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

                     A S I A   P A C I F I C

          Friday, September 11, 2020, Vol. 23, No. 183

                           Headlines



A U S T R A L I A

BEFIT TRAINING: Second Creditors' Meeting Set for Sept. 18
BRACKSON CONSTRUCTION: First Creditors' Meeting Set for Sept. 17
GLOBAL RENEWABLE: Second Creditors' Meeting Set for Sept. 22
ORDER OF AHEPA: First Creditors' Meeting Set for Sept. 18
ORGANIC DAIRY: Creditors Placed Cooperative Into Liquidation

SAPPHIRE XXIV 2020-2: S&P Assigns B Rating on Class F Notes
SMART CITY: First Creditors' Meeting Set for Sept. 17
WEALTH WITHIN: First Creditors' Meeting Set for Sept. 16


C H I N A

JIANGSU FANG: Fitch Affirms BB LongTerm IDR, Outlook Stable
PEKING UNIVERSITY: Refuses to Honor $1.7BB Debts of Subsidiaries
YUZHOU GROUP: Fitch Affirms 'BB-' LongTerm IDR


I N D I A

AEINDRI AGRO: CRISIL Hikes Ratings on INR5.5cr Loan to B+
AMDD FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ATLAS CYCLES: CRISIL Keeps FD on INR30cr Debt in Not Cooperating
B.V.S. DISTILLERIES: CRISIL Moves D Rating to Not Cooperating
BHATIA COLONIZERS: ICRA Keeps B+ on INR25cr Loans in NonCooperating

CHEMTROLS SAMIL: CRISIL Reaffirms B- Rating on INR8cr Cash Loan
DHANALAKSHMI TRADERS: CRISIL Lowers Rating on INR12cr Loan to D
GREENEARTH INFRAVENTURES: ICRA Cuts Rating on INR6.4cr Loan to B+
GURU RAGHAVENDRA: CRISIL Reaffirms B Rating on INR5cr Cash Loan
HEALTHWAY HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating

K.S. OVERSEAS: ICRA Lowers Rating on INR100cr Loan to B+
KESORAM INDUSTRIES: CRISIL Rates Non-Convertible Debentures 'D'
MAHAKALESHWAR INFRATECH: Ind-Ra Affirms BB+ LongTerm Issuer Rating
MODERN STAGE: CRISIL Migrates B Debt Rating From Not Cooperating
N. K. BHOJANI: CRISIL Moves 'D' Debt Ratings to Not Cooperating

OM SHREE: CRISIL Assigns B Rating to INR12cr Term Loan
PARANJAPE SCHEMES: CRISIL Keeps B Debt Ratings in Not Cooperating
PARTAP FABRICS: CRISIL Withdraws B+ Rating From Not Cooperating
PCL FOODS: ICRA Lowers Rating on INR50cr LT Loan to B+
POWERWIND LIMITED: Ind-Ra Affirms 'D' LongTerm Issuer Rating

R G SCIENTIFIC: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAJ KUMARI: CRISIL Assigns B+ Rating to INR12.61cr Term Loan
RASUN EXPORTS: CRISIL Migrates B Debt Rating From Not Cooperating
S.K.P.V.V. HINDU: CRISIL Reaffirms D Rating on INR10cr Loan
SIVAGURU SPINNING: CRISIL Assigns B+ Rating to INR15cr Loan

SUKRA COLOURS: CRISIL Reaffirms B+ Rating on INR3.9cr LT Loan
SURYA BAKERY: CRISIL Raises Ratings on INR12.01cr Loan to B
V M YARNS: CRISIL Keeps D on INR20cr Loans in Not Cooperating
WIRES AND CABLES: ICRA Lowers Rating on INR10cr Loan to B+
[*] INDIA: RBI Sets Debt Revamp Rules for Pandemic-Hit Firms



M A L A Y S I A

1MDB: Ex-Former Goldman Sachs Banker Seeks to Have Charges Dropped


N E W   Z E A L A N D

RESIMAC VERSAILLES 2020-1: S&P Assigns BB Rating on E Trusts
RIPETIME LTD: Callaghan Out of Pocket After Tech Startup Collapses


S I N G A P O R E

HYFLUX LTD: Utico Extends Deadline for Firm to Accept Rescue Offer


S O U T H   K O R E A

[*] SOUTH KOREA: Banks' Loan Delinquency Rate Inches Up in July

                           - - - - -


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

BEFIT TRAINING: Second Creditors' Meeting Set for Sept. 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of Befit Training
Pty Limited has been set for Sept. 18, 2020, at 11:00 a.m. via
Virtual Meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2020, at 4:00 p.m.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of Befit Training on
Aug. 14, 2020.


BRACKSON CONSTRUCTION: First Creditors' Meeting Set for Sept. 17
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Brackson
Construction Pty Ltd, trading as "Brackson Construction" and
"Brackson Projects", will be held on Sept. 17, 2020, at 1:00 p.m.
via a virtual meeting only.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Brackson Construction on Sept. 7,
2020.


GLOBAL RENEWABLE: Second Creditors' Meeting Set for Sept. 22
------------------------------------------------------------
A second meeting of creditors in the proceedings of Global
Renewable Energy Solutions Pty Ltd has been set for Sept. 22, 2020,
at 11:00 a.m. at the offices of SM Solvency Accountants, Level
10/144 Edward Street, in Brisbane, Queensland.

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. 21, 2020, at 4:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Global Renewable on
Aug. 18, 2020.


ORDER OF AHEPA: First Creditors' Meeting Set for Sept. 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Order of
AHEPA NSW Inc will be held on Sept. 18, 2020, at 11:00 a.m. via a
combined Zoom meeting/teleconference.

Michael Hird and Alan Walker of Cor Cordis were appointed as
administrators of Order of AHEPA on Sept. 8, 2020.


ORGANIC DAIRY: Creditors Placed Cooperative Into Liquidation
------------------------------------------------------------
The creditors of Organic Dairy Farmers of Australia Limited (ODFA)
on Sept. 4 resolved to place the co-operative into voluntary
liquidation.

On May 15, 2020, Scott Andersen and Ivan Glavas of Worrells
Solvency and Forensic Accountants were appointed voluntary
administrators of Organic Dairy Farmers of Australia Limited
(ODFA).

Worrells continued to trade the ODFA's business for a short period
until May 22, 2020 when its secured creditor, that holds a general
security interest over substantially all of the ODFA's assets,
appointed Deloitte Australia as Receivers and Managers. From May
22, 2020 onwards, the Receivers and Managers took control of the
business operations and the sale of the business process.

Mr. Andersen said, "Since our appointment, we continued our duties
as voluntary administrators, including convening the second meeting
of creditors on Sept. 4, 2020. At that meeting, ODFA's creditors
resolved to place the co-operative into voluntary liquidation".

"Worrells advises that its ongoing role as liquidators is to carry
out the duties and obligations in accordance with the Corporations
Act 2001, which includes monitoring the outcome of the Receivers
and Managers' sale of business process, and to undertake further
investigations into potential recoveries. A statutory report
providing an update to creditors is scheduled to be issued in
approximately three months," Worrells said.

                        About Organic Dairy

Geelong-based Organic Dairy Farmers of Australia (ODFA) is 100 per
cent owned by 40 family dairy farms across Victoria and north-west
Tasmania.  The business produces the True Organic brand of butter
and supplies milk for FiveAM Yoghurt, Lemnos, and Pure Organic
Milk.  The company owns a milk bottling factory at Geelong where it
also processes butter and cream.  The business employs 22 people
and nine contractors.

As reported in the Troubled Company Reporter-Asia Pacific on May
27, 2020, Australia's largest organic dairy company has been placed
into receivership with creditors and farmer-owners owed millions.
Its directors placed the company into voluntary administration
citing a downturn in the Chinese market, delayed sales, and the
impact of COVID-19 as their reasons.


SAPPHIRE XXIV 2020-2: S&P Assigns B Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. As trustee of Sapphire
XXIV Series 2020-2 Trust. Sapphire XXIV Series 2020-2 Trust is a
securitization of nonconforming and prime residential mortgages
originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty
Ltd. (collectively Bluestone).

The ratings S&P has assigned to the floating-rate RMBS issued by
Permanent Custodians Ltd. as trustee for Sapphire XXIV Series
2020-2 Trust reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk takes into
account Bluestone's underwriting standards and approval process,
and Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. S&P's analysis is on the basis that
the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and S&P assumes the notes are not called at or
beyond the call-option date.

S&P ratings also take into account the counterparty exposure to
Commonwealth Bank of Australia as bank account provider, and
National Australia Bank Ltd. as the liquidity facility provider and
interest-rate hedge provider. The transaction documents for the
swaps and facilities include downgrade language consistent with S&P
Global Ratings' counterparty criteria.

S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

S&P said, "Loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears. In our credit analysis, we have assessed those loans in
the portfolio where the borrower has been granted a COVID-19
hardship payment arrangement. We have increased the minimum credit
support levels to reflect the likelihood that arrears increase
following the end of the hardship arrangement period. In our
cash-flow analysis, we have assumed a portion of principal and
interest collections are delayed to stress test the liquidity
provided to the transaction."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available,which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  RATINGS ASSIGNED

  Sapphire XXIV Series 2020-2 Trust

  Class      Rating         Amount (mil. A$)
  A1S        AAA (sf)        94.50
  A1L        AAA (sf)       150.50
  A2         AAA (sf)        61.25
  B          AA (sf)         15.75
  C          A (sf)           9.45
  D          BBB (sf)         6.30
  E          BB (sf)          2.80
  F          B (sf)           2.45
  G1         NR               3.71
  G2         NR               3.29

  NR--Not rated.


SMART CITY: First Creditors' Meeting Set for Sept. 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Smart City
Solutions Pty Ltd will be held on Sept. 17, 2020, at 10:30 a.m. via
teleconference.

Peter James Lanthois and Christopher Powell of Duncan Powell were
appointed as administrators of Smart City on Sept. 7, 2020.


WEALTH WITHIN: First Creditors' Meeting Set for Sept. 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Wealth
Within Holdings Pty. Ltd. will be held on Sept. 16, 2020, at 10:20
a.m. via telephone conference.

Stirling Lindley Horne, Petr Vrsecky and Jason G. Stone of PKF
Melbourne were appointed as administrators of Wealth Within on
Sept. 4, 2020.




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

JIANGSU FANG: Fitch Affirms BB LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Jiangsu Fang Yang Group Co.,
Ltd.'s (Fang Yang) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) and unsecured note ratings at 'BB'. The
Outlook on the IDRs is Stable. Fitch has also affirmed the 'BB'
rating on the senior unsecured notes issued by Haichuan
International Investment Co., Ltd., an indirectly and wholly owned
subsidiary.

Lianyungang municipality established Fang Yang, a flagship
government-related entity (GRE) responsible for urban development
and supporting services within Lianyungang Xuwei New District
(XND).

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: Fang Yang is wholly owned
by Lianyungang municipality and the municipality delegates
supervision of Fang Yang to the Lianyungang XND management
committee. The municipal government monitors the financing plan and
debt levels, and Fang Yang is required to regularly report
operational and financial results. Major decisions, including M&A,
spin-offs, bankruptcy and liquidation, require government
verification and approval.

'Strong' Support Record and Expectations: Fang Yang receives
ongoing government injections and subsidies to help service debt,
boost financial flexibility and support capex for urban
infrastructure development. Fitch expects legitimate support to
continue in the medium term. Fang Yang received subsidies of CNY196
million in 2019, which accounted for around 50% of net profit
before tax. Fang Yang also received cash injections of CNY700
million in 2019.

'Moderate' Socio-Political Implications of Default: Fang Yang is
the municipality's sole developer of large-scale infrastructure
projects and affordable housing within Lianyungang XND; as such,
its default is likely to disrupt the implementation of the
municipality's and central government's development plans. However,
the disruption would be moderated by other local GREs with similar
expertise and responsibilities.

'Strong' Financial Implications of Default: Fang Yang is among
major policy-driven GREs owned by the municipal government. It
carries out urban development projects on behalf of government in
the Lianyungang XND. Fang Yang has various funding channels and
issues bonds in the onshore market and offshore market. Most of its
banking facilities come from China's large state-owned enterprise
banks. A failure by the municipal government to provide timely
support, leading to a default by the company, could jeopardize
borrowing options of Lianyungang municipality and its GREs.
However, direct financial implications for Lianyungang municipality
could be cushioned slightly, as Fang Yang's operation is more
closely guided by the Lianyungang XND management committee and
large accounts receivables are from the committee rather than the
municipal government.

Standalone Credit Profile of 'b': Fitch's assessment of the
company's Standalone Credit Profile is driven mainly by the weak
financial profile, with net debt/EBITDA most likely to remain above
55x to end-2024. However, government support and the company's
access to bank loans and capital markets should mitigate the weak
financial profile. Fitch assesses Fang Yang's revenue defensibility
as 'Weaker' under its Public Sector, Revenue-Support Entities
Rating Criteria, because the company is exposed to the general
economic cycle and has low bargaining power on prices. Fitch
assesses Fang Yang's operating risk as 'Midrange' based on its
predictable cost.

DERIVATION SUMMARY

Fang Yang's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting Lianyungang municipality's
ownership of the entity, and the municipality's control and strong
support record of Fang Yang. Fitch has also factored in the
strategic importance of Fang Yang to Lianyungang municipality in
China's Jiangsu province.

Fang Yang's Standalone Credit Profile is assessed under Fitch's
Public Sector, Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

  - A change in Fitch's credit view on Lianyungang municipality's
ability to provide subsidies, grants or other legitimate sources
allowed under China's policies and regulations;

  - Stronger government control and an increased incentive for
Lianyungang municipality to provide support to Fang Yang, including
stronger socio-political and financial implications of default and
support record;

  - An upgrade in the company's IDRs will result in a similar
action on the senior unsecured rating.

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

  - Deterioration in Fitch's credit view of Lianyungang
municipality's ability to provide subsidies, grants or other
legitimate sources allowed under China's policies and regulations;

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

  - A downgrade of the company's IDRs will result in a similar
action on the senior unsecured rating.

ESG CONSIDERATIONS

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


PEKING UNIVERSITY: Refuses to Honor $1.7BB Debts of Subsidiaries
----------------------------------------------------------------
Caixin Global reports that state-owned Peking University Founder
Group Corp. (PUFG), which is undergoing bankruptcy reorganization,
will not recognize $1.7 billion of dollar bonds issued by two
overseas subsidiaries as its own debt.

The bankruptcy administrator of troubled PUFG said that it had
notified overseas bondholders in August that the company won't
include the five dollar-denominated bonds with a combined principal
of $1.7 billion backed by keepwell deeds it provided in its own
debt, Caixin relates citing a notice the bankruptcy administrator
released Aug. 31 on the Shanghai Clearing House's website.

Caixin says PUFG did not directly provide a guarantee for the bonds
but signed keepwell deeds, which usually serve as "letters of
support" used by Chinese companies to facilitate offshore bond
sales by subsidiaries.

                       About Peking Founder

Chinese state-owned Peking University Founder Group Corp. provides
information technology services. The Company offers software
development, electronic publishing system development, smart city
solution development, data operation, and other services. Peking
University Founder Group also operates financing, medical
technology development, and other businesses.

On Feb. 19, 2020, Founder Holdings Limited received a notification
letter from Peking Founder, regarding a civil order and decision
letter received by Peking Founder from The First Intermediate
People's Court of Beijing. Pursuant to the civil order and decision
letter, the Court decided to accept the application made by Bank of
Beijing Co., Ltd. for the initiation of restructuring procedure
against Peking Founder, and appointed Peking Founder liquidation
team as the administrator of Peking Founder. The Peking Founder
liquidation team consists of, among others, the People's Bank of
China, the Ministry of Education of the People's Republic of China,
relevant financial regulators and relevant departments of Beijing
Municipal Government.

Bank of Beijing Co. Ltd., one of the creditors of Peking University
Founder Group Corp., asked a court to restructure the indebted
state-owned conglomerate in February 2020, according to Caixin
Global.


YUZHOU GROUP: Fitch Affirms 'BB-' LongTerm IDR
----------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Yuzhou Group
Holdings Company Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR), senior unsecured rating and the rating on its
outstanding US dollar senior notes at 'BB-'. The Outlook on the IDR
is Stable.

Yuzhou's ratings are supported by its low leverage and improving
landbank quality. Its profitability is healthy with an EBITDA
margin of above 25%. The ratings are constrained by its relatively
small attributable contracted sales and revenue scale. The
company's sales expansion and relatively short land-bank life of
around 2.5 years will pose a challenge to its ability to keep
leverage at the current low level.

KEY RATING DRIVERS

Low Leverage: Fitch estimates Yuzhou will keep leverage, defined by
net debt/adjusted inventory, including proportional consolidation
of joint ventures and associates, below 45% over 2020-2024 as the
company will spend no more than 50% of consolidated contracted
sales on acquiring land. Leverage was well below 40%, the level at
which Fitch will consider positive rating action, in the past four
years. Leverage fell to 30.1% by end-2019 as Yuzhou slowed land
acquisitions.

The company reduced loan guarantees to JV and associates in 1H20,
which pushed down consolidated leverage with guarantees to below
40% in 1H20 from 45% at end-2019.

Relatively Small Land Bank: Fitch estimates Yuzhou had unsold
attributable land bank of 13.7 million square metres (sq m) at
end-1H20, sufficient for around 2.5 years of development. Fitch
believes the company needs to continuously replenish land to
sustain contracted sales growth, which will limit its ability to
keep land costs low and leverage at current levels, especially as
it buys more parcels in Tier 2 cities, where competition among
developers is more intense. Fitch forecasts Yuzhou will keep its
land-bank life at current levels, as it believes a larger land bank
limits its flexibility to manage policy uncertainties.

Scale Smaller than Peers: Yuzhou's 2019 attributable contracted
sales were at the lower end of the range of that of 'BB-' peers.
Its 2019 attributable contracted sales rose 24% to CNY45 billion,
driven by floor area sold. Yuzhou's growth was slower than peers'
prior to 2019, which kept its leverage lower. Management is
confident the company will be able to reach its target of CNY100
billion in total contracted sales in 2020, with 65% of the goal
achieved as of 8M20. Its total contracted sales in 8M20 rose by 61%
yoy, far above the industry average of 7%.

Evolving Group Structure: Yuzhou's implied cash collection (the
change in customer deposits plus revenue booked during the year) in
2019 was only CNY17.4 billion, or 39% of reported attributable
sales, down from 74% in 2018. Its 2019 property sales revenue also
fell 5% despite a 24% rise in attributable contracted sales. This
suggests that a large portion of Yuzhou's contracted sales and
revenue in 2019 came from its JVs and associates. A big share of
land was acquired via JVs and associates before 2019, but a larger
share in the past 12 months were made on balance sheet.

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

Improving Landbank Quality: More than 95% of Yuzhou's landbank
acquired in 2019 was in Tier 1 and 2 cities. It led to high
acquired land cost of CNY10,023/sq m in 2019. This should translate
to better average selling prices (ASP) in the coming two years.
Fitch expects its ASP to rise 7% per year on average in 2021-2023
from CNY16,409/sq m in 8M20

Healthy Margin: Fitch expects Yuzhou's EBITDA margin to stay above
25% in 2020-2024. EBITDA margin fell to 27.6% in 2019 from 32.1% in
2018, as Yuzhou disposed of some low-margin projects. Margin will
improve as the company had unrecognised contracted sales that carry
gross profit margin of more than 25% and will be recognised over
the next two to three years. Selling and administrative expenses
rose to 7.8% of revenue in 2019 from 4.5% in 2018. Fitch expects
this ratio to drop as the group's revenue increases, which will
support the EBITDA margin.

Nation-Wide Operations: Yuzhou's landbank is spread over the
Yangtze River Delta, West Strait Economic Zone (cities on the west
coast of the Taiwan Strait), Bohai Rim, Greater Bay Area, central
and south-western China. Sales in the Yangtze River Delta accounted
for 65% of Yuzhou's contracted sales in 2019 and will continue to
be its key development region in the coming three years. It was
among the top five developers in Suzhou and Hefei in 2019 in terms
of sales.

DERIVATION SUMMARY

Yuzhou's proportionally consolidated leverage is low compared to
most 'BB-' peers. Yuzhou's non-controlling interests (NCI) as a
percentage of its equity is also lower than peers', which means the
company has more financial flexibility to dispose of stakes in
projects to reduce leverage.

Yuzhou's main rating constraint is its contracted sales and revenue
scale, which is smaller than most 'BB-' peers. Its closest peer is
KWG Group Holdings Limited (BB-/Stable), whose 2019 attributable
contracted sales was CNY10 billion more than that of Yuzhou in
2019. However, the revenues of the two companies were similar. KWG
has a slower churn model than Yuzhou, which explains its wider
EBITDA margin. KWG's 2019 leverage was higher than that of Yuzhou,
but KWG has a longer landbank life and better landbank quality,
which gives it more room to deleverage.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY55 billion-67 billion a
year in 2020-2024 (2019: CNY45 billion)

  - ASP to rise 7% per year on average in 2021-2023 from
CNY16,409/sq m in 8M20

  - Land bank life maintained at around 2.5 years

  - Up to a 2% rise each year in average land costs in 2021-2024
(2019: CNY10,023/square metre)

  - Gross floor area acquired at 0.9x-1.1x of that sold in
2020-2024

  - Selling, general and administrative expense at 4.0%-4.3% of
contracted sales in 2020-2024

RATING SENSITIVITIES

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

  - Proportionally consolidated net debt/adjusted inventory
sustained below 40%

  - Attributable contracted sales and revenue scale comparable to
that of 'BB' rated peers

  - No decrease in landbank life (defined by saleable land bank as
of year-end divided by expected gross floor area (GFA) sold in the
next year)

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

  - Proportionally consolidated net debt/adjusted inventory above
50% for a sustained period

  - EBITDA margin below 20% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Abundant Liquidity: Yuzhou had a total cash balance of CNY43.0
billion, including restricted cash of CNY2.3 billion and CNY5.7
billion of non-pledged time deposits, as of end-1H20. Its available
cash, excluding restricted cash and non-pledged time deposits, was
1.6x its CNY22.3 billion debt maturing within a year. The company
has diversified funding channels to ensure the sustainability of
its liquidity, including bank loans, onshore and offshore bond
issuance, as well as equity placements.

ESG CONSIDERATIONS

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




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I N D I A
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AEINDRI AGRO: CRISIL Hikes Ratings on INR5.5cr Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Aeindri Agro Food Product Private Limited (AAFPPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             2          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating reflects the company's modest scale of operations, small
networth, and susceptibility to climatic conditions and volatile
raw material prices. These weaknesses are partially offset by the
promoters' extensive experience in the agriculture industry.

The upgrade is driven by better-than-expected scale up of
operations and the sector's sound performance in the medium term.

Analytical Approach

Unsecured loan of INR2.29 crore as on 31st March 2020, has been
treated as neither debt nor equity as it is expected to remain in
the business until the term loan has been paid off.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition continues to
constrain scalability: revenue was INR5.09 crore in fiscal 2019.

* Small networth: Networth was INR1.94 crore as on March 31, 2019,
and is likely to remain small over the medium term due to modest
accretion to reserve.

* Susceptibility to climatic conditions and volatile raw material
prices: Since the yield of agricultural commodities depends on
adequate and timely monsoon, the company remains exposed to the
risk of limited availability. Also, production may be constrained
by pests or crop infection, leading to increase in the prices of
the commodities and derived products.

Strength

* Extensive experience of the promoters: The promoters' experience
of over 30 years, strong understanding of market dynamics, and
healthy relationships with suppliers and customers will continue to
support the business.

Liquidity Stretched

* High bank limit utilisation: Bank limit utilisation averaged
91.33% for the 12 months through April 2020.

* Cash accrual sufficient to meet debt obligation: Cash accrual is
expected to be over INR0.9 cr in each fiscal against yearly term
debt obligation of INR0.4 ' 0.5 cr over the medium term. In
addition, it cushions the liquidity.

* Low current ratio: Current ratio was at 0.45 time on March 31,
2019.

* Support from promoters through equity infusion or unsecured
loans:
The promoters are likely to extend support in the form of equity
and unsecured loans to meet working capital requirement and debt
obligation.

Outlook: Stable

CRISIL believes AAFPPL will continue to benefit from the extensive
experience of its promoters and healthy relationships with
customers.

Rating Sensitivity Factors

Upward factors

  * Increase in revenue and stable operating margin, leading to
cash accrual above INR1.25 crore

  * Improvement in the working capital cycle, with gross current
assets at less than 30 days

Downward factors

  * Decrease in net cash accrual below INR0.75 crore on account of
decline in revenue or operating profit

  * Large, debt-funded capital expenditure, weakening the capital
structure

  * Significant increase in working capital requirement, weakening
the liquidity and financial risk profile.

Incorporated in 2014, AAFPPL manufactures flour milling products,
such as maida (refined all-purpose flour), whole wheat flour and
wheat bran. The manufacturing facility is in Parganas, West Bengal,
with capacity of 48 tonne per day. The company is promoted by Mr.
Jitendra Nath Mondal and Mr. Debdas Mondal.


AMDD FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of AMDD Foods Private
Limited (AMDD) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          40         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Packing Credit       90         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)


   Term Loan            15         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

  Warehouse Receipts    70         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AMDD for obtaining
information through letters and emails dated January 23, 2019, July
11, 2019 and April 18, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on INR40 Crore Cash Credit, INR90
Crore Packing Credit and INR15 Crore Term Loan of AMDD on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

For arriving at the ratings, CRISIL has now combined the business
and financial risk profiles of AMDD and DD International Pvt Ltd
(DDIPL), collectively referred to as the DD group. Earlier, CRISIL
had assessed AMDD on a standalone basis. However, DDIPL bought 66%
shares in AMDD, making it a subsidiary. Also, both the companies
are in the same business and will continue to have operational and
financial linkages, as per the management.

Set up in September 2013 by Mr. Bhatia and his family members,
Amritsar-based AMDD has a rice processing capacity of 12 tonne per
hour (tph).

DDIPL processes and sells basmati rice. Its unit in Karnal,
Haryana, has milling capacity of 24 tph. DDIPL procures paddy and
semi-finished rice from local mandis in Punjab and Haryana.


ATLAS CYCLES: CRISIL Keeps FD on INR30cr Debt in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Atlas Cycles
(Haryana) Limited (Atlas) continues to be 'FD Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Fixed Deposits       30.00       FD (Issuer Not Cooperating)

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

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

Detailed Rationale

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

Atlas was originally incorporated as Atlas Industries Ltd in 1951,
promoted by Mr. Janki Das Kapur; the name was changed in fiscal
2003. The company manufactures bicycles for the domestic and export
markets under the Atlas brand. Its manufacturing facilities are in
Sonipat, Haryana, and Sahibabad, Uttar Pradesh. It also
manufactured tubes at its plant in Bawal, Haryana; however,
operations at this unit and at the bicycle unit in Malanpur, Madhya
Pradesh, were shut down in fiscal 2015. Atlas is listed on National
Stock Exchange (NSE) and Bombay stock Exchange (BSE).


B.V.S. DISTILLERIES: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of B.V.S.
Distilleries Private Limited (BDPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        33.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     0.5       CRISIL D (Withdrawn)

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

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the INR0.5 Crore Proposed Long
Term Bank Loan Facility of BDPL on the request of the company. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

Incorporated in 2011 and promoted by Mr. Bommadevara Venkata Subba
Rao, BDPL manufactures IMFL at its unit in Kankipadu, Andhra
Pradesh.


BHATIA COLONIZERS: ICRA Keeps B+ on INR25cr Loans in NonCooperating
-------------------------------------------------------------------
ICRA has continued the long term rating for the bank facilities of
Bhatia Colonizers Private Limited (BCPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable)
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term         25.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund-based/                  COOPERATING, Rating continues  
   Term loan                    to remain in the 'Issuer Not
                                Cooperating' category

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

BCPL is a Kota, Rajasthan based real estate, Special Purpose
Vehicle (SPV) which is developing an integrated township at Kunhari
Bundi Road in Kota. The company took up a residential project in
the name of Land Mark crown constituting three high rise towers
with a total saleable area of 2,59,920 sq.ft. and integrated
township in the name of land mark city comprising of plots, villas
and duplexes.


CHEMTROLS SAMIL: CRISIL Reaffirms B- Rating on INR8cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Chemtrols Samil India Private Limited
(CSIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)

   Cash Credit            8         CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations and stretched working capital cycle. These weaknesses
are partially offset by the extensive experience of the promoters
and the established track record of the parent companies in the
industrial components segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Stretched working capital cycle: Operations are working capital
intensive as reflected in gross current assets of 648 days as on
March 31, 2020, driven by sizeable receivables and inventory of 417
and 222 days, respectively. Improvement in the working capital
cycle will be a key monitorable.

* Modest scale of operations: Revenue of INR13.1 crore in fiscal
2020 reflects the modest scale and results in pricing pressure.
Intense competition along with fluctuating raw material prices have
constrained the operating margin.

Strength:

* Extensive experience of the promoters: The extensive experience
of the promoters and the strong track record spanning several
decades of the parent companies in the industrial components
segment should continue to support the business.

Liquidity Poor
Bank limit was fully utilised over the 12 months through July 2020.
Cash accrual is expected to be modest at INR0.38-0.50 crore but
will be sufficient to meet term debt obligation of INR0.05 crore
over the medium term. Current ratio was moderate at 1.26 times as
on March 31, 2020.

Outlook: Stable

CRISIL believes CSIPL will continue to benefit from the extensive
experience of its promoters and the established track record of its
parent companies.

Rating Sensitivity Factors

Upward factors

  * Increase in revenue and profitability

  * Improvement in the working capital cycle leading to bank limit
utilisation of less than 95%.

Downward factors

  * Weakening of debt protection metrics with interest coverage
below 1 time

  * Further stretch in the working capital cycle.

CSIPL was set up in 2001 as a joint venture of the Chemtrols group
of India and Samil Industry Company Ltd, Korea. Mr. K Nandakumar is
the chairman of the company. It manufactures industrial components
such as level gauges, level switches, valves, spray nozzles, and
gas conditioning and dust suppression systems.


DHANALAKSHMI TRADERS: CRISIL Lowers Rating on INR12cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Sri
Dhanalakshmi Traders (SDT) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     2.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SDT for obtaining
information through letters and emails dated January 6, 2020 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SDT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SDT is consistent
with 'Assessing Information Adequacy Risk'.

Based on the last available information, the rating on the bank
facilities of SDT downgraded to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'. The downgrade
reflects the delays in debt servicing and continuous overdraws on
working capital facilities for more than 30 Days due to its
stretched liquidity position.

Established as a partnership firm in 1999 and based in East
Godavari (Andhra Pradesh), SDT is engaged in milling and processing
of paddy into rice, rice bran, broken rice and husk. The day-to-day
operations are managed by Mr. M V Srinivasa Reddy.


GREENEARTH INFRAVENTURES: ICRA Cuts Rating on INR6.4cr Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Greenearth Infraventures Pvt Ltd (GIPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based/        6.40      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating downgraded
                                from [ICRA]BB (Stable) and
                                moved to 'Issuer Not Cooperating'
                                category

Rationale

The rating downgrade is because of lack of adequate information
regarding GIPL'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 Greenearth Infraventures Pvt Ltd, 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.

Greenearth Infraventures Pvt Ltd (GIPL) is part of the
Chattisgarh-based K. N. Group, which has interests across several
fields (mainly agriculture-related industries) including soya bean
processing, flour milling, international agro-trade and wind power
generation. The Group was established by industrialist and social
worker, Late Nemichand Shishrimal, in
1930.

One of the interests of the Group is in real estate development.
Greenearth City, which is the first project of the Group, is a
township spread over 42 acres of land in association with the IBD
Group of Madhya Pradesh, which has executed several projects in the
state. Greenearth City is located in Amleshwar near Mahadeo Ghat on
the Raipur Patan Road. This township offers, 2 BHK/3 BHK flats in
four storied buildings (Phase-1), independent row houses (Phase-2),
commercial centre shops and offices (Phase-3) and residential plots
(Phase-4).


GURU RAGHAVENDRA: CRISIL Reaffirms B Rating on INR5cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facilities of Sree Guru Raghavendra Cotton Ginning Factory
(SGRCGF).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's average financial risk
profile because of a small networth and high gearing, and
susceptibility of operating margin to intense competition in the
cotton ginning industry. These weaknesses are partially offset by
growing scale of operations and extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: Networth was small
estimated at INR6 crore and gearing moderate at 1.07 times, as on
March 31, 2020. Apart from a modest networth, limited accretion to
reserves also led to subdued profitability margins. This would
continue to constrain growth in networth, thereby limiting
financial flexibility to meet any exigency.

* Susceptibility to volatility in raw material prices and intense
competition: Since key raw material, cotton, accounts for 93 - 95%
of total production cost, margin will remain susceptible to the
highly volatile cotton prices. Furthermore, government intervention
(minimum support price and export ceilings) affects cotton prices,
putting operating margins of players under pressure. Also, the
cotton industry is highly fragmented because of low entry barrier.

Strength:

* Extensive experience of promoters in cotton ginning industry:
The promoters have been in the cotton ginning segment for more than
three decades through group firms (Sree Guru Raghavendra Cotton
Ginning and Pressing Factory, Sree Laxmi Venkatesh Ginning &
Pressing Factory, Sree Guru Raghavendra Ginning & Pressing Factory,
and Sree Parimala Cotton Ginning & Pressing Factory) in Beed,
Maharashtra. This has enabled SGRCGF to establish strong
relationship with clients and suppliers. All the group entities
leverage each other's supplier and customer bases in case of
shortfall. The firms mainly cater to spinning mills in Tamil Nadu
and Karnataka.

Liquidity Stretched

The bank limits of INR10 crore have been highly utilized in the 6
months ending July 2020. Cash accruals expected over the medium
term is about INR0.05 ' 0.1 crore. However, the firm does not have
any repayment obligations. Additionally, there is support in the
form of unsecured loans to the tune of INR1.26 cr as on
March 31, 2020.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

  * Sustained improvement in scale of operation by 20% and
sustenance of operating margin, leading to higher cash accruals

  * Improvement in the financail risk profile led by fund infusion
by the partners

Downward factors:

  * Decline in profitability or stretch in working capital cycle

  * Decline in revenue by 10% and profitability margin below 2%,
hence leading to lower net cash accrual

  * Higher than expected withdrawal by partners leading to net cash
accrual lower.

  * Substantial increase in its working capital requirements thus
weakening its liquidity & financial profile.

Established in 2013 as a partnership firm by Mr. B Moulali and
family, SGRCGF operates a cotton ginning unit in Bellary,
Karnataka.


HEALTHWAY HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Healthway Hospitals
Private Limited (HHPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable (Withdrawn)

   Term Loan              35        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

CRISIL has withdrawn its rating on the INR10 Crore Proposed Long
Term Bank Loan Facility of HHPL on the request of the company. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

HHPL was incorporated in April 2013, as a 99.94% subsidiary of Goa
Doctors Alliance Pvt Ltd (GDAPL). HHPL runs a multi-specialty,
tertiary care hospital in Goa. GDAPL is an investment arm promoted
by 33 doctors with equal shareholding.


K.S. OVERSEAS: ICRA Lowers Rating on INR100cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of K.S.
Overseas Private Limited (KS), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based       100.00      [ICRA]B+(Stable) ISSUER NOT
   limits                       COOPERATING; Rating downgraded
                                from [ICRA]BB(Stable) and
                                continues to remain in the
                                'Issuer Not Cooperating'
                                Category

Rationale

The rating downgrade is because of lack of adequate information
regarding K.S. Overseas 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 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 K.S. Overseas 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 the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

KS was initially set up by Mr. Satpal Gupta in 1950 as a Hindu
Undivided Family (HUF). It was reconstituted as a partnership firm
in July 2011 and again reconstituted as a private limited company
in March 2013. The company is engaged in milling and processing of
basmati rice and has an installed capacity of 16 tonne/hour at its
facility in Karnal, Haryana. The company derives more than 60% of
its revenues from the domestic market, with the remaining comes
from export sales. The day-to-day operations of the company are
managed by Mr. Pankaj Goyal, who has more than two decades of
experience in the rice milling business.


KESORAM INDUSTRIES: CRISIL Rates Non-Convertible Debentures 'D'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the non-convertible
debentures (NCDs) of Kesoram Industries Limited (KIL).

The rating reflects the ongoing delays in debt servicing, weak
financial risk profile marked by stretched liquidity and weak debt
protection metrics, and exposure to cyclicality in the cement
industry. These weaknesses are partially offset by its established
market position in cement industry and long track record of the
company.

KIL has been in default since January 2020. These irregularities
are mainly on account of KIL's liquidity mismatch and high
leverage. The company is already in discussion with the lenders for
implementing a resolution plan, as per which a part of the existing
debt will be converted into compulsory redeemable preference shares
(CRPS) of INR408 crore (such portion of CRPS shall be reduced by
the amount of recoveries made by the lenders during the period
April 1, 2020 to August 31, 2020), while INR200 crore of working
capital debt will be refinanced and the balance debt will be paid
upfront through the proceeds of the NCDs. KIL has already signed a
non-binding agreement with a new investor for infusion of funds
through NCDs.

Fund infusion and refinancing of working capital limits would help
regularise the delays in debt servicing and augment liquidity for
working capital and other business needs, and thus would be key
monitorables. Additionally, cash accrual is expected to improve
over the medium term owing to healthy cement realisations, as seen
in the first quarter of fiscal 2021 and shift towards high margin
PPC product. Cash accrual would still be tightly matched against
total funds needed to meet debt obligation, committed capital
expenditure (capex) and working capital requirement. The resolution
plan factors in equity infusion (in fiscal 2023) and debt
refinancing (in fiscal 2026) apart from internal accruals to
support repayments for NCDs starting in fiscal 2023.

Timely implementation of the resolution plan, regularisation of
over dues, sustenance of improved operating performance, and track
record of timely debt servicing are crucial for improvement in
KIL's credit risk profile.

Analytical Approach

To arrive at its ratings, CRISIL has consolidated its wholly owned
subsidiary Cygnet Industries Limited (CIL), because KIL has
provided corporate guarantee to the debt of CIL and both the
companies have common management. KIL had demerged the tyre
business to Birla Tyres Ltd (BTL) in fiscal 2020. CRISIL has not
consolidated BTL as both operate in different businesses and there
are no fungible cash flows or cross holdings between them.

Key Rating Drivers & Detailed Description

Weaknesses

  * Delays in debt servicing: KIL has delayed meeting its debt
obligation since January 9, 2020, owing to liquidity mismatch and
the overdue position continues.

  * Weak financial risk profile and stretched liquidity: Continued
losses at the profit after tax (PAT) level has eroded networth.
Debt protection metrics are also weak, as reflected in interest
coverage ratio below 1 time and negative accrual in the past. After
the demerger of the loss-making tyre business, the metrics are
expected to improve due to the relatively strong performance of the
cement business. However, the same would continue to be modest in
relation to the total debt.

Liquidity is stretched, as seen in delay in debt servicing.
Liquidity is expected to improve post-infusion of funds from the
new investor and moratorium (as per the resolution plan) on its
term repayments. However, high premium payment on NCD redemption
and tightly matched cash flows will continue to exert pressure on
liquidity over the medium term. The resolution plan factors in the
equity infusion to support the debt repayments once the first
instalment of NCDs fall due in fiscal 2023 and debt refinancing in
fiscal 2026 to fully retire the NCDs.

  * Exposure to cyclicality in cement industry: Cement players,
including KIL, are susceptible to volatility in input cost due to
operating leverage in the cost structure. Furthermore, intense
competition may continue to constrain scalability, pricing power,
and profitability. Capacity additions in the commoditised cement
industry tend to be sporadic because of long gestation periods
associated with setting up new facilities, and the large number of
players adding capacities during the peak of a cycle. This has led
to unfavourable price cycles for the sector in the past. Cyclical
downturns in the industry result in slow sales, thereby
constraining the operating rate and ability to pass on any rise in
input costs.

Strengths

  * Established market position in cement industry: KIL has
aggregate cement manufacturing capacity of 7.25 million tonne per
annum (mtpa) located in Karnataka and Telangana with key markets
being southern and western regions. Furthermore, abundant
availability of limestone at its captive mine and captive power
generation results in operational efficiency. Moreover, benefits
from the promoters' experience of over four decades, their strong
understanding of local market dynamics, and healthy relationships
with customers and suppliers should continue to support the
business.

  * Long track record of the company: KIL has been operating for
over 10 decades (incorporated on October 18, 1919, as Kesoram
Cotton Mills Ltd) and is currently managed by Ms Manjushree Khaitan
(daughter of Mr. B K Birla) after the demise of Mr. B K Birla in
July 2019.

Liquidity Poor

Cash accrual is currently insufficient to meet debt obligation as
the company continues to have overdues in existing bank facilities.
Liquidity is expected to improve with long-term fund infusion from
new investors and moratorium on its term repayment. However, high
premium on NCD repayments and tightly matched cash flows would
continue to exert pressure on liquidity over the medium term.
Furthermore, internal accrual would be insufficient to service the
debt repayments and timely equity infusion and debt refinancing
would be crucial for meeting debt obligation over the medium term.

Rating Sensitivity Factors

Upward factors

  * Successful implementation of the resolution plan and
sustainable improvement in financial risk profile

  * Track record of timely debt servicing and debt service coverage
ratio of above 1 time.

KIL, part of the B K Birla group of companies, is a diversified
conglomerate that manufactures cement and rayon. Cement contributed
88% of the consolidated revenue as on March 31, 2020, while the
remaining 12% is from rayon. The cement units have an aggregate
capacity of 7.25 mtpa and are located in Karnataka and Telangana.
The rayon, paper and chemical businesses are housed under 100%
subsidiary, CIL, whose plant is in West Bengal.

Earlier, during fiscal 2020, the National Company Law Tribunal has
approved demerger of the tyre business of KIL on November 08, 2019,
and the scheme became effective from December 04, 2019, with
appointed date being January 01, 2019. Demerger of the tyre
business is expected to improve KIL's credit risk profile as the
cement business has been consistently profitable while the tyre
business has been a drag on the overall performance.

For the first quarter of fiscal 2021, on a consolidated basis, KIL
reported net loss from continuing operations and total revenue of
INR16 crore and INR427 crore, respectively, against PAT from
continuing operations and total revenue of INR47 crore and INR801
crore, respectively, in the corresponding period of the previous
fiscal.


MAHAKALESHWAR INFRATECH: Ind-Ra Affirms BB+ LongTerm Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mahakaleshwar
Infratech Private Limited's (MIPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR22 mil. (reduced from INR52 mil.) Fund-based working
     capital limits affirmed with IND BB+/Stable/IND A4+ rating;

-- INR608 mil. (increased from INR578 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating; and

-- INR70 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects MIPL's continued medium scale of
operations, as indicated by revenue of INR1,059.71 million in FY20
(FY19: INR851 million). The revenue increased owing to the
execution of higher number of orders. MIPL's order book amounted to
INR2,673.72 million as of May 2020 (2.5x of FY20 revenue),
providing medium-term revenue visibility; of the total order book,
projects worth INR1,685.57 million were under progress as of June
2020, and are scheduled to be completed in FY21. Any revenue growth
in FY21 would be dependent upon the company's ability to execute
orders amid the COVID-19-led business disruptions. The figures for
FY20 are provisional.

The ratings reflect MIPL's modest credit metrics due to high debt
levels (FY20: INR282.74 million; FY19: INR216.05 million). The
gross interest coverage (operating EBITDA/gross interest expense)
improved to 6.92x in FY20 (FY19: 4.28x) on account of an increase
in the absolute EBDITA to INR150.11 million (INR132.50 million) and
a decline in interest costs, resulting from the steady repayment of
equipment loans. However, the net leverage (adjusted net
debt/operating EBITDAR) weakened to 1.81x in FY20 (FY19: 1.60x) due
to an increase in the overall debt. The metrics are likely to
remain stable in FY21 owing to the steady repayment of equipment
loans.

Liquidity Indicator – Stretched: For the 12 months ended May
2020, the  average utilization of the fund-based limits was 88% and
that of the non-fund-based limits was 68.6%. The working capital
cycle elongated to 11 days in FY20 (FY19: negative seven days)
owing to an increase in debtor days to eight days (nil ) and
decrease in creditor days to nine days (18 days). The cash flow
from operations remained positive in FY20  due to limited
fluctuations in the working capital cycle and timely realization of
payments from the government.  However, the cash flow declined on a
yoy basis to INR41.31 million in FY20 million (FY19: INR49.51
million) due to unfavorable changes in the working capital. MIPL's
free cash flow remained negative during FY19-FY20 on account of the
debt-led capex undertaken by the company during the same period to
procure construction equipment. Also, on an average, MIPL incurs a
maintenance capex of around INR10 million-20 million per year. The
company has availed the Reserve Bank of India-prescribed debt
moratorium for April-May 2020 from selected banks.

The ratings are supported by MIPL's healthy operating margins. The
margin declined to 14.17% in FY20 (FY19: 15.57%) due to an increase
in raw material costs as well as administrative expenses. The ROCE
stood at 22.3% in FY20 (FY18: 23.8%). Ind-Ra expects the margins to
decrease slightly in FY21 due to a likely increase in raw material
costs and a rise in operational costs, resulting from the
challenges in order execution due to the pandemic-related
disruptions.

The ratings are also supported by the founders' experience of over
two decades in road construction, the company's ownership of
state-of-the-art equipment and machinery, and the presence of
experienced engineers and skilled and unskilled laborers in its
workforce.     

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins, leading to deterioration
in the credit metrics, with the interest coverage falling below
2.5x and/or deterioration in the working capital cycle, both on a
sustained basis, will be negative for the ratings.

Positive: A significant increase in the scale of operations along
with stable EBITDA margins and an improvement in the credit metrics
will be positive for the ratings.

COMPANY PROFILE

MIPL undertakes engineering, procurement, and construction
contracts, primarily road construction for various government
departments such as the Uttar Pradesh Public Work Department and
National Highways Authority of India ('IND AAA'/Stable).


MODERN STAGE: CRISIL Migrates B Debt Rating From Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its ratings on the
bank facilities of Modern Stage Service (MSS) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'. However, MSS has
subsequently started sharing requisite information, necessary for
carrying out a comprehensive review of the ratings. Consequently,
CRISIL is migrating its ratings on the bank facilities of MSS to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.95       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           4.05       CRISIL B/Stable (Migrated  
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect the modest scale of MSS's
operations and large working capital requirement. These weaknesses
are partially offset by the extensive experience of the partners in
the lighting and audio industry, and a comfortable leverage.

In light of COVID-19 outbreak, revenue for fiscal 2021 is may get
impacted. However, fulfilment of several government projects has
ensured sufficient cash accruals.

Analytical Approach

Unsecured loans (INR5.05 crore as on March 31, 2020) extended by
the partners have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Around 80% of the firm's revenue is
derived from projects undertaken for various government
institutions, through a tender bidding process. Intense competition
and the consequent aggressive bidding may continue to constrain
scalability, pricing power and profitability. Operating revenue was
average at INR25.24 crore in fiscal 2020 and should remain
restricted at INR25-30 crore going forward as well.
  
* Large working capital requirement: The working capital cycle may
remain stretched over the medium term and hence will be closely
monitored. Gross current assets were sizeable at over 450 days as
on March 31, 2020, driven by substantial debtors of more than 300
days (as most customers are government departments) and huge
inventory of around 175 days (factoring in the lead time required
for procurement).

Strengths

* Extensive experience of the partners: The partners have extensive
experience of over seven decades in the stage lighting, audio and
video space. Backed by their expertise, the firm has so far
provided end-to-end lighting solutions to over 1,000 auditoriums,
and other institutions, thereby establishing strong relationships
with customers and suppliers.

* Comfortable leverage: Leverage should remain supported by
adequate accretion to reserve and the absence of any large,
debt-funded capital expenditure plan. Total outside liabilities to
adjusted networth ratio was 1.57 times as on March 31, 2020, with
networth of INR13.91 crore.

Liquidity Stretched

* High bank limit utilization: Bank limit utilisation was high and
averaged 91.43% during the 12 months through July 2020; this trend
is likely to continue over the medium term as well.

* Healthy current ratio: The ratio was strong at 1.5 times on March
31, 2020.

* Funding support from partners: The partners are likely to
continue extending timely, need-based funds to meet the working
capital requirement and repayment obligation.

Outlook: Stable

MSS should continue to benefit from the extensive experience of its
partners.

Rating Sensitivity Factors

Upward Factors

  * Significant improvement in the working capital cycle

  * Substantial and sustainable increase in revenue and
profitability, leading to a growth rate of 15% year on year.

Downward Factors

  * Steep decline in revenue and profitability, resulting in cash
accrual dropping below INR60 lakh

  * More-than-expected capital withdrawal.

MSS was set up in 1994 as a partnership firm by Mr. Varinder Kumar
Wadhwa and Mr. Davinder Kumar Wadhwa. This Delhi based firm
installs stage lights, and video and audio systems for government
and private organisations across India.


N. K. BHOJANI: CRISIL Moves 'D' Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of N. K. Bhojani
Private Limited (NKBPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit           19.50      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        .75      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
    Bank Loan Facility    4.89      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             17.86      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

NKBPL, incorporated in 1996, is promoted and managed by Mr. N K
Bhojani. The company manufactures sponge iron, mines iron ore, and
has a dealership contract with Larsen & Toubro Ltd for sale of
spares and for service. Its manufacturing facilities are in Rugudi,
Odisha.


OM SHREE: CRISIL Assigns B Rating to INR12cr Term Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Om Shree Sai Ram (OSSR).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              12        CRISIL B/Stable (Assigned)

The rating reflects the modest scale of OSSR's operations and the
exposure to high geographical and customer concentration in the
revenue profile. These weaknesses are partially offset by the
firm's low counterparty risk owing to its long-term lease agreement
with The Haryana State Cooperative Supply and Marketing Federation
Ltd (HAFED, 'CRISIL A-/Stable/CRISIL A2+').

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Revenue was modest at INR3.21 crore in
fiscal 2020 and is likely to remain so over the medium term, given
the current outstanding lease contract. Scale may only improve if
the firm expands its capacity with addition of new warehouses
capable of generating higher rentals.

* Exposure to geographical and customer concentration in revenue
profile: Since OSSR has leased its warehouse to a sole customer,
HAFED, the firm's business remains largely susceptible to any
premature termination of contract by the client. Furthermore,
revenue continues to be vulnerable to socio-economic conditions
prevalent in the city and the state and the local governments'
policies. With no diversification plans over the medium term, risks
related to intense geographical and customer concentration should
persist.

Strength

* Low counterparty risk owing to long-term lease agreement with
HAFED: OSSR has entered into a nine-year lease agreement with HAFED
(ending in 2023) and hence has assured rentals from this customer.
The property is located in a prime areas conducive to operations
and hence is of strategic importance to the lessee. Further, HAFED
is a government organization and has an established presence in
food grain procurement in Haryana.

Liquidity Poor

Liquidity is likely to remain weak. Cash accrual is projected at
INR1.2-1.5 crore per annum over the medium term, inadequate to meet
the yearly debt obligation of INR2.88 crore till fiscal 2024. The
cash shortfall will be funded by timely, need-based unsecured
loans/capital infusion by the partners and related parties. The
partners extended interest-free unsecured loans, outstanding at
INR0.77 crore as on March 31, 2020, and may continue to do so going
forward as well. Cash balance was modest at INR0.15 crore as on
March 31, 2020.

Outlook: Stable

OSSR should continue to benefit from its long-term lease agreement
with HAFED and high operating profitability in the warehousing
business.

Rating Sensitivity Factors

Upward Factors

  * Cash accrual increasing to more than INR2.5 crore

  * Timely, need-based capital infusion from partners

Downward Factors

  * Revenue dropping by over 10% and a steep decline in
profitability

  * Unexpected termination of lease contract, adversely affecting
cash flow.

OSSR was set up in 2015 as a partnership firm by Mr. Ashok Yadav,
Ms Sunita Yadav, Mr. Rajpal Santro, Mr. Naresh Kumar and Mr. Ram
Kumar Yadav; the firm commenced operations in March 2015. This
Hissar (Haryana)-based firm undertakes leasing and operating of
warehouses. It has signed a nine-year lease agreement with HAFED to
store agricultural products such as rice and wheat.


PARANJAPE SCHEMES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Paranjape Schemes
(Construction) Limited (PSCL) continue to be 'CRISIL B/FB/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     7         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             30         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PSCL for obtaining
information through letters and emails dated October 15, 2019,
April 3, 2020, and April 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PSCL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PSCL is consistent
with 'Assessing Information Adequacy Risk'.

As per the terms of the debentures and the subsequent extension
approved by the debenture trustee, the interest from 1st January,
2017 till 30th September, 2017 and 1st October 2017 till 31st March
2018 had to be paid by PSCL on or before 31st August, 2020. However
company had made request to investor for extension of the said
interest which was approved by investors before the due date and
now due date for payment of interest is 10th September, 2020.
Further the debenture trustee vide letter dated 29th August 2020;
also gave consent for same.

Based on the last available information, the ratings on bank
facilities of PSCL continues to be 'CRISIL B/FB/Stable Issuer Not
Cooperating'.

PSCL was incorporated in 1987 by brothers Mr. Shashank Paranjape
and Mr. Shrikant Paranjape as a private limited company, and was
reconstituted as a public limited company in 2005.


PARTAP FABRICS: CRISIL Withdraws B+ Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Partap Fabrics Private
Limited (PFPL) to 'CRISIL B+/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL has withdrawn its rating on bank facility of
PFPL following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of PFPL from 'CRISIL
B+/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.8        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Proposed Term Loan    8.53       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING';
                                    Rating Withdrawn)

   Term Loan            49.47       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING';
                                    Rating Withdrawn)

PFPL was incorporated in fiscal 2011, by the promoter, Mr. Satish
Bansal. The company manufactures denim fabric. Its facility at
Ambala, Haryana, has the capacity to manufacture 40 million metres
per annum of fabric.


PCL FOODS: ICRA Lowers Rating on INR50cr LT Loan to B+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of PCL
Foods Private Limited (PCPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term:        50.00      [ICRA]B+(Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Rating downgraded
   Cash Credit                  from [ICRA]BB+ (Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

Rationale

The ratings downgrade is because of lack of adequate information
regarding PCPL'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 PCL Foods 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 the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

PCPL, incorporated in 2013, is a wholly owned subsidiary of Phoenix
Commodities Private Limited (Phoenix). Phoenix is the ultimate
holding company of the Group and holds ~100% stake in Phoenix
Global, DMCC which in turn holds ~100% stake in PCPL. The promoters
of PCPL are Mr. Sudip Kumar Basu and Mr. Nitin Navandher (business
associates in the Phoenix Group). In March 2014, Phoenix Global,
DMCC acquired 99.95% shares of the company. It is involved in
trading and manufacturing of agriculture produce like Basmati,
non-Basmati Rice, grains and pulses. The rice milling plant of PCPL
is located at Taraori, which has a paddy milling capacity of 31,200
metric tonne per annum (MTPA) and sorting capacity of 72,000 MTPA
with an additional 2.40 lakh MTPA sorting facility on job work
basis at the Kandla Port.

In FY2018, the company reported a net profit of INR7.40 crore on an
operating income (OI) of INR735.34 crore on a provisional basis
compared with a net profit of INR2.24 crore on an OI of INR721.73
crore in the previous year.


POWERWIND LIMITED: Ind-Ra Affirms 'D' LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Powerwind
Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR414.9 mil. Long-term loan (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR580 mil. Fund-based working capital facilities (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating; and

-- INR1.40 bil. Non-fund-based working capital facilities (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
Powerwind Limited, as confirmed by one of its lenders.

RATING SENSITIVITIES

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

COMPANY PROFILE

Powerwind Limited manufactures windmill blades and assembles wind
turbine generators, at its facility in Bawal (Haryana).


R G SCIENTIFIC: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of R G Scientific
Enterprises Private Limited (RGSL) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           10        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Drop Line              4.2      CRISIL B+/Stable (ISSUER NOT
   Overdraft                       COOPERATING; Rating Withdrawn)
   Facility               
                                   
   Loan Against          11.3      CRISIL B+/Stable (ISSUER NOT
   Property                        COOPERATING; Rating Withdrawn)


   Long Term Loan         3.2      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan        19.2      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Overdraft              4.5      CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     6.75     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)  
  

   Working Capital        0.85     CRISIL B+/Stable (ISSUER NOT
   Term Loan                       COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RGSL for obtaining
information through letters and emails dated October 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RGSL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on RGSL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RGSL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

CRISIL has withdrawn its rating on INR10 Crore Cash Credit, INR4.2
Crore Drop Line Overdraft Facility, INR11.3 Crore Loan Against
Property, INR19.2 Crore Long Term Loan, INR6.75 Crore Proposed Long
Term Bank Loan Facility and INR0.85 Crore Working Capital Term Loan
of RGSL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Established in 1986 by Dr Bhimsen Bansal, RGSL runs 15
super-specialty centres (RG Stone Urology & Laproscopy Hospitals)
in lithotripsy, endo-urology, and laser treatment for urological
problems.


RAJ KUMARI: CRISIL Assigns B+ Rating to INR12.61cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Raj Kumari and Ram Gobind Memorial Education
Society Regd (RKRGMES).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             2          CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility    2.39       CRISIL B+/Stable (Assigned)

   Term Loan            12.61       CRISIL B+/Stable (Assigned)

The rating reflects RKRGMES's modest scale of operations,
geographical concentration in revenue and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the trustees and their funding support.

Analytical Approach

Unsecured loan of INR14.4 crore provided by the trustees as on
March 31, 2020, have been treated as neither debt nor equity, as
the loan has been in the trust for more than three years and is
likely to be retained over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

  * Modest scale of operations:  Scale of operations remains small,
as reflected in operating income of INR6.70 crore in fiscal 2020.
However, with Class 12 occupancy levels likely to improve, revenue
is expected to grow 5-10% over the medium term.

  * Geographical concentration in revenue:  The society operates
only one school in a single location, exposing it to competition
and limiting its scale.

  * Weak financial risk profile:  Gearing was 3.38 times and total
outside liabilities to adjusted networth was 3.87 times as on March
31, 2020. Debt protection metrics have been weak because of high
gearing and low accrual. Interest coverage and net cash accrual to
total debt ratios were 1.4 times and 0.06 time, respectively, in
fiscal 2020. The metrics are expected to remain at a similar level
because of high debt.

Strength

  * Extensive experience of the trustees:  The two-decade-long
experience of the trustees in running educational institutes
through other entities and their need-based funding support will
continue to support the business risk profile.

Liquidity Stretched

Cash accrual is expected at a modest INR0.68-1.22 crore per annum;
however, it will sufficiently cover yearly debt obligation of
INR0.65-0.87 crore over the medium term. Bank limit utilisation
averaged 91% over the 12 months through May 2020.

Outlook: Stable

CRISIL believes RKRGMES will continue to benefit from the trustees'
extensive experience in the education sector.

Rating sensitivity factors

Upward factors

  * Increase in occupancy levels by 15%

  * Improvement in cash accruals and financial metrics

Downward factors

  * Weakening of occupancy levels by 20%

  * Decline in operating margin leading to low cash accrual

Established in 2006, RKRGMES operates a K-12 school named 'The
Little Shri in Rohtak, Haryana. The institute is affiliated to
Central Board of Secondary Education. It is managed by Mr. Ram
Karan Hooda and Mr. Mayank Karan Hooda.


RASUN EXPORTS: CRISIL Migrates B Debt Rating From Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings of Rasun Exports Private
Limited (REPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the ratings on the bank facilities of REPL to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

   Packing Credit       11.5        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Working Capital       4.0        CRISIL B/Stable (Migrated
   Facility                         from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

The ratings reflect moderate scale of operations and working
capital intensive operations marked by fully utilized bank lines.
These weaknesses are partially offset by promoter's extensive
experience in granites and minerals industry and average financial
risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate scale of operations:  Scale is moderate, as reflected in
operating income of INR47.22 crore in fiscal 2020. The granites and
minerals industry is marked by presence of large, unorganised
players.  While intense competition restricts bargaining power with
suppliers and customers restricts profitability.

* Working capital-intensive operations:  Gross current assets of
220 days as of March 2020, were driven by large work in progress
and finished goods requirements. Hence, operations will be working
capital intensive.

Strengths:

* Promoter's extensive experience in granites and minerals
industry:  REPL benefits from extensive experience of the promoter.
Mr. Ravinder Reddy and Mr. Satyanarayana were engaged in the same
industry since 1987.

* Average financial risk profile:  REPL's financial risk profile is
average reflected in interest coverage and NCATD of 4.72 times and
0.18 time, respectively, for fiscal 2020.

Liquidity Stretched

Bank limit utilisation is high at around 103 percent for the past
twelve months ended June, 2020.  Cash accrual are expected to over
INR7 crore in fiscal 2021. The same is sufficient against estimated
term obligations of INR2.5 crore. Current ratio continues to remain
low at 0.7 times on March 31, 2020.

Outlook: Stable

CRISIL believe the group will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

  * Sustained improvement in scale of operation by 25% and
sustenance of operating margin, leading to higher cash accruals

  * Improvement in liquidity profile

Downward factor

  * Deterioration in working capital resulting in GCA of over 300
days

  * Large debt-funded capital expenditure weakening capital
structure

Incorporated in 1996, REPL is engaged in mining and export of
granite blocks and slabs. The company is located in Hyderabad.
Promoters Mr. Ravinder Reddy and Mr. Satyanarayana have experience
of more than 3 decades in the granite industry.


S.K.P.V.V. HINDU: CRISIL Reaffirms D Rating on INR10cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long term bank
facilities of S.K.P.V.V. Hindu High Schools Committee (SSC)

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Secured Overdraft
   Facility               10        CRISIL D (Reaffirmed)

The rating continues to reflect SSC's below-average financial risk
profile and its susceptibility to adverse regulatory changes in the
education sector. These weaknesses are partially offset by the long
standing experience of the promoter and SSC's established track
record in the education sector

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile:  Financial risk profile is
constrained by modest networth despite the long track record of
operations and sub-par debt protection metrics as reflected in the
interest coverage ratio of 1.8 times for fiscal 2019.

* Susceptibility to adverse regulatory changes in the education
sector:  Business risk profile remains susceptible to regulatory
changes in education sector, along with limited geographical
diversity. The education sector faces a high degree of regulation
from various governmental and quasi-governmental agencies. Same
exposes the society to any adverse regulatory changes in the
education sector.

Strength:

* Long standing experience of the promoter and SSC's established
track record in the education sector:  The society is promoted and
managed by Mr.G Mallaiah and his family, He has around two decades
of experience in the Education sector. The promoter's extensive
experience along with the society's established regional presence
has helped it grow over the years

Liquidity Poor

Liquidity is poor as reflected in the delays in servicing of debt
obligation.  Also the Overdraft facility remained almost fully
utilized for the 6 months ended July, 2020.

Rating Sensitivity factors

Upward factors

  * Track record of timely repayments of bank debt for consecutive
90 days

  * Sustainable improvement in the financial risk profile,
especially liquidity.

SSC established in the year 1906 in Vijayawada, Andhra Pradesh by
Mr.G Mallaiah and his family. The society presently runs 4 schools
and 3 colleges in Vijayawada.


SIVAGURU SPINNING: CRISIL Assigns B+ Rating to INR15cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Sivaguru Spinning Mills Private Limited
(SSMPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Demand Loan           1.45       CRISIL B+/Stable (Assigned)

   Term Loan             3.34       CRISIL B+/Stable (Assigned)

   Bank Guarantee         .28       CRISIL A4 (Assigned)

   Cash Credit          15          CRISIL B+/Stable (Assigned)

The rating reflects SSMPL's modest scale of operations in a
competitive textile cotton yarn business, working capital-intensive
operations, and below average financial risk profile. These
weaknesses are partially offset by the extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a competitive cotton yarn business:
SSMPL's business profile is constrained by its modest scale
indicated by estimated revenues of INR75 crore in fiscal 2020, in
the intensely competitive cotton textile industry and this will
continue to limit its operating flexibility. The revenue growth
will remain under pressure in fiscal 2021 because of impact of
COVID-19 outbreak and containment measures initiated by the
government.

* Working capital-intensive operations:  Gross current assets
(GCAs) were at 200-255 days over the 3 fiscals ended March 31,
2020. GCAs is estimated at 265 days as on March 31, 2020, driven by
sizable debtors and moderate inventory.

* Below average financial risk profile:  The company has a below
average financial risk profile marked by an aggressive capital
structure. The company's capital structure remained leveraged
marked by total outside liability to tangible networth estimated at
5.6 times as on 31 March, 2020 largely on account of working
capital intensive nature of operations. The company's gross current
asset days remained high at over 250 days as on 31 March, 2020.The
interest cover and net cash accrual to total debt are moderate
estimated at 2.2 times and 0.13 times for fiscal 2020.

Strengths

* Extensive industry experience of the promoter:  The promoter has
an experience of over 2 decades in the cotton textile industry.
This has given him a strong understanding of market dynamics and
enabled him to establish healthy relationships with suppliers and
customers.

Liquidity Stretched

Liquidity of the company remains stretched with high bank limit
utilization and minimal cushion between cash accruals and repayment
obligations. Bank limit utilisation was high at around 93% in the
12 months through June 2020. The accruals are expected to be in the
range of Rs.1.5 crore to Rs.2.5 crore, per annum, over the medium
term against which it is likely to have a repayment obligation of
Rs.1.2 crore.

Outlook: Stable

CRISIL believes that SSMPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity Factors

Upward Factors

  * Healthy revenue growth, coupled with stable margin, leading to
better cash accrual

  * Improvement in working capital management with GCA at less than
200 days

Downward Factors

  * Decline in revenue or operating margin, leading to cash accrual
of less than INR1.20 crore

  * Large, debt-funded capital expenditure or further stretch in
working capital cycle weakening the financial risk profile
especially the liquidity.

SSMPL is owned and managed by Mr. Sivakumar. The firm is engaged in
manufacturing textile products such as recycled yarn, blended yarn,
cotton towel, gada cloth etc.


SUKRA COLOURS: CRISIL Reaffirms B+ Rating on INR3.9cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of c (SC)
at 'CRISIL B+/Stable and reassigned its 'CRISIL A4' rating to the
short term bank facility. The ratings continue to reflect the
firm's small scale of operations and average financial risk profile
because of a leveraged capital structure. These weaknesses are
partially offset by the partners' experience in the textiles
industry.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       1         CRISIL A4 (Reassigned)

   Long Term Loan         3.9       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.35      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations:  Revenue was estimated to be subdued
at INR7.15 crore for fiscal 2020 because of intense competition.
Muted scale will continue to constrain business risk profile.

* Average financial risk profile:  Despite improving to an
estimated 1.88 times as on March 31, 2020, from 2.25 times in the
previous fiscal, gearing remained moderate. Debt protection metrics
were muted, with interest coverage ratio of around 2.67 times for
fiscal 2020.

Strength:

* Partners' industry experience:  The partners' experience of
around a decade and established relationships with various
stakeholders in the industry should continue to support the
business risk profile.

Liquidity Stretched

Bank limit utilization was high at around 96% for the 12 months
ended June 2020. Cash accrual is expected to be over INR1.2 crore
against term debt obligation of INR0.60-1.00 crore, for the fiscal
2021. Current ratio was moderate at 1.28 times on March 31, 2020.
The promoters are likely to extend support as unsecured loans to
meet working capital requirement and debt obligation.

Outlook: Stable

SC will continue to benefit from its partners' experience.

Rating sensitivity factors

Upward factors

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

  * Improvement in working capital cycle, with gross current assets
improving to 100 days

Downward factors

  * Decline in net cash accrual below INR1.20 crore on account of
fall in revenue or operating profits

  * Substantial increase in working capital requirement further
weakening financial risk profile, especially liquidity

Set up in 2008 in Bhavani, Tamil Nadu as a partnership firm by Mr.
Padmakanth along with other five partners. SC is engaged into
dyeing of yarn and garments.


SURYA BAKERY: CRISIL Raises Ratings on INR12.01cr Loan to B
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Surya Bakery and Confectionery
Private Limited (SBCPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the company's management has started sharing
the information necessary for a comprehensive review of the rating.
Consequently, CRISIL has migrated the rating from 'CRISIL B+/Stable
Issuer Not Cooperating' to 'CRISIL D' and simultaneously revised it
to 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.50       CRISIL B/Stable (Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING' to 'CRISIL D'
                                    and Simultaneously Revised to
                                    'CRISIL B/Stable')

   Proposed Long Term    1.24       CRISIL B/Stable (Revised from
   Bank Loan Facility               'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING' to 'CRISIL D'
                                    and Simultaneously Revised to
                                    'CRISIL B/Stable')

   Term Loan            12.01       CRISIL B/Stable (Revised from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING' to 'CRISIL D'
                                    and Simultaneously Revised to
                                    'CRISIL B/Stable')

The revision in rating to 'CRISIL D' reflects delay in servicing
term debt obligations due to cash flow mismatch, which was on
account of lower than expected offtake from recent concluded capex.
The simultaneous upgrade to 'CRISIL B/Stable' reflects CRISIL's
that the company has restructured its term loan in the month of
March-2020, where moratorium of 12 months has been sanctioned. The
company is expected to generate sufficient cash accruals against
repayment obligations and if at all any shortfall promoters would
be supporting through unsecured loan/equity infusion. Also the
company has undertaken to ensure timely servicing of debt going
forward.

The ratings continue to reflect the SBCPL's modest scale and
presence in competitive bakery product manufacturing and an average
financial risk profile. These weaknesses are partially offset by
promoters' extensive experience, and established brand name in
Gujarat and healthy operating profitability.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale and presence in competitive bakery product
manufacturing:  Revenue for fiscal 2020 is estimated at INR9 crore
and has been stagnant in the past four years. Ramp-up in scale
after the recent capital expenditure for baked/roasted snacks and
premium bakery products remains a key monitorable.

* Average financial risk profile:  The financial risk profile
remains constrained by high gearing of around 4 times as on March
31, 2020, driven by debt-funded capital expenditure. Debt
protection metrics were average, as reflected in interest coverage
of 1.5 times and net cash accrual to adjusted debt ratio below 0.15
time in fiscal 2020

Strengths

* Promoters' experience, and established brand name in Gujarat:
Benefits from experience of promoters in confectionary
manufacturing and retail business, their keen grasp of market
dynamics, and diversified product portfolio should continue to
support the business. The company has established its Oven Magick
brand in Gujarat, and it currently operates through own and
franchisee outlets in Ahmedabad, Baroda, Anand, and Nadiad.

* Healthy operating profitability:  The company has maintained
healthy operating profitability range in past 5 fiscals through
2020. Aided by established brand of bakery items SBPL's
profitability is expected to remain healthy over the medium term as
well.

Liquidity Poor

Liquidity remains poor as reflected in almost full bank utilization
for past six months ended March-2020 with fund based limits of
INR1.5 crore. There has been instances of delay in term debt in
past on account of cashflow mismatch. Also company has taken
unsecured loan from NBFC's/bank to tied up for the liquidity
mismatch and has duly paid instalments for the same, however they
have moratorium 1 & 2 announced in lieu of COVID. Current ratio
remains low remains low estimated at 0.95 times as on 31st, March,
2020.  Going forward the company is expected to generate sufficient
cash accruals against repayment obligations and if at all any
shortfall promoters would be supporting through unsecured
loan/equity infusion.

Outlook: Stable

CRISIL believes SBCPL will continue to benefit over the medium term
from the promoters' experience.

Rating Sensitivity factors

Upward factors

  * Cushion in accruals vs. term debt obligations above 1.2 times

  * Sustainability of profitability

Downward factors

  * Interest coverage below 1.2 times

  * Stretch in working capital cycle

Established in 2007, SBCPL, promoted by the Baroda-based Ms Sneha
Shah and Mr. Dharmendra Shah, manufactures bakery and confectionary
products which are sold through retail outlets and franchisees in
Baroda, Ahmedabad, Anand and Nadiad under the Oven Magick brand.


V M YARNS: CRISIL Keeps D on INR20cr Loans in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of V M Yarns Private
Limited (VMYPL) continues to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          13.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    6.5        CRISIL D (Withdrawn)

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

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

Detailed Rationale

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

CRISIL has withdrawn its rating on INR6.5 Crore Proposed Long Term
Bank Loan Facility of VMYPL on the request of the company. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh
Kanoria and Ms. Payal Kanoria. The company trades various types of
yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn,
viscose yarn, and PV yarns.


WIRES AND CABLES: ICRA Lowers Rating on INR10cr Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Wires
and Cables (India) (WAC), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        10.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating downgraded
                                from [ICRA]BB+ (Stable) and
                                moved to the 'Issuer Not
                                Cooperating' category

Rationale

The rating is downgraded because of lack of adequate information
regarding WAC 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 Wires and Cables (India), 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.

Wires and Cables (India) (WAC) mainly trades in low-tension (LT)
wires, high-tension (HT) wires and wire connectors. Promoted by Mr.
Bhawarlal, WAC had started operations in 1989. It also has a retail
shop in Chikpet area of Bangalore. The firm is also the exclusive
distributor of Universal Cables Limited in Karnataka and supplies
to various projects of KPTCL, BESCOM, MESCOM, NHAI, and BDA etc.


[*] INDIA: RBI Sets Debt Revamp Rules for Pandemic-Hit Firms
------------------------------------------------------------
Bloomberg News reports that lenders will have to consider issues
such as liquidity and debt-servicing ratios when preparing
restructuring plans for loans that have soured due to the
coronavirus pandemic, the Reserve Bank of India said following
recommendations from an external panel.

According to Bloomberg, the central bank identified 26 sectors
affected by the pandemic such as auto, aviation and tourism, which
can be offered a resolution subject to criteria including
debt-coverage ratio, outstanding liabilities and a company's net
worth before the virus.

"The compliance in regard to meeting the agreed ratios must be
monitored as financial covenants on an ongoing basis, and during
subsequent credit reviews," the RBI said in a statement on Sept. 7,
Bloomberg relays. "Any such breach not rectified within a
reasonable period, in terms of the loan contract, will be
considered as financial difficulty."

Bloomberg says India's central bank had allowed banks to alter the
terms of loans for cash-strapped borrowers hit by the fallout of
the pandemic, including longer repayment times and an extended
freeze on repayments. Under the new measures, lenders don't have to
classify restructured loans as bad debt for up to two years. The
RBI also formed a 5-member panel headed by veteran banker K V
Kamath to come up with specific financial parameters to resolve
large covid-affected accounts.

"Financial parameters like debt servicing ratio and net worth of a
company pre-Covid are a reasonable matrix to ensure that only
genuine companies, which were affected by the pandemic will be
eligible for debt restructuring," Bloomberg quotes Siddharth
Purohit, an analyst at SMC Global Securities Ltd, as saying. "This
won't give an escape clause to companies which were already in
trouble before Covid. In that sense the norms are simple,
reasonable and will help the companies in real trouble."

The regulator last month gave lenders the power to restructure
certain loans, replacing a six-month moratorium that ended on Aug.
31, Bloomberg recalls. Only loans that were performing as of March
will be eligible for restructuring.

India Ratings, the local arm of Fitch, estimates that 8% of
outstanding loans could be restructured, Bloomberg relates. As much
as half of India's loans could end up being classified as
non-performing debt, according to Standard Chartered Plc, which
also expects problem loans to rise to 17-19% by March 2021. The
central bank, meanwhile, expects the bad loan ratio to rise to
12.5% by March, up from 8.5% a year earlier, and the highest level
since 2000.




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

1MDB: Ex-Former Goldman Sachs Banker Seeks to Have Charges Dropped
------------------------------------------------------------------
Bloomberg News reports that a former Goldman Sachs Group Inc.
banker has sought to have his charges lightened or dropped after
Malaysia had withdrawn criminal charges against the U.S bank
accused of misleading investors over $6.5 billion in bond sales it
helped organize for 1Malaysia Development Bhd. or 1MDB.

Bloomberg relates that the lawyer of banker, Roger Ng, has applied
to the Malaysia's Attorney General to have his charges of abetting
Goldman Sachs in the alleged offenses relating to the 1MDB-linked
bonds lightened or dropped, according to a court proceeding on
Sept. 10.  Mr. Ng is in the U.S to face 1MDB-related charges and
his next case mention is set on Nov. 20.

"Following instruction from my client (Ng) I filed a letter of
representation to the AG to have the charges against him reviewed,"
Bloomberg quotes Mr. Ng's lawyer Tan Hock Chuan as saying on Sept.
10. "At the moment the charges against my client stands."

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operated as a
government agency. The Company offered financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focused on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation into 1MDB, which is
being probed by authorities in Malaysia for financial mismanagement
and graft.  Reuters said the freezing of the Singapore bank
accounts follows a similar move in Malaysia where a task force
investigating 1MDB said earlier in July that it had frozen half a
dozen bank accounts following a media report that nearly $700
million had been transferred to an account of Malaysia's Prime
Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1MDB with treasury officials, paving the way
for the dissolution of the troubled state investment fund.




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

RESIMAC VERSAILLES 2020-1: S&P Assigns BB Rating on E Trusts
------------------------------------------------------------
S&P Global Ratings assigned ratings to six classes of prime and
nonconforming residential mortgage-backed securities (RMBS) issued
by New Zealand Guardian Trust Co. Ltd. as trustee of RESIMAC
Versailles Trust - RESIMAC Versailles Trust Series 2020-1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, and excess spread (if any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 0.75% of the initial aggregate amount of the
notes, principal draws and an excess spread reserve are sufficient
under its stress assumptions to ensure timely payment of interest
on the rated notes.

-- The extraordinary expense reserve of NZ$150,000, funded at
transaction close and available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by Westpac Banking Corp. and Bank of New Zealand to
hedge the mismatch between receipts from fixed-rate mortgage loans
and the variable-rate RMBS.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for New Zealand RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool as of the Aug. 25, 2020, cut-off date did not
include any loans that were under a COVID-19 hardship payment
arrangement. Nevertheless, we undertook additional cash-flow
sensitivity analysis to assess the rated notes' sensitivity to
delays in borrower payments should some loans enter hardship
arrangements following the cut-off date."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  RATINGS ASSIGNED

  RESIMAC Versailles Trust -
  RESIMAC Versailles Trust Series 2020-1

  Class      Rating         Amount (mil. NZ$)
  A1         AAA (sf)       210.000
  A2         AAA (sf)        63.900
  B          AA (sf)          7.800
  C          A (sf)           6.750
  D          BBB (sf)         4.800
  E          BB (sf)          2.850
  F          NR               3.900

  NR--Not rated.


RIPETIME LTD: Callaghan Out of Pocket After Tech Startup Collapses
------------------------------------------------------------------
NZ Herald reports that the New Zealand taxpayer is the biggest
loser in the liquidation of biotech startup RipeTime, which has
collapsed in a welter of infighting between directors, founders and
shareholders.

NZ Herald relates that the produce ripeness analytics company was
not yet trading when an administrator, now liquidator, McGrathNicol
was called in.

Government innovation agency Callaghan Innovation said it was
claiming NZD1.02 million from grants to the company, NZ Herald
says.

Conor McElhinney & Kare Johnstone of McGrathNicol were appointed as
administrators of RipeTime Limited on July 21, 2020.

At the watershed meeting held on Aug. 25, 2020, the creditors
resolved that the Company be placed into liquidation. Conor
McElhinney and Kare Johnstone were appointed joint and several
liquidators in accordance with section 241(2)(d) of the Companies
Act.




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

HYFLUX LTD: Utico Extends Deadline for Firm to Accept Rescue Offer
------------------------------------------------------------------
Leila Lai at The Business Times reports that Utico has extended the
deadline for Hyflux to accept its proposed rescue package by 1 1/2
months to Oct. 15, Hyflux said in a filing to the Singapore
Exchange on Sept. 8.

The water treatment company, attaching a letter it received from
Utico on Wednesday about the decision, said it should not be taken
to be endorsing, confirming or agreeing with Utico and/or any part
of the letter.

In the letter, Utico noted that Hyflux did not accept its offer by
the deadline of 5pm on Aug 30, nor had it requested for an
extension. However, shareholders have requested that Utico extend
the deadline because they feel Utico's offer is "the only viable
restructuring plan for Hyflux and has the highest recovery
available".

Utico also referred to an e-mail from Hyflux on Tuesday, which
requested that the Emirati utilities group revise or adjust its
terms to achieve the best possible outcome for creditors. As a
result of these requests, Utico decided to extend the period for
acceptance.

                           About Hyflux

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

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

The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, 2019, WongPartnership applied to discharge themselves due
to difficulties relating to "loss of confidence and good cause" in
working with the client.  The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.

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




=====================
S O U T H   K O R E A
=====================

[*] SOUTH KOREA: Banks' Loan Delinquency Rate Inches Up in July
---------------------------------------------------------------
Yonhap News Agency reports that the delinquency rate for South
Korean banks' won-denominated loans edged up in July from a month
earlier, data showed Sept. 9.

The rate for bank loans more than 30 days overdue stood at 0.36
percent at the end of July, up 0.03 percentage point from a month
earlier, Yonhap discloses citing data from the Financial
Supervisory Service (FSS).

Compared with a year ago, the rate was down 0.10 percentage point,
it said.

The delinquency rate for loans extended to companies rose 0.05
percentage point on-month to 0.44 percent in July, while that for
loans to households increased 0.01 percentage point on-month to
0.26 percent, according to the data cited by Yonhap.



                           *********


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.



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