/raid1/www/Hosts/bankrupt/TCRAP_Public/200909.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, September 9, 2020, Vol. 23, No. 181

                           Headlines



A U S T R A L I A

BARTOLO HOSPITALITY: Second Creditors' Meeting Set for Sept. 15
BRACKSON CONSTRUCTION: Placed in Administration
CORIO BAY: Placed Into Voluntary Administration
CRAFTECH CUSTODIANS: Goes Into Voluntary Administration
HUMMEL HOMES: CJG Advisory Appointed as Administrator

METRO FINANCE 2018-2: Moody's Hikes Class F Notes to B1
UNION STANDARD: In Liquidation, BRI Ferrier Remains as Liquidators
WESTSTATE CONSORTIUM: First Creditors' Meeting Set for Sept. 15
[*] AUSTRALIA: Insolvency Protections Extended for Businesses


C H I N A

ANXIN TRUST: Faces US$219 Million Debt Claim by State Fund
CONCORD NEW ENERGY: Fitch Rates Proposed USD Notes 'BB-(EXP)'
GOLDEN EAGLE: Moody's Affirms Ba2 CFR & Ba3 Sr. Unsec. Rating
KANGMEI PHARMACEUTICAL: SPV to Take Control Business for 2 Years
YICHANG HIGH-TECH: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable

ZHENRO PROPERTIES: Fitch Affirms B+ LongTerm IDR, Outlook Stable


H O N G   K O N G

PEARL HOLDING: S&P Affirms 'CCC+' LongTerm ICR, Outlook Negative


I N D I A

A. K. PIPE: CRISIL Keeps D on INR5.25cr Loans in Not Cooperating
AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating
ALFARA'A INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
ANUPAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ARROW CONSTRUCTION: Ind-Ra Lowers LongTerm Issuer Rating to 'C'

ARUL INDUSTRIES: CRISIL Withdraws D Rating on INR2.4cr Loan
BALESHWAR KHARAGPUR: Ind-Ra Affirms 'D' Bank Loan Rating
BARWA ADDA: Ind-Ra Affirms 'D' Rating on INR14.4BB Bank Loan
BHAVANI SAW: CRISIL Withdraws D Ratings on INR15cr Loans
BRAND CONCEPTS: Ind-Ra Cuts Issuer Rating to 'BB+', Outlook Stable

CH. GOWRI SHANKAR: Ind-Ra Corrects Sept. 1 Ratings Release
CHENANI NASHRI: Ind-Ra Affirms D on INR29.7cr Loans
CICB - CHEMICON: CRISIL Withdraws D Rating on INR9.50cr Loan
DION GLOBAL: Insolvency Resolution Process Case Summary
EARTHCON UNIVERSAL: CRISIL Moves D Debt Ratings to Not Cooperating

EASTERN SILK: CRISIL Keeps D Debt Ratings in Not Cooperating
EXPOTEC INT'L: CRISIL Moves D on INR22cr Loans to Not Cooperating
GOPALA POLYPLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
GOPALAN ENTERPRISES: CRISIL Lowers Rating on INR15.21cr Loan to B
HARIHAR ALLOYS: Ind-Ra Assigns 'B' LongTerm Rating, Outlook Stable

IRIS BUSINESS: Ind-Ra Moves 'B' LT Issuer Rating to NonCooperating
JAYAMALAR SPINNING: CRISIL Raises Rating on INR8cr Loan to B-
KADAMBRI HEALTHCARE: CRISIL Moves D Rating to Not Cooperating
KARO COILS: CRISIL Keeps D on INR10.6cr Loans in Not Cooperating
KERALA STATE: Ind-Ra Affirms B+ on INR100MM Loan, Outlook Stable

MAGNUM SPINNING: Ind-Ra Cuts Issuer Rating to 'BB', Outlook Stable
MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
MERCURY INDUSTRIES: Ind-Ra Affirms BB+ LongTerm Issuer Rating
MOHAN MOTOR: CRISIL Keeps D on INR65cr Loan in Not Cooperating
MUGHAL FOUNDATION: CRISIL Keeps D on INR8cr Debt in Not Cooperating

NOVARC LABS: CRISIL Keeps D on INR8cr Loans in Not Cooperating
OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating
PANDA DAIRY: Insolvency Resolution Process Case Summary
PET METAL: Insolvency Resolution Process Case Summary
PLASTENE POLYFILMS: Ind-Ra Affirms & Withdraws 'BB+' Issuer Rating

PRAKASAM HEAVY: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
RAJDHANI EDUCATIONAL: CRISIL Moves D Debt Rating to Not Cooperating
RAJSHRI IRON: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
REWA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S A MULLA: CRISIL Migrates D on INR10cr Loans to Not Cooperating

S.A.AANANDAN SPINNING: Ind-Ra Cuts LongTerm Issuer Rating to 'BB'
SAGAR INDUSTRIES: Ind-Ra Cuts Issuer Rating to B+, Outlook Stable
SAINI ALLOYS: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
SARLA MEDICAL: CRISIL Moves D on INR12cr Loans to Not Cooperating
SHALAK EATABLE: CRISIL Moves D Debt Ratings to Not Cooperating

SHUBHI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SIKAR BIKANER: Ind-Ra Affirms 'D' Rating on INR4BB Bank Loan
SIVA ENGINEERING: Ind-Ra Moves 'D' Issuer Rating to Not Cooperating
SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
TEXON GLOBAL: Insolvency Resolution Process Case Summary

THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIJAL ENTERPRISE: Ind-Ra Hikes LongTerm Issuer Rating to 'BB'
UP KORAUN: Ind-Ra Keeps 'B-' Term Loan Rating in Non-Cooperating
UP MEHRAUNI II: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
UP SARILA: Ind-Ra Keeps B- Term Loan Rating in Non-Cooperating

VISHWANATH SPINNERZ: CRISIL Keeps D Debt Ratings in Not Cooperating
WEBTECH ENGINEERING: CRISIL Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

FORTRESS INFORMATION: Ticket Rocket Parent Goes Into Receivership
RILEAN CONSTRUCTION: Central Otago Winding Up Business


S I N G A P O R E

KRISENERGY LTD: Receives 4th Extension of Debt Moratorium
SWIBER HOLDINGS: Judicial Management Period Extended Thru Dec. 31
SWIBER HOLDINGS: Term Sheet Talks with Rawabi Extended to Oct. 6

                           - - - - -


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

BARTOLO HOSPITALITY: Second Creditors' Meeting Set for Sept. 15
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Bartolo
Hospitality Pty Ltd (trustee for Bartolo Hospitality Unit Trust)
(formerly trading as Caffe Bartolo) has been set for Sept. 15,
2020, at 11:00 a.m. via video conference or telephone.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 14, 2020, at 4:00 p.m.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of Bartolo Hospitality on Aug. 18, 2020.


BRACKSON CONSTRUCTION: Placed in Administration
-----------------------------------------------
Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Brackson Construction Pty Ltd,
trading as "Brackson Construction" and "Brackson Projects", on
Sept. 7, 2020.


CORIO BAY: Placed Into Voluntary Administration
-----------------------------------------------
Oliver Gray at The Market Herald reports that Wattle Health
Australia (WHA) has issued a default notice to its joint venture
entity, Corio Bay Dairy Group, under its secured loan agreements.

As Corio Bay Dairy's only secured creditor, Wattle Health will work
with the company's administrator, David Mutton of RSM Australia, in
an effort to salvage its AUD44 million investment in Corio Bay
Dairy, the report says.

Corio Bay Dairy is a joint venture entity between Organic Dairy
Farmers of Australia (ODFA), Niche Dairy and Wattle Health, and had
previously been working on an organic spray dryer that would
transform organic milk into a dry form to be used in a range of
products.

A number of factors have contributed to Corio Bay Dairy's struggles
this year, beginning with the uncertain business environment
brought on by COVID-19, particularly the ongoing situation in
Victoria, The Market Herald relates.

The impact of the pandemic was then compounded by ODFA being placed
into voluntary administration on June 15 this year, the report
states.

The Market Herald relates that Tony McKenna, Managing Director and
CEO of Wattle Health Australia, stressed that the company's
operations - including its Uganic and Little Innocents ranges -
would not be impacted by that Corio Bay Dairy administration.

"The outcome of a successful administration process will likely
strengthen our financial position during a time of market
uncertainty and forge new strategic partnerships that will
contribute to the growth of the company," the report quotes Mr.
McKenna as saying.

"Our current focus remains on building our sales platform and
developing our capability to provide consumers with premium organic
products from an Australian-based manufacturing supply chain," he
added.

Shares in Wattle Health Australia (WHA) are currently suspended
from trading and last traded at 48.7 cents each, The Market Herald
notes.


CRAFTECH CUSTODIANS: Goes Into Voluntary Administration
-------------------------------------------------------
Print21 reports that wide format print business Craftech Custodians
is in voluntary administration, pulling the pin on a scheduled
auction of its equipment which was to have taken place through
Liquid Asset Management.

Craftech was bought three years ago by current owner Peter
Friend-Ngui, who was former national marketing manager at paper
merchant BJ Ball, from Des Mason and operates as a one-stop wide
format shop, Print21 discloses.

According to Print21, Craftech's kit, which includes two large
format flatbed inkjet print systems and two cutting table, was
initially put up for auction with Liquid Asset Management. However,
Craftech was then put into voluntary administration with O'Brien
Palmer Insolvency and Business Advisory, and the auction
postponed.

Craftech Custodians produced point of sale, in-store marketing,
promotional material, banners, posters, outdoor signage, temporary
and semi-permanent in-store displays as well as laser engraving and
cutting. It had its own design studio.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
Craftech Custodians on Aug. 25, 2020.


HUMMEL HOMES: CJG Advisory Appointed as Administrator
-----------------------------------------------------
Mathew Gollant of CJG Advisory was appointed as administrator of
Hummel Homes Pty. Ltd. on Sept. 7, 2020.


METRO FINANCE 2018-2: Moody's Hikes Class F Notes to B1
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings for five classes
of notes issued by Metro Finance 2018-2 Trust.

The affected ratings are as follows:

Issuer: Metro Finance 2018-2 Trust

Class B Notes, Upgraded to Aaa (sf); previously on Oct 3, 2019
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Oct 3, 2019
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Oct 3, 2019
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Dec 4, 2018
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Dec 4, 2018
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by the significant increase in credit
enhancement available for the affected notes. In addition, the loan
portfolio has been performing within Moody's expectation even after
incorporating the potential impact from COVID-19 disruptions.

Following the August 2020 payment date, the credit enhancement
available for the Class B, Class C and Class D Notes increased to
22.5%, 16.2% and 12.1% respectively, from 15.6%, 11.2% and 8.4% at
the time of the previous rating action in October 2019. The credit
enhancement available for the Class E and Class F Notes also
increased to 6.5% and 4.5% respectively following the August 2020
payment date, from 3.5% and 2.4% at closing.

As of July 2020, 0.8% of the outstanding pool was 30-plus day
delinquent, and 0.4% was 90-plus day delinquent. However, these
numbers may be understated, because loans that are under
COVID-19-related hardship assistance are classified as current. As
of the end of July 2020, 9.1% of the portfolio was under such
assistance. The portfolio has incurred 0.3% (as a percentage of the
original pool balance) of losses to date, all of which have been
covered by excess spread.

Based on the observed performance to date, COVID-19-related
hardship assistance and considering the ongoing economic
disruptions, Moody's has maintained its default assumption at 4.1%
of the outstanding pool balance since the last rating action in
October 2019. Moody's has also lowered the Aaa portfolio credit
enhancement to 20% from 22%.

Moody's analysis has also considered various stressed scenarios of
higher mean default rates and backloading of losses to evaluate the
resiliency of the note ratings.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
commercial auto loans from the current weak Australian economic
activity and a gradual recovery over coming months. Although an
economic recovery is underway, it is tenuous and its continuation
will be closely tied to containment of the virus. As a result, the
degree of uncertainty around Moody's forecasts is unusually high.

Moody's regards coronavirus as a social risk under its environment,
social and governance (ESG) framework, given the substantial
implications for public health and safety.

Metro Finance 2018-2 Trust is a cash securitisation of auto loans
and leases originated by Metro Finance Pty Limited and extended to
prime commercial obligors located in Australia.

The transaction is supported a liquidity facility in the amount of
2.0% of the notes balance, which can cover approximately five
months of interest payments.

The principal methodology used in these ratings was Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS published in
July 2020.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


UNION STANDARD: In Liquidation, BRI Ferrier Remains as Liquidators
------------------------------------------------------------------
Celeste Skinner at Finance Magnates reports that Union Standard
International Group Pty Limited (USGFX) is now officially in
liquidation after the Federal Court of Australia ordered that the
foreign exchange (forex) broker be wound up.

In a Circular to Clients and Creditors, the joint administrators of
USGFX, Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty
Ltd, revealed on Sept. 7 that they have now been appointed as Joint
and Several Liquidators as of the 3rd of September 2020 by Justice
Yates of the Federal Court of Australia, Finance Magnates relates.

"Pursuant to our changed appointment, we have also prepared an
updated Declaration of Independence Relevant Relationships and
Indemnities dated September 7, 2020 and have uploaded this to our
firm's website," Mr. Krejci wrote in the circular on Sept. 7.

As Finance Magnates reported, Messrs. Krejci and Cummins previously
alerted shareholders and creditors that they would be putting the
broker under liquidation following difficulties they faced in
conducting their external administration from Soe Hein Minn, the
director and the majority shareholder of the broker, and his
representatives.

Finance Magnates relates that in a Declaration of Independence,
Relevant Relationships and Indemnities document published on Sept.
7, BRI Ferrier outlined the issues it's had to date: "Following our
appointment as Administrators, we encountered substantial
difficulties in dealing with the Company's affairs and conducting
investigations due to the conduct of the shareholder, Union
Standard Group International Holdings Limited and Mr Soe Hein Minn,
one of the Directors of the Company and the major beneficial owner
of the shareholder.

"The difficulties were such that the objects of the Act could not
be met and the Voluntary Administration should not continue, in our
view. Accordingly, we filed an application in the Federal Court of
Australia, seeking orders that the Voluntary Administration end and
the Company be wound up on just and equitable grounds."

In the document, BRI Ferrier revealed that the shareholder of USGFX
applied to the Federal Court of Australia to have an alternate
liquidator appointed to the broker, Finance Magnates adds.


WESTSTATE CONSORTIUM: First Creditors' Meeting Set for Sept. 15
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Weststate
Consortium Pty Ltd will be held on Sept. 15, 2020, at 4:30 p.m. at
Level 1-211, Sturt Street, in Townsville, Queensland.

Moira Kathleen Carter of BRI Ferrier was appointed as administrator
of Weststate Consortium on
Sept. 5, 2020.


[*] AUSTRALIA: Insolvency Protections Extended for Businesses
-------------------------------------------------------------
Matthew Elmas at SmartCompany reports that the Morrison government
has extended temporary bankruptcy protections that save small
business owners from personal liability for trading while insolvent
during the COVID-19 pandemic.

Initially announced in late-March, the insolvency and bankruptcy
protections were slated to expire later this month, but will now
last until December 31.

These relief measures essentially make it much more difficult for
creditors to pursue businesses for outstanding debts, causing a
sharp decline in insolvency proceedings in recent months,
SmartCompany says.

SmartCompany relates that the measures are:

   * Increase the threshold at which creditors can issue statutory

     demands to a company, from AUD2,000 to AUD20,000;

   * Increase the time companies have to respond to statutory
     demands, from 21days to six months;

   * Increase the threshold at which creditors can initiate
     bankruptcy proceedings against a company, from AUD5,000 to
     AUD20,000;

   * Increase the time companies have to respond to bankruptcy
     notices, from 21 days to six months; and

   * Free directors from any personal liability for trading while
     insolvent.

According to SmartCompany, Treasurer Josh Frydenberg said the
extension builds on AUD314 billion in monetary support outlaid to
businesses throughout the COVID-19 pandemic.

"The extension of the temporary changes to the insolvency and
bankruptcy laws until 31 December 2020 will continue to provide
businesses with a regulatory shield to help them get to the other
side of this crisis," the report quotes Mr. Frydenberg as saying in
a statement.

"The extended relief will also help to maintain confidence,
allowing viable businesses to survive as they adapt to a new
COVID-safe economy.

"The Morrison Government will continue to provide the necessary
support to help businesses get to the other side of this crisis."

According to SmartCompany, the number of companies that have fallen
into external administration has plummeted since the insolvency
protections were introduced in March, with the latest ASIC figures
revealing a 56% decrease year-on-year in July.

But creditor advocates had warned an extension of the insolvency
measures would hurt their industry and heighten the number of
businesses likely to fall on tough times when the protections do
expire, SmartCompany relays.

According to the report, the insolvency industry published a white
paper outlining its case last week, arguing creditors are being
short-changed by the current rules.

But businesses, particularly those hit by ongoing coronavirus
restrictions in Melbourne, will relish the extension, which will
provide additional time to get their trading back on track.




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

ANXIN TRUST: Faces US$219 Million Debt Claim by State Fund
----------------------------------------------------------
Caixin Global reports that financially troubled Anxin Trust Co.
Ltd. faces debt claims for CNY1.49 billion (US$219 million) from a
state-backed trust-industry bailout fund, which is asking a court
to order a sale of part of Anxin's assets.

According to Caixin, the China Trust Protection Fund Co. Ltd.
demanded that a district court in Beijing order the sale of Anxin
collateral to repay a CNY1.49 billion loan that was due Aug. 20,
Shanghai-listed Anxin said Sept. 7. The sale would involve a 32.98%
stake in Beijing Datong Insurance Brokers Co. Ltd. pledged by Anxin
to the fund, the report notes.

Caixin relates that Anxin said it is unable to estimate the impact
of the suit on the company's business performance.

Based in Shanghai, China, Anxin Trust Co., Ltd, offers trust
service for clients in agriculture, biomedicine, city renovation,
Internet infrastructure, pension, logistics, and new energy
industry fields. The company was formerly known as Anxin Trust &
Investment Co., Ltd. and changed its name to Anxin Trust Co., Ltd
in April 2014.

Anxin, one of only two trust companies listed on mainland bourses,
has been suffering from cash flow problems and in April last year
deferred redemptions on CNY2.8 billion (US$395 million) of trust
products that had matured, according to Caixin Global.

According to Caixin, Anxin warned in a Jan. 22 filing that it
racked up losses in the range of CNY3 billion ($140 million) to
CNY3.5 billion last year, and speculation has grown that those
numbers may be revised upward. The company reported a net loss of
CNY1.8 billion in 2018, a dramatic reversal from the net profit of
CNY3.7 billion it showed in 2017. A second consecutive year of
losses will trigger "special status" (SRT) designation, meaning its
stock ticker will be tagged ST to warn investors that the company
carries significant investment risk and its financial performance
has been poor. The daily limit on its share price movement will be
reduced to 5% from the normal market limit of 10%.


CONCORD NEW ENERGY: Fitch Rates Proposed USD Notes 'BB-(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(EXP)' to
Concord New Energy Group Limited's (CNE, BB-/Negative) proposed
US-dollar notes, announced concurrently with an exchange offer for
its 7.9% USD200 million notes due January 2021.

The proposed notes are rated at the same level as CNE's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. The final rating on the proposed notes is
subject to the receipt of final documentation conforming to
information already received.

Fitch does not consider CNE's bond exchange offer as a distressed
debt exchange (DDE) based on its DDE rating criteria, as the offer
is not conducted to avoid bankruptcy, insolvency or intervention
proceedings or a traditional payment default.

Fitch assigned a Negative Outlook on CNE's Issuer Default Rating in
April 2020 to reflect the uncertainty about the timing and success
of CNE's refinancing of its US-dollar bonds and
slower-than-expected deleveraging. Fitch may revise the Outlook to
Stable over the following six months if the exchange offers and new
issuance is successful, allowing CNE to extend its debt maturity
profile, and provided CNE continues its deleveraging and is on
track to reduce FFO net leverage below 6.0x on a sustained basis.

However, Fitch may take negative rating action if CNE fails to
complete the exchange offer and refinancing or does not make
progress in project divestitures to raise sufficient funding for
debt repayment in the next four to six weeks.

KEY RATING DRIVERS

Exchange Offer not DDE: CNE has announced an exchange offer and
concurrent bond issuance. It is offering USD1,000 in new notes and
USD10 in cash for each USD1,000 principal amount of the existing
note due January 2021. Fitch does not consider the proposed
exchange offer to be a DDE, as even if the exchange offer is
unsuccessful, the company has sufficient time to explore other
options before the bond maturity. CNE is in discussions for project
divestures, sales of part of its stake in subsidiary, Yongzhou
Jiepai, and private loans.

Stable Operation in 1H20: CNE reported moderate revenue growth of
3.8% yoy in 1H20, after power generation from consolidated wind and
solar farms increased by 6.6%. Utilisation of wholly owned wind
farms rose by 5.1% yoy to 1,303 hours, while that of solar farms
declined by 7.8% to 743 hours. The consolidated wind farms'
realised tariff fell by 4.1% to CNY0.569/KWh. Consolidated capacity
decreased by a slight 96MW to 1,576MW on divesture of 196MW net of
100MW in new installations. CNE also received dividend income of
CNY169 million, higher than the CNY5.8 million received in 2019.

Profitable and Liquid Portfolio: Divestures at a premium prove the
profitability and liquidity of CNE's project portfolio. CNE sold
196MW of wind capacity in 1H20, realising investment gains of CNY63
million. This followed its disposal of 225MW of wind farms in three
deals last year, which were priced at an average price/book ratio
of 1.5x and generated CNY174 million in investment gains. CNE added
another 350MW in wind and solar farms, with total asset of CNY3.4
billion and total debt of CNY1.7 billion, as held-for-sale assets
in its 2020 interim report.

Developing Grid-Parity Projects: CNE's development of grid-parity
projects and divestures of feed-in-tariff projects will reduce its
reliance on renewable subsidies. CNE installed three grid-parity
wind-power projects, with total capacity of 149MW, in 2019. This
accounted for around half of its new installations during the year.
New projects to be installed after 2020 will be subsidy-free and
their return will depend on location and the wind or solar
resources. The 2020 capex budget for grid-parity projects is
flexible and dependent on the progress of asset divestitures; Fitch
projects annual capex of CNY3.0 billion-3.5 billion in 2021 and
2022.

CNE still had 362MW of wind power projects entitled to
feed-in-tariffs in the pipeline as of 1H20, all of which will be
completed this year. Fitch estimates outstanding capex payments for
these subsidised projects at around CNY1.8 billion in 2020. Fitch
expects subsidies to fall to less than a quarter of power revenue
in three to four years if CNE sticks to the divesture plan.

DERIVATION SUMMARY

CNE's rating reflects its healthy project portfolio and lower
reliance on subsidies as a revenue source as it focuses on wind
power in China. Its leverage and coverage metrics are broadly
commensurate with a low 'BB' rating.

CNE's credit profile is comparable with that if its Indian peers,
Greenko Energy Holdings (BB/Stable) and ReNew Power Private Limited
(BB-/Stable). CNE's FFO net leverage of 6.8x in 2019 was comparable
with its forecast of 6.7x for Greenko for the financial year eding
March 2020 (FY20). CNE is likely to have stronger FFO fixed-charge
coverage of around 2.7x in 2020, against its forecast of 1.7x for
Greenko and 1.5x for Renew in FY21, due to its falling funding
costs. CNE's smaller scale compared with Greenko is somewhat
balanced by its lower counterparty risk. The weak credit profiles
of Greenko's and Renew's key customers - state-owned power
distribution utilities - constrain their ratings. In comparison,
CNE derives revenue from strong state-owned power grids and
government subsidies.

KEY ASSUMPTIONS

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

  - Stable capacity utilisation for existing capacity; higher
utilisation for planned grid-parity wind power projects, reflecting
their location in better wind-resource areas.

  - Stable tariffs at existing wind farms.

  - Non-power generation revenue to rise by around 20% a year in
2020-2022.

  - Annual net capacity addition (divested capacity subtracted from
installed capacity) of 300MW in the next few years.

  - Annual capex of CNY3.0 billion-3.4 billion in 2020-2023.

  - Annual dividend payment of CNY150 million-200 million in
2020-2023.

  - Fitch adds back half of CNE's value-added-tax (VAT) bill on
equipment investment to EBITDA and funds from operation.

RATING SENSITIVITIES

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

  - Fitch would revise the Outlook to Stable if CNE does not breach
the negative sensitivities triggers within the next six months

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

  - Failure to make material progress toward securing sufficient
funding to repay US-dollar bond due in January 2021 within the next
four to six weeks

  - FFO net leverage higher than 6.0x for a sustained period

  - FFO fixed-charge coverage lower than 2.5x for a sustained
period

LIQUIDITY AND DEBT STRUCTURE

Refinancing of USD Bonds Key: CNE had CNY1.3 billion of readily
available cash at end-1H20, compared with short-term debt of CNY1.8
billion. Fitch forecasts that CNE's CFO of CNY551 million in 2020,
together with existing cash, should be sufficient to cover the
equity capital component of its capex and project-level debt
amortisation in 2020. Fitch expects that 70% of the CNY3.4 billion
capex for 2020 can be financed by project loans or financial
leasing. CNE will need to refinance its USD200 million bond due in
January 2021 through the issuance of new US-dollar bonds or more
project divestures.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

External Guarantee: CNE continues to provide a guarantee on a bank
loan of a project it sold to an overseas renewable fund last year.
Fitch includes 50% of the guaranteed amount in the calculation of
CNE's leverage because the loan repayment is covered by the
projects' operating cash flow.

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).


GOLDEN EAGLE: Moody's Affirms Ba2 CFR & Ba3 Sr. Unsec. Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Golden Eagle Retail Group
Ltd's corporate family rating (CFR) of Ba2 and senior unsecured
debt rating of Ba3.

The outlook remains stable.

"The affirmation of the ratings reflects Golden Eagle's gradual but
solid recovery in its operations and revenues since the second
quarter of 2020, in the face of disruptions related to the
coronavirus pandemic. Additionally, the company's EBITDA margin has
been steady due to its relatively high level of self-ownership of
its stores and various cost reduction initiatives implemented by
its management in the first half of 2020," says Shawn Xiong, a
Moody's Assistant Vice President and Analyst.

"The stable outlook reflects Golden Eagle's very good liquidity
position and its expectation that the company will continue to
improve its operations and revenues over the next 12-18 months,"
adds Xiong.

RATINGS RATIONALE

Golden Eagle's Ba2 CFR reflects the company's strong market
position in the affluent Jiangsu Province, and the benefits of its
concessionaire model and its self-owned properties.

On the other hand, the rating is constrained by the company's
relatively small scale and high geographic concentration, the
intense competition in the retail industry, and the risks and
volatility associated with its property development business.

Golden Eagle's Ba3 senior unsecured bond rating is one notch lower
than its CFR because of the risk of structural and legal
subordination. This risk reflects the fact that most of the
outstanding claims are at the operating subsidiaries level and that
in a bankruptcy scenario, they rank higher in the priority of
claims over Golden Eagle's senior unsecured claims. In addition,
the holding company lacks significant mitigants for structural
subordination.

Due to coronavirus-related disruptions, Golden Eagle's revenue and
reported EBITDA for the first half of 2020 declined by 15.3% and
12.9%, respectively, to around RMB2.50 billion and RMB1.1 billion,
respectively, from the corresponding period a year ago.
Nevertheless, its reported EBITDA margin held steady at around 44%.
As a result, the company's financial leverage, as measured by
adjusted debt/EBITDA, registered at around 2.6x for the last 12
months ended June 2020.

Moody's expects Golden Eagle's revenue growth to decline by 13%-15%
in 2020 as sales of properties weaken compared to 2019, before
returning to 14%-15% growth in 2021. As a result, its leverage will
increase to around 3.0x in 2020 before improving to around 2.7x in
2021. These levels are below the downgrade triggers of 3.5x-4.0x.

Nevertheless, Moody's expects that a gradual improvement in Golden
Eagle's concessionaire sales as shoppers return to stores, its
improved online sales channels, as well as a move towards more
premium merchandise will drive an increase in revenue and EBITDA
over the next 12-18 months. At the same time, Moody's expects the
company's adjusted EBITDA margin will remain relatively stable at
around 42%-44% over the same period.

In terms of environmental, social and governance (ESG) factors,
Golden Eagle's ratings also considers the following.

From a social perspective, Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety. Moody's ratings also
consider the impact on Golden Eagle of the breadth and severity of
the shock, although some of the impact has been offset by the
company's flexible business model and solid financial buffer.

The ratings also reflect social risk from changes in consumer
preference toward online shopping, which has resulted in structural
weakness for traditional retail operators like Golden Eagle.

In terms of governance, Golden Eagle's ownership is concentrated in
its board chairman and former CEO Roger Wang who owns a 67.01%
stake in the company. This risk is partially mitigated by the
company's status as a listed and regulated entity and the fact that
the company's six-member board consists of three independent
directors.

Additionally, the company appointed Mr. Chen Yihang as CEO in
August 2020, following Mr. Wang's resignation. Moody's views the
separation of the company's chairman and CEO roles as a positive
development.

Moreover, Moody's expects the company will limit connected
transactions with its property development business.

Golden Eagle's liquidity is very good. The company's cash balance
of RMB5.27 billion as of June 30, 2020, combined with an estimated
operating cash flow of RMB1.3-1.5 billion over the next 12 months,
is sufficient to cover its short-term debt of around RMB4.23
billion and its estimated capital spending of around RMB800-900
million over the next 12 months.

In addition, Golden Eagle had RMB14.8 billion in fixed assets,
including property, plants and equipment, land use rights,
investment properties, as well as properties under development and
completed for sale, which were unencumbered as of June 30, 2020.

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

The stable outlook on the rating reflects Moody's expectation that
Golden Eagle will maintain its very good liquidity position and
continue to improve its operations and revenues over the next 12-18
months.

Moreover, Moody's expects the company will remain prudent in its
capital spending and debt management, as well as limit connected
transactions with its property development business.

Moody's could upgrade Golden Eagle's ratings if the company (1)
grows in scale and reduces its regional exposure; (2) remains
disciplined in its capital spending and investments; and (3)
maintains good liquidity and improves its credit metrics, such that
its adjusted debt/EBITDA falls below 2.0x-2.5x and adjusted
retained cash flow/net debt rises above 30%-35%, all on a sustained
basis.

Conversely, Moody's could downgrade Golden Eagle's ratings if (1)
the company's revenue declines materially; (2) its liquidity
weakens; (3) its property development business or connected
transactions with key shareholders increase; or (4) its credit
metrics deteriorate such that adjusted debt/EBITDA rises above
3.5x-4.0x or adjusted RCF/net debt falls below 20%.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier Chinese cities,
catering to mid- to high-end customers. As of the end of June 2020,
Golden Eagle operated 31 stores, including 16 lifestyle centers, in
Jiangsu, Anhui, Shaanxi, Yunnan and Shanghai.


KANGMEI PHARMACEUTICAL: SPV to Take Control Business for 2 Years
----------------------------------------------------------------
Caixin Global reports that the battle to save one of China's
largest listed pharmaceuticals companies took another step forward
last week as a special purpose vehicle set up by local state-owned
enterprises (SOEs) agreed to take control of the scandal-hit
business for two years under a rescue orchestrated by the Guangdong
provincial government.

According to Caixin, Kangmei Pharmaceutical Co. Ltd., whose
survival has been in question since the revelation of a $12.9
billion fraud in 2019, announced on Sept. 3 that it had signed
several agreements with Jieyang Yilin Pharmaceutical Investment Co.
Ltd., an entity formed in August that is controlled by the Jieyang
city and Guangdong provincial governments through the SOEs.

Under the agreements, Kangmei Pharmaceutical's controlling
shareholder, Kangmei Industry Investment Holdings Co. Ltd., will
transfer the voting and other rights attached to a 29.9% stake in
the firm to Jieyang Yilin, which will act as a custodian, Caixin
discloses citing a filing to the Shanghai Stock Exchange.

Caixin says Kangmei Industry, the company's former chairman Ma
Xingtian, who was taken into police custody in July, and several
other shareholders will give up their voting rights on a further
8.38% holding. The special purpose vehicle will effectively become
the temporary controlling shareholder and will also take over the
management of Kangmei's business and debt, but won't assume any of
its liabilities, Caixin adds.

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

Kangmei Pharmaceutical became the first listed company to default
on a bond issue when the market reopened on Feb. 3 after the
extended Lunar New Year holiday, according to Caixin Global. The
supplier of traditional Chinese medicines said in a statement Feb.
2 that it couldn't make principal and interest payments and on
CNY2.4 billion (US$340 million) of bonds because of tight
liquidity. The bonds were issued in 2015 and due in 2022, but the
issuer had an option to raise the coupon rate and investors had an
option to sell back the bonds at the end of the fifth year.


YICHANG HIGH-TECH: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Yichang High-Tech Investment Development
Co., Ltd.'s (YHID) Long-Term Foreign- and Local-Currency Issuer
Default Ratings of 'BB+'. The Outlook is Stable. Concurrently,
Fitch has affirmed the rating on YHID's US dollar unsecured notes
of 'BB+'.

YHID invests in and constructs public works, such as land and urban
development, industrial parks and social housing, in the Yichang
High-Tech Development Zone in Hubei province. The entity was the
second-largest infrastructure-investment platform in Yichang
municipality by asset size in 2019.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: The legal status
remained unchanged - YHID is governed by ordinary company law
without explicit liability transfer implications. Its assessment is
mainly based on stable government ownership (100%) and the local
government's influence on the entity's overall operation including
project investment and financing activities. This implies the local
government has a strong incentive to avoid a default of YHID and
adds to the case for extraordinary support if necessary.

'Strong' Support Record and Expectations: Subsidies received rose
61% yoy to CNY316 million in 2019, in line with the historical
range of CNY200 million-300 million each year. Consistent financial
support eased YHID's financial burden and enhanced its financial
sustainability. Although the local government does not provide a
guarantee for the entity's outstanding debts, government capital
injections and contributions-in-kind, such as land, strengthen
YHID's financial stability. A consistent record of support and no
policy restrictions on government support reinforce its support
expectations.

'Moderate' Socio-Political Implications of Default: The assessment
mainly reflects YHID's regional focus on the Yichang High-Tech Zone
- and the availability of potential substitutes. The entity was
established to promote the zone's development, so its business is
mainly limited to projects there and the socio-political impact,
should it default, would be limited to the zone. There are several
government-related entities (GREs) that undertake municipal
investment projects in Yichang and Fitch believes that they can be
substitutes for YHID, with only temporary disruption to its
projects.

'Strong' Financial Implications of Default: The entity is the
second-largest GRE in the municipality in terms of borrowing
capacity and it has participated in a large share of the important
investment projects in the zone, which form 85% of total
investments in the zone. This implies a default of the entity could
hinder the investment cycle of the projects and the local
government's borrowing capacity. Other GREs in the municipality
could also have difficulty accessing funding. Multilateral
financial institutions, including policy banks, are involved in
YHID's project funding.

'Midrange' Operating Risk: Fitch revised out operating risk
assessment to 'Midrange' from 'Weaker', reflecting moderate
potential volatility in operating cost and some flexibility on
capex timing. YHID's operating cost as a share of operating revenue
(including subsidies) remained within the sustainable range of
72%-81% historically (78% in 2019), and its well-identified cost
drivers are moderately volatile, as evident in its historical gross
margins. The entity's investment plan is directed by the local
government a year ahead and it has some flexibility on timing as
the project owner.

'Weaker' Revenue Defensibility: The entity expanded into commodity
trading, which accounted for 46% of revenue in 2019, a departure
from the agent-construction focused business that made up 97% of
revenue in 2018. Although the less policy-driven business mix can
provide a buffer against demand fluctuations upon policy changes,
the high customer concentration limits its assessment of revenue
defensibility to 'Weaker'.

'b' Standalone Credit Profile: The operating risk and revenue
defensibility assessments as well as persistently high leverage
result in a Standalone Credit Profile (SCP) of 'b'. Leverage
remained high given increased investments in municipal projects.
Net debt to EBITDA rose to 33x in 2019 from 28x in 2018 and is
likely to further increase, assuming no significant changes in the
business framework. This limits the overall SCP assessment.

DERIVATION SUMMARY

YHID's ratings reflect the four factors assessed under its
Government-Related Entities Rating Criteria, combined with the 'b'
Standalone Credit Profile assessed under Fitch's Rating Criteria
for Public-Sector, Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

  - An upward revision in Fitch's credit view of Yichang
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.

  - An increased incentive for Yichang municipality to provide
support to YHID, including stronger socio-political or financial
implications of a default or a stronger support record and
expectations.

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

  - A lowering of Fitch's credit view of Yichang municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations.

  - A significant weakening in the socio-political and financial
implications of default, a weaker support record and expectations
from the government or a dilution in the government's
shareholding.

Rating action on YHID would lead to similar action on the rating of
its US dollar notes.

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).


ZHENRO PROPERTIES: Fitch Affirms B+ LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Zhenro
Properties Group Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B+'. The Outlook is Stable. Fitch has also
affirmed the senior unsecured rating of 'B+' with a Recovery Rating
of 'RR4'.

Well-controlled land acquisitions and internally generated cash
flow have reduced Zhenro's leverage - defined by net debt/adjusted
inventory, including proportional consolidation of joint ventures
(JVs) and associates - to 41.6% by end-1H20, from 55% in 1H19.
However, its small land bank creates some pressure to replenish
land and may pose a challenge in keeping leverage at the current
level. Fitch forecasts Zhenro can sustain leverage at below 50% 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 also constrained by its
evolving group structure and deteriorated margins.

KEY RATING DRIVERS

Leverage Declined in 2019: Zhenro's proportional consolidated
leverage declined to 41%-42% in 2H19 and 1H20, from 55% in 1H19, on
the back of strong sales and controlled land acquisitions. However,
Fitch believes that leverage may edge up from current level if the
company lengthens its land bank life to be in line with 'BB-'
peers. Acquiring land at market prices could limit its ability to
keep land costs low, especially as it buys more land parcels in
Tier 2 cities where there is more intense competition among
developers.

Quality Land Bank but Small: Zhenro's land bank life of two to 2.5
years at end-2019 - defined by saleable land bank as of end-2019
divided by expected gross floor area (GFA) sold in 2020 - is
shorter than most similarly rated peers at 'B+' and 'BB-' levels.
Therefore, Fitch believes the company needs to continually
replenish its land bank to sustain contracted sales growth. On the
other hand, Zhenro's land bank quality is stronger than most 'B+'
peers with an average selling price (ASP) of CNY15,488/sq m in
2019. Its land bank is diversified across China with 36% in Yangtze
River Region and 28% in West Taiwan Straits. More than 70% of its
land bank is in higher-tier cities.

Larger Sales Scale than Peers: Zhenro's CNY67 billion attributable
contracted sales scale in 2019 were larger than most of the 'B+'
peers. Its 8M20 total contracted sales achieved 59% of its
full-year target of increasing by 15% in 2020. Fitch expects its
contracted sales growth to be driven mainly by GFA sold and the ASP
to remain largely flat.

Evolving Group Structure: Zhenro's implied cash collection (defined
as change in customer deposits plus revenue booked during the year)
in 2019 was only CNY23.8 billion, or 35% of the reported
attributable sales during the year. This suggests that a large
portion of Zhenro's attributable contracted sales in 2019 came from
its JVs and associates. A high proportion of land acquisitions were
done via JVs and associates in 2017 and 2018, but from 2019 most
land acquisitions were made on balance sheet.

The high proportion of off-balance-sheet projects has meant the
performance of many projects has not been fully reflected in the
company's financials, in Fitch's view. However, Fitch believes
Zhenro's financials will gradually reflect the overall performance
of projects because recently acquired land is included in the
consolidated balance sheet. This transition may lead to short-term
volatility in the company's financial metrics, before stabilising.

Margin Edges Lower: Zhenro's EBITDA margin dropped in 2019 and 1H20
yoy, caused mainly by disposal of low-margin projects and lower
capitalised interest. Fitch expects the EBITDA margin to stay at
22% in 2020 and edge up slightly in 2021. Zhenro acquired new land
at an average cost of CNY5,663/sq m in 1H20, 5% lower than in 2019.
Land costs accounted for about 37% of contracted sales ASP. The
sold but not yet recognised sales of CNY120 billion carries a gross
profit margin of 22%-23% compared with 20% recognised in 2019.

High Non-Controlling Interest: Fitch expects non-controlling
interests (NCI) as a 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 further financial flexibility
because homebuilders with lower NCI 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 the 'BB-' peers. Zhenro has a quality land
bank, which is shown in its ASP of CNY15,321/sq m, and 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 around two to 2.5 years of GFA sold, which is shorter than that
of most 'BB-' peers, such as Risesun Real Estate Development Co.,
Ltd. (BB-/Stable). Zhenro's EBITDA margin is also lower than most
'BB-' peers.

KEY ASSUMPTIONS

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

  - 0%-4% rise in ASP each year in 2020-2024 (2019: CNY15,488)

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

  - 0%-2% rise each year in average land costs in 2020-2024 (2019:
CNY5,968/sq m)

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

  - Selling, general and administrative expense is 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
CNY28,369 million - three-month contracted sales CNY16,819 million
= excess cash CNY11,550 million)

  - 100% advance rate to restricted cash

  - 70% advance rate to adjusted net inventory of Zhenro to reflect
its 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:

  - A longer record of leverage (net debt/adjusted inventory) being
sustained below 45% with land bank life in line with high-churn
peers

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 20% 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 15% 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 35.8% in
2018.



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

PEARL HOLDING: S&P Affirms 'CCC+' LongTerm ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' long-term issuer credit
rating on Pearl Holding III Ltd. and the 'CCC+' long-term issue
rating on the company's outstanding senior secured notes. S&P
removed the ratings from CreditWatch, where they were placed with
negative implications on April 8, 2020.

S&P said, "In our view, Pearl should be able to manage the
repayment of its financial obligations over the next 12 months. The
company has US$18.2 million of short-term loans as of June 30,
2020. We believe Pearl can roll over US$8.5 million of short-term
debt through an existing committed credit line, which will mature
in December 2020." And, the company expects to roll over the
remainder of the debt using a one-year uncommitted credit line. In
any case, Pearl's cash on hand of US$25.6 million as of June 30,
2020, should be sufficient for repaying this debt over the next 12
months.

Moreover, with a likely business recovery, the company's operating
cash flow (OCF) should largely cover its interest payment of US$17
million-US$18 million over the next 12 months. Global light vehicle
sales declined 27.7% in the first half of 2020 due to weaker
consumer sentiment and supply chain disruption amid the COVID-19
pandemic. With the gradual recovery in global auto sales since the
easing of lockdown measures in different countries in April-May, we
anticipate the decline in global auto sales to narrow to 15%-20% in
2020 and rebound by 10% in 2021.

As a tier-two auto supplier, Pearl should benefit from the
anticipated auto market recovery. This, together with more new
projects and robust demand for a new mobile model rolled out by a
downstream customer in the mobile segment should support the
company's OCF. However, downside risk on the anticipated recovery
remains high until the pandemic can be fully contained. Due to
Pearl's small scale and the competitive nature of its businesses,
any further worsening of market conditions will heighten the
company's liquidity risk over the next 12 months.

S&P believes Pearl's financing channels remain limited. The company
has been actively working on credit line expansion through
potential asset or accounts receivables pledges. It was able to
further draw down US$7.6 million of short-term loans from a US$15
million uncommitted credit line during the second quarter of 2020.
However, the company is a small, privately owned enterprise with
only US$9 million of additional accessible credit lines as of June
30, 2020. S&P therefore believes Pearl will find it difficult to
obtain new credit facilities, especially given the highly uncertain
industry outlook amid the pandemic.

High debt leverage and likely negative FOCF will keep Pearl's
capital structure unsustainable. The company's gross debt increased
to US$204 million as of June 30, 2020, from US$193 million as of
Dec. 31, 2019. This was mainly due to draw downs from its banking
facilities to increase cash on hand in response to market
uncertainties amid the pandemic. We anticipate Pearl's revenue and
EBTIDA will drop by 13%-18% in 2020 mainly due to weak demand in
the global auto industry. The company's profit could improve in
2021 on a potential market recovery. However, its free operating
cash flows (FOCF) are likely to remain negative owing to high,
albeit declining, capital expenditure for enhancing production
facilities. As such, S&P forecasts Pearl's debt to stay high and
its adjusted debt-to-EBITDA ratio to be over 10x over the next 12
months, compared with 9.4x in 2019 and 6.3x in 2018.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "The negative outlook reflects our view that Pearl's
liquidity could significantly deteriorate if its banking
relationships weaken or global economic conditions do not recover
as expected over the next 12 months. We believe the company's very
small scale and the competitive nature of its business make it more
vulnerable to an economic downturn. As such, Pearl could face
heightened refinancing risk over the next 12 months due to its
large short-term financial obligations.

"We could downgrade Pearl if the company faces significant
liquidity deficit over the next 12 months. This could happen if the
company's business does not recover as we expect and this leads to
a significant depletion of unrestricted cash on hand, or its
funding access narrows on weakening banking relationships.

"We may revise the outlook to stable if: (1) Pearl deleverages such
that its EBITDA interest coverage approaches 1.5x; and (2) the
company prudently manages its liquidity by expanding its banking
relationships and faces no significant liquidity shortfall on a
sustained basis."




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

A. K. PIPE: CRISIL Keeps D on INR5.25cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of A. K. Pipe Fitting
Private Limited (AKPFL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     1.25      CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit        4.00      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AKPFL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AKPFL was incorporated in 1997, by promoters, Mr. Anil Kadakia, Mr.
Bakul Kadakia, and Mr. Kalpesh Kadakia. The company manufactures
precision seamless and welded pipe fittings, forged and screwed
fittings flanges, pipe spools, and long radius induction bends.


AG CONVEYING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of AG Conveying Systems
Private Limited (AGCSPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      1.5      CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         1        CRISIL D (ISSUER NOT COOPERATING)
   Proposed Long
   Term Bank
   Loan Facility       0.85     CRISIL D (ISSUER NOT COOPERATING)

   Term Loan           0.80     CRISIL D (ISSUER NOT COOPERATING)
   Working Capital
   Term Loan           2.85     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AGCSPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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


ALFARA'A INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Alfara'A
Infraprojects Private Limited (AIPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       395.09      CRISIL D (ISSUER NOT      
                                    COOPERATING)

   Cash Credit          138         CRISIL D (ISSUER NOT      
                                    COOPERATING)

   Letter of Credit     140         CRISIL D (ISSUER NOT      
                                    COOPERATING)

   Long Term Loan        35         CRISIL D (ISSUER NOT      
                                    COOPERATING)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AIPL, which was set up in 2011, undertakes civil construction
activities in India.   The Alfara'a group has a long track record
of operations in the civil construction industry in the UAE, having
delivered projects both for private as well as government sectors.


ANUPAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anupam Industries
Limited (AIL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      160      CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         108      CRISIL D (ISSUER NOT COOPERATING)

   Corporate Loan       40.42   CRISIL D (ISSUER NOT COOPERATING)

   Inland/Import
   Letter of Credit     30      CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long
   Term Bank Loan
   Facility             11.58   CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AIL was set up by JC Patel as a proprietorship concern in Anand
(Gujarat) in 1973; it was reconstituted as a closely public limited
company in 1998. AIL manufactures different types of cranes
(including the electric overhead, gantry, and tower variants),
which are used in the steel, power, construction, ports, and
defence segments. It is one of the largest overhead crane suppliers
in India.


ARROW CONSTRUCTION: Ind-Ra Lowers LongTerm Issuer Rating to 'C'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Arrow
Construction Limited's (ACL) Long-Term Issuer Rating to 'IND C
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best-available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits downgraded with
     IND C (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-fund-based working capital limits downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

ACL has a lower public rating from another credit rating agency,
with which the company has been cooperative.

COMPANY PROFILE

Incorporated in 1995, ACL is a Hyderabad-based construction company
promoted by S. Vijayakumar, D.V.K.V. Prasad and S.V. Prabhaka. The
company is engaged in the construction of hospital buildings, staff
quarters, irrigation projects, government buildings, engineering
projects, industrial sheds, warehouses, etc.


ARUL INDUSTRIES: CRISIL Withdraws D Rating on INR2.4cr Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the INR2.4 Crore Proposed Long
Term Bank Loan Facility of Arul Industries (AI) on the request of
the company. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         7        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Foreign Letter      2        CRISIL D (ISSUER NOT COOPERATING;
   of Credit                    Rating Migrated)

   Packing Credit      0.6      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long       2.4       CRISIL D (Withdrawn)
   Term Bank
   Loan Facility      

CRISIL has been consistently following up with AI for obtaining
information through letters and emails dated May 29, 2020 and June
30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AI is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of AI to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the INR2.4 Crore Proposed Long
Term Bank Loan Facility of AI on the request of the company. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

Established in 1992, AI is a partnership firm that manufactures
kitchenware and utensils. Its plant is located in Tirunelveli
(Tamil Nadu); the operations are managed by its managing partner,
Mr. Jeba Suresh.


BALESHWAR KHARAGPUR: Ind-Ra Affirms 'D' Bank Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Baleshwar
Kharagpur Expressway Limited's (BKEL) bank loans' rating at 'IND
D'.

The detailed rating action is:

-- INR3,936.2 bil. (INR3,916.4 bil. outstanding as of March 31,
     2020) Senior project bank loans affirmed with IND D rating.

The company has been providing project-related information in a
timely manner since January 2020, in line with regulatory
compliance.

KEY RATING DRIVERS

The affirmation reflects BKEL's continued delays in debt servicing
from December 2018, as per Ind-Ra's discussions with the management
and lenders. The ratings also factor in the absence of clarity on
the right of sponsor-infused unsecured loans to call an event of
default on BKEL.

As per the National Company Law Appellate Tribunal ruling dated 12
March 2020, BKEL continues to be classified as a Red entity,
indicating the inability of the company to meet its payment
obligations towards even senior secured financial creditors, as and
when such payment obligations become due.

RATING SENSITIVITIES

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

COMPANY PROFILE

BKEL operates a 24-year concession project to construct
bridges/structures and repair the existing four-lane highway from
Baleshwar to Kharagpur of National Highway 60 in Odisha and West
Bengal. The project was awarded on a design, build, finance,
operate and transfer basis by the National Highways Authority of
India ('IND AAA'/Stable).


BARWA ADDA: Ind-Ra Affirms 'D' Rating on INR14.4BB Bank Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Barwa Adda
Expressway Limited's (BAEL) bank loan's rating at 'IND D'.

The detailed rating action is:

-- INR14.40 bil. (outstanding INR12,591.2 bil. as of August 31,
     2020) Term loan (long term) due on June 2030 affirmed with
     IND D rating.

BAEL has been providing project-related information in a timely
manner since January 2020, in line with regulatory compliance.

KEY RATING DRIVERS

The affirmation reflects BAEL's continued delays in debt servicing
since June 2018, as per Ind-Ra's discussions with the management
and lenders. The ratings also factor in the absence of clarity on
the right of sponsor-infused unsecured loans to call an event of
default on BAEL.

As per the National Company Law Appellate Tribunal ruling dated
March 12, 2020, BAEL continues to be classified as a Red entity,
indicating the inability of the company to meet its payment
obligations towards even senior secured financial creditors, as and
when such payment obligations become due.

RATING SENSITIVITIES

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

COMPANY PROFILE

BAEL has been granted a 20-year concession by the National Highways
Authority of India (NHAI; 'IND AAA'/Stable) to widen the
Barwa-Adda-Panagarh section of NH-2 to 521.120km from 398.240km to
six lanes including Panagarh Bypass in the states of Jharkhand and
West Bengal on a design, build, fund, operate, and transfer basis.
BAEL shall pay an annual premium amount of INR420 million from the
appointed date and an escalation of 5% thereafter. The original
schedule project completion date was September 26, 2016 and the
revised date shall be in FY19, depending upon the availability of
requisite right of way from the NHAI.


BHAVANI SAW: CRISIL Withdraws D Ratings on INR15cr Loans
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Bhavani
Saw Mill - Trichy (BSM) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         2        CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Letter of Credit   13        CRISIL D (ISSUER NOT COOPERATING;
   Bill Discounting             Rating Withdrawn)

CRISIL has been consistently following up with BSM for obtaining
information through letters and emails dated April 23, 2019,
October 11, 2019 and July 25, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BSM. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on BSM is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has migrated the
ratings on the bank facilities of BSM to 'CRISIL D/CRISIL D Issuer
not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of BSM on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 2007, BSM, promoted by Mr. Jitendra Patel, processes
(cutting and sawing) and trades in timber. It processes various
types of wood, including teak wood, hard wood, and soft wood.


BRAND CONCEPTS: Ind-Ra Cuts Issuer Rating to 'BB+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Brand Concepts
Limited's (BCL) Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-
(ISSUER NOT COOPERATING)'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based facilities downgraded with IND BB+ /
     Negative rating;

-- INR50 mil. Non-fund-based facilities downgraded with IND A4+
     rating;

-- INR80 mil. (increased from INR40 mil.) Proposed fund-based
     facilities*# downgraded and assigned with IND BB+/Negative
     rating;

-- INR20 mil. (reduced from INR35 mil.) Proposed non-fund-based
     facilities*^ downgraded and assigned with IND A4+ rating;

-- INR1.7 mil. (reduced from INR6 mil.) Term loans due on
     November 2020 downgraded with IND BB+/Negative rating; and

-- INR39 mil. Proposed long term loans withdrawn (the company is
     no longer proceeding with the instrument as envisaged).

* The provisional ratings of the proposed bank facilities have
been converted to final ratings as per Ind-Ra's updated policy.
This is because the agency notes that debt seniority and general
terms and conditions of working capital facilities tend to be
uniform across banks, and are not a rating driver.

# Downgraded to 'Provisional IND BB+'/Negative before being
assigned

^ Downgraded to 'Provisional IND A4+' before being assigned

Analytical Approach: Ind-Ra has taken a consolidated view of BCL
and IFF Overseas Private Limited, jointly referred to as the IFF
group, to arrive at the ratings in view of the strong operational
and financial interlinkages between them in the form of common
promoters, operational overlap, and tangible support.

The downgrade reflects the deterioration in the IFF group's credit
metrics, the decline in the EBITDA margin, and the continued
pressure on the liquidity position in FY20. The Negative Outlook
reflects the possibility of a significant decline in the group's
revenue in FY21, leading to further deterioration in the credit
profile.

KEY RATING DRIVERS

In FY20, the IFF group's consolidated interest coverage ratio
(operating EBITDA/gross interest expense) decreased to 1.1x (FY19:
2.1x) because of a decline in the absolute operating profit to
INR72.61 million (INR110.13 million) and an increase in the
interest expenses. The consolidated net leverage (Ind-Ra adjusted
net debt/operating EBITDAR) increased to 5.1x in FY20 (FY19: 3.4x),
as the net borrowings remained almost stable compared to the
decline in operating profit. In FY21, Ind-Ra expects the credit
metrics to weaken further due to a likely decline in the absolute
EBITDA. On a standalone basis, BCL's net leverage was 5.3x in FY20
(FY19: 2.9x), while the interest coverage was 1.0x (2.4x). The
consolidated numbers are provisional, while the standalone numbers
are audited.

Moreover, in FY20, the IFF group's consolidated EBITDA margin
declined to a modest 6.67% (FY19: 9.74%), as the fall in revenue
led to lower absorption of fixed costs. Ind-Ra expects the EBITDA
margin to improve in FY21 on account of the various cost-cutting
measures undertaken by the group. The group's return on capital
employed stood at 7.3% in FY20 (FY19: 14.2%). BCL's standalone
EBITDA margin stood at 5.95% in FY20 (FY19: 9.99%)

Liquidity Indicator - Poor: On a consolidated basis, the average
maximum utilization of the fund-based and non-fund-based facilities
was 97.9% and 73.8%, respectively, during the 12 months ended June
2020. The consolidated cash balance stood at INR14.20 million at
end-FY20 (end-FY19: INR6.14 million). BCL's standalone working
capital cycle deteriorated to 361 days in FY20 (FY19: 281 days),
mainly on account of an increase in the inventory holding period to
297 days  (185 days), resulting from the larger-than-usual
inventory due to the impact of the COVID-19-led lockdown. In FY20,
BCL's standalone cash flow from operations turned positive at
INR17.23 million (FY19:  negative INR1.25 million) due to increased
efficiency in working capital management. BCL had availed the
Reserve Bank of India-prescribed debt moratorium for its working
capital facilities and term loans for March-August 2020.

The ratings continue to be constrained by the IFF group's medium
scale of operations, as indicated by revenue of INR1088 million
(FY19: INR1130.68 million). The revenue fell due to muted sales in
the last quarter of FY20, resulting from a fall in raw material
imports due to COVID-19-related disruptions and a decline in
domestic demand due to the pandemic-led lockdown. Ind-Ra expects
the consolidated revenue to decline in FY21 on account of the
lockdown in the first quarter of the year and the continued impact
of the same on demand during the second quarter. On a standalone
basis, BCL reported revenue of INR712.84 million in FY20 (FY19:
INR818.06 million)

The ratings continue to derive comfort from the fact that BCL is
the exclusive franchisee of GVM International in India for its
leather products. BCL has long-term agreements with reputed brands
such as Tommy Hilfiger, HEAD, AND, and Global Desi, giving
long-term revenue visibility.

The ratings are further supported by the company's strong customer
base across India, which includes Shoppers Stop Limited (debt rated
at 'IND A1+'), Future Lifestyle Fashions Limited, Myntra, Amazon
India Pvt Ltd.

The ratings also benefit from the promoters' experience of close to
a decade in the manufacturing and trading of branded bags, luggage,
and travel gear. One of the promoters has three decades of
experience in manufacturing industrial bags and retail bags.

RATING SENSITIVITIES

Negative: Further decline in the scale of operations, leading to
deterioration in the credit metrics on a consolidated basis, and/or
weakening of the liquidity position may lead to negative rating
action.

Positive: Growth in the scale of operations, leading to an
improvement in the credit metrics, with the consolidated net
financial leverage falling below 3.5x, and an improvement in the
liquidity position may lead to positive rating action.

COMPANY PROFILE

Incorporated in 2007, BCL manufactures bags, travel gears, and
accessories for the Indian market for brands such as Tommy
Hilfiger, AND, Global Desi, and HEAD. The company is listed on the
National Stock Exchange.


CH. GOWRI SHANKAR: Ind-Ra Corrects Sept. 1 Ratings Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified a rating release on
Ch. Gowri Shankar Infra Build (India) published on September 1,
2020, to clarify that India Ratings and Research (Ind-Ra) will try
to complete the process by October 10, 2020.

The amended rating release is as follows:

Ind-Ra rates Ch.Gowri Shankar Infra Build (India) Private Limited
at 'IND BB+' with a Stable Outlook. As part of the ongoing rating
review exercise and in line with the regulatory requirement, Ind-Ra
had requested the issuer on April 20, 2020; May 20, 2020; June 10,
2020; June 19, 2020; July 1, 2020; July 23, 2020; August 12, 2020;
August 19, 2020, and August 24, 2020, for updated information on
the company's performance. In view of the COVID-19 led lockdown,
the issuer has informed the agency that it needs more time to
provide the required data.

Ind-Ra is working with Ch.Gowri Shankar Infra Build (India) to see
if any information can be readily provided so that the agency can
update its credit view as per the regulatory requirement. Ind-Ra
will try to complete the process by October 10, 2020, using the
best-available information. If Ind-Ra is unable to do so due to
lack of adequate data, then the rating may have to be migrated into
the issuer non-cooperating category, so that banks are aware that
the agency is unable to update its credit view.


CHENANI NASHRI: Ind-Ra Affirms D on INR29.7cr Loans
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chenani Nashri
Tunnelway Limited's (CNTL) bank loans' rating at 'IND D'.

The instrument-wise rating actions are:

-- INR29.760 bil. (INR27,721.1 bil. outstanding on August 30,
     2020) Senior long-term bank loans* affirmed with IND D
     rating; and

-- INR3.720 bil. (INR3,342.5 bil. outstanding on August 30, 2020)

     Subordinated long-term bank loans affirmed with IND D rating.

* including USD43 million external commercial borrowings

CNTL has been providing project-related information in a timely
manner since January 2020, in line with regulatory compliance.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
CNTL, since September 2018, as per the agency's discussions with
management and lenders. The ratings also factor in the lack of any
clarity on the right of sponsor-infused unsecured loans, to call an
event of default on CNTL's loans.

As per the National Company Law Appellate Tribunal ruling dated
March 12, 2020, CNTL continues to be classified as an amber entity,
based on its debt-servicing ability, depicting its inability to
meet all its payment obligations, other than operational and
payment obligations towards senior secured financial creditors.

RATING SENSITIVITIES

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

COMPANY PROFILE

CNTL which is wholly owned by IL&FS Transporation Networks Limited
('IND D') is a special purpose vehicle created to implement the
four-laning of the Chenani-to-Nashri section of the National
Highway 1A (including a two-lane, 9km tunnel in the Udhampur
district near Jammu) on a design, build, finance, operate and
transfer basis under a 20-year concession (expiring in May 2031)
from the National Highways Authority of India ('IND AAA'/Stable).


CICB - CHEMICON: CRISIL Withdraws D Rating on INR9.50cr Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of CICB -
Chemicon Private Limited (CICB - Chemicon) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.
                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       8       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Cash Credit          3       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Letter of Credit     9.50    CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Packing Credit       2.25    CRISIL D (ISSUER NOT COOPERATING;
                                Rating Withdrawn)

   Proposed Long       45.48    CRISIL D (ISSUER NOT COOPERATING;
   Term Bank                    Rating Withdrawn)
   Loan Facility       
                                
CRISIL has been consistently following up with CICB - Chemicon for
obtaining information through letters and emails dated January 14,
2020 and July 17, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its ratings on the bank facilities of CICB -
Chemicon on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.
CICB-Chemicon, established in 1971 and based in Bengaluru,
primarily manufactures engineering goods, including compressors,
heat exchangers, and pressure vessels.


DION GLOBAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Dion Global Solutions Limited
        409, Chaudhary Complex
        9 VS Block, Madhuban Road
        Shakarpur, East Delhi 110092

Insolvency Commencement Date: August 18, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 14, 2021
                               (180 days from commencement)

Insolvency professional: Pardeep Kumar Lakhani

Interim Resolution
Professional:            Pardeep Kumar Lakhani
                         879, Sector 40
                         Near Community Center
                         Gurgaon, Haryana 122012
                         E-mail: pradeep.lakhani1967@gmail.com

                            - and -

                         405, New Delhi House
                         27 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: cirpdgsl@gmail.com

Last date for
submission of claims:    September 7, 2020


EARTHCON UNIVERSAL: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated its rating on the long-term bank facilities of
Earthcon Universal Infratech Pvt Ltd (EUIPL; a part of the Earthcon
group) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL D'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Proposed Rupee       25       CRISIL D (ISSUER NOT
   Term Loan                     COOPERATING; Rating Migrated)

   Rupee Term Loan     100       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been following up with EUIPL for getting information
through letters and emails, dated June 25, 2020, July 1, 2020 and
August 14, 2020 and August 19, 2020, apart from various telephonic
communications. However, the issuer has continued to be
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with EUIPL, CRISIL has not
received any information on either the financial performance or
strategic intent of the entity, which restricts CRISIL's ability to
take a forward-looking view on its credit quality. CRISIL believes
that the rating action is consistent with 'Assessing Information
Adequacy Risk'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated its rating on the
long-term bank facilities of EUIPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL D'. Also, EUIPL is under insolvency
resolution process since January 2020.

EUIPL was incorporated in 2009 as Zayat Infratech Pvt Ltd and got
its present name in 2010. Greater Noida Industrial Development
Authority, through a bid system, allotted a 65,330-square-metre
plot of land in Sector-I, Greater Noida, to a consortium of
Universal Construction Company (a partnership firm), Earthcon
Construction Pvt Ltd, and Omaxe Ltd. For the purpose of allotment
and development of the land, EUIPL was set up as a special purpose
vehicle with shareholding in a ratio of 46:44:10, respectively.
Omaxe Ltd later transferred its shareholding to other
shareholders.

The Earthcon group, promoted by Mr. Shabad Khan, constructs
residential and commercial apartments in northern India. Since
inception, the group has delivered various projects, including
villas, cottages, and apartments in Delhi, Noida, Lucknow,
Moradabad, and Nainital.


EASTERN SILK: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Eastern Silk
Industries Limited (ESIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest      54.57       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Proposed Long         4.50       CRISIL D (ISSUER NOT
   Term Bank                        COOPERATING)
   Loan Facility         

   Term Loan            53.57       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital      62.87       CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

   Working Capital     295.99       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with ESIL for obtaining
information through letters and emails dated January 31, 2020 and
July 31, 2020, apart from telephonic communication. However, the
issuer has remained non-cooperative.

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

Detailed Rationale

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

ESIL, incorporated in 1946, manufactures silk yarn, made-ups, home
furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics. The manufacturing facilities are
at Anekal and Hobli in Bengaluru, and Nanjangud (all in Karnataka),
and Falta Special Economic Zone (West Bengal).


EXPOTEC INT'L: CRISIL Moves D on INR22cr Loans to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Expotec
International Private Limited (EIPL) to 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Export Packing            8         CRISIL D (ISSUER NOT  
   Credit & Export                     COOPERATING; Rating
   Bills Negotiation/                  Migrated)
   Foreign Bill
   discounting              
   
   Letter of credit         14         CRISIL D (ISSUER NOT
   & Bank Guarantee                    COOPERATING; Rating
                                       Migrated)

CRISIL has been consistently following up with EIPL for obtaining
information through letters and emails dated August 11, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EIPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of EIPL to
'CRISIL D Issuer not cooperating'.

EIPL, incorporated in 1995, executes engineering projects under a
line of credit issued by the Indian government.  Export of
equipment, and implementation of projects in industries such as
fertilisers, healthcare, textile, sugar, and power transmission.
EIPL has representative offices in the UAE, Sudan, Ethiopia,
Senegal, Togo, Cote D'Ivoire, and the Russian Federation.


GOPALA POLYPLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gopala Polyplast
Limited (GPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     1.5       CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit       47.2       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long
   Term Bank
   Loan Facility      1.46      CRISIL D (ISSUER NOT COOPERATING)

   Term Loan         27.41      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with GPL for obtaining
information through letters and emails dated August 11, 2020 and
August 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Originally incorporated in 1984 as a private limited company, GPL
was listed on the Bombay Stock Exchange in 1992-93 and
reconstituted as a public limited company. It manufactures
polypropylene woven sacks, primarily used for cement packaging. It
also produces woven labels used for manufacturing garments. Its
production units are in Gandhinagar and Silvassa.


GOPALAN ENTERPRISES: CRISIL Lowers Rating on INR15.21cr Loan to B
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Gopalan
Enterprises (GE) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan       15.21      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with GE for obtaining
information through letters and emails dated February 29, 2020 and
July 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Gopalan Enterprises (India) Pvt Ltd
(GEIPL; rated 'CRISIL BB+/Stable/Issuer Not cooperating') and
Gopalan Enterprises (GE). This is because both the entities,
together referred to as the Gopalan group, are in the same line of
business, owned and managed by common promoters, and have
considerable financial linkages.

The Gopalan group was set up in 1985, by Mr. C Gopalan, an
architect and first-generation entrepreneur. The group develops
residential and commercial real estate in and around Bengaluru. The
flagship companies, GEIPL and GE, execute most of the projects.


HARIHAR ALLOYS: Ind-Ra Assigns 'B' LongTerm Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Harihar Alloys Pvt
Ltd (HAPL) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR93.1 mil. Term loan due on November 2024 assigned with IND
     B/stable rating;

-- INR260 mil. Fund-based facilities assigned with IND B/stable/
     IND A4 rating; and

-- INR60 mil. Non-fund-based facilities assigned with IND A4
     rating.

KEY RATING DRIVERS

Liquidity Indicator- Poor: During the 12 months ended July 2020,
HAPL's fund-based limits were almost fully utilized, while the
average use of the non-fund-based limits was 52.9%. Furthermore,
there were multiple instances of overutilization of the fund-based
facilities over the same period, though there were no such
instances during May-July 2020. The cash and cash equivalent were
INR55.2 million in FY20 (FY19: INR6.9 million). The cash flow from
operations deteriorated to a negative INR118 million in FY20 (FY19:
negative INR48 million) on account of a decline in the fund flow
from operations to INR59 million (INR161 million). HAPL has an
elongated net cash conversion cycle, ranging between 136-182 days
during FY16- FY20, due to the nature of the business. The net cash
conversion cycle stretched on a YoY basis to 170 days in FY20
(FY19: 136 days), as the creditor days declined to 56 days (111
days) because the company made early payments to suppliers to
maintain the relationships. Ind-Ra expects the net cash conversion
cycle to remain elongated over the medium term, as of the debtor
days and inventory days would remain high due to the nature of
business. The figures for FY20 are provisional in nature. The
company has mandatorily been granted the Reserve Bank of
India-prescribed moratorium by both its banks - Indian Overseas
Bank (bonds rated 'IND AA-'/Negative) and The Karur Vysya Bank Ltd
(bonds rated 'IND A+'/Stable).

The ratings reflect the weak credit metrics because of the modest
EBITDA margins. The credit metrics deteriorated in FY20 on account
of a fall in the absolute EBITDA to INR162 million (FY19: INR236
million) and an increase in the total debt to INR997 million
(INR747 million), mainly resulting from an increase in the
unsecured loans from directors and relatives (interest rate - 11%)
to INR489 million (INR340 million). In FY20, the interest coverage
(operating EBITDA/gross interest expense) was 1.9x (FY19: 3.1x) and
the net leverage (total adjusted net debt/operating EBITDAR) was
5.8x (3.1x). In FY20, HAPL undertook CAPEX of INR112 million for
the purchase of machinery and expansion of factory building. To
fund the CAPEX, the company took a term loan from Indian Overseas
Bank of INR70 million in July 2019; the balance requirement was
funded through internal accruals. HAPL does not have any major
debt-led CAPEX plans in the near term. Ind-Ra expects the credit
metrics to deteriorate further in FY21 owing to the likely drop in
the absolute EBITDA.

The ratings are constrained by the modest and volatile EBITDA
margins due to the intense competition in the industry. The margins
fluctuated between 2.4% and 17.7% during FY16-FY20. In FY20, HAPL's
EBITDA margin fell to 11.6% (FY19: 17.7) because of an increase in
operating expenses and a decline in exports, which typically yields
higher margins. The return on capital employed was 8.5% in FY20
(FY19: 18.5%). Ind-Ra expects the EBITDA margin to decline in FY21
due to a likely increase in the operating expenses post the
COVID-19-led lockdown, higher competition, and a fall in exports.

The ratings are also constrained by high customer concentration
risk. In FY20, the top three customers - L&T Valves Ltd, Sri Energy
Valves (P) Ltd., and Franklin Valve & Supply - contributed 79.9%
(FY19: 62.9%) to the total revenue. Considering the existing order
book, and the large share of repeat orders, Ind-Ra expects customer
concentration risk to remain high.

The rating factors in HAPL's medium scale of operations, as
indicated by revenue of INR1389 million in FY20 (FY19: INR1332
million). The revenue rose marginally on account of an increase in
the number of orders from existing as well as new customers. The
company achieved revenue of INR258 million during April-July 2020.
According to the management, as of August 1, 2020, HAPL's order
book amounted to INR325.2 million (0.23x of FY20 revenue), which is
likely to be executed before end-October 2020. Furthermore, as per
the management, with repeat orders accounting for a major portion
of the order book, the company typically witnesses a steady inflow
of orders. However, Ind-Ra expects the revenue growth to be
impacted in the initial two-quarters of FY21 due to a likely
decline in orders because of COVID-19-related disruptions.

The ratings are supported by the promoters' experience of around
four decades in the engineering industry. Furthermore, HAPL has
been operational for more than two decades in the industry, leading
to longstanding relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margin, leading to
deterioration in the credit metrics, on a sustained basis, could be
negative for the ratings.

Positive: A substantial rise in the revenue along with an increase
in the EBITDA margin, leading to the interest coverage exceeding
2.5x, along with an improvement in the liquidity position, could be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, HAPL manufactures high-quality castings and
forgings in an array of classes and material grades for various
industries. Its head office is located at Trichy (Tamil Nadu).  Its
casting and forgings units are located in the Trichy and
Pudukkottai districts in Tamil Nadu.


IRIS BUSINESS: Ind-Ra Moves 'B' LT Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Iris Business
Services Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating;

-- INR60 mil. Long-term loan due on March 2022 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Forward contract limits migrated to non-cooperating

     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 26, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, Iris Business Services is among India's
leading XBRL companies, with a comprehensive suite of XBRL-related
software solutions and services. It provides an integrated chain of
activities starting from the creation of documents in the XBRL
format, collection of XBRL data with the regulators, and data
analysis.


JAYAMALAR SPINNING: CRISIL Raises Rating on INR8cr Loan to B-
-------------------------------------------------------------
CRISIL has upgraded the rating on the long term bank loan
facilities of Sri Jayamalar Spinning Mills Private Limited (SJSMPL)
to 'CRISIL B-/Stable' from 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Long Term Loan         1.5       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')
   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects track record of timely servicing of debt
obligation since December 2019 supported by an improvement in
operating performance

The rating also reflects weak financial risk profile, modest scale
of operations and exposure to intense competition. These weaknesses
are partially offset by the promoter's extensive industry
experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Total outside liabilities to
tangible networth (TOLTNW) was high as reflected in 5.03 times as
on March 31, 2020. Interest coverage ratio was 2.13 times in fiscal
2020.  

* Modest scale of operations in highly fragmented textile yarn
industry: Despite being in the industry for close to 2 decades,
revenues were modest at INR32.94 crore in fiscal 2020. SJSMPL is
hence exposed to intense competition from several other large
spinning mills and other mid-sized spinning mills.

Strength:

* Promoter's extensive industry experience: The promoter's
experience of more than two decade in the textile industry should
support the company's business risk profile.

Liquidity Stretched

Bank limits were extensively utilized at above 95% for the last one
year ended July 2020. Annual cash accrual is expected to be at INR1
crore, which is sufficient against INR70-80 lacs term loan
repayment obligation per annum over the medium term. Current ratio
is moderate at 1 time as on March 31, 2020. COVID -19 moratorium
was availed by the firm for the period March ' Aug 2020 to shore up
liquidity

Outlook: Stable

SJSMPL is expected to benefit from the promoters extensive
experience over the medium term.

Rating Sensitivity factors

Upward factor

  * Sustained improvement in scale of operation by 20% and
sustenance of operating margin,

  * Improvement in working capital cycle leading to improved
liquidity.

Downward factor

  * Further stretch in working capital requirements or large debt
funded capex

  * Decline in the revenues by 25% or sharp deterioration in
profitability adversely impacting liquidity.

SJSMPL was incorporated in 2004 by Mr. Krishnaswamy and his wife
Mrs. K. Rathinam. The company is engaged in manufacture of cotton
yarn.


KADAMBRI HEALTHCARE: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kadambri
Healthcare Private Limited (KHPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan    13.05      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with KHPL for obtaining
information through letters and emails dated August 11, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KHPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of KHPL to
'CRISIL D Issuer not cooperating'.

KHPL, incorporated in 2015, is managed by Dr Nishant Tyagi and Dr
Ashok Gupta. The company has set up a 50-bed, mother-and-child
hospital at Ghaziabad, specialising in gynaecology and
paediatrics.


KARO COILS: CRISIL Keeps D on INR10.6cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Karo Coils Private
Limited (KCPL) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.01       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             8.65       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KCPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, by Mr. Savmit Grover, KCPL manufactures
cold-formed coil springs at its facility in Bhivadi, Rajasthan,
which has an installed capacity of 300 tonne per month.


KERALA STATE: Ind-Ra Affirms B+ on INR100MM Loan, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kerala State
Electronics Development Corporation Ltd's (KSEDC) bank facilities
as follows:

-- INR100 mil. Working capital limits affirmed with IND B+ /
     Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects the willingness of the government of
Kerala (GoK), which holds 98% stake in KSEDC, to extend unsecured
loans to support the company's CAPEX plans. KSEDC's debt largely
consists of unsecured loans from the state government; there is an
interest-freeze on these loans until FY21.

The rating also factors in the favorable resolution of the debt
restructuring with the GoK. The GoK agreed for the conversion of
government loan equivalent to the investment, loans, and advances
to defunct subsidiaries/associate companies into equity amounting
to INR720 million of the total unsecured loan of INR1,006.6 million
from the GoK as of FY20. The GoK also agreed for the conversion of
a working capital loan of INR185.0 million into equity; of this
INR125.0 million was converted as per the company's book. According
to the management, the share capital will increase by INR780
million, following the debt restructuring.

The rating remains constrained by KSEDC's weak financial profile,
primarily owing to investments in the weak subsidiaries, some of
which are defunct. As per FY20 provisional financials, revenue
declined to INR4,430 million (FY19: INR4,585 million, FY18:
INR3,967 million), primarily on account of operational disruptions
due to the COVID-19 led lockdown during the last week of March
2020. This coupled with an increase in raw material costs, led to a
decrease in the company's EBITDA margin to 1.5% in FY20 (FY19:
2.8%, FY18: 2.9%). The margin remained weak over FY16-FY20. The
return on capital employed was 1% in FY20 (FY19: 4%, FY18: 3%). As
of March 2020, the company had an unexecuted order book of
INR7,477.6 million, providing medium-to-long-term revenue
visibility. The company's scale of operations remains medium.

During FY20, the interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.4x (FY19: 3.7x, FY18: 4.0x) and net
leverage (total adjusted net debt/operating EBITDAR) to 32.6x
(14.7x, 14.8x) due to a decline in operating EBITDA to INR65
million (INR130 million, INR114 million) and an increase in the
total debt to INR2,350.4 million (INR2,176 million, INR2,096
million) for the execution of certain projects. Ind-Ra expects the
total debt to reduce in FY21 following the conversion of the
unsecured loan from the GoK to equity to the extent of INR720
million. Of KSEDC's total outstanding debt of INR2,350.4 million at
FYE20, unsecured loans from the GoK and other state government
entities accounted for INR2,239.6 million (including accrued
interest).

Liquidity Indicator - Poor: KSEDC's weak earnings and high working
capital requirements had resulted in continued delays in debt
servicing on the unsecured loans from the state government and
other government entities.  Its working capital cycle remained
stretched at 113 days in FY20 (FY19: 109 days, FY18: 109 days)
because the long debtor days of 250-322 over FY16-FY20 due to
delayed payments from the customers, primarily government bodies.
The company's cash flow from operations remained negative during
FY18-FY19 (FY19: negative INR141 million, FY18: negative INR291
million), although likely to have turned positive in FY20 primarily
on account of a reduction in debtors and inventory held at the end
of the year. The company has scheduled repayment of the working
capital term loan of INR90 million in FY21, which is likely to be
met from internal accruals. The company had cash and cash
equivalents of INR141 million at FYE20 (FYE19: INR257 million,
FYE18: INR409 million).

However, the ratings are supported by KSEDC's significant track
record; the company has been operating in the electronics industry
since 1973.

RATING SENSITIVITIES

Negative: Any decline in the operating profitability and a further
stretch in the working capital cycle, leading to a further
deterioration in the liquidity position and credit metrics, would
be negative for the ratings.

Positive: A significant improvement in the working capital cycle,
leading to an improvement in the liquidity position, while
sustaining the scale of operations along with an improvement in the
operating profitability and successful implementation of the debt
restructuring granted by its shareholder would be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1972, Trivandrum, Kerala-based KSEDC is a GoK
undertaking engaged in the manufacturing of a wide range of
electronic goods. Moreover, it undertakes projects involving the
designing, manufacturing, testing, installation, commissioning, and
maintenance of electronic equipment in industrial establishments.
KSEDC has six strategic business units, along with a diversified
product portfolio, catering to sectors such as defense, space,
power electronics, control and instrumentation, traffic management,
IT/ITES, and security and surveillance. The company has three
manufacturing facilities across the state.


MAGNUM SPINNING: Ind-Ra Cuts Issuer Rating to 'BB', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Magnum Spinning
Millss India Private Limited's (MSMIPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. (increased from INR90 mil.) Fund-based working
     capital facilities Long-term rating downgraded; Short-term
     rating affirmed with IND BB/Stable/IND A4+ rating; and

-- INR61.50 mil. (increased from INR9.49 mil.) Term loan due on
     FY27 downgraded with IND BB/Stable rating.

KEY RATING DRIVERS

The downgrade reflects the company's deteriorated credit metrics in
FY20 and Ind-Ra's expectations of further deterioration in FY21 as
the company has availed a new COVID-19 loan to address the cash
flow mismatch. According to the provisional financials for FY20,
the company's interest coverage deteriorated to 3.82x (FY19: 5.6x)
and net financial leverage to 3.65x (1.77x). The deterioration was
a result of the increase in the interest costs on higher year-end
debt as the company availed a new term loan for the installation of
the windmill. The total cost of the project is INR82.3 million
which is funded by a term loan and internal accruals. MSMIPL's
modest operating EBITDA margin declined to 9.6% in FY20 (FY19:
11.3%) due to an increase in the other expenses. The return on
capital employed was 7% in FY20 (FY19: 12%).

The ratings are further constrained by MSMIPL's small scale of
operations with revenue of INR591 million in FY20 (FY19: INR645
million). The revenue declined in FY20 due to the COVID-19-led
lockdown in March 2020. Ind-Ra expects the revenue to decline
further in FY21 due to continued economic disruption. Till
end-August 2020, the company had earned revenue of INR196 million.

Liquidity Indicator - Stretched: The company's working capital
utilization was 95% during the 12 months ended in June 2020.
Although the cash flow from operations remained positive, it
declined to INR21.91 million in FY20 (FY19: INR39.24 million). The
cash and cash equivalent stood at INR11.06 million at FYE20 (FYE19:
INR0.80 million). The company has not availed the Reserve Bank of
India-prescribed moratorium.

The ratings continue to benefit from the promoters' two-decade-long
experience in yarn manufacturing, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and liquidity
while maintaining the credit metrics on a sustained basis will be
positive for the ratings

Negative: Further deterioration in the scale of operations and/or
liquidity or credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, in Salem, Tamil Nadu, MSMIPL manufactures
blended yarn (cotton, polyester, and Lenzing viscose) with an
installed capacity of 12,960 spindles.


MAHALAXMI FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahalaxmi Food
Products (MFP) continue to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        8         CRISIL D (ISSUER NOT COOPERATING)

   Project Loan       3.75      CRISIL D (ISSUER NOT COOPERATING)

   Proposed Term
   Loan               0.80      CRISIL D (ISSUER NOT COOPERATING)

   Term Loan          7.45      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MFP for obtaining
information through letters and emails dated January 14, 2020 and
July 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MFP was set up as a partnership firm in 2004 at Ratnagiri. The firm
processes flour and spices. The partners of the firm are Mr. Yogesh
Sarpotdar and Mr. Anand Mulye.


MERCURY INDUSTRIES: Ind-Ra Affirms BB+ LongTerm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mercury Industries
Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund based working capital affirmed with IND BB+
     /Stable rating;

-- INR42.8 mil. (increased from INR7.5 mil.) Term loan due on
     July 2028 affirmed with IND BB+/Stable rating; and

-- INR1.5 mil. (reduced from INR15.5 mil.) Non-fund-based
     Facility affirmed with IND A4+ rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of MIL and its subsidiaries, Mural Paints & Chemicals PLC and
Metcan Industries PLC, both based in Ethiopia, for arriving at the
ratings. All the companies have strong operational and strategic
interlinkages, as they operate in the same line of business. At
FYE20, MIL held 100% in Metcan Industries and 99% in Mural Paints &
Chemicals.

KEY RATING DRIVERS

The ratings continue to reflect MIL's medium scale of operations
even as the consolidated revenue grew at 22% yoy to INR1,614.3
million in FY20, supported by a continuous order inflow across
regions by both existing and new customers along with improved
sales realisations. Ind-Ra expects the revenue to fall year-on-year
in FY21 due an overall slowdown in the paint industry. FY20 numbers
are provisional in nature.

The modest consolidated EBITDA margins declined to 5.9% (FY19:
9.84%) due to the fluctuations in the raw material prices as
material cost is the major contributor to the total expenses. The
return on capital employed stood at 10% in FY20 (FY19: 20%). Ind-Ra
expects the EBITDA margins to remain stagnated in the near term due
to impact of the COVID-19-led lockdown.

Furthermore, the consolidated credit metrics deteriorated in FY20
with gross interest coverage (operating EBITDA/gross interest
expense) of 3.71x (FY19: 4.5x) and net leverage (adjusted net
debt/operating EBITDAR) of 2.57x (1.4x) owing to an increase in the
total debt to INR268 million (INR259 million) and a decline in the
absolute EBITDA to INR95.24 million in FY20 (INR145.59 million).
Ind-Ra expects the credit metrics to deteriorate further in FY21 on
the back of a further increase in the debt levels due to capex and
the loans availed under the COVID-19 micro, small, and medium
enterprises package.

Liquidity Indicator - Stretched: MIL's operations are working
capital–intensive. The consolidated cash and cash equivalent
reduced to INR23.56 million in FY20 (FY19: INR49.4 million). The
company's average utilisation of fund-based limits stood at 88%
over the 12 months ended June 2020. MIL has repayment obligations
of about INR15.18 million, INR32.3 million and INR29.2 million in
FY21, FY22, and FY23, respectively.

The company's free cash flow that remained positive at INR18
million in FY20 (FY19: INR19 million) is likely to turn negative in
FY21 mainly on account of the debt-led capex incurred by MIL for
expanding its facility in Syka Industrial Estate in Gujarat to
supply cans for Kansai Nerolac Paints Limited.

The consolidated cash flow from operations increased to INR78
million in FY20 (FY19: INR72.5 million) on account of an
improvement in the net conversion cycle to 103 days (149 days) as a
result of a reduction in the inventory holding period to 83 days
(134 days). In FY21, the cash flow from operations is likely to
reduce on account of the stagnated EBITDA. MIL availed the Reserve
Bank of India-prescribed moratorium under for its term loans and
working capital facilities over March-August 2020.

However, the ratings are supported by MIL's geographical
diversification with operations in Tamil Nadu, Kolkata and Gujarat
and its strong ties with Kansai Nerolac Paints, Asian Paints
Limited, Indigo Paints Private Limited, and The India Thermit
Corporation Limited. MIL is the registered vendor for these
companies and has adopted the just-in-time method of delivery for
them, giving it a competitive edge and continuous order inflow.

The ratings continue to derive strength from the group's promoters
who have over two decades of experience in the manufacturing of
metal/tin cans.

On standalone basis, MIL's revenue grew 2% yoy to INR1,149 million
in FY20 while the EBITDA margins declined to 6.9% (FY19: 7.1%) due
to raw material price fluctuation leading to marginal deterioration
in the net leverage to 3.4x (3.2x). However, the interest coverage
improved to 3.1x in FY20 (FY19: 2.6x) due to a reduction in the
interest expenses.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and EBITDA
margin along with improved liquidity position with the net leverage
staying below 3x will be positive for the ratings.

Negative: A decline in the revenue and/or EBITDA margin along with
deterioration in the liquidity position leading to deterioration in
the credit metrics on a sustained basis will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1985, MIL manufactures paint cans, metal
containers, packaging tins, metal gift boxes and others and
supplies them to companies that primarily operate in the paint
industry globally. MIL has an installed capacity of 15.9 million
cans per annum.


MOHAN MOTOR: CRISIL Keeps D on INR65cr Loan in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Mohan Motor Udyog
Private Limited (MMUPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         65       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MMUPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1986 and promoted by Mr. Sandip Kumar Bajaj and Mr.
Gaurav Bajaj, MMUPL was an authorised dealer for Maruti Suzuki
India Ltd till March 2014, when it acquired dealership of Hyundai
Motor India Ltd vehicles. It has two exclusive showrooms with three
extension counters and one workshop in Kolkata.


MUGHAL FOUNDATION: CRISIL Keeps D on INR8cr Debt in Not Cooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Mughal Foundation Mall
(MFM) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan       8       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MFM for obtaining
information through letters and emails dated January 14, 2020 and
July 31, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MFM operates a 1.23 lakh square feet commercial mall in
Kodungallur. It was established in 2012 as a partnership firm by
Mr. Mohamed Ali (who manages the operations) and his family.


NOVARC LABS: CRISIL Keeps D on INR8cr Loans in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Novarc Labs Private
Limited (NLPL) continue to be 'CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         5        CRISIL D (ISSUER NOT COOPERATING)

   Proposed Cash
   Credit Limit        3        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with NLPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

NLPL was incorporated in September 2014 as a private limited
company by Ms. Vishali Sravanthi M. The company, based in
Hyderabad, trades in APIs such as chlorothalidone and
hydrochlorothiazide.


OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Omkar Speciality
Chemicals Limited (OSCL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bill Discounting      10        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit           71        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Corporate Loan        50        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      60        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with OSCL for obtaining
information through letters and emails dated August 11, 2020 and
August 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

OSCL, set up in 1983, manufactures specialty chemicals, organic and
inorganic chemicals, and inorganic intermediates such as iodine,
selenium, molybdenum and their derivatives. The pharmaceutical
industry remains the major end user segment of the company,
accounting for nearly 70-75% of its revenues, with poultry, glass
and water treatment being the other major end user segments. The
company has 6 manufacturing facilities in Badlapur, Maharashtra.


PANDA DAIRY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Panda Dairy Products Private Limited
        House No. 57, Shanti Nagar
        Chaitanyapuri Main Road
        Beside Santosh Mansion Apartments
        Chandramoulinagar
        Guntur AP 522007

Insolvency Commencement Date: September 2, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 1, 2021

Insolvency professional: Chakravarthi Srinivasan

Interim Resolution
Professional:            Chakravarthi Srinivasan
                         1-4-211/42/1, Pradhamapuri Colony
                         Sainikpuri, Hyderabad 500062
                         E-mail: csriniirp@gmail.com

Last date for
submission of claims:    September 16, 2020


PET METAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pet Metal Private Limited
        512, Gayatri Chambers
        Nr Rajpath Hotel
        Above Milan Hotel
        R.C. Dutt Road
        Vadorada 390007
        Gujarat, India

Insolvency Commencement Date: August 24, 2020

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: February 20, 2021

Insolvency professional: Gordhanbhai Ratnabhai Godhani

Interim Resolution
Professional:            Gordhanbhai Ratnabhai Godhani
                         16, Sakarta Society
                         Kargil Chowk, Punagam
                         Surat 395010
                         Gujarat
                         E-mail: grgodhani@gmail.com

                            - and -

                         209 Rajhans Point
                         Geetanjali
                         Varachha Road
                         Surat 395006
                         Gujarat
                         E-mail: cirp.petmetal@gmail.com

Last date for
submission of claims:    September 7, 2020


PLASTENE POLYFILMS: Ind-Ra Affirms & Withdraws 'BB+' Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Plastene Polyfilms
Limited's (PPL) Long-Term Issuer Rating of 'IND BB+' and
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits* affirmed and
     withdrawn; and

-- INR90 mil. Non-fund-based working capital limits** affirmed and

    Withdrawn.

*Affirmed at 'IND BB+' before being withdrawn.

**Affirmed at 'IND A4+' before being withdrawn.

The issuer requested Ind-Ra for the withdrawal of the ratings
because it is not required to obtain an external credit rating as
per the extant guidelines of the Reserve Bank of India and the
internal guidelines of the lender (State Bank of India; 'IND
BBB'/Stable) since its exposure is below the threshold limit of
INR500 million.

KEY RATING DRIVERS

The affirmation reflects PPL's continued small scale of operations,
as highlighted by the revenue of INR1,097 million in FY20 (FY19:
INR1,248 million). The company's revenue declined in FY20 due to
lower sales from the trading segment at INR210.2 million (FY19:
INR437.4 million). The company achieved revenue of INR227.4 million
in 1QFY21. FY20 financials are provisional in nature.

The ratings also factor in the company's moderate credit metrics
with interest coverage (operating EBITDA/gross interest expense) of
2.4x in FY20 (FY19: 2.6x) and net financial leverage (adjusted net
debt/operating EBITDAR) of 3.5x (2.7x). The credit metrics
deteriorated due to an increase in the short-term debt to INR182
million in FY20 (FY19: INR163 million) to fund increased
working-capital requirements.

Liquidity Indicator - Stretched: The company utilized 98.6% of its
working capital limits during the 12 months ended June 2020. Its
cash flow from operations deteriorated to negative INR12.20 million
in FY20 (FY19: negative INR4.93 million) owing to an elongation in
working capital cycle to 56 days (47 days). The company's working
capital cycle elongated due to a stretch in receivables to 56 days
in FY20 (FY19: 47 days). The company has availed of the Reserve
Bank of India-prescribed debt moratorium.

The ratings also factor in the company's average EBITDA margin,
which contracted to 6.2% in FY20 (FY19: 6.6%) owing to increased
raw material and packing costs. Its return on capital employed
stood at 14% in FY20 (FY19:13%).

The ratings, however, are supported by PPL's locational advantage,
as its plant is located close to Gujarat's Kandla port (around
35km) and Mundra port (around 90km), which helps in saving freight
cost. The company has an added advantage of its plant's proximity
to Reliance Industries Limited's ('IND AAA'/Stable) Jamnagar
refinery for sourcing raw material- polypropylene and
hi-density-poly-ethylene granules.

The ratings are also supported by the operational advantage PPL
enjoys as its group company - Plastene India Limited - is in the
same line of business, and the two companies can use each other's
spare capacities.

COMPANY PROFILE

Incorporated in 2009, PPL manufactures flexible intermediate bulk
containers, multifilament yarn and woven fabrics. The company's
operations are managed by managing director Pritesh Parekh who also
handles the international marketing of flexible intermediate bulk
containers for the parent Champalal Group.


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


The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR225 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 28, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Prakasam Heavy Engineering Private Limited, operational since 2010,
is headed by Anil Kumar who has around 20 years of experience in
the construction business. The company started operations as an
electrode manufacturer but subsequently became an electrical
contractor for carrying out projects for various state governments
and local authorities.


RAJDHANI EDUCATIONAL: CRISIL Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rajdhani
Educational Charitable Trust (RECT) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        7.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RECT for obtaining
information through letters and emails dated May 29, 2020, August
11, 2020 and August 15, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RECT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RECT is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of RECT to
'CRISIL D Issuer not cooperating'.

Incorporated in May 2015, RECT is a Delhi-based trust, engaged in
the lease rental business. It has entered into an agreement with
'Presidium Educational & Charitable Trust' for running a school
over a 45-year tenure.


RAJSHRI IRON: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rates Rajshri Iron Industries
Private Limited at 'IND BB-' with a Stable Outlook. As part of the
ongoing rating review exercise and in line with the regulatory
requirement, Ind-Ra had requested the issuer on August 20, 2020,
July 14, 2020, and June 28, 2020, for updated information on the
company's performance. In view of the COVID-19 led lockdown, the
issuer has informed the agency that it needs more time to provide
the required data. It has opted for the debt moratorium allowed by
the Reserve Bank of India from March-August 2020.

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


REWA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL has withdrawn its rating on INR0.55 crore Proposed Long Term
Bank Loan Facility of Shri Rewa Rice Mills Private Limited (SSRMPL)
on the request of the company. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     0.55      CRISIL B+/Stable (Withdrawn)

   Term Loan              7.45      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSRMPL for obtaining
information through letters and emails dated February 12, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on INR0.55 Crore Proposed Long Term
Bank Loan Facility of SSRMPL on the request of the company. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

Incorporated in 2013, SSRMPL has set up a rice milling unit with
processing capacity of 100 tonnes per day at Udaipura in Raisen
(Madhya Pradesh). The company is promoted by Mr. Rajendra Singh
Raghuvanshi and Mr. Sandeep Raghuvanshi. Its registered office is
at Udaipura.


S A MULLA: CRISIL Migrates D on INR10cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S A Mulla
(SAM) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       5       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit          5       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SAM for obtaining
information through letters and emails dated August 11, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SAM is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SAM to 'CRISIL
D/CRISIL D Issuer not cooperating'.

SAM, set up in 1986 as a proprietorship, was converted into a
partnership in fiscal 2018. The Kolhapur-based firm constructs
roads and canals for the Karnataka and Maharashtra governments. Mr.
Saifuddin A Mulla and Mr. Mainuddin S Mulla are the partners.


S.A.AANANDAN SPINNING: Ind-Ra Cuts LongTerm Issuer Rating to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded S.A.Aanandan
Spinning Mills Private Limited's (SASMPL) Long-Term Issuer Rating
to 'IND BB-' from 'IND BB (ISSUER NOT CO-OPERATING)'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR66.0 mil.(reduced from INR110.6 mil.) Term loan due on May
     2026 downgraded with IND BB-/Stable rating; and

-- INR500.0 mil. (increased from INR450.0 mil.) Fund-based
     working capital limits Long-term rating downgraded; short-
     term rating affirmed with IND BB-/Stable/IND A4+ rating; and

-- INR55.0 mil. (reduced from INR60.0 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

The downgrade reflects the FY20 margins and credit metrics
remaining below FY18 levels despite registering improvements.

KEY RATING DRIVERS

SASMPL's EBITDA margins remained modest in FY20 due to the intense
competition in the industry. The margin increased to 5.87% in FY20
(FY19: 2.45%; FY18: 6.4%) due to an increase in the share of
high-margin products in the revenue. The margin had declined
sharply in FY19 due to rupee depreciation.  The return on capital
employed stood at 6% in FY20 (FY19: nil; FY18: 5%). The figures for
FY20 are provisional in nature.

Furthermore, the credit metrics continued to be weak due to the
modest EBITDA margins. The metrics improved in FY20 because of an
increase in the operating EBITDA to INR79.3 million (FY19: INR29.1
million; FY18: INR65.13 million). The interest coverage (operating
EBITDA/gross interest expense) was 1.2x in FY20 (FY19: 0.4x; FY18:
2.16x) and the net leverage (adjusted net debt/operating EBITDAR)
was 8.6x (20.38x; 7.75x). Ind-Ra expects the EBITDA and credit
metrics to deteriorate in FY21 due to the COVID-19-led lockdown.

The ratings are constrained by the continued small scale of
operations, as indicated by revenue of INR1352.26 million in FY20
(FY19: INR1190.20 million; FY18: INR1,024.9 million). The revenue
grew by 13.62% yoy in FY20 due to an increase  in the number  of
orders. At end-August 2020, SASMPL's order book was worth INR200
million, which would be executed by end-October 2020, providing
near-term revenue visibility. The company achieved revenue of
INR250 million till July 2020. SASMPL's revenue in FY21 is likely
to be affected by the COVID-19-led lockdown.

Liquidity Indicator - Poor: SASMPL's average utilisation of the
fund-based limits was 93% during the 12 months ended July 2020. The
cash flow from operations remained negative and deteriorated to
INR60.5 million in FY20 (FY19: negative INR8.4 million) due to an
unfavourable change in the net working capital. The net cash cycle
improved to 157 days in FY20 (FY19: 169 days) owing to a decrease
in the inventory period to 134 days (168 days). The company had a
cash balance of INR13 million at FYE20 (FYE19: INR6.73 million).
SASMPL has repayment obligations of INR15.0 million and INR9.0
million in FY21 and FY22, respectively, which will be met through
net cash accruals and funds from promoters. The company has availed
the Reserve Bank of India-prescribed debt moratorium for
April–September 2020.  

However, the ratings continue to be supported by the promoters'
two-decade-long experience in the cotton yarn manufacturing
business.

RATING SENSITIVITIES

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or deterioration in the
liquidity position, will be negative for the ratings.

Positive: An improvement in the scale of operations, leading to an
improvement in the liquidity position and credit metrics, with the
interest coverage exceeding 2.0x, on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1996, SASMPL manufactures cotton yarn in the count
range of 20s-160s. It has an annual installed capacity of 21,250
spindles.


SAGAR INDUSTRIES: Ind-Ra Cuts Issuer Rating to B+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sagar Industries
& Distilleries Private Limited’s (SIPL) Long-Term Issuer Rating
to ‘IND B+’ from ‘IND BB- (ISSUER NOT COOPERATING)’. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based limit downgraded with IND B+/Stable
     rating; and

-- INR10 mil. (reduced from INR50 mil.) Non-fund-based limit*
     (sublimit of cash credit) downgraded with IND A4/Stable
     rating.

The downgrade reflects the sharp decline in SIPL's revenue and
deterioration in the credit metrics in FY20, and the likelihood of
further deterioration in the credit metrics during FY21 due to the
additional debt undertaken by the company during the year.
KEY RATING DRIVERS

SIPL's revenue declined to INR272 million in FY20 (FY19: INR656
million) due to a drop in sales volumes, resulting from lower
availability of raw material (molasses), and delays in the fixing
of sugar prices, owing to the delay in the formation of the
government in Maharashtra. The scale of operations continued to be
small. Ind-Ra expects the revenue to increase during FY21, led by
an improvement in the sales volumes. The figures for FY20 are
provisional in nature.

Furthermore, SIPL's credit metrics remained weak and deteriorated
in FY20, mainly on account of the decline in the absolute EBITDA to
INR52.42 million (FY19: INR65.93 million). The interest coverage
(operating EBITDA/gross interest expense) was 2.12x in FY20 (FY19:
2.32x) and the net financial leverage (total adjusted net
debt/operating EBITDAR) was 9.28x (8.14x). In FY21, the credit
metrics are likely to deteriorate owing to the additional debt
availed by the company in August 2020  (not yet disbursed).

The ratings reflect SIPL's modest EBITDA margins due to the intense
competition in the industry and the seasonal nature of the
business. The margin increased to 19% in FY20 (FY19: 10.04%) due to
an increase in realisations. The ROCE stood at 4% in FY20 (FY19:
6%). The margins are likely to deteriorate in FY21 due to a decline
in realizations, resulting from poor market conditions owing to the
nationwide lockdown.

Liquidity Indicator - Stretched: SIPL's average utilisation of the
fund-based working capital limits was around 93% during the 12
months ended June 2020.The cash flow from operations remained
positive and increased to  INR56.7 million in FY20 (INR19.68
million) because of favourable changes in the working capital.
However, the cash flow is likely to decline in FY21 due to
stretching of the working capital cycle and decline in the
operating margins. The cash and cash equivalent stood at is INR2.7
million at end-FY20 (end-FY19: INR16.8 million).The working capital
cycle of the company elongated substantially to 323 days in FY20
(FY19: 145 days) on account of an increase in the inventory days
(FY20:342 days,FY19:141 days), which is likely to remain stretched
due to the seasonal nature of the business. SIPL has availed
Reserve Bank of India-prescribed moratorium for March-August 2020
and has taken an additional COVID-19 loan in order to meet the
mismatch in the cash flows.

The ratings, however, are supported by the promoters' experience of
over two decades in the alcohol industry.

RATING SENSITIVITIES

Negative: Further decline in the revenue, leading to a weakening of
the overall credit profile, and/or any stress on the liquidity
position will be negative for the ratings.

Positive: A substantial growth in the revenue and profitability,
leading to an improvement in the overall credit metrics, on a
sustained basis, would result in a positive rating action.

COMPANY PROFILE

Incorporated in 1999, SIPL manufactures portable and non-portable
alcohol at its facility in Nashik, Maharashtra.


SAINI ALLOYS: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Saini Alloys
Limited's (SAL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR155 mil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating; and

-- INR15 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

The affirmation reflects SAL's modest margin and moderate credit
metrics despite its revenue declining over 50% yoy in FY20.

KEY RATING DRIVERS

The affirmation reflects SAL's continued moderate scale of
operations, as reflected by the revenue of INR1,579.80 million in
FY20 (FY19: INR3,644.86 million). The revenue more than halved in
FY20 due to a decline in sales owing to sluggish demand and
COVID-19 led operational disruptions. Owing to the sluggish demand,
the company shut down its ingots plant at Muzaffarnagar (Uttar
Pradesh) in FY20, which was previously on lease. SAL's capacity
utilisation of its furnace and steel tubes and pipes manufacturing
unit reduced to 36% and 8%, respectively, in FY20 (FY19: 52% and
17% respectively). Post the lifting of the nation-wide COVID-19 led
lockdown, the company resumed manufacturing in mid-May 2020 and
booked revenue of around INR300 million, as of 20 August 2020.
Given the continued weak demand, the management expects the
company’s revenue growth to be flat in FY21. FY20 financials are
provisional in nature.

The ratings are constrained by SAL's modest margins, which expanded
slightly to 1.24% in FY20 (FY19: 1.11%) due to increased
higher-margin alloy steel casting sales and decreased lower-margin
trading segment sales amid low fixed- and semi-fixed costs. The
company's return on capital employed fell to 5% in FY20 (FY19:
11%). Ind-Ra expects the company's margins to remain flat or expand
slightly in FY21 as the management expects  increased sales of the
higher-margin alloy steel casting segment.

The ratings further factor in the company's moderate credit
metrics. SAL's interest coverage (operating EBITDA/gross interest
expense) deteriorated slightly to 2.50x in FY20 (FY19: 2.54x) and
net leverage (total adjusted net debt/operating EBITDAR) to 3.50x
(2.67x) due to a decline in the EBITDA to INR19.62 million
(INR40.36 million). The agency expects the credit metrics to remain
moderate in FY21 owing to the low finance cost due to the moderate
utilisation of working capital debt.

Liquidity Indicator - Stretched: SAL's cash and cash equivalents
were low at INR3.08 million at FYE20 (FYE19: INR51.51 million) and
utilisation of its fund-based limits was moderate at around 65%
during the 12 months ended July 2020. Ind-Ra estimates the
company's positive cash flow from operations to have decreased to
INR45.20 million in FY20 (FY19: INR48.77 million) due to the low
sales. The company's net working capital cycle elongated to 39 days
in FY20 (FY19: 23 days) due to the year-end COVID-19 disruptions.
The company has low debt repayment obligation of INR1.12 million in
FY21 and it also availed of the Reserve Bank of India-prescribed
moratorium for three months (March-May 2020) for the payment of
interest on working capital limits and for six months (March-August
2020) for the repayment of equated monthly instalments for its
vehicle loans.

The ratings, however, are supported by the promoters' over two
decades of experience in the steel industry.

RATING SENSITIVITIES

Positive: A substantial increase in the capacity utilisation,
leading to an improvement in the revenue and EBITDA margins, while
maintaining the credit metrics could be positive for the ratings.

Negative: A further deterioration in the scale of operations,
dragging the interest coverage below 1.7x could be negative for the
ratings.

COMPANY PROFILE

SAL was incorporated in 1999 as a private limited company and was
converted into a limited company in March 2018. It manufactures
ingots, steel pipes, and casting products, and is also involved in
the trading of hot-rolled products.


SARLA MEDICAL: CRISIL Moves D on INR12cr Loans to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sarla Medical
Centre Private Limited (SMCPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan      10       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Overdraft            2       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SMCPL for obtaining
information through letters and emails dated May 29, 2020, August
11, 2020 and August 15, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SMCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SMCPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SMCPL to
'CRISIL D Issuer not cooperating'.

SMCPL, incorporated in 1999, is running a multispecialty hospital,
in Sector-119, Noida, with 100 beds and spread over total built up
area of 52,889 sqaure feet. The company was running a nursing home
in Sector-56, Noida since its inception.


SHALAK EATABLE: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shalak Eatable
Products Private Limited (SEPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Standby Overdraft     1.5        CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Term Loan            14.66       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SEPPL for obtaining
information through letters and emails dated August 20, 2020 and
August 25, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SEPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SEPPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SEPPL to
'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2008 and promoted by Mr. Rajesh Bansal and Mr.
Yogesh Bansal, SEPPL manufactures and trades in 2D and 3D pellet
snacks. In fiscal 2019, the product profile was diversified to
include food products such as pasta and macaroni. The manufacturing
facility is in Mohammadpur (Lucknow).


SHUBHI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shubhi Agro
Industries Limited (SAIL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      1        CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit        20        CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long      53.55     CRISIL D (ISSUER NOT COOPERATING)
   Term Bank
   Loan Facility      

   Term Loan          22.95     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SAIL for obtaining
information through letters and emails dated August 11, 2020 and
August 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 and promoted by Mr. Nandkishore Attal, SAIL
(formerly, Vaishno Devi Dairy Products Pvt Ltd) processes milk into
milk concentrate, ghee, butter, skimmed milk powder, dairy
whitener, curd, and paneer. The manufacturing facilities in
Sahajpur near Pune, Maharashtra, have a milk-processing capacity of
0.7 million litre per day.


SIKAR BIKANER: Ind-Ra Affirms 'D' Rating on INR4BB Bank Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sikar Bikaner
Highway Ltd's (SBHL) bank loans' rating at 'IND D' as follows.

The instrument-wise rating action is:

-- INR4.0^ bil. Senior project bank loans affirmed with IND D
     rating.

^The total outstanding (including penal interest) was INR3,934
million, as of August 31, 2020.

SBHL has been providing project-related information in a timely
manner since January 2020, in line with regulatory compliance.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
SBHL, since June 2018, as per the agency's discussions with
management and lenders. The rating also factors in the lack of any
clarity on the right of sponsor-infused unsecured loans, to call an
event of default on SBHL's loans.

As per the latest update on the National Company Law Appellate
Tribunal ruling dated March 12, 2020, SBHL continues to be
classified as a red entity, based on its debt-servicing ability,
depicting the inability of the company to meet its payment
obligations towards even senior secured financial creditors, as and
when such payment obligations become due.

RATING SENSITIVITIES

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

COMPANY PROFILE

SBHL, which is wholly-owned by IL&FS Transportation Networks
Limited ('IND D'), is a special purpose company incorporated to
undertake the widening and operations of a combination of a
two-lane and a four-lane highway (National Highway 11) in
Rajasthan. The concession grantor is the Public Works Department of
the government of Rajasthan. The concession is for 25 years, with a
right to collect toll during the concession. The security and terms
of the subordinate debt agreement are junior to the senior debt.


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

The instrument-wise rating actions are:

-- INR170 mil. Fund-based working capital limits (Long-term and
     Short-term) migrated to non-cooperating category with IND D   

     (ISSUER NOT COOPERATING) rating;

-- INR80 mil. Non-fund-based limits (Short-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR170 mil. Proposed non-fund-based limit (Short-term)* is
     withdrawn.

*Ind-Ra has, as per its updated policy, withdrawn the provisional
rating on SEC's non-fund based facilities, as it is outstanding for
more than 180 days and the company did not provide the agency with
a sanction letter for the same.

COMPANY PROFILE

Siva Engineering Company, set up in 1978 as a partnership firm,
constructs bridges, buildings, and water-treatment plants,
primarily in Tamil Nadu. Its operations are managed by R Muthuswamy
and Siva Subramaniam.


SWE FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of SWE Fashions Private
Limited (SFPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.02        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          5           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     1           CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   0.98        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            7           CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SFPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SFPL was incorporated in October 2013. The company manufactures
jeans for various brands including Levi's, Mufti, Louis Philippe,
U.S. Polo, and Allen Solly. It also washes fabric for several
garment manufacturers. Its Bengaluru-based promoter director, Mr. S
Princeton, oversees the company's daily operations. The promoter
began operations through a proprietorship firm, Snow White
Enterprises, which was acquired by SFPL in April 2014.


TEXON GLOBAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Texon Global Private Limited
        Texon House, Shelter 2
        Ground Floor, B/H Misuja Court
        Vasna, Vadodara 390007

Insolvency Commencement Date: August 26, 2020

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: February 22, 2021

Insolvency professional: Sachin Dinkar Bhattbhatt

Interim Resolution
Professional:            Sachin Dinkar Bhattbhatt
                         A-103, Yogiraj Villa 2
                         Behind Iscon Heights
                         Kunal Cross Roads
                         Gotri-Laxmipura Road
                         Gotri, Vadodara
                         Gujarat
                         E-mail: sachin.bhattbhatt@gmail.com

Last date for
submission of claims:    September 11, 2020


THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Thermosol Glass
Private Limited (TGPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     2.5       CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit       13         CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan    29.36      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with TGPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

TGPL was incorporated in March 2011 to set up a glass-processing
unit in the Kutch district of Gujarat, primarily to supply
parabolic mirrors to CSP plants. The unit is estimated to have
installed capacity of 1.1 million square metres (sqm) per annum.
The project has been commissioned at an estimated cost of INR86.4
crore, funded through debt of around INR46.0 crore, promoters'
contribution of around INR28.0 crore, and the remaining through
credit from suppliers. External debt is likely to be replaced with
contribution from promoters over the medium term.

TGPL is a part of Ahmedabad-based Cargo group, and a wholly-owned
subsidiary of flagship company, Cargo Motors Pvt Ltd (CMPL). The
Cargo group is promoted by Mr. Jayant Nanda and his family members.
CMPL, established in 1959, is one the largest dealers of commercial
vehicles of Tata Motors Ltd (rated 'CRISIL AA/Positive/CRISIL A1+')
in Gujarat.


TRIJAL ENTERPRISE: Ind-Ra Hikes LongTerm Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Trijal Enterprise
Private Limited's (TEPL) Long-Term Issuer Rating to 'IND BB-' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR219.40 mil. (increased from INR198 mil.) Fund-based limit
     upgraded with IND BB-/Stable rating;

-- INR280 mil. Non-fund-based limit assigned with IND A4+ rating;

     and

-- INR50.6 mil. Term loan due on February 2035 assigned with IND
     BB-/Stable rating.

The upgrade reflects TEPL's timely debt servicing and an
improvement in its stretched liquidity position in FY20. Post a
delay in the servicing of debt over March-July 2019, TEPL repaid
and converted its dropline overdraft facility to cash credit limit
in February 2020; unlike the dropline overdraft facility, the
utilization in the fund-based limit is restricted to the sanctioned
limit and drawing power remains same every month.

KEY RATING DRIVERS

Liquidity Indicator- Stretched, albeit Improving: TEPL's average
utilization of fund-based facilities and non-fund based facilities
was 87.84% and 47.62%, respectively, during the 12 months ended
July 2020. The company's cash flow from operations, although
negative, improved to INR38.82 million in FY20 (FY19: negative
INR280.87 million) owing to favorable changes in its working
capital cycle. TEPL's elongated net working capital cycle improved
to 244 days in FY20 (FY19: 292 days) due to a decline in the
inventory days to 230 days (286) despite its creditor days turning
negative owing to a mismatch between the advance payments made and
delivery delays due to the COVID-19 led lockdown. TEPL's year-end
unencumbered cash balance stood at INR54.42 million at FYE20
(FYE19: INR39.24 million) against repayment obligation of just
INR9.47 million in FY21. The company has availed of a moratorium
for its fund-based facilities over March-August 2020 under the
Reserve Bank of India's COVID-19 regulatory package scheme.
Furthermore, TEPL has been granted COVID-19 emergency loan
amounting to INR49.4 million. FY20 financials are provisional in
nature.

The ratings, however, are constrained by TEPL's continued small
scale of operations, as reflected by the revenue of INR939.34
million in FY20 (FY19: INR824.13 million). The revenue improvement
in FY20 was driven by the growing acceptance of the company's
offerings in the local market, insight into the consumer buying
pattern, and increased gold prices. The company did not witness any
fall in demand despite the outbreak of COVID-19 as the impact was
more severe in urban and semi-urban areas than in rural regions,
where TEPL operates. The company commenced silver jewellery
manufacturing in February 2020. As of August 2020, TEPL had orders
worth INR700 million, expected to be executed in September and had
already booked revenue of INR440.478 million till August 2020. The
agency expects the company's revenue to improve in FY21 owing to
increased sales in the silver segment due to the  capex undertaken
for setting up the silver jewellery manufacturing unit.  

The ratings factor in the company's modest margin, which contracted
to 4.12% in FY20 (FY19: 5.72%) due to increased personnel hiring to
boost production, higher business promotion expenses, and discounts
offered to encourage repeat orders. The company's return on capital
employed stood at 2.2% in FY20 (FY19: 4.5%). The agency expects the
margin to range between 3.5% and 5.7% in FY21 due to the fragmented
nature of the industry.

The ratings are further constrained by TEPL's continued moderate
credit metrics. The company's interest coverage (operating
EBITDA/gross interest expense) improved to 1.78x in FY20 (FY19:
1.38x) due to reduced interest expenses owing to the non-payment of
interest on the unsecured loan taken from group companies and
promoters' relatives. The net leverage (total adjusted net
debt/operating EBITDAR), however, deteriorated to 21.5x in FY20
(FY19: 14.6x) owing to an increase in the net debt to INR899.01
million (INR725.91million) to fund the capex.  According to the
management, the unsecured loan from group companies and relatives
will get converted to equity in November 2020, resulting in net
leverage improvement in the near term.

The ratings, however, continue to benefit from the promoters'
decade long experience in the jewellery trading and manufacturing
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, leading to
improved credit metrics with gross interest coverage exceeding
2.5x, and a further improvement in liquidity on a sustained basis
will be positive for the ratings.

Negative: A decline in the scale of operations and liquidity
leading to deterioration in the credit metrics with interest
coverage falling below 1.5x on a sustained basis will be negative
for the ratings.

COMPANY PROFILE

TEPL is engaged in the manufacturing of gold and silver jewellery
in Odisha. The business was initially started as a partnership in
the name of M/s Trijal Enterprise and the same was converted to a
private limited company in the name of TEPL with effect from 1
April 2017 and is managed by Rajesh Polaki, Tirumala Polaki, and
Chetan Patra.


UP KORAUN: Ind-Ra Keeps 'B-' Term Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Koraun Urja
Private Limited's rupee term loan rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)'/Negative on
the agency's website.

The detailed rating action is:

-- INR1.69 bil. Rupee term loan due on December 31, 2035
     maintained in non-cooperating category with IND B- (ISSUER
     NOT COOPERATING)/Negative rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

UP Koraun Urja was formed by Essel Green Energy Private Limited for
the development of a 40MW AC solar power project in Koraon Tehsil,
Prayagraj District, Uttar Pradesh.


UP MEHRAUNI II: Ind-Ra Keeps 'B-' Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Mehrauni II
Urja Private Limited's term loan in the non-cooperating category.
The Outlook is Negative. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR 1.790 bil. Term loan due on December 31, 2035, maintained
     in non-cooperating category with IND B- (ISSUER NOT
     COOPERATING)/Negative rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 27
August 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

UP Mehrauni II Urja was formed by Essel Green Energy Private
Limited for the development of a 40MW AC solar power project in the
Rijola village, Usawan Tehsil, Budaun District of Uttar Pradesh.


UP SARILA: Ind-Ra Keeps B- Term Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Sarila Urja
Private Limited's project term loan rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)'/ Negative
on the agency's website.

The detailed rating action is:

-- INR2.0 bil. Project term loan due on December 31, 2035
     maintained in a non-cooperating category with IND B- (ISSUER
     NOT COOPERATING)/Negative rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

UP Sarila Urja was formed by Essel Green Energy Private Limited for
the development of a 40MW AC solar power project in the Rijola
village, Usawan Tehsil, Budaun District of Uttar Pradesh.


VISHWANATH SPINNERZ: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishwanath Spinnerz
India Limited (VSIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         20       CRISIL D (ISSUER NOT COOPERATING)

   Funded Interest
   Term Loan            6.21    CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan      49.79    CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with VSIL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2010, VSIL manufactures cotton yarn. Promoted by Mr.
Sridhar Reddy and his family, the company's spinning mill is at
Pedavuru in Nalgonda, Telangana.


WEBTECH ENGINEERING: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Webtech Engineering
Private Limited (WTEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        16.5      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with WTEPL for obtaining
information through letters and emails dated January 14, 2020 and
July 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

WTEPL, which was set up by Mr. Sabajeet Singh in 1998, began its
operations by manufacturing security printing machines. Over the
years, the company has diversified into machines for packaging,
engineering, and CNC, and vertical and horizontal machining
centres.




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

FORTRESS INFORMATION: Ticket Rocket Parent Goes Into Receivership
-----------------------------------------------------------------
Steve Hepburn at Otago Daily Times reports that the parent company
of Ticket Rocket has gone into receivership, throwing into doubt
any chance of refunds from tickets.

Fortress Information Systems Ltd, trading as Ticket Rocket and
formerly trading as Ticket Direct, was placed in receivership on
Sept. 7, ODT discloses.

Three receivers have been appointed - two in Christchurch and one
in Sydney.

The company was the brainchild of Canadian businessman Matthew
Davey and had been based in Dunedin, where it sold tickets to
events around New Zealand, for about 20 years.

It ran into trouble earlier this year as it failed to refund money
for events, leading promoters to demand money, the report says.

ODT relates that ticketholders were left with tickets for events
that did not go ahead because of Covid-19, and they could not get
refunds.

It was still advertising tickets to Mitre 10 Cup rugby matches on
its website Sept. 7, as well as to concerts in 2021.

Attempts to find out how much money the company owed were
unsuccessful on Sept. 7, according to ODT. The receivers did not
reply to requests for information nor to outline how many secured
creditors there were, ODT notes.

According to the report, the company sold Super Rugby tickets for
at least four of the five New Zealand franchises over the past
couple of seasons but those agreements came to an end earlier this
year.

It was reported in June that the Hurricanes franchise was calling
in the police as it tried to recover NZD200,000 from Ticket Rocket,
ODT recalls.

When approached, the franchise declined to comment, ODT states. It
is believed to be seeking legal advice.

According to ODT, Crusaders chief executive Colin Mansbridge said
87 franchise members had requested refunds for season tickets.

"We have made frequent attempts to resolve this issue. However,
those funds did not become available," ODT quotes Mr. Mansbridge as
saying.  The Crusaders had "worked through the process of honouring
those refund requests ourselves, directly with our Crusaders club
members", Mr. Mansbridge said.

The Chiefs did not reply to requests for comment, ODT says. The
Blues did not use Ticket Rocket.

ODT adds that the Highlanders said the firm did not owe them any
money.

Ticket Rocket sold tickets to Highlanders games until March this
year, when the Highlanders switched operators to Ticketek.

ODT says Dunedin Venues Management Ltd had not had any dealings
with Ticket Rocket's parent company for more than five years and
was not owed any money by it.

The Otago Rugby Football Union finished with Ticket Rocket at the
end of last season and was owed no money, ODT notes.

The Southern Steel netball team was not owed money by Ticket
Rocket.

Mr. Davey was the majority shareholder of the private entity that
bought the licence to operate the Highlanders in late 2015, ODT
discloses.

He reduced his shareholding in the franchise earlier this year and
is believed to have returned to Canada, adds ODT.


RILEAN CONSTRUCTION: Central Otago Winding Up Business
------------------------------------------------------
Tracey Roxburgh and Philip Chandler at Otago Daily Times report
that a former Rilean Construction Central Otago director said it is
"sad" to see the end of the business, which his parents initially
formed in 1979, but cannot comment on its finances.

Steve McLean's parents, Noeline and Raymond, first incorporated
Rilean Construction in Wellington, ODT relays. He was a shareholder
in that company.

Mr. McLean and Gary Dent moved to Queenstown and set up Rilean
Construction South Island in 1994.

It was placed in liquidation in 2015, but five years prior, Rilean
Construction Central Otago was incorporated by the pair, the report
recounts.

ODT says Mr. McLean resigned as a director of that company on June
18, but he and Mr. Dent are still majority shareholders.

On Sept. 1, the Otago Daily Times reported Rilean Central Otago was
"winding everything back", but Mr. Dent intended to pay back
creditors.

On Sept. 4, Mr. McLean said he could not comment on "anything
around the financials".

"I haven't been there for 18 months, so I'm not aware of everything
going on . . . Gary and I have worked together for a very long
time, so it's pretty sad that's come to an end," the report quotes
Mr. McLean as saying.

When asked about his resignation, he said, "I had my reasons", but
declined to comment further other than to say they concerned
finances and reporting, ODT relays.

According to the report, Mr. Dent said the scale of the Remarkables
Residences - the first stage, which was completed, comprised 56
four- and five-bedroom townhouses - had been particularly tough.

When asked for his thoughts on that, Mr. McLean said construction
was "a tough game".

ODT relates that Mr. Dent said the firm would trade for another 12
months due to a defects liability period and retentions being held
on the Remarkables Residences, but was not seeking further work.




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

KRISENERGY LTD: Receives 4th Extension of Debt Moratorium
---------------------------------------------------------
Leila Lai at The Business Times reports that Krisenergy Ltd has
been granted a fourth extension to its debt moratorium, the
upstream oil and gas company said in a filing to the Singapore
Exchange on Sept. 7.

The moratorium granted in September last year will now apply until
Oct. 27, BT says.

According to BT, the firm is seeking protection from its creditors,
which include DBS Bank, Keppel Shipyard, Rubicon Vantage
International and holders of the various notes the company has
issued, as it tries to restructure a debt to the tune of US$476.8
million.

KrisEnergy shares have been suspended since last August, the report
notes.

                         About KrisEnergy

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

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

Trading in its shares has been suspended pending the restructuring,
BT noted.

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


SWIBER HOLDINGS: Judicial Management Period Extended Thru Dec. 31
-----------------------------------------------------------------
Swiber Holdings Ltd has obtained approval of the application to
extend the judicial management periods in respect of both the
Company and its subsidiary, Swiber Offshore Construction Pte Ltd
(SOC) through Dec. 31, 2020.

Swiber Holdings said the applications for the extension of the
judicial management periods in respect of the Company and SOC were
heard and determined by the Honourable Justice Kannan Ramesh on
June 26, 2020, whereupon the judicial management periods in respect
of both the Company and SOC were extended to Dec. 31, 2020, on
conditions that, amongst other things:

     a. An update on the judicial management of the Company and
        SOC must be filed and made available to creditors upon
        request by Sept. 28, 2020; and

     b. Creditor updates are to be sent regularly (on a 6 weekly
        basis) thereafter.

"The Board and the Judicial Managers will provide further updates
on the progress of the judicial management in due course," the
company said in a statement.

                        About Swiber Holdings

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a
Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

Swiber had $1.43 billion of liabilities and $1.99 billion of assets
at March 2016, as per the company's published accounts.

Swiber Holdings shocked the business world when it filed for
liquidation in July 2016 as several of its directors resigned.
Only a few days after the intent to liquidate, Swiber changed
course and applied for judicial management.  Bob Yap Cheng Ghee,
Tay Puay Cheng and Ong Pang Thye of KPMG Services Pte Ltd. were
appointed as joint and several interim judicial managers of Swiber
Holdings Limited and Swiber Offshore Construction.  

In May 2019, Swiber yet again escaped another liquidation scenario
when its creditors voted in favor of a restructuring proposal that
contemplated an equity investment from Seaspan Corporation.  The
plan included a proposed investment from Seaspan of up to $200
million.  That Investment Agreement has been terminated as of
January 2020.


SWIBER HOLDINGS: Term Sheet Talks with Rawabi Extended to Oct. 6
----------------------------------------------------------------
Leila Lai at The Business Times reports that Swiber Holdings has
extended discussions with potential investor Rawabi Holding Company
by a month to Oct. 6, the debt-laden offshore and marine group said
in a filing to the Singapore Exchange on Sept. 7.

A binding term sheet for a US$200 million cash investment by Rawabi
into Swiber's wholly-owned subsidiary Equatoriale Energy was due to
expire 90 days after it was entered into on June 8, according to
BT.

BT relates that Swiber said the discussions are ongoing, and the
parties agreed to the one-month extension in writing on Sept. 6.

Rawabi is an oil-and-gas conglomerate based in the Middle East.

Swiber shares have been suspended since 2016, BT notes.

                        About Swiber Holdings

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a
Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

Swiber had $1.43 billion of liabilities and $1.99 billion of assets
at March 2016, as per the company's published accounts.

Swiber Holdings shocked the business world when it filed for
liquidation in July 2016 as several of its directors resigned.
Only a few days after the intent to liquidate, Swiber changed
course and applied for judicial management.  Bob Yap Cheng Ghee,
Tay Puay Cheng and Ong Pang Thye of KPMG Services Pte Ltd. were
appointed as joint and several interim judicial managers of Swiber
Holdings Limited and Swiber Offshore Construction.  

In May 2019, Swiber yet again escaped another liquidation scenario
when its creditors voted in favor of a restructuring proposal that
contemplated an equity investment from Seaspan Corporation.  The
plan included a proposed investment from Seaspan of up to $200
million.  That Investment Agreement has been terminated as of
January 2020.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***