/raid1/www/Hosts/bankrupt/TCRAP_Public/200910.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

          Thursday, September 10, 2020, Vol. 23, No. 182

                           Headlines



A U S T R A L I A

ARISTOCRAT LEISURE: S&P Affirms 'BB+' ICR on Reopening of Casinos
AUSTRALIA: GDP Falls by Most on Record, Confirming Recession
BRILLIANT LIFTS: First Creditors' Meeting Set for Sept. 16
COLETTE BY COLETTE: Bernie Brookes Buys Retail Business
INTERSTAR MILLENNIUM 2002-1G: S&P Cuts Class B Notes Rating to BB+

MESOBLAST LIMITED: Posts $77.9 Million Net Loss in Fiscal 2020
NECESSARY HOLDINGS: Second Creditors' Meeting Set for Sept. 16
PACIFIC PLUMBING: First Creditors' Meeting Set for Sept. 17


C H I N A

YANGO GROUP: Fitch Hikes Senior Unsecured Rating to 'B+'


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Lowers Senior Unsecured Ratings to CC
FORTUNE FOUNTAIN: Seeks Emergency Cash to Help Baccarat Crystal


I N D I A

ASHIANA LANDCRAFT: ICRA Cuts Rating on INR63.72cr Loan to D
BHOOMI GINNING: ICRA Keeps D on INR12cr Loan in Not Cooperating
CAMSING HEALTHCARE: To Name Independent Firm by Dec. 1 for Review
COOPER-STANDARD INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating
DESAI TEXTILES: ICRA Withdraws B- Rating on INR6.50cr Loan

EUROTEX INDUSTRIES: ICRA Withdraws D Rating on INR51.38cr Loan
FAIRYLAND FOUNDATIONS: ICRA Cuts Rating on INR10cr Loan to B+
GOLHAR GINNING: ICRA Keeps D on INR10cr Loans in Not Cooperating
GOVERNMENT TELE-COM: ICRA Keeps D Debt Rating in Not Cooperating
KALINGA DISTRIBUTORS: ICRA Withdraws B+ Rating on INR10cr Loans

KHODAL COT-GIN: ICRA Keeps D on INR8.35cr Loans in Not Cooperating
KOHINOOR EDUCATION: ICRA Keeps D on INR61cr Debt in Not Cooperating
LARIYA ART: ICRA Keeps B+ on INR7cr Loans in Not Cooperating
MAHI CORP: ICRA Keeps D on IN6.45cr Loans in Not Cooperating
MILTON CYCLE: ICRA Lowers Rating on INR10cr LT Loan to B+

MINI DIAMONDS: ICRA Keeps D Don INR9cr Loans in Not Cooperating
MOHANRAO SHINDE: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
MOHIT VENTURES: Ind-Ra Hikes Issuer Rating to BB+, Outlook Stable
NIJANAND PIPES: ICRA Keeps D on INR7.83cr Loans in Not Cooperating
PRINT SOLUTIONS: ICRA Keeps B+ on INR19cr Loans in Not Cooperating

RAM RAYON: ICRA Keeps D Debt Ratings in Not Cooperating Category
RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
RIDDHI SIDDHI: ICRA Keeps D on INR20cr Loans in Not Cooperating
ROCKLAND CERAMIC: ICRA Keeps D on INR20cr Loans in Not Cooperating
SAMAL BUILDERS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stabl

SANGHVI BUILDTECH: ICRA Keeps B on INR30cr Loans in Not Cooperating
SHANKAR RICE: ICRA Keeps B on INR74cr Loans in Not Cooperating
SHANTAI EXIM: ICRA Keeps C on INR7cr Loans in Not Cooperating
SHEELTRON DIGITAL: ICRA Withdraws B+ Rating on INR5.30cr Loan
SIDDHBALI AGRO: ICRA Keeps B on INR6cr Loans in Not Cooperating

SRG SPINNING: ICRA Moves B+ on INR7cr Loans to Not Cooperating
SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
SWASTIK TRADELINK: ICRA Keeps D Debt Ratings in Not Cooperating
TK TOLL: ICRA Keeps D on INR370cr Loans in Not Cooperating
ZINZUWADIA BROTHERS: ICRA Cuts Rating on INR8cr Loan to B+



I N D O N E S I A

ASURANSI JIWA: Policyholders Ask Court Unfreeze Securities Account


M A L A Y S I A

AIRASIA GROUP: Faces BOC Aviation Suit Over $23MM Lease Debts
AIRASIA GROUP: Seeks Up to US$600 Million Cash Injection to Survive

                           - - - - -


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

ARISTOCRAT LEISURE: S&P Affirms 'BB+' ICR on Reopening of Casinos
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Aristocrat Leisure Ltd., as well as the related issue
ratings on the company's secured A$286 million revolving credit
facility and US$2.35 billion term loans. S&P also removed all the
ratings from CreditWatch, where it placed them with negative
implications on April 27, 2020.

S&P said, "We affirmed our issuer credit rating on Aristocrat due
to our expectations that earlier-than-anticipated reopening of
casinos will likely support a gradual recovery in leverage below
the 2.5x range in fiscal 2021. Aristocrat experienced a significant
loss of revenue and cash flow generation through its land-based
segments stemming from country-specific COVID-19 response measures.
As a result, we expect group EBITDA to decline by around 35%-40%
for the 12 months ending Sept. 30, 2020, driven in large part by
casino closures that began in mid-March.

"We forecast S&P Global Ratings-adjusted debt to EBITDA to peak
around the 2.5x range for fiscal 2020. Prior to the COVID-19
outbreak, Aristocrat had relatively modest debt-to-EBITDA of about
1.7x in fiscal 2019. However, the rapid deterioration in its
land-based segment following the onset of the pandemic has since
eroded the company's financial buffer. Nevertheless, the
earlier-than-expected reopening of casinos in Aristocrat's major
operating markets should help limit earnings volatility and credit
metric deterioration, such that we expect S&P Global
Ratings-adjusted debt to EBITDA to peak around the 2.5x mark by
Sept. 30, 2020. Further, the strong performance of the digital
division and gradual reversion of land-based operations to
pre-COVID levels will support a deleveraging path over the next
12-24 months.

"In our view, significant uncertainty remains in relation to
ongoing casino capacity restrictions and the extent of the fallout
that the global recession will have on earnings over the next 12
months. Our base-case assumptions incorporate revenue and EBITDA
improvement in Aristocrat's land-based segments during fiscal 2021
following the reopening of most casinos in the company's core
markets. However, we do not anticipate land-based earnings will
return to pre-COVID levels until at least fiscal 2022. This is
given our expectations that some level of capacity and other
social-distancing restrictions are likely to remain in place in the
absence of a vaccine or therapy to treat COVID-19. In addition, the
extent to which consumer sentiment will be impaired as economies
enter pandemic-induced recessions remains unclear, especially as
government stimulus measures begin to roll off.

"We believe the retention of new digital users following COVID-19
lockdown periods will help to accelerate Aristocrat's earnings
recovery. Strong growth in new digital users helped to somewhat
offset significant declines in land-based revenues. The digital
segment benefitted from stay-at-home orders, which helped drive
growth in internet and social gaming given the limited availability
of land-based alternatives. In our opinion, improved credit metrics
in fiscal 2021 are somewhat contingent upon the retention of these
newly acquired users, especially if land-based alternatives do not
recover as quickly as we expect. Aristocrat's earnings composition
has accelerated toward digital gaming, which we forecast to account
for around 55% of group revenue in fiscal 2020, up from around 40%
in fiscal 2019.

"In our view, Aristocrat's sizable cash balance, undrawn
facilities, and minimal near-term debt maturities provide adequate
buffer to meet any liquidity pressures over the next 12 months.
Underpinning Aristocrat's liquidity position is its cash balance of
around A$1,430 million, bolstered by the recent issuance of an
incremental US$500 million term loan B in May 2020, along with
undrawn committed bank facilities of around A$280 million. In
addition, we believe Aristocrat's operational cost savings and a
scaling back of gaming operations capital expenditure will continue
to help minimize cash outflow.

"In our view, the company's decision to temporarily suspend the
group's progressive dividend policy until the COVID-19 disruptions
are resolved supports the current liquidity position. That said, we
will monitor the group's intentions in relation to the fiscal 2020
full-year dividend payment. We believe the continued suspension of
the progressive dividend policy would indicate management's
commitment to the 'BB+' rating."

Environmental, Social, and Governance (ESG) Credit Factors for this
rating and outlook change:

-- Health and Safety

S&P said, "The negative outlook reflects our expectation that
uncertain end-market conditions for Aristocrat's land-based
operations are likely to remain over the coming 12 months and could
test the company's ability to maintain its S&P Global
Ratings-adjusted leverage below 2.5x. The negative outlook also
reflects our expectation that Aristocrat's land-based operational
capacity will remain restricted even after casinos reopen in order
to comply with social distancing guidelines."

In addition, the negative effects to casino operators' capital
budgets and consumer sentiment following the COVID-19 outbreak
could constrain the recovery path as restrictions on casinos are
relaxed.

S&P said, "We could revise the outlook to stable when the downside
risks to Aristocrat sustaining adjusted debt-to-EBITDA below 2.5x
abate. Rating stability could occur via a combination of an
improving economic outlook, casinos remaining open, majority
retention of newly acquired digital users, and ongoing active
management of the group's cost base.

"We could lower the rating if we forecast adjusted debt-to-EBITDA
will sustain materially above 2.5x beyond fiscal 2020. Based on our
current expectations regarding the likely timing and effect of the
casino closures, we do not expect a downgrade, if any, to exceed
one notch."


AUSTRALIA: GDP Falls by Most on Record, Confirming Recession
------------------------------------------------------------
Bloomberg News reports that Australia's economy contracted by the
most on record last quarter, underscoring the need for
unprecedented stimulus measures as the recovery from the nation's
first recession in almost 30 years is buffeted by Victoria state's
renewed Covid outbreak and lockdown.

Gross domestic product plunged 7% from the first three months of
the year, the largest fall since records dating back to 1959, the
statistics bureau said in Sydney on Sept. 2, Bloomberg relates. The
slump was larger than economist forecasts of a 6% drop. From a year
earlier, GDP tumbled 6.3% versus an estimated 5.1% fall.

According to Bloomberg, Australia's early lifting of restrictions
and reopening of its economy is now being offset by an almost
two-month lockdown in Melbourne, the nation's second-largest city
with about 5 million people. That's delaying the economy's
recovery.

"While the drop in GDP last quarter wasn't much larger than the RBA
had anticipated, it will keep the pressure on the bank to announce
more stimulus," Bloomberg quotes Marcel Thieliant, senior economist
for Australia at Capital Economics, as saying.

Bloomberg relates that the Reserve Bank of Australia on Sept. 1
expanded a lending facility for banks to A$200 billion ($147
billion) to help keep interest rates low for borrowers and keep
credit flowing. Governor Philip Lowe also said that the board
"continues to consider how further monetary measures could support
the recovery."

According to Bloomberg, the central bank and government are working
in tandem to try to support the economy. The former has kept its
cash rate near zero and set a target of 0.25% on the three-year
government bond yield, and the latter is extending its labor market
assistance package.

Bloomberg says the GDP report showed:

     * Household spending -- which accounts for about 56% of the
       economy -- slumped 12.1%, subtracting 6.7 percentage points

       from GDP; government spending rose 2.9%, adding 0.6
       percentage point

     * Investment in new and used dwellings fell 7.3% in the
       quarter

     * Net exports contributed 1 percentage point to GDP

     * The savings rate soared to 19.8%, the highest rate since
       1974

Bloomberg relates that the RBA predicts Victoria's renewed lockdown
will lift national unemployment to about 10% later this year. The
government, meantime, has injected tens of billions of dollars into
the economy including its signature JobKeeper wage subsidy program
designed to keep workers attached to firms as it tries to maintain
employment connections until activity can resume, Bloomberg notes.

The economy's deep contraction was heavily driven by services.
According to Bloomberg, the data showed:

   * Transport services, which includes airlines, plunged 85.9%

   * Hotels, cafes and restaurants tumbled 56.1%

   * Reflecting the government's response to support the economy,
     social assistance benefits soared by 41.6%

Australia's record run of avoiding two consecutive quarters of
negative GDP, which included avoiding recessions during the 1997
Asian Financial Crisis, the Dot Com Bubble and the 2008 global
financial crisis, has come to an end, Bloomberg states. It now
joins much of the world in succumbing to a pandemic-induced
downturn.

On the upside, China's stimulus to revive its economy is fueling
demand for Australian commodity prices, keeping the terms of trade
elevated in the second quarter. Australia saw a record
current-account surplus of AUD17.7 billion in the three months
through June, aided by the nation's closed international borders
which is keeping people from traveling abroad, Bloomberg
discloses.

Yet its trade position has also fueled the nation's currency, which
soared almost 30% from a nadir in March, Bloomberg relates.

Bloomberg adds that the central bank's expanded Term Funding
Facility, in addition to supporting the economy, should also help
ease some of the upward pressure on the currency by confirming the
RBA's commitment to keeping conditions accommodative until activity
recovers.


BRILLIANT LIFTS: First Creditors' Meeting Set for Sept. 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Brilliant
Lifts Australia Pty Ltd will be held on Sept. 16, 2020, at 11:00
a.m. via webinar.

Brian Raymond Silvia and Geoffrey Peter Granger of BRI Ferrier
(NSW) Pty Ltd were appointed as administrators of Brilliant Lifts
on Sept. 4, 2020.


COLETTE BY COLETTE: Bernie Brookes Buys Retail Business
-------------------------------------------------------
SmartCompany reports that former Myer executives Bernie Brookes has
snapped up collapsed accessories chain Colette by Colette Hayman
from administration, ending eight months of uncertainty for the
once thriving retail business.

Under its new owners, the prominent retailer - which had 138 stores
across Australia and New Zealand when it appointed administrators
from Deloitte in January - will be brought back to life with a much
smaller 35-store portfolio, SmartCompany says.

According to SmartCompany, joint voluntary administrator Sam
Marsden said the jobs of close to 300 employees would be saved
under the deal, including almost 100 permanent roles.

"The sale of the business to a group of experienced retail
investors represents a significant achievement in the current
environment, and reflects the strength of the brand and the
commitment of the group's employees to its future," SmartCompany
quotes Mr. Marsden as saying in a statement.

It was unclear whether the business would emerge from
administration amid the crushing impact of the COVID-19 pandemic on
the discretionary retail sector, but while administrators conceded
the collapse had been a "turbulent journey", creditors voted for a
sale to an investor team led by Mr. Brookes and Skellern last week,
according to SmartCompany.

Mr. Brookes has taken the majority shareholding and will serve as
executive chairman, while John Skellern, also part of the investor
group, will report to him as chief executive, SmartCompany relays.

It's not the first foray together for the two retail veterans, who
both formerly held senior roles at Myer, Woolworths and South
African retail group Edcon.

Mr. Skellern was also formerly the director of procurement and
supply chain at technology retailer Dick Smith.

Mr. Brookes said the recapitalized business will look to derive as
much as a third of its revenue from online, reflecting the growing
importance of e-commerce amid the COVID-19 pandemic.

"My decision to take the majority shareholding will be viewed as
contrary to the current difficulties facing bricks and mortar
retail," the report quotes Mr. Brookes as saying in a statement.

"Owning a fashion retail chain is about true omnichannel retail; a
strong online presence and physical stores. Our purchase will
enable the business to land in a future post COVID-19 in advance of
any cessation of lockdowns and restrictions in the future, and our
core offer of handbags and jewellery will continue, with a fresh
focus on the strong performing stores retained, and a significant
investment in the digital space."

Colette was founded in 2010 in designer Colette Hayman and the
company quickly expanded to over 140 stores stores in Australia,
New Zealand, South Africa and Britain.

CBCH Group, which trades under the Colette Hayman banner, appointed
Vaughan Strawbridge, Sam Marsden and Jason Tracy of Deloitte
Restructuring Services on Feb. 4, 2020.


INTERSTAR MILLENNIUM 2002-1G: S&P Cuts Class B Notes Rating to BB+
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on nine classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2002-1G Trust, Interstar Millennium Series
2004-1E Trust, Interstar Millennium Series 2004-2G Trust, Interstar
Millennium Series 2004-4E Trust, Interstar Millennium Series
2005-1G Trust, and Interstar Millennium Series 2005-3E Trust.

At the same time, S&P affirmed its ratings on nine classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2002-1G Trust, Interstar Millennium Series
2004-1E Trust, Interstar Millennium Series 2004-2G Trust, Interstar
Millennium Series 2004-4E Trust, Interstar Millennium Series 2004-5
Trust, Interstar Millennium Series 2005-1G Trust, and Interstar
Millennium Series 2005-3E Trust.

The lowered ratings on the notes reflect:

-- The small and increasingly concentrated nature of the pools. As
outstanding assets and notes reduce significantly, tail risk takes
greater precedence in both transactional performance and our rating
analysis. Mitigating this and supporting our current ratings is the
strong level of excess spread that these trusts earn, despite the
pool's decreasing size, due to the relatively high interest rates
borrowers in the pools are paying.

-- S&P's concerns over the potential for worsening arrears and
defaults in pools of assets this small, and unexpected losses
resulting in strain on the transactions' cash flows. Since its last
review, arrears have increased significantly in all of the
transactions and as of July 31, 2020, loans more than 30 days in
arrears totaled 7.12% for Interstar Millennium Series 2002-1G
Trust, 6.60% for Interstar Millennium Series 2004-1E Trust, 8.04%
for Interstar Millennium Series 2004-2G Trust, 7.36% for Interstar
Millennium Series 2004-4E Trust, 1.97% for Interstar Millennium
Series 2004-5 Trust, 11.43% for Interstar Millennium Series 2005-1G
Trust, and 8.56% for Interstar Millennium Series 2005-3E Trust.

-- That a significant proportion of the arrears are long-dated
(greater than 90 days) and therefore have a significantly higher
risk of default, from our point of view.

-- The relatively slim notional amount of subordination available
to the class AB notes for Interstar Millennium Series 2004-1E
Trust, Interstar Millennium Series 2004-2G Trust, and Interstar
Millennium Series 2004-4E Trust.

-- The concentrations in the pools. The top 10 borrowers accounted
for more than 10.00% of the pool balance for six out of seven
transaction as of July 2020.

-- That S&P has assessed pool concentrations by sizing an
alternate loss scenario for the pool. Under this scenario, the top
10 loans at the 'AAA' rating level, top eight at the 'AA' level,
top six at the 'A' level, top four at the 'BBB' rating level, and
top two at the 'BB' level default and are recovered upon. The loss
severity for each loan is the higher of 50%, the loan's loss
severity, and the pool's weighted-average loss severity. The
expected loss for the pool is the higher of that number, and the
number is sized by applying our standard credit analysis as per our
"Australian RMBS Rating Methodology And Assumptions" criteria,
published Sept. 1, 2011.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put liquidity strain on the
transaction and raises the probability of upward pressure on
mortgage arrears over the longer term. As of July 30, 2020,
borrowers with COVID-19-related hardship arrangements make up
between 7% and 14% of the pool balance across the seven
transaction.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

  RATINGS LOWERED

  Interstar Millennium Series 2002-1G Trust

  Class     Rating To     Rating From
  B         BB+ (sf)      BBB (sf)

  Interstar Millennium Series 2004-1E Trust

  Class     Rating To     Rating From
  AB        A (sf)        AA (sf)
  B         BB+ (sf)      BBB (sf)

  Interstar Millennium Series 2004-2G Trust

  Class     Rating To     Rating From
  AB        BBB+ (sf)     A (sf)
  B         BB+ (sf)      BBB (sf)

  Interstar Millennium Series 2004-4E Trust

  Class     Rating To     Rating From
  AB        A (sf)        AA (sf)
  B         BBB- (sf)     BBB+ (sf)

  Interstar Millennium Series 2005-1G Trust

  Class     Rating To     Rating From
  B         BB+ (sf)      BBB (sf)

  Interstar Millennium Series 2005-3E Trust

  Class     Rating To     Rating From
  B         A (sf)        A+ (sf)

  RATINGS AFFIRMED

  Interstar Millennium Series 2004-1E Trust

  Class     Rating
  A2        AA (sf)

  Interstar Millennium Series 2004-2G Trust

  Class     Rating
  A         A+ (sf)

  Interstar Millennium Series 2004-4E Trust

  Class     Rating
  A1        AA (sf)
  A2        AA (sf)

  Interstar Millennium Series 2004-5 Trust

  Class     Rating
  AB        AAA (sf)
  B         BB+ (sf)

  Interstar Millennium Series 2005-1G Trust

  Class     Rating
  A         A (sf)
  AB        A (sf)

  Interstar Millennium Series 2005-3E Trust

  Class     Rating
  AB        AAA (sf)


MESOBLAST LIMITED: Posts $77.9 Million Net Loss in Fiscal 2020
--------------------------------------------------------------
Mesoblast Limited filed with the Securities and Exchange Commission
its Annual Report on Form 20-F disclosing a net loss attributable
to the owners of the company of US$77.94 million on US$32.15
million of revenue for the year ended June 30, 2020, compared to a
net loss attributable to the owners of the company of US$89.80
million on US$16.72 million of revenue for the year ended
June 30, 2019.

As of June 30, 2020, the Company had US$733.60 million in total
assets, US$184.27 million in total liabilities, and US$549.33
million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 27, 2020, citing that the Company has suffered
recurring losses and net cash outflows from operations and other
matters that raise substantial doubt about its ability to continue
as a going concern.

A full-text copy of the Form 20-F is available for free at:

                  https://tinyurl.com/y5ypta46

                          About Mesoblast

Mesoblast Limited (ASX:MSB; Nasdaq: MESO) is in the business of
developing allogeneic (off-the-shelf) cellular medicines. The
Company has leveraged its proprietary mesenchymal lineage cell
therapy technology platform to establish a broad portfolio of
commercial products and late-stage product candidates. Mesoblast
has a strong and extensive global intellectual property (IP)
portfolio with protection extending through to at least 2040 in all
major markets. The Company's proprietary manufacturing processes
yield industrial-scale, cryopreserved, off-the-shelf, cellular
medicines. These cell therapies, with defined pharmaceutical
release criteria, are planned to be readily available to patients
worldwide.


NECESSARY HOLDINGS: Second Creditors' Meeting Set for Sept. 16
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Necessary
Holdings Pty Ltd has been set for Sept. 16, 2020, at 11:00 a.m. via
telephone conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 15, 2020, at 4:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Necessary Holdings on
May 11, 2020.


PACIFIC PLUMBING: First Creditors' Meeting Set for Sept. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific
Plumbing Group Pty Ltd will be held on Sept. 17, 2020, at 11:00
a.m. via BPS teleconference facility.

David Anthony Hurst and David Henry Sampson of BPS Recovery were
appointed as administrators of Pacific Plumbing on Sept. 7, 2020.




=========
C H I N A
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YANGO GROUP: Fitch Hikes Senior Unsecured Rating to 'B+'
--------------------------------------------------------
Fitch has affirmed China-based property developer Yango Group Co.,
Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B+'. The Outlook is Stable. Fitch has also upgraded Yango's senior
unsecured rating to 'B+' from 'B', and the Recovery Rating is
revised to 'RR4' from 'RR5'.

The IDR affirmation reflects Yango's stable financial profile,
which has significantly improved since 2018. Its leverage fell to
around 60% by end-June 2020 and end-2019 from above 70% at end-2017
as Yango cut back on land acquisitions in line with its slower
expansion, after its attributable contracted sales reached a
sufficiently large CNY135 billion in 2019.

Fitch believes the company has the incentive and ability to
continue to reduce leverage towards 55%, supported by its quality
land bank that is sufficient for development over the next 2.5
years. However, Yango's leverage is still higher than that of most
'B+' rated peers' 40%-50%, and that of 'BB-' peers' 35%-45%, which
will constrain Yango's rating at the current level.

The upgrade of Yango's senior unsecured rating reflects reduced
subordination of its unsecured debt to secured debt. Secured debt
accounted for 63% of Yango's total borrowings as of end-June 2020,
down from 68% at end-September 2019.

KEY RATING DRIVERS

Commitment to Deleverage: Yango's management fulfilled its
commitment to reduce leverage in 2018 and 2019 from a peak in 2017.
Its leverage, measured by net debt/adjusted inventory, including
guarantees provided to and net assets of joint ventures and
associates, improved to around 60% in 2019 and 1H20. Yango spent
below 50% of sales receipts on an attributable basis for land
acquisition in 2018-2019 and around 53% in 1H20, compared with 80%
in 2016 and above 100% in 2017.

Leverage Still High; Risk Reduced: Fitch estimates that the company
will deleverage towards 55% over the next three years based on its
controlled land acquisitions, which aim to keep land purchases at
50%-55% of annual sales receipts. While this is an improvement from
the peak in 2017, leverage will remain high compared with most 'B+'
and 'BB-' rated peers.

Fitch thinks Yango's milder appetite for growth will lower its
risks as industry prospects become more challenging and ease the
pressure to acquire land. Yango has been targeting moderate total
contracted sales growth from 2020, slowing from 80%-90% per year
over 2017-2018.

Business Scale Supports Ratings: Yango's business scale is larger
than that of most 'BB' rating-category issuers and is a key
business profile strength. Yango's 2019 attributable sales
increased by 14% yoy to CNY135 billion. Sales so far in 2020 are
satisfactory despite the outbreak of COVID-19. Total sales in
January-July rose by 2% yoy to CNY108 billion, or 49% of the annual
target of CNY220 billion, which was 4% higher than 2019's CNY211
billion sales. Yango's well-located saleable resources, mainly in
higher tier cities, will continue to support the company's growth.

Quality, Diversified Land Bank: Yango reported 50 million square
metres (sq m) in total land bank (attributable: 27 million sq m) at
end-June 2020. Fitch estimates that Yango owns around 41 million sq
m of the land, excluding the portion for entrusted construction and
entrusted sales, to support property sales for around 2.5 years.
The company's land bank is nationwide, with around 30% of saleable
resources in Greater Fujian and the Yangtze River Delta, 35% in
strategic cities in central and western China, and more than 25% in
the Pearl River Delta region at end-June 2020.

Yango plans to continues to focus on core Tier 2 and strong Tier 3
cities, where Fitch thinks demand is still resilient and would
support mild sales growth.

Stable Margin: Yango's EBITDA margin, after adding back capitalised
interest in cost of goods sold, was healthy at 28% in 1H20 (2019:
26%). Average land-bank cost was low at CNY4,431/sq m at end-1H20,
equivalent to 36% of its average selling price (ASP) of
CNY12,383/sq m. Yango's new land cost in 7M20 rose to CNY6,770/sq m
from CNY5,168/sq m in 2019, mainly due to more acquisitions from
public land auctions. Fitch expects the new land cost to drop for
the full year as Yango will acquire more land from M&A or urban
redevelopment projects. Yango aims for new land cost/ASP of around
1:3 to maintain its gross profit margin at 20%-25%.

Weak Parent-Subsidiary Linkages: Fitch assesses the linkage between
Yango and its parent Fujian Yango Group Co., Ltd. (FJYG) as weak.
FJYG held 34% of Yango and controls 44% of its voting rights at
end-June 2020. FJYG has moderate management control as it appoints
four of Yango's six board members, but the legal and operational
linkages between the two are not meaningful. Yango and FJYG
sometimes collaborate on education-related projects, which are
immaterial relative to Yango's size. Most of FJYG's educational
counterparties are governments and third-party developers to whom
FJYG pays rent for the schools.

Parent's Distress May Affect Yango: Despite the weak
parent-subsidiary ties, financial distress at FJYG may affect
Yango's access to funding as the two sometimes share credit
facilities from banks. Hence, Yango's rating is constrained to two
notches above FJYG's consolidated profile, which Fitch assesses as
'b-' due to higher consolidated leverage and the parent's tight
liquidity. Yango makes up more than 90% of FJYG's EBITDA and drives
its consolidated profile. If FJYG's net debt excluding those of
listed companies is added to Yango's net debt, the latter's
leverage will rise to 70% from 60% at end-June 2020.

The parent's liquidity was tight with available cash/short-term
debt at only 0.3x on a deconsolidated basis at end-June 2020,
although FJYG had over CNY15 billion of investments booked at cost,
including shares in listed companies such as Industrial Bank Co.,
Ltd (BBB-/Stable) and Jiangxi Bank Co., Ltd. with a market value of
over CNY8 billion, to service its short-term debt of CNY4 billion.

DERIVATION SUMMARY

Yango's diversified nationwide portfolio and large scale are
comparable with those of 'BB' rated Chinese homebuilders. Yango's
CNY135 billion attributable contracted sales in 2019 are comparable
to that of CIFI Holdings (Group) Co. Ltd. (BB/Stable) and stronger
than those of 'BB-' and 'B' rated peers, which usually have
contracted sales of below CNY60 billion. More than 70% of Yango's
land bank by saleable resources is located in Tier 1 and Tier 2
cities, which Fitch believes have resilient demand to cushion
against the impact of a homebuilding-sector slowdown, compared with
lower-tier cities.

However, Yango's higher leverage constrains its rating at 'B+'. The
company has taken measures to consistently reduce leverage over the
last two years, but it remains higher than that of 'B+' rated
peers, whose leverage is between 40% and 50%, such as Zhenro
Properties Group Limited (B+/Stable).

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY130 billion-140 billion
during 2020-2021

  - Land premium accounting for 55% of sales receipts per year
during 2020-2021

  - Construction expenditure accounting for 25%-30% of sales
receipts per year during 2020-2021

  - Cash collection rate at 80% (2018 and 2019: 80%)

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%

  - Improvement of FJYG's consolidated profile, including the ratio
of consolidated net debt (excluding Longking) to adjusted inventory
sustained below 65%

  - EBITDA margin sustained above 20%

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

  - Net debt/adjusted inventory above 65% for a sustained period

  - EBITDA margin below 15% for a sustained period

  - Deterioration of FJYG's consolidated profile, or significant
deterioration of the parent's liquidity

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Yango's liquidity position has improved due to
better cash management and an improving debt maturity profile.
Yango has become more financially disciplined by budgeting cash
outflow on land acquisitions according to cash inflow from sales.
Unrestricted cash on hand was CNY38.9 billion at end-June 2020,
roughly able to cover the CNY37.6 billion in short-term debt.
Unrestricted cash over short-term debt increased to around 1x by
end-June 2020, from 0.7x in 2017-2018.

Improvement in Debt Structure: Yango has optimised its debt
structure, with short-term debt dropping to around 30% of total
debt by end-June 2020, from around 40% at end-2017 and end-2018.
The company is also replacing non-bank financing with bank loans,
with non-bank financing decreasing to 22% of total debt at end-June
2020, from 25% at end-2019 and 53% at end-2018. Fitch believes the
improvement in the debt structure reflects better access to
financing that gives the company greater financial flexibility, as
the funding environment for homebuilders remains challenging.
Yango's average funding cost fell to 7.5% by end-June 2020 compared
with 7.8% at end-2019.




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

CATHAY PACIFIC: Egan-Jones Lowers Senior Unsecured Ratings to CC
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited to CC from CCC. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.

Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.


FORTUNE FOUNTAIN: Seeks Emergency Cash to Help Baccarat Crystal
---------------------------------------------------------------
Agence France-Presse reports that the storied French crystal maker
Baccarat has been placed in administration by a court trying to
determine if its Chinese owner will be able to raise emergency
funds as sales tumble, the company said on Sept. 8.

Hong Kong-based Fortune Fountain Capital, which bought Baccarat two
years ago, was itself placed in liquidation in July as debts piled
up, according to a ruling by the Nancy commercial court in eastern
France, seen by AFP.

According to AFP, Fortune had pledged to restore Baccarat's lustre
by tapping into Asian demand for its hand-crafted sculptures,
chandeliers and tableware that have graced posh tables since the
reign of Louis XV.

But Fortune's uncertain fate has made bankers reticent to extend
funds despite the French government's offer to back loans to
companies hit by the coronavirus outbreak which has hammered luxury
firms, AFP relates.

Last month, the 256-year-old company posted a 30 percent drop in
sales during the first half of the year to EUR52.2 million ($61.4
million), citing "an unprecedented global health crisis," AFP
discloses.

On Sept. 7, the Nancy court appointed two independent
administrators in an "exceptional measure" to see how Baccarat can
remain viable, AFP says.

"The goal is to evaluate whether Baccarat is facing an acute crisis
making normal operations impossible and exposing it to imminent
collapse," the court, as cited by AFP, said in its ruling.

AFP relates that Eric Rogue, a member of Baccarat's works council,
said its factory around 60 kilometres (40 miles) southeast of Nancy
was currently operating at just 80 percent capacity after months of
total shutdown during the Covid-19 lockdown.

"Employees are worried. We want Baccarat to find a robust
shareholder and stability," the report quotes Mr. Rogue as saying.

The works council wrote to management in July to complain the firm
resembled a "rudderless ship" without a captain, alluding to
internal disputes among executives at Fortune and its New Anchor
Limited subsidiary, charged with running Baccarat, according to
AFP.

In the meantime, a shareholders' meeting set for September 17 has
been delayed until after the administrators' report, the company
said, adds AFP.




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

ASHIANA LANDCRAFT: ICRA Cuts Rating on INR63.72cr Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ashiana
Landcraft Realty Private Limited (ALRPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Non-convertible   63.72      [ICRA]D; ISSUER NOT COOPERATING;
   Debenture                    Rating downgraded from [ICRA]B-
   Series I                     (Stable) ISSUER NOT COOPERATING
                                And continues to remain under
                                'Issuer Not Cooperating' category

   Non-convertible   16.23      [ICRA]D; ISSUER NOT COOPERATING;
   Debenture                    Rating downgraded from [ICRA]B-
   Series II                    (Stable) ISSUER NOT COOPERATING
                                And continues to remain under
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade reflects the irregularities in debt servicing.
The rating is based on limited information on the entity's
performance since the time it was last rated in November 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with Ashiana Landcraft Realty
Private Limited (ALRPL), ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Incorporated in 2012, ALRPL is a joint development between Ashiana
Homes Pvt Ltd (AHPL) and Landcraft Projects Private Limited (LPPL)
formed solely for a premium real estate residential project
development named 'The Center Court' located at Sector 88A, Gurgaon
with a saleable area of 1.72 msf (million square feet). LPPL was
incorporated in 2007 and is the real estate vertical of Garg group
with the presence in Ghaziabad.


BHOOMI GINNING: ICRA Keeps D on INR12cr Loan in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the bank facilities for INR12.00 crore of
Bhoomi Ginning Pressing Pvt Ltd (BGPPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       12.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 2006, Bhoomi Ginning Pressing Pvt Ltd (BGPPL) is a
private limited company managed by three directors Mr. Sanjaybhai
Ramanai Mr. Ashishbhai Ramani and Mr. Maganbhai Ramani. It is
involved in the ginning and pressing of raw cotton and the crushing
of cottonseeds. BGPPL produces mainly cotton bales, cottonseeds,
cottonseed oil, cottonseed oil cakes and baghru. The manufacturing
facility of BGPPL was equipped with 24 ginning machines, one
pressing machine and two expellers having an installed capacity of
220 cotton bales, 0.50 MT of cottonseed oil and 12.50 MT of
cottonseed oil cake per day (24 hours operation).


CAMSING HEALTHCARE: To Name Independent Firm by Dec. 1 for Review
-----------------------------------------------------------------
Leila Lai at The Business Times reports that Camsing Healthcare
shares will remain suspended as the company works to meet
conditions in three notices of compliance, including one regarding
the appointing of an independent firm by Dec. 1, 2020, to conduct
an independent review, the company's audit committee said on Sept.
1.

According to BT, Camsing published a summary of a special audit
report by RSM Corporate Advisory on Sept. 1, which listed numerous
internal control lapses and potential breaches of the listing
rules, and recommended that the board and audit committee "reassess
the adequacy and effectiveness of the internal audit function, and
consider the need to entrust the internal audit function to
external professionals".

The audit committee noted that the Singapore Exchange Regulation's
(SGX RegCo) Notice of Compliance issued the same day requires
Camsing to appoint an independent firm to undertake an independent
review of internal controls and governance practices, and to
address and implement RSM's recommendations, BT relays.

BT adds that the trading suspension will continue until Camsing has
fulfilled this and other conditions laid out by SGX RegCo, and
submits a trading resumption proposal that receives no objections
from SGX RegCo.

Camsing Healthcare Limited is an investment holding company. The
Company, through its subsidiaries, distributes and retails health
supplements and foods in Singapore, Brunei, and China.


COOPER-STANDARD INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR55.00-crore bank facilities of
Cooper-Standard India Pvt. Ltd. continues to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as
"[[ICRA]B+(Negative)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based/         55.00      [ICRA]B+(Negative)/[ICRA]A4;
   Non fund based                 ISSUER NOT COOPERATING;
   Facilities                     Rating Continues to remain
                                  under issuer not cooperating
                                  category

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

CSI (formerly known as Metzeler Automotive Profiles India Private
Limited) started operations from November 1993 by manufacturing
high performance automotive body seal and glass runs. Over the past
few years, the company has diversified into manufacturing
thermoplastic elastomeric (TPE) profiles and chrome strips. At
present, CSI's plants are located in Bawal (Haryana), Sahibabad
(Uttar Pradesh), Chennai and Sanand (Gujarat). Till January 2015,
it operated as a 74:26 joint venture entity between CSAI and Toyoda
Gosei Company Limited, Japan (TGCL). However, effective from
January 30, 2015, CSAI acquired TGCL's stake in CSI, thus making it
a 100% subsidiary of CSAI.


DESAI TEXTILES: ICRA Withdraws B- Rating on INR6.50cr Loan
----------------------------------------------------------
ICRA has withdrawn long-term Ratings assigned to Desai Textiles
(DT) at the request of the company, based on the no-objection
certificate provided by its banker. ICRA is withdrawing the rating
and that it does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. ICRA
has withdrawn the Stable outlook on the long-term rating.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–
   Cash Credit        6.50      [ICRA]B- (Stable); Withdrawn

   Fund-based–
   Term Loan          3.37      [ICRA]B- (Stable); Withdrawn

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position
Not captured as the rating is being withdrawn.

Rating sensitivities
Not captured as the rating is being withdrawn.

Formed in 1991, Desai Textiles (DT) is a partnership firm based in
Surat (Gujarat) and is promoted and managed by the members of Desai
family. The company manufactures grey fabric and undertakes sizing
of beams. DT procures its raw material, yarn, from manufacturers
and wholesalers based in Gujarat and Maharashtra. The customer base
of the firm includes wholesalers and traders exclusively based in
Gujarat.


EUROTEX INDUSTRIES: ICRA Withdraws D Rating on INR51.38cr Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned for the bank facilities of
Eurotex Industries and Exports Limited (EIEL) at the request of the
company and based on the No Objection Certificate received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the ratings were last
reviewed.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term fund
   based limits         51.38      [ICRA]D; Withdrawn

   Short-term non
   fund based limits    11.00      [ICRA]D; Withdrawn

   Unallocated
   amount               21.62      [ICRA]D/[ICRA]D; Withdrawn

Outlook: Not applicable

Key rating drivers

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

Eurotex Industries and Exports Limited is promoted by the Patodia
Group, which was founded by Shri B. L. Patodia in 1938. The Group
has over 65 years of experience in the textile industry. The
company commenced operations in 1989 with a 100% export oriented
spinning unit. The factory at Gokul Shirgaon in Kolhapur district
of Maharashtra had 19,200 spindles. Over the years, with
modernisation and expansion programmes, the company set up a
spinning and knitted fabric manufacturing unit with 61,632 spindles
(including 29,448 spindles of compact yarn), 51 Two for One (TFO)
twisting machines and 24 circular knitting machines. The company
enjoys power back-up for the whole facility with a 7MW captive
power plant. In FY2020, the company reported a net loss of INR18.76
crore on an operating income of INR49.60 crore.


FAIRYLAND FOUNDATIONS: ICRA Cuts Rating on INR10cr Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Fairyland Foundation Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        10.00      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating downgraded
                                from [ICRA]BB- (Stable) ISSUER
                                NOT COOPERATING and continues
                                to remain under 'Issuer Not
                                Cooperating' category

Rationale

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

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

Fairyland Foundation Private Limited is a real estate company
operating in Tamil Nadu. Fairyland was started as a partnership
concern by Mr. T.N. Vijaykumar and Mr. S. Saravanan in 2000 and
later in 2005 it was converted into a private limited company. The
company has till date completed 21 residential projects with a
total saleable area of ~5.8 Lakh sq ft. All the projects are
located in Chennai and Coimbatore in Tamil Nadu. The construction
for the projects is completed in house and Mr. T. N. Vijayakumar
who is a civil engineer with more than 15 years in the construction
industry heads the execution team. Mr. S. Saravanan has been in the
real estate industry for more than 12 years and he leads the
marketing team and is also in charge of identification of new
projects for development.


GOLHAR GINNING: ICRA Keeps D on INR10cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR10.00 crore of
Golhar Ginning & Oil Pvt. Ltd. (GGOPL) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term-Loan          4.10      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Cash Credit        4.75      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated        1.15      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Golhar Ginning & Oils Private Limited was incorporated in November
2012 and commenced business operations since December 2014. It is
in the business of ginning, pressing of cotton and crushing of
cotton seed oil. The factory is located in Hingaghat, Dist. Wardha
(Maharashtra). GGOPL is equipped with 24 ginning machines and 1
pressing machine to carry out operations. It is presently managed
by Mr. Damodar Golhar and Mr. Dhanraj Golhar.


GOVERNMENT TELE-COM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR669.44-crore bank facilities of The
Government Tele-Communication Employees' CoOperative Society
Limited (GTECS) continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         669.44     [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based TL                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

The Government Tele-Communication Employees' Co-operative Society
Limited is a multi-state employee credit cooperative society of
BSNL and DoT employees. As on March 31, 2016, it had a member base
of 15,261 spread across Tamil Nadu, Andhra Pradesh, Kerala,
Karnataka and the Union Territory of Pondicherry. However, Tamil
Nadu constituted 91% of the total member base. The society collects
thrift and other mandatory deposits and accepts fixed deposits from
its members and raises bank term loans to extend loans to its
members. The monthly thrift, other mandatory deposits and loan
instalments are collected from the members directly in the form of
salary deductions by BSNL and DoT and are remitted to the society.
As on March 31, 2016, the society's total loan portfolio and net
worth stood at INR484 crore (provisional) and INR81 crore
(provisional), respectively.


KALINGA DISTRIBUTORS: ICRA Withdraws B+ Rating on INR10cr Loans
---------------------------------------------------------------
ICRA has withdrawn rating assigned to Kalinga Distributors at the
request of the company and based on the No Objection received from
the banker, and in accordance with ICRA's policy on withdrawal and
suspension. ICRA is withdrawing the rating and that it does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–
   Fund Based         9.00      [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING; Withdrawn

   Long Term–
   Unallocated        1.00      [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING; Withdrawn

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

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

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

Kalinga Distributors is a proprietorship firm established by Mr.
Vinod Kumar C V in 2001. Initially, the firm was involved in
distribution of panel board accessories and other related products.
From 2010, the firm ventured into distribution of Legrand switches
and wires and cables of RR Kables. From 2011, it also started
distribution of switchgears of Larsen & Toubro (L&T). The showroom
and the warehouse are in M G Road, Ernakulam, Kerala.


KHODAL COT-GIN: ICRA Keeps D on INR8.35cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR8.35 crore of
Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       6.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund based-       1.85       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) was incorporated in 2012
and it commenced ginning and pressing operations in January 2015 by
setting up a manufacturing facility at Rajkot, Gujarat. The
company's facility is equipped with 30 ginning machines and a
pressing machine with a total capacity to process 28,000 MT of raw
cotton annually. The operations of the firm are managed by Mr.
Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria.


KOHINOOR EDUCATION: ICRA Keeps D on INR61cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR61.00 crore bank facilities of
Kohinoor Education Trust continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       60.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-Fund           1.00      [ICRA]D ISSUER NOT COOPERATING;
   Based Bank                   Rating continues to remain under
   Guarantee                    'Issuer Not Cooperating' category

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

KET was established in September 2007 as a Public Trust by the
Mumbai-based Kohinoor Group. The Group, founded in 1961 by Mr.
Manohar Joshi, is present in the education, real estate, healthcare
and hospitality sectors through various group companies. Mr. Unmesh
Joshi, who is the current chairman and managing director of the
Group, is also the managing trustee of KET. Under KET, the Group
established a management college with a capacity of 480 students
(for both years), an American School and an Indian Certificate of
Secondary Education (ICSE) school at Kurla in Mumbai.


LARIYA ART: ICRA Keeps B+ on INR7cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR7.00-crore bank facilities of
Lariya Art Palace Private Limited continue to remain under 'Issuer
Not Cooperating' category'. The rating is denoted as
"[ICRA]B+(Stable)/A4] ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        6.00       [ICRA]B+(Stable) ISSUER NOT
   Limits                       COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

   Unallocated       1.00       [ICRA]B+(Stable)/A4 ISSUER NOT
   (Proposed                    COOPERATING; Rating continues
   Limits)                      to remain in the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2004, LAPPL is a closely held private limited
company engaged in manufacturing and exporting handcrafted
furniture. The company deals in wooden as well as wrought iron
furniture and mainly caters to the exports markets. LAPPL's
manufacturing facility at Jodhpur (Rajasthan) and employs more than
150 workmen and artists for the handcrafted work.


MAHI CORP: ICRA Keeps D on IN6.45cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR6.45 crore of
Mahi Corporation Pvt. Ltd. (MCPL) continue to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–       5.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund based-       1.45       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Incorporated in November 2013, Mahi Corporation Private Limited
(MCPL) processes guar seeds to obtain guar gum refined splits and
by-products like churi and korma. The company operates from its
facility located at Tankara in Rajkot district of Gujarat, with an
installed guar gum seeds processing capacity of 16,500 MTPA.


MILTON CYCLE: ICRA Lowers Rating on INR10cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Milton
Cycle Industries Limited (MCIL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term:       10.00       [ICRA]B+(Stable) ISSUER NOT
   Cash credit                  COOPERATING; Rating downgraded
   Limits                       from [ICRA]BB+ (Stable) and
                                moved to 'Issuer Not Cooperating'
                                category

Rationale

The ratings downgrade is because of lack of adequate information
regarding MCIL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Milton Cycle Industries Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

MCIL commenced operations in 1960 to function as a component
manufacturer involved in the manufacturing of bicycle parts like
chains, freewheels, and BB Axles for Atlas Cycles (Haryana)
Limited. Subsequently, in July 2006, MCIL developed into a complete
bicycle manufacturing unit, besides being an ancillary to the ACL's
Sahibabad division. MCIL now a plethora of bicycle models catering
to the kids, fancy, roadsters segments marketed through its
dealer-distributor network in Uttar Pradesh, Bihar, Jharkhand,
Andhra Pradesh, and Nepal etc.


MINI DIAMONDS: ICRA Keeps D Don INR9cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of Mini
Diamonds (India) Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Long-term        3.50       [ICRA] D; ISSUER NOT COOPERATING;
   Fund based                  Rating Continues to remain under
   Limit                       Issuer not cooperating category

   Short-term       5.50       [ICRA] D; ISSUER NOT COOPERATING;
   Fund based                  Rating Continues to remain under
   Limit                       Issuer not cooperating category

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

Incorporated in the year 1987, Mini Diamonds (India) Limited (MDIL)
is promoted by Mr. Upendra Shah and Mr Himanshu Shah. The company
is engaged in manufacturing and trading of cut and polished
diamonds (CPDs) and Trading of rough diamonds. MDIL primarily
caters to the export market with Hong Kong, Belgium and Dubai being
the major export countries. The company has its registered office
and manufacturing units located in Mumbai. The shares of the
company are listed on Bombay Stock Exchange (BSE).


MOHANRAO SHINDE: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mohanrao Shinde
Sahakari Sakhar Karkhana Ltd'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 action is:

-- INR181.62 mil. Long term loans due on July 2025 migrated to
     non-cooperating category with IND B- (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 29, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mohanrao Shinde Sahakari Sakhar Karkhana manufactures sugar and its
by-products: molasses, bagasse and press mud. It has an installed
capacity of 2,500 tons of cane per day and a 15MW capacity
co-generation power unit. The company's manufacturing unit is
located at Miraj in Sangli, Maharashtra.


MOHIT VENTURES: Ind-Ra Hikes Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Mohit Ventures
Private Limited's (MVPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR77.50 mil. Fund-based working capital limits upgraded with
     IND BB+/Stable rating;

-- INR22.50 mil. Non-fund-based limit affirmed with IND A4+
     rating; and

-- INR86.70 mil. (reduced from INR110.3 mil.) Term loan due on
     March 2024 upgraded with IND BB+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in MVPL's credit metrics in
FY20 as compared with FY18. The company's net leverage (adjusted
net debt/operating EBITDAR) improved to 1.34x in FY20 (FY18: 4.59x,
FY19: 1.29x) and interest coverage (operating EBITDAR/gross
interest expense + rents) to 4.95x (2.97x, 5.87x). The improvement
was mainly driven by a reduction in total debt to INR163 million in
FY20 (FY18: INR259 million; FY19: INR195 million). Ind-Ra expects
the improvement to continue over the medium term on account of the
likely reduction in the total debt, backed by scheduled repayments
and the absence of debt-funded capex. FY20 financials are
provisional in nature.

The ratings continue to reflect MVPL's EBITDA margins that remained
healthy despite deteriorating to 3.38% in FY20 (FY18: 6.14%; FY19:
3.76%) due to an increase in the raw material cost. The absolute
EBITDA, however, increased to INR121 million in FY20 (FY18:
INR55.63 million; FY19: INR150.74 million; FY18: INR55.63 million)
due to the higher volumes sold. The company's return on capital
employed was 27% in FY20 (FY18: 14.62%, FY19: 37%).

The ratings also factor in the company's medium the scale of
operations with revenue of INR3,585.92 million in FY20 (FY18:
INR906.27 million; FY19: INR4,010.54 million). The significant
improvement in the revenue in FY19 from FY18 was primarily due to
the stabilization of commercial operations that started in July
2017. Ind-Ra expects the revenue to decline in FY21 due to lower
sales than expected during the lockdown in 1QFY21. In 4MFY21, the
company achieved revenue of INR570 million.

Liquidity Indicator - Stretched: The company's average utilization
of fund-based limit was 95.62% for the 12 months ended July 2020.
In FY20, the cash flow from operations and fund flow from operation
remained positive despite deceasing to INR38 million (FY19: INR61
million) and INR29 million (INR54 million) respectively, due to an
increase the working capital requirement. In FY21, the cash flow
and fund flow are likely to turn negative due to a further increase
in the working capital requirement. MVPL's working capital cycle
was short in FY20 with a marginal improvement to 23 days (FY18: 56
days, FY19: 18 days) on fewer inventory and debtor days. The
working capital cycle is likely to elongate marginally in FY21 due
to higher debtor days. The company has not availed the Reserve Bank
of India-prescribed moratorium.

The ratings, however, continue to be supported by the promoters'
over two decades of experience in the iron and steel industry.

RATING SENSITIVITIES

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

Negative: Any deterioration in the liquidity position along with
deterioration in the scale of operations, resulting in the net
leverage increasing above 4x, all on a sustained basis, could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1999, MVPL manufactures thermo-mechanically treated
bars at its 158,400 metric tons per annum unit in Koderma,
Jharkhand for Kamdhenu Limited and Kamdhenu Concast Limited and
sell them under the brand names Kamdhenu and Kay2, respectively.
The commercial operations started from July 2017. The company has
three directors namely Anil Kumar Pandey, Jitesh Kumar Singh and
Binoy Kumar Singh.


NIJANAND PIPES: ICRA Keeps D on INR7.83cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the bank facilities for INR7.83 crore of
Nijanand Pipes and Fittings Private Limited (NPFPL) continue to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       5.00       [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Bank Guarantee    1.00       [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated
   Limits            1.83       [ICRA]D/D ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

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

Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated in
April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste And Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company is
located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000  MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Pate.


PRINT SOLUTIONS: ICRA Keeps B+ on INR19cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR19.00-crore bank facilities of
Print Solutions Private Limited continues to remain under 'Issuer
Not Cooperating' category'. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       19.00      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating continues to
                                remain in the 'Issuer Not
                                Cooperating' category

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

PSPL was promoted by Mr. Dushyant Pahare and was later acquired by
its current owners, Mr. Gurjeet Singh Chhabra and family. The
company is a part of the Century 21 Group, which is involved in
real estate development in Indore and other parts of India. It has
leased out the land and the building constructed on it to Malwa
Hospitalities Pvt. Ltd, which has in turn developed a 181-room
hotel - Effotel Hotel - on the same. The company earns an annual
rent of INR2.80- crore from this property with an escalation clause
of 15% in each three-year block. Sayaji Hotels Limited (SHL), which
has extensive experience in the hotel industry, has been managing
the hotel operations successfully.


RAM RAYON: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR9.90 crore of
Shree Ram Rayon - Surat (SRR) continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loans        5.44       [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Cash Credit       2.75       [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Seasonal Cash     1.50       [ICRA]D ISSUER NOT COOPERATING;
   Credit                       Rating continues to remain under
                                'Issuer Not Cooperating' category

   Proposed Cash     0.21       [ICRA]D ISSUER NOT COOPERATING;
   Credit                       Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in July 2014 and promoted by Patodia family, Shree Ram
Rayon (SRR or the firm) is a family managed partnership firm
engaged in the sizing and warping of yarn made out of FDY (Fully
Drawn Yarn). Based out of Surat, SRR has a manufacturing facility
located in Kamrej with an installed capacity to manufacture 5,000
MTPA of sized yarn. The key partners of SRR are Mr. Pravin
Patodiya, Mr. Rasik Patodiya and Mr. Ajit Patodiya who collectively
look after the overall functions of business. Mr. Rasik Patodiya is
a B-tech in textile technology. All the three managing partners
have experience of over two decades in the textile industry
especially in the field of textile chemicals and are actively
engaged in textile chemical consulting activities for textile
players. The firm has also been able to capitalize on a ready
customer and supplier contacts through presence in this industry.
The firm's sister concern; Shree Ram Bearings and Chemicals is
engaged in the manufacture of textile chemicals which finds use in
the sizing process.


RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR12.81 crore bank facilities of
Rathi Graphic Technologies Limited continue to remain under Issuer
Not Cooperating category. The ratings are denoted as '[ICRA]D
ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer
Not Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         6.50       [ICRA]D; ISSUER NOT COOPERATING;
   Limits Working                Rating Continues to remain under
   Capital Limits                the 'Issuer Not Cooperating'
                                 category

   Term Loans         0.49       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        0.82       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non-Fund based     4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Limits–LC/BG                  Rating Continues to remain under

                                 the 'Issuer Not Cooperating'
                                 category

   Fund based-SLC     1.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Rathi Graphic Technologies Limited (RGTL) is a public limited
company engaged in the manufacturing of toners for photocopiers,
laser printers, and multi function printers. The company was
incorporated in December 1991 by Mr. Raj Kumar Rathi. The
manufacturing facility is located at Bhiwadi, Rajasthan and the
company sells its product under the brand name 'Rathi Toner'.


RIDDHI SIDDHI: ICRA Keeps D on INR20cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the bank facilities for INR20.00 crore of
Riddhi Siddhi Cotton Ginning & Pressing Pvt. Ltd. (RSCGPPL)
continues to remain under 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       20.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 2006, Riddhi Siddhi Cotton Ginning and Pressing
Private Limited (RSCGP) is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing unit of
company is located in Rajkot, Gujarat with thirty six ginning and
one pressing machine having an installed capacity of producing
19,152 bales of ginned cotton in a year. RSCGP is currently managed
by three directors Mr. Lavjibhai Kakdiya, Mrs. Gauriben Kakdiya and
Mr. Vijay Kakdiya, all of who have long-standing experience in the
cotton industry.


ROCKLAND CERAMIC: ICRA Keeps D on INR20cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR20.00 crore of
Rockland Ceramic LLP (RCL) continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based–        5.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund based-       12.45       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-Fund-based–    2.40       [ICRA]D ISSUER NOT COOPERATING;

   Letter of Credit              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long term/short    0.15       [ICRA]D/D ISSUER NOT
   term unallocated              COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2001, Rockland Ceramic LLP (STPL) is engaged in
trading of grey cloth, chemicals, paper, steel and cement. STPL is
also a distributor of LG mobile phones and Reliance 'Jio' in
Gujarat state. The company is promoted by Mr. Sandeep Jain and his
family members.


SAMAL BUILDERS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stabl
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Samal Builders
Pvt. Ltd (Samal) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR65 mil. Fund-based limit assigned with IND BB/Stable
     rating;

-- INR70 mil. Non-fund-based limit assigned with IND A4+ rating;
     and

-- INR30 mil. Proposed non-fund-based limit* assigned with IND
     A4+ rating.

*Unallocated

KEY RATING DRIVERS

Liquidity indicator - Poor: The ratings are constrained by Samal's
near-full utilization of its fund-based facility over the 12 months
ended July 2020. It had a cash balance of INR1.85 million at FYE20.
The cash flow from operations remained negative but improved to
INR17.66 million in FY20 (FY19: negative INR41.79 million) mainly
due to favorable working capital changes. The net working capital
cycle improved to 18 days in FY20 (FY19: 83 days) on the back of an
improvement in realization days and inventory days. The company
availed the Reserve Bank of India-prescribed moratorium for its
term loan and fund-based facility over March-August 2020.

The ratings reflect Samal's small scale of operations with revenue
of INR958.89 million in FY20 (FY19: INR653.45 million). The revenue
improved in FY20 due to the timely completion of orders and strong
order flows. Samal bagged an order worth INR1,000 million from
Vedanta Limited ('IND AA-'/Negative) in FY20; it executed INR270
million in FY20 and rest is likely to be executed in FY21. The
management expects the revenue to increase further in the
near-to-medium term as the company had an outstanding order book of
INR1,500 million at end-July 2020 (1.5x of FY20 revenue), to be
executed by March 2022. However, due to COVID-19, the execution has
been delayed. The management believes the company does not have
sufficient bank guarantees by INR30 million for bidding contracts
and so, it plans to enhance the limit by end-December 2020 which
will further strengthen its strong order book position in the near
term. The company booked revenue of around INR260 million for the
four months ended July 2020. FY20 numbers are provisional in
nature.

Samal's EBITDA margins were healthy at 9.68% in FY20 (FY19: 7.38%),
mainly on account of strong order flows and timely order execution.
The management expects the margin to remain range bound in the near
term. The return on capital employed was 31.9% in FY20 (FY19:
17.9%).

The ratings also reflect Samal's strong credit metrics with
interest coverage (operating EBITDA/gross interest expense) of
9.23x in FY20 (FY19: 4.83x) and net leverage (adjusted net
debt/operating EBITDAR) of 0.99x (1.81x). The credit metrics
improved in FY20 due to a reduction the interest expenses and an
increase in the absolute EBITDA to INR98.92 million (INR48.21
million). Ind-Ra expects the credit metrics to improve in the near
term as the company plans to repay its term loan obligation in
FY21. In the near term, the company has no plan to enhance its
fund-based limit.

The ratings are further supported by Samal's promoter's experience
of more than a decade in the engineering-procurement-construction
business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue, along with an
improvement in the EBITDA margin and the liquidity position while
maintaining the credit metrics all on a sustained basis, could lead
to positive for the ratings.

Negative: A decline in the revenue and profitability, along with a
further stretch in the liquidity position leading to deterioration
in the credit metrics, all on a sustained basis, could lead to
negative rating action.

COMPANY PROFILE

Incorporated in 1998 and promoted by Odisha-based Gangadhar Samal,
Samal primarily constructs and maintains ash ponds for various
government and private entities and transports dry ash. It is also
engaged in civil construction activities such as earthwork for
roads and bridges. The company also carries out site cleaning, pit
excavation, and the concreting and erection of base.


SANGHVI BUILDTECH: ICRA Keeps B on INR30cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR30.00 crore bank facilities of
Sanghvi Buildtech Llp continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term:       30.00       [ICRA]B(Stable); ISSUER NOT
   Fund based–                  COOPERATING; Rating Continues to
   Term loan                    remain under issuer not
                                cooperating category

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

Sanghvi Buildtech LLP (SBLLP) was incorporated in July 2014 as a
limited liability partnership firm with Mr. Kirti Sanghvi, Mr.
Harshad Sanghvi, Mr. Girish Sanghvi, Mr. Mahesh Sanghvi and Mr.
Nishant Sanghvi as partners. The entity is part of Sanghvi Group,
which is into real estate development in and around Mumbai. SBLLP
is executing its first residential township project namely, Serene
City, at Village Ashane, Karjat-Neral Road, Karjat in Raigad,
Maharashtra. The construction for the project started in
October-November 2016 and is likely to be completed by March, 2020.
The project consists of development of 176 budget apartments and
132 plotted villas. The project also has other amenities like club
house, gymnasium, swimming pool etc., typical of a township
project. The ticket size of the apartment ranges from INR0.18 crore
to INR0.30 crore and villa from INR0.61 crore to INR0.81 crore.


SHANKAR RICE: ICRA Keeps B on INR74cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR74.50-crore bank facilities of
Shankar Rice & Gen. Mills continues to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term        74.50       [ICRA]B(Stable) ISSUER NOT
   Fund Based                   COOPERATING; Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

Incorporated in 2001, Shankar Rice & Gen. Mills is a partnership
firm engaged in milling, processing and sorting of basmati and
non-basmati rice. The firm has its plant at Moga (Punjab) with a
milling capacity of 4.5 tonnes per hour and sorting capacity of 5
tonnes per hour.


SHANTAI EXIM: ICRA Keeps C on INR7cr Loans in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR30.00 crore bank facilities of
Shantai Exim Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]C/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Long-term        7.00       [ICRA] C; ISSUER NOT COOPERATING;
   fund Based                  Rating Continues to remain under
   limit                       Issuer not cooperating category

   Short-term      23.00       [ICRA] A4; ISSUER NOT COOPERATING;
   Fund based                  Rating Continues to remain under
   Limit                       issuer not cooperating category

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

Incorporated in 2004, Shantai Exim Limited manufactures and exports
children's wear and women's wear like sarees and dress materials.
The company procures greige fabric from Surat and gets the fabric
processed by third parties on job work basis. The activities
outsourced on job work include dyeing, printing, embroidery,
pleating, crushing, stamping, foiling, coding, taping and flocking.
Stitching, garmenting, hand-work and final packaging of the
products are done at the company's facility in Surat. At times, SEL
also buys finished fabrics and gets them processed further. The
company has its registered office in Mumbai and its manufacturing
facility is in Surat(Gujarat).


SHEELTRON DIGITAL: ICRA Withdraws B+ Rating on INR5.30cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term ratings assigned to Sheeltron
Digital Systems Private Limited at the request of the company,
based on the no objection certificate provided by its banker. ICRA
is withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-
   Fund Based/CC     5.30       [ICRA]B+ (Stable) ISSUER NOT
                                COOPERATING; Withdrawn

   Long Term-
   Fund Based TL     2.00       [ICRA]B+ (Stable) ISSUER NOT
                                COOPERATING; Withdrawn

Key rating drivers and their description

Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position
Not captured as the rating is being withdrawn

Rating sensitivities
Not captured as the rating is being withdrawn.

Sheeltron Digital Systems Private Limited (Sheeltron) was
incorporated in 1990 as a proprietorship concern by Mr. Sanjay
Singhania and later in 2010 it was converted into a private limited
company. It is an IT infrastructure and solutions company, involved
in system integration, distribution and rental of IT hardware and
software products. The company also offers consultation and
after-sales support services to its customers. The product
portfolio includes hardware products like servers, processors,
storage devices, laptops, desktops, printers, networking devices,
etc and software solutions like operating systems, cloud storage
solutions, virtual desktop solutions, etc. It 2 deals in products
of renowned OEMs like HP, Dell, IBM, Lenovo, Intel, Cisco, Acer,
Nvidia, Microsoft and Symantec among others. The company is also
engaged in refurbishment and sale of used IT hardware.


SIDDHBALI AGRO: ICRA Keeps B on INR6cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for INR6.00-crore bank facility of Shri
Siddhbali Agro Industries (SSAI) continue to be in 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B(Stable)
ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         5.81       [ICRA]B (Stable) ISSUER NOT
   Fund-based                   COOPERATING; Rating continues to
                                be in 'Issuer Not Cooperating'
                                category

   Unallocated       0.19       [ICRA]B (Stable) ISSUER NOT
                                COOPERATING; Rating continues to
                                be in 'Issuer Not Cooperating'
                                category

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

SSAI was established in 2015 as a partnership firm. It grades and
processes wheat and paddy seeds at its facility in Kashipur, which
has an installed capacity of 2 tonne per hour. The company is
managed by Mr. Rahul Agarwal.


SRG SPINNING: ICRA Moves B+ on INR7cr Loans to Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the INR7.00 crore bank facilities of
SRG Spinning and Weaving Mills Private Limited to 'Issuer Not
Cooperating' category.  The long-term ratings are now denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING"; Rating moved to 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

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

SRG Spinning And Weaving Mills Private Limited (SRG) was
incorporated in February 2013 and commenced the commercial
operations in June 2014. The company is engaged in the business of
manufacturing of grey fabric from synthetics and cotton yarn. The
plant of the company is located at Kishangarh with a total
installed capacity of 42 Lakh Meter Per Annum for manufacturing of
grey fabrics. In FY2018, the company reported a net profit of
INR0.09 crore on an operating income of INR33.13 crore, as compared
to a net profit of INR0.06 crore on an operating income of INR31
crore in the previous year.


SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR13.00 crore of
Swastik Enterprise (SE) continue to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D/D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit        8.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Bank Guarantee     5.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 1992, Swastik Enterprise (SE) is a proprietorship
firm formed with the main business objective of distribution of
various FMCG and electronic goods. SE is a distributor of HTC
mobile phones for Ahmedabad district and North Gujarat region. The
firm is also a distributor for Spice and Zoko mobile phones as well
as AppsDaily mobile application in the entire state of Gujarat. The
firm is promoted by Mrs. Varsha Jain.


SWASTIK TRADELINK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the bank facilities for INR8.00 crore of
Swastik Tradelink Private Limited (STPL) continue to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D/D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based–         8.00       [ICRA]D ISSUER NOT
COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-Fund-based–    (2.00)      [ICRA]D/D ISSUER NOT   
   Letter of Credit-              COOPERATING; Rating continues
   sublimit to cash               to remain under 'Issuer Not
   of credit                      Cooperating' category

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

Incorporated in 2001, Swastik Tradelink Private Limited (STPL) is
engaged in trading of grey cloth, chemicals, paper, steel and
cement. STPL is also a distributor of LG mobile phones and Reliance
'Jio' in Gujarat state. The company is promoted by Mr. Sandeep Jain
and his family members.


TK TOLL: ICRA Keeps D on INR370cr Loans in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR370.95 crore bank facilities of TK
Toll Road Private Limited continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        370.95      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

TK Toll Road Private Limited (TKTRPL) was incorporated in March
2007 as a wholly owned subsidiary of R-Infra, to implement the
project for strengthening and widening the existing two-lane
stretch of NH-67 from Trichy to Karur in Tamil Nadu to a four-lane
one. The project was awarded by the National Highways Authority of
India (NHAI) on a BOT basis with a concession period of 30 years
commencing from January 15, 2008. The project became operational
and started tolling on 75% of the total stretch, i.e., ~63 km from
February 2014.


ZINZUWADIA BROTHERS: ICRA Cuts Rating on INR8cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Zinzuwadia Brothers Jewellers (ZBJ), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-       8.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Long term rating
                                downgraded from [ICRA]BB-
                                (Stable); Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding ZBJ's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of noncooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Zinzuwadia Brothers Jewellers (ZBJ) ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Zinzuwadia Brothers Jewellers was established in 1969, as a
wholesaler and trader of gold, silver jewellery with operations
based in Ahmedabad. The firm entered the retail jewellery business
in 1993 and currently operates out of its 2100 sq. ft. showroom in
C.G. Road comprising of a workforce of 20 trained personnel. The
firm is owned and managed by members of the Soni family.




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

ASURANSI JIWA: Policyholders Ask Court Unfreeze Securities Account
------------------------------------------------------------------
The Jakarta Post reports that policyholders of the ailing
privately-owned life insurer PT Asuransi Jiwa Adisarana Wanaartha
(WanaArtha Life) have demanded the Attorney General's Office (AGO)
and the Central Jakarta District Court unfreeze the insurer's
securities account to let the company pay the customers' mature
policies.

About 80 policyholders from North Sumatra and Riau Islands held a
peaceful protest in front of the Maimon Palace in Medan, North
Sumatra, on Sept. 4 to demand the unfreezing of the account, which
is worth around IDR4 trillion (US$270.89 million), according to The
Jakarta Post. The account was frozen amid a corruption
investigation into state-owned insurer PT Asuransi Jiwasraya.

"Our funds have no relation whatsoever to Jiwasraya. We are
pleading to the judges to tell the Attorney General's Office (AGO)
to unfreeze our funds in the ruling in October," Armin, WanaArtha
Life policyholder and insurance agent, told the Post.

Around RP 1 trillion in the insurer's blocked securities account
belongs to policyholders from North Sumatra, he added.

The AGO blocked in February WanaArtha Life's securities account,
along with hundreds of investment managers and individuals'
accounts, in connection to the alleged corruption and investment
mismanagement at Jiwasraya, which is currently on trial at the
Central Jakarta District Court, the Post recalls.

The Post relates that the allegation came after Jiwasraya was
unable to pay its policyholders' claims worth Rp 18 trillion as it
invested most of its premium revenue from its product JS Saving
Plan into so-called pump-and-dump stocks.

According to the Post, Mr. Armin said the AGO's action prevented
policyholders and their heirs from claiming their mature policies
and receiving cash benefits for daily necessities.

One of the policyholder's heirs, A Sen, said he was deeply
disappointed as he was unable to claim his mother's insurance money
following her death in January 2020 after being a customer since
2018.

"This really hurts me as I can't claim my mother's insurance money
because the AGO has blocked it. My family have accused me of
embezzling the money," he said, the Post relays.

The Jakarta Post says WanaArtha Life senior sales director Hendro
Yuwono Salim admitted that the insurer was unable to disburse the
claims demanded by the policyholders until the court's ruling on
the Jiwasraya case was announced. The freezing of the account by
the AGO has also disrupted the insurer's operations and affected
its employees, the report notes.

"We hope the ruling will unfreeze our account so we can operate
normally and pay the policyholders' claims," Hendro told the Post.




===============
M A L A Y S I A
===============

AIRASIA GROUP: Faces BOC Aviation Suit Over $23MM Lease Debts
-------------------------------------------------------------
Flight Global reports that Singapore-based lessor BOC Aviation has
filed a claim in a London court against AirAsia X, the long-haul
unit of AirAsia Group Bhd., for nearly $23 million due, pertaining
to the lease of four aircraft.

AirAsia X and its indirect wholly-owned subsidiary AAX Leasing Two
received on August 25 a letter dated August 19 from the lessor, the
carrier said in a September 4 Bursa Malaysia filing, according to
Flight Global.

That letter includes a particulars of claim dated 19 August, filed
by Morgan, Lewis & Bockius UK on behalf of the lessor against
AirAsia X and AAX Leasing Two in the High Court of Justice in the
Business and Property Courts of England and Wales, Flight Global
relays.

AirAsia X adds that BOC Aviation's claim is in relation to AAX
Leasing Two allegedly breaching its obligations under the lease
agreements concerning the four aircraft, the report relates.

According to Flight Global, the claims also relate to AirAsia X's
alleged breach of its obligations under four guarantees, all dated
December 28, 2018, relating to those lease agreements.

The filing indicates that the parties first signed the contracts in
2014, with subsequent amendments from 2018.

Flight Global adds that the airline said the financial impact will
be a cash outflow equal to the amount that BOC Aviation is
claiming. There is no operational impact to the company, it adds.
Its board is reviewing the letter and will be seeking legal
advice.

AirAsia X did not specify which aircraft it leases from BOC
Aviation, the report notes. Cirium fleets data show the lessor has
three Airbus A330-300s with AirAsia X and one A330-300 with Thai
AirAsia X. These were all delivered in December 2015, Flight Global
discloses.

BOC Aviation declined to comment on the claim when contacted by
Cirium, saying it does not discuss individual airline customers.

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.


AIRASIA GROUP: Seeks Up to US$600 Million Cash Injection to Survive
-------------------------------------------------------------------
Bloomberg News reports that AirAsia Group Bhd. is seeking to raise
as much as IDR2.5 billion (US$600 million) by the end of the year
as it tries to survive a business slump exacerbated by the
coronavirus pandemic.

Bloomberg relates that the Subang, Malaysia-based budget carrier
may borrow up to IDR1.5 billion from banks and another IDR1 billion
from investors, a spokeswoman said Sept. 8. AirAsia is also in
talks with local and foreign investors including private equity
firms, strategic partners and conglomerates, she said, confirming
an earlier report by Reuters that cited Group Chief Executive
Officer Tony Fernandes, Bloomberg relays.

Bloomberg says airlines around the world are losing money after
grounding thousands of planes as countries shut borders and
restrict people's movements. AirAsia, which last month posted its
largest quarterly loss on record, resumed domestic operations in
late April but its long-haul unit, AirAsia X Bhd., still isn't
flying, according to Bloomberg.  Auditor Ernst & Young said in July
their ability to continue as going concerns may be in "significant
doubt."

South Korea's SK Group said in June that it was in talks to buy a
small stake in AirAsia, without providing further details,
Bloomberg recalls. AirAsia has also cut the salaries of management,
trimmed jobs and deferred plane deliveries in an attempt to shave
costs by 30% this year.

AirAsia is also evaluating its operations in Japan and will make a
decision very soon, the company's spokeswoman said Sept. 8. Its
India venture remains as is, she said without elaborating. The
airline is looking to consolidate and strengthen its business in
Southeast Asia, even if that means exiting Japan and India, Reuters
reported earlier, Bloomberg relays.

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.



                           *********


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 ***