/raid1/www/Hosts/bankrupt/TCRAP_Public/200917.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 17, 2020, Vol. 23, No. 187

                           Headlines



A U S T R A L I A

KAYLAH PTY: Second Creditors' Meeting Set for Sept. 24


C H I N A

21VIANET GROUP: Fitch Affirms B+ LT IDR, Alters Outlook to Stable
CHINA EVERGRANDE: Fitch Affirms LT IDR at B+, Outlook Stable
IDEANOMICS INC: Incurs $26.4 Million Net Loss in Second Quarter
IDEANOMICS INC: Inks Standby Equity Distribution Agreement
JRSIS HEALTH: Reports $291K Net Income for Second Quarter

TIMES CHINA: Fitch Rates Proposed USD Senior Notes BB-
TIMES CHINA: Moody's Rates Senior Unsecured USD Notes B1


H O N G   K O N G

VISTRA GROUP: S&P Affirms 'B' ICR on Proposed Refinancing


I N D I A

A.R.T. FABRICATION: CRISIL Keeps B+ Rating in Not Cooperating
AIR CARNIVAL: CRISIL Keeps D Debt Ratings in Not Cooperating
ANTARIKSH INFRABUILD: CRISIL Hikes Rating on INR6.5cr Loan to B+
ARMEE INFOTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARUPPUKOTTAI SRI: CRISIL Keeps B Debt Ratings in Not Cooperating

AVONTARA SPA: CRISIL Keeps B Debt Rating in Not Cooperating
BABA FARID: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR3.2cr Loan
CHAUHAN POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
COMET GRANITO: CRISIL Lowers Rating on INR18cr Cash Loan to B

DECCAN METAL: CRISIL Keeps B Debt Rating in Not Cooperating
DEV BHOOMI: CRISIL Keeps B Debt Ratings in Not Cooperating
DURABLE CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
DURGASHREE CASHEWS: CRISIL Migrates B Rating from Not Cooperating
FUTURE RETAIL: S&P Assigns 'CCC-' LT ICR, Outlook Developing

G.L. METALLICA: CRISIL Lowers Rating on INR11.11cr Loans to B
GALCO EXTRUSIONS: CRISIL Withdraws B+ Rating on INR9cr Cash Loan
GIAN CHAND: CRISIL Keeps D Debt Rating in Not Cooperating
GREEN SHIELD: CRISIL Keeps C Debt Rating in Not Cooperating
KAMA METAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KERALA INFRASTRUCTURE: Fitch Affirms LT IDR at BB, Outlook Stable
KISHOR SORTEX: CRISIL Downgrades Rating on INR6cr Loan to B
KLSR INFRATECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MANNARKKAD STEELS: CRISIL Hikes Rating on INR2.5cr Loan to B+
MERCATOR PETROLEUM: Insolvency Resolution Process Case Summary

PANACEALIFE HEALTHZONE: Insolvency Resolution Process Case Summary
PATWA AUTOMOTIVE: Insolvency Resolution Process Case Summary
PAWAR PATKAR: CRISIL Withdraws B+ Rating on INR14cr Cash Loan
RISA INTERNATIONAL: Insolvency Resolution Process Case Summary
SAI HARIHARA: CRISIL Withdraws B+ Rating on INR15cr LT Loan

SHIEL AUTOS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SNS STARCH LIMITED: Insolvency Resolution Process Case Summary
STARLIT POWER: CRISIL Migrates D Debt Rating from Not Cooperating
STI INDUSTRIES: CRISIL Withdraws B Rating on INR0.25cr Loan
SYNEW STEEL: Insolvency Resolution Process Case Summary

UTTAM VALUE: NCLAT Dismisses Appeal vs. Carval's Resolution Plan
VISHNU EATABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
VRG INDUSTRIES: CRISIL Assigns B+ Rating to INR16cr Loans
ZIMIDARA PESTICIDES: CRISIL Withdraws B+ Rating on INR10cr Loan


J A P A N

KAWASAKI KISEN: Egan-Jones Lowers Senior Unsecured Ratings to CCC-
MITSUBISHI CHEMICAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
[*] JAPAN: Death Knell Sounds for Some Oldest Department Stores


M A L A Y S I A

BRAHIM'S HOLDINGS: MRI VC Rescue Plan Falls Through
PERAK CORP: Is Being Wound Up, Putra Vice President Says


P H I L I P P I N E S

ROXAS & CO: Gets Repayment Extension for PHP2.6 Billion Loans


S I N G A P O R E

HIAP SENG: To be Placed Under Judicial Management
HYFLUX LTD: Pison Receives 158 Tenders from Creditors


V I E T N A M

VIETNAM ELECTRICITY: Fitch Affirms LT IDR at BB, Outlook Stable

                           - - - - -


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

KAYLAH PTY: Second Creditors' Meeting Set for Sept. 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Kaylah Pty Ltd
has been set for Sept. 24, 2020, at 11:00 a.m. via teleconference.

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. 23, 2020, at 5:00 p.m.

David Michael Stimpson and Francis Jude O'Neill of SV Partners were
appointed as administrators of Kaylah Pty on May 22, 2020.



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

21VIANET GROUP: Fitch Affirms B+ LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
carrier-neutral data-centre provider 21Vianet Group, Inc. to Stable
from Negative and affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'B+'. Fitch has also
affirmed the rating on 21Vianet's USD300 million 7.875% senior
unsecured notes due 2021 at 'B+' with a Recovery Rating of 'RR4'.

The Stable Outlook reflects Fitch's expectation that 21Vianet's FFO
leverage will improve to 4.8x-5.6x in 2020-2021 (2019: 5.8x)
following the receipt of around CNY2.7 billion (USD391 million)
from an equity issuance in September 2020. The company plans to use
80% of the net proceeds from the equity issuance to fund capex and
the balance to refinance debt. 21Vianet will benefit from industry
growth, driven by robust demand for data centres from Chinese
internet companies and the expansion of China's internet economy,
which will be fuelled by rising 5G adoption, proliferation of
online video streaming and internet of things applications.

KEY RATING DRIVERS

Improved Leverage: Fitch believes the equity issuance will
substantially improve 21Vianet's liquidity and ability to continue
to fund its large capex plans. Fitch expects the company to operate
with a manageable FFO leverage of 3.8x-4.2x in the medium term
after the improvement to 5.6x by end-2020.

Small Scale, Market Share: 21Vianet's ratings remain constrained by
its small revenue scale and low single-digit revenue market share
in China's data-centre market. Chinese telcos, including China
Telecom Corporation Limited and China Unicom (Hong Kong) Limited,
have substantial scale, while carrier-neutral data-centre providers
have limited market share relative to larger incumbents despite
better growth prospects.

Rated on Standalone Credit Profile: Fitch assesses the relationship
between 21Vianet and its parent, Tus-Holdings Co., Ltd. (THCL), as
one of 'weak parent, strong subsidiary' with weak legal and
operational linkage, in line with Fitch's Parent and Subsidiary
Linkage Rating Criteria. Fitch rates 21Vianet based on its
standalone credit profile, as its cash flow is largely ring-fenced
within the group by restrictive dividend covenants in its unsecured
bond documents, which limit its ability to pay significant cash to
its parent. THCL owns an 18% stake in 21Vianet but has 50% of the
voting rights.

Related-party transactions worth more than CNY15 million require
board approval. Its unsecured bond documents state that a change of
control clause will be triggered if THCL loses its majority voting
rights to another shareholder and the bond's rating is downgraded
subsequently by any one rating agency. THCL has a large amount of
short-term debt at the holding-company level and may monetise its
21Vianet stake to refinance debt.

Expectation of Strong Growth: Fitch forecasts 21Vianet's 2020-2021
revenue will rise by 22%-26%, driven by China's strong demand for
data-centre capacity, supported by growth in the internet economy
and the accelerating digital transformation of enterprises and the
public sector. The economic slowdown following the coronavirus
pandemic will also push enterprises to reduce costs by outsourcing
their data-centre infrastructure needs.

Steady Margins: Fitch expects 21Vianet's Fitch-defined EBITDA
margin to remain stable at around 19-21% (2019: 19%) in the medium
term, as the utilisation rate on new cabinets usually takes 12-18
months to ramp up to 75%-80%. The utilisation rate of cabinets
built since 2019 was 30% in 2Q20, compared with 74% for cabinets
built before 2019.

Cash Flow Visibility: Fitch expects 21Vianet's revenue and cash
flow visibility to be supported by its premier data-centre
portfolio. 21Vianet had 82% of its 40,200 self-built cabinets
located in first-tier Chinese cities at end-2Q20. Over 50% of the
around 30,000 cabinets in the pipeline are in first-tier cities,
with the balance pre-committed to wholesale customers such as
Alibaba Group Holding Limited (Alibaba, A+/Stable). The demand for
data centres is mainly in first-tier cities. The utilisation rates
of stabilised data centres in these cities could reach 80% compared
with 30%-40% in western China.

Favourable Industry Dynamics: Fitch believes carrier-neutral data
centre providers such as 21Vianet are better positioned to benefit
from the rising demand than Chinese telcos. Carrier-neutral
operators have the ability to provide customised solutions,
customer services and connectivity with competing telecom operators
and Fitch expects their revenue to rise faster than the industry
average, at 20%-25% in 2020-2025.

21Vianet has longstanding relationships with a diversified customer
base, 70% of which are internet companies with high growth
prospects. Over 90% of its revenue is recurring. It has low
customer concentration, with the top-20 customers accounting for
31% of total revenue in 2Q20.

Wholesale Expansion: Fitch expects revenue contribution from the
wholesale segment to increase to mid-single digits in 2020-2021
(2019: 0), led by higher cabinet orders from Alibaba and segmental
expansion, with 40%-50% of new cabinets to be delivered to
wholesale customers in 2020 and 2021. 21Vianet's business profile
will improve as wholesale contracts usually have longer tenor of
five-to-eight years, providing higher cash flow visibility than
retail contracts. 21Vianet will provide around 5,000 customised
cabinets to Alibaba in 2020.

Persistent Negative FCF: Fitch expects 21Vianet to have large
negative free cash flow (FCF) of CNY2.0 billion-2.5 billion in
2020-2021 (2019: negative CNY714 million) due to significant capex.
Fitch believes the company will continue to spend heavily on
data-centre property and equipment procurement in the medium term
to expand market share. Capex intensity is likely to reach 48%-65%
in 2020-2021.

Variable Interest Equity Structure: The ratings reflect its
expectation that 21Vianet's relationships with the Chinese
government and regulatory authorities continue to be healthy.
However, any change could affect its credit strength as it does not
have equity control over its onshore operating companies. These
include Beijing Yiyun Network Technology Co., Ltd. and other
consolidated affiliated Chinese entities with which 21Vianet has
only contractual relationships due to government restrictions on
foreign ownership in China's value-added telecom businesses.

DERIVATION SUMMARY

21Vianet has a significantly weaker business risk profile than
leading global wholesale data-centre operator Digital Realty Trust,
Inc. (BBB/Stable) and retail co-location data-centre operator
Equinix, Inc. (BBB-/Positive). Both Digital Realty and Equinix have
strong competitive positions through their global network of data
centres while 21Vianet is China-centric. Digital Realty's and
Equinix's credit strengths are further supported by their globally
diversified portfolio of data centres serving a granular tenant
base across multiple industries. 21Vianet's Fitch-forecast 2021 FFO
leverage of 4.8x is lower than Digital Realty's 5.5x but higher
than Equinix's 4.5x. Equinix's Positive Outlook reflects Fitch's
expectation that its capital access will improve to levels
consistent with higher rated REIT peers, including data-centre peer
Digital Realty.

21Vianet has a better business risk profile than TierPoint, LLC
(B-/Positive). TierPoint provides both retail co-location and
managed services, but derives a higher portion of revenue from
managed services to US-based SMEs. 21Vianet's co-location and
interconnection services have longer contract tenors, more
recurring cash flows and stronger tenant profiles than managed
services. 21Vianet has lower Fitch-forecast 2021 FFO leverage of
4.8x than TierPoint's 5.3x. TierPoint's Positive Outlook reflects
Fitch's expectation of a more manageable financial leverage profile
and additional headroom under an upcoming amended credit
agreement.

KEY ASSUMPTIONS

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

  - Small price increase in monthly recurring revenue per cabinet
in 2020 due to more value-added services provided

  - Annual net addition of self-built cabinets of 15,000-17,000 per
year in 2020 and 2021 (2019: 6,336)

  - Average monthly cabinet utilisation ratio of 60%-61% in
2020-2021, driven by the addition of a large number of cabinets
(2019: 66%-67%)

  - Fitch-defined EBITDA margin (with adjustments for finance lease
costs) of 19%-21% in 2020-2021 (2019: 19%), equivalent to
company-defined adjusted EBITDA margin of 28%-29% in 2020-2021
(2019: 28%)

  - Capex of CNY2.8 billion-3.0 billion per year in 2020 and 2021
(2019: CNY1.3 billion)

  - No cash dividends in 2020-2021

  - USD200 million in private convertible notes treated as 100%
debt and USD150 million in perpetual convertible preferred shares
treated as 50% equity

Recovery Rating Assumptions

  - For entities rated 'B+' and below - where default is closer and
recovery prospects are more meaningful to investors - Fitch
undertakes a bespoke analysis of recovery upon default for each
instrument. The resulting debt instrument rating includes a
Recovery Rating or published 'RR', graded from 'RR1' to 'RR6', and
is notched from the IDR accordingly. There are three steps in this
analysis: estimating the distressed enterprise value; estimating
creditor claims; and determining the distribution of value.

  - The recovery analysis assumes that 21Vianet would be considered
a going-concern in a bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Fitch assumes 21Vianet's going-concern EBITDA to be around
CNY548 million. It reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level, upon which Fitch based the
valuation of the company.

  - An enterprise value/EBITDA multiple of 5x is used to calculate
the post-reorganisation valuation. Its multiple assumption
represents a 9% discount to the average multiple of 5.5x for
telecom infrastructure peers in the recovery analyses in APAC.

  - Fitch treats all debt domiciled at 21Vianet's variable-interest
entities as prior-ranking.

  - The recovery waterfall results in a recovery rate estimate
corresponding to a 'RR4' Recovery Rating for the USD300 million
senior unsecured notes.

RATING SENSITIVITIES

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

  - Increase in revenue market share exceeding 20% (2019: 11%) in
China's carrier-neutral data-centre market, reflecting strong
competitiveness in this segment

  - Wholesale business accounting for over 30% of core data-centre
revenue without significant expansion in cloud services and virtual
private network businesses

  - FFO leverage below 4.5x for a sustained period; however, FFO
leverage below this target is unlikely to lead to a positive rating
action if the company fails to improve its revenue market share or
meaningfully increase its revenue from the wholesale business

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

  - Evidence of parental influence from THCL that would lead to an
assessment of 'Moderate' to 'Strong' parent-subsidiary linkage
between THCL and 21Vianet

  - Deterioration in liquidity should THCL become a minority
shareholder in terms of voting rights; for example, if THCL reduces
its stake or 21Vianet issues additional equity, which could trigger
payment acceleration of the 2021 USD300 million bond under the
notes' change-of-control provisions

  - M&A that adversely affects 21Vianet's business profile

  - FFO leverage above 5.5x for a sustained period, which could be
a result of weak EBITDA generation and/or aggressive capex (2020
forecast: 5.5x-5.6x)

  - Refinancing is not in place or Fitch has no strong evidence
that it will shortly be in place by April 2021

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects 21Vianet's liquidity to remain
adequate. The company had readily available cash of CNY4.5 billion
and committed undrawn bank facilities of around CNY200 million at
end-2Q20, which are sufficient to fund total short-term debt of
CNY1.2 billion. Liquidity was further strengthened by the issuance
of USD200 million in 2% private convertible notes and USD150
million in 4.5% perpetual convertible preferred shares in 1H20, and
around USD391 million in equity public offerings in August 2020.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

CHINA EVERGRANDE: Fitch Affirms LT IDR at B+, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings of China Evergrande Group and subsidiary Hengda
Real Estate Group Co., Ltd at 'B+' with Stable Outlooks. At the
same time, Fitch has affirmed Evergrande's senior unsecured rating
at 'B' with a Recovery Rating of 'RR5'. Fitch has also assigned
Hengda's wholly owned offshore financing platform, Tianji Holdings
Limited, a Long-Term IDR of 'B+' with Stable Outlook and a senior
unsecured rating of 'B' with a Recovery Rating of 'RR5'.

The Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited have been downgraded to 'B' with a Recovery Rating
of 'RR5', from 'B+' with a Recovery Rating of 'RR4', to reflect
Fitch's revised rating approach, whereby the bond rating is linked
to Tianji, the guarantor, rather than Hengda, the keepwell
provider. Fitch affirmed Hengda's 'B+' senior unsecured rating with
a Recovery Rating of 'RR4' and then withdrew the rating because the
senior unsecured rating was no longer relevant to the agency's
coverage.

The affirmation of Evergrande's and Hengda's IDRs reflects the
group's large business scale and diversification, but higher
leverage and weaker liquidity than that of peers. The Stable
Outlook reflects the expectation that the Evergrande will be able
to deleverage after 2020, with improving contracted sales and
collection ratio, as well as its stated intention to reduce land
acquisitions. In addition, the Stable Outlook also reflects its
expectation that Evergrande will be able to negotiate with Hengda's
strategic investors not to redeem the CNY130 billion investment in
early 2021.

Hengda's 'B+' senior unsecured rating with a Recovery Rating of
'RR4' was withdrawn for the following reason: it was no longer
relevant to Fitch's coverage.

KEY RATING DRIVERS

Scenery Journey Notes Downgraded: The US dollar notes issued by
Scenery Journey Limited are guaranteed by Tianji and carry a
keepwell deed and a deed of equity interest purchase undertaking
from Hengda. The notes have been downgraded to 'B' with a Recovery
Rating of 'RR5'. The Recovery Rating assessment on the notes is now
based on the balance sheet of Tianji, the guarantor, instead of the
balance sheet of Hengda, the keepwell provider, yielding a lower
Recovery Rating of 'RR5', leading to the notes being rated a notch
lower than the guarantor's 'B+' rating. This shift recognises the
possible challenges enforcing creditor claims on a keepwell
provider in financial distress, as some recent developments have
indicated with regards to such an arrangement.

Improving Contracted Sales, Collection: Evergrande's total
contracted sales rose by 24% yoy to CNY348.8 billion in 1H20. Gross
floor area (GFA) sold climbed by 47% to 38.6 million sq m. The
average selling price (ASP) fell by 16% yoy to CNY9,030/sq m. The
company demonstrated a sales collection rate of 90%, against 67% in
1H19. Management said Evergrande will generate more than CNY650
billion of total contracted sales in 2020 and will have CNY380
billion of cash collection in 2H20. Fitch forecasts 8%-11% growth
in Evergrande's contracted sales a year in 2020-2022, and expect
the company's ASP to improve from 2021, due to higher land bank mix
in tier 1-2 cities.

Deleveraging Expected after 2020: Evergrande's leverage - measured
by net debt/adjusted inventory - rose to 52% by end-1H20, from 43%
in 2019, after adjusting for the pre-IPO investment of Hengda as
debt; 1H20 leverage only increased slightly to 44% without the
reclassification. Management said Evergrande is reducing its land
bank by 30 million sq m from 240 million sq m of residential land
reserve, and interest-bearing debt by CNY150 billion a year from
2020 to 2022.

Fitch expects Evergrande's land bank life to reduce gradually, from
around five years in 2019 to less than three years by 2022. In
addition, the company has 104 urban regeneration projects (URPs),
of which 55 are in Shenzhen and 12 are in the Greater Bay Area
outside Shenzhen, supporting the company's focus on shifting to
tier 1-2 cities. Fitch expects Evergrande's leverage to drop to
47%-49% in 2020-2022, from 52% in 1H20, due to slower land
replenishment despite capex on the electric vehicle segment.

Hengda Pre-IPO Investment Reclassified as Debt: Evergrande owns
63.46% of Hengda, while the remainder is owned by strategic
investors, which invested CNY130 billion a few years ago in
anticipation of an A-share listing. These investors include
state-owned enterprises such as Shandong High-speed Group Co., Ltd.
(A/Stable) and Shenzhen Investment Limited, suppliers to Evergrande
such as Suning.com Group Co Ltd and Grandland Holdings Group Co
Ltd, and domestic private equity funds. Under the terms of the
investment, the investors may require Evergrande to redeem the
investment, or transfer additional shares without consideration, if
the A-share IPO does not materialise by January 2021.

Fitch expects the A-share IPO to be further delayed and have
reclassified this CNY130 billion minority interest in Hengda as
debt. Evergrande may dilute its stake in Hengda in lieu of
redeeming the minority interest, although Fitch believes Evergrande
is unlikely to choose this option. This reclassification of
minority interests to debt increased Evergrande's leverage by 8pp.
Nonetheless, Fitch believes that the minority investors are
unlikely to force Evergrande to redeem their investments in January
2021.

Diversified Fund-Raising Channels: Evergrande raised HKD23.5
billion (CNY20.7 billion) from strategic investors in August 2020
for the listing of its property management business, Jinbi Property
Management Company Limited. Management expects Jinbi to be listed
in the next one to two years, and further raise USD1 billion-2
billion (CNY7 billion-14 billion) by listing in Hong Kong. The
Jinbi fund raising and the Hong Kong-listed China Evergrande New
Energy Vehicle Group Limited (ENEV, 708 HK), in which Evergrande
holds a 74.99% equity stake, provide more flexibility for
Evergrande to reduce leverage. ENEV has announced plans to raise
approximately HKD4 billion of equity from investors, including
Tencent Holdings Limited (A+/Stable) and Yunfeng Financial Group
Limited.

Large Capex for Electric Vehicles: Evergrande's non-property
business, which consists mainly of the electric vehicle business,
has a weak credit profile. It is making operating losses due to the
ramp up and R&D expense, although Fitch expects the losses to
narrow from 2021. In addition, this business has large capex
requirements - Evergrande invested around CNY13 billion in 2019 and
has budgeted capex of CNY15 billion-30 billion a year in 2020-2022,
which Fitch has factored into its forecasts.

IDRs Equalised: The IDRs of Evergrande, Hengda, and Tianji are
equalised under Fitch's Parent and Subsidiary Linkage Rating
Criteria. Evergrande and Hengda are both rated based on the group's
consolidated profile under the weak parent and strong subsidiary
approach to reflect the strong legal and operational ties between
the two.

The IDRs of Tianji and Hengda are equalised under the strong parent
and weak subsidiary approach. Fitch assesses the overall ties to be
strong, with moderate legal ties, strong operational ties and
strong strategic ties between the two entities. Tianji is the
offshore financing company for Hengda and the two companies are
fully integrated in terms of operations. Tianji had total assets of
CNY353 billion in 2019, accounting for 19% of Hengda's total
assets. Tianji is also one of the restricted subsidiaries under
Evergrande's guaranteed bonds, which means that a default by Tianji
will trigger the default of Evergrande bonds, further binding the
whole group to Tianji. Hengda provided CNY44 billion of guarantees
to Tianji in 2019 (2018: CNY41 billion), mainly for the financial
guarantee of the borrowing of certain onshore project companies of
Tianji. This constituted 42% of Tianji's borrowings, excluding the
keepwell bonds, as of end-2019.

DERIVATION SUMMARY

Evergrande's scale and diversification is in line with that of
higher-rated homebuilders, such as Country Garden Holdings Co. Ltd.
(BBB-/Stable) and China Vanke Co., Ltd. (BBB+/Stable), which also
have nationwide operations. Evergrande's ratings are constrained by
its weaker leverage and liquidity and volatile historical
performance, with a short record of high profit margins. Its
working-capital management, which relies on payables rather than
customer deposits to fund inventory, and high short-term debt, also
leads to the multiple-notch rating difference with peers.

Evergrande is rated one notch lower than Risesun Real Estate
Development Co.,Ltd. (BB-/Stable), despite Risesun's significantly
lower business scale and concentration in Pan-Bohai and Yangtze
River Delta. Risesun has better working capital and liquidity
management, higher churn, rising non-property development income,
and lower leverage. Evergrande is rated one notch higher than Kaisa
Group Holdings Limited (B/Stable) due to Kaisa's higher leverage,
lower churn rate and its concentration on URPs in the Greater Bay
Area.

KEY ASSUMPTIONS

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

  - ASP to drop by 12% in 2020 but increase by 4%-5% a year in
2021-2022 (2019: -2%)

  - Contracted sales by GFA to drop by 5% in 2019 and stay flat in
2020 (2018: 4%)

  - Land bank GFA to increase by 23% in 2020 and increase by 4%-5%
a year in 2021-2022 (2019: 11%)

  - Land cost to increase by 20% in 2020 and 3% 2019-2021, with an
EBITDA margin of 24%-27% in 2019-2021 (2018: 24%)

  - Fitch assumes Evergrande to successfully renegotiate with
Hengda's pre-IPO investors for an extension until 2022.

  - Dividend payment at around CNY26 billio-27 billion a year in
2020-2022, including around CNY18.5 billion a year to pre-IPO
shareholders of Hengda, remaining CNY6 billion-8 billion a year are
expected to pay to Evergrande's shareholders.

Recovery Rating Assumptions

Evergrande

  - Evergrande will be liquidated in a bankruptcy because it is an
asset-trading company. Fitch assumes both Hengda and Evergrande
would go into bankruptcy if Evergrande fails.

  - 10% administrative claims

  - Fitch estimates Evergrande's liquidation value by
de-consolidating Hengda. The liquidation estimate reflects Fitch's
view of the value of inventory and other assets that can be
realised and distributed to creditors

  - Fitch applied 25% haircut on net inventory as Evergrande's
development property (DP) EBITDA ex cap interest was at 25%-30%
range

  - Fitch applied a haircut of 30% on its receivables, and 50% on
its investment properties and plant, property and equipment

  - Fitch assumes the company's third-party payables to Evergrande
(excluding Hengda) that amounted to CNY77 billion at 2019 are
senior to all other debt

  - Fitch also assumes Evergrande will be able to use 100% of the
available and restricted cash to pay debt and payables

  - Fitch assumes 100% of residual value from Hengda will be
distributed to Evergrande's creditors. However, no residual value
from Hengda will go upstream to Evergrande as it is used to pay off
all the debt on the Hengda level

Tianji

  - Tianji will be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

  - The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors

  - Fitch applied 25% haircut on net inventory as Tianji's DP
EBITDA ex cap interest was at 25%-30% range

  - Fitch applied a haircut of 30% on its receivables, and 50% on
its investment properties and property, plant and equipment

  - Fitch assumes the company's third-party payables that amounted
to CNY35 billion at 2019 are senior to all other debt

  - Fitch also assumes Tianji will be able to use 100% of the
available and restricted cash to pay debt and payables

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%, with
materially lower trade payables (1H20: 44%, 2019: 43%)

  - Evidence of limited contagion risk from non-property businesses
to core business

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

  - Net debt/adjusted inventory above 60% for a sustained period

  - EBITDA margin, excluding capitalised interest, of below 20% for
a sustained period (1H20: 23%, 2019 25%)

  - Evidence of more difficulty in accessing debt financing for the
property development business

  - Further deterioration of the liquidity position

  - Increasing likelihood of Hengda minority interests being
redeemed; or a material dilution of Evergrande's stake in Hengda

Downgrade trigger specifically for Evergrande and Tianji:

  - Weakening linkages with Hengda

LIQUIDITY AND DEBT STRUCTURE

Tight but Manageable: Evergrande's total cash at end-1H20 amounted
to CNY204 billion, which includes restricted cash of CNY64 billion
and readily available cash of CNY140 billion, against short-term
debt of CNY396 billion. In addition, the company had CNY69 billion
of short-term capital market debt during the period, while the
remainder of the short-term debt was mostly construction loans,
which can be rolled over. The company also had 2.0x of available
cash to short-term capital market debt in 1H20, adequate to settle
the onshore and offshore bonds in the next 12 months.

Hendga's CNY130 billion pre-IPO investment, which Fitch classifies
as debt, is due in January 2021. Fitch expects Evergrande to
renegotiate with Hengda's strategic investors for an extension,
which should relieve short-term debt pressure.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified Hengda's pre-IPO investment of CNY130 billion as
debt.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Evergrande and Hengda have an ESG Relevance Score of 4 for
Governance Structure due to Evergrande's significant and rising
non-core business investments, reflecting corporate governance
risk.

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

IDEANOMICS INC: Incurs $26.4 Million Net Loss in Second Quarter
---------------------------------------------------------------
Ideanomics Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $26.42
million on $4.69 million of total revenue for the three months
ended June 30, 2020, compared to net income of $5.28 million on
$14.45 million of total revenue for the three months ended June 30,
2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $39.04 million on $5.07 million of total revenue compared
to net income of $25.18 million on $41.40 million of total revenue
for the six months ended June 30, 2019.

As of June 30, 2020, the Company had $147.99 million in total
assets, $56.12 million in total liabilities, $1.26 million in
convertible redeemable preferred stock, $7.26 million in redeemable
non-controlling interest, and $83.35 million in total equity.

As of June 30, 2020, the Company had cash of $36.4 million.  On
that date, $34.0 million was held in the Company's Hong Kong, U.S.
Malaysia, and Singapore entities and $2.4 million was held in the
Company's PRC entities.  The Company does not consider cash
balances held in the PRC to be available for use outside of the
PRC.  The Company's operations outside of the PRC will continue to
be dependent upon access to debt and equity funding raised outside
of the PRC.  There is no guarantee that debt and equity funds will
be available to the Company when they are required.

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/837852/000110465920092755/idex-20200630x10q.htm

                      About Ideanomics

Headquartered in New York, NY, with offices in Beijing and Qingdao,
China, Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products.  Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain.  MEG and Ideanomics Capital provide its global
customers and partners with better efficiencies and technologies
and greater access to global markets.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

IDEANOMICS INC: Inks Standby Equity Distribution Agreement
----------------------------------------------------------
Ideanomics, Inc. entered into a Standby Equity Distribution
Agreement with YA II PN, Ltd. on Sept. 4, 2020.  The Company has
submitted the SEDA to the approval of its shareholders and upon
receipt of such shareholder approval, the Company will be able to
sell up to $150,000,000 of its common stock at the Company's
request any time during the 36 months following the date of the
SEDA's entrance into force.  The shares would be purchased at 90%
of the Market Price and would be subject to certain limitations,
including that YA could not purchase any shares that would result
in it owning more than 4.99% of the Company's common stock. "Market
Price" shall mean the lowest daily VWAP of the Company's common
stock during the 5 consecutive trading days commencing on the
trading day following the date the Company submits an advance
notice to YA.  "VWAP" means, for any trading day, the daily volume
weighted average price of the Company's common stock for such date
on the principal market as reported by Bloomberg L.P. during
regular trading hours.

Pursuant to the SEDA, the Company is required to register all
shares which YA may acquire.  In the event that shareholder
approval is received, the Company shall file with the Securities
and Exchange Commission a prospectus supplement to the Company's
prospectus, dated July 17, 2020, filed as part of the Company's
effective shelf registration statement on Form S-3, File No.
333-239371, registering all of the shares of Common Stock that are
to be offered and sold to YA pursuant to the SEDA.

Pursuant to the SEDA, the Company shall use the net proceeds from
any sale of the shares for working capital purposes, including the
repayment of outstanding debt.  There are no other restrictions on
future financing transactions.  The SEDA does not contain any right
of first refusal, participation rights, penalties or liquidated
damages.  The Company did not pay any additional amounts to
reimburse or otherwise compensate YA in connection with the
transaction.

YA has agreed that neither it nor any of its affiliates shall
engage in any short-selling or hedging of the Company's common
stock during any time prior to the public disclosure of the SEDA.

As previously disclosed on Form 8-K, on April 3, 2020 the Company
entered into a Standby Equity Distribution Agreement with YA
pursuant to which the Company was able to sell up to $50,000,000 of
its common stock.  On Sept. 10, 2020, the Company and YA agreed to
terminate this Standby Equity Distribution Agreement pursuant to a
letter agreement.

                      About Ideanomics

Headquartered in New York, NY, with offices in Beijing and Qingdao,
China, Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products.  Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain.  MEG and Ideanomics Capital provide its global
customers and partners with better efficiencies and technologies
and greater access to global markets.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


JRSIS HEALTH: Reports $291K Net Income for Second Quarter
---------------------------------------------------------
JRSIS Health Care Corporation filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
net income attributable to the company of $291,217 on $7.02 million
of total revenue for the three months ended June 30, 2020, compared
to net income attributable to the company of $654,742 on $7.57
million of total revenue for the three months ended June 30, 2019.

For the six months ended June 30, 2020, JRSIS reported net income
attributable to the company of $446,740 on $13 million of total
revenue compared to net income attributable to the company of $1.32
million on $15.14 million of total revenue for the six months ended
June 30, 2019.

As of June 30, 2020, the Company had $50.30 million in total
assets, $26.74 million in total liabilities, and $23.56 million in
total shareholders' equity.

The Company had a $6,341,912 negative retained earnings or
accumulated deficit as of June 30, 2020.  In addition, the
Company's total current liabilities exceeded its current assets by
$745,076.  The Company said these factors raised substantial doubt
about its ability to continue as a going concern.

"To continue as a going concern, the Company is actively pursuing
additional funding and strategic partners to enable it to implement
its business plan.  In addition, the Company is also working to
devote more efforts to improve its operation and generate more
profits.  Management believes that these actions will allow the
Company to continue its operations through the next fiscal year,"
JRSIS said.

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/Archives/edgar/data/1597892/000121390020022106/f10q0620_jrsishealth.htm

                     About Jrsis Health Care

Headquartered in Heilongjiang Province, China, JRSIS Health Care
Corporation -- http://www.jhcc.cn/-- provides well rounded medical
services to all of its patients.  From less complicated services
such as dentistry to highly sophisticated surgery, the Hospital
provides services throughout the 24 hours of the day.  Its
hospitals boast modern facilities and cutting-edge equipment, as
well as highly skilled and experienced personnel ready to attend to
patient medical and healthcare needs.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated June 16, 2020, citing that the Company has a significant
accumulated deficits and negative working capital.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


TIMES CHINA: Fitch Rates Proposed USD Senior Notes BB-
------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Times China Holdings
Limited's (BB-/Stable) proposed US dollar senior notes. The
proposed notes are rated at the same level as Times China's senior
unsecured rating, as they will represent its direct, unconditional,
unsecured and unsubordinated obligations.

Times China's ratings are supported by its quality and sufficient
land bank, strong brand recognition in Guangdong province and a
healthy gross profit margin of 25%-30% for its property-development
business, despite a robust churn rate. In addition, Times China has
a new source of liquidity from the primary-land development of its
urban-renewal projects (URP). Fitch thinks the company's
profitability will benefit from the wider-margin urban-renewal
business. The ratings are constrained by the smaller scale of the
company's property-development business and higher leverage
compared with 'BB' peers.

KEY RATING DRIVERS

URPs Support Rating: Times China started benefitting from its URPs
from 2018. The company receives government compensation for
carrying out primary-land development, which it is able to acquire
at below-market cost. Fitch expects URPs to account for 15%-20% of
Times China's land bank by 2021, based on a historical conversion
pace. The company will be able to tolerate higher leverage due to
the wide URP margin, which Fitch thinks is sustainable. Around 30%
of Times China's newly acquired land bank has been converted from
URPs.

Stable Margin: Fitch expects its EBITDA margin, excluding
capitalised interest, of around 30% to improve as a higher
proportion of revenue is recognised from URP projects.
Development-property projects converted from URPs have a higher
gross profit margin of above 40%. This is due to lower land and
initial URP costs, rental subsidies and the below-market cost of
resettlement housing construction. Times China's gross profit
margin was 29% in 2019, 31% in 2018 and 28% in 2017.

Cash Collection to Pick Up: Times China's cash collection rate
recovered to 77% in 2019, from a record-low of 70% in 2018, as
price-restriction policies eased and the mortgage-approval period
was shortened in some Guangdong cities. The low sales collection
rate in 2018 was due to a tight onshore credit environment starting
2H17. Tighter credit can lead to delays in buyers obtaining
mortgage loans, slowing cash collection for property developers.

Scale Constrains Rating, Despite Growth: Fitch expects sustainable
sales growth over the next three years in light of Times China's
medium-term target of doubling its sales scale. Sales should also
be supported by robust demand in Guangdong province following a
government initiative to deepen integration within the Greater Bay
Area. Total contracted sales increased by 29% to CNY78 billion in
2019, of which around 75% was attributable to the company. Fitch
thinks Times China's attributable sales scale - compared with the
more than CNY90 billion of 'BB' peers in 2019 - is a major
constraint on its ratings.

Higher Leverage: Leverage, measured by net debt/adjusted inventory,
with proportionate consolidation of joint ventures and associates,
was 47.4% at end-2019. Fitch expects leverage to be stable in 2020
in light of the company's guidance of spending no more than half of
its sales proceeds on land. Its large land bank, which is
sufficient to support 3.5-4.0 years of sales, also provides land
acquisition flexibility.

DERIVATION SUMMARY

Times China has a large footprint in Guangdong province, similarly
to KWG Group Holdings Limited (BB-/Stable), China Aoyuan Group
Limited (BB-/Positive) and Logan Property Holdings Company Limited
(BB/Stable). Both Aoyuan and Logan have diversified geographical
exposure and large attributable sales scale, and its forecast for
the companies' leverage (net debt/adjusted inventory) of below 40%
over the next 12-18 months is lower than that of Times China.

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 10% in 2020 and 2021

  - Cash collected as a percentage of total sales at 85% in 2020
and 2021

  - Attributable land premium of around 40%-45% of sale proceeds in
2020 and 2021

  - EBITDA margin, excluding capitalised interest, to stay around
25% in 2020 and 2021

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 40%

  - EBITDA margin, excluding capitalised interest, sustained above
30%

  - Scale expands to a level that is comparable with that of 'BB'
peers

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

  - Net debt/adjusted inventory above 50% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Times China had available cash of CNY31.2
billion, excluding restricted cash of CNY3.4 billion, as of
end-June 2020, against CNY25.4 billion in short-term debt. Fitch
believes Times China maintains sufficient liquidity to fund
development costs, land premium payments and debt obligations in
2020 due to its diversified funding channels, healthy maturity
profile and flexible land-acquisition strategy.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

TIMES CHINA: Moody's Rates Senior Unsecured USD Notes B1
--------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Times China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

Times China will use the proceeds from the proposed issuance mainly
to refinance certain of its existing debt.

RATINGS RATIONALE

"The proposed notes will not materially impact Times China's
financial profile or Ba3 corporate family rating, because it will
mainly use the proceeds to refinance existing debt," says Danny
Chan, a Moody's Assistant Vice President and Analyst, and also
Moody's Lead Analyst for Times China.

Moody's expects Times China's leverage, as measured by
revenue/adjusted debt, to improve towards 75% over the next 12-18
months from 60% for the 12 months that ended June 2020. This
improvement will be driven by an expected recovery in revenue
growth and slowing debt growth, thanks in turn to the growing
conversion of redevelopment projects that lower capital spending on
land acquisitions.

Moody's expects the company's interest-servicing ability, as
measured by adjusted EBIT/interest coverage, will improve to around
3.5x over the same period from 2.7x for the 12 months that ended
June 2020, underpinned by stable gross margins. Such credit metrics
support the company's Ba3 corporate family rating (CFR).

Times China's gross contracted sales increased by 10% year-on-year
to RMB40.4 billion for the first seven months of 2020 despite the
impact of coronavirus outbreak. Moody's expects contracted sales
will remain largely stable in 2020 when compared to 2019, supported
by abundant saleable resources and the company's good execution
track record. The company registered 29% year-on-year growth in
contracted sales to RMB78.4 billion in 2019.

Times China's Ba3 CFR reflects its growing operating scale,
established brand, and good track record of property development in
Guangdong Province. The rating also takes into account the
company's stable profit margins and strong liquidity profile.

However, the company's Ba3 CFR is constrained by its geographic
concentration in Guangdong Province.

The B1 rating on the proposed notes reflects the risk of structural
subordination, given the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination, reducing the expected recovery rate for claims at
the holding company level.

Times China's liquidity is good. Moody's expects the company's cash
holdings along with its operating cash flow will be sufficient to
cover its committed land payments and maturing debt in the next
12-18 months.

The company's reported cash balance of RMB34.5 billion as of June
30, 2020 also well covered its short-term debt of RMB24.1 billion.

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

The stable outlook on Times China's CFR reflects Moody's
expectation that the company will maintain growth in its contracted
sales, as well as carry out disciplined land acquisitions and debt
management to maintain a financial profile that is consistent with
its Ba3 CFR.

Moody's could upgrade the ratings if Times China registers stable
growth in sales and an increased operating scale, maintains strong
liquidity, and records an improvement in its credit metrics.

Credit metrics indicative of an upgrade include cash/short-term
debt above 1.5x, EBIT/interest coverage above 3.5x and
revenue/adjusted debt above 75%-80% on a sustained basis.

Conversely, Moody's could downgrade the ratings if the company
registers a decline in sales, an increase in its debt leverage or a
weakening in its liquidity position, or undertakes aggressive land
or project acquisitions.

Credit metrics indicative of a downgrade include cash/short-term
debt below 1.0x, EBIT/interest coverage below 2.5x or
revenue/adjusted debt below 60% on a sustained basis.

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

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for
mass-market housing. As of June 30, 2020, the company had 130
property projects across 12 cities in Guangdong Province, and in
some major provincial cities outside Guandong Province, such as
Changsha, Wuhan, Chengdu and Hangzhou. The company's land bank
totaled around 21.8 million square meters (sqm) as of the same
date.



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

VISTRA GROUP: S&P Affirms 'B' ICR on Proposed Refinancing
---------------------------------------------------------
On Sept. 15, 2020, S&P Global Ratings affirmed the issuer credit
rating on the Hong Kong-based business services provider along with
the long-term issue ratings on Vistra Group Holdings (BVI) I Ltd.'s
(Vistra) senior secured first-lien term loan at 'B'. The recovery
rating on the first-lien term loan remains unchanged at '3'.

S&P expects to withdraw its ratings on the second-lien term loan
upon repayment.

S&P affirmed the rating to reflect its view that Vistra's proposed
refinancing transaction will be neutral to the ratings.

S&P believes the proposed transaction will not materially alter the
underlying fundamentals of the company or its capital structure.
Vistra will allocate all the incremental proceeds from the US$68
million upsizing of its first-lien term loan and RCF to fully repay
the second-lien debt. Post transaction, S&P forecasts the company's
total debt to remain unchanged, and that its debt-to-EBITDA ratio
will be about 8.0x in 2020.

The upsized RCF to US$172.5 million will significantly boost
Vistra's liquidity.

The company intends to increase its RCF by US$97.5 million to
US$172.5 million, of which US$132.5 million will be used for
standby purposes; US$10 million of the standby RCF will come due in
October 2020. This will provide Vistra with a sizable additional
liquidity buffer. The company had previously drawn down on its
US$75 million RCF in March this year for standby purposes. However,
it fully repaid the outstanding amounts in the second quarter.

Vistra will benefit from an extended maturity and lower cost of
funding.

With the three-year extension in maturities, Vistra's weighted
average maturity will lengthen to close to five years,
significantly removing any near-term refinancing risks. S&P said,
"In addition, we expect the company will benefit from a modestly
reduced cost of funding. We forecast free operating cash flow will
increase by at least 5% each year and will marginally support
EBITDA interest coverage, which will improve to above 2.5x in
2020-2021."

In S&P's view, the incremental first-lien term loan and RCF have
marginally reduced the recovery prospects of first-lien debt
holders in a hypothetical event of default.

The upsized term loan places debt holders in a less-favorable
position in the event of default. That's because US$1,223 million
in claims would be outstanding under our default scenario in 2023
(including 85% drawn under the company's RCF), compared with
US$1,089 million previously. Nevertheless, S&P anticipates recovery
prospects will remain above 50% of the claims.

S&P expects Vistra to withstand a temporary slowdown in economic
activity, with opportunistic small bolt-on acquisitions to fuel its
growth.

Macroeconomic fluctuations have historically had limited impact on
the Corporate and Trust Services (CTS) industry, given the demand
for expert administrative services is not heavily dependent on a
client's financial condition. The service-oriented nature of the
business also means that operations can continue remotely and are
less affected by social distancing measures. S&P expects Vistra's
revenue and margins to continue benefitting from organic growth and
efficiency initiatives over the next 12 months. The company's
growth strategy has shifted from an active hunt for acquisitions to
a more organic focus. This includes initiatives aimed at improving
margins and synergies through integration of past acquisitions and
automation of processes. S&P believes that in the current
downcycle, the company will be largely geared toward conserving
cash and cost-cutting measures. Any acquisitions will likely be
opportunistic, small bolt-on transactions.

S&P said, "The stable outlook reflects our view that Vistra will
execute its initiatives on organic growth and cost saving while
maintaining a stable liquidity position over the next 12 months. We
expect Vistra's EBITDA interest coverage to be close to 2.5x over
this period."

S&P could lower the rating if Vistra cannot achieve its internal
objectives because of unsupportive market conditions. This would
lower its operating cash flows due to a decline in margins or lower
cash conversion, growing leverage, and eroding interest coverage.
An EBITDA cash interest coverage falling below 2.0x, without
potential for recovery could trigger a downgrade.

A higher rating could result from steady debt reduction, such that
the ratio of funds from operations (FFO) to debt is sustainably at
13%-17% and EBITDA cash interest coverage is more than 3.0x. An
upgrade would also depend on a shift to a financial policy of
maintaining lower leverage.

Vistra is an integrated global service provider in international
incorporations, trust, fiduciary, and fund administration services.
The company has 81 offices across 45 jurisdictions around the
world, with more than 25% of revenue from each of Asia and
continental Europe, and the remainder generated in the U.K., U.S.,
and rest of the world. For the first half of 2020, the company
reported a total revenue of US$287 million and EBITDA of US$60
million.



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

A.R.T. FABRICATION: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of A.R.T. Fabrication
Industries Private Limited (ARTFPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ARTFPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ARTFPL was set up in 1996 as Roto Tech Industry by Mr. Jatinder
Grover and his brother Mr. Harinder Grover, and got its current
name in 2000 after it acquired ART Fabrication Industries. ARTFPL
manufactures steel fabricated items, primarily for cranes,
machinery, JCBs, and four-wheelers. Its manufacturing facility is
in Faridabad, Haryana.

AIR CARNIVAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Air Carnival Private
Limited (ACPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Term Loan      5        CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long
   Term  Bank
   Loan Facility       5.3      CRISIL D (ISSUER NOT COOPERATING)

   Secured
   Overdraft
   Facility            4.7      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ACPL was established as a partnership firm in 2012 and subsequently
reconstituted as a private limited company in June 2013; it is
promoted by Mr. S I Nathan and his family. ACPL, based in
Coimbatore, Tamil Nadu, operates an airline under the brand Air
Carnival, which covers four sectors in Tamil Nadu and Andhra
Pradesh.

ANTARIKSH INFRABUILD: CRISIL Hikes Rating on INR6.5cr Loan to B+
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated its ratings on bank facilities of
Antariksh Infrabuild LLP (AIL) to 'CRISIL B/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, for carrying out a comprehensive
review of the rating.  Consequently, CRISIL is migrating its rating
on AIL's long-term bank facilities to 'CRISIL B+/Stable'.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         2         CRISIL B+/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Term Loan           6.5       CRISIL B+/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

CRISIL's rating continues to reflect AIL's modest scale of
operations and susceptibility to intense competition in the textile
industry, and large working capital requirement. These rating
weaknesses are partially offset by the extensive experience of the
partners in the textile industry, favourable location of the
manufacturing unit, and the firm's moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: As
commercial operations started only in March 2019, AIL's scale of
operations was subdued initially, as reflected in revenue of
INR10.70 crore in fiscal 2020. The modest scale, coupled with
intense competition from several small fabric manufacturers, limits
AIL's scope to scale up business, and lowers its bargaining power
with customers and suppliers. Sustenance of operations and
continued flow of orders from customers amidst the Covid-19
pandemic, are key rating sensitive factors.

* Large working capital requirement: Gross current assets were high
estimated at 175 days as on March 31 2020, primarily led by large
receivables and inventory of 68 days and 42 days, respectively,
along with high loans and deposits to be provided to the suppliers.
Inventory days are high on account of high procurement of raw
materials and due to its business need, it hold large work in
process and inventory.  Debtor days are high as the company needs
to provide extended credit terms to its customers. CRISIL believes
that the working capital cycle is expected to remain at similar
level over the medium term.

Strengths:

* Extensive experience of the partners: Presence of around 17 years
in the fabric manufacturing industry, has enabled the partners to
gain strong understanding of market dynamics and maintain healthy
relationships with customers and suppliers. These factors will help
AIL scale up operations and support the business risk profile over
the medium term.

* Favorable location of the manufacturing unit: AIL has a
manufacturing unit at Bhiwandi (Maharashtra), which is a major
textile processing hub. This facilitates proximity to key raw
materials, thus minimising transit cost, and ensuring timely
execution of orders.

* Moderate financial risk profile: Financial risk profile is marked
by a modest networth of INR3.28 crore, and total outside
liabilities to adjusted networth and gearing ratios of 1.42 times
and 1.24 times, respectively, as on March 31, 2020. Debt protection
metrics are marked with interest coverage and net cash accrual to
total debt (NCATD) ratios of 4.01 times and 0.36 time,
respectively, in fiscal 2020. Better profitability and infusion of
funds by the partners have strengthened the financial risk profile.
Absence of any major debt-funded capex in near term, should also
provide some comfort.

Liquidity Stretched

Expected cash accrual of over INR0.9-1.10 crore in fiscals 2021 and
2022, should be tightly matched against the term debt obligation of
INR0.58 crore and INR 0.99 crore respectively. Bank limit
utilisation averaged around 80% for the 12 months ended August 31,
2020. The firm has availed for the moratorium till August, 2020.
Cash and bank balance stood at INR0.14 crore as on March 31, 2019.

Outlook: Stable

CRISIL believes AIL would benefit over the medium term from
partners' extensive industry experience.

Rating Sensitivity factors

Upward factors
* Sustained growth in revenue by 20%, and stable operating margin,
leading to higher cash accrual
* Substantial infusion of capital, enhancing the financial risk
profile.

Downward factors
* Decline in scale of operations and profitability, leading to net
cash accrual of below INR0.50 crore
* Substantial increase in working capital requirement or any large,
debt-funded capex, weakening financial risk profile and liquidity

AIL was formed as a partnership between Mr. Laxmichand V. Rathi and
Mrs Rashmi Agarwal in 2013. The firm has a fabric manufacturing
unit in Bhiwandi, Maharashtra. Commercial operations started from
March 2019.

ARMEE INFOTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Armee Infotech (AI)
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit             4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility      6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AI for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AI was established in 1998 as a proprietorship firm by Mr. Kirit
Patel; it was reconstituted as a partnership concern in 2003. AI
provides computer hardware, peripherals, and aftersales support to
various state government organisations and primary schools. The
firm is based in Ahmedabad.

ARUPPUKOTTAI SRI: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aruppukottai Sri Jaya
Vilas Private Limited (ASJVL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           21.70      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan        27.82      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Inland/Import          5.60      CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING)

CRISIL has been consistently following up with ASJVL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1951 in Aruppukottai, Tamil Nadu, ASJVL
manufactures cotton and polyester-blended cotton yarn used for
knitting and weaving. Unit has installed capacity of about 70,000
spindles. The company also runs an Indian Oil Corporation Ltd
petrol pump in Madurai, along with operating a bus service on local
route. Operations are managed by Mr. TRS Karthikeyan.

AVONTARA SPA: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Avontara Spa (AS)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Term         13.5       CRISIL B/Stable (ISSUER NOT
   Loan                             COOPERATING)

CRISIL has been consistently following up with AS for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2012, Avontara Spa is a Pune-based proprietorship
firm of Mr. Vivek Jagtap. The firm operates a chain of spas under
the Avontara and Adeva brands. The firm has diversified into the
restaurant business and has applied for becoming a franchisee of
Bar Stock Exchange.


BABA FARID: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Baba Farid Vidyak
Society (BFVS) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/           25        CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING)

   Term Loan               5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BFVS for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1993 by Dr Gurmeet Singh Dhaliwal, BFVS operates
schools, a science and Arts College, engineering institutes, and a
management institute on a 50-acre campus near Bathinda, Punjab.
While engineering courses are approved by the All India Council for
Technical Education, others are approved by the state government.

BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR3.2cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Brightway Contractors and Developers (BCD).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.75       CRISIL A4 (Reaffirmed)
   Cash Credit           2.50       CRISIL B/Stable (Reaffirmed)
   Proposed Bank
   Guarantee             3.25       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a modest scale, working
capital-intensive nature of operations, and an average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the partners in the construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:
* Modest scale of operations with geographical concentration:
Revenue declined to INR2.5 crore in fiscal 2020 from INR3.46 crore
in fiscal 2019 on account of execution of fewer orders. With
projects worth INR25 crore to be executed in fiscals 2020 and 2021,
revenue visibility is modest. Further, operations are concentrated
in Batala, Punjab, rendering the firm dependent on local tenders
and vulnerable to changes in state government policies.

* Working capital-intensive operations: Working capital requirement
remains large. Gross current assets were 891 days as on March 31,
2020, driven by high inventory of 656 days (primarily
work-in-progress). However, payables of 800 days support working
capital.

* Weak financial risk profile: The networth was modest at INR2.87
crore as on March 31, 2020, due to low profitability and accretion
to reserves. The total outside liabilities to adjusted networth
ratio was moderately high at 1.87 times, but is expected to improve
over the medium term due to no major debt-funded capital
expenditure plan. Debt protection metrics were also weak with
interest coverage of 1.4 times during fy20

Strength

* Extensive experience of the partners: Benefits from the partners'
experience of over two decades and a healthy relationship with
customers and suppliers should continue to support the business.
Before starting construction activities in BCD in 2007, the
partners manufactured bricks and allied products that were supplied
to government departments.

Liquidity Poor

Cash accrual stood low at INR0.15 crore during fy20 and shall
continue to remain low (ranging INR0.3-0.6 crore) over the medium
term. Bank limit utilisation was moderate at 73.95% during the 12
months through July 2020.  The current ratio was moderate at 1.22
times on March 31, 2020.

Outlook: Stable

CRISIL believes BCD will continue to benefit from the extensive
experience of the partners.

Rating Sensitivity Factors

Upward factors
* Cash accrual of INR1 crore per fiscal, driven by sustained
improvement in revenue with stable profitability
* Efficient working capital management.

Downward factors
* Cash accrual of below INR0.1 crore per fiscal due to a decline in
revenue or profitability
* A further stretch in the working capital cycle, impacting the
financial risk profile, particularly liquidity.

BCD was set up in 2007 as a partnership firm by Mr. Ankur Sarin,
Mr. Sanjeev Kumar and Mr. Kawaljit Singh. Mr. Sarin exited the firm
in fiscal 2009. The firm constructs buildings, roads and bridges
for government departments.

CHAUHAN POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Chauhan Poultry Farm
(CPF) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.00       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             5.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CPF for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CPF, set up as a partnership firm in 1990s, manages a poultry farm
in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-laying
birds. The firm is promoted by Mr. Mansingh.

COMET GRANITO: CRISIL Lowers Rating on INR18cr Cash Loan to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Comet Granito
Private Limited (CGPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5.1       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           18.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              9.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with CGPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in September 2006, CGPL is promoted by the Bhalodia
family. It manufactures digitally printed glazed vitrified tiles,
which are marketed under the brand GRANICER. The manufacturing unit
at Morbi has an installed capacity of 24 lakh boxes per annum.

DECCAN METAL: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Deccan Metal Profilers
Private Limited (DMPPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DMPPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DMPPL was incorporated in the year 2013 by its promoter Mr. A S
Shahajahan. The firm is engaged in manufacturing and trading of
roofings and ceiling panels and rolling shutters and pipes. The
company is based out of Kochi, Kerala.

DEV BHOOMI: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dev Bhoomi Cars
Private Limited (DBPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Electronic Dealer    10          CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING)
   (e-DFS)              

CRISIL has been consistently following up with DBPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in May 2013, DBPL is promoted by Mr. Rajinder Vashita
and Monica Vashita. The company is the sole authorised dealer of
passenger vehicles and spare parts of HMIL for four districts of
Himachal Pradesh.

DURABLE CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Durable Ceramics
Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      5        CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        13        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DCPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.

DURGASHREE CASHEWS: CRISIL Migrates B Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sri Durgashree Cashews (SDC)
to 'CRISIL B/Stable Issuer not cooperating' on April 23, 2020.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL is migrating the rating on bank
facilities of SDC to 'CRISIL B/Stable' from 'CRISIL B/Stable Issuer
Not Cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit        4.75        CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Working   4.62        CRISIL B/Stable (Migrated from
   Capital Facility               'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')
      
   Term Loan           .63        CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The rating continues to reflect the firm's modest scale of
operations amidst intense competition in the cashew industry, and
below-average financial risk profile. These weakness are partially
offset by extensive experience of partners in the cashew processing
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in an intensely competitive industry:
Intense competition in the cashew processing business has kept the
scale of operations modest, as reflected in estimated revenue of
around INR4.5 in fiscal 2020. Modest scale and competition from
organised and unorganised players in the cashew processing industry
shall continue to constrain the business risk profile over the
medium term.

* Below-average financial risk profile: Financial risk profile is
below-average marked by a negative networth of 1.77 crore and
consequently a negative gearing of around 3.1 times, estimated as
on March 31, 2020. The networth has been eroded due to high
operating losses incurred in fiscal 2019. Interest coverage was
modest at around 1.39 times and net cash accrual to total debt
ratio was negative in fiscal 2020 due to cash losses. The financial
risk profile is expected to gradually improve over the medium term
with moderate accretion to reserves.

Strength:

* Experience of the partners in the cashew industry: The partners,
Mr. Adarsh Hegde and Mr. Pramod Hegde were engaged in trade of raw
cashew nuts, and have built healthy relationships with overseas
suppliers and clients in a short span of time. CRISIL believes that
the firm may benefit over the medium term, from the industry
experience of the promoters.

Liquidity Stretched

Bank limit utilization is high around 98 percent for the past
twelve months ended June 2020 CRISIL believes that bank limit
utilization is expected to remain high on account of working
capital requirements. Cash accrual is expected to remain weak at
less than INR0.5 crore that shall be tightly matched to meet
repayment obligations. CRISIL believes the firm's liquidity shall
remain stretched over the medium term.

Outlook: Stable

CRISIL believes SDC will continue to benefit from the extensive
experience of its partners.

Rating Sensitivity factors

Upward Factors
* Improvement in cash accrual to more than INR0.5 crore
* Correction in capital structure supported by improvement in
networth

Downward Factors
* Deterioration in interest cover to less than 1 time
* Any large debt funded capital expenditure adversely impacting the
financial risk profile.

SDC, set up as a partnership firm in 2012, processes raw cashew
nuts and sells cashew kernels. The firm has a facility in Udupi,
Karnataka. Operations are managed by Mr. Adarsh Hegde and Mr.
Pramod Hegde.


FUTURE RETAIL: S&P Assigns 'CCC-' LT ICR, Outlook Developing
------------------------------------------------------------
On Sept. 15, 2020, S&P Global Ratings assigned its 'CCC-' long-term
issuer credit rating to Future Retail Ltd. and its 'CCC-' long-term
issue rating to Reliance Retail Ventures Ltd.'s (RRVL) U.S.
dollar-denominated senior secured notes.

RRVL's acquisition of Future Retail's assets is positive for Future
Group and Future Retail's outstanding U.S. dollar notes.

S&P expects RRVL to ultimately be responsible for servicing Future
Retail's US$500 million notes because it is acquiring the retail
assets against which the notes are secured. In such a scenario, the
issue rating on the notes will be driven by the credit profile of
the acquiring entity within RRVL and its assessment of that
entity's strategic importance to Reliance Industries Ltd. (RIL;
BBB+/Stable/--), the ultimate parent of the group. S&P sees the
potential of a multiple-notch upgrade, given the expected superior
credit profile of RRVL.

As part of the transaction, Future Retail, together with five other
Future Group companies, will merge into Future Enterprises Ltd.
(FEL). Although Future Retail will cease to exist, FEL will retain
Future Group's businesses in fast-moving consumer goods, integrated
fashion sourcing and merchandising, and insurance and other joint
ventures.

With the proposed merger of Future Retail into FEL, our
expectations of the release of cross-guarantees (about 20% still
outstanding) between the two companies are unlikely to be met.
Moreover, these conditions have no bearing on the current credit
profile of Future Retail. The rating on the company is in line with
the preliminary rating, which S&P lowered to 'CCC-' on April 22,
2020, due to weakening liquidity.

S&P said, "We see the transaction as credit-positive for FEL. We
expect FEL's liquidity pressure to ease with the transfer of about
Indian rupee (INR) 190 billion of operating and contingent
liabilities to RRVL and cash receipt of about INR85 billion
(including the issue of equity and warrants to RRVL)." FEL is
likely to utilize the proceeds from the asset sale to pay down
debt; its management estimates its pro forma net debt to be about
INR23 billion.

Securing the required regulatory and shareholder approvals is a
major hurdle in completing the transaction. S&P expects Future
Retail to secure the necessary approvals and conclude the
transaction over the next six months. Of particular importance are
the approvals from the National Company Law Tribunal and the
Competition Commission of India. The transaction also requires the
consent of a simple majority of non-promoter shareholders and
creditors, with varying approval thresholds for creditors. If the
transaction cannot be completed because of the failure to obtain
these approvals, Future Retail's ability to service its debt
obligations would remain uncertain.

Future Retail's weak liquidity will continue to pose downside risks
to the rating in the interim. The company is still awaiting the
disbursement of its approved credit lines of INR1.5 billion from
banks. It also intends to put in place an additional funding line
of INR5 billion to improve liquidity. We believe disbursement of
these lines will be essential to ease the liquidity pressure,
especially given India's high COVID-19 infection rate, which is
hampering operational recovery. As of March 31, 2020, Future Retail
had an available cash balance of less than INR1 billion.

In the absence of access to additional liquidity, Future Retail
could reschedule its upcoming debt liabilities under the resolution
framework for COVID-related stress provided by the Reserve Bank of
India (RBI). The company has about INR45 billion of debt maturing
over the 12 months to March 31, 2021 (including working capital
borrowings). S&P said, "Despite being part of a RBI scheme, such
measures could constitute a distressed exchange, in our view, given
the high risk of a conventional default in the absence of
restructuring." However, this may not necessarily affect the issue
rating on the company's notes since no debt servicing is due until
January 2021.

The developing outlook reflects the likelihood that the rating on
Future Retail could move in either direction over the next six
months, depending on whether the company and RRVL can successfully
conclude the transaction. Approvals from regulators, shareholders,
and creditors are key hurdles that could compromise the
transaction. Weak liquidity at Future Retail--pending the
completion of the sale--also poses a downside risk to the rating.

If the transaction is completed successfully, S&P could raise the
issue rating on Future Retail's outstanding notes by multiple
notches, based on the credit quality of the entity assuming the
debt.

S&P could lower the rating on Future Retail if:

-- The company is unable to conclude the transaction with RRVL, in
which case its liquidity could weaken further, affecting its
ability to service its debt obligations; or

-- The company restructures or re-profiles a material amount of
outstanding debt in a manner that we consider to be a distressed
exchange.

G.L. METALLICA: CRISIL Lowers Rating on INR11.11cr Loans to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of G.L. Metallica
Private Limited (GLMPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')


   Term Loan               1.11     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GLMPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1994 in Jaipur and promoted by Agarwal family,
GLMPL manufactures copper and brass sheets/strips, copper and brass
ingots, and copper and copper alloy ingots and parts that are
mainly used in bathroom fittings and sanitary ware. The company
also exports its products to Nepal.

GALCO EXTRUSIONS: CRISIL Withdraws B+ Rating on INR9cr Cash Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Galco
Extrusions Private Limited (Galco) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            9        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term     5.45     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

   Term Loan              1.20     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with Galco 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 Galco. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Galco is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of Galco
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of Galco on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 2007, Galco has manufactured aluminum extrusions
since 2010. The company is headquartered in Ahmednagar
(Maharashtra) and is owned and managed by Mr. Sandesh Lodha and
family.

GIAN CHAND: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Gian Chand and Sons
Private Limited (GCSPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        21        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with GCSPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established as a proprietorship firm in 1980 by Mr. Gian Chand and
reconstituted as a private limited company in 1988, GCSPL dyes yarn
and fabric, and also manufactures knitted cloth at its unit in
Ludhiana. Operations are currently managed by Mr. Gulshan Agrawal,
son of Mr. Gian Chand.

GREEN SHIELD: CRISIL Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Green Shield
Enterprises Private Limited (GSEPL) continues to be 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       1.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term    5.5       CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with GSEPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GSEPL was started by Ms Arti Kanodia in 2008; however, the company
started its operations from September 2012. GSEPL trades and
processes grey fabric as per customer requirements. The promoter
family has been in similar line of business since 1985.

KAMA METAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Kama Metal and Alloys
Private Limited (KMPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          7.75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   0.92        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Rupee Term Loan      2.33        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KMPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KMPL, incorporated in 2008, operates an ingot manufacturing unit
and a rolling division (key products include mild steel ingots and
pipes). The company has capacity to manufacture 4000 tonne per
month (tpm) of ingots and 400 tpm of pipes.

KERALA INFRASTRUCTURE: Fitch Affirms LT IDR at BB, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Kerala Infrastructure Investment Fund
Board's (KIIFB) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB'. The Outlook is Stable.

Concurrently, Fitch has affirmed KIIFB's INR50.0 billion
medium-term note (MTN) programme and the INR21.5 billion 9.723%
senior secured notes due 2024 under the programme at 'BB'. The
notes are issued by KIIFB directly and are unconditionally and
irrevocably guaranteed by India's State of Kerala (BB/Stable)
acting through the Finance Department of Kerala.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: KIIFB has a special legal
status whereby its liabilities are automatically transferred to the
state in a default. Government control means KIIFB has to strictly
follow the state's plan to finance and implement various
infrastructure projects. Its board consists of government officers
and independent experts. In addition, a fund trustee and advisory
commission acts as KIIFB's trustee to ensure there is no diversion
of funds.

'Very Strong' Support Record, Expectations: The state government is
statutorily mandated to guarantee the payment of principal and
interest of any funds that KIIFB proposes to raise. In addition,
the state government has created a dedicated ringfenced fund to
help KIIFB's debt servicing, which draws on the entire petroleum
cess and a progressive step-up share of up to 50% of the
motor-vehicle tax collected by the state.

'Strong' Socio-Political Default Implications: Fitch's assessment
reflects KIIFB's designated role as an exclusive financing vehicle
for critical infrastructure-development projects. The projects span
various public sectors, including transportation, industrial parks,
energy, water resources and social infrastructure. The development
of these sectors is crucial to improve the state's living standards
and for its sustainable economic growth.

'Very Strong' Financial Default Implications: KIIFB is a proxy
financing platform for large-scale and capital-intensive state
projects, with a total planned project outlay of INR500 billion by
2024. KIIFB's creditworthiness is directly linked to that of the
state in view of the legal guarantee provided by the state
government. A default by KIIFB would lead to direct repercussions
for the state's credibility.

DERIVATION SUMMARY

Fitch assesses KIIFB under its Government-Related Entities Rating
Criteria, reflecting the State of Kerala's ultimate ownership and
oversight over KIIFB, the government's financial support record and
the company's functional role in the state's development. These
factors indicate a strong incentive for the government to provide
extraordinary support to KIIFB, if needed. KIIFB's Long-Term IDRs
were derived from the four factors under the criteria.

RATING SENSITIVITIES

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

  - If Fitch perceives that the State of Kerala's ability to
provide subsidies, grants and other legitimate resources

allowed under India's policies and regulations has strengthened

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

  - If Fitch revises down its perception of the State of Kerala's
ability to provide subsidies, grants and other legitimate resources
allowed under India's policies and regulations

  - Weakening of KIIFB's role in infrastructure development in the
State of Kerala, reduced control and a weaker support record and
expectations as well as socio-political or financial implications
of default

Any change in KIIFB's Long-Term IDRs will result in a similar
change in the rating of the notes.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

KISHOR SORTEX: CRISIL Downgrades Rating on INR6cr Loan to B
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kishor Sortex
and Rice Mill Private Limited (KRPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         13        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with KRPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2005, KRPL is promoted by Mr. Krishna Kumar Agarwal
and Mr. Bishwanath Agrawal. The company mills and processes
non-basmati rice at its unit in Durg (Chhattisgarh).

KLSR INFRATECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of KLSR Infratech
Limited (KLSR) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       122.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           22.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    55         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with KLSR for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KLSR, set up in 2011 by Mr. Kolli Lakshmi Shreedhar Reddy, took
over the business of the proprietorship firm, KL Sreedhar Reddy.
The company executes civil construction contracts and water supply
projects, and caters mainly to government entities in Andhra
Pradesh and Telangana.

MANNARKKAD STEELS: CRISIL Hikes Rating on INR2.5cr Loan to B+
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings of Mannarkkad Steels Private
Limited (MSPL) to 'CRISIL BB-/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 bank facilities of MSPL to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.6        CRISIL A4 (Migrated from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           2.5        CRISIL B+/Stable (Migrated
                                    from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

   Letter of Credit      3.4        CRISIL A4 (Migrated from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

The ratings reflect the modest scale of operations amid intense
competition, susceptibility of profitability to volatility in raw
material prices and below average financial risk profile .These
weaknesses are partially offset by extensive experience of the
promoters in the steel industry.

Analytical Approach
Unsecured loans are treated as NDNE.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition and
susceptibility of profitability to volatility in raw material
prices: With revenue of INR36.91 crore in fiscal 2020, the scale
remains small in the intensely competitive secondary steel industry
that has a low entry barrier and limited product differentiation.
This restricts negotiating power with suppliers and customers.
Prices of steel have remained highly volatile in the past few
years, leading to fluctuation in the operating profitability
margin.

* Below average financial Risk Profile: The financial risk profile
is below average marked by small networth and moderate gearing at
INR(2.20) crores and (1.15) times as on March 31, 2020. Interest
coverage and net cash accrual to total debt ratios are weak at
(17.79) times and (1.97) times, respectively, for fiscal 2020

Strengths:

* Extensive industry experience of the promoters: The key promoter,
Mr. N V Basheer, has been in the steel industry since 2005 and has
gained strong insight into demand-supply patterns and price trends,
and established a healthy relationship with customers and
suppliers.

Liquidity Stretched
Bank limits were extensively utilized at above 90% for the last one
year ended July 2020. Annual cash accrual is expected to be at
INR10-20 lakhs, which is sufficient against no term loan repayment
obligation over the medium term. Current ratio is moderate at 1
time as on March 31, 2020. COVID -19 moratorium was availed by the
firm for the period March -Aug 2020 to shore up liquidity

Outlook: Stable

CRISIL believes MSPL will continue to benefit from the extensive
industry experience of its promoters and established customer
relationship.

Rating Sensitivity factors

Upward factor
* Sustained improvement in scale of operation by 20% and operating
margin to 4%,
* Improvement in financial risk profile.

Downward factor
* Further stretch in working capital requirements or large debt
funded capex
* Decline in the revenues by 25% or sharp deterioration in
profitability adversely impacting liquidity.

Incorporated in 2005, MSPL manufactures steel ingots at its
facility at Palakkad, Kerala.

MERCATOR PETROLEUM: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mercator Petroleum Limited
        83-87, 8th floor, Mittal Tower
        B-Wing Nariman Point
        Mumbai Maharashtra
        India 400021

Insolvency Commencement Date: August 31, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 5, 2021

Insolvency professional: Ms. Pinkush Jaiswal

Interim Resolution
Professional:            Ms. Pinkush Jaiswal
                         204, Kanchan Apptt.
                         Dhantoli, Tikekar Road
                         Nagpur, Maharashtra 440012
                         E-mail: fcspinkush@gmail.com
                                 irp.mpl@gmail.com

Last date for
submission of claims:    September 21, 2020


PANACEALIFE HEALTHZONE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Panacealife Healthzone Private Limited
        SPMRI Building
        Chhatra Sangh Chowhara Arazi No. 9
        Mauza Kalepur
        Civil Lines Gorakhpur 273001
        Uttar Pradesh

Insolvency Commencement Date: September 3, 2020

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: March 3, 2021
                               (180 days from commencement)

Insolvency professional: Devendra Singh

Interim Resolution
Professional:            Devendra Singh
                         ATS Greens Paradiso
                         Flat No. 02054
                         Tower 2, Plot No. GH-03
                         Sector CHI-04
                         Greater Noida
                         Uttar Pradesh 201308
                         E-mail: dev_singh2006@yahoo.com

                            - and -

                         D-54, First Floor, Defence Colony
                         New Delhi 110024
                         E-mail: cirp.panacea@gmail.com

Last date for
submission of claims:    September 18, 2020


PATWA AUTOMOTIVE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Patwa Automotive Private Limited
        Lasudia Mori, Dewas Naka
        A.B. Road Indore
        MP 452012
        India

Insolvency Commencement Date: September 9, 2020

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: March 8, 2021

Insolvency professional: Sajjan Kumar Dokania

Interim Resolution
Professional:            Sajjan Kumar Dokania
                         25, Globus Fab City
                         Kolar Road, Chuna Bhatti
                         Near Suyash Hospital
                         Bhopal, Madhya Pradesh 462016
                         E-mail: sajjan_suman@hotmail.com
                                 patwa.cirp@gmail.com

Last date for
submission of claims:    September 23, 2020


PAWAR PATKAR: CRISIL Withdraws B+ Rating on INR14cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Pawar
Patkar Constructions Private Limited (PPCPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         43       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit            14       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PPCPL for obtaining
information through letters and emails dated December 31, 2019 and
June 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 PPCPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PPCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of PPCPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of PPCPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Set up as a partnership concern in 1991 by Mr. S K Patkar and Mr.
Kailash Pawar and reconstituted as a private limited company in
2006, PPCPL undertakes civil and infrastructure construction
projects primarily in the roads and buildings segments. The company
is a Class 1A contractor with unlimited bidding capacity. It builds
roads, bridges, and buildings in Nasik district, Aurangabad, and
Jalna. The company receives contracts from Nasik Municipal
Corporation (accounts for 60% of total revenue), Public Works
Department, and Maharashtra State Police State Housing Board. PPCPL
has its own fleet of equipment and machinery.

RISA INTERNATIONAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Risa International Limited
        604, Kushal Point, 4th Road
        Behind Uday Cinema
        Ghatkopar (W)
        Mumbai 400086

Insolvency Commencement Date: August 31, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 27, 2020
                               (180 days from commencement)

Insolvency professional: Sanjiv Kumar Arora

Interim Resolution
Professional:            Sanjiv Kumar Arora
                         D-3/3465, Vasant Kunj
                         South West
                         National Capital Territory of
                         Delhi 110070
                         E-mail: mrask4@yahoo.co.in
                                 cirp.risa@gmail.com

Last date for
submission of claims:    September 14, 2020


SAI HARIHARA: CRISIL Withdraws B+ Rating on INR15cr LT Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sri Sai Harihara Estates
Private Limited (SSHEPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. CRISIL has withdrawn its rating on bank facility of
SSHEPL 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 SSHEPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan       15       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

Established in 1996 and based in Hyderabad (Telangana), SSHEPL is
engaged in real estate development. The company is promoted and
managed by Mr. A Yadava Reddy.

SHIEL AUTOS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiel Autos (Shiel;
part of the Shiel group) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit           7.50       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft             4.50       CRISIL A4 (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility    1.05       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Shiel for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shiel and Shri Ved Automotives Pvt Ltd
(Ved). Both the entities, together referred to as the Shiel group,
have a common management, and are in the same business.

Shiel, based in Agra, Uttar Pradesh, has been a dealer of BAL's two
wheelers for 25 years. Shiel has seven showrooms in Agra. Ved, also
based in Agra, has been a dealer of BAL's two wheelers for 20
years. Ved has one showroom in Agra. The entities' operations are
managed by Mr. Rajiv Rattan and his brother Mr. Sanjeev Rattan.

SNS STARCH LIMITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s SNS Starch Limited
        311/A, MLA Colony
        Road No. 12
        Banjara Hills
        Hyerabad 500034
        Telangana

Insolvency Commencement Date: September 2, 2020

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 28, 2021

Insolvency professional: Kurapati Singarayya Chowdary

Interim Resolution
Professional:            Kurapati Singarayya Chowdary
                         Flat No. 101
                         Sheshadri Towers
                         G-16A, Madhura Nagar
                         Yousufguda
                         Hyderabad 500038
                         Telangana
                         E-mail: kurapatichowdary55@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: irp.snsstarch@gmail.com

Last date for
submission of claims:    September 17, 2020


STARLIT POWER: CRISIL Migrates D Debt Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Starlit Power Systems Limited (SPSL) to
'CRISIL D/CRISIL D Issuer Not Cooperating'. However, the company's
management has subsequently started sharing the requisite
information necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL is migrating the rating to
'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Funded Interest        8.52      CRISIL D (Migrated from
   Term Loan                        'CRISIL D ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     0.03      CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL D ISSUER NOT
                                    COOPERATING')

   Term Loan              7.45      CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Working Capital        7.00      CRISIL D (Migrated from
   Term Loan                        'CRISIL D ISSUER NOT
                                    COOPERATING')

The ratings reflect delay by the company in servicing debt because
of weak liquidity. The ratings also reflect susceptibility of
operating margin to fluctuations in raw material prices, modest
scale of operations and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
promoters in the diversified metals and mining industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt repayment: Stretch in receivables have constrained
cash flow, resulting in delays by SPSL in servicing the interest on
the term loan.

* Susceptibility of operating margin to fluctuations in raw
material prices: On account of fluctuations in raw material prices,
the operating profitability has remained low over the years. It was
negative 16% in fiscal 2020.

* Modest scale of operations: SPSL's business profile is
constrained by its subdued scale in the intensely competitive
diversified metals and mining industry. The company's modest scale
of operations will continue to limit its operating flexibility.

* Working capital-intensive operations: Gross current assets (GCAs)
were 270-425 days over the three fiscals ended March 31, 2020.
Intensive working capital management is reflected in GCAs of 270
days as on March 31, 2020 (over 204 days for some of its peers)
driven by high debtors of 100-264 days.

Strength

* Extensive industry experience of the promoters: The promoters
have experience of over a decade in the diversified metals and
mining industry. This has given them an understanding of the market
dynamics and enabled them to establish strong relationships with
suppliers and customers.

Liquidity Poor

Cash accrual was insufficient against maturing debt obligation in
fiscal 2020. Bank limit utilisation averaged 96% over the 12 months
through July 2020. Current ratio stood at 0.84 time as on March 31,
2020.

Rating Sensitivity Factors

Upward factors
* Improvement in operating income by over 10%
* Sufficient cash accrual against the maturing debt
* Track record of timely repayment of debt.

SPSL, based in Delhi, manufactures refined lead, lead alloys and
lead acid batteries. The manufacturing unit is located in Gurugram,
Haryana. The company was started in 2008 by Mr. Sachin Sridhar, Mr.
Surinder Pal and Mr. Yogesh Gupta.

Mr. Sachin Sridhar left the company in 2019.

STI INDUSTRIES: CRISIL Withdraws B Rating on INR0.25cr Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings of Sti Industries (SI) to
'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. CRISIL has
withdrawn its ratings on bank facility of SI 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 SI to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.  The rating action is
in line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      4.50       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Cash Credit            .25       CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

   Export Packing        2          CRISIL A4 (Migrated from
   Credit                           'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Letter of Credit      6          CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

SI, established in the year 2002, is engaged in the manufacturing
of cables, cable lugs, connectors and crimping tools under the
brand name 'Calter'. The products of the firm are ISO 9001:2008 &
Underwriters Laboratories (UL) certified; they also comply with
Restriction of Hazardous Substances (ROHS) directive. The firm has
its registered office in Mumbai and its two manufacturing
facilities in Vapi (Gujarat).

SYNEW STEEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Synew Steel Private Limited
        806A, 8th Floor, Prestige Towers
        #99 & 100, Residency Road
        Bangalore KA 560025
        IN

Insolvency Commencement Date: June 30, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: December 27, 2020

Insolvency professional: Mr. Mandar Wagh

Interim Resolution
Professional:            Mr. Mandar Wagh
                         A2/1102, Saarrthi Shilp
                         Behind Ekalavya College
                         Kothrud, Pune 411038
                         E-mail: mandar.wagh@anandchaitanya.com
                         Tel: 9822844488

Last date for
submission of claims:    September 16, 2020


UTTAM VALUE: NCLAT Dismisses Appeal vs. Carval's Resolution Plan
----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) dismissed an appeal challenging the approval for
an insolvency resolution plan for Uttam Value Steels Ltd.

According to BloombergQuint, New York-based Carval Investors LLP's
plan was approved by the principal bench of the dedicated
insolvency tribunal in April. But more than four operational
creditors of the steelmaker mounted a legal challenge, on various
grounds, including that the creditors' committee failed to obtain a
prior nod from the Competition Commission of India before approving
Carval's bid, BloombergQuint says.

Relying on previous rulings of the Supreme Court, a three-member
bench of the appellate tribunal observed that the requirement for a
prior approval from CCI is only "directory", according to its
order, BloombergQuint relays. The NCLT was conscious that the
committee of creditors obtained the permission only after approving
the resolution plan, the appellate tribunal said, dismissing the
plea.

BloombergQuint notes that the Carval-led consortium's
interconnected resolution plans for Uttam Value Steels Ltd., and
Uttam Galva Metallics Ltd. were approved by the CoC a year ago. It
involves a mix of an upfront settlement amount, deferred as well as
contingent payments to creditors aggregating INR1,078 crore and
INR1,567 crore, respectively, for the two entities.

BloombergQuint says the steelmaker's operational creditors
challenged the resolution plan arguing that:

   - The consortium's resolution plan breached the Insolvency and
Bankruptcy Code as the CoC failed to obtain a prior approval from
the competition regulator, which is mandatory.

   - Carval is ineligible to present a resolution plan as it lacked
a technical expert to run the steelmaker's plants after they take
over. An industry expert, who was initially proposed to run the
plants, resigned before the approval of the plan.

   - While the resolution applicant initially proposed submission
of performance bank guarantees worth INR250 crore against the
promised "upfront payments", the financial creditors unilaterally
diluted their value to INR50 crore while approving the resolution
plan. This dilution may cause loss to all creditors if a need
arises to invoke the guarantees.

BloombergQuint says counsel representing the creditors' committee,
resolution professional and Carval argued the requirement for CCI's
prior approval is only directory in nature. The dilution in
performance guarantees was necessitated due to economic slump
caused by Covid-19. And lastly, the experts set to take over the
steel plants after the implementation of the plan had adequate
industry experience, BloombergQuint states.

Accepting Carval's arguments, the NCLAT observed that the dedicated
insolvency tribunal had already examined the dilution in value of
the guarantees while approving the plan, BloombergQuint relays. It
also issued appropriate directions to the competition regulator, it
said. And so, according to the order, the appeals filed by
operational creditor lacked merit, BloombergQuint adds.

                         About Uttam Value

Uttam Value Steels Limited (UVSL), previously known as Lloyds Steel
Industries Ltd (LSIL), was incorporated on April 27, 1970 under the
name of Gupta Tubes and Pipes. LSIL's steel plant was commissioned
in 1995 in Wardha, Maharashtra.

As reported in the Troubled Company Reporter-Asia Pacific on June
28, 2018, the Mumbai bench of the National Company Law Tribunal
(NCLT) on June 26, 2018, admitted an insolvency petition filed by
State Bank of India (SBI) against Uttam Value Steel Ltd, a listed
subsidiary of Uttam Galva Steels Ltd.  Presiding officer M.K.
Shrawat also approved Rajiv Chakraborty as interim resolution
professional (IRP).  SBI had approached the dedicated bankruptcy
court after Uttam Value Steel had defaulted on INR334 crore.

VISHNU EATABLES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Vishnu Eatables
India Limited (SVEL; a part of the Shri Vishnu group) continue to
be 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         80       CRISIL D (ISSUER NOT COOPERATING)

   Export Packing
   Credit              20       CRISIL D (ISSUER NOT COOPERATING)

   Foreign Bill
   Purchase            30       CRISIL D (ISSUER NOT COOPERATING)

   Packing Credit     100       CRISIL D (ISSUER NOT COOPERATING)
   in Foreign
   Currency           

CRISIL has been consistently following up with SVEL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVEL and Shri Vishnu Overseas Pvt Ltd
(SVOL), herein referred to as the Shri Vishnu group. This is
primarily because both entities are controlled by the same
management and are engaged in the same business - processing of
rice. The entities also derive considerable operational and
business synergies from each other.

SVOL was set up in 1995 by the same promoters. The group is in the
business of milling rice as well as wheat. The processing unit of
the group is located in Kaithal, Haryana.

SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).

VRG INDUSTRIES: CRISIL Assigns B+ Rating to INR16cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of VRG Industries Private Limited (VIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (Assigned)
   Term Loan               6        CRISIL B+/Stable (Assigned)

The ratings reflect VIPL's susceptibility to highly leveraged
capital structure and intense competition and tender-based nature
of business. These weakness are partially offset by its extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Highly leveraged capital structure: VIPL has average financial
profile marked by high total outside liabilities to tangible net
worth (TOL/TNW) for last three year ending on 31st March 2020.

* Intense competition and tender-based nature of business: The LPG
cylinder manufacturing sector has mix of both organised and
unorganised players and has stiff competition. Also, the
tender-based bidding process for supply to OMCs restricts
profitability. The company's margins are exposed to fluctuations in
raw material costs. However, the presence of price escalation
clauses in the contracts mitigates this risk to an extent.

Strength:
* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in packaging industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Stretched

Though Bank limit utilisation is comfortable at around 43.23
percent for the past twelve months ended May 2020 the cash accruals
are expected to be lower at 1.3 Cr against repayments obligations
of around 50 laksh.

Outlook: Stable

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

Rating Sensitivity factors

Upward factor
* Improvement in margins to 7% leading to higher cash accruals.
* Improvement in financial risk profile

Downward factor
* Decline in net cash accruals below INR1 crore on account of
decline in revenue or operating profits.
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

VIPL was incorporated in 2011, commenced operations in November
2017. VIPL is owned & managed by Mr. Naveen Gupta. VIPL is engaged
in manufacturing of empty LPG cylinders of 14.50 kgs. VIPL
manufacturing facility is located in Odisha with an installed
capacity of 12 lakhs cylinders per annum.

ZIMIDARA PESTICIDES: CRISIL Withdraws B+ Rating on INR10cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the long term bank facilities of
Zimidara Pesticides (ZP) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

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

CRISIL has been consistently following up with ZP for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 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 ZP. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ZP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of ZP
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the long term bank facilities of
ZP on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Established in 1990 as a proprietorship firm by Mr. Om Prakash, ZP
trades in pesticides, seeds, and fertilizers. ZP is an authorised
dealer and distributor of around 42 pesticide companies in Abohar
(Punjab). The operations are managed by Mr. Om Prakash.



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

KAWASAKI KISEN: Egan-Jones Lowers Senior Unsecured Ratings to CCC-
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 9, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kawasaki Kisen Kaisha, Ltd. to CCC- from CCC.

Headquartered in Chiyoda City, Tokyo, Japan, Kawasaki Kisen Kaisha,
Ltd. operates marine cargo and passenger transportation around the
world.


MITSUBISHI CHEMICAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 8, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsubishi Chemical Holdings Corporation to BB+ from
BBB-.

Headquartered in Chiyoda City, Tokyo, Japan, Mitsubishi Chemical
Holdings Corporation is a holding company established through the
merger of Mitsubishi Chemical and Mitsubishi Pharma.


[*] JAPAN: Death Knell Sounds for Some Oldest Department Stores
---------------------------------------------------------------
After more than three centuries in business, the Onuma department
store in Yamagata began bankruptcy proceedings this year--one of
many distinguished department stores across the country in dire
straits.

Known for fancy food halls, luxury items, impeccable service and,
in their heyday, rooftop attractions to entertain families, Japan's
department stores have been in a long slow decline as shopping
habits change.

Now the coronavirus pandemic, just as it has forced U.S. retailers
such as Lord & Taylor and Neiman Marcus into bankruptcy, is
hammering nails into coffins for some--particularly those in
regional areas.

Last month, 146-year-old Nakago closed the doors of its last
remaining store in Fukushima, while Izutsuya Co Ltd, a chain in
Kitakyushu, shuttered one of its two main stores, according to
Reuters.

"Everyone agrees it's very disappointing, but the truth is that
people haven't been shopping at these stores lately," Reuters
quotes Shuhei Yamashita, a retail consultant who hopes to buy the
Onuma department store from creditors and turn it around, as
saying.

This year, with consumers wary of shopping and tourism decimated
amid the pandemic, sales have plunged. Industry sales dropped by a
fifth in July from a year earlier and policymakers fear more store
closures and bankruptcies are inevitable, Reuters states.

Even before this year's woes, Japanese department stores have
struggled to stay relevant, selling items such as $10,000 kimonos
and posh tableware to maintain their cachet even as consumer tastes
have turned towards more informal items, according to Reuters. At
the same time, consumers have taken much of their shopping online.

Both industry-wide sales and store numbers have tumbled 30 percent
since 1999, Reuters notes. Some of the country's 203 department
stores have also drastically shrunk floor space by bringing in
other tenants.

Reuters says big national chains and stores in major cities haven't
been immune. Isetan Mitsukoshi Holdings Ltd, for example, has
closed several stores over the past decade and said in March it
would close a Mitsukoshi store in downtown Tokyo next year.

However, it is the prospects for regional stores and the
implications for their local economies--already wracked by decades
of deflation, anemic growth and an exodus of young people searching
for better jobs--which are causing the most concern, Reuters
notes.

Reuters relates that policymakers fret store failures may sow seeds
of crisis, exacerbating pain felt throughout a local economy to the
point that beleaguered regional lenders will not be able to cope
with increases in non-performing loans.

"Closures will weigh on property prices, jobs and many other
aspects of an already weakening regional economy," said a
government official with expertise in regional finance, speaking on
condition of anonymity, Reuters relays.

According to Reuters, Yoshihide Suga, Japan's newly elected prime
minister, has made revitalizing regional economies a key policy
priority.  But whether any of the government's pledge of $2.2
trillion in stimulus for pandemic-hit companies finds its way to
department stores remains an open question with some government
officials and politicians privately saying that the money needs to
be funneled towards more viable industries, Reuters says.

In Yamagata, the future of the Onuma department store remains
unclear, the report states. Although Mr. Yamashita's company is
keen to keep the store going, creditors could opt to sell to a
higher-paying bidder.

According to Reuters, some locals seem resigned to Onuma's failure,
saying it had failed to keep up with changing lifestyles including
the rise of online retailers and faster transport links to bigger
cities.

"Infrastructure, transportation, lifestyles, information, culture,
values - everything has changed," Takashi Inoue, president of a
metal processing company in Yamagata, wrote in a blog as he
lamented Onuma's bankruptcy, Reuters relays.

For now, Mr. Yamashita's company is helping to keep the store open
through the end of September, although the food hall is closed and
shoppers are limited to browsing for deals among household items
and clothes he has gathered from various warehouses.

Still, Mr. Yamashita isn't giving up hope that creditors will be
convinced by his plans to revamp the store, Reuters states.

"It's a place people once loved," the report quotes Mr. Yamashita
as saying. "It will be a shame if it becomes just another high-rise
development."



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

BRAHIM'S HOLDINGS: MRI VC Rescue Plan Falls Through
---------------------------------------------------
The Star reports that PN17 affected firm Brahim's Holdings Bhd said
a preliminary agreement with a potential white knight MRI VC Bhd to
rescue the company has failed to materialise.

The Star relates that Brahim's, in a filing with Bursa Malaysia on
Sept. 15, said the company and MRI VC have mutually agreed to
terminate a head of agreement dated Dec. 20.

According to the report, the HOA was to set the basis for MRI VC, a
food catering firm, to participate in Brahim's financial
regularisation plan.

Brahim's cited "current uncertainties" surrounding its business and
subsidiaries, as well as the current situation of the global
economy and financial markets as reasons for the termination, The
Star relays.

MRI had paid a MYR2 million deposit to Brahim with the execution of
the HOA, the report notes.

"The company has refunded the deposit received from MRI free from
any interest accrued therein," it said.

                       About Brahim's Holdings

Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.

Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.

PERAK CORP: Is Being Wound Up, Putra Vice President Says
--------------------------------------------------------
Malay Mail reports that Parti Bumiputera Perkasa Malaysia (Putra)
vice-president Datuk Hamidah Osman on Sept. 15 revealed that the
Perak Corporation Berhad (PCB), which holds about 60 per cent of
Perak State Development Corporation's (PKNP) assets, is in the
midst of winding up its operations.

Malay Mail relates that Ms. Hamidah said that PCB has been dragged
to court several times after it defaulted on loans it took out from
creditors and banks.

"PCB borrowed a total of MYR520 million from banks to invest in
Movie Animation Park Studios (MAPS) and an additional MYR200
million were also borrowed to pay contractors.

"All of these loans went to be in default. Now the group's total
assets is MYR742,273 million while its total liability is already
above than that at MYR751,361 million," she told a press conference
at the party's office in Sunway City, Tambun," she said, Malay Mail
relays.

"The state government decided to keep this matter a secret and hide
it from the public," she added.

According to Malay Mail, Ms. Hamidah also pointed out that back in
2012, when she was the state executive committee chairman, PCB had
a cash balance of almost MYR200 million and assets valued at MYR1.2
billion, including 243 hectares of land in Meru Raya and another
243 hectares in other areas within the state.

"However, now the group only has a cash balance of MYR27,806 and
lost almost half of its asset value," Malay Mail quotes Ms. Hamidah
as saying.

Malay Mail relates that Ms. Hamidah said PCB only has until October
23 to settle its debt or risk going into receivership, with the
High Court in Malaysia granting 90 days from July 23 to arrange a
comprise scheme with the creditors, which she claimed is
impossible.

"If PCB goes into receivership then MAPS, Hotel Casaurina Meru,
Lumut Port and lands owned by the groups will be auctioned.

"The state government must act immediately to save the assets,
especially the Lumut Port. We don't want our port to be owned by
foreigners as it will bring security issues," she said.

"We have also heard that there are already some discussions between
state government and foreign investors on selling the Lumut Port,"
she added.

Ms. Hamidah also said that the loans were borrowed during the
administration of Barisan Nasional (BN), Malay Mail relays.

She questioned why Mentri Besar Datuk Seri Ahmad Faizal Azumu, who
previously led the Pakatan Harapan (PH) government when it took
over from BN, decided to kept mum on this matter, according to
Malay Mail.

She also slammed PH coalition parties for not voicing out or
highlighting the issue when they were in power.

"I urge the prime minster to intervene as we need support from the
federal as the matter is already out of our hands. If we don't act
quickly the state and its people will lose its valuable assets,"
she said.

Meanwhile, Ahmad Faizal said that PCB is currently under PN17 and
the state government had carried out several transformations to
revive it, Malay Mail reports.

"We have several well-known cooperate leaders managing PCB at the
moment and we already have plans to solve the problems in PCB.

"We don't have any intention to sell our assets in the PCB. And I
assure that we are not selling the Lumut Port. We will find ways to
bring PCB out from PN17," the report quotes Mr. Faizal as saying.

"The information shared by Hamidah during her press conference
earlier on PCB is not accurate. I don't know where she obtained the
details about the state government planning to sell Lumut Port," he
added.

                         About Perak Corp

Perak Corporation Berhad is an investment holding company. The
Company, through its subsidiaries, develops integrated privatized
project, operates multipurpose port facilities, sells and leases
port related land. Perak Corp. also develops tourism project,
operates in property investment and development, manages hotel,
distributes water supply, and provides transport and travel
services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
14, 2020, theedgemarkets.com said Perak Corp Bhd -- whose Movie
Animation Park Studios (MAPS) theme park in Ipoh was closed last
month until further notice -- has lapsed into Practice Note 17
(PN17) status.  The state-owned firm told the stock exchange on
Feb. 11 that it is now regarded a PN17 company, arising from the
default in payment and its inability to declare solvency.  This
comes after the group defaulted on another repayment of principal,
this time in respect of the Musharakah Mutanaqisah Term Financing-i
and Tawarruq Revolving Credit-i of up to MYR100 million granted by
Affin Islamic Bank Bhd.



=====================
P H I L I P P I N E S
=====================

ROXAS & CO: Gets Repayment Extension for PHP2.6 Billion Loans
-------------------------------------------------------------
BusinessWorld reports that Roxas & Co., Inc. has been allowed by
local banks to extend its payment period for some PHP2.6 billion
debts.

In a disclosure to the exchange on Sept. 15, the company said its
creditor banks had approved giving it up to three years as
additional grace period to repay its outstanding loans, relates
BusinessWorld.

The banks are Bank of the Philippine Islands, which it owes PHP1.6
billion; Robinsons Bank, which it owes PHP759.4 million; and Asia
United Bank, which it owes PHP188.5 million.

"The restructuring plan reflects the creditors' confidence in
[Roxas & Co.] and the viability of its operations," the company
said, BusinessWorld relays.

"It provides [the company] sufficient period to generate additional
cash flows to significantly reduce debt through operational
excellence, the sale of non-core assets, divestment from minority
investments, and equity raise from the reissuance of its treasury
shares," it added.

During the first semester, the company booked an attributable net
loss of PHP341.92 million, larger than the previous year's
PHP251.64 million, as its revenues were halved to PHP206.2 million
due to disruptions brought by the coronavirus pandemic,
BusinessWorld discloses.

In its quarterly report for the second period of 2020, the company
said it had PHP3.56 billion outstanding loans as of end-June. "Due
to the effects of the pandemic, the group is availing the
provisions of the Bayanihan Act of 2020 to extend payment of unpaid
interest," it said.

Roxas & Co. operates hotels in Tagaytay and Metro Manila, and a
coconut processing plant in South Cotabato.



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

HIAP SENG: To be Placed Under Judicial Management
-------------------------------------------------
Lynette Tan at The Business Times reports that mainboard-listed
Hiap Seng Engineering and its subsidiary, HS Compression & Process
(HSCP), will be placed under judicial management.

Both of their applications, filed in July, were granted by the High
Court on Sept. 15, BT says.

According to BT, Hiap Seng last month posted a net profit of
SGD1.25 million for its first quarter ended June 30, reversing from
a SGD2.11 million net loss a year ago.

For its full year ended March 31, Hiap Seng also narrowed losses to
SGD19.92 million, from SGD39.49 million previously.

Trading in Hiap Seng's shares has been suspended since last
November, BT notes.

Hiap Seng Engineering Ltd provides building construction,
engineering, procurement, construction, and plant maintenance
services for the oil and gas, and energy sectors in Singapore,
Malaysia, Thailand, Vietnam, the United Arab Emirates, and
internationally.

HYFLUX LTD: Pison Receives 158 Tenders from Creditors
-----------------------------------------------------
The Business Times reports that potential Hyflux investor Pison
Investments on Sept. 15 said it has received 158 tender application
forms from noteholders and other eligible creditors to date, but
efforts to engage with the unsecured working group (UWG) of seven
banks have fallen through.

The banks are Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard
Chartered Bank, CTBC Bank and the Korea Development Bank, BT
discloses. In August, the group filed its application for a
judicial management order, after the Court gave the go-ahead for it
to be carved out of Hyflux's debt moratorium, recalls BT. This was
because the UWG felt it could no longer trust Hyflux's management
to lead any restructuring effort.

Given the lack of progress in moving matters forward through the
UWG's advisors, Pison took the initiative to reach out to the
members of the UWG directly through the invitation advisor,
Corporate FinEdge, with its proposal to buy out their debt,
according to BT. Pison said it will give another update on the
outcome of the progress with the UWG members, the report relays.

BT says Pison is the investment vehicle of Indonesian magnate
Johnny Widjaja. It had in early July made a formal cash offer for
the debts of Hyflux's bank lenders, noteholders and other senior
unsecured creditors via a "reverse Dutch auction". (In a reverse
Dutch auction, potential sellers make the bid rather than the
buyer. The bids start low and go higher until the money set aside
for the purchases--SGD200 million in this case--is exhausted.
Pison's offer is subject to a minimum offered discount of 91 per
cent.)

In its letter on Sept. 15 addressed to Hyflux's executive chairman
and group chief executive Olivia Lum, Pison said that it had on
Aug. 31 arranged for a townhall meeting with the noteholders via
Zoom, for Corporate FinEdge to walk them through the key terms of
the invitation memorandum and to address the questions they had, BT
relays. More than 40 noteholders attended the virtual meeting, and
the questions were answered by Mr. Widjaja. Pison assessed that the
noteholders appeared "genuinely interested" in the offer.

It added that it was "very encouraged" that a "significant portion"
of eligible creditors had taken part in the tender, including
established financial institutions and corporations such as major
banks and multinational corporations, according to BT.

Notwithstanding that the extended expiration deadline of Sept. 4,
2020 has passed, it continues to receive submissions of tender
application forms and will admit these late submissions for
consideration.

It has also received indications from a few significant eligible
creditors that they are still in the process of obtaining board and
management approval to submit their applications as their internal
processes take time. Pison may therefore consider further extending
the expiration deadline, it said, BT relays.

That said, Pison has yet to receive any tender applications from
the members of the UWG, BT notes. It has reached out to each member
of the UWG through letters from its solicitors CNPLaw in July. CNP
subsequently corresponded with the UWG's solicitors Hogan Lovells
Lee & Lee through letters in August through September, with
Hyflux's solicitors from Clifford Chance and Cavenagh Law copied.

BT relates that Pison said it has been actively trying to engage
with the UWG and has offered to meet and talk with its members.
However, the UWG through their advisers has been unwilling to meet
or engage with it.

"There are tender application forms Pison has received from
eligible creditors with a quantum of eligible debt larger than some
members of the UWG. These eligible creditors must have considered
the terms of the invitation memorandum and found the terms
acceptable and Pison, credible," it said.

"More than 150 other eligible creditors who have submitted tender
applications must have also considered the terms of the invitation
memorandum acceptable. We are therefore puzzled by the stance taken
by the UWG's creditors and their refusal to even engage with
Pison."

BT says Pison has to determine which of the submitted tenders to
accept by 5:00 p.m. on Sept. 25. It said that it is reviewing the
submissions and will give an update on the outcome in due course.

It added that once it has completed the purchase of a "significant
portion" of the eligible debt, it will turn its attention to the
holders of the perpetual capital securities and preference shares
(P&P holders).

"We remain committed to facilitate, on an expedited basis, a debt
restructuring exercise that is fair and equitable to the P&P
holders, Hyflux's shareholders and other stakeholders. We are
intent on and keen to progress the invitation memorandum to
completion, actively engage with the UWG members and deal with the
P&P holders through the Securities Investors Association
(Singapore) and its advisors over the course of the next few
weeks," it said, BT relays.

"Pison is aware of the tight timelines and the pressure on the
Hyflux group to undertake and complete its debt restructuring
exercise, and Pison has made concerted efforts and taken active
steps to facilitate the progress and success of the invitation
memorandum.

"Our position has not changed. We continue to be interested in
investing in the Hyflux group. We, together with our advisors, have
been working tirelessly on this matter and Pison has incurred much
time and costs to date. We believe Pison's invitation memorandum
presents a viable plan for the restructuring of the Hyflux group.
Our hope is that if Pison is successful in completing the
invitation memorandum and dealing with the UWG, the P&P holders and
Hyflux's shareholders, Hyflux, an iconic company in our view,
together with the help of Pison, can be rescued and once again
flourish."

Pison is to make payment for the accepted bids on the settlement
date of Oct. 23, 2020. The long-stop date on the deal is Dec. 31,
2020, BT discloses.

Hyflux said it will make the appropriate announcements when there
are further material developments on the matter, adds BT.

                           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.




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

VIETNAM ELECTRICITY: Fitch Affirms LT IDR at BB, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term
Foreign-Currency Issuer Default Rating at 'BB'. The Outlook is
Stable. The agency has also affirmed EVN's senior unsecured rating
of 'BB'.

EVN's ratings reflect its Standalone Credit Profile (SCP), which is
at the same level as that of the Vietnam sovereign rating
(BB/Stable). Under Fitch's Government-Related Entities (GRE) Rating
Criteria, EVN's ratings will be equalised to that of the sovereign
in case of any weakening in its SCP, provided the likelihood of
support remains intact. EVN's SCP reflects its position as the
owner and operator of Vietnam's electricity transmission and
distribution network, and its 54% share of Vietnam's power
generation capacity.

Fitch expects EVN's financial profile to be much stronger than the
one that is commensurate for its SCP assessment. However, an upward
revision of EVN's SCP is contingent on consistent application of
electricity regulatory reforms, including a longer record of tariff
adjustments that reflect cost changes, while the funds from
operations (FFO) net leverage remains below 5.0x. In the absence of
required increase in power tariffs, EVN's financial profile can
deteriorate more rapidly than its peers given its reliance on
volatile hydro power and high exposure to foreign-currency
denominated debt.

Fitch believes Vietnam will stand out among Asia's frontier and
emerging markets this year on economic resilience and success in
containing the coronavirus outbreak. Nonetheless, the lockdown has
slowed electricity demand, especially from industrial and
commercial customers. Its rating case assumes electricity volume
growth of 2% in 2020, against an average of 10% a year over the
last four years. The government has also directed EVN to supply
free power or offer discounts to certain categories of customers to
manage the pandemic's economic impact. Even so, EVN's SCP has
reasonable headroom to absorb the effect of the lower electricity
demand and reduced electricity tariffs, in its view.

KEY RATING DRIVERS

Strong State Linkages: Fitch sees EVN's status, ownership and
control by the Vietnam sovereign as 'Very Strong'. The state fully
owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%. The support
record and its expectations of state support for EVN are 'Strong'
as the company has received guarantees, step-down loans, loans from
state-owned banks at preferential rates, subsidies for
strategically important projects and tax incentives. Fitch expects
support to be available, if needed, even though the government
intends to lower direct support for state-owned enterprises and
shrink sovereign debt levels.

Strong State Incentive to Support: Fitch believes the
socio-political implications of an EVN default are 'Strong', as it
would lead to service disruption in light of the company's
entrenched position across the electricity-sector value chain and
make it difficult to fund new power investments. Fitch sees the
financial implications of a default by EVN as 'Very Strong', as
this would significantly affect the availability and cost of
domestic and foreign financing options for the state and GREs
because EVN is one of Vietnam's key borrowers.

Entrenched Market Position: EVN is a monopoly in Vietnam's
electricity transmission and distribution sector. The company owns
and operates about 54% of the country's total installed generation
capacity, including large strategic hydropower assets, which the
government uses to generate electricity, control floods and for
irrigation. EVN also operates the national power-dispatch system,
selling electricity to more than 28 million customers across the
country. The group has steadily augmented its generation capacity
and cut transmission and distribution losses over the previous few
years.

Strong Demand, Solid Collections: Fitch expects electricity demand
in Vietnam to continue to increase at an average rate of 9% a year
from 2021 onwards, driven by rising industrialisation, urbanisation
and affluence. Vietnam has a solid national electrification ratio
of about 99%, with the ratio reaching almost 100% in urban areas.
Management has said all electricity consumers are billed regularly
and collection rates are between 99% and 100% across EVN's five
power-distribution companies.

Hydrology and Currency Risks: Hydropower accounts for about 37% of
Vietnam's power-generation capacity. Years with productive
hydropower generation lift EVN's profit margin, but times of lower
rainfall force the company to rely excessively on expensive fuel.
About 73% of EVN's borrowings are denominated in foreign currency,
exposing the company to substantial currency risk. Lower gains in
electricity sales volume may also stretch EVN's financial profile
due to the company's capex plans and more take-or-pay contracts
with private players. However, Fitch expects the government to
adjust investments in generation capacity if there is a structural
decline in demand. Fitch believes EVN's financial profile can
deteriorate rapidly in the absence of regular tariff increases.

Restrictive Tariff Increase Allowance: EVN can increase electricity
tariffs every six months, in line with rising production costs,
under the regulatory framework introduced in August 2017. However,
automatic adjustments are limited to 5%; price increases between 5%
and 10% require approval from the Ministry of Industry and Trade,
and larger increases require approval from the prime minister. The
last electricity tariff increase in Vietnam was implemented in
March 2019, taking average tariffs up by 8.36% to VND1,864/kWh. The
hike was the first since a 6.1% jump in December 2017. Fitch
expects delays in implementing tariff increases to continue due to
the effect on inflation and economic growth.

Capex to Increase: Fitch expects EVN's capex to increase to around
VND70 trillion a year from 2021, from a low of VND49 trillion in
2019 (2020E: VND59 trillion). The group will invest to manage the
continuing increases in power demand, tackle a shortage of power
plants in the country's southern region and the low transmission
capacity from north to south, and improve supply services. Delays
in disbursements and land acquisitions resulted in
lower-than-anticipated capex in 2019, according to management.

Fitch expects Vietnam's installed capacity to increase to about 70
gigawatts (GW) by end-2022 (2019: 55GW), led mainly by private
players and other government-owned entities. The share of
coal-fired capacity has increased steadily over the previous few
years, and Fitch expects this to account for the majority of
Vietnam's capacity addition in the near term. The increase in coal
capacity, coupled with development of domestic gas fields and
liquefied natural gas import terminals, will address hydrological
risks to an extent in the medium term. The country turned into a
net importer of coal in 2015 and Fitch believes its reliance on
imported coal will increase, as most of Vietnam's hydro potential
has been utilised and domestic gas reserves are declining.

SCP of 'bb': Fitch assesses EVN's SCP at 'bb'. Fitch expects the
company to generate more than VND70 trillion in operational cash
flow a year over 2021-2023. However, it is likely to generate low,
if not negative, free cash flow due to its high capex plans. The
company will raise external funding amounting to about 70% of its
capex targets, which Fitch believes it can secure due to its close
links to the sovereign. Fitch estimates EVN's FFO net leverage will
stay around 3.3x from 2021 (2020E: 4.0x).

DERIVATION SUMMARY

PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable) and Korea
Electric Power Corporation (KEPCO, AA-/Stable) are similar to EVN,
as they are monopoly plays in their respective countries'
electricity transmission and distribution sectors, and own and
operate the majority of the installed power-generation capacity.
PLN's and KEPCO's IDRs are also equalised with that of their
respective sovereigns - Indonesia (BBB/Stable) and South Korea
(AA-/Stable) - under Fitch's GRE Rating Criteria.

PLN's linkages with the state as well as the state's incentive to
support are assessed as 'Very Strong'. KEPCO's state's incentive to
support is assessed as 'Very Strong' while its status, ownership
and control, and support record and expectations, are assessed as
'Strong'. EVN's status, ownership and control, and the financial
implications of a default, are assessed as 'Very Strong' while its
support record and expectations, along with the socio-political
impact of a default, are assessed as 'Strong'.

KEY ASSUMPTIONS

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

  - Installed generation capacity in Vietnam to increase to 70GW by
end-2022, from 55GW in 2019, led mainly by private players

  - Aggregate system plant load factors of around 48%

  - System losses of around 6.5%

  - Electricity sales volume to increase by 2% in 2020, 8.7% in
2020 and 9.0% thereafter

  - Average electricity tariffs to decline by 1% to VND1,827/kWh in
2020 and remain almost flat thereafter

  - Increase of 3.5% in per unit fuel cost and 5% in per unit
electricity purchase cost

  - Capex of VND59 trillion in 2020 and VND70 trillion each year
thereafter

  - Dividend pay-outs to increase by 20% a year

RATING SENSITIVITIES

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

  - Positive rating action on the sovereign, provided the
likelihood of state support does not deteriorate significantly

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

  - Negative rating action on the sovereign

  - Deterioration in EVN's SCP, along with significant weakening in
linkages with the state. Fitch sees this as a remote prospect in
the medium term.

For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its rating action commentary of April 8,
2020:

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

  - Sustained record of macroeconomic stability, demonstrated in
part by greater policy flexibility, including that related to the
external sector to ensure adequate currency flexibility and
maintenance of foreign exchange buffers.

  - Improvement in public finances, reflected in smaller budget
deficits or a decline in the general government debt ratio or
contingent liabilities.

  - A material reduction in risks posed to the sovereign balance
sheet from weaknesses in the banking sector.

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

  - A shift in the macroeconomic policy mix that results in
macroeconomic instability or an increase in macroeconomic
imbalances.

  - Crystallisation of contingent liabilities on the sovereign's
balance sheet.

  - Depletion of foreign-exchange reserves; for instance, through a
decline in foreign investment on a scale sufficient to destabilise
the economy.

LIQUIDITY AND DEBT STRUCTURE

Reasonable Liquidity: EVN had VND115 trillion of cash and cash
equivalents at end-December 2019, against current debt maturities
of about VND41 trillion. Fitch estimates EVN will generate more
than VND70 trillion of operational cash flow a year from 2021
(2020E: VND53 trillion). Fitch expects EVN's internal cash
generation to be sufficient to manage its debt maturities, which
currently do not exceed VND51 trillion a year, for the next three
to four years. EVN would require external funds to finance about
70% of its annual capex targets. Fitch believes the company can
secure adequate funding because of its position as an entity
closely linked to the sovereign.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of EVN are directly linked to the credit quality of its
parent, the sovereign. A change in Fitch's assessment of the credit
quality of the parent would automatically result in a change in the
rating on EVN.


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

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

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

This material is copyrighted and any commercial use, resale or
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