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

                     A S I A   P A C I F I C

          Friday, September 4, 2020, Vol. 23, No. 178

                           Headlines



A U S T R A L I A

GEELONG MOOD: Executes Deed of Company Arrangement (DOCA)
HALO GO: First Creditors' Meeting Set for Sept. 15
JRD NUMBER 1: First Creditors' Meeting Set for Sept. 11
LIBERTY FUNDING 2020-1: Moody's Gives (P)B3 Rating on Cl. F Notes


C H I N A

COUNTRY GARDEN: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
JIANGSU NANTONG: Moody's Cuts CFR & Sr. Unsec. Rating to Caa2
TIANQI LITHIUM: Faces Large Debt Repayments as Revenues Fall
ZHENRO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B+'


H O N G   K O N G

[*] HONG KONG: Extends Payment Holidays to SMEs Until April 2021


I N D I A

BRAJESH PACKAGING: ICRA Keeps D on INR7.6cr Loans in NonCooperating
DEWAN HOUSING: Auditor Identifies Fraudulent Transactions
FUTURE RETAIL: Fitch Puts 'C' IDR on Watch Positive
GODHANI IMPEX: CARE Lowers Rating on INR20cr LT Loan to B-
GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating

HARSHITA POLYPACK: ICRA Keeps D on INR6cr Loans in Not Cooperating
KALRA OVERSEAS: ICRA Lowers Rating on INR14.22cr Loan to B+
KAUSHALYA FIBERS: ICRA Keeps D Debt Ratings in Not Cooperating
LORD SHIVA: CARE Keeps D on INR9.62cr Loan in Not Cooperating
MAHATMA JYOTIBA: CARE Lowers Rating on INR3.49cr Loan to C

MAURIA UDYOG: CARE Keeps D Debt Ratings in Not Cooperating
MODERN MACHINERY: ICRA Keeps D on INR9.5cr Loans in Not Cooperating
NOOLI JEWELLERS: ICRA Keeps D on INR22cr Loans in Not Cooperating
NOVELTY TREASURE: Insolvency Resolution Process Case Summary
PADMAVATI ASSOCIATES: CARE Lowers Rating on INR7cr Loan to C

PARAS SEASONS: Insolvency Resolution Process Case Summary
PRITHVI PUMPS: CARE Lowers Rating on INR5.46cr LT Loan to C
PURANDAR MILK: ICRA Keeps D on INR7cr Loans in Not Cooperating
R.B. RICE: ICRA Keeps D on INR16.5cr Loans in Not Cooperating
R.K. GROVER: ICRA Keeps D on INR6.25cr Loans in Not Cooperating

RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
RAHEJA ICON: CARE Keeps D on INR68cr Debt in Not Cooperating
RAHUL WIRE: CARE Lowers Rating on INR7.39cr LT Loan to C
RAJAMAHAL INT'L: ICRA Keeps D on INR5cr Loan in Not Cooperating
RAM CHANDER: ICRA Keeps B+ on INR10.07cr Loan in Not Cooperating

RASHMI HOUSING: ICRA Keeps D on INR65cr Loans in Not Cooperating
RICH OFFSET: ICRA Lowers Rating on INR13.07cr Loan to B+
RVR FARMS: CARE Lowers Rating on INR15.92cr LT Loans to C
S. S. KAMATH: CARE Lowers Rating on INR6.70cr LT Loan to C
SARDA AGRO: NCLAT Sets Aside Insolvency Proceedings vs. Firm

SHIVPRASAD FOODS: Ind-Ra Affirms 'D' LongTerm Issuer Rating
SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
SOLAPUR BIO-ENERGY: ICRA Withdraws D Rating on INR7.10cr Loan
SREEVEN CONSTRUCTIONS: CARE Lowers Rating on INR4.40cr Loan to C
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating

TRAVANCORE COFFEE: CARE Keeps D on INR4.7cr Loans in NonCooperating
VATIKA LIMITED: CARE Keeps C on INR197.3cr Loans in Not Cooperating
VEDAMATHA ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
VINAYAK LOGISTIC: CARE Lowers Rating on INR16.25cr Loan to B-
VIVO MOBILE: Ind-Ra Withdraws 'BB' LongTerm Issuer Rating

WHITEFIELD SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

LIPPO MALLS: Moody's Places B1 CFR on Review for Downgrade
MODERNLAND REALTY: Fitch Cuts IDR to C on Missing Coupon Payment
PT LIPPO KARAWACI: S&P Affirms 'B-' LongTerm ICR, Outlook Negative


J A P A N

KOBE STEEL: Egan-Jones Lowers Senior Unsecured Ratings to B
MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to CC
SUMITOMO CHEMICAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB-


L A O S

LAOS: Faces Sovereign Default as Forex Reserves Dip Below US$1BB


N E W   Z E A L A N D

CLAYMARK GROUP: Local Consortium Buys Group Out of Receivership
STA TRAVEL: Liquidation an Option, Administrators Warn


T H A I L A N D

THAILAND: Investors Shun as Growth Weakens, Protests Heat Up


V I E T N A M

AES MONG DUONG: Fitch Affirms BB Rating on USD Sec. Notes Due 2029

                           - - - - -


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

GEELONG MOOD: Executes Deed of Company Arrangement (DOCA)
---------------------------------------------------------
Geelong Mood Support Group Inc's creditors, on Aug. 11, 2020, voted
in favor of a Deed of Company Arrangement (DOCA) as put forward by
the organisation's board of management. Scott Andersen and Nathan
Deppeler of Worrells Solvency & Forensic Accountants were appointed
deed administrators.

On Aug. 24, 2020, the DOCA was executed and management of the
organisation was returned to the board of management. Worrells
advises that it was through the DOCA, that the organisation avoided
being placed into liquidation and shutting down. The DOCA provides
a tangible solution to internal pressures faced at the organisation
that ultimately precipitated the appointment of administrators.

Mr. Andersen said, "By leveraging the voluntary administration
process, the organisation's management committee could formulate a
DOCA proposal to offer a better return to creditors. Whereas, if
the organisation was to be wound up, it was unlikely a greater
return would be available".

During the administration, Worrells continued to trade the
organisation's business with minimal interruption to its operations
and community services including maintaining employment of its
workforce.

"This outcome was critical to everyone concerned. We're pleased to
have assisted and supported Geelong Mood Group in continuing
providing its invaluable services during these unprecedented and
incredibly stressful times.

"We would like to thank the key stakeholders for their support
together with staff and clients for their patience and
understanding."

Scott Andersen and Nathan Deppeler of Worrells Solvency and
Forensic Accountants on July 7, 2020, were appointed voluntary
administrators of Geelong Mood Support Group Inc, which trades as
Mind Works Geelong.

Mind Works Geelong's history dates back to 1989. Today, it is a
National Disability Insurance Agency (NDIA) registered provider and
an established Mutual Support & Self Help (MSSH) organisation
helping members, friends and families who have experienced mental
health uncertainty. Its services support approximately 150 members
in the Geelong and surrounding communities.

Mind Works Geelong's premises, including its drop-in centre, are
located on LaTrobe Terrace, Newtown. Mind Works Geelong employs
approximately 30 people who are mostly casuals.


HALO GO: First Creditors' Meeting Set for Sept. 15
--------------------------------------------------
A first meeting of the creditors in the proceedings of Halo Go
Holdings Pty Ltd will be held on Sept. 15, 2020, at 10:00 a.m. via
virtual meeting.

Christopher Robert Powell of DuncanPowell was appointed as
administrator of Halo Go on Sept. 3, 2020.


JRD NUMBER 1: First Creditors' Meeting Set for Sept. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of JRD Number 1
Pty Ltd will be held on Sept. 11, 2020, at 11:00 a.m. via
teleconference only.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of JRD Number on Sept. 1, 2020.


LIBERTY FUNDING 2020-1: Moody's Gives (P)B3 Rating on Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
long-term ratings to the notes to be issued by Liberty Funding Pty
Ltd in respect of the Liberty Series 2020-1 SME. The transaction is
a securitisation of loans to self-managed superfunds,
small-to-medium enterprises (SMEs) and individuals, originated by
Liberty Financial Pty Limited (Liberty, unrated).

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2020-1 SME

AUD260.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD72.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD12.0 million Class B Notes, Assigned (P)Aa1 (sf)

AUD8.0 million Class C Notes, Assigned (P)Aa2 (sf)

AUD15.6 million Class D Notes, Assigned (P)A2 (sf)

AUD10.4 million Class E Notes, Assigned (P)Baa3 (sf)

AUD12.0 million Class F Notes, Assigned (P)B3 (sf)

The AUD10.0 million Class G Notes are not rated by Moody's.

The portfolio underlying this transaction is comprised of
first-ranking mortgage loans to SMSFs (88.1%), companies (4.8%) and
individuals (7.1%). The loans are secured by commercial (49.8%),
residential (49.4%), or both (0.8%) properties in Australia and
denominated in Australian dollars. All loans were originated and
are serviced by Liberty Financial Pty Ltd (Liberty, unrated).

Liberty is an Australian non-bank lender. It was established and
started originating non-conforming residential mortgages in 1997.
Liberty started originating small commercial mortgage loans in
2005. Furthermore, among other things, it offers prime residential
mortgages, auto and personal loans.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables, the capital structure and credit
enhancement provided to the notes, the guarantee fee reserve
account, the availability of excess spread over the life of the
transaction, the liquidity facility, the legal structure, and the
credit strength and experience of Liberty as servicer.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of consumer assets and small
businesses from the collapse in Australian economic activity in the
second quarter and a gradual recovery in the second half of the
year. However, that outcome depends on whether governments can
reopen their economies while also safeguarding public health and
avoiding a further surge in infections. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Due to the mixed nature of the pool, to perform its analysis
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement (PCE) for
the overall portfolio, i.e. the loss Moody's expects the portfolio
to suffer in the event of a severe recession scenario, is 17.4%.
Moody's expected loss for this transaction is 2.7%.

The key transactional are as follows:

  - The guarantee fee reserve account, which will be funded at
AUD2,000,000 at closing. The reserve will be available to cover
losses and liquidity shortfalls. Reserve draws will be replenished
through future excess spread up to its initial funded amount.

  - The servicer is required to set interest rates on the mortgage
loans on a weighted average basis at a minimum level above BBSW or
higher if the trust's income is insufficient to cover the required
payments under the transaction documents. The level of the required
margin generates a good level of excess spread available to cover
losses arising from the portfolio.

  - The notes will initially be repaid sequentially. On or after
the payment date in September 2022, and prior to the call option
date, all notes (other than the Class G Notes) will receive their
pro-rata share of principal payments, provided there are no
charge-offs on any of the notes, or average arrears greater than or
equal to 60 days do not exceed 4%. The Class G Notes do not step
down and will only receive principal payments once all other notes
have been repaid.

  - The principal pay-down switches back to sequential if the
payment date falls on or after the call option date, i.e. once the
aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or following the fourth anniversary of the
closing date.

  - The liquidity facility provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)), with a limit equal to 2.0% of the
aggregate invested amount of the Class A1 to Class F Notes, and the
stated amount of the Class G Notes. The facility is subject to a
floor of AUD750,000.

Other pool features are as follows:

  - The weighted average scheduled loan to value (LTV) ratio of the
pool is 63.8%, with 3.1% of the loans with scheduled LTV above
80.0%.

  - Around 4.1% of loans in the portfolio are bullets, i.e.
non-amortising, and rely on either refinancing or sale of the
underlying property to repay the loan at maturity.

  - In addition to bullet loans, the portfolio contains 20.7% of
loans with an initial interest only (IO) period of up to five
years, at the end of which they convert to principal and interest.

  - The portfolio exhibits concentration in Victoria, with around
35.7% of loans secured by properties in that state.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in May 2020.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian
macroeconomic conditions and the housing market are primary drivers
of performance.

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




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

COUNTRY GARDEN: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
------------------------------------------------------------------
S&P Global Ratings, on Sept. 2, 2020, revised its rating outlook on
Country Garden to positive from stable. At the same time, S&P
affirmed its 'BB+' long-term issuer credit rating.

S&P revised the outlook to positive because it believes China-based
property company Country Garden is building a stronger track record
of operational stability, particularly in its profitability. This
is key for the rating to be commensurate with that on higher-rated
peers.

S&P said, "In our view, Country Garden is having a reasonable
chance to sustainably demonstrate such stability even though its
property sales are focused on China's more volatile lower-tier
cities. Moreover, because the company is no longer chasing scale
growth fueled by debt, its debt level should stabilize and leverage
could improve. We forecast a debt-to-EBITDA ratio of 3.5x-3.8x over
the next two years, from 3.5x at end-2019 and 3.9x at end-2018."

Although many established developers in China are investing less in
lower-tier cities, Country Garden remains committed to these
markets, because of its specialized expertise in this niche's
product and sales. In turn, it generally benefits from less
competition and better inventory levels in these locales.

S&P also believes that Country Garden has refined its
city-selection process, allowing it to better filter out lower-tier
cities with problematic fundamentals or weaker prospects. This
sharpens its focus on cities with net population inflows within key
metropolitan regions.

This good city-selection, coupled with fast asset turnover, is
resulting in more resilient EBITDA margins and return of capital
(ROC). At a time when many peers are seeing greater margin
compression, Country Garden's ROC will remain relatively good, at
18%-19% by our projections over the next one to two years, while
its EBITDA margin may be 20%-21%. S&P uses these two parameters to
gauge operating stability.

S&P said, "We expect Country Garden's attributable contracted sales
to expand by 7%-10% over 2020-2021. This is satisfactory in our
view, considering demand in China's lower-tier cities is generally
shakier." Lower scale growth compared with peers' and its past
should leave more room for the company to tackle the risks in its
markets and control spending during uncertain times.

The chief downside risk is that Country Garden will resort to
steeper price cuts to maintain good project sell-through rates. S&P
said, "Also, under current conditions, we expect the company to
lean toward offering lower-price-point products, such as bare-shell
residential units with no fittings and high-rises. We estimate that
its contracted sales gross margin is already falling moderately
below its gross margin of slightly over 24% recognized in its 2020
interim results. These could lead to a stronger downtrend on EBITDA
margin and ROC, potentially worse than our upside thresholds within
the next one to two years. This risk is reflected in a one notch
down adjustment under our negative comparable rating analysis."

S&P said, "We expect the company to roughly maintain its slowed
pace of land acquisition. Country Garden's land acquisition as a
percentage of sales has already slowed to 25%-28% over the past two
years, and the absolute amount is some 23% below the peak level
seen 2018. This will lead to a debt growth likely slowing to 5%-10%
in 2020-2021, a stark contrast to the 50% rate seen in previous
years.

"We project revenue recognition growth of 2%-3% in 2020-2021, due
to slower sales growth, the increasing contribution from lower
price products, and more revenue stemming from unconsolidated
projects. We also assess Country's proportionately consolidated
debt-to-EBITDA ratio, which incorporates the contribution from
off-balance sheet projects, to be 5%-10% better than the
consolidated level.

"The positive outlook reflects our expectation that Country Garden
will continue to improve its operating stability, despite the
higher market volatility from lower-tier cities. We also expect its
disciplined spending and debt growth to offset the moderate margin
decline and slow revenue growth.

"We could upgrade Country Garden if the company demonstrates a
longer track record of operational stability, particularly through
cycles in lower-tier cities." This could be evidenced by ROC
staying over 18% and EBITDA margin remaining above 20% on a
sustainable basis.

At the same time, the company would need to continue to maintain
its improved leverage such that its debt-to-EBITDA ratio stays
sustainably below 4x.

S&P could revise the outlook back to stable if Country Garden's ROC
or EBITDA margin fails to stay above 18% and 20%, respectively, or
its debt-to-EBITDA ratio deteriorates to more than 4x. This could
happen if: (1) its profitability wanes substantially due to more
severe price cuts or market slowdowns in lower-tier cities, or (2)
the company's debt-funded expansion becomes more aggressive than it
expects.


JIANGSU NANTONG: Moody's Cuts CFR & Sr. Unsec. Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service has downgraded Jiangsu Nantong Sanjian
Construction Group Co., Ltd.'s (JNTC) corporate family rating (CFR)
and the senior unsecured rating on the bond issued by Jiangsu
Nantong Sanjian International Co., Ltd. and guaranteed by JNTC to
Caa2 from Caa1.

The ratings outlook is negative.

The rating action follows the announcement of JNTC's debt exchange
offer on August 31, 2020, in which the company proposed to exchange
20% of the principal amount on its $300 million offshore bond --
maturing in October 2020 with a 7.8% annual coupon -- with cash.
The remaining 80% will be exchanged with new notes due in 2022 with
an annual coupon of 10.0%.

"The downgrade reflects JNTC's very weak liquidity and the
uncertainty around the completion of its exchange offer," says Roy
Zhang, a Moody's Associate Vice President and Analyst.

Moody's considers JNTC's debt exchange offer as a way to avoid
default, given its very weak liquidity profile. The offer can
therefore be viewed as a distressed exchange, which is a default
under Moody's definition.

RATINGS RATIONALE

JNTC's Caa2 CFR reflects the company's high refinancing pressure
and reliance on substantial external financing to cover its funding
needs. It has insufficient cash on hand and operating cash flow to
cover its repayments coming due over the next 12 months.

The company's weak liquidity profile is counterbalanced by its
established market position, operational track record, good revenue
visibility, stable margins and diversified client base.

From a governance perspective, the ratings factor in (1) the
company's concentrated ownership in Nantong Sanjian Holdings, which
held a 73.05% stake at the end of December 2019; (2) JNTC's weak
reporting and disclosure requirements; (3) the presence of large
amounts of connected transactions and intercompany borrowings, and
(4) JNTC's weak financial management.

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

The negative outlook reflects Moody's concerns over JNTC's weak
liquidity and ability to arrange funding on time to meet its
refinancing needs, which could lead to low recovery prospects for
lenders.

Moody's could upgrade JNTC's ratings if the exchange is completed,
and the company's liquidity risk is reduced.

On the other hand, Moody's could further downgrade the rating if
the company fails to meet its obligations.

The principal methodology used in these ratings was Construction
Industry published in March 2017.

Jiangsu Nantong Sanjian Construction Group Co., Ltd. (JNTC),
headquartered in Haimen, Jiangsu Province, is a privately-owned
engineering contractor in eastern China. The company's revenue for
2019 was around RMB24.8 billion.

As of the end of December 2019, the company was 73.05% owned by
Nantong Sanjian Holdings, which is in turn majority owned by its
founders and 13.22% owned by Haimen City Development and
Construction Co., Ltd., under the Haimen State-Owned Assets
Supervision and Administration Commission.


TIANQI LITHIUM: Faces Large Debt Repayments as Revenues Fall
------------------------------------------------------------
Caixin Global reports that debt-ridden Tianqi Lithium will have to
pay some CNY13.6 billion (US$2 billion) in debt - equal to one
third of its total assets - to China Citic Bank by November this
year, according to its interim report filed to Shanghai Stock
Exchange on Aug. 31.

According to Caixin, the payment is part of a $3.5 billion loan
borrowed in 2018 for the high-profile acquisition of a 25.86% stake
in Chilean mining company Sociedad Quimica y Minera de Chile.

Tianqi's large loan repayment debt contrasts with its earnings from
the Chilean enterprise of just CNY129 million in the first six
months of the year, Caixin says.

Combined with declining sales and product prices, Tianqi's revenue
dropped 27.44% to CNY1.88 billion compared to the same period last
year due to the Covid-19 fallout, swinging from CNY193.4 million
profit in the first half of 2019 to a net loss of CNY696.6 million,
Caixin discloses.

The company's former CEO Wu Wei, who led the gigantic acquisition
deal, resigned on Aug. 14, Caixin notes. Tianqi's Chairman Jiang
Weiping is currently holding the post.

Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a leading lithium chemicals producer that mines,
makes and sells lithium minerals and lithium chemicals.  The
company owns a 51% stake in the Greenbushes lithium mine in Western
Australia. It also owns a 25.9% stake in Chilean chemical producer,
Sociedad Quimica y Minera de Chile S.A.

As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2020, Moody's Investors Service downgraded to Caa1 from B2
Tianqi Lithium Corporation's corporate family rating. Moody's has
also downgraded the senior unsecured rating on the bonds issued by
Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium to Caa2 from
B2.  The ratings outlook remains negative.


ZHENRO PROPERTIES: Fitch Rates Proposed USD Senior Notes 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned Zhenro Properties Group Limited's
(B+/Stable) proposed US-dollar senior notes a 'B+' rating, with a
Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Zhenro's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Zhenro intends to use the net proceeds from
the issue to primarily refinance its existing debt.

Well-controlled land acquisitions and internally generated cash
flow reduced Zhenro's leverage - defined by net debt/adjusted
inventory, including proportional consolidation of joint ventures
(JV) and associates - to 42% in 1H20, from 55% in 1H19. However,
its short land-bank life creates some pressure to replenish land
and may pose a challenge in keeping leverage at current level.
Fitch forecasts Zhenro can sustain leverage at around 43%-47% in
the forecast period, 2020-2024.

Zhenro's ratings are supported by its attributable contracted sales
scale, quality land bank, healthy contracted sales growth and low
leverage in 2019 and 1H20. The rating is constrained by an evolving
group structure and deteriorating margins.

KEY RATING DRIVERS

Strong Sales, Quality Land Bank: Fitch expects sales growth to be
driven by gross floor area (GFA) sold, with the average selling
price (ASP) remaining flat. Zhenro's CNY67 billion attributable
contracted sales scale in 2019 was larger than that of most 'B+'
peers and its 7M20 total contracted sales achieved half of its
full-year target, representing a sales increase of 15% yoy.
Zhenro's has better land-bank quality than most 'B+' peers, with an
ASP of CNY15,488/square metres in 2019; its land bank is
diversified across China, with 36% located in the Yangtze River
Region and 28% in West Taiwan Straits. More than 70% of its land
bank is in higher-tier cities.

Limited Ability to Deleverage Further: Fitch believes the company
needs to replenish its land bank to sustain contracted sales
growth, with its land-bank life falling to 2.6 years in 1H20.
Acquiring land at market prices could limit Zhenro's ability to
keep land costs low, especially if it buys more land parcels in
tier-two cities, where competition is more intense among
developers. Fitch believes this may limit its ability to further
reduce leverage; Zhenro's proportional consolidated leverage
declined to 41%-42% in 2019 and 1H20, from 55% in 1H19, on fewer
land acquisitions.

Evolving Group Structure: Fitch believes that a high proportion of
off-balance-sheet projects has meant the performance of many
projects has not been fully reflected in the company's financials.
Zhenro's implied 2019 cash collection, defined as change in
customer deposits plus revenue booked during the year, was only
CNY23.8 billion, or 35% of reported attributable sales. This
suggests that a large portion of its attributable contracted sales
came from its JVs and associates. A high proportion of land
acquisitions were conducted via JVs and associates in 2017 and
2018, but most land acquisitions were made on balance sheet from
2019.

However, Fitch expects Zhenro's financials to gradually reflect
overall project performance, as it has included recently acquired
land in the consolidated balance sheet. This transition may lead to
short-term volatility in the company's financial metrics, before
stabilising.

Margin to Recover: Fitch expects the EBITDA margin to stay at 22%
in 2020 and edge up slightly in 2021, after dropping in 2019 and
1H20 following the disposal of low-margin projects. Zhenro acquired
new land at an average cost of CNY5,663/square metre in 1H20, 5%
lower than in 2019. Land costs accounted for about 37% of
contracted sales ASP. Sold but not yet recognised sales of CNY120
billion carry a gross profit margin of 22%-23%, compared with 20%
recognised in 2019.

High Non-Controlling Interests: Fitch expects non-controlling
interests, as percentage of Zhenro's equity, to stay at 40%-45% in
the forecast period, which is higher than the average of 'B+'
peers. This reflects Zhenro's reliance on cash from contracted
sales and capital contributions from non-controlling shareholders,
which are mainly developers, as a source of financing to expand
scale. This lowers Zhenro's need for debt funding, but creates
potential cash leakage and reduces financial flexibility, because
homebuilders with lower non-controlling interests can dispose of
stakes in projects to reduce leverage.

DERIVATION SUMMARY

Zhenro's proportionally consolidated leverage in 2019 and 1H20 was
comparable with that of 'BB-' peers. Zhenro has a quality land
bank, which is shown in its ASP of CNY15,321/square metre.
Attributable contracted sales of CNY67 billion in 2019 were
comparable with those of 'BB-' peers, such as Times China Holdings
Limited (BB-/Stable).

Zhenro's unsold attributable land bank at end-1H20 was equivalent
to more than 2.6 years of GFA sold, which is a similar level to
that of Zhongliang Holdings Group Company Limited (B+/Stable), but
shorter than that of some 'BB-' peers, such as Risesun Real Estate
Development Co.,Ltd. (BB-/Stable). Zhenro's EBITDA margin is also
lower than that of most 'BB-' peers.

KEY ASSUMPTIONS

  - Attributable contracted sales of CNY76 billion-87 billion a
year in 2020-2024 (2019: CNY67 billion)

  - Up to a 4% rise in ASP each year in 2020-2024 (2019:
CNY15,488)

  - Annual land premium maintained at around 2.5 years of land bank
life

  - Up to a 2% rise each year in average land costs in 2020-2024
(2019: CNY5,968/square metre)

  - GFA acquired is 0.9x-1.0x of GFA sold in 2020-2024

  - Selling, general and administrative expense at 3.3%-3.5% of
contracted sales in 2020-2024

Key Recovery Rating Assumptions

  - Zhenro to be liquidated in a bankruptcy, as it is an
asset-trading company

  - 10% administration claims

  - 60% advance rate applied to excess cash (available cash of
CNY28.4 billion less three-months contracted sales of CNY16.8
billion = excess cash CNY11.6 billion)

  - 100% advance rate to restricted cash

  - 70% advance rate to adjusted net inventory to reflect Zhenro's
20%-25% EBITDA margin.

  - 70% advance rate to accounts receivable

  - 60% advance rate to net property, plant and equipment

  - 40% advance rate to financial instrument

  - 20% advance rate to investment properties

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 45%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 25% for a sustained period

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

  - Leverage (net debt/adjusted inventory) above 55% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Zhenro had unrestricted cash of CNY33.6
billion at end-1H20, pledged deposits of CNY423 million, restricted
cash of CNY5.8 billion, undrawn bank credit facilities and an
unused onshore and offshore bond issuance quota for refinancing,
which were enough to cover short-term borrowings of CNY19.0
billion. Funding costs edged down as Zhenro continues to replace
its more expensive trust loans with lower-cost financing. The
proportion of trust loans declined to 9% in 1H20, from 36% in
2018.




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

[*] HONG KONG: Extends Payment Holidays to SMEs Until April 2021
----------------------------------------------------------------
South China Morning Post reports that Hong Kong's monetary
authority has instructed banks to extend their loan repayment
holidays for small businesses for another six months until April
2021, providing more breathing space for some of the biggest job
providers as they struggle to crawl out of the city's worst
recession on record.

All banks have to allow qualified corporate borrowers to waive the
repayment of their corporate loans or mortgages until April 2021,
extending the waivers from October 31, according to a statement by
the Hong Kong Monetary Authority (HKMA), the Post relays. During
the extended holiday period, companies will only need to pay the
interest but not the principals on their loans.

The Post relates that the de facto bank's latest move is aimed at
helping the city's struggling retail, property and service
industries amid the lockdowns and consumption slumps caused by the
coronavirus pandemic.

"The extension of the repayment holidays for six months is very
important to help the many SMEs solve their financial problems due
to the pandemic," the Post quotes Peter Shiu Ka-fai, a lawmaker
representing the wholesale and retail sector, as saying. "Companies
have had no income or have seen their revenue slashed substantially
during the past two months. They simply do not have cash to repay
their mortgage or other loans. Without the extension, many firms
may not be able to repay their loans."

The business sector had lobbied the HKMA for the extension, the
Post notes. A third wave of Covid-19 infections forced the
government to introduce its toughest social distancing rules in
mid-July. These included gatherings of no more than two people and
stopping dine-in services at restaurants in the evenings. These
moves pummeled Hong Kong's retail sales in July, which shrank 23.1
per cent year on year, continuing its contraction for the 18th
straight month.

According to the Post, the HKMA ordered the first payment holiday
in April, its first such move since its establishment in 1993,
recognising that small and medium-sized businesses - which generate
more than half of the city's jobs - bear the brunt of dwindling
cash flow amid the crisis.

The scheme covers small companies with an annual turnover of less
than HKD800 million (US$103 million), without serious overdue
loans, the Post discloses. There are 130,000 companies qualified
under the scheme, and 15,000 of them have applied for the payment
holiday break since May.  This qualification covers 80 per cent of
corporate borrowers in Hong Kong, the Post notes.




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

BRAJESH PACKAGING: ICRA Keeps D on INR7.6cr Loans in NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR7.62 crore bank facilities of
Brajesh Packaging Private Limited continue to remain under Issuer
Not Cooperating category. The rating is denoted as '[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term,        0.73       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Term Loan                    the 'Issuer Not Cooperating'
                                category

   Long-Term,        6.75       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Short-Term,       0.14       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based               Rating Continues to remain under
   Bank Guarantee               the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 1978, Brajesh Packaging Private Limited (BPPL) is
the flagship company of the Damani Group, engaged in the
manufacturing of Polypropylene straps and strap machines. Mr.
Neelesh Damani, the managing director of the company, oversees
group operations.


DEWAN HOUSING: Auditor Identifies Fraudulent Transactions
---------------------------------------------------------
Business Today reports that fraudulent transactions worth INR17,394
crore happened at Dewan Housing Finance Corporation Limited (DHFL)
during FY07 to FY19, according to transaction auditor Grant
Thornton. Earlier this year, the administrator of DHFL, appointed
under the Insolvency and Bankruptcy Code (IBC), obtained assistance
from Grant Thornton to conduct investigation into the affairs of
the mortgage firm, the report says.

Last year, the Mumbai bench of the National Company Law Tribunal
(NCLT) had admitted the company for insolvency resolution, Business
Today notes. It had appointed Indian Overseas Bank's former
managing director and CEO R Subramaniakumar as the company's
administrator.

"The preliminary estimation included in the application (filed
before NCLT) places the monetary impact of the concerned
transactions at approximately INR14,046 crore, as being the amount
outstanding in the books of the company as on June 30, 2019.

". . . and additionally INR3,348 crore being the amount considered
as due and outstanding towards notional loss to the company on
account of charging lower rate of interest to certain entities
referred to in the Application as the Bandra Book Entities," DHFL
said in a regulatory filing on Sept. 3, Business Today relays.

As per the report prepared by the transaction auditor, the
concerned transactions occurred during financial years 2006-2007 to
2018-19, it said. Based on the report, application has been filed
with the NCLT, Mumbai against 87 respondents, including Kapil
Wadhawan, Dheeraj Wadhawan, Township Developers India Ltd, Wadhawan
Holdings Private Limited, Dheeraj Township Developers Private
Limited, Wadhawan Consolidated Holdings Pvt Ltd and certain others
entities as reported by the transaction auditor, Business Today
relays.

Last year, the RBI sent the troubled mortgage lender for bankruptcy
proceedings, making it the first financial services player to be
sent to the NCLT for resolution, Business Today recalls. As of July
2019, the beleaguered home financier owed INR83,873 crore to banks,
National Housing Board, mutual funds and bondholders/retail
bondholders.

Of the total, secured debt stands at INR74,054 crore and unsecured
INR9,818 crore. Most banks have declared DHFL accounts as
non-performing assets, Business Today discloses.

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.


FUTURE RETAIL: Fitch Puts 'C' IDR on Watch Positive
---------------------------------------------------
Fitch Ratings has placed Indian retailer Future Retail Limited's
(FRL) Issuer Default Rating of 'C' and the rating on its USD500
million 5.6% senior secured notes due in 2025 of 'C' with a
Recovery Rating of 'RR4' on Rating Watch Positive.

This follows the announcement on August 29, 2020 that FRL has
agreed to sell its business to Reliance Retail and Fashion
Lifestyle Limited (RRFLL), a wholly owned subsidiary of Reliance
Retail Ventures Limited (RRVL) that is itself a subsidiary of
Reliance Industries Ltd (RIL; BBB-/Stable).

The IDR at 'C 'reflects the financial stress on the company,
notwithstanding the agreed sale of FRL to RRFLL. Risks remain over
FRL's liquidity and its ability to continue to finance its ongoing
obligations until the transaction with RRFLL closes, particularly
as the Reserve Bank of India's moratorium on debt servicing
requirements ended on August 31, 2020.

FRL believes that the announcement of the transaction and impending
sale of its assets should allow the release of the pre-approved
working capital facilities by its syndicate banks or allow it to
obtain additional bank financing, which had previously not been
forthcoming. In its view, these actions would resolve the
short-term liquidity strain that constrain the ratings.

KEY RATING DRIVERS

Support from New, Stronger Owner: The Rating Watch Positive (RWP)
reflects its expectation that the sale proceeds will help FRL meet
its debt obligations and that the US dollar bond will be
transferred to RIL, or a related subsidiary, at par and will
benefit from its stronger credit profile compared with FRL. RIL has
a strong liquidity position, which Fitch expects to benefit from
proceeds from the sale of a stake in Jio Platforms and its rights
issue, and strong access to domestic and international capital
markets.

Fitch expects to resolve the RWP once the deal has been completed,
with the final IDR and bond rating to be determined by the final
structure of the deal.

Bond Rating, IDR to Differ: The rating on the bond and IDR will
diverge given that FRL will be merged into Future Enterprises
Limited, which will then sell the assets to RRFLL, whilst Fitch
believes the bond will be transferred to an RIL subsidiary. The
bond rating will depend on which RIL entity assumes the debt,
including any potential enhancements, such as a guarantee, as well
as a review of the legal, operational and strategic ties under
Fitch's Parent and Subsidiary Rating Linkage criteria.
Nevertheless, Fitch expects RIL's better credit profile to be
reflected in the rating on the bonds in the future.

Severe Liquidity Risks: FRL's liquidity position remains under
severe pressure as a result of the impact of the India-wide
coronavirus-related lockdown measures, and Fitch believes that this
will continue to be the case if the deal with RRVL is not
completed. Recent localised outbreaks led to several states
reimposing restrictions - which do not currently have an end-date -
and these continue to limit FRL's ability to generate sufficient
cash flows to meet its obligations. This stress is likely to
increase after the end of a moratorium on its domestic debt
servicing requirements on August 31, 2020.

ESG - Management Strategy: FRL has an ESG Relevance Score of 5 for
Management Strategy. The inability of management to secure the
release of the additional peak working capital facilities to pay
the US dollar bond coupon shows that while the strategy may be
coherent, other factors, including the main shareholder's
negotiations to sell FRL and the ongoing significant impact of the
coronavirus on the business, have meant that its ability to
implement the strategy has been hindered - and Fitch believes that
this will continue to be the case should the announced deal with
RIL fail to close.

Shareholder's Debt, Change of Control Risks: Fitch believes that
the agreed sale will decrease the impact of the main shareholder's
debt on FRL's ability to access external financing, and that the
change of control triggers in the bond indenture are unlikely to be
triggered. However, these weaknesses remain if the deal is not
completed, with a subdued valuation of FRL, a high level of share
pledges at the group's other listed entities and a lack of
liquidity in the current environment still posing risks. Lenders
enforcing their rights following the breach of collateral cover
requirements could also present significant challenges.

ESG - Governance: FRL has an ESG Relevance Score of 5 for
Governance Structure. The constrained financial flexibility and
impending risk of default at its main shareholder - Future
Corporate Resources Pvt Ltd (FCRPL) - underscores the shareholder's
aggressive approach in balancing growth investment at its operating
companies with limiting leverage and preserving balance-sheet
flexibility, which negatively affects FRL's rating. Fitch believes
the restrictions in the bond documentation limit the risk of cash
leakage to the shareholder's entities. Nonetheless, a default at
those entities will cause significant reputational damage and could
constrain FRL's ability to secure additional working capital lines
to tide it over during the period of pressured liquidity due to the
coronavirus pandemic.

DERIVATION SUMMARY

FRL's business profile compares well with China-based retailer,
Golden Eagle Retail Group Limited (BB/Negative). FRL has larger
scale, better diversification across India and exposure to a
fast-growing consumer market, but heightened liquidity risk due to
adverse credit developments at its founder family entity and
coronavirus-related shutdowns, along with a weaker financial
profile, results in a rating nine notches below that on Golden
Eagle.

Both FRL and US-based retailer Burlington Stores, Inc.
(BB-/Negative) are supported by exposure to expanding markets and
have competitive advantages. Nonetheless, Burlington benefits from
a larger scale, which, combined with FRL's vulnerable liquidity
position, justifies a multiple-notch higher rating.

KEY ASSUMPTIONS

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

  - Sales to rise by 6% in the financial year ending March 31, 2021
(FY21). Fitch has assumed the shutdown will last to September 2020
with 1HFY21 representing 30%-35% of normalised sales and limited to
groceries. From October-March, sales to increase to 60% of
normalised sales and improve gradually thereafter.

  - Sales to rise by more than 20% in FY22 following normalisation
after the pandemic and growth from new stores and the tie-up with
Amazon.com, Inc. (A+/Positive).

  - EBITDA margin to decline to 4.5% in FY21 (FY20 estimate: 5.3%),
despite the benefit of lower rental expenses following the purchase
of in-store assets from Future Enterprises. The decline is likely
to be caused by a falling non-food segment margin due to the
pandemic. The EBITDA margin should improve to 8.0% in FY22.

  - Annual capex as percentage of sales to remain at around 3% over
FY20-FY22.

  - Dividends to resume in FY22.

Recovery Rating Assumptions

  - Fitch's recovery analysis is based on FRL's liquidation value
in a distressed scenario of around INR27 billion from the
liquidation of assets, which are comprise inventory, receivables
and owned property, plant and equipment (PP&E), as that is higher
than its going-concern value of INR25 billion.

  - The going-concern value is based on a going-concern EBITDA of
INR5 billion and a 5x multiple. The EBITDA assumes a right-sizing
of the business if interest, operating expenditure and maintenance
capex are covered. The 5.0x multiple is towards the higher end of
the 5.4x median multiple for retail going-concern reorganisations
to reflect FRL's leading market position in India. It is lower than
around 8x - the level that FRL was trading on August 31, 2020.

  - Fitch has applied a 25% advance rate against receivables and a
10% rate against inventory and 25% against PP&E as a proxy for the
orderly liquidation value of the assets. Fitch has applied 10% for
administrative claims.

  - Fitch assumes debt of INR66.4 billion at end-March 2020.
Secured working capital and secured US-dollar notes account for the
majority of FRL's debt. Fitch assumes that FRL's available but
undrawn lines will be fully drawn.

  - The recovery waterfall results in a recovery-rate estimate
corresponding to a 'RR4' Recovery Rating for the USD500 million
secured notes, even after assuming that the remainder of secured
debt has a priority claim ahead of the notes. In any event, Fitch
has assigned the notes a Recovery Rating of 'RR4', because under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
India falls into group D of creditor friendliness. The Recovery
Ratings of securities of issuers with assets in this group are
capped at 'RR4'.

RATING SENSITIVITIES

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

  - Fitch expects to resolve the Rating Watch Positive on the
closure of the sale of FRL to RRFLL and the transfer of FRL's
outstanding debt obligations as part of this process.

  - An improvement in FRL's liquidity position via the signing of
new bank facilities or release of funds under existing facilities
could also result in positive rating action.

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

  - FRL's defaulting, entering into a default-like process on its
debt obligations or entering into a formal winding up procedure,
such as bankruptcy or administration.

LIQUIDITY AND DEBT STRUCTURE

New Owner May Alleviate Liquidity Crisis: FRL's management says
that the sale agreement may help it access financing and meet
ongoing obligations until closure of the sale agreement. Without
this support, FRL faces increasing pressures on its liquidity due
to its limited ability to operate and restricted access to external
capital, as evidenced by the non-release of approved peak working
capital facilities for the payment of the coupon on the US dollar
bond. Fitch believes that FRL is unlikely to be able to secure
external financing to meet its obligations without this external
support.

ESG CONSIDERATIONS

FRL has an ESG Relevance Score of 5 for Management Strategy, which
reflects the limitations on management's ability to implement its
strategy in 2020 due to the shareholder's negotiations relating to
the announced sale of FRL and the significant ongoing impact of the
coronavirus on the business. This has a negative impact on the
company's credit profile and is highly relevant to the rating.

FRL has an ESG Relevance Score of 5 for Governance Structure, which
reflects the shareholding concentration and presence of highly
leverage related parties. This has a negative impact on the
company's credit profile and is highly relevant to the rating.

FRL has an ESG Relevance Score of 4 for Social Impact reflecting
the risk to its business from a shift by consumers towards online
shopping. This has a negative impact on the credit profile and is
relevant in the rating in conjunction with other factors.

FRL has an ESG Relevance Score of 4 for Financial Transparency
reflecting the limited information provided on liquidity and access
to capital. This has a negative impact on the credit profile and is
relevant in the rating in conjunction with other factors.

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


GODHANI IMPEX: CARE Lowers Rating on INR20cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Godhani Impex (GI), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank    20.00       CARE B-; Issuer not cooperating;
   Facilities                    Revised from CARE BB; Issuer Not
                                 Cooperating on the basis of best
                                 available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 1, 2019, placed the
rating(s) of GI under the 'issuer noncooperating' category as GI
had failed to provide information for monitoring of the rating. GI
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated June 26, 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 rating factors in non-cooperation by GI and CARE's
efforts to undertake a review of the ratings outstanding. CARE
views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Low profit margins and moderate debt coverage indicators: GI's
operations of diamond cutting and polishing are a highly skilled
labour intensive work. High employee costs as well as low margin
small size diamonds limits the profitability of the firm.
Subsequently, its debt coverage indicators have remained moderate
due to moderate debt exposure and low profit margins.

* Working capital intensive nature of operations: The operations of
GI are working capital intensive in nature with funds being blocked
in receivables and inventory. The firm offers an elongated credit
period to its customers (90-120 days) to sustain relationship and
also faces rare instances of delays in payment from debtors.
Furthermore, due to time taken for certification of diamonds,
inventory levels remain high (80-120 days). Some comfort can be
derived from the fact that the firm receives lenient credit terms
from suppliers and makes payment to them in 30-90 days. Due to the
aforementioned, firm has to rely on high-cost external borrowings
which in-turn lowers its profitability.

* Partnership nature of constitution: Being a partnership firm, GI
has the inherent risk of withdrawal of partner's capital at the
time of personal contingency. Furthermore, it has restricted access
to external borrowings where the net-worth as well as
creditworthiness of the partner are the key factors affecting
credit decision of the lenders. Hence, limited funding avenues
along with limited financial flexibility have resulted in modest
scale of operations for the firm.

Key rating Strengths

* Experienced partners: GI was formed in 2005 as a partnership
pioneered by Mr. Odhavjibhai Godhani family. The partners were
earlier engaged in the gems and jewellery business via long
established group company Godhani Gems. All partners have over 2
decades of industry experience and have established strong business
relations with stakeholders in prime G&J markets such as Belgium,
Hong Kong and UAE.

* Moderate capital structure: GI's partners have maintained a
policy of low reliance on external borrowings and the firm relies
on its internal accruals to fund working capital requirements.
Furthermore, subsequent to the aforementioned as well as its
comfortable net-worth base, firm's capital structure has remained
moderate.

Godhani Impex (GI) was established on March 11, 2005 as a
partnership firm by three brothers from the Odhavjibhai Godhani
family. The partners of GI were earlier partners in M/s Godhani
Gems (subsequently reconstituted to Godhani Gems Pvt Ltd; which was
managed jointly by Shri Virjibhai Godhani and Shri Odhavjibhai
Godhani. Due to certain differences, Shri Odhavjibhai Godhani left
GG and formed GI. All partners at GI have experience in the Gems
and Jewellery business for over a period of 27 years. The firm is
engaged into cutting and polishing of rough diamonds at its Surat
workshop and exports the polished diamonds to countries such as
Hong Kong, Belgium, UAE and other Middle Eastern counties. GI has
an associate concern-M/s Srediam BVBA Belgium which is managed by
Shri Babulal Godhani, a close relative of partners of GI.


GORAYA STRAW: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goraya
Straw Board Mills Private Limited (GSBM) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       11.89      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

   Short-term Bank       0.10      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 24, 2019, reviewed the
rating(s) of GSBM under the 'issuer non-cooperating' category as
GSBM had failed to provide information for monitoring of the
rating. GSBM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated August 11, 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 assigned to the bank facilities of Goraya Straw Board
Mills Private Limited (GSBM) continue to take into account the
ongoing delays in the servicing of debt obligations by the company.
As per information previously available to CARE, the company's
account had become NPA with the bank. However, CARE doesn't have
latest information available due to noncooperation from the client
and hence CARE is unable to conduct appropriate credit risk
assessment.

Goraya Straw Board Mills Pvt. Ltd. (GSBM) was originally formed on
December 23, 1976 as a partnership concern, Goraya Straw Card Board
Mills, by the Goraya family. Later on, it was reconstituted as a
private limited company in August 17, 1990. The company is engaged
in manufacturing of paper boards which finds its application in the
packaging industry. GSBM sells the products to companies involved
in the packing business.


HARSHITA POLYPACK: ICRA Keeps D on INR6cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR6.06 crore bank facilities of
Harshita Polypack continue to remain under Issuer Not Cooperating
category. The rating is denoted as '[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term,        1.37       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Term Loan                    the 'Issuer Not Cooperating'
                                category

   Long-Term,        4.60       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Short-Term,       0.09       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based               Rating Continues to remain under
   Bank Guarantee               the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 1978, Harshita Polypack (HP) is a part of the
Damani group engaged in manufacturing of polypropylene disposable
cups. Mrs. Pratima Nitin Damani is the proprietor of the firm while
the affairs of the group are collectively managed by Mr. Neelesh
Damani and Mr. Nitin Damani.


KALRA OVERSEAS: ICRA Lowers Rating on INR14.22cr Loan to B+
-----------------------------------------------------------
ICRA said the ratings for the INR18.12 crore bank facilities of
Kalra Overseas & Precision Engineering Limited has been downgraded
and continues to remain under 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term,        14.22      [ICRA]B+(Stable) ISSUER NOT
   Fund based–                  COOPERATING/Rating downgraded
   Term loan                    from [ICRA]BB (Stable) and
                                Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short term,        3.60      [ICRA]A4; ISSUER NOT
   Fund based                   COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

   Short term,        0.30      [ICRA]A4; ISSUER NOT
   non-fund based               COOPERATING; Rating Continues
                                to remain under issuer not
                                cooperating category

The Long-Term rating downgrade is because of lack of adequate
information Kalra Overseas & Precision Engineering Limited
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by the rated entity". The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Kalra Overseas & Precision Engineering Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

After commencing operations as a merchant exporter of forged/ cast
machined components in 1998, KOPL established its own machining
unit in 2004 and later forayed into forging by acquiring
'Mallikarjun Forging Private Limited (MFPL)' in 2005. KOPL is a
supplier of machined components primarily to the auto industry and
supplies to OEMs and Tier I suppliers in the domestic as well as
export market. The company is promoted and managed by Mr. Hurssh
Kalra and by his wife Mrs. Tripti Kalra. KOPL has shifted its
operations along with that of MFPL under single unit at Shirwal
(Maharashtra), which has become operational since November 2014.


KAUSHALYA FIBERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
Shree Kaushalya Fibers continue to remain under Issuer Not
Cooperating category. The long term ratings are denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING"; Rating continues to
remain under 'Issuer Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term,        4.50       [ICRA]B Stable); ISSUER NOT
   Fund Based                   COOPERATING; Rating continues to
   Cash Credit                  Remain under 'Issuer Not
                                Cooperating' category

   Long Term         1.50       [ICRA]B Stable); ISSUER NOT
   Fund Based                   COOPERATING; Rating continues to
   Term Loan                    Remain under 'Issuer Not
                                Cooperating' category

   Long Term-        3.00       [ICRA]B Stable); ISSUER NOT
   Unallocated                  COOPERATING; Rating continues to
                                Remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Shree Kaushalya Fibres (SKF) is a partnership firm promoted by the
Tayal family of Sendhwa, Madhya Pradesh and is engaged in cotton
ginning and pressing. The promoters have extensive experience in
the cotton ginning business through other group companies like
Mahesh Ginning Private Limited and Girijashankar Cotton Private
Limited.


LORD SHIVA: CARE Keeps D on INR9.62cr Loan in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lord Shiva
Trust continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       9.62       CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Lord Shiva Trust to monitor
the rating vide e-mail communications dated July 17, 2020, July 15,
2020 and July 14, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. 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 Lord
Shiva Trust bank facilities will now be 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 rating.

Detailed description of the key rating drivers

Key Rating Weaknesses

At the time of last rating on June 28, 2019, the following were the
rating weakness:

There have been ongoing delays in debt servicing due to stretched
liquidity position.

Lord Shiva Trust was formed in April 2008 by Mr Anoop Singh, Mr
Sanjay Agarwal and Ms Manjari Agarwal (trustees) for establishing,
developing and operating educational institutes. The trust began
its operations in the academic session (AS) 2009-10 (July 2009) by
setting up an engineering college at Mathura, Uttar Pradesh under
the name of Eshan College of Engineering (ECE). ECE is approved by
AICTE and affiliated to Gautam Budh Technical University (formerly
UPTU). Furthermore, the trust had also started diploma courses in
the academic session 2012-13 and MBA program in the academic
session 2013-14.


MAHATMA JYOTIBA: CARE Lowers Rating on INR3.49cr Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahatma Jyotiba Fule Vidyapeeth Samiti (MJVS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      3.49        CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

   Long/Short Term
   Bank Facilities     1.50        CARE C; Stable/CARE A4
                                   Issuer Not Cooperating;
                                   Revised from CARE B/CARE A4
                                   Issuer not cooperating on
                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MJVS to monitor the rating
vide e-mail communications dated July 17, 2020, July 15, 2020 and
July 14, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. 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 Mahatma
Jyotiba Fule Vidyapeeth Samiti bank facilities will now be denoted
as CARE C/ CARE A4; 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 has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Mahatma Jyotiba Fule Vidyapeeth Samiti with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, the ratings continue to remain
constrained on account small scale of operations, operations
concentrated to a single geographical area with increasing
competition from established and upcoming educational institutes.
The ratings, however, continues to derive strength from experienced
and qualified members, moderate profitability margins, comfortable
capital structure and coverage indicators.

Detailed description of the key rating drivers

At the time of last rating on June 28, 2019, the following were the
rating weakness:

Key Rating Weakness

* Small scale of operations: Though, MJVS's total operating income
grew from INR7.86crore in FY15 (refers to the period April 01 to
March 31) to INR8.47crore in FY16reflecting a growth rate of around
7.70% attributed to higher enrolment percentage. However, the same
has remained small which inherently limits MJVS's financial
flexibility in times of stress and deprives it from scale benefits.
In FY17,the trust has achieved total income of INR6.10 crore till
December 31, 2016.

* Operations concentrated to a single geographical area with
increasing competition from established and upcoming educational
institutes: The operations of MJVS continue to remain concentrated
to a single geographical area which limits the reach penetration
level for the society to tap opportunities. Furthermore, due to
increasing competition from established and upcoming educational
institutes, the same continued to exposes the revenue of MJVS to
competition from other colleges.

* Highly regulated educational sector in India: Despite the
increasing trend of privatization of education sector in India,
both the sectors continue to operate under stringent regulatory
control. Accordingly, the players, at times, find difficult to
realize their plans or cope up with the framework resulting in
failure of the institution. Hence, regulatory challenges continue
to pose a significant risk to private healthcare educational
institutions as they are highly susceptible to changes in
regulatory framework.

Key Rating Strengths

* Experienced and Qualified Members: Mrs. Hansha Saini, the
chairman of the society, has done her Masters in Pharmacy (M.
Pharm) and has around a decade of experience in the education
sector through her association with MJVS. The overall operations of
society is being managed by her with required support from other
two qualified members namely including Mrs. Kamna Saini
(Secretary)and Mr Vivekananad Tanwar (Director) in key decisions
the field of social work to carry out the day-to-day operations.
Moderate profitability margins, comfortable capital structure and
coverage indicators.

The society, though 'not-for-profit' in nature enjoys sound
profitability position with SBID(surplus before interest,
depreciation and tax) margin of 30.48% and net surplus margin of
15.66%for FY16. Though the SBID margin and net surplus margin have
declined from 38.02% and 21.38%, respectively, in FY15, they still
remained at moderate levels. The decline was on account of increase
in operational overheads coupled with increase in employee costs
year on year basis due to revision in salary structure to teaching
staff. The society gets advances from its students and hence
reliance on external bank borrowings and debt is mainly in the form
of term loan only taken for establishment of institutes; as a
result of which, the trust has comfortable capital structure. The
capital structure continuous to remain comfortable marked by debt
equity and overall gearing ratio of 0.26x and 0.40x respectively as
on March 31,2016 as against 0.42x and 0.42x respectively in FY15
mainly on account of increase in corpus fund. Debt coverage
indicators continuous to remain comfortable marked by interest
coverage ratio and total debt to GCA of 6.36x and 1.80x,
respectively, for FY16.

MJVS was established on 1994 under the Rajasthan Society
Registration Act, 1958, with an objective to provide education
services. The society is running various institutions under the
brand name "Mahatma Jyotiba Fule" (MJF) The society is currently
managed by Mrs Hansha Saini as its Chairman. The society under its
different institutions provides graduates/diploma courses in
Nursing Midwifery, Veterinary Science & Animal Husbandry,
Compounder diploma course, Bachelor of Ayurveda, Medicine and
Surgery (BAMS) and Bachelor of Education. The course being offered
is approved by Veterinary Council of India, while the nursing
courses are approved by Indian Nursing Council. The society also
runs two schools in the name of MJF Vidyapeeth Senior Secondary
School (Hindi-medium school) and Oasis Public School
(English-medium school).


MAURIA UDYOG: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mauria
Udyog Limited (MUL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       55.00      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

   Short-term Bank     240.00      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 6, 2019, placed the
ratings of MUL 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.
Mauria Udyog Limited continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and a letter/email dated August 5, 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 Mauria Udyog Limited will be denoted as 'CARE D;
Issuer not cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company. The review
is conducted on the basis of best available information.

Mauria Udyog Limited (MUL) was incorporated in 1980 by the Sureka
family comprising Mr V K Sureka, Mr N K Sureka and Mr A K Sureka.
The operations of the company are managed by Mr N K Sureka
(Managing Director). MUL is the flagship company of the Mauria
group. The group is involved in diverse business activities
including manufacturing of cylinders, valves, regulators, terry
towels, trading of commodities, NBFC, etc. MUL is engaged in the
manufacturing of cylinders, valves and regulators used for filling
Liquefied Petroleum Gas (LPG) and other gases such as ammonia and
refrigerants. MUL also manufactures 100% cotton terry towels at its
facility located in Faridabad. The terry towels are sold under the
brand name "Eurospa" and are sold domestically as well as exported
to countries like Ukraine, France, etc. MUL is also engaged in
trading and manufacturing of agro-commodities such as soybean meal
& cake and domestic trading of metals like steel, brass, copper and
ferrous scrap.


MODERN MACHINERY: ICRA Keeps D on INR9.5cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR9.50-crore bank facilities of
Modern Machinery Store continue to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        9.20      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Non-Fund based     0.30      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Modern Machinery Store (MMS) is an authorized dealer for HMIL, HMCL
and John Deere. It operates three showrooms located adjacently in
an aggregate 31,500 sq. ft. premise in Alwar (Rajasthan). Apart
from the Alwar facility, the firm has a sales outlet for Hyundai
Cars in Bhiwadi (Rajasthan). MM has been associated with HMCL since
last twenty-seven years and is one of the major motorbike dealers
in the Alwar district. MM has been associated with HMIL since last
nine years and remains the only dealer of Hyundai cars in Alwar
region. Besides, MM also operates a small dealership of John Deere
tractors in Alwar in the same premises.


NOOLI JEWELLERS: ICRA Keeps D on INR22cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR22.00 crore bank facilities of
Nooli Jewellers to remain under Issuer Not Cooperating category.
The long-term is denoted as [ICRA]B+(Stable) ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        22.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

About 70 years ago, Nooli Jewellers formerly known as Nooli
Venkatratnam and was promoted by Mr. Nooli Venkatranam. In the year
1979 name of entity changed to Nooli Jewellers. The firm is
currently engaged in manufacturing and retailing of gold, silver
and stone studded jewellery. The firm's jewellery collection ranges
from 22 karat gold jewellery to 18 karat jewelleries studded with
diamonds, gemstones like rubies, emeralds, sapphires, semiprecious
stones. NJ sells all forms of jewellery including earrings,
necklaces, bangles, rings, anklets etc. The retail show room of the
firm is at Tanuku district of Andhra Pradesh. It's a family run
business and promoters have an experience of over 7 decades in the
jewellery business.


NOVELTY TREASURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Novelty Treasure Metals Private Limited
        2727/102, 1st Floor, Kucha Chelan
        Behind Moti Mahal Restaurant
        Daryaganj New Delhi 110002

Insolvency Commencement Date: August 20, 2020

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 16, 2021
                               (180 days from commencement)

Insolvency professional: Brahm Datt Verma

Interim Resolution
Professional:            Brahm Datt Verma
                         First Floor, B-1/1
                         Pink Apartments
                         Sector-13, Rohini
                         Delhi 110085
                         E-mail: bdverma.rp@gmail.com
                                 cirp.novelty@gmail.com

Last date for
submission of claims:    September 10, 2020


PADMAVATI ASSOCIATES: CARE Lowers Rating on INR7cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Padmavati Associates (PA), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       7.00       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 5, 2019, placed the
ratings of Padmavati Associates under the 'issuer noncooperating'
category as company 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 August 6,
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 rating takes into account the non-availability
of requisite information due to non-cooperation by Padmavati
Associates with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last PR dated June 5, 2019, the following were the
rating strengths and weakness

Key Rating weakness

* Constitution of the entity as a partnership firm and short track
record of operations: 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 will affect its capital
structure. Moreover, partnership firms have restricted access to
external borrowing which limits their growth opportunities to some
extent. The firm was started in the year 2013 and due to its short
track record, the firm operates on a small scale. Due to ongoing
projects, the firm has incurred operational cost with nil revenue
recognition for ongoing years (refers to the period FY17, FY18 and
FY19) and a low net worth base of INR2.53 crore as on March 31,
2016, restricting the financial flexibility of the firm at the
times of stress.

* Geographical Concentration risk: PA is primarily located in the
Telangana State and executing projects in and around Hyderabad
which reflects geographical concentration risk. In case the real
estate market of Hyderabad slows down or there happen to be any
political uncertainties, the same will impact the PA operations.

* Industry risk associated with slowdown in demand and high
competition: Globally the real estate markets react negatively to
the rising interest rates as it impacts the customer cash flows to
finance the home purchases. The recent series of the interest rate
hikes as a part of the monetary tightening indicates that the cost
of construction has gone up for the developers. Real estate market
in Hyderabad has been in demand with real estate development
activities for both independent houses and residential flats on
account of good deal of infrastructure projects, commercial
establishments, expressways, popular malls, multiplexes and is also
surrounded by tourist spots, historical places & industries. In
recent times new residential and commercial projects have been
launched in and around Hyderabad cities promoted by other players
in the city. Despite high competition in the market, the firm is
able withstand in the competitive markets through promoter vast
experience and group image.

* Saleability risk with on-going project: The said project likely
to achieve COD in 2020, which exposes the project to substantial
saleability risk. While the firm has received expression of
interest from several individual customers; any delay in attaining
envisaged sales and realizing potential revenue may stretch the
firm's cash flow.

Key rating strengths

* Experience of the promoters in the real estate industry: PA was
promoted by Mr. Y Suresh have been engaged in the business of real
estate for more than one decade and rest of the partner Ms. Y
Kavitha having around five years of experience respectively.

* Favorable location of the project: The current project is located
at one of the developing residential and commercial areas of
Hyderabad i.e, Miyapur which is connected to the Bombay Highway on
one side and Miyapur metro Station on the other side, and many
important places were accessible from the project location. The
location finds its proximity to various major landmarks i.e., BHEL,
Patancheruvu Industrial Corridor and Hyderabad Pharma City. The
complex is near industrial and commercial location. The Firm
proposes to price the unit competitively as per the market demand
and other players in the locality. Since the location is surrounded
by Information Technology and other industrial zones, the marketing
of the project will not pose any problem.

* Financials closure achieved for the project: The firm has
achieved financial closure in June 2016. The firm has availed
INR7.0 crore project term loan from Central Bank of India INR4.68
crore as advance from customers and rest INR4.0 core as promoter's
equity.

Padmavati Associates (PA) was established in the year 2013 as a
partnership firm and is promoted by Mr. Y Suresh, Ms. Y Kavitha and
Ms. Y D Prasunamba. The firm is engaged in construction of
residential apartments and PA is currently implementing its first
project; Aakasha Lake View, located at Survey No.225/A, Opp. Mythri
Nagar, Beside Kalki Chambers, Allwin Signal, Madinaguda, Miyapur,
Hyderabad.


PARAS SEASONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Paras Seasons Haven Private Limited

        Registered office:
        Room No. 205, Welcome Plaza
        S-551 School Block-II
        Shakarpur Delhi 110092

        Admin office:
        11th Floor, Paras Twin Tower
        Golf Course Road
        Sector-54 Gurgaon 122002

Insolvency Commencement Date: August 17, 2020

Court: National Company Law Tribunal, New Delhi Bench-IV

Estimated date of closure of
insolvency resolution process: February 13, 2021

Insolvency professional: Vijay Oberoi

Interim Resolution
Professional:            Vijay Oberoi
                         79 Gulab Vihar Apartments
                         Sec 9, Rohini
                         Delhi 110085
                         E-mail: vijayoberoi61@gmail.com

                            - and -

                         Luthra & Luthra Restructuring and
                         Insolvency Advisors LLP
                         A-16/9, Vasant Vihar
                         New Delhi 110057
                         E-mail: psh.irp@llca.net

Classes of creditors:    Financial creditors in class
                         (Allottees under real estate project)

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Diwan Chand Arya
                         Flat No. B2A-102
                         Golf Links Residency
                         Sector 18 B, Dwarka
                         New Delhi 110075
                         E-mail: aumdcarya@gmail.com

                         Mr. Khem Chand Gupta
                         302, Padma Palace
                         86, Nehru Place
                         South National Capital
                         Territory of Delhi 110019
                         E-mail: kcgupta.ip@gmail.com

                         Mr. Navjit Singh
                         218-a, 1st Floor, Shop No. 4
                         Rama Market, Pitampura
                         New Delhi, Delhi
                         E-mail: navjit92ca@yahoo.com

Last date for
submission of claims:    September 7, 2020


PRITHVI PUMPS: CARE Lowers Rating on INR5.46cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prithvi Pumps (PPS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      5.46        CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019 placed the
ratings of PPS under the 'issuer noncooperating' category as PPS
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. PPS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 6, 2020, July
9, 2020 and August 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 assigned to the bank facilities of PPS have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating done on August 19, 2019, the following
were the rating strengths and weaknesses.

Key rating weaknesses

* Modest scale of operations with fluctuating margins: During past
three years FY13-FY15, total operating income (TOI) of PPS has
remained modest. During FY15, TOI of PPS has increased by 7.19% to
INR19.92 crore as against INR18.58 crore in FY14. PBILDT margin has
remained fluctuating during the past three years FY13-FY15 in the
range of 4.36% to 5.81%. In FY15, the PBILDT margin has decreased
by 103 bps and remained at 4.78% (FY14: 5.81%). PBILDT margins have
decreased primarily due to high raw material and employee cost.
However, PAT margin has increased by 374 bps and remained at 4.17%
(FY14: 0.43%).

During FY15, PPS has disclosed income of INR1.00 crore during
income tax survey. GCA remained at INR1.03 crore in FY15
(FY14:Rs.0.27 crore). During 8MFY16 (from April 1, 2015 to November
30, 2015), PPS reported TOI of INR14 crore. Leveraged capital
structure and weak debt coverage indicators Capital structure of
PPS has remained leveraged at 2.43 times as on March 31, 2015 (as
against 2.37 times as on March 31, 2014) primarily due to increase
in total debt due to higher term loan and higher utilization of
cash credit limits on balance sheet date. Interest coverage ratio
further deteriorated to 1.07 times in FY15 as against 1.33 times in
FY14 primarily due to higher interest cost and lower PBILDT.
Furthermore, total debt to gross cash accrual improved to 7.72
times as on March 31, 2015 as compared to 21.78 times as on March
31, 2014 primarily due to higher GCA.

* Profitability susceptible to volatility in raw material prices:
The primary raw material used for the manufacturing of pumps
includes stainless steel, copper, etc. The prices of these
materials are inherently volatile and are driven largely by global
as well as local demand and supply conditions with limited
bargaining power of any single player. These raw materials account
for around 80% of the total manufacturing cost of PPS and hence any
volatility in the prices of these materials can have an impact on
the profitability of PPS.

* Constitution as a partnership firm in highly competitive pumps
industry: PPS, being a partnership firm, is exposed to inherent
risk of partner's capital being withdrawn at time of personal
contingency, and the firm being dissolved upon the
death/retirement/insolvency of partners. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of promoters would be key factors affecting credit
decision for lenders. The demand for electrical pumps industry is
driven primarily by growth in infrastructure, new sources of water,
increase in irrigated cultivation area, increase in urban density
and the need for energy efficient solutions. India is a strong base
for manufacturing of pumps with presence of more than 800 pump
manufacturers including international players. India's low cost
manufacturing and local demand has made it a profitable
proposition. The presence of international players in the market
has led to a significant up-grade on in technology leading to
better solutions for end users.

Key Rating Strengths

* Experienced promoters: PPS is promoted by Mr Bhaveshkumar
Bhandari, Mr Piyushkumar Gondaliya and Mr Ketanbhai Vaghasiya. Mr
Bhaveshkumar Bhandari and Mr Piyushkumar Gondaliya are
under-graduates having long experience of 12 years in a similar
line of business. Mr Ketanbhai Vaghasiya is a graduate with total
experience of 12 years in a similar line of business. They jointly
look after the day to day affairs of the entity. Furthermore, PPS
have established track record of operations of 10 years.

Rajkot (Gujarat) based, PPS was established in the year 2005 as a
partnership firm. PPS is promoted by Mr. Bhaveshkumar Bhandari, Mr.
Piyushkumar Gondaliya and Mr. Ketanbhai Vaghasiya. PPS is engaged
in the manufacturing of submersible pumps and it is an ISO 9001:
2008 certified entity.


PURANDAR MILK: ICRA Keeps D on INR7cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR7.00 crore bank facilities of
Purandar Milk and Agro Products Limited continue to remain under
Issuer Not Cooperating category. The rating is denoted as '[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Cash Credit       0.90       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Unallocated       1.10       [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Purandar Milk and Agro Products Limited was established in 2000 and
commenced operations in 2001. The company is involved in
procurement, processing and sale of milk and milk products, trading
of petroleum products, petrol and diesel and weigh bridge
operations. The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'. PMAPL is part of
Silver Jubilee Group promoted by Mr. Sanjay Jagtap which has
diversified interests ranging from automobile dealership, dairy,
real estate to investment advisory services. The prominent among
them include Silver Jubilee Motors Limited (promoted along with Mr.
Kiranpalsingh Ahluwalia) involved in sales and services of Mahindra
and Mahindra utility vehicles. PMAPL has set up a 5000 metric ton
per month capacity cold storage plant in Khalad, Pune
(Maharashtra).


R.B. RICE: ICRA Keeps D on INR16.5cr Loans in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR16.50-crore bank facility R.B. Rice
Industries continues to remain under 'Issuer Not Cooperating'
category. The Long-term rating is denoted as "[ICRA] D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        16.50      [ICRA]D: ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based in Fazilka, Ferozepur, Punjab with an
installed capacity of 4 tons/hr. The firm purchases paddy from the
local markets in and around Jalalabad. The firm is also involved in
the export of rice to countries such as Iran, the UAE and Iraq.


R.K. GROVER: ICRA Keeps D on INR6.25cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR6.25-crore bank facilities of R.K.
Grover & Co. continue to remain under 'Issuer Not Cooperating'
category'.  The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        1.75      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

   Non-Fund           4.50      [ICRA]D ISSUER NOT COOPERATING;
   Based Bank                   Rating continues to remain in
   Guarantee                    the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established in 1984 as a proprietorship concern, RKGC is constructs
roads, bridges, border fencing and coal handling plants in Assam,
Meghalaya, West Bengal, Delhi, and Bihar. Subsequently, it was
converted into a partnership firm in 2006 and is at present a
registered contractor with the National Buildings Construction
Corporation Limited.


RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR5.81 crore bank facilities of
Radhika Packaging Private Limited continue to remain under Issuer
Not Cooperating category. The rating is denoted as '[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term,        1.09       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Term Loan                    the 'Issuer Not Cooperating'
                                category

   Long Term,        4.60       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Rating Continues to remain under
   Cash Credit                  the 'Issuer Not Cooperating'
                                category

   Short Term,       0.12       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund                     Rating Continues to remain under
   based–Bank                   the 'Issuer Not Cooperating'
   Guarantee                    category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 1978, Radhika Packaging Private Limited (RPPL) is
part of the Damani Group, engaged in manufacturing polypropylene
disposable cups. Mr. Neelesh Damani, the Managing Director of the
company, oversees group operations.


RAHEJA ICON: CARE Keeps D on INR68cr Debt in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raheja Icon
Entertainment Private Limited (RIEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible       68.00     CARE D; Issuer not cooperating;
   Debentures issue^               based on best available
                                   information

^ The above rating is based on the credit enhancement in the form
of unconditional and irrevocable corporate guarantee from Raheja
Developers Limited (RDL) rated CARE D; Issuer Not Cooperating

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated September 13, 2019,
continues to place the ratings of RIEPL 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. Raheja Icon Entertainment
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through phone calls and a
letter/email dated August 5, 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 long term
instruments of Raheja Icon Entertainment Private 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, as
per the debenture trustee the company had not paid the interest due
on NCDs.

Incorporated in 2010, Raheja Icon Entertainment Private Limited
(RIEPL) is engaged in the business of promotion, development and
construction of real estate. The company is a part of the Raheja
Group with Flagship Company being Raheja Developers Limited (RDL),
rated CARE D ;Stable, Issuer Not Cooperating (Revised in September
2019) and is 100% subsidiary of RDL.


RAHUL WIRE: CARE Lowers Rating on INR7.39cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rahul Wire Ropes (RWR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       7.39       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RWR to monitor the rating
vide e-mail communications dated July 17, 2020, July 15, 2020 and
July 14, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. 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 Rahul Wire
Ropes bank facilities 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 has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Rahul Wire Ropes with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained on
account of implementation risk associated with its low partner's
capital base, leveraged capital structure, working capital
intensive nature of operations and presence in a highly competitive
and fragmented auto component industry. The ratings, however,
continues to derive strength from experienced partners and presence
in different segments in the automobile industry.

Detailed description of the key rating drivers

Credit Risk Assessment

Key Rating Weakness

* Small scale of operations with low partner's capital base: The
small scale of operations has remained small which limits the
company's financial flexibility in times of stress and deprives it
from scale benefits. The firm achieved total operating income of
INR33.86 crore during FY17 (refers to period from April 01 to March
31).

* Leveraged capital Structure: The capital structure of the firm
continues to remain leveraged marked by overall gearing ratio of
2.05x as on March 31, 2017.

* Working capital intensive nature of operations: The operating
cycle of the firm continues to remain working capital intensive
mainly on account of prolonged collection period as it operates in
a highly competitive and fragment industry and adopts a liberal
credit policy for its customers. On the contrary, it receives
credit period of around two months from its suppliers. The firm
maintains minimum inventory of around 20 days to meet the immediate
requirements of its customers.

* Susceptible to volatility in raw material prices: The main raw
material of the firm is steel wire and galvanized wire ropes. Due
to the reason that the two major raw material are commodity in
nature ad witness frequent price fluctuations and have exhibited
volatility in the past, thus any adverse change in the prices of
the raw material may affect the profitability margins of the firm.

* Presence in different segments in the automobile industry: RWR
operates in a highly competitive industry wherein there is presence
of a large number of players in the unorganized and organized
sectors. The high competition restricts the pricing flexibility and
bargaining power of the firm.

Key Rating Strengths

* Experienced Partners: Mr. Krishan Kumar Gandhi has an experience
of close to three decades in the manufacturing of automobile
components through his association with RWR and other entities
engaged in a similar line of business. He is Supported by his son
Mr Rahul Gandhi who has an overall experience of around five years
in the manufacturing of automobile components through his
association with RWR.

* Presence in different segments ill the automobile industry: In
terms of demand, the two wheeler and four wheeler segments are
separate and does not follow the similar demand pattern due to cost
and usability. Presence in different segments protects the firm
against the slowdown in a particular segment and ensures the
revenue visibility for the firm.

* Moderate profitability margins: The profitability margins of the
firm continues to remain moderate marked by PBILDT margin and PAT
margin of 7.76% and 1.91% respectively in FY17 as against 10.91%
and 2.67% respectively in FY16.

Bhiwadi, Rajasthan based RWR is a partnership firm established in
2011. The firm was initially established as a proprietorship firm
"Rahul Wire Ropes" in 1999 and later on, the constitution was
changed to partnership in 2011, The partners of the firm are Mr
Krishan Kumar Gandhi and his son Mr Rahul Gandhi The firm
manufactures various types of automotive control cables such as
accelerator cables, clutch cable, gear cables, speedometer and
other cables for two wheelers and four wheelers. The firm is tier-2
vendor for various renowned automobile brands. The firm has its
manufacturing facility located at Bhiwadi, Rajasthan.


RAJAMAHAL INT'L: ICRA Keeps D on INR5cr Loan in Not Cooperating
---------------------------------------------------------------
ICRA said ratings for the INR15.00-crore bank facilities of
Rajamahal International Pvt. Ltd. continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         5.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                Rating continues to remain in the
                                'Issuer Not Cooperating' category

   Long Term/         3.00      [ICRA]B (Stable)/[ICRA]A4 ISSUER
   Short Term-                  NOT COOPERATING; Rating continues

   Unallocated                  to remain in the 'Issuer Not
                                Cooperating' category

   Long Term/         7.00      [ICRA]B (Stable)/[ICRA]A4 ISSUER
   Short Term-                  NOT COOPERATING; Rating continues
   Fund based/                  to remain in the 'Issuer Not
   Non-Fund Based               Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Rajamahal International was established in the year 1991 and is
primarily engaged in the trading of silk waste, fabrics, granites,
TMT bars etc. The group is under the leadership of Mr. Aslam Pasha
who has rich experience in mining and marketing activities. The
company is based out of Koramangala, Bangalore. It has also
established offices at Hospet, Sandur, and Vizag & Karwar to
facilitate the export of various products.


RAM CHANDER: ICRA Keeps B+ on INR10.07cr Loan in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR10.07-crore bank facilities of Ram
Chander Builders Private Limited continues to remain under 'Issuer
Not Cooperating' category'.  The rating is denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING"

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term         10.07      [ICRA]B+ (Stable) ISSUER NOT
   Fund-based/                  COOPERATING, Rating continues
   Term loan                    to remain in the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 1995 by Mr. Shyam Agarwal, Mr. Subhash Agarwal and
Mr. Mahesh Chan Vashist, RCB is involved in real estate development
of residential cum commercial projects. The company has developed
projects under the Uttar Pradesh Avas Vikas Parishad (UPAVP) though
the scale of the projects has been low. The projects are located
majorly in Lucknow being covered under UP Housing & Development
Board with the land being purchased by the company from the
government. The company has completed residential projects like
Shiva Palace, Parvati Palace in Indira Nagar, Lucknow. The recently
completed project by the company was the Shiva Gardens initially
started as a commercial project was later converted into a
residential project having around 64 apartments in total. In
FY2017, the company reported a net profit of INR0.42 crore on an OI
of INR1.24 crore compared with a net profit of INR0.28 crore on an
OI of INR0.98 crore in the previous year.


RASHMI HOUSING: ICRA Keeps D on INR65cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR65.00 crore bank facilities of
Rashmi Housing Private Limited continue to remain under Issuer Not
Cooperating category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loans        65.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group— promoted and managed by the Bosmiya
family—engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai.


RICH OFFSET: ICRA Lowers Rating on INR13.07cr Loan to B+
--------------------------------------------------------
ICRA said the ratings for the INR13.07 crore bank facilities of
Rich Offset (I) Private Limited have been downgraded and continues
to remain under 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]B+ (stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         8.08       [ICRA]B+(Stable) ISSUER NOT
   fund-based                   COOPERATING/Rating downgraded
   Limits                       from [ICRA]BB+(Stable) and
                                Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Unallocated       4.99       [ICRA]B+(Stable) ISSUER NOT
   limits                       COOPERATING/Rating downgraded
                                from [ICRA]BB+(Stable) and
                                Continues to remain under
                                'Issuer Not Cooperating'
                                Category

The Long-Term rating downgrade is because of lack of adequate
information Rich Offset (I) Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Rich Offset (I) Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Rich Offset (I) Private Limited is mainly involved in printing of
packaged cartons. ROPL carries out printing and post printing
activity and manufactures printed cartons, outserts, inserts,
medication guide, doctor sampling wrap bands, labels, leaflets and
brochures. The printing and packaging is done only for the
pharmaceutical companies for their plants located mainly in Baddi,
Himachal Pradesh. The company has its registered office in Mumbai
and manufacturing facilities at Baddi (Himachal Pradesh) and
Siliguri (West Bengal).


RVR FARMS: CARE Lowers Rating on INR15.92cr LT Loans to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RVR
farm (RVRF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       15.92      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 11, 2019, placed the
ratings of RVRF under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to August 7, 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 rating takes into account the non-availability
of requisite information due to non-cooperation by RVR Farms with
CARE's efforts to undertake a review of the outstanding ratings as
CARE views information availability risk as key factor in its
assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating dated June 11, 2019, the following were
the rating strengths and weaknesses:

Key rating weaknesses

* Small Scale of operations and declining PBILDT margin and thin
PAT margin during review period: RVR Farms was established in the
year 2014. Further, the scale of operations of the entity is small
marked by Total operating income (TOI) which stood at INR40.05
crore in FY18 with low networth of INR2.26 crore.  The PBILDT
margin of the firm has declining during the review period. The
PBILDT margin decreased from 10.92% in FY16 to 8.77% in FY18 due to
increase in raw material expenses (Birds feed and medicines) and
employees cost. The PAT margin of the firm decreased from 0.42% in
FY16 to 0.31% in FY18 due to increase in interest cost at the back
of high utilization of working capital bank borrowings.

* Leveraged capital structure and moderate debt coverage indicators
during review period: RVR Farms has leveraged capital structure
during review period. The debt equity ratio and overall gearing
ratio of the entity improved respectively from 4.63x and 8.94x as
on March 31, 2016 to 3.48x and 8.54x respectively as on March 31,
2018 due to repayment of term loan and unsecured loans. The entity
has weak debt coverage indicators during review period. Total
debt/GCA deteriorated from 9.68x in FY16 to 14.36x in FY18 due to
decrease in gross cash accruals. The PBILDT interest coverage ratio
deteriorated from 2.50x in FY16 to 1.66x in FY18 due to increase in
interest cost at the back of high utilization of working capital
bank borrowings. Total debt/Cash flow from operations stood at
3.58x as on March 31, 2018 due to increase in cash flow from
operating activities at the back of increase in inventory.

* Working capital intensive nature of operations: The operating
cycle of the entity is moderate during review period and remained
at 95 days in FY18 against 85 days in FY17 due to increase in
inventory period to 201 days in FY18. Operating cycle of the entity
continues to remain moderate due to its nature of business
operations where in the firm is required to keep high inventory
level of parent bird and raw material stock to feed the birds in
different growing stages and to mitigate fluctuation in raw
material prices. RVRF operates on cash & carry model. In respect of
few customers it extends one week credit period. RVRF makes payment
to suppliers of chicks in 15-30 days. Further the firm is
purchasing feed from its associate entity (RVV Agri Feeds Private
Limited) and enjoying a credit period of 60-90 days. The average
utilization of working capital facility is 90% during past twelve
months ended with October 31, 2018.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: 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 affect its
capital structure. Further, partnership concern has restricted
access to external borrowing which limits their growth
opportunities to some extent. The partners infused the capital of
INR0.45 crore in FY17 and withdrawn the capital of INR0.20 crore in
FY18.

* Highly fragmented industry with intense competition from large
number of players: RVRF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the company.

Key Rating Strengths

* Experience of the promoters for more than two decade in Poultry
business: RVR Farms is promoted by Mr. Chandrasekar Reddy Gurram
along with his wife Mrs. Shalini Reddy Gurram. The partners
have more than two decade of experience in poultry feeds business
through their association with the group entities. Due to long term
presence in the market, the firm has good relation with customer
and supplier.

* Growth in total operating income during review period: The total
operating income of the firm grew by a CAGR of 25.05% from INR25.61
crore in FY16 to INR40.05 crore in FY18 aided by the increased
sales in eggs and cull birds on account of y-o-y increase in market
price of eggs to an extent of 5%-10% when compared to previous
year. During 7MFY19, the firm achieved total sales of INR23 crore.

* Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food dishes
in home and restaurants. The demand has been driven by the rapidly
changing food habits of the average Indian consumer, dictated by
the lifestyle changes in the urban and semi-urban regions of the
country. The demands for poultry products are sustainable and
accordingly, the kind of industry is relatively insulated from the
economic cycle.

RVR farm (RVRF) was established in the year 2014 by Mr. Krishna
Reddy. The Partners has more than two decade of experience in
poultry business. The firm is engaged in farming of egg, laying
poultry birds (chickens) and trading of eggs, cull birds and their
Manure. The firm mainly buys chicks from Sri Venkateswara
Hatcheries private limited. The firm purchases raw materials for
feeding of birds like rice brokens, maize, sun flower oil cake,
shell grit, minerals and soya from its associate concerns (RVV Agri
Feeds Private Limited). The firm sells all its products like eggs
and cull birds to local traders. The firm has installed capacity of
5,04,000 layers in 2 units.


S. S. KAMATH: CARE Lowers Rating on INR6.70cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
S. Kamath (SSK), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.70      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 20, 2019, placed the
rating(s) of SSK under the 'issuer not cooperating' category as SSK
had failed to provide no default statement for monitoring the
ratings. SSK continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated June 15, 2020 to June 22, 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 ratings have been revised on account of non-availability of
last three years financials.

Detailed Rationale& Key Rating Drivers

At the time of last rating on June 20, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Moderate experience of proprietor, limited track record and small
scale of operations with low networth: M/s S. S. Kamath (SSK) was
established as a proprietorship firm by Mr. Sidharth Kamath. He is
a qualified graduate (B.com) and has only 2 years of experience in
in cashew processing business. However, he is supported by his
father, Mr. Surendra Kamath is a graduate by qualification and has
more than 15 years of experience in the trading of cashew kernels.
SSK has very limited track record of operations. SSK's operations
are small marked by total operating income of INR11.55 crore in
FY18 (Prov.) and low net worth base of INR1.00 crore as on March
31, 2018 (Prov.).

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged during the review
period. However, the debt equity ratio and overall gearing ratio
has improved from 3.96x and 13.21x respectively as on March 31,
2017 to 2.58x and 7.43x respectively as on March 31, 2018 (Prov.)
due to increase in networth of the firm on account of accretion of
profit coupled with infusion of INR0.60 crore of proprietor's
capital in FY18 (Prov.). The capital structure of the firm stood
leveraged since the firm has availed term loan for installation of
new machinery and construction of factory building due to which
debt levels are high. The debt coverage indicators of the firm
stood weak during the review period. The total debt/GCA though
improved from 35.24x in FY17 to 13.21x in FY18 (Prov.) due to
increase in gross cash accruals (GCA) levels still remained weak.
The PBILDT interest coverage ratio deteriorated marginally from
2.44x in FY17 to 2.22x in FY18 (Prov.) due to increase in interest
cost at the back of high utilization of working capital limits and
availing of term loan in FY18 (Prov.).

* Working Capital intensive as well as labour intensive nature of
operations: The operating cycle of the firm stood between (180-225
days) due to high average inventory period during review period.
The firm purchases high quantities of stocks when the price is
relatively low. So the average inventory period stood high during
the review period. The firm receives the payment from its customers
within 30 days from the date of invoice. The firm makes payment to
the suppliers within 1 week depending on the relationship. In
majority cases, the firm purchases raw material on cash basis. The
average utilization of CC facility was 90% for the last 12 months
ended July 31, 2018. The processing of raw cashew into graded
cashew involves both working capital and labour requirements. The
First three processes of roasting shelling and drying involves
machines and the next levels of peeling, grading and packing
involve labour. Hence, SSK's operations are not only working
capital intensive but it is also labour intensive.

* Highly fragmented and competitive industry: The cashew processing
business is highly fragmented with presence of large number of
organized and unorganized players in India as well abroad. There is
a high competition within the industry due to low entry barriers
and low product differentiation, thus limiting the pricing
flexibility. Raw cashew being an agro-commodity, the availability
of the same depends upon the climatic conditions.

* Constitution of the entity as proprietor firm with inherent risk
of withdrawal of capital: The sole proprietor typically makes all
the decisions and runs the entire business operation. If he becomes
ill or disabled, there may be nobody else who can step in and keep
the business going. Running a business single-handedly can also
pose a risk due to heavy burden. Constitution as a proprietorship
has the inherent risk of possibility of withdrawal of the capital
at the time of personal contingency which can adversely affect its
capital structure.

Key Rating Strengths

* Growth in total operating income during the review period: The
total operating income of the firm increased at a growth rate of
69.35% i.e., from INR6.82 crore in FY17 to INR11.55 crore in FY18
(Prov.), at back of increase in sales volume due to stabilization
of operations of the firm coupled with repetitive orders from
existing customers.

* Increase in PBILDT margins albeit declining PAT margins: The
PBILDT margins of the firm are seen increasing during the review
period. In FY18 the firm has installed new machinery worth INR0.74
crore due to which the firm has achieved better productivity,
quality and cost reduction. Also the firm has sold closing stock of
FY17 in FY18 which was purchased at a lower cost. Due to the above
said factors PBILDT margin of the firm has increased from 2.93% in
FY17 to 8.84% in FY18 (Prov.). The PAT margin of the firm has
declined from 1.05% in FY17 to 0.94% in FY18 (Prov.) due to
increase in interest cost at the back of higher utilization of
working capital limits and availing of term loan coupled with
increase in depreciation cost at the back of installation of new
machinery in FY18 (Prov.).

Karnataka based, S. S. Kamath (SSK) was established in the year
2016 as a proprietorship firm by Mr.Sidharth Kamath. The firm is
engaged in processing of raw cashew nut into cashew kernels. The
firm procures raw material (raw cashew nuts) domestically from
farmers and traders in the states Kerala, Karnataka, Goa and Andhra
Pradesh.


SARDA AGRO: NCLAT Sets Aside Insolvency Proceedings vs. Firm
------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Aug. 28 set aside the insolvency proceedings
initiated against Telangana-based Sarda Agro Oils citing that
claims were filed by the lender three years after declaring the
account as a non-performing asset.

The ruling comes nearly a year after the Hyderabad bench of the
National Company Law Tribunal (NCLT) admitted a plea from Allahabad
Bank for insolvency proceedings against the company, Livemint.com
says.

In an order, a three-member bench of the NCLAT said the date of
default is computed from the date of declaration of account as a
NPA (Non Performing Asset) and such date of default would not
shift, Livemint.com relays.

It will be "impermissible to proceed with Section 7 application,"
filed by the bank which is after the limitation period of three
years, the order said.

Under Section 7 of the Insolvency and Bankruptcy Code (IBC), a
financial creditor can get insolvency proceedings initiated against
the corporate debtor concerned.

According to Livemint.com, the NCLAT's ruling has come on a
petition filed by Sarda Agro Oils' Managing Director Jagdish Prasad
Sarada challenging the NCLT order.

Livemint.com says the appellate tribunal observed that the
appellant's account was declared as NPA on September 30, 2015 by
the bank after irregular repayments. Then, it filed a application
under Section 7 of the IBC initiate insolvency proceedings on
December 31, 2018.

"We are of the firm view that the determining factor is the three
years period from the date of default/ NPA," the NCLAT bench,
headed by Acting Chairperson Justice B L Bhat, said.

According to the report, NCLAT said the Supreme Court has also held
that the limitation period for application under Section 7 of the
IBC is three years as provided by the Limitation Act, 1963 and is
extendable only by the application of Section 5 of Limitation Act,
1963 if any case for condonation of delay is made out. Section 5
pertains to extension of the stipulated period.

Livemint.com relates that the appellate tribunal has directed the
NCLT to close the Corporate Insolvency Resolution Process (CIRP)
initiated against Sarda Agro Oils and set aside the appointment of
resolution profession, declaring all consequential action taken by
him as "illegal".

"This appeal is allowed and we set aside the impugned order dated
August 27, 2019 passed by the Adjudicating Authority (NCLT).

"Consequently, orders passed by the Adjudicating Authority
appointing IRP/RP, declaring moratorium, freezing of account etc.
and all consequential action taken by IRP/ RP including
advertisement publication etc. all such orders and actions are
declared illegal and set aside," the NCLAT, as cited by
Livemint.com, said.

IRP and RP are Interim Resolution Professional and Resolution
Professional, respectively.

Allahabad Bank had sanctioned a cash credit facility of INR20
crore, term loan of INR14 crore and Letter of Credit of INR65 crore
by way of a common sanction letter on May 31, 2012, Livemint.com
recalls. The bank had submitted to the NCLT that the company became
irregular in repayment and consequently the account was declared
NPA on Sept. 30, 2015.

Sarda Agro Oils Limited was founded in 1996. The company's line of
business includes the manufacturing of bulk organic and inorganic
medicinal chemicals.


SHIVPRASAD FOODS: Ind-Ra Affirms 'D' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shivprasad Foods
and Milk Products' (SFMP) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit (long-/short-
     term) affirmed with IND D rating; and

-- INR63.3 mil. (reduced from INR88.27 mil.) Long-term loan
     (long-term) due on March 2024 affirmed with IND D rating.

KEY RATING DRIVERS

Liquidity Indicator – Poor: The affirmation reflects SFMP's
continued delays in term debt servicing during the four months
ended February 2020. Also, the company witnessed instances of
over-utilization of the working capital facility over the same
period. In FY20 (provisional financials), the company's cash flow
from operations turned positive at INR7.6 million (FY19: negative
INR11.1 million) on account of an increase in absolute EBITDA and
favorable changes in the working capital. This coupled with low
capex caused free cash flow to turn positive at INR5.6 million in
FY20 (FY19: negative INR27.0 million). SFMP's net cash cycle
remained comfortable but stretched slightly to 25 days in FY20
(FY19: 21 days) on account of an increase in  debtor days (FY20:14
days; FY19: nine days). The cash and cash equivalents stood at
INR3.3 million at FYE20 (FYE19: INR1.5 million). SFMP had availed
the Reserve Bank of India-prescribed debt moratorium for its term
loan facilities over March-August 2020.

The ratings are also constrained by the modest EBITDA margins due
to the nature of the business. The margin rose to 5.7% in FY20
(FY19: 5%), with the absolute EBIDTA rising to INR72.6 million
(INR56.4 million), backed by revenue growth. The return on capital
employed was 11% in FY20 (FY19: 8%). Ind-Ra expects SFMP's margins
to decline in FY21, as revenues are likely to fall because of
COVID-19-related disruptions.

The ratings also reflect the company's weak credit metrics because
of high debt levels (FY20: INR352.6 million; FY19: INR352.2
million).  The metrics improved in FY20 due to the increase in the
absolute EBITDA. The interest coverage (operating EBITDAR/gross
interest expense) was 2.1x in FY20 (FY19: 1.8x) and the net
leverage (adjusted net debt/operating EBITDAR) was 4.8x (6.2x).
Ind-Ra expects the company's credit metrics to weaken in FY21
because of the likely decline in margins and increased utilization
of the working capital limits, resulting from the aforementioned
factors.

The ratings factor in SFMP's medium scale of operations, as
indicated by revenue of INR1,274.7 million in FY20 (FY19:
INR1,124.6 million). The revenue grew due to a rise in the number
of orders from clients such as Patanjali Agro India Private Limited
and Mother Dairy Fruit & Vegetable Pvt Ltd.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Established in 2009, SFMP is based in the Malshiras taluka of the
Solapur district, Maharashtra. It is engaged in the processing of
milk and the manufacturing of milk products.


SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeji
Construction Company Vadodara (SCC) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.50      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 3, 2019 placed the
rating of SCC under the 'issuer non-cooperating' category as SSC
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SSC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 17, 2020,
June 25, 2020 and August 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 done on September 3, 2019, the following
were the rating weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: SSC is irregular in servicing
its debt obligation and there are ongoing delays in servicing debt
obligation due to weak liquidity position of SSC.

Halol (Gujarat) based Shreeji Construction Co. (SCC) was
established as a Partnership firm in 2014 by three partners i.e. Mr
Gopal Patel, Mr Shreeji Patel and Mr Chirag Patel. The firm is
engaged into real estate activities. Currently, the firm is
executing a commercial real estate project 'SHREEJI ARCADE'
consisting of 270 shops at Halol, Panchmahal. The construction of
said project was started in October, 2014 with the total estimated
cost of INR18.35 crore and the firm has incurred 83% of total
estimated cost till May 31, 2018 and the rest will be incurred and
project will be completed by March, 2019. The firm has been granted
RERA registration under project registration no.
PR/GJ/PANCHMAHAL/HALOL/Others/CAA02682/160518.


SOLAPUR BIO-ENERGY: ICRA Withdraws D Rating on INR7.10cr Loan
-------------------------------------------------------------
ICRA said the long-term and short-term ratings assigned to Solapur
Bio-Energy Systems Private Limited have been withdrawn at the
request of the company and based on the no objection certificate
provided by its banker, and in accordance with ICRA's Policy on
Withdrawal and Suspension of Credit Rating. ICRA is withdrawing the
rating and that it does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–
   Term Loans        7.10       [ICRA]D; Reaffirmed and withdrawn

   Long Term–
   Fund-based
   Limits            2.00       [ICRA]D; Reaffirmed and withdrawn

   Short Term-
   Non-fund
   Based Limits      1.20       [ICRA]D; Reaffirmed and withdrawn

Key rating drivers.  The key rating drivers have not been captured
as the rated instrument(s) are being withdrawn.

Liquidity position.  Liquidity position has not been captured as
the rated instruments are being withdrawn.

Rating sensitivities.  Rating sensitivities have not been captured
as the rated instruments are being withdrawn.

Solapur Bio-Energy System Private Limited (SBES), promoted by
Organic Recycling Systems Private Limited (ORS), is a special
purpose vehicle set up to convert municipal solid waste (MSW) into
energy and compost. The company set up a plant in Solapur
(Maharashtra) and had commissioned 3-MW capacity by January 2013.
The remaining 1-MW capacity was expected to be commissioned by Q2
FY2017. However, because of significant deviations in the design
parameters and the quality of waste supplied by the Solapur
Municipal Corporation (SMC), SBES had to carry out design changes
in the equipment. As a result, the entire capacity of 4 MW became
operational in January 2018. The company has a longterm PPA with
MSEDCL for the sale of power at a tariff of INR4.88/unit for the
2.83-MW capacity and has also signed an in-principle PPA with
MSEDCL for the remaining 1-MW capacity. The operations of the plant
are based on the biomethanation process, based on anaerobic
digestion, designed by the company in collaboration with Waste
Works (Ireland).

In FY2019, the company reported a net profit of (-) INR13.6 crore
on an operating income (OI) of INR2.6 crore compared to a net
profit of (-) INR12.5 crore on an OI of INR1.3 crore in the
previous year.


SREEVEN CONSTRUCTIONS: CARE Lowers Rating on INR4.40cr Loan to C
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sreeven Constructions (SC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       4.40       CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

   Short Term Bank      3.60       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 4, 2019, placed the
ratings of SC under the 'issuer noncooperating' category as company
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 August 11, 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 rating takes into account the non-availability
of requisite information due to non-cooperation by Sreeven
Constructions with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of last rating on June 4, 2019, the following were the
rating strengths and weakness

Key Rating Weakness

* Limited track record and small scale of operations: SC has
limited track record of less than 5 years in the industry. Further,
the operations of the firm remained small with the total operating
income of INR26.57 crore in FY17 and with low net worth base of
INR2.78 crore as on March 31, 2017. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits.

* Leveraged capital structure: The capital structure of the firm
has improved but remained leveraged with overall gearing ratio of
2.31x as on March 31, 2017 as compared to 4.09x as on March 31,
2016, due to increase in the tangible net worth on the account of
plough back of profits along with decline in total debt levels. SC
has unsecured loans from related parties for working capital
requirements and long term borrowings from banks to purchase plant
and machinery.

* Profit margins are subject to fluctuation with no price
escalation clause: The firm does not have any price escalation
clause for the projects under taken. The major inputs for the firm
are cement, bricks, sand, bitumen, etc. An erratic trend in the
input prices can adversely impact the profitability of the firm.
Further, majority of the contracts executed by the firm do not
contain price escalation clause thus exposing it to the risk of
volatile raw material prices.

* Partnership nature as constitution with inherent risk of
withdrawal of capital: SC, being partnership firm, is exposed to
inherent risk of the partner's capital being withdrawn at time of
personal contingency and firm being dissolved upon death. Moreover,
partner firm business has restricted avenues to raise capital which
could prove a hindrance to its growth. However, there has been no
withdrawal of capital during the review period.

* Presence in a highly fragmented and competitive construction
industry: The Company, belongs to intensely competitive
construction industry wherein the allotment of works is the direct
function of project execution capability in terms of bidder's
experience along with their financial capability and quoted bid
price. The high competitive intensity on account of the presence of
large number of contractors results into aggressive bidding which
exerts pressure on the margins. Furthermore, aggressive bidding,
interest rate risk and delays in project due to environmental
clearance are other external factors that affect the credit profile
of industry players.

* Working capital intensive operations: The construction segment
has high working capital intensity primarily due to funding
requirement towards the security deposits, retention amount and
margin money for the non-fund based facilities. However, SC has
comfortable operating cycle days stood at -48 days on the account
of zero inventory days and collection period of 8 days as on
March 31, 2017. The firm has established relationship with
suppliers for which they avail credit period of 30-60 days.
Further, the firm has proposed cash credit facility of INR4.40
crore to manage its day-to-day operations.

Key Rating Strengths

* Experienced partners with industry experience of more than a
decade in construction industry: Mr. J Venkat Reddy and Mr B
Subramanya Reddy are the Managing Partners who have experience of
more than a decade in construction industry. Due to considerable
experience in the industry, it helps the partners to bag new
projects.

* Increasing trend in the total operating income for the period
under review: The total operating income of SC has been increasing
y-o-y with CAGR of 60.31% during FY15-FY17 due to increase in
execution of work orders received. The firm has registered total
operating income of INR35.00 crore in FY18 (Prov.). Satisfactory
current order book position, however, with high client, sectoral
and geographic concentration risk SC has total outstanding order
book INR45.07 crores which will be executed in next one year. The
outstanding order pertains to construction of bridges, pound bunds
and culverts for South Central Railway and GVV Constructions (P)
Limited, resulting in high client, sectoral and geographical
concentration risk.

* Satisfactory debt coverage indicators: The debt coverage
indicators of the firm marked by interest coverage and TD/GCA have
remained satisfactory albeit volatile due to fluctuation in debt
levels and resultant financial expenses. The total debt to GCA
improved and stood at2.86x in FY17 as compared to 5.81x in FY16 on
the account of increase in GCA with increase in operating income
and decline in the total debt of SC. Further, interest coverage
stood moderate and declined from 20.52x in FY16 to 6.29x in FY17
due to increase in finance and bank charges in absolute amount.

* Satisfactory profitability margins albeit declining PAT margins:
The PBILDT margin of SC has been satisfactory and increasing
year-on-year from 8.96% in FY15 to 12.47% in FY17 due to better
margin associated with project execution. However, the PAT margin
of the firm has been declining y-o-y during the review period from
6.13% in FY15 to 3.68% in FY17 due to increase in financial
expenses and depreciation provisions.

Hyderabad (Telangana) based, Sreveen Constructions (SC) was
established in 2013 as Partnership Firm by Mr J Venkat Reddy, Mr B
Subramanya Reddy and Mr S Krishna Reddy. The firm is engaged in
civil engineering of roads, bridges and buildings for South Central
Railways and GVV Constructions (P) Limited. The day-to-day
operations of the firm are managed by Mr. J Venkat Reddy who has
experience of around 30 years in construction industry and Mr B
Subramanya Reddy.


SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR5.59 crore bank facilities of
Suyash Polymer continue to remain under Issuer Not Cooperating
category. The rating is denoted as '[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term,         0.86       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Term Loan                     the 'Issuer Not Cooperating'
                                 category

   Long-Term,         4.60       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Short-Term,        0.13       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based–               Rating Continues to remain
under
   Bank Guarantee                the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in 1978, Suyash Polymer (SP) is the flagship company
of the Damani Group, which manufactures polypropylene disposable
cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm,
while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage
the affairs of the group.


TRAVANCORE COFFEE: CARE Keeps D on INR4.7cr Loans in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Travancore
Coffee Company Private Limited (TCCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.70      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 12, 2019, placed the
rating(s) of TCCPL under the 'issuer not cooperating' category as
TCCPL had failed to provide no default statement for monitoring the
ratings. TCCPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated June 16, 2020 to July 1, 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 assigned to the bank facilities of Travancore Coffee
Company Private Limited, takes into account the delays in meeting
the debt obligations

Detailed description of the key rating drivers

Updated for information available from Registrar of Company
Affairs

Key Rating Weakness

* Delays in debt servicing: As per the banker interaction, the
facilities of the company is classified as No Performing Asset
(NPA) as on June 30, 2019.

* Small scale of operations: The scale of operation marked by the
total operating income stood small and declined from INR16.54 crore
in FY18 to INR5.90 crore in FY19.

* Deteriorated financial risk profile: The company continues to
register net losses in FY19 despite of operating profit, which
resulted in erosion of net worth base due to unabsorbed carried
forwarded losses.

* Monsoon dependent and working capital intensive nature of
operations: TCCPL is operating in the working capital intensive
nature of industry. Indian coffee is grown mostly in southern
states under monsoon rainfall conditions. The delay in the blossom
will impact the yield of the coffee. The coffee harvest for
Arabica variety from November to January and Robusta is harvested
from December to April. The players need to stock enough coffee
beans by the end of each season during harvesting time resulting in
high working capital requirements.

Key Rating Strengths

* Long track record of the company and experience promoters: The
company has long operational track record of more than two decades
in the industry. Mr Faiz Moosakutty, the Managing Director, along
with the other directors has an experience of more than two decades
in the coffee industry.

Kodagu (Karnataka) based Travancore Coffee Company Private Limited
(TCCPL) was incorporated in the year 1993 as Private Limited
Company by Mr. P K Shameem and Mr. Faiz Moosakutty (Managing
Director). In the year 1998, Mr. P P Pervez was appointed as one of
the Board of Directors of the company. TCCPL is engaged in
processing of coffee beans with the installed capacity of 6,000
metric ton per annum.


VATIKA LIMITED: CARE Keeps C on INR197.3cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatika
Limited (Vatika) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      197.37      CARE C; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Vatika to monitor the rating
vide e-mail communications dated August 17, 2020, August 14, 2020,
August 13, 2020 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. 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 Limited
bank facilities 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 ratings to Vatika Limited continue to remain constrained on
account of Delays in servicing of debt obligations, Project
execution and salability risk, risks emanating from exposure to
group and related entities, moderation in financial risk profile
marked by continued elevation in gearing levels and Subdued
industry scenario and Liquidity Stretch. The ratings, however,
continues to derive strength from experienced promoters and
established track record of group.

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in servicing of debt obligations: Auditor in its report
for FY19 has reported the instances of delays in debt servicing by
the company. The delays have been on few facilities (not rated by
CARE) ranging from 0-90 days.

* Project execution and salability risk: The company is developing
10 projects (4 commercial and 6 residential) on which it has
incurred 47% of the projected cost as on July 30, 2019 (P.Y. 42%).
While the company has incurred 35.83% of projected construction
cost as on July 31, 2019 (P.Y. 30.16%). All the approvals necessary
for completion of project are in place as on July 31, 2019. As on
July 31, 2019, the company has sold 49% of 603.43 lsf area at a
sales consideration of INR8990.74 crore and received INR7469.71
crore of customer advances translating into 83% of sales
consideration.

* Subdued industry scenario: With the on-going economic conditions,
the real estate industry is facing issues on many fronts. These
include subdued demand, curtailed funding options, rising costs,
restricted supply due to delays in approvals, etc. thereby
resulting in stress on cash flows. The industry has seen low demand
for quite some time now primarily due to factors like sustained
high level of inflation, which apart from keeping interest rates
high, has adversely impacted the buying power and affordability for
the consumers.

* Risks emanating from exposure to group and related entities:
Vatika has invested in various subsidiaries and group companies
that are primarily land-holding companies. Apart from investments
in subsidiaries of about INR926.58 crore as on March 31, 2019 (PY:
INR899.34 crore), Vatika has provided loans and advances to these
companies aggregating more than INR3500 crore.

* Moderation in financial risk profile marked by continued
elevation in gearing levels: The financial risk profile is
characterized by the presence of high debt with overall gearing
stood at 4.15x (P.Y. 6.06x) as on March 31, 2019 as per audited
results. The company has debt repayment of INR1008.49 crore
scheduled to be repaid in FY20 at group level inclusive of
standalone debt of repayment of INR948.90 crore.

Liquidity: Stretched

The liquidity of the company is stretched on account of low
collections of ~Rs. 167 cr in 4MFY20 as against principal repayment
obligation of INR948.49 cr in FY20. The company has lumpy repayment
obligations in the near term as well as pending expenditure on
construction which makes the current liquidity profile stretched.
As per the banker, company has availed moratorium as provided by
bank in lines with RBI guidelines in wake of COVID-19 pandemic.

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. The company had
received PE-funding from global funds like Baer Capital, Goldman
Sachs in 2008 and has tied-up with Government of Singapore's
sovereign wealth fund 'GIC' in 2015 for development of group
housing projects 'Sovereign Park', 'Seven Elements' and 'Urban
Expression' in 'Vatika Express City' township project in Harsaru,
Gurgaon. The group has land bank of about 103.14 acres having
market value of INR2,211 crore as on March 31, 2019.

* Project updates: Vatika is currently executing ten projects
including six residential projects (saleable area of 545.49 lsf)
and four commercial projects (saleable area of 57.94 lsf). The
residential projects are located in Gurgaon, Ambala and Jaipur,
while the commercial projects are located in NCR primarily in
Gurgaon and Faridabad. The company had incurred approximately 47%
of the aggregate project cost till July 31, 2019. On the sales
front, Vatika has sold about 49% of the total saleable area till
July 31, 2019. The stagnancy in sales is in-line with overall
subdued demand scenario in the industry.

Analytical approach: Combined, CARE while arriving at the rating of
Vatika Limited, has considered combined financials which includes
its subsidiaries and associate companies (Vatika Seven Elements
Private Limited and Vatika Sovereign Park Pvt Ltd) which are under
the same management to which Vatika has also provided support in
the form of Corporate Guarantee.

Vatika Limited (Vatika) was incorporated in 1998 and is promoted by
Mr. Anil Bhalla and his family members. The company is closely-held
by the Bhalla family (as on March 31, 2019, 49.09% equity owned by
Mr. Anil Bhalla and rest 51.91% by relatives & associates). Vatika
is engaged in real estate development (residential and commercial)
in the National Capital Region (NCR), Jaipur (Rajasthan) & Ambala
(Haryana). Mr. Anil Bhalla (Chairman) has an established track
record of more than 3 decades in the real estate sector. Vatika
group is engaged in real estate development including commercial,
residential and hospitality sectors. A group company of Vatika,
Vatika Hotels Private Limited (VHPL; rated Brickworks FBBB, Stable,
reaffirmed in July-2019 for its FD programme) operates a five star
hotel (The Westin Gurgaon), Luxury Resort & Spa (The Westin Sohna
Resort and Spa), 3 specialty restaurants, 13 business centers and
provides facility management services to its group companies as
well as to external clients. In the past, Vatika group has
completed seven commercial projects and two residential project
with total saleable area of 61.18 lakh square feet in Gurgaon
(Haryana) area.


VEDAMATHA ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR12.50-crore bank facilities of
Vedamatha Enterprises Pvt Ltd continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        12.50      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                Rating continues to remain in the
                                'Issuer Not Cooperating' category


ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Vedamatha Enterprises Pvt Ltd (VPPL) was incorporated in 2002, and
is currently involved in the decorative laminations business as a
distributor of Greenlam Industries Ltd for Bangalore, under a
partnership firm named as "Vishaka Enterprises". The company also
trades in silk sarees through its retail show room 'Devanad Silks'
in Chichpet, Bangalore through a partnership firm named "Devanand
Marketing". Since inception till June 2015, the company has been a
distributor of HUL's FMCG products for the Bangalore City area.


VINAYAK LOGISTIC: CARE Lowers Rating on INR16.25cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Vinayak Logistic (SVL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      16.25       CARE B-; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B; Stable; Issuer Not
                                   Cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 4, 2019 placed the
ratings of SVL under the 'issuer non-cooperating' category as SVL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SVL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated June 18, 2020,
June 19, 2020 and June 23, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 assigned to the bank facilities of SVL have been
revised on account of non-availability of requisite information.

Detailed description of the key rating drivers

At the time of last rating done on September 4, 2019 the following
were the rating strengths and weaknesses.

Key rating weaknesses

* Project Implementation and stabilization risk associated with the
warehouse: The firm has envisaged total project cost of INR21.69
crore to be funded through term loan of INR16.25 crore and
remaining through partner's capital and unsecured loans. Till
September 12 2017, the firm has incurred INR8.15 crore towards the
project which was funded by term loan of INR2.25 crore and
remaining through unsecured loans from partner's and partners'
capital. The firm is expecting to complete its project and commence
operation from January, 2018.  Hence, post implementation project
risk pertaining to stabilization of operations is high especially
in the backdrop of a predominantly debt funded capex.

* Constitution as a proprietorship firm: SVL being a partnership
firm is exposed to inherent risk of partner's capital being
withdrawn at time of personal contingency, and firm being dissolved
upon the death/insolvency of partners. Moreover, partnership firms
have restricted access to external borrowing as credit worthiness
of partner would be key factor affecting credit decision for
lenders.

* Presence in highly fragmented as well as government regulated
industry and dependence on agriculture commodities industry: The
industry is characterized by highly fragmented and competitive in
nature as evident by the presence of numerous unorganized and few
organized players. The entry barriers in this industry are very low
on account of low capital investment and technological requirement.
Due to this, the players in the industry do not have any pricing
power. Further, the industry is characterized by high degree of
government control both in procurement and sales for
agro-commodities.

Key rating strengths

* Experienced management in the warehouse industry: Mr. Meharban
Singh, partner, has around one decade of experience in warehouse
industry and looks after overall affairs of the firm. Mr. Anil
Choudhary has five years of experience and look after warehouse
related function of the entity. Mr Vikas Choudhary, M.B.A. by
qualification, looks after finance related function of the firm. Mr
Vijay Kumar Choudhary, B.Sc. by qualification, has around 8-9 years
of experience.

* Proximity to agro producing region of Madhya Pradesh: SVL is
located at Indore in Madhya Pradesh state. Madhya Pradesh is
largest producer of soyabean, oilseeds, pulses, gram, garlic and
coriander. Madhya Pradesh has 11 different agro-climatic zones due
to its fertile agro-climatic conditions. Madhya Pradesh produces
around 25 per cent of pulses and 36 per cent of grams of total
national production. Moreover, commercially favoured varieties of
wheat and potato are grown in Madhya Pradesh.  SVL's presence in
agro producing region helps in getting good business both for its
storage and warehousing receipt funding operations as farmers from
nearby areas can easily store their produce at the warehouse
facility of SVL. Further SVL also gets locational advantage for its
trading business due to easy availability and procurement of
agro-commodites at effective prices.

Shri Vinayak Logistics (SVL) was formed in January 2015 as a
partnership concern by Mr. Meharban Singh, Mr. Anil Choudhary, Mr.
Vikas Choudhary and Mr. Vijay Kumar Choudhary with an objective to
set up a warehouse at Indore (Madhya Pradesh). The firm has
envisaged total project cost of INR21.69 crore towards the project
to be funded through term loan of INR16.25 crore and remaining
through partner's capital and unsecured loans. Till September 12
2017, the firm has incurred INR8.15 crore towards the project which
was funded by term loan of INR2.25 crore and remaining through
unsecured loans from partner' and partner's capital. The firm is
expecting to be complete its project and commence operations from
January 2018.


VIVO MOBILE: Ind-Ra Withdraws 'BB' LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vivo Mobile India
Private Limited's (Vivo) Long-Term Issuer Rating of 'IND BB'.  The
rating was on Rating Watch Negative (RWN).

The instrument-wise rating action is:

-- INR7 mil. Non-convertible debentures (NCDs) INE294W08010
     issued on December 22, 2016 3% coupon rate due on December
     23, 2019 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the NCD rating as the NCDs
have been paid in full. Consequently, the Long-Term Issuer Rating
has been withdrawn too.

COMPANY PROFILE

Incorporated in August 2014, Vivo Mobile India is engaged in
manufacturing and selling of smartphones and wholesale trading of
mobile spare parts and accessories. The company is a leading in the
smartphone segment, holding roughly 17% market share as of 2Q2020.


WHITEFIELD SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Whitefield
Spintex (India) Private Limited (WSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       26.68      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

   Short-term Bank       1.35      CARE D; Issuer not cooperating;
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 13, 2019 placed the
ratings of WSPL under the 'issuer non-cooperating' category as WSPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. WSPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated July 17, 2020,
June 25, 2020 and August 14, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 done on August 13, 2019, the following
were the rating weaknesses

Detailed description of key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: WSPL is irregular in servicing
its debt obligation and there have been delays in servicing debt
obligation due to weak liquidity position of WSPL. The account is
classified as NPA.

Rajkot-based (Gujarat), WSPL was incorporated in September 2013 as
a private limited company primarily by Mr. Minesh Jagani, Mr.
Alvish Jagani, Mr. Deep Kalaria.. WSPL is engaged in the
manufacturing of cotton yarn (having 20 to 30 counts) from cotton
bales. The cotton bales and single cotton yarn will be purchased
locally, while the cotton yarn manufactured by WSPL will be sold in
various states of India as well as exported primarily to China,
Vietnam and Bangladesh. The associate concerns of WSPL; i.e. ORB
Ceramic Private Limited is engaged in ceramic industry, while SRV
Global Freight Private Limited is engaged in logistic industry.




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

LIPPO MALLS: Moody's Places B1 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B1
corporate family rating (CFR) of Lippo Malls Indonesia Retail Trust
(LMIRT).

In addition, Moody's has placed on review for downgrade the B1
rating on the backed senior unsecured bond issued by LMIRT Capital
Pte. Ltd., a wholly-owned subsidiary of LMIRT. The bond is
guaranteed by the trustee of LMIRT.

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

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

The review for downgrade follows LMIRT's announcement on August 31,
2020, in which the trust provided an update on its plan to acquire
Lippo Mall Puri from PT Mandiri Cipta Gemilang -- a wholly-owned
subsidiary of Lippo Karawaci Tbk (P.T.) (Lippo Karawaci, B3
stable). Lippo Karawaci is also a sponsor of LMIRT.

The total consideration for the proposed acquisition is around
SGD400 million, of which SGD280 million will be paid via rights
issuance fully underwritten by Lippo Karawaci and SGD120 million
will be funded via new bank loans. Lippo Karawaci will potentially
provide a loan of up to SGD40 million if the final bank loan is
less than the proposed amount.

"The review for downgrade reflects LMIRT's increasing linkages with
Lippo Karawaci, which has a weaker credit profile, in light of the
planned acquisition -- whereby Lippo Karawaci's shareholding in
LMIRT could increase significantly," says Junling Tan, a Moody's
Analyst.

"In addition, the acquisition comes at a time when LMIRT is already
facing heightened liquidity risk and a weak operating environment
given coronavirus disruptions, signaling management's growing
appetite for risk," adds Tan, who is also Moody's Lead Analyst for
LMIRT. "There is also the risk that the trust's weakening earnings
could lead to a breach of financial covenants in its bank loans in
2020, for which we expect it to obtain waivers from lenders."

Moody's review will focus on (1) the acquisition's funding
structure; (2) the extent and impact of linkages between LMIRT and
Lippo Karawaci post-acquisition; and (3) the progress on LMIRT's
ability to refinance its debt due in 2021 and obtain covenant
waivers. Moody's expects to conclude the review within 60-90 days.

Moody's expects a 46% decline in LMIRT's 2020 revenue caused by
temporary mall closures and weaker demand for retail space. LMIRT's
adjusted net debt/EBITDA will weaken to around 12.4x in 2020 from
5.2x in 2019, and adjusted EBITDA/interest expense will weaken to
around 1.2x from 3.0x over the same period.

At the same time, the trust's short-term debt is expected to
increase to around 19% of its total debt from 8% in 2019, as a
result of the drawdown in its revolving credit facilities. But
Moody's expects a gradual recovery in operating conditions and an
improvement in occupancy rates in 2021, resulting in LMIRT's
adjusted net debt/EBITDA and EBITDA/interest expense to improve to
6.9x and 2.0x respectively in 2021.

LMIRT's liquidity is weak. The trust held cash and cash equivalents
of SGD47 million at June 30, 2020 and received divestment proceeds
of around SGD97 million in August 2020. This is against its SGD175
million syndicated term loan maturing in August 2021 and its SGD140
million of perpetual securities callable in September 2021. As
such, LMIRT will likely rely on external funding to address it
upcoming maturities.

Moody's has also taken into consideration the governance risk
stemming from related-party transactions between LMIRT and the
Lippo group of companies. This risk is partially mitigated by the
regulatory oversight provided by the Monetary Authority of
Singapore and exercised through the board, which mostly consists of
independent directors. Furthermore, there is an alignment of
interest between LMIRT and its sponsor, Lippo Karawaci, because the
latter has a 32% stake in the trust.

Moody's could downgrade LMIRT's rating by at least one notch if:
(1) the acquisition goes ahead with its planned funding structure,
leading to increased linkage between LMIRT and Lippo Karawaci; (2)
the trust fails to arrange refinancing for its 2021 debt maturities
over the next 60 to 90 days; (3) there is a breach in financial
covenants under the trust's bank loans without corresponding
waivers from lenders, resulting in a further weakening in its
liquidity profile and ability to access capital; (4) the operating
environment deteriorates, leading to higher vacancy levels and
declining operating cash flow or falling asset valuations; or (5)
the trust's credit metrics weaken, with adjusted net debt/EBITDA
exceeding 7.0x-7.5x or adjusted EBITDA/interest expense falling
below 2.0x, beyond 2020.

On the other hand, the rating could be confirmed at the current
level if (1) the proposed acquisition does not go ahead; (2) LMIRT
improves its liquidity, such that its cash balances and committed
facilities are sufficient to cover operating cash needs and debt
repayments over the next 12-18 month; (3) it obtains corresponding
financial covenant waivers from its lenders; and (4) its adjusted
net debt/EBITDA remains below 7.0x-7.5x or adjusted EBITDA/interest
expense remains above 2.0x, both on a sustained basis.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust and has been listed on the Singapore Stock
Exchange since November 2007. At July 31, 2020, it had a portfolio
of 21 retail malls and seven retail spaces across major cities in
Indonesia, with a total appraised value of around SGD1.5 billion.


MODERNLAND REALTY: Fitch Cuts IDR to C on Missing Coupon Payment
----------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT
Modernland Realty Tbk's (MDLN) Long-Term Issuer Default Rating
(IDR) to 'C' from 'CC'. Fitch has also downgraded the rating on the
USD150 million notes due 2021 and USD240 million notes due 2024
issued by its wholly owned subsidiaries, JGC Ventures Pte. Ltd. and
Modernland Overseas Pte Ltd, respectively, and guaranteed by MDLN,
to 'C' from 'CC'. The Recovery Rating on the notes remains at
'RR4'.

The downgrade follows confirmation that the company did not pay a
coupon due August 31, 2020 on the 2021 notes and has entered into a
30-day grace period.

KEY RATING DRIVERS

Missed Coupon; Grace Period: The company's 30-day grace period
after missing the August coupon on the 2021 bond will allow it to
satisfy the payment obligation before non-payment constitutes an
event of default. Fitch estimates the company does not have
sufficient cash to service its debt and would be reliant on
external funding to meet the coupon payment. Non-payment after the
grace period will constitute an event of default and Fitch may
downgrade MDLN's IDR and the rating on the bonds to 'Restricted
Default' (RD).

Severe Liquidity Crunch: MDLN's liquidity position remains under
severe pressure, which led to the restructuring of a IDR150 billion
bond in July 2020. The company said the coronavirus pandemic has
caused difficulty in collecting payments from existing buyers of
its properties, and payment deferrals or cancellations from
pre-sales. The company's efforts to revive sales may also face
challenges due to weak buyer sentiment amid the pandemic. The
publicly announced debt restructuring may also have impaired buyer
confidence over the company's projects.

ESG - Governance: MDLN has ESG Relevance Scores of 5 for Management
Strategy and Financial Transparency. This follows its assessment
that financial management with respect to refinancing and
disclosure of pertinent information has deteriorated. This is
evident from the challenges the company is facing in meeting its
debt obligations, and the company is unable to provide timely
information on its liquidity position, cash balance and concrete
refinancing plan. In addition, management has not been able to
implement a strategy to secure funding or improve cashflows and
therefore pay the USD dollar bond coupon.

DERIVATION SUMMARY

MDLN's downgrade to 'C' reflects the non-payment of the US dollar
2021 note coupon due August 31, 2020 and its 30-day cure period.

KEY ASSUMPTIONS

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

  - Limited access to new funding

  - No pre-sales in both industrial and residential segments in
2Q20, with pre-sales to gradually resume in 3Q20 and 4Q20

  - Zero collections in 2Q20 and 3Q20 from industrial properties
sold in the past

  - Around 25% of MDLN's residential pre-sales are paid in cash or
instalments to the developer. Fitch has assumed zero collections on
these in 2Q20 and 3Q20

  - Collections from new residential pre-sales to resume in 3Q20

  - No significant reduction in operating expenditure except for
marketing expenses, in line with lower pre-sales

Key Recovery Rating Assumptions

The recovery analysis assumes MDLN would be liquidated in a
bankruptcy rather than be considered a going-concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.

The estimate reflects Fitch's assessment of a 50% advance rate on
the value of trade receivables under a liquidation scenario,
inventory, fixed assets, investments in associates and land bank
for long-term development. Fitch adjusted the advance rate
assumptions for trade receivables, investments in associates and
land bank for long-term developments to 50% from a previous 75%,
100% and 100%, respectively. The adjustments reflect its view that
the company's financial distress may have influenced buyers'
confidence over the company's projects, impairing the recovery
prospects of these assets.

Fitch has also deducted from trade receivables the amount due from
PT Waskita Modern Realty (Waskita) and from investments in
associates, PT Lotte Land Modern Realty and Waskita. This is
because Fitch believes the company may not be able to recover these
assets in light of the challenges it is facing in collecting the
amount due from Waskita in the past year, while the joint-venture
projects are still at an early development stage.

These estimates result in a recovery rate corresponding to an 'RR2'
Recovery Rating for MDLN's senior unsecured notes. Nevertheless,
Fitch rates the senior notes 'C' and maintained the Recovery Rating
of 'RR4' because under the agency'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 a Recovery
Rating at 'RR4'.

RATING SENSITIVITIES

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

  - If MDLN pays the missed coupon within the cure period

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

  - The IDR will be downgraded to 'RD' if the payment default is
uncured.

LIQUIDITY AND DEBT STRUCTURE

Insufficient Liquidity: MDLN missed the USD8 million coupon due
August 31, 2020 on its 2021 bond and Fitch believes the company
will not have sufficient cash to meet its interest payments in the
next few months, including another USD8 million due October 13,
2020 on the 2024 bond.

ESG CONSIDERATIONS

MDLN has ESG Relevance Scores of 5 for Management Strategy and
Financial Transparency based on its assessment that the management
of refinancing risks and the disclosure of pertinent information
has deteriorated.

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


PT LIPPO KARAWACI: S&P Affirms 'B-' LongTerm ICR, Outlook Negative
------------------------------------------------------------------
S&P Global Ratings, on Sept. 2, 2020, affirmed its 'B-' long-term
issuer credit rating on Lippo and the 'B-' long-term issue rating
on the company's guaranteed senior unsecured notes.

The completion of the Puri Mall sale will only provide temporary
relief for Lippo's liquidity.

S&P estimates net cash inflow from the sale (after vendor
financing) will be Indonesian rupiah (IDR) 1.0 trillion–IDR2.0
trillion, lower than our previous expectation of IDR2.0
trillion–IDR2.5 trillion. The reduction is attributable to the
revision in valuation by IDR200 billion, and potential vendor
financing by Lippo which will result in deferred cash collection
for a portion of the proceeds by 12-18 months.

Lippo will continue to underwrite the rights issuance for Lippo
Mall Indonesia Retail Trust (LMIRT), the mall's prospective buyer,
funded by cash and a short-term bridging loan. The variability of
the subscription proportion further increases the uncertainty of
net cash inflow from the sale.

The transaction's long stop date has also been extended to March
31, 2021. S&P expects Lippo to have sufficient liquidity until
then. Lippo has been providing liquidity support at the holding
company level with various one-off cash inflows. These include
IDR350 billion from the sale of units in First REIT and IDR860
billion from unwinding hedging benefits during the first half of
the year.

In addition, the two-month rental relief provided by First REIT
will reduce Lippo's cash outflow by about IDR200 billion in the
second half. Lippo also drew down a short-term bank loan of IDR400
billion that is repayable in the first half of 2021. We understand
that the company has a track record of rolling over short-term bank
facilities.

The sustainability of Lippo's cash flow and capital structure after
the disposal of Puri Mall remains uncertain.

S&P said, "In our view, Lippo is likely to continue to rely on
chunky asset monetization in 2021 to support cash flow at the
holding company level. The sustainability of Lippo's capital
structure also remains contingent on successful asset monetization
in the next 12-18 months, which is subject to execution risk amid
the COVID-19 pandemic. If net proceeds from the Puri Mall
transaction is closer to the lower end of our expectation, Lippo
will face further pressure to monetize assets.

"We understand that Lippo has a sizable high-quality land bank in
Lippo Village and South Jakarta, which it is willing to monetize to
shore up liquidity if needed." However, the timing of such
disposals is still unclear, while the COVID-19 outbreak,
deteriorating economic conditions, and tightened domestic funding
conditions have added to the uncertainty.

Lippo also has the flexibility to sell the company's shares in its
listed subsidiaries or associates. Nevertheless, S&P believes Lippo
will balance the need for immediate cash with maintaining control
of the subsidiaries and obtaining dividends through these
investments.

S&P said, "In our view, Lippo is unlikely to generate meaningful
net positive cash flow from property sales over the next six to 12
months. This is despite the improvement in marketing sales at the
holding company level in the first half of 2020. According to our
estimates, Lippo needs to achieve at least IDR3.0 trillion–IDR4.0
trillion in marketing sales annually at the holding company level
to cover its cash burn of IDR2.1 trillion–IDR2.3 trillion (IDR1.3
trillion of interest servicing and hedging costs, and IDR800
billion–IDR1.0 trillion of rental expense). We believe this is
very challenging given weak market demand.

"We expect Lippo to continue to launch new projects in 2021,
focusing on demand from end users who favor smaller and affordable
landed housing. Lippo achieved IDR329 billion in marketing sales at
the holding company level in the first half of 2020, driven largely
by inventory sales. We forecast Lippo will achieve marketing sales
of IDR900 billion–IDR1.0 trillion in 2020, and IDR1.5
trillion–IDR1.8 trillion in 2021 at the holding company level,
with balanced contributions from inventories and new launches.

"The negative outlook reflects the limited visibility we have on
Lippo's cash flow sustainability beyond the potential Puri Mall
sale, given large and recurring interest and rental charges. It
also reflects cash flow uncertainty as net cash proceeds from the
revised mall transaction are subject to the public subscription
rate for LMIRT's rights issue and the subsequent collection of
vendor financing receivable from LMIRT.

"We could lower the ratings if Lippo cannot maintain an ongoing
liquidity cushion that allows it to service interest and rental
charges for more than a year. Evidence of rating pressure includes
the sum of the holding company's cash balance and ongoing cash
flows falling below IDR2 trillion, or a rapid depletion in the
company's asset base that could indicate an unsustainable capital
structure. This could happen if the Puri Mall transaction is not
completed by the first quarter of 2021, and no other assets are
monetized to compensate for the shortfall.

"We could also lower the ratings if we believe the improvement in
property sales at the holding company level is unsustainable, such
that Lippo has to continue to heavily rely on uncertain asset
monetization to sustain its cash balance.

"We could revise the outlook to stable if Lippo bolsters its
liquidity through positive discretionary cash flows, driven by a
sustainable improvement in marketing sales at the holding company
level. A cash balance exceeding IDR3 trillion over an 18-month
period and positive discretionary cash flows could indicate a
stabilized liquidity position."




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

KOBE STEEL: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 28, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kobe Steel Limited to B from B+. EJR also downgraded
the rating on commercial paper issued by the Company to C from B.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.


MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to CC
------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2020, downgraded the
local currency senior unsecured ratings on debt issued by Mitsui
E&S Holdings Co Ltd to CC from CCC.

Headquartered in Japan, Mitsui E&S Holdings Co., Ltd. offers
shipbuilding services.


SUMITOMO CHEMICAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sumitomo Chemical Co, Ltd. to BB- from BB. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Headquartered in Chuo City, Tokyo, Japan, Sumitomo Chemical Co,
Ltd. manufactures chemical products.




=======
L A O S
=======

LAOS: Faces Sovereign Default as Forex Reserves Dip Below US$1BB
----------------------------------------------------------------
John Reed at The Financial Times reports that Laos faces a growing
risk of debt distress and sovereign default, according to credit
rating agencies and economic advisers, as coronavirus and a
debt-laden power sector take their toll on one of Asia's poorest
countries.

The country's foreign exchange reserves have fallen below US$1
billion, less than Laos' annual debt payments, and ministry of
finance officials have asked China, the country's biggest creditor,
for advice on a possible restructuring, the Financial Times has
learnt.

The FT, citing data from Refinitiv, says the last Asian country to
default on its sovereign debt was Myanmar in 2002.

According to the FT, Moody's Investors Service last month
downgraded Laos' issuer rating a notch to Caa2 from B3, deep in
"junk" territory, and changed its outlook to negative. It said that
the country faced "severe liquidity stress, given the sizeable debt
payments coming due this year and persisting until 2025".

Analysts are particularly concerned about commercial financing
raised by Laos in the bond market in neighbouring Thailand, which
it has tapped regularly in recent years but has not returned to in
2020, the FT relates.

"It will be difficult for Laos to access international bond markets
in this environment, and prospects for rolling over its existing
obligations in the Thai bond market appear increasingly
challenging," the FT quotes Jeremy Zook, director of Asia sovereign
ratings with Fitch Ratings, as saying. "The government has sought
commercial bank and bilateral financing to fill the gaps."

Fitch gave Laos' debt a B- rating and downgraded its outlook to
negative in May, the FT recalls.

A risk of sovereign default is a potential threat to the fiscal
operations for Laos, with a resulting hardship to ordinary people
in Laos

The country faces annual debt payments of more than $1 billion
until the end of 2024 but its reserves stood at $864 million as of
June, the latest month for which data are available, the FT
discloses.

The FT says Toshiro Nishizawa, a professor at the University of
Tokyo's Graduate School of Public Policy and a member of a fiscal
policy team advising Laos, warned of the risk of a "national
economic emergency" in the wake of Covid-19.

"A risk of sovereign default is a potential threat to the fiscal
operations for Laos, with a resulting hardship to ordinary people
in Laos," the FT quotes Prof Nishizawa as saying.  "External debt
services are large enough to add pressure on scarce foreign
exchange reserves in the wake of the Covid-19 pandemic."

Before Covid-19, rating agencies and western diplomats were already
raising the alarm over Laos' debt levels, inflated by big,
environmentally controversial hydropower projects on the Mekong
river and a Chinese-backed high-speed rail project, the FT states.

Two people, who asked not to be named because of the sensitivity of
the matter, told the FT that Laotian finance officials had spoken
to their Chinese counterparts about possible debt relief.

The G20, to which China belongs, has a Debt Service Suspension
Initiative for poor countries backed by the IMF and World Bank, but
Laos has not applied to join it, the FT notes.

Separately from the government's own sovereign debt, which Fitch
estimates at $12.6 billion, or 65 per cent of gross domestic
product, Ėlectricité du Laos (EDL), the state power company, has
an estimated $8 billion of debt, the FT discloses.

EDL in 2018 signed an agreement with state-owned China Southern
Power Grid to develop Laos' transmission grid, which has struggled
to keep up with the supply of power generated by its Mekong dams.

The FT was unable to reach Laos' ministry of finance, and EDL
officials did not respond to a request for comment.

As in the case of other developing Asian countries with Chinese
infrastructure projects, western donors and diplomats have voiced
concern about the risk that Laos could come under greater Chinese
influence if it was unable to keep up with debt payments on joint
projects, or was asked by Beijing to convert debt to equity,
according to the FT.

Sri Lanka ceded control of an important port to a Chinese company
in 2017, which raised alarm bells in Asia about "debt traps," the
FT says.

Vietnam, Laos' close diplomatic partner and communist ally, which
has a complicated relationship with China, would probably also be
worried by any debt deal that gave Beijing greater influence over
it, adds the FT.




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

CLAYMARK GROUP: Local Consortium Buys Group Out of Receivership
---------------------------------------------------------------
Radio New Zealand reports that forestry company Claymark has been
bought out of receivership, sold as a going concern by a locally
led consortium.

The company was put in receivership last December after a previous
sale fell through.

"Securing a going concern sale in the current environment is
testament to the drive and commitment of Claymark's management team
and all its employees", RNZ quotes one of the receivers Calibre,
Brendon Gibson, as saying.

When a company is sold as a going concern it means the business is
expected to be able to operate for the next 12 months with no
threat of liquidation or closure, RNZ notes.

The business has been bought by a consortium led by Paul Pedersen,
RNZ discloses. No price has been disclosed.

No details of the new owners have been given, but Mr. Pedersen has
previously been involved in the forestry sector on both sides of
the Tasman, RNZ states.

Documents show a company, recently renamed Claymark General Partner
Ltd, was originally set up in July, with Mr. Pedersen and Peter
Bridges named as 66 percent shareholders. A US based company,
Shelter Forest International Acquisitions, is recorded as holding
24 percent, with 10 percent held by an Auckland company MNF FAmily
Office Ltd, RNZ discloses.

"We are excited that the acquisition of the Claymark business has
come to fruition.

"We acknowledge the input of the team that have worked tirelessly
under difficult circumstances to continue to maintain quality
products to markets around the globe," Mr. Pedersen said in a
statement.

According to RNZ, the receivers said the detail of the sale would
be worked through and it was hoped to have completed by the end of
the month.

Claymark had been due to be sold last August by NZ Future Forest
Products, which was directed by a New Zealand First party
associate, RNZ recalls.

Future Forest was denied government funding from the Provincial
Growth Fund and the One Billion Trees programme, and the sale was
never settled.

According to RNZ, the last report from the receivers issued last
month showed Claymark owed BNZ about NZD54 million, which had been
growing with accumulated interest.

Repayment to the bank had been delayed pending the sale, but the
receiver's report said it was likely BNZ would not get back all it
was owed.

Unsecured trade creditors, who were still owed just under NZD9
million, are not expected to get any money back, RNZ adds.

                       About Claymark Group

Claymark Group produces pine wood products. It has about 450 staff
and one manufacturing site in Thames and two in the Bay of Plenty.

On Dec. 4, 2019, Neale Jackson, Brendon James Gibson and Grant
Robert Graham of Calibre Partners (formerly KordaMentha NZ) were
appointed Joint Receivers and Managers of all of the assets and
undertaking of Claymark Group Holdings Limited pursuant to a
General Security Agreement dated March 31, 2016; Claymark Limited,
Claymark Assets Limited, Claymark International Limited, Claymark
Europe Limited, Claymark US Limited and Claymark Group Trustee
Limited pursuant to General Security Agreements dated Dec. 17,
2015; and Profiles Wood products Limited pursuant to a General
Security Agreement dated Dec. 19, 2012. The Receivers are now in
control of the assets and undertaking of the Companies.


STA TRAVEL: Liquidation an Option, Administrators Warn
------------------------------------------------------
Amanda Cropp at Stuff.co.nz reports that administrators of STA
Travel's New Zealand operations warn liquidation is an option for
the financially troubled business.

More than 1,000 creditors had registered with Deloitte
administrators by the Sept. 2 deadline, and that number was
expected to grow, Stuff says.

An online meeting of creditors on Sept. 3 outlined the process to
come, but Deloitte said a further "watershed" meeting at the end of
September would help decide the future of the STA's three New
Zealand companies (STA Travel, IEP and NNS), and formal liquidation
was an option.

According to Stuff, administrators said they believed "thousands of
parties" were affected including employees, travellers who had made
bookings and paid for visa services, airlines, other travel
providers, and insurance companies.

Immigration NZ (INZ) confirmed IEP was allotted 450 work exchange
visas, and to date it had been contacted by 39 clients, the report
relates.

However, a Facebook page for IEP work visa customers had close to
180 members by Sept. 2, many of them upset and confused by lack of
information about their options, Stuff relays.

Matters are complicated by the fact that some young travellers had
organised their visas through UK-based BUNAC, part of the
Swiss-based STA Travel Group, which worked in partnership with IEP
NZ.

BUNAC told Stuff it was negotiating with INZ to see if another New
Zealand exchange provider, International Working Holidays, could
take over from IEP to handle visa applications and support clients
in New Zealand.

"We're working to find a solution asap, however we unfortunately do
not have a timeframe for our customers at this stage.

"If anyone in New Zealand has their current visa expiring soon, we
would advise they contact Immigration New Zealand directly to
discuss their case with them and the best options for the
individual."

According to Stuff, International Working Holidays chief Vicki
Kenny said BUNAC had asked her if she could assist customers whose
passports and applications were stuck in IEP offices that were now
closed.

She said INZ had turned down her offer to help affected travellers
free of charge because her company was not an approved provider,
despite 27 years working in the industry and sending 12,000 Kiwis
on overseas placements.

Stuff relates that Ms. Kenny said she understood at least 60 of
those affected were South Africans.

"What worries me is that these kids from South Africa cannot get
home because there are no flights, and if their visa expires, and
they can't get it extended, they are in a really awkward position,"
Stuff quotes Ms. Kenny as saying.  "It's not right as New
Zealanders that we allow this to happen; why should they be caught
up in this disaster?

"I'm trying all angles to get INZ to come to the party, but they
seem to have the view that they don't want to help."

INZ said it was working with Deloitte because, as the
administrator, it was effectively IEP, Stuff ads.

Globally STA Travel was a major player in the youth market and
according to Tourism New Zealand the group last year sold 16,760
tickets for travel in New Zealand, Stuff notes.

Tourism businesses are among those chasing unpaid bills.

Stuff says THL's Kiwi Experience backpacker bus operation is
reportedly owed hundreds of thousands of dollars for services
provided last summer, and Stray Travel said it was also owed
"several hundred thousand dollars" for offshore business conducted
with STA.

STA Travel, which originally stood for Student Travel Australia,
but was later rebranded Student Travel Association, was founded in
1971, and specialised in long-haul, adventure and student travel.




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

THAILAND: Investors Shun as Growth Weakens, Protests Heat Up
------------------------------------------------------------
Tom Westbrook and Scott Murdoch at Reuters report that a selloff in
the Thai baht, underperforming stocks and pressure on the bond
market reflect growing concern from global investors over political
instability and the growth outlook in Southeast Asia's
second-biggest economy, analysts and fund managers said.

Thailand suffered its deepest economic contraction in two decades
last quarter and a long haul to recovery looms as the COVID-19
pandemic has hammered its mainstay tourism industry, according to
Reuters.

At the same time, the government is facing a student protest
movement which is gathering momentum and disruption to its policy
agenda by the surprise resignation of Finance Minister Predee
Daochai on Sept. 1, after less than a month in the job, Reuters
relates.

"I think no other country has these two or three problems going on
at the same time, as if the COVID-19 situation isn't bad enough,"
Reuters quotes OCBC Bank economist Howie Lee as saying.

Prime Minister Prayuth Chan-ocha has said Predee's exit, for health
reasons, would not affect economic plans, but he did not outline a
timetable for appointing a new minister, Reuters relays.

The baht (THB) fell and has dropped about 0.6% on the dollar since
Sept. 1 on the news, its steepest two-day slide in about two weeks,
Reuters notes. It now sits where it traded in June despite a slide
in the greenback over the past few months.

Reuters says Thailand's benchmark stock index .SETI is down 17% for
the year, having suffered foreign outflows in every month till
August - lagging a 5% gain in Asian markets .MIAPJ0000PUS.

"The only foreigners left in Thai equities really are the passive
investors, the ETFs and the funds which track the index. The active
managers are gone," Reuters quotes Jeep Chatikavanij, founder of
the Ton Poh Fund which manages $150 million, as saying.

A global selloff in longer-dated government bonds has also hit
Thailand slightly harder than elsewhere, as investors struggle to
digest the big debt sales that are paying for governments'
spending, according to Reuters.

Widening corporate credit spreads, as investors demand a greater
premium for lending to Thai firms, also shows creeping default
risk, said BNP Paribas' head of ASEAN Economics, Arup Raha, Reuters
relays.

"With headline inflation now being negative for several months,
income growth is poor. That is causing some stress in the corporate
sector."




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

AES MONG DUONG: Fitch Affirms BB Rating on USD Sec. Notes Due 2029
------------------------------------------------------------------
Fitch Ratings has affirmed the Vietnam-based AES Mong Duong Power
Company Limited's (AES Mong Duong) US dollar senior secured notes
due 2029 at 'BB'. The Outlook is Stable.

RATING RATIONALE

The debt securities are issued by Mong Duong Finance Holdings B.V.,
a Netherlands-domiciled SPV that acquires all of AES Mong Duong's
outstanding project financing loans. Principal and interest
payments for the US dollar notes rely on payments made by AES Mong
Duong to the offshore SPV under the project financing loans.

AES Mong Duong benefits from a favourable 25-year power purchase
agreement (PPA) with state-owned Vietnam Electricity (EVN,
BB/Stable) until 2040. The PPA provides for capacity and energy
payments to cover the fixed and variable costs of the company's
plant - Mong Duong 2 (MD2) - subject to a minimum performance
level. A coal-supply agreement (CSA) is signed with state-owned
Vinacomin at a price regulated by the Vietnamese government, which
covers the entire project life.

The MD2 project also benefits from a government guarantee on all
payment obligations and financial commitments of the Ministry of
Industry and Trade (MOIT) under a build-operate-transfer (BOT)
agreement for the entire project life. The government guarantee
also covers the obligations of EVN under the PPA and Vinacomin
under the CSA for 18 years from the commercial operation date.

The notes' rating is capped at 'BB/Stable' by Vietnam's sovereign
rating (BB/Stable) due to the government guarantee of Vietnamese
state counterparty obligations. The underlying credit rating is
'bbb-'.

KEY RATING DRIVERS

Strong Long-term PPA: Revenue Risk - Stronger

MD2's revenue stream under the PPA includes capacity payments that
are intended to cover debt service and fixed operating costs, and
provide a return on equity. The PPA also includes energy payments
to cover variable costs, including fuel and variable operating
costs. However, full fuel-cost pass-through is dependent on meeting
the contracted heat rate. MD2 has no exposure to merchant
power-price risk.

The PPA foresees pass-through of costs associated with changes in
environmental legislation or permits to EVN. Fitch regards the
termination provisions as mostly in line with these types of power
projects. Fixed-capacity charges are indexed to the US dollar,
providing protection against foreign-exchange fluctuation; a
portion of operating expense payments is in Vietnamese dong to
cover costs in local currency. EVN's performance and financial
obligations under the PPA are covered by the government guarantee
until 2033.

Self-Operated; Experienced Sponsors: Operation Risk - Midrange

MD2 uses conventional commercially proven technology and has an
operating history of five years. The project is self-operated and
shareholders provide technical consulting services through a
cost-plus technical services agreement.

MD2 has maintained its availability above the contracted level. The
project is liable for a capacity damages charge if outage energy is
greater than the amount allowed. The allowed outage energy is
calculated annually, which means that a forced outage in one month
can be compensated by higher availability in the next month. MD2 is
also allowed to carry up to 160GWh of allowed outage energy from
one year to another if it remains unutilised.

The plant has had heat rates higher than contracted. Management has
implemented measures to tackle the problem, and heat rates improved
to be more in line with the PPA requirement in 2018 and early 2019.
However, the heat rate missed the PPA target again in the contract
year 5 (12 months ended April 21, 2020) due to one coal pulveriser
shutting for maintenance and the plant derating to control the
impact of the discharged water on the environment. Fitch's rating
case assumes a 2% underperformance relative to the PPA.

The plant is protected against low-load dispatch, as the heat rate
is adjusted to dispatch level. Fitch's operation risk assessment is
constrained to 'Midrange' due to heat-rate underperformance, the
self-operated contractual structure and limited technical advisor
input in the rating process.

Fuel Supply Risk Passed-Through: Supply Risk - Midrange

MD2 has a coal-supply agreement with state-owned Vinacomin until
2040, in line with the PPA, at a coal price regulated by the
government but no higher than that charged to other EVN power
plants. There are several coal mines close to the power plant and
Fitch expects that the coal will be supplied by those mines during
the entire project life. Vinacomin's payment obligations and
financial commitments are covered by a government guarantee until
2033.

The BOT contract protects the project against interruption in coal
supplies, other than that caused by AES Mong Duong. The company
will still receive capacity charges from the MOIT if Vinacomin
fails to supply the coal and the plant cannot generate electricity

AES Mong Duong also has the right to buy coal from a different
supplier. Vinacomin is obligated to cover any difference if the
cost of coal between the alternative source and Vinacomin is less
than 3%. However, it is unlikely that AES Mong Duong will be able
to buy coal in the market with only a 3% increase in cost, since
Vinacomin is Vietnam's largest coal producer and the cost would be
at market prices, not the government-regulated price.

Non-Standard Structure / Security Package: Debt Structure -
Midrange

The offshore SPV issued a four-year floating-rate loan, which was
swapped into a fixed-rate loan, and 10-year senior secured
fixed-rate notes. The SPV used the proceeds to purchase the
existing BOT loan for around USD1.1 billion. The new debt, which
has the same quantum and amortisation profile as the BOT loan, will
be serviced by BOT-loan debt-service payments.

The security package of the original financing is available to the
new lenders, but indirectly through the loan provided by the
offshore SPV to AES Mong Duong. The new lenders will also benefit
from a pledge of shares in the SPV and security over the SPV's
assets. The transaction's structure is not standard due to a lack
of a direct relationship between the offshore SPV and AES Mong
Duong, either through shareholding of the offshore SPV or a
guarantee from AES Mong Duong.

The debt is fully amortising and ranks pari passu. The amortisation
will be sequential among the two tranches; the 10-year bond will
start amortising when the four-year loan is fully amortised in
2023. Covenants include limitations on indebtedness, business
activities and asset disposals. The debt also benefits from a
backward-looking distribution lockup at a 1.15x debt service
coverage ratio (DSCR). A debt service reserve letter of credit will
be maintained at the amount of debt service in the next six months.
A maintenance reserve account will prefund major overhaul capex
over the next six years.

PEER GROUP

The notes issued under Minejesa Capital BV, which are guaranteed by
PT Paiton Energy, are rated 'BBB-' with a Stable Outlook. Paiton is
the second-largest independent power producer in Indonesia's
eastern Java and the rating applies to three units of the plant,
one of which (Unit 3) is also using super-critical pulverised coal
technology. The project is fully contracted under a long-term PPA,
with fuel costs effectively passed through, and is run by a
sponsor-owned operator. Paiton's debt structure is typical of
project finance transactions, featuring a fully amortising,
six-month debt service reserve account, 12-month major maintenance
reserve account and a distribution lock-up covenant of 1.2x DSCR.
MD2 has a non-standard structure and security package, but benefits
from a six-month debt service reserve letter of credit and a 1.15x
lock-up covenant. Paiton benefits from a longer operating history.
Paiton has an average profile DSCR of 1.44x and a minimum of 1.22x
in Fitch's rating case.

The notes issued under LLPL Capital Pte. Ltd., which are guaranteed
by Indonesia-based PT Lestari Banten Energi (LBE), are rated 'BBB-'
with a Stable Outlook. LBE operates a 635MW super-critical
coal-fired power plant in west Java. Similar to MD2, the project
has a favourable long-term PPA with the state-owned electricity
supplier, which provides capacity payments and a pass-through
element to cover operating costs. Both projects have cost-plus
operation and maintenance structure. LBE benefits from input from
US-based Black & Veatch, which allows us to apply lower stress in
its rating case. LBE's debt is fully amortising with a six-month
debt service reserve account and a distribution lockup at 1.20x
DSCR, which is slightly stronger than that of MD2. LBE has an
average profile DSCR of 1.43x and a minimum of 1.28x in Fitch's
rating case.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead to
Positive Rating Action:

Upgrade of the sovereign rating of Vietnam to 'BB+' with no
deterioration in the underlying credit rating

Future Developments That May, Individually or Collectively, Lead to
Negative Rating Action:

Downgrade of the sovereign rating of Vietnam to 'BB-'

Operational difficulties or other developments that result in the
projected annual DSCR dropping below 1.20x in Fitch's rating case

CREDIT UPDATE

In the contract year 5, the 12-month period ended April 21, 2020,
MD2's actual availability was 1.3pp higher than the PPA requirement
and there was no financial penalty imposed related to plant
performance. As in previous years, management aims to keep its
outages as close to the PPA level as there is no financial benefit
to maintain availability above the PPA requirement.

MD 2 has seen elevated capacity factor above 80% on the back of
strong electricity demand in Vietnam and reduced hydropower supply.
Hydropower accounts for about 30% of Vietnam's electricity supply.
However, Northern Vietnam had low rainfall in 2019 and 2020,
leading to lower than normal hydropower generation. As a result,
more electricity is dispatched from non-hydro power plants
including MD 2. Having said that, Fitch notes that MD2 has limited
cash flow exposure to the dispatch level as most cash flow is
generated from fixed capacity charges, which EVN has to pay as long
as the plant meets the PPA availability target.

During the contract year, MD2 experienced about 2% heat rate
underperformance relative to the PPA target. The underperformance
was partly because one of the six coal pulverisers shut for
maintenance, leading to larger coal particle size and therefore, a
higher heat rate. All six pulverisers are now back to normal
operations during full load. Meanwhile, the seawater temperature in
2019 and 2020 was higher than normal. In order to control the
impact of the discharged water on the environment, the plant needs
to operate at lower than designed capacity. This also has negative
impact on the heat rate performance.

There are no major changes to the capex plan proposed by the
management last year and major maintenance for the two units is
scheduled in 2021 and 2022. However, in 2019, the plant experienced
boiler tube leakage and, as a result, the plant is undertaking
modification of the boiler tube. The leakage is caused by boiler
tubes rubbing each other and getting thinner as a result of
vibration. MD2 completed the modification work on one of the two
boilers in 2019 at a cost of USD1.7 million. Another USD0.6 million
will be spent in 2020 on the second unit.

Management confirmed that the COVID-19 outbreak has had limited
impact on plant operations. Due to the government's rapid response,
including suspending international flights, the coronavirus
pandemic in Vietnam is largely under control. Businesses in Vietnam
largely resumed normal operations in August. Management sees
limited impact on electricity demand in Vietnam and expects it to
continue growing due to structural factors. Management confirmed
that EVN continues to pay the company on schedule and there has
been no payment delay. The coal supply from Vinacomin is
uninterrupted. Meanwhile, Mong Duong 2 has a coal reserve of
190,000 tons, sufficient to support 14 days of operations. MD2's
staff at the plant also strictly follow preventive protocols,
including temperature checks and wearing masks.

FINANCIAL ANALYSIS

The key assumptions underpinning Fitch's base and rating cases
under its Thermal Power Project Rating Criteria refer to
availability, dispatch, heat rate, operating and capital costs, and
cost indexation. The rating case incorporates a combination of
operational and economic stresses that simulates a scenario of
material underperformance, with the stresses based on Fitch's
experience, peer comparison, and the opinions expressed by the
technical advisor.

The Fitch base case uses MD2 management's projections for
availability factors, dispatch factors, coal costs, routine
operating expenses and scheduled maintenance costs. Fitch assumes
the heat rate to be 0.5% above the PPA's target. The Fitch base
case also reflects its macroeconomic assumptions for US CPI,
Vietnam CPI and exchange rates.

The Fitch rating case applies further stresses to the Fitch base
case, including stresses on outage durations (1pp increase to
annual forced outage duration and 10% stress to planned outage
duration), and a heat rate of 2% above the PPA's target to reflect
historical underperformance of the plant. Fitch stresses the
operating costs and capital expenditure by 15%.

Fitch focuses on the minimum and average annual DSCR in light of
the fully amortising debt and the limited term of the PPA, which
terminates in 2040. The average profile annual DSCR under Fitch's
base case for the 10-year senior secured notes is 1.48x (vs 1.49x
in 2019 review), with a minimum of 1.41x. The average profile
annual DSCR under Fitch's rating case for the notes is 1.40x (vs
1.41x in 2019 review), with a minimum of 1.31x. For the US dollar
bond due 2029, the average annual DSCR is 1.38x between 2023 and
2029, with a minimum of 1.31x.

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).



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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
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