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

                     A S I A   P A C I F I C

          Thursday, September 24, 2020, Vol. 23, No. 192

                           Headlines



A U S T R A L I A

ADANI ABBOT: Fitch Affirms Senior Secured Debt Rating at BB+
AFG 2020-1NC: S&P Assigns Prelim BB+ (sf) Rating to Cl. E Notes
JABIRU SPORTS: First Creditors' Meeting Set for Oct. 1
LION SERIES 2020-1: S&P Assigns BB (sf) Rating to Class E Notes


C H I N A

CHINA FORTUNE: Fitch Rates Proposed USD Bonds 'BB-'
POWERLONG REAL ESTATE: S&P Rates US$200MM Sr. Unsecured Notes 'B'
SUNSHINE 100: S&P Affirms 'CCC-' Long-Term ICR, Off Watch Negative


I N D I A

BRAVAT GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
DAMODAR TRADELINKS: ICRA Lowers Rating on INR14cr LT Loan to B+
DARSHANA INDUSTRIES: ICRA Moves B+ Rating to Not Cooperating
DEMPO SHIPBUILDING: ICRA Hikes Rating on INR18cr Loans to C
DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category

ELECTRO POLYCHEM: ICRA Lowers Rating on INR18cr LT Loan to B+
FORTIS HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
GUJARAT NRE: Employees Campaign for a Revival to Protect Jobs
GURUKRUPA COTTON: ICRA Moves B+ Debt Rating to Not Cooperating

HOUSING DEVELOPMENT: Court Orders Liquidation of Unit
KAMLESH METACAST: ICRA Keeps B Debt Rating in Not Cooperating
M-BO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHAMAYA STEEL: ICRA Lowers Rating on INR30cr Cash Loan to B+
MANDALIA OVERSEAS: ICRA Keeps D Ratings in Not Cooperating

MANISHA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
MUNIVEER SPINNING: ICRA Lowers Rating on INR6.29cr Loan to B+
N.S. ASSOCIATES: ICRA Lowers Rating on INR6.0cr LT Loan to B+
PADMAJA FARMS: ICRA Moves B+ Debt Ratings to Not Cooperating
PLASTO INDIA: ICRA Reaffirms B+ Rating on INR4.0cr LT Loan

SAMAY ELECTRONICS: NCLT Told to Send Insolvency Plea to 3rd Member
SATKAR LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
SATYA SUBAL: ICRA Keeps B Debt Ratings in Not Cooperating
SIDDESHWAR MULTIPURPOSE: ICRA Keeps B Ratings in Not Cooperating
SOMNATH IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating

SVARN TELECOM: ICRA Lowers Rating on INR5.0cr LT Loan to B+
SVARN TEX: ICRA Keeps B+ Keeps D Debt Ratings in Not Cooperating
UNITED TELECOMS: ICRA Withdraws D Rating on INR306cr Loan
VADALIA FOODS: Ind-Ra Affirms B- LT Issuer Rating, Outlook Stable
VENKY HI: ICRA Keeps D Debt Ratings in Not Cooperating Category



J A P A N

TOKYO DOME: Egan-Jones Lowers Senior Unsecured Ratings to B


N E W   Z E A L A N D

CLSA PREMIUM: FMA Prevents CLSA from Offering Derivatives
FORESTLANDS GROUP: FMA Files Criminal Charges Against Founder
STA TRAVEL: Used NZ Customers' Money to Cover Wages, Rent


S I N G A P O R E

EAGLE HOSPITALITY: To Scrap Master Leases After Multiple Defaults
SWEE HONG: Terminates General Manager Ahead of Delisting

                           - - - - -


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A U S T R A L I A
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ADANI ABBOT: Fitch Affirms Senior Secured Debt Rating at BB+
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' ratings on Australia-based
Adani Abbot Point Terminal Pty Ltd's (AAPT) senior secured debt.
The ratings have been removed from Rating Watch Negative and the
Outlook is Stable. This reflects the resolution of the refinancing
requirements in 2020 and Fitch's assessment that the company is
managing the September 2021 debt maturity.

AAPT refinanced the May 2020 maturity by way of subordinated
shareholder loans from its shareholder, and has secured similar
funding to repay the debt maturing in November 2020. The financing
options are limited by lenders' increasing concerns relating to ESG
considerations over coal assets, compounding the structural
refinancing risk of AAPT's bullet debt maturities. As a result,
Fitch has revised AAPT's ESG Relevance Score for Governance:
Management Strategy from a '4' to a '5', as detailed in the Key
Rating Drivers section.

The coronavirus pandemic and government containment measures
worldwide have created an uncertain global environment for the
seaport sector. AAPT's most recently available issuer data may not
have indicated an impairment in performance, but material changes
in revenue and cost profile are occurring across the sector and
will continue to evolve as economic activity and government
restrictions respond to the ongoing situation. Fitch's ratings are
forward-looking in nature, and Fitch will monitor developments in
the sector as a result of the pandemic's severity and duration, and
incorporate revised base- and rating-case qualitative and
quantitative inputs based on its expectations for future
performance and assessment of key risks.

RATING RATIONALE

The ratings take into account the stable cash flow from the medium-
to long-term take-or-pay contracts with port users. AAPT is
well-located to serve coal mines in Queensland's northern and
central Bowen Basin as well as the large mines under development in
central Queensland's Galilee Basin. The user contracts allow full
pass-through of the terminal's fixed and variable operating
expenses. The terminal is unregulated and resets tariffs every five
years. Users can seek arbitration at the time of reset if they
disagree with AAPT's determination of the terminal infrastructure
charge (TIC).

There was a recent court judgement relating to the litigation
between AAPT and four users concerning handling charges that
awarded an aggregate AUD106.8 million (plus interest and costs) in
damages to the users. Fitch understands that AAPT made an initial
aggregate payment of A$39.0 million to the four users on September
18, 2020. The balance to be paid will be funded by drawdown under a
new subordinated shareholder loan provided by AAPT's shareholder.
Fitch also understands that AAPT has a right to appeal the
judgement in the Court of Appeal of the Supreme Court of
Queensland, and a decision on whether to file an appeal will be
taken by AAPT shortly.

The port's reliance on coal limits the rating even though a
majority of the coal that passes through the port is metallurgical,
which Fitch regards as having less risky long-term demand than
thermal coal. Australian exporters are vulnerable to long-term
changes in global coal-market dynamics, but Fitch's analysis
demonstrates AAPT's strong resilience to low coal prices.

AAPT's high leverage constrains the ratings. Net debt/EBITDA is
likely to peak at 7.9x in the financial year ending March 2021
(FY21) in Fitch's rating case, but should drop to 6.8x in FY24 once
a contract with Adani Mining starts.

KEY RATING DRIVERS

Mainly Low-Cost Users: Volume Risk - Midrange

Fitch regards AAPT a secondary port as it solely handles coal. The
port's users provide some diversity of product and sources but AAPT
is highly concentrated, with approximately 60% in metallurgical and
40% in thermal coal. The production cash costs of the metallurgical
mines are mainly in the lower half of the curve and are well below
Fitch's long-term price forecast of USD140/tonne. The thermal coal
mines are grouped at the high end of the cost curve, but they also
benefit from producing profitable metallurgical coal. Contracted
capacity is less than the nominal capacity of 50 million tonnes per
annum (mtpa). Adani Mining has signed a contract for 9.3 mtpa
beginning July 1, 2022 to service its Carmichael Mine that is under
development in the Galilee Basin, with a short-term capacity
contract for 4.5 mtpa starting August 2021 (of which 2.5 mtpa is on
take-or-pay basis).

AAPT has strong rail transportation links with its customers,
particularly those in the northern Bowen Basin that are relatively
close to the port; these represent 26 mtpa of contracts. For the
mines further south, AAPT faces greater exposure to competition
from the lower-cost Dalrymple Bay Coal Terminal (DBCT) about 200 km
to the southeast. DBCT is fully contracted, limiting the
competitive impact in the near term. Mines under development in the
Galilee Basin in central Queensland are planning rail lines to link
to Abbot Point. Fitch expects any new port facilities to be
substantially more expensive than AAPT because of higher
construction costs.

Medium-Term Ship-or-Pay Contracts: Price Risk - Midrange

AAPT benefits from a weighted-average contract life of more than
six years of ship-or-pay contracts, which total 39.8 mtpa of
capacity. AAPT is not regulated, although users pay a TIC that
allows AAPT to earn a market return on its depreciated asset value.
Fixed and variable operations and maintenance costs are passed
through to the users. Payment is on a ship-or-pay basis, and no
force majeure waiver exists.

AAPT resets the TIC every five years based on an updated return
calculation and forecast of capex to be incurred during the next
five years. The users can refer the calculation to arbitration to
contest the price. If any user does not renew or defaults, the TIC
for the remaining users is increased at the next price reset to
maintain AAPT's return. Fitch believes that in practice, the TIC is
a negotiated outcome between AAPT and its users, as occurred in
2012, resulting in the charge generally rising with inflation.
Following the 2017 price reset four of the users requested
arbitration to set the fees, which have now been finalised.

Well-Funded Maintenance: Infrastructure Development and Renewal -
Midrange

The port's capacity expansion to 50 mtpa was completed in 2012 and
it is fully operational. AAPT incurred around AUD130 million of
capex over the past six years, including the upgrade and
replacement of a ship loader and a stacker-reclaimer, which were
added to the depreciated asset value used in the TIC calculation,
in accordance with the technical advisor's recommendations in 2012.
Fitch forecasts annual maintenance capex at around AUD10 million
under the rating case, covered by cash flow from operations.

Debt Structure - Midrange

The bullet debt structure creates refinancing risk, which is
compounded by the exposure to the coal market and lenders'
increasing environmental concerns about such assets. Fitch's ESG
Relevance Score for Governance: Management Strategy of '5' reflects
that this ESG issue is a key rating driver that has a significant
impact on the rating on an individual basis.

Creditors benefit from a good security package, including step-in
rights under a tripartite agreement with the government lessor, as
well as a six-month debt-service reserve account and interest and
currency hedging requirements. The cash flow coverage ratio
covenants include distribution lock-up at 1.40x and default at
1.10x, which are weaker because no principal is currently being
amortised. A volume-weighted average mine life of AAPT's users
below 16 years triggers a 75% cash sweep to a senior debt
redemption account and a debt amortisation programme would be
incorporated in the next refinance structure. The cash sweep
increases up to 100% if AAPT deems it necessary.

Financial Profile

The Fitch rating case results in a 25-year project life cover ratio
(PLCR) of 1.7x, indicating a good ability to amortise debt over
that period, if required. The minimum interest coverage ratio is
1.7x in FY29, above the lock-up covenant of 1.4x. The maximum
debt/EBITDA of 7.9x in 2021 is quite high, but decreases to 6.8x in
2024, when the contract with Adani Mining starts and for which it
has provided an AUD138 million security deposit to AAPT. Fitch's
breakeven analysis demonstrates that AAPT can sustain a contracted
level as low as 23.0 mtpa, or 46% of capacity, while still covering
its interest costs.

ESG - Governance

AAPT has an ESG Relevance Score of '5' for Management Strategy.
This is because the company's bullet-amortisation debt structure
compounds the risk of limited refinancing options due to lenders'
increasing concerns over coal-related assets.

PEER GROUP

AAPT's closest peer is Queensland-based DBCT Finance Pty Limited
(BBB-/Stable), the financing vehicle for the operator of DBCT,
which like AAPT, is a single-purpose coal export terminal but with
a higher capacity of 85 mtpa. DBCT users also have ship-or-pay
contracts but with a weighted-average term of 8.6 years, compared
with more than six years at AAPT. Both terminals have a similar mix
of users without parent company guarantees, with some user
concentration. Both issuers have high leverage, with AAPT's net
debt/EBITDA reaching a maximum of 7.9x in FY21 in Fitch's rating
case, with a five-year average of 7.2x, while DBCT's average net
debt/regulatory asset base is 80% over the next five years.

Newcastle Coal Infrastructure Group Pty Ltd (NCIG, BBB-/Stable), a
New South Wales-based coal export terminal, is also a close peer.
NCIG has a stronger contractual structure with rolling 10-year
terms, although both terminals have ship-or-pay contracts, and
termination by an NCIG user essentially requires a payout of the
user's pro rata share of the capital cost of the terminal. Both
issuers use bullet-maturity debt instruments, but NCIG incorporates
partial amortisation and plans to fully repay its senior debt by
2038. AAPT's throughput consists mainly of metallurgical coal,
which Fitch sees as less risky in terms of long-term demand than
thermal coal, which makes up the majority of NCIG's throughput.

Port of Melbourne (issuing entity Lonsdale Finance Pty Ltd,
BBB/Stable), the primary port of call serving the Victorian and
broader south-east Australian market, has stronger key rating
driver assessments, including volume, price and infrastructure
development and renewal. The port has much more diverse throughput
with minimal commodity exposure, unlike AAPT, which is exposed to
more volatile commodities as it is used solely for coal exports.
Port of Melbourne has higher leverage than AAPT with net
debt/EBITDA at 9.3x in FY20, and a five-year average of 8.3x. AAPT
lenders benefit from a stronger covenant package, including a
debt-service reserve account.

RATING SENSITIVITIES

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

  - An upgrade in the near term is unlikely due to the risk
associated with refinancing upcoming debt maturities in 2021 and
2022

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

  - Failure to complete debt refinancing well in advance of
scheduled maturities

  - A decline in AAPT's contracted capacity due to customer default
or non-renewal of contract

  - A projected five-year average net debt/EBITDA above 10.0x in
Fitch's rating case

TRANSACTION SUMMARY

AAPT owns and operates a 50 mtpa coal export terminal under a
long-term lease from the Queensland state government that extends
to 2110. The terminal is located 25km north of Bowen in northern
Queensland, Australia.

CREDIT UPDATE

Actual coal throughput at AAPT was 32.0 million tonnes in FY20, up
from 28.8 million tonnes in the prior year. Revenue of AUD265
million was slightly below AUD268 million in FY19, although the
port continued to record additional revenue from short-term
contracts. EBITDA in FY20 was broadly in line with the previous
year at around AUD180 million.

In June 2020, one of the existing users added additional tonnage
under their user agreement, with the addition being 1.0 million
tonnes for 2020-2021 and 1.5 mtpa from 2021-2022 until the end of
the user agreement term.

AAPT's next maturity is the AUD170 million bank facility due in
November, which has been pre-funded via drawdown under the
subordinated shareholder loan. Fitch understands that similar
shareholder support would be available to address the US private
placement maturity in 2021, if necessary.

FINANCIAL ANALYSIS

Fitch Cases

Fitch's base case assumes average contracted capacity of 43.7 mtpa
in FY21-FY25, increasing in the later years as the Adani Mining
contract begins. Fitch assumes the refinancing margin increases
gradually to 300bp beyond FY20. The base case results in a maximum
debt/EBITDA of 7.2x in FY21 and minimum interest coverage ratio of
2.0x in FY29. The project life coverage ratio calculated over 25
years is 1.9x.

The Fitch rating case assumes average contracted capacity of 38.3
mtpa over the first five years, which is supported by commencement
of the Adani Mining contract. The post-2020 refinancing margin is
assumed to rise gradually to 400bp. The case also assumes that the
base borrowing rate rises gradually to 5%, from 2%. The rating case
results in a maximum debt/EBITDA of 7.9x in FY21 and a minimum
interest coverage ratio of 1.7x in FY29. The 25-year project life
coverage ratio is 1.7x.

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

AAPT has an ESG Relevance Score of '5' for Management Strategy.

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 the way in which they
are being managed by the entity(ies).

AFG 2020-1NC: S&P Assigns Prelim BB+ (sf) Rating to Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of nonconforming and prime residential
mortgage-backed securities (RMBS) to be issued by Perpetual
Corporate Trust Ltd. as trustee for AFG 2020-1NC Trust in respect
of Series 2020-1NC. This is the first rated RMBS transaction with
nonconforming loans originated by AFG Securities Pty Ltd. (AFGS).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 9.7% of the portfolio.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the aggregate outstanding amount of the notes,
subject to a floor of A$525,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and an appropriately rated counterparty
as bank account provider. The transaction documents for the
liquidity facility and bank account include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears." As of August 20, 2020, borrowers
with COVID-19 related hardship arrangements make up 8.22% of the
closing pool balance.

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

  PRELIMINARY RATINGS ASSIGNED

  AFG 2020-1NC Trust in respect of Series 2020-1NC

  Class      Rating       Amount (mil. A$)
  A1-S       AAA (sf)      95.900
  A1-L       AAA (sf)     157.850
  A2         AAA (sf)      64.925
  B          AA (sf)       14.175
  C          A (sf)         6.825
  D          BBB (sf)       4.200
  E          BB+ (sf)       2.625
  F          NR             3.500

  NR--Not rated.


JABIRU SPORTS: First Creditors' Meeting Set for Oct. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Jabiru
Sports & Social Club Inc will be held on Oct. 1, 2020, at 11:00
a.m. at the offices of Rodgers Reidy, Unit 13, 16 Charlton Court,
in Woolner, NT.

S G Reid of Rodgers Reidy was appointed as administrator of Jabiru
Sports on Sept. 21, 2020.

LION SERIES 2020-1: S&P Assigns BB (sf) Rating to Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to six classes of prime
floating-rate residential mortgage-backed securities (RMBS) issued
by Perpetual Corporate Trust Ltd. as trustee of Lion Series 2020-1
Trust. Lion Series 2020-1 Trust is a securitization of prime
residential mortgages originated by HSBC Bank Australia Ltd.

The ratings reflect:

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

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

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws and an
amortizing liquidity facility equal to 1.0% of the outstanding
performing balance of the receivables, are sufficient under its
stress assumptions to ensure timely payment of interest on the
rated notes.

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

-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by HSBC Bank Australia to hedge the mismatch between
receipts from fixed-rate mortgage loans and the variable-rate
RMBS.

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

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

  RATINGS ASSIGNED

  Lion Series 2020-1 Trust

  Class      Rating         Amount (mil. A$)
  A1         AAA (sf)       920.00
  A2         AAA (sf)        30.00
  B          AA (sf)         27.00
  C          A (sf)          10.00
  D          BBB (sf)         4.50
  E          BB (sf)          4.00
  F          NR               4.50

  NR--Not rated.




=========
C H I N A
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CHINA FORTUNE: Fitch Rates Proposed USD Bonds 'BB-'
---------------------------------------------------
Fitch Ratings has assigned China Fortune Land Development Co.,
Ltd.'s (CFLD, BB-/Stable) proposed US dollar bonds a rating of
'BB-'. The proposed notes are issued by CFLD's wholly owned
subsidiary, CFLD (Cayman) Investment Ltd., and are unconditionally
and irrevocably guaranteed by CFLD. The proposed notes are rated at
the same level as CFLD's senior unsecured rating because they
constitute its direct and senior unsecured obligations.

CFLD's ratings are supported by its leading position in
industrial-park development in key economic regions. Improving
geographical diversification, cooperation with Ping An Life
Insurance Company of China, Ltd. (Ping An Life) and a new
management team formed in 2018-2019 have strengthened CFLD's
business profile, mitigating its weakened financial profile. CFLD's
comparative advantages of a large property sales scale, strong
brand name and industrial-park development are in line with a 'BB'
category business profile.

Fitch has applied a one-notch uplift to CFLD's Standalone Credit
Profile (SCP) due to the moderate linkage with Ping An Life, in
accordance with Fitch's Parent and Subsidiary Rating Linkage
criteria. Fitch has assigned CFLD's SCP at 'b+' due mainly to its
high leverage compared with peers. CFLD's leverage of around 65% is
in line with a 'B' category financial profile, in Fitch's view.

The Stable Outlook reflects its expectations that CFLD's leverage
will trend down from 2021.

KEY RATING DRIVERS

Moderate Linkage with Ping An: Fitch has assessed the linkage
between CFLD and Ping An Life as moderate. Ping An Life was CFLD's
second-largest shareholder with 25.18% ownership at end-June 2020.
Fitch has applied one-notch uplift to CFLD's SCP due to Ping An
Life's stronger credit profile. Fitch regards Ping An Life's
strategic and operational linkage with CFLD as moderate, but the
legal linkage as weak.

The insurer's cooperation with CFLD is different from its other
property investments due to its engagement in CFLD's investment
decisions. Ping An Life has appointed two of its representatives as
executive directors and introduced a joint-chairman to CFLD's
board. CFLD has also set up its southern headquarters in Shenzhen
with new management to cooperate with Ping An Life in urban-complex
development and asset-light investment-property businesses to
expand beyond its traditional industrial-park development.

Leverage to Peak: Fitch estimates that CFLD's leverage - measured
by net debt/adjusted inventory + accounts receivables - of 64% in
2019 and around 63% at end-June 2020 will start to trend down from
2021. Fitch believes that CFLD's improving cash collection from
both property sales and government reimbursement, capital
contribution from non-controlling interest (NCI) project partners,
a slowdown in industrial park expenditure and Ping An Life's
support in expanding the commercial property management business,
will lead to a lower leverage from 2021 onwards.

Cash Collection Improves: Fitch estimates CFLD's overall cash
collection will continue to improve, as its geographical
diversification gathers steam and cash-collection issues are
addressed. Fitch estimates CFLD had cash inflow of more than CNY30
billion and CNY10 billion from government reimbursements in 2019
and 1H20, after a 20% and 40% yoy increase in government-related
district revenue respectively. This represents a cash collection
rate of over 80% in 2019 and 1H20, compared with only 50% in 2018,
according to Fitch's estimate.

Fitch also estimates that CFLD's cash collection from property
sales rose to around 80% in 1H20 and 60% in 2019, from 45% in 2018,
after diversification outside the pan-Beijing region, which was hit
severely by a zoning and land auction freeze and more stringent
home-purchase restrictions in 2018.

District Investment Slows: Fitch expects CFLD's investment in
primary land and infrastructure in industrial parks to slow from
2021 due to the end of the early development phases of its parks
outside the pan-Beijing region. Fitch expects the net cash flow
from industrial parks to turn positive in 2020 and help CFLD
deleverage from 2021. CFLD invests in primary land and
infrastructure in its industrial parks to support a wider margin
for its property-development projects surrounding the parks.

Urban Complex Development Start-Up: Fitch believes CFLD's expansion
into urban complex projects will strengthen the business profile.
It will help CFLD generate additional contracted sales outside of
industrial parks and potentially asset-light management fees from
the commercial property operations. CFLD started to acquire urban
complex projects as part of its collaboration with Ping An Life in
2019. CFLD had acquired several projects in tier 1-2 cities, such
as Wuhan, Nanjing, Ha'erbin and Guangzhou, by end-August 2020.
Fitch expects CFLD to spend around CNY30 billion in urban complex
projects in 2020.

Broadening Geographical Diversification: CFLD's increasing reach
will be crucial in diversifying its geographical risks and
maintaining a healthy cash collection in the long run, in Fitch's
view. CFLD has expanded its industrial parks beyond the pan-Beijing
region, including areas surrounding Nanjing, Hangzhou and Hefei.
The contracted gross floor area contribution from the pan-Beijing
region decreased to 36% of the total in 1H20, from 46% in 2018 and
66% in 2017.

Pandemic Dragged Sales: CFLD's contracted sales dropped by 59% to
CNY20 billion in 1H20 due to fewer home buyers in the pan-Beijing
region, where pandemic-related travel restrictions were among the
most stringent in the country. CFLD's July-August sales have
climbed back and January-August sales dropped by only 20% yoy,
according to management. Fitch expects CFLD's full-year contracted
sales to decline by about 10% from 2019, as the company is focusing
on cash collection from the government and expanding its urban
complex projects, rather than increasing contracted sales scale in
2020.

DERIVATION SUMMARY

CFLD's business profile is in line with 'BB' category credits. The
company is a leading industrial-park developer in China, with the
majority of its revenue from the pan-Beijing region. CFLD receives
non-property income from government contracts and generates
property-development income from projects within its industrial
parks.

CFLD is less subject to counterparty credit risk, especially as its
business model involves paying land premiums and taxes to local
governments, which are then used to pay the company. This
significantly strengthens its business profile relative to other
homebuilders, as it does not need to lock up capital in land
reserves that are not immediately needed for development.

On the other hand, CFLD invests in primary land and infrastructure
in its industrial parks to support a high value for its
property-development projects within the parks, but it has to wait
two to three years before the government can reimburse the
investment. The large investment in district-related infrastructure
can sometimes cause a drain on CFLD's cash flow.

CFLD's standalone financial profile is at a similar level to that
of Yango Group Co., Ltd. (B+/Stable). CFLD's leverage - measured by
net debt/adjusted inventory + receivables - of 64% at end-2019 and
Fitch's expectation of 60%-65% in 2020-2021 are at a similar level
to Yango's 60% at end-2019, but higher than that of other 'BB' and
'BB-' rated issuers, such as Seazen Group Limited's (BB/Stable) 30%
and Risesun Real Estate Development Limited's (BB-/Stable) 40% at
end-2019.

CFLD's total contracted sales of CNY102 billion and attributable
contracted sales of CNY89 billion in 2019 are smaller than Yango's
attributable sales of CNY135 billion. However, CFLD generates
sizeable government-related revenue from its large industrial-park
operations unlike its peers without sizeable non-property
development revenue. Fitch estimates that the government
reimbursement cash profit was able to cover at least 1x the cash
interest expense in 2019, and hence provide rating support to
CFLD.

CFLD's IDR includes a one-notch uplift from Ping An Life.

KEY ASSUMPTIONS

  - Consolidated contracted sales of around CNY90 billion a year in
2020-2021

  - Government-related revenue to increase to CNY41 billion in 2020
and CNY46 billion in 2021

  - District development expenditure of around CNY20 billion a year
in 2020-2021

  - Property-related development expenditure to account for 130% of
the sales collection in 2020-2021, due to large investments in
urban complex projects in the early stage

  - Gross margin of around 40% in 2020-2021

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory + accounts receivables below 55%
for a sustained period

  - Strengthening linkage with Ping An Life

  - Available cash/short-term debt sustained above 1x

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

  - Difficulty in receiving cash receipts from government

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

  - Weakening linkage with Ping An Life

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates that CFLD will have around
CNY90 billion debt due and puttable in 2020, including around CNY30
billion in bonds. Fitch believes CFLD will be able to secure
sufficient bond issuance quota to refinance most of its bonds with
new issuance, and the bank loans can be rolled over due to CFLD's
strong banking relationships.

CFLD issued a USD1.2 billion offshore bond in early 2020 with a
coupon rate of 7%-8%, to refinance its USD920 million senior notes
due December 2020 and 6.65% USD350 million perpetual notes that
will have a coupon step-up to over 10% if not redeemed in December
2020. CFLD has also issued several onshore bonds to refinance its
existing domestic capital instruments. CFLD will use the cash
generated and lower-cost debt instruments to repay most of its
existing higher-cost loans in 2H20, according to management.

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).

POWERLONG REAL ESTATE: S&P Rates US$200MM Sr. Unsecured Notes 'B'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
Powerlong Real Estate Holdings Ltd.'s US$200 million senior
unsecured notes due 2024 and its proposed tap issuance, which will
form one series with the same terms and conditions. The rating on
the proposed tap is subject to its review of the final issuance
documentation.

The tap should have minimal impact on Powerlong's financial
leverage, given the Chinese property developer intends to use the
proceeds to refinance existing debt.

S&P said, "We rate the notes, including the tap, one notch below
the issuer credit rating on Powerlong (B+/Positive/--) to reflect
structural subordination risk. As of June 30, 2020, Powerlong's
capital structure consisted of Chinese renminbi (RMB) 31.4 billion
in secured debt and RMB27.9 billion in unsecured debt. The
company's secured debt ratio is 53%, above our 50% threshold for
notching down an issue rating, and we expect it to sustain the
ratio at that level.

"The positive outlook reflects our view that Powerlong will
continue to achieve solid revenue growth and maintain its
profitability above the industry average over the next 12 months.
We also expect the company to continue expanding its commercial
properties smoothly, increasing the stability and scale of its
recurring cash inflows from its shopping mall portfolio."


SUNSHINE 100: S&P Affirms 'CCC-' Long-Term ICR, Off Watch Negative
------------------------------------------------------------------
On Sept. 22, 2020, S&P Global Ratings affirmed its 'CCC-' long-term
issuer credit rating on Sunshine 100 China Holdings Ltd. At the
same time, S&P removed the ratings from CreditWatch, where it had
originally placed them with negative implications on April 16,
2020.

S&P said, "The negative outlook reflects our view that Sunshine's
default risk remains elevated, considering its hefty maturities in
2021, including various onshore bonds, trust financing, and
offshore senior notes.

"We affirmed the rating to reflect our view that imminent repayment
risks for Sunshine have eased. Sunshine has secured a US$110
million structured loan backed by the receivable of the sale of its
Qingyuan project and is releasing an about US$170 million offshore
pledged cash deposit by paying back bank loans onshore. Its
offshore unrestricted cash, including cash received for its
Qingyuan project, will also mitigate the remaining repayment gap.
While this repayment still carries some execution risks because of
limited time for slippage, the risk is not a particularly high one,
in our view, and should be fully captured by the current rating.

"However, we expect Sunshine to continue to face ongoing liquidity
pressures in the next six months and beyond as we believe it may
continue to struggle to generate sufficient operating cash flow.
The company has yet to build an established market position in its
strategic transformation to a commercial property operator. Its
main product types under the new strategy, such as serviced
apartment and commercial properties, make it vulnerable to market
demand fluctuations such as the early effects of the COVID-19
outbreak. We expect its contracted sales to be Chinese renminbi
(RMB) 7 billion-RMB8 billion in 2020, which is small against its
total stock of debt and will represent a miss of its annual target.
Since the selloff of several stronger residential projects in 2019,
we believe Sunshine has insufficient residential saleable resources
to support further growth, and there is not a lot of visibility for
its primary land development projects in Wenzhou and Xinglong.

"We believe Sunshine's capital structure is still unsustainable.
The company faces substantial maturities in 2021, with RMB1.46
billion domestic bonds due in January and offshore senior notes of
US$293 million and US$ 170 million due in July and December,
respectively. In our view, even with approved quotas, making new
issuances, both domestic and offshore, would be difficult given
weaker investor demand due to the company's current credit profile
and exceptionally weak liquidity." Apart from bullet maturities,
the company still has about RMB6 billion-RMB7 billion in short-term
debt, which consists mainly of alternative financing such as trust
loans. Although it has established relationships and long-term
cooperation with some financing institutions, which helped it roll
over part of its debt, its refinancing plan is vulnerable to policy
changes in shadow banking.

The negative outlook on Sunshine reflects the high uncertainty of
its timely debt payment within the next six months and beyond, in
particular its onshore financing including trust loans and RMB1.46
billion in domestic bonds due in January, and US$293 million in
offshore senior notes due in July in 2021, amid continued
exceptionally weak liquidity.

S&P could lower the rating if it sees an increased likelihood of
nonrepayment of any debt obligations. This could happen if:

-- Sunshine's accessibility to capital markets or support from
financial institution weakens, such that it cannot roll over its
existing debt or cannot secure sufficient new funding.

-- The company proposes debt restructuring that S&P views as
distressed considering Sunshine's current credit profile.

-- S&P could raise the rating if the company demonstrates a solid
debt repayment plan for its concentrated maturities in 2021 and
significantly improves its liquidity position with more sustainable
cash generated through sales execution.




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

BRAVAT GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said rating for the bank facilities for INR49.50 crore of
Bravat Granito LLP (BGL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/A4; ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based       33.50       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund-based       13.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Non-fund          3.00       [ICRA]A4; ISSUER NOT COOPERATING;
   Based Bank                   Rating continues to remain under
   Guarantee                    'Issuer Not Cooperating' category

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

Established in April, 2017, as a limited liability partnership
firm, BGL commenced commercial production in April, 2018, with its
product profile comprising vitrified tiles of 600X600 mm, 800X800
mm and 1000X1000 mm. BGL's manufacturing unit is located at Morbi,
the ceramic tile manufacturing hub of Gujarat and is equipped to
manufacture 72,000 metric tonne (MT) of tiles per annum.

DAMODAR TRADELINKS: ICRA Lowers Rating on INR14cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Damodar
Tradelinks Private Limited (DTPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term–           14.00      [ICRA]B+ (Stable); downgraded
   Fund-based-                     from [ICRA]BB- (Stable)
   Cash Credit          
                       
   Long Term/           (3.50)     [ICRA]B+ (Stable) downgraded
   Short Term–                     from [ICRA]BB- (Stable) and
   Interchangeable                 [ICRA]A4 reaffirmed

Rationale

While arriving at the ratings, ICRA has considered the consolidated
financial and business profiles of Electro Polychem Limited (EPL)
and Damodar Tradelinks Private Limited (DTPL), collectively
referred to as the Electro Group (or the Group), as these companies
operate in the same line of business under a common management,
have fungible cash flows and derive considerable synergies from
each other.

The rating downgrade factors in the Group's financial profile in
the recent past, as illustrated by a stretched liquidity position
and net losses incurred in FY2020 on account of a significant
decline in revenue. The capital structure of the Group continues to
remain stretched and the debt coverage indicators have weakened
with both Interest coverage ratio and DSCR declining to 1.0 times
in FY2020. The ratings remain constrained by the thin profit
margins owing to low value addition in trading operations and
intense competition from other players in the similar line of
business limiting the pricing flexibility. Besides, the ratings
consider the Group's high geographical and product concentration.
Although 10- 15% of the raw materials is procured through imports,
its profitability is exposed to foreign exchange fluctuations to
the extent of unhedged exposure.

While arriving at the ratings, ICRA continues to derive comfort
from the extensive experience of the promoters in the
petrochemicals and polymer-trading industry for over two decades.
The ratings positively factor in the long presence and proven track
record of the Electro Group in the polymer trading business, which
facilitated in established customer relationship, thereby ensuring
repeat orders. Besides, the Group has strong ties with its
suppliers, which aid in timely availability of required materials.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the Group will continue to benefit from its established
position and from the experience of the promoter in the polymer
trading industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of the promoter: The founder of the Electro
Group, Mr. Brij Mohan Khandelwal, has an extensive experience of
over two decades in the petrochemicals and polymer trading
industry. He has also been instrumental in establishing several
other entities under the Electro Group of Companies, which have
diverse presence across various sectors including polymer trading,
construction and hospitality.

* Long relationships with customers ensure repeat orders: The long
presence and proven track record of EPL and DTPL enabled them in
establishing strong ties with the customers. This resulted in
repeat orders in the highly commoditised market. The Group serves a
diverse set of customers with the top five customers contributing
around 20% to the Group's operating income in FY2020.

Credit challenges

* Significant decline in revenue in FY2020: The revenues of the
Group declined significantly in FY2020 to INR118.9 crore (as per
provisional financials) from INR218.2 crore in FY2019. The Group
also registered net losses of INR0.1 crore in FY2020 (as per
provisional financials) primarily on account of fixed overhead
costs and interest costs incurred in FY2020.

* Leveraged capital structure and weakened coverage indicators: The
capital structure of the Group has stretched further because of
erosion of net worth due to net losses incurred by the Group in
FY2020. The operating margin of the Group also declined in FY2020
while the debt levels of the Group remained similar to the previous
years, resulting in the weakening of debt coverage indicators. The
Interest coverage ratio and DSCR both declined to 1.0 times in
FY2020 (as per provisional financials) from 1.3 and 1.1 times,
respectively in FY2019.

* Operations characterised by low product diversification and high
geographical concentration: The Group's operations are primarily
limited to Tamil Nadu, resulting in narrowed source of revenue.
Similarly, limited product profile, mainly restricted to plastic
granules and PVC resins, exposes the top line to
stagnation/downturn in demand in the end-user industries.

* Susceptibility of margins to foreign exchange fluctuations: With
around 10 to 15% of raw material requirement of the Group procured
through imports, it is exposed to foreign exchange rate fluctuation
risk to the extent of unhedged exposure. With low inventory
holding, exposure of the Group's profitability to raw material
price fluctuation is relatively minimal.

Liquidity position: Stretched

The Group's liquidity position remains stretched as characterised
by the minimal unencumbered cash balance of INR0.2 crore available
as on March 31, 2020 and no buffer available in its working capital
limits. The Group's average month-end utilisation of its working
capital facility remained high at 101% between July 2019 and July
2020.

Rating sensitivities

Positive triggers – ICRA may upgrade the ratings if the Group is
able to improve its liquidity position and its profitability
metrics. Specific credit metrics that ICRA would monitor is
Interest Coverage improving to above 2.0 times on a sustained
basis.

Negative triggers – Pressure on the ratings could arise if the
Group's revenue continues to witness a significant decline,
resulting in a deterioration in its debt coverage indicators.
Specific credit metrics that ICRA would monitor is Interest
Coverage reducing to levels below 1.1 times on a sustained basis.

Damodar Tradelinks Private Limited was incorporated in 2003 by the
Founder and Group Chairman of Electro Group of Companies, Mr. Brij
Khandelwal. DTPL trades in different types of petrochemicals and
polymers including low-density poly ethylene, high-density poly
ethylene, linear low-density poly ethylene, poly propylene,
poly-vinyl chloride, fillers and master batches, among others. The
company procures its products in bulk from both domestic markets
and through imports and sells the same to its customers spread
across southern India with major concentration of sales in Tamil
Nadu.

DARSHANA INDUSTRIES: ICRA Moves B+ Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Shri Darshana Industries to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

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

   Long Term/         3.00      [ICRA]B+(Stable)/[ICRA]A4
   Short Term-                  ISSUER NOT COOPERATING;
   Unallocated                  Rating moved to the 'Issuer
                                Not Cooperating' category

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

Shri Darshana Industries (SDI) was constituted as a partnership
firm in the year 2010 and commenced operations in November 2010.
The firm is engaged in ginning; pressing & trading of cotton lint
with installed capacity of with 24 gins and 1 bale press (capacity
to produce 27,000 bales per annum) and its plant is located at
Neradigonda, Adilabad district of Andhra Pradesh.


DEMPO SHIPBUILDING: ICRA Hikes Rating on INR18cr Loans to C
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Dempo
Shipbuilding and Engineering Private Limited (DSEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term            3.00      [ICRA]C; Upgraded from
   Fund Based                     [ICRA]D

   Long Term
   Non-fund Based      15.00      [ICRA]C; Upgraded from
                                  [ICRA]D

Rationale

The rating upgrade reflects the timely servicing of debt
obligations by DSEPL on the back of financial support provided by
the parent company, V S Dempo Holdings Private Limited (VSDHPL).
However, the rating continues to remain tempered by the weak
financial risk profile of the company, characterised by its
loss-making operations in the past six years and depressed coverage
indicators. Further, DSEPL's large investments of INR284.2 crore in
the form of equity and unsecured loan to its financially weak
subsidiary, Modest Infrastructure Private Limited (MIPL; rated
[ICRA]C+/A4), impacts the consolidated financial risk profile of
the company.

The rating is also constrained by DSEPL's exposure to fluctuations
in raw material prices, given the fixed price nature of sales
contracts. DSEPL's order book position also remains modest at an
absolute level due to subdued demand scenario in the shipbuilding
industry, which is likely to continue in the near term. However,
ICRA notes that the capital structure of the company has improved
post conversion of compulsorily convertible debentures (CCDs) into
equity shares.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in shipbuilding industry:
Incorporated in 1974, DSEPL is involved in the construction and
repair of barges, utility vessels and pontoons. The company has two
shipbuilding yards – one at Old Goa on the banks of Mandovi river
and the other at Undir on the banks of the Zuari river.

* Status of DSEPL as a part of the Dempo Group: DSEPL is a part of
the Goa-based Dempo Group, which has interests across mining,
shipbuilding, media, food and beverage, travel and sports. The
parent company, VSDHPL, has extended support in the form of
unsecured loans of INR18.1 crore as on March 31, 2020 to support
the operations of the company.

Credit challenges

* Weak financial risk profile characterised by continued losses and
depressed coverage indicators: DSEPL's financial risk profile is
characterised by consistent losses at the operating and the net
levels during the past six years. Although DSEPL's capital
structure has improved post the conversion of CCDs into equities,
the coverage indicators continue to remain depressed. The overall
debt level decreased to INR21.2 crore as on March 31, 2020 from
INR260.4 crore as on March 31, 2019 after conversion of
INR246.5-crore CCDs into equities. The borrowings mainly comprise
overdraft facility of INR2.8 crore and unsecured loan from VSDHPL
and Directors amounting to INR18.4 crore.

* Large investments and advances extended to its subsidiary: DSEPL
invested INR93.7 crore and extended advances of INR190.5 crore to
its subsidiary, MIPL, as on March 31, 2020. MIPL remains a
loss-making entity with a negative net worth, which adversely
impacts the consolidated financial risk profiles of DSEPL.

* Nominal order book size: The order book of DSEPL increased to
INR31.8 crore as on March 31, 2020 from INR21.2 crore as on March
31, 2019, mainly due to an increase in the ship repair orders.
However, the order book remains modest at an absolute level, given
the headwinds faced by the shipbuilding industry.

* Exposure to raw material price risk: The company's margins remain
exposed to fluctuations in input prices given the fixed-price
nature of its sales contracts.

Liquidity position: Stretched

The liquidity of the company remains stretched due to its
loss-making operations because of the persistent slowdown in the
shipbuilding industry. Consequently, DSEPL largely depends on the
support from its parent company to fund its losses and working
capital requirements. While ICRA notes that the company's debt
servicing has been regular since August 2019, its ability to
continue the same remains a key rating sensitivity.

Rating sensitivities

Positive triggers – The rating may be upgraded in case of a
significant improvement in the order book position of the company,
leading to a substantial increase in its revenues and
profitability.

Negative triggers – Pressure on the ratings could arise in case
of a substantial decline in revenues and profitability, and/or a
further elongation in the working capital cycle, leading to a
deterioration in the liquidity profile of the company.

Parent Company: V S Dempo Holdings Private Limited (VSDHPL) ICRA
expects DSEPL's parent company, VSDHPL, to be willing to extend
financial support to DSEPL, should there be a need, given the high
strategic importance that DSEPL holds for VSDHPL.

Incorporated in 1974, Dempo Shipbuilding & Engineering Private
Limited is a wholly-owned subsidiary of V S Dempo Holdings Private
Limited, which is an investment company of the Dempo Group. The
company has two shipbuilding yards – one at Old Goa on the banks
of the Mandovi river and the other at Undir on the banks of the
Zuari river. DSEPL has a capacity to undertake new construction of
10-12 vessels per annum of up to 4,000 Deadweight Tonnage (DWT) and
carry out repair work of around 36 vessels of 350-2,000 DWT. In
July 2012, DSEPL received approval from the Gujarat Maritime Board
for acquisition of a majority stake in MIPL, and consequently, MIPL
became a subsidiary of DSEPL. MIPL is a shipbuilding and repairing
company, which undertakes projects of building small to
medium-sized product tankers, bulk carriers and offshore survey
vessels in addition to executing ship-repairing activities from its
shipyard facility at Ramsar in Bhavnagar (Gujarat).

DNP FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said ratings for the INR16.00 crore bank facilities of DNP
Foods Limited continue to remain under Issuer Not Cooperating
category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'; Rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Short term–      16.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Incorporated in September 2006 as a public limited company, DNP
Foods Limited is engaged in processing and exporting seeds and
spices, mainly guar gum splits at its 12,000 metric tons per annum
(MTPA) processing plant at Umbergam, Gujarat, which commenced
operations in April 2010. The company is closely held by the Palani
family. The core products of the company - guar gum splits - are
versatile and efficient bio-polymers covering a wide range of
applications, such as oil well drilling, human and pet food,
textile printing, paper, explosive, water treatment and ore
flotation with oil and gas (O&G) segment is DNP's major customer.

ELECTRO POLYCHEM: ICRA Lowers Rating on INR18cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Electro
Polychem Limited (EPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-           18.00      [ICRA]B+ (Stable); downgraded
   Fund-based-                     from [ICRA]BB- (Stable)
   Cash Credit          
                                   
   Long Term/           (3.00)     [ICRA]B+ (Stable) downgraded
   Short Term–                     from [ICRA]BB- (Stable) and
   Interchangeable                 [ICRA]A4 reaffirmed

Rationale

While arriving at the ratings, ICRA has considered the consolidated
financial and business profiles of Electro Polychem Limited (EPL)
and Damodar Tradelinks Private Limited (DTPL), collectively
referred to as the Electro Group (or the Group), as these companies
operate in the same line of business under a common management,
have fungible cash flows and derive considerable synergies from
each other.

The rating downgrade factors in the Group's financial profile in
the recent past, as illustrated by a stretched liquidity position
and net losses incurred in FY2020 on account of a significant
decline in revenue. The capital structure of the Group continues to
remain stretched and the debt coverage indicators have weakened
with both Interest coverage ratio and DSCR declining to 1.0 times
in FY2020. The ratings remain constrained by the thin profit
margins owing to low value addition in trading operations and
intense competition from other players in the similar line of
business limiting the pricing flexibility. Besides, the ratings
consider the Group's high geographical and product concentration.
Although 10- 15% of the raw materials is procured through imports,
its profitability is exposed to foreign exchange fluctuations to
the extent of unhedged exposure.

While arriving at the ratings, ICRA continues to derive comfort
from the extensive experience of the promoters in the
petrochemicals and polymer-trading industry for over two decades.
The ratings positively factor in the long presence and proven track
record of the Electro Group in the polymer trading business, which
facilitated in established customer relationship, thereby ensuring
repeat orders. Besides, the Group has strong ties with its
suppliers, which aid in timely availability of required materials.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the Group will continue to benefit from its established
position and from the experience of the promoter in the polymer
trading industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of the promoter: The founder of the Electro
Group, Mr. Brij Mohan Khandelwal, has an extensive experience of
over two decades in the petrochemicals and polymer trading
industry. He has also been instrumental in establishing several
other entities under the Electro Group of Companies, which have
diverse presence across various sectors including polymer trading,
construction and hospitality.

* Long relationships with customers ensure repeat orders: The long
presence and proven track record of EPL and DTPL enabled them in
establishing strong ties with the customers. This resulted in
repeat orders in the highly commoditised market. The Group serves a
diverse set of customers with the top five customers contributing
around 20% to the Group's operating income in FY2020.

Credit challenges

* Significant decline in revenue in FY2020: The revenues of the
Group declined significantly in FY2020 to INR118.9 crore (as per
provisional financials) from INR218.2 crore in FY2019. The Group
also registered net losses of INR0.1 crore in FY2020 (as per
provisional financials) primarily on account of fixed overhead
costs and interest costs incurred in FY2020.

* Leveraged capital structure and weakened coverage indicators: The
capital structure of the Group has stretched further because of
erosion of net worth due to net losses incurred by the Group in
FY2020. The operating margin of the Group also declined in FY2020
while the debt levels of the Group remained similar to the previous
years, resulting in the weakening of debt coverage indicators. The
Interest coverage ratio and DSCR both declined to 1.0 times in
FY2020 (as per provisional financials) from 1.3 and 1.1 times,
respectively in FY2019.

* Operations characterised by low product diversification and high
geographical concentration: The Group's operations are primarily
limited to Tamil Nadu, resulting in narrowed source of revenue.
Similarly, limited product profile, mainly restricted to plastic
granules and PVC resins, exposes the top line to
stagnation/downturn in demand in the end-user industries.

* Susceptibility of margins to foreign exchange fluctuations: With
around 10 to 15% of raw material requirement of the Group procured
through imports, it is exposed to foreign exchange rate fluctuation
risk to the extent of unhedged exposure. With low inventory
holding, exposure of the Group's profitability to raw material
price fluctuation is relatively minimal.

Liquidity position: Stretched

The Group's liquidity position remains stretched as characterised
by the minimal unencumbered cash balance of INR0.2 crore available
as on March 31, 2020 and no buffer available in its working capital
limits. The Group's average month-end utilisation of its working
capital facility remained high at 101% between July 2019 and July
2020.

Rating sensitivities

Positive triggers – ICRA may upgrade the ratings if the Group is
able to improve its liquidity position and its profitability
metrics. Specific credit metrics that ICRA would monitor is
Interest Coverage improving to above 2.0 times on a sustained
basis.

Negative triggers – Pressure on the ratings could arise if the
Group's revenue continues to witness a significant decline,
resulting in a deterioration in its debt coverage indicators.
Specific credit metrics that ICRA would monitor is Interest
Coverage reducing to levels below 1.1 times on a sustained basis.

Electro Polychem Limited was incorporated in 1995 by the Founder
and Group Chairman of Electro Group of Companies, Mr. Brij Mohan
Khandelwal. EPL trades in different types of polymers including
poly-vinyl chloride resins, poly propylene, poly ethylene, fillers
and master batches, among others. The company procures its products
in bulk from both domestic markets and through imports and sells
the same to its customers spread across Southern India with major
concentration of sales in Tamil Nadu.


FORTIS HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said rating for the INR990.00 crore bank facilities of Fortis
Healthcare Holdings Private Limited continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Non-convertible     490.00     [ICRA]D ISSUER NOT COOPERATING;
   Debentures                     Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Commercial Paper    500.00     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Fortis Healthcare Holdings Private Limited (FHHPL) is a
holding/investment company, controlled by promoters of Religare
Enterprises and Fortis Healthcare Limited, Mr. Malvinder Mohan
Singh and Mr. Shivinder Mohan Singh. FHHPL holds stake in multiple
companies/assets of Mr. Malvinder Singh, Mr. Shivinder Singh and
their associates. FHHPL, is in turn held by RHC Holding Private
Limited (RHC) and Oscar Investments Limited (Oscar), both of which
are promoter holding companies.


GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Gillco Developers & Builders Private Limited to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

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

   Fund based-       45.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loans                   Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

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

Gillco Developers & Builders Private Limited (GDB) was incorporated
in February 2011 and is involved in real estate development in the
Mohali region in Punjab. The company is closely held by the Gill
family based in Chandigarh, Punjab and has Mr. Ranjeet Singh Gill
as its Managing Director. Mr. Gill has more than 10 years of
experience in the real estate development business, having executed
various residential projects in Mohali, Punjab. The company builds
residential spaces in Mohali, Punjab which includes plots, flats,
villas and commercial complexes.

GUJARAT NRE: Employees Campaign for a Revival to Protect Jobs
-------------------------------------------------------------
The Hindu BusinessLine reports that facing liquidation, beleaguered
metallurgical coal maker Gujarat NRE Coke Ltd's employees have
started a campaign to push for a revival of the company to protect
their jobs.

According to BusinessLine, more than 100 employees of Gujarat NRE
Coke have accused the liquidator of sabotaging the revival attempts
being made by the company, which is a going concern with
operational plants having 850 employees and two lakh public
shareholders. A signature drive under ‘Save Gujarat NRE' has been
floated highlighting the benefits of a revival scheme against the
impacts of liquidation, the report says.

BusinessLine relates that the revival plan - as proposed by 109
shareholders - doesn't require additional funding or moratorium or
haircut for the lenders. While majority of the unsecured creditors
and over 500 public shareholders supported the plan, the bankers
led by State Bank of India have reportedly opposed it. The
employees allege that the banks were misled by the liquidator with
false information about company's financial viability.

Pointing out at the lack of interest from the liquidator for the
revival of the company, Sunil Maskara, designated Managing
Director, Gujarat NRE Coke, stated that while the liquidation risks
about 850 jobs, it is also against the commercial interests of the
banks, according to BusinessLine.

The debt-ridden company owes about INR4,600 crore to secured and
unsecured creditors. The liquidation value of the company has been
assessed at INR360 crore, eroding most of the monies of its
creditors, BusinessLine discloses.

BusinessLine relates that Maskara further said, "The aim of The
Insolvency and Bankruptcy Code is to revive stressed companies and
not to liquidate them. Even the National Company Law Appellate
Tribunal (NCLAT) has clearly directed the liquidator to work
towards revival of the company. However, the liquidator has been
acting on the contrary."

"He (the liquidator) has been disturbing the company's operations
by his arbitrary and unprofessional actions. Most importantly, he
has been misleading lenders about the company's state of operations
in a bid to push it towards liquidation," Maskara, as cited by
BusinessLine, added.

He also alleged that the liquidator has failed to highlight
company's turnover and cashflows that it continues to generate even
during liquidation, BusinessLine relays. The company has recorded
turnover of INR1,300 crore while facing bankruptcy proceedings,
Maskara informed adding that a recently completed Techno Economic
Viability (TEV) study has also confirmed revival potential of the
company.

In 2017, the company had approached the Kolkata bench of National
Company Law Tribunal (NCLT) to initiate insolvency proceedings
following defaults on repayments to its creditors.

After the company didn't get any bids and couldn't submit a
resolution plan within the stipulated 270-day period as provided
under the Insolvency and Bankruptcy Code (IBC), the NCLT cleared
the liquidation of the company in January 2018 appointing a
professional, Sumit Binani as the liquidator, the report notes.

                         About Gujarat NRE

Gujarat NRE Coke Ltd. is engaged manufacturing metallurgical coke.
The Company operates in two segments: coal & coke and steel.

In April 2017, the Kolkata bench of the National Company Law
Tribunal (NCLT) admitted the application by the company for
commencing the insolvency resolution process.

The National Company Law Tribunal (NCLT) in January 2018 ordered
liquidation of Gujarat NRE Coke Ltd after the company failed to
find a resolution plan under Insolvency & Bankruptcy Code, 2016.

GURUKRUPA COTTON: ICRA Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
ICRA has moved the rating for the bank facilities for INR9.50 crore
of Gurukrupa Cotton & Oil Industries (GCOI) to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        9.50       [ICRA]B+(Stable); ISSUER NOT
   Limits                       COOPERATING; Rating moved to
                                'Issuer Not Cooperating'
                                Category

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

Established in 2008, Gurukrupa Cotton & Oil Industries (GCOI) is
involved in ginning and pressing of raw cotton and crushing of
cotton seeds. Its manufacturing facility is at Rajkot (Gujarat).
The firm is equipped with 24 ginning machines, one pressing machine
and five expellers, with an installed processing capacity of 4,574
MT of bales per annum (with 12-hour operations).

HOUSING DEVELOPMENT: Court Orders Liquidation of Unit
-----------------------------------------------------
The Economic Times reports that a bankruptcy court has ordered the
liquidation of a unit of Housing Development & Infrastructure
(HDIL) after the successful bidder for the debt-laden HDIL
subsidiary, Guruashish Constructions, withdrew its takeover offer.

On September 4, the Mumbai-bench of the National Company Law
Tribunal (NCLT) appointed Rajendra Bhuta, the company's resolution
professional (RP), as its liquidator, ET discloses.

"All powers of the board, key managerial personnel and partners of
the corporate debtor shall cease to have an effect and shall be
vested in the liquidator," said the 10-page division bench order.
Its judicial member is Mohammed Ajmal, and the technical member is
V Nallasenapathy.

Last August, the dedicated bankruptcy court had also admitted an
insolvency plea against the parent company HDIL after Bank of India
sought recovery of its dues, ET recalls.  According to the report,
the state-owned lender had approached the Mumbai bench of the NCLT
against the defaulting realtor after it failed to repay dues of
around INR522 crore. HDIL, engaged in slum rehabilitation projects
in Mumbai, had a total debt of INR1,989.77 crore at the time of
admission under the bankruptcy laws.

In 2017, NCLT had admitted HDIL's unit Guruashish for insolvency
after it couldn't repay a INR250-crore loan to Union Bank of India.
The liquidation value of the company's assets is more than INR126
crore.

Exactly a year later, the lenders had approved the resolution plan
of Ravi Developers, with more than 86% votes in favor, ET relates.

                              About HDIL

Housing Development & Infrastructure Limited (HDIL) is real estate
development company.  The Company's services include residential,
commercial, and retail real estate development.

The National Company Law Tribunal (NCLT) on Aug. 20, 2019, admitted
an application filed by Bank of India to initiate insolvency
proceedings against the company.

In July 2020, the National Company Law Appellate Tribunal (NCLAT)
has upheld the NCLT order to initiate insolvency proceedings
against HDIL and rejected the plea of its promoter Rakesh Wadhwan.


KAMLESH METACAST: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA said ratings for the INR18.60 crore bank facilities of Kamlesh
Metacast Private Limited continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Non        18.60      [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING, Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Kamlesh Metacast Pvt. Ltd. (KMPL) was initially incorporated in the
year 2011 by Mr. Shyam Sundar Singhwi and Mr. Nimesh Singhwi with
equal shareholding % in the company. The company was formed with a
view to apply prospecting license (PL) for identification of
limestone in the districts of Sirohi, Rajasthan. Mr. Nimesh is a
geologist and has an extensive experience in the field to
identification of mineral resources specially Limestone. Based on
extensive research and experience, Mr. Nimesh has identified an
area in Sirohi, Rajasthan which has good prospects of availability
of limestone of cement grade. He demarcated an area of about 1900
hectares in Sirohi and filed for prospecting license application
with Directorate of Mines & Geology (DMG), Udaipur (Rajasthan).  

Since the process of clearances for PL and other financial
condition, which needs to be fulfilled beforehand requires a lot of
investment. Due to insufficient funds the promoters sold their
stake to Mr. Ananya Agarwal in 2013. Mr. Ananya  purchased the
stake through his family holding company namely M/s Naangi & Sons
India Pvt.Ltd. The major shareholders of the company are Mr. Ananya
and his mother Mrs. Manjusha Gupta. After taking over the previous
management the current management pursued the demarcation of the
land and other processes for clearances of the prospecting license
by mining office, forest office and directorate office. The final
consent of the application was given by DMG on December 24, 2014.
The agreement was then eventually signed on March 12th, 2015. The
LOI agreement 2 provides 3 years of prospecting period after which
the company needs to submit the report to DMG, Udaipur; failing to
do will attract the penalty from the DMG office.

M-BO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said rating for the bank facilities for INR46.00 crore of M-BO
Granito LLP (MBL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/A4; ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based       29.55       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund-based       12.50       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Non-fund          3.95       [ICRA]A4; ISSUER NOT COOPERATING;
   Based Bank                   Rating continues to remain under
   Guarantee                    'Issuer Not Cooperating' category

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

Established in June 2016, as a limited liability partnership firm,
MBGL commenced commercial production in April, 2017. Its product
profile comprises vitrified tiles of 600X600 mm, 800X800 mm,
800X1200mm and 600X1200 mm. MBGL's manufacturing unit is located at
Morbi, the ceramic tile manufacturing hub of Gujarat and is
equipped to manufacture 1,30,500 metric tonne (MT) of tiles per
annum.

MAHAMAYA STEEL: ICRA Lowers Rating on INR30cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mahamaya
Steel Industries Limited (MSIL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based           6.50       [ICRA]B+ (Stable) ISSUER NOT
   Limits–Term                     COOPERATING; Rating
downgraded
   Loan                            from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based          30.00       [ICRA]B+ (Stable) ISSUER NOT
   Limits–Cash                     COOPERATING; Rating
downgraded
   Credit                          from [ICRA]BB (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Non Fund            36.00       [ICRA]A4 ISSUER NOT
   Based Limits–                   COOPERATING; Rating
downgraded
   Letter of Credit/               from [ICRA]A4+ and continues
   Bank Guarantee                  to remain under 'Issuer Not
                                   Cooperating' category

   Untied Limits       10.50       [ICRA]B+ (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating downgraded from
                                   [ICRA]BB (Stable)/[ICRA]A4+
                                   and continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

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

Mahamaya Steel Industries Limited (MSIL) was incorporated in May,
1988, by Mr. Ramanand Agrawal as the flagship company of the
Raipur-based Mahamaya Group. The company was later reconstituted as
a public limited company in August, 1990. Located at Raipur
(Chhattisgarh), MSIL has production facilities for billets/blooms
and structural steel products with annual production capacities of
200,000 metric tonne (MT) and 255,000 MT, respectively.
Additionally, the company has a gas plant with an annual production
capacity of 900,000 cubic metre (CuM). It supplies oxygen and
nitrogen cylinders to external customers and also uses them for its
captive consumption. MSIL produces heavy and light steel structural
products such as beams, channels and girders, which are primarily
used for heavy construction. Its products are sold under the brand
name "MAHAMAYA".

MANDALIA OVERSEAS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------
ICRA said ratings for the INR10.00 crore bank facilities of
Mandalia Overseas Corporation continue to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        1.05       [ICRA]D ISSUER NOT COOPERATING;
   Overdraft                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund based-      (4.00)      [ICRA]D ISSUER NOT COOPERATING;
   Packing Credit               Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Postshipment                 Rating continues to remain under
   Credit                   'Issuer Not Cooperating' category

   Unallocated       0.95       [ICRA]D ISSUER NOT COOPERATING;
   limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in 1971, as a partnership firm, MOC is engaged in
export of variety of agro-products as well as packed foods. The
firm has its registered office located in Masjid, Mumbai and has
two rented warehouses in Navi Mumbai. The firm is registered with
various government organizations like National Agricultural
Cooperative Marketing Federation (NAFED), Agricultural and
Processed Food Products Export Development Authority (APEDA) and is
also a recognized export house by the Government of India.

MANISHA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said ratings for the INR20.00 crore bank facilities of Manisha
Construction Co. Continues to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long-term,       3.00       [ICRA]B+(Stable); ISSUER NOT
   Fund based                  COOPERATING; Rating Continues
   Limit                   to remain under issuer not
                               cooperating category

   Short-term      15.50       [ICRA]A4; ISSUER NOT COOPERATING;
   Non fund                    Rating Continues to remain under
   Based Limits                issuer not cooperating category

   Unallocated      1.50       [ICRA]B+(Stable)/[ICRA]A4; ISSUER
   Limit                       NOT COOPERATING; Rating Continues
                               to remain under issuer not
                               cooperating category

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

Manisha Construction Co. was established as a partnership firm in
1985 and the company constructs petty roads (such as stone
pavements, cement concrete pavements, paver blocks and asphalt
roads), lays sewerage pipelines and culverts,and repairs roads and
buildings for government clients. The firm is registered as an 'AA
Class' contractor with theMunicipal Corporation of Greater Mumbai
(MCGM) and as a 'Class 1' contractor with the Public Works
Department (PWD) of Maharashtra. Apart from this, MCC is also
involved in job work, which comprises sub-contract work and leasing
of machinery and labour. The firm has its registered office in
Mumbai.


MUNIVEER SPINNING: ICRA Lowers Rating on INR6.29cr Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shri
Muniveer Spinning Mills, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–        6.29       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                  COOPERATING; Rating downgraded
   Term Loan                    from [ICRA]BB-(Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long Term–        5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based–                  COOPERATING; Rating downgraded
   Cash Credit                  from [ICRA]BB-(Stable) and
                                continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short Term–       1.06       [ICRA]A4 ISSUER NOT COOPERATING;
   Non-Fund Based               Ratings continue to remain in the
                                'Issuer Not Cooperating' category

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

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

Shri Muniveer Spinning Mills is a Surat based spinning mill engaged
in production and marketing of polyester yarn. The firm also
produces cotton and fancy yarn albeit on a smaller scale. The firm
was established in 2010 with 13,000 spindles in its fleet in its
manufacturing facility in Surat. The firm subsequently went for
capacity expansion, thereby adding another 5,500 spindles in the
fleet in year 2014. SMSM currently has capacity of producing ~9-10
MT of yarn every day.

In FY2017, the company reported a net profit of INR1.1 crore on an
operating income of INR39.5 crore, as compared to a net loss of
INR0.7 crore on an operating income of INR36.7 crore in the
previous year.


N.S. ASSOCIATES: ICRA Lowers Rating on INR6.0cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of N.S.
Associates Private Limited (NSPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund based/CC                 COOPERATING; Rating downgraded
                                 from [ICRA]BB (Stable) and
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-Term        20.42       [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund based                Rating downgraded from [ICRA]A4+
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 category

Rationale

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

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

Incorporated in 2002, NSPL is promoted by seven technically
qualified professionals - Mr. Shashank Gupta, Mr. Mirza Ahmar Beg,
Mr. Mirza Shamsul Hasan Beg, Mr. Mirza Zafar Beg, Mr. Nishat Gupta,
Mr. Devendra Rawat and Mr. M.Q.H. Beg. NSPL is engaged in civil
construction work also executing interior decoration work having
executed multiple projects for both private and public sectors.

PADMAJA FARMS: ICRA Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Padmaja Farms to the 'Issuer Not Cooperating' category. The rating
is now denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        6.95       ICRA]B+(Stable) ISSUER NOT
   Fund Based/CC                COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

   Long Term-        3.05       ICRA]B+(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

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

Padmaja Farms operates poultry farms with a total capacity of
3,07,374 layer birds in Basapura and Bullapur village, Koppal
district, Karnataka. It is involved in the sale of table eggs.

PLASTO INDIA: ICRA Reaffirms B+ Rating on INR4.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the ratings of Plasto India Private Limited
(PIPL) at [ICRA]B+(Stable)/A4 and also removed the same from the
Issuer Not Cooperating (INC) category. The ratings were moved to
Issuer Not Cooperating category in May 2020 due to non-submission
of monthly no-default statement (NDS) by the company.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         4.00       [ICRA]B+(Stable); Reaffirmed
   fund-based-                  and removed from Issuer Not
   Cash credit                  Cooperating category

   Short-term        8.60       [ICRA]A4; Reaffirmed and
   non-fund based-              removed from Issuer Not
   FLC/ILC                      Cooperating category

   Long-term/        1.90       [ICRA]B+(Stable)/A4; Reaffirmed
   Short-term                   and removed from Issuer Not
   Unallocated                  Cooperating category

The reaffirmation of the ratings factors in the extensive
experience of PIPL's promoters. Also, its established track record
of more than a decade in the import and distribution of advertising
flex and vinyl in India, which has helped it build relationships
with its suppliers, supports the ratings. Further, the ratings
favourably take into account the company's product diversification
into other advertising materials like backlit, frontlit,
lamination, digital printable material and LED modules, which has
reduced product-concentration risk for it. The ratings, however,
continue to be constrained by the high supplier concentration with
two of its suppliers—LG Hausys and Ilshin
Tarpaulin—contributing to ~40% of the total purchases for FY2020.
However, it has a long relationship with LG Hausys (Korea) (LGHK),
which is its major supplier since the commencement of operations.
Further, the ratings remain constrained by PIPL's modest financial
profile characterised by a low scale of INR27.5 crore, thin profit
margins of 2.8% (OPM) and moderate debt protection metrics and
coverage indicators in FY2020. The company's high working capital
intensity of ~35% in FY2020 is another credit challenge. ICRA notes
that PIPL remains exposed to foreign exchange risk in the absence
of any hedging mechanism.

The Stable outlook on [ICRA]B+ rating reflects ICRA's opinion that
PIPL will continue to benefit from the extensive experience of the
promoters in importing and trading advertising products.

Key rating drivers

Credit strengths

* Extensive experience of promoters in advertising industry: The
promoters have an experience of more than a decade in import and
distribution of advertising materials in India. This, along with an
established sales and distribution network, provides a competitive
edge to the company. PIPL has also diversified its product base by
including more advertising related products, thereby reducing
product-concentration risk.

* Long association with suppliers: The company is an authorised
distributor of advertisement material for LG Hausys (Korea) and
Ilshin Tarpaulin (Korea). Hence, it has a long association with its
suppliers for the import of advertising material in India.

Credit challenges

* Modest financial profile characterised by thin profitability
margins: The scale of PIPL remains modest with operating income
(OI) of ~Rs. 27.5 crore and thin profit margins as reflected by
OBITDA/OI of ~2.8% and net profit margin of ~0.7% for FY2020. It
has a moderate capital structure comprising bank borrowings for
working capital and unsecured loans. In FY2020, its gearing
remained at 1.0 times, TD/OPBITDA at 7.8 times, interest coverage
at 1.92 times and DSCR at 1.57 times.

* Supplier-concentration risk: Out of total purchases of PIPL in
FY2020, ~40% was from two suppliers - LG Hausys and Ilshin
Tarpaulin - which exposed it to moderate-to-high
supplier-concentration risk. Stiff competition from the domestic
players as well as other importers is another challenge.

* High working capital intensity: PIPL's business is highly working
capital intensive. Its net working capital intensity remained at
~35% in FY2020, given the high credit period extended to its
clients that led to high debtor days.

* Foreign currency fluctuation risk: PIPL does not have any
domestic procurement and imports all its supplies from South Korea
and China. Hence, in the absence of any hedging mechanism, it faces
a high foreign currency fluctuation risk.

Liquidity position: Adequate

The company's liquidity profile remains adequate characterised by
low-to-moderate working capital utilization, which averaged at ~18%
for the 12-month period ending in July 2020. In addition, there
exists no major debt repayment obligations.

Rating sensitivities

Positive triggers - The ratings of PIPL could be upgraded if the
company is able to showcase sustained growth in its revenues and
margins along with improvement in its financial risk profile.
Specific metric that could lead to an upgrade is TD/OPBITDA less
than 5 times on a sustained basis.

Negative triggers - Downward pressure on the ratings could emerge
if the company's scale and profitability take a hit. Further
stretch in working capital intensity and weakening of liquidity
profile could also put negative pressure on the ratings.

Incorporated in 2002, the company is involved in the trading of
advertising flex and vinyl as well as other products like backlit,
frontlit, color vinyl, lamination film and digital printable
material as well as LED modules. PIPL has been an authorised
distributor of LG Hausys products for more than a decade. Almost
100% of the revenues till FY2012 were generated from the sale of
the company's products in northern and eastern India. However, to
diversify its product portfolio, it has become an authorised
distributor of Ilshin Tarpaulin (Korea) products.

SAMAY ELECTRONICS: NCLT Told to Send Insolvency Plea to 3rd Member
------------------------------------------------------------------
Outlook reports that appellate tribunal the National Company Law
Appellate Tribunal (NCLAT) has directed that a plea by JM Financial
Asset Reconstruction Company to initiate insolvency proceedings
against Samay Electronics be placed before a third member of the
NCLT Ahmedabad bench after two other members of the same bench gave
a split verdict in the matter.

The two-member Ahmedabad bench of the National Company Law Tribunal
(NCLT) had delivered the split verdict on Feb. 26, 2020, Outlook
relays.

According to Outlook, the technical member directed admitting the
application filed under Section 7 of the Insolvency and Bankruptcy
Code to initiate the proceedings, while the judicial member gave a
dissenting view, rejecting the plea.

Following this, JM Financial Asset Reconstruction Company, which is
acting as a trustee of JMFARC-SBI, approached NCLAT.

Outlook says the NCLAT has now directed the NCLT to place the
matter before a third member so that it is decided by a majority.

"After hearing learned counsel for the appellant, we deem it
appropriate to dispose of this appeal with direction to the same
Bench of the Adjudicating Authority, which passed two conflicting
orders, to make a reference to President, NCLT, if not already made
. . ."

". . . for hearing on the issues and points on which the two
Members of the Bench had a divergent view in the split verdict so
that the matter is placed before a third Member for hearing and the
Company Petition is decided in accordance with the opinion of the
majority of the Members who heard the case including the member
before whom it is placed," the NCLAT said.

Samay Electronics, based in Rajkot, Gujarat, is facing claims of
INR44.72 crore from financial creditors for term loan and cash
credit provided to the company, Outlook notes.

SATKAR LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said ratings for the INR18.00 crore bank facilities of Satkar
Logistics Private Limited (SLPL) continue to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        15.36      [ICRA]D ISSUER NOT COOPERATING;
   limits                       Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Unallocated        2.64      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
  
Incorporated in 2005, Satkar Logistics Private Limited is a freight
forwarder offering air freight services, railways transportation
services, roadways cargo services, sea cargo services, air freight
logistics, customs clearance services, port handling services,
warehousing services, etc. It also provides solutions to meet the
relocation needs of corporate and residential clients. SLPL
specialises in providing integrated multimodal logistic services
across domestic as well as overseas markets by offering a 'one-stop
logistics solution' for export-import cargo movement. Apart from
cargo handling services, it also provides other complimentary
services like customs clearing and documentation assistance for
providing complete logistic solutions to its clients.

SATYA SUBAL: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA said ratings for the INR10.00 crore bank facilities of Satya
Subal Himghar Private Limited (SSHPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based        4.28       [ICRA]B (Stable); ISSUER NOT
   Limits–Term                  COOPERATING; Rating continues
   Loan                         to remain under the 'Issuer Not
                                Cooperating' category

   Fund Based        4.66       [ICRA]B (Stable); ISSUER NOT
   Limits–Cash                  COOPERATING; Rating continues
   Credit                       to remain under the 'Issuer Not
                                Cooperating' category

   Fund Based        0.96       [ICRA]B (Stable); ISSUER NOT
   Limits–Working               COOPERATING; Rating continues   
   Capital Loan                 to remain under the 'Issuer Not
                                Cooperating' category

   Non Fund          0.10       [ICRA]A4; ISSUER NOT
   Based Limits–                COOPERATING; Rating continues
   Bank Guarantee               to remain in the 'Issuer Not
                                Cooperating' category

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

Incorporated in April 2012, Satya Subal Himghar Private Limited
(SSHPL) is promoted by the West Bengal-based Ghosh family. The
company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,800 metric
tonnes (MT). The cold-storage unit is located at Baghapukur, in
Paschim Midnapore, West Bengal.

SIDDESHWAR MULTIPURPOSE: ICRA Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
ICRA said ratings for the INR10.00 crore bank facilities of
Siddeshwar Multipurpose Heemghar Private Limited continue to remain
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based          2.79       [ICRA]B (Stable) ISSUER NOT
   Limits–Term                    COOPERATING, Rating continues
   Loan                           to remain in the 'Issuer Not
                                  Cooperating' category

   Fund Based          4.91       [ICRA]B (Stable) ISSUER NOT
   Limits–Cash                    COOPERATING, Rating continues
   Credit                         to remain in the 'Issuer Not
                                  Cooperating' category

   Fund Based          1.02       [ICRA]B (Stable) ISSUER NOT
   Limits–Working                 COOPERATING, Rating continues
   Capital Loan                   to remain in the 'Issuer Not
                                  Cooperating' category

   Non Fund            0.12       [ICRA]A4 ISSUER NOT
   Based Limits–                  COOPERATING, Rating continues
   Bank Guarantee                 to remain in the 'Issuer Not
                                  Cooperating' category

   Unallocated         1.16       [ICRA]B (Stable)/[ICRA]A4
   Limits                         ISSUER NOT COOPERATING,
                                  Rating continues to remain
                                  in the 'Issuer Not
                                  Cooperating' category

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

Incorporated in May 2010, Siddeshwar Multipurpose Heemghar Private
Limited (SMHPL) is promoted by the West Bengal-based Ghosh family.
The company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,200 metric
tonnes (MT). The cold storage unit is located at Jhankra, in
Paschim Midnapore, West Bengal.

SOMNATH IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said ratings for the INR10.00 crore bank facilities of Shree
Somnath Iron And Power Private Limited continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

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

   Fund based–       4.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                  COOPERATING, Rating continues
                                to remain in the 'Issuer Not
                                Cooperating' category

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

Shree Somnath Iron & Power Private Limited (SIPL) manufactures MS
billets with an installed capacity of 30,000 metric tonne per annum
(MTPA). SIPL has installed two induction furnaces of 10 tonnes each
for manufacturing MS billets. The manufacturing facility of the
company is located in Raipur, Chhattisgarh and the commercial
operations of the unit commenced from March 12, 2016.

SVARN TELECOM: ICRA Lowers Rating on INR5.0cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Svarn
Telecom Limited (STL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term:            5.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long Term:            0.94      [ICRA]B+ (Stable) ISSUER NOT
   Term Loans                      COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Short Term:           3.50      [ICRA]A4 ISSUER NOT
   Non Fund based                  COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term:           15.56      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category
Rationale

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

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

STL was incorporated in 2008 and is managed by Mr. Sadhu Ram Gupta,
Mr. Vijay Gupta and Mr. Ajay Gupta. The company is engaged in
manufacturing of shelters, panels, cages and radio frequency
components in its manufacturing plant in Haridwar, Uttarakhand. The
company is a part of the Svarn Group, which manufactures passive
telecom infrastructure components and also undertakes processing of
fabric.

SVARN TEX: ICRA Keeps B+ Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has continued the ratings for the INR25.00 crore bank
facilities of Svarn Tex Prints Private Limited. The rating is now
denoted as "[ICRA]B+(Stable)/A4; ISSUER NOT COOPERATING"; Rating
continues to remain under 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term:           8.25       [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term:           2.00       [ICRA]B+(Stable); ISSUER NOT
   Term Loans                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term:          7.00       [ICRA]A4 ISSUER NOT
   Non Fund based                  COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term:           7.75       [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

STPL was incorporated in 2008 and is engaged in processing of
fabrics in its facility based in Kosi, Uttar Pradesh. The company
is a part of the Svarn Group, promoted by Mr. Sadhu Ram Gupta, Mr.
Vijay Gupta, Mr. Ajay Gupta and Mr. Suresh Singhal. The group has a
presence in the manufacturing of passive telecom infrastructure
components as well as processing of fabric.

UNITED TELECOMS: ICRA Withdraws D Rating on INR306cr Loan
---------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of United
Telecoms, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        59.00      [ICRA]D; ISSUER NOT COOPERATING;
   limits                        Withdrawn

   Non-fund         306.00      [ICRA]D; ISSUER NOT COOPERATING;
   based limits                 Withdrawn

Rationale

The rating assigned to United Telecoms Limited has been withdrawn
at the request of the company and based on the no objection
certificates received from the bankers, and in accordance with
ICRA's policy on withdrawal and suspension. ICRA is withdrawing the
rating and that it does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed.

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

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

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

Incorporated in 1984, United Telecoms Limited (UTL) is a Bangalore
based information and communication solutions company with wide
experience in telecom equipments, telecom networks, e-governance
networks and real estate development.

VADALIA FOODS: Ind-Ra Affirms B- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vadalia Foods's
(Vadalia) Long-Term Issuer Rating at 'IND B-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits affirmed with
     IND B-/Stable/IND A4 rating; and

-- INR100.3 mil. (reduced from INR127.06 mil.) Term loan due on
     May 2023 affirmed with IND B-/Stable rating.

KEY RATING DRIVERS

The affirmation reflects Vadalia's continued small scale of
operations, as indicated by revenue of INR350 million in FY20
(FY19: INR389 million; FY18: INR524 million). The revenue fell for
the second consecutive year due to a continued decrease in the
number of orders received by the firm. The firm receives orders on
a daily basis. The firm achieved revenue of INR256.4 million during
April-August 2020, led by an increase in the number of orders from
existing customers and the addition of new customers. Consequently,
Ind-Ra expects the revenue for the full year of FY21 to be higher
on a yoy basis. The figures for FY20 are provisional in nature.

The ratings are constrained by the continued weak credit metrics
due to modest EBITDA margins. The metrics deteriorated in FY20 on
account of a fall in the absolute EBITDA to INR1.0 million (FY19:
INR17.2 million). The interest coverage (operating EBITDA/gross
interest expense) was 0.1x in FY20 (FY19: 1.0x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 164.1x
(12.0x). The firm had interest-free unsecured loans of INR78.9
million from the partners' friends and family in FY20 (FY19:
INR77.9 million); according to the management, these loans will
remain in the business over the long term. As per the management,
the firm does not have any major debt-led capex plans for the next
two-to-three years. Ind-Ra expects the credit metrics to improve in
FY21 on account of an increase in the absolute EBTIDA, resulting
from the growth in the revenue.

The ratings reflect the modest EBITDA margins due to the intense
competition in the industry. The margin fell to 0.3% in FY20 (FY19:
4.4%) because of a marginal increase in the operating expenses and
a decline in other operating revenue (interest subsidy). The return
on capital employed remained negative at 8.7% in FY20 (FY19:
negative 3.6%). Ind-Ra expects the EBITDA margins to improve in
FY21 owing to the firm's efforts to control the operating expenses
and the increase in the revenue.

Liquidity Indicator- Poor: Vadalia's average maximum utilization of
the fund-based working capital limits was 47.4% over the 12 months
ended August 2020. In FY20, the net cash conversion cycle improved
to one day (FY19: 26 days) on account of an increase in the
creditor days to 37 days (13 days). The cash flow from operations
improved to INR21 million in FY20 (FY19: INR5 million) due to
favorable changes in the working capital. The cash and cash
equivalent stood at INR39.9 million in FY20 (FY19: INR44.2
million). The firm has mandatorily been granted the Reserve Bank of
India-prescribed debt moratorium by The Federal Bank Limited (debt
rated 'IND AA'/Stable).

The ratings are supported by the continuous fund infusion by the
partners in the form of capital to support the debt repayment and
to meet the firm's working capital requirements. The partners
infused around INR22.6 million in Vadalia in FY20 (FY19: INR40
million)

The ratings are also supported by each partner's individual
experience of more than seven years in the food industry.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics and the liquidity position, will
lead to a positive rating action.

Negative: The inability to improve the operating profitability,
leading to further stress on the liquidity position, will be
negative for the ratings.

COMPANY PROFILE

Established in July 2013, Gujarat-based Vadalia is engaged in the
manufacturing and processing of packaged snacks.


VENKY HI: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA said rating for the INR30.00 crore bank facilities of Venky Hi
Tech Ispat Ltd has continued to be in the  'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D, ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-        24.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Non fund based      1.50       [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit               Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated         4.50       [ICRA]D/[ICRA]D ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

Venky Hi Tech Ispat Ltd was incorporated in December 2003 and
currently has 36,000 tons per annum (tpa) ingot and 84,000 tpa
thermo-mechanically treated manufacturing facility at Durgapur,
West Bengal. The company also started manufacturing billets from
February 2015.



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

TOKYO DOME: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on September 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Dome Corporation to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Headquartered in Japan, Tokyo Dome Corporation operates an air
dome-type baseball stadium and an urban amusement center.




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

CLSA PREMIUM: FMA Prevents CLSA from Offering Derivatives
---------------------------------------------------------
The Financial Markets Authority (FMA) has imposed conditions on the
derivatives issuer licence of CLSA Premium New Zealand Limited
(CLSAP NZ) that prevent the firm from making an offer to, or
receiving further funds from, retail investors in relation to
derivatives, except in certain limited circumstances.

The FMA has found that CLSAP NZ failed to meet some of its audit
and assurance obligations for 2019 and it is not confident the firm
will be able to meet those obligations in the near future. These
obligations include:

a) Section 461D of the Financial Markets Conduct (FMC) Act 2013:
Financial statements must be audited;

b) Section 461H of the FMC Act: Lodgement of financial
statements;

c) Regulation 248 of the FMC Regulations: Assurance engagement;

d) Condition 11 of the Standard Conditions for Licenced
Derivatives Issuers: Financial Resources – Audit requirements
(requirement to provide Assurance Report and NTA Report)

The FMC, its associated regulations and the standard conditions for
derivatives issuer licences impose annual audit and assurance
obligations on derivatives issuers. These obligations include
requirements that derivatives issuers lodge financial statements
and obtain an assurance engagement by a particular time, and that
those financial statements are audited.

The FMA is concerned that CLSAP NZ does not currently meet all of
the eligibility criteria for being issued with a derivatives issuer
licence.

The conditions that the FMA has imposed allow CLSAP NZ to close out
open positions with retail investors, or receive funds from retail
investors for the purposes of meeting obligations (e.g. margin or
collateral requirements) that the investor might have with CLSAP
NZ.

The conditions will remain in place until such time as the
relevant, compliant audit and assurance reports for 2019 are
lodged, and the FMA is satisfied that the criteria for issuing a
licence under the FMC Act are met.

CLSAP NZ, formerly KVB Kunlun New Zealand Limited, is the local
subsidiary of the Hong Kong parent, CLSA Premium Limited.

The conditions imposed on CLSA NZ's licence are unrelated to the
FMA's civil High Court proceedings against the same firm for
alleged breaches of the Anti-Money Laundering and Countering
Financing of Terrorism (AML/CFT) Act.

FORESTLANDS GROUP: FMA Files Criminal Charges Against Founder
-------------------------------------------------------------
The Financial Markets Authority (FMA) has filed criminal charges
against an individual in relation to the Forestlands group of
companies, for alleged disclosure and financial record keeping
breaches.

The FMA claims relate to:

   * omissions of security arrangements of an externally borrowed
     NZD1 million loan from the financial statements of certain
     Forestlands companies, which the FMA say were knowingly
     omitted and misrepresented their financial position (three
     charges under the Financial Reporting Act);

   * failures to file the Forestlands companies' financial
     statements for the financial years ending in March 2015, 2016

     and 2017 (18 charges under the Financial Markets Conduct Act
     2013 and Crimes Act 1961, and 36 charges under the Financial
     Reporting Act 1993);

   * failures to keep proper accounting records (18 charges under
     the Companies Act 1993); and

   * failures to keep and supervise share registers (36 charges
     under the Companies Act 1993).

The multiple charges for each issue reflects that the Forestlands
group consists of 18 different numbered companies (i.e. Forestlands
No. 2-12 and 14-20).

The leading three charges under the Financial Reporting Act carry a
maximum penalty of five years' imprisonment and/or a fine of up to
NZD200,000. The charges were filed in the Nelson District Court.

From 1998 to 2011 Forestlands New Zealand Limited and its 18
related companies were incorporated, which each raised up to
NZD2.75 million from the public via share offer.

Shares in the companies were divided into three categories: Class
A, Class B and Class C. Public investors were subscribed to Class B
shares, which were entitled to any dividends, or distributions from
a wind up, but had no voting rights.

Nick Kynoch, FMA General Counsel, said: "The Forestlands companies
raised a significant sum from the public and investors were left in
the dark and concerned for their hard-earned money. Businesses must
maintain proper accounting records and ensure financial statements
are accurate.

"The Forestlands investment structure gave investors very little
control but a fundamental right they had was access to financial
information. We are seeking to hold this conduct to account,
however we recognise shareholders may be left out of pocket."

The individual facing charges can now be named as Rowan Charles
Kearns, the founder and sole director of the Forestlands group.

                         About Forestlands

Forestlands claimed to have owned 1,934 hectares of forest land on
the east coast of the North Island and in the south-west of the
South Island.

After the Forestlands group ran into financial difficulty, a sale
process was commenced in mid-2015, but investors were not notified
or consulted.

Investors began to raise concerns about the lack of financial
information and rumors around the sale of the forestry assets and
the associated treatment of investor funds. In October 2016, the
forestry assets were sold for approximately NZD23.5 million and in
early 2017, at the direction of the FMA, NZD18 million was placed
in trust to secure the interests of investors.

In September 2018, the FMA successfully applied for the 18 numbered
Forestlands companies (which raised money from the public) to be
placed into liquidation after determining that insufficient
progress had been made towards completing the shareholder
distribution process. The liquidation process is ongoing and the
FMA has not sought costs.

Investor updates can be found on the liquidators' (Calibre
Partners) website.

Forestlands New Zealand Ltd was liquidated separately as it was not
a financial markets participant.


STA TRAVEL: Used NZ Customers' Money to Cover Wages, Rent
---------------------------------------------------------
Checkpoint reports that STA Travel has been using New Zealand
customers' deposits for overseas holidays to cover company wages
and office rent.

In its first report back to creditors, administrators Deloitte said
they have uncovered a "significant co-mingling of funds" within
company bank accounts in New Zealand and globally, Checkpoint
relays.

That has prompted a warning for Kiwi travellers considering using
agents not registered with the industry association, the report
says.

Abbey L'Estrange missed out on a three-month trip of a lifetime
when Covid-19 shut borders around the world.  But to make it worse,
she has now lost NZD10,000 due to STA Travel's nosedive into
insolvency.

"I was hoping I could possibly put it towards buying a house this
year to make something good out of 2020. I wasn't able to go on my
travel plans, I thought that could be something good to come out of
it but if I don't see any of that back it's probably not going to
happen," Checkpoint quotes Ms. L'Estrange as saying.

Travellers like Abbey, who deposited thousands of dollars for their
overseas trips, could be forgiven for thinking those funds were
going towards their dream getaways.

But sources inside STA have told Checkpoint that was not always the
case, and customers' funds were instead often syphoned off to pay
for company expenses.

Those claims are confirmed in a just-released report by
administrators Deloitte, obtained by Checkpoint.

It stated that money held by STA -- in the form of customers'
deposits for trips, as well as refunds paid back by providers like
airlines for trips that never happened -- has been squandered
elsewhere, according to Checkpoint.

"Was money received by STA relating to client refunds and deposits
used for operating expenses, such as staff wages, PAYE and rent? We
are still working through that but it would appear the answer to
that question is yes," administrator and Deloitte's national head
of restructuring services David Webb said, Checkpoint relays.

With his colleague Colin Owens, he has been investigating the cause
and fallout of STA Travel NZ's closure, which was proceeded by the
failure of Swiss-based parent company STA Travel Holdings AG.

He said many out-of-pocket STA customers believe their deposits and
refunds were held in a trust account by STA Travel NZ.

"The monies were not held in a trust account," Checkpoint quotes
Mr. Webb as saying.

Instead, they were held in a so-called client fund account.

According to Checkpoint, the administrators' investigations have
found that funds in that account were forwarded to STA
international entities for supplier payments.

Funds were also funnelled into STA Travel NZ's operating account,
and from there used to pay for company expenses, Checkpoint
relays.

As to whether it was legal, Mr. Webb said he would not comment, but
repeated that the monies were not held in a trust account.

"There's not actual law saying that the travel agents have to hold
the money in a trust fund, it's not like a real estate agent or
anything like that," University of Auckland associate professor in
commercial law Alex Sims told Checkpoint.

However, Mr. Sims said the issue of agencies not using customers'
funds to pay for their travel had caused issues in the past.

The practice raised eyebrows for the liquidator investigating the
affairs of Auckland's Guru Travel, when it failed last year.

"The liquidator actually said they thought it was irregular that it
wasn't being held. So it may be a thing that's done in the
industry, but it doesn't actually mean to say they legally have
to."

In the Deloitte report to creditors, Messrs. Webb and Owens said
they have faced difficulties accessing records for the company.

Financial records have been particularly hard to come by, because
they were prepared and maintained by an STA team located in
Romania.

STA Travel NZ's downfall has prompted Mr. Webb to give a word of
warning for New Zealand travellers.

"It's really important that when people are booking with travel
agencies that they are, particularly here in New Zealand,
registered with TAANZ – the Travel Agents Association of NZ –
but also where possible, booking on credit cards which give you the
ability for further insurance."

But that word of warning's no help for customers already stung by
the STA mess, like Ms. L'Estrange.

"It's been pretty stressful. NZD10,000 is a lot of money to lose,"
she said.

And it only gets worse for creditors of STA Travel NZ, with losses
now totalling NZD11.1 million and counting.

STA Travel's global management has not replied to requests for
comment, and STA Travel's New Zealand former general manager has
directed questions to administrators, Checkpoint adds.

                          About STA Travel

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

Jason Mark Tracy and Timothy Bryce Norman of Deloitte were
appointed as administrators of STA Travel Pty. Ltd., STA Travel
Academic Pty Limited, and IEP Pty Limited on Aug. 21, 2020.

In August, the Zurich-based parent company of STA Travel, which has
52 UK stores, filed for insolvency and appointed an external
administrator.

Swiss holding company STA Travel Holding AG, which is owned by
Diethelm Keller Holding (DKH), said that the COVID-19 pandemic had
"brought the travel industry to a standstill", Business Sale said.



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

EAGLE HOSPITALITY: To Scrap Master Leases After Multiple Defaults
-----------------------------------------------------------------
Uma Devi at The Business Times reports that troubled Eagle
Hospitality Trust (EHT) has issued notices of termination of master
lease agreements (MLAs) to the master lessees of all its 18
properties, describing the current arrangement as "unviable".

The termination is slated to occur 10 days after the delivery of
the notices, said the stapled group's managers on Sept. 24.

They cited "multitude of defaults" under the MLAs by the master
lessees, which are part of EHT sponsor Urban Commons, BT says.

Among the ongoing events of default are the "substantially unpaid"
monthly fixed rent, variable rent and additional rent for January
to August this year for all properties; the repeated failure to pay
outgoings such as insurance premiums; and the failure to furnish
the full amount of the security deposit required under the MLAs by
the due date for most of EHT's hotels, the managers added,
according to BT.

Regarding the "unviable" MLA construct, the managers claimed they
have had to 'fund millions worth of necessary and critical
operating expenses" of EHT and its portfolio as a result of the
master lessees' continuing defaults, BT relates.

"Over the past few months, the available funds of EHT have been
decreasing in order to fund such expenses, a substantial portion of
which are the obligations and liabilities of the master lessees
under the MLAs," they noted.

BT says the latest termination notices came shortly after the
managers served "pay/perform or quit" statutory notices to some
master lessees.

BT relates that the "pay/perform or quit" notices, issued on Sept.
17, implied that the master lessees should pay the outstanding rent
and/or perform the defaulted non-rent obligations within a deadline
of between three and 15 days, or they should "peacefully vacate"
and surrender the property.

On Sept. 24, the managers said that terminating the MLAs was a
required condition of the lenders' consent to continued extension
of further forbearance arrangements, and it is crucial for EHT to
take control of the hotels so it can implement potential temporary
arrangements for the properties.

Notwithstanding the termination, the managers said the master
lessors--subsidiaries of EHT's real estate investment trust (Reit),
EH-Reit--will not be waiving any rights or remedies relating to the
liabilities and/or obligations of the master lessees under the
MLAs, including those accrued before the agreements are scrapped,
BT relays.

The EHT managers added that they continue to be in dialogue with
the master lessees on possible resolutions to past defaults and/or
obligations, BT reports.

In the interim, EH-Reit and the master lessors will continue to
provide oversight of the hotels until longer-term replacement
lessee solutions are found.

This arrangement is necessary and integral to facilitate [ITS] the
stapled group's restructuring process, according to the managers,
relays BT.

                      About Eagle Hospitality

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
31, 2020, The Business Times said independent auditors KPMG have
issued a disclaimer of opinion in respect of the financial
statements of EHT, which released the independent auditors' report
on Aug. 28, after market close.  The auditors had been tasked to
audit the financial statements of EH-BT, EH-Reit and its
subsidiaries, and of EHT. The audit covered their respective
financial positions as at Dec. 31, 2019, and their fund movements
from April 11 till that date.  In the report dated Aug. 14, the
auditors said that they "have not been able to obtain sufficient
appropriate audit evidence to provide a basis for an audit opinion
on these financial statements".

"Accordingly, we do not express an opinion on the accompanying
financial statements of EH-BT and consolidated financial statements
of EH-Reit Group and EHT."

SWEE HONG: Terminates General Manager Ahead of Delisting
--------------------------------------------------------
Annabeth Leow at The Business Times reports that watch-listed
construction company Swee Hong, which has been ordered to delist
today, Sept. 24, has ended the employment of its general manager.

Moorthy Varadhan, 53, was terminated on Sept. 23 and will be
redesignated a non-executive director of the six-man board, said a
bourse filing late on Sept. 23, according to BT.

In his role as general manager since Sept 2017, Mr. Varadhan had
been in charge of handling the company's projects, contracts and
general administration.

According to BT, the board disclosed on Sept. 20 that the Singapore
Exchange had turned down both its appeal against delisting and its
request for six more months to submit a trading resumption
proposal.

It added at the time that Swee Hong's financial position and status
left it unable to make any exit offer to its shareholders, BT
says.

Trading in Swee Hong shares has been suspended since May 2019, the
report notes.  

                           About Swee Hong

Swee Hong Ltd (SGX:QF6) -- http://sweehong.sg/-- is a
Singapore-based company, which is engaged in the business of
building construction and investment holding. Its segments include
Civil Engineering and Tunnelling. The Civil Engineering segment
includes civil engineering works, such as road construction works,
road maintenance works, sewerage rehabilitation (excluding
tunneling works), drains (excluding tunneling works), soil
improvement works and other infrastructure works. The Tunnelling
segment includes micro-tunneling works. The Company's ongoing
projects include road widening of upper Paya Lebar road from Upper
Serangoon road to Bartley road and sewer diversion at Springleaf
station. The Company focuses on Parks and Services, Infrastructure
Construction and Tunneling. It provides services, such as
architectural, mechanical and electrical (M&E); civil and structure
(C&S); soil works; landscaping; roads; bridges; flyover; canals,
and project management.


                           *********


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

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

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

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

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



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