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

                     A S I A   P A C I F I C

          Friday, September 25, 2020, Vol. 23, No. 193

                           Headlines



A U S T R A L I A

AGRITRADE PACIFIC: First Creditors' Meeting Set for Oct. 6
LDJD INVESTMENTS: First Creditors' Meeting Set for Oct. 2
[*] AUSTRALIA: To Overhaul Bankruptcy Laws for Small Businesses


C H I N A

AIRNET TECHNOLOGY: Receives Deficiency Letter from Nasdaq
CHINA FORTUNE: Moody's Rates Unit's Proposed USD Notes 'Ba3'
KAISA GROUP: Moody's Rates Senior Perpetual Securities 'B2'


I N D I A

A.S. CARGO: CRISIL Keeps B+ Debt Rating in Not Cooperating
ARTIFACTS INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BIVAB DEVELOPERS: CRISIL Raises Rating on INR.1cr Loan to B+
D.R. DISTRIBUTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
DIVINE INFRACON: CRISIL Keeps D Debt Rating in Not Cooperating

DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating
FAIRDEAL AGENCIES: CRISIL Keeps B+ Ratings in Not Cooperating
GR8 CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
GREENWOOD POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
HEXA CERAMIC: CRISIL Lowers Rating on INR9.0cr Loans to B

KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
KIRAN INDUSTRIES: Ind-Ra Moves BB+ Issuer Rating in NonCooperating
L R N FINANCE: CRISIL Keeps D Debt Rating in Not Cooperating
M.S. RAMAIAH: CRISIL Withdraws B+ Rating on INR12cr LT Loan
NAVA BHARATH: Ind-Ra Lowers Bank Loan Rating to 'D'

OPUS INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating
OZON VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PALAPPILLIL TECHNO: CRISIL Keeps B Ratings in Not Cooperating
PARANJAPE SCHEMES: CRISIL Keeps B Debt Ratings in Not Cooperating
PRAYAS STEELS: CRISIL Keeps B Debt Rating in Not Cooperating

PROARCH IT: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAHEEM INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
RAI RAJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAMKRISHNA COTSPIN: CRISIL Keeps B+ Ratings in Not Cooperating
RAVIKIRAN CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating

REACH LOGISTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
REFLECTION INVESTMENTS: CRISIL Keeps D Ratings in Not Cooperating
REFRATHERM INT'L: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RELIXIR PHARMA: CRISIL Keeps B Debt Ratings in Not Cooperating
T R SAWHNEY: CRISIL Withdraws B+ Ratings on INR60cr Loans

[*] INDIA: Proposes Extending Suspension of Bankruptcy Filings


J A P A N

JAPAN LIFE: Former Chairman and 13 Others Arrested Over Fraud
UNIVERSAL ENTERTAINMENT: Fitch Affirms 'B' LT IDR, Outlook Neg.
UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B' on Weak Prospects
[*] JAPAN: Number of Shuttered Firms up 24% in January-August


L A O S

LAOS: Fitch Cuts LT IDR to 'CCC' on External Liquidity Pressures


S I N G A P O R E

HIN LEONG: PwC, Two Law Firms Could Rack Up to SGD17.3MM in Fees
KS ENERGY: Hearing on OCBC Bid to Place Firm Under JM on Oct. 13

                           - - - - -


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

AGRITRADE PACIFIC: First Creditors' Meeting Set for Oct. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Agritrade
Pacific Pty Ltd will be held on Oct. 6, 2020, at 11:00 a.m. via
electronic means.

Ahmed Sowaid & Jason Tang of Cor Cordis were appointed as
administrators of Agritrade Pacific on Sept. 23, 2020.

LDJD INVESTMENTS: First Creditors' Meeting Set for Oct. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of LDJD
Investments Pty Ltd will be held on Oct. 2, 2020, at 10:00 a.m. via
Teleconference.

Desmond Teng and Gavin Moss of Chifley Advisory Pty Ltd were
appointed as administrators of LDJD Investments on Sept. 22, 2020.


[*] AUSTRALIA: To Overhaul Bankruptcy Laws for Small Businesses
---------------------------------------------------------------
Reuters reports that Australia on Sept. 24 unveiled its biggest
shakeup in bankruptcy laws in nearly three decades, allowing small
businesses to trade while insolvent and take more control over debt
restructuring, in a bid to help firms through the coronavirus
crisis.

According to Reuters, the new rules will help manage an expected
avalanche of insolvencies when wage subsidies introduced to help
companies survive the virus-triggered recession start to wind down
early next year.

Under the proposed rule changes, businesses with liabilities of
less than AUD1 million ($708,000) will be able to keep operating
for 20 business days while they come up with a debt restructuring
plan, rather than be placed in the hands of administrators, Reuters
says.

The changes, effective from Jan. 1, 2021, aim to move the system
"from a rigid, one-size-fits-all creditor in possession model to a
more flexible debtor in possession model," Federal Treasurer Josh
Frydenberg said in a statement, according to Reuters.

Reuters relates that the government would adopt some rules from the
U.S.-style Chapter 11 bankruptcy process, he said, which gives
struggling companies a window to restructure debt while being
protected from the threat of legal action by creditors.

"It is welcome news that there will be a quick and cheap process
for small business to either rehabilitate or be wound up," Reuters
quotes Maria O'Brien, the Australian head of lawyer Baker
McKenzie's restructuring and insolvency practice, as saying.

However, unlike the Chapter 11 process, Australia's new
restructuring process will not be court-supervised, and she warned
that the reforms, whose details have not been released, needed to
ensure adequate oversight to avoid abuses, Reuters relays.

Reuters says Australia has largely escaped the high number of
deaths from the coronavirus pandemic recorded in other developed
nations, helped by strict lockdowns, but the curbs have taken a
steep toll on the economy.

To lessen the impact, the government rolled out stimulus packages
worth about AUD314 billion, including wages subsidies, but it
expects a wave of insolvencies when they expire, Reuters notes.



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C H I N A
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AIRNET TECHNOLOGY: Receives Deficiency Letter from Nasdaq
---------------------------------------------------------
AirNet Technology Inc., formerly known as AirMedia Group Inc.,
received a notification letter dated Sept. 16, 2020 from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
notifying that the Company is no longer in compliance with the
Nasdaq Listing Rule 5550(b)(1) for continued listing due to its
failure to maintain a minimum of $2.5 million in stockholders'
equity.  In the Company's Form 20-F for the fiscal year ended Dec.
31, 2019, the Company reported a negative stockholders' equity of
approximately $19 million.  Nasdaq also determined that the Company
does not meet the alternatives of market value of listed securities
or net income from continuing operations for continued listing.

The Deficiency Letter does not result in the immediate delisting of
the Company's ordinary shares represented by American depositary
shares on the Nasdaq Capital Market.  The Company has 45 calendar
days from the date of the Deficiency Letter, or until Nov. 2, 2020,
to submit a plan to Nasdaq to regain compliance with the minimum
stockholders' equity standard.  If the Compliance Plan is accepted
by Nasdaq, the Company may be granted a compliance period of up to
180 calendar days from the date of the Deficiency Letter to
evidence compliance.  However, since Nasdaq previously notified the
Company that its bid price compliance period expires on Dec. 10,
2020, the Compliance Plan shall also set forth a plan to address
the minimum bid price requirement by such date.

The Company's management is looking into various options available
to regain compliance and maintain its continued listing on the
Nasdaq Capital Market.  The Company intends to submit the
Compliance Plan as soon as practicable.

This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt disclosure of receipt of a
notification of deficiency.

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, AirNet
Technology Inc., formerly known as AirMedia Group Inc., provides
in-flight solutions to connectivity, entertainment and digital
multimedia in China.  AirNet -- http://ir.ihangmei.com-- empowers
Chinese airlines with Internet connections through a network of
satellites and land-based beacons, provides airline travelers with
interactive entertainment and a coverage of breaking news, and
furnishes corporate clients with advertisements tailored to the
perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in Beijing, China, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated Sept. 14, 2020, citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

AirNet reported a net loss of $33.90 million for the year ended
Dec. 31, 2019, compared to a net loss of $93.42 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$97.71 million in total assets, $116.7 million in total
liabilities, and a total deficit of $18.96 million.

CHINA FORTUNE: Moody's Rates Unit's Proposed USD Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the proposed USD notes to be issued by CFLD (Cayman)
Investment Ltd., an indirect wholly-owned subsidiary of China
Fortune Land Development Co., Ltd. (CFLD, Ba3 negative). The notes
will be unconditionally and irrevocably guaranteed by CFLD.

The rating outlook is negative.

CFLD will use the proceeds from the note issuance for debt
refinancing.

RATINGS RATIONALE

"CFLD's Ba3 corporate family rating (CFR) reflects its standalone
credit strength and a one-notch uplift based on Moody's expectation
that Ping An Life Insurance Company of China, Ltd. (A2 stable), the
company's second-largest shareholder with a 25% equity stake, will
provide support to CFLD in times of need," says Danny Chan, a
Moody's Assistant Vice President and Analyst.

"The proposed notes will improve CFLD's liquidity and debt maturity
profile without substantially impacting its credit metrics, because
the proceeds will be mainly used for debt refinancing," adds Chan.

CFLD's standalone credit strength reflects (1) its track record of
developing industrial parks and residential properties in the
Beijing-Tianjin-Hebei area with operational oversight on completed
industrial parks, and (2) the company's diversified revenue
sources.

However, the company's standalone credit strength is constrained by
(1) its high debt leverage because of high funding needs, and (2)
its concentrated geographic coverage.

Moody's expects CFLD's leverage to remain at around 51% over the
next 12-18 months with stabilized revenue growth and controlled
land acquisitions, similar to the 50% it recorded for the twelve
months ended June 30, 2020. Its diversified income sources will
help offset its volatile property development business.

Meanwhile, the company's adjusted EBIT/interest will slightly
decline to around 2.5x from 2.8x over the same period. This
weakening will be driven by likely higher interest expenses and
narrowing profit margins. These ratios are still appropriate for
CFLD's current rating level, but they position the company at the
weak end of the rating thresholds.

CFLD's contracted sales in its residential property segment fell
59% year-on-year to RMB19.6 billion in the first half of 2020 amid
COVID-19. Moody's expects CFLD's sales performance from residential
property development to recover but remain sluggish in the coming
12-18 months, because it will take time for the company to ramp up
its operations following its shift in focus to non-Beijing areas in
recent years.

CFLD Cayman's senior unsecured rating is unaffected by
subordination risk from claims at the operating companies, because
Moody's expects financial support from Ping An Life to flow through
the holding company of CFLD rather than directly to the main
operating companies, thereby mitigating any differences in expected
loss that could result from structural subordination.

Moody's expects CFLD, under the ownership of Ping An Life, will
enhance its management capability, business planning, financial
management on debt and operating cash flow, and access to bank
financing and the capital markets.

With regards to governance risk, Moody's has considered the
concentration of ownership in its controlling shareholder, Mr.
Wen-Xue Wang, who collectively with persons acting in concert, held
a 37.20% stake in the company at the end of June 2020, with 32.13%
of this stake pledged as of the same date. This risk is partly
mitigated by the presence of Ping An Life, which owns a 25.0%
stake, holds two of ten seats on the board of directors and
oversees CFLD's corporate governance and financial management.

CFLD's liquidity is weak. Its cash holdings of RMB41 billion at the
end of June 2020 and estimated operating cash flows will not be
sufficient to cover its debt maturities, as well as unpaid
committed land premiums in the next 12-18 months.

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

The negative outlook reflects Moody's concerns over CFLD's weakened
operating performance and liquidity, and the uncertainty around the
pace of recovery over the next 12-18 months.

An upgrade of CFLD's CFR is unlikely in the near term, given the
negative rating outlook.

However, the rating outlook could return to stable if the company
(1) improves its execution and contracted sales growth, (2)
maintains stable margins, (3) strengthens its liquidity, and (4)
improves its credit metrics, such that revenue/adjusted debt trends
to 55%-60% and EBIT/interest to 3x.

On the other hand, CFLD's ratings could be downgraded if (1)
contracted sales and/or revenues from its industrial park business
decline, (2) credit metrics remains weak, such that
revenue/adjusted debt stays below 50%-55% and EBIT/interest below
2.25x-2.5x, or (3) its liquidity position weakens.

Any material reduction in the ownership by or signs of weakening
support from Ping An Life could also result in a downgrade of
CFLD's ratings.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

China Fortune Land Development Co., Ltd. was established in 1998
and listed on the Shanghai Stock Exchange in 2011. The company
engages in residential property development and the investment and
operation of integrated industrial parks. The company's industrial
park businesses include primary land development, infrastructure
development and construction, industry development services, and
property management and public services.

KAISA GROUP: Moody's Rates Senior Perpetual Securities 'B2'
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the senior perpetual securities to be issued by Kaisa Group
Holdings Ltd (B1 stable).

The perpetual securities will rank pari passu with all of its other
present and future unsecured and unsubordinated obligations.

Kaisa plans to use the proceeds from the proposed issuance to
refinance its medium to long-term offshore debt coming due within
one year.

RATINGS RATIONALE

"Kaisa's B1 corporate family rating (CFR) reflects the company's
(1) strong brand and sales execution in the Guangdong-Hong
Kong-Macao Bay Area (the Greater Bay Area); (2) established track
record of completing high-margin urban redevelopment projects; and
(3) good-quality land bank in high-tier cities such as Shenzhen,"
says Danny Chan, a Moody's Assistant Vice President and Analyst.

"However, the rating is constrained by the company's improving but
still moderate credit metrics, narrowed funding channels and the
resulting high financing costs," adds Chan.

Kaisa's B2 senior unsecured rating is one notch lower than the
company's B1 CFR due to structural subordination risk. This risk
reflects the fact that the majority of Kaisa's claims are at its
operating subsidiaries and have priority over claims at the holding
company in a bankruptcy scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

The B2 senior unsecured rating for the proposed perpetual
securities also considers (1) Moody's treatment of the proposed
perpetual securities as pure debt instruments, meaning it does not
apply any equity treatment to these securities; (2) the fact that
the securities will rank pari passu with all of Kaisa's other
present and future senior obligations.

Moody's notes that the perpetual securities will provide Kaisa with
the option to defer coupons on a cumulative basis. The rating on
the perpetual securities could be lowered—relative to the
company's senior unsecured rating—if Moody's expects the company
will defer many payments in advance of default.

The proposed issuance will improve Kaisa's liquidity position and
lengthen its debt maturity profile without a material impact on its
credit metrics, because the company plans to use the proceeds to
refinance existing debt.

Moody's expects Kaisa's revenue/adjusted debt to improve to about
55%-60% over the next 12-18 months from 43% for the 12 months ended
June 2020 on the back of controlled debt growth and increased
revenue, which is in turn supported by the company's robust
contracted sales growth.

Likewise, Kaisa's EBIT/interest coverage should improve to
2.0x-2.5x from 1.8x over the same period.

Kaisa's total contracted sales grew 24% year-over-year for the
first eight months of 2020, reaching about RMB55 billion. Moody's
expects the company's sales growth to remain strong in the next
12-18 months with the support of its strong brand name, quality
saleable resources and stable economic growth in its core markets -
Shenzhen and other cities in the Greater Bay Area.

Kaisa's liquidity profile is adequate. Moody's expects Kaisa's cash
holdings together with its operating cash flow will be sufficient
to cover its maturing and committed land payments over the next
12-18 months.

The company's cash holdings of RMB37.6 billion (including
restricted cash of RMB5.5 billion) as of June 2020 were sufficient
to cover its short-term debt of RMB31.6 billion as of the same
date.

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

Kaisa's stable outlook reflects Moody's expectation that the
company will maintain healthy contracted sales growth and adequate
liquidity over the next 12-18 months.

Kaisa's rating could be upgraded if the company (1) maintains its
adequate liquidity; (2) diversifies its funding channels; and (3)
improves its adjusted EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.

On the other hand, Moody's could downgrade the rating if the
company fails to achieve sales growth or aggressively acquires land
beyond Moody's expectation, such that its financial metrics and
liquidity deteriorate.

Credit metrics that could trigger a downgrade include (1)
revenue/adjusted debt falling below 50%; (2) adjusted EBIT/interest
coverage falling below 2.0x; or (3) cash to short-term debt falling
below 1.0x-1.5x on a sustained basis.

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

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the Greater Bay
Area. At June 30, 2020, the company's land bank comprised an
aggregate gross floor area of 26.8 million square meters of
saleable resources across 47 cities in China.

Kaisa is also engaged in property management and non-property
related businesses. As of August 2020, Kaisa was 39.25% owned by
its founder, Mr. Kwok Ying Shing and his family members.



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I N D I A
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A.S. CARGO: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of A.S. Cargo Movers
Private Limited (ASCM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental
   Discounting Loan      61         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

ASCM, established in 1992, operates warehouses in several
industrial regions in Tamil Nadu and Karnataka to meet the
requirements of customers. Mr Amar Rahman and his family are the
promoters.

ARTIFACTS INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Artifacts India (AI)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Long Term Loan         3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

AI is a Delhi-based proprietorship firm started by Mr Ravindra
Saran in 1994. The firm manufactures paper handicraft products and
is a 100% export unit. Its manufacturing units are located in Delhi
and Kundli, Haryana.

BIVAB DEVELOPERS: CRISIL Raises Rating on INR.1cr Loan to B+
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings of Bivab Developers Private
Limited (BDPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the ratings on bank facilities of BDPL to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             4.9        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan              .1        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

The rating upgrade is on the account of successful completion of
ongoing projects and healthy sales booking, leading to improvement
in cash debt service coverage ratio (DSCR).

The ratings also reflect the company's vulnerability to cyclicality
inherent in the Indian real estate industry. These weaknesses are
partially offset by the extensive experience of the promoters in
the real estate industry.

Key Rating Drivers & Detailed Description

Weakness:
* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and affected
by volatile prices, opaque transactions and a highly fragmented
market structure. Hence, the business risk profile will remain
susceptible to risks arising from any slowdown in the industry.

Strength:
* Promoters' extensive experience in the real estate business- The
promoters have about 20 years of experience in real estate
development and a successful track record in project
implementation.

Liquidity Stretched
The liquidity risk profile of the company has been constrained on
account of moderate utilisation 90% of overdraft limit of INR4.90
crore. Also, the timely execution of projects is entirely dependent
on the flow of customer advances. Furthermore, the company's cash
and bank balance remained modest at INR0.53 crore as on March 31,
2020.

Outlook: Stable

CRISIL believes the business risk profile will improve, over the
medium term, on the back of the extensive experience of the
promoters.

Rating Sensitivity factors

Upward factors:
* Increase in scale of operations by 20% and rise in
profitability.
* Higher customer advances resulting subsequent cash flow from
operations.
* Improvement in the working capital cycle

Downward factors:
* Decline in scale of operations by more than 20%.
* Low cash flow from operations due to subdued response, leading to
lower cash flow and hence affecting liquidity.
* Stretch in the working capital cycle

BDPL was formed in 1997 by Mr. Binay Krishna Das and his wife Mrs
Eva Pattanaik in Orissa. The company is in the real estate business
and develops and constructs residential buildings.

D.R. DISTRIBUTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of D.R. Distributors
Private Limited (DRDPL) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Set up as a partnership firm in 1985 and reconstituted as a private
limited company in 2004, DRDPL is promoted by Mr. Dinesh Gupta, his
wife, Ms. Rajni Gupta, and their son, Mr. Vipul Gupta. The company
distributes pharmaceutical formulations in the form of tablets,
syrups, and injectable in South Delhi.

DIVINE INFRACON: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Divine Infracon
Private Limited (DIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             373        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by its
O&M partner, Carlson. DIPL commenced operations in April 2011 and
recorded revenue of INR238 million for the first half of fiscal
2013. The company incurred an operating loss of INR424 million in
the first half of fiscal 2013, mainly because of low occupancy rate
resulting in low cash generation. The company is promoted by Mr.
Sant Lal Aggarwal and Mr. Satish Kumar Pahwa, who have experience
in the real estate industry.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           14         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       4         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). The two companies, together referred to as the Durable
group, have common teams managing key functions, such as finance,
marketing, and procurement, at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.


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

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

FAIRDEAL AGENCIES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Fairdeal Agencies
Private Limited (FAPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Long Term Loan        6.95       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft             3          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in April 2012, FAPL trades in welding equipment,
including metal inert gas (MIG) and tungsten inert gas (TIG)
equipment, and high-end welding robots. The company is the
exclusive distributor of welding equipment, manufactured by
Panasonic, for the western territory of India, and also deals in
other equipment brands such as Grindwell Norton and Bosch. The
Ludhiana-based company has been promoted by Mr. Girdhar Goyal and
Mr. Madan Goyal.


GR8 CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of GR8 Constructions
Private Limited (GR8) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GR8 for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GR8, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GR8 is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of GR8
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

GCPL was established in 2005, promoted by Mr. Pathapati Venkata
Srinivasa Raju, who also manages operations. The company undertakes
residential real estate construction at Bhimavaram in
Visakhapatnam. It has one ongoing project.

GREENWOOD POULTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Greenwood Poultries
(GP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        6.97       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Established in 2014 and based in Saharanpur (Uttar Pradesh), GP is
engaged in the poultry business and produces hatching eggs. The
firm is promoted by Mr. Rajendra Prasad Aggrawal and his family.



HEXA CERAMIC: CRISIL Lowers Rating on INR9.0cr Loans to B
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Hexa Ceramic
Private Limited (HCPL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             4.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')
     
CRISIL has been consistently following up with HCPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HCPL is a private limited company incorporated in 2008, in the
Morbi district of Gujarat and has a manufacturing unit of vitrified
tiles. It is promoted by Mr. Dinesh Patel.

KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Kakda Rolling Mills
(KRM) continues to be 'CRISIL D Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM ws converted into a partnership by Mr.Narendra K Goel and his
three sons . The firm manufactures TMT bars, and has a capacity of
150 tonnes per day (tpd) at Govindpura, Bhopal (MP).


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

The instrument-wise rating actions are:

-- INR280 mil. Term loan due on May 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR240 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR2 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1986, Kiran Industries manufactures polyester dyed
yarns, embroidery threads viscose/polyester and metallic yarns. The
company's registered office is in Surat, Gujarat.


L R N FINANCE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on the bank facilities and debt instruments
of L R N Finance Limited (LRN Finance) Finance continues to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term
   Bank Loan Facility       10         CRISIL D (ISSUER NOT
                                       COOPERATING)

CRISIL has followed up with LRN Finance for obtaining information
through letters and emails dated June 1, 2020 and August 31, 2020
among others, apart from telephonic communication. However, the
issuer has remained 'non cooperative'.

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

Detailed Rationale

On September 4, 2017, CRISIL had assigned 'CRISIL D' rating based
on an email communication received from the debenture trustee
stating that debenture holders had not received the redemption
amount, indicating delay in debt servicing by the issuer. The
company has remained closed since September 2017 and all the debt
obligations till August 2020 have remained unpaid as per email
communication received from the debenture trustee.

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the updated business or
financial performance or track record of debt servicing of LRN
Finance, which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on LRN Finance is consistent with the 'Assessing
Information adequacy risk'.

Based on the last available information and no updated information
that debt is now being serviced, the ratings on the bank facilities
and debt instruments of LRN Finance continues to be 'CRISIL D
Issuer Not Cooperating'.

LRN Finance was registered as a non-banking financial company. The
Reserve Bank of India cancelled the certificate of registration of
LRN Finance via an order dated September 27, 2016 prohibiting the
company to transact the business of a non-banking financial
institution, as defined in clause (a) of Section 45-IA of the RBI
Act, 1934. Adequate information about the company is also not
available in public domain as the company has last filed returns
with the Ministry of Corporate Affairs (MCA) on October 13, 2014.


M.S. RAMAIAH: CRISIL Withdraws B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of M.S.
Ramaiah University of Applied Sciences (MSRU) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         12       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Overdraft              32       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Rupee Term Loan         6       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with MSRU for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MSRU, a private university, was formed in December 2013, as per a
Karnataka state legislative order. It manages institutes offering
graduate, post-graduate, and doctorate courses in engineering,
dentistry, pharmacy, management, hotel management, and design,
among others.

NAVA BHARATH: Ind-Ra Lowers Bank Loan Rating to 'D'
---------------------------------------------------
India Ratings & Research (Ind-Ra) has downgraded Nava Bharath
Educational Trust's (NBET) bank loans' ratings to 'IND D (ISSUERs
NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best-available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.

The instrument-wise rating actions are:
-- INR86.08 mil. Bank loans downgraded with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR30 mil. Fund-based working capital limits downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by NBET.

COMPANY PROFILE

Established in 2007, NBET is registered as a public charitable
trust under the Indian Trusts Act, 1882. The trust's registered
office and schools are situated in Annur (Coimbatore).


OPUS INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Opus Industries
Private Limited (OIPL) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Term Loan         27        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

OIPL was incorporated in 2012 in Hyderabad, to manufacture AAC
blocks and market them under its own brand - 'Aerobild'. The
manufacturing facility is located at Kodad in Nalgonda district of
Telangana.  Operations are managed by Mr. V Raghuram and his wife,
Mrs V Amulya.

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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.8        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           8          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             6.7        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Ozon, established in 2010, manufactures vitrified tiles at its
plant in Morbi, Gujarat. The company's tiles are among the premium
brands because of nano polish technology. It has also started
manufacturing digitally printed tiles from fiscal 2016. The company
has an installed capacity of 43,000 tonne per annum.

PALAPPILLIL TECHNO: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Palappillil Techno
Rubbers (PTR) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        5.6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash
   Credit Limit          1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

PTR was set up in 2018 by the partners, namely Mr. PM Varghese ,
Mr. Sajeev Kurian, Mathew V. Palappillil,PV Kuriakose & Pu. Atlias.
And iss engaged  in establishing a crumb rubber factory having a
manufacturing capacity of 9,000 tonne crumb rubber annually on a
three-shift basis. The facility may commence operations by
September 2018.


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

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

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

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

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

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

Detailed Rationale

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

As per the terms of the debentures and the subsequent extension
approved by the debenture trustee, the interest from 1st January,
2017 till 30th September, 2017 and 1st October 2017 till 31st March
2018 had to be paid by PSCL on or before 10th September, 2020.
However company had made request to investor for extension of the
said interest which was approved by investors before the due date
and now due date for payment of interest is 24th September, 2020.
Further the debenture trustee vide letter dated 10th September
2020; also gave consent for same.

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

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

PRAYAS STEELS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Prayas Steels Private
Limited (PSPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

Set up in 2005, PSPL is promoted by Mr. Dev Dutt and his family
members. The company trades in iron and steel products. It sells
its products mainly to clients manufacturing automotive components.

PROARCH IT: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Proarch IT Solutions
Private Limited (ProArch) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      15        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with ProArch for
obtaining information through letters and emails dated February 12,
2020 and August 31, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Founded in 2006 and based in Hyderabad, ProArch is engaged in
Advisory and Software Development solutions. It is promoted by Mr.
Santosh and Mr. Lakshman.


RAHEEM INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Raheem Industries
(RI) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term       1.63      CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Standby Line             1.05      CRISIL D (ISSUER NOT
   of Credit                          COOPERATING)

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

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

Detailed Rationale

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

RI was established as a partnership firm in 2005 by Mr. Abdul
Qayyum, Mr. Iqbal Ahmed, and their families. The firm processes
paddy into basmati and non-basmati rice. The processing unit at
Bareilly, Uttar Pradesh, has a capacity of around 7 tonne per hour.


RAI RAJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Rai Raj Construction
Private Limited (RRCPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-         2.5       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

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

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

Detailed Rationale

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

RRCPL, incorporated in 2007, undertakes civil construction work,
mainly related to construction of roads. The company is based in
Vaishali, Bihar, and its operations are managed by Mr. Baidya Nath
Rai.RRCPL, incorporated in 2007, undertakes civil construction
work, mainly related to construction of roads. The company is based
in Vaishali, Bihar, and its operations are managed by Mr. Baidya
Nath Rai.

RAMKRISHNA COTSPIN: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ramkrishna Cotspin
Private Limited (RCPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.75       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

   Long Term Loan       61          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.75       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2015, RCPL is promoted by Mr. Hasmukhbhai Patel
'with two decades of experience in the cotton ginning and trading
industry. RCPL is setting up a plant for the manufacture of cotton
yarn, primarily 30s count, used for knitting and weaving. The plant
is expected to commence production in December 2016.

RAVIKIRAN CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ravikiran
Construction (RC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

   Proposed Long Term    1.5        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

RC, a proprietorship firm, based out of Aurangabad (Maharashtra),
was established in 2006 by Mr. Kiran Wadi. It is engaged in civil
construction business and executes projects for state government
authorities such as Public Works Department (PWD) and APMC Jalna
etc. The scope of construction encompasses construction of roads,
earthen work and Buildings.


REACH LOGISTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Reach Logistics
Private Limited (RLPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term     1         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

Established in 1990 Mr. Amar Rahman, RLPL provides carrying &
forwarding services to, and undertakes logistical activities for,
clients in Tamil Nadu and Karnataka.

REFLECTION INVESTMENTS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Reflection
Investments continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        14         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Bank          2         CRISIL D (ISSUER NOT
   Guarantee                        COOPERATING)

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

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

Detailed Rationale

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

A Chennai-based retail broking firm, Reflection Investments
received trading membership on the National Stock Exchange (NSE) in
1995 under the registered partnership category. It commenced
operations in the cash segment in October 1995 and became a member
in the derivatives segment in 2001. The firm, which also has a
branch in Bengaluru, operates in primary as well as secondary
markets. Mr. Sambrani holds 88% of the shareholding, while Ms
Sambrani holds the remaining 12%. Net profit was INR11 lakh on
total income of INR1.8 crore in fiscal 2017, vis-a-vis INR14 lakh
and INR1.8 crore, respectively, in fiscal 2016.

REFRATHERM INT'L: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Refratherm
International Private Limited (RIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          10.96       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan            14.04       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

RIPL was incorporated in February 2007 and is engaged in
manufacturing of high quality Calcined Pet Coke (CPC) in different
specifications. The day-to-day operations of the company are looked
after by Mr. Krishnendu Shaw and his wife Mrs. Meeta Shaw, who are
the promoter-director of the company.

RELIXIR PHARMA: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Relixir
Pharmaceuticals Private Limited (RPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

   Long Term Loan      14.5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2011, RPPL, a Hyderabad based pharmaceutical
company, is currently setting up a manufacturing unit for generic
drugs spread across therapeutic segments. The company is expected
to commence operations in Dec 2018.

T R SAWHNEY: CRISIL Withdraws B+ Ratings on INR60cr Loans
---------------------------------------------------------
CRISIL has withdrawn its rating on INR40 Crore Inventory Funding
Facility of T R Sawhney Automobiles Private Limited (TRSAPL) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Inventory Funding     20         CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating/Withdrawn)

   Inventory Funding     40         CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating/Withdrawn)

CRISIL has been consistently following up with TRSAPL for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL has withdrawn its rating on INR40 Crore Inventory Funding
Facility of TRSAPL on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

The TR group, established in 1993, is based in Delhi and managed by
Mr. Rajeev Sawhney, Mr. Sanjeev Sawhney, and their sons. TRSMPL and
TRSAPL are authorised dealers of MSIL for NCR. The group commenced
operations from a single workshop in Delhi in 1993. Over the years,
it has expanded operations to 12 showrooms and 8 workshops.


[*] INDIA: Proposes Extending Suspension of Bankruptcy Filings
--------------------------------------------------------------
Bloomberg News reports that India's corporate affairs ministry is
proposing to extend a suspension of new bankruptcy filings that has
been in place since earlier this year, people familiar with the
matter said.

Bloomberg relates that the proposal is to extend the halt on new
bankruptcy cases for another six months past its currently
scheduled ending point this week. It must get final approval from
Finance and Corporate Affairs Minister Nirmala Sitharaman,
according to the people, who asked not to be identified because the
details are private, Bloomberg relays.

According to Bloomberg, the suspension has helped financially
strapped borrowers hit by the pandemic stay out of court, as the
government seeks to cushion an economy already contracting at the
worst pace in decades from more damage. But the move has challenged
banks, already saddled with one of the world's worst bad-debt
ratios, with further delays in clawing back money they are owed.

There have been concerns that any extensions to the bankruptcy halt
could make lenders balk at extending credit to businesses in Asia's
third-largest economy, Bloomberg says. The nation had already been
grappling with a shadow banking crisis that started in 2018, and
keeping money flowing to borrowers who need it is key to reviving
growth.

Prime Minister Narendra Modi's government in June had promulgated
an ordinance prohibiting initiation of fresh insolvency proceedings
against pandemic-hit companies for six months starting March 25,
recalls Bloomberg.

Bloomberg says Finance Minister Sitharaman had said last week that
the bankruptcy law aimed to keep the companies as going concerns
rather than liquidating them. As such, given the fact that
businesses have been hit hard by the virus outbreak, it would be
difficult to find buyers if a large number of companies are forced
into bankruptcy for resolution, she said.

There were 2,108 corporate insolvency cases as of June 2020, of
which some 1,094 cases have breached the 270 days time limit for
resolution, Bloomberg discloses citing government data.



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

JAPAN LIFE: Former Chairman and 13 Others Arrested Over Fraud
-------------------------------------------------------------
The Japan Times reports that the former chairman of Japan Life Co.,
a now-bankrupt company, was arrested on Sept. 18 along with 13
others on suspicion of running a "rental owner" investment scam
involving clothing, jewelry and other goods it claimed had health
benefits, police said.

The Japan Times relates that police suspect the company, which went
under in March 2018 with debts of about JPY240 billion ($2.3
billion), fraudulently collected a total of JPY210 billion from
about 10,000 victims in 44 of Japan's 47 prefectures.

Under the scheme, the company entered into contracts promising to
pay purchasers of the products a 6 percent annual rental fee if
they lent the items to others, investigative sources said. In most
cases, purchased products were not physically provided to the
buyers, the report relays.

According to The Japan Times, the arrests were made on the specific
allegation that former Japan Life Chairman Takayoshi Yamaguchi, 78,
and the others conspired to fraudulently obtain about JPY80 million
in total from some 10 customers around 2017, pledging to pay them
interest and other fees despite knowing that the company was deeply
in debt.

According to lawyers representing the victims, Yamaguchi, his
daughter, and former company president Hiromi Yamaguchi, 48, and
other executives targeted mainly elderly people across the country
in the alleged fraud, with some 7,000 victims seeking the return of
about JPY180 billion following its bankruptcy in 2018, The Japan
Times relates.

The Japan Times says the suspected scam attracted public attention
when opposition lawmakers grilled then Prime Minister Shinzo Abe in
parliament last year for inviting Yamaguchi to a state-funded
annual cherry blossom viewing party in 2015. Abe denied he had a
personal relationship with him.

Prime Minister Yoshihide Suga said upon taking office on Sept. 16
he would not hold a state-funded cherry blossom viewing party.

The Tokyo-based company launched its "rental owner" scheme for
items such as magnetic necklaces costing several million yen around
2003, The Japan Times notes.

According to the report, Chief Cabinet Secretary Katsunobu Kato
said at a news conference that he will keep a close eye on the
police investigation into Japan Life.

He also noted that the Consumer Affairs Agency had "strictly dealt
with malicious business practices" by the company, The Japan Times
says.

Before Japan Life went bankrupt, the agency had slapped the company
with a total of four partial business suspension orders between
2016 and 2017, recalls The Japan Times. The police searched
Yamaguchi's home and other sites in connection with the alleged
fraud in 2019.

Since the establishment of the company in 1975 in Isesaki, Gunma
Prefecture, Yamaguchi had developed connections with lawmakers
through political donations, including those made to former Prime
Minister Yasuhiro Nakasone and a party branch headed by Mito
Kakizawa, a member of the House of Representatives, The Japan Times
states.

Former bureaucrats of central government agencies were invited to
serve as the company's executives and advisers, The Japan Times
says.

                         About Japan Life

Japan Life, which sells health magnetizers and healing mattresses,
filed for bankruptcy on
Dec. 26, 2017.

The company had about 7,000 creditors in Japan and some 400 in Hong
Kong. A number of damages suits have been filed across Japan
against former executives and other senior officials of Japan
Life.

In March 2018, the Tokyo District Court decided to start the
company's bankruptcy proceedings after the Consumer Affairs Agency
ordered Japan Life to suspend part of its operations four times in
the year to December 2017 over the dubious practice.

UNIVERSAL ENTERTAINMENT: Fitch Affirms 'B' LT IDR, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Universal Entertainment Corporation's
(UEC) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is
Negative.

Fitch has also affirmed UEC's outstanding US dollar senior secured
notes rating at 'B' with Recovery Rating of 'RR4' and assigned the
proposed US dollar senior secured notes a rating of 'B' with
Recovery Rating of 'RR4'.

The ratings reflect UEC's strong market position both in the casino
business as the operator of the Okada Manila, the largest
integrated casino resort (IR) in Manila's Entertainment City, and
in its Japanese amusement equipment business where UEC commands a
leading market share. The IDR is also supported by a moderate debt
quantum and adequate liquidity, and would benefit from an improved
maturity profile upon the placement of the proposed notes.

The IDR is constrained by UEC's modest size, single-location focus
and execution risk in the casino operations due to the lack of a
track record in the junket and high-roller business lines. The
company also continues to face a structural decline in the
amusement equipment segment.

The Negative Outlook is driven by on-going uncertainty over the
coronavirus pandemic and its impact on both the IR and the
amusement equipment business, which produces and sells pachinko and
pachislot machines in Japan. Despite the re-opening of the IR,
Fitch believes there are significant risks to the segment's
recovery in view of travel restrictions, potential new outbreaks
and further lockdowns that could weigh on earnings and cash flows.
This could be exacerbated by volatility in the amusement equipment
segment following regulatory changes in May 2020 as well as delays
in the approval of new titles due to COVID-19.

The rating on UEC's proposed senior secured notes assumes that
Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the operating
company for the Okada Manila, will be in the guarantor group and
that UEC will retain a controlling stake in TRLEI upon the release
of the guarantee in the event of an IPO.

KEY RATING DRIVERS

Uncertainty over Casino Recovery: Fitch believes uncertainty over
the recovery and expansion of the Okada Manila remains significant
in light of the severity of the outbreak. Economic uncertainty and
a lack of consumer confidence could also lead to a prolonged
earnings decline. The IR business expanded rapidly prior to the
pandemic and accounted for more than half of UEC's consolidated
revenue and EBITDA in 2019. The IR was hit hard in 2Q20 by the
lockdown of central Manila, revenue dropping 97% yoy and EBITDA
swinging to a loss from a solid profit a year earlier.

The IR soft opened this summer and significant cost cutting reduced
monthly cash burn, according to the company. Nonetheless, Fitch
expects the IR's performance to continue to be weak at least
through 2020.

Revised IR Assumptions: Fitch's cautious outlook for the IR segment
reflects its updated expectations for the APAC gaming sector in
2H20. Fitch now assumes a drop in IR revenue of up to 70% yoy in
3Q20, followed by a 62% decline in 4Q20, in line with its
assumptions for comparable global casino markets. Given the closure
of the Okada Manila in 2Q20 and its expectation of a very modest
recovery in 2H20, Fitch expects EBITDA and free cash flow (FCF) at
UEC's casino operations to be negative for full-year 2020.

Delay Risk in Domestic Recovery: UEC's amusement equipment business
has been in a structural decline with volatile earnings. Strong
performance in the segment offset the IR closure in 1H20 and helped
UEC maintain positive FCF on a consolidated basis. However, in May
2020, the deadline for pachinko halls to replace outdated 5.5
machines with 6.0 machines compliant with new regulations was
extended by a year to January 2022, which could delay the
replacement cycle. The risk to earnings and cash flow in the
segment is exacerbated by potential delays in the approval of new
titles due to the pandemic.

Refinancing to Improve Maturity Profile: The planned refinancing of
UEC's outstanding USD600 million of senior secured notes would help
UEC to improve its financial profile by pushing out the maturity of
most long-term debt to December 2024 from December 2021. The
potential upsize of USD100 million would also improve UEC's
liquidity buffer while the debt quantum would remain commensurate
with the current rating. However, new coronavirus outbreaks and a
weak recovery could lead to declining liquidity. Fitch will monitor
the impact of the pandemic on UEC's liquidity and cash flow
generation closely.

DERIVATION SUMMARY

UEC operates the largest casino in Manila's Entertainment City, but
on a standalone basis, the scale of the IR is modest compared with
most peers such as Crown Resorts Limited (BBB/Stable) and Las Vegas
Sands Corp (BBB-/Negative). UEC's profitability is roughly in line
with these two peers but Fitch thinks its casino business is more
vulnerable because it is dependent on a single location, while
Crown's resorts are spread across Australia and Sands has multiple
attractive locations. Crown and Sands also operate in more stable
regulatory regimes than UEC.

The Japanese company's execution and operational risks are also
notably higher than that of Crown and other peers as UEC is not yet
established in the junket and high-roller segments. Heightened
volatility in the domestic amusement equipment segment in the wake
of regulatory changes adds to the uncertainty amid the lack of
visibility over the timing and extent of a recovery. This offsets
UEC's moderate leverage and robust coverage metrics to a large
extent.

KEY ASSUMPTIONS

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

  - Revenue to drop by between 20% and 24% yoy in 2020 on IR
closure in 2Q and slow recovery and volatile amusement-equipment
sales. Double-digit revenue growth in 2021 as IR expansion and
recovery in domestic business resume

  - EBITDA loss and negative FCF in IR segment in 2020, but
positive EBITDA on a consolidated basis with margin recovering to
about 20% by end-2022

  - Annual capex of around JPY14 billion in 2020 and 2021

  - No dividends in 2020-2021

Recovery Rating Assumptions:

Its distressed scenario is based on going-concern value as Fitch
believes it would maximise recovery for creditors. Fitch haves
assumed a 16% discount to a projected EBITDA of JPY20 billion,
broadly in line with its base-case projection for group EBITDA
after the completion of the casino expansion, a distressed
enterprise value/EBITDA multiple of 4.5x and 10% administrative
claims.

A country cap applies under Fitch's criteria, despite the notes
being secured obligations of subsidiary guarantors, because of the
lack of a track record of enforceability in the Philippines, the
location of the IR and the source of much of the group's earnings
and cash flows in Fitch's projections. This limits the instrument
rating to 'B' and a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

  - Stabilisation of revenue and earnings upon the re-opening of
the IR and/or Japanese pachinko parlours

  - Sustainably positive FCF

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

  - Prolonged weakness in the IR and/or Japanese amusement
equipment business leading to sustained revenue and earnings
deterioration

  - Sustained cash burn beyond 2Q20

  - Deteriorating liquidity

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity, Manageable Debt: UEC's cash balance of about
JPY41 billion at end 1H20 comfortably covered short-term debt of
JPY14 billion. The currently outstanding USD600 million of notes
mature in December 2021, but the proposed refinancing would push
out maturities to December 2024, which would improve UEC's maturity
profile considerably. In addition, the potential USD100 million
upsize would provide a significant additional liquidity buffer
while still keeping the debt quantum at manageable levels. However,
liquidity could decline and leverage could become elevated in the
event of a delayed recovery of the IR segment and heightened
volatility in the amusement equipment business, depending on the
length and evolution of the coronavirus outbreak.

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

UEC has an ESG Relevance Score of '4' for Governance Structure due
to a dispute with its founder and former chairman Kazuo Okada,
which presents risks to the company's reputation and operations.
This has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3 - 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).

UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B' on Weak Prospects
----------------------------------------------------------------
S&P Global Ratings lowered by one notch to 'B' from 'B+' its
long-term issuer and issue credit ratings on Japan-based gaming
machine and casino company Universal Entertainment Corp. (UE). The
outlook on the long-term issuer credit rating is stable. At the
same time, S&P has assigned its 'B' issue rating to the proposed
U.S. dollar-denominated bonds the company plans to issue to
refinance its existing U$600 million bond due in December 2021. The
note is guaranteed by casino operating subsidiary Tiger Resort
Leisure and Entertainment, Inc. (TRLEI).

S&P said, "The downgrade reflects our view that prospects for
recovery in UE's credit metrics are much weaker than previously
assumed. We believe travel restrictions and social distancing
measures in the Philippines will continue to hamper UE's casino
operations, putting considerable pressure on earnings. Before the
pandemic, the company's Okada Manila complex attracted visitors
from neighboring countries such as China and Korea. In addition, a
contracted land sale at UE's Philippine investment affiliate has
been delayed and is unlikely to happen over the next six to 12
months, in our view. We had expected the proceeds to be used for
debt repayments and to help maintain its liquidity buffer.

"We expect the performance of UE's domestic gaming machine business
to be resilient despite current circumstances. We expect the
business to generate ¥25 billion-¥30 billion in operating profit
in fiscal 2020. The figure for 2019 was ¥10.8 billion following
regulation changes in the sector. UE has this year introduced
gaming machine titles that meet the new regulations ahead of its
competitors. Also supporting company performance are UE's strong
relationships with large pachislot and pachinko hall operators,
which have sufficient financial capacity to invest in popular
titles and attract players even in difficult times.

"With earnings under continuing pressure, we now believe that UE's
debt-to-EBITDA ratio will remain at around 8x for fiscal 2020; it
stood at 7.9x in fiscal 2019. We expect the ratio to stay elevated,
in the 7x-8x range, in fiscal 2021 due primarily to the slow
recovery in its casino resort business. This considerably exceeds
our downside threshold of 5x for 2021, which takes into account the
effect of new leasing accounting rules at its overseas
subsidiaries. We believe UE's casino operations will log about ¥15
billion and ¥5 billion-¥10 billion in operating losses in 2020
and 2021, respectively. The business generated about 50% of the
company's EBITDA in 2019. We also assume UE's annual capital
expenditure will decline to ¥10 billion-¥15 billion this year
from ¥28 billion in 2019. In our base case scenario, we do not
expect any asset sales or other fundraising initiatives, including
an IPO of its operating subsidiary, over the next one to two
years.

"We affirmed our liquidity assessment for UE as less than adequate
given uncertainties amid the difficult business and funding
environment. We will consider an upward revision of the assessment
when the company completes refinancing of its existing U.S.
dollar-denominated bonds of US$600 million due in December 2021."

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

-- Health and safety

S&P said, "The stable outlook reflects our view that the risk of
further financial deterioration against our base case assumptions
is not significant over the next six to 12 months. We expect
resilient earnings performance in UE's domestic pachinko business
and reduced cash outlays, including capital expenditures, will
support its financial base."

S&P may consider a downgrade if it sees a stronger likelihood of
any one of the following:

-- Its adjusted debt-to-EBITDA ratio stays above 8x in fiscal 2021
due to prolonged effects of the COVID-19 pandemic;
-- Earnings from its gaming machine business weaken due to
increasing pressure from, for example, accelerated shrinkage of the
market, leading to companywide operating losses in fiscal 2021;

-- Aggressive capital expenditures that significantly exceed cash
flow generated from operations. This could occur if the company
attempts to strengthen its casino resort business after the initial
ramp-up period; or,

-- UE's short-term liquidity comes under strong pressure.

S&P could consider upgrading UE if it believes all the following
scenarios will occur.

-- The COVID-19 pandemic is largely contained in Japan, the
Philippines and its neighboring countries, resulting in an improved
and stable operating environment for both its gaming machine and
casino resort businesses;

-- The company maintains positive free operating cash flow with a
prudent policy for cash usage; and

-- Its debt-to-EBITDA ratio improves and stays below 5.0x
(including the effect of new leasing accounting rules at overseas
subsidiaries) on a sustained basis.


[*] JAPAN: Number of Shuttered Firms up 24% in January-August
-------------------------------------------------------------
The Japan Times reports that the number of companies that suspended
or closed their business operations or dissolved in the period from
January to August increased 23.9 percent from a year earlier to
35,816, Tokyo Shoko Research Ltd. said on Sept. 23.

As the novel coronavirus pandemic continues to cause disruption,
the number of such companies appears on course to exceed 50,000 in
2020 for the first time on record since 2000 -- surpassing the
current record high of 46,724 set in 2018, according to the
report.

An increasing number of firms and business owners face rapidly
worsening earnings and are losing interest in continuing their
businesses due to the uncertain outlook, the credit research firm
said, The Japan Times relays.

In the first eight months of 2020, the services sector logged a
total of 11,144 business suspensions, closures and corporate
dissolutions, up 27.4 percent, the report discloses.

The construction industry came next with 6,327, up 27.9 percent,
followed by the retail sector with 4,511, up 16.7 percent.

According to The Japan Times, the financial products and commodity
futures trading sector logged the steepest percentage rise in such
cases.

Meanwhile, the number of bankruptcies edged down to 5,457, as
companies were propped up by the government's funding support
measures, The Japan Times adds.

A broader policy package is now needed, including measures to help
companies change lines of business and transfer operations, Tokyo
Shoko Research said.




=======
L A O S
=======

LAOS: Fitch Cuts LT IDR to 'CCC' on External Liquidity Pressures
----------------------------------------------------------------
Fitch Ratings has downgraded Laos' Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'B-'.

Fitch typically does not assign Outlooks or apply modifiers to
sovereigns with a rating of 'CCC' or below.

KEY RATING DRIVERS

The downgrade of Laos' rating to 'CCC' reflects deepening external
liquidity pressures as a result of the coronavirus shock and the
sovereign's large debt maturities. The authorities have secured
some new financing in recent months, but their financing options
have nevertheless narrowed and foreign-exchange buffers remain low.
A projected deterioration in the fiscal deficit in line with
Fitch's forecast will increase near-term financing needs. These
developments have diminished the ability of the sovereign to meet
its debt service obligations, in Fitch's view.

Laos faces a challenging external debt profile with around USD500
million due during the remainder of 2020 and a further USD1.1
billion a year due over the subsequent four years, compared to
current foreign-exchange reserves of USD1.3 billion. Repayments
coming due in 2020 include about USD200 million to commercial banks
in September and USD100 million equivalent in Thai baht-denominated
bonds in October. An additional USD165 million equivalent in Thai
baht bonds falls due in 2021, along with a USD150 million US dollar
bond in June. Financing for Laos to meet its obligations during the
remainder of 2020 appears adequate, but a large external financing
gap remains for next year.

Potential sources of financing for the sovereign have narrowed.
Fitch believes international financial market conditions remain
challenging for Laos, including prospects for rolling over its
existing obligations in the Thai bond market, which Fitch had
previously assumed. As evidence, Laos chose not to proceed with a
rollover exercise in the Thai market of its June Thai
baht-denominated maturity. Instead, the authorities have rolled
over the majority of maturing commercial bank loans and have
secured fresh commercial bank financing of USD100 million to meet
upcoming obligations in 2020. The government is also launching a
domestic US dollar bond issuance of about USD50 million.

Fitch anticipates that additional bilateral financing and debt
relief could be forthcoming, including from China, but the
government's financing options appear to be narrowing. Debt relief
would most likely take place outside of the G-20's Debt Service
Suspension Initiative, as the government has not engaged the IMF
for financing through the pandemic-related Rapid Credit Facility.
Multilateral financing remains a potential option, but Fitch sees
no indications this path is being pursued.

Gross foreign-exchange reserves unexpectedly jumped by USD429
million in July to USD1.3 billion, possibly due to large
FDI-related inflows. Nevertheless, Fitch views reserve adequacy as
insufficient in the context of the country's managed currency
regime, large import bill and external debt-servicing requirements.
Fitch forecasts reserves to decline to USD1.2 billion (two months
of current external payments) by end-2020 and to below USD1 billion
in 2021, due to external debt repayments and expected central bank
intervention to offset persistent pressures on the exchange rate.
The Bank of Lao has allowed the kip to depreciate by 2.8% against
the US dollar in 2020, but the parallel market rate has weakened an
additional 10% relative to the central bank's reference rate for
the past couple months.

The coronavirus shock is likely to disrupt the government's fiscal
consolidation efforts, as it has in many countries. Fitch forecasts
the deficit to rise to about 7% of GDP in 2020 from 3.2% last year.
Fitch expects revenue, which fell to a low of 15.3% of GDP in 2019,
to contract by 25% this year, due in part to coronavirus response
measures, including tax exemptions and tax payment deferrals.
Curtailing spending to offset the revenue decline will be
difficult. The government has already compressed spending over the
past several years. Fitch expects revenue along with GDP growth to
recover in 2021, supporting a narrowing of the deficit to 5.4% of
GDP.

The economic shock and fiscal deterioration will push up public and
publicly guaranteed (PPG) debt to nearly 65% of GDP in 2020, from
about 58% in 2019. Under its medium-term forecasts, the PPG/GDP
ratio will continue on an upward trajectory, despite the rebound in
growth and narrowing deficits. Weak revenue poses a particular
challenge to debt sustainability, with PPG/revenue forecast to
reach 590% in 2020 from an already elevated 377% in 2019.

In addition, the state-owned electricity company, Electricite du
Lao (EDL), appears to be coming under increasing financial pressure
due a rapid increase in debt-financed investment and near-term cash
flow issues resulting from a drought over the past year which
weighed on electricity production. Outstanding debt of EDL is about
USD5 billion (26% of GDP), as advised by the authorities, much of
which consists of on-lending from the government. EDL poses
contingent liability risk for the government if EDL is unable to
meet its external debt service obligations.

The 'CCC' rating also reflects the following factors:

Fitch expects the coronavirus pandemic to weigh on the Lao economy
even as local cases, just 23 officially reported, remain very low.
Fitch forecasts GDP growth to remain positive in 2020, but to slow
to 0.5% from an estimated 5.5% in 2019. Spillovers from the
contraction in the global economy, a collapse of international
tourism inflows due to border restrictions and a month-and-a-half
domestic lockdown during 2Q20 will lower full-year growth. Domestic
economic activity has largely returned to normal in recent months.
Furthermore, construction on large infrastructure projects,
including the Lao-China railway and Vientiane-Vang Vieng highway,
have continued largely unabated and have been accelerated,
providing underlying support to growth.

Fitch expects the economic recovery to be gradual, but believe
Laos' high underlying growth potential remains intact. Fitch
forecasts growth to rebound to 5.5% in 2021 and 6.0% in 2022. Over
the medium term, Fitch expects growth to remain around 6.0%,
underpinned by the country's ample hydropower investment, increased
regional transport connectivity, natural resource wealth and young
population. A recently announced joint venture between EDL and
China Southern Power Grid Co., Ltd (A+/Stable) should boost
investment in the electrical transmission network, which has
increasingly become a bottleneck for increasing electricity
exports.

Laos is politically stable, but scores below the 'B' median for
World Bank Governance Indicators (WBGI), reflecting considerable
weaknesses in institutional capacity and control of corruption. The
government of Prime Minister Thongloun Sisoulith, who took office
in 2016, has made efforts to address these weaknesses. A number of
laws were passed over the past year to enhance fiscal and debt
management, and strengthen the banking system. However, these
policies remain in their initial implementation stages. Upcoming
elections in 2021 could result in leadership changes within the
government under Laos' one-party system.

ESG - Governance: Laos has an ESG Relevance Score of '5' for both
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the WBGI have in its proprietary Sovereign Rating
Model. Laos has a low WBGI ranking at 24th percentile, reflecting
weak institutional capacity, relatively weak rights for
participation in the political process, weak institutional capacity
and a high level of corruption, despite a high level of political
stability.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

  - External Finances: An easing of external liquidity pressures,
evidenced through a sustained increase in foreign-exchange reserves
or broader access to external financing sources from bilateral or
multilateral creditors.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

  - Increased signs of a probable default event, for instance from
severe external liquidity stress and reduced capacity of the
government to access external financing.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with the rating criteria for ratings in the 'CCC'
range and below, Fitch's sovereign rating committee has not used
the SRM and QO to explain the ratings, which are instead guided by
the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency Issuer Default Rating.
Fitch's QO is a forward-looking qualitative framework designed to
allow for adjustment to the SRM output to assign the final rating,
reflecting factors within its criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

KEY ASSUMPTIONS

The global economy performs in line with Fitch's September 2020
global economic outlook, particularly China, which is a key source
of external financing and trade.

LIMITED INFORMATION

Lack of an international investment-position dataset means that
there is no authoritative data on non-bank, private-sector net
assets. This does not affect the indicators that feed into the SRM,
but may lead to an overstated level of net external debt.

Fitch uses public and publicly guaranteed debt in lieu of the
standard general government debt definition. The composition of
this debt may be broader than its standard general government debt
definition, and its estimate may therefore be overstated in the
absence of details on publicly guaranteed debt.

ESG CONSIDERATIONS

Laos has an ESG Relevance Score of '5' for Political Stability and
Rights, as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver.

Laos has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and a key rating driver.

Laos has an ESG Relevance Score of '4' for Human Rights and
Political freedoms, as social stability and voice and
accountability are reflected in the WBGI that have the highest
weight in the SRM. They are relevant to the rating and a key rating
driver.

Laos has an ESG Relevance Score of '4' for Creditor Rights, as
willingness to service and repay debt is relevant to the rating and
is a key rating driver, as for all sovereigns.

Laos has an ESG Relevance Score of '4' for International Relations
and Trade, in light of its high reliance on China for external
financing, FDI inflows and trade.

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



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

HIN LEONG: PwC, Two Law Firms Could Rack Up to SGD17.3MM in Fees
----------------------------------------------------------------
The Business Times reports that PricewaterhouseCoopers (PwC) and
legal firms Rajah & Tann and Drew & Napier could pocket up to
SGD17.3 million in fees from the court-supervised bid to rescue
debt-hit Hin Leong Trading (HLT), court documents said.

According to court documents presented by PwC, its advisory fees
alone would be upwards of SGD10 million, with Rajah & Tann earning
about SGD3.8 million and Drew & Napier charging SGD 3.1 million, BT
relays.

This is an estimate provided by the firms for the course of the
judicial management period.

According to BT, PwC attributes the costs to the complexity in the
nature of the HLT case which includes allegations of fraud,
misconduct and a myriad of other legal claims.

In the court document, Goh Thien Phong, an executive at PwC noted
the costs may increase should the case be discovered to be more
convoluted to what is currently perceived, BT relays.

As of June 2020, HLT reportedly had a cash balance of US$38 million
set against its crushing debt of US$3.5 billion, the report
discloses.

BT says the judicial managers are looking to recover US$3.5 billion
on top of another US$90 million in dividends which the trio had
allegedly paid themselves despite the company being insolvent.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.


KS ENERGY: Hearing on OCBC Bid to Place Firm Under JM on Oct. 13
----------------------------------------------------------------
Manifold Times reports that the High Court of Singapore has on
Sept. 21 published a public notice that Oversea-Chinese Banking
Corporation Limited (OCBC) has on Aug. 24, applied for KS Energy
Limited and sister company KS Drilling Pte Ltd to be placed under
judicial management in the Government Gazette.

According to Manifold Times, the notice stated that the hearing for
the application has been scheduled for Oct. 13, 2:30 p.m. at the
Singapore High Court.

The notice said:

Messrs Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP
have been nominated as the judicial managers; and any person who
intends to oppose the making of an order under section 91(6)(b) or
the nomination of a judicial manager under section 91(3)(d) may
appear at the hearing or by his solicitor for that purpose; and a
copy of the application and its supporting affidavit will be
furnished to any creditor or member of the company requiring them
by the undersigned upon request and on payment of the reasonable
charge.

Any parties who intend to appear at the hearing of the application
must serve on, or send by post to Hin OCBC's solicitors, Shook Lin
& Bok LLP of 1 Robinson Road #18-00, AIA Tower, Singapore 048542,
notice in writing of his intention to do so.

The notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by the
person or firm, or his or their solicitor, Manifold Times says. It
must be sent in sufficient time to reach Shook Lin & Bok LLP not
later than 3 working days before 12 o'clock noon of Oct. 12.

Kris Taenar Wiluan, CEO of Singapore-listed KS Energy, an energy
services provider to the marine and petrochemical industries, in
early August faced 112 charges in relation to false trading and
market-rigging transactions to artificially drive up the share
price of KS Energy, according to Manifold Times.

Headquartered in Singapore, KS Energy Limited operates as an energy
services provider primarily to the oil and gas, marine, and
petrochemical industries in Kurdistan, Egypt, Pakistan, Vietnam,
Indonesia, Malaysia, and internationally. KS Energy Limited is a
subsidiary of Pacific One Energy Limited.



                           *********


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.

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