipathi in 2010,
the firm was reconstituted and presently it is governed by the
partnership deed dated December 24, 2010 wherein the partners
include Mr. L. Soundar Rajan (son of Mr. Lakshmipathi) and his two
sons Mr. S. Vikram and Mr. S. Karthik. KGLC is a Class I contractor
registered with Central Public Works Department (CPWD), Chennai
Corporation and Southern Railway. The firm is engaged in the
business of civil construction for various government organizations
and private companies for works like road and airport runway
construction and maintenance, earth work, building construction
etc. The firm executes work orders of about 90% for Governments
(State as well as Central) and the remaining for private companies
such as laying roads on the site developed by the private builders.
The day-to-day affairs of the firm are looked after by Mr. S.
Vikram, the Managing Partner, with adequate support from other two
partners.


KRISHNA PAPER: Ind-Ra Lowers LongTerm Issuer Rating to 'B-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Krishna
Paper Mills & Industries' (SKPML) Long-Term Issuer Rating to 'IND
B- (ISSUER NOT COOPERATING)' from 'IND BB+'. The Outlook was
Stable. The issuer did not participate in the surveillance exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is on the basis of the best available information. The
rating will now appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit downgraded with
     IND B- (ISSUER NOT COOPERATING) rating;

-- INR120 mil. Non-fund-based limits downgraded with IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Proposed non-fund-based limits* is withdrawn.

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

* The company did not proceed with the instrument as envisaged.

KEY RATING DRIVERS

The downgrade reflects SKPML incurring operating losses of INR38
million in FY20 with consistent operating losses over the last two
quarters (3QFY20: INR29 million, 4QFY20: INR4 million) due to an
increase in the cost of raw materials. This led to deterioration in
its credit profile in FY20. Also, the revenue fell 28.9% yoy to
INR1,013 million in FY20 due to the  lower sales volume and a
reduction in the sales price of its major finished product i.e.
newsprint paper.

The right of recompense interest worth INR60 million was been paid
by SKPML over December 2019-March 2020 in terms of the corporate
debt restructuring package. The remaining right of recompense
interest worth INR40 million will be charged by the bank in FY21.

SKPML's liquidity deteriorated year-on-year in FY20 as reflected in
the cash flow from operations of INR0.4 million (FY19: INR73.7
million), as reported by the management.

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra the revised projection data,
latest banker details, updated management certificate, and working
capital utilization in a timely manner.

RATING SENSITIVITIES

Positive: SKPML earning an operating profit, leading to an
improvement in the credit metrics with the EBITDA interest coverage
above 1.0x on a sustainable basis and an improvement in the
liquidity will be positive for the ratings.

Negative: Any further deterioration in the liquidity could lead to
negative rating action.

COMPANY PROFILE

SKPML was incorporated by 1972 and is listed on the Bombay Stock
Exchange. The company manufactures newsprint, and printing and
writing paper at its Kotputli (Rajasthan) unit, which has an
installed capacity of 38,000MTPA.


KUFRI FUN: CARE Lowers Rating on INR7.30cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kufri Fun Campus Private Limited (FCP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.30      CARE D; Stable Revised from
   Facilities                      CARE B+; Stable; Issuer not
                                   Cooperating

   Short term Bank
   Facilities            8.50      CARE D; Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of FCP
takes into account ongoing delays in the servicing of debt
obligation.

Detailed description of the key rating drivers

Ongoing delays in the servicing of debt obligation: There are
ongoing delays in the servicing of debt obligation.

Kufri Fun Campus Private Limited (FCP) was incorporated in 2006 and
started its commercial operations in August, 2013 and is promoted
and managed by Mr. Baldev Singh Thakur and Mr. Vikas Agarwal. FCP
owns and operates a theme park called 'Kufri Fun Campus' located at
Shimla, Himachal Pradesh. There are seven ride bands and adventure
activities like zip lining, go-karting, snow skiing, burma bridging
etc. FCP also owns and operates Food and Beverages (F&B) outlets,
retail and merchandise shops as well as banquet hall inside the
theme park. Apart from this, FCP has provided hotel named 'Twin
Towers' on lease to Colors of India Tours Private Limited w.e.f.
April, 2018 and earns a rental income of INR 0.85 crore per annum.



MANJEET SINGH: CARE Withdraws D Ratings on Bank Facilities
----------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of CARE
D/CARE D assigned to the bank facilities of Manjeet Singh Bhatia
(Manjeet) with immediate effect. The above action has been taken at
the request of Manjeet and 'No Objection Certificate' received from
the bank that has extended the facilities rated by CARE.

The affirmation of ratings prior to withdrawal takes into account
past irregularities in debt servicing. However, as per the recent
interaction with the lender, the debt servicing is regular and
there are no delays, though CARE does not have the written feedback
from lender, neither in possession of latest bank statement. As per
the bank statements received for a period of July 2019 to January
2020, the debt servicing was regular during this period.

Manjeet Singh Bhatia, Indore based proprietorship firm, got
converted into partnership firm namely M/s. Manjeet Singh Bhatia
(MSB) with effect from April 01, 2019. Mr. Manjeet Singh Bhatia,
his wife Mrs. Puneet Kaur Bhatia and D S Capital Markets Pvt. Ltd.
(where Mr. Manjeet Singh Bhatia and Mrs. Puneet Kaur Bhatia holds
directorship) are the partners of the firm. As informed by the
management and confirmed by the banker, the term loan (which was
extended to proprietorship entity) is not transferred to
partnership firm upon conversion of proprietorship to partnership
firm and Mr. Manjeet Singh Bhatia is personally liable for
repayment of term debt obligations. Presently, Mr. Manjeet Singh
Bhatia is availing moratorium for the period of March-August 2020;
permitted by the RBI as a Covid-19 relief measure. Further, the
non-fund based facilities [i.e. Bank Guarantee (BG)] have
transferred to partnership firm.

The firm is engaged into the business of retailing of alcohol
(Indian made foreign liquor (IMFL) and country liquor (CL)) through
licensed liquor shops in the state of Madhya Pradesh (MP). The firm
enters into open tendering process every year to avail license for
the retailing of the liquor and depending upon the allotment of
shops during tendering, the number of shops held by the entity
varies every year. The entity operated 50 retail shops (30 CL and
20 IMFL) during FY19 and received license for operating 41 retail
shops (25 CL and 16 IMFL) in FY20.


MSE INDUSTRIES: CARE Lowers Rating on INR2.89cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MSE
Industries (MSE), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       2.89      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable; on
                                  the basis of best available
                                  information

   Short-term Bank      2.10      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4; based on
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating(s) of MSE under the 'Issuer noncooperating' category as MSE
Industries had failed to provide information for monitoring of the
rating. MSE Industries continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated July 14, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the ratings assigned to the bank facilities of MSE
Industries takes into account of ongoing delays in the servicing of
debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays: The firm is unable to generate sufficient cash
flows leading to strained liquidity position resulting in on-going
delays in meetings debt obligations.

Key Rating Strengths

* Long experience of the partner in the fabrication industry
coupled with the support of technical team: MSE has been promoted
by Mr. K. B. Mahesh Kumar who is a Mechanical Engineer from PSG
college of Technology. Upon the completion of his graduation in the
year 1991, he commenced trading of IT (Information Technology)
products primarily printers of all kinds (Laser, Inkjet etc.) of
reputed companies such as WIPRO, 3M India, and Hewlett Packard. He
was also engaged as a distributor for the companies mentioned
above. Since the year 2005, the promoter started his business in
steel and fabrication industry as IT industry became very
competitive with low profitability for small and unorganized
players like MSE. The promoter was engaged with BHEL in the
manufacturing of hangers and suspension. He was as given an
opportunity with BHEL for the manufacture of the same products in
the year 2007. Mrs. M. Sreelatha, wife of the promoter is also
actively engaged in the routine activities of the firm. She is
Computer Graduate and is associated with the firm since its
inception.  MSE has total employee strength of around 100 employees
including office staff, production supervisors, and quality
inspectors.  All the welders are certified by BHEL. The entire
hangers and supports for the boiler are as per the standard quality
policy as well as customer quality policy which will be completely
inspected and cleared by authorized third party inspection agency.

MSE Industries (MSE) is a partnership firm established in the year
2006 by Mr. K.B. Mahesh Kumar and his wife Mrs. Sreelatha with
equal profit sharing ratio. The commercial operations of the firm
were started from the year 2007. The firm is engaged in the
manufacturing of Hangers & Suspensions, Load hangers namely
Constant load hangers and Variable load hangers (patented design
manufactured based on "Lisega Technology", Germany), Conveyor
systems, Coal handling systems & Bunkers, ducts and Pre-Engineered
Building (steel structures).


OCTOPUS PAPERS: CARE Keeps D on INR8.88cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Octopus
Papers Limited (OPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.88      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2019, placed the
ratings of OPL under the 'Issuer non-cooperating' category as OPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. OPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letter/emails dated May 25,
2020, June 3, 2020 and July 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating done on July 11, 2019, the following
were the rating weaknesses:

Key Rating Weaknesses

* On-going delays in debt servicing: The rating assigned to the
bank facilities of OPL takes into account the fact that OPL has
on-going delays in servicing its debt obligation and the account is
classified as NPA.

OPL was initially incorporated as Octopus Paper Private Limited on
March 19, 2007 by Mr. Bharat Khara, Mr. Vishal Khara and Mrs. Jyoti
Khara. Subsequently, during August 2015, it rechristened itself to
OPL. OPL is engaged into manufacturing and trading of notebooks;
copier papers and paper related office stationery and also does
Offset Printing. OPL sells its products in four different
categories i.e. school stationery products (includes long book,
note book, jumbo book A4 long book, drawing book and graph book),
office stationery products (registers, cash memo, copier papers and
pocket memo), other paper products and offset printing. The
manufacturing plant of the company is located at Vapi G.I.D.C. All
the business activities are done under the brand name "Octopus".
OPL markets its products into three different categories i.e.
Industrial (all industries), Domestic (schools and offices) and
Customers Base (wholesalers and retailers).OPL has diversified
product portfolio as it supplies its products to various clients
such as banking sectors, government and semi government bodies,
corporate sectors, education sector and retail. OPL has a group
entity namely Octopus Printers Private Limited which is also into
similar line of business, however from March 2015, Octopus Printers
Private Limited was merged with OPL through slump sale and all the
assets and liabilities of Octopus Printers Private Limited were
merged into Octopus Papers Private Limited.


R3 CROP: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------
CARE Ratings said the rating for the bank facilities of R3 Crop
Care Private Limited (R3CCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       3.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank     26.60       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2019, placed the
rating(s) of R3CCPL under the 'issuer non-cooperating' category as
R3CCPL had failed to provide information for monitoring of the
rating. R3CCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 9, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on July 17, 2019, the following were the
rating strengths and weaknesses: (updated for the information
available from Registrar of Companies):

Key Rating Weakness

* On-going delay in debt servicing: As per the interaction with the
banker, there were ongoing delays in the sales invoice discounting
facility for one and half month against regularization of the
supply bills.

Incorporated in 1992 by Mr. Harish Trivedi, Mr. Rajiv Pandit and
Mr. Mukundray Bhatt, R3 Crop Care Private Limited (R3CCPL,
Erstwhile known as Rotam India Limited and later reconstituted and
renamed in 2013) is engaged into manufacturing, sale and
distribution of agrochemical active ingredients namely insecticide
and fungicide formulations. Its primary products comprise of
Chlorpyrifos (insecticide), Durmet (insecticide) and Carbendazim
(fungicide). It has its own formulation manufacturing facility
located at Vapi GIDC spread over 8500 sq. ft. and has a total
installed capacity of formulating 8100 metric tons of chemicals per
annum.


RAGHU RAMA: CARE Keeps D on INR8cr Debt in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghu Rama
Renewable Energy Ltd (RRREL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018; placed the
ratings of RRREL under the 'Issuer Non-Cooperating' category as
RRREL had failed to provide information for monitoring of the
rating. RRREL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated July 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on May 24, 2019; the following were the
rating strengths and weaknesses:

Key rating weakness

* Stretched liquidity position with delays in debt servicing: The
liquidity position of the company has been stretched with continued
operational loss and net loss reported in FY18, lack of long-term
PPA and high debt repayment obligation. The same has consequently
resulted in delays in debt obligations.

Key Rating strength

* Long Track record of Group in the Power segment and experienced
promoters: The group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the Ind-Barath
group. Mr. Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company.

Raghu Rama Renewable Energy Limited (RRREL) was incorporated in
2001 and is a subsidiary of Ind-Barath Power Infra Limited (IBPIL)
of the Ind-Barath Group. The company operates 18-MW Biomass-based
power plant in Ramnad district of Tamil Nadu with the plant
commencing operation from October 2004. The primary source of fuel
is biomass such as Prosopis Juliflora shrubs combined with wood
powder and matchbox waste.


RAJYALAKSHMI HEALTHCARE: Ind-Ra Affirms 'BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Rajyalakshmi
Healthcare Private Limited's (RHPL) Outlook to Positive from Stable
while affirming its Long-Term Issuer Rating at 'IND BB.'

The instrument-wise rating actions are:

-- INR462.187 mil. (reduced from INR490 mil.) Long term loans
     affirmed; Outlook revised to positive with IND BB/Positive
     rating.

ANALYTICAL APPROACH: Ind-Ra continues to take a consolidated view
of Sarvejana Healthcare Private Limited (SHPL; 'IND BB+'/Stable)
and its 100% subsidiaries - RHPL and Suryateja Healthcare Private
Limited (SuPL), collectively referred to as Sunshine Hospitals -
due to the strong legal and operational and moderate strategic
linkages among them. SHPL also extends unconditional and
irrevocable corporate guarantees to the entire debt of the
subsidiaries and also provides tangible financial supports in terms
of unsecured loans.

The Outlook revision reflects Ind-Ra's expectation of an
improvement in the consolidated operating profitability in FY21, as
RHPL achieved EBITDA breakeven in FY20, while the credit profile
being maintained or improving.

KEY RATING DRIVERS

The affirmation reflects the continued moderate scale of
operations. The consolidated revenue improved to INR3,628 million
in FY20 (FY19:  INR3,345 million), driven by operational
stabilization in the subsidiaries' performance and an improvement
in their occupancy rates. FY20 financials are provisional in
nature. RHPL commenced operations in 2018 and SuPL in 2017, and
their revenue surged to INR841 million and INR117 million,
respectively in FY20 (FY19: INR565 million and INR108 million). The
subsidiaries' EBITDA attained breakeven in FY20 with a cumulative
operating profit of INR48.03 million. However, the company
registered a revenue loss of INR350 million in April and May 2020
on a consolidated basis due to the closure of its outpatient
department owing to the COVID-19 led lockdown. The operations
resumed in June 2020 and the company booked revenue of INR520
million.

The rating factor in the company's risk of revenue concentration,
although declined to 72.5% in FY20 (FY19: 79.6%),  as the company
derives the majority of its revenue from its flagship hospital in
Secunderabad (Telengana).

The ratings further factor in the modest operating margin, which
expanded to 8.01% in FY20 (FY19: 5.14%), owing to an increase in
absolute EBITDA to INR290.59 million (INR171.88 million) on a
consolidated basis. The return on capital employed stood at 3% in
FY20 (FY19: 4%). SHPL's standalone margin, however, contracted to
7.97% in FY20 (FY19: 9.01%). Given that the subsidiaries have
attained their early stages of stabilization, the agency expects
its operating profit margins to improve further in FY21.

The ratings are further constrained by the company's consolidated
modest credit metrics. The interest coverage (operating
EBITDA/gross interest expense) improved to 1.6x in FY20 (FY19:
1.4x) and net leverage (adjusted net debt/operating EBITDAR) to
5.3x (7.0x) due to the improvement in the absolute EBITDA and a
decline in the net debt to INR854.89 million (INR1,004.21 million).
Ind-Ra expects the company's credit metrics to improve further in
FY21, owing to the scheduled repayments of the long-term loan of
RHPL as well as SHPL and no major planned CAPEX. The standalone
credit metrics of RHPL turned positive in FY20 with an interest
coverage ratio of 0.4x and net leverage of 21.0x.

Liquidity Indicator- Stretched: The cash flow from operations for
the consolidated entity improved to INR348.55million in FY20
(FY19: INR262.43million) due to the higher EBITDA and an
improvement in the working capital cycle to negative 46 days (FY19:
negative 19 days). The company has availed of the COVID-19
moratorium provided by the Reserve Bank of India for the period
April-August 2020. In FY20, the consolidated cash and bank balance
stood at INR110.17 million (FY19: INR85.22million). Ind-Ra expects
a debt service coverage ratio of below 1x for RHPL in FY21 owing to
the scheduled repayments.

The ratings, however, continue to derive support from the promoter
- Dr. Gurava Reddy's two decades of experience in establishing a
brand name for the hospitals in orthopedics specialty in the
Telangana region.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, performance of
the subsidiaries, and profitability, with net leverage reducing
below 5x along with an improved liquidity profile, all on a
sustained basis, will be positive for the ratings.

Negative: Any further decline in the credit metrics and stress in
liquidity may lead to negative rating action.

COMPANY PROFILE

RHPL operates a 220-bed hospital in Gachibowli. and is a 100%
subsidiary of SHPL. The company is promoted by renowned orthopedic
surgeon Dr. Gurava Reddy.


SAI PRIYA: CARE Keeps D on INR360.61cr Debt in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Sai
Priya Sugars Limited (SSPSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       360.61     CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 27, 2019, placed the
rating(s) of SSPSL under the 'issuer non-cooperating' category as
SSPSL had failed to provide information for monitoring of the
rating. SSPSL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, dated July
10, 2020 and July 16, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

CARE has been unable to ascertain the delay free track record, if
any maintained by the company due to non-submission of No default
statement, bank statements of past 1 year and other documents by
SSPSL. Further, in the absence of information on company's latest
financial performance and other critical data including the
capacity utilization, liquidity position of the company, extent of
capex undertaken, if any etc. post the last review on May 27, 2019,
CARE is unable to assess the company's credit profile.

Detailed description of the key ratingdrivers

At the time of last rating on May 27, 2019, the following was
considered (updated for the information available from Bankers &
FY19 audited annual report available from MCA) Delays in debt
servicing: As per the banker interaction, it was informed that
account conduct is satisfactory. However, details regarding to
period for which account has been regular, if any, was not
informed. Further, the client has also not submitted the NDS and
bank statements to ascertain delay free track record period.

SSPSL is a Public Limited Company incorporated in January 17, 2002,
by Mr. Murugesh R Nirani, an ex-cabinet minister and the chairman
of, MRN (Nirani) Group. SSPSL operates 10,000 TCD sugar plant,
Cogen unit of 63 MW and a distillery unit of capacity 120 KLPD.


SAI SWADHIN: CARE Keeps D on INR7.64cr Debt in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       7.64       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSCPL to monitor the rating
vide e-mail communications/letters dated July 9, 2020, July 10,
2020, July 13, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which, however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating of
Sai Swadhin Commercials Private Limited bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING. Further, the banker
could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating assigned to the bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) takes into account the ongoing
delays in debt servicing obligations of the company.

Detailed description of the key rating drivers

At the time of last rating in May 31, 2019, the following was the
key rating weakness:

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are on-going delays in
the debt servicing of the company. The banker has confirmed that
there are ongoing delays in repayment of principal and interest of
the term loan account.

Sai Swadhin Commercials Private Limited (SSCPL) was incorporated in
August, 2008, however after remaining dormant for seven years the
company started commercial operation from April 2015. The company
was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai, Mrs. Jami Kavita
and Mrs. Jami Nirmala based out of Koraput, Odisha. The company has
been engaged in extraction of cashew nut shell liquid and cashew
de-oiled cake at its plant located at Ganjam, Odisha. The plant has
a processing capacity of 252,000 quintals for cashew de-oiled cake
and 108,000 quintals for cashew nut shell liquid. The company
procures its raw materials from domestic markets and sales through
dealers across all over India. Presently, the company has around 25
dealers.


SINHA SQUARE: CARE Keeps D on INR9.42cr in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sinha
Square continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.42      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sinha Square to monitor the
rating vide e-mail communications/letters dated July 9, 2020, July
10, 2020, July 13, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on entity's
bank facilities will now be denoted as CARE D; Issuer Not
Cooperating.  Further, the banker could not be contacted.

Users of these rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account on-going delays in debt servicing
obligations of the company.

Detailed Rationale & Key Rating Drivers

At the time of last rating in May 15, 2019, the following were the
rating weaknesses:

Key Rating Weaknesses

  * Ongoing delays in debt servicing: The rating takes into account
ongoing delay in the servicing of the bank debt obligations of the
entity.

Mr. Anirudh Kumar is setting up a modern and luxury hotel under the
name "Sinha Square" in Deoghar, Jharkhand. The hotel has proposed
to provide services like multi-cusine restaurant, banquet, swimming
pool and conference hall. The hotel is expected to comprise of 60
double bed rooms. The total cost of the project is INR14.75 crore
and the same is funded by proprietor contribution of INR4.75 crore
and term loan of INR10.00 crore. The project is expected to be
completed by March 2019 and the commercial operations expected to
start from April 2019. The firm has already invested INR14.00 crore
towards land & site development, building, civil works etc. till
November 29, 2018 which is met through proprietor's contribution
and term loan from bank. The financial closure of the aforesaid
term loan has already been achieved.

Mr. Anirudh Kumar has three decades of experience in different
business like civil construction, mining and roadways. He is
proposed to look after the overall management of the hotel, with
adequate support from a team of experienced personnel.


SMARTTRAK SOLAR: CARE Lowers Rating on INR9cr Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Smarttrak Solar Systems Private Limited (SSSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.00      CARE D; Stable Revised from
   Facilities                      CARE B+; Stable; on the basis
                                   of best available information

   Short-term Bank       2.00      CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 21, 2019, placed the
rating(s) of SSSPL under the 'Issuer non-cooperating' category as
SSSPL had failed to provide information for monitoring of the
rating. This revision in the ratings is on account of delays
reported in repayment of its interest obligations as informed by
the lender. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating dated April 21, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weakness

  * Limited track record of the entity, modest scale of operations
with low net worth base and fluctuating profitability margins: The
company has a limited track record of around six years. The total
operating income (TOI) of the company remained modest at INR86.72
crore in FY17 with low net worth base of INR5.87crore as on March
31, 2017 as compared to other peers in the industry.  The PBILDT
margin of the company is fluctuating during review period between
4.89%-15.70% due to increase in expenses like maintenance costs,
fluctuation in employee cost and power and fuel cost. The PAT
margin of the company has been fluctuating during review period in
between 2.00%-6.89% at the back of increasing depreciation cost and
interest and finance charges.

  * Leveraged capital structure: The capital structure of the
company marked by debt equity ratio and overall gearing has been
deteriorating during review period. The debt equity ratio has
deteriorated during FY15-17 due to increasing long term debt levels
and stood at 1.72x as on March 31, 2017. Furthermore, the overall
gearing deteriorated from 1.21x as on March 31, 2015 to 2.51x as on
March 31, 2017 due to increase in debt levels owing to increasing
utilization of working capital facility and availment of fresh term
loans from various financial institutions/banks during the review
period.

  * Working capital intensive nature of operations: The operating
cycle of the company stood moderate, though deteriorated in FY17
over FY16. The operating cycle increased from 24 days in FY16 to 31
days in FY17 due to increase in average collection and average
inventory holding period. The average inventory days increased from
13 days in FY16 to 22 days in FY17 as company is required to stock
adequate inventory levels of Steel, Motor, Bearing, Tubes and GI
sheet on a regular basis for timely execution of projects. The
company makes the payment to its suppliers within 20-70 days.
However, the company receives the payment from its customers within
45-80 days. The average utilization of working capital of the firm
remained 90% for the last 12 month ended December 31, 2017.

  * Highly fragmented industry with intense competition from large
number of players: The company is engaged in the manufacturing of
trackers and providing services like civil construction work, sale
of structure material and tracker (single axis and dual axis),
installation and erection in solar power business segment which is
highly fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in huge
competition.

Key Rating Strengths

  * Experience of the promoters for a decade in the solar power
business: SSSPL was incorporated in the year 2011 and promoted by
by Mr. G. Bhagawan Reddy. The other directors are Mrs. P.
Prathibha, Mr. D. Pradeep Kumar Reddy, Mr. K. Bhanuteja, Mr. A.
Venkata Abhilash and Ms. Aruna also actively involved in the day to
day operations of the company. Managing director is a qualified
post graduate and has a decade of experience in solar power
business segment. Due to long term presence in the market, the
promoter has established good relation with supplier.

  * Growth in total operating income during review period: The
total operating income of the company grew by Compounded Annual
Growth Rate (CAGR) of 185.76% from INR10.62 crore in FY15 to
INR86.72 crore in FY17 due to increase in orders from existing
customers as well as addition of new customers. During April 01,
2017 to December 31, 2017 (Provisional), the company has achieved
total operating income of INR 44 crore.

  * Satisfactory debt coverage indicators: Total debt/GCA of the
company, though stood satisfactory, deteriorated year-on-year from
2.02x in FY15 to 6.69x in FY17 due to increasing total debt levels
as a result of availment of term loans coupled with increasing
utilization of working capital facility. Furthermore, PBILDT
interest coverage ratio stood satisfactory at 2.64x in FY17 though
it deteriorated from 5.79x in FY15 on account of increase in
interest and finance charges.

  * Medium-term revenue visibility from current order book
position: The company has a moderate order book of INR 129.23 crore
as on December 31, 2017 which translates to 1.49x of total
operating of FY17 and the same is likely to be completed by
FY18-19. The said order book provides revenue visibility for medium
term.

  * Positive outlook of renewable power industry: The Government
has set a solar power target of 100 GW to be achieved within 2022
and in line with promoting use of solar powers, has come up with
various incentives and is actively encouraging the use of solar
power for both residential and commercial purposes. The major
drivers for the growth in solar capacity addition have been various
government initiatives and policies including feed in- tariffs and
renewable purchase obligations (RPO), decline in equipment cost
over the years, technological advancement, shorter implementation
schedules and lower fuel availability risks as compared with
conventional sources of energy. Owing to improving
cost-competitiveness of solar power coupled with favourable policy
support from both central and state governments, the long-term
demand outlook for renewable power sector look positive.

Telangana based, Smarttrak Solar Systems Private Limited (SSSPL)
was incorporated in the year 2011 and promoted by Mr. G. Bhagawan
Reddy and his spouse Mrs. P. Pratibha. The company is engaged in
the manufacturing of solar trackers and providing services like
civil construction work, sale of structure material and tracker
(single axis and dual axis), installation and erection in solar
power business segment. The company purchases the raw materials
like Steel, Motor, Bearing, Tubes and GI sheet among others from
local traders of Telangana.


SPY AGRO: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SPY Agro
Industries Limited (SPYAIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      163.44      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      14.40      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated May 30, 2019, placed the
rating(s) of SPYAIL under the 'issuer non-cooperating' category as
SPYAIL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SPYAIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 13, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The revision in the ratings assigned to the bank facilities of
S.P.Y. Agro Industries Limited (SPYAIL) factor in delays in debt
servicing.

Detailed description of the key rating drivers:

At the time of last rating on May 30, 2019, the following were the
rating strengths and weaknesses:

(Updated as per the due diligence carried out by CARE Ratings
Limited)

Key Rating Weakness:

Delays in debt servicing: The Company has been facing liquidity
constraint and there are delays in debt servicing leading to the
classification of account as Non-Performing Asset (NPA), as
confirmed by the lenders.

Key Rating Strengths:

  * Experienced promoters with long track record of operations in
diversified business: SPYAI belongs to Nandi Group of Industries,
which has presence in diversified businesses such as cements,
dairy, construction, PVC pipes, etc mainly in Andhra Pradesh. The
main promoter of the group, Mr. S.P.Y. Reddy (Chairman) has
business experience of more than three decades. The business
operations of the group have benefited from Mr. Reddy's long
established track record in different businesses and the vast
industry network developed over the years.

SPY Agro Industries Limited (SPYAI), incorporated in 1955, belong
to the Nandi group of companies. SPYAI is engaged in manufacturing
of alcohol and related products and has a grain-and-molasses-based
distillery unit with installed capacity of 145 kilo litres per day
at its manufacturing facilities located at Nandyal, Andhra Pradesh.
The group is based out of Nandyal (Andhra Pradesh) and has presence
in other businesses such as cement, dairy, PVC pipes, construction,
TMT bars etc.


SUGANTHI EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suganthi
Educational Trust (SET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       63.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       5.00      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3 2019, placed the
rating of SET under the 'Issuer non-cooperating' category as SET
had failed to provide information for monitoring of the rating.
Further vide press release dated August 29 2019, CARE downgraded
the rating to CARE D and continued the ratings in the issuer
non-cooperation category.

SET continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated June 16 2020. Further, the trust has not submitted No-Default
statement to CARE. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 29, 2019, the following were
the rating weaknesses (Updated for latest information)

Key Rating Weaknesses

  * Delays in debt servicing: CARE as part of its due diligence
exercise interacts with various stakeholders including lenders to
the company and as part of this exercise has ascertained that there
are delays in debt servicing during August 2019. Information
thereafter on regularization of debt servicing could not be
ascertained.

Suganthi Educational Trust (SET) was established in the year 1996
by Dr G. Kathamuthu, founder ch,airman of the trust, to provide
higher education for engineering and management students. SET
belongs to GKM group. SET operates through GKM College of
Engineering & Technology (GKMCET), GKM Institute of Marine Sciences
& Technology (GKMMST), GKM Polytechnic College (GKMPC), GKM College
of Physical Education (GKMCPE) and GKM Vidyashram (GKMV). GKM group
of educational institution provides education from Pre-KG to post
graduation and various certificate courses.


SURYAJYOTI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suryajyoti
Spinning Mills Limited (SSML) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      256.70      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      52.32      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated May 14, 2019, placed the
rating(s) of Suryajyoti Spinning Mills Limited (SSML) under the
'issuer non-cooperating' category as SSML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSML continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 30, 2020, May 29, 2020, June 30,
2020 & July 13, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings continue to take into account delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on May 14, 2019, the following were the
rating strengths and weaknesses:

(Updated information taken from website of the company)

Key rating weakness:

  * Delays in servicing debt obligation: As per Audit Report for
financial year ended March 31, 2019, there are continuing delays in
debt servicing by the company. The company has been facing subdued
financial performance since the last three years. The financial
parameters continued to remain weak during FY19 with the company
reporting net loss and cash loss during the year.
Key Rating Strengths:

  * Experienced Promoters: Mr. Ravinder Kumar (Managing Director)
has more than four decades experience in the textile industry. His
son, Mr. Arun Kumar Agarwal (Executive Director), is also
associated with the company from 1995 onwards and is also actively
involved in the day-to-day operations of SSML.

Suryajyoti Spinning Mills Ltd. (SSML), promoted by Mr. Ravinder
Kumar Agarwal (Managing Director), was incorporated in 1983, and
commenced operations from January 1991. SSML commenced operations
with installed capacity of 5,040 spindles and gradually increased
it to 86,560 spindles. The manufacturing units are located at
Makthal, Burgul and Rajapur Villages of Mahaboobnagar District,
Telangana. SSML manufactures medium to coarser counts of carded and
combed cotton yarn and various blends of synthetic yarn such as
polyester (100%), viscose (100%) and polyester
viscose/polyester-cotton blends.


TIGER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tiger Steel
Engineering (India) Private Limited (TSEIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       23.57      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      38.50      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Long-term/Short-      5.50      CARE D; Issuer Not Cooperating;
   Term Bank                       Based on best available
   Facilities                      Information

   Short-term Bank      36.00      CARE A4+ (CE); Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE A1+ (CE) Issuer Not
                                   Cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE, vide its press release dated November 2, 2017, had placed the
ratings of TSEIPL under the 'Issuer Non-Cooperating' category as
TSEIPL failed to provide information for monitoring of the ratings.
CARE has been seeking information from TSEIPL to monitor the
ratings vide emails dated May 8, 2020, May 12, 2020, May 14, 2020,
May 19, 2020 and May 27, 2020; and numerous telephonic
interactions. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI (Securities and Exchange
Board of India) guidelines, CARE has reviewed the ratings on the
basis of best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Tiger Steel Industries LLC (flagship company of the Tiger Group of
Companies based out of United Arab Emirates) had extended indirect
support to Tiger Steel Engineering (India) Private Limited in
availing Non-Fund-based limit in India. Tiger Steel Industries LLC
through its bank – Bank of Sharjah, had issued Stand-by Letter of
Credit (SBLC) to ICICI Bank Limited, India.

ICICI Bank based on this SBLC has sanctioned LC limit of INR 36.00
crore to Tiger Steel Engineering (India) Private Limited. Earlier,
the abovementioned rating was based on the terms and requisite
documentation provided to CARE during the last surveillance which
was held on December 12, 2016 (the Initial rating of the said
facility was done on January 27, 2015). Since the facility is of a
revolving nature, CARE has been seeking information from the
company and its existing lenders regarding the conduct/
classification and current status of the account. The revision in
the rating of the facility mentioned above (in table under Sr. No.
IV – Short-term Bank Facility of INR 36.00 crore) is pursuant to
SEBI's circular no. SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January
3, 2020, regarding 'Strengthening of the rating process in respect
of Issuer Non-Cooperation (INC) ratings'. SEBI has in this circular
mentioned that "If an issuer has all the outstanding ratings as
non-cooperative for more than 6 months, then the CRA shall
downgrade the rating assigned to the instrument of such issuer to
non-investment grade with INC status."

Detailed description of key rating drivers:

At the time of last rating on November 2, 2017, the following were
the rating strengths and weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Working capital intensive nature of operation and tight
liquidity profile:  The company has large working capital
requirement on account of long inventory and receivables cycle. The
nature of business of TSEIPL is
Service-cum-Manufacturing-cum-Project, hence the requirements of
working capital is relatively higher as compared to standalone
manufacturing or Construction/Project business. Most of the raw
material being steel is bought under the LC terms, however the
payment is received as per the project-based payment system. This
has caused a mismatch in cash flows at times in the past. During
FY16, operating cycle improved to 15 days from 41 days in FY15, on
account of reduction in inventory days from 125 days to 104 days
and significant improvement in debtor collection period from 150
days to 73 days.

  * Moderate Financial Risk Profile: The company has moderate
financial risk profile characterized by moderate debt coverage
indicators and capital structure. The overall gearing level
increased to 1.63 times as on March 31, 2016 on account of increase
in working capital borrowings. The interest coverage ratio dipped
marginally to 1.36 times in FY16 and during the same period Total
Debt to Gross Cash Accruals has deteriorated from 8.56 times to
10.66 times on account of increased finance costs.

  * Volatility in raw material prices: The company remained exposed
to the volatility in the steel prices and other raw material prices
as most of the projects executed by company are of fixed price
contracts in nature. The company is also importing part of raw
material exposing the company to foreign exchange risk. However, to
mitigate the impact of volatility in input prices, TSEIPL at the
time of procuring an order negotiates contracts depending upon the
prevailing input prices and procures the part raw material
accordingly to hedge against volatility. The company builds in
certain amount contingencies at the time of bidding for the
projects and tenure of the projects is also relatively short to
medium (6 months to 1 year).

  * Stiff competition and moderate scale of operations: The
company's scale of operation is relatively moderate as compared
with the major players such as Tata Blue Scope Steel Limited, Kirby
Building Systems India Ltd, Pennar Engineered Building Systems Ltd
to name a few in the PEB industry. The preengineered building
business is in nascent stage and there are few companies operating
in this business. It faces strong competition in the Indian market
from domestic as well as foreign companies. Some of its overseas
competitors already operate in India through joint ventures with
local partners or have established independent operations in
India.

Key Rating Strengths

  * Experienced promoters:  The company is engaged in the business
of engineering, manufacturing, supply and erection of
Pre-Engineered Buildings and steel structural parts. The company is
promoted by Mr. Aziz S. Nasr who is the Chairman & Managing
Director in Tiger Group of Companies. He has over forty years of
experience in steel fabrication, cold rolled forming and steel
trading business. Tiger Steel Engineering LLC (TSEL) is the
flagship company of the Tiger Group of Companies based out of
United Arab Emirates with diversified business interests. TSEL is a
structural steel fabrication company in Sharjah. Tiger Group has 45
years of experience in developing steel structures in the Gulf
Cooperation Council region.

  * Established presence in PEB industry: TSEIPL, having begun the
operations in India in the year 1998 has executed several projects
for the PEBs which includes designed, engineering, manufacturing
and commissioning projects across the county. The company has
executed projects for the reputed companies in past such as Maruti
Suzuki, Volvo, Schneider Electric, Siemens, ITC, Honda Motors and
Scooters, Samsung etc. to name a few. TSEIPL is also an approved
vendor for the various reputed project consulting firms which helps
in procuring the orders for PEB.

  * Support from parent company: TSEIPL imports the steel through
its promoter group company Al Nimr Steel Trading Ltd, Tiger Steel
Engineering LLC and Tiger Steel Industries LLC which has extended
an indirect support to the operation of TSEIPL by way of giving
favourable credit terms for the raw material supply and services.
As on March 31, 2016, trade payables is INR117.42 crore of which
close to 19% amount is payable to the group companies. In addition
to this, group companies have extended a credit period of more than
365 days. Tiger Steel Industries LLC has extended indirect support
to TSEIPL in availing non fund based limit (LC) in India. Tiger
Steel Industries LLC through its bank - Bank of Sharjah, has issued
a Standby Letter of Credit (SBLC) to ICICI Bank Ltd, India. ICICI
Bank based on this SBLC has sanctioned LC limit of INR 36.00 crore
to TSEIPL. The same is further expected to be enhanced to INR 60
crore. The increase in LC limit is expected to support TSEIPL's
increasing working capital requirement.

Incorporated in 1996, Tiger Steel Engineering (India) Private
Limited (TSEIPL) is in the business of design, fabrication and
erection of Pre-engineered Buildings (PEB) such as warehouses,
factory buildings, shopping malls, heavy to light steel such as
pipe racks, platforms etc. for oil & gas and petrochemical
Industries and various other industries. The company is a
whollyowned subsidiary of Tiger Steel Engineering LLC, Sharjah
(UAE) (Tiger Group). The company has manufacturing facility at
Murbad, near Mumbai and at Haridwar in Uttaranchal with a combined
capacity of 27,000 tpa for Hot rolled products and 43,000 tpa for
cold-form products.


UJJWAL LUXURY: CARE Hikes Rating on INR6.96cr Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ujjwal Luxury Hotels Private Limited (ULHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.96      CARE B-; Stable Revised from
   Facilities                      CARE C; Stable; Issuer not
                                   Cooperating

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ULHPL continues to
remain constrained on account of weak financial risk profile marked
by net losses since last 3 years, negative net-worth, small scale
of operations, weak debt coverage indicators and poor liquidity
position. The rating further remained constrained on account of
intense competition and inherent cyclicality of the hospitality
industry. CARE also takes cognizance of the company availing the
moratorium granted by its lenders as a COVID relief measure (as
permitted by the Reserve Bank of India) for the interest and
installment repayments on its term loan till August 2020 from its
lenders. The rating, however, continues to derive strength
experienced promoters, location advantage and continuous support
provided by the promoter by infusing unsecured loans to support the
operations and repayments.

Rating Sensitivities

Positive Factors:

  * Improvements in OR as well as ARR resulting to increase in
total operating income and profitability margins.

  * Improvement in capital structure with improvement in overall
gearing.

Negative Factor:

  * Decline in Occupancy level of the hotel as a result of Covid-19
pandemic over a prolonged period of time, thereby affecting its
profitability.

  * Delay in infusion of unsecured loans from promoters to support
the interest as well as principal repayments of term loan as well
as for working capital requirement for day to day operations.

Detailed description of the key rating drivers

Key Rating Weakness

  * Weak financial risk profile with operating profit in FY20:
ULHPL has reported the operating profit in FY20 (Prov.) mainly due
to lower cost raw material consumed and selling expenses and stood
at INR0.55 crore as compared to INR0.48 crore in FY19. Further, the
company reported net losses and cash losses in FY20 resulting in
higher dependency on infusion of unsecured loans for working
capital requirement to fund the losses. Further the company has
negative net-worth due to continuous losses over the past three
years led to erosion of net-worth. Further, debt coverage
indicators also stood weak due to continuous cash losses in last
three years.

  * Small scale of operations: The ULHPL has registered Total
Operating Income (TOI) of INR4.91 crore with average room rent
(ARR) of INR2249 and Occupancy Rate (OR) of 62%. TOI of ULHPL
comprises of income from room rent which forms nearly 75% of net
sales, Food and Beverages (F&B) – 24% of net sales and rest
income is generated from other activities in FY20. Further, the
operations of ULHPL have impacted in Q1FY21 due to Covid-19
situation resulting in nationwide lockdown and then government
guidelines for operating the hotels.

  * Intense competition and Inherent cyclicality of the hospitality
industry: The hospitality industry is highly sensitive to the
untoward events such as slowdown in the economy. The hospitality
industry is cyclical in nature. i.e., during positive cycles the
industry witnesses periods of sustained growth and sees healthy
average room rates (ARRs) and occupancy rates (ORs). When recession
sets in, the ORs begin to decline followed by the ARRs. In the
recovery phase, ORs starts to move up and eventually the ARRs also
start to increase. While the macro-economic factors affect the
business destinations (growth is sensitive to the macro-economic
indicator such as the nominal GDP, inflation, lending rates, etc),
the leisure destinations show a greater sensitivity to non-economic
factors such as terror attacks, health related travel warning, etc.
Cyclical nature of the hotel industry and increasing competition
from already established hotels has impacted performances of
industry players. The company's hotel property is located at
Jaipur, a city of historical importance, thereby benefitting in
terms of higher domestic as well as foreign tourist arrival.

  * Weak liquidity position: During December-March of every year,
the company has seasonal period which requires the working capital
though the company books the room on part advance payment from
which company manages the working capital requirement. Under food
and bar operations, the firm gets a credit of more than one month
from suppliers which led to the negative working capital cycle.
Further, company maintains inventory of 5-10 days under food and
bar to cater the customer demands. Further, the company is
dependent on the promoters fund to meet the working capital
requirement of the operations. Further, the company is repaying its
debt from the promoters support only. The promoters are infusing
unsecured loans to support the operations as well as debt
repayment. As confirmed by the banker and management, ULHPL has
availed the moratorium on term loan for interest as well as
principal repayment for the period of March, 2020 to August, 2020
as a part of Covid-19 relief measure (as permitted by the RBI).

Key Rating Strength

  * Experienced promoters: The promoters of ULHPL have rich
experience in liquor trading business. ULHPL is managed by Mr. Daya
Ram Poonia and Mr. Dharmendra Poonia. Mr. Daya Ram Poonia has more
than two decades of experience in liquor trading business while Mr.
Dharmendra Poonia has around two decades of experience in liquor
trading business. They are assisted by other members of the family.
The promoters are regularly infusing unsecured loans to support the
operations as well as debt repayment. The unsecured loans from
promoters group stood at INR17.58 crore as on March 31, 2020.

  * Location advantage: ULHPL has hotel in posh locations of Jaipur
city and walking distance from bus station and railway station
which gives it location advantage. Further, Jaipur is one of the
tourism centered cities in Rajasthan which opens a wide frontier of
growth of hotel industry. However, the hotel industry has hit due
to pandemic Covid-19 situation therefore envisaged decline in scale
of operations during FY21.

Ujjwal Luxury Hotels Private Limited (ULHPL) was incorporated in
June, 2011 as a private limited company by Mr. Bhagirath Poonia and
Mr. Daya Ram Poonia with an objective to establish a three star
hotel at Jaipur (Rajasthan). ULHPL has completed construction work
on the hotel in the middle of November 2015 and has started its
operations from December 2015. The hotel had a facility of total 75
deluxe rooms along with one restaurant cum bar and one banquet hall
with capacity of 400 persons.


VARDHMAN DEVELOPERS: Ind-Ra Withdraws 'B+' LongTerm Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Vardhman
Developers Private Limited's Long-Term Issuer Rating of 'IND B+
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND B+' rating on the INR1.0 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND B+' rating on the INR98.9 mil. Non-fund-based limit
     is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-due 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

Incorporated on October 21, 2005, Shree Vardhman Developers
undertakes the construction of residential and commercial
buildings. Its registered office is in New Delhi.


VATIKA INFRACON: CARE Keeps C on INR128.9cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Infracon Private Limited (VIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Non-Convertible     128.90       CARE C; Stable; Issuer not
   Debenture issue                  Cooperating Based on best
                                    Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VIPL to monitor the rating
vide e-mail communications dated July 11 , 2020, July 1, 2020, June
26, 2020 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Vatika Infracon Private
Limited's instruments will now be denoted as CARE C; Stable ISSUER
NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating continues to remain constrained on account of project
execution and saleability risk, excessive dependence on customer
advances and subdued industry scenario. Further, the rating derive
comfort from experienced management with long track record of
operations and favorable location of the project.

Detailed description of the key rating drivers

At the time of last rating on December 2, 2019; the following were
the rating weaknesses and strengths.

Detailed description of the key rating drivers

Credit Risk Assessment

Key Rating Weakness

* Project execution and salability risk: The company is yet to
start the construction of its upcoming project- Vatika City 2. The
company proposes to avail construction finance of INR 400 crore for
the project while total cost is INR 3397 crore. The project is
expected to launch in Q3FY20 as earlier expected in Q3FY19, due to
delay in receipt of licenses. Thus, the company is exposed to
project execution risk. Also, on account of subdued industry
scenario, the project is exposed to salability risk after the
launch of the project. CARE is unable to comment on the present
status of the projects, due to non-cooperation from the client.

* Excessive dependence on customer advances:  VIPL has shown
excessive dependence on customer advances as a means for project
execution. For the upcoming project, VIPL has projected to fund
about 71.46% of the total project cost by utilizing proceeds from
customer advances. Excessive dependence on customer advances for
project execution might impact the schedule of the project if the
sales momentum is not as expected. CARE is unable to comment on the
present scenario, due to non-cooperation from the client.

* Subdued industry scenario: The real estate sector during the
recent years witnessed a slowdown owing to various government
reforms. Demonetization & GST implementation were some of the
factors which even though aimed at curbing the black money menace,
hit the sector hard through sale stagnation leading to a dip in
prices. However, with the introduction of the RERA Act, it forced
the builders in timely completion and delivery of projects which is
in the interest of both consumers as well as for real estate
sector. The affordable housing sector, owing to governmental thrust
was the only segment that showed some improvement. However, with
the effect of these reforms stabilizing, the sector is expected to
witness small but sustainable improvement during FY20.

Key Rating Strengths

* Experienced promoters and established track record of group:
Vatika Group is promoted by Delhi-based Bhalla family. Mr. Anil
Bhalla, who is currently the Chairman of the Board and is an active
participant in the company affairs. He is assisted by his two sons
–Mr. Gautam Bhalla who handles the real estate business and Mr.
Gaurav Bhalla who handles other verticals, including hotels,
facility management and business center. The group has completed
seven commercial projects comprising total saleable area of 21.04
lakh square feet (lsf) and two residential project (Vatika City)
with saleable area of 40.14 lsf in Gurgaon.

* Favorable location of the project: The project is located in
Sector 89, Gurgaon towards the south western periphery of the city.
The area is an emerging residential sector of Gurgaon located in
close proximity to Dwarka Expressway (also known as Northern
Periphery Road). This area has gained prominence post the
announcement of approx. 18 km long (150 m wide) Dwarka Expressway
connecting the new growth sectors of Delhi, Gurgaon and Palam Vihar
with NH-8 near Kherki Dhaula, Gurgaon. The nearby sectors 85-99 are
characterized by the presence of various residential plotted and
group housing developments by private developers.

Liquidity - Stretched: The liquidity remains streteched as
reflected by the interest deferment availed by the company in April
and July. The company has applied for interest deferment due on
April 10 and has paid the same on June 15 and has further applied
for the interest deferment due on Jul 10, 2020.

Vatika Infracon Private Limited (VIPL) was incorporated in 2010 for
the purpose of real estate development. The company is a step-down
subsidiary of Vatika Ltd (Vatika rated- CARE BB; Stable), Vatika
Group's flagship company. VIPL is developing a 77 acres gated
township 'Vatika City 2' as the final phase of Vatika India Next
(An integrated township with area spanning over 677 acres having
residential- floors, plots, villas, group housing, gated towns and
commercial projects) in Sector 89, Gurgaon with saleable area of
68.02 lakh square feet (lsf). The project will be developed in 4
phases and the land for the project has already been acquired with
licenses for phase 1 already received.


VIJAYNATH ROOF: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vijaynath Roof and
Wall Cladding Systems Private Limited's (VRWCPL) Long-Term Issuer
Rating at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30.00 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR180.00 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects VRWCPL's continued small scale of
operations, as indicated by revenue of INR302.65 million in FY20
(FY19: INR284.29 million). The revenue grew because of an increase
in the number of orders received by the company. As of June 30,
2020, VRWCPL had an order book of INR1,300 million,  scheduled to
be executed by FY22. This indicates strong revenue visibility over
the medium term. Therefore, Ind-Ra expects continued growth in
revenue in FY21. The numbers for FY20 are provisional.

The ratings reflect VRWCPL's modest credit metrics due to modest
EBITDA margins. The metrics improved in FY20 due to an increase in
the absolute EBITDA to INR17.34 million (FY19: INR13.27
million).The gross interest coverage (operating EBITDA/gross
interest expense) was 2.07x in FY20 (FY19:1.90x) and the net
leverage (adjusted net debt/operating EBITDAR) was 1.47x
(1.82x).Ind-Ra expects the credit metrics to remain at similar
levels in FY21.

The ratings are constrained by VRWCPL's modest EBITDA margins due
to the nature of the business. The EBITDA margin increased to
around 5.73% in FY20 (FY19: 4.67%) due to a decline in raw material
prices. The return on capital employed was 5.8% in FY20 (FY19:
4.1%). Ind-Ra expects the margin to deteriorate marginally in FY21
due to the impact of the COVID-19 outbreak and associated
lockdown.

Liquidity Indicator - Poor: The average utilization of the working
capital limits remained high at 99%during the 12 months ended June
2020. However, VRWCPL's cash flow from operations remained positive
and increased to INR5.52 million in FY20 (FY19: INR0.31 million)
due to better realizations from debtors. The company's working
capital cycle is elongated due to the long gestation period of the
projects and its low bargaining power. The working capital cycle
stretched to 213 days in FY20 (FY19: 201 days) due to a decline in
the payables period to 98 days (171 days). The cash and cash
equivalent increased to INR5.97 million at FYE20 (FYE19: INR1.13
million). VRWCPL has availed the Reserve Bank of India-prescribed
moratorium for the payment of interest for its cash credit
facility.

The ratings, however, continue to be supported by VRWCPL's strong
client base, which includes companies such as Larsen and Toubro
Limited and Ahluwalia Contracts (India) Limited.

The ratings are also supported by VRWCPL's established track record
of more than a decade in the roofing and cladding industry.

RATING SENSITIVITIES

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics, along with an improvement in the
liquidity position, all on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to a
deterioration in the credit metrics, with the interest coverage
falling below 1.5x, along with the further weakening of the
liquidity position, all on a sustained basis, will lead to negative
rating action.

COMPANY PROFILE

Incorporated in 2003 by Vijaynath Shetty, VRWCSPL provides complete
roofing and wall cladding services and also undertakes turnkey jobs
with supply and installation, design, drawing, and execution, with
warranties for material and leakages, depending on the system.


YES BANK: Moody's Hikes Foreign Currency Issuer Rating to B3
------------------------------------------------------------
Moody's Investors Service has upgraded Yes Bank Limited's (Yes
Bank) long-term foreign currency issuer rating to B3 from Caa1.

Moody's has also upgraded the bank's long-term foreign and local
currency bank deposit ratings to B3 from Caa1, and its foreign
currency senior unsecured MTN program rating to (P)B3 from
(P)Caa1.

In addition, Moody's has upgraded the bank's long-term local and
foreign currency Counterparty Risk Ratings and long-term
Counterparty Risk Assessment to B3 from Caa1 and B3(cr) from
Caa1(cr) respectively.

At the same time, Moody's has upgraded Yes Bank's Baseline Credit
Assessment and Adjusted BCA to caa2 from ca.

The outlook on Yes Bank's ratings where applicable is changed to
stable from positive.

RATINGS RATIONALE

IMPROVED SOLVENCY AS A RESULT OF A CAPITAL INCREASE DRIVING THE
UPGRADE

Yes Bank's successful equity capital raise of INR150 billion (about
$2 billion) has bolstered its solvency and is the main driver of
the ratings upgrade.

The successful equity raising showcases Yes Bank's regained access
to external market funds, which is a result of its improving
financial strength and will support depositor confidence.

Given the improved solvency, Moody's has upgraded Yes Bank's BCA to
caa2 from ca. The bank's B3 issuer rating is two notches above the
bank's caa2 BCA, reflecting Moody's expectation of a high level of
support from Government of India (Baa3 negative), in times of
need.

Following the capital increase, the bank's Common Equity Tier 1
ratio will more than double to 13.4% from 6.6% based on the bank's
capital position at the end of June 2020, bringing its
capitalization largely in line with its private sector peers. The
significantly improved solvency ratio strengthens the bank's
resilience to potential asset quality risks resulting from the
ongoing impact of the economic slowdown and coronavirus-related
disruptions on India's economy.

Yes Bank's funding and liquidity have moderately improved in the
second quarter of 2020, although they are still weaker than a year
ago. Deposits, including current, savings and term deposits,
increased 11% during March and June 2020, but remain 48% less than
the same period last year. The deposit growth was largely driven by
current account, corporate term deposits and certificate of
deposits.

Despite the improvement in its deposits base, Moody's expects that
it will be challenging for Yes Bank to restore its low-cost current
and savings account deposits to pre-March 2020 rescue levels. Even
prior to its rescue, Yes Bank's low CASA ratio was a weakness
relative to other rated Indian private sector banks.

In addition, the bank's liquidity coverage ratio has trebled to
114% as of June 30, 2020 from 40% at March 31, 2020. The LCR
improvement is partially driven by the liquidity support from the
Reserve Bank of India.

However, Yes Bank continues to face the risk of a further
deterioration in asset quality in light of the ongoing economic
disruption caused by the coronavirus outbreak. About 40%-45% of the
bank's loans were under a repayment moratorium as of mid-April
2020. Any further deterioration in asset quality will strain the
bank's already weak profitability.

Yes Bank reported a modest profit with return on assets of 0.1%, in
the first quarter of financial year ending March 2021. Moody's
expects the bank to remain profitable over the next 12-18 months,
but it won't be enough to support a significant internal capital
generation.

Moody's assumes a high level of government support for Yes Bank,
resulting in a two-notch uplift. This is lower than the three
notches of support Moody's previously incorporated in the bank's
rating, but is still higher than the moderate support Moody's
assumes for higher rated private sector Indian Banks.

Government support in the form of a recapitalization as
orchestrated by the authorities in March 2020, under which a number
of Indian public and private sector banks injected capital into Yes
Bank following a moratorium imposed by the Reserve Bank of India
(RBI), has enabled the bank to continue as a going concern.

Yes Bank continues to benefit from liquidity support of around
INR250 billion from the RBI as of July 28, 2020. In March 2020, the
bank had received a total of INR500 billion in liquidity support
from the RBI.

Moody's expects that as the bank's operations normalize the
extraordinary government support will reduce. As a result, Moody's
expects to lower support assumption in Yes Bank's rating to
moderate from high, as currently assumed, in line with the level
assumed for Yes Bank's other Indian peers. A change in the support
assumption to moderate may result in a one notch uplift to the
bank's ratings.

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

WHAT COULD CHANGE THE RATING UP

Given the bank's improved solvency, Moody's notes that there is
further upside potential to Yes Bank's BCA and ratings over the
next 12-18 months. Nevertheless, similar to other banks that
undergo a restructuring, Moody's expects that any improvement in
BCA will be gradual depending on the bank's ability to restore its
franchise strength, improve its funding and maintain its stable
solvency.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade the bank's ratings and BCA if: (i) its
capital deteriorates materially because of asset strain and/or (ii)
the bank's funding and liquidity deteriorate and the bank continues
to remain dependent on liquidity support from the regulator for a
period beyond the next 12-18 months.

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

Yes Bank Limited is headquartered in Mumbai and reported total
assets of INR2.6 trillion ($33.8 billion) at June 30, 2020.

LIST OF AFFECTED RATINGS:

Upgrades:

Issuer: Yes Bank Limited

Adjusted Baseline Credit Assessment, upgraded to caa2 from ca

Baseline Credit Assessment, upgraded to caa2 from ca

Long-term Counterparty Risk Assessment, upgraded to B3(cr) from
Caa1(cr)

Long-term Foreign currency and Local currency Counterparty Risk
Ratings, upgraded to B3 from Caa1

Long-term Foreign currency Issuer Rating, upgraded to B3 from Caa1,
outlook changed to stable from positive

Long-term Foreign currency Senior Unsecured Medium-Term Note
Program, upgraded to (P)B3 from (P)Caa1

Long-term Foreign currency and Local currency Deposit Ratings,
upgraded to B3 from Caa1, outlook changed to stable from positive

Issuer: Yes Bank, IFSC Banking Unit Branch

Long-term Counterparty Risk Assessment, Upgraded to B3(cr) from
Caa1(cr)

Long-term Foreign currency and Local currency Counterparty Risk
Ratings, upgraded to B3 from Caa1

Long-term Foreign currency Senior Unsecured Medium-Term Note
Program, upgraded to (P)B3 from (P)Caa1

Long-term Foreign currency Senior Unsecured Regular Bond/Debenture,
upgraded to B3 from Caa1, outlook changed to stable from positive

Affirmations:

Issuer: Yes Bank Limited

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Foreign currency and Local currency Counterparty Risk
Ratings, Affirmed NP

Short-term Foreign currency and Local currency Deposit Ratings,
Affirmed NP

Issuer: Yes Bank, IFSC Banking Unit Branch

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Foreign currency and Local currency Counterparty Risk
Ratings, Affirmed NP

Outlook Actions:

Issuer: Yes Bank Limited

Outlook, changed to stable from positive

Issuer: Yes Bank, IFSC Banking Unit Branch

Outlook, changed to stable from positive




=================
I N D O N E S I A
=================

PANDITA INDUSTRIES: Fitch Publishes 'B-' LT Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has published downstream chemicals producer Pandita
Industries Limited's Long-Term Foreign-Currency Issuer Default
Rating of 'B-'. The Outlook is Stable. The agency has also assigned
a 'B-' rating, with a Recovery Rating of 'RR4', to the company's
proposed USD200 million unsecured, unsubordinated bonds. The bonds
are to be issued by Pandita Industries and guaranteed by several of
its subsidiaries.

Pandita Industries' rating reflects its privately owned and
multi-layer group structure and elevated leverage after the bond
issuance. The company's strong presence and market share in
south-east Asia's downstream chemical industry partially mitigates
these negatives.

The proposed senior unsecured US-dollar bond rating is in line with
Pandita Industries' IDR, as the proposed bond represents the
company's direct and unsubordianted obligations and ranks pari
passu with its other unsecured and unsubordinated debt. Pandita
Industries' 72.5% owned, Indonesia-listed subsidiary, PT Tridomain
Performance Materials Tbk, and its subsidiaries, which account for
around half of Pandita Industries' consolidated EBITDA, do not
guarantee the proposed bonds. Nevertheless, the intercompany loan
between TPM and Pandita Industries, which will rank pari passu with
TPM's obligations, acts as a pass-through mechanism to channel
TPM's cash flow to service bond holders. This mitigates structural
subordination.

Fitch treats the proposed bond - which is secured by Pandita
Industries' equity in key subsidiaries - as senior unsecured, as
the equity pledge only entitles bondholders to a residual claim and
does not enhance repayment priority in liquidation.

KEY RATING DRIVERS

Increased Leverage: Pandita Industries' proposed bond will increase
its debt to a historic high of about USD250 million. However, issue
proceeds will boost its cash hoard, which Fitch estimates will
total USD150 million at end-2020. The company will have USD61
million available from the bond proceeds that it can utilise to
reduce debt in 2021 or for working capital and general corporate
purposes. In its view, Pandita Industries may also increase its
capacity via acquisitions in light of the region's tight supply.

Complex Organisational Structure: Pandita Industries' private
ownership with a single owner controlling a complex structure with
multiple intermediate holding companies makes the group's cash
fungibility uncertain. The group has a history of intra-group
transactions and loans. Pandita Industries' debt service abilities
are reliant on the upstreaming of cash flow from operating
subsidiaries.

Small Scale, Niche Player: Pandita Industries' rating captures its
small scale compared with global downstream chemical companies.
Nevertheless, it is a market leader in south-east Asia for
plasticisers and acrylamides, as well as for intermediate products,
such as phthalic anhydride and 2-ethylhexanol. The company's
production capacity of intermediate and downstream chemicals was
352,000 tonnes a year at end-2019 and the group's consolidated
operating EBITDA was USD75 million.

Lower EBITDA Due to Pandemic: Fitch believes Pandita Industries'
performance was at its weakest in 2Q20 due to the coronavirus
pandemic, leading to a 20% yoy drop in EBITDA to USD61 million for
full-year 2020 on lower production volume and prices. However,
near-term performance remains intact, with volume and prices likely
to improve from 2021 and EBITDA recovering to around USD80 million
by end-2022 in light of tight supply and the company's capacity
expansion.

Rising Utilisation; Working Capital: Fitch expects Pandita
Industries' working capital to increase once the pandemic ebbs. The
company will operate at more than 90% utilisation and will continue
to aggressively pursue market share. This could come from extending
customer credit to boost sales and paying suppliers in advance to
ensure uninterrupted raw material supplies and better pricing.
Concurrently, Fitch expects Pandita Industries to expand its
production capacity.

Foreign-Exchange Exposure Post-Issuance: Pandita Industries'
operating cash flow has limited exposure to foreign-exchange
volatility. Revenue and most of its costs are pegged to US dollars,
although some mismatches exist in labour costs. However, post bond
issuance, the company will need to service US-dollar interest
payments of at least USD20 million or more each year. The company
has not yet articulated a clear hedging policy.

Proposed Bond to Partially Refinance Debt: Pandita Industries' has
USD60 million of medium-term notes issued by its listed subsidiary,
TPM, which are due in 2021. It plans to use the proceeds from its
proposed USD200 million bonds to repay most of its bank debt of up
to USD90 million in 2020.

Thin Rating Headroom: Average FFO/gross leverage will average at
about 3.6x from 2020-2023, versus 2.2x in 2019, due to the
substantial increase in debt post bond issuance. This is despite an
improvement in core operations, as Fitch expects Pandita Industries
to increase production capacity and ramp up capital expenditure
once the macroeconomic environment improves. Fitch relies on
FFO/gross leverage as a benchmark metric, as Fitch believes this
better reflects the company's private-ownership status, which
allows more flexibility for management to deploy cash for various
uses on short notice.

ESG - Governance: Fitch has assigned ESG Relevance Scores of '4'
for Pandita Industries' governance structure, group structure and
financial transparency. This reflects its single shareholder,
privately owned and complex group structure, which limits board
independence. Financial reporting may not be as timely and
disclosures more limited when compared with listed companies that
are governed by stock-exchange rules.

DERIVATION SUMMARY

Pandita Industries' IDR can be compared with that of PT Chandra
Asri Petrochemical Tbk (CAP, BB-/Stable). CAP is rated three
notches higher than Pandita Industries to reflect its stronger
business profile. CAP is Indonesia's largest petrochemical
producer, accounting for about 35% of the country's olefin and
polymer production capacity. Its market position is aided by
better-integrated operations than those of domestic peers, as well
as a diverse product offering and customer base. This, together
with its plant being located close to key customers with pipeline
connectivity to some, supports its higher selling prices and
product spreads. CAP also has a much stronger financial profile;
Fitch expects its leverage to remain below 1.0x over the next few
years.

Pandita Industries' IDR can also be compared with that of Petkim
Petrokimya Holdings A.S. (B/Stable). Pandita Industries has a
smaller operating scale, but both companies are exposed to market
concentration, with the bulk of Petkim's operations located in
Turkey and Pandita Industries' in Indonesia. Petkim has less
flexibility to increase its debt, as Fitch expects its FFO/net
adjusted leverage to remain above 3.5x in the medium term.

TPC Group Inc (B-/Negative) is smaller than Pandita Industries, as
it has just one manufacturing plant. The Negative Outlook on TPC
reflects heightened cash flow risk following its Port Neches Plant
explosion. A number of TPC's products are used to produce synthetic
rubbers and fuel additives, the demand for which has dropped due to
the pandemic. Fitch believes TPC's liquidity position will be more
stressed than Pandita Industries' after the pandemic, as it will
use its cash inflow to reconstruct Port Neches over the next four
to five years.

KEY ASSUMPTIONS

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

  - Revenue decline of 15% in 2020 (2019: increase of 27%) due to
lower volume and some weakening in product spreads. Revenue should
recover in 2021 with growth of 12% as production capacity resumes

  - Production capacity to remain stable at 352,000MT in 2020 and
2021 (2019: 352,000MT)

  - Production volume to drop to about 312,000MT in 2020, reverting
to 336,000MT in 2021 (2019: 322,000MT)

  - Capacity utilisation rate of 89% in 2020 and 95% in 2010 (2019:
92%)

  - EBITDA to fall to USD61 million in 2020, improving to USD72
million in 2021 (2019: USD75 million)

  - Capex of USD12 million in 2020 and USD25 million in 2021 (2019:
USD18 million)

  - Dividends to remain modest, at less than USD10 million a year
for the next three years

  - No improvement in the working capital cycle given the pandemic
in 2020 and a gradual recovery thereafter

Key Recovery Rating Assumptions

The recovery analysis assumes that Pandita Industries would be
considered a going-concern in bankruptcy and would be reorganised
rather than liquidated. Fitch assumes a 10% administrative claim.

Fitch estimates going-concern EBITDA at 27% below 2019 EBITDA of
USD55 million to reflect a hypothetical post-restructuring
scenario. This follows tighter product spreads on account of
increased competition resulting in the company going into distress.
The going-concern EBITDA is based on the minimum required cash flow
to meet interest expenses post bond issuance of around USD26
million, tax of USD5 million, working capital of USD15 million and
maintenance capex of around USD5 million.

An enterprise value multiple of 5x is used to calculate a
post-reorganisation valuation and reflects a mid-cycle distressed
multiple. As a comparison, TPM, which has smaller operating scale
due to lower cash flow diversity than the Pandita Industries
consolidated group, is trading at a EV/EBITDA multiple of 10x. This
shows that Pandita Industries' going concern multiple of 5x is
conservative. Fitch also assumes that Pandita Industries does not
have any committed unutilised revolving facilities across the
group.

Fitch assumes that all of Pandita Industries' debt post bond
issuance will be unsecured and rank pari passu with the proposed
bond, because the intercompany loan at TPM and TPM's onshore debt
are unsecured. However, the additional USD11 million of factored
receivables is likely to crystalise on its balance sheet prior to
default and rank ahead of bondholders in a default.

The estimates result in a recovery rate corresponding to an 'RR1'
Recovery Rating for Pandita Industries' proposed senior unsecured
notes. Nevertheless, Fitch has rated the proposed notes at 'B-'
with a Recovery Rating of 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings criteria, Indonesia
falls into 'Group D' of creditor friendliness. Instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR and Recovery Rating at 'RR4'.

RATING SENSITIVITIES

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

Over the longer term, positive rating action could result if
Pandita Industries can maintain FFO gross leverage at below 3x,
despite its small scale and private ownership.

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

A weakening in liquidity, such that FFO interest coverage falls
below 2x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Pandita Industries' liquidity position was
adequate as of end-2019. Debt maturities of USD60 million,
including factored receivables, in 2020 are mostly short-term
credit facilities, with the bulk for working capital. Fitch
believes lenders will roll over these lines in the normal course of
business. The company also has medium-term notes issued by its
listed subsidiary, TPM, with USD60.5 million and USD30.5 million
due in 2021 and 2022, respectively. Pandita Industries plans to use
the proceeds from its proposed bond to repay most of its debt.

Even without the proposed bonds Fitch believes Pandita Industries
has alternatives to refinance its maturing debt. The company can
re-tap its domestic medium-term notes, which would take about two
months, resort to bank loans or equity injections. Currently, all
bonds are collateral free, which offers some financial flexibility.
In addition, the company can cut capex to maintenance only, at USD2
million a year. Fitch estimates Pandita Industries has a cash
balance of USD30 million at end-June 2020.

ESG CONSIDERATIONS

Pandita Industries has an ESG Relevance Score of '4' for Governance
Structure given the closely-held nature of the company, with
decision making in the hands of the promotor and limited board
independence. It also has an ESG Relevance Score of '4' for
Financial Transparency, as it is a closely held company with less
timely financial reporting and more limited disclosure than public
companies. The company also has a ESG Relevance Score of '4' for
Group Structure on account of its complex ownership structure, with
several intermediate holding companies. Each and all of these
factors may have a negative impact on Pandita Industries' credit
profile.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


PANDITA INDUSTRIES: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings, on Aug. 3, 2020, assigned its 'B-' long-term
issuer credit rating to Indonesia-based Pandita Industries Ltd. and
its 'B-' long-term issue rating to the company's proposed U.S.
dollar-denominated bond.

The rating on Pandita reflects the company's exposure to a cyclical
industry. It also reflects Pandita's elevated debt and cash drains
driven by its sizable working capital requirements and sustained
dividend policy. The company's good market position, stable
relationships with customers, and integrated operations mitigate
its weaknesses.

The weak economic outlook and excess supply in the chemicals
industry will hinder Pandita's ability to generate earnings over
the next one to two years. Economic activity has declined amid
mobility restrictions and the temporary halt in the construction
and manufacturing sectors, which are end markets for Pandita's
products. At the same time, capacity addition, which has
underpinned the deteriorating trend in the chemicals industry since
2019, will continue to suppress global market prices of phthalic
anhydride, plasticizers, and specialty resins. This will likely
translate into lower realized selling prices. S&P therefore
forecasts a 8%-10% decline in Pandita's sales volume and a 20% fall
in its EBITDA to about US$59 million in 2020, from US$72 million in
2019.

Pandita's specialized downstream products limit earnings visibility
while its trading activities erode margins. The company's
downstream specialty resin products are more specialized compared
with commoditized chemical products that normally have better
pricing transparency. This limits the visibility of earnings and
cash flows from the sale of specialty resins, which accounted for
19% of total revenue as of Dec. 31, 2019.

S&P said, "We also expect a higher contribution from the
lower-margin chemical trading business to translate into weaker
EBITDA margins of 12%-13% over 2020-2022, compared with 14% in 2019
and 18% in 2018. Pandita has been increasing its trading exposure
in the past two years. Trading revenue accounted for 39% of total
revenue in 2019, a sizable increase from 25% in 2018 and 17% in
2017. We anticipate trading activities will account for about 40%
of total revenue in 2020-2022, contributing to not only lower
margins but also higher earnings volatility, especially during down
cycles when demand may quickly evaporate."

The increase in working capital requirements and capital spending
amid elevated debt constrain Pandita's creditworthiness. The
company has a record of substantial working capital requirements
and capital expenditure, which result in sizable negative operating
cash flows and increasing reliance on short-term credit facilities.
Unsupportive industry conditions will likely precipitate a
deterioration in the company's operating cash flow in 2020.

While Pandita's 120-day credit terms help the company attract and
retain customers, the practice brings about large working capital
requirements. The company shortened its credit terms with some
customers and reduced working capital requirements to about US$18
million in 2019, from US$86 million in 2018. However, this is
unlikely to be repeated. S&P anticipates some of Pandita's
customers will delay payments as the chemicals industry is entering
a down cycle, leading to working capital outflows of US$20
million-US$25 million in 2020-2021.

S&P said, "We also believe Pandita's capital spending will remain
elevated amid weak earnings. We forecast the expansion of its
specialty resins production facilities and other debottlenecking
projects will translate into capital expenditure of US$14 million
in 2020 and US$25 million in 2021. Pandita's total capacity will
rise by 30,000 tons to 382,000 tons as a result, but the increase
will not contribute significantly to earnings until the projects'
completion in 2022."

In S&P's view, Pandita's ability to maintain stable operations and
manage its liquidity amid higher fixed debt levels and interest
servicing requirements is untested. The company will use the
proceeds from the bond issuance to fund working capital
requirements and capital expenditure over the next two years.
Consequently, its gross debt will peak at US$258 million in 2020.
Servicing historically high debt amid increasing risk of cash
outflows and a weak earnings cycle will leave Pandita with little
cushion against unexpected adverse industry conditions.

The absence of a rigorous disclosure policy and sustained dividend
payments add to risks. As a privately owned company, Pandita's
governance practices are subpar compared with other rated peers.
The absence of quarterly financial reports and the company's
untimely annual financial report result in limited visibility on
its interim earnings and financial performance.

At the same time, consistent returns to shareholders amid subdued
cash flow generation will weigh on leverage, in our view. Pandita
has a track record of sustained dividend payments despite its
negative cash flows. The company has capped its dividend payment at
US$5 million in 2020. However, its ability to curtail dividend
payments and demonstrate commitment to other stakeholders are yet
to be proven.

Pandita's market position, stable customer base, and integrated
operations mitigate its weaknesses. The company's dominant market
position in Indonesia and Thailand, long-term relationships with
customers in Asia-Pacific, and some degree of vertical integration
will provide earnings cushion in 2020-2022. This is despite growing
volatility in the chemicals space. As of Dec. 31, 2019, Pandita has
market shares of 60% in phthalic anhydride and 70% in plasticizers
in Indonesia, and a market share of 60% in phthalic anhydride in
Thailand. In addition, the company benefits from a fairly stable
customer base, given the customization and specialized attributes
of its product offerings. Its vertical integration also helps
capture margins along the plasticizers and resins value chain.

S&P said, "The stable outlook reflects our view that Pandita will
continue to generate steady operating cash flow and raise adequate
funding over the next 12-18 months, despite unfavorable industry
conditions. We also assume the company will be prudent with its
investments and dividend payments during the industry down cycle.

"We could lower the ratings if we believe Pandita's capital
structure is becoming unsustainable." This would primarily happen
if the company's liquidity deteriorates because of bumpy debt
refinancing, sizable working capital outflows, or growing reliance
on short-term facilities amid worsening industry conditions.

The potential for an upgrade is limited in the next 12 months given
Pandita's meager cash flows. Upside momentum may build up if the
company establishes a record of more cautious financial policies.
Indications could include lower reliance on short-term debt or less
onerous working capital management, supporting stronger
discretionary cash flow generation.




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

NIPPON STEEL: To Appeal South Korea Ruling Allowing Assets Seizure
------------------------------------------------------------------
Reuters reports that Japan's Nippon Steel Corp. said on Aug. 4 it
will appeal a South Korean court ruling that allows for a seizure
of its assets - the latest development in a case that has inflamed
tensions between Tokyo and Seoul.

According to Reuters, South Korea's Supreme Court in 2018 ordered
Nippon Steel to pay KRW100 million each to four South Koreans as
compensation for forced labor during World War II, angering Japan
which said the issue of compensation was settled under a 1965
treaty and that the ruling violated international law.

A subsequent ruling by a South Korean lower court allowed for the
seizure of Nippon Steel assets, Reuters states. Starting midnight
Aug. 4, the Pohang branch of the Daegu District Court has gained
the right to start procedures to auction off some of Nippon Steel's
stake in a joint venture with POSCO, South Korean media have
reported, Reuters relays.

Japanese Chief Cabinet Secretary Yoshihide Suga reiterated on Aug.
4 that the South Korean ruling was a "clear violation of
international law", adding that any asset seizure must be prevented
to keep the situation from becoming more serious, Reuters relays.

Following the ruling, Japan last year said it would stop
preferential treatment for shipments to South Korea of three
materials whose production it dominates and which are used by firms
such as Samsung Electronics Co Ltd, Reuters relates.

Seoul has filed a complaint to the World Trade Organization over
the export curbs which remain in place for two of the three
materials, according to Reuters. The WTO last month set up a panel
to rule on the complaint.

Nippon Steel holds 81,075 shares in PNR, a Korea-based joint
venture with steelmaker POSCO, which are worth about KRW400 million
at face value, Reuters discloses citing Yonhap news agency.

Nippon Steel Corporation manufactures steel products. The Company
mainly produces and sells steel plates, steel pipes, structural
steel, and more. Nippon Steel also offers chemicals, new materials,
and other products.




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

HYFLUX LTD: Utico Extends Offer Deadline to Aug. 30
---------------------------------------------------
The Business Times reports that Utico has again extended the
deadline of its proposed rescue deal for Singapore's Hyflux, this
time by a month.

The ailing water treatment company now has until 5:00 p.m. on Aug.
30 to accept the offer pursuant to its request for an extension,
Utico said in a letter to Hyflux dated July 31, which was the
original deadline, BT says.

BT relates that the offer will remain open for acceptance this
month irrespective of whether a judicial manager is appointed or
not, the Middle Eastern utility firm added.

An unsecured working group of bank lenders is preparing to file an
application with the Singapore High Court by Aug. 7 to place Hyflux
under judicial management, according to BT.

Hyflux will thus have "stronger bona fide grounds" if there is an
explicit acceptance of Utico's offer by Aug. 6 by Hyflux and the
Securities Investors Association (Singapore), or Sias, the Emirati
suitor wrote in its letter.

Hyflux and Sias had sent responses to Utico on July 30 and 31,
stating that neither of them differentiates any investor. They also
acknowledged that Hyflux has no other "binding offers" to date, and
has only received letters of interest and invitations to offer
addressed to senior unsecured creditors and medium term
noteholders, Utico, as cited by BT, said.

According to the report, Utico said its proposal is considered a de
facto extension of the restructuring agreement signed in November
last year.

BT says Sias on July 30 clarified in a press statement that it does
not plan to endorse any of the rescue offers for the water
treatment firm put forth by potential white knights including
Utico.

This was in response to Utico's July 29 statement urging the
investor advocacy group to endorse its proposed S$485 million
cash-and-stock rescue package, the report relates. Utico said its
offer could "save" Hyflux from judicial management and provide the
highest possible recovery for the retail investors holding Hyflux's
perpetual securities and preference shares, BT adds.

                            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.


XIHE GROUP: Seeks to Restructure Business Amid OCBC's JM Bid
------------------------------------------------------------
Sharanya Pillai at The Business Times reports that Xihe Group,
which is linked to the Lim family of troubled oil trader Hin Leong,
plans to embark on a "consensual restructuring" with its lenders
and sell some of its vessels, the company said in a statement on
July 30.

Its statement comes ahead of a Singapore High Court hearing on Aug.
13, at which Hin Leong creditor OCBC Bank seeks to bring Xihe and
four of its vessel-owning units under judicial management, BT
relates.

On July 29, Bloomberg reported that the Lim family is trying to
block OCBC's request. The report cited an affidavit filed by Xihe's
interim chief executive Kenny Lim, who said that the bank's
application will "disrupt the constructive discussions" that Xihe
has had with lenders.

Kenny Lim is the brother of Hin Leong founder Lim Oon Kuin, also
known as O.K. Lim.

In the July 30 statement, Xihe said it is working with the interim
judicial managers of Hin Leong and its unit Ocean Tankers Pte Ltd
(OTPL) to seek redelivery of some vessels, BT reports. A number of
bareboat charter contracts that Xihe had entered into with OTPL and
Hin Leong have been terminated, and most of those vessels have not
been redelivered.

"There is a market for chartering out these vessels and Xihe is
actively pursuing opportunities to re-deploy them," Xihe said.

It is also seeking to downsize its fleet, the report notes. The
company said that it has concluded the sale of several of its
vessels and is in discussions with some potential buyers on a
programme of sales, BT relates.

According to the report, Xihe last month successfully took
redelivery of its 108,953 DWT oil tanker Ocean Queen from Hin
Leong, its bareboat charterer, and OTPL, which is the ship manager.
The vessel is now under the technical management of a
newly-appointed ship manager.

Xihe added that O.K. Lim and his children are no longer part of the
management team. A new board of directors, consisting of a majority
of independent directors, is also being finalised as part of the
consensual restructuring with Xihe's lenders, the report states.

"Xihe has been updating its lenders regularly on its strategic
plans and the direction it has charted. It is confident of getting
its business back on track and with full commitment to bring about
the best outcome for all its stakeholders, partners and clients,"
the company, as cited by BT, said.

                             About Xihe

Xihe Holdings is a Singapore-based tanker shipowner.  Xihe is owned
by Hin Leong founder Lim Oon Kuin (OK Lim) and his son. In April,
Hin Leong and its subsidiary Ocean Tankers sought court
protection.

As reported in Troubled Company Reporter-Asia Pacific on July 23,
2020, The Business Times said OCBC Bank has filed an application to
appoint judicial managers over Xihe Holdings and four of its
vessel-owning subsidiaries, citing "strong distrust" in Xihe's
current management after evidence of fraud was uncovered at sister
company Hin Leong Trading in April.



                           *********


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
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***